30.000 EUR im Kalenderhalbjahr: | > 30.000 EUR im Kalenderhalbjahr: |\n| | Anteilrückgaben nach Ablauf der gesetzlichen Mindesthaltefrist | Anteilrückgaben nach Ablauf der gesetzlichen Mindesthaltefrist |\n| | von 24 Monaten einschließlich Einhaltung einer Rückgabefrist | von 24 Monaten einschließlich Einhaltung einer Rückgabefrist |\n| | von 12 Monaten | von 12 Monaten |\n| Rückgabe von Anteilen, die nach dem 21. Juli 2013 erworben wurden | Anteilrückgaben nach Ablauf der gesetzlichen Mindesthaltefrist von 24 Monaten einschließlich Einhaltung einer Rückgabefrist von 12 Monaten | Anteilrückgaben nach Ablauf der gesetzlichen Mindesthaltefrist von 24 Monaten einschließlich Einhaltung einer Rückgabefrist von 12 Monaten |\n| Verwaltungsvergütung | Bis zu 1% p.a., bezogen auf den durchschnittlichen Nettoinventarwert des anteiligen Immobilien-Sondervermögens in der Abrechnungsperiode2) | Bis zu 0,55% p.a. des Durchschnittswerts bezogen auf das anteilige Immobilienvermögen, bis zu 0,05% p.a. des Durchschnittswerts bezogen auf die anteiligen Liquiditätsanlagen, jeweils in der Abrechnungsperiode2) |\n| Erfolgsabhängige Vergütung | Bis zu 1,5% p.a., bezogen auf die absolut positive | Bis zu 3,5% p.a. bezogen auf die absolut positive |\n| | Anteilwertentwicklung größer 4,1%, aber max. 0,1% | Anteilwertentwicklung größer 5,4%, aber max. 0,3% |\n| | des durchschnittlichen Nettoinventarwertes des Immobilien- | des durchschnittlichen Nettoinventarwertes des Immobilien- |\n| | Sondervermögens in der Abrechnungsperiode2) | Sondervermögens in der Abrechnungsperiode2) |\n| ISIN | DE0009807008 | DE000A0NDW81 |\n| WKN | 980700 | A0NDW8 |\n\n- Ausführliche Informationen zum erstmaligen Erwerb sowie zur Aufstockung von Anteilen der Anteilklasse IC enthält der Verkaufsprospekt.\n- Die Abrechnungsperiode beginnt am 1. Oktober eines Kalenderjahres und endet am 30. September des darauffolgenden Kalenderjahres.\n\n| Hinweis: Bei der Summierung von gerundeten Beträgen und Prozentangaben in diesem Bericht können rundungsbedingte Differenzen auftreten. |\n| --- |\n| Wertentwicklungen in der Vergangenheit sind kein verlässlicher Indikator für die zukünftige Wertentwicklung. |"},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Information for the investor\n## Important notice\nThe purchase of fund units takes place based on the current version of the sales prospectus (as of: October 1, 2021) and the “key investor information document“, in combination with the latest audited annual report and any semiannual report that is more recent than the latest annual report.\n\n## Information on the unit classes\nThe real estate investment fund encompasses two unit classes, named RC and IC. In particular, the purchase of units in the IC unit class is subject to a specified minimum investment amount.\nFurthermore, the two unit classes also differ with respect to the management fee and the performance-related compensation.\nOverview of the unit classes (as of September 30, 2021)\n| RC unit class | IC unit class |\n| --- | --- |\n| Minimum investment amount | No minimum investment | Minimum investment EUR 400,000 The Company is also authorized to accept lower amounts at its discretion.1 |\n| Initial sales charge | Issue surcharge 6% (currently 5%) | Issue surcharge 6% (currently 5%) |\n| Redemption fee | No redemption fee | No redemption fee |\n| Redemption of units purchased | Up to EUR 30,000 per calendar half-year: | Up to EUR 30,000 per calendar half-year: |\n| before July 22, 2013 | daily unit redemption without having to comply with notice | daily unit redemption without having to comply with notice |\n| | periods | periods |\n| | > EUR 30,000 per calendar half-year: | > EUR 30,000 per calendar half-year: |\n| | Unit redemption after expiry of the statutory minimum | Unit redemption after expiry of the statutory minimum |\n| | holding period | holding period |\n| | of 24 months including compliance with a redemption period | of 24 months including compliance with a redemption period |\n| | of 12 months | of 12 months |\n| Redemption of units purchased after July 21, 2013 | Unit redemption after expiry of a statutory minimum holding period of 24 months including compliance with a redemption period of 12 months | Unit redemption after expiry of a statutory minimum holding period of 24 months including compliance with a redemption period of 12 months |\n| Management fee | Up to 1% p.a. based on the average net asset value of the pro rata real estate investment fund in the accounting period2 | Up to 0.55% p.a. of the average value based on the pro rata real estate assets, up to 0.05% p.a. of the average value based on the pro rata liquid assets, each in the accounting period2 |\n| Performance-based fee | Up to 1.5% p.a., based on the absolute positive | Up to 3.5% p.a. based on the absolute positive |\n| | unit performance greater than 4.1%, but a max. of 0.1% | unit performance greater than 5.4%, but a max. of 0.3% |\n| | of the average net asset value of the real estate | of the average net asset value of the real estate |\n| | investment fund in the accounting period2 | investment fund in the accounting period2 |\n| ISIN | DE0009807008 | DE000A0NDW81 |\n| WKN | 980700 | A0NDW8 |\n\n- The sales prospectus contains extensive information on the initial acquisition and increasing of holdings of units of the IC unit class.\n- The accounting period begins on October 1 of a calendar year and ends on September 30 of the following calendar year.\n\n| Note: Differences may arise in the totals as a result of the rounding of amounts and percentages in this report. |\n| --- |\n| Past performance is not a reliable indicator of future performance. |"},"unique id":{"kind":"number","value":108253,"string":"108,253"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Information for the investor","## Important notice","The purchase of fund units takes place based on the current version of the sales prospectus (as of: October 1, 2021) and the “key investor information document“, in combination with the latest audited annual report and any semiannual report that is more recent than the latest annual report.","## Information on the unit classes","The real estate investment fund encompasses two unit classes, named RC and IC.","In particular, the purchase of units in the IC unit class is subject to a specified minimum investment amount.","Furthermore, the two unit classes also differ with respect to the management fee and the performance-related compensation.","Overview of the unit classes (as of September 30, 2021)","| RC unit class | IC unit class |","| --- | --- |","| Minimum investment amount | No minimum investment | Minimum investment EUR 400,000 The Company is also authorized to accept lower amounts at its discretion.1 |","| Initial sales charge | Issue surcharge 6% (currently 5%) | Issue surcharge 6% (currently 5%) |","| Redemption fee | No redemption fee | No redemption fee |","| Redemption of units purchased | Up to EUR 30,000 per calendar half-year: | Up to EUR 30,000 per calendar half-year: |","| before July 22, 2013 | daily unit redemption without having to comply with notice | daily unit redemption without having to comply with notice |","| | periods | periods |","| | > EUR 30,000 per calendar half-year: | > EUR 30,000 per calendar half-year: |","| | Unit redemption after expiry of the statutory minimum | Unit redemption after expiry of the statutory minimum |","| | holding period | holding period |","| | of 24 months including compliance with a redemption period | of 24 months including compliance with a redemption period |","| | of 12 months | of 12 months |","| Redemption of units purchased after July 21, 2013 | Unit redemption after expiry of a statutory minimum holding period of 24 months including compliance with a redemption period of 12 months | Unit redemption after expiry of a statutory minimum holding period of 24 months including compliance with a redemption period of 12 months |","| Management fee | Up to 1% p.a. based on the average net asset value of the pro rata real estate investment fund in the accounting period2 | Up to 0.55% p.a. of the average value based on the pro rata real estate assets, up to 0.05% p.a. of the average value based on the pro rata liquid assets, each in the accounting period2 |","| Performance-based fee | Up to 1.5% p.a., based on the absolute positive | Up to 3.5% p.a. based on the absolute positive |","| | unit performance greater than 4.1%, but a max.","of 0.1% | unit performance greater than 5.4%, but a max.","of 0.3% |","| | of the average net asset value of the real estate | of the average net asset value of the real estate |","| | investment fund in the accounting period2 | investment fund in the accounting period2 |","| ISIN | DE0009807008 | DE000A0NDW81 |","| WKN | 980700 | A0NDW8 |","- The sales prospectus contains extensive information on the initial acquisition and increasing of holdings of units of the IC unit class.","- The accounting period begins on October 1 of a calendar year and ends on September 30 of the following calendar year.","| Note: Differences may arise in the totals as a result of the rounding of amounts and percentages in this report.","| --- | | Past performance is not a reliable indicator of future performance."],"string":"[\n \"# Information for the investor\",\n \"## Important notice\",\n \"The purchase of fund units takes place based on the current version of the sales prospectus (as of: October 1, 2021) and the “key investor information document“, in combination with the latest audited annual report and any semiannual report that is more recent than the latest annual report.\",\n \"## Information on the unit classes\",\n \"The real estate investment fund encompasses two unit classes, named RC and IC.\",\n \"In particular, the purchase of units in the IC unit class is subject to a specified minimum investment amount.\",\n \"Furthermore, the two unit classes also differ with respect to the management fee and the performance-related compensation.\",\n \"Overview of the unit classes (as of September 30, 2021)\",\n \"| RC unit class | IC unit class |\",\n \"| --- | --- |\",\n \"| Minimum investment amount | No minimum investment | Minimum investment EUR 400,000 The Company is also authorized to accept lower amounts at its discretion.1 |\",\n \"| Initial sales charge | Issue surcharge 6% (currently 5%) | Issue surcharge 6% (currently 5%) |\",\n \"| Redemption fee | No redemption fee | No redemption fee |\",\n \"| Redemption of units purchased | Up to EUR 30,000 per calendar half-year: | Up to EUR 30,000 per calendar half-year: |\",\n \"| before July 22, 2013 | daily unit redemption without having to comply with notice | daily unit redemption without having to comply with notice |\",\n \"| | periods | periods |\",\n \"| | > EUR 30,000 per calendar half-year: | > EUR 30,000 per calendar half-year: |\",\n \"| | Unit redemption after expiry of the statutory minimum | Unit redemption after expiry of the statutory minimum |\",\n \"| | holding period | holding period |\",\n \"| | of 24 months including compliance with a redemption period | of 24 months including compliance with a redemption period |\",\n \"| | of 12 months | of 12 months |\",\n \"| Redemption of units purchased after July 21, 2013 | Unit redemption after expiry of a statutory minimum holding period of 24 months including compliance with a redemption period of 12 months | Unit redemption after expiry of a statutory minimum holding period of 24 months including compliance with a redemption period of 12 months |\",\n \"| Management fee | Up to 1% p.a. based on the average net asset value of the pro rata real estate investment fund in the accounting period2 | Up to 0.55% p.a. of the average value based on the pro rata real estate assets, up to 0.05% p.a. of the average value based on the pro rata liquid assets, each in the accounting period2 |\",\n \"| Performance-based fee | Up to 1.5% p.a., based on the absolute positive | Up to 3.5% p.a. based on the absolute positive |\",\n \"| | unit performance greater than 4.1%, but a max.\",\n \"of 0.1% | unit performance greater than 5.4%, but a max.\",\n \"of 0.3% |\",\n \"| | of the average net asset value of the real estate | of the average net asset value of the real estate |\",\n \"| | investment fund in the accounting period2 | investment fund in the accounting period2 |\",\n \"| ISIN | DE0009807008 | DE000A0NDW81 |\",\n \"| WKN | 980700 | A0NDW8 |\",\n \"- The sales prospectus contains extensive information on the initial acquisition and increasing of holdings of units of the IC unit class.\",\n \"- The accounting period begins on October 1 of a calendar year and ends on September 30 of the following calendar year.\",\n \"| Note: Differences may arise in the totals as a result of the rounding of amounts and percentages in this report.\",\n \"| --- | | Past performance is not a reliable indicator of future performance.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Information for the investor","## Important notice","The purchase of fund units takes place based on the current version of the sales prospectus (as of: October 1, 2021) and the “key investor information document“, in combination with the latest audited annual report and any semiannual report that is more recent than the latest annual report.","## Information on the unit classes","The real estate investment fund encompasses two unit classes, named RC and IC.","In particular, the purchase of units in the IC unit class is subject to a specified minimum investment amount.","Furthermore, the two unit classes also differ with respect to the management fee and the performance-related compensation.","Overview of the unit classes (as of September 30, 2021)","| RC unit class | IC unit class |","| --- | --- |","| Minimum investment amount | No minimum investment | Minimum investment EUR 400,000 The Company is also authorized to accept lower amounts at its discretion.1 |","| Initial sales charge | Issue surcharge 6% (currently 5%) | Issue surcharge 6% (currently 5%) |","| Redemption fee | No redemption fee | No redemption fee |","| Redemption of units purchased | Up to EUR 30,000 per calendar half-year: | Up to EUR 30,000 per calendar half-year: |","| before July 22, 2013 | daily unit redemption without having to comply with notice | daily unit redemption without having to comply with notice |","| | periods | periods |","| | > EUR 30,000 per calendar half-year: | > EUR 30,000 per calendar half-year: |","| | Unit redemption after expiry of the statutory minimum | Unit redemption after expiry of the statutory minimum |","| | holding period | holding period |","| | of 24 months including compliance with a redemption period | of 24 months including compliance with a redemption period |","| | of 12 months | of 12 months |","| Redemption of units purchased after July 21, 2013 | Unit redemption after expiry of a statutory minimum holding period of 24 months including compliance with a redemption period of 12 months | Unit redemption after expiry of a statutory minimum holding period of 24 months including compliance with a redemption period of 12 months |","| Management fee | Up to 1% p.a. based on the average net asset value of the pro rata real estate investment fund in the accounting period2 | Up to 0.55% p.a. of the average value based on the pro rata real estate assets, up to 0.05% p.a. of the average value based on the pro rata liquid assets, each in the accounting period2 |","| Performance-based fee | Up to 1.5% p.a., based on the absolute positive | Up to 3.5% p.a. based on the absolute positive |","| | unit performance greater than 4.1%, but a max.","of 0.1% | unit performance greater than 5.4%, but a max.","of 0.3% |","| | of the average net asset value of the real estate | of the average net asset value of the real estate |","| | investment fund in the accounting period2 | investment fund in the accounting period2 |","| ISIN | DE0009807008 | DE000A0NDW81 |","| WKN | 980700 | A0NDW8 |","- The sales prospectus contains extensive information on the initial acquisition and increasing of holdings of units of the IC unit class.","- The accounting period begins on October 1 of a calendar year and ends on September 30 of the following calendar year.","| Note: Differences may arise in the totals as a result of the rounding of amounts and percentages in this report.","| --- | | Past performance is not a reliable indicator of future performance."],"string":"[\n \"# Information for the investor\",\n \"## Important notice\",\n \"The purchase of fund units takes place based on the current version of the sales prospectus (as of: October 1, 2021) and the “key investor information document“, in combination with the latest audited annual report and any semiannual report that is more recent than the latest annual report.\",\n \"## Information on the unit classes\",\n \"The real estate investment fund encompasses two unit classes, named RC and IC.\",\n \"In particular, the purchase of units in the IC unit class is subject to a specified minimum investment amount.\",\n \"Furthermore, the two unit classes also differ with respect to the management fee and the performance-related compensation.