# Annual report
and annual financial statements

#
DWS Invest II Asian Top Dividend 
(in liquidation)

#### Investment objective and performance in the reporting period
The objective of the invest- ment policy was to generate sustained capital appreciation. To achieve this, the sub-fund invested mainly in equities
of Asian issuers expected to return above-average dividend
DWS INVEST II ASIAN TOP DIVIDEND (IN LIQUIDATION)
Five-year performance
124
118
112
106
100
94
88
82
yields. Dividend yield was a
2/4/15*
2/16
2/17	2/18	2/19
2/4/20
key criterion in the selection of individual stocks. In the report-
DWS Invest II Asian Top Dividend (in liquidation) (LC share class)
“BVI method” performance, i.e., excluding the initial sales charge.
* 2/4/2015 = 100
Data on euro basis
ing period from the beginning
of January through February 4, 2020 (liquidation date), the sub- fund recorded a decline of 2.1% per share (LC share class; BVI method; in euro).

#### Investment policy in the reporting period
In the first weeks of 2020, the equity markets initially per- formed well and reflected the optimistic outlook of investors regarding global economic growth and the monetary policy
Past performance is no guide to future results.	As of: February 4, 2020 (liquidation date)
DWS INVEST II ASIAN TOP DIVIDEND (IN LIQUIDATION)
Performance of share classes (in EUR)
| Share class | ISIN | Since the beginning of the shortened fiscal year |
| --- | --- | --- |
| Class LC | LU0781233118 | -2.1% |
| Class FC | LU0781233548 | -2.1% |
| Class LD | LU0781233381 | -2.2% |
| Class TFD | LU1663959689 | -2.1% |

“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: February 4, 2020 (liquidation date)
course being taken by the cen- tral banks. In addition, a solu- tion seemed to be emerging
in the trade dispute between the United States and China. These positive factors quickly faded into the background at the end of January as soon as COVID-19* broke out in Asia. As the virus spread to the entire world, estimates in relation to economic growth and corpo- rate earnings became null and void for investors. Asian equi- ties fell sharply in the subse- quent sell-off.
The sub-fund found itself in a difficult environment for Asian dividend stocks in the reporting period as it was predominantly relatively low-dividend Chinese
growth stocks from more cyclical sectors such as tech- nology, real estate and cyclical consumer goods that benefited disproportionately at the begin- ning of the year. These types of stocks had a lower weighting in the portfolio as the focus was on dividend stocks. In addition, the heavily weighted Taiwan Semiconductor Man- ufacturing Company initially recorded a disappointing price performance at the beginning of 2020.
In contrast, the stock selection in the industrial sector and the fact that the energy sector, which posted a weak perfor- mance, was given only a low weighting proved advantageous.

#### Merger of the sub-fund
The sub-fund DWS Invest II Asian Top Dividend (in liqui- dation) was merged into the sub-fund DWS Invest Emerg- ing Markets Top Dividend of DWS Invest, SICAV effective February 4, 2020. The issue of new shares of the terminating sub-fund was discontinued effective January 28, 2020.
Investors could redeem sub- fund shares until January 28, 2020.
* 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 Invest II Asian Top Dividend 
(in liquidation)
| Statement of net assets as of February 4, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 24 285 484.91 | 18.00 |
| Telecommunication Services | 17 738 123.24 | 13.14 |
| Consumer Discretionaries | 12 072 168.35 | 8.94 |
| Energy | 1 220 258.36 | 0.91 |
| Consumer Staples | 10 264 402.07 | 7.62 |
| Financials | 41 464 976.22 | 30.75 |
| Basic Materials | 6 138 168.37 | 4.54 |
| Industrials | 10 224 141.84 | 7.58 |
| Utilities | 5 814 039.49 | 4.32 |
| Other | 363 167.17 | 0.27 |
| Total equities | 129 584 930.02 | 96.07 |
| 2. Investment fund units Other funds | 1 256 438.16 | 0.93 |
| Total investment fund units | 1 256 438.16 | 0.93 |
| 3. Derivatives | 2 727.04 | 0.00 |
| 4. Cash at bank | 4 236 690.07 | 3.14 |
| 5. Other assets | 131 144.67 | 0.10 |
| II. Liabilities |  |  |
| 1. Other liabilities | -318 275.07 | - 0.24 |
| III. Net assets | 134 893 654.89 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – February 4, 2020 |  |
| --- | --- |
|  | 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 |
| Securities traded on an exchange |  |  |  |  |  |  | 127 182 508.18 | 94.29 |
| Equities China Construction Bank Corp. ........................  | Count | 260 000 |  |  | EUR | 0.72 | 187 200.00 | 0.14 |
| Industrial & Commercial Bank of China Ltd ..............  | Count | 229 000 |  |  | EUR | 0.62 | 141 980.00 | 0.11 |
| Rio Tinto PLC......................................  | Count | 50 000 | 25 000 |  | GBP | 41.98 | 2 475 106.72 | 1.83 |
| Agricultural Bank of China Ltd.........................  | Count | 1 600 000 |  |  | HKD | 3.02 | 563 237.03 | 0.42 |
| AIA Group Ltd .....................................  | Count | 320 000 |  | 50 000 | HKD | 79.25 | 2 956 061.88 | 2.19 |
| ANTA Sports Products Ltd ...........................  | Count | 320 000 |  |  | HKD | 69.05 | 2 575 597.14 | 1.91 |
| Bank of China Ltd ..................................  | Count | 2 800 000 |  |  | HKD | 3.06 | 998 719.96 | 0.74 |
| China Construction Bank Corp. ........................  | Count | 3 740 000 |  |  | HKD | 6.08 | 2 650 571.07 | 1.96 |
| China Merchants Bank Co., Ltd .......................  | Count | 440 000 |  |  | HKD | 38.2 | 1 959 206.94 | 1.45 |
| China Mobile Ltd ...................................  | Count | 267 483 |  |  | HKD | 63.8 | 1 989 212.30 | 1.47 |
| China Overseas Land & Investment Ltd .................  | Count | 297 493 |  | 50 000 | HKD | 26 | 901 600.97 | 0.67 |
| China Petroleum & Chemical Corp......................  | Count | 609 553 |  |  | HKD | 4.1 | 291 312.82 | 0.22 |
| China Resources Land Ltd ...........................  | Count | 330 000 |  | 50 000 | HKD | 33.8 | 1 300 154.35 | 0.96 |
| China Vanke Co., Ltd................................  | Count | 315 000 |  |  | HKD | 28.65 | 1 051 960.55 | 0.78 |
| CK Infrastructure Holdings Ltd ........................  | Count | 81 000 |  |  | HKD | 54.05 | 510 322.82 | 0.38 |
| CLP Holdings Ltd...................................  | Count | 105 000 |  |  | HKD | 80.1 | 980 361.14 | 0.73 |
| CNOOC Ltd .......................................  | Count | 492 327 |  |  | HKD | 11.8 | 677 173.47 | 0.50 |
| Guangdong Investment Ltd...........................  | Count | 1 694 135 |  |  | HKD | 15.68 | 3 096 409.17 | 2.30 |
| Guangzhou Automobile Group Co., Ltd .................  | Count | 1 703 600 |  | 500 000 | HKD | 8.13 | 1 614 442.01 | 1.20 |
| Haier Electronics Group Co., Ltd.......................  | Count | 450 000 |  |  | HKD | 23.4 | 1 227 418.44 | 0.91 |
| Hang Seng Bank Ltd ................................  | Count | 80 000 |  |  | HKD | 157.6 | 1 469 638.34 | 1.09 |
| HKT Trust & HKT Ltd................................  | Count | 676 000 | 166 000 |  | HKD | 11.9 | 937 687.07 | 0.69 |
| Hong Kong Exchanges and Clearing Ltd.................  | Count | 28 000 |  |  | HKD | 264 | 861 640.75 | 0.64 |
| Industrial & Commercial Bank of China Ltd ..............  | Count | 2 021 000 |  |  | HKD | 5.29 | 1 246 195.73 | 0.92 |
| Jiangsu Expressway Co., Ltd .........................  | Count | 500 000 |  |  | HKD | 10.32 | 601 470.00 | 0.45 |
| MTR Corp., Ltd ....................................  | Count | 160 000 |  |  | HKD | 43.75 | 815 947.68 | 0.60 |
| NagaCorp Ltd .....................................  | Count | 406 000 |  |  | HKD | 11.18 | 529 093.11 | 0.39 |
| Ping An Insurance Group Co. of China Ltd ...............  | Count | 265 000 |  |  | HKD | 89.4 | 2 761 516.64 | 2.05 |
| Power Assets Holdings Ltd...........................  | Count | 270 000 |  |  | HKD | 55.2 | 1 737 269.18 | 1.29 |
| Samsonite International SA ...........................  | Count | 43 800 |  |  | HKD | 15.02 | 76 684.63 | 0.06 |
| Sands China Ltd ...................................  | Count | 125 324 |  | 50 000 | HKD | 37.25 | 544 157.72 | 0.40 |
| Shenzhou International Group Holdings Ltd ..............  | Count | 160 000 |  |  | HKD | 105.5 | 1 967 599.55 | 1.46 |
| Shimao Property Holdings Ltd ........................  | Count | 510 000 |  |  | HKD | 26.95 | 1 602 113.27 | 1.19 |
| Sun Hung Kai Properties Ltd ..........................  | Count | 50 000 |  |  | HKD | 110.4 | 643 433.03 | 0.48 |
| Sunny Optical Technology Group Co., Ltd ...............  | Count | 150 000 |  |  | HKD | 134.6 | 2 353 426.24 | 1.74 |
| Techtronic Industries Co., Ltd .........................  | Count | 205 000 |  |  | HKD | 64.15 | 1 532 903.42 | 1.14 |
| Tencent Holdings Ltd ...............................  | Count | 108 000 |  | 12 000 | HKD | 393 | 4 947 440.48 | 3.67 |
| Astra International Tbk PT ............................  | Count | 1 200 000 |  |  | IDR | 6 400 | 507 198.18 | 0.38 |
| Bank Mandiri Persero Tbk PT .........................  | Count | 2 200 000 | 600 000 |  | IDR | 7 525 | 1 093 315.87 | 0.81 |
| Bank Rakyat Indonesia Persero Tbk PT .................  | Count | 7 000 000 |  |  | IDR | 4 560 | 2 108 042.43 | 1.56 |
| Indofood CBP Sukses Makmur Tbk PT..................  | Count | 1 400 000 |  |  | IDR | 11 600 | 1 072 512.82 | 0.79 |
| Telekomunikasi Indonesia Persero Tbk PT ...............  | Count | 6 600 000 |  |  | IDR | 3 760 | 1 638 884.12 | 1.21 |
| Coway Co., Ltd ....................................  | Count | 9 000 |  |  | KRW | 86 500 | 593 604.53 | 0.44 |
| KT&G Corp. .......................................  | Count | 33 000 |  | 8 000 | KRW | 91 600 | 2 304 878.32 | 1.71 |
| LG Chem Ltd -Pref- .................................  | Count | 5 400 |  |  | KRW | 195 000 | 802 910.17 | 0.59 |
| Samsung Electronics Co., Ltd .........................  | Count | 62 000 |  |  | KRW | 58 900 | 2 784 489.43 | 2.06 |
| Samsung Electronics Co., Ltd -Pref- ....................  | Count | 180 000 |  |  | KRW | 49 650 | 6 814 442.74 | 5.05 |
| Shinhan Financial Group Co., Ltd ......................  | Count | 28 000 |  |  | KRW | 38 900 | 830 512.59 | 0.62 |
| SK Hynix, Inc. .....................................  | Count | 22 000 | 5 000 |  | KRW | 97 100 | 1 628 847.78 | 1.21 |
| SK Telecom Co., Ltd ................................  | Count | 5 500 |  |  | KRW | 226 500 | 949 881.62 | 0.70 |
| Malayan Banking Bhd ...............................  | Count | 460 900 |  |  | MYR | 8.4 | 853 003.73 | 0.63 |
| Ayala Land, Inc. ....................................  | Count | 810 900 |  |  | PHP | 40.95 | 592 199.40 | 0.44 |
| BDO Unibank, Inc...................................  | Count | 550 000 | 200 000 |  | PHP | 150.7 | 1 478 164.27 | 1.10 |
| SM Prime Holdings, Inc. .............................  | Count | 2 400 000 | 1 303 000 |  | PHP | 38.9 | 1 664 974.55 | 1.23 |
| ComfortDelGro Corp., Ltd. ...........................  | Count | 406 400 |  | 186 000 | SGD | 2.15 | 577 380.51 | 0.43 |
| DBS Group Holdings Ltd .............................  | Count | 200 000 |  |  | SGD | 25.15 | 3 323 823.41 | 2.46 |
| Singapore Exchange Ltd .............................  | Count | 300 000 |  |  | SGD | 8.68 | 1 720 722.90 | 1.28 |
| Singapore Telecommunications Ltd ....................  | Count | 1 000 000 |  | 200 000 | SGD | 3.29 | 2 174 031.62 | 1.61 |
| Thai Beverage PCL .................................  | Count | 4 600 000 |  | 100 000 | SGD | 0.8 | 2 431 743.57 | 1.80 |
| Airports of Thailand PCL .............................  | Count | 200 000 |  | 109 000 | THB | 70.75 | 414 252.89 | 0.31 |
| PTT PCL .........................................  | Count | 200 000 |  | 500 000 | THB | 43 | 251 772.07 | 0.19 |
| Catcher Technology Co., Ltd..........................  | Count | 180 000 | 60 000 |  | TWD | 240.5 | 1 300 161.81 | 0.96 |
| Chailease Holding Co., Ltd ...........................  | Count | 388 054 |  |  | TWD | 128 | 1 491 804.64 | 1.11 |
| Chicony Electronics Co., Ltd ..........................  | Count | 200 728 |  |  | TWD | 85.2 | 513 638.27 | 0.38 |
| CTBC Financial Holding Co., Ltd .......................  | Count | 2 200 000 |  |  | TWD | 22.3 | 1 473 456.65 | 1.09 |
| Far EasTone Telecommunications Co., Ltd...............  | Count | 350 000 |  |  | TWD | 67.9 | 713 752.49 | 0.53 |
| First Financial Holding Co., Ltd ........................  | Count | 1 068 458 |  |  | TWD | 23.55 | 755 715.25 | 0.56 |
| Formosa Plastics Corp. ..............................  | Count | 163 000 |  |  | TWD | 93.5 | 457 729.64 | 0.34 |
| Hon Hai Precision Industry Co., Ltd ....................  | Count | 410 800 | 160 000 |  | TWD | 82.2 | 1 014 173.07 | 0.75 |
| Largan Precision Co., Ltd ............................  | Count | 5 000 |  |  | TWD | 4 835 | 726 066.34 | 0.54 |
| President Chain Store Corp. ..........................  | Count | 70 000 |  |  | TWD | 299 | 628 606.76 | 0.47 |
| Taiwan Cement Corp. ...............................  | Count | 749 397 |  |  | TWD | 42.4 | 954 305.94 | 0.71 |
| Taiwan Mobile Co., Ltd ..............................  | Count | 500 000 |  |  | TWD | 107.5 | 1 614 315.02 | 1.20 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Count | 462 000 |  |  | TWD | 325 | 4 509 570.25 | 3.34 |
| Uni-President Enterprises Corp. .......................  | Count | 1 200 000 |  | 250 000 | TWD | 73.5 | 2 648 978.33 | 1.96 |
| Chunghwa Telecom Co., Ltd -ADR- ....................  | Count | 85 000 |  |  | USD | 36.03 | 2 772 918.52 | 2.06 |

| 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 |
| CK Infrastructure Holdings Ltd ........................  | Count | 4 000 |  |  | USD | 6.958 | 25 201.12 | 0.02 |
| HDFC Bank Ltd -ADR- ...............................  | Count | 27 000 |  |  | USD | 58.9 | 1 439 902.15 | 1.07 |
| ICICI Bank Ltd -ADR-................................  | Count | 100 000 |  |  | USD | 14.845 | 1 344 107.87 | 1.00 |
| Infosys Ltd -ADR- ..................................  | Count | 240 000 |  |  | USD | 11.155 | 2 424 011.84 | 1.80 |
| Jardine Matheson Holdings Ltd .......................  | Count | 2 800 |  |  | USD | 57.3 | 145 266.87 | 0.11 |
| Jardine Matheson Holdings Ltd .......................  | Count | 4 200 |  |  | USD | 57.3 | 217 900.30 | 0.16 |
| New Oriental Education & Technology Group, Inc. -ADR- ...  | Count | 25 000 |  |  | USD | 133.09 | 3 012 585.31 | 2.23 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- ......  | Count | 108 000 |  |  | USD | 57.375 | 5 610 484.60 | 4.16 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 2 402 421.84 | 1.78 |
| Equities BHP Group PLC ...................................  | Count | 120 000 | 60 000 |  | GBP | 16.978 | 2 402 421.84 | 1.78 |
| Investment fund units |  |  |  |  |  |  | 1 256 438.16 | 0.93 |
| In-group fund units Deutsche Global Liquidity Series Plc - Managed Dollar Fund - EUR - (0.100%) .................  | Shares | 134 | 27 | 180 | USD | 10 339.181 | 1 256 438.16 | 0.93 |
| Total securities portfolio |  |  |  |  |  |  | 130 841 368.18 | 97.00 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Derivatives on individual securities |  |  |  |  |  |  | 2 727.04 | 0.00 |
| Warrants on securities |  |  |  |  |  |  |  |  |
| Equity warrants Minor International PCL 20/04/2026 ....................  | Count | 34 500 |  |  | THB | 2.7 | 2 727.04 | 0.00 |
| Cash at bank |  |  |  |  |  |  | 4 236 690.07 | 3.14 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 3 229 706.42 | 2.39 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 8 498 |  |  |  |  | 10 020.68 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Hong Kong dollar ..................................  | HKD | 100 594 |  |  |  |  | 11 725.61 | 0.01 |
| Indonesian rupiah ..................................  | IDR | 150 563 536 |  |  |  |  | 9 943.43 | 0.01 |
| South Korean won..................................  | KRW | 12 835 651 |  |  |  |  | 9 787.16 | 0.01 |
| Malaysian ringgit ...................................  | MYR | 2 257 470 |  |  |  |  | 497 378.30 | 0.36 |
| Philippine peso ....................................  | PHP | 563 101 |  |  |  |  | 10 042.30 | 0.01 |
| Singapore dollar ...................................  | SGD | 85 792 |  |  |  |  | 56 691.34 | 0.04 |
| Thai baht .........................................  | THB | 532 956 |  |  |  |  | 15 602.71 | 0.01 |
| New Taiwan dollar..................................  | TWD | 2 982 949 |  |  |  |  | 89 589.20 | 0.07 |
| U.S. dollar ........................................  | USD | 327 141 |  |  |  |  | 296 202.92 | 0.22 |
| Other assets |  |  |  |  |  |  | 131 144.67 | 0.10 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 105 389.77 | 0.08 |
| Interest receivable .................................  |  |  |  |  |  |  | 241.63 | 0.00 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 25 513.27 | 0.02 |
| Total assets |  |  |  |  |  |  | 135 211 929.96 | 100.24 |
| Other liabilities |  |  |  |  |  |  | -318 275.07 | -0.24 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -291 020.54 | -0.22 |
| Additional other liabilities.............................  |  |  |  |  |  |  | -27 254.53 | -0.02 |
| Total liabilities |  |  |  |  |  |  | -318 275.07 | -0.24 |
| Net assets |  |  |  |  |  |  | 134 893 654.89 | 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 FC .........................................  | EUR | 166.33 |
| Class LC .........................................  | EUR | 155.78 |
| Class LD .........................................  | EUR | 131.77 |
| Class TFD ........................................  | EUR | 107.25 |
| Number of shares outstanding Class FC .........................................  | Count | 361 002.008 |
| Class LC .........................................  | Count | 470 838.697 |
| Class LD .........................................  | Count | 11 376.782 |
| Class TFD ........................................  | Count | 20.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI AC Asia ex Japan High Dividend Yield in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 49.430 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 108.342 |
| Average market risk exposure ........................  | % | 104.142 |

The values-at-risk were calculated for the period from January 1, 2020, through February 4, 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.
 Exchange rates (indirect quotes)	
As of February 4, 2020
| British pound .................. . | GBP | 0.848044 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Hong Kong dollar ............... . | HKD | 8.578981 | = | EUR | 1 |
| Indonesian rupiah ............... . | IDR | 15 142.010187 | = | EUR | 1 |
| South Korean won............... . | KRW | 1 311.479212 | = | EUR | 1 |
| Malaysian ringgit ................ . | MYR | 4.538737 | = | EUR | 1 |
| Philippine peso ................. . | PHP | 56.072929 | = | EUR | 1 |
| Singapore dollar ................ . | SGD | 1.513317 | = | EUR | 1 |
| Thai baht ...................... . | THB | 34.157879 | = | EUR | 1 |
| New Taiwan dollar............... . | TWD | 33.295856 | = | EUR | 1 |
| U.S. dollar ..................... . | USD | 1.104450 | = | 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, Lux- embourg 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.
 Statement of income and expenses 
(incl. income adjustment)  
for the period from January 1, 2020, through February 4, 2020
- Income
	- Dividends (before withholding tax) .................  EUR 117	977.25
	- Interest from investments of liquid assets(before withholding tax)..........................  EUR	7 386.45

- Deduction for foreign withholding tax...............  EUR	-19 486.73Total income ....................................  EUR	105 876.97
- Expenses
	- Interest on borrowings andnegative interest on deposits .....................  EUR	-7 579.37

- Management fee ...............................  EUR	-140 388.80thereof:Basic management fee ....... EUR	-154 723.46 Income from expense cap..... EUR		25 513.27Administration fee ........... EUR	-11 178.61

| 3. Depositary fee .................................  | EUR | -5 344.53 |
| --- | --- | --- |
| 4. Auditing, legal and publication costs ................  | EUR | -23 229.62 |
| 5. Taxe d‘abonnement.............................  | EUR | -6 349.22 |
| 6. Other expenses ...............................  | EUR | -9 138.32 |
| Total expenses...................................  | EUR | -192 029.86 |
| III. Net investment income ........................  | EUR | -86 152.89 |
| IV. Sale transactions Realized gains/losses ..............................  | EUR | 359 297.60 |
| Capital gains/losses ..............................  | EUR | 359 297.60 |
| V. Net gain/loss for the shortened fiscal year ........  | EUR | 273 144.71 |
| BVI total expense ratio (TER) |  |  |
| The total expense ratio for the share classes was: |  |  |

Class FC 0.09%
1
,	Class LC 0.17%
1
,
Class LD 0.17%
1
,	Class TFD 0.08%
1
The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.
1 
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 33 568.97.
The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year 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 shortened fiscal year ......  EUR	140 005 200.09
- Net outflows ..................................  EUR	-2 246 534.58
- Income adjustment .............................  EUR 43	623.13
- Net investment income..........................  EUR	-86 152.89
- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR 359	297.60
- Net change in unrealized appreciation/depreciation ....  EUR	-3 181 778.46
- Value of the fund’s net assetsat the end of the shortened fiscal year ............ EUR	134 893 654.89Realized gains/losses (incl. income adjustment).......  EUR	359 297.60

| from: |  |
| --- | --- |
| Securities transactions..........................  | EUR | 313 185.21 |
| (Forward) currency transactions ..................  | EUR | 46 112.39 |

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
February 4, 2020 (date of last share price calculation) .....  EUR	134 893 654.89
2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	140 005 200.09
2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	135 905 319.41
Net asset value per share at the end of the (shortened) fiscal year February 4, 2020 (date of last share price calculation)
|  | Class FC ................................  | EUR | 166.33 |
| --- | --- | --- | --- |
| Class LC ................................  | EUR | 155.78 |
| Class LD ................................  | EUR | 131.77 |
| Class TFD ...............................  | EUR | 107.25 |
| 2019 | Class FC ................................  | EUR | 169.84 |
|  | Class LC ................................  | EUR | 159.20 |
|  | Class LD ................................  | EUR | 134.67 |
|  | Class TFD ...............................  | EUR | 109.50 |
| 2018 | Class FC ................................  | EUR | 141.87 |
|  | Class LC ................................  | EUR | 133.99 |
|  | Class LD ................................  | EUR | 116.42 |
|  | Class TFD ...............................  | EUR | 93.73 |

 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.

#### Investment objective and performance in the reporting period
The sub-fund seeks to generate the highest possible return in the short term while taking the opportunities and risks of the worldwide capital markets into account. In order to achieve the investment objective, it invests
DWS INVEST II EURO BONDS CONSERVATIVE
Performance since inception
100.3
100.2
100.1
100.0
99.9
99.8
99.7
99.6
primarily in interest-bearing
11/25/20*
11/30/20	12/9/20	12/18/20
12/31/20
financial instruments of gov- ernment and/or private issuers,
DWS Invest II Euro Bonds Conservative (NC share class)
“BVI method” performance, i.e., excluding the initial sales charge.
* Launched on November 25, 2020 = 100
Data on euro basis
money market instruments,
time deposits, bank balances and derivatives. At least 70% of its asset are invested in interest-bearing securities of issuers whose ultimate parent
company is domiciled in a mem- ber country of the Organisation for Economic Co-operation and Development (OECD) or of the G20, in Singapore or in the EU.
Past performance is no guide to future results.	As of: December 31, 2020
DWS INVEST II EURO BONDS CONSERVATIVE
Performance of share class (in EUR)
Share class	ISIN	Since inception
1
Class NC	LU2023375111	-0.1%
1 
Class NC launched on November 25, 2020
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: December 31, 2020
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 central banks, but also shifted to the noticeably weakened global economy, which was exacer- bated due to the uncertain-
ties caused by the COVID-19 pandemic*. However, political issues such as Brexit also influ- enced market developments at times. Against this backdrop, the sub-fund was unable to hold its value completely sta- ble (-0.1% per share; NC share class; in euro; BVI method)
in the short period from
November 25, 2020 (incep- tion date), through the end of December 2020.

#### Investment policy in the reporting period
The sub-fund was in the invest- ment phase during the short reporting period. As part of
the sub-fund’s investment pol- icy, the portfolio management invested in floating rate notes whose coupons are usually adjusted to the current mar- ket interest rate every three months. It also invested in commercial papers and fixed rate bonds with short terms
to maturity. Time deposit investments rounded out the portfolio. Because floating rate notes are issued predominantly by financial institutions, the investment focus was on issues from the financial sector. The
portfolio also included corpo- rate bonds. The interest-bearing instruments held in the portfo- lio had investment-grade status (ratings of BBB- or better from the leading rating agencies) as of the end of December 2020. In terms of its regional alloca- tion, the sub-fund was globally positioned, although invest- ments in Europe were the main focus of investment; positions in North America and Japan rounded out the portfolio. For- eign currency positions in the portfolio were hedged against the euro.
The sub-fund was exposed to a maturity segment that was still adversely affected by neg- ative interest rates during the reporting period. Due to the still low inflation in the euro area, the European Central
Bank (ECB) left the key interest rate unchanged at 0.0% p.a.
The deposit rate for banks was
-0.5% p.a. The credit spreads of the corporate bonds and finan- cials held in the portfolio acted as a buffer against negative interest rates in the short-term segment.
The average yield of the interest- bearing instruments in the port- folio was -0.3% p.a.** at the end of December 2020, with an aver- age term to maturity of approx- imately 1 year. The duration (average capital commitment) was 6 months as of the report- ing date.
* The coronavirus (COVID-19) crisis was/ is a major challenge, including for the economy worldwide, and is therefore a significant event during the report- ing period. Uncertainties regarding the effects of COVID-19 are important for understanding the annual finan- cial statements. Additional details are provided in the explanations in the “General information” section.
** Average yield of the sub-fund’s invest- ments as of the reporting date. This may differ from the nominal yield of the interest-bearing instruments held in the portfolio. The future performance of the sub-fund cannot be derived from this.
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. Bonds (issuers) Companies | 72 839 416.33 | 64.57 |
| Central governments | 21 222 022.00 | 18.82 |
| Total bonds | 94 061 438.33 | 83.39 |
| 2. Derivatives | 8 049.43 | 0.01 |
| 3. Cash at bank | 19 456 856.56 | 17.25 |
| 4. Other assets | 159 474.96 | 0.14 |
| II. Liabilities |  |  |
| 1. Other liabilities | -840 754.76 | - 0.75 |
| 2. Liabilities from share certificate transactions | -47 974.90 | - 0.04 |
| III. Net assets | 112 797 089.62 | 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 | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| currency | amount	in the reporting period	EUR |
| Securities traded on an exchange |  |  |  |  |  | 94 061 438.33 | 83.39 |
| Interest-bearing securities 1.00  % ABN AMRO Bank NV 2018/2021 *.............  | EUR | 576 000 | 576 000 | % | 100.467 | 578 689.92 | 0.51 |
| 0.155 % Asahi Group Holdings Ltd 2020/2024 ...........  | EUR | 1 000 000 | 1 000 000 | % | 100.638 | 1 006 380.00 | 0.89 |
| 0.25  % AstraZeneca PLC (MTN) 2016/2021 ............  | EUR | 500 000 | 500 000 | % | 100.066 | 500 330.00 | 0.44 |
| 0.45  % AT&T, Inc. (MTN) 2018/2023 * ................  0.205 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2018/2023 * ..............................  | EUR EUR | 900 000 1 200 000 | 900 000 1 200 000 | % % | 101.353 100.455 | 912 177.00 1 205 460.00 | 0.81 1.07 |
| 0.401 % Banco Santander SA (MTN) 2017/2023 * ........  | EUR | 500 000 | 500 000 | % | 100.816 | 504 080.00 | 0.45 |
| 0.387 % Bank of America Corp. (MTN) 2017/2023 * ......  | EUR | 700 000 | 700 000 | % | 100.703 | 704 921.00 | 0.63 |
| 0.314 % Bank of America Corp. (MTN) 2018/2024 * ......  0.00  % Banque Federative du Credit Mutuel SA 2019/2021 * ..............................  | EUR EUR | 1 200 000 600 000 | 1 200 000 600 000 | % % | 100.714 100.04 | 1 208 568.00 600 240.00 | 1.07 0.53 |
| 1.50  % Barclays PLC (MTN) 2018/2023 ...............  | EUR | 1 200 000 | 1 200 000 | % | 104.374 | 1 252 488.00 | 1.11 |
| 0.00  % BMW Finance NV 2019/2021 * ...............  | EUR | 600 000 | 600 000 | % | 100.012 | 600 072.00 | 0.53 |
| 0.625 % BMW Finance NV 2019/2023 .................  | EUR | 800 000 | 800 000 | % | 102.197 | 817 576.00 | 0.73 |
| 0.087 % BMW Finance NV 2020/2022 * ...............  | EUR | 1 000 000 | 1 000 000 | % | 100.396 | 1 003 960.00 | 0.89 |
| 0.355 % BNP Paribas SA (MTN) 2017/2024 *............  | EUR | 1 200 000 | 1 200 000 | % | 101.14 | 1 213 680.00 | 1.08 |
| 0.21  % BNP Paribas SA (MTN) 2018/2023 *............  | EUR | 600 000 | 600 000 | % | 100.83 | 604 980.00 | 0.54 |
| 0.107 % BPCE SA (MTN) 2018/2023 * .................  | EUR | 500 000 | 500 000 | % | 100.424 | 502 120.00 | 0.45 |
| 0.102 % BPCE SA (MTN) 2018/2023 * .................  | EUR | 1 200 000 | 1 200 000 | % | 100.598 | 1 207 176.00 | 1.07 |
| 0.302 % Citigroup, Inc. (MTN) 2016/2021 * .............  | EUR | 1 500 000 | 1 500 000 | % | 100.32 | 1 504 800.00 | 1.33 |
| 0.102 % Citigroup, Inc. (MTN) 2018/2023 * .............  | EUR | 300 000 | 300 000 | % | 100.619 | 301 857.00 | 0.27 |
| 1.00  % Coca-Cola Co./The 2019/2021 * ...............  | EUR | 2 010 000 | 2 010 000 | % | 100.067 | 2 011 346.70 | 1.78 |
| 0.50  % Commerzbank AG (MTN) 2018/2023 ...........  | EUR | 1 200 000 | 1 200 000 | % | 101.868 | 1 222 416.00 | 1.08 |
| 0.207 % Credit Agricole SA/London (MTN) 2018/2023 * ...  | EUR | 800 000 | 800 000 | % | 100.745 | 805 960.00 | 0.71 |
| 0.074 % Credit Suisse AG 2020/2021 * ................  | EUR | 1 060 000 | 1 060 000 | % | 100.388 | 1 064 112.80 | 0.94 |
| 0.688 % Credit Suisse AG/London 2020/2022 *..........  | EUR | 880 000 | 880 000 | % | 101.231 | 890 832.80 | 0.79 |
| 0.875 % CRH Finland Services Oyj 2020/2023 ...........  | EUR | 300 000 | 300 000 | % | 102.882 | 308 646.00 | 0.27 |
| 0.067 % Daimler AG (MTN) 2017/2024 * ...............  | EUR | 800 000 | 800 000 | % | 99.981 | 799 848.00 | 0.71 |
| 1.625 % Daimler AG 2020/2023 ......................  | EUR | 1 200 000 | 1 200 000 | % | 104.518 | 1 254 216.00 | 1.11 |
| 0.25  % DNB Bank ASA (MTN) 2019/2024 .............  0.207 % DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main 2019/2021 * ...............  | EUR EUR | 400 000 2 000 000 | 400 000 2 000 000 | % % | 101.55 100.349 | 406 200.00 2 006 980.00 | 0.36 1.78 |
| 0.375 % E.ON SE 2020/2023 ........................  | EUR | 600 000 | 600 000 | % | 101.363 | 608 178.00 | 0.54 |
| 0.25  % EssilorLuxottica SA 2020/2024 ................  | EUR | 500 000 | 500 000 | % | 101.311 | 506 555.00 | 0.45 |
| 0.125 % FCA Bank SpA/Ireland 2020/2023 ..............  0.75 % Fidelity National Information Services, Inc. 2019/2023 ................................  | EUR EUR | 500 000 400 000 | 500 000 400 000 | % % | 100.005 102.057 | 500 025.00 408 228.00 | 0.44 0.36 |
| 0.202 % GlaxoSmithKline Capital PLC 2019/2021 * .......  0.127 % Goldman Sachs Group, Inc./The (MTN) 2017/2023 * ..............................  | EUR EUR | 2 000 000 1 100 000 | 2 000 000 1 100 000 | % % | 100.321 100.376 | 2 006 420.00 1 104 136.00 | 1.78 0.98 |
| 0.159 % Goldman Sachs Group, Inc./The 2020/2023 * ....  | EUR | 700 000 | 700 000 | % | 100.264 | 701 848.00 | 0.62 |
| 1.012 % HSBC Bank PLC 2020/2022 *.................  | EUR | 2 000 000 | 2 000 000 | % | 102.361 | 2 047 220.00 | 1.82 |
| 0.121 % HSBC Holdings PLC (MTN) 2017/2023 * ........  | EUR | 900 000 | 900 000 | % | 100.545 | 904 905.00 | 0.80 |
| 0.015 % ING Bank NV 2019/2021 * ...................  | EUR | 1 000 000 | 1 000 000 | % | 100.14 | 1 001 400.00 | 0.89 |
| 0.447 % ING Groep NV (MTN) 2018/2023 * .............  0.50 % International Business Machines Corp. (MTN) 2016/2021 ................................  | EUR EUR | 600 000 1 025 000 | 600 000 1 025 000 | % % | 101.649 100.659 | 609 894.00 1 031 754.75 | 0.54 0.92 |
| 0.557 % Intesa Sanpaolo SpA (MTN) 2017/2022 * ........  | EUR | 500 000 | 500 000 | % | 100.829 | 504 145.00 | 0.45 |
| 0.00  % Italy Buoni Ordinari del Tesoro BOT 2020/2021 ...  | EUR | 1 500 000 | 1 500 000 | % | 100.023 | 1 500 345.00 | 1.33 |
| 0.00  % Italy Buoni Ordinari del Tesoro BOT 2020/2021 ...  | EUR | 5 500 000 | 5 500 000 | % | 100.043 | 5 502 365.00 | 4.88 |
| 0.257 % Landesbank Baden-Wuerttemberg 2020/2022 * ..  | EUR | 1 500 000 | 1 500 000 | % | 100.358 | 1 505 370.00 | 1.33 |
| 1.00  % LeasePlan Corp. NV (MTN) 2016/2021 ..........  | EUR | 400 000 | 400 000 | % | 100.499 | 401 996.00 | 0.36 |
| 0.75  % LeasePlan Corp., NV (MTN) 2017/2022 .........  | EUR | 400 000 | 400 000 | % | 101.345 | 405 380.00 | 0.36 |
| 1.00  % Lloyds Banking Group PLC (MTN) 2016/2023 ....  | EUR | 400 000 | 400 000 | % | 103.225 | 412 900.00 | 0.37 |
| 0.382 % Lloyds Banking Group PLC (MTN) 2017/2024 * ...  | EUR | 1 200 000 | 1 200 000 | % | 101.036 | 1 212 432.00 | 1.08 |
| 0.50  % Logicor Financing Sarl 2019/2021 ..............  0.00  % LVMH Moet Hennessy Louis Vuitton SE 2020/2022 * ..............................  | EUR EUR | 600 000 900 000 | 600 000 900 000 | % % | 100.188 100.371 | 601 128.00 903 339.00 | 0.53 0.80 |
| 0.11  % Mizuho Financial Group, Inc. (MTN) 2018/2023 *..  | EUR | 1 200 000 | 1 200 000 | % | 100.51 | 1 206 120.00 | 1.07 |
| 2.375 % Morgan Stanley (MTN) 2014/2021 .............  | EUR | 1 000 000 | 1 000 000 | % | 100.682 | 1 006 820.00 | 0.89 |
| 0.179 % National Australia Bank Ltd (MTN) 2016/2021 * ...  | EUR | 400 000 | 400 000 | % | 100.172 | 400 688.00 | 0.36 |
| 2.50  % Natwest Group PLC (MTN) 2016/2023 ..........  | EUR | 400 000 | 400 000 | % | 105.657 | 422 628.00 | 0.37 |
| 2.00  % Natwest Group PLC (MTN) 2017/2023 * ........  | EUR | 1 200 000 | 1 200 000 | % | 102.492 | 1 229 904.00 | 1.09 |
| 0.501 % NatWest Markets PLC 2018/2021 * ............  | EUR | 336 000 | 336 000 | % | 100.551 | 337 851.36 | 0.30 |
| 0.101 % Nordea Bank AB 2017/2021 *.................  | EUR | 1 420 000 | 1 420 000 | % | 100.405 | 1 425 751.00 | 1.26 |
| 0.00  % OMV AG 2020/2023 ........................  | EUR | 400 000 | 400 000 | % | 100.519 | 402 076.00 | 0.36 |
| 2.00  % OP Corporate Bank Plc (MTN) 2014/2021 .......  | EUR | 1 000 000 | 1 000 000 | % | 100.399 | 1 003 990.00 | 0.89 |
| 0.09  % OP Corporate Bank plc 2018/2021 *............  | EUR | 1 300 000 | 1 300 000 | % | 100.213 | 1 302 769.00 | 1.16 |
| 0.125 % OP Corporate Bank plc 2020/2024 .............  | EUR | 1 200 000 | 1 200 000 | % | 101.064 | 1 212 768.00 | 1.08 |
| 3.875 % Orange SA 2010/2021 .......................  | EUR | 1 000 000 | 1 000 000 | % | 100.116 | 1 001 160.00 | 0.89 |
| 0.364 % Royal Bank of Canada 2019/2021 * ............  0.451 % Santander UK Group Holdings PLC (MTN) 2018/2024 * ..............................  | EUR EUR | 1 000 000 700 000 | 1 000 000 700 000 | % % | 100.048 100.545 | 1 000 480.00 703 815.00 | 0.89 0.62 |
| 0.50  % SBAB Bank AB (MTN) 2016/2021 ..............  0.304 % Siemens Financieringsmaatschappij NV 2019/2021 * ..............................  | EUR EUR | 700 000 2 000 000 | 700 000 2 000 000 | % % | 100.353 100.488 | 702 471.00 2 009 760.00 | 0.62 1.78 |

| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| currency	amount	in the reporting period	EUR |
| 0.25  % Skandinaviska Enskilda Banken AB 2020/2023....  | EUR | 500 000 | 500 000 |  | % | 101.26 | 506 300.00 | 0.45 |
| 0.75  % Societe Generale SA (MTN) 2016/2021 .........  | EUR | 300 000 | 300 000 |  | % | 100.162 | 300 486.00 | 0.27 |
| 0.39  % Société Générale SA (MTN) 2017/2024 * ........  | EUR | 1 000 000 | 1 000 000 |  | % | 101.159 | 1 011 590.00 | 0.90 |
| 0.057 % Société Générale SA (MTN) 2018/2023 * ........  | EUR | 700 000 | 700 000 |  | % | 100.486 | 703 402.00 | 0.62 |
| 0.00  % Societe Generale SA 2019/2021 * .............  | EUR | 600 000 | 600 000 |  | % | 100.015 | 600 090.00 | 0.53 |
| 0.257 % Société Générale SA 2019/2021 * .............  | EUR | 1 600 000 | 1 600 000 |  | % | 100.421 | 1 606 736.00 | 1.42 |
| 0.00  % Spain Letras del Tesoro 2020/2021 ............  | EUR | 14 200 000 | 24 700 000 | 10 500 000 | % | 100.136 | 14 219 312.00 | 12.61 |
| 0.75  % Standard Chartered PLC (MTN) 2017/2023 * .....  | EUR | 800 000 | 800 000 |  | % | 101.577 | 812 616.00 | 0.72 |
| 0.108 % UBS AG 2018/2021 * .......................  | EUR | 600 000 | 600 000 |  | % | 100.123 | 600 738.00 | 0.53 |
| 0.108 % UBS AG/London 2018/2021 * .................  0.297 % UBS Group Funding Switzerland AG (MTN) 2017/2022 * ..............................  | EUR EUR | 500 000 600 000 | 500 000 600 000 |  | % % | 100.123 100.435 | 500 615.00 602 610.00 | 0.44 0.53 |
| 2.00  % UniCredit SpA (MTN) 2016/2023...............  | EUR | 280 000 | 280 000 |  | % | 104.67 | 293 076.00 | 0.26 |
| 0.31  % UniCredit SpA (MTN) 2016/2023 * .............  | EUR | 1 200 000 | 1 200 000 |  | % | 100.328 | 1 203 936.00 | 1.07 |
| 0.75  % Vivendi SA (MTN) 2016/2021 .................  | EUR | 600 000 | 600 000 |  | % | 100.35 | 602 100.00 | 0.53 |
| 1.75  % Vodafone Group PLC (MTN) 2016/2023 .........  | EUR | 700 000 | 700 000 |  | % | 105.105 | 735 735.00 | 0.65 |
| 0.375 % Vodafone Group PLC 2017/2021...............  | EUR | 400 000 | 400 000 |  | % | 100.626 | 402 504.00 | 0.36 |
| 0.375 % Volkswagen Bank GmbH 2019/2022 ...........  | EUR | 400 000 | 400 000 |  | % | 100.688 | 402 752.00 | 0.36 |
| 0.287 % Volkswagen Financial Services AG 2019/2021 * ..  | EUR | 600 000 | 600 000 |  | % | 100.076 | 600 456.00 | 0.53 |
| 0.00  % Volvo Treasury AB 2020/2023.................  | EUR | 600 000 | 600 000 |  | % | 100.221 | 601 326.00 | 0.53 |
| 0.125 % Volvo Treasury AB 2020/2024.................  | EUR | 1 000 000 | 1 000 000 |  | % | 100.593 | 1 005 930.00 | 0.89 |
| Total securities portfolio |  |  |  |  |  |  | 94 061 438.33 | 83.39 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 8 049.43 | 0.01 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/USD 0.5 million ...............................  |  |  |  |  |  |  | 8 049.43 | 0.01 |
| Cash at bank |  |  |  |  |  |  | 19 456 856.56 | 17.25 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 14 347 473.33 | 12.72 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| U.S. dollar ........................................  | USD | 500 000 |  |  |  |  | 406 620.00 | 0.36 |
| Time deposits EUR deposits (CaixaBank SA, Barcelona) ................  | EUR |  |  |  |  |  | 4 702 763.23 | 4.17 |
| Other assets | 159 474.96 | 0.14 |
| Interest receivable .................................  | 159 474.96 | 0.14 |
| Total assets | 113 685 819.28 | 100.79 |
| Other liabilities | -840 754.76 | -0.75 |
| Additional other liabilities.............................  | -840 754.76 | -0.75 |
| Liabilities from share certificate transactions | -47 974.90 | -0.04 |
| Total liabilities | -888 729.66 | -0.79 |
| Net assets | 112 797 089.62 | 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 NC .........................................  | EUR | 99.94 |
| Number of shares outstanding Class NC .........................................  | Count | 1 128 650.148 |

Presentation of the maximum limit (according to CSSF circular 11/512) 1.4% of portfolio value
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 0.040 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 0.332 |
| Average market risk exposure ........................  | % | 0.247 |

The values-at-risk were calculated for the period from November 25, 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. 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 absolute 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 406 605.91 as of the reporting date.
 Market abbreviations	 Contracting parties for forward currency transactions
State Street Bank London
 Exchange rates (indirect quotes)	
As of December 30, 2020
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.
 Footnote	
* Floating interest rate.
 Statement of income and expenses 
(incl. income adjustment)	
for the period from November 25, 2020, through December 31, 2020
- Income
	- Interest from securities (before withholding tax) ......  EUR 23	555.70
	- Interest from investments of liquid assets(before withholding tax)..........................  EUR	22 666.16

- Deduction for foreign withholding tax...............  EUR	-6.90Total income ....................................  EUR	46 214.96
- Expenses
	- Interest on borrowings andnegative interest on deposits .....................  EUR	-3 626.34

- Management fee ...............................  EUR	-24 160.56thereof:Basic management fee ....... EUR	-28 514.89 Administration fee 1 .......... EUR		4 354.33

| 3. Auditing, legal and publication costs ................  | EUR | -2 712.93 |
| --- | --- | --- |
| 4. Taxe d‘abonnement.............................  | EUR | -13 536.85 |
| 5. Other expenses ...............................  | EUR | -2 938.15 |
| Total expenses...................................  | EUR | -46 974.83 |
| III. Net investment income ........................  | EUR | -759.87 |
| IV. Sale transactions Realized gains/losses ..............................  | EUR | -27 738.21 |
| Capital gains/losses ..............................  | EUR | -27 738.21 |
| V. Net gain/loss for the reporting period ............  | EUR | -28 498.08 |

1 
The amount reported includes income from the release of excess accruals and/or income effects of reimbursed expenses.
BVI total expense ratio (TER)
The total expense ratio for the share classes was:
Class NC 0.04%
2
The TER expresses total expenses and fees (excluding transaction costs) as a percent- age 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 launched during the year.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 0.00.
The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year 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 reporting period ..........  EUR	0.00
- Net inflows 
- 3 
- ..................................  EUR 112 867	450.09
- Income adjustment ............................. EUR	-2 465.65
- Net investment income..........................  EUR	-759.87
- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	-27 738.21
- Net change in unrealized appreciation/depreciation ....  EUR	-39 396.74
- Value of the fund‘s net assets ................... 

at the end of the reporting period................ EUR	112 797 089.62
3 
thereof inflows from the merger of funds in the amount of EUR 118 200 644.32.
| Summary of gains/losses | 2020 |
| --- | --- |
|  |  |
| Realized gains/losses (incl. income adjustment)	EUR | -27 738.21 |
| from: Securities transactions	EUR | -23 854.08 |
| (Forward) currency transactions	EUR | -3 884.13 |

 Details on the distribution policy*	
Class NC
The income for the reporting period 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 reporting period
2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	112 797 089.62
2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	-
2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	-
Net asset value per share at the end of the reporting period
2020	Class NC................................ EUR	99.94
2019	Class NC................................ EUR	-
2018	Class NC................................ 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 1.11% of all transactions. The total volume was EUR 3 040 355.00.