\",\n \"Overview of the unit classes (as of September 30, 2021)\",\n \"| RC unit class | IC unit class |\",\n \"| --- | --- |\",\n \"| Minimum investment amount | No minimum investment | Minimum investment EUR 400,000 The Company is also authorized to accept lower amounts at its discretion.1 |\",\n \"| Initial sales charge | Issue surcharge 6% (currently 5%) | Issue surcharge 6% (currently 5%) |\",\n \"| Redemption fee | No redemption fee | No redemption fee |\",\n \"| Redemption of units purchased | Up to EUR 30,000 per calendar half-year: | Up to EUR 30,000 per calendar half-year: |\",\n \"| before July 22, 2013 | daily unit redemption without having to comply with notice | daily unit redemption without having to comply with notice |\",\n \"| | periods | periods |\",\n \"| | > EUR 30,000 per calendar half-year: | > EUR 30,000 per calendar half-year: |\",\n \"| | Unit redemption after expiry of the statutory minimum | Unit redemption after expiry of the statutory minimum |\",\n \"| | holding period | holding period |\",\n \"| | of 24 months including compliance with a redemption period | of 24 months including compliance with a redemption period |\",\n \"| | of 12 months | of 12 months |\",\n \"| Redemption of units purchased after July 21, 2013 | Unit redemption after expiry of a statutory minimum holding period of 24 months including compliance with a redemption period of 12 months | Unit redemption after expiry of a statutory minimum holding period of 24 months including compliance with a redemption period of 12 months |\",\n \"| Management fee | Up to 1% p.a. based on the average net asset value of the pro rata real estate investment fund in the accounting period2 | Up to 0.55% p.a. of the average value based on the pro rata real estate assets, up to 0.05% p.a. of the average value based on the pro rata liquid assets, each in the accounting period2 |\",\n \"| Performance-based fee | Up to 1.5% p.a., based on the absolute positive | Up to 3.5% p.a. based on the absolute positive |\",\n \"| | unit performance greater than 4.1%, but a max.\",\n \"of 0.1% | unit performance greater than 5.4%, but a max.\",\n \"of 0.3% |\",\n \"| | of the average net asset value of the real estate | of the average net asset value of the real estate |\",\n \"| | investment fund in the accounting period2 | investment fund in the accounting period2 |\",\n \"| ISIN | DE0009807008 | DE000A0NDW81 |\",\n \"| WKN | 980700 | A0NDW8 |\",\n \"- The sales prospectus contains extensive information on the initial acquisition and increasing of holdings of units of the IC unit class.\",\n \"- The accounting period begins on October 1 of a calendar year and ends on September 30 of the following calendar year.\",\n \"| Note: Differences may arise in the totals as a result of the rounding of amounts and percentages in this report.\",\n \"| --- | | Past performance is not a reliable indicator of future performance.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98253,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Tätigkeitsbericht\nSehr geehrte Damen und Herren,\ndie Geschäftsführung der DWS Grundbesitz GmbH informiert Sie in diesem Jahresbericht über die Entwicklung des Immobilien- Sondervermögens grundbesitz europa im Zeitraum vom\n1. Oktober 2020 bis zum 30. September 2021.\n\n## Wichtige Ereignisse im Berichtszeitraum\nDie COVID-19-Pandemie prägte auch das Geschäftsjahr 2020/2021. Büroimmobilien, mit rund 50% nach Mietertrag der größte Anteil aller Nutzungsarten am Gesamtportfolio des grund- besitz europa, erwiesen sich in diesem Umfeld nach wie vor weitgehend widerstandsfähig, während Einzelhandelsimmobilien weiterhin von reduzierten Mieteinnahmen betroffen waren. Für diese Mietforderungen wurden, soweit möglich, Stundungsverein- barungen mit den Mietern geschlossen. Darüber hinaus hat das Fondsmanagement weiterhin für offene Forderungen fortlaufend und in angemessenem Umfang Risikovorsorge getroffen. Mit Be- ginn der erneuten Öffnungen im Frühjahr 2021 in den verschiede- nen europäischen Ländern konnte für Studentisches Wohnen eine Erholung mit steigenden Buchungen verzeichnet werden. Über das Geschäftsjahr konnte grundbesitz europa die Vermietungs- quote u.a. durch diese temporär erwarteten Effekte steigern.\nDie Verkehrswerte der Einzelhandelsimmobilien und der studen- tischen Wohnimmobilien im Portfolio reduzierten sich weiterhin leicht, da die unabhängigen Sachverständigen u.a. Abschläge für entfallende Umsatzmieten, Mietreduzierungen und Mietausfälle kalkulierten. Für das einzige Hotel im Portfolio von grundbesitz europa blieb die Entwicklung der Pandemie ohne Auswirkungen. Demgegenüber konnten die Büroimmobilien in Toplagen Wert- zuwächse verzeichnen.\nInsgesamt war die Bewertung über das Gesamtportfolio leicht positiv, stabilisierend wirkte sich dabei die breite Diversifizierung über verschiedene Nutzungsarten innerhalb des Immobilienport- folios aus.\nEinen positiven Beitrag zur Fondsperformance leistete das Liqui- ditätsportfolio des Fonds im Geschäftsjahr. Die Kapitalmärkte waren geprägt von den Pandemie-Maßnahmen der globalen Notenbanken. Die Europäische Zentralbank leistete durch das sogenannte „PEPP“ (Pandemic Emergency Purchase Programme) einen signifikanten Beitrag zu dieser Stabilität, welche deutlich in den Entwicklungen der Risikoabstände bei den entsprechenden Anleihen abzulesen war. Das Anleiheportfolio war in seiner Zu- sammensetzung und Laufzeit zugunsten geringerer Risiken und Volatilität der aktuellen Situation angepasst.\nDas Fondsvermögen erhöhte sich, unter Berücksichtigung der Ausschüttung für das vorangegangene Geschäftsjahr im Dezember 2020, von 9.644,2 Mio. EUR (30. September 2020) auf 9.902,3 Mio. EUR zum Ende des Geschäftsjahres. Die Net- tomittelzuflüsse beliefen sich insgesamt auf 221,8 Mio. EUR.\nDie Liquiditätsquote lag zum 30. September 2021 bei 13,9% des\nFondsvermögens.\nDie Wertentwicklung von grundbesitz europa im Zeitraum vom\n- Oktober 2020 bis zum 30. September 2021 belief sich auf 2,3% je Anteil in der Anteilklasse RC und 2,7% je Anteil in der Anteil- klasse IC (alle Angaben nach BVI-Methode).\n\nNeben dem aktiven Management der Bestandsobjekte konnten trotz pandemiebedingter Einschränkungen erneut verschiedene Immobilientransaktionen erfolgreich abgeschlossen werden.\nInsgesamt wurden 15 Objekte bis zum 30. September 2021 in den\nImmobilienbestand des Fonds übernommen. Für zwei weitere Projektentwicklungen in Spanien wurden die Kaufverträge unter- zeichnet, diese werden jedoch erst nach dem Berichtsstichtag in den Bestand übergehen.\nDie Neuakquisitionen erfolgten in verschiedenen europäischen Ländern, sowohl in Regionen, in denen grundbesitz europa bereits über andere Liegenschaften verfügt, als auch an Standorten, in denen der Fonds nun erstmals investiert ist. So ging im Dezember 2020 die über eine Beteiligungsgesellschaft erworbene Logistik- immobilie „Stellar“ in Jönköping in den Bestand des Fonds über, das erste Objekt in Schweden. Weiter ausgebaut wurde dagegen der Anteil in Finnland, der sich durch den Übergang zweier Büro- objekte mit angeschlossener Gastronomienutzung in Espoo nahe Helsinki auf nun fünf Immobilien erhöhte.\nDas bereits im vorausgegangenen Geschäftsjahr erworbene Wohnimmobilienportfolio „Carmel“ in den Niederlanden wurde um zwei weitere Neubaufertigstellungen in Den Haag ergänzt. Mit dem Objekt „Peckham Place“ im Süden Londons verfügt grund- besitz europa nun neben den bestehenden Investments im Bereich Studentisches Wohnen erstmals über eine Wohnimmobilie in Großbritannien. Der Erwerb einer Büroimmobilie in Danzig, Polen, sowie einer Beteiligung an einem aus fünf Objekten bestehenden Logistikportfolio in Frankreich ergänzen das Portfolio weiter.\nMit dem Erwerb der Büroimmobilie „UP!“ in Berlin ging die zwi- schenzeitlich einhundertste Immobilie im Mai 2021 in das Port- folio des Fonds über. Die Beteiligung an der Logistikimmobilie\n„Spectrum“ in Hamburg erfolgte im Juni 2021. Im August 2021 erfolgten zwei Besitzübergänge von insgesamt sechs Bauphasen der Projektentwicklung „Cheevers & Haliday“ in Dublin, für die der Kaufvertrag im Juli 2020 unterzeichnet wurde.\nIm Berichtszeitraum wurden zwei Verkäufe von Büroimmobilien in Madrid und London getätigt. Das Immobilienportfolio wird fortlau- fend auf veräußerbare Immobilien analysiert, die nach Auffassung des Fondsmanagements mittel- bis langfristig nicht mehr der Fondsstrategie entsprechen.\nDurch die vorgenannten Transaktionen ist das Immobilienport- folio des grundbesitz europa im Geschäftsjahr 2020/2021 auf\n100 Objekte mit einem Gesamtvolumen nach Verkehrswerten von 9.746,0 Mio. EUR angewachsen (30. September 2020: 87 Objekte, 8.449,6 Mio. EUR). Die Diversifikation der Nutzungsarten konnte durch die Ankäufe von wohnwirtschaftlich genutzten Immobilien und mehrerer Logistikimmobilien weiter gesteigert werden.\nDie direkt und indirekt gehaltenen Objekte verteilen sich auf insgesamt zwölf europäische Länder, worunter Deutschland mit 27,8% und Großbritannien mit 23,0% gemessen am Verkehrswert weiterhin die Schwerpunkte bilden. Die Entwicklung Großbritan- niens seit dem Austritt aus der Europäischen Union im Januar 2020 wird weiterhin sorgfältig beobachtet und bewertet, An- oder Verkäufe in diesem Markt werden analysiert.\nZum Stichtag 30. September 2021 waren 92,2% des Gesamtport- folios vermietet (gemessen am Jahressollmietertrag), bezogen auf den gesamten Berichtszeitraum lag die Vermietungsquote bei durchschnittlich 90,1%.\nMit Kreditverbindlichkeiten von insgesamt 1.599,0 Mio. EUR lag die Fremdfinanzierungsquote zum 30. September 2021 bei 16,4% des Immobilienvermögens und damit unter dem gesetzlichen\nGrenzwert von 30% (30. September 2020: 1.281,1 Mio. EUR bzw. 15,2%). Zusätzlich bestehen Kreditlinien für kurzfristige Fremdkapitalaufnahme.\nSeit dem Inkrafttreten der EU-Verordnung über nachhaltigkeits- bezogene Offenlegungspflichten im Finanzdienstleistungssektor am 10. März 2021 enthalten die vorvertraglichen Informationen für das Sondervermögen grundbesitz europa Erläuterungen zur Integration von Nachhaltigkeitsrisiken bei den Investitionsent- scheidungen sowie zu den Ergebnissen der Bewertung der zu erwartenden Auswirkungen von Nachhaltigkeitsrisiken auf die Rendite des Finanzproduktes.\nVor dem Hintergrund von Artikel 8 der Offenlegungsverordnung wurden nun mit Wirkung zum 1. Oktober 2021 die Anlagebedin- gungen um eine Regelung ergänzt, dass bei Erwerb und Be- wirtschaftung von Immobilien auch die ökologischen Merkmale berücksichtigt werden sollen, die die Kapitalgesellschaft für das Sondervermögen bewirbt. Im Zuge der Anpassung wurden auch verschiedene Änderungen berücksichtigt, die sich aus dem zum\n- August 2021 in Kraft getretenen sogenannten „Fondsstandort- gesetz“ (Gesetz zur Stärkung des Fondsstandorts Deutschland) ergeben. Diese beziehen sich insbesondere auf die Modalitäten und die Bekanntmachungsfrist im Fall von künftigen Änderun- gen der Anlagebedingungen und bringen darüber hinaus für den Fonds Erleichterungen für die Gewährung von Gesellschafter- darlehen an Immobilien-Gesellschaften mit sich.\n\nÜber Entwicklungen des Fonds im Bereich Nachhaltigkeit werden\nwir unsere Anleger auch künftig informieren.\nClemens Schäfer\nMit freundlichen Grüßen DWS Grundbesitz GmbH\nDr. Ulrich von Creytz\tDr. Grit Franke Frankfurt am Main, 29. November 2021\nUlrich Steinmetz\n\n## Gesamtwirtschaftliche Rahmenbedingungen\nNach den starken durch die Corona-Pandemie bedingten Ver- werfungen im Jahr 2020 zeigt sich die europäische Wirtschaft im Jahresverlauf 2021 erholt, aber noch nicht auf Vorkrisenni- veau. Zwar stützt grundsätzlich der wiederbelebte Welthandel, der nach einem Rückgang von 6% im Jahr 2020 im Jahres- verlauf 2021 mit einem Zuwachs von 12% deutliche Anstiege verzeichnen dürfte. Auch Frühindikatoren wie der Einkaufs- manager-Index zeigten sich im Oktober 2021 positiv, wenngleich mit nachlassender Dynamik. Mit einem Indexstand von 54,3 lag der Oktoberwert für die Eurozone über der neutralen Schwelle von 50, aber auch über dem Langzeit-Durchschnitt von 53.\nDennoch ist dies nach dem 15-Jahres-Hoch im Juli bereits der dritte Monatsrückgang in Folge, wobei sich die Wirtschaft am stärksten in Deutschland abkühlte, aber auch in Frankreich der tiefste Stand seit April erreicht wurde.\nLetztlich blieb die Corona-Pandemie und damit verbundene Effekte wie Lockdowns und Impffortschritt insbesondere zu Jah- resbeginn ein bestimmender Faktor für die wirtschaftliche Erho- lung, nicht zuletzt aufgrund neuer Virus-Mutationen. Mittlerweile treten Folgeerscheinungen wie Transport- und Logistikprobleme, Produktionsengpässe infolge fehlender Vorprodukte, steigende Rohstoffpreise sowie eine anziehende Inflation immer stärker in Erscheinung und belasten damit die wirtschaftliche Entwicklung weltweit und in Europa. So wird für die Eurozone in diesem Jahr mit einem Anstieg der Inflation auf 2,4% gerechnet, während\nfür Deutschland sogar 3% erwartet werden. In Frankreich und Italien fällt der Inflationsdruck mit 1,7% bzw. 1,9% bedeutend geringer aus, dennoch könnte dies geldpolitische Maßnahmen auf europäischer Ebene nach sich ziehen.\nKonkret wird in Bezug auf die wirtschaftliche Entwicklung in Europa nach der corona-bedingten Schwächephase im\nJahr 2020, mit negativem Wirtschaftswachstum der Eurozone von -6,5%, eine positive Entwicklung und einsetzende Erho- lungsphase erwartet. So hat das Wirtschaftswachstum im zwei- ten Quartal 2,3% erreicht und dürfte im dritten Quartal erneut bei etwa 2% liegen. Entsprechend wird für das Gesamtjahr 2021 mit einem Wachstum von 5% gerechnet. Deutschland weicht mit erwarteten 2,5% vom Durchschnitt der Eurozone deutlich ab, wohingegen in Frankreich mit 6,2% und Großbritannien mit 7,3% eine starke wirtschaftliche Erholung unterstellt wird.\nNachdem das verarbeitende Gewerbe in den vergangenen Mo- naten durch fehlende Vorprodukte und steigende Rohstoff- und Energiepreise ausgebremst wurde, bleiben der Dienstleistungs- sektor und der private Konsum als Stützen der wirtschaftlichen Erholung. Während im Gastgewerbe- und Servicebereich ten- denziell im weiteren Jahresverlauf auch weiterhin Corona-indu- zierte Einschränkungen drohen, dürfte insbesondere die auf- gestaute Konsumenten-Nachfrage die wirtschaftliche Erholung befeuern.\nMit einem Zuwachs von +3,7% im zweiten Quartal 2021 und einem erwarteten Wachstum von ebenfalls 3,7% auf Jahressicht entwickelt sich der private Konsum aktuell zum stärksten Treiber der wirtschaftlichen Erholung in Europa.\n(Datenquellen: Oxford Economics, Markit 10/2021)\n\n## Entwicklungen auf den Kapitalmärkten\nDie Renditen an den Kapitalmärkten haben sich im Berichtszeit- raum vom 1. Oktober 2020 bis 30. September 2021 um 30 Basis- punkte leicht erhöht, aber notierten letztlich weiter im negativen Bereich. Die Renditen für zehnjährige Bundesanleihen notierten am 1. Oktober 2020 bei -0,536% p.a. und lagen zum Ende des Berichtszeitraums bei -0,199% p.a.\nDie Renditen von kurzlaufenden Staatsanleihen sind im Berichts- zeitraum um weitere 10 Basispunkte gefallen, die Trading Range belief sich auf ganze 15 Basispunkte. Einjährige Bundesanleihen rentierten am 1. Oktober 2020 bei -0,598% p.a., am letzten Handelstag im September 2021 bei -0,673% p.a.\nDer Leitzins der Europäischen Zentralbank blieb unverändert und notiert weiterhin bei 0,00%, die Einlagenfazilität liegt seit September 2019 bei -0,50%.\n(Datenquelle: Bloomberg)\n\n## Entwicklungen auf den Immobilienmärkten\nDer europäische Immobilienmarkt ist nach unserer Einschätzung in eine beginnende Erholungsphase eingetreten, wenngleich die Pandemie deutliche Spuren an den Märkten hinterließ. Entspre- chend hat das Jahr 2020 die europäischen Immobilienmärkte infolge von Lockdowns und Grenzschließungen vor große Her- ausforderungen gestellt, allerdings erfolgten auch umfangreiche Stützungs- und Hilfsmaßnahmen seitens der jeweiligen Regie- rungen, Zentralbanken und europäischen Institutionen. Dank dieser Subventionen, Ausfallgarantien, Steuererleichterungen und sozialen Sicherungsmaßnahmen konnten vielfach Insolven- zen verhindert und damit deutlich steigende Arbeitslosenzahlen verhindert werden, zumal solide Ausgangsbedingungen wie niedrige Leerstände und moderate Bautätigkeit die Immobilien- märkte zusätzlich stützten.\nNichtsdestotrotz hat die Corona-Pandemie in den vergangenen 12-18 Monaten insbesondere im Hotel- und Einzelhandelssektor für Verwerfungen gesorgt. Ladenschließungen und fehlende internationale Touristen haben den stationären Einzelhandel belastet und für signifikante Mietausfälle gesorgt. Als Folge daraus ging die Flächennachfrage stark zurück und gerade die seit Jahren belasteten Shopping Center verzeichneten im ersten Quartal 2021 den bisher stärksten jährlichen Leerstandsanstieg und neuerliche Mietrückgänge von 8,5%.\nAuch am europäischen Büromarkt hinterließ die Pandemie ihre Spuren. Lag die durchschnittliche Leerstandsrate zu Beginn der Pandemie noch bei 6,3%, dem niedrigsten Wert seit 2002, stieg sie bis zum Frühjahr 2021 um 130 Basispunkte an. Posi- tive Abweichungen konnten hier beispielsweise die deutschen\nTop-7-Büromärkte erzielen, die bis zum Jahresende lediglich um rund 90 Basispunkte auf rund 4,8% steigen dürften. Auch Miet- niveaus korrigierten auf europäischer Ebene leicht um rund 1,3% und damit deutlich weniger stark als befürchtet, wobei sich hier insbesondere Großbritannien und die nordischen Märkte positiv abheben. Die einsetzende Erholung der Flächennachfrage und moderate, durch die Pandemie zum Teil verzögerte Fertigstel- lungsvolumen stützen den Büromarkt zusätzlich.\nWesentlich freundlicher zeigten sich europäische Logistik- märkte, die in weiten Teilen sogar von der Krise und dem starken Wachstum im Onlinehandel profitieren konnten. Die Flächennachfrage blieb hoch und Mietniveaus haben erneut an- gezogen. Auf Jahresbasis lagen Spitzenmieten rund 1,4% über dem Vorjahreswert, was für Logistikobjekte in der Langfrist- betrachtung und vor dem Hintergrund der Pandemie durchaus einen beachtlichen Anstieg bedeutet. Auch die europäischen Wohnungsmärkte zählen zu den Gewinnern der Krise, konnten sie doch ihren defensiven Charakter voll zur Geltung bringen.\nDies betrifft insbesondere die etablierten Wohnungsmärkte in Deutschland, den Niederlanden oder Skandinavien. Mietausfälle und Leerstandszunahmen blieben die Ausnahme und Miet-\nniveaus korrigierten tendenziell im Spitzensegment, wo sich die verringerte Nachfrage nach kleinteiligen, befristeten Mietverträ- gen und möbliertem Wohnen am stärksten bemerkbar machte.\n(Datenquellen: DWS 07-10/2021)\n\n## Entwicklungen auf den Investmentmärkten\nDie europäischen Investmentmärkte stehen weiterhin im Zei- chen der Corona-Pandemie. Zwar konnte sich die Investment- dynamik im Verlauf des Jahres 2021 weitgehend stabilisieren und von ihrem Tiefstand zu Jahresbeginn 2020 erholen, den- noch liegen Transaktionsvolumen weiterhin unter den Vorkrisen- niveaus zum Jahresbeginn 2020. Wurden in der 12-Monats-Be- trachtung im ersten Quartal 2020 europaweit noch Immobilien im Wert von über 330 Mrd. EUR gehandelt, lag der annualisierte Wert im dritten Quartal 2021 bei rund 270 Mrd. EUR. Dies ent- spricht einem Rückgang um rund 20%, gegenüber Vorjahres- quartal sind dies immerhin noch rund 8%.\nAuf regionaler Ebene zeigen sich hierbei deutliche Unterschie- de. Während die britischen Immobilienmärkte eine signifikante Erholung auf knapp 65 Mrd. EUR verzeichneten und mit jeweils rund 20% sowohl deutlich über dem Vorjahreswert als auch über dem Vorkrisenniveau liegen, verlief die Erholung in ande- ren Märkten deutlich schleppender. In Deutschland wurde zwar ein ähnliches annualisiertes Transaktionsvolumen von knapp 64 Mrd. EUR im dritten Quartal erzielt, allerdings liegt der Wert rund 20% unter dem Vorjahresergebnis. Auch in Frankreich konnten die Transaktionsvolumen bisher nicht an alte Bestmar- ken anknüpfen. Hier stagniert der Investmentmarkt bei knapp 30 Mrd. EUR, was den niedrigsten Wert seit 2017 markiert.\nSpanien oder die Niederlande konnten sich hier gegenüber Vorjahr stärker erholen.\nAuf sektoraler Ebene liegen Logistikimmobilien klar in der Anle- gergunst vorn. Mit über 50 Mrd. EUR wurde im dritten Quartal 2021 das bisher stärkste Jahresergebnis gemessen. Auch Wohn- immobilien liegen mit über 60 Mrd. EUR nahe ihren Höchststän- den aus Vorkrisenzeiten. Büroinvestments, Einzelhandelsimmo- bilien und Hotelobjekte folgen mit einigem Abstand dahinter, konnten sich mit Ausnahme des Einzelhandels allerdings bereits erholen.\nTrotz der weiterhin verhaltenen Investmentaktivität rechnen wir perspektivisch mit einem neuerlichen Anstieg der Trans- aktionsvolumen und einer nachlassenden Polarisierung hin- sichtlich der Sektorallokation. Letztlich bleibt die Attraktivität von Immobilienanlagen im anhaltenden Niedrigzinsumfeld hoch, entsprechend rechnen wir auch mittelfristig mit weiterer Renditekompression.\n(Datenquellen: DWS 07/2021, RCA 10/2021)\n\n## Anlagestrategie des grundbesitz europa\nAls Anlageziele des Sondervermögens werden regelmäßige Erträge aufgrund zufließender Mieten und Zinsen sowie ein Wertzuwachs angestrebt. Der Fonds verfolgt eine dauerhaft positive Jahresrendite – mit stabilen jährlichen Ausschüttun- gen – bei möglichst geringen Wertschwankungen.\nDie Anlagestrategie des Fonds stellt die Akquisition, den laufen- den Ertrag und den Verkauf von Immobilien in den Mittelpunkt, verbunden mit der Zielsetzung, während der Laufzeit des Fonds sowohl die laufenden Einnahmen als auch den Wertzuwachs stabil zu halten bzw. zu steigern. Die Gesellschaft investiert für Rechnung des Fonds in Mitgliedsländern der EU und des EWR sowie selektiv in Ländern außerhalb der EU/des EWR. Im An- hang zu den „Besonderen Anlagebedingungen“ im aktuellen Verkaufsprospekt sind der betreffende Staat und der Anteil am Wert des Fonds, der in diesem Staat höchstens angelegt werden darf, aufgeführt. Gemäß den „Besonderen Anlagebedingungen“ müssen mindestens 51% des Wertes des Fonds in Immobilien investiert sein, die in einem Mitgliedstaat der EU oder in einem anderen Vertragsstaat des Abkommens über den EWR belegen sind.\nDer Fonds investiert in klassische Gewerbeimmobilien mit den Nutzungsarten Büro, Einzelhandel, Logistik und Hotel sowie in Wohnimmobilien.\nDie vom Fonds gehaltenen Immobilien befinden sich in guten bis sehr guten Lagen etablierter Immobilienmärkte. Das Ziel sind grundsätzlich Investitionen in langfristig vermietete Immobilien\nmit bonitätsstarken Mietern. Die Transaktionsstrategie richtet sich an den unterschiedlichen europaweiten Immobilienzyklen aus.\nBei der Auswahl der Immobilien für das Sondervermögen ste- hen deren nachhaltige Ertragskraft sowie eine Diversifikation nach Lage, Größe, Nutzung und Mietern im Vordergrund der Überlegungen. Die Gesellschaft strebt dabei eine der jeweiligen Größe des Sondervermögens angemessene regionale Streuung von Immobilien verschiedener Größenordnungen an, soweit sie dies im Interesse der Anleger für geboten hält. In die Beurteilung werden ebenfalls die wirtschaftlichen und standortbezogenen Chancen und Risiken einbezogen. Zur Erreichung der Anlage- ziele des Sondervermögens werden bei der Auswahl und der Verwaltung der Immobilien u.a. auch ökologische Merkmale\nim Sinne von Artikel 8 der Verordnung (EU) 2019/2088 über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienst- leistungssektor (nachfolgend „Offenlegungsverordnung“) geför- dert. Die regulatorischen Anforderungen an den Inhalt und das Format der nach der Offenlegungsverordnung offenzulegenden Informationen befinden sich derzeit teilweise noch in der Ent- wicklung und Konkretisierung.\nNeben bestehenden oder im Bau befindlichen Gebäuden kön- nen auch Grundstücke für Projektentwicklungen erworben werden. Der Anlageschwerpunkt liegt jedoch auf bestehenden Gebäuden.\n\n## Fondsvermögen und Mittelaufkommen\nIm Berichtszeitraum vom 1. Oktober 2020 bis zum\n30. September 2021 erzielte der Fonds einen Nettomittelzu- fluss in Höhe von 221,8 Mio. EUR. Das Gesamtfondsvermögen stieg von 9.644,2 Mio. EUR (Stand: 30. September 2020) auf 9.902,3 Mio. EUR (+2,7%) zum 30. September 2021.\nDas investierte Kapital in der Anteilklasse IC hat sich auf 819,4 Mio. EUR leicht reduziert (30. September 2020:\n825,4 Mio. EUR). Zum Berichtsstichtag entsprach dies einem Anteil von 8,3% des Gesamtfondsvermögens.\nDie liquiden Mittel reduzierten sich durch die getätigten Immo bilienankäufe auf einen Betrag in Höhe von 1.377,6 Mio. EUR. Das Liquiditätsportfolio wird gemäß einem fest installierten In- vestmentprozess gemanagt. Zins und Kursprognosen unterliegen einer technischen und fundamentalen Analyse. Im Berichtszeit- raum wurde die vorhandene Liquidität überwiegend in Tages und Termingeld sowie festverzinsliche Wertpapiere wie Staats und Unternehmensanleihen europäischer Emittenten mit gutem bis sehr gutem Rating (Investment Grade) investiert. Zur Durations- steuerung wurden zeitweise Futures eingesetzt.\n\n## Ergebnisse des Fonds\nIm abgelaufenen Geschäftsjahr 2020/2021 hat der Fonds in der Anteilklasse RC eine Wertentwicklung von 2,3% je Anteil, in der Anteilklasse IC eine Wertentwicklung von 2,7% je Anteil erzielt (jeweils nach BVI-Methode).\nDie Ausschüttung zum 15. Dezember 2021 beträgt in der Anteil- klasse RC 0,90 EUR. Der gesamte Anlageerfolg in der Anteilklas- se RC beträgt 0,89 EUR pro Anteil. Anleger der Anteilklasse IC erhalten eine Ausschüttung in Höhe von 1,10 EUR. Der gesamte Anlageerfolg in der Anteilklasse IC beträgt 1,08 EUR pro Anteil. Informationen zur Besteuerung enthalten die „Steuerlichen Hinweise für den Anleger“ im Anschluss an diesen Bericht.\nDie positive Wertentwicklung des Fonds wird durch die nach- folgende Übersicht deutlich.\n| Wertentwicklung nach BVI-Methode (Stand: 30. September 2021) |\n| --- |\n| | Anteilklasse RC | Ø p. a. | Anteilklasse IC | Ø p. a. |\n| 1 Jahr | 2,3% | | 2,7% | |\n| 2 Jahre | 4,1% | 2,0% | 5,2% | 2,5% |\n| 3 Jahre | 6,9% | 2,2% | 8,5% | 2,8% |\n| 5 Jahre | 13,3% | 2,5% | 16,0% | 3,0% |\n| 10 Jahre | 30,1% | 2,7% | 36,6% | 3,2% |\n| 15 Jahre | 75,2% | 3,8% | | |\n| 20 Jahre | 105,5% | 3,7% | | |\n| 25 Jahre | 155,5% | 3,8% | | |\n| 30 Jahre | 252,3% | 4,3% | | |\n| 35 Jahre | 388,2% | 4,6% | | |\n| 40 Jahre | 595,7% | 5,0% | | |\n| 45 Jahre | 878,9% | 5,2% | | |\n| 50 Jahre | 1.272,8% | 5,4% | | |\n| Seit Auflegung * | 1.380,3% | 5,4% | 56,2% | 3,4% |\n\n* Auflegung des Fonds am 27.10.1970, Anteilklasse IC am 1.4.2008.\n\n## Immobilienbestand des grundbesitz europa\nZum Portfolio von grundbesitz europa gehörten zum Berichts- stichtag 100 Immobilien, davon sind 44 direkt gehaltene Immo- bilien mit einem Verkehrswertvolumen von 4.441,5 Mio. EUR.\nÜber Immobilien-Gesellschaften werden 56 Objekte mit einem Gesamtvolumen von 5.304,4 Mio. EUR gehalten, davon 49 Objekte in Mehrheitsbeteiligungen. Sieben Objekte werden über Minderheitsbeteiligungen gehalten.\nBerechnung der Wertentwicklung nach BVI-Methode, d.h. ohne Berücksichtigung des Ausgabeaufschlages. Individuelle Kosten wie bspw. Gebühren, Provisionen und andere Entgelte sind in der Darstellung nicht berücksichtigt und würden sich bei Be- rücksichtigung negativ auf die Wertentwicklung auswirken.\nWertentwicklungen in der Vergangenheit sind kein verlässlicher Indikator für die zukünftige Wertentwicklung.\n\n## Nutzungsarten der Fondsimmobilien\nGeografische Verteilung der Fondsimmobilien\nNach dem Jahressollmietertrag überwiegt weiterhin der Anteil von Büroimmobilien im Portfolio von grundbesitz europa. Diver- sifizierung erfährt der Fonds durch Anteile an Einzelhandel, Wohnen und Logistik. Laufende Projektentwicklungen sind in der Darstellung nicht berücksichtigt.\n\n## Geografische Verteilung der Fondsimmobilien\nDie 44 direkt gehaltenen Immobilien sowie die 56 über Immobilien-Gesellschaften gehaltenen Immobilien sind regional über zwölf Länder breit diversifiziert.\nWirtschaftliche Altersstruktur\nder Fondsimmobilien\nGrößenklassen der Fondsimmobilien\nBei den 17 Objekten mit einem Verkehrswert über 150 Mio. EUR handelt es sich um langfristig vermietete Büro- und Einzelhandels- immobilien in verschiedenen Ländern. 50 Immobilien haben einen Verkehrswert zwischen 25 und 100 Mio. EUR.\n| Immobilien nach Größenklassen |\n| --- |\n| bis 10 Mio. EUR | 36,7 Mio. EUR | 0,4% | 5 Objekte |\n| 10 bis 25 Mio. EUR | 145,0 Mio. EUR | 1,5% | 9 Objekte |\n| 25 bis 50 Mio. EUR | 809,1 Mio. EUR | 8,3% | 21 Objekte |\n| 50 bis 100 Mio. EUR | 2.097,1 Mio. EUR | 21,5% | 29 Objekte |\n| 100 bis 150 Mio. EUR | 2.399,7 Mio. EUR | 24,6% | 19 Objekte |\n| 150 bis 200 Mio. EUR | 897,2 Mio. EUR | 9,2% | 5 Objekte |\n| über 200 Mio. EUR | 3.361,1 Mio. EUR | 34,5% | 12 Objekte |\n| Gesamt | 9.745,9 Mio. EUR | 100,0% | 100 Objekte |\n\n\n## Immobilienankäufe und Bestandszugänge\nWeitere Angaben zu den nachstehend aufgeführten Objekten sind dem Immobilienverzeichnis sowie dem Verzeichnis der Käufe und Verkäufe zu entnehmen. Die Kaufpreise werden in Euro ausgewiesen; bei Fremdwährungen wird jeweils der Kurs zum Zeitpunkt des Besitzübergangs zugrunde gelegt.\nUnterschieden wird zwischen dem Immobilienankauf mit Unter- zeichnung des Kaufvertrags, dem sogenannten „signing“, und dem Bestandsübergang in das Immobilienportfolio des Fonds, dem sogenannten „closing“. Erst nach dem „closing“ wird das jeweilige Objekt im Immobilienverzeichnis geführt. Bei Projekt- entwicklungen kann dies abhängig von der Vertragsgestaltung bereits in der Bauphase oder erst nach Fertigstellung der Fall sein.\nZehn Objekte bzw. Projektentwicklungen wurden im Berichts- zeitraum erworben und sind im Berichtszeitraum in den Bestand übergegangen:\nJönköping (SE) – Logistikimmobilie „Stellar“\nIm Dezember 2020 investierte der Fonds grundbesitz europa mit einem Volumen von rund 141,6 Mio. EUR erstmals in Schweden. Der aus drei Bauteilen mit einer Gesamtmietfläche\nvon 112.023 m² bestehende Komplex zählt zu einem der größten eigenständigen Verteilzentren in den nordischen Ländern. Die modernen, teils vollautomatischen Sortier- und Lagergebäude lassen effiziente und leistungsstarke Logistikoperationen zu,\num die Länder Norwegen, Schweden, Dänemark und Finnland zu bedienen. Der Logistik-Komplex ist langfristig an eines der größten Elektronikunternehmen Nordeuropas vermietet.\nDas Kaufpreisvolumen betrug insgesamt rund 141,6 Mio. EUR,\nder Übergang in den Bestand erfolgte am 10. Dezember 2020.\nDanzig (PL) – Bürogebäude „NEON“\nIm Februar 2021 wurde die Büroimmobilie „NEON“ in der polnischen Hafenstadt Danzig erworben.\nDas Büroobjekt wurde Ende 2019 fertiggestellt und liegt im Alchemia Business Park, der zentral zwischen Danzig und Gdynia liegt. „NEON“ bietet Büro-Nutzflächen von mehr als\n33.000 m² über elf Stockwerke. Hinzu kommen Einzelhandels- flächen im Erdgeschoss und rund 300 Parkplätze in zwei unter- und zwei oberirdischen Stockwerken. Die Immobilie hat die\n„LEED Platinum“-Zertifizierung erhalten und entspricht damit dem höchsten international etablierten Nachhaltigkeitsstandard.\nDas Kaufpreisvolumen betrug insgesamt rund 82,1 Mio. EUR,\nder Übergang in den Bestand erfolgte am 11. Februar 2021.\nLondon (GB) – Wohnimmobilie „Peckham Place“\nIm März 2021 wurde die Wohnimmobilie „Peckham Place“ im Süden der britischen Hauptstadt London erworben. Die Immo- bilie ist Teil eines neu errichteten Ensembles in einem sich wandelnden Stadtteil. Das kürzlich errichtete Anwesen „Idaline Court“ ist Teil der breiteren „Peckham Place“-Entwicklung\nund besteht aus einem mehrstöckigen Apartmentkomplex mit 108 hochwertigen Mieteinheiten. Es wurde gemäß dem Kodex für nachhaltiges Wohnen erbaut und bietet unterschiedliche Grundrisse mit jeweils eigenem Balkon. Peckham Place bietet eine hervorragende Verkehrsanbindung an das Zentrum von London und ist insbesondere an die Londoner City und das Westend gut angebunden. Verkäufer des Objektes ist eine britische Wohnbaugesellschaft.\nDas Kaufpreisvolumen betrug insgesamt rund 64,3 Mio. EUR, der Übergang in den Bestand erfolgte am 19. März 2021.\nLille, Nîmes u.a. (FR) – Logistikimmobilien-Portfolio „Omega“ Im März 2021 wurde für insgesamt rund 241,5 Mio. Euro ein\nLogistikimmobilien-Portfolio, bestehend aus fünf Objekten, in Frankreich erworben. Der Ankauf erfolgte über eine Beteili- gungsgesellschaft als Joint Venture mit einem ebenfalls von DWS verwalteten offenen Immobilienfonds. An dem Joint Venture ist grundbesitz europa zu 40% beteiligt.\nDer Kaufvertrag für das Logistikimmobilien-Portfolio „Omega“ wurde am 27. Januar 2021 unterzeichnet. Die vier im Großraum Lille sowie ein nahe Nîmes gelegenes Objekt wurden zwischen 2014 und 2017 errichtet und verfügen über eine Nutzfläche\nvon insgesamt rund 206.000 m². Das Portfolio ist vollständig und weitestgehend langfristig an fünf unterschiedliche Nutzer vermietet. Vier Objekte sind bereits mit den Nachhaltigkeits- zertifikaten „BREEAM“ und „HQE“ ausgezeichnet, für das fünfte Objekt wird ebenfalls kurzfristig eine Zertifizierung angestrebt.\nDas Kaufpreisvolumen betrug für grundbesitz europa rund\n96,8 Mio. EUR, der Übergang in den Bestand erfolgte am\n23. März 2021.\nBerlin (DE) – Büroprojektentwicklung „Up!“\nAm 30. November 2018 wurde der Kaufvertrag für eine Projekt- entwicklung in Berlin unterzeichnet. Die Übernahme der Büro- immobilie in den Bestand mit rund 48.400 m² ist für das zweite Quartal 2021 geplant. Die Baumaßnahmen verlaufen planmäßig.\nDer Kaufpreis betrug 314,8 Mio. EUR, der Übergang in den Bestand erfolgte am 7. Mai 2021.\nHamburg (DE) – Logistikimmobilie „Spectrum“\nIm Juni 2020 wurde gemeinsam mit einem anderen Sonder- vermögen für rund 189 Mio. Euro eine Logistikimmobilie in Hamburg erworben. grundbsesitz europa ist an der Immobilien- Gesellschaft zu 55% beteiligt.\nDas Objekt liegt im Südosten Hamburgs in unmittelbarer Nähe zum Autobahnkreuz der wichtigen Nord-Süd-Verbindung A 1 und der ostwärts verlaufenden A 25. Der Hamburger Hafen ist rund 12 km von der neuen Fondsimmobilie entfernt. Die Objekt- lage ist angesichts der guten Fernverkehrsanbindung und der Nähe zum Stadtzentrum sowie dem Hafen einer der attraktivs- ten und am stärksten nachgefragten Logistikstandorte im Groß- raum Hamburg sowie Deutschlands und weist nahezu keinen Leerstand aus.\nDie moderne Logistikimmobilie „Spectrum“ hat aktuell eine Nutzfläche von rund 77.100 m² und wird bis zum Jahr 2022 um eine Logistikhalle mit rund 18.800 m² erweitert. Der Komplex ist langfristig an eines der größten europäischen Logistikunterneh- men vermietet. Auf dem rund 160.000 m² großen Grundstück gibt es 249 Pkw- und 20 Lkw-Parkplätze.\nDer anteilige Kaufpreis betrug 84,5 Mio. EUR, der Übergang in\nden Bestand erfolgte am 1. Juni 2021.\nEin Objekt ist vor dem Berichtszeitraum in den Bestand über- gegangen und wurde im Berichtzeitraum fertiggestellt:\nLondon (GB) – „Pavilion Court“\nAm 28. Februar 2019 wurde der Kaufvertrag für die Projektent- wicklung einer Studentenwohnanlage unterzeichnet. Der Grund- stücksankauf und Besitzübergang erfolgte am 8. März 2019 und die Zahlung der Kaufpreisraten erfolgt gemäß Baufortschritt. Der vereinbarte Kaufpreis beträgt rund 127,8 Mio. EUR.\nDie Fertigstellung der Studentenwohnanlage in Wembley mit zwischenzeitlich auf 699 aufgestockten Zimmern erfolgte am\n24. September 2021.