#### Investment objective and performance in the reporting period
The objective of the sub-fund DWS Invest II European Equity Focussed Alpha (in liquidation) is to achieve sustained capi- tal appreciation relative to the benchmark, the MSCI Europe. To achieve this objective, it
DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)
Five-year performance
128
121
114
107
100
93
86
79
invests in selected equities
12/15*
12/16
12/17	12/18	12/19
12/20
of European issuers in a con- centrated portfolio based on
DWS Invest II European Equity Focussed Alpha (in liquidation) (LC share class)
“BVI method” performance, i.e., excluding the initial sales charge.
* 12/2015 = 100
Data on euro basis
bottom-up research. In addition
to major international blue-chip companies with large market capitalizations and correspond- ing liquidity, a smaller selection of small- and mid-cap compa- nies is also included in the port- folio. Bottom-up factors such as stock valuations and share- price and earnings trends, as well as the quality of the bal- ance sheet and the business model, are crucial to the selec- tion of stocks. Depending on the capital market situation, the sub-fund’s level of investment may also be flexibly controlled through the use of derivatives. The investment climate in the reporting period was still char- acterized by very low, and in
Past performance is no guide to future results.	As of: December 31, 2020
DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)
Performance of share classes vs. benchmark (in EUR)
| Share class | ISIN | 1 year | 3 years | 5 years |
| --- | --- | --- | --- | --- |
| Class LC | LU0781236566 | -3.1% | 8.8% | 22.8% |
| Class FC | LU0781237028 | -2.4% | 11.3% | 27.7% |
| Class FD | LU0781237291 | -2.4% | 11.3% | 41.2% 1 |
| Class LD | LU0781236640 | -3.1% | 8.8% | 22.9% |
| Class NC | LU0781236723 | – | – | –  2 |
| Class ND | LU0781236996 | – | – | –  2 |
| Class XC | LU1697911474 | -1.8% | 13.2% | 11.2% 1 |
| MSCI Europe |  | -3.1% | 9.3% | 23.0% |

1 
Class FD launched on January 29, 2016 / Class XC launched on October 31, 2017
2 
Last share price calculation on June 11, 2014. Share class still active.
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: December 31, 2020
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 central banks, but also shifted to the noticeably weakened global economy, which was exacer- bated due to the uncertain-
ties caused by the COVID-19 pandemic*. However, political issues such as “Brexit” and
the U.S. presidential election in early November 2020 also influ- enced market developments at times. Against this backdrop
of a difficult market environ- ment for European equities, the sub-fund recorded a decline of 3.1% per share (LC share class; BVI method) in the fiscal year through the end of Decem-
ber 2020. It was thus on par with its benchmark, the MSCI Europe, which also posted a loss of 3.1% (both percentages in euro terms).

#### Investment policy in the
reporting period
In the reporting period, the worldwide spread of COVID-19* from February 2020 onward initially caused a sharp drop in stock prices across industries
in the European equity markets. As the fiscal year progressed, share prices started to rise again against the backdrop of signs of an economic recov- ery. Companies less severely affected by the consequences of the COVID-19 pandemic
and the resulting restrictions
benefited most from the price recovery. The shares held in the portfolio that performed well in the reporting period included, for example, those of the Spanish solar energy
company Solaria and Deutsche Post. The latter benefited from the boom in online retail, which accelerated once more due to the pandemic. The Finnish min- eral oil company Neste Oil and the Switzerland-based Lonza Group, a supplier for the phar- maceutical, health care and life science industries, also contrib- uted positively to performance. In contrast, investments in shares that had a dampening effect on performance included those in BNP Paribas and ING as financial institutions had to make higher risk provisions
for potential loan defaults on account of the deteriorating economic outlook. In addition, the European Central Bank maintained its zero-interest policy, which also weighed on the earnings outlook for banks. Insurance companies such as Talanx, whose shares are held in the portfolio, felt the impact of low interest rates and claims arising in connection with COVID-19.
* 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.
DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)
Liquidation proceeds for the share classes (in EUR)
| Share class | ISIN | Liquidation proceeds per share |
| --- | --- | --- |
| Class XC | LU1697911474 | 114.26 |
| Class LC | LU0781236566 | 191.14 |
| Class LD | LU0781236640 | 183.48 |
| Class FC | LU0781237028 | 205.26 |
| Class FD | LU0781237291 | 138.30 |

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 | 4 022 458.08 | 6.04 |
| Telecommunication Services | 4 955 170.96 | 7.44 |
| Consumer Discretionaries | 16 536 189.10 | 24.84 |
| Energy | 6 409 586.93 | 9.63 |
| Consumer Staples | 8 371 836.89 | 12.58 |
| Financials | 7 048 244.60 | 10.59 |
| Basic Materials | 6 727 275.88 | 10.11 |
| Industrials | 9 031 558.07 | 13.57 |
| Utilities | 1 914 598.70 | 2.88 |
| Total equities | 65 016 919.21 | 97.68 |
| 2. Derivatives | -57 123.63 | -0.09 |
| 3. Cash at bank | 1 612 486.15 | 2.42 |
| 4. Other assets | 64 818.16 | 0.10 |
| 5. Receivables from share certificate transactions | 185.57 | 0.00 |
| II. Liabilities |  |  |
| 1. Other liabilities | -75 516.94 | -0.11 |
| III. Net assets | 66 561 768.52 | 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 |  |  |  |  |  |  | 65 016 919.21 | 97.68 |
| Equities Lonza Group AG ...................................  | Count | 3 156 |  | 4 444 | CHF | 569 | 1 654 735.84 | 2.49 |
| Nestle SA ........................................  | Count | 25 417 | 2 720 | 3 203 | CHF | 104.44 | 2 446 079.48 | 3.68 |
| Roche Holding AG ..................................  | Count | 5 082 | 5 612 | 530 | CHF | 308.8 | 1 446 076.82 | 2.17 |
| SIG Combibloc Group ...............................  | Count | 56 838 |  | 7 162 | CHF | 20.5 | 1 073 673.07 | 1.61 |
| Sika AG ..........................................  | Count | 3 550 | 3 550 |  | CHF | 243.1 | 795 229.94 | 1.19 |
| Genmab A/S ......................................  | Count | 2 100 | 2 100 |  | DKK | 2 453 | 692 465.51 | 1.04 |
| Allianz SE.........................................  | Count | 6 467 | 8 293 | 1 826 | EUR | 200.7 | 1 297 926.90 | 1.95 |
| Alstom SA ........................................  | Count | 47 146 | 17 039 | 33 893 | EUR | 46.97 | 2 214 447.62 | 3.33 |
| AXA SA ..........................................  | Count | 114 742 |  | 14 458 | EUR | 19.718 | 2 262 482.76 | 3.40 |
| BNP Paribas SA ....................................  | Count | 48 956 | 48 956 |  | EUR | 43.495 | 2 129 341.22 | 3.20 |
| Deutsche Post AG..................................  | Count | 30 738 | 111 238 | 80 500 | EUR | 40.5 | 1 244 889.00 | 1.87 |
| Fielmann AG ......................................  | Count | 15 600 | 15 600 |  | EUR | 66.45 | 1 036 620.00 | 1.56 |
| Fresenius Medical Care AG & Co., KgaA ................  | Count | 8 499 | 9 464 | 965 | EUR | 68.2 | 579 631.80 | 0.87 |
| Hellofresh AG .....................................  | Count | 22 872 | 33 720 | 10 848 | EUR | 63.2 | 1 445 510.40 | 2.17 |
| Iberdrola SA.......................................  | Count | 163 292 | 183 867 | 20 575 | EUR | 11.725 | 1 914 598.70 | 2.88 |
| KBC Ancora .......................................  | Count | 38 289 | 44 500 | 6 211 | EUR | 35.48 | 1 358 493.72 | 2.04 |
| LANXESS AG......................................  | Count | 23 979 |  | 3 021 | EUR | 62.76 | 1 504 922.04 | 2.26 |
| Linde PLC ........................................  | Count | 6 000 | 14 000 | 8 000 | EUR | 213 | 1 278 000.00 | 1.92 |
| LVMH Moet Hennessy Louis Vuitton SE ................  | Count | 3 231 | 1 426 | 295 | EUR | 515.3 | 1 664 934.30 | 2.50 |
| Neste Oyj ........................................  | Count | 40 622 |  | 11 778 | EUR | 59.94 | 2 434 882.68 | 3.66 |
| Nexi SpA .........................................  | Count | 127 451 | 28 629 | 59 794 | EUR | 16.465 | 2 098 480.72 | 3.15 |
| Porsche Automobil Holding SE -Pref- ...................  | Count | 35 540 | 2 000 | 10 460 | EUR | 56.4 | 2 004 456.00 | 3.01 |
| Prosus NV ........................................  | Count | 18 378 | 18 378 |  | EUR | 88.52 | 1 626 820.56 | 2.44 |
| Puma SE .........................................  | Count | 19 830 | 1 180 | 2 350 | EUR | 92.28 | 1 829 912.40 | 2.75 |
| Sanofi............................................  | Count | 19 344 | 21 584 | 2 240 | EUR | 78.82 | 1 524 694.08 | 2.29 |
| Schneider Electric SE ...............................  | Count | 15 870 | 17 870 | 2 000 | EUR | 120.6 | 1 913 922.00 | 2.88 |
| Scout24 AG .......................................  | Count | 17 726 |  | 12 274 | EUR | 67.05 | 1 188 528.30 | 1.79 |
| Smurfit Kappa Group PLC ............................  | Count | 58 950 |  | 25 050 | EUR | 38.84 | 2 289 618.00 | 3.44 |
| Solaria Energia y Medio Ambiente SA ..................  | Count | 100 619 | 78 | 12 678 | EUR | 23.84 | 2 398 756.96 | 3.60 |
| STMicroelectronics NV ..............................  | Count | 65 184 | 123 940 | 58 756 | EUR | 30.54 | 1 990 719.36 | 2.99 |
| Total SA ..........................................  | Count | 44 138 |  | 5 562 | EUR | 35.705 | 1 575 947.29 | 2.37 |
| Vinci SA ..........................................  | Count | 21 502 | 25 866 | 4 364 | EUR | 83.22 | 1 789 396.44 | 2.69 |
| Worldline SA/France ................................  | Count | 25 608 | 5 396 | 17 788 | EUR | 79.34 | 2 031 738.72 | 3.05 |
| AstraZeneca PLC...................................  | Count | 27 311 |  | 10 089 | GBP | 74.24 | 2 242 668.95 | 3.37 |
| British American Tobacco PLC ........................  | Count | 42 948 |  | 57 052 | GBP | 27.5 | 1 306 367.13 | 1.96 |
| Compass Group PLC ................................  | Count | 118 984 | 118 984 | 106 000 | GBP | 13.95 | 1 835 914.19 | 2.76 |
| Rentokil Initial PLC .................................  | Count | 253 714 | 253 714 |  | GBP | 5.192 | 1 457 030.77 | 2.19 |
| Swedish Match AB .................................  | Count | 20 344 | 1 106 | 19 192 | SEK | 640.8 | 1 297 183.44 | 1.95 |
| Telefonaktiebolaget LM Ericsson ......................  | Count | 218 589 | 218 589 |  | SEK | 98.38 | 2 139 822.10 | 3.21 |
| Total securities portfolio |  |  |  |  |  |  | 65 016 919.21 | 97.68 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -57 123.63 | -0.09 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions GBP/EUR 4 million .................................  |  |  |  |  |  |  | 20 430.92 | 0.03 |
| Closed positions GBP/EUR 4 million .................................  |  |  |  |  |  |  | -77 554.55 | -0.12 |
| Cash at bank |  |  |  |  |  |  | 1 612 486.15 | 2.42 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 1 549 657.55 | 2.32 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 907 |  |  |  |  | 1 003.10 | 0.00 |
| Danish krone ......................................  | DKK | 74 732 |  |  |  |  | 10 045.84 | 0.02 |
| Norwegian krone ...................................  | NOK | 10 969 |  |  |  |  | 1 041.76 | 0.00 |
| Swedish krona.....................................  | SEK | 102 804 |  |  |  |  | 10 229.49 | 0.02 |
| Czech koruna......................................  | CZK | 403 |  |  |  |  | 15.38 | 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 |  |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Swiss franc .......................................  | CHF | 10 678 |  | 9 839.60 | 0.01 |
| U.S. dollar ........................................  | USD | 37 693 |  | 30 653.43 | 0.05 |
| Other assets |  |  |  | 64 818.16 | 0.10 |
| Dividends/Distributions receivable .....................  |  |  |  | 54 412.12 | 0.08 |
| Receivables from exceeding the expense cap ............  |  |  |  | 10 406.04 | 0.02 |
| Receivables from share certificate transactions |  |  |  | 185.57 | 0.00 |
| Total assets * |  |  |  | 66 714 840.01 | 100.23 |
| Other liabilities |  |  |  | -75 516.94 | -0.11 |
| Liabilities from cost items ............................  |  |  |  | -75 516.94 | -0.11 |
| Total liabilities |  |  |  | -153 071.49 | -0.23 |
| Net assets |  |  |  | 66 561 768.52 | 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 FC .........................................  | EUR | 200.10 |
| Class FD .........................................  | EUR | 135.93 |
| Class LC .........................................  | EUR | 186.65 |
| Class LD .........................................  | EUR | 179.45 |
| Class XC .........................................  | EUR | 111.25 |
| Number of shares outstanding Class FC .........................................  | Count | 189 701.000 |
| Class FD .........................................  | Count | 10 000.000 |
| Class LC .........................................  | Count | 31 574.151 |
| Class LD .........................................  | Count | 546.000 |
| Class XC .........................................  | Count | 191 043.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 94.937 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 128.089 |
| Average market risk exposure ........................  | % | 113.565 |

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 0.2, 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 13 277 766.43 as of the reporting date.
 Market abbreviations	 Contracting parties for forward currency transactions
Barclays Bank Ireland PLC and BNP Paribas SA
 Exchange rates (indirect quotes)	
As of December 30, 2020
| Swiss franc	CHF | 1.085227 | = EUR | 1 |
| --- | --- | --- | --- |
| Czech koruna	CZK | 26.220980 | = EUR | 1 |
| Danish krone	DKK | 7.439071 | = EUR | 1 |
| British pound	GBP | 0.904087 | = EUR | 1 |
| Norwegian krone	NOK | 10.528995 | = EUR | 1 |
| Swedish krona	SEK | 10.049801 | = 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. Against the backdrop of the resolution of the Board of Directors of the SICAV to put the fund into liquidation effective March 24, 2021, the going-concern basis was relinquished and the financial statements were prepared on the basis of liquidation values.
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.
 Footnote	
* Does not include positions with a negative balance, if such exist.
 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 1 158	945.58
	- Interest from securities (before withholding tax) ......  EUR	175.70
	- Interest from investments of liquid assets(before withholding tax)..........................  EUR	52.23

- Income from securities lending....................  EUR	19.39
- Deduction for foreign withholding tax...............  EUR	-74 273.89Total income ....................................  EUR	1 084 919.01
- Expenses
	- Interest on borrowings andnegative interest on deposits .....................  EUR	-10 225.43

- Management fee ...............................  EUR	-393 910.29thereof:Basic management fee ....... EUR	-401 857.81 Income from expense cap..... EUR		9 034.67Administration fee ........... EUR	-1 087.15

| 3. Depositary fee .................................  | EUR | -382.77 |
| --- | --- | --- |
| 4. Auditing, legal and publication costs ................  | EUR | -29 664.31 |
| 5. Taxe d‘abonnement.............................  | EUR | -28 876.86 |
| 6. Other expenses ...............................  | EUR | -20 306.65 |

thereof:
Performance-based fee
from securities lending income . EUR		-6.46 Other ..................... EUR	-20 300.19
Total expenses...................................  EUR	-483 366.31
| III. Net investment income ........................  | EUR | 601 552.70 |
| --- | --- | --- |
| IV. Sale transactions Realized gains/losses ..............................  | EUR | -6 905 263.99 |

Capital gains/losses ..............................  EUR	-6 905 263.99
V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . .  EUR	-6 303 711.29
BVI total expense ratio (TER)
The total expense ratio for the share classes was:
Class FC 0.88% p.a.,	Class FD 0.88% p.a.,
Class LC 1.63% p.a.,	Class LD 1.49% p.a., Class XC 0.33% 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 additional income from securities lending resulted in a performance-based fee of
Class FC <0.001% p.a.,	Class FD <0.001% p.a.,
Class LC <0.001% p.a.,	Class LD <0.001% p.a., Class XC <0.001% p.a.
of the fund’s average net assets in relation to the respective share class.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 89 254.90.
The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year 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	85 358 054.25
- Distribution for the previous year ..................  EUR	-24 214.51
- Net outflows ..................................  EUR	-15 136 501.92
- Income adjustment ............................. EUR	-494 095.17
- Net investment income..........................  EUR 601	552.70
- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	-6 905 263.99
- Net change in unrealized appreciation/depreciation ....  EUR 3 162	237.16
- Value of the fund‘s net assetsat the end of the fiscal year .....................  EUR	66 561 768.52Realized gains/losses (incl. income adjustment).......  EUR	-6 905 263.99from:

| Securities transactions..........................  | EUR | -3 736 791.32 |
| --- | --- | --- |
| (Forward) currency transactions ..................  | EUR | -161 763.21 |
| Derivatives and other financial futures transactions  1  ..  | EUR | -3 006 709.46 |

1 
This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives.
 Details on the distribution policy*	
Class FC
The income for the fiscal year is reinvested.
Class FD
Type	As of	Currency	Per share
Final distribution	March 5, 2021	EUR	1.09
Class LC
The income for the fiscal year is reinvested.
| Class LD |  |
| --- | --- |
| Type | As of | Currency | Per share |
| Final distribution | March 5, 2021 | EUR | 0.28 |
| Class XC |  |  |  |

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 2020	EUR | 66 561 768.52 |
| --- | --- |
| 2019	EUR | 85 358 054.25 |
| 2018	EUR | 58 761 159.30 |
| Net asset value per share at the end of the fiscal year |  |
| 2020 | Class FC ................................  | EUR | 200.10 |
|  | Class FD ................................  | EUR | 135.93 |
|  | Class LC ................................  | EUR | 186.65 |
|  | Class LD ................................  | EUR | 179.45 |
|  | Class XC ................................  | EUR | 111.25 |
| 2019 | Class FC ................................  | EUR | 204.99 |
|  | Class FD ................................  | EUR | 141.87 |
|  | Class LC ................................  | EUR | 192.65 |
|  | Class LD ................................  | EUR | 187.22 |
|  | Class XC ................................  | EUR | 113.34 |
| 2018 | Class FC ................................  | EUR | 143.61 |
|  | Class FD ................................  | EUR | 100.30 |
|  | Class LC ................................  | EUR | 136.00 |
|  | Class LD ................................  | EUR | 132.71 |
|  | Class XC ................................  | EUR | 78.95 |

 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 14 438.40.

#### Investment objective and performance in the reporting period
DWS Invest II European Top Dividend invests primarily in equities of highly capitalized European companies that in addition to above-average div- idend yields also have projec- tions of dividend growth and
DWS INVEST II EUROPEAN TOP DIVIDEND
Five-year performance
120
116
112
108
104
100
96
92
reasonable payout ratios (divi-
12/15*
12/16
12/17	12/18	12/19
12/20
dend distribution as a percent- age of net income for the year).
DWS Invest II European Top Dividend (LC share class)
“BVI method” performance, i.e., excluding the initial sales charge.
* 12/2015 = 100
Data on euro basis
In addition, they must have
excellent fundamentals such as balance sheet quality and busi- ness model.
The sub-fund recorded a decline of 3.2% per share
(LC share class; BVI method; in euro;) in the fiscal year through December 31, 2020.

#### Investment policy in the reporting period
In the reporting period, the worldwide spread of COVID-19* from February 2020 onward initially caused a sharp drop in stock prices across industries in the global equity markets.
As the fiscal year progressed, the equity markets saw share prices start to rise again against the backdrop of signs of an economic recovery. Com- panies less severely affected
Past performance is no guide to future results.	As of: December 31, 2020
DWS INVEST II EUROPEAN TOP DIVIDEND
Performance of share classes (in EUR)
| Share class | ISIN | 1 year | 3 years | 5 years |
| --- | --- | --- | --- | --- |
| Class LC | LU0781237614 | -3.2% | 2.9% | 14.6% |
| Class FC | LU1241941308 | -2.4% | 5.2% | 18.9% |
| Class FD | LU1242509609 | -2.4% | 5.2% | 19.0% |
| Class LD | LU0781237705 | -3.1% | 2.9% | 14.6% |
| Class LDH (P) | LU1322113884 | -1.1% | 2.6% | 22.3% |
| Class NC | LU0781237887 | -3.8% | 0.7% | 10.7% |
| Class ND | LU0781237960 | -3.8% | 0.8% | 10.7% |
| Class TFC | LU1663960000 | -2.4% | 3.5% 1 | – |
| Class TFD | LU1663960182 | -2.4% | 3.2% 1 | – |
| Class XC | LU0781238000 | -2.0% | 6.7% | 21.9% |
| Class XD | LU0781238182 | -2.0% | 6.7% | 21.9% |
| Class CHF LDH (P) 2 | LU1322113702 | -1.6% | 1.1% | 19.3% |

1 
Classes TFC and TFD launched on January 15, 2018
2 
in CHF
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: December 31, 2020
by the COVID-19 pandemic and the resulting restrictions benefited most from the price recovery.
The portfolio management maintained its generally conser- vative positioning on the whole, but did increase the weighting in the mining sector in favor of a more cyclical positioning.
In the energy sector, the Finn- ish company Neste Oyj posted impressive results and recorded a significant increase in free cash flow due to the increased demand for renewable energy sources.
Deutsche Post was another beneficiary of the COVID-19 pandemic in 2020 and contrib-
uted to strong appreciation in the portfolio.
Within the finance sector, Euronext recorded a consider- able equity price increase on account of greater activity on the exchanges.
TGS and Royal Dutch Shell exhibited comparatively weak
price performance due to the sharp drop in oil prices at times.
* 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): Telecommunication Services | 15 583 065.55 | 5.19 |
| Consumer Discretionaries | 76 075 592.82 | 25.31 |
| Energy | 28 528 659.55 | 9.50 |
| Consumer Staples | 12 576 258.55 | 4.18 |
| Financials | 57 158 412.67 | 19.03 |
| Basic Materials | 57 643 622.66 | 19.21 |
| Industrials | 21 394 103.16 | 7.12 |
| Utilities | 26 275 977.99 | 8.74 |
| Total equities | 295 235 692.95 | 98.28 |
| 2. Derivatives | -192.85 | 0.00 |
| 3. Cash at bank | 4 929 186.73 | 1.64 |
| 4. Other assets | 1 018 214.00 | 0.34 |
| 5. Receivables from share certificate transactions | 62 242.42 | 0.02 |
| II. Liabilities |  |  |
| 1. Loan liabilities | -1.32 | 0.00 |
| 2. Other liabilities | -535 475.18 | -0.18 |
| 3. Liabilities from share certificate transactions | -315 001.68 | -0.10 |
| III. Net assets | 300 394 665.07 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

Investment portfolio – December 31, 2020
| Count/ | Quantity/ | Purchases/ | Sales/ |  |  | Total market | % of |
| --- | --- | --- | --- | --- | --- | --- | --- |
| units/ | principal | additions | disposals | Currency | Market price | value in | net assets |

| Securities traded on an exchange |  |  |  |  |  |  | 280 364 670.37 | 93.33 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equities |  |  |  |  |  |  |  |  |
| Galenica AG.......................................  | Count | 109 138 |  | 81 256 | CHF | 59 | 5 933 451.75 | 1.98 |
| Nestle SA ........................................  | Count | 66 381 | 7 200 | 19 119 | CHF | 104.44 | 6 388 370.07 | 2.13 |
| Novartis AG .......................................  | Count | 44 373 |  | 20 002 | CHF | 83.16 | 3 400 264.37 | 1.13 |
| Roche Holding AG ..................................  | Count | 21 922 |  | 17 160 | CHF | 308.8 | 6 237 878.01 | 2.08 |
| Moneta Money Bank AS .............................  | Count | 868 317 | 495 000 | 675 314 | CZK | 68.5 | 2 268 401.63 | 0.75 |
| Novo Nordisk A/S ..................................  | Count | 75 804 |  | 31 438 | DKK | 429.6 | 4 377 616.36 | 1.46 |
| Allianz SE.........................................  | Count | 22 187 | 9 900 | 9 053 | EUR | 200.7 | 4 452 930.90 | 1.48 |
| AXA SA ..........................................  | Count | 148 073 | 83 600 | 351 381 | EUR | 19.718 | 2 919 703.41 | 0.97 |
| Bankinter SA ......................................  | Count | 577 200 | 577 200 |  | EUR | 4.438 | 2 561 613.60 | 0.85 |
| Bayer AG .........................................  | Count | 79 397 |  | 47 503 | EUR | 48.155 | 3 823 362.54 | 1.27 |
| BNP Paribas SA ....................................  | Count | 41 934 | 51 300 | 182 966 | EUR | 43.495 | 1 823 919.33 | 0.61 |
| Cie Générale des Etablissements Michelin SCA. . . . . . . . . . . | Count | 30 314 | 21 600 | 19 921 | EUR | 106.4 | 3 225 409.60 | 1.07 |
| Coface SA ........................................  | Count | 284 000 | 76 500 | 161 794 | EUR | 8.36 | 2 374 240.00 | 0.79 |
| Covestro AG ......................................  | Count | 46 794 | 39 700 | 105 707 | EUR | 50.48 | 2 362 161.12 | 0.79 |
| Danone SA .......................................  | Count | 68 716 |  | 45 140 | EUR | 54.24 | 3 727 155.84 | 1.24 |
| Deutsche Pfandbriefbank AG .........................  | Count | 241 746 | 113 300 | 273 954 | EUR | 8.795 | 2 126 156.07 | 0.71 |
| Deutsche Post AG..................................  | Count | 105 250 | 150 800 | 45 550 | EUR | 40.5 | 4 262 625.00 | 1.42 |
| Deutsche Telekom AG ..............................  | Count | 598 326 |  | 331 258 | EUR | 14.955 | 8 947 965.33 | 2.98 |
| E.ON SE .........................................  | Count | 528 630 | 296 100 | 111 626 | EUR | 9.064 | 4 791 502.32 | 1.59 |
| Elisa Oyj..........................................  | Count | 59 801 | 2 700 | 10 575 | EUR | 45.14 | 2 699 417.14 | 0.90 |
| Enel SpA .........................................  | Count | 1 165 661 | 331 100 | 276 696 | EUR | 8.319 | 9 697 133.86 | 3.23 |
| Essilor International Cie Générale d‘Optique SA...........  | Count | 24 931 | 16 100 | 22 669 | EUR | 128.9 | 3 213 605.90 | 1.07 |
| Euronext NV ......................................  | Count | 71 088 |  | 24 868 | EUR | 92.1 | 6 547 204.80 | 2.18 |
| Gaztransport Et Technigaz S.A. .......................  | Count | 17 088 | 2 000 | 36 657 | EUR | 80.55 | 1 376 438.40 | 0.46 |
| Grifols SA ........................................  | Count | 111 111 |  | 75 954 | EUR | 24.16 | 2 684 441.76 | 0.89 |
| Grupo Catalana Occidente SA.........................  | Count | 67 722 | 20 800 | 23 678 | EUR | 29.1 | 1 970 710.20 | 0.66 |
| Infrastrutture Wireless Italiane SpA ....................  | Count | 339 550 | 370 800 | 31 250 | EUR | 9.915 | 3 366 638.25 | 1.12 |
| Instone Real Estate Group AG ........................  | Count | 70 900 | 80 447 | 9 547 | EUR | 21 | 1 488 900.00 | 0.50 |
| JDE Peet‘s BV ....................................  | Count | 60 234 | 69 622 | 9 388 | EUR | 36.07 | 2 172 640.38 | 0.72 |
| Koninklijke DSM NV ................................  | Count | 16 729 | 3 600 | 15 839 | EUR | 143.25 | 2 396 429.25 | 0.80 |
| Koninklijke Philips NV ...............................  | Count | 102 537 | 33 167 | 43 430 | EUR | 44.29 | 4 541 363.73 | 1.51 |
| La Francaise des Jeux SAEM ........................  | Count | 96 031 | 20 000 | 18 969 | EUR | 37.05 | 3 557 948.55 | 1.18 |
| LANXESS AG......................................  | Count | 35 231 | 63 500 | 28 269 | EUR | 62.76 | 2 211 097.56 | 0.74 |
| Mayr Melnhof Karton AG ............................  | Count | 14 659 | 16 800 | 2 141 | EUR | 165 | 2 418 735.00 | 0.80 |
| Neste Oyj ........................................  | Count | 119 315 | 14 200 | 44 885 | EUR | 59.94 | 7 151 741.10 | 2.38 |
| Nokia Oyj .........................................  | Count | 324 574 |  | 973 093 | EUR | 3.192 | 1 035 877.92 | 0.34 |
| Porsche Automobil Holding SE -Pref- ...................  | Count | 102 711 | 104 300 | 67 017 | EUR | 56.4 | 5 792 900.40 | 1.93 |
| Red Electrica Corp., SA ..............................  | Count | 142 105 | 57 300 | 36 616 | EUR | 16.95 | 2 408 679.75 | 0.80 |
| Sampo Oyj........................................  | Count | 118 639 | 64 000 | 31 670 | EUR | 34.79 | 4 127 450.81 | 1.37 |
| Siemens Healthineers AG ...........................  | Count | 37 031 |  | 13 258 | EUR | 41.98 | 1 554 561.38 | 0.52 |
| Talanx AG ........................................  | Count | 189 781 | 37 500 | 75 053 | EUR | 31.76 | 6 027 444.56 | 2.01 |
| Thales SA ........................................  | Count | 22 056 | 19 400 | 46 444 | EUR | 75.76 | 1 670 962.56 | 0.56 |
| Total SA ..........................................  | Count | 140 643 | 132 200 | 126 179 | EUR | 35.705 | 5 021 658.32 | 1.67 |
| Unilever PLC ......................................  | Count | 121 509 | 121 509 |  | EUR | 49.305 | 5 991 001.25 | 1.99 |
| Vinci SA ..........................................  | Count | 19 567 | 9 800 | 86 635 | EUR | 83.22 | 1 628 365.74 | 0.54 |
| Vonovia SE .......................................  | Count | 156 222 | 1 200 | 36 812 | EUR | 59.76 | 9 335 826.72 | 3.11 |
| Antofagasta PLC ...................................  | Count | 314 552 | 184 400 | 219 848 | GBP | 14.555 | 5 064 006.64 | 1.69 |
| AstraZeneca PLC...................................  | Count | 15 155 |  | 13 006 | GBP | 74.24 | 1 244 467.36 | 0.41 |
| British American Tobacco PLC ........................  | Count | 180 918 | 15 400 | 182 082 | GBP | 27.5 | 5 503 057.84 | 1.83 |
| Centamin PLC .....................................  | Count | 3 715 847 | 1 194 000 | 1 990 853 | GBP | 1.249 | 5 133 456.27 | 1.71 |
| Fresnillo PLC ......................................  | Count | 155 712 | 160 800 | 198 032 | GBP | 11.32 | 1 949 656.56 | 0.65 |
| Imperial Brands PLC ................................  | Count | 372 083 | 124 000 | 189 017 | GBP | 15.54 | 6 395 587.54 | 2.13 |
| National Grid PLC ..................................  | Count | 676 117 | 29 000 | 486 009 | GBP | 8.718 | 6 519 710.72 | 2.17 |
| Polymetal International PLC ..........................  | Count | 407 361 | 30 000 | 232 139 | GBP | 17.145 | 7 725 143.28 | 2.57 |
| Prudential PLC.....................................  | Count | 118 480 |  | 160 726 | GBP | 13.81 | 1 809 790.61 | 0.60 |
| Reckitt Benckiser Group PLC .........................  | Count | 88 747 | 70 200 | 29 113 | GBP | 66.2 | 6 498 322.73 | 2.16 |
| Rio Tinto PLC......................................  | Count | 84 139 | 52 500 | 74 393 | GBP | 55.73 | 5 186 519.26 | 1.73 |
| Royal Dutch Shell PLC ..............................  | Count | 347 852 | 286 900 | 185 547 | GBP | 13.25 | 5 097 963.37 | 1.70 |
| Royal Dutch Shell PLC ..............................  | Count | 361 796 | 298 100 | 184 841 | GBP | 12.778 | 5 113 476.34 | 1.70 |
| United Utilities Group PLC ...........................  | Count | 282 362 | 409 000 | 126 638 | GBP | 9.154 | 2 858 951.34 | 0.95 |
| DNB ASA.........................................  | Count | 231 354 | 202 300 | 376 122 | NOK | 167.95 | 3 690 371.57 | 1.23 |
| Equinor ASA ......................................  | Count | 308 959 | 309 900 | 192 141 | NOK | 145.05 | 4 256 294.39 | 1.42 |
| Gjensidige Forsikring BA .............................  | Count | 114 119 |  | 21 134 | NOK | 191.2 | 2 072 330.03 | 0.69 |
| Mowi ASA ........................................  | Count | 131 458 | 21 300 | 38 533 | NOK | 191.3 | 2 388 444.01 | 0.79 |
| Telenor ASA ......................................  | Count | 103 792 |  | 30 221 | NOK | 146.3 | 1 442 186.02 | 0.48 |
| TGS NOPEC Geophysical Co. ASA ....................  | Count | 150 959 | 110 100 | 87 541 | NOK | 131.65 | 1 887 526.03 | 0.63 |
| Warsaw Stock Exchange ............................  | Count | 154 981 | 169 200 | 39 219 | PLN | 46.15 | 1 561 418.43 | 0.52 |
| Boliden AB .......................................  | Count | 128 861 | 79 200 | 125 527 | SEK | 292.6 | 3 751 788.65 | 1.25 |
| Epiroc AB.........................................  | Count | 216 728 | 81 000 | 373 135 | SEK | 151.35 | 3 263 923.68 | 1.09 |
| Lundin Mining Corp. ................................  | Count | 225 000 | 225 000 |  | SEK | 70.65 | 1 581 747.77 | 0.53 |
| Sandvik AB .......................................  | Count | 168 225 | 78 200 | 108 471 | SEK | 203.5 | 3 406 414.53 | 1.13 |
| Telefonaktiebolaget LM Ericsson ......................  | Count | 148 900 | 148 900 |  | SEK | 98.38 | 1 457 619.14 | 0.49 |
| Polyus PJSC ......................................  | Count | 64 972 | 98 100 | 33 128 | USD | 102.4 | 5 410 593.72 | 1.80 |

| 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 admitted to or included in organized markets |  |  |  |  |  |  | 14 871 022.58 | 4.95 |
| Equities BHP Group PLC ...................................  | Count | 682 126 | 410 000 | 324 174 | GBP | 19.71 | 14 871 022.58 | 4.95 |
| Total securities portfolio |  |  |  |  |  |  | 295 235 692.95 | 98.28 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -192.85 | 0.00 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions CHF/EUR 0.1 million ................................  |  |  |  |  |  |  | -72.08 | 0.00 |
| CHF/GBP 0.1 million ................................  |  |  |  |  |  |  | -322.02 | 0.00 |
| Closed positions CHF/GBP 0.1 million ................................  |  |  |  |  |  |  | 394.47 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions CHF/CZK 0.1 million ................................  |  |  |  |  |  |  | -12.70 | 0.00 |
| CHF/DKK 0.1 million ................................  |  |  |  |  |  |  | -3.11 | 0.00 |
| CHF/NOK 0.1 million ...............................  |  |  |  |  |  |  | -89.73 | 0.00 |
| CHF/PLN 0.1 million ................................  |  |  |  |  |  |  | 20.13 | 0.00 |
| CHF/RUB 0.3 million ...............................  |  |  |  |  |  |  | 12.81 | 0.00 |
| CHF/SEK 0.1 million ................................  |  |  |  |  |  |  | -71.28 | 0.00 |
| EUR/CHF 0.1 million ................................  |  |  |  |  |  |  | 0.17 | 0.00 |
| EUR/CZK 0.1 million ................................  |  |  |  |  |  |  | -1.62 | 0.00 |
| EUR/DKK 0.1 million ................................  |  |  |  |  |  |  | -0.05 | 0.00 |
| EUR/GBP 0.1 million ...............................  |  |  |  |  |  |  | -45.07 | 0.00 |
| EUR/NOK 0.1 million ...............................  |  |  |  |  |  |  | -15.78 | 0.00 |
| EUR/PLN 0.1 million ................................  |  |  |  |  |  |  | 3.09 | 0.00 |
| EUR/RUB 0.1 million ...............................  |  |  |  |  |  |  | 1.74 | 0.00 |
| EUR/SEK 0.1 million ................................  |  |  |  |  |  |  | -10.64 | 0.00 |
| Closed positions CHF/CZK 0.1 million ................................  |  |  |  |  |  |  | 0.94 | 0.00 |
| CHF/NOK 0.1 million ...............................  |  |  |  |  |  |  | -5.61 | 0.00 |
| CHF/PLN 0.1 million ................................  |  |  |  |  |  |  | 7.72 | 0.00 |
| CHF/RUB 0.3 million ...............................  |  |  |  |  |  |  | 63.89 | 0.00 |
| EUR/CHF 0.1 million ................................  |  |  |  |  |  |  | -253.75 | 0.00 |
| EUR/CZK 0.1 million ................................  |  |  |  |  |  |  | 2.02 | 0.00 |
| EUR/GBP 0.1 million ...............................  |  |  |  |  |  |  | 182.33 | 0.00 |
| EUR/NOK 0.1 million ...............................  |  |  |  |  |  |  | 8.11 | 0.00 |
| EUR/PLN 0.1 million ................................  |  |  |  |  |  |  | 1.43 | 0.00 |
| EUR/RUB 0.1 million ...............................  |  |  |  |  |  |  | 11.74 | 0.00 |
| Cash at bank |  |  |  |  |  |  | 4 929 186.73 | 1.64 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 855 577.54 | 0.28 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 500 845 |  |  |  |  | 553 978.43 | 0.18 |
| Danish krone ......................................  | DKK | 3 472 491 |  |  |  |  | 466 791.00 | 0.16 |
| Norwegian krone ...................................  | NOK | 9 919 870 |  |  |  |  | 942 147.82 | 0.31 |
| Polish zloty .......................................  | PLN | 169 371 |  |  |  |  | 36 975.09 | 0.01 |
| Swedish krona.....................................  | SEK | 3 042 835 |  |  |  |  | 302 775.67 | 0.10 |
| Czech koruna......................................  | CZK | 28 029 764 |  |  |  |  | 1 068 982.31 | 0.36 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 107 |  |  |  |  | 66.72 | 0.00 |
| Canadian dollar ....................................  | CAD | 870 |  |  |  |  | 553.98 | 0.00 |
| Swiss franc .......................................  | CHF | 675 504 |  |  |  |  | 622 454.05 | 0.21 |
| Turkish lira ........................................          | TRY | 710 |  |  |  |  | 78.42 | 0.00 |
| U.S. dollar ........................................  | USD | 96 903 |  |  |  |  | 78 805.70 | 0.03 |
| Other assets |  |  |  |  |  |  | 1 018 214.00 | 0.34 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 680 910.77 | 0.23 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 416.46 | 0.00 |
| Other receivables ..................................  |  |  |  |  |  |  | 336 886.77 | 0.11 |

| 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 |  |
| Receivables from share certificate transactions |  |  |  | 62 242.42 | 0.02 |
| Total assets * |  |  |  | 301 246 046.69 | 100.28 |
| Short-term liabilities |  |  |  | -1.32 | 0.00 |
| Loans in non-EU/EEA currencies |  |  |  |  |  |
| Russian rouble.....................................  | RUB | -122 |  | -1.32 | 0.00 |
| Other liabilities |  |  |  | -535 475.18 | -0.18 |
| Liabilities from cost items ............................  |  |  |  | -535 475.18 | -0.18 |
| Liabilities from share certificate transactions |  |  |  | -315 001.68 | -0.10 |
| Total liabilities |  |  |  | -851 381.62 | -0.28 |
| Net assets |  |  |  | 300 394 665.07 | 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 CHF LDH (P) .................................  | CHF | 101.68 |
| Class FC .........................................  | EUR | 111.48 |
| Class FD .........................................  | EUR | 97.27 |
| Class LC .........................................  | EUR | 169.38 |
| Class LD .........................................  | EUR | 135.37 |
| Class LDH (P) .....................................  | EUR | 104.36 |
| Class NC .........................................  | EUR | 159.26 |
| Class ND .........................................  | EUR | 129.67 |
| Class TFC ........................................  | EUR | 103.47 |
| Class TFD ........................................  | EUR | 96.63 |
| Class XC .........................................  | EUR | 186.70 |
| Class XD .........................................  | EUR | 115.82 |
| Number of shares outstanding Class CHF LDH (P) .................................  | Count | 2 350.000 |
| Class FC .........................................  | Count | 93 585.632 |
| Class FD .........................................  | Count | 31 904.000 |
| Class LC .........................................  | Count | 258 465.948 |
| Class LD .........................................  | Count | 1 736 598.026 |
| Class LDH (P) .....................................  | Count | 359.161 |
| Class NC .........................................  | Count | 26 830.682 |
| Class ND .........................................  | Count | 255.000 |
| Class TFC ........................................  | Count | 7 801.395 |
| Class TFD ........................................  | Count | 6 265.000 |
| Class XC .........................................  | Count | 10 774.412 |
| Class XD .........................................  | Count | 88.207 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe High Dividend Yield net TR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 82.100 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 113.623 |
| Average market risk exposure ........................  | % | 96.924 |

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. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Market abbreviations	 Contracting parties for forward currency transactions
Barclays Bank Ireland PLC, BNP Paribas S.A., Bofa Securities Europe S.A., Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE, HSBC France, Morgan Stanley Bank AG, Morgan Stanley Europe SE and Royal Bank of Canada (UK)
 Exchange rates (indirect quotes)	
As of December 30, 2020
| Australian dollar ..................     | AUD | 1.601836 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ..................  | CAD | 1.570693 | = | EUR | 1 |
| Swiss franc .....................  | CHF | 1.085227 | = | EUR | 1 |
| Czech koruna....................  | CZK | 26.220980 | = | EUR | 1 |
| Danish krone ....................  | DKK | 7.439071 | = | EUR | 1 |
| British pound ...................  | GBP | 0.904087 | = | EUR | 1 |
| Norwegian krone .................  | NOK | 10.528995 | = | EUR | 1 |
| Polish zloty .....................  | PLN | 4.580690 | = | EUR | 1 |
| Russian rouble...................  | RUB | 92.057695 | = | EUR | 1 |
| Swedish krona...................  | SEK | 10.049801 | = | EUR | 1 |
| Turkish lira ......................      | TRY | 9.057289 | = | 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.
 Footnote	
* Does not include positions with a negative balance, if such exist.
 Statement of income and expenses 
(incl. income adjustment)	  
 Statement of changes in net assets	2020 
for the period from January 1, 2020, through December 31, 2020
- Income
	- Dividends (before withholding tax) .................  EUR 9 741	424.07
	- Interest from securities (before withholding tax) ......  EUR 57	293.93
	- Interest from investments of liquid assets(before withholding tax)..........................  EUR	3 712.20

- Income from securities lending....................  EUR 9	102.64
- Deduction for foreign withholding tax...............  EUR	-549 487.88Total income ....................................  EUR	9 262 044.96
- Expenses
	- Interest on borrowings andnegative interest on deposits .....................  EUR	-81 002.33

- Management fee ...............................  EUR	-4 183 647.12thereof:Basic management fee ....... EUR -4 185 753.30 Income from expense cap..... EUR	289.22Administration fee 1 .......... EUR	1 816.96

| 3. Depositary fee .................................  | EUR | -907.03 |
| --- | --- | --- |
| 4. Auditing, legal and publication costs ................  | EUR | -104 046.60 |
| 5. Taxe d‘abonnement.............................  | EUR | -136 314.02 |
| 6. Other expenses ...............................  | EUR | -79 695.10 |

thereof:
Performance-based fee
from securities lending income . EUR		-3 034.21 Other ..................... EUR	-76 660.89
| Total expenses...................................  | EUR | -4 585 612.20 |
| --- | --- | --- |
| III. Net investment income ........................  | EUR | 4 676 432.76 |
| IV. Sale transactions Realized gains/losses ..............................  | EUR | -8 713 233.01 |
| Capital gains/losses ..............................  | EUR | -8 713 233.01 |
| V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . | EUR | -4 036 800.25 |

1 
The amount reported includes income from the release of excess accruals and/or income effects of reimbursed expenses.
BVI total expense ratio (TER)
The total expense ratio for the share classes was:
Class CHF LDH (P) 1.64% p.a.,	Class FC 0.87% p.a.,
Class FD 0.82% p.a.,	Class LC 1.61% p.a.,
Class LD 1.61% p.a.,	Class LDH (P) 1.66% p.a.,
Class NC 2.31% p.a.,	Class ND 2.31% p.a.,
Class TFC 0.88% p.a.,	Class TFD 0.89% p.a.,
Class XC 0.39% p.a.,	Class XD 0.39% p.a.
The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given fiscal year.
As well, the additional income from securities lending resulted in a performance-based fee of
Class CHF LDH (P) 0.001% p.a.,	Class FC 0.001% p.a.,
Class FD 0.001% p.a.,	Class LC 0.001% p.a.,
Class LD 0.001% p.a.,	Class LDH (P) 0.001% p.a.,
Class NC 0.001% p.a.,	Class ND 0.001% p.a.,
Class TFC 0.001% p.a.,	Class TFD 0.001% p.a.,
Class XC 0.001% p.a.,	Class XD 0.001% p.a.
of the fund’s average net assets in relation to the respective share class.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 310 250.82.
The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year 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.
- Value of the fund‘s net assetsat the beginning of the fiscal year................  EUR	446 907 349.79
- Distribution for the previous year ..................  EUR	-10 895 640.71
- Net outflows ..................................  EUR	-115 851 222.84
- Income adjustment ............................. EUR	-1 668 271.15
- Net investment income..........................  EUR 4 676	432.76
- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	-8 713 233.01
- Net change in unrealized appreciation/depreciation ....  EUR	-14 060 749.77
- Value of the fund‘s net assetsat the end of the fiscal year .....................  EUR	300 394 665.07

| Summary of gains/losses |  | 2020 |
| --- | --- | --- |
|  |  |  |
| Realized gains/losses (incl. income adjustment).......  | EUR | -8 713 233.01 |
| from: Securities transactions..........................  | EUR | -8 563 707.76 |
| (Forward) currency transactions ..................  | EUR | -149 525.25 |

Changes in net assets and in the net asset value per share over the last three years
 Details on the distribution policy*	
Class CHF LDH (P)
Type	As of	Currency	Per share
Net assets at the end of the fiscal year
| Final distribution | March 5, 2021 | CHF | 3.37 | 2020	EUR 2019	EUR | 300 394 665.07 446 907 349.79 |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | 2018	EUR | 422 567 249.15 |

Class FC
The income for the fiscal year is reinvested.
Class FD
Type	As of	Currency	Per share
Final distribution	March 5, 2021	EUR	3.22
Class LC
The income for the fiscal year is reinvested.
Class LD
Type	As of	Currency	Per share
Final distribution	March 5, 2021	EUR	4.50
Class LDH (P)
Type	As of	Currency	Per share
Final distribution	March 5, 2021	EUR	3.45
Class NC
The income for the fiscal year is reinvested.
Class ND
Type	As of	Currency	Per share
Final distribution	March 5, 2021	EUR	4.33
Class TFC
The income for the fiscal year is reinvested.
| Class TFD |  |
| --- | --- |
| Type | As of | Currency | Per share |
| Final distribution | March 5, 2021 | EUR | 3.83 |
| Class XC |  |  |  |
| The income for the fiscal year is reinvested. |
| Class XD |  |  |  |
| Type | As of | Currency | Per share |
| Final distribution | March 5, 2021 | EUR | 3.20 |

* 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.
Net asset value per share at the end of the fiscal year
2020	Class CHF LDH (P) ........................ CHF	101.68
Class FC ................................ EUR	111.48
Class FD ................................ EUR	97.27
Class LC ................................ EUR	169.38
Class LD ................................ EUR	135.37
Class LDH (P) ............................ EUR	104.36
Class NC................................ EUR	159.26
Class ND................................ EUR	129.67
Class TFC ............................... EUR	103.47
Class TFD ............................... EUR	96.63
Class XC ................................ EUR	186.70
Class XD ................................ EUR	115.82
2019	Class CHF LDH (P) ........................ CHF	107.05
Class FC ................................ EUR	114.25
Class FD ................................ EUR	103.18
Class LC ................................ EUR	174.90
Class LD ................................ EUR	144.72
Class LDH (P) ............................ EUR	109.30
Class NC................................ EUR	165.60
Class ND................................ EUR	139.63
Class TFC ............................... EUR	106.04
Class TFD ............................... EUR	102.53
Class XC ................................ EUR	190.44
Class XD ................................ EUR	122.29
2018	Class CHF LDH (P) ........................ CHF	95.85
Class FC ................................ EUR	95.50
Class FD ................................ EUR	89.12
Class LC ................................ EUR	147.28
Class LD ................................ EUR	125.96
Class LDH (P) ............................ EUR	97.40
Class NC................................ EUR	140.43
Class ND................................ EUR	122.39
Class TFC ............................... EUR	88.61
Class TFD ............................... EUR	88.39
Class XC ................................ EUR	158.44
Class XD ................................ EUR	105.12
 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.

#### Investment objective and performance in the reporting period
The investment focus of the sub-fund DWS Invest II Global Equity High Conviction Fund is on equities of domestic and
foreign companies that have an above-average growth profile. These include companies with
DWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND
Five-year performance
160
150
140
130
120
110
100
90
dominant positions in growth
12/15*
12/16
12/17	12/18	12/19
12/20
niches of established markets and companies with a high
DWS Invest II Global Equity High Conviction Fund (LC share class)
“BVI method” performance, i.e., excluding the initial sales charge.
* 12/2015 = 100
Data on euro basis
level of commitment in devel-
oping economic areas, as well as companies that have their origins in emerging markets. Growth prospects also play an important role in the selection of individual stocks. In the report- ing period from the beginning of January 2020 through the end of December 2020, the sub-fund recorded an appreciation of 4.7% per share (LC share class; BVI method). Its benchmark, the MSCI AC World, recorded a gain of 5.9% in the same period (both percentages in euro terms).
Past performance is no guide to future results.	As of: December 31, 2020
DWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND
Performance of share classes vs. benchmark (in EUR)
| Share class | ISIN | 1 year | 3 years | 5 years |
| --- | --- | --- | --- | --- |
| Class LC | LU0826452848 | 4.7% | 35.6% | 55.7% |
| Class FC | LU0826453069 | 5.5% | 38.7% | 61.7% |
| Class LD | LU0826452921 | 4.7% | 35.6% | 55.7% |
| Class NC | LU0826453226 | 4.0% | 32.8% | 50.4% |
| Class TFC | LU1663960265 | 5.5% | 35.6% 1 | – |
| Class TFD | LU1663960349 | 5.6% | 35.7% 1 | – |
| MSCI AC World |  | 5.9% | 29.9% | 56.8% |

1 
Classes TFC and TFD launched on January 15, 2018
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: December 31, 2020

#### Investment policy in the reporting period
One investment focus in the past fiscal year was on compa- nies that, in addition to sustain- able growth prospects, were characterized by a certain sta- bility regarding their business model and their cash flows.
The total number of stocks held in the portfolio was limited to
40. Individual names could thus have a significantly higher weight (as expressed by the words “high conviction” in the sub-fund name). In contrast to the benchmark, stocks that did
not meet the sub-fund manage- ment’s requirements were left out of the portfolio altogether.
Overall, the 2020 fiscal year was a memorable one in the financial markets and on the stock exchanges and was char- acterized by extremes in all directions. These developments are also reflected in the portfo- lio’s performance. The reporting period can be roughly divided into four phases. From early January 2020 to mid-February 2020, the equity markets were characterized by strong price gains (topping out at 10% for the portfolio) as a result of the favorable economic situation, particularly in the United States and in China as driving forces of the global economy.
From mid-February onward, the rapid spread of COVID-19* caused massive price drops, beginning in China; the sub- fund portfolio saw price drops of up to 35% and MSCI World almost 40% (in euro terms). The unprecedented and targeted response from governments and central banks around the world put a stop to this dan- gerous downward trend and encouraged a new sense of confidence in the financial markets. The stock exchanges in particular benefited from
this third phase in the months
that followed. This was based firstly on the knowledge that
not all industries and compa- nies were affected to the same extent by the consequences of the COVID-19 pandemic and the lockdowns. Secondly, big reductions in interest rates in the United States and further cuts to already negative inter- est rates in Europe caused inflows from the bond markets. The “TINA” slogan (“There is no alternative [to equities]”)
quickly took hold, which notice- ably buoyed the equity market. Since mid-summer, equity markets saw a slight upward trend in the fourth phase, with greater fluctuations toward the end of the fiscal year due to the increasing unrest caused by the
U.S. presidential election and its positive outcome with the election of Joe Biden.
The overweighting of the tech- nology and communications sectors was a significant driver for the sub-fund’s performance in 2020, as it had been in 2019. In addition, the underweighting of energy stocks contributed positively to the result, as too did the successful stock picking within the relatively large finan-
In terms of individual stocks, names from the technology sector such as Taiwan Semi- conductor and Samsung Elec- tronics and names from the communications sector such as Alphabet made a substantially above-average contribution to the sub-fund’s performance.
However, non-traditional finan- cials such as Progressive and the home improvement store chain Home Depot also made a significantly positive contribu- tion to performance.
Taiwan Semiconductor and Samsung Electronics continued to profit from their strong mar- ket position in the manufacture of memory chips. Both compa- nies are technological leaders in their respective areas and have continuously extended this lead. The demand for memory chips held up surprisingly well in 2020 as the pandemic led to a general drive toward greater digitalization. Many companies accelerated the expansion of their digital infrastructure such as cloud applications and home working, etc., and private con- sumption also increased, with
company posted double-digit revenue and profits in 2020. Alphabet benefited from the unrelenting trend toward online advertising, while streaming platform YouTube increased its viewing figures and proved its value during the pandemic.
As one of the leading car insurers in the United States, Progressive benefited in 2020 from the fact that people were using their cars less as a result of the pandemic. The number of claims reduced significantly, enabling the company to per- form better. However, it was expected that this trend would return to normal once the pan- demic subsides.
As the leading home improve- ment store chain in the United States, Home Depot profited from the fact that many people spent lockdown working on their home and garden and that home improvement stores were permitted to stay open. These factors led to above-average increases in revenue for Home Depot.
cials sector.
new product cycles from Apple,	
By contrast, the underweight- ing of cyclical consumer goods and the overweighting in the financial sector adversely affected performance and
the cyclical consumer goods selection (primarily due to the positive performance of Ama- zon and Tesla, which were not included in the sub-fund). The sub-fund’s performance was somewhat diminished through- out the year by the light cash position.
a general growing demand for computers and computer
games, and more electric vehi- cles, etc. It was expected that this trend would remain robust, if not without some volatility, in the medium term on account of the increasingly widespread use of chips in various indus- tries and products.
Alphabet also made an excel- lent above-average contribution to the portfolio’s performance. Despite the pandemic, the
* 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 | 32 015 036.05 | 19.35 |
| Telecommunication Services | 40 458 573.92 | 24.45 |
| Consumer Discretionaries | 47 806 698.14 | 28.90 |
| Consumer Staples | 8 122 573.62 | 4.91 |
| Financials | 29 848 034.24 | 18.03 |
| Industrials | 2 249 167.70 | 1.36 |
| Total equities | 160 500 083.67 | 97.00 |
| 2. Cash at bank | 4 825 190.89 | 2.92 |
| 3. Other assets | 150 689.91 | 0.09 |
| 4. Receivables from share certificate transactions | 246 497.50 | 0.15 |
| II. Liabilities |  |  |
| 1. Other liabilities | -259 003.67 | - 0.16 |
| 2. Liabilities from share certificate transactions | -7 381.82 | 0.00 |
| III. Net assets | 165 456 076.48 | 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 |  |  |  |  |  |  | 160 500 083.67 | 97.00 |
| Equities Canadian Imperial Bank of Commerce/Canada ............  | Count | 24 700 | 12 000 | 41 000 | CAD | 110.04 | 1 730 439.24 | 1.05 |
| Nestle SA ........................................  | Count | 85 500 | 41 500 | 6 700 | CHF | 104.44 | 8 228 343.06 | 4.97 |
| Roche Holding AG ..................................  | Count | 14 050 | 5 600 |  | CHF | 308.8 | 3 997 910.14 | 2.42 |
| Allianz SE.........................................  | Count | 20 100 | 20 100 |  | EUR | 200.7 | 4 034 070.00 | 2.44 |
| Deutsche Boerse AG................................  | Count | 27 800 | 13 500 | 5 700 | EUR | 139.25 | 3 871 150.00 | 2.34 |
| Fresenius SE & Co. KGaA ............................  | Count | 111 100 | 77 700 | 66 000 | EUR | 37.84 | 4 204 024.00 | 2.54 |
| Talanx AG ........................................  | Count | 104 208 | 65 208 |  | EUR | 31.76 | 3 309 646.08 | 2.00 |
| Unilever PLC ......................................  | Count | 121 000 | 121 000 |  | EUR | 49.305 | 5 965 905.00 | 3.61 |
| AIA Group Ltd .....................................  | Count | 221 800 | 221 800 |  | HKD | 96.3 | 2 240 486.74 | 1.35 |
| Tencent Holdings Ltd ...............................  | Count | 128 400 |  |  | HKD | 559.5 | 7 535 631.69 | 4.55 |
| Bridgestone Corp. * ................................  | Count | 94 000 | 22 000 | 16 000 | JPY | 3 384 | 2 510 440.98 | 1.52 |
| Samsung Electronics Co., Ltd .........................  | Count | 181 150 | 18 000 | 18 100 | KRW | 81 000 | 10 984 803.93 | 6.64 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Count | 585 000 |  | 162 000 | TWD | 525 | 8 889 272.53 | 5.37 |
| Agilent Technologies, Inc. ............................  | Count | 23 290 |  | 48 700 | USD | 118.75 | 2 249 167.70 | 1.36 |
| Alibaba Group Holding Ltd -ADR- ......................  | Count | 27 530 | 12 900 |  | USD | 237.2 | 5 310 551.54 | 3.21 |
| Alphabet, Inc. .....................................  | Count | 9 750 | 900 | 4 100 | USD | 1 749.16 | 13 869 247.06 | 8.38 |
| American Express Co. ...............................  | Count | 21 200 |  | 19 600 | USD | 119.04 | 2 052 331.50 | 1.24 |
| Amgen, Inc. .......................................  | Count | 17 578 | 6 800 |  | USD | 227.83 | 3 256 860.09 | 1.97 |
| Arista Networks, Inc.................................  | Count | 7 250 | 3 550 | 3 600 | USD | 290.7 | 1 713 964.29 | 1.04 |
| AutoZone, Inc. ....................................  | Count | 4 300 | 4 300 |  | USD | 1 185.25 | 4 144 738.65 | 2.50 |
| Booking Holdings, Inc. ..............................  | Count | 1 220 | 200 | 3 700 | USD | 2 200 | 2 182 736.16 | 1.32 |
| Centene Corp. .....................................  | Count | 44 000 |  |  | USD | 59.18 | 2 117 611.90 | 1.28 |
| Check Point Software Technologies Ltd .................  | Count | 27 050 | 6 300 | 13 000 | USD | 135.81 | 2 987 567.67 | 1.81 |
| eBay, Inc. ........................................  | Count | 66 500 | 66 500 |  | USD | 51.04 | 2 760 266.68 | 1.67 |
| Facebook, Inc. .....................................  | Count | 24 000 |  |  | USD | 275.01 | 5 367 579.18 | 3.24 |
| Gilead Sciences, Inc. ................................  | Count | 22 300 |  | 15 700 | USD | 56.91 | 1 032 077.19 | 0.62 |
| Home Depot, Inc./The ...............................  | Count | 6 800 | 5 700 | 22 400 | USD | 265.35 | 1 467 393.99 | 0.89 |
| HP, Inc. ..........................................  | Count | 186 300 | 93 000 | 89 000 | USD | 24.39 | 3 695 246.27 | 2.23 |
| Intel Corp. ........................................  | Count | 93 500 | 93 500 |  | USD | 48.99 | 3 725 098.68 | 2.25 |
| Johnson & Johnson.................................  | Count | 22 900 | 31 700 | 8 800 | USD | 155.13 | 2 889 016.40 | 1.75 |
| Marsh & McLennan Cos, Inc. .........................  | Count | 32 750 | 19 200 | 28 800 | USD | 115.1 | 3 065 528.51 | 1.85 |
| Medtronic PLC ....................................  | Count | 52 300 | 8 400 | 11 900 | USD | 116.4 | 4 950 777.41 | 2.99 |
| Merck & Co., Inc. ..................................  | Count | 30 100 | 30 100 |  | USD | 81.565 | 1 996 590.81 | 1.21 |
| Motorola Solutions, Inc. .............................  | Count | 12 600 | 12 600 |  | USD | 167.72 | 1 718 597.32 | 1.04 |
| Progressive Corp./The ...............................  | Count | 65 000 | 5 500 |  | USD | 98.07 | 5 184 039.04 | 3.13 |
| S+P Global, Inc.....................................  | Count | 11 000 |  | 7 300 | USD | 322 | 2 880 496.08 | 1.74 |
| UnitedHealth Group, Inc..............................  | Count | 16 300 | 16 300 |  | USD | 346.77 | 4 596 717.93 | 2.78 |
| Vertex Pharmaceuticals, Inc. .........................  | Count | 8 800 | 8 800 |  | USD | 236.2 | 1 690 368.13 | 1.02 |
| Visa, Inc. .........................................  | Count | 24 551 |  | 11 300 | USD | 218.39 | 4 360 343.13 | 2.63 |
| VMware, Inc. .....................................  | Count | 15 200 | 15 200 |  | USD | 140.2 | 1 733 046.97 | 1.05 |
| Total securities portfolio |  |  |  |  |  |  | 160 500 083.67 | 97.00 |
| Cash at bank |  |  |  |  |  |  | 4 825 190.89 | 2.92 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 27 392.85 | 0.02 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 2 054 |  |  |  |  | 2 271.79 | 0.00 |
| Danish krone ......................................  | DKK | 6 662 |  |  |  |  | 895.52 | 0.00 |
| Norwegian krone ...................................  | NOK | 24 857 |  |  |  |  | 2 360.86 | 0.00 |
| Swedish krona.....................................  | SEK | 2 262 |  |  |  |  | 225.10 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 4 828 |  |  |  |  | 3 014.09 | 0.00 |
| Brazilian real ......................................  | BRL | 6 502 |  |  |  |  | 1 014.86 | 0.00 |
| Hong Kong dollar ..................................  | HKD | 193 778 |  |  |  |  | 20 326.38 | 0.01 |
| Indonesian rupiah ..................................  | IDR | 2 619 630 |  |  |  |  | 151.63 | 0.00 |
| Israeli shekel ......................................  | ILS | 2 669 |  |  |  |  | 676.61 | 0.00 |
| Japanese yen .....................................  | JPY | 1 200 001 |  |  |  |  | 9 470.51 | 0.01 |
| Canadian dollar ....................................  | CAD | 32 684 |  |  |  |  | 20 808.44 | 0.01 |
| Mexican peso .....................................  | MXN | 3 480 |  |  |  |  | 141.31 | 0.00 |
| New Taiwan dollar..................................  | TWD | 7 188 499 |  |  |  |  | 208 060.32 | 0.13 |
| Swiss franc .......................................  | CHF | 22 924 |  |  |  |  | 21 123.94 | 0.01 |
| Singapore dollar ...................................  | SGD | 4 303 |  |  |  |  | 2 643.59 | 0.00 |
| South African rand..................................  | ZAR | 4 342 |  |  |  |  | 240.31 | 0.00 |
| South Korean won..................................  | KRW | 109 035 031 |  |  |  |  | 81 627.22 | 0.05 |
| Thai baht .........................................  | THB | 79 664 |  |  |  |  | 2 162.40 | 0.00 |
| U.S. dollar ........................................  | USD | 5 435 767 |  |  |  |  | 4 420 583.16 | 2.68 |

| 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 |
| Other assets | 150 689.91 | 0.09 |
| Dividends/Distributions receivable .....................  | 150 689.91 | 0.09 |
| Receivables from share certificate transactions | 246 497.50 | 0.15 |
| Total assets | 165 722 461.97 | 100.16 |
| Other liabilities | -259 003.67 | -0.16 |
| Liabilities from cost items ............................  | -259 003.67 | -0.16 |
| Liabilities from share certificate transactions | -7 381.82 | 0.00 |
| Total liabilities | -266 385.49 | -0.16 |
| Net assets | 165 456 076.48 | 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 FC .........................................  | EUR | 226.45 |
| Class LC .........................................  | EUR | 212.78 |
| Class LD .........................................  | EUR | 209.15 |
| Class NC .........................................  | EUR | 201.25 |
| Class TFC ........................................  | EUR | 135.62 |
| Class TFD ........................................  | EUR | 134.00 |
| Number of shares outstanding Class FC .........................................  | Count | 160 089.985 |
| Class LC .........................................  | Count | 505 273.537 |
| Class LD .........................................  | Count | 29 418.179 |
| Class NC .........................................  | Count | 77 173.714 |
| Class TFC ........................................  | Count | 40.000 |
| Class TFD ........................................  | Count | 20.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI All Countries World Index (EUR)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 78.606 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 108.455 |
| Average market risk exposure ........................  | % | 87.128 |

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.
 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 Total market value in EUR No fixed maturity |
| --- | --- | --- | --- |
| Bridgestone Corp. | Count | 90 000 | 2 403 613.71 |
| Total receivables from securities loans |  |  | 2 403 613.71	2 403 613.71 |
| Contracting parties for securities loans Barclays Bank Ireland PLC EQ |  |  |  |
| Total collateral pledged by third parties for securities loans thereof: Bonds |  |  | EUR	2 625 745.39 EUR	1 200 565.46 |
| Equities |  |  | EUR	1 425 179.93 |

 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 |
| Danish krone ................... . | DKK | 7.439071 | = | EUR | 1 |
| British pound .................. . | GBP | 0.904087 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 9.533348 | = | EUR | 1 |
| Indonesian rupiah ............... . | IDR | 17 276.572720 | = | EUR | 1 |
| Israeli shekel ................... . | ILS | 3.944100 | = | 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 |
| Swedish krona.................. . | SEK | 10.049801 | = | EUR | 1 |
| Singapore dollar ................ . | SGD | 1.627625 | = | EUR | 1 |
| Thai baht ...................... . | THB | 36.840293 | = | EUR | 1 |
| New Taiwan dollar............... . | TWD | 34.550071 | = | EUR | 1 |
| U.S. dollar ..................... . | USD | 1.229649 | = | EUR | 1 |
| South African rand............... . | ZAR | 18.069697 | = | 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.
 Footnote	
* Some or all of these securities are lent.
 Statement of income and expenses 
(incl. income adjustment)	  
 Statement of changes in net assets	2020 
for the period from January 1, 2020, through December 31, 2020
- Income
	- Dividends (before withholding tax) .................  EUR 2 473	051.31
	- Interest from securities (before withholding tax) ......  EUR 1	026.23
	- Interest from investments of liquid assets(before withholding tax)..........................  EUR	10 714.17

- Income from securities lending....................  EUR 2	688.90
- Deduction for foreign withholding tax...............  EUR	-527 846.04Total income ....................................  EUR	1 959 634.57
- Expenses
	- Interest on borrowings andnegative interest on deposits .....................  EUR	-794.13

- Management fee ...............................  EUR	-2 150 913.85thereof:Basic management fee ....... EUR  -2 145 408.51Administration fee ........... EUR	-5 505.34
- Depositary fee .................................  EUR	-1 416.98
- Auditing, legal and publication costs ................  EUR	-46 748.24
- Taxe d‘abonnement............................. EUR	-76 647.81
- Other expenses ...............................  EUR	-80 376.87thereof:Performance-based feefrom securities lending income . EUR		-896.30 Other ..................... EUR	-79 480.57
- Value of the fund‘s net assetsat the beginning of the fiscal year................  EUR	165 302 616.04
- Distribution for the previous year ..................  EUR	-2 452.10
- Net outflows ..................................  EUR	-4 102 660.32
- Income adjustment ............................. EUR	-1 113 897.03
- Net investment income..........................  EUR	-397 263.31
- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR 9 273	171.43
- Net change in unrealized appreciation/depreciation ....  EUR	-3 503 438.23
- Value of the fund‘s net assetsat the end of the fiscal year .....................  EUR	165 456 076.48

| from: |  |
| --- | --- |
| Securities transactions..........................  | EUR | 9 290 169.71 |
| (Forward) currency transactions ..................  | EUR | -295 710.48 |
| Derivatives and other financial futures transactions  1  ..  | EUR | 278 712.20 |

Realized gains/losses (incl. income adjustment).......  EUR	9 273 171.43
1	
This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.
BVI total expense ratio (TER)
The total expense ratio for the share classes was:
Class FC 0.85% p.a.,	Class LC 1.62% p.a.,
Class LD 1.61% p.a.,	Class NC 2.31% p.a.,
Class TFC 0.87% p.a.,	Class TFD 0.81% 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 additional income from securities lending resulted in a performance-based fee of
Class FC 0.001% p.a.,	Class LC 0.001% p.a.,
Class LD 0.001% p.a.,	Class NC 0.001% p.a.,
Class TFC <0.001% p.a.,	Class TFD 0.001% p.a.
of the fund’s average net assets in relation to the respective share class.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 36 950.21.
The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year 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.
Class LC
| Total expenses...................................  | EUR | -2 356 897.88 |  |
| --- | --- | --- | --- |
| III. Net investment income ........................  | EUR | -397 263.31 |  Details on the distribution policy*	 |
| IV. Sale transactions Realized gains/losses ..............................  | EUR | 9 273 171.43 | Class FC |
| Capital gains/losses ..............................  | EUR | 9 273 171.43 | The income for the fiscal year is reinvested. |
| V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . | EUR | 8 875 908.12 |  |
|  |  |  |  |

The income for the fiscal year is reinvested.
Class LD
Type	As of	Currency	Per share
Final distribution	March 5, 2021	EUR	0.05
Class NC
The income for the fiscal year is reinvested.
Class TFC
The income for the fiscal year is reinvested.
Class TFD
Type	As of	Currency	Per share
Final distribution	March 5, 2021	EUR	0.56
* 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 2020	EUR | 165 456 076.48 |
| --- | --- |
| 2019	EUR | 165 302 616.04 |
| 2018	EUR | 143 985 875.35 |
| Net asset value per share at the end of the fiscal year |  |
| 2020 | Class FC ................................  | EUR | 226.45 |
|  | Class LC ................................  | EUR | 212.78 |
|  | Class LD ................................  | EUR | 209.15 |
|  | Class NC................................  | EUR | 201.25 |
|  | Class TFC ...............................  | EUR | 135.62 |
|  | Class TFD ...............................  | EUR | 134.00 |
| 2019 | Class FC ................................  | EUR | 214.61 |
|  | Class LC ................................  | EUR | 203.20 |
|  | Class LD ................................  | EUR | 199.81 |
|  | Class NC................................  | EUR | 193.53 |
|  | Class TFC ...............................  | EUR | 128.53 |
|  | Class TFD ...............................  | EUR | 127.74 |
| 2018 | Class FC ................................  | EUR | 159.60 |
|  | Class LC ................................  | EUR | 152.25 |
|  | Class LD ................................  | EUR | 150.22 |
|  | Class NC................................  | EUR | 146.02 |
|  | Class TFC ...............................  | EUR | 95.53 |
|  | Class TFD ...............................  | EUR | 95.53 |

 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 22.49% of all transactions. The total volume was EUR 206 044 968.96.

#### Investment objective and performance in the reporting period
The objective of the investment policy is to generate a positive investment result. To achieve this objective, the sub-fund invests globally to varying extents in the entire range of permissible investment cate-
DWS INVEST II GLOBAL TOTAL RETURN FUND
Five-year performance
120
115
110
105
100
95
90
85
gories/instruments of all asset
12/15*
12/16
12/17	12/18	12/19
12/20
classes. The management strat- egy is opportunity-oriented,
DWS Invest II Global Total Return Fund (LD share class)
“BVI method” performance, i.e., excluding the initial sales charge.
* 12/2015 = 100
Data on euro basis
i.e., the sub-fund management
assesses the performance of various asset classes and investment instruments.
Depending on the selection of assets, the investment struc- ture can vary from a bond- based investment through to an exclusively equity-oriented investment.
In the reporting period from the beginning of January through the end of December 2020, the sub-fund recorded an apprecia- tion of 1.4% per share (LD share class; BVI method; in euro).
Past performance is no guide to future results.	As of: December 31, 2020
DWS INVEST II GLOBAL TOTAL RETURN FUND
Performance of share classes (in EUR)
| Share class | ISIN | 1 year | 3 years | 5 years |
| --- | --- | --- | --- | --- |
| Class LD | LU1246176181 | 1.4% | 3.7% | 12.6% |
| Class FD | LU1246175704 | 2.1% | 6.0% | 17.0% |
| Class ID | LU1246175969 | 2.4% | 6.9% | 18.7% |
| Class RD | LU1599458475 | 2.7% | 7.8% | 11.8% 1 |
| Class XD | LU1246176009 | 2.8% | 8.0% | 20.7% |

1 
Class RD launched on May 15, 2017
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: December 31, 2020

#### Investment policy in the reporting period
On the equity side, the port- folio management focused its investments on stocks of
companies from the industrial countries, in particular from North America and Europe, and to a lesser extent on stocks from the emerging markets. In terms of sector allocation, the equity portfolio was generally broadly diversified. With this orientation, the sub-fund par- ticipated in the performance of the equity markets.
In its bond investments, the sub-fund was globally posi-
tioned in the reporting period. In terms of issuer allocation, the portfolio management invested in corporate bonds and high-yield bonds from the industrial countries and in
bonds from the emerging mar- kets, among others. In view
of the low-interest rate envi- ronment, which continued to prevail in the reporting period, these interest-bearing instru- ments seemed significantly more attractive in terms of yield than, for example, govern- ment bonds from the industrial countries.
Overall, the performance of the international capital markets
was characterized by high vol-
atility in the past fiscal year. The bond markets as well as the stock exchanges initially posted price gains, amid fluc- tuations, through mid-February 2020. The very relaxed mone- tary policy of the central banks was among the contributing factors to this trend. However, a price crash occurred in the international credit and equity markets in the further course of the period, 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 (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 bond and equity markets in the second half of March 2020. This continued into the fourth quarter of 2020 – although to varying degrees – and most recently also received a boost due to the approval applica- tions for several COVID-19 vac- cines. The extremely relaxed monetary policies of the central banks of the industrial coun- tries – adopted in light of the
varied. While the energy sector lost value in parallel with the price of crude oil, technology stocks recorded strong price increases. The latter profited from the long-term trend toward increasing digitalization, which was given a major boost as a result of the COVID-19 pandemic. The bond markets turned in an uneven perfor- mance in the reporting period. On balance, corporate bonds with investment-grade status posted price gains and outper- formed high-yield bonds, which largely offset the previous price slump in February/March 2020. The securities held in the port- folio appreciated overall in the reporting period against this backdrop.
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. in the reporting period.
While the equity markets in regions such as the United States and the emerging mar- kets (especially China) posted noticeable price increases at the regional level on balance during the reporting period and the German equity market finished with a moderate gain, stock exchanges in the rest of Europe closed in negative ter- ritory viewed over the year as a whole. The performance of the different sectors was also
* 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.
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 | 10 265 788.97 | 9.65 |
| Telecommunication Services | 10 277 474.30 | 9.65 |
| Consumer Discretionaries | 11 968 867.58 | 11.25 |
| Energy | 1 296 186.30 | 1.22 |
| Consumer Staples | 4 356 774.69 | 4.09 |
| Financials | 4 542 081.55 | 4.27 |
| Basic Materials | 4 243 646.77 | 3.98 |
| Industrials | 3 701 480.33 | 3.48 |
| Utilities | 2 887 530.00 | 2.72 |
| Total equities | 53 539 830.49 | 50.31 |
| 2. Bonds (issuers) Companies | 2 973 297.03 | 2.79 |
| Central governments | 12 054 871.11 | 11.33 |
| Total bonds | 15 028 168.14 | 14.12 |
| 3. Investment fund units Bond funds | 16 615 565.78 | 15.62 |
| Equity funds | 13 766 355.00 | 12.94 |
| Other funds | 2 473 876.08 | 2.32 |
| Total investment fund units | 32 855 796.86 | 30.88 |
| 4. Derivatives | 789 422.05 | 0.75 |
| 5. Cash at bank | 3 827 455.28 | 3.60 |
| 6. Other assets | 691 975.37 | 0.64 |
| II. Liabilities |  |  |
| 1. Other liabilities | -318 825.62 | - 0.30 |
| III. Net assets | 106 413 822.57 | 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 |  |  |  |  |  |  | 67 203 138.48 | 63.15 |
| Equities ams AG ..........................................  | Count | 30 000 | 15 000 |  | CHF | 19.46 | 537 951.97 | 0.51 |
| Nestle SA ........................................  | Count | 11 500 | 6 100 | 4 600 | CHF | 104.44 | 1 106 736.20 | 1.04 |
| Novartis AG .......................................  | Count | 9 000 | 6 600 | 3 600 | CHF | 83.16 | 689 662.17 | 0.65 |
| Roche Holding AG ..................................  | Count | 3 300 |  | 1 700 | CHF | 308.8 | 939 010.92 | 0.88 |
| Zur Rose Group AG .................................  | Count | 2 500 | 5 100 | 2 600 | CHF | 284.5 | 655 392.84 | 0.62 |
| DSV A/S..........................................  | Count | 3 000 | 3 000 |  | DKK | 1 028.5 | 414 769.54 | 0.39 |
| Vestas Wind Systems A/S ...........................  | Count | 1 400 | 1 400 |  | DKK | 1 459 | 274 577.30 | 0.26 |
| Accor SA .........................................  | Count | 11 000 | 11 000 |  | EUR | 29.91 | 329 010.00 | 0.31 |
| AXA SA ..........................................  | Count | 40 000 | 11 000 | 15 000 | EUR | 19.718 | 788 720.00 | 0.74 |
| BASF SE .........................................  | Count | 26 000 | 13 500 | 2 500 | EUR | 64.72 | 1 682 720.00 | 1.58 |
| Bayer AG .........................................  | Count | 28 000 | 8 000 | 4 000 | EUR | 48.155 | 1 348 340.00 | 1.27 |
| Biocartis NV.......................................  | Count | 100 000 | 15 000 |  | EUR | 4.675 | 467 500.00 | 0.44 |
| Brenntag AG ......................................  | Count | 7 300 | 7 300 |  | EUR | 63.34 | 462 382.00 | 0.43 |
| Cie de St-Gobain ...................................  | Count | 18 000 |  |  | EUR | 38.13 | 686 340.00 | 0.64 |
| Daimler AG .......................................  | Count | 6 500 | 6 500 |  | EUR | 57.79 | 375 635.00 | 0.35 |
| Deutsche Post AG..................................  | Count | 8 000 | 8 000 | 18 000 | EUR | 40.5 | 324 000.00 | 0.30 |
| Deutsche Telekom AG ..............................  | Count | 70 000 | 33 000 | 15 000 | EUR | 14.955 | 1 046 850.00 | 0.98 |
| E.ON SE .........................................  | Count | 150 000 | 50 000 |  | EUR | 9.064 | 1 359 600.00 | 1.28 |
| Enel SpA .........................................  | Count | 70 000 |  |  | EUR | 8.319 | 582 330.00 | 0.55 |
| Evonik Industries AG ................................  | Count | 30 000 | 30 000 | 31 000 | EUR | 26.68 | 800 400.00 | 0.75 |
| Ferrovial SA .......................................  | Count | 20 000 | 18 604 | 24 000 | EUR | 22.73 | 454 600.00 | 0.43 |
| HeidelbergCement AG ..............................  | Count | 9 000 | 9 000 |  | EUR | 61.22 | 550 980.00 | 0.52 |
| Infineon Technologies AG ............................  | Count | 40 000 | 84 000 | 44 000 | EUR | 31.39 | 1 255 600.00 | 1.18 |
| LANXESS AG......................................  | Count | 12 000 | 12 000 |  | EUR | 62.76 | 753 120.00 | 0.71 |
| LVMH Moet Hennessy Louis Vuitton SE ................  | Count | 1 600 | 1 800 | 1 400 | EUR | 515.3 | 824 480.00 | 0.77 |
| Merck KGaA ......................................  | Count | 7 000 | 4 500 | 4 500 | EUR | 140.35 | 982 450.00 | 0.92 |
| Red Electrica Corp., SA ..............................  | Count | 20 000 | 20 000 |  | EUR | 16.95 | 339 000.00 | 0.32 |
| Royal Dutch Shell PLC ..............................  | Count | 28 000 | 67 000 | 87 000 | EUR | 14.808 | 414 624.00 | 0.39 |
| Sanofi............................................  | Count | 8 400 |  | 3 600 | EUR | 78.82 | 662 088.00 | 0.62 |
| STMicroelectronics NV ..............................  | Count | 16 000 |  | 24 000 | EUR | 30.54 | 488 640.00 | 0.46 |
| Talanx AG ........................................  | Count | 19 000 | 15 000 | 8 000 | EUR | 31.76 | 603 440.00 | 0.57 |
| TeamViewer AG ...................................  | Count | 12 400 |  | 21 388 | EUR | 43.83 | 543 492.00 | 0.51 |
| Teleperformance ...................................  | Count | 3 200 |  |  | EUR | 275.6 | 881 920.00 | 0.83 |
| Total SA ..........................................  | Count | 17 000 |  | 19 000 | EUR | 35.705 | 606 985.00 | 0.57 |
| Va-Q-tec AG ......................................  | Count | 8 000 | 8 000 |  | EUR | 30.9 | 247 200.00 | 0.23 |
| Veolia Environnement SA ............................  | Count | 30 000 | 5 000 |  | EUR | 20.22 | 606 600.00 | 0.57 |
| Volkswagen AG -Pref- ...............................  | Count | 10 000 | 5 300 | 1 800 | EUR | 152.42 | 1 524 200.00 | 1.43 |
| Vonovia SE .......................................  | Count | 29 000 | 5 000 | 11 000 | EUR | 59.76 | 1 733 040.00 | 1.63 |
| Worldline SA/France ................................  | Count | 7 000 | 7 000 |  | EUR | 79.34 | 555 380.00 | 0.52 |
| Compass Group PLC ................................  | Count | 42 000 | 20 000 |  | GBP | 13.95 | 648 056.85 | 0.61 |
| Ocado Group PLC .................................  | Count | 12 000 | 12 000 |  | GBP | 23.2 | 307 934.85 | 0.29 |
| Rentokil Initial PLC .................................  | Count | 100 000 |  | 30 000 | GBP | 5.192 | 574 280.79 | 0.54 |
| Vodafone Group PLC................................  | Count | 590 000 |  | 260 000 | GBP | 1.227 | 800 456.06 | 0.75 |
| AIA Group Ltd .....................................  | Count | 72 000 |  | 58 000 | HKD | 96.3 | 727 299.57 | 0.68 |
| Tencent Holdings Ltd ...............................  | Count | 17 500 |  | 26 500 | HKD | 559.5 | 1 027 052.61 | 0.96 |
| Keyence Corp. .....................................  | Count | 1 900 |  | 500 | JPY | 58 000 | 869 707.88 | 0.82 |
| Tomra Systems ASA ................................  | Count | 10 000 | 10 000 |  | NOK | 422.3 | 401 082.91 | 0.38 |
| AbbVie, Inc. .......................................  | Count | 8 500 | 13 464 | 4 964 | USD | 106.01 | 732 798.37 | 0.69 |
| Activision Blizzard, Inc. ..............................  | Count | 8 500 | 8 500 | 16 000 | USD | 92.19 | 637 267.06 | 0.60 |
| Alibaba Group Holding Ltd -ADR- ......................  | Count | 6 200 |  | 5 800 | USD | 237.2 | 1 195 983.27 | 1.12 |
| Alphabet, Inc. .....................................  | Count | 1 800 | 500 | 1 200 | USD | 1 749.81 | 2 561 427.87 | 2.41 |
| Amazon.com, Inc. ..................................  | Count | 400 | 220 | 200 | USD | 3 325.92 | 1 081 908.47 | 1.02 |
| Amgen, Inc. .......................................  | Count | 1 200 | 4 700 | 3 500 | USD | 227.83 | 222 336.56 | 0.21 |
| AT&T, Inc. ........................................  | Count | 50 000 |  | 38 000 | USD | 28.54 | 1 160 493.48 | 1.09 |
| Becton Dickinson & Co. .............................  | Count | 2 600 | 3 000 | 400 | USD | 248.08 | 524 546.31 | 0.49 |
| Broadcom, Inc. ....................................  | Count | 3 000 | 3 000 |  | USD | 433.6 | 1 057 862.59 | 0.99 |
| Cisco Systems, Inc..................................  | Count | 22 000 |  | 7 000 | USD | 44.745 | 800 545.32 | 0.75 |
| Horizon Therapeutics Plc ............................  | Count | 8 000 | 8 000 |  | USD | 71.63 | 466 019.05 | 0.44 |
| Johnson & Johnson.................................  | Count | 9 800 |  | 1 200 | USD | 155.13 | 1 236 347.63 | 1.16 |
| MasterCard, Inc. ...................................  | Count | 2 400 |  | 800 | USD | 353.31 | 689 581.98 | 0.65 |
| Microsoft Corp. ....................................  | Count | 11 000 | 6 500 | 4 500 | USD | 223.17 | 1 996 398.48 | 1.88 |
| Paypal Holdings, Inc. ................................  | Count | 3 000 | 8 000 | 5 000 | USD | 231.39 | 564 526.81 | 0.53 |
| Pfizer, Inc. ........................................  | Count | 20 000 | 16 000 | 16 000 | USD | 37.05 | 602 610.84 | 0.57 |
| Pinterest, Inc. .....................................  | Count | 11 000 | 38 000 | 27 000 | USD | 67.38 | 602 757.22 | 0.57 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- ......  | Count | 26 000 |  | 4 000 | USD | 109.31 | 2 311 276.87 | 2.17 |
| Teladoc Health Inc. .................................  | Count | 1 800 | 1 800 |  | USD | 201.17 | 294 479.08 | 0.28 |
| Interest-bearing securities 4.375 % Argentum Netherlands BV 2015/2049 * .........  | EUR | 1 200 000 |  |  | % | 113.806 | 1 365 672.00 | 1.28 |
| 3.25  % Turkey Government International Bond (MTN) 2017/2025 ..........................  | EUR | 700 000 |  |  | % | 101.391 | 709 737.00 | 0.67 |
| 8.375 % Indonesia Treasury Bond 2013/2034............  | IDR | 15 000 000 000 | 12 | 000 000 000 | % | 116.637 | 1 012 674.81 | 0.95 |
| 1.75  % Norway Government Bond (MTN) 2015/2025 ....  | NOK | 14 000 000 |  | 8 000 000 | % | 104.926 | 1 395 160.68 | 1.31 |
| 3.75  % Norway Government Bond 2010/2021 ..........  | NOK | 12 000 000 |  | 10 000 000 | % | 101.38 | 1 155 437.90 | 1.09 |
| 7.60  % Russian Federal Bond - OFZ (MTN) 2011/2021 ...  | RUB | 200 000 000 | 200 000 000 |  | % | 101.068 | 2 195 753.43 | 2.06 |
| 7.00  % Russian Federal Bond - OFZ (MTN) 2013/2023 ...  | RUB | 200 000 000 | 200 000 000 |  | % | 105.374 | 2 289 303.46 | 2.15 |

| 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 |
| 7.05 % Russian Federal Bond - OFZ 2013/2028 ......... 5.625 % Oman Government International Bond -Reg- (MTN) 2018/2028 ..........................  | RUB USD | 100 000 000 1 150 000 | 100 000 000 450 000 | % % | 108.001 102.135 | 1 173 188.18 955 193.08 | 1.10 0.90 |
| 3.15  % Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |  |  |  |  |
| (MTN) 2016/2026 ..........................  | USD | 1 000 000 | 1 000 000 | % | 96.87 | 787 789.65 | 0.74 |
| 6.25  % Turkey Government International Bond (MTN) 2012/2022 ..........................  | USD | 600 000 |  | 400 000 | % | 104.889 | 511 799.58 | 0.48 |
| 5.625 % Turkey Government International Bond 2010/2021 | USD | 800 000 |  | 600 000 | % | 100.927 | 656 622.99 | 0.62 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 1 364 860.15 | 1.28 |
| Equities BHP Group PLC ...................................  | Count | 25 000 | 25 000 |  | GBP | 19.71 | 545 024.77 | 0.51 |
| Interest-bearing securities 2.00  % Daimler Finance North America LLC -Reg- (MTN) 2016/2021 ..........................  | USD | 1 000 000 |  | 2 200 000 | % | 100.811 | 819 835.38 | 0.77 |
| Investment fund units |  |  |  |  |  |  | 32 855 796.86 | 30.88 |
| In-group fund units db Physical Gold ETC EUR - (0.250%) ..................  | Shares | 48 500 | 48 500 |  | EUR | 148.63 | 7 208 555.00 | 6.77 |
| DWS Invest SICAV - DWS Invest ESG Global Corporate Bonds -ID- EUR - (0.400%) ...........................  | Shares | 16 000 |  |  | EUR | 105.25 | 1 684 000.00 | 1.58 |
| DWS Invest SICAV - DWS Invest Euro High Yield Corporates -RC- EUR - (0.350%) .......................  | Shares | 50 000 | 50 000 |  | EUR | 118.9 | 5 945 000.00 | 5.59 |
| DWS Invest SICAV - DWS Invest Financial Hybrid Bonds -FC- EUR - (0.600%) ................................  | Shares | 40 000 |  |  | EUR | 126.01 | 5 040 400.00 | 4.74 |
| Xtrackers - Xtrackers MSCI China UCITS ETF -1C- USD - (0.450%) .........................................  | Shares | 215 000 |  | 117 220 | EUR | 19.64 | 4 222 600.00 | 3.97 |
| Xtrackers (IE) plc - Xtrackers MSCI World Financials UCITS ETF -1C- EUR - (0.150%) .......................  | Shares | 100 000 | 100 000 |  | EUR | 16.266 | 1 626 600.00 | 1.53 |
| Xtrackers (IE) plc - Xtrackers MSCI World Industrials UCITS ETF -1C- EUR - (0.150%) .......................  | Shares | 20 000 | 20 000 |  | EUR | 35.43 | 708 600.00 | 0.67 |
| db Physical Platinum ETC EUR - (0.000%) ............... DWS Invest SICAV - DWS Invest Asian Bonds -RC- USD - (0.150%) .........................................  | Shares Shares | 30 000 40 000 |  | 25 000 17 000 | USD USD | 101.4 121.31 | 2 473 876.08 3 946 165.78 | 2.32 3.71 |
| Total securities portfolio |  |  |  |  |  |  | 101 423 795.49 | 95.31 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  |  |  | -414 290.73 | -0.39 |
| Equity index futures Dax Index 03/2021 (MS) .............................  | Count | -10 |  | 10 |  |  | -100 939.96 | -0.09 |
| MSCI World Index 03/2021 (MS) ......................  | Count | -464 |  | 464 |  |  | -157 528.00 | -0.15 |
| S & P MINI 500 Futures 03/2021 (MS) ..................  | Count | -48 |  | 48 |  |  | -155 822.77 | -0.15 |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | 25 320.00 | 0.03 |
| Interest rate futures Euro OAT Futures 03/2021 (MS).......................  | Count | -51 |  | 51 |  |  | -44 880.00 | -0.04 |
| Germany Federal Republic Notes 10 year 03/2021 (MS) ....  | Count | 135 | 135 |  |  |  | 70 200.00 | 0.07 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 670 420.44 | 0.63 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/GBP 2.7 million ...............................  |  |  |  |  |  |  | -10 769.74 | -0.01 |
| EUR/USD 24.6 million ..............................  |  |  |  |  |  |  | 165 818.03 | 0.16 |
| Closed positions EUR/GBP 2.7 million ...............................  |  |  |  |  |  |  | 45 531.83 | 0.04 |
| EUR/USD 24.6 million ..............................  |  |  |  |  |  |  | 469 840.32 | 0.44 |
| Swaps Receivables/payables |  |  |  |  |  |  | 507 972.34 | 0.48 |
| Credit default swaps |  |  |  |  |  |  |  |  |
| Protection seller iTraxx Europe / 1% / 20/06/2025 (OTC) (CIT) .............    | Count | 10 000 000 |  |  |  |  | 234 780.10 | 0.22 |
| iTraxx Europe / 1% / 20/12/2024 (OTC) (CIT) .............    | Count | 12 000 000 |  |  |  |  | 273 192.24 | 0.26 |

| 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 |  |
| Cash at bank |  |  |  | 3 827 455.28 | 3.60 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 2 863 189.70 | 2.69 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 45 170 |  | 49 962.43 | 0.05 |
| Danish krone ......................................  | DKK | 371 980 |  | 50 003.59 | 0.05 |
| Norwegian krone ...................................  | NOK | 75 176 |  | 7 139.93 | 0.01 |
| Swedish krona.....................................  | SEK | 25 866 |  | 2 573.78 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Brazilian real ......................................  | BRL | 234 726 |  | 36 638.25 | 0.03 |
| Hong Kong dollar ..................................  | HKD | 72 610 |  | 7 616.45 | 0.01 |
| Indonesian rupiah ..................................  | IDR | 11 615 200 |  | 672.31 | 0.00 |
| Japanese yen .....................................  | JPY | 748 230 |  | 5 905.10 | 0.01 |
| Mexican peso .....................................  | MXN | 126 573 |  | 5 139.77 | 0.00 |
| Russian rouble.....................................  | RUB | 4 698 502 |  | 51 038.67 | 0.05 |
| Swiss franc .......................................  | CHF | 53 928 |  | 49 692.72 | 0.05 |
| South Korean won..................................  | KRW | 133 574 |  | 100.00 | 0.00 |
| Turkish lira ........................................          | TRY | 46 460 |  | 5 129.56 | 0.00 |
| U.S. dollar ........................................  | USD | 851 720 |  | 692 653.02 | 0.65 |
| Other assets |  |  |  | 691 975.37 | 0.64 |
| Dividends/Distributions receivable .....................  |  |  |  | 56 746.78 | 0.05 |
| Interest receivable .................................  |  |  |  | 291 819.43 | 0.27 |
| Receivables from exceeding the expense cap ............  |  |  |  | 32 165.42 | 0.03 |
| Other receivables ..................................  |  |  |  | 311 243.74 | 0.29 |
| Total assets ** |  |  |  | 107 202 588.66 | 100.74 |
| Other liabilities |  |  |  | -318 825.62 | -0.30 |
| Liabilities from cost items ............................  |  |  |  | -75 097.68 | -0.07 |
| Additional other liabilities.............................  |  |  |  | -243 727.94 | -0.23 |
| Total liabilities |  |  |  | -788 766.09 | -0.74 |
| Net assets |  |  |  | 106 413 822.57 | 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 FD .........................................  | EUR | 103.45 |
| Class ID ..........................................  | EUR | 103.83 |
| Class LD .........................................  | EUR | 102.25 |
| Class RD .........................................  | EUR | 105.35 |
| Class XD .........................................  | EUR | 104.18 |
| Number of shares outstanding Class FD .........................................  | Count | 35 470.000 |
| Class ID ..........................................  | Count | 105 733.000 |
| Class LD .........................................  | Count | 973.717 |
| Class RD .........................................  | Count | 870 000.000 |
| Class XD .........................................  | Count | 111.000 |

Composition of the reference portfolio (according to CSSF circular 11/512)
25% MSCI AC World NR, 25% MSCI AC World NR (hedged in EUR), 25% Barclays Global Aggregate Bond, 25% Barclays Global Aggregate Bond (hedged in EUR)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 55.485 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 121.127 |
| Average market risk exposure ........................  | % | 86.992 |

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 0.8, 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 138 015 622.70 as of the reporting date.
Market abbreviations
Futures exchanges
MS = Morgan Stanley Bank AG
Contracting parties for derivatives (with the exception of forward currency transactions)
CIT = Citibank AG
Contracting parties for forward currency transactions
Barclays Bank Ireland PLC, HSBC France, Morgan Stanley Europe SE, Royal Bank of Canada (UK) and Société Générale
Exchange rates (indirect quotes)
As of December 30, 2020
| Brazilian real ................... . | BRL | 6.406596 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Swiss franc .................... . | CHF | 1.085227 | = | EUR | 1 |
| Danish krone ................... . | DKK | 7.439071 | = | EUR | 1 |
| British pound .................. . | GBP | 0.904087 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 9.533348 | = | EUR | 1 |
| Indonesian rupiah ............... . | IDR | 17 276.572720 | = | 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 |
| Turkish lira ..................... . | TRY | 9.057289 | = | 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
* Floating interest rate.
** Does not include positions with a negative balance, if such exist.
 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 1 170	177.30
	- Interest from securities (before withholding tax) ......  EUR 1 065	126.49
	- Interest from investments of liquid assets(before withholding tax)..........................  EUR	3 090.17

- Income from investment fund units . . . . . . . . . . . . . . . .  EUR 34	711.55
- Income from securities lending....................  EUR 29	349.10
- Deduction for foreign withholding tax...............  EUR	-206 491.98Total income ....................................  EUR	2 095 962.63
- Expenses
	- Interest on borrowings and Statement of changes in net assets	2020 

- Value of the fund‘s net assetsat the beginning of the fiscal year................ EUR	163 537 500.73
- Distribution for the previous year ..................  EUR	-2 974 376.40
- Net outflows ..................................  EUR	-51 441 216.94
- Income adjustment ............................. EUR	241 557.74
- Net investment income..........................  EUR	1 768 919.89
- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	-819 048.54
- Net change in unrealized appreciation/depreciation ....  EUR	-3 899 513.91
- Value of the fund‘s net assetsat the end of the fiscal year .....................  EUR	106 413 822.57Summary of gains/losses	2020negative interest on deposits .....................  EUR	-41 780.72	
- Management fee ...............................  EUR	-195 737.74thereof:Basic management fee ....... EUR	-228 505.03 Income from expense cap..... EUR	29 739.48Administration fee 1 .......... EUR	3 027.81
- Depositary fee 
- 1
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	586.02
- Auditing, legal and publication costs ................  EUR	-48 682.40
- Taxe d‘abonnement............................. EUR	-9 000.77
- Other expenses ...............................  EUR	-32 427.13thereof:Performance-based fee fromsecurities lending income ..... EUR		-9 783.03 Other ..................... EUR	-22 644.10

| Total expenses...................................  | EUR | -327 042.74 |
| --- | --- | --- |
| III. Net investment income ........................  | EUR | 1 768 919.89 |
| IV. Sale transactions Realized gains/losses ..............................  | EUR | -819 048.54 |
| Capital gains/losses ..............................  | EUR | -819 048.54 |
| V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . | EUR | 949 871.35 |

1 
The amount reported includes income from the release of excess accruals and/or income effects of reimbursed expenses.
BVI total expense ratio (TER)
The total expense ratio for the share classes was:
Class FD 0.79% p.a.,	Class ID 0.51% p.a.,
Class LD 1.54% p.a.,	Class RD 0.22% p.a., Class XD 0.18% 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.
Further costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee / management fee will be used for the calcula- tion. The synthetic TER was:
Class FD 0.90% p.a.,	Class ID 0.62% p.a.,
Class LD 1.65% p.a.,	Class RD 0.33% p.a., Class XD 0.29% p.a.
As well, the additional income from securities lending resulted in a performance-based fee of
Class FD 0.014% p.a.,	Class ID 0.013% p.a.,
Class LD 0.014% p.a.,	Class RD 0.013% p.a., Class XD 0.018% p.a.
of the fund’s average net assets in relation to the respective share class.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 66 199.73.
The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year 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).......  EUR	-819 048.54
from:
Securities transactions..........................  EUR	1 559 448.14
(Forward) currency transactions ..................  EUR	1 411 223.41
Derivatives and other financial futures transactions 
2 
..  EUR	-3 789 720.08
2 
This item may include options transactions or swap transactions and/or transactions from warrants or credit derivatives.
Changes in net assets and in the net asset value per share over the last three years
 Details on the distribution policy*	
Class FD
| Type	As of	Currency	Per share	Net assets at the end of the fiscal year |
| --- |
| Final distribution | March 5, 2021 | EUR | 1.18 | 2020	EUR 2019	EUR | 106 413 822.57 163 537 500.73 |
|  |  |  |  | 2018	EUR | 154 744 973.23 |
| Class ID |  |  |  | Net asset value per share at the end of the fiscal year |  |
| Type | As of | Currency | Per share | 2020 | Class FD ................................  | EUR | 103.45 |
|  |  |  |  |  | Class ID ................................  | EUR | 103.83 |
| Final distribution | March 5, 2021 | EUR | 1.45 |  | Class LD ................................  | EUR | 102.25 |
|  |  |  |  |  | Class RD................................  | EUR | 105.35 |
| Class LD | 2019 | Class XD ................................  Class FD ................................  | EUR EUR | 104.18 102.71 |

|  |  | Class XD ................................  | EUR | 103.42 |
| --- | --- | --- | --- | --- |
| 2018 | Class FD ................................  | EUR | 93.55 |
| Class RD |  |  |  |  | Class ID ................................  | EUR | 93.93 |
|  |  |  |  |  | Class LD ................................  | EUR | 92.46 |
| Type | As of | Currency | Per share |  | Class RD................................  | EUR | 95.32 |
|  |  |  |  |  | Class XD ................................  | EUR | 94.26 |
| Final distribution | March 5, 2021 | EUR | 1.76 |  |
| Class XD |  |  |  |
| Type | As of | Currency | Per share |
| Final distribution | March 5, 2021 | EUR | 0.05 |

|  | Class ID ................................  | EUR | 103.10 |
| --- | --- | --- | --- |
| Class LD ................................  | EUR | 101.52 |
|  | Class RD................................  | EUR | 104.59 |

Type	As of	Currency	Per share
Final distribution	March 5, 2021	EUR	0.44
* Additional information is provided in the sales prospectus.
In the case of a final distribution, any remaining net income for the fiscal year is reinvest- ed.
 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 0.11% of all transactions. The total volume was EUR 2 129 965.10.

#

## DWS Invest II Spanish Equities

#### Investment objective and performance in the reporting period
The objective of the invest- ment policy is to generate above-average returns. To this end, the sub-fund invests pri- marily in equities from issuers having their registered office or principal business activity
DWS INVEST II SPANISH EQUITIES
Performance since inception
106
100
94
88
82
76
70
64
in Spain in order to exceed the
1/23/20*
3/20	6/20	9/20
12/20
performance of Spanish equity indices where possible using
DWS Invest II Spanish Equities (NC share class)
“BVI method” performance, i.e., excluding the initial sales charge.
* Launched on January 23, 2020 = 100
Data on euro basis
a broad diversification. For the
purposes of portfolio diversifi- cation, the sub-fund can also invest in fixed rate financial instruments, money market instruments and derivatives of issuers domiciled in a member country of the Organisation for Economic Co-operation and Development (OECD).
Past performance is no guide to future results.	As of: December 31, 2020
DWS INVEST II SPANISH EQUITIES
Performance of share classes (in EUR)
Share class	ISIN	Since inception
1
Class NC	LU2006279116	-12.2%
Class TFC	LU2006279389	-10.7%
1 
Classes NC and TFC launched on January 23, 2020
“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 reporting period from its inception on January 23, 2020, through the end of December 2020, the sub-fund recorded
a decline of 12.2% per share (NC share class; BVI method, in euro).

#### Investment policy in the reporting period
As the reporting period pro- gressed, share prices started to rise again against the backdrop of signs of an economic recov- ery. Companies less severely affected by the consequences of the COVID-19 pandemic
and the resulting restrictions
Farmacéuticos Rovi rose by over 50%. In contrast, the posi- tions in the European aircraft manufacturer Airbus and in the construction company Sacyr weighed heavily on the sub- fund’s performance.
In the reporting period, the
benefited most from the price	
worldwide spread of COVID-19* from February 2020 onward initially caused a sharp drop in stock prices across industries
in the European equity markets. The Spanish economy was particularly affected by tourism coming to a standstill. In addi- tion, measures taken by the European Central Bank led to negative consequences for the prices of bank stocks.
recovery.
The positioning in the telecom- munications sector was ben- eficial for the sub-fund’s per- formance, due in particular to Masmóvil’s Euskaltel takeover bid. At the same time, almost no Telefónica stocks were held and these suffered a decline
of over 40%. In the health care sector, stocks in Laboratorios
* 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 Invest II Spanish Equities
| Statement of net assets as of December 31, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Telecommunication Services | 611 196.66 | 1.92 |
| Consumer Discretionaries | 5 621 033.74 | 17.63 |
| Energy | 1 780 546.57 | 5.59 |
| Consumer Staples | 4 547 687.14 | 14.27 |
| Financials | 3 502 140.83 | 10.99 |
| Basic Materials | 1 190 990.06 | 3.73 |
| Industrials | 7 957 492.23 | 24.97 |
| Utilities | 6 048 423.75 | 18.97 |
| Total equities | 31 259 510.98 | 98.07 |
| 2. Cash at bank | 806 779.44 | 2.53 |
| 3. Other assets | 147 834.12 | 0.46 |
| II. Liabilities |  |  |
| 1. Other liabilities | -79 879.56 | - 0.25 |
| 2. Liabilities from share certificate transactions | -258 169.81 | - 0.81 |
| III. Net assets | 31 876 075.17 | 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 |  |  |  |  |  |  | 31 259 510.98 | 98.07 |
| Equities Acciona SA .......................................  | Count | 7 803 | 7 803 |  | EUR | 117.7 | 918 413.10 | 2.88 |
| Acerinox SA ......................................  | Count | 87 490 | 98 237 | 10 747 | EUR | 9.224 | 807 007.76 | 2.53 |
| Airbus SE.........................................  | Count | 10 576 | 15 321 | 4 745 | EUR | 91.33 | 965 906.08 | 3.03 |
| Amadeus IT Holding SA .............................  | Count | 6 393 | 6 393 |  | EUR | 61.04 | 390 228.72 | 1.22 |
| Applus Services SA .................................  | Count | 114 182 | 150 010 | 35 828 | EUR | 9.1 | 1 039 056.20 | 3.26 |
| Banco Santander SA ...............................  | Count | 242 296 | 543 298 | 301 002 | EUR | 2.58 | 625 244.83 | 1.96 |
| Bankinter SA ......................................  | Count | 292 000 | 516 378 | 224 378 | EUR | 4.438 | 1 295 896.00 | 4.07 |
| Cia de Distribucion Integral Logista Holdings SA ..........  | Count | 45 952 | 53 152 | 7 200 | EUR | 16.18 | 743 503.36 | 2.33 |
| CIE Automotive SA ................................  | Count | 43 964 | 81 079 | 37 115 | EUR | 22.42 | 985 672.88 | 3.09 |
| Coca Cola European Partners .........................  | Count | 19 626 | 19 626 |  | EUR | 39.6 | 777 189.60 | 2.44 |
| Construcciones y Auxiliar de Ferrocarriles SA ............  | Count | 14 310 | 15 636 | 1 326 | EUR | 39.75 | 568 822.50 | 1.78 |
| Corp. Financiera Alba SA ............................  | Count | 12 000 | 20 849 | 8 849 | EUR | 39.6 | 475 200.00 | 1.49 |
| Corticeira Amorim SGPS SA .........................  | Count | 34 593 | 34 593 |  | EUR | 11.1 | 383 982.30 | 1.20 |
| Endesa SA ........................................  | Count | 56 585 | 67 805 | 11 220 | EUR | 22.61 | 1 279 386.85 | 4.01 |
| Euskaltel SA ......................................  | Count | 67 461 | 84 939 | 17 478 | EUR | 9.06 | 611 196.66 | 1.92 |
| Faes Farma SA ....................................  | Count | 155 578 | 188 810 | 33 232 | EUR | 3.475 | 540 633.55 | 1.70 |
| Faes Farma SA -Rights- Exp 25Jan21 ...................  | Count | 155578 | 155578 |  | EUR | 0.165 | 25 670.37 | 0.08 |
| Ferrovial SA .......................................  | Count | 105 843 | 148 820 | 42 977 | EUR | 22.73 | 2 405 811.39 | 7.55 |
| Fluidra SA ........................................  | Count | 30 000 | 72 934 | 42 934 | EUR | 20.45 | 613 500.00 | 1.93 |
| Gestamp Automocion SA ............................  | Count | 192 370 | 192 370 |  | EUR | 3.956 | 761 015.72 | 2.39 |
| Grifols SA -Pref- ...................................  | Count | 69 103 | 69 103 |  | EUR | 15.1 | 1 043 455.30 | 3.27 |
| Grupo Catalana Occidente SA.........................  | Count | 38 000 | 41 311 | 3 311 | EUR | 29.1 | 1 105 800.00 | 3.47 |
| Iberdrola SA.......................................  | Count | 241 718 | 356 388 | 114 670 | EUR | 11.725 | 2 834 143.55 | 8.89 |
| Inditex SA ........................................  | Count | 105 978 | 105 978 |  | EUR | 26.43 | 2 800 998.54 | 8.79 |
| Laboratorios Farmaceuticos Rovi SA ...................  | Count | 47 000 | 54 433 | 7 433 | EUR | 38.4 | 1 804 800.00 | 5.66 |
| Red Electrica Corp., SA ..............................  | Count | 114 153 | 114 153 |  | EUR | 16.95 | 1 934 893.35 | 6.07 |
| Repsol SA ........................................  | Count | 135 286 | 135 286 |  | EUR | 8.352 | 1 129 908.67 | 3.55 |
| Soltec Power Holdings SA ...........................  | Count | 51 885 | 51 885 |  | EUR | 12.54 | 650 637.90 | 2.04 |
| Vidrala SA ........................................  | Count | 14 300 | 15 074 | 774 | EUR | 95.3 | 1 362 790.00 | 4.28 |
| Zardoya Otis SA ...................................  | Count | 65 301 | 65 301 |  | EUR | 5.8 | 378 745.80 | 1.19 |
| Total securities portfolio |  |  |  |  |  |  | 31 259 510.98 | 98.07 |
| Cash at bank |  |  |  |  |  |  | 806 779.44 | 2.53 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 790 818.79 | 2.48 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| U.S. dollar ........................................  | USD | 19 626 |  |  |  |  | 15 960.65 | 0.05 |
| Other assets |  |  |  |  |  |  | 147 834.12 | 0.46 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 147 834.12 | 0.46 |
| Total assets |  |  |  |  |  |  | 32 214 124.54 | 101.06 |
| Other liabilities |  |  |  |  |  |  | -79 879.56 | -0.25 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -79 879.56 | -0.25 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -258 169.81 | -0.81 |
| Total liabilities |  |  |  |  |  |  | -338 049.37 | -1.06 |
| Net assets |  |  |  |  |  |  | 31 876 075.17 | 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.

### DWS Invest II Spanish Equities
| 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 NC .........................................  | EUR | 34.80 |
| Class TFC ........................................  | EUR | 89.28 |
| Number of shares outstanding Class NC .........................................  | Count | 915 647.302 |
| Class TFC ........................................  | Count | 100.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) IBEX 35 Net Return Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 71.913 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 100.047 |
| Average market risk exposure ........................  | % | 90.662 |

The values-at-risk were calculated for the period from January 23, 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 25 981.53 as of the reporting date.
 Exchange rates (indirect quotes)	
As of December 30, 2020
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.
 Statement of income and expenses 
(incl. income adjustment)  
for the period from January 23, 2020, through December 31, 2020
- Income
	- Dividends (before withholding tax) .................  EUR 605	867.39
	- Deduction for foreign withholding tax...............  EUR	-9 166.76Total income ....................................  EUR	596 700.63

- Expenses
	- Interest on borrowings andnegative interest on deposits .....................  EUR	-218 959.54

- Management fee ...............................  EUR	-614 111.99thereof:Basic management fee ....... EUR	-602 208.12 Administration fee ........... EUR		-11 903.87

| 3. Depositary fee .................................  | EUR | -663.88 |
| --- | --- | --- |
| 4. Auditing, legal and publication costs ................  | EUR | -14 345.94 |
| 5. Taxe d‘abonnement.............................  | EUR | -13 400.15 |
| 6. Other expenses ...............................  | EUR | -14 592.10 |
| Total expenses...................................  | EUR | -876 073.60 |
| III. Net investment income ........................  | EUR | -279 372.97 |
| IV. Sale transactions Realized gains/losses ..............................  | EUR | -3 207 675.75 |
| Capital gains/losses ..............................  | EUR | -3 207 675.75 |
| V. Net gain/loss for the reporting period ............  | EUR | -3 487 048.72 |
| BVI total expense ratio (TER) |  |  |
| The total expense ratio for the share classes was: |  |  |

Class NC 2.29%
1
,	Class TFC 0.72%
1
The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.
1 
Annualization has not been performed for share classes launched during the year.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 4 682.99.
The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year 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 reporting period ..........  EUR	0.00
- Net inflows 
- 2 
- ..................................  EUR 31 636	992.12
- Income adjustment ............................. EUR	-345 829.92
- Net investment income..........................  EUR	-279 372.97
- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	-3 207 675.75
- Net change in unrealized appreciation/depreciation ....  EUR 4 071	961.69
- Value of the fund‘s net assetsat the end of the reporting period................  EUR	31 876 075.172 thereof inflows from the merger of funds in the amount of EUR 47 416 076.93.

Summary of gains/losses	2020
Realized gains/losses (incl. income adjustment).......  EUR	-3 207 675.75
from:
Securities transactions..........................  EUR	-3 207 046.20
(Forward) currency transactions ..................  EUR	-629.55
 Details on the distribution policy*	
Class NC
The income for the reporting period is reinvested.
Class TFC
The income for the reporting period 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 reporting period
2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	31 876 075.17
2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	-
2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	-
Net asset value per share at the end of the reporting period
2020	Class NC................................ EUR	34.80
Class TFC ............................... EUR	89.28
| 2019 | Class NC	EUR | - |
| --- | --- | --- |
|  | Class TFC	EUR | - |
| 2018 | Class NC	EUR | - |
|  | Class TFC	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 0.00% of all transactions. The total volume was EUR 0.00.

#### Investment objective and performance in the reporting period
DWS Invest II US Top Dividend seeks to generate sustained capital appreciation in the medium to long term. To this end, the sub-fund invests in line with its investment policy pre- dominantly in U.S. equities that,
DWS INVEST II US TOP DIVIDEND
Five-year performance
136
130
124
118
112
106
100
94
in the opinion of the portfolio
12/15*
12/16
12/17	12/18	12/19
12/20
management, offer prospects
for above-average, sustainable
DWS Invest II US Top Dividend (LC share class)
“BVI method” performance, i.e., excluding the initial sales charge.
* 12/2015 = 100
Data on euro basis
cash flows as the basis for attractive dividend yields based on the fundamental corporate data such as balance sheet quality and business model.
The sub-fund posted a decline of 11.1% per share (LC share class; BVI method; in euro) in the fiscal year from the begin- ning of January through the end of December 2020.

#### Investment policy in the reporting period
In the reporting period, the worldwide spread of COVID-19* from February 2020 onward initially caused a sharp drop in stock prices across industries
in the global equity markets. Against the backdrop of signs
Past performance is no guide to future results.	As of: December 31, 2020
DWS INVEST II US TOP DIVIDEND
Performance of share classes (in EUR)
| Share class | ISIN | 1 year | 3 years | 5 years |
| --- | --- | --- | --- | --- |
| Class LC | LU0781238778 | -11.1% | 7.5% | 18.9% |
| Class FC | LU0781239156 | -10.5% | 9.9% | 23.4% |
| Class FD | LU0781239230 | -10.4% | 9.9% | 23.5% |
| Class LCH (P) | LU0781239586 | -4.4% | 2.2% | 20.1% |
| Class LD | LU0781238851 | -11.1% | 7.5% | 18.9% |
| Class NC | LU0781238935 | -11.7% | 5.2% | 14.8% |
| Class NCH (P) | LU0781239743 | -5.1% | 0.1% | 16.0% |
| Class TFC | LU1663960422 | -10.4% | 9.6% 1 | – |
| Class TFD | LU1663960695 | -10.4% | 9.8% 1 | – |
| Class USD LC 2 | LU0781240089 | -2.4% | 10.2% | 33.8% |

1 
Classes TFC and TFD launched on January 15, 2018 (first share price calculation on January 16, 2018)
2 
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
of an economic recovery and the development of COVID-19 vaccines, the U.S. equity market in particular saw share prices start to rise again as the fiscal year progressed. Companies less severely affected by the COVID-19 pandemic and the resulting restrictions and those that were even able to benefit from the situation profited most from the price increases.
However, the sub-fund’s invest- ment focus, based on its strat-
egy, was on more defensive equities from sectors such as consumer staples and health care, which were viewed as likely to generate above-average dividend income but were unable to participate in the price recovery in the U.S. equity market to the same extent
as more cyclical and growth- oriented equities. At sector level, the segments with the weakest performance in the reporting period also included the energy sector and the financial sector.
In contrast, equities in the infor- mation technology sector made an above-average contribution to the sub-fund’s performance. In terms of individual stocks, Microsoft was among the com- panies recording the best price performance. The investment
in biopharmaceutical company Abbvie also performed well.
The retail store chain Tractor Supply and Broadridge Finan- cial Solutions, a financial ser- vices provider, were among the names that also gener-
ated a positive contribution to performance.
However, the shares in the cruise ship operator Carnival, the pharmaceutical company Merck and the oil company Exxon Mobil underperformed. The position in telecommunica- tions company AT&T recorded a more modest price perfor- mance in the past fiscal year.
* 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 | 24 145 707.00 | 7.64 |
| Telecommunication Services | 27 959 423.00 | 8.84 |
| Consumer Discretionaries | 109 066 138.96 | 34.48 |
| Energy | 16 450 536.99 | 5.19 |
| Consumer Staples | 22 501 317.69 | 7.10 |
| Financials | 42 065 901.42 | 13.31 |
| Basic Materials | 5 474 805.40 | 1.74 |
| Industrials | 36 406 646.38 | 11.50 |
| Utilities | 21 092 930.03 | 6.65 |
| Total equities | 305 163 406.87 | 96.45 |
| 2. Investment fund units Other funds | 9 903 131.75 | 3.13 |
| Total investment fund units | 9 903 131.75 | 3.13 |
| 3. Derivatives | 212 905.41 | 0.07 |
| 4. Cash at bank | 1 275 100.66 | 0.40 |
| 5. Other assets | 601 477.53 | 0.19 |
| 6. Receivables from share certificate transactions | 21 031.60 | 0.01 |
| II. Liabilities |  |  |
| 1. Other liabilities | -463 651.61 | - 0.15 |
| 2. Liabilities from share certificate transactions | -313 023.53 | - 0.10 |
| III. Net assets | 316 400 378.68 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

Investment portfolio – December 31, 2020
| Count/ | Quantity/ | Purchases/ | Sales/ |  |  | Total market | % of |
| --- | --- | --- | --- | --- | --- | --- | --- |
| units/ | principal | additions | disposals | Currency | Market price | value in | net assets |

| Securities traded on an exchange |  |  |  |  |  |  | 305 163 406.87 | 96.45 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equities |  |  |  |  |  |  |  |  |
| Canadian Imperial Bank of Commerce/Canada ............  | Count | 43 558 | 29 725 | 16 583 | CAD | 110.04 | 3 051 598.07 | 0.96 |
| Canadian National Railway Co. ........................  | Count | 41 109 | 1 340 | 32 734 | CAD | 141.72 | 3 709 171.17 | 1.17 |
| National Bank of Canada .............................  | Count | 21 055 | 42 020 | 20 965 | CAD | 71.93 | 964 215.54 | 0.31 |
| Toronto-Dominion Bank/The ..........................       | Count | 52 193 | 1 721 | 14 164 | CAD | 72.44 | 2 407 129.87 | 0.76 |
| 3M Co............................................  | Count | 30 678 | 10 542 | 14 075 | USD | 174.65 | 4 357 268.92 | 1.38 |
| AbbVie, Inc. .......................................  | Count | 75 024 | 83 884 | 8 860 | USD | 106.01 | 6 467 937.01 | 2.04 |
| Air Products & Chemicals, Inc. ........................  | Count | 11 949 | 507 | 6 271 | USD | 271.84 | 2 641 579.31 | 0.84 |
| Allstate Corp./The ..................................  | Count | 32 464 | 33 111 | 647 | USD | 108.45 | 2 863 190.98 | 0.91 |
| Altria Group, Inc. ...................................  | Count | 220 003 | 81 864 | 38 360 | USD | 40.39 | 7 226 386.53 | 2.28 |
| Amdocs Ltd .......................................  | Count | 36 339 | 1 224 | 25 565 | USD | 70.05 | 2 070 140.60 | 0.65 |
| American Water Works Co., Inc........................  | Count | 27 805 | 32 749 | 4 944 | USD | 150.37 | 3 400 187.22 | 1.07 |
| AmerisourceBergen Corp.............................  | Count | 22 330 | 9 266 | 2 133 | USD | 96.75 | 1 756 946.06 | 0.56 |
| Amgen, Inc. .......................................  | Count | 31 973 | 1 128 | 8 597 | USD | 227.83 | 5 923 972.44 | 1.87 |
| AT&T, Inc. ........................................  | Count | 369 699 | 29 116 | 69 308 | USD | 28.54 | 8 580 665.58 | 2.71 |
| Baker Hughes Co. .................................  | Count | 142 540 | 142 540 |  | USD | 21.12 | 2 448 214.13 | 0.77 |
| Bank of America Corp. ..............................  | Count | 141 730 | 42 999 | 116 127 | USD | 30.03 | 3 461 272.97 | 1.09 |
| Bristol-Myers Squibb Co..............................  | Count | 115 876 | 4 109 | 31 848 | USD | 62 | 5 842 569.89 | 1.85 |
| Broadcom, Inc. ....................................  | Count | 5 888 | 372 | 7 481 | USD | 433.6 | 2 076 231.65 | 0.66 |
| Broadridge Financial Solutions, Inc. ....................  | Count | 39 070 | 12 577 | 7 290 | USD | 152.12 | 4 833 352.39 | 1.53 |
| Carnival Corp. .....................................  | Count | 114 531 | 42 271 | 18 467 | USD | 21.6 | 2 011 849.71 | 0.64 |
| Charles Schwab Corp./The ...........................  | Count | 9 442 | 298 | 1 269 | USD | 52.85 | 405 814.65 | 0.13 |
| Chevron Corp. .....................................  | Count | 34 717 | 10 322 | 3 385 | USD | 85.63 | 2 417 613.46 | 0.76 |
| Chubb Ltd ........................................  | Count | 37 572 | 8 392 | 7 914 | USD | 152.04 | 4 645 590.30 | 1.47 |
| Cisco Systems, Inc..................................  | Count | 76 564 | 2 987 | 65 758 | USD | 44.745 | 2 786 043.28 | 0.88 |
| Citigroup, Inc. .....................................  | Count | 47 183 | 51 298 | 4 115 | USD | 60.76 | 2 331 428.21 | 0.74 |
| Citizens Financial Group, Inc. .........................  | Count | 60 312 | 31 292 | 104 832 | USD | 35.19 | 1 726 003.73 | 0.55 |
| Clorox Co./The.....................................  | Count | 13 362 | 461 | 7 238 | USD | 201.43 | 2 188 841.69 | 0.69 |
| CME Group, Inc. ...................................  | Count | 15 771 | 17 064 | 1 293 | USD | 179.12 | 2 297 322.91 | 0.73 |
| CMS Energy Corp...................................  | Count | 78 869 | 2 489 | 13 426 | USD | 59.37 | 3 807 957.70 | 1.20 |
| Coca-Cola Co./The ..................................  | Count | 141 429 | 25 503 | 51 166 | USD | 54.29 | 6 244 203.44 | 1.97 |
| Comcast Corp......................................  | Count | 95 838 | 48 494 | 23 925 | USD | 51.76 | 4 034 137.92 | 1.28 |
| ConocoPhillips .....................................  | Count | 55 973 | 1 885 | 11 800 | USD | 39.75 | 1 809 399.43 | 0.57 |
| Corning, Inc. ......................................  | Count | 66 954 | 42 973 | 62 821 | USD | 36.1 | 1 965 633.12 | 0.62 |
| Dow, Inc. ........................................  | Count | 16 670 | 590 | 30 559 | USD | 55.03 | 746 025.80 | 0.24 |
| DTE Energy Co. ....................................  | Count | 20 287 | 640 | 2 725 | USD | 119.44 | 1 970 544.99 | 0.62 |
| Dupont De Nemours, Inc. ............................  | Count | 15 382 | 551 | 14 452 | USD | 70.24 | 878 650.26 | 0.28 |
| Eli Lilly & Co. ......................................  | Count | 41 606 | 18 208 | 8 471 | USD | 167.92 | 5 681 684.60 | 1.80 |
| Emerson Electric Co.................................  | Count | 17 952 | 566 | 28 368 | USD | 80.04 | 1 168 526.73 | 0.37 |
| EOG Resources, Inc. ................................  | Count | 51 022 | 60 989 | 9 967 | USD | 49.55 | 2 055 984.65 | 0.65 |
| Eversource Energy .................................  | Count | 40 177 | 40 616 | 439 | USD | 85.38 | 2 789 667.14 | 0.88 |
| Exxon Mobil Corp. ..................................  | Count | 135 469 |  | 25 463 | USD | 42.01 | 4 628 191.69 | 1.46 |
| Fidelity National Information Services, Inc. ...............  | Count | 10 649 | 10 649 |  | USD | 140.59 | 1 217 536.50 | 0.39 |
| First American Financial Corp. ........................  | Count | 32 678 | 32 678 |  | USD | 51.39 | 1 365 692.16 | 0.43 |
| FNF Group ........................................  | Count | 32 465 | 32 465 |  | USD | 39.24 | 1 036 008.07 | 0.33 |
| Genuine Parts Co. ..................................  | Count | 12 472 | 23 246 | 10 774 | USD | 100.22 | 1 016 504.33 | 0.32 |
| Gilead Sciences, Inc. ................................  | Count | 81 353 | 9 922 | 13 377 | USD | 56.91 | 3 765 137.93 | 1.19 |
| Hasbro, Inc. .......................................  | Count | 58 878 | 66 418 | 7 540 | USD | 94.11 | 4 506 169.82 | 1.42 |
| Home Depot, Inc./The ...............................  | Count | 12 761 | 447 | 6 702 | USD | 265.35 | 2 753 737.46 | 0.87 |
| HP, Inc. ..........................................  | Count | 106 919 | 31 996 | 138 116 | USD | 24.39 | 2 120 730.20 | 0.67 |
| Huntsman Corp. ...................................  | Count | 58 085 | 1 952 | 12 098 | USD | 25.27 | 1 193 680.14 | 0.38 |
| Intel Corp. ........................................  | Count | 122 919 | 45 229 | 35 041 | USD | 48.99 | 4 897 170.10 | 1.55 |
| Johnson & Johnson.................................  | Count | 73 167 | 2 478 | 15 906 | USD | 155.13 | 9 230 596.62 | 2.92 |
| JPMorgan Chase & Co...............................  | Count | 38 613 | 1 302 | 27 966 | USD | 125.12 | 3 928 972.71 | 1.24 |
| Las Vegas Sands Corp. ..............................  | Count | 31 391 | 1 122 | 46 778 | USD | 59.06 | 1 507 708.30 | 0.48 |
| Lockheed Martin Corp. ..............................  | Count | 15 570 | 527 | 3 397 | USD | 355.74 | 4 504 432.10 | 1.42 |
| Marsh & McLennan Cos, Inc. .........................  | Count | 58 544 | 1 847 | 7 868 | USD | 115.1 | 5 479 948.13 | 1.73 |
| Medtronic PLC ....................................  | Count | 44 752 | 1 540 | 25 984 | USD | 116.4 | 4 236 275.16 | 1.34 |
| Merck & Co., Inc. ..................................  | Count | 148 837 | 20 945 | 119 992 | USD | 81.565 | 9 872 644.07 | 3.12 |
| Microsoft Corp. ....................................  | Count | 20 939 | 3 111 | 41 493 | USD | 223.17 | 3 800 235.25 | 1.20 |
| Mondelez International, Inc. ..........................  | Count | 64 146 | 2 226 | 15 886 | USD | 58.09 | 3 030 328.34 | 0.96 |
| Motorola Solutions, Inc. .............................  | Count | 35 213 | 7 133 | 15 872 | USD | 167.72 | 4 802 933.93 | 1.52 |
| National Instruments Corp. ..........................  | Count | 57 960 | 67 737 | 9 777 | USD | 43.8 | 2 064 530.10 | 0.65 |
| Newmont Mining Corp...............................  | Count | 24 727 | 25 220 | 493 | USD | 60.1 | 1 208 550.03 | 0.38 |
| Northrop Grumman Corp. ............................  | Count | 8 421 | 8 536 | 115 | USD | 305.5 | 2 092 153.83 | 0.66 |
| PepsiCo, Inc. ......................................  | Count | 81 165 | 2 731 | 25 186 | USD | 147.02 | 9 704 293.95 | 3.07 |
| Pfizer, Inc. ........................................  | Count | 270 515 | 9 145 | 90 896 | USD | 37.05 | 8 150 763.57 | 2.58 |
| Philip Morris International, Inc. ........................  | Count | 132 578 | 4 560 | 31 363 | USD | 81.511 | 8 788 331.21 | 2.78 |
| Phillips 66 ........................................  | Count | 20 241 | 686 | 4 418 | USD | 70.17 | 1 155 053.69 | 0.37 |
| Procter & Gamble Co. ...............................  | Count | 97 433 | 3 281 | 28 486 | USD | 138.26 | 10 955 226.45 | 3.46 |
| Prudential Financial, Inc. .............................  | Count | 27 802 | 1 028 | 13 957 | USD | 77.47 | 1 751 573.34 | 0.55 |
| Public Service Enterprise Group, Inc. ...................  | Count | 57 847 | 39 604 | 16 603 | USD | 57.41 | 2 700 767.01 | 0.85 |
| QUALCOMM, Inc...................................  | Count | 7 449 | 7 449 |  | USD | 149.81 | 907 522.73 | 0.29 |
| Raytheon Technologies Corp. ........................  | Count | 130 118 | 156 599 | 26 481 | USD | 71.4 | 7 555 345.39 | 2.39 |
| Regions Financial Corp. ..............................  | Count | 124 708 | 61 764 | 183 306 | USD | 15.94 | 1 616 595.49 | 0.51 |
| Republic Services, Inc. ..............................  | Count | 41 380 | 1 407 | 9 216 | USD | 96.08 | 3 233 271.78 | 1.02 |

| 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 |
| Rockwell Automation, Inc. ...........................  | Count | 4 937 | 228 | 11 591 | USD | 248.96 | 999 565.91 | 0.32 |
| Royal Caribbean Cruises Ltd .........................  | Count | 17 821 | 22 567 | 4 746 | USD | 72.29 | 1 047 680.90 | 0.33 |
| Schlumberger Ltd ..................................  | Count | 59 436 | 1 875 | 7 987 | USD | 21.83 | 1 055 169.04 | 0.33 |
| TE Connectivity Ltd .................................  | Count | 20 843 | 9 821 | 6 560 | USD | 120.06 | 2 035 060.38 | 0.64 |
| Texas Instruments, Inc...............................  | Count | 16 789 | 3 036 | 10 868 | USD | 162.8 | 2 222 787.58 | 0.70 |
| Tractor Supply Co. ..................................  | Count | 24 265 | 10 625 | 11 923 | USD | 143.24 | 2 826 593.39 | 0.89 |
| Travelers Cos, Inc./The ..............................  | Count | 17 256 | 544 | 2 319 | USD | 139.47 | 1 957 220.09 | 0.62 |
| Truist Financial Corp. ...............................  | Count | 20 229 | 1 286 | 47 764 | USD | 47.19 | 776 324.20 | 0.25 |
| UGI Corp..........................................  | Count | 102 428 | 131 415 | 28 987 | USD | 34.84 | 2 902 121.37 | 0.92 |
| Vail Resorts, Inc. ...................................  | Count | 8 060 | 271 | 1 674 | USD | 272.37 | 1 785 307.56 | 0.56 |
| Valero Energy Corp..................................  | Count | 19 111 | 603 | 2 569 | USD | 56.68 | 880 910.90 | 0.28 |
| Verizon Communications, Inc..........................  | Count | 121 975 | 24 099 | 43 571 | USD | 58.37 | 5 790 009.17 | 1.83 |
| VF Corp. .........................................  | Count | 17 345 | 18 762 | 1 417 | USD | 86.05 | 1 213 790.99 | 0.38 |
| Wal-Mart Stores, Inc. ...............................  | Count | 32 636 | 1 081 | 6 225 | USD | 144.38 | 3 831 975.23 | 1.21 |
| Waste Management, Inc. ............................  | Count | 36 633 | 1 275 | 9 219 | USD | 117.27 | 3 493 639.93 | 1.10 |
| WEC Energy Group, Inc. .............................  | Count | 47 866 | 1 619 | 20 194 | USD | 90.47 | 3 521 684.60 | 1.11 |
| Investment fund units |  |  |  |  |  |  | 9 903 131.75 | 3.13 |
| In-group fund units Deutsche Global Liquidity Series Plc - Managed Euro Fund -Z- EUR - (0.100%) .............................       | Shares | 448 | 7 064 | 8 850 | EUR | 9 791.241 | 4 386 475.83 | 1.39 |
| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.100%)................  | Shares | 653 | 8 324 | 8 103 | USD | 10 394.13 | 5 516 655.92 | 1.74 |
| Total securities portfolio |  |  |  |  |  |  | 315 066 538.62 | 99.58 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 212 905.41 | 0.07 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions EUR/CAD 0.2 million ................................  |  |  |  |  |  |  | 2 904.92 | 0.00 |
| Closed positions EUR/USD 6.8 million ................................  |  |  |  |  |  |  | 210 000.49 | 0.07 |
| Cash at bank |  |  |  |  |  |  | 1 275 100.66 | 0.40 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 491 784.20 | 0.15 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| Norwegian krone ...................................  | NOK | 1 |  |  |  |  | 0.08 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Canadian dollar ....................................  | CAD | 90 445 |  |  |  |  | 57 582.87 | 0.02 |
| U.S. dollar ........................................  | USD | 892 398 |  |  |  |  | 725 733.51 | 0.23 |
| Other assets | 601 477.53 | 0.19 |
| Dividends/Distributions receivable .....................  | 601 477.53 | 0.19 |
| Receivables from share certificate transactions | 21 031.60 | 0.01 |
| Total assets | 317 177 053.82 | 100.25 |
| Other liabilities | -463 651.61 | -0.15 |
| Liabilities from cost items ............................  | -463 651.61 | -0.15 |
| Liabilities from share certificate transactions | -313 023.53 | -0.10 |
| Total liabilities | -776 675.14 | -0.25 |
| Net assets | 316 400 378.68 | 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 FC .........................................  | EUR | 212.51 |
| Class FD .........................................  | EUR | 154.34 |
| Class LC .........................................  | EUR | 198.82 |
| Class LCH(P) ......................................  | EUR | 134.79 |
| Class LD .........................................  | EUR | 169.93 |
| Class NC .........................................  | EUR | 187.23 |
| Class NCH(P) ......................................  | EUR | 127.96 |
| Class TFC ........................................  | EUR | 109.64 |
| Class TFD ........................................  | EUR | 104.93 |
| Class USD LC .....................................  | USD | 149.41 |
| Number of shares outstanding Class FC .........................................  | Count | 382 726.557 |
| Class FD .........................................  | Count | 1 699.167 |
| Class LC .........................................  | Count | 46 308.005 |
| Class LCH(P) ......................................  | Count | 49 603.471 |
| Class LD .........................................  | Count | 829 894.635 |
| Class NC .........................................  | Count | 40 157.995 |
| Class NCH(P) ......................................  | Count | 1 885.899 |
| Class TFC ........................................  | Count | 120.012 |
| Class TFD ........................................  | Count | 20.000 |
| Class USD LC .....................................  | Count | 577 040.957 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI USA High Dividend Yield in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 90.501 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 105.074 |
| Average market risk exposure ........................  | % | 98.107 |

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. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Exchange rates (indirect quotes)	
As of December 30, 2020
| Canadian dollar	CAD | 1.570693 | = EUR | 1 |
| --- | --- | --- | --- |
| Norwegian krone	NOK | 10.528995 | = 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.
 Statement of income and expenses 
(incl. income adjustment)	  
 Statement of changes in net assets	2020 
| for the period from January 1, 2020, through December 31, | 2020 |  |  |  |  | I. | Value of the fund‘s net assets |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  | at the beginning of the fiscal year................  | EUR | 422 019 677.57 |  |
| I. Income |  |  |  |  |  | 1. | Distribution for the previous year ..................  | EUR | -3 980 622.26 |  |
| 1. Dividends (before withholding tax) .................  | EUR | 10 260 439.60 |  |  |  | 2. | Net outflows ..................................  | EUR | -50 980 370.25 |  |
| 2. Interest from investments of liquid assets |  |  |  |  |  | 3. | Income adjustment .............................  | EUR | 713 298.62 |  |
| (before withholding tax)..........................  | EUR | 6 027.52 |  |  |  | 4. | Net investment income..........................  | EUR | 3 037 142.89 |  |
| 3. Income from securities lending....................  | EUR | 24 379.27 |  |  |  | 5. | Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 3 242 599.87 |  |
| 4. Deduction for foreign withholding tax...............  | EUR | -2 775 699.30 |  |  |  | 6. | Net change in unrealized appreciation/depreciation ....  | EUR | -57 651 347.76 |  |
|  |  |  |  |  |  |  |  |  |  |  |
| Total income ....................................  | EUR | 7 515 147.09 |  |  |  | II. | Value of the fund‘s net assets |  |  |  |
|  |  |  |  |  |  |  | at the end of the fiscal year .....................  | EUR | 316 400 378.68 |  |
| II. Expenses |  |  |  |  |  |  |  |  |  |  |
| 1. Interest on borrowings and |  |  |  |  |  |  |  |  |  |  |

negative interest on deposits .....................  EUR	-4 158.08
- Management fee ...............................  EUR	-4 182 085.40thereof:Basic management fee ....... EUR  -4 178 435.42Administration fee ........... EUR	-3 649.98
- Depositary fee .................................  EUR	-857.44
- Auditing, legal and publication costs ................  EUR	-70 659.85
- Taxe d‘abonnement............................. EUR	-144 260.93
- Other expenses ...............................  EUR	-75 982.50thereof:Performance-based fee fromsecurities lending income ..... EUR		-8 126.42 Other ..................... EUR	-67 856.08

| Total expenses...................................  | EUR | -4 478 004.20 |
| --- | --- | --- |
| III. Net investment income ........................  | EUR | 3 037 142.89 |
| IV. Sale transactions Realized gains/losses ..............................  | EUR | 3 242 599.87 |
| Capital gains/losses ..............................  | EUR | 3 242 599.87 |
| V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . | EUR | 6 279 742.76 |
| BVI total expense ratio (TER) |  |  |
| The total expense ratio for the share classes was: |  |  |

Class FC 0.83% p.a.,	Class FD 0.84% p.a.,
Class LC 1.59% p.a.,	Class LCH(P) 1.63% p.a.,
Class LD 1.59% p.a.,	Class NC 2.29% p.a.,
Class NCH(P) 2.33% p.a.,	Class TFC 0.83% p.a.,
Class TFD 0.80% p.a.,	Class USD LC 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.
As well, the additional income from securities lending resulted in a performance-based fee of
Class FC 0.003% p.a.,	Class FD 0.003% p.a.,
Class LC 0.004% p.a.,	Class LCH(P) 0.003% p.a.,
Class LD 0.003% p.a.,	Class NC 0.003% p.a., Class NCH(P) 0.003% p.a.,	Class TFC 0.008% p.a.,
Class TFD 0.003% p.a.,	Class USD LC 0.003% p.a.
of the fund’s average net assets in relation to the respective share class.
Transaction costs
The transaction costs paid in the reporting period amounted to EUR 37 033.33.
The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year 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).......  EUR	3 242 599.87
| from: |  |
| --- | --- |
| Securities transactions..........................  | EUR | 2 929 274.52 |
| (Forward) currency transactions ..................  | EUR | 313 325.35 |

Changes in net assets and in the net asset value per share over the last three years
 Details on the distribution policy*	
Class FC
The income for the fiscal year is reinvested.
Class FD
Type	As of	Currency	Per share
Final distribution	March 5, 2021	EUR	3.71
Class LC
Net assets at the end of the fiscal year
2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	316 400 378.68
2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	422 019 677.57
2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	321 483 195.29
Net asset value per share at the end of the fiscal year
2020	Class FC ................................ EUR	212.51
Class FD ................................ EUR	154.34
Class LC ................................  EUR	198.82
Class LCH (P) ............................  EUR	134.79
| The income for the fiscal year is reinvested. | Class NC................................  | EUR | 187.23 |
| --- | --- | --- | --- |
|  | Class NCH (P) ............................  | EUR | 127.96 |
| Class LCH (P) | Class TFC ...............................  Class TFD ...............................  | EUR EUR | 109.64 104.93 |
|  |  |  | Class USD LC ............................  | USD | 149.41 |
|  |  | 2019 | Class FC ................................  | EUR | 237.31 |
|  |  |  | Class FD ................................  | EUR | 176.40 |
| Class LD |  |  | Class LC ................................  | EUR | 223.72 |
|  |  |  |  | Class LCH (P) ............................  | EUR | 140.94 |
| Type | As of | Currency | Per share | Class LD ................................  | EUR | 195.72 |
|  |  |  |  | Class NC................................  | EUR | 212.15 |
| Final distribution | March 5, 2021 | EUR | 4.10 | Class NCH (P) ............................  | EUR | 134.89 |
|  |  |  |  | Class TFC ...............................  | EUR | 122.37 |

Class LD ................................ EUR	169.93
The income for the fiscal year is reinvested.
Class NC
The income for the fiscal year is reinvested.
Class NCH (P)
The income for the fiscal year is reinvested.
Class TFC
The income for the fiscal year is reinvested.
| Class TFD |  |
| --- | --- |
| Type | As of | Currency | Per share |
| Final distribution | March 5, 2021 | EUR | 2.52 |
| Class USD LC |  |  |  |

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.
Class TFD ............................... EUR	119.87
Class USD LC ............................  USD	153.14
2018	Class FC ................................ EUR	190.75
Class FD ................................ EUR	144.94
Class LC ................................  EUR	181.17
Class LCH (P) ............................  EUR	120.09
Class LD ................................ EUR	162.05
Class NC................................ EUR	173.02
Class NCH (P) ............................ EUR	115.58
Class TFC ............................... EUR	98.35
Class TFD ............................... EUR	98.43
Class USD LC ............................  USD	126.78
 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.
 Statement of net assets as of December 31, 2020	
| Assets | DWS Invest II, SICAV EUR * Consolidated	% of net assets | DWS Invest II Euro Bonds Conservative 1  EUR | DWS Invest II European Equity Focussed Alpha (in liquidation) EUR |
| --- | --- | --- | --- |
| Total securities portfolio | 1 062 563 979.25 | 96.61 | 94 061 438.33 | 65 016 919.21 |
| Interest rate derivatives | 25 320.00 | 0.00 | 0.00 | 0.00 |
| Currency derivatives | 891 375.28 | 0.08 | 8 049.43 | 0.00 |
| Swaps | 507 972.34 | 0.05 | 0.00 | 0.00 |
| Cash at bank | 36 733 055.71 | 3.34 | 19 456 856.56 | 1 612 486.15 |
| Other assets | 2 834 484.05 | 0.26 | 159 474.96 | 64 818.16 |
| Receivables from share certificate transactions | 329 957.09 | 0.03 | 0.00 | 185.57 |
| Total Assets ** | 1 103 886 143.72 | 100.37 | 113 685 819.28 | 66 694 409.09 |
| Liabilities |  |  |  |
| -414 290.73 | -0.04 | 0.00 | 0.00 |
| Equity index derivatives |
| Currency derivatives | -57 316.48 | -0.01 | 0.00 | -57 123.63 |
| Short-term liabilities | -1.32 | 0.00 | 0.00 | 0.00 |
| Other liabilities | -2 573 107.34 | -0.23 | -840 754.76 | -75 516.94 |
| Liabilities from share certificate transactions | -941 551.74 | -0.09 | -47 974.90 | 0.00 |
| Total liabilities ** | -3 986 267.61 | -0.37 | -888 729.66 | -132 640.57 |
|  |  |  |  |
| Net assets | 1 099 899 876.11 | 100.00 | 112 797 089.62 | 66 561 768.52 |

* 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.”
1 
The sub-fund was launched on November 25, 2020.
2 
The sub-fund was launched on January 23, 2020.
|  |
| --- |
| DWS Invest II European Top Dividend EUR | DWS Invest II Global Equity High Conviction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II Spanish Equities 2  EUR | DWS Invest II US Top Dividend EUR |
| 295 235 692.95 | 160 500 083.67 | 101 423 795.49 | 31 259 510.98 | 315 066 538.62 |
| 0.00 | 0.00 | 25 320.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 670 420.44 | 0.00 | 212 905.41 |
| 0.00 | 0.00 | 507 972.34 | 0.00 | 0.00 |
| 4 929 186.73 | 4 825 190.89 | 3 827 455.28 | 806 779.44 | 1 275 100.66 |
| 1 018 214.00 | 150 689.91 | 691 975.37 | 147 834.12 | 601 477.53 |
| 62 242.42 | 246 497.50 | 0.00 | 0.00 | 21 031.60 |
| 301 245 336.10 | 165 722 461.97 | 107 146 938.92 | 32 214 124.54 | 317 177 053.82 |
|  |  |  |  |  |
| 0.00 | 0.00 | -414 290.73 | 0.00 | 0.00 |
| -192.85 | 0.00 | 0.00 | 0.00 | 0.00 |
| -1.32 | 0.00 | 0.00 | 0.00 | 0.00 |
| -535 475.18 | -259 003.67 | -318 825.62 | -79 879.56 | -463 651.61 |
| -315 001.68 | -7 381.82 | 0.00 | -258 169.81 | -313 023.53 |
| -850 671.03 | -266 385.49 | -733 116.35 | -338 049.37 | -776 675.14 |
|  |  |  |  |  |
| 300 394 665.07 | 165 456 076.48 | 106 413 822.57 | 31 876 075.17 | 316 400 378.68 |

 Statement of income and expenses for the period from January 1, 2020, through December 31, 2020 (incl. income adjustment)	
| Income | DWS Invest II, SICAV EUR * Consolidated | DWS Invest II Asian Top Dividend (in liquidation)  1  EUR | DWS Invest II Euro Bonds Conservative  2  EUR |
| --- | --- | --- | --- |
| Dividends (before withholding tax) | 25 527 882.50 | 117 977.25 | 0.00 |
| Interest from securities (before withholding tax) | 1 147 178.05 | 0.00 | 23 555.70 |
| Interest from investments of liquid assets (before withholding tax) | 53 648.90 | 7 386.45 | 22 666.16 |
| Income from investment fund units | 34 711.55 | 0.00 | 0.00 |
| Income from securities lending | 65 539.30 | 0.00 | 0.00 |
| Deduction for foreign withholding tax | -4 162 459.48 | -19 486.73 | -6.90 |
| Total income | 22 666 500.82 | 105 876.97 | 46 214.96 |
|  |  |  |  |
| Expenses |  |  |  |
| Interest on borrowings and negative interest on deposits | -368 125.94 | -7 579.37 | -3 626.34 |
| Management fee | -11 884 955.75 | -140 388.80 | -24 160.56 |
| Depositary fee | -8 986.61 | -5 344.53 | 0.00 |
| Auditing, legal and publication costs | -340 089.89 | -23 229.62 | -2 712.93 |
| Taxe d'abonnement | -428 386.61 | -6 349.22 | -13 536.85 |
| Other expenses | -315 456.82 | -9 138.32 | -2 938.15 |
| Total expenses | -13 346 001.62 | -192 029.86 | -46 974.83 |
| Net investment income | 9 320 499.20 | -86 152.89 | -759.87 |
| Sale transactions |  |  |  |
| Realized gains/losses | -6 797 890.60 | 359 297.60 | -27 738.21 |
| Capital gains/losses | -6 797 890.60 | 359 297.60 | -27 738.21 |
|  |  |  |  |
| Net gain/loss for the fiscal year | 2 522 608.60 | 273 144.71 | -28 498.08 |

* 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.
1  
The sub-fund was liquidated February 4, 2020.
2  
The sub-fund was launched on November 25, 2020.
3  
The sub-fund was launched on January 23, 2020.
|  |
| --- |
| DWS Invest II European Equity Focussed Alpha (in liquidation) EUR | DWS Invest II European Top Dividend EUR | DWS Invest II Global Equity High Conviction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II Spanish Equities  3  EUR |
| 1 158 945.58 | 9 741 424.07 | 2 473 051.31 | 1 170 177.30 | 605 867.39 |
| 175.70 | 57 293.93 | 1 026.23 | 1 065 126.49 | 0.00 |
| 52.23 | 3 712.20 | 10 714.17 | 3 090.17 | 0.00 |
| 0.00 | 0.00 | 0.00 | 34 711.55 | 0.00 |
| 19.39 | 9 102.64 | 2 688.90 | 29 349.10 | 0.00 |
| -74 273.89 | -549 487.88 | -527 846.04 | -206 491.98 | -9 166.76 |
| 1 084 919.01 | 9 262 044.96 | 1 959 634.57 | 2 095 962.63 | 596 700.63 |
|  |  |  |  |  |
|  |  |  |  |  |
| -10 225.43 | -81 002.33 | -794.13 | -41 780.72 | -218 959.54 |
| -393 910.29 | -4 183 647.12 | -2 150 913.85 | -195 737.74 | -614 111.99 |
| -382.77 | -907.03 | -1 416.98 | 586.02 | -663.88 |
| -29 664.31 | -104 046.60 | -46 748.24 | -48 682.40 | -14 345.94 |
| -28 876.86 | -136 314.02 | -76 647.81 | -9 000.77 | -13 400.15 |
| -20 306.65 | -79 695.10 | -80 376.87 | -32 427.13 | -14 592.10 |
| -483 366.31 | -4 585 612.20 | -2 356 897.88 | -327 042.74 | -876 073.60 |
| 601 552.70 | 4 676 432.76 | -397 263.31 | 1 768 919.89 | -279 372.97 |
|  |  |  |  |  |
| -6 905 263.99 | -8 713 233.01 | 9 273 171.43 | -819 048.54 | -3 207 675.75 |
| -6 905 263.99 | -8 713 233.01 | 9 273 171.43 | -819 048.54 | -3 207 675.75 |
|  |  |  |  |  |
| -6 303 711.29 | -4 036 800.25 | 8 875 908.12 | 949 871.35 | -3 487 048.72 |

 Statement of income and expenses for the period from January 1, 2020, through December 31, 2020 (incl. income adjustment)	
| Income | DWS Invest II US Top Dividend EUR |
| --- | --- |
| Dividends (before withholding tax) | 10 260 439.60 |
| Interest from securities (before withholding tax) | 0.00 |
| Interest from investments of liquid assets (before withholding tax) | 6 027.52 |
| Income from investment fund units | 0.00 |
| Income from securities lending | 24 379.27 |
| Deduction for foreign withholding tax | -2 775 699.30 |
| Total income | 7 515 147.09 |
|  |  |
| Expenses |  |
| Interest on borrowings and negative interest on deposits | -4 158.08 |
| Management fee | -4 182 085.40 |
| Depositary fee | -857.44 |
| Auditing, legal and publication costs | -70 659.85 |
| Taxe d'abonnement | -144 260.93 |
| Other expenses | -75 982.50 |
| Total expenses | -4 478 004.20 |
| Net investment income | 3 037 142.89 |
| Sale transactions |  |
| Realized gains/losses | 3 242 599.87 |
| Capital gains/losses | 3 242 599.87 |
|  |  |
| Net gain/loss for the fiscal year | 6 279 742.76 |

 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 | Deutsche Invest II, SICAV EUR * Consolidated 1 423 130 398.47 | DWS Invest II Asian Top Dividend (in liquidation)  1  EUR 140 005 200.09 | DWS Invest II Euro Bonds Conservative  2  EUR 0.00 |
| --- | --- | --- | --- |
| Distribution for the previous year | -17 877 305.98 | 0.00 | 0.00 |
| Net inflows/outflows | -230 147 719.53 | -137 140 189.47 | 112 867 450.09 |
| Income adjustment | -2 626 079.43 | 43 623.13 | -2 465.65 |
| Net investment income | 9 320 499.20 | -86 152.89 | -759.87 |
| Realized gains/losses | -6 797 890.60 | 359 297.60 | -27 738.21 |
| Net change in unrealized appreciation/depreciation | -75 102 026.02 | -3 181 778.46 | -39 396.74 |
| Value of the fund‘s net assets at the end of the fiscal year | 1 099 899 876.11 | 0.00 | 112 797 089.62 |

 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 Invest II US Top Dividend EUR 422 019 677.57 |
| --- | --- |
| Distribution for the previous year | -3 980 622.26 |
| Net inflows/outflows | -50 980 370.25 |
| Income adjustment | 713 298.62 |
| Net investment income | 3 037 142.89 |
| Realized gains/losses | 3 242 599.87 |
| Net change in unrealized appreciation/depreciation | -57 651 347.76 |
| Value of the fund‘s net assets at the end of the fiscal year | 316 400 378.68 |

* 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.
1 
The sub-fund was liquidated February 4, 2020.
2 
The sub-fund was launched on November 25, 2020.
3 
The sub-fund was launched on January 23, 2020.
|  |
| --- |
| DWS Invest II European Equity Focussed Alpha (in liquidation) EUR 85 358 054.25 | DWS Invest II European Top Dividend EUR 446 907 349.79 | DWS Invest II Global Equity High Conviction Fund EUR 165 302 616.04 | DWS Invest II Global Total Return Fund EUR 163 537 500.73 | DWS Invest II Spanish Equities  3  EUR 0.00 |
| -24 214.51 | -10 895 640.71 | -2 452.10 | -2 974 376.40 | 0.00 |
| -15 136 501.92 | -115 851 222.84 | -4 102 660.32 | -51 441 216.94 | 31 636 992.12 |
| -494 095.17 | -1 668 271.15 | -1 113 897.03 | 241 557.74 | -345 829.92 |
| 601 552.70 | 4 676 432.76 | -397 263.31 | 1 768 919.89 | -279 372.97 |
| -6 905 263.99 | -8 713 233.01 | 9 273 171.43 | -819 048.54 | -3 207 675.75 |
| 3 162 237.16 | -14 060 749.77 | -3 503 438.23 | -3 899 513.91 | 4 071 961.69 |
| 66 561 768.52 | 300 394 665.07 | 165 456 076.48 | 106 413 822.57 | 31 876 075.17 |

Translation (ENFR, 2020-12-31):
# Rapport annuel et comptes annuels
#### Objectif d’investissement et résultat de placement pendant la période sous revue
Le compartiment DWS Invest II European Top Dividend investit prioritairement dans des actions d’entreprises euro- péennes à capitalisation élevée
qui présentent, outre des rende-
DWS INVEST II EUROPEAN TOP DIVIDEND
Performance sur 5 ans
120
116
112
108
104
100
96
92
ments de dividendes supérieurs
12/15*
12/16
12/17	12/18	12/19
12/20
à la moyenne, un potentiel de
DWS Invest II European Top Dividend (classe d‘actions LC)
* 12/2015 = 100
Informations basées sur l’euro
croissance de leur dividende,
ainsi qu’un taux de distribution raisonnable (pourcentage du bénéfice de l’exercice distribué sous forme de dividendes). Par ailleurs, les données fondamen- tales, telles que la qualité du bilan et le modèle d’activité, doivent être convaincantes.
Le compartiment a enregistré, au cours de l’exercice clos le 31 décembre 2020, une moins- value de 3,2 % par action (classe d’actions LC ; calcu- lée d’après la méthode de la BVI, l’Association fédérale des sociétés d’investissement alle- mandes ; en euro).

#### Politique de placement pendant la période sous revue
Au cours de la période sous revue, la propagation mondiale du coronavirus* à partir de février 2020 a d’abord provo-
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 INVEST II EUROPEAN TOP DIVIDEND
Performance des classes d’actions (en euro)
| Classe d’actions | ISIN | 1 an | 3 ans | 5 ans |
| --- | --- | --- | --- | --- |
| Classe LC | LU0781237614 | -3,2 % | 2,9 % | 14,6 % |
| Classe FC | LU1241941308 | -2,4 % | 5,2 % | 18,9 % |
| Classe FD | LU1242509609 | -2,4 % | 5,2 % | 19,0 % |
| Classe LD | LU0781237705 | -3,1 % | 2,9 % | 14,6 % |
| Classe LDH (P) | LU1322113884 | -1,1 % | 2,6 % | 22,3 % |
| Classe NC | LU0781237887 | -3,8 % | 0,7 % | 10,7 % |
| Classe ND | LU0781237960 | -3,8 % | 0,8 % | 10,7 % |
| Classe TFC | LU1663960000 | -2,4 % | 3,5 % 1) | – |
| Classe TFD | LU1663960182 | -2,4 % | 3,2 % 1) | – |
| Classe XC | LU0781238000 | -2,0 % | 6,7 % | 21,9 % |
| Classe XD | LU0781238182 | -2,0 % | 6,7 % | 21,9 % |
| Classe CHF LDH (P) 2) | LU1322113702 | -1,6 % | 1,1 % | 19,3 % |

1) 
Classes TFC et TFD lancées le 15 janvier 2018
2) 
en CHF
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
qué une forte baisse des cours sur les marchés mondiaux des actions dans tous les secteurs. Cependant, au cours de l’exer- cice, les cours ont de nouveau augmenté sur les marchés des actions sur fond de signes de reprise économique. Les entre- prises qui ont été moins grave- ment touchées par la pandémie de COVID-19 et les restrictions
associées ont notamment parti- cipé au redressement du cours des actions.
La gestion de portefeuille a maintenu son positionnement fondamentalement conserva- teur dans l’ensemble, mais a augmenté sa pondération dans le secteur minier en faveur d’un positionnement plus cyclique.
Dans le secteur de l’énergie, la société finlandaise Neste Oyj s’est montrée convaincante, enregistrant une augmentation significative de son flux de tré- sorerie disponible en raison de la demande accrue de matières premières produisant de l’éner- gie issues de ressources renou- velables.
Deutsche Post a également fait partie des « bénéficiaires » de la crise du coronavirus en 2020 et a pu contribuer à une forte plus-value au sein du porte- feuille.
Dans le secteur financier, Euronext a connu une forte croissance positive du cours des actions en raison de l’aug- mentation de l’activité bour- sière.
TGS et Royal Dutch Shell ont affiché une évolution compa- rativement faible du cours de leurs actions, en raison notam- ment de la chute brutale des prix du pétrole.
* 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) Services de télécommunications | 15 583 065,55 | 5,19 |
| Biens de consommation durables | 76 075 592,82 | 25,31 |
| Énergie | 28 528 659,55 | 9,50 |
| Biens de consommation courante | 12 576 258,55 | 4,18 |
| Secteur financier | 57 158 412,67 | 19,03 |
| Matières premières | 57 643 622,66 | 19,21 |
| Industrie | 21 394 103,16 | 7,12 |
| Services aux collectivités | 26 275 977,99 | 8,74 |
| Total actions | 295 235 692,95 | 98,28 |
| 2. Dérivés | -192,85 | 0,00 |
| 3. Avoirs bancaires | 4 929 186,73 | 1,64 |
| 4. Autres éléments d’actif | 1 018 214,00 | 0,34 |
| 5. À recevoir au titre d’opérations sur actions | 62 242,42 | 0,02 |
| II. Engagements |  |  |
| 1. Engagements découlant d’emprunts | -1,32 | 0,00 |
| 2. Autres engagements | -535 475,18 | -0,18 |
| 3. Engagements découlant d’opérations sur actions | -315 001,68 | -0,10 |
| III. Actif du fonds | 300 394 665,07 | 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 / | Montant nominal | Achats / entrées | Ventes / sorties | Devise | Cours | Valeur boursière en | Part en % de l´actif |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| devise	ou quantité	pendant la période sous revue	EUR	du fonds |
| Valeurs mobilières cotées en bourse |  |  |  |  |  |  | 280 364 670,37 | 93,33 |
| Actions Galenica AG.......................................  | Unité | 109 138 |  | 81 256 | CHF | 59 | 5 933 451,75 | 1,98 |
| Nestle SA ........................................  | Unité | 66 381 | 7 200 | 19 119 | CHF | 104,44 | 6 388 370,07 | 2,13 |
| Novartis AG .......................................  | Unité | 44 373 |  | 20 002 | CHF | 83,16 | 3 400 264,37 | 1,13 |
| Roche Holding AG ..................................  | Unité | 21 922 |  | 17 160 | CHF | 308,8 | 6 237 878,01 | 2,08 |
| Moneta Money Bank AS .............................  | Unité | 868 317 | 495 000 | 675 314 | CZK | 68,5 | 2 268 401,63 | 0,75 |
| Novo Nordisk A / S .................................  | Unité | 75 804 |  | 31 438 | DKK | 429,6 | 4 377 616,36 | 1,46 |
| Allianz SE.........................................  | Unité | 22 187 | 9 900 | 9 053 | EUR | 200,7 | 4 452 930,90 | 1,48 |
| AXA SA ..........................................  | Unité | 148 073 | 83 600 | 351 381 | EUR | 19,718 | 2 919 703,41 | 0,97 |
| Bankinter SA ......................................  | Unité | 577 200 | 577 200 |  | EUR | 4,438 | 2 561 613,60 | 0,85 |
| Bayer AG .........................................  | Unité | 79 397 |  | 47 503 | EUR | 48,155 | 3 823 362,54 | 1,27 |
| BNP Paribas SA ....................................  | Unité | 41 934 | 51 300 | 182 966 | EUR | 43,495 | 1 823 919,33 | 0,61 |
| Cie Générale des Etablissements Michelin SCA. . . . . . . . . . . | Unité | 30 314 | 21 600 | 19 921 | EUR | 106,4 | 3 225 409,60 | 1,07 |
| Coface SA ........................................  | Unité | 284 000 | 76 500 | 161 794 | EUR | 8,36 | 2 374 240,00 | 0,79 |
| Covestro AG ......................................  | Unité | 46 794 | 39 700 | 105 707 | EUR | 50,48 | 2 362 161,12 | 0,79 |
| Danone SA .......................................  | Unité | 68 716 |  | 45 140 | EUR | 54,24 | 3 727 155,84 | 1,24 |
| Deutsche Pfandbriefbank AG .........................  | Unité | 241 746 | 113 300 | 273 954 | EUR | 8,795 | 2 126 156,07 | 0,71 |
| Deutsche Post AG..................................  | Unité | 105 250 | 150 800 | 45 550 | EUR | 40,5 | 4 262 625,00 | 1,42 |
| Deutsche Telekom AG ..............................  | Unité | 598 326 |  | 331 258 | EUR | 14,955 | 8 947 965,33 | 2,98 |
| E.ON SE .........................................  | Unité | 528 630 | 296 100 | 111 626 | EUR | 9,064 | 4 791 502,32 | 1,59 |
| Elisa Oyj..........................................  | Unité | 59 801 | 2 700 | 10 575 | EUR | 45,14 | 2 699 417,14 | 0,90 |
| Enel SpA .........................................  | Unité | 1 165 661 | 331 100 | 276 696 | EUR | 8,319 | 9 697 133,86 | 3,23 |
| Essilor International Cie Générale d‘Optique SA...........  | Unité | 24 931 | 16 100 | 22 669 | EUR | 128,9 | 3 213 605,90 | 1,07 |
| Euronext NV ......................................  | Unité | 71 088 |  | 24 868 | EUR | 92,1 | 6 547 204,80 | 2,18 |
| Gaztransport Et Technigaz S.A.........................  | Unité | 17 088 | 2 000 | 36 657 | EUR | 80,55 | 1 376 438,40 | 0,46 |
| Grifols SA ........................................  | Unité | 111 111 |  | 75 954 | EUR | 24,16 | 2 684 441,76 | 0,89 |
| Grupo Catalana Occidente SA.........................  | Unité | 67 722 | 20 800 | 23 678 | EUR | 29,1 | 1 970 710,20 | 0,66 |
| Infrastrutture Wireless Italiane SpA ....................  | Unité | 339 550 | 370 800 | 31 250 | EUR | 9,915 | 3 366 638,25 | 1,12 |
| Instone Real Estate Group AG ........................  | Unité | 70 900 | 80 447 | 9 547 | EUR | 21 | 1 488 900,00 | 0,50 |
| JDE Peet‘s BV .....................................  | Unité | 60 234 | 69 622 | 9 388 | EUR | 36,07 | 2 172 640,38 | 0,72 |
| Koninklijke DSM NV ................................  | Unité | 16 729 | 3 600 | 15 839 | EUR | 143,25 | 2 396 429,25 | 0,80 |
| Koninklijke Philips NV ...............................  | Unité | 102 537 | 33 167 | 43 430 | EUR | 44,29 | 4 541 363,73 | 1,51 |
| La Francaise des Jeux SAEM .........................  | Unité | 96 031 | 20 000 | 18 969 | EUR | 37,05 | 3 557 948,55 | 1,18 |
| LANXESS AG......................................  | Unité | 35 231 | 63 500 | 28 269 | EUR | 62,76 | 2 211 097,56 | 0,74 |
| Mayr Melnhof Karton AG ............................  | Unité | 14 659 | 16 800 | 2 141 | EUR | 165 | 2 418 735,00 | 0,80 |
| Neste Oyj ........................................  | Unité | 119 315 | 14 200 | 44 885 | EUR | 59,94 | 7 151 741,10 | 2,38 |
| Nokia Oyj .........................................  | Unité | 324 574 |  | 973 093 | EUR | 3,192 | 1 035 877,92 | 0,34 |
| Porsche Automobil Holding SE -Pref- ...................  | Unité | 102 711 | 104 300 | 67 017 | EUR | 56,4 | 5 792 900,40 | 1,93 |
| Red Electrica Corp., SA ..............................  | Unité | 142 105 | 57 300 | 36 616 | EUR | 16,95 | 2 408 679,75 | 0,80 |
| Sampo Oyj........................................  | Unité | 118 639 | 64 000 | 31 670 | EUR | 34,79 | 4 127 450,81 | 1,37 |
| Siemens Healthineers AG ............................  | Unité | 37 031 |  | 13 258 | EUR | 41,98 | 1 554 561,38 | 0,52 |
| Talanx AG ........................................  | Unité | 189 781 | 37 500 | 75 053 | EUR | 31,76 | 6 027 444,56 | 2,01 |
| Thales SA ........................................  | Unité | 22 056 | 19 400 | 46 444 | EUR | 75,76 | 1 670 962,56 | 0,56 |
| Total SA ..........................................  | Unité | 140 643 | 132 200 | 126 179 | EUR | 35,705 | 5 021 658,32 | 1,67 |
| Unilever PLC ......................................  | Unité | 121 509 | 121 509 |  | EUR | 49,305 | 5 991 001,25 | 1,99 |
| Vinci SA ..........................................  | Unité | 19 567 | 9 800 | 86 635 | EUR | 83,22 | 1 628 365,74 | 0,54 |
| Vonovia SE .......................................  | Unité | 156 222 | 1 200 | 36 812 | EUR | 59,76 | 9 335 826,72 | 3,11 |
| Antofagasta PLC ...................................  | Unité | 314 552 | 184 400 | 219 848 | GBP | 14,555 | 5 064 006,64 | 1,69 |
| AstraZeneca PLC...................................  | Unité | 15 155 |  | 13 006 | GBP | 74,24 | 1 244 467,36 | 0,41 |
| British American Tobacco PLC ........................  | Unité | 180 918 | 15 400 | 182 082 | GBP | 27,5 | 5 503 057,84 | 1,83 |
| Centamin PLC .....................................  | Unité | 3 715 847 | 1 194 000 | 1 990 853 | GBP | 1,249 | 5 133 456,27 | 1,71 |
| Fresnillo PLC ......................................  | Unité | 155 712 | 160 800 | 198 032 | GBP | 11,32 | 1 949 656,56 | 0,65 |
| Imperial Brands PLC ................................  | Unité | 372 083 | 124 000 | 189 017 | GBP | 15,54 | 6 395 587,54 | 2,13 |
| National Grid PLC ..................................  | Unité | 676 117 | 29 000 | 486 009 | GBP | 8,718 | 6 519 710,72 | 2,17 |
| Polymetal International PLC ..........................  | Unité | 407 361 | 30 000 | 232 139 | GBP | 17,145 | 7 725 143,28 | 2,57 |
| Prudential PLC.....................................  | Unité | 118 480 |  | 160 726 | GBP | 13,81 | 1 809 790,61 | 0,60 |
| Reckitt Benckiser Group PLC .........................  | Unité | 88 747 | 70 200 | 29 113 | GBP | 66,2 | 6 498 322,73 | 2,16 |
| Rio Tinto PLC......................................  | Unité | 84 139 | 52 500 | 74 393 | GBP | 55,73 | 5 186 519,26 | 1,73 |
| Royal Dutch Shell PLC ..............................  | Unité | 347 852 | 286 900 | 185 547 | GBP | 13,25 | 5 097 963,37 | 1,70 |
| Royal Dutch Shell PLC ..............................  | Unité | 361 796 | 298 100 | 184 841 | GBP | 12,778 | 5 113 476,34 | 1,70 |
| United Utilities Group PLC ...........................  | Unité | 282 362 | 409 000 | 126 638 | GBP | 9,154 | 2 858 951,34 | 0,95 |
| DNB ASA.........................................  | Unité | 231 354 | 202 300 | 376 122 | NOK | 167,95 | 3 690 371,57 | 1,23 |
| Equinor ASA ......................................  | Unité | 308 959 | 309 900 | 192 141 | NOK | 145,05 | 4 256 294,39 | 1,42 |
| Gjensidige Forsikring BA .............................  | Unité | 114 119 |  | 21 134 | NOK | 191,2 | 2 072 330,03 | 0,69 |
| Mowi ASA ........................................  | Unité | 131 458 | 21 300 | 38 533 | NOK | 191,3 | 2 388 444,01 | 0,79 |
| Telenor ASA ......................................  | Unité | 103 792 |  | 30 221 | NOK | 146,3 | 1 442 186,02 | 0,48 |
| TGS NOPEC Geophysical Co. ASA .....................  | Unité | 150 959 | 110 100 | 87 541 | NOK | 131,65 | 1 887 526,03 | 0,63 |
| Warsaw Stock Exchange.............................  | Unité | 154 981 | 169 200 | 39 219 | PLN | 46,15 | 1 561 418,43 | 0,52 |
| Boliden AB........................................  | Unité | 128 861 | 79 200 | 125 527 | SEK | 292,6 | 3 751 788,65 | 1,25 |
| Epiroc AB.........................................  | Unité | 216 728 | 81 000 | 373 135 | SEK | 151,35 | 3 263 923,68 | 1,09 |
| Lundin Mining Corp. ................................  | Unité | 225 000 | 225 000 |  | SEK | 70,65 | 1 581 747,77 | 0,53 |
| Sandvik AB .......................................  | Unité | 168 225 | 78 200 | 108 471 | SEK | 203,5 | 3 406 414,53 | 1,13 |
| Telefonaktiebolaget LM Ericsson ......................  | Unité | 148 900 | 148 900 |  | SEK | 98,38 | 1 457 619,14 | 0,49 |
| Polyus PJSC ......................................  | Unité | 64 972 | 98 100 | 33 128 | USD | 102,4 | 5 410 593,72 | 1,80 |

| Unité / Dénomination des titres	actions / | Montant nominal | Achats / entrées | Ventes / sorties | Devise | Cours | Valeur boursière en | Part en % de l´actif |
| --- | --- | --- | --- | --- | --- | --- | --- |
| devise	ou quantité	pendant la période sous revue	EUR	du fonds |
| Valeurs autorisées ou négociées sur des marchés réglementés |  |  |  |  |  | 14 871 022,58 | 4,95 |
| Actions BHP Group PLC	Unité | 682 126 | 410 000 | 324 174 | GBP | 19,71 | 14 871 022,58 | 4,95 |
| Total du portefeuille-titres |  |  |  |  |  | 295 235 692,95 | 98,28 |

Dérivés
(Les positions précédées d’un signe négatif représentent les positions vendeuses)
| Dérivés sur devises Créances / dettes |  |  | -192,85 | 0,00 |
| --- | --- | --- | --- | --- |
| Opérations de change à terme |  |  |  |  |
| Opérations de change à terme (Achat) |  |  |  |  |
| Positions ouvertes CHF / EUR 0,1 million ...............................  |  |  | -72,08 | 0,00 |
| CHF / GBP 0,1 million ...............................  |  |  | -322,02 | 0,00 |
| Positions clôturées CHF / GBP 0,1 million ...............................  |  |  | 394,47 | 0,00 |
| Opérations de change à terme (Vente) |  |  |  |  |
| Positions ouvertes CHF / CZK 0,1 million ...............................  |  |  | -12,70 | 0,00 |
| CHF / DKK 0,1 million ...............................  |  |  | -3,11 | 0,00 |
| CHF / NOK 0,1 million ...............................  |  |  | -89,73 | 0,00 |
| CHF / PLN 0,1 million ...............................  |  |  | 20,13 | 0,00 |
| CHF / RUB 0,3 million ...............................  |  |  | 12,81 | 0,00 |
| CHF / SEK 0,1 million ...............................  |  |  | -71,28 | 0,00 |
| EUR / CHF 0,1 million ...............................  |  |  | 0,17 | 0,00 |
| EUR / CZK 0,1 million ...............................  |  |  | -1,62 | 0,00 |
| EUR / DKK 0,1 million ...............................  |  |  | -0,05 | 0,00 |
| EUR / GBP 0,1 million ...............................  |  |  | -45,07 | 0,00 |
| EUR / NOK 0,1 million ...............................  |  |  | -15,78 | 0,00 |
| EUR / PLN 0,1 million ...............................  |  |  | 3,09 | 0,00 |
| EUR / RUB 0,1 million ...............................  |  |  | 1,74 | 0,00 |
| EUR / SEK 0,1 million ...............................  |  |  | -10,64 | 0,00 |
| Positions clôturées CHF / CZK 0,1 million ...............................  |  |  | 0,94 | 0,00 |
| CHF / NOK 0,1 million ...............................  |  |  | -5,61 | 0,00 |
| CHF / PLN 0,1 million ...............................  |  |  | 7,72 | 0,00 |
| CHF / RUB 0,3 million ...............................  |  |  | 63,89 | 0,00 |
| EUR / CHF 0,1 million ...............................  |  |  | -253,75 | 0,00 |
| EUR / CZK 0,1 million ...............................  |  |  | 2,02 | 0,00 |
| EUR / GBP 0,1 million ...............................  |  |  | 182,33 | 0,00 |
| EUR / NOK 0,1 million ...............................  |  |  | 8,11 | 0,00 |
| EUR / PLN 0,1 million ...............................  |  |  | 1,43 | 0,00 |
| EUR / RUB 0,1 million ...............................  |  |  | 11,74 | 0,00 |
| Avoirs bancaires |  |  | 4 929 186,73 | 1,64 |
| Dépositaire (à échéance quotidienne) Avoirs en euro .....................................  | EUR |  | 855 577,54 | 0,28 |
| Avoirs en autres devises de l’UE / l’EEE |  |  |  |  |
| Livre sterling ......................................  | GBP | 500 845 | 553 978,43 | 0,18 |
| Couronne danoise ..................................  | DKK | 3 472 491 | 466 791,00 | 0,16 |
| Couronne norvégienne ..............................  | NOK | 9 919 870 | 942 147,82 | 0,31 |
| Zloty polonais .....................................  | PLN | 169 371 | 36 975,09 | 0,01 |
| Couronne suédoise .................................  | SEK | 3 042 835 | 302 775,67 | 0,10 |
| Couronne tchèque..................................  | CZK | 28 029 764 | 1 068 982,31 | 0,36 |
| Avoirs en devises autres que celles de l’UE / l’EEE |  |  |  |  |
| Dollar australien....................................  | AUD | 107 | 66,72 | 0,00 |
| Dollar canadien ....................................  | CAD | 870 | 553,98 | 0,00 |
| Franc suisse ......................................  | CHF | 675 504 | 622 454,05 | 0,21 |
| Livre turque .......................................  | TRY | 710 | 78,42 | 0,00 |
| Dollar américain....................................  | USD | 96 903 | 78 805,70 | 0,03 |
| Autres éléments d’actif |  |  | 1 018 214,00 | 0,34 |
| Droits à dividende / à distribution ......................  |  |  | 680 910,77 | 0,23 |
| À recevoir au titre du dépassement du plafond de charges ..  |  |  | 416,46 | 0,00 |
| Autres actifs ......................................  |  |  | 336 886,77 | 0,11 |

| Unité / Dénomination des titres	actions / | Montant nominal | Achats / entrées | Ventes / sorties | Devise | Cours | Valeur boursière en | Part en % de l´actif |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | devise | ou quantité | pendant la période sous revue | EUR | du fonds |
| À recevoir au titre d’opérations sur actions |  |  |  | 62 242,42 | 0,02 |
| Total des éléments d’actif * |  |  |  | 301 246 046,69 | 100,28 |
| Engagements à court terme |  |  |  | -1,32 | 0,00 |
| Crédits en devises autres que celles de l’UE / l’EEE |  |  |  |  |  |
| Rouble russe ......................................  | RUB | -122 |  | -1,32 | 0,00 |
| Autres engagements |  |  |  | -535 475,18 | -0,18 |
| Engagements découlant des coûts.....................  |  |  |  | -535 475,18 | -0,18 |
| Engagements découlant d’opérations sur actions |  |  |  | -315 001,68 | -0,10 |
| Total des engagements |  |  |  | -851 381,62 | -0,28 |
| Actif du fonds |  |  |  | 300 394 665,07 | 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 CHF LDH (P) ................................  | CHF | 101,68 |
| Classe FC ........................................  | EUR | 111,48 |
| Classe FD ........................................  | EUR | 97,27 |
| Classe LC ........................................  | EUR | 169,38 |
| Classe LD ........................................  | EUR | 135,37 |
| Classe LDH (P) ....................................  | EUR | 104,36 |
| Classe NC ........................................  | EUR | 159,26 |
| Classe ND ........................................  | EUR | 129,67 |
| Classe TFC .......................................  | EUR | 103,47 |
| Classe TFD .......................................  | EUR | 96,63 |
| Classe XC ........................................  | EUR | 186,70 |
| Classe XD ........................................  | EUR | 115,82 |
| Nombre d’actions en circulation Classe CHF LDH (P) ................................  | Unité | 2 350,000 |
| Classe FC ........................................  | Unité | 93 585,632 |
| Classe FD ........................................  | Unité | 31 904,000 |
| Classe LC ........................................  | Unité | 258 465,948 |
| Classe LD ........................................  | Unité | 1 736 598,026 |
| Classe LDH (P) ....................................  | Unité | 359,161 |
| Classe NC ........................................  | Unité | 26 830,682 |
| Classe ND ........................................  | Unité | 255,000 |
| Classe TFC .......................................  | Unité | 7 801,395 |
| Classe TFD .......................................  | Unité | 6 265,000 |
| Classe XC ........................................  | Unité | 10 774,412 |
| Classe XD ........................................  | Unité | 88,207 |

Composition du portefeuille de référence (conformément à la circulaire CSSF 11 / 512) MSCI Europe High Dividend Yield net TR
Risque potentiel au titre du risque de marché (conformément à la circulaire CSSF 11 / 512)
| Pourcentage minimal du risque potentiel ................  | % | 82,100 |
| --- | --- | --- |
| Pourcentage maximal du risque potentiel................  | % | 113,623 |
| Pourcentage moyen du risque potentiel .................  | % | 96,924 |

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. Sans prendre en compte, le cas échéant, le niveau des classes d’actions à des fins de couverture contre le risque de change des opérations de change à terme conclues.
 Abréviations propres aux marchés	 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, Goldman Sachs Bank Europe SE, HSBC France, Morgan Stanley Bank AG, Morgan Stanley Europe SE et Royal Bank of Canada (UK)
 Taux de change (cotation au certain)	
au 30 décembre 2020
| Dollar australien..................  | AUD | 1,601836 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Dollar canadien ..................  | CAD | 1,570693 | = | EUR | 1 |
| Franc suisse ....................  | CHF | 1,085227 | = | EUR | 1 |
| Couronne tchèque................  | CZK | 26,220980 | = | EUR | 1 |
| Couronne danoise ................  | DKK | 7,439071 | = | EUR | 1 |
| Livre sterling ....................  | GBP | 0,904087 | = | EUR | 1 |
| Couronne norvégienne ............  | NOK | 10,528995 | = | EUR | 1 |
| Zloty polonais ...................  | PLN | 4,580690 | = | EUR | 1 |
| Rouble russe ....................  | RUB | 92,057695 | = | EUR | 1 |
| Couronne suédoise ...............  | SEK | 10,049801 | = | EUR | 1 |
| Livre turque .....................  | TRY | 9,057289 | = | 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 Luxembourg S.C.A. 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.
 Note	
* Ne contient aucune position négative.
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	9 741 424,07
	- Intérêts sur titres(avant retenue à la source) ....................... EUR	57 293,93

- Intérêts sur placements liquides(avant retenue à la source) ....................... EUR	3 712,20
- Revenus des prêts de titres ......................  EUR	9 102,64
- Déduction de la retenue à la source à l’étranger ......  EUR	-549 487,88Total des revenus ................................  EUR	9 262 044,96

| II. Dépenses |  |
| --- | --- |
| 1. Intérêts d’emprunts et rendements |
| négatifs de placement...........................  | EUR | -81 002,33 |
| 2. Commission de gestion..........................  | EUR | -4 183 647,12 |

dont :
Commission de gestion de base	EUR	-4 185 753,30 Revenus découlant
du plafond de charges ........ EUR		289,22 Commission d’administration 
1) 
. EUR	1 816,96
- Rémunération du dépositaire .....................  EUR	-907,03
- Frais d’audit, juridiques et de publication ............  EUR	-104 046,60
- Taxe d‘abonnement............................. EUR	-136 314,02
- Autres dépenses ...............................  EUR	-79 695,10dont :Rémunération liéeaux résultats des prêts ....... EUR		-3 034,21 autres ..................... EUR	-76 660,89

| Total des dépenses ...............................  | EUR | -4 585 612,20 |
| --- | --- | --- |
| III. Revenus ordinaires, nets .......................  | EUR | 4 676 432,76 |
| IV. Opérations de vente Plus-values / moins-values réalisées ...................  | EUR | -8 713 233,01 |
| Résultat des opérations de vente ...................  | EUR | -8 713 233,01 |
| V. Résultat de l’exercice ..........................  | EUR | -4 036 800,25 |

1) 
L’inscription comprend les revenus découlant de la liquidation de régularisations suré- valuées et/ou les effets des revenus découlant de la régularisation des dépenses.
Total des frais sur encours – TFE (BVI)
Le total des frais sur encours des classes de d’actions s’élevait à :
classe CHF LDH (P) 1,64 % par an,  classe FC 0,87 % par an, classe FD 0,82 % par an,	classe LC 1,61 % par an, classe LD 1,61 % par an,	classe LDH (P) 1,66 % par an, classe NC 2,31 % par an,	classe ND 2,31 % par an, classe TFC 0,88 % par an,	classe TFD 0,89 % par an, classe XC 0,39 % par an,	classe XD 0,39 % 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 d’actions considérée au cours d’un exercice.
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
classe CHF LDH (P) 0,001 % par an, classe FC 0,001 % par an, classe FD 0,001 % par an,	classe LC 0,001 % par an, classe LD 0,001 % par an,	classe LDH (P) 0,001 % par an, classe NC 0,001 % par an,	classe ND 0,001 % par an, classe TFC 0,001 % par an,	classe TFD 0,001 % par an, classe XC 0,001 % par an,	classe XD 0,001 % par an
de l’actif moyen du compartiment, calculé pour chaque classe de d’actions.
Frais de transaction
Les frais de transaction payés au cours de la période sous revue s’élevaient à 310 250,82 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’actif. 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	446 907 349,79
	- Distribution pour l’exercice précédent ..............  EUR	-10 895 640,71
	- Décaissement (net) ............................. EUR	-115 851 222,84
	- Régularisation des revenus / dépenses .............  EUR	-1 668 271,15
	- Revenus ordinaires, nets.........................  EUR	4 676 432,76
	- Plus-values / moins-values réalisées ................  EUR	-8 713 233,01
	- Variation nette des plus-values /moins-values non réalisées .......................  EUR	-14 060 749,77

- Valeur de l’actif du fonds en fin d’exercice ........  EUR	300 394 665,07 Composition des plus-values / moins-values	2020 Plus-values / moins-values réalisées(y compris régularisation des revenus)............... EUR	-8 713 233,01sur :Opérations sur valeurs mobilières .................  EUR	-8 563 707,76Opérations de change (à terme) ..................  EUR	-149 525,25Évolution comparée de l’actif du fonds et de la valeur liquidative sur 3 ans Précisions concernant l’affectation des résultats *	Classe CHF LDH (P)Type	au	Devise	Par actionDistribution finale	5 mars 2021	CHF	3,37Classe FCLe résultat de l’exercice est capitalisé.

| Classe FD |  |
| --- | --- |
| Type | au | Devise | Par action |
| Distribution finale | 5 mars 2021 | EUR | 3,22 |
| Classe LC |  |  |  |

Le résultat de l’exercice est capitalisé.
Classe LD
Type	au	Devise	Par action
Distribution finale	5 mars 2021	EUR	4,50
Classe LDH (P)
Type	au	Devise	Par action
Actif du fonds en fin d’exercice
2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	300 394 665,07
2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	446 907 349,79
2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  EUR	422 567 249,15
Valeur liquidative en fin d’exercice
2020	Classe CHF LDH (P) .......................  CHF	101,68
Classe FC ...............................  EUR	111,48
Classe FD ...............................  EUR	97,27
Classe LC ...............................  EUR	169,38
Classe LD ...............................  EUR	135,37
Classe LDH (P) ...........................  EUR	104,36
Classe NC............................... EUR	159,26
Classe ND............................... EUR	129,67
Classe TFC ..............................  EUR	103,47
Classe TFD ..............................  EUR	96,63
Classe XC ...............................  EUR	186,70
Classe XD ...............................  EUR	115,82
2019	Classe CHF LDH (P) .......................  CHF	107,05
Classe FC ...............................  EUR	114,25
Classe FD ...............................  EUR	103,18
Classe LC ...............................  EUR	174,90
Classe LD ...............................  EUR	144,72
Classe LDH (P) ...........................  EUR	109,30
Classe NC............................... EUR	165,60
Classe ND............................... EUR	139,63
Classe TFC ..............................  EUR	106,04
Classe TFD ..............................  EUR	102,53
Classe XC ...............................  EUR	190,44
Classe XD ...............................  EUR	122,29
| Distribution finale | 5 mars 2021 | EUR | 3,45 | 2018	Classe CHF LDH (P) .......................  Classe FC ...............................  | CHF EUR | 95,85 95,50 |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Classe FD ...............................  | EUR | 89,12 |

Classe NC
Le résultat de l’exercice est capitalisé.
Classe LC ...............................  EUR	147,28
Classe LD ...............................  EUR	125,96
Classe LDH (P) ...........................  EUR	97,40
Classe NC............................... EUR	140,43
| Classe ND |  |  |  | Classe TFC ..............................  | EUR | 88,61 |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Classe TFD ..............................  | EUR | 88,39 |
| Type | au | Devise | Par action | Classe XC ...............................  | EUR | 158,44 |

Classe ND............................... EUR	122,39
Distribution finale	5 mars 2021	EUR	4,33
Classe TFC
Le résultat de l’exercice est capitalisé.
| Classe TFD |  |
| --- | --- |
| Type | au | Devise | Par action |
| Distribution finale | 5 mars 2021 | EUR | 3,83 |
| Classe XC |  |  |  |
| Le résultat de l’exercice est capitalisé. |
| Classe XD |  |  |  |
| Type | au | Devise | Par action |
| Distribution finale | 5 mars 2021 | EUR | 3,20 |

* De plus amples informations figurent dans le prospectus de vente.
Une distribution finale a pour effet que les éventuels résultats ordinaires restants de l’exercice sont capitalisés.
Classe XD ...............................  EUR	105,12
 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.

## Rapport annuel

## DWS Invest II Global Equity High Conviction Fund

#### Objectif d’investissement et résultat de placement pendant la période sous revue
Le compartiment DWS Invest II Global Equity High Conviction Fund a donné la priorité de placement aux actions d’entre- prises nationales et étrangères présentant un profil de crois-
DWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND
Performance sur 5 ans
160
150
140
130
120
110
100
90
sance supérieur à la moyenne.
12/15*
12/16
12/17	12/18	12/19
12/20
Il s’agit d’entreprises ayant
DWS Invest II Global Equity High Conviction Fund (classe d‘actions LC)
* 12/2015 = 100
Informations basées sur l’euro
des positions dominantes dans
des niches en forte croissance de marchés établis et d’en- treprises très présentes dans les économies en développe- ment ou originaires de pays émergents. Les perspectives de croissance ont joué aussi un rôle prépondérant dans la sélection des titres individuels. Pendant la période sous revue allant de début janvier 2020
à fin décembre 2020, le com- partiment a enregistré une plus-value de 4,7 % par action
(classe d’actions LC ; d’après la méthode de la BVI, l’Associa- tion fédérale des sociétés d’in- vestissement allemandes). Son indice de référence, le MSCI AC World, a pour sa part enregistré
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 INVEST II GLOBAL EQUITY HIGH CONVICTION FUND
Performance des classes d’actions comparé à l’indice de référence (en euro)
| Classe d’actions | ISIN | 1 an | 3 ans | 5 ans |
| --- | --- | --- | --- | --- |
| Classe LC | LU0826452848 | 4,7 % | 35,6 % | 55,7 % |
| Classe FC | LU0826453069 | 5,5 % | 38,7 % | 61,7 % |
| Classe LD | LU0826452921 | 4,7 % | 35,6 % | 55,7 % |
| Classe NC | LU0826453226 | 4,0 % | 32,8 % | 50,4 % |
| Classe TFC | LU1663960265 | 5,5 % | 35,6 % 1) | – |
| Classe TFD | LU1663960349 | 5,6 % | 35,7 % 1) | – |
| MSCI AC World |  | 5,9 % | 29,9 % | 56,8 % |

1) 
Classes TFC et TFD lancées le 15 janvier 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
une plus-value de 5,9 % sur la même période (respectivement en euro).

#### Politique de placement pendant la période sous revue
Au cours de l’exercice écoulé, l’une des priorités de placement a été donnée aux entreprises qui se sont distinguées par
des perspectives de croissance durables et une certaine sta- bilité concernant leur modèle de gestion et leurs flux de tré- sorerie. Le nombre de valeurs détenues au sein du portefeuille
s’élevait à 40 valeurs maximum. Certains titres ont ainsi pu bénéficier d’une pondération nettement accrue, également dénommés « High Conviction » (forte conviction). Les actions qui n’ont pas répondu aux exi- gences de l’équipe de gestion du compartiment n’étaient, contrairement à l’indice de référence, pas détenues en por- tefeuille.
Dans l’ensemble, 2020 a été un exercice mémorable, tant sur les marchés financiers que sur les marchés boursiers, et
a été de toutes parts caracté- risé par des extrêmes. Cette évolution se reflète également dans la performance du porte- feuille. Globalement, la période sous revue peut être divisée en quatre périodes. De début janvier 2020 à mi-février 2020, les marchés des actions ont été caractérisés par de fortes
plus-values, avec un pic à 10 % pour le portefeuille, qui a béné- ficié de la bonne conjoncture économique, notamment aux États-Unis et en Chine, loco- motives économiques mon- diales.
À partir de la mi-février, la propagation rapide du coro- navirus* provenant de Chine a provoqué une chute mas- sive des cours allant jusqu’à 35 % pour le portefeuille du compartiment et 40 % pour le
MSCI World (en euro). Un effort concerté sans précédent des gouvernements et des banques centrales du monde entier a permis d’enrayer cette dan- gereuse tendance à la baisse
et de redonner confiance aux marchés financiers. Les mar- chés des actions, en particulier, ont profité des mois suivants de cette troisième période.
D’une part, cette démarche s’est appuyée sur le constat que tous les secteurs et toutes les entreprises n’ont pas été touchés dans la même mesure par les conséquences de la pandémie de COVID-19 et des confinements. D’autre part,
la baisse massive des taux d’intérêt aux États-Unis et les nouvelles baisses de taux en territoire déjà négatif en Europe ont également généré des flux entrants en provenance du marché obligataire. C’est à ce moment que le terme « TINA » (There Is No Alternative, il n’y a pas d’alternative [aux actions]), a été rapidement inventé, sti- mulant sensiblement le mar- ché des actions. À partir du milieu de l’été, les marchés des actions ont ensuite connu une quatrième période de légère hausse, avec, vers la fin de l’exercice, davantage de fluc- tuations dues à l’agitation crois- sante liée à la campagne élec- torale présidentielle américaine ainsi qu’à son issue positive en faveur de Joe Biden.
La surpondération du secteur des technologies et du secteur des communications ont été les principaux moteurs de la performance du compartiment en 2020, comme en 2019. La sous-pondération des valeurs de l’énergie a également contri- bué positivement au résultat, tout comme la sélection réussie des actions au sein du secteur relativement important des finances.
En revanche, la sous- pondération du secteur des biens de consommation cycli- ques et la surpondération du secteur financier ont eu un impact négatif sur le résultat, ainsi que la sélection dans le secteur des biens de consom- mation cycliques (principale- ment la bonne performance d’Amazon et de Tesla, qui n’étaient pas inclus dans le compartiment). La performance du compartiment a été quelque peu atténuée par la faible posi- tion de trésorerie tout au long de l’année.
Au niveau des titres individuels, les valeurs du secteur tech- nologique telles que Taiwan Semiconductor, Samsung Elec- tronics, et du secteur des com- munications, comme Alphabet, ont apporté une contribution nettement supérieure à la moyenne à la performance du compartiment. Mais des valeurs financières non traditionnelles comme Progressive et la chaîne de bricolage Home Depot ont également apporté une contri- bution clairement positive à la performance.
Taiwan Semiconductor et Sam- sung Electronics ont continué de bénéficier de leur forte posi- tion sur le marché de la fabri- cation de puces mémoires. Les deux entreprises sont des lea- ders technologiques dans leurs domaines respectifs et elles n’ont cessé d’étendre cette avance. La demande de puces mémoires a étonnamment bien résisté en 2020, la pandémie ayant entraîné une hausse générale de la numérisation.
De nombreuses entreprises ont
accéléré l’expansion de leur infrastructure numérique (appli- cations dans le cloud, télétra- vail, etc.) et la consommation privée y a également contribué (nouveau cycle de produits d’Apple, hausse de la demande d’ordinateurs en général et de jeux informatiques, davantage de véhicules électriques, etc.) L’équipe de gestion s’attendait à ce que cette tendance reste robuste – quoique non sans fluctuations – à moyen terme en raison de l’utilisation de plus en plus répandue des puces dans diverses industries et pro- duits.
Alphabet a également apporté
une contribution supérieure à la moyenne au portefeuille. Malgré la pandémie, l’entre- prise a été en mesure d’enre-
gistrer une croissance à deux chiffres de ses ventes et de ses bénéfices en 2020. Alpha- bet a bénéficié de la tendance ininterrompue de la publicité en ligne, mais la plateforme de
streaming YouTube a également gagné des spectateurs lors de la pandémie et a démontré sa valeur.
En tant que l’un des princi- paux assureurs automobiles aux États-Unis, Progressive a profité en 2020 du fait que
les gens utilisaient moins leur voiture en raison de la pandé- mie. Le nombre de sinistres a sensiblement diminué, ce qui a permis à l’entreprise d’obtenir un meilleur résultat. Toutefois, cette tendance devrait revenir à la normale une fois la pandémie terminée.
En tant que première chaîne de magasins de bricolage aux États-Unis, Home Depot a bénéficié l’année dernière du fait que de nombreuses per-
sonnes ont profité de la période de confinement pour travailler sur leur maison et leur jardin, et que les magasins de bricolage ont également été autorisés à ouvrir pour les consommateurs. Cela a permis à Home Depot d’enregistrer des hausses du chiffre d’affaires supérieures à la moyenne.
* 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 Invest II Global Equity High Conviction Fund
| 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 | 32 015 036,05 | 19,35 |
| Services de télécommunications | 40 458 573,92 | 24,45 |
| Biens de consommation durables | 47 806 698,14 | 28,90 |
| Biens de consommation courante | 8 122 573,62 | 4,91 |
| Secteur financier | 29 848 034,24 | 18,03 |
| Industrie | 2 249 167,70 | 1,36 |
| Total actions | 160 500 083,67 | 97,00 |
| 2. Avoirs bancaires | 4 825 190,89 | 2,92 |
| 3. Autres éléments d’actif | 150 689,91 | 0,09 |
| 4. À recevoir au titre d’opérations sur actions | 246 497,50 | 0,15 |
| II. Engagements |  |  |
| 1. Autres engagements | -259 003,67 | - 0,16 |
| 2. Engagements découlant d’opérations sur actions | -7 381,82 | 0,00 |
| III. Actif du fonds | 165 456 076,48 | 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 / | Montant nominal | Achats / entrées | Ventes / sorties | Devise | Cours | Valeur boursière en | Part en % de l´actif |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| devise	ou quantité	pendant la période sous revue	EUR	du fonds |
| Valeurs mobilières cotées en bourse |  |  |  |  |  |  | 160 500 083,67 | 97,00 |
| Actions Canadian Imperial Bank of Commerce/Canada ............  | Unité | 24 700 | 12 000 | 41 000 | CAD | 110,04 | 1 730 439,24 | 1,05 |
| Nestle SA ........................................  | Unité | 85 500 | 41 500 | 6 700 | CHF | 104,44 | 8 228 343,06 | 4,97 |
| Roche Holding AG ..................................  | Unité | 14 050 | 5 600 |  | CHF | 308,8 | 3 997 910,14 | 2,42 |
| Allianz SE.........................................  | Unité | 20 100 | 20 100 |  | EUR | 200,7 | 4 034 070,00 | 2,44 |
| Deutsche Boerse AG................................  | Unité | 27 800 | 13 500 | 5 700 | EUR | 139,25 | 3 871 150,00 | 2,34 |
| Fresenius SE & Co. KGaA ............................  | Unité | 111 100 | 77 700 | 66 000 | EUR | 37,84 | 4 204 024,00 | 2,54 |
| Talanx AG ........................................  | Unité | 104 208 | 65 208 |  | EUR | 31,76 | 3 309 646,08 | 2,00 |
| Unilever PLC ......................................  | Unité | 121 000 | 121 000 |  | EUR | 49,305 | 5 965 905,00 | 3,61 |
| AIA Group Ltd .....................................  | Unité | 221 800 | 221 800 |  | HKD | 96,3 | 2 240 486,74 | 1,35 |
| Tencent Holdings Ltd ...............................  | Unité | 128 400 |  |  | HKD | 559,5 | 7 535 631,69 | 4,55 |
| Bridgestone Corp. * ................................  | Unité | 94 000 | 22 000 | 16 000 | JPY | 3 384 | 2 510 440,98 | 1,52 |
| Samsung Electronics Co., Ltd .........................  | Unité | 181 150 | 18 000 | 18 100 | KRW | 81 000 | 10 984 803,93 | 6,64 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Unité | 585 000 |  | 162 000 | TWD | 525 | 8 889 272,53 | 5,37 |
| Agilent Technologies, Inc. ............................  | Unité | 23 290 |  | 48 700 | USD | 118,75 | 2 249 167,70 | 1,36 |
| Alibaba Group Holding Ltd -ADR- ......................  | Unité | 27 530 | 12 900 |  | USD | 237,2 | 5 310 551,54 | 3,21 |
| Alphabet, Inc. .....................................  | Unité | 9 750 | 900 | 4 100 | USD | 1 749,16 | 13 869 247,06 | 8,38 |
| American Express Co. ...............................  | Unité | 21 200 |  | 19 600 | USD | 119,04 | 2 052 331,50 | 1,24 |
| Amgen, Inc. .......................................  | Unité | 17 578 | 6 800 |  | USD | 227,83 | 3 256 860,09 | 1,97 |
| Arista Networks, Inc.................................  | Unité | 7 250 | 3 550 | 3 600 | USD | 290,7 | 1 713 964,29 | 1,04 |
| AutoZone, Inc. .....................................  | Unité | 4 300 | 4 300 |  | USD | 1 185,25 | 4 144 738,65 | 2,50 |
| Booking Holdings, Inc................................  | Unité | 1 220 | 200 | 3 700 | USD | 2 200 | 2 182 736,16 | 1,32 |
| Centene Corp. .....................................  | Unité | 44 000 |  |  | USD | 59,18 | 2 117 611,90 | 1,28 |
| Check Point Software Technologies Ltd .................  | Unité | 27 050 | 6 300 | 13 000 | USD | 135,81 | 2 987 567,67 | 1,81 |
| eBay, Inc..........................................  | Unité | 66 500 | 66 500 |  | USD | 51,04 | 2 760 266,68 | 1,67 |
| Facebook, Inc. .....................................  | Unité | 24 000 |  |  | USD | 275,01 | 5 367 579,18 | 3,24 |
| Gilead Sciences, Inc. ................................  | Unité | 22 300 |  | 15 700 | USD | 56,91 | 1 032 077,19 | 0,62 |
| Home Depot, Inc./The ...............................  | Unité | 6 800 | 5 700 | 22 400 | USD | 265,35 | 1 467 393,99 | 0,89 |
| HP, Inc. ..........................................  | Unité | 186 300 | 93 000 | 89 000 | USD | 24,39 | 3 695 246,27 | 2,23 |
| Intel Corp. ........................................  | Unité | 93 500 | 93 500 |  | USD | 48,99 | 3 725 098,68 | 2,25 |
| Johnson & Johnson.................................  | Unité | 22 900 | 31 700 | 8 800 | USD | 155,13 | 2 889 016,40 | 1,75 |
| Marsh & McLennan Cos, Inc. .........................  | Unité | 32 750 | 19 200 | 28 800 | USD | 115,1 | 3 065 528,51 | 1,85 |
| Medtronic PLC ....................................  | Unité | 52 300 | 8 400 | 11 900 | USD | 116,4 | 4 950 777,41 | 2,99 |
| Merck & Co., Inc. ..................................  | Unité | 30 100 | 30 100 |  | USD | 81,565 | 1 996 590,81 | 1,21 |
| Motorola Solutions, Inc. .............................  | Unité | 12 600 | 12 600 |  | USD | 167,72 | 1 718 597,32 | 1,04 |
| Progressive Corp./The ...............................  | Unité | 65 000 | 5 500 |  | USD | 98,07 | 5 184 039,04 | 3,13 |
| S+P Global, Inc.....................................  | Unité | 11 000 |  | 7 300 | USD | 322 | 2 880 496,08 | 1,74 |
| UnitedHealth Group, Inc..............................  | Unité | 16 300 | 16 300 |  | USD | 346,77 | 4 596 717,93 | 2,78 |
| Vertex Pharmaceuticals, Inc. ..........................  | Unité | 8 800 | 8 800 |  | USD | 236,2 | 1 690 368,13 | 1,02 |
| Visa, Inc. .........................................  | Unité | 24 551 |  | 11 300 | USD | 218,39 | 4 360 343,13 | 2,63 |
| VMware, Inc. ......................................  | Unité | 15 200 | 15 200 |  | USD | 140,2 | 1 733 046,97 | 1,05 |
| Total du portefeuille-titres |  |  |  |  |  |  | 160 500 083,67 | 97,00 |
| Avoirs bancaires |  |  |  |  |  |  | 4 825 190,89 | 2,92 |
| Dépositaire (à échéance quotidienne) Avoirs en euro .....................................  | EUR |  |  |  |  |  | 27 392,85 | 0,02 |
| Avoirs en autres devises de l’UE / l’EEE |  |  |  |  |  |  |  |  |
| Livre sterling ......................................  | GBP | 2 054 |  |  |  |  | 2 271,79 | 0,00 |
| Couronne danoise ..................................  | DKK | 6 662 |  |  |  |  | 895,52 | 0,00 |
| Couronne norvégienne ..............................  | NOK | 24 857 |  |  |  |  | 2 360,86 | 0,00 |
| Couronne suédoise .................................  | SEK | 2 262 |  |  |  |  | 225,10 | 0,00 |
| Avoirs en devises autres que celles de l’UE / l’EEE |  |  |  |  |  |  |  |  |
| Dollar australien....................................  | AUD | 4 828 |  |  |  |  | 3 014,09 | 0,00 |
| Real brésilien ......................................  | BRL | 6 502 |  |  |  |  | 1 014,86 | 0,00 |
| Dollar de Hong Kong ................................  | HKD | 193 778 |  |  |  |  | 20 326,38 | 0,01 |
| Roupie indonésienne................................  | IDR | 2 619 630 |  |  |  |  | 151,63 | 0,00 |
| Shekel israélien ....................................  | ILS | 2 669 |  |  |  |  | 676,61 | 0,00 |
| Yen .............................................  | JPY | 1 200 001 |  |  |  |  | 9 470,51 | 0,01 |
| Dollar canadien ....................................  | CAD | 32 684 |  |  |  |  | 20 808,44 | 0,01 |
| Peso mexicain .....................................  | MXN | 3 480 |  |  |  |  | 141,31 | 0,00 |
| Nouveau dollar taïwanais.............................  | TWD | 7 188 499 |  |  |  |  | 208 060,32 | 0,13 |
| Franc suisse ......................................  | CHF | 22 924 |  |  |  |  | 21 123,94 | 0,01 |
| Dollar de Singapour .................................  | SGD | 4 303 |  |  |  |  | 2 643,59 | 0,00 |
| Rand sud-africain ...................................         | ZAR | 4 342 |  |  |  |  | 240,31 | 0,00 |
| Won sud-coréen ...................................  | KRW | 109 035 031 |  |  |  |  | 81 627,22 | 0,05 |
| Baht thaïlandais ....................................  | THB | 79 664 |  |  |  |  | 2 162,40 | 0,00 |
| Dollar américain....................................  | USD | 5 435 767 |  |  |  |  | 4 420 583,16 | 2,68 |
| Autres éléments d’actif |  |  |  |  |  |  | 150 689,91 | 0,09 |
| Droits à dividende / à distribution ......................  |  |  |  |  |  |  | 150 689,91 | 0,09 |

| Dénomination des titres | Unité / actions / | Montant nominal | Achats / entrées | Ventes / sorties | Devise | Cours | Valeur boursière en | Part en % de l´actif |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| devise	ou quantité	pendant la période sous revue	EUR	du fonds |
| À recevoir au titre d’opérations sur actions | 246 497,50 | 0,15 |
| Total des éléments d’actif | 165 722 461,97 | 100,16 |
| Autres engagements | -259 003,67 | -0,16 |
| Engagements découlant des coûts.....................  | -259 003,67 | -0,16 |
| Engagements découlant d’opérations sur actions | -7 381,82 | 0,00 |
| Total des engagements | -266 385,49 | -0,16 |
| Actif du fonds | 165 456 076,48 | 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 FC ........................................  | EUR | 226,45 |
| Classe LC ........................................  | EUR | 212,78 |
| Classe LD ........................................  | EUR | 209,15 |
| Classe NC ........................................  | EUR | 201,25 |
| Classe TFC .......................................  | EUR | 135,62 |
| Classe TFD .......................................  | EUR | 134,00 |
| Nombre d’actions en circulation Classe FC ........................................  | Unité | 160 089,985 |
| Classe LC ........................................  | Unité | 505 273,537 |
| Classe LD ........................................  | Unité | 29 418,179 |
| Classe NC ........................................  | Unité | 77 173,714 |
| Classe TFC .......................................  | Unité | 40,000 |
| Classe TFD .......................................  | Unité | 20,000 |

Composition du portefeuille de référence (conformément à la circulaire CSSF 11/512) MSCI All Countries World Index (EUR)
Risque potentiel au titre du risque de marché (conformément à la circulaire CSSF 11/512)
| Pourcentage minimal du risque potentiel ................  | % | 78,606 |
| --- | --- | --- |
| Pourcentage maximal du risque potentiel................  | % | 108,455 |
| Pourcentage moyen du risque potentiel .................  | % | 87,128 |

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 les prêts de titres	
À la date du rapport, les titres suivants étaient assimilés à des prêts de titres :
Dénomination des titres	Nominal	à durée déterminée	Prêts de titres	Total Nombre d’actions		Valeur boursière en EUR
Devise (en milliers)	à durée indéterminée
Bridgestone Corp.	Unité	90 000	2 403 613,71
Montant total des droits à remboursement issus de prêts de titres	2 403 613,71	2 403 613,71 Parties contractantes des prêts de titres
Barclays Bank Ireland PLC EQ
Montant total des garanties accordées par des tiers dans le cadre de prêts de titres	EUR	2 625 745,39
dont :
Obligations	EUR	1 200 565,46
Actions	EUR	1 425 179,93
 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 |
| Couronne danoise ............... . | DKK | 7,439071 | = | EUR | 1 |
| Livre sterling ................... . | GBP | 0,904087 | = | EUR | 1 |
| Dollar de Hong Kong ............. . | HKD | 9,533348 | = | EUR | 1 |
| Roupie indonésienne............. . | IDR | 17 276,572720 | = | EUR | 1 |
| Shekel israélien ................. . | ILS | 3,944100 | = | 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 |
| Couronne suédoise .............. . | SEK | 10,049801 | = | EUR | 1 |
| Dollar de Singapour .............. . | SGD | 1,627625 | = | EUR | 1 |
| Baht thaïlandais ................. . | THB | 36,840293 | = | EUR | 1 |
| Nouveau dollar taïwanais.......... . | TWD | 34,550071 | = | EUR | 1 |
| Dollar américain................. . | USD | 1,229649 | = | EUR | 1 |
| Rand sud-africain ................ . | ZAR | 18,069697 | = | 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 Luxembourg S.C.A. 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.
 Note	
* Ces valeurs mobilières sont totalement ou partiellement prêtées.
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	2 473 051,31
	- Intérêts sur titres(avant retenue à la source) ....................... EUR	1 026,23

- Intérêts sur placements liquides(avant retenue à la source) ....................... EUR	10 714,17
- Revenus des prêts de titres ......................  EUR	2 688,90
- Déduction de la retenue à la source à l’étranger ......  EUR	-527 846,04Total des revenus ................................  EUR	1 959 634,57
- Dépenses
	- Intérêts d’emprunts et rendements

- Valeur de l’actif du fonds au début de l’exercice....  EUR	165 302 616,04
	- Distribution pour l’exercice précédent ..............  EUR	-2 452,10
	- Décaissement (net) ............................. EUR	-4 102 660,32
	- Régularisation des revenus / dépenses .............  EUR	-1 113 897,03
	- Revenus ordinaires, nets.........................  EUR	-397 263,31
	- Plus-values / moins-values réalisées ................  EUR	9 273 171,43
	- Variation nette des plus-values /moins-values non réalisées .......................  EUR	-3 503 438,23

- Valeur de l’actif du fonds en fin d’exercice ........  EUR	165 456 076,48 Composition des plus-values / moins-values	2020 négatifs de placement........................... EUR	-794,13	
- Commission de gestion..........................  EUR	-2 150 913,85dont :Commission de gestion de base EUR -2 145 408,51Commission d’administration .. EUR	-5 505,34
- Rémunération du dépositaire .....................  EUR	-1 416,98
- Frais d’audit, juridiques et de publication ............  EUR	-46 748,24
- Taxe d‘abonnement............................. EUR	-76 647,81
- Autres dépenses ...............................  EUR	-80 376,87dont :Rémunération liéeaux résultats des prêts ....... EUR		-896,30 autres ..................... EUR	-79 480,57Plus-values / moins-values réalisées(y compris régularisation des revenus)............... EUR	9 273 171,43

| sur : |  |
| --- | --- |
| Opérations sur valeurs mobilières .................  | EUR | 9 290 169,71 |
| Opérations de change (à terme) ..................  | EUR | -295 710,48 |
| Dérivés et autres opérations à terme sur |  |  |
| instruments financiers  1)  ........................  | EUR | 278 712,20 |

1)  
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.
Total des frais sur encours – TFE (BVI)
Le total des frais sur encours des classes de d’actions s’élevait à : classe FC 0,85 % par an,	classe LC 1,62 % par an,
classe LD 1,61 % par an,	classe NC 2,31 % par an,
classe TFC 0,87 % par an,	classe TFD 0,81 % 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 d’actions considérée au cours d’un exercice.
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
classe FC 0,001 % par an,	classe LC 0,001 % par an, classe LD 0,001 % par an,	classe NC 0,001 % par an, classe TFC <0,001 % par an,	classe TFD 0,001 % par an
de l’actif moyen du compartiment, calculé pour chaque classe de d’actions.
Frais de transaction
Les frais de transaction payés au cours de la période sous revue s’élevaient à 36 950,21 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’actif. Les éventuelles taxes sur les transactions financières versées sont prises en compte dans le calcul.
Classe LC
| Total des dépenses ...............................  | EUR | -2 356 897,88 |  |
| --- | --- | --- | --- |
| III. Revenus ordinaires, nets .......................  | EUR | -397 263,31 |  Précisions concernant l’affectation des résultats *	 |
| IV. Opérations de vente Plus-values / moins-values réalisées ...................  | EUR | 9 273 171,43 | Classe FC |
| Résultat des opérations de vente ...................  | EUR | 9 273 171,43 | Le résultat de l’exercice est capitalisé. |
| V. Résultat de l’exercice ..........................  | EUR | 8 875 908,12 |  |
|  |  |  |  |

Le résultat de l’exercice est capitalisé.
Classe LD
Type	au	Devise	Par action
Distribution finale	5 mars 2021	EUR	0,05
Classe NC
Le résultat de l’exercice est capitalisé.
Classe TFC
Le résultat de l’exercice est capitalisé.
Classe TFD
Type	au	Devise	Par action
Distribution finale	5 mars 2021	EUR	0,56
* De plus amples informations figurent dans le prospectus de vente.
Une distribution finale a pour effet que les éventuels résultats ordinaires restants de l’exercice sont capitalisés.
Évolution comparée de l’actif du fonds et de la valeur liquidative sur 3 ans
| Actif du fonds en fin d’exercice 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 165 456 076,48 |
| --- | --- | --- |
| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 165 302 616,04 |
| 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 143 985 875,35 |
| Valeur liquidative en fin d’exercice |  |  |
| 2020 | Classe FC ...............................  | EUR | 226,45 |
|  | Classe LC ...............................  | EUR | 212,78 |
|  | Classe LD ...............................  | EUR | 209,15 |
|  | Classe NC...............................  | EUR | 201,25 |
|  | Classe TFC ..............................  | EUR | 135,62 |
|  | Classe TFD ..............................  | EUR | 134,00 |
| 2019 | Classe FC ...............................  | EUR | 214,61 |
|  | Classe LC ...............................  | EUR | 203,20 |
|  | Classe LD ...............................  | EUR | 199,81 |
|  | Classe NC...............................  | EUR | 193,53 |
|  | Classe TFC ..............................  | EUR | 128,53 |
|  | Classe TFD ..............................  | EUR | 127,74 |
| 2018 | Classe FC ...............................  | EUR | 159,60 |
|  | Classe LC ...............................  | EUR | 152,25 |
|  | Classe LD ...............................  | EUR | 150,22 |
|  | Classe NC...............................  | EUR | 146,02 |
|  | Classe TFC ..............................  | EUR | 95,53 |
|  | Classe TFD ..............................  | EUR | 95,53 |

 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 22,49 % du total des transactions. Cette part s’est élevée au total à 206 044 968,96 euros.

#### Objectif d’investissement et résultat de placement pendant la période sous revue
L’objectif de la politique de placement consiste à générer un résultat d’investissement positif. Pour y parvenir, le compartiment investit dans le monde entier, à des degrés
DWS INVEST II GLOBAL TOTAL RETURN FUND
Performance sur 5 ans
120
115
110
105
100
95
90
85
divers, dans l’ensemble des
12/15*
12/16
12/17	12/18	12/19
12/20
catégories / instruments de
DWS Invest II Global Total Return Fund (classe d‘actions LD)
* 12/2015 = 100
Informations basées sur l’euro
placements autorisés de toutes
les classes d’actifs. La stra- tégie de gestion mise sur les opportunités, c’est-à-dire que l’équipe de gestion du compar- timent évalue la performance de différents instruments et classes de placements. Selon le choix des placements, la struc- ture des placements peut varier d’un placement obligataire à un placement exclusivement axé sur les actions.
Pendant la période sous revue allant de début janvier à fin décembre 2020, le comparti- ment a enregistré une plus-
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 INVEST II GLOBAL TOTAL RETURN FUND
Performance des classes d’actions (en euro)
| Classe d’actions | ISIN | 1 an | 3 ans | 5 ans |
| --- | --- | --- | --- | --- |
| Classe LD | LU1246176181 | 1,4 % | 3,7 % | 12,6 % |
| Classe FD | LU1246175704 | 2,1 % | 6,0 % | 17,0 % |
| Classe ID | LU1246175969 | 2,4 % | 6,9 % | 18,7 % |
| Classe RD | LU1599458475 | 2,7 % | 7,8 % | 11,8 % 1) |
| Classe XD | LU1246176009 | 2,8 % | 8,0 % | 20,7 % |

1) 
Classe RD lancée le 15 mai 2017
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
value de 1,4 % par action (classe d’actions LD, 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
Sur le front des actions, l’équipe de gestion du porte- feuille s’est concentrée princi- palement sur des titres d’entre- prises des pays industrialisés, notamment d’Amérique du Nord et d’Europe, et, dans une moindre mesure, sur les actions de pays émergents. En ce qui concerne l’allocation secto-
rielle, le portefeuille d’actions a été largement diversifié. Grâce à cette orientation, le comparti- ment a tiré profit de l’évolution des marchés des actions.
Sur le plan obligataire, le por- tefeuille du compartiment était globalement diversifié pendant la période sous revue. En ce qui concerne la structure des émetteurs, l’équipe de gestion du portefeuille a investi notam- ment dans des obligations d’entreprises et des obligations à haut rendement (High Yield Bonds) provenant des pays industrialisés, ainsi que dans des obligations des marchés émergents. Dans un contexte
de taux toujours globalement bas pendant la période sous revue, ces instruments de taux se sont révélés beaucoup plus attrayants que, par exemple, les obligations d’État des pays industrialisés en termes de taux d’intérêt.
Dans l’ensemble, l’évolution des marchés internationaux des capitaux a été dominée par de fortes fluctuations au cours de l’exercice écoulé. Les marchés des obligations et les marchés boursiers ont d’abord pu enregistrer des hausses de cours, sur fond de fluctuations,
jusqu’à la mi-février 2020. Cette
évolution a été favorisée not-
amment par la politique moné- taire très souple des banques centrales. Cependant, à mesure que l’année avançait, les mar- chés 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
Japon, par exemple, ont main- tenu leur politique de taux zéro. La Réserve fédérale américaine (Fed) a abaissé son taux d’inté- rêt directeur pendant 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.
tées plus favorablement que les obligations à rendement élevé, ce qui a largement compensé la précédente chute des cours en février / mars 2020. Dans
ce contexte, les titres détenus dans le portefeuille ont pu, dans l’ensemble, enregistrer une performance positive.
s’est propagée en pandémie	Alors que les marchés des	
et a entraîné des restrictions sociales et économiques notables (confinement), dont les conséquences n’étaient pas prévisibles jusqu’à récem- ment. Compte tenu des efforts et des ensembles de mesures entrepris par la communauté internationale des États 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 obligations d’entreprises et des actions dans la seconde moitié du mois de mars 2020. Cette tendance s’est poursuivie – bien que de manière très contrastée – au quatrième trimestre 2020, sti- mulée tout récemment par les demandes d’homologation
de plusieurs vaccins contre la COVID-19. Les banques centrales des pays industria- lisés ont – compte tenu de
l’affaiblissement de l’économie mondiale – soutenu l’évolu- tion des cours sur les marchés financiers grâce à leur poli- tique monétaire extrêmement souple. La Banque centrale européenne et la Banque du
actions aux États-Unis et dans les pays émergents, surtout la Chine, ont en fin de compte enregistré des hausses de cours notables pendant la période sous revue, le marché allemand des actions a clôturé en légère hausse, tandis que les marchés européens des actions ont clôturé en baisse sur l’année. Les différents sec- teurs ont également connu une évolution contrastée. Alors que le secteur de l’énergie a perdu beaucoup de valeur parallèle- ment au prix du pétrole brut, de nombreuses valeurs tech- nologiques ont enregistré de fortes hausses. Ces dernières ont bénéficié de la tendance à long terme vers plus de numé- risation, qui a pris un élan considérable, précisément en raison des conséquences de
la pandémie de COVID-19. Les performances des marchés des obligations ont été miti- gées au cours de la période sous revue. En fin de compte, les obligations d’entreprises de qualité Investment Grade ont enregistré des hausses de cours et se sont donc compor-
* 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 périodesous 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 | 10 265 788,97 | 9,65 |
| Services de télécommunications | 10 277 474,30 | 9,65 |
| Biens de consommation durables | 11 968 867,58 | 11,25 |
| Énergie | 1 296 186,30 | 1,22 |
| Biens de consommation courante | 4 356 774,69 | 4,09 |
| Secteur financier | 4 542 081,55 | 4,27 |
| Matières premières | 4 243 646,77 | 3,98 |
| Industrie | 3 701 480,33 | 3,48 |
| Services aux collectivités | 2 887 530,00 | 2,72 |
| Total actions | 53 539 830,49 | 50,31 |
| 2. Obligations (émetteurs) Entreprises | 2 973 297,03 | 2,79 |
| Administrations centrales | 12 054 871,11 | 11,33 |
| Total des obligations | 15 028 168,14 | 14,12 |
| 3. Parts de fonds Fonds obligataires | 16 615 565,78 | 15,62 |
| Fonds d’actions | 13 766 355,00 | 12,94 |
| Autres fonds | 2 473 876,08 | 2,32 |
| Total des parts de fonds | 32 855 796,86 | 30,88 |
| 4. Dérivés | 789 422,05 | 0,75 |
| 5. Avoirs bancaires | 3 827 455,28 | 3,60 |
| 6. Autres éléments d’actif | 691 975,37 | 0,64 |
| II. Engagements |  |  |
| 1. Autres engagements | -318 825,62 | - 0,30 |
| III. Actif du fonds | 106 413 822,57 | 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 / | Montant nominal | Achats / entrées | Ventes / sorties | Devise | Cours | Valeur boursière en | Part en % de l´actif |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| devise	ou quantité	pendant la période sous revue	EUR	du fonds |
| Valeurs mobilières cotées en bourse |  |  |  |  |  |  | 67 203 138,48 | 63,15 |
| Actions ams AG ..........................................  | Unité | 30 000 | 15 000 |  | CHF | 19,46 | 537 951,97 | 0,51 |
| Nestle SA ........................................  | Unité | 11 500 | 6 100 | 4 600 | CHF | 104,44 | 1 106 736,20 | 1,04 |
| Novartis AG .......................................  | Unité | 9 000 | 6 600 | 3 600 | CHF | 83,16 | 689 662,17 | 0,65 |
| Roche Holding AG ..................................  | Unité | 3 300 |  | 1 700 | CHF | 308,8 | 939 010,92 | 0,88 |
| Zur Rose Group AG .................................  | Unité | 2 500 | 5 100 | 2 600 | CHF | 284,5 | 655 392,84 | 0,62 |
| DSV A/S..........................................  | Unité | 3 000 | 3 000 |  | DKK | 1 028,5 | 414 769,54 | 0,39 |
| Vestas Wind Systems A/S ...........................  | Unité | 1 400 | 1 400 |  | DKK | 1 459 | 274 577,30 | 0,26 |
| Accor SA .........................................  | Unité | 11 000 | 11 000 |  | EUR | 29,91 | 329 010,00 | 0,31 |
| AXA SA ..........................................  | Unité | 40 000 | 11 000 | 15 000 | EUR | 19,718 | 788 720,00 | 0,74 |
| BASF SE .........................................  | Unité | 26 000 | 13 500 | 2 500 | EUR | 64,72 | 1 682 720,00 | 1,58 |
| Bayer AG .........................................  | Unité | 28 000 | 8 000 | 4 000 | EUR | 48,155 | 1 348 340,00 | 1,27 |
| Biocartis NV.......................................  | Unité | 100 000 | 15 000 |  | EUR | 4,675 | 467 500,00 | 0,44 |
| Brenntag AG ......................................  | Unité | 7 300 | 7 300 |  | EUR | 63,34 | 462 382,00 | 0,43 |
| Cie de St-Gobain ...................................  | Unité | 18 000 |  |  | EUR | 38,13 | 686 340,00 | 0,64 |
| Daimler AG .......................................  | Unité | 6 500 | 6 500 |  | EUR | 57,79 | 375 635,00 | 0,35 |
| Deutsche Post AG..................................  | Unité | 8 000 | 8 000 | 18 000 | EUR | 40,5 | 324 000,00 | 0,30 |
| Deutsche Telekom AG ..............................  | Unité | 70 000 | 33 000 | 15 000 | EUR | 14,955 | 1 046 850,00 | 0,98 |
| E.ON SE .........................................  | Unité | 150 000 | 50 000 |  | EUR | 9,064 | 1 359 600,00 | 1,28 |
| Enel SpA .........................................  | Unité | 70 000 |  |  | EUR | 8,319 | 582 330,00 | 0,55 |
| Evonik Industries AG ................................  | Unité | 30 000 | 30 000 | 31 000 | EUR | 26,68 | 800 400,00 | 0,75 |
| Ferrovial SA .......................................  | Unité | 20 000 | 18 604 | 24 000 | EUR | 22,73 | 454 600,00 | 0,43 |
| HeidelbergCement AG ..............................  | Unité | 9 000 | 9 000 |  | EUR | 61,22 | 550 980,00 | 0,52 |
| Infineon Technologies AG ............................  | Unité | 40 000 | 84 000 | 44 000 | EUR | 31,39 | 1 255 600,00 | 1,18 |
| LANXESS AG......................................  | Unité | 12 000 | 12 000 |  | EUR | 62,76 | 753 120,00 | 0,71 |
| LVMH Moet Hennessy Louis Vuitton SE ................  | Unité | 1 600 | 1 800 | 1 400 | EUR | 515,3 | 824 480,00 | 0,77 |
| Merck KGaA ......................................  | Unité | 7 000 | 4 500 | 4 500 | EUR | 140,35 | 982 450,00 | 0,92 |
| Red Electrica Corp., SA ..............................  | Unité | 20 000 | 20 000 |  | EUR | 16,95 | 339 000,00 | 0,32 |
| Royal Dutch Shell PLC ..............................  | Unité | 28 000 | 67 000 | 87 000 | EUR | 14,808 | 414 624,00 | 0,39 |
| Sanofi............................................  | Unité | 8 400 |  | 3 600 | EUR | 78,82 | 662 088,00 | 0,62 |
| STMicroelectronics NV ..............................  | Unité | 16 000 |  | 24 000 | EUR | 30,54 | 488 640,00 | 0,46 |
| Talanx AG ........................................  | Unité | 19 000 | 15 000 | 8 000 | EUR | 31,76 | 603 440,00 | 0,57 |
| TeamViewer AG ...................................  | Unité | 12 400 |  | 21 388 | EUR | 43,83 | 543 492,00 | 0,51 |
| Teleperformance ...................................  | Unité | 3 200 |  |  | EUR | 275,6 | 881 920,00 | 0,83 |
| Total SA ..........................................  | Unité | 17 000 |  | 19 000 | EUR | 35,705 | 606 985,00 | 0,57 |
| Va-Q-tec AG.......................................          | Unité | 8 000 | 8 000 |  | EUR | 30,9 | 247 200,00 | 0,23 |
| Veolia Environnement SA ............................  | Unité | 30 000 | 5 000 |  | EUR | 20,22 | 606 600,00 | 0,57 |
| Volkswagen AG -Pref- ...............................  | Unité | 10 000 | 5 300 | 1 800 | EUR | 152,42 | 1 524 200,00 | 1,43 |
| Vonovia SE .......................................  | Unité | 29 000 | 5 000 | 11 000 | EUR | 59,76 | 1 733 040,00 | 1,63 |
| Worldline SA/France ................................  | Unité | 7 000 | 7 000 |  | EUR | 79,34 | 555 380,00 | 0,52 |
| Compass Group PLC ................................  | Unité | 42 000 | 20 000 |  | GBP | 13,95 | 648 056,85 | 0,61 |
| Ocado Group PLC ..................................  | Unité | 12 000 | 12 000 |  | GBP | 23,2 | 307 934,85 | 0,29 |
| Rentokil Initial PLC .................................  | Unité | 100 000 |  | 30 000 | GBP | 5,192 | 574 280,79 | 0,54 |
| Vodafone Group PLC................................  | Unité | 590 000 |  | 260 000 | GBP | 1,227 | 800 456,06 | 0,75 |
| AIA Group Ltd .....................................  | Unité | 72 000 |  | 58 000 | HKD | 96,3 | 727 299,57 | 0,68 |
| Tencent Holdings Ltd ...............................  | Unité | 17 500 |  | 26 500 | HKD | 559,5 | 1 027 052,61 | 0,96 |
| Keyence Corp. .....................................  | Unité | 1 900 |  | 500 | JPY | 58 000 | 869 707,88 | 0,82 |
| Tomra Systems ASA ................................  | Unité | 10 000 | 10 000 |  | NOK | 422,3 | 401 082,91 | 0,38 |
| AbbVie, Inc. .......................................  | Unité | 8 500 | 13 464 | 4 964 | USD | 106,01 | 732 798,37 | 0,69 |
| Activision Blizzard, Inc. ..............................  | Unité | 8 500 | 8 500 | 16 000 | USD | 92,19 | 637 267,06 | 0,60 |
| Alibaba Group Holding Ltd -ADR- ......................  | Unité | 6 200 |  | 5 800 | USD | 237,2 | 1 195 983,27 | 1,12 |
| Alphabet, Inc. .....................................  | Unité | 1 800 | 500 | 1 200 | USD | 1 749,81 | 2 561 427,87 | 2,41 |
| Amazon.com, Inc. ..................................  | Unité | 400 | 220 | 200 | USD | 3 325,92 | 1 081 908,47 | 1,02 |
| Amgen, Inc. .......................................  | Unité | 1 200 | 4 700 | 3 500 | USD | 227,83 | 222 336,56 | 0,21 |
| AT&T, Inc. ........................................  | Unité | 50 000 |  | 38 000 | USD | 28,54 | 1 160 493,48 | 1,09 |
| Becton Dickinson & Co. .............................  | Unité | 2 600 | 3 000 | 400 | USD | 248,08 | 524 546,31 | 0,49 |
| Broadcom, Inc. ....................................  | Unité | 3 000 | 3 000 |  | USD | 433,6 | 1 057 862,59 | 0,99 |
| Cisco Systems, Inc..................................  | Unité | 22 000 |  | 7 000 | USD | 44,745 | 800 545,32 | 0,75 |
| Horizon Therapeutics Plc.............................  | Unité | 8 000 | 8 000 |  | USD | 71,63 | 466 019,05 | 0,44 |
| Johnson & Johnson.................................  | Unité | 9 800 |  | 1 200 | USD | 155,13 | 1 236 347,63 | 1,16 |
| MasterCard, Inc. ...................................  | Unité | 2 400 |  | 800 | USD | 353,31 | 689 581,98 | 0,65 |
| Microsoft Corp. ....................................  | Unité | 11 000 | 6 500 | 4 500 | USD | 223,17 | 1 996 398,48 | 1,88 |
| Paypal Holdings, Inc. ................................  | Unité | 3 000 | 8 000 | 5 000 | USD | 231,39 | 564 526,81 | 0,53 |
| Pfizer, Inc. ........................................  | Unité | 20 000 | 16 000 | 16 000 | USD | 37,05 | 602 610,84 | 0,57 |
| Pinterest, Inc. .....................................  | Unité | 11 000 | 38 000 | 27 000 | USD | 67,38 | 602 757,22 | 0,57 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- ......  | Unité | 26 000 |  | 4 000 | USD | 109,31 | 2 311 276,87 | 2,17 |
| Teladoc Health Inc. .................................  | Unité | 1 800 | 1 800 |  | USD | 201,17 | 294 479,08 | 0,28 |
| Titres portant intérêt 4,375 % Argentum Netherlands BV 2015/2049 * .........  | EUR | 1 200 000 |  |  | % | 113,806 | 1 365 672,00 | 1,28 |
| 3,25  % Turkey Government International Bond (MTN) 2017/2025 ..........................  | EUR | 700 000 |  |  | % | 101,391 | 709 737,00 | 0,67 |
| 8,375 % Indonesia Treasury Bond 2013/2034............  | IDR | 15 000 000 000 | 12 | 000 000 000 | % | 116,637 | 1 012 674,81 | 0,95 |
| 1,75  % Norway Government Bond (MTN) 2015/2025 ....  | NOK | 14 000 000 |  | 8 000 000 | % | 104,926 | 1 395 160,68 | 1,31 |
| 3,75  % Norway Government Bond 2010/2021 ..........  | NOK | 12 000 000 |  | 10 000 000 | % | 101,38 | 1 155 437,90 | 1,09 |
| 7,60  % Russian Federal Bond - OFZ (MTN) 2011/2021 ...  | RUB | 200 000 000 | 200 000 000 |  | % | 101,068 | 2 195 753,43 | 2,06 |
| 7,00  % Russian Federal Bond - OFZ (MTN) 2013/2023 ...  | RUB | 200 000 000 | 200 000 000 |  | % | 105,374 | 2 289 303,46 | 2,15 |

7,05  % Russian Federal Bond - OFZ 2013/2028 .........	RUB	100 000 000	100 000 000	%	108,001	1 173 188,18	1,10
5,625 % Oman Government International Bond -Reg-
(MTN) 2018/2028 ..........................	USD	1 150 000	450 000	%	102,135	955 193,08	0,90
3,15  % Teva Pharmaceutical Finance Netherlands III BV
(MTN) 2016/2026 ..........................	USD	1 000 000	1 000 000	%	96,87	787 789,65	0,74
6,25  % Turkey Government International Bond
(MTN) 2012/2022 ..........................	USD	600 000	400 000	%	104,889	511 799,58	0,48
5,625 % Turkey Government International Bond 2010/2021	USD	800 000	600 000	%	100,927	656 622,99	0,62
Valeurs autorisées ou négociées sur des marchés réglementés	1 364 860,15	1,28 Actions
BHP Group PLC....................................	Unité	25 000	25 000	GBP	19,71	545 024,77	0,51
Titres portant intérêt
2,00  % Daimler Finance North America LLC -Reg-
(MTN) 2016/2021 ..........................	USD	1 000 000	2 200 000	%	100,811	819 835,38	0,77
Parts de fonds	32 855 796,86	30,88
Parts de fonds du groupe
db Physical Gold ETC EUR - (0,250 %) ..................	Actions	48 500	48 500	EUR	148,63	7 208 555,00	6,77
DWS Invest SICAV - DWS Invest ESG Global Corporate
Bonds -ID- EUR - (0,400 %) ..........................	Actions	16 000	EUR	105,25	1 684 000,00	1,58
DWS Invest SICAV - DWS Invest Euro High Yield
Corporates -RC- EUR - (0,350 %) ......................	Actions	50 000	50 000	EUR	118,9	5 945 000,00	5,59
DWS Invest SICAV - DWS Invest Financial Hybrid Bonds
-FC- EUR - (0,600 %) ................................	Actions	40 000	EUR	126,01	5 040 400,00	4,74
Xtrackers - Xtrackers MSCI China UCITS ETF -1C- USD -
(0,450 %).........................................	Actions	215 000	117 220	EUR	19,64	4 222 600,00	3,97
Xtrackers (IE) plc - Xtrackers MSCI World Financials
UCITS ETF -1C- EUR - (0,150 %) ......................	Actions	100 000	100 000	EUR	16,266	1 626 600,00	1,53
Xtrackers (IE) plc - Xtrackers MSCI World Industrials
UCITS ETF -1C- EUR - (0,150 %) ......................	Actions	20 000	20 000	EUR	35,43	708 600,00	0,67
db Physical Platinum ETC EUR - (0,000 %) ..............	Actions	30 000	25 000	USD	101,4	2 473 876,08	2,32
DWS Invest SICAV - DWS Invest Asian Bonds -RC- USD -
(0,150 %).........................................	Actions	40 000	17 000	USD	121,31	3 946 165,78	3,71
Total du portefeuille-titres	101 423 795,49	95,31
Dérivés
(Les positions précédées d’un signe négatif représentent les positions vendeuses)
| Dérivés sur indices boursiers Créances / dettes |  |  |  |  | -414 290,73 | -0,39 |
| --- | --- | --- | --- | --- | --- | --- |
| Contrats à terme sur indices boursiers Dax Index 03/2021 (MS) .............................  | Unité | -10 |  | 10 | -100 939,96 | -0,09 |
| MSCI World Index 03/2021 (MS) ......................  | Unité | -464 |  | 464 | -157 528,00 | -0,15 |
| S & P MINI 500 Futures 03/2021 (MS) ..................  | Unité | -48 |  | 48 | -155 822,77 | -0,15 |
| Dérivés sur taux d’intérêt Créances / dettes |  |  |  |  | 25 320,00 | 0,03 |
| Contrats à terme sur taux d’intérêt Euro OAT Futures 03/2021 (MS).......................  | Unité | -51 |  | 51 | -44 880,00 | -0,04 |
| Germany Federal Republic Notes 10 year 03/2021 (MS) ....  | Unité | 135 | 135 |  | 70 200,00 | 0,07 |
| Dérivés sur devises Créances / dettes |  |  |  |  | 670 420,44 | 0,63 |
| Opérations de change à terme |  |  |  |  |  |  |
| Opérations de change à terme (Vente) |  |  |  |  |  |  |
| Positions ouvertes EUR/GBP 2,7 millions ...............................  |  |  |  |  | -10 769,74 | -0,01 |
| EUR/USD 24,6 millions ..............................  |  |  |  |  | 165 818,03 | 0,16 |
| Positions clôturées EUR/GBP 2,7 millions ...............................  |  |  |  |  | 45 531,83 | 0,04 |
| EUR/USD 24,6 millions ..............................  |  |  |  |  | 469 840,32 | 0,44 |
| Swaps Créances / dettes |  |  |  |  | 507 972,34 | 0,48 |
| Credit Default Swaps |  |  |  |  |  |  |
| Protection Seller iTraxx Europe / 1 % / 20/06/2025 (OTC) (CIT).............  | Unité | 10 000 000 |  |  | 234 780,10 | 0,22 |
| iTraxx Europe / 1 % / 20/12/2024 (OTC) (CIT).............  | Unité | 12 000 000 |  |  | 273 192,24 | 0,26 |

| Dénomination des titres | Unité / actions / | Montant nominal | Achats / entrées | Ventes / sorties | Devise | Cours | Valeur boursière en | Part en % de l´actif |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | devise | ou quantité | pendant la période sous revue | EUR | du fonds |
| Avoirs bancaires |  |  |  | 3 827 455,28 | 3,60 |
| Dépositaire (à échéance quotidienne) Avoirs en euro .....................................  | EUR |  |  | 2 863 189,70 | 2,69 |
| Avoirs en autres devises de l’UE / l’EEE |  |  |  |  |  |
| Livre sterling ......................................  | GBP | 45 170 |  | 49 962,43 | 0,05 |
| Couronne danoise ..................................  | DKK | 371 980 |  | 50 003,59 | 0,05 |
| Couronne norvégienne ..............................  | NOK | 75 176 |  | 7 139,93 | 0,01 |
| Couronne suédoise .................................  | SEK | 25 866 |  | 2 573,78 | 0,00 |
| Avoirs en devises autres que celles de l’UE / l’EEE |  |  |  |  |  |
| Real brésilien ......................................  | BRL | 234 726 |  | 36 638,25 | 0,03 |
| Dollar de Hong Kong ................................  | HKD | 72 610 |  | 7 616,45 | 0,01 |
| Roupie indonésienne................................  | IDR | 11 615 200 |  | 672,31 | 0,00 |
| Yen .............................................  | JPY | 748 230 |  | 5 905,10 | 0,01 |
| Peso mexicain .....................................  | MXN | 126 573 |  | 5 139,77 | 0,00 |
| Rouble russe ......................................  | RUB | 4 698 502 |  | 51 038,67 | 0,05 |
| Franc suisse ......................................  | CHF | 53 928 |  | 49 692,72 | 0,05 |
| Won sud-coréen ...................................  | KRW | 133 574 |  | 100,00 | 0,00 |
| Livre turque .......................................  | TRY | 46 460 |  | 5 129,56 | 0,00 |
| Dollar américain....................................  | USD | 851 720 |  | 692 653,02 | 0,65 |
| Autres éléments d’actif |  |  |  | 691 975,37 | 0,64 |
| Droits à dividende/à distribution .......................  |  |  |  | 56 746,78 | 0,05 |
| Intérêts à recevoir ..................................  |  |  |  | 291 819,43 | 0,27 |
| À recevoir au titre du dépassement du plafond de charges ..  |  |  |  | 32 165,42 | 0,03 |
| Autres actifs ......................................  |  |  |  | 311 243,74 | 0,29 |
| Total des éléments d’actif ** |  |  |  | 107 202 588,66 | 100,74 |
| Autres engagements |  |  |  | -318 825,62 | -0,30 |
| Engagements découlant des coûts.....................  |  |  |  | -75 097,68 | -0,07 |
| Autres engagements divers ..........................  |  |  |  | -243 727,94 | -0,23 |
| Total des engagements |  |  |  | -788 766,09 | -0,74 |
| Actif du fonds |  |  |  | 106 413 822,57 | 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 FD ........................................  | EUR | 103,45 |
| Classe ID .........................................  | EUR | 103,83 |
| Classe LD ........................................  | EUR | 102,25 |
| Classe RD ........................................  | EUR | 105,35 |
| Classe XD ........................................  | EUR | 104,18 |
| Nombre d’actions en circulation Classe FD ........................................  | Unité | 35 470,000 |
| Classe ID .........................................  | Unité | 105 733,000 |
| Classe LD ........................................  | Unité | 973,717 |
| Classe RD ........................................  | Unité | 870 000,000 |
| Classe XD ........................................  | Unité | 111,000 |

Composition du portefeuille de référence (conformément à la circulaire CSSF 11/512)
25 % MSCI AC World NR, 25 % MSCI AC World NR (hedged en EUR), 25 % Barclays Global Aggregate Bond, 25 % Barclays Global Aggregate Bond (hedged en EUR)
Risque potentiel au titre du risque de marché (conformément à la circulaire CSSF 11/512)
| Pourcentage minimal du risque potentiel ................  | % | 55,485 |
| --- | --- | --- |
| Pourcentage maximal du risque potentiel................  | % | 121,127 |
| Pourcentage moyen du risque potentiel .................  | % | 86,992 |

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 0,8, 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,	
29
à 138 015 622,70 euros.
Abréviations propres aux marchés
Marchés à terme
MS = Morgan Stanley Bank AG
Parties contractantes des produits dérivés (à l’exception des contrats de change à terme)
CIT = Citibank AG
Parties contractantes des opérations de change à terme
Barclays Bank Ireland PLC, HSBC France, Morgan Stanley Europe SE, Royal Bank of Canada (UK) et Société Générale
Taux de change (cotation au certain)
au 30 décembre 2020
| Real brésilien ....................  | BRL | 6,406596 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Franc suisse ....................  | CHF | 1,085227 | = | 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 |
| Roupie indonésienne..............  | IDR | 17 276,572720 | = | 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 |
| Livre turque .....................  | TRY | 9,057289 | = | 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 Luxembourg S.C.A. 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 contenues dans le 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. Aucun droit d’entrée ou de sortie n’a été payé au cours de la période sous revue.
Notes
* Taux d’intérêt variable..
** Ne contient aucune position négative.
 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	1 170 177,30
	- Intérêts sur titres(avant retenue à la source) ....................... EUR	1 065 126,49

- Intérêts sur placements liquides(avant retenue à la source) ....................... EUR	3 090,17
- Revenus des parts de fonds de placement ..........  EUR	34 711,55
- Revenus des prêts de titres ......................  EUR	29 349,10Frais de transactionLes frais de transaction payés au cours de la période sous revue s’élevaient à 66 199,73 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’actif. Les éventuelles taxes sur les transactions financières versées sont prises en compte dans le calcul.
Évolution de l’actif du fonds	2020
- Déduction de la retenue à la source à l’étranger ......  EUR	-206 491,98	Total des revenus ................................  EUR	2 095 962,63
- Dépenses

| I. Valeur de l’actif du fonds au début de l’exercice....  | EUR | 163 537 500,73 |
| --- | --- | --- |
| 1. Distribution pour l’exercice précédent ..............  | EUR | -2 974 376,40 |
| 2. Décaissement (net) .............................  | EUR | -51 441 216,94 |
| 3. Régularisation des revenus / dépenses .............  | EUR | 241 557,74 |
| 4. Revenus ordinaires, nets.........................  | EUR | 1 768 919,89 |
| 5. Plus-values / moins-values réalisées ................  | EUR | -819 048,54 |
| 6. Variation nette des plus-values / |  |  |

- Intérêts d’emprunts et rendementsnégatifs de placement........................... EUR	-41 780,72
- Commission de gestion.......................... EUR	-195 737,74 dont :

| Commission de gestion de base | EUR | -228 505,03 |
| --- | --- | --- |
| Revenus découlant |  |  |
| du plafond de charges	EUR | 29 739,48 |  |
| Commission d’administration  1)  . EUR | 3 027,81 |  |

moins-values non réalisées .......................  EUR	-3 899 513,91
- Valeur de l’actif du fonds en fin d’exercice ........  EUR	106 413 822,57

| 3. Rémunération du dépositaire  1)  ....................  | EUR | 586,02 |
| --- | --- | --- |
| 4. Frais d’audit, juridiques et de publication ............  | EUR | -48 682,40 |
| 5. Taxe d‘abonnement.............................  | EUR | -9 000,77 |
| 6. Autres dépenses ...............................  | EUR | -32 427,13 |

 Composition des plus-values / moins-values	2020 
dont :
Rémunération liée
aux résultats des prêts ....... EUR		-9 783,03 autres ..................... EUR	-22 644,10
| Total des dépenses ...............................  | EUR | -327 042,74 |
| --- | --- | --- |
| III. Revenus ordinaires, nets .......................  | EUR | 1 768 919,89 |
| IV. Opérations de vente Plus-values / moins-values réalisées ...................  | EUR | -819 048,54 |
| Résultat des opérations de vente ...................  | EUR | -819 048,54 |
| V. Résultat de l’exercice ..........................  | EUR | 949 871,35 |

1) 
L’inscription comprend les revenus découlant de la liquidation de régularisations suré- valuées et/ou les effets des revenus découlant de la régularisation des dépenses.
Total des frais sur encours – TFE (BVI)
Le total des frais sur encours des classes de d’actions s’élevait à :
classe FD 0,79 % par an,	classe ID 0,51 % par an, classe LD 1,54 % par an,	classe RD 0,22 % par an, classe XD 0,18 % 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.
D’autres frais, droits et commissions sont occasionnés au niveau des fonds cibles. Le fonds a investi plus de 20 % de ses avoirs dans des fonds cibles. Dans la mesure où les compartiments publient un TFE, celui-ci est pris en compte au niveau du fonds (TFE synthétique). En cas de non publication d’un TFE au niveau du fonds cible, la commission de gestion / les frais forfaitaires sont pris en compte pour le calcul. Ce TFE synthétique s’élevait à :
classe FD 0,90 % par an,	classe ID 0,62 % par an,
classe LD 1,65 % par an,	classe RD 0,33 % par an, classe XD 0,29 % par an.
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
classe FD 0,014 % par an,	classe ID 0,013 % par an, classe LD 0,014 % par an,	classe RD 0,013 % par an, classe XD 0,018 % par an
de l’actif moyen du compartiment, calculé pour chaque classe de d’actions.
Plus-values / moins-values réalisées
(y compris régularisation des revenus)............... EUR	-819 048,54
| sur : |  |
| --- | --- |
| Opérations sur valeurs mobilières .................  | EUR | 1 559 448,14 |
| Opérations de change (à terme) ..................  | EUR | 1 411 223,41 |
| Dérivés et autres opérations à terme sur |  |  |
| instruments financiers  2)  ........................  | EUR | -3 789 720,08 |

2) 
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..
Évolution comparée de l’actif du fonds et de la valeur liquidative sur 3 ans
 Précisions concernant l’affectation des résultats *	
Classe FD
| Type | au | Devise | Par action | Actif du fonds en fin d’exercice 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 106 413 822,57 |
| --- | --- | --- | --- | --- | --- | --- |
| Distribution finale | 5 mars 2021 | EUR | 1,18 | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 163 537 500,73 |
|  |  |  |  | 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 154 744 973,23 |
| Classe ID |  |  |  | Valeur liquidative en fin d’exercice |  |  |
| Type | au | Devise | Par action | 2020	Classe FD ...............................  Classe ID ...............................  | EUR EUR | 103,45 103,83 |

Distribution finale	5 mars 2021	EUR	1,45
Classe LD
Type	au	Devise	Par action
Classe LD ...............................  EUR	102,25
Classe RD............................... EUR	105,35
Classe XD ............................... EUR	104,18
2019	Classe FD ............................... EUR	102,71
Classe ID ............................... EUR	103,10
Classe LD ...............................  EUR	101,52
| Distribution finale | 5 mars 2021 | EUR | 0,44 |  | Classe RD...............................  Classe XD ...............................  | EUR EUR | 104,59 103,42 |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | 2018 | Classe FD ...............................  | EUR | 93,55 |

Classe RD
Type	au	Devise	Par action
Distribution finale	5 mars 2021	EUR	1,76
Classe XD
Type	au	Devise	Par action
Distribution finale	5 mars 2021	EUR	0,05
* De plus amples informations figurent dans le prospectus de vente.
Une distribution finale a pour effet que les éventuels résultats ordinaires restants de l’exercice sont capitalisés.
|  | Classe ID ...............................  | EUR | 93,93 |
| --- | --- | --- | --- |
| Classe LD ...............................  | EUR | 92,46 |
|  | Classe RD...............................  | EUR | 95,32 |

Classe XD ............................... EUR	94,26
 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 0,11 % du total des transactions. Cette part s’est élevée au total à 2 129 965,10 euros.

#### Objectif d’investissement et résultat de placement pendant la période sous revue
Le compartiment DWS Invest II US Top Dividend a pour objec- tif de générer une plus-value récurrente à moyen et long terme. Dans le cadre de sa poli- tique de placement, le compar-
DWS INVEST II US TOP DIVIDEND
Performance sur 5 ans
136
130
124
118
112
106
100
94
timent a investi principalement
12/15*
12/16
12/17	12/18	12/19
12/20
dans des actions américaines
DWS Invest II US Top Dividend (classe d‘actions LC)
* 12/2015 = 100
Informations basées sur l’euro
dont les données fondamen-
tales, telles que la qualité du bilan et le modèle de gestion, permettaient, selon l’équipe de gestion du portefeuille, d’espérer des rendements de
dividendes attrayants basés sur des cash flows durables supé- rieurs à la moyenne.
Pendant l’exercice allant
de début janvier à fin décembre 2020, le comparti- ment a enregistré une moins- value de 11,1 % par action (classe d’actions LC, calculée d’après la méthode de la BVI, l’Association fédérale des sociétés d’investissement allemandes, en euro).

#### Politique de placement pendant la période sous revue
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 INVEST II US TOP DIVIDEND
Performance des classes d’actions (en euro)
| Classe d’actions | ISIN | 1 an | 3 ans | 5 ans |
| --- | --- | --- | --- | --- |
| Classe LC | LU0781238778 | -11,1 % | 7,5 % | 18,9 % |
| Classe FC | LU0781239156 | -10,5 % | 9,9 % | 23,4 % |
| Classe FD | LU0781239230 | -10,4 % | 9,9 % | 23,5 % |
| Classe LCH (P) | LU0781239586 | -4,4 % | 2,2 % | 20,1 % |
| Classe LD | LU0781238851 | -11,1 % | 7,5 % | 18,9 % |
| Classe NC | LU0781238935 | -11,7 % | 5,2 % | 14,8 % |
| Classe NCH (P) | LU0781239743 | -5,1 % | 0,1 % | 16,0 % |
| Classe TFC | LU1663960422 | -10,4 % | 9,6 % 1) | – |
| Classe TFD | LU1663960695 | -10,4 % | 9,8 % 1) | – |
| Classe USD LC 2) | LU0781240089 | -2,4 % | 10,2 % | 33,8 % |

1) 
Classes TFC et TFD lancées le 15 janvier 2018 (premier calcul de la valeur liquidative le 16 janvier 2018)
2) 
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
Au cours de la période sous revue, la propagation mondiale du coronavirus* à partir de février 2020 a d’abord provo- qué une forte baisse des cours sur les marchés mondiaux des actions dans tous les secteurs. Par la suite, au cours de l’exer- cice, les cours des actions sont repartis à la hausse, notam- ment sur le marché américain des actions, dans un contexte de signes de reprise écono- mique et de développement de
vaccins contre le coronavirus. En particulier les entreprises qui ont été moins gravement touchées par la pandémie de COVID-19 et les restrictions associées, voire qui ont bénéfi- cié de la situation, ont participé au redressement du cours des actions.
Toutefois, pour des raisons stra- tégiques, le compartiment s’est concentré sur des valeurs plus défensives dans les segments
des biens de consommation courante et de la santé, entre autres, qui laissaient entrevoir des revenus de dividendes supérieurs à la moyenne mais qui n’ont pas bénéficié du redressement des cours sur le marché des actions américain dans la même mesure que
les valeurs plus cycliques et orientées vers la croissance. Au niveau sectoriel, le secteur financier a également été l’un des segments les moins per-
formants au cours de la période sous revue, avec le secteur de l’énergie.
En revanche, les valeurs du secteur des technologies de l’information ont apporté une contribution supérieure à la moyenne à la performance du compartiment. Au niveau des titres individuels, Microsoft a été l’une des valeurs les plus performantes. La participation dans la société biopharma- ceutique Abbvie a également connu une évolution réjouis- sante. La chaîne de magasins de vente au détail Tractor Supply et Broadridge Finan- cial Solutions, un fournisseur de services financiers, entre autres, ont également apporté une contribution positive à la performance.
En revanche, les actions du croisiériste Carnival, de la société pharmaceutique Merck et de la compagnie pétrolière Exxon Mobil ont enregistré des performances inférieures à la moyenne. La position dans le groupe de télécommunications AT&T est également restée à
la traîne en ce qui concerne la performance du cours de l’action au cours du dernier exercice.
* 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 | 24 145 707,00 | 7,64 |
| Services de télécommunications | 27 959 423,00 | 8,84 |
| Biens de consommation durables | 109 066 138,96 | 34,48 |
| Énergie | 16 450 536,99 | 5,19 |
| Biens de consommation courante | 22 501 317,69 | 7,10 |
| Secteur financier | 42 065 901,42 | 13,31 |
| Matières premières | 5 474 805,40 | 1,74 |
| Industrie | 36 406 646,38 | 11,50 |
| Services aux collectivités | 21 092 930,03 | 6,65 |
| Total actions | 305 163 406,87 | 96,45 |
| 2. Parts de fonds Autres fonds | 9 903 131,75 | 3,13 |
| Total des parts de fonds | 9 903 131,75 | 3,13 |
| 3. Dérivés | 212 905,41 | 0,07 |
| 4. Avoirs bancaires | 1 275 100,66 | 0,40 |
| 5. Autres éléments d’actif | 601 477,53 | 0,19 |
| 6. À recevoir au titre d’opérations sur actions | 21 031,60 | 0,01 |
| II. Engagements |  |  |
| 1. Autres engagements | -463 651,61 | - 0,15 |
| 2. Engagements découlant d’opérations sur actions | -313 023,53 | - 0,10 |
| III. Actif du fonds | 316 400 378,68 | 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 / | Montant nominal | Achats / entrées | Ventes / sorties | Devise | Cours | Valeur boursière en | Part en % de l´actif |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| devise	ou quantité	pendant la période sous revue	EUR	du fonds |
| Valeurs mobilières cotées en bourse |  |  |  |  |  |  | 305 163 406,87 | 96,45 |
| Actions Canadian Imperial Bank of Commerce/Canada ............  | Unité | 43 558 | 29 725 | 16 583 | CAD | 110,04 | 3 051 598,07 | 0,96 |
| Canadian National Railway Co. ........................  | Unité | 41 109 | 1 340 | 32 734 | CAD | 141,72 | 3 709 171,17 | 1,17 |
| National Bank of Canada .............................  | Unité | 21 055 | 42 020 | 20 965 | CAD | 71,93 | 964 215,54 | 0,31 |
| Toronto-Dominion Bank/The ..........................       | Unité | 52 193 | 1 721 | 14 164 | CAD | 72,44 | 2 407 129,87 | 0,76 |
| 3M Co............................................  | Unité | 30 678 | 10 542 | 14 075 | USD | 174,65 | 4 357 268,92 | 1,38 |
| AbbVie, Inc. .......................................  | Unité | 75 024 | 83 884 | 8 860 | USD | 106,01 | 6 467 937,01 | 2,04 |
| Air Products & Chemicals, Inc. ........................  | Unité | 11 949 | 507 | 6 271 | USD | 271,84 | 2 641 579,31 | 0,84 |
| Allstate Corp./The ..................................  | Unité | 32 464 | 33 111 | 647 | USD | 108,45 | 2 863 190,98 | 0,91 |
| Altria Group, Inc. ...................................  | Unité | 220 003 | 81 864 | 38 360 | USD | 40,39 | 7 226 386,53 | 2,28 |
| Amdocs Ltd .......................................  | Unité | 36 339 | 1 224 | 25 565 | USD | 70,05 | 2 070 140,60 | 0,65 |
| American Water Works Co., Inc........................  | Unité | 27 805 | 32 749 | 4 944 | USD | 150,37 | 3 400 187,22 | 1,07 |
| AmerisourceBergen Corp.............................  | Unité | 22 330 | 9 266 | 2 133 | USD | 96,75 | 1 756 946,06 | 0,56 |
| Amgen, Inc. .......................................  | Unité | 31 973 | 1 128 | 8 597 | USD | 227,83 | 5 923 972,44 | 1,87 |
| AT&T, Inc. ........................................  | Unité | 369 699 | 29 116 | 69 308 | USD | 28,54 | 8 580 665,58 | 2,71 |
| Baker Hughes Co. ..................................  | Unité | 142 540 | 142 540 |  | USD | 21,12 | 2 448 214,13 | 0,77 |
| Bank of America Corp. ..............................  | Unité | 141 730 | 42 999 | 116 127 | USD | 30,03 | 3 461 272,97 | 1,09 |
| Bristol-Myers Squibb Co..............................  | Unité | 115 876 | 4 109 | 31 848 | USD | 62 | 5 842 569,89 | 1,85 |
| Broadcom, Inc. ....................................  | Unité | 5 888 | 372 | 7 481 | USD | 433,6 | 2 076 231,65 | 0,66 |
| Broadridge Financial Solutions, Inc. ....................  | Unité | 39 070 | 12 577 | 7 290 | USD | 152,12 | 4 833 352,39 | 1,53 |
| Carnival Corp. .....................................  | Unité | 114 531 | 42 271 | 18 467 | USD | 21,6 | 2 011 849,71 | 0,64 |
| Charles Schwab Corp./The ...........................  | Unité | 9 442 | 298 | 1 269 | USD | 52,85 | 405 814,65 | 0,13 |
| Chevron Corp. .....................................  | Unité | 34 717 | 10 322 | 3 385 | USD | 85,63 | 2 417 613,46 | 0,76 |
| Chubb Ltd ........................................  | Unité | 37 572 | 8 392 | 7 914 | USD | 152,04 | 4 645 590,30 | 1,47 |
| Cisco Systems, Inc..................................  | Unité | 76 564 | 2 987 | 65 758 | USD | 44,745 | 2 786 043,28 | 0,88 |
| Citigroup, Inc. .....................................  | Unité | 47 183 | 51 298 | 4 115 | USD | 60,76 | 2 331 428,21 | 0,74 |
| Citizens Financial Group, Inc. .........................  | Unité | 60 312 | 31 292 | 104 832 | USD | 35,19 | 1 726 003,73 | 0,55 |
| Clorox Co./The.....................................  | Unité | 13 362 | 461 | 7 238 | USD | 201,43 | 2 188 841,69 | 0,69 |
| CME Group, Inc. ...................................  | Unité | 15 771 | 17 064 | 1 293 | USD | 179,12 | 2 297 322,91 | 0,73 |
| CMS Energy Corp...................................  | Unité | 78 869 | 2 489 | 13 426 | USD | 59,37 | 3 807 957,70 | 1,20 |
| Coca-Cola Co./The ..................................  | Unité | 141 429 | 25 503 | 51 166 | USD | 54,29 | 6 244 203,44 | 1,97 |
| Comcast Corp......................................  | Unité | 95 838 | 48 494 | 23 925 | USD | 51,76 | 4 034 137,92 | 1,28 |
| ConocoPhillips .....................................  | Unité | 55 973 | 1 885 | 11 800 | USD | 39,75 | 1 809 399,43 | 0,57 |
| Corning, Inc. ......................................  | Unité | 66 954 | 42 973 | 62 821 | USD | 36,1 | 1 965 633,12 | 0,62 |
| Dow, Inc. .........................................  | Unité | 16 670 | 590 | 30 559 | USD | 55,03 | 746 025,80 | 0,24 |
| DTE Energy Co. ....................................  | Unité | 20 287 | 640 | 2 725 | USD | 119,44 | 1 970 544,99 | 0,62 |
| Dupont De Nemours, Inc. ............................  | Unité | 15 382 | 551 | 14 452 | USD | 70,24 | 878 650,26 | 0,28 |
| Eli Lilly & Co. ......................................  | Unité | 41 606 | 18 208 | 8 471 | USD | 167,92 | 5 681 684,60 | 1,80 |
| Emerson Electric Co.................................  | Unité | 17 952 | 566 | 28 368 | USD | 80,04 | 1 168 526,73 | 0,37 |
| EOG Resources, Inc. ................................  | Unité | 51 022 | 60 989 | 9 967 | USD | 49,55 | 2 055 984,65 | 0,65 |
| Eversource Energy .................................  | Unité | 40 177 | 40 616 | 439 | USD | 85,38 | 2 789 667,14 | 0,88 |
| Exxon Mobil Corp. ..................................  | Unité | 135 469 |  | 25 463 | USD | 42,01 | 4 628 191,69 | 1,46 |
| Fidelity National Information Services, Inc. ...............  | Unité | 10 649 | 10 649 |  | USD | 140,59 | 1 217 536,50 | 0,39 |
| First American Financial Corp..........................  | Unité | 32 678 | 32 678 |  | USD | 51,39 | 1 365 692,16 | 0,43 |
| FNF Group ........................................  | Unité | 32 465 | 32 465 |  | USD | 39,24 | 1 036 008,07 | 0,33 |
| Genuine Parts Co. ..................................  | Unité | 12 472 | 23 246 | 10 774 | USD | 100,22 | 1 016 504,33 | 0,32 |
| Gilead Sciences, Inc. ................................  | Unité | 81 353 | 9 922 | 13 377 | USD | 56,91 | 3 765 137,93 | 1,19 |
| Hasbro, Inc. .......................................  | Unité | 58 878 | 66 418 | 7 540 | USD | 94,11 | 4 506 169,82 | 1,42 |
| Home Depot, Inc./The ...............................  | Unité | 12 761 | 447 | 6 702 | USD | 265,35 | 2 753 737,46 | 0,87 |
| HP, Inc. ..........................................  | Unité | 106 919 | 31 996 | 138 116 | USD | 24,39 | 2 120 730,20 | 0,67 |
| Huntsman Corp. ...................................  | Unité | 58 085 | 1 952 | 12 098 | USD | 25,27 | 1 193 680,14 | 0,38 |
| Intel Corp. ........................................  | Unité | 122 919 | 45 229 | 35 041 | USD | 48,99 | 4 897 170,10 | 1,55 |
| Johnson & Johnson.................................  | Unité | 73 167 | 2 478 | 15 906 | USD | 155,13 | 9 230 596,62 | 2,92 |
| JPMorgan Chase & Co...............................  | Unité | 38 613 | 1 302 | 27 966 | USD | 125,12 | 3 928 972,71 | 1,24 |
| Las Vegas Sands Corp. ..............................  | Unité | 31 391 | 1 122 | 46 778 | USD | 59,06 | 1 507 708,30 | 0,48 |
| Lockheed Martin Corp. ..............................  | Unité | 15 570 | 527 | 3 397 | USD | 355,74 | 4 504 432,10 | 1,42 |
| Marsh & McLennan Cos, Inc. .........................  | Unité | 58 544 | 1 847 | 7 868 | USD | 115,1 | 5 479 948,13 | 1,73 |
| Medtronic PLC ....................................  | Unité | 44 752 | 1 540 | 25 984 | USD | 116,4 | 4 236 275,16 | 1,34 |
| Merck & Co., Inc. ..................................  | Unité | 148 837 | 20 945 | 119 992 | USD | 81,565 | 9 872 644,07 | 3,12 |
| Microsoft Corp. ....................................  | Unité | 20 939 | 3 111 | 41 493 | USD | 223,17 | 3 800 235,25 | 1,20 |
| Mondelez International, Inc. ..........................  | Unité | 64 146 | 2 226 | 15 886 | USD | 58,09 | 3 030 328,34 | 0,96 |
| Motorola Solutions, Inc. .............................  | Unité | 35 213 | 7 133 | 15 872 | USD | 167,72 | 4 802 933,93 | 1,52 |
| National Instruments Corp. ...........................  | Unité | 57 960 | 67 737 | 9 777 | USD | 43,8 | 2 064 530,10 | 0,65 |
| Newmont Mining Corp...............................  | Unité | 24 727 | 25 220 | 493 | USD | 60,1 | 1 208 550,03 | 0,38 |
| Northrop Grumman Corp. ............................  | Unité | 8 421 | 8 536 | 115 | USD | 305,5 | 2 092 153,83 | 0,66 |
| PepsiCo, Inc. ......................................  | Unité | 81 165 | 2 731 | 25 186 | USD | 147,02 | 9 704 293,95 | 3,07 |
| Pfizer, Inc. ........................................  | Unité | 270 515 | 9 145 | 90 896 | USD | 37,05 | 8 150 763,57 | 2,58 |
| Philip Morris International, Inc. ........................  | Unité | 132 578 | 4 560 | 31 363 | USD | 81,511 | 8 788 331,21 | 2,78 |
| Phillips 66 ........................................  | Unité | 20 241 | 686 | 4 418 | USD | 70,17 | 1 155 053,69 | 0,37 |
| Procter & Gamble Co. ...............................  | Unité | 97 433 | 3 281 | 28 486 | USD | 138,26 | 10 955 226,45 | 3,46 |
| Prudential Financial, Inc. .............................  | Unité | 27 802 | 1 028 | 13 957 | USD | 77,47 | 1 751 573,34 | 0,55 |
| Public Service Enterprise Group, Inc. ...................  | Unité | 57 847 | 39 604 | 16 603 | USD | 57,41 | 2 700 767,01 | 0,85 |
| QUALCOMM, Inc...................................  | Unité | 7 449 | 7 449 |  | USD | 149,81 | 907 522,73 | 0,29 |
| Raytheon Technologies Corp. .........................  | Unité | 130 118 | 156 599 | 26 481 | USD | 71,4 | 7 555 345,39 | 2,39 |
| Regions Financial Corp. ..............................  | Unité | 124 708 | 61 764 | 183 306 | USD | 15,94 | 1 616 595,49 | 0,51 |
| Republic Services, Inc. ..............................  | Unité | 41 380 | 1 407 | 9 216 | USD | 96,08 | 3 233 271,78 | 1,02 |

| Rockwell Automation, Inc. ...........................  | Unité | 4 937 | 228 | 11 591 | USD | 248,96 | 999 565,91 | 0,32 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Royal Caribbean Cruises Ltd ..........................  | Unité | 17 821 | 22 567 | 4 746 | USD | 72,29 | 1 047 680,90 | 0,33 |
| Schlumberger Ltd ..................................  | Unité | 59 436 | 1 875 | 7 987 | USD | 21,83 | 1 055 169,04 | 0,33 |
| TE Connectivity Ltd .................................  | Unité | 20 843 | 9 821 | 6 560 | USD | 120,06 | 2 035 060,38 | 0,64 |
| Texas Instruments, Inc...............................  | Unité | 16 789 | 3 036 | 10 868 | USD | 162,8 | 2 222 787,58 | 0,70 |
| Tractor Supply Co. ..................................  | Unité | 24 265 | 10 625 | 11 923 | USD | 143,24 | 2 826 593,39 | 0,89 |
| Travelers Cos, Inc./The ..............................  | Unité | 17 256 | 544 | 2 319 | USD | 139,47 | 1 957 220,09 | 0,62 |
| Truist Financial Corp. ................................  | Unité | 20 229 | 1 286 | 47 764 | USD | 47,19 | 776 324,20 | 0,25 |
| UGI Corp..........................................  | Unité | 102 428 | 131 415 | 28 987 | USD | 34,84 | 2 902 121,37 | 0,92 |
| Vail Resorts, Inc. ...................................  | Unité | 8 060 | 271 | 1 674 | USD | 272,37 | 1 785 307,56 | 0,56 |
| Valero Energy Corp..................................  | Unité | 19 111 | 603 | 2 569 | USD | 56,68 | 880 910,90 | 0,28 |
| Verizon Communications, Inc..........................  | Unité | 121 975 | 24 099 | 43 571 | USD | 58,37 | 5 790 009,17 | 1,83 |
| VF Corp...........................................  | Unité | 17 345 | 18 762 | 1 417 | USD | 86,05 | 1 213 790,99 | 0,38 |
| Wal-Mart Stores, Inc. ...............................  | Unité | 32 636 | 1 081 | 6 225 | USD | 144,38 | 3 831 975,23 | 1,21 |
| Waste Management, Inc. ............................  | Unité | 36 633 | 1 275 | 9 219 | USD | 117,27 | 3 493 639,93 | 1,10 |
| WEC Energy Group, Inc. .............................  | Unité | 47 866 | 1 619 | 20 194 | USD | 90,47 | 3 521 684,60 | 1,11 |
| Parts de fonds |  |  |  |  |  |  | 9 903 131,75 | 3,13 |
| Parts de fonds du groupe Deutsche Global Liquidity Series Plc - Managed Euro Fund -Z- EUR - (0,100 %) ............................  | Actions | 448 | 7 064 | 8 850 | EUR | 9 791,241 | 4 386 475,83 | 1,39 |
| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0,100 %) ...............  | Actions | 653 | 8 324 | 8 103 | USD | 10 394,13 | 5 516 655,92 | 1,74 |
| Total du portefeuille-titres |  |  |  |  |  |  | 315 066 538,62 | 99,58 |

Dérivés
(Les positions précédées d’un signe négatif représentent les positions vendeuses)
| Dérivés sur devises Créances / dettes |  |  | 212 905,41 | 0,07 |
| --- | --- | --- | --- | --- |
| Opérations de change à terme |  |  |  |  |
| Opérations de change à terme (Achat) |  |  |  |  |
| Positions ouvertes EUR / CAD 0,2 million ...............................  |  |  | 2 904,92 | 0,00 |
| Positions clôturées EUR / USD 6,8 millions ..............................  |  |  | 210 000,49 | 0,07 |
| Avoirs bancaires |  |  | 1 275 100,66 | 0,40 |
| Dépositaire (à échéance quotidienne) Avoirs en euro .....................................  | EUR |  | 491 784,20 | 0,15 |
| Avoirs en autres devises de l’UE / l’EEE |  |  |  |  |
| Couronne norvégienne ..............................  | NOK | 1 | 0,08 | 0,00 |
| Avoirs en devises autres que celles de l’UE / l’EEE |  |  |  |  |
| Dollar canadien ....................................  | CAD | 90 445 | 57 582,87 | 0,02 |
| Dollar américain....................................  | USD | 892 398 | 725 733,51 | 0,23 |
| Autres éléments d’actif |  |  | 601 477,53 | 0,19 |
| Droits à dividende / à distribution ......................  |  |  | 601 477,53 | 0,19 |
| À recevoir au titre d’opérations sur actions |  |  | 21 031,60 | 0,01 |
| Total des éléments d’actif |  |  | 317 177 053,82 | 100,25 |
| Autres engagements |  |  | -463 651,61 | -0,15 |
| Engagements découlant des coûts.....................  |  |  | -463 651,61 | -0,15 |
| Engagements découlant d’opérations sur actions |  |  | -313 023,53 | -0,10 |
| Total des engagements |  |  | -776 675,14 | -0,25 |
| Actif du fonds |  |  | 316 400 378,68 | 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 FC ........................................  | EUR | 212,51 |
| Classe FD ........................................  | EUR | 154,34 |
| Classe LC ........................................  | EUR | 198,82 |
| Classe LCH(P) .....................................  | EUR | 134,79 |
| Classe LD ........................................  | EUR | 169,93 |
| Classe NC ........................................  | EUR | 187,23 |
| Classe NCH(P) .....................................  | EUR | 127,96 |
| Classe TFC .......................................  | EUR | 109,64 |
| Classe TFD .......................................  | EUR | 104,93 |
| Classe USD LC ....................................  | USD | 149,41 |
| Nombre d’actions en circulation Classe FC ........................................  | Unité | 382 726,557 |
| Classe FD ........................................  | Unité | 1 699,167 |
| Classe LC ........................................  | Unité | 46 308,005 |
| Classe LCH(P) .....................................  | Unité | 49 603,471 |
| Classe LD ........................................  | Unité | 829 894,635 |
| Classe NC ........................................  | Unité | 40 157,995 |
| Classe NCH(P) .....................................  | Unité | 1 885,899 |
| Classe TFC .......................................  | Unité | 120,012 |
| Classe TFD .......................................  | Unité | 20,000 |
| Classe USD LC ....................................  | Unité | 577 040,957 |

Composition du portefeuille de référence (conformément à la circulaire CSSF 11/512) MSCI USA High Dividend Yield en EUR
Risque potentiel au titre du risque de marché (conformément à la circulaire CSSF 11/512)
| Pourcentage minimal du risque potentiel ................  | % | 90,501 |
| --- | --- | --- |
| Pourcentage maximal du risque potentiel................  | % | 105,074 |
| Pourcentage moyen du risque potentiel .................  | % | 98,107 |

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. Sans prendre en compte, le cas échéant, le niveau des classes d’actions à des fins de couverture contre le risque de change des opérations de change à terme conclues.
 Taux de change (cotation au certain)	
au 30 décembre 2020
| Dollar canadien	CAD | 1,570693 | = EUR | 1 |
| --- | --- | --- | --- |
| Couronne norvégienne	NOK | 10,528995 | = 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 Luxembourg S.C.A. 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 contenues dans le 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. Aucun droit d’entrée ou de sortie n’a été payé au cours de la période sous revue.
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	10 260 439,60
	- Intérêts sur placements liquides(avant retenue à la source) ....................... EUR	6 027,52

- Revenus des prêts de titres ......................  EUR	24 379,27
- Déduction de la retenue à la source à l’étranger ......  EUR	-2 775 699,30Total des revenus ................................  EUR	7 515 147,09
- Dépenses
	- Intérêts d’emprunts et rendementsnégatifs de placement........................... EUR	-4 158,08

- Commission de gestion..........................  EUR	-4 182 085,40dont :Commission de gestion de base EUR -4 178 435,42Commission d’administration .. EUR	-3 649,98
- Rémunération du dépositaire .....................  EUR	-857,44
- Frais d’audit, juridiques et de publication ............  EUR	-70 659,85
- Taxe d‘abonnement............................. EUR	-144 260,93
- Autres dépenses ...............................  EUR	-75 982,50dont :Rémunération liéeaux résultats des prêts ....... EUR		-8 126,42 autres ..................... EUR	-67 856,08

| Total des dépenses ...............................  | EUR | -4 478 004,20 |
| --- | --- | --- |
| III. Revenus ordinaires, nets .......................  | EUR | 3 037 142,89 |
| IV. Opérations de vente Plus-values / moins-values réalisées ...................  | EUR | 3 242 599,87 |
| Résultat des opérations de vente ...................  | EUR | 3 242 599,87 |
| V. Résultat de l’exercice ..........................  | EUR | 6 279 742,76 |
| Total des frais sur encours – TFE (BVI) |  |  |

Le total des frais sur encours des classes de d’actions s’élevait à :
classe FC 0,83 % par an,	classe FD 0,84 % par an, classe LC 1,59 % par an,	classe LCH(P) 1,63 % par an, classe LD 1,59 % par an,	classe NC 2,29 % par an, classe NCH(P) 2,33 % par an,	classe TFC 0,83 % par an, classe TFD 0,80 % par an,	classe USD LC 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 d’actions considérée au cours d’un exercice.
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
classe FC 0,003 % par an,	classe FD 0,003 % par an, classe LC 0,004 % par an,	classe LCH(P) 0,003 % par an, classe LD 0,003 % par an,	classe NC 0,003 % par an, classe NCH(P) 0,003 % par an,	classe TFC 0,008 % par an, classe TFD 0,003 % par an,	classe USD LC 0,003 % par an
de l’actif moyen du compartiment, calculé pour chaque classe de d’actions.
Frais de transaction
Les frais de transaction payés au cours de la période sous revue s’élevaient à 37 033,33 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’actif. 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	422 019 677,57
	- Distribution pour l’exercice précédent ..............  EUR	-3 980 622,26
	- Décaissement (net) ............................. EUR	-50 980 370,25
	- Régularisation des revenus / dépenses .............  EUR	713 298,62
	- Revenus ordinaires, nets.........................  EUR	3 037 142,89
	- Plus-values / moins-values réalisées ................  EUR	3 242 599,87
	- Variation nette des plus-values /moins-values non réalisées .......................  EUR	-57 651 347,76

- Valeur de l’actif du fonds en fin d’exercice ........  EUR	316 400 378,68 Composition des plus-values / moins-values	2020 Plus-values / moins-values réalisées(y compris régularisation des revenus)............... EUR	3 242 599,87

| sur : |  |
| --- | --- |
| Opérations sur valeurs mobilières .................  | EUR | 2 929 274,52 |
| Opérations de change (à terme) ..................  | EUR | 313 325,35 |

Évolution comparée de l’actif du fonds et de la valeur liquidative sur 3 ans
 Précisions concernant l’affectation des résultats *	
Classe FC
| Le résultat de l’exercice | est capitalisé. |  |  | Actif du fonds en fin d’exercice 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 316 400 378,68 |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 422 019 677,57 |
| Classe FD |  |  |  | 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 321 483 195,29 |
| Type | au | Devise | Par action | Valeur liquidative en fin d’exercice |  |  |
| Distribution finale | 5 mars 2021 | EUR | 3,71 | 2020	Classe FC ...............................  Classe FD ...............................  | EUR EUR | 212,51 154,34 |
|  |  |  |  | Classe LC ...............................  | EUR | 198,82 |

Classe LC
Le résultat de l’exercice est capitalisé.
Classe LCH (P)
Le résultat de l’exercice est capitalisé.
Classe LD
Type	au	Devise	Par action
Distribution finale	5 mars 2021	EUR	4,10
Classe NC
Le résultat de l’exercice est capitalisé.
Classe NCH (P)
Le résultat de l’exercice est capitalisé.
Classe TFC
Le résultat de l’exercice est capitalisé.
| Classe TFD |  |
| --- | --- |
| Type | au | Devise | Par action |
| Distribution finale | 5 mars 2021 | EUR | 2,52 |
| Classe USD LC |  |  |  |

Le résultat de l’exercice est capitalisé.
* De plus amples informations figurent dans le prospectus de vente.
Une distribution finale a pour effet que les éventuels résultats ordinaires restants de l’exercice sont capitalisés.
Classe LCH (P) ...........................  EUR	134,79
Classe LD ...............................  EUR	169,93
Classe NC............................... EUR	187,23
Classe NCH (P) ...........................  EUR	127,96
Classe TFC ..............................  EUR	109,64
Classe TFD .............................. EUR	104,93
Classe USD LC ...........................  USD	149,41
2019	Classe FC ...............................  EUR	237,31
Classe FD ............................... EUR	176,40
Classe LC ...............................  EUR	223,72
Classe LCH (P) ...........................  EUR	140,94
Classe LD ...............................  EUR	195,72
Classe NC............................... EUR	212,15
Classe NCH (P) ...........................  EUR	134,89
Classe TFC ..............................  EUR	122,37
Classe TFD .............................. EUR	119,87
Classe USD LC ...........................  USD	153,14
2018	Classe FC ...............................  EUR	190,75
Classe FD ............................... EUR	144,94
Classe LC ...............................  EUR	181,17
Classe LCH (P) ...........................  EUR	120,09
Classe LD ...............................  EUR	162,05
Classe NC............................... EUR	173,02
Classe NCH (P) ...........................  EUR	115,58
Classe TFC ..............................  EUR	98,35
Classe TFD .............................. EUR	98,43
Classe USD LC ...........................  USD	126,78
 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.
 Composition de l’actif consolidé du fonds au 31 décembre 2020	
| Actifs | DWS Invest II SICAV EUR * Consolidé		Part en % de l´actif du fonds | DWS Invest II Euro Bonds Conservative 1)  EUR | DWS Invest II European Equity Focussed Alpha (en liquidation) EUR |
| --- | --- | --- | --- |
| Total du portefeuille-titres | 1 062 563 979,25 | 96,61 | 94 061 438,33 | 65 016 919,21 |
| Dérivés sur taux d‘intérêt | 25 320,00 | 0,00 | 0,00 | 0,00 |
| Dérivés sur devises | 891 375,28 | 0,08 | 8 049,43 | 0,00 |
| Swaps | 507 972,34 | 0,05 | 0,00 | 0,00 |
| Avoirs bancaires | 36 733 055,71 | 3,34 | 19 456 856,56 | 1 612 486,15 |
| Autres éléments d‘actif | 2 834 484,05 | 0,26 | 159 474,96 | 64 818,16 |
| À recevoir au titre d‘opérations sur actions | 329 957,09 | 0,03 | 0,00 | 185,57 |
| Total des éléments d‘actif ** | 1 103 886 143,72 | 100,37 | 113 685 819,28 | 66 694 409,09 |
| Engagements |  |  |  |
| -414 290,73 | -0,04 | 0,00 | 0,00 |
| Dérivés sur indices boursiers |
| Dérivés sur devises | -57 316,48 | -0,01 | 0,00 | -57 123,63 |
| Engagements à court terme | -1,32 | 0,00 | 0,00 | 0,00 |
| Autres engagements | -2 573 107,34 | -0,23 | -840 754,76 | -75 516,94 |
| Engagements découlant d’opérations sur actions | -941 551,74 | -0,09 | -47 974,90 | 0,00 |
| Total des engagements ** | -3 986 267,61 | -0,37 | -888 729,66 | -132 640,57 |
|  |  |  |  |
| Actif du fonds | 1 099 899 876,11 | 100,00 | 112 797 089,62 | 66 561 768,52 |

* 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 ».
1) 
Le compartiment a été lancé le 25 novembre 2020.
2) 
Le compartiment a été lancé le 23 janvier 2020.
|  |
| --- |
| DWS Invest II European Top Dividend EUR | DWS Invest II Global Equity High Conviction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II Spanish Equities 2)  EUR | DWS Invest II US Top Dividend EUR |
| 295 235 692,95 | 160 500 083,67 | 101 423 795,49 | 31 259 510,98 | 315 066 538,62 |
| 0,00 | 0,00 | 25 320,00 | 0,00 | 0,00 |
| 0,00 | 0,00 | 670 420,44 | 0,00 | 212 905,41 |
| 0,00 | 0,00 | 507 972,34 | 0,00 | 0,00 |
| 4 929 186,73 | 4 825 190,89 | 3 827 455,28 | 806 779,44 | 1 275 100,66 |
| 1 018 214,00 | 150 689,91 | 691 975,37 | 147 834,12 | 601 477,53 |
| 62 242,42 | 246 497,50 | 0,00 | 0,00 | 21 031,60 |
| 301 245 336,10 | 165 722 461,97 | 107 146 938,92 | 32 214 124,54 | 317 177 053,82 |
|  |  |  |  |  |
| 0,00 | 0,00 | -414 290,73 | 0,00 | 0,00 |
| -192,85 | 0,00 | 0,00 | 0,00 | 0,00 |
| -1,32 | 0,00 | 0,00 | 0,00 | 0,00 |
| -535 475,18 | -259 003,67 | -318 825,62 | -79 879,56 | -463 651,61 |
| -315 001,68 | -7 381,82 | 0,00 | -258 169,81 | -313 023,53 |
| -850 671,03 | -266 385,49 | -733 116,35 | -338 049,37 | -776 675,14 |
|  |  |  |  |  |
| 300 394 665,07 | 165 456 076,48 | 106 413 822,57 | 31 876 075,17 | 316 400 378,68 |

 Comptes de résultats consolidés pour la période du 1
er 
janvier 2020 au 31 décembre 2020 (y compris régularisation des revenus) 
| Revenus | DWS Invest II SICAV EUR * Consolidé | DWS Invest II Asian Top Dividend (en liquidation)  1)  EUR | DWS Invest II Euro Bonds Conservative  2)  EUR |
| --- | --- | --- | --- |
| Dividendes (avant retenue à la source) | 25 527 882,50 | 117 977,25 | 0,00 |
| Intérêts sur titres (avant retenue à la source) | 1 147 178,05 | 0,00 | 23 555,70 |
| Intérêts sur placements liquides (avant retenue à la source) | 53 648,90 | 7 386,45 | 22 666,16 |
| Revenus des parts de fonds de placement | 34 711,55 | 0,00 | 0,00 |
| Revenus des prêts de titres | 65 539,30 | 0,00 | 0,00 |
| Déduction de la retenue à la source à l’étranger | -4 162 459,48 | -19 486,73 | -6,90 |
| Total des revenus | 22 666 500,82 | 105 876,97 | 46 214,96 |
|  |  |  |  |
| Dépenses |  |  |  |
| Intérêts d’emprunts et rendements négatifs de placement | -368 125,94 | -7 579,37 | -3 626,34 |
| Commission de gestion | -11 884 955,75 | -140 388,80 | -24 160,56 |
| Rémunération du dépositaire | -8 986,61 | -5 344,53 | 0,00 |
| Frais d‘audit, juridiques et de publication | -340 089,89 | -23 229,62 | -2 712,93 |
| Taxe d‘abonnement | -428 386,61 | -6 349,22 | -13 536,85 |
| Autres dépenses | -315 456,82 | -9 138,32 | -2 938,15 |
| Total des dépenses | -13 346 001,62 | -192 029,86 | -46 974,83 |
| Revenus ordinaires, nets | 9 320 499,20 | -86 152,89 | -759,87 |
| Opérations de vente |  |  |  |
| Plus-values / moins-values réalisées | -6 797 890,60 | 359 297,60 | -27 738,21 |
| Résultat des opérations de vente | -6 797 890,60 | 359 297,60 | -27 738,21 |
|  |  |  |  |
| Résultat de l’exercice | 2 522 608,60 | 273 144,71 | -28 498,08 |

* 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.
1) 
Le compartiment a été liquidé le 4 février 2020.
2) 
Le compartiment a été lancé le 25 novembre 2020.
3) 
Le compartiment a été lancé le 23 janvier 2020.
|  |
| --- |
| DWS Invest II European Equity Focussed Alpha (en liquidation) EUR | DWS Invest II European Top Dividend EUR | DWS Invest II Global Equity High Conviction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II Spanish Equities  3)  EUR |
| 1 158 945,58 | 9 741 424,07 | 2 473 051,31 | 1 170 177,30 | 605 867,39 |
| 175,70 | 57 293,93 | 1 026,23 | 1 065 126,49 | 0,00 |
| 52,23 | 3 712,20 | 10 714,17 | 3 090,17 | 0,00 |
| 0,00 | 0,00 | 0,00 | 34 711,55 | 0,00 |
| 19,39 | 9 102,64 | 2 688,90 | 29 349,10 | 0,00 |
| -74 273,89 | -549 487,88 | -527 846,04 | -206 491,98 | -9 166,76 |
| 1 084 919,01 | 9 262 044,96 | 1 959 634,57 | 2 095 962,63 | 596 700,63 |
|  |  |  |  |  |
|  |  |  |  |  |
| -10 225,43 | -81 002,33 | -794,13 | -41 780,72 | -218 959,54 |
| -393 910,29 | -4 183 647,12 | -2 150 913,85 | -195 737,74 | -614 111,99 |
| -382,77 | -907,03 | -1 416,98 | 586,02 | -663,88 |
| -29 664,31 | -104 046,60 | -46 748,24 | -48 682,40 | -14 345,94 |
| -28 876,86 | -136 314,02 | -76 647,81 | -9 000,77 | -13 400,15 |
| -20 306,65 | -79 695,10 | -80 376,87 | -32 427,13 | -14 592,10 |
| -483 366,31 | -4 585 612,20 | -2 356 897,88 | -327 042,74 | -876 073,60 |
| 601 552,70 | 4 676 432,76 | -397 263,31 | 1 768 919,89 | -279 372,97 |
|  |  |  |  |  |
| -6 905 263,99 | -8 713 233,01 | 9 273 171,43 | -819 048,54 | -3 207 675,75 |
| -6 905 263,99 | -8 713 233,01 | 9 273 171,43 | -819 048,54 | -3 207 675,75 |
|  |  |  |  |  |
| -6 303 711,29 | -4 036 800,25 | 8 875 908,12 | 949 871,35 | -3 487 048,72 |

 Comptes de résultats consolidés pour la période du 1
er 
janvier 2020 au 31 décembre 2020 (y compris régularisation des revenus) 
| Revenus | DWS Invest II US Top Dividend EUR |
| --- | --- |
| Dividendes (avant retenue à la source) | 10 260 439,60 |
| Intérêts sur titres (avant retenue à la source) | 0,00 |
| Intérêts sur placements liquides (avant retenue à la source) | 6 027,52 |
| Revenus des parts de fonds de placement | 0,00 |
| Revenus des prêts de titres | 24 379,27 |
| Déduction de la retenue à la source à l’étranger | -2 775 699,30 |
| Total des revenus | 7 515 147,09 |
|  |  |
| Dépenses |  |
| Intérêts d’emprunts et rendements négatifs de placement | -4 158,08 |
| Commission de gestion | -4 182 085,40 |
| Rémunération du dépositaire | -857,44 |
| Frais d‘audit, juridiques et de publication | -70 659,85 |
| Taxe d‘abonnement | -144 260,93 |
| Autres dépenses | -75 982,50 |
| Total des dépenses | -4 478 004,20 |
| Revenus ordinaires, nets | 3 037 142,89 |
| Opérations de vente |  |
| Plus-values / moins-values réalisées | 3 242 599,87 |
| Résultat des opérations de vente | 3 242 599,87 |
|  |  |
| Résultat de l’exercice | 6 279 742,76 |

 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 | Deutsche Invest II SICAV EUR * Consolidé 1 423 130 398,47 | DWS Invest II Asian Top Dividend (en liquidation)  1)  EUR 140 005 200,09 | DWS Invest II Euro Bonds Conservative  2)  EUR 0,00 |
| --- | --- | --- | --- |
| Distribution pour l‘exercice précédent | -17 877 305,98 | 0,00 | 0,00 |
| Encaissement / décaissement (net) | -230 147 719,53 | -137 140 189,47 | 112 867 450,09 |
| Régularisation des revenus / dépenses | -2 626 079,43 | 43 623,13 | -2 465,65 |
| Revenus ordinaires, nets | 9 320 499,20 | -86 152,89 | -759,87 |
| Plus-values / moins-values réalisées | -6 797 890,60 | 359 297,60 | -27 738,21 |
| Variation nette des plus-values / moins-values non réalisées | -75 102 026,02 | -3 181 778,46 | -39 396,74 |
| Valeur de l’actif du fonds en fin d’exercice | 1 099 899 876,11 | 0,00 | 112 797 089,62 |

 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 Invest II US Top Dividend EUR 422 019 677,57 |
| --- | --- |
| Distribution pour l‘exercice précédent | -3 980 622,26 |
| Encaissement / décaissement (net) | -50 980 370,25 |
| Régularisation des revenus / dépenses | 713 298,62 |
| Revenus ordinaires, nets | 3 037 142,89 |
| Plus-values / moins-values réalisées | 3 242 599,87 |
| Variation nette des plus-values / moins-values non réalisées | -57 651 347,76 |
| Valeur de l’actif du fonds en fin d’exercice | 316 400 378,68 |

* 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 compartiment. 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.
1) 
Le compartiment a été liquidé le 4 février 2020.
2) 
Le compartiment a été lancé le 25 novembre 2020.
3) 
Le compartiment a été lancé le 23 janvier 2020.
|  |
| --- |
| DWS Invest II European Equity Focussed Alpha (en liquidation) EUR 85 358 054,25 | DWS Invest II European Top Dividend EUR 446 907 349,79 | DWS Invest II Global Equity High Conviction Fund EUR 165 302 616,04 | DWS Invest II Global Total Return Fund EUR 163 537 500,73 | DWS Invest II Spanish Equities  3)  EUR 0,00 |
| -24 214,51 | -10 895 640,71 | -2 452,10 | -2 974 376,40 | 0,00 |
| -15 136 501,92 | -115 851 222,84 | -4 102 660,32 | -51 441 216,94 | 31 636 992,12 |
| -494 095,17 | -1 668 271,15 | -1 113 897,03 | 241 557,74 | -345 829,92 |
| 601 552,70 | 4 676 432,76 | -397 263,31 | 1 768 919,89 | -279 372,97 |
| -6 905 263,99 | -8 713 233,01 | 9 273 171,43 | -819 048,54 | -3 207 675,75 |
| 3 162 237,16 | -14 060 749,77 | -3 503 438,23 | -3 899 513,91 | 4 071 961,69 |
| 66 561 768,52 | 300 394 665,07 | 165 456 076,48 | 106 413 822,57 | 31 876 075,17 |