\nVier Objekte wurden vor dem Berichtszeitraum erworben und sind im Berichtszeitraum in den Bestand übergegangen:\nDen Haag (NL) – „Carmel Wohnportfolio“\nDas Wohnportfolio „Carmel“ besteht aus insgesamt acht soge- nannten Clustern, die in mehreren Tranchen erworben wurden und jeweils verschiedene Einzelobjekte zusammenfassen. Sechs dieser Cluster befanden sich bereits im Bestand des Fonds, im Berichtszeitraum sind nun zwei weitere übergegangen. Es han- delt sich hierbei um ein mehrgeschossiges Mehrfamilienhaus mit 288 Wohneinheiten und einer Gesamtmietfläche von rund 12.700 m², das aus zwei miteinander verbundenen Gebäude-\nteilen besteht und über insgesamt 92 Parkmöglichkeiten im Gebäude bzw. im Nachbargebäude verfügt. Die Wohnungen be- finden sich in einer Größenordnung zwischen 41 m² und 72 m², verfügen über voll ausgestattete Bäder und offene Wohnküchen, haben einen Balkon und sind mittels Aufzug erreichbar.\nDas Kaufpreisvolumen für diese Einheiten betrug für grundbesitz europa rund 66,8 Mio. EUR, der Übergang in den Bestand erfolg- te am 30. Oktober 2020.\nDarüber hinaus hat das Fondsmanagement im Berichtszeit- raum ein weiteres Wohnimmobilien-Portfolio mit insgesamt 369 Wohnungen in Den Haag angekauft, dessen Einzeleinheiten in drei bereits bestehende Cluster eingebracht wurden und diese erweitern. Der Kaufpreis betrug rund 70,9 Mio. EUR, der Be- standsübergang erfolgte am 2. Juni 2021.\nEspoo (FI) – Büroimmobilie „Keilalampi“ und „Pavillons“\nIm März 2021 konnte das Bürogebäude „Keilalampi“ und die zwei dazu gehörigen „Pavillons“ in den Bestand des Fonds übernommen werden. Diese Immobilien ergänzen die bereits im März 2020 erworbene Büroimmobilie an diesem Standort.\nDas mehrgeschossige Bürogebäude mit einer Gesamtmiet- fläche von rund 13.600 m² wurde 1994 erbaut und in den Jah- ren 2020/2021 umfangreich modernisiert. Dabei erfolgten u.a. Modernisierungen an der Gebäudetechnik, der Fassade und den Büroflächen bzw. Innenräumen. Mit Abschluss der Moderni- sierungsmaßnahmen wird das Nachhaltigkeitszertifikat „LEED Gold“ angestrebt. Alle Flächen sind vollständig und langfristig vermietet, Hauptmieter ist eine finnische Versicherung.\nMit dieser Immobilie wurden auch zwei neu errichtete Pavillons mit gesamt rund 1.080 m² Gastronomie- und Servicefläche er- worben, die sich auf einem neu angelegten, öffentlichen Stadt- platz vor dem Gebäude befinden. Neben dem direkten Zugang zur Metro auf Straßenebene befindet sich unterhalb der Gebäu- de eine Tiefgarage mit 193 Parkplätzen.\nDas Kaufpreisvolumen betrug insgesamt rund 86,4 Mio. EUR, der Übergang in den Bestand erfolgte am 31. März 2021.\nNeun Objekte wurden im oder vor dem Berichtszeitraum als Projektentwicklungen erworben und sind noch nicht fertiggestellt:\nDüsseldorf (DE) – Projekt „Trio“\nAm 31. August 2018 wurde der Kaufvertrag für drei Hotelimmo- bilien in Düsseldorf unterzeichnet, die als Projektentwicklung für den Fonds erworben wurden. Es handelt sich um ein Ensem- ble mit insgesamt 717 Zimmern in der Nähe des Düsseldorfer Hauptbahnhofes. Die Fertigstellung ist für das vierte Quartal 2021 geplant. Die Baumaßnahmen verlaufen planmäßig. Der vereinbarte Kaufpreis beträgt rund 157,4 Mio. EUR.\nKöln (DE) – Hotelprojektentwicklung „Messe City Köln”\nAm 17. April 2019 wurde der Kaufvertrag für eine Hotel-Projekt- entwicklung in Köln unterzeichnet. Die Übernahme der Hotels mit rund 479 Zimmern in den Bestand ist für das zweite Quartal 2021 geplant. Die Baumaßnahmen verlaufen planmäßig. Der vereinbarte Kaufpreis beträgt rund 111,5 Mio. EUR.\nBerlin (DE) – „The Grid“\nAm 20. Dezember 2019 wurde der Kaufvertrag für die Projekt- entwicklung einer Büroimmobilie im Stadtbezirk Friedrichshain- Kreuzberg, einem aufstrebenden Teilmarkt von Berlin, unter- schrieben. Der Übergang in den Bestand erfolgte mit Zahlung der ersten Kaufpreisrate am 19. Februar 2020.\nDas mehrgeschossige Gebäude mit 13.849 m² Nutzfläche verfügt neben Büroflächen über Einzelhandels- bzw. Gastro- nomieflächen im Erdgeschoss sowie Parkmöglichkeiten in einer Tiefgarage und ist bereits vor Baubeginn zu über 50% langfristig vermietet. Mit dem Erwerb dieser Büroimmobilie soll von der prognostizierten positiven Entwicklung des Berliner Stadtteils Friedrichshain-Kreuzberg und den laufenden Mieteinnahmen in einem Wachstumsmarkt profitiert werden. Aufgrund der hoch- wertigen Gebäudestandards wird die DNGB-Zertifizierung Gold angestrebt.\nAls Kaufpreis wurden 129,1 Mio. EUR vereinbart, Zahlung erfolgt nach Baufortschritt. Die Fertigstellung ist für vierte Quartal 2021 geplant.\nBarcelona (ES) – Büroimmobilie „One Parc Central“\nIm Februar 2021 wurde der Kaufvertrag für die Projektentwick- lung einer Büroimmobilie in Spanien unterschrieben. Die Büro- immobilie mit zwölf Stockwerken wird im stark nachgefragten 22@ Viertel Nord der katalanischen Hauptstadt Barcelona errich- tet. Mit dem Erwerb der Büroimmobilie wird nach Fertigstellung im Herbst 2022 in einen Wachstumsmarkt investiert.\nAls Kaufpreis wurden rund 128,0 Mio. EUR vereinbart, die Zah- lung an den Verkäufer erfolgt nach Fertigstellung.\nDublin (IE) – Wohnimmobilie „Cheevers & Haliday“\nIm Juli 2020 wurde der Kaufvertrag mit einem Volumen von rund 195,0 Mio. EUR für die Projektentwicklung eines Wohn- gebäude-Komplexes unterzeichnet, die sich rund elf Kilometer südlich der irischen Hauptstadt Dublin befindet.\nDie moderne, mehrgeschossige Projektentwicklung mit einer Gesamtmietfläche von 31.512 m² besteht aus zwei wirtschaft- lich unabhängigen Wohngebäuden und befindet sich auf einem\nehemaligen Golfplatzgelände im Teilmarkt Dun Laoghaire, einem wohlhabenden Vorort von Dublin.\nDie umliegenden Städte Dun Laoghaire, Dalkey, Monkstown und Blackrock sind mittels Pkw und Öffentlichen Verkehrsmitteln\nin kurzer Zeit erreichbar und bieten zahlreiche Einkaufs- und Freizeitmöglichkeiten.\nDie qualitativ hochwertigen und voll ausgestatteten 368 Wohn- einheiten bestehen aus einem Mix von 2-4-Raum-Wohnungen und haben eine Durchschnittsgröße von rund 86 m². Sie sind mittels Aufzug erreichbar und verfügen neben Balkon oder Terrasse über weitere zahlreiche Annehmlichkeiten. Die Fertig- stellung der Wohnblöcke erfolgt in mehreren Bauabschnitten von Juni 2021 bis voraussichtlich Januar 2022.\nParis (FR) – Büroprojektentwicklung „TOKO“\nIm September 2020 wurde die Projektentwicklung eines zu mo- dernisierenden Bürogebäudes am Rande des Central Business Districts (CBD) der französischen Hauptstadt Paris erworben.\nDie in den Jahren 1955 bzw. 1989 gebaute mehrgeschossige Class A-Büroimmobilie besticht neben ihrer hervorragenden Lage durch ihre markante Architektur mit bodentiefer Glasfas- sade und hellen, modernen Büroflächen. Die Büroimmobilie befindet sich im 17. Bezirk von Paris, welches von der konti- nuierlichen Erweiterung des Pariser CBD mit einer sehr guten Anbindung an das Zentrum und die Pariser Ringstraße profitiert. Aufgrund des sehr geringen Flächenleerstands von ca. 2% im Großraum von Paris und der begrenzten Baumöglichkeiten wird davon ausgegangen, dass der Objektstandort bei einer zukünf- tigen Ausweitung des innerstädtischen Büromarktes mit einge- bunden und weiter an Bedeutung gewinnen wird.\nDas Fondsobjekt ist bereits vor Umbaubeginn vollständig und langfristig an einen bonitätsstarken Nutzer aus dem digitalen Dienstleistungssektor vorvermietet. Mit Fertigstellung der Mo- dernisierungsmaßnahme werden die Nachhaltigkeitszertifikate\n„BREEAM Very Good“ und „Wired Score Silver“ angestrebt. Die Wired Score-Zertifizierung ist ein weltweiter, anerkannter Stan- dard zur Bewertung der Konnektivität von Bürogebäuden.\nAls Kaufpreis wurden 162,0 Mio. EUR vereinbart, Zahlung erfolgt nach Baufortschritt. Die Fertigstellung ist für das erste Quartal 2022 geplant.\nMadrid (ES) – Wohnbauportfolio\nAm 30. Dezember 2020 haben die Fonds grundbesitz global und grundbesitz europa anteilig vier attraktive Wohnbauprojekte\nan den beliebten, südlich der Madrider Innenstadt gelegenen Standorten Vallecas und Getafe erworben. Grundbesitz europa ist zu 40% an dem Projekt beteiligt.\nDie Projekte zeichnen sich durch eine gehobene Bauweise und ansprechende Architektur aus. Der Ausstattungsstandard der ca. 1.000 Wohnungen mit Einbauküche, Klimatisierung, WLAN, Fitnessbereich, Pool, Lobby und Gemeinschaftsflächen ist über- durchschnittlich. Die Wohnquartiere verfügen über eine exzel- lente Anbindung an den öffentlichen Nahverkehr. Aufgrund der Bau- und Standortqualitäten wird eine Nachhaltigkeitszertifizie- rung von „BREEAM Good“ oder höher angestrebt.\nDer anteilige Kaufpreis betrug 85,6 Mio. EUR vereinbart. Die Zahlungen nach Baufortschritt erfolgen nach den für Ende 2021 erwarteten Baugenehmigungen. Die Fertigstellung der\nvier Projekte ist für Ende 2023 geplant.\n\n## Immobilienverkäufe und Bestandsabgänge\nDer Verkaufspreis wird in Euro vor Abzug der Verkaufsnebenkos- ten ausgewiesen.\nZwei Objekte wurden im Berichtszeitraum veräußert und sind aus dem Bestand des Fonds herausgegangen.\nLondon (GB) – Büroimmobilie „Capital House“\nIm Juli 2021 wurde die im Jahr 2010 erworbene Büroimmobi- lie „Capital House“ in London, Großbritannien, veräußert. Das im Jahr 2003 fertiggestellte Gebäude war zum Zeitpunkt des Verkaufs an sechs Büromieter und drei Einzelhandelsmieter vermietet. Der Verkaufspreis in Höhe von rund 151,0 Mio. EUR (130,5 Mio. GBP) liegt rund 12% über dem zuletzt gutachterlich ermittelten Verkehrswert von rund 134,9 Mio. EUR.\n„Capital House“, mit seiner über acht Stockwerken verteilten Nutzfläche von rund 10.650 m², profitierte zwar insbesondere von seiner zentralen Lage in der City of London. Das Gebiet um die Bank of England ist der traditionelle Kern der Londoner City und grundsätzlich attraktiv für internationale Mieter. Die nun 17 Jahre alte Immobile verzeichnete dennoch zuletzt einen erhöhten Leerstand.\nMit dem strategischen Verkauf realisiert das Fondsmanagement die seit Ankauf sehr gute Wertentwicklung und beabsichtigt, den Verkaufserlös in die weitere Diversifizierung des Portfolios zu reinvestieren.\nMadrid (ES) – Büroimmobilie „Paseo de la Castellana 42“\nIm Juli 2021 wurde die im Jahr 2003 erworbene Büroimmobilie\n„Paseo de la Castellana 42“ in Madrid, Spanien, veräußert. Der Verkaufspreis in Höhe von rund 54,6 Mio. EUR liegt rund 42% über dem zuletzt gutachterlich ermittelten Verkehrswert von rund 38,5 Mio. EUR. Der Verkaufserlös soll in eine weitere Diver- sifizierung des Portfolios reinvestiert werden.\n„Paseo de la Castellana 42“, mit seiner über zehn Stockwerke verteilten Nutzfläche von rund 4.595 m², profitierte insbesondere von seiner sehr zentralen Lage in der Innenstadt von Madrid.\nDas 1980 erbaute und 2001 umgebaute Gebäude war zuletzt an drei Mieter vermietet, drei Stockwerke waren jedoch nicht vermietet. Die Immobilie ist im Vergleich zu den Gebäuden in der direkten Umgebung in bester Innenstadtlage von Madrid vergleichsweise alt, entspricht aktuell nicht den Anforderungen\nan ein nachhaltiges Objekt und kann keine Umwelt-Zertifizierung\nausweisen.\nDer Verkauf der Immobilie führt zu einer weiteren Verbesserung der Qualität des Gesamtportfolios, reduziert bestehende und zukünftige Vermietungsrisiken des Fonds und ermöglicht die Reinvestition in Objekte mit vergleichsweise besseren Entwick- lungschancen und geringeren Risiken.\n\n## Kredite und Währungsrisiken\nDer Fonds grundbesitz europa hatte zum Stichtag\n30. September 2021 Kreditverbindlichkeiten in einem Umfang von 1.599,0 Mio. EUR (30. September 2020: 1.281,1 Mio. EUR).\nDerzeit sind insgesamt 29 Immobilien mit Rechten Dritter belastet. Kreditlinienvereinbarungen erlauben eine flexible Finanzierung von Neuakquisitionen und Projektentwicklungen bei niedrigem Zinsniveau.\nDie Fremdfinanzierungsquote beträgt zum Berichtsstichtag 16,4% bezogen auf das Immobilienvermögen. Zum Stichtag bestehen für 18 Immobilien Finanzierungen in Britischen Pfund in Höhe von umgerechnet 648,1 Mio. EUR (30. September 2020: 620,4 Mio. EUR). Das Fremdfinanzierungsvolumen in Euro beläuft sich auf insgesamt rund 889,1 Mio. EUR (30. September 2020: 660,5 Mio. EUR). Neu hinzugekommen ist eine Finanzierung in Schwedischen Kronen in Höhe von 61,8 Mio. EUR.\n| Übersicht Kredite zum 30. September 2021 |\n| --- |\n| grundbesitz europa | Kreditvolumen (direkt) in Mio. EUR | % des Verkehrswerts aller Fonds- immobilien | Kreditvolumen (indirekt über Beteiligungsges.) in Mio. EUR | % des Verkehrswerts aller Fonds- immobilien | Zinsbindungsrestlaufzeiten in % des Kreditvolumens unter\t1 bis 2\t2 bis 5\t5 bis 10 1 Jahr\t\tJahre\t\tJahre\t\tJahre | Ø-Zins- satz in % |\n| Euro-Kredite (Ausland) | 447,8 | 4,6 | 130,7 | 1,3 | 14,5 | 1,9 | 16,8 | 3,1 | 0,95 |\n| Euro-Kredite (Inland) | 51,4 | 0,5 | 259,2 | 2,7 | 1,6 | 3,3 | 5,4 | 9,2 | 1,07 |\n| GBP | 404,5 | 4,2 | 243,5 | 2,5 | 1,2 | 0,0 | 10,3 | 29,0 | 2,37 |\n| SEK | 0,0 | 0,0 | 61,8 | 0,6 | 0,0 | 0,0 | 3,9 | 0,0 | 1,61 |\n| Gesamt | 903,8 | 9,3 | 695,2 | 7,1 | 17,3 | 5,2 | 36,3 | 41,2 | |\n\n| Übersicht Währungsrisiken zum 30. September 2021 |\n| --- |\n| grundbesitz europa | Offene Währungspositionen zum Berichtsstichtag in Landeswährung (T) | Devisenkurs zum Berichtsstichtag | Offene Währungspositionen zum Berichtsstichtag (TEUR) | % des Fondsvolumens pro Währungsraum |\n| GBP | 144.066 | 0,86266 | 167.002 | 1,7 |\n| PLN | 486.583 | 4,62623 | 105.179 | 1,1 |\n| SEK | 809.168 | 10,20052 | 79.326 | 0,8 |\n| NOK | 497.324 | 10,12598 | 49.114 | 0,5 |\n| Gesamt | | | 400.621 | 4,0 |\n\nDie Strategie der Währungsabsicherung ist mittel- bis langfristig ausgelegt und basiert auf dem Aspekt Minimierung der Absicherungskosten/Maximierung der Absicherungserträge.\nPreise für Devisenterminabsicherungen resultieren primär aus der sich darzustellenden Zinsdifferenz zwischen Euro- Zone und Investitionsland und der Laufzeit (Restlaufzeit) des Terminkontraktes. Änderungen in der Zinsdifferenz führen zu Änderungen in der Werthaltigkeit der Terminabsicherung."},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Activity report\nDear Sir/Madam,\nIn this annual report, the management of DWS Grundbesitz GmbH is pleased to inform you of the development of the real estate investment fund grundbesitz europa in the period from October 1, 2020, through September 30, 2021.\n\n## Key events in the reporting period\nThe COVID-19 pandemic also shaped the 2020/2021 business year. Office properties, which at approximately 50% account for the largest share of all usage types in grundbesitz europa's overall portfolio in terms of rental income, remained largely resilient in this environment, while retail properties continued to be affected by reduced rental income. As far as possible, deferral agreements have been concluded with the tenants for these rent receivables. In addition, the fund management has continued to make risk provisions for outstanding receivables on an ongoing basis and\nto an appropriate extent. With the start of re-openings in spring 2021 in various European countries, a recovery with increasing bookings was recorded for student housing. Over the business year, grundbesitz europa was able to increase the occupancy rate, among other things due to these temporarily expected effects.\nThe fair values of the retail properties and the student residential properties in the portfolio continued to decline slightly, as the independent experts calculated discounts for lost sales rents, rent reductions and rent defaults, among other things. For the only hotel in grundbesitz europa's portfolio, the development of the pandemic had no impact. In contrast, office properties in prime locations recorded increases in value.\nOverall, the valuation across the entire portfolio was slightly positive, with the broad diversification across different types of use within the property portfolio having a stabilizing effect.\nThe fund’s liquidity portfolio made a positive contribution to fund performance in the business year. The capital markets were dominated by the pandemic measures taken by the global cen- tral banks. The European Central Bank made a significant contri- bution to this stability through the so-called “PEPP” (Pandemic Emergency Purchase Programme), which was clearly reflected in the developments in the risk spreads for the corresponding bonds. The composition and maturity of the bond portfolio\nwas adjusted to the current situation in favor of lower risks and volatility.\nTaking into account the distribution for the previous business year in December 2020, net assets increased from EUR 9,644.2 million (September 30, 2020) to EUR 9,902.3 million at the end of the\nbusiness year. Net cash inflows totalled EUR 221.8 million. As of September 30, 2021, the liquidity ratio was 13.9% of net assets.\nIn the period from October 1, 2020, through September 30, 2021, grundbesitz europa appreciated by 2.3% per unit in the RC unit class and 2.7% per unit in the IC unit class (all details according to the BVI method).\nIn addition to the active management of portfolio properties, var- ious real estate transactions were again successfully concluded despite pandemic-related restrictions. A total of 15 properties were added to the fund's real estate portfolio by September 30, 2021. The purchase agreements for two further project develop- ments in Spain have been signed, but these will not be included in the portfolio until after the reporting date.\nThe new acquisitions were made in various European countries, both in regions where grundbesitz europa already owns other properties and in locations where the fund is now invested for the first time. For example, the \"Stellar\" logistics property in Jönköping, which was acquired via an investment company, was transferred to the fund's portfolio in December 2020, and was the\nfirst portfolio property in Sweden. In contrast, the share in Finland was further expanded to include five properties as a result of the transfer of two office properties with adjoining restaurant use in Espoo near Helsinki.\nThe \"Carmel\" residential property portfolio in the Netherlands, which had already been acquired in the previous business year, was supplemented by two further new completed properties in The Hague. With the property \"Peckham Place\" in the south of London, grundbesitz europa now owns a residential property in the United Kingdom for the first time in addition to its existing investments in the area of student housing. The acquisition of an office property in Gdansk, Poland, and an investment in a logistics portfolio consist- ing of five properties in France further rounded off the portfolio.\nWith the acquisition of the \"UP!\" office property in Berlin, the one hundredth property was transferred to the fund portfolio in May 2021. The investment in the \"Spectrum\" logistics property in Hamburg took place in June 2021. In August 2021, two trans- fers of ownership of a total of six construction phases of the \"Cheevers & Haliday\" project development in Dublin took place, for which the purchase agreement was signed in July 2020.\nTwo sales of office properties were made in Madrid and London during the reporting period. The real estate portfolio is continu- ously analyzed for properties that can be sold and which, in the opinion of the fund management, is no longer in line with the fund strategy in the medium to long term.\nOn account of the transactions mentioned, the real estate portfolio of grundbesitz europa grew to 100 properties in the 2020/2021 business year with a total volume according to market value of EUR 9,746.0 million (September 30, 2020: 87 properties, EUR 8,449.6 million). The diversification of the usage types was further increased by the purchase of residential properties and several logistics properties.\nThe directly and indirectly held properties are spread across a total of twelve European countries, with Germany (27.8%) and the United Kingdom (23.0%) continuing to be the focal points in terms of market value. The development of the United Kingdom since its exit from the European Union in January 2020 will continue to be carefully monitored and evaluated, and purchases or sales in this market will be analyzed.\nAs of the reporting date of September 30, 2021, 92.2% of the total portfolio was let (measured in terms of annual rental income fully let), while the occupancy rate was an average of 90.1% based on the entire reporting period.\nWith loan liabilities totaling EUR 1,599.0 million, the borrow- ing ratio on September 30, 2021, was 16.4% of the real estate assets and was thus below the statutory limit value of 30%\n(September 30, 2020: EUR 1,281.1 million or 15.2%). In addition, there are credit lines for short-term borrowing.\nSince the EU regulation on sustainability-related disclosure requirements in the financial services sector came into force on March 10, 2021, the pre-contractual information for the grund- besitz europa investment fund has included explanations on the integration of sustainability risks in investment decisions and on the results of the assessment of the expected impact of sustain- ability risks on the return of the financial product.\nAgainst the background of Article 8 of the Disclosure Regulation, a provision has now been added to the Investment Conditions, with effect from October 1, 2021, to the effect that the environ- mental features which the corporation advertises for the invest- ment fund should also be taken into account when acquiring and managing properties. As part of this adjustment, various changes resulting from the so-called \"Fondsstandortgesetz\" (Act to Strengthen Germany as a Fund Location), which came into force on August 2, 2021, were also taken into account. These relate in particular to the terms and the announcement period in the event of future changes to the investment conditions and also entail simplifications for the fund in the granting of shareholder loans to real estate companies.\nWe will continue to inform our investors about developments in the fund in the area of sustainability.\nYours sincerely,\nClemens Schäfer\nDWS Grundbesitz GmbH\nDr. Ulrich von Creytz\tDr. Grit Franke\nFrankfurt/Main, Germany, November 29, 2021\nUlrich Steinmetz\n\n## Overall economic environment\nAfter the severe distortions caused by the coronavirus pandemic in 2020, the European economy shows signs of recovery in the course of 2021, but is not yet at pre-crisis levels. Fundamen-\ntal support comes from the resurgence in global trade, which is expected to post significant gains of 12% over the course of 2021, following a 6% decline in 2020. Leading indicators such as the Purchasing Managers' Index were also positive in\nOctober 2021, albeit with weakening momentum. With an index reading of 54.3, the PMI for the Eurozone for October was above the neutral threshold of 50 as well as the long-term average\nof 53. Nevertheless, this is the third consecutive monthly decline after the 15-year high in July, with the economy cooling the most in Germany, but also reaching its lowest level since April\nin France.\nUltimately, the coronavirus pandemic and related effects such as lockdowns and vaccination progress, particularly at the beginning of the year, remained a determining factor in the economic recovery, not least due to new virus mutations. Consequences such as transport and logistics problems, pro- duction bottlenecks due to a lack of primary products, rising\nraw material prices and increasing inflation are now becoming more and more apparent and having negative impacts on eco- nomic development worldwide and in Europe. Inflation in the eurozone is expected to rise to 2.4% this year, while in Germany it is expected to rise to 3%. In France and Italy, inflationary pres- sures are significantly lower at 1.7% and 1.9%, respectively, but this could still lead to monetary policy measures at the Euro- pean level.\nSpecifically, with regard to economic developments in Europe, after the coronavirus-related weak phase in 2020, with negative economic growth in the eurozone of -6.5%, a positive devel- opment and incipient recovery phase is expected. Economic growth reached 2.3% in the second quarter and is likely to be around 2% again in the third quarter. Accordingly, growth of 5% is expected for the full year 2021. Germany, with expected growth of 2.5%, deviates significantly from the eurozone aver- age, whereas France and the UK are expected to experience a strong economic recovery at 6.2% and 7.3%, respectively.\nAfter the manufacturing sector was held back in recent months by a lack of intermediate products and rising commodity and energy prices, the service sector and private consumption remain as pillars of the economic recovery. While the hospi- tality and service sectors generally continue to face the threat of coronavirus-induced cutbacks as the year progresses, the pent-up consumer demand in particular is expected to fuel the economic recovery.\nWith growth of +3.7% in the second quarter of 2021 and expected growth of 3.7% for the year as a whole, private con- sumption is currently becoming the strongest driver of eco- nomic recovery in Europe.\n(Data sources: Oxford Economics, Markit 10/2021)\n\n## Developments in the capital markets\nYields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory. Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and stood at -0.199% p.a. as of the end of the reporting period.\nYields on short-term government bonds fell by a further 10 basis points in the reporting period, with the trading range reaching a full 15 bp. One-year German government bonds yielded -0.598%\np.a. on October 1, 2020, with this falling to -0.673% p.a. on the last trading day in September 2021.\nThe European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019.\n(Data source: Bloomberg)\n\n## Developments in the real estate markets\nIn our view, the European real estate market has entered a recovery phase, although the pandemic has left clear traces on the markets. Accordingly, 2020 posed major challenges to European real estate markets as a result of lockdowns and\nborder closures, but also saw extensive support and assistance measures from the various governments, central banks and European institutions. Thanks to these subsidies, default guar- antees, tax relief and social security measures, insolvencies were prevented in many cases, thus preventing a significant rise in unemployment figures, especially as solid starting conditions such as low vacancy rates and moderate construction activity also supported the property markets.\nNonetheless, the coronavirus pandemic has caused distortions over the past 12-18 months, particularly in the hotel and retail sectors. Store closures and a lack of international tourists have weighed on bricks-and-mortar retail and caused significant rent losses. As a result, demand for space fell sharply and shop- ping centers in particular, which have been suffering for years, recorded the strongest annual increase in vacancies to date in the first quarter of 2021 and a further fall in rents of 8.5%.\nThe pandemic also left its mark on the European office market. While the average vacancy rate was 6.3% at the start of the pandemic, the lowest since 2002, it had increased by 130 basis points by spring 2021. Positive deviations were achieved here, for example, in the German top 7 office markets, which are only expected to rise by around 90 basis points to around 4.8% by the end of the year. Rental levels also corrected slightly by around 1.3% at European level, and thus much less strongly than feared, with the UK and the Nordic markets in particular standing out positively here. The incipient recovery in demand for space and moderate completion volumes, some of which were delayed by the pandemic, are providing additional support for the office market.\nEuropean logistics markets were much more positive, even ben- efiting in many cases from the crisis and the strong growth in online trade. Demand for space remained high and rental levels have risen again. On an annual basis, prime rents were around 1.4% higher than in the previous year, which for logistics prop- erties in the long term and given the pandemic certainly rep- resents a considerable increase. European housing markets are also among the winners of the crisis, as they have been able to fully exploit their defensive character. This applies in particular to the established housing markets in Germany, the Netherlands and Scandinavia. Rent losses and vacancy increases remained the exception and rent levels generally corrected in the prime segment, where reduced demand for small-scale, fixed-term leases and furnished accommodation had the greatest impact.\n(Data sources: DWS 07-10/2021)\n\n## Developments in the investment markets\nThe European investment markets continue to be dominated by the coronavirus pandemic. Although investment momentum largely stabilized in the course of 2021 and recovered from its\nlow at the beginning of 2020, transaction volumes remain below the pre-crisis levels at the beginning of 2020. While real estate worth more than EUR 330 billion was still traded across Europe in the 12-month view in the first quarter of 2020, the annualized value in the third quarter of 2021 was around EUR 270 billion.\nThis corresponds to a decline of around 20%; compared to the same quarter of the previous year, this is still around 8%.\nThere are clear differences at regional level. Whereas the UK real estate markets recorded a significant recovery to just under EUR 65 billion and, at around 20% in each case, are well above both the prior-year figure and the pre-crisis level, the recovery in other markets was much more sluggish. Although a similar annualized transaction volume of just under EUR 64 billion was achieved in Germany in the third quarter, the figure is around\n20% below the previous year's result. In France, too, transaction volumes have so far failed to match their previous record levels. Here, the investment market is stagnating at just under EUR\n30 billion, which marks the lowest value since 2017. Spain and the Netherlands were able to recover more strongly than in the previous year.\nAt sectoral level, investors continued to clearly favor logistics properties. At over EUR 50 billion, the strongest annual result to date was measured in the third quarter of 2021. At over\nEUR 60 billion, residential real estate is also close to its pre-crisis highs. Office investments, retail properties and hotel properties follow at some distance behind, but have already recovered, with the exception of retail.\nDespite the continued subdued investment activity, we expect a renewed increase in transaction volumes and a decreasing polarization in terms of sector allocation. Ultimately, the attrac- tiveness of real estate investments remains high in the per- sistently low interest rate environment; accordingly, we expect further yield compression in the medium term.\n(Data sources: DWS 07/2021, RCA 10/2021)\n\n## The grundbesitz europa investment strategy\nThe investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation. The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.\nThe investment strategy of the fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it throughout the term of the fund. The Company invests for the account of the fund in member countries of the\nEU and the EEA and selectively in countries outside the EU/EEA. Details of the country in question and the maximum share of the fund value permitted for investment in the said country are provided in the appendix to the Special Investment Conditions in the current sales prospectus. In accordance with the \"Special Investment Conditions\", at least 51% of the value of the fund must be invested in real estate located in a member state of the EU or in another state that is party to the EEA Agreement.\nThe fund invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.\nThe real estate held by the fund is situated in good to very good locations in established real estate markets. The aim is basically to invest in properties with long-term tenants of sound financial standing. The transaction strategy is geared toward the various Europe-wide real estate cycles.\nDuring the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of consid- erations. In this regard, the Company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Com- pany considers this to be in the interests of the investors. The assessment likewise includes the economic and location-related opportunities and risks. In order to achieve the investment objectives of the investment fund, the selection and manage- ment of properties will, inter alia, also promote environmental characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector (hereinafter the \"Disclosure Reg- ulation\"). Details of some of the regulatory requirements for the content and format of the information to be disclosed under the Disclosure Regulation are currently still being developed.\nAlongside properties that already exist or are under construc- tion, sites for development projects may also be acquired. How- ever, the focal point of investments is existing buildings.\n\n## Net asset value and cash inflows/outflows\nIn the reporting period from October 1, 2020, through Sep- tember 30, 2021, the fund’s net cash inflows amounted\nto EUR 221.8 million. Total net asset value increased from EUR 9,644.2 million (as of September 30, 2020) to EUR 9,902.3 million (+2.7%) on September 30, 2021.\nThe capital invested in unit class IC decreased slightly from to EUR 819.4 million (September 30, 2020: EUR 825.4 million). This represented an 8.3% share of total net asset value as of the reporting date.\nLiquid assets decreased to EUR 1,377.6 million as a result of the property purchases made. The liquidity portfolio is managed in accordance with a fixed investment process. Interest rate and price forecasts are subject to technical and fundamental analy- sis. In the reporting period, liquid assets were invested primarily in overnight money and time deposits as well as fixed-income securities such as government bonds and corporate bonds from European issuers with a rating of good to very good (investment grade). Futures were used occasionally for duration control.\n\n## Results of the fund\nDuring the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).\nThe distribution in the RC unit class on December 15, 2021, was EUR 0.90. The total return on investment in the RC unit class is EUR 0.89 per unit. Investors in the IC unit class receive a distribution in the amount of EUR 1.10. The total return on investment in the IC unit class is EUR 1.08 per unit. Information on taxation is included in the “Tax information for the investor” following this report.\nThe positive performance of the fund is illustrated in the follow- ing overview.\n| Performance according to the BVI method (As of: September 30, 2021) |\n| --- |\n| | RC unit class | Annual average | IC unit class | Ø p.a. |\n| 1 year | 2.3% | | 2.7% | |\n| 2 years | 4.1% | 2.0% | 5.2% | 2.5% |\n| 3 years | 6.9% | 2.2% | 8.5% | 2.8% |\n| 5 years | 13.3% | 2.5% | 16.0% | 3.0% |\n| 10 years | 30.1% | 2.7% | 36.6% | 3.2% |\n| 15 years | 75.2% | 3.8% | | |\n| 20 years | 105.5% | 3.7% | | |\n| 25 years | 155.5% | 3.8% | | |\n| 30 years | 252.3% | 4.3% | | |\n| 35 years | 388.2% | 4.6% | | |\n| 40 years | 595.7% | 5.0% | | |\n| 45 years | 878.9% | 5.2% | | |\n| 50 years | 1,272.8% | 5.4% | | |\n| Since inception* | 1,380.3% | 5.4% | 56.2% | 3.4% |\n\n* Fund inception: October 27, 1970, IC unit class, April 1, 2008.\n\n## The grundbesitz europa real estate portfolio\nAs of the reporting date, the grundbesitz europa portfolio com- prised 100 properties, of which 44 are directly held properties with market values totaling EUR 4,441.5 million.\n56 properties with a total volume of EUR 5,304.4 million are held through special purpose vehicles; 49 of these properties are majority holdings. Seven properties are held via minority holdings.\nCalculation of performance is based on the time-weighted return and excludes issue surcharges. Individual costs such as fees, commissions and other charges are not included in the presentation and would have a negative impact on performance if included.\nPast performance is not a reliable indicator of future performance.\n\n## Types of use of fund properties\nGeographical distribution of fund properties\nThe share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let. The fund is diversified by investments in retail, residential and logistics. Ongoing project developments are not included in this presentation.\n\n## Geographical distribution of fund properties\nThe 44 directly held properties and the 56 other properties held via special purpose vehicles are broadly distributed regionally across twelve countries.\n\n## Commercial age structure of fund properties\tSize classification of fund properties\nThe 17 properties with a market value exceeding EUR 150 million comprise office and retail properties with long-term leases in various countries. 50 properties have a market value of between EUR 25 million and EUR 100 million.\n| Property according to size classification |\n| --- |\n| up to EUR 10 million | EUR 36.7 million | 0.4% | 5 properties |\n| EUR 10 to 25 million | EUR 145.0 million | 1.5% | 9 properties |\n| EUR 25 to 50 million | EUR 809.1 million | 8.3% | 21 properties |\n| EUR 50 to 100 million | EUR 2,097.1 million | 21.5% | 29 properties |\n| EUR 100 to 150 million | EUR 2,399.7 million | 24.6% | 19 properties |\n| EUR 150 to 200 million | EUR 897.2 million | 9.2% | 5 properties |\n| over EUR 200 million | EUR 3,361.1 million | 34.5% | 12 properties |\n| Total | EUR 9,745.9 million | 100.0% | 100 properties |\n\n\n## Property acquisitions and transfers to the portfolio\nFurther information on the following properties is available in the index of properties and the list of acquisitions and dispo- sitions. Purchase prices are expressed in euro; with foreign currencies, the exchange rate at the time of the transfer of ownership of the property is used.\nA distinction is made between the time the contract of sale for a property is signed (the “signing”) and the time of the transfer of the property into the fund’s real estate portfolio (the “closing”). The respective property is only listed in the index of properties after the “closing”. In the case of project developments, closing may take place during the construction phase or only after com- pletion, depending on the contract formulation.\nTen properties or project developments were acquired and added to the fund portfolio in the reporting period:\nJönköping (SE) – Logistics property “Stellar”\nIn December 2020, the grundbesitz europa fund invested in Sweden for the first time with a volume of around\nEUR 141.6 million. The complex, which consists of three build- ings with a total lettable area of 112,023 sqm, is one of the largest stand-alone distribution centers in the Nordic countries. The modern, partly fully automated sorting and storage build- ings allow efficient and high-performance logistics operations to serve the countries of Norway, Sweden, Denmark and Finland. The logistics complex is leased on a long-term basis to one of Northern Europe's largest electronics companies.\nThe purchase price was approximately EUR 141.6 million in total. Transfer to the portfolio took place on December 10, 2020.\nGdansk (PL) – “NEON” office building\nThe “NEON” office property in the Polish port city of Gdansk was acquired in February 2021.\nThe office property was completed at the end of 2019 and is located in Alchemia Business Park, which is centrally located between Gdansk and Gdynia. “NEON” offers usable office space of more than 33,000 sqm over eleven floors. In addition, there is retail space on the ground floor and around 300 parking spaces on two underground and two above-ground floors. The prop- erty has received “LEED Platinum” certification, meaning that\nit meets the highest internationally established sustainability standard.\nThe purchase price was approximately EUR 82.1 million in total. Transfer to the portfolio took place on February 11, 2021.\nLondon (GB) – Residential property “Peckham Place”\nIn March 2021, the residential property “Peckham Place” in the south of the British capital of London was acquired. The prop- erty is part of a newly constructed ensemble in a changing part of town. The recently constructed “Idaline Court” property is part of the wider Peckham Place development and comprises\na multi-story apartment complex with 108 high quality rental units. It was built according to the Code for Sustainable Living and offers different floor plans, with each unit having its own balcony. Peckham Place offers excellent transportation links to central London and is particularly well connected to the City of London and the West End. The seller of the property is a British housing association.\nThe purchase price was approximately EUR 64.3 million in total. Transfer to the portfolio took place on March 19, 2021.\nLille, Nîmes and other locations (FR) – “Omega” logistics real estate portfolio\nIn March 2021, a logistics property portfolio consisting of five properties was acquired in France for a total of around\nEUR 241.5 million. The acquisition took place via a holding com- pany as a joint venture with an open-ended real estate fund that is also managed by DWS. grundbesitz europa holds a 40% stake in the joint venture.\nThe contract of sale for the “Omega” logistics real estate portfolio was signed on January 27, 2021. The four properties located in the greater Lille area and one near Nîmes were built between 2014 and 2017 and have a total floor space of around 206,000 sqm. The portfolio is fully let and largely on a long-term basis to five different users. Four properties have already been awarded the “BREEAM” and “HQE” sustainability certificates, and certification is also being sought for the fifth property in the short term.\nThe purchase price volume for grundbesitz europa was around EUR 96.8 million. Transfer to the portfolio took place on\nMarch 23, 2021.\nBerlin (DE) – “Up!” office project development\nThe contract of sale for a project development in Berlin, Germany, was signed on November 30, 2018. The transfer of the office property (comprising around 48,400 sqm) to the portfolio is sched- uled for the second quarter of 2021. Construction is progressing according to schedule.\nThe purchase price was EUR 314.8 million and transfer to the portfolio took place on May 7, 2021.\nHamburg (DE) – Logistics property “Spectrum”\nIn June 2020, a logistics property in Hamburg was acquired together with another investment fund for approximately EUR 189 million. grundbsesitz europa holds a 55% interest in the real estate company.\nThe property is located in the southeast of Hamburg in the immediate vicinity of the highway intersection of the important north-south connection A 1 and the eastbound A 25. The Port of Hamburg is around 12 km away from the new fund property. In view of the good long-distance transport connections and the proximity to the city center and the port, the property location is one of the most attractive and most sought-after logistics locations in the greater Hamburg area and in Germany and has almost no vacancies.\nThe modern logistics property “Spectrum” currently has a rental area of around 77,100 sqm and will be extended by a logistics hall with around 18,800 sqm by 2022. The complex is leased\non a long-term basis to one of Europe's largest logistics com- panies. There are 249 car parking spaces and 20 truck parking spaces on the approximately 160,000 sqm site.\nThe purchase price of the fund share was EUR 84.5 million, with the transfer to the portfolio taking place on June 1, 2021.\nOne property was transferred to the portfolio before the report- ing period and was added to the fund portfolio in the reporting period:\nLondon (GB) – “Pavilion Court”\nThe contract of sale for the project development of a student residence complex was signed on February 28, 2019. The pur- chase of the property and transfer of ownership took place on March 8, 2019, and the purchase price installments are being paid in accordance with construction progress. The agreed pur- chase price is around EUR 127.8 million.\nCompletion of the student accommodation development at Wembley, which has since been increased to 699 rooms, took place on September 24, 2021.\nFour properties were acquired before the reporting period and added to the fund portfolio in the reporting period:\nThe Hague (NL) – “Carmel Residential Portfolio”\nThe “Carmel” residential portfolio consists of a total of eight so-called clusters, which were acquired in several tranches; each comprises various individual properties. Six of these clus- ters were already in the fund's portfolio, and two more were transferred during the reporting period. This is a multi-story\napartment building with 288 residential units and a total lettable area of around 12,700 sqm, which consists of two intercon-\nnected building sections and has a total of 92 parking spaces in the building or in the neighboring building. The apartments\nrange in size between 41 sqm and 72 sqm. They have fully fitted bathrooms, open-plan kitchens as well as balconies and they can be accessed by elevator.\nThe purchase price volume for these units for grundbesitz europa was around EUR 66.8 million. Transfer to the portfolio took place on October 30, 2020.\nIn addition, the fund management acquired a further residential property portfolio with a total of 369 apartments in The Hague during the reporting period, the individual units of which were incorporated into three existing clusters and expanded them.\nThe purchase price was around EUR 70.9 million and ownership was transferred on June 2, 2021.\nEspoo (FI) – “Keilalampi” office property and “Pavilions”\nThe “Keilalampi” office building and the two “pavilions” belong- ing to it were added to the fund's portfolio in March 2021. These properties complement the office property already acquired at this location in March 2020.\nThe multi-story office building with a total lettable area of around 13,600 sqm was built in 1994 and was extensively mod- ernized in 2020/2021. Among other things, the building services, the façade and the office space and interiors were modernized. The “LEED Gold” sustainability certificate will be sought upon completion of the modernization measures. All the spaces are fully let on a long-term basis, with the main tenant being a Finnish insurance company.\nTwo newly constructed pavilions with a total of around 1,080 sqm of catering and service space were also acquired\nwith this property. The pavilions are located on a newly created public town square in front of the building. In addition to direct access to the metro at street level, there is an underground car park with 193 parking spaces below the buildings.\nThe purchase price was approximately EUR 86.4 million in total. Transfer to the portfolio took place on March 31, 2021.\nNine properties were acquired as project developments during or before the reporting period and have not yet been completed:\nDüsseldorf (DE) – “Trio” project\nThe contract of sale for three hotel properties in Düsseldorf that were purchased as a project development for the fund was signed on August 31, 2018. The project is an ensemble with a total of 717 rooms close to the main train station in Düsseldorf. Completion is planned for the fourth quarter of 2021. Construc- tion is progressing according to schedule. The agreed purchase price is around EUR 157.4 million.\nCologne (DE) – “Messe City Köln” hotel project development\nThe contract of sale for a hotel project development in Cologne, Germany, was signed on April 17, 2019. The transfer of the hotels (comprising around 479 rooms) to the portfolio is sched- uled for the second quarter of 2021. Construction is progressing according to schedule. The agreed purchase price is around EUR 111.5 million.\nBerlin (DE) – “The Grid”\nThe contract of sale for the project development of an office prop- erty in the Friedrichshain-Kreuzberg district, an up-and-coming submarket of Berlin, was signed on December 20, 2019. Transfer to the portfolio took place on February 19, 2020, upon payment of the first purchase price installment.\nThe multi-story building with 13,849 sqm of floor space has retail and restaurant space on the ground floor as well as park- ing facilities in an underground garage. More than 50% of the space has already been leased on a long-term basis prior to the start of construction. By acquiring this office property, the fund intends to profit from the positive development forecast for the Friedrichshain-Kreuzberg district of Berlin and continuous rental income in a growth market. Due to the high building standards, the “DNGB” Gold certification is being sought.\nA purchase price of EUR 129.1 million was agreed and pay- ments are being made in line with construction progress. Com- pletion is scheduled for the fourth quarter of 2021.\nBarcelona (ES) – “One Parc Central” office property\nIn February 2021, the purchase agreement for the project devel- opment of an office property in Spain was signed. The twelve- story office property is being built in the highly sought-after 22@ district to the north of the Catalan capital of Barcelona. With the acquisition of the office property, investments will be made in a growth market after completion in autumn 2022.\nAround EUR 128.0 million was agreed as the purchase price, with payment to the seller to be made after completion.\nDublin (IE) – “Cheevers & Haliday” residential property\nIn July 2020, the purchase agreement with a volume of around EUR 195.0 million was signed for the project development of a residential building complex located around eleven kilometers south of the Irish capital of Dublin.\nThe modern, multi-story project development with a total rental area of 31,512 sqm comprises two economically independent residential buildings and is located on a former golf course\nin the sub-market of Dun Laoghaire, a prosperous suburb of Dublin.\nThe surrounding towns of Dun Laoghaire, Dalkey, Monkstown and Blackrock can be accessed via private care and public transport in a short time and offer numerous shopping and leisure options.\nThe high-quality and fully equipped 368 residential units com- prise a mix of 2-4 room apartments and their average size is around 86 sqm. They can be accessed via an elevator and, besides a balcony/terrace, have numerous other conveniences. Completion of the apartment blocks will take place in several construction phases from June 2021 to an anticipated January 2022.\nParis (FR) – “TOKO” office project development\nThe project development for an office building in need of mod- ernization that is located at the edge of the central business district (CBD) of Paris was purchased in September 2020.\nThe multi-story class-A office block, which was built in 1955 and 1989, is impressive not only due to its excellent location but also its striking architecture with a completely glass facade and bright, modern office space. The office building is located in the 17th district of Paris, which profits from the continuous expan- sion of the Paris CBD and very good connections to the center and the Parisian ring road. Due to the very low vacancy rate of approx. 2% in the greater Paris area and the limited construc- tion possibilities, it is assumed that the property location will\nbe included in a future expansion of the inner-city office market and will continue to gain in importance.\nEven before the conversion work begins, the fund property is fully pre-let for the long term to a tenant of sound financial\nstanding from the digital services sector. Upon completion of the modernization measures, an application will be made for the “BREEAM Very Good” and “Wired Score Silver” sustain- ability certificates. The Wired Score certification is a globally recognized standard for evaluating the connectivity of office buildings.\nA purchase price of EUR 162.0 million was agreed and payments are being made in line with construction progress. Completion is planned for the first quarter of 2022.\nMadrid (ES) – Residential portfolio\nOn December 30, 2020, the grundbesitz global and grundbesitz europa funds acquired a pro rata share of four attractive resi- dential projects in the popular locations of Vallecas and Getafe, south of Madrid's city center. grundbesitz europa holds a 40% interest in the project.\nThe projects are characterized by upscale construction and appealing architecture. The equipment standard of the approx. 1,000 apartments with fitted kitchen, air conditioning, WLAN, fitness area, pool, lobby and common areas is above average. The residential neighborhoods have excellent public transporta- tion connections. Due to the building and site qualities, a sus- tainability certification of “BREEAM Good” or higher is sought.\nA pro rata purchase price of EUR 85.6 million was agreed. Pay- ments in line with construction progress will be made based on building permits expected by the end of 2021. The completion of the four projects is scheduled for the end of 2023.\n\n## Property sales and transfers from the portfolio\nThe sales price is expressed in euro before deduction of incidental selling costs.\nTwo properties were sold and removed from the fund portfolio in the reporting period.\nLondon (GB) – “Capital House” office property\nIn July 2021, the “Capital House” office property in London, United Kingdom, which was acquired in 2010, was sold. The building, completed in 2003, was leased to six office tenants and three retail tenants at the time of sale. The sales price of around EUR 151.0 million (GBP 130.5 million) is approximately 12% higher than the most recently determined market value of around EUR 134.9 million.\n“Capital House”, with its rental area of around 10,650 sqm spread over eight floors, benefited in particular from its central location in the City of London. The area around the Bank of England is the traditional core of the City of London and funda- mentally attractive to international tenants. The property, which is now 17 years old, has nevertheless recently recorded an increased vacancy rate.\nWith the strategic sale, the fund management is realising the very good performance since purchase and intends to reinvest the sales proceeds in the further diversification of the portfolio.\nMadrid (ES) – “Paseo de la Castellana 42” office property\nIn July 2021, the “Paseo de la Castellana 42” office property in Madrid, Spain, which was acquired in 2003, was sold. The sales price of around EUR 54.6 million is approximately 42% higher than the most recently determined market value of around\nEUR 38.5 million. The proceeds from the sale are to be rein- vested in the further diversification of the portfolio.\n“Paseo de la Castellana 42”, with its rental area of around\n4,595 sqm spread over ten floors, benefited in particular from its very central location in the city center of Madrid. The building, built in 1980 and remodeled in 2001, was most recently leased to three tenants, but three floors were unrented. The property is comparatively old compared to the buildings in the immediate vicinity in a prime inner-city location in Madrid, does not cur- rently meet the requirements for a sustainable property and has no environmental certification.\nThe sale of the property leads to a further improvement in the quality of the overall portfolio, reduces existing and future let- ting risks of the fund and enables reinvestment in properties with comparatively better development opportunities and lower risks.\n\n## Borrowed capital and currency risks\nThe grundbesitz europa fund had loan liabilities amounting to EUR 1,599.0 million as of the September 30, 2021, reporting date (September 30, 2020: EUR 1,281.1 million). A total of\n29 properties are currently encumbered with the rights of third parties. Credit line agreements facilitating flexible financing\nof new acquisitions and project developments at low interest rates.\nAs of the reporting date, the borrowing ratio amounted to 16.4% based on real estate assets. As of the reporting date, loans denominated in British pounds that translate into a total of approximately EUR 648.1 million exist for 18 prop- erties (September 30, 2020: EUR 620.4 million). Total bor- rowing in euro amounts to approximately EUR 889.1 million (September 30, 2020: EUR 660.5 million). A new financing in Swedish krona amounting to EUR 61.8 million was added.\n| Overview of loans as of September 30, 2021 |\n| --- |\n| grundbesitz europa | Total borrowings (direct) in EUR million | % of the market value of all fund properties | Total borrowings (indirect via holding companies) in EUR million | % of the market value of all fund properties | Less than 1 year | Remaining loan terms as a % of total borrowings 1 to 2\t2 to 5\t5 to 10 years\tyears\tyears | Average interest rate as % |\n| EUR loans (outside Germany) | 447.8 | 4.6 | 130.7 | 1.3 | 14.5 | 1.9 | 16.8 | 3.1 | 0.95 |\n| EUR loans (Germany) | 51.4 | 0.5 | 259.2 | 2.7 | 1.6 | 3.3 | 5.4 | 9.2 | 1.07 |\n| GBP | 404.5 | 4.2 | 243.5 | 2.5 | 1.2 | 0.0 | 10.3 | 29.0 | 2.37 |\n| SEK | 0.0 | 0.0 | 61.8 | 0.6 | 0.0 | 0.0 | 3.9 | 0.0 | 1.61 |\n| Total | 903.8 | 9.3 | 695.2 | 7.1 | 17.3 | 5.2 | 36.3 | 41.2 | |\n\n| Overview of currency risks as of September 30, 2021 |\n| --- |\n| grundbesitz europa | Open currency positions reporting as of the date in the local currency (thousands) | Exchange rate as of the reporting date | Open currency positions as of the reporting date (TEUR) | % of fund assets per currency area |\n| GBP | 144,066 | 0.86266 | 167,002 | 1.7 |\n| PLN | 486,583 | 4.62623 | 105,179 | 1.1 |\n| SEK | 809,168 | 10.20052 | 79,326 | 0.8 |\n| NOK | 497,324 | 10.12598 | 49,114 | 0.5 |\n| Total | | | 400,621 | 4.0 |\n\nThe currency hedging strategy is structured for the medium to long term and is based on a minimization of hedging costs/ maximization of hedging income. Prices for forward exchange\nhedging primarily result from the effective difference in interest rates between the eurozone and the investment country and the (remaining) term of the contract. Changes to the difference in interest rates result in changes to the intrinsic value of the forward exchange hedge."},"unique id":{"kind":"number","value":108254,"string":"108,254"},"hereafter_tagged":{"kind":"string","value":"# Activity report\nDear Sir/Madam,\nIn this annual report, the management of DWS Grundbesitz GmbH is pleased to inform you of the development of the real estate investment fund grundbesitz europa in the period from October 1, 2020, through September 30, 2021.\n\n## Key events in the reporting period\nThe COVID-19 pandemic also shaped the 2020/2021 business year. Office properties, which at approximately 50% account for the largest share of all usage types in grundbesitz europa's overall portfolio in terms of rental income, remained largely resilient in this environment, while retail properties continued to be affected by reduced rental income. As far as possible, deferral agreements have been concluded with the tenants for these rent receivables. In addition, the fund management has continued to make risk provisions for outstanding receivables on an ongoing basis and\nto an appropriate extent. With the start of re-openings in spring 2021 in various European countries, a recovery with increasing bookings was recorded for student housing. Over the business year, grundbesitz europa was able to increase the occupancy rate, among other things due to these temporarily expected effects.\nThe fair values of the retail properties and the student residential properties in the portfolio continued to decline slightly, as the independent experts calculated discounts for lost sales rents, rent reductions and rent defaults, among other things. For the only hotel in grundbesitz europa's portfolio, the development of the pandemic had no impact. In contrast, office properties in prime locations recorded increases in value.\nOverall, the valuation across the entire portfolio was slightly positive, with the broad diversification across different types of use within the property portfolio having a stabilizing effect.\nThe fund’s liquidity portfolio made a positive contribution to fund performance in the business year. The capital markets were dominated by the pandemic measures taken by the global cen- tral banks. The European Central Bank made a significant contri- bution to this stability through the so-called “PEPP” (Pandemic Emergency Purchase Programme), which was clearly reflected in the developments in the risk spreads for the corresponding bonds. The composition and maturity of the bond portfolio\nwas adjusted to the current situation in favor of lower risks and volatility.\nTaking into account the distribution for the previous business year in December 2020, net assets increased from EUR 9,644.2 million (September 30, 2020) to EUR 9,902.3 million at the end of the\nbusiness year. Net cash inflows totalled EUR 221.8 million. As of September 30, 2021, the liquidity ratio was 13.9% of net assets.\nIn the period from October 1, 2020, through September 30, 2021, grundbesitz europa appreciated by 2.3% per unit in the RC unit class and 2.7% per unit in the IC unit class (all details according to the BVI method).\nIn addition to the active management of portfolio properties, var- ious real estate transactions were again successfully concluded despite pandemic-related restrictions. A total of 15 properties were added to the fund's real estate portfolio by September 30, 2021. The purchase agreements for two further project develop- ments in Spain have been signed, but these will not be included in the portfolio until after the reporting date.\nThe new acquisitions were made in various European countries, both in regions where grundbesitz europa already owns other properties and in locations where the fund is now invested for the first time. For example, the \"Stellar\" logistics property in Jönköping, which was acquired via an investment company, was transferred to the fund's portfolio in December 2020, and was the\nfirst portfolio property in Sweden. In contrast, the share in Finland was further expanded to include five properties as a result of the transfer of two office properties with adjoining restaurant use in Espoo near Helsinki.\nThe \"Carmel\" residential property portfolio in the Netherlands, which had already been acquired in the previous business year, was supplemented by two further new completed properties in The Hague. With the property \"Peckham Place\" in the south of London, grundbesitz europa now owns a residential property in the United Kingdom for the first time in addition to its existing investments in the area of student housing. The acquisition of an office property in Gdansk, Poland, and an investment in a logistics portfolio consist- ing of five properties in France further rounded off the portfolio.\nWith the acquisition of the \"UP!\" office property in Berlin, the one hundredth property was transferred to the fund portfolio in May 2021. The investment in the \"Spectrum\" logistics property in Hamburg took place in June 2021. In August 2021, two trans- fers of ownership of a total of six construction phases of the \"Cheevers & Haliday\" project development in Dublin took place, for which the purchase agreement was signed in July 2020.\nTwo sales of office properties were made in Madrid and London during the reporting period. The real estate portfolio is continu- ously analyzed for properties that can be sold and which, in the opinion of the fund management, is no longer in line with the fund strategy in the medium to long term.\nOn account of the transactions mentioned, the real estate portfolio of grundbesitz europa grew to 100 properties in the 2020/2021 business year with a total volume according to market value of EUR 9,746.0 million (September 30, 2020: 87 properties, EUR 8,449.6 million). The diversification of the usage types was further increased by the purchase of residential properties and several logistics properties.\nThe directly and indirectly held properties are spread across a total of twelve European countries, with Germany (27.8%) and the United Kingdom (23.0%) continuing to be the focal points in terms of market value. The development of the United Kingdom since its exit from the European Union in January 2020 will continue to be carefully monitored and evaluated, and purchases or sales in this market will be analyzed.\nAs of the reporting date of September 30, 2021, 92.2% of the total portfolio was let (measured in terms of annual rental income fully let), while the occupancy rate was an average of 90.1% based on the entire reporting period.\nWith loan liabilities totaling EUR 1,599.0 million, the borrow- ing ratio on September 30, 2021, was 16.4% of the real estate assets and was thus below the statutory limit value of 30%\n(September 30, 2020: EUR 1,281.1 million or 15.2%). In addition, there are credit lines for short-term borrowing.\nSince the EU regulation on sustainability-related disclosure requirements in the financial services sector came into force on March 10, 2021, the pre-contractual information for the grund- besitz europa investment fund has included explanations on the integration of sustainability risks in investment decisions and on the results of the assessment of the expected impact of sustain- ability risks on the return of the financial product.\nAgainst the background of Article 8 of the Disclosure Regulation, a provision has now been added to the Investment Conditions, with effect from October 1, 2021, to the effect that the environ- mental features which the corporation advertises for the invest- ment fund should also be taken into account when acquiring and managing properties. As part of this adjustment, various changes resulting from the so-called \"Fondsstandortgesetz\" (Act to Strengthen Germany as a Fund Location), which came into force on August 2, 2021, were also taken into account. These relate in particular to the terms and the announcement period in the event of future changes to the investment conditions and also entail simplifications for the fund in the granting of shareholder loans to real estate companies.\nWe will continue to inform our investors about developments in the fund in the area of sustainability.\nYours sincerely,\nClemens Schäfer\nDWS Grundbesitz GmbH\nDr. Ulrich von Creytz\tDr. Grit Franke\nFrankfurt/Main, Germany, November 29, 2021\nUlrich Steinmetz\n\n## Overall economic environment\nAfter the severe distortions caused by the coronavirus pandemic in 2020, the European economy shows signs of recovery in the course of 2021, but is not yet at pre-crisis levels. Fundamen-\ntal support comes from the resurgence in global trade, which is expected to post significant gains of 12% over the course of 2021, following a 6% decline in 2020. Leading indicators such as the Purchasing Managers' Index were also positive in\nOctober 2021, albeit with weakening momentum. With an index reading of 54.3, the PMI for the Eurozone for October was above the neutral threshold of 50 as well as the long-term average\nof 53. Nevertheless, this is the third consecutive monthly decline after the 15-year high in July, with the economy cooling the most in Germany, but also reaching its lowest level since April\nin France.\nUltimately, the coronavirus pandemic and related effects such as lockdowns and vaccination progress, particularly at the beginning of the year, remained a determining factor in the economic recovery, not least due to new virus mutations. Consequences such as transport and logistics problems, pro- duction bottlenecks due to a lack of primary products, rising\nraw material prices and increasing inflation are now becoming more and more apparent and having negative impacts on eco- nomic development worldwide and in Europe. Inflation in the eurozone is expected to rise to 2.4% this year, while in Germany it is expected to rise to 3%. In France and Italy, inflationary pres- sures are significantly lower at 1.7% and 1.9%, respectively, but this could still lead to monetary policy measures at the Euro- pean level.\nSpecifically, with regard to economic developments in Europe, after the coronavirus-related weak phase in 2020, with negative economic growth in the eurozone of -6.5%, a positive devel- opment and incipient recovery phase is expected. Economic growth reached 2.3% in the second quarter and is likely to be around 2% again in the third quarter. Accordingly, growth of 5% is expected for the full year 2021. Germany, with expected growth of 2.5%, deviates significantly from the eurozone aver- age, whereas France and the UK are expected to experience a strong economic recovery at 6.2% and 7.3%, respectively.\nAfter the manufacturing sector was held back in recent months by a lack of intermediate products and rising commodity and energy prices, the service sector and private consumption remain as pillars of the economic recovery. While the hospi- tality and service sectors generally continue to face the threat of coronavirus-induced cutbacks as the year progresses, the pent-up consumer demand in particular is expected to fuel the economic recovery.\nWith growth of +3.7% in the second quarter of 2021 and expected growth of 3.7% for the year as a whole, private con- sumption is currently becoming the strongest driver of eco- nomic recovery in Europe.\n(Data sources: Oxford Economics, Markit 10/2021)\n\n## Developments in the capital markets\nYields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory. Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and stood at -0.199% p.a. as of the end of the reporting period.\nYields on short-term government bonds fell by a further 10 basis points in the reporting period, with the trading range reaching a full 15 bp. One-year German government bonds yielded -0.598%\np.a. on October 1, 2020, with this falling to -0.673% p.a. on the last trading day in September 2021.\nThe European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019.\n(Data source: Bloomberg)\n\n## Developments in the real estate markets\nIn our view, the European real estate market has entered a recovery phase, although the pandemic has left clear traces on the markets. Accordingly, 2020 posed major challenges to European real estate markets as a result of lockdowns and\nborder closures, but also saw extensive support and assistance measures from the various governments, central banks and European institutions. Thanks to these subsidies, default guar- antees, tax relief and social security measures, insolvencies were prevented in many cases, thus preventing a significant rise in unemployment figures, especially as solid starting conditions such as low vacancy rates and moderate construction activity also supported the property markets.\nNonetheless, the coronavirus pandemic has caused distortions over the past 12-18 months, particularly in the hotel and retail sectors. Store closures and a lack of international tourists have weighed on bricks-and-mortar retail and caused significant rent losses. As a result, demand for space fell sharply and shop- ping centers in particular, which have been suffering for years, recorded the strongest annual increase in vacancies to date in the first quarter of 2021 and a further fall in rents of 8.5%.\nThe pandemic also left its mark on the European office market. While the average vacancy rate was 6.3% at the start of the pandemic, the lowest since 2002, it had increased by 130 basis points by spring 2021. Positive deviations were achieved here, for example, in the German top 7 office markets, which are only expected to rise by around 90 basis points to around 4.8% by the end of the year. Rental levels also corrected slightly by around 1.3% at European level, and thus much less strongly than feared, with the UK and the Nordic markets in particular standing out positively here. The incipient recovery in demand for space and moderate completion volumes, some of which were delayed by the pandemic, are providing additional support for the office market.\nEuropean logistics markets were much more positive, even ben- efiting in many cases from the crisis and the strong growth in online trade. Demand for space remained high and rental levels have risen again. On an annual basis, prime rents were around 1.4% higher than in the previous year, which for logistics prop- erties in the long term and given the pandemic certainly rep- resents a considerable increase. European housing markets are also among the winners of the crisis, as they have been able to fully exploit their defensive character. This applies in particular to the established housing markets in Germany, the Netherlands and Scandinavia. Rent losses and vacancy increases remained the exception and rent levels generally corrected in the prime segment, where reduced demand for small-scale, fixed-term leases and furnished accommodation had the greatest impact.\n(Data sources: DWS 07-10/2021)\n\n## Developments in the investment markets\nThe European investment markets continue to be dominated by the coronavirus pandemic. Although investment momentum largely stabilized in the course of 2021 and recovered from its\nlow at the beginning of 2020, transaction volumes remain below the pre-crisis levels at the beginning of 2020. While real estate worth more than EUR 330 billion was still traded across Europe in the 12-month view in the first quarter of 2020, the annualized value in the third quarter of 2021 was around EUR 270 billion.\nThis corresponds to a decline of around 20%; compared to the same quarter of the previous year, this is still around 8%.\nThere are clear differences at regional level. Whereas the UK real estate markets recorded a significant recovery to just under EUR 65 billion and, at around 20% in each case, are well above both the prior-year figure and the pre-crisis level, the recovery in other markets was much more sluggish. Although a similar annualized transaction volume of just under EUR 64 billion was achieved in Germany in the third quarter, the figure is around\n20% below the previous year's result. In France, too, transaction volumes have so far failed to match their previous record levels. Here, the investment market is stagnating at just under EUR\n30 billion, which marks the lowest value since 2017. Spain and the Netherlands were able to recover more strongly than in the previous year.\nAt sectoral level, investors continued to clearly favor logistics properties. At over EUR 50 billion, the strongest annual result to date was measured in the third quarter of 2021. At over\nEUR 60 billion, residential real estate is also close to its pre-crisis highs. Office investments, retail properties and hotel properties follow at some distance behind, but have already recovered, with the exception of retail.\nDespite the continued subdued investment activity, we expect a renewed increase in transaction volumes and a decreasing polarization in terms of sector allocation. Ultimately, the attrac- tiveness of real estate investments remains high in the per- sistently low interest rate environment; accordingly, we expect further yield compression in the medium term.\n(Data sources: DWS 07/2021, RCA 10/2021)\n\n## The grundbesitz europa investment strategy\nThe investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation. The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.\nThe investment strategy of the fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it throughout the term of the fund. The Company invests for the account of the fund in member countries of the\nEU and the EEA and selectively in countries outside the EU/EEA. Details of the country in question and the maximum share of the fund value permitted for investment in the said country are provided in the appendix to the Special Investment Conditions in the current sales prospectus. In accordance with the \"Special Investment Conditions\", at least 51% of the value of the fund must be invested in real estate located in a member state of the EU or in another state that is party to the EEA Agreement.\nThe fund invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.\nThe real estate held by the fund is situated in good to very good locations in established real estate markets. The aim is basically to invest in properties with long-term tenants of sound financial standing. The transaction strategy is geared toward the various Europe-wide real estate cycles.\nDuring the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of consid- erations. In this regard, the Company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Com- pany considers this to be in the interests of the investors. The assessment likewise includes the economic and location-related opportunities and risks. In order to achieve the investment objectives of the investment fund, the selection and manage- ment of properties will, inter alia, also promote environmental characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector (hereinafter the \"Disclosure Reg- ulation\"). Details of some of the regulatory requirements for the content and format of the information to be disclosed under the <annotation tool=\"custom\" phenomenon=\"terminology consistency\" id=\"ref_1\" refersTo=\"def_451\">Disclosure Regulation</annotation> are currently still being developed.\nAlongside properties that already exist or are under construc- tion, sites for development projects may also be acquired. How- ever, the focal point of investments is existing buildings.\n\n## Net asset value and cash inflows/outflows\nIn the reporting period from October 1, 2020, through Sep- tember 30, 2021, the fund’s net cash inflows amounted\nto EUR 221.8 million. Total net asset value increased from EUR 9,644.2 million (as of September 30, 2020) to EUR 9,902.3 million (+2.7%) on September 30, 2021.\nThe capital invested in unit class IC decreased slightly from to EUR 819.4 million (September 30, 2020: EUR 825.4 million). This represented an 8.3% share of total net asset value as of the reporting date.\nLiquid assets decreased to EUR 1,377.6 million as a result of the property purchases made. The liquidity portfolio is managed in accordance with a fixed investment process. Interest rate and price forecasts are subject to technical and fundamental analy- sis. In the reporting period, liquid assets were invested primarily in overnight money and time deposits as well as fixed-income securities such as government bonds and corporate bonds from European issuers with a rating of good to very good (investment grade). Futures were used occasionally for duration control.\n\n## Results of the fund\nDuring the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).\nThe distribution in the RC unit class on December 15, 2021, was EUR 0.90. The total return on investment in the RC unit class is EUR 0.89 per unit. Investors in the IC unit class receive a distribution in the amount of EUR 1.10. The total return on investment in the IC unit class is EUR 1.08 per unit. Information on taxation is included in the “Tax information for the investor” following this report.\nThe positive performance of the fund is illustrated in the follow- ing overview.\n| Performance according to the BVI method (As of: September 30, 2021) |\n| --- |\n| | RC unit class | Annual average | IC unit class | Ø p.a. |\n| 1 year | 2.3% | | 2.7% | |\n| 2 years | 4.1% | 2.0% | 5.2% | 2.5% |\n| 3 years | 6.9% | 2.2% | 8.5% | 2.8% |\n| 5 years | 13.3% | 2.5% | 16.0% | 3.0% |\n| 10 years | 30.1% | 2.7% | 36.6% | 3.2% |\n| 15 years | 75.2% | 3.8% | | |\n| 20 years | 105.5% | 3.7% | | |\n| 25 years | 155.5% | 3.8% | | |\n| 30 years | 252.3% | 4.3% | | |\n| 35 years | 388.2% | 4.6% | | |\n| 40 years | 595.7% | 5.0% | | |\n| 45 years | 878.9% | 5.2% | | |\n| 50 years | 1,272.8% | 5.4% | | |\n| Since inception* | 1,380.3% | 5.4% | 56.2% | 3.4% |\n\n* Fund inception: October 27, 1970, IC unit class, April 1, 2008.\n\n## The grundbesitz europa real estate portfolio\nAs of the reporting date, the grundbesitz europa portfolio com- prised 100 properties, of which 44 are directly held properties with market values totaling EUR 4,441.5 million.\n56 properties with a total volume of EUR 5,304.4 million are held through special purpose vehicles; 49 of these properties are majority holdings. Seven properties are held via minority holdings.\nCalculation of performance is based on the time-weighted return and excludes issue surcharges. Individual costs such as fees, commissions and other charges are not included in the presentation and would have a negative impact on performance if included.\nPast performance is not a reliable indicator of future performance.\n\n## Types of use of fund properties\nGeographical distribution of fund properties\nThe share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let. The fund is diversified by investments in retail, residential and logistics. Ongoing project developments are not included in this presentation.\n\n## Geographical distribution of fund properties\nThe 44 directly held properties and the 56 other properties held via special purpose vehicles are broadly distributed regionally across twelve countries.\n\n## Commercial age structure of fund properties\tSize classification of fund properties\nThe 17 properties with a market value exceeding EUR 150 million comprise office and retail properties with long-term leases in various countries. 50 properties have a market value of between EUR 25 million and EUR 100 million.\n| Property according to size classification |\n| --- |\n| up to EUR 10 million | EUR 36.7 million | 0.4% | 5 properties |\n| EUR 10 to 25 million | EUR 145.0 million | 1.5% | 9 properties |\n| EUR 25 to 50 million | EUR 809.1 million | 8.3% | 21 properties |\n| EUR 50 to 100 million | EUR 2,097.1 million | 21.5% | 29 properties |\n| EUR 100 to 150 million | EUR 2,399.7 million | 24.6% | 19 properties |\n| EUR 150 to 200 million | EUR 897.2 million | 9.2% | 5 properties |\n| over EUR 200 million | EUR 3,361.1 million | 34.5% | 12 properties |\n| Total | EUR 9,745.9 million | 100.0% | 100 properties |\n\n\n## Property acquisitions and transfers to the portfolio\nFurther information on the following properties is available in the index of properties and the list of acquisitions and dispo- sitions. Purchase prices are expressed in euro; with foreign currencies, the exchange rate at the time of the transfer of ownership of the property is used.\nA distinction is made between the time the contract of sale for a property is signed (the “signing”) and the time of the transfer of the property into the fund’s real estate portfolio (the “closing”). The respective property is only listed in the index of properties after the “closing”. In the case of project developments, closing may take place during the construction phase or only after com- pletion, depending on the contract formulation.\nTen properties or project developments were acquired and added to the fund portfolio in the reporting period:\nJönköping (SE) – Logistics property “Stellar”\nIn December 2020, the grundbesitz europa fund invested in Sweden for the first time with a volume of around\nEUR 141.6 million. The complex, which consists of three build- ings with a total lettable area of 112,023 sqm, is one of the largest stand-alone distribution centers in the Nordic countries. The modern, partly fully automated sorting and storage build- ings allow efficient and high-performance logistics operations to serve the countries of Norway, Sweden, Denmark and Finland. The logistics complex is leased on a long-term basis to one of Northern Europe's largest electronics companies.\nThe purchase price was approximately EUR 141.6 million in total. Transfer to the portfolio took place on December 10, 2020.\nGdansk (PL) – “NEON” office building\nThe “NEON” office property in the Polish port city of Gdansk was acquired in February 2021.\nThe office property was completed at the end of 2019 and is located in Alchemia Business Park, which is centrally located between Gdansk and Gdynia. “NEON” offers usable office space of more than 33,000 sqm over eleven floors. In addition, there is retail space on the ground floor and around 300 parking spaces on two underground and two above-ground floors. The prop- erty has received “LEED Platinum” certification, meaning that\nit meets the highest internationally established sustainability standard.\nThe purchase price was approximately EUR 82.1 million in total. Transfer to the portfolio took place on February 11, 2021.\nLondon (GB) – Residential property “Peckham Place”\nIn March 2021, the residential property “Peckham Place” in the south of the British capital of London was acquired. The prop- erty is part of a newly constructed ensemble in a changing part of town. The recently constructed “Idaline Court” property is part of the wider Peckham Place development and comprises\na multi-story apartment complex with 108 high quality rental units. It was built according to the Code for Sustainable Living and offers different floor plans, with each unit having its own balcony. Peckham Place offers excellent transportation links to central London and is particularly well connected to the City of London and the West End. The seller of the property is a British housing association.\nThe purchase price was approximately EUR 64.3 million in total. Transfer to the portfolio took place on March 19, 2021.\nLille, Nîmes and other locations (FR) – “Omega” logistics real estate portfolio\nIn March 2021, a logistics property portfolio consisting of five properties was acquired in France for a total of around\nEUR 241.5 million. The acquisition took place via a holding com- pany as a joint venture with an open-ended real estate fund that is also managed by DWS. grundbesitz europa holds a 40% stake in the joint venture.\nThe contract of sale for the “Omega” logistics real estate portfolio was signed on January 27, 2021. The four properties located in the greater Lille area and one near Nîmes were built between 2014 and 2017 and have a total floor space of around 206,000 sqm. The portfolio is fully let and largely on a long-term basis to five different users. Four properties have already been awarded the “BREEAM” and “HQE” sustainability certificates, and certification is also being sought for the fifth property in the short term.\nThe purchase price volume for grundbesitz europa was around EUR 96.8 million. Transfer to the portfolio took place on\nMarch 23, 2021.\nBerlin (DE) – “Up!” office project development\nThe contract of sale for a project development in Berlin, Germany, was signed on November 30, 2018. The transfer of the office property (comprising around 48,400 sqm) to the portfolio is sched- uled for the second quarter of 2021. Construction is progressing according to schedule.\nThe purchase price was EUR 314.8 million and transfer to the portfolio took place on May 7, 2021.\nHamburg (DE) – Logistics property “Spectrum”\nIn June 2020, a logistics property in Hamburg was acquired together with another investment fund for approximately EUR 189 million. grundbsesitz europa holds a 55% interest in the real estate company.\nThe property is located in the southeast of Hamburg in the immediate vicinity of the highway intersection of the important north-south connection A 1 and the eastbound A 25. The Port of Hamburg is around 12 km away from the new fund property. In view of the good long-distance transport connections and the proximity to the city center and the port, the property location is one of the most attractive and most sought-after logistics locations in the greater Hamburg area and in Germany and has almost no vacancies.\nThe modern logistics property “Spectrum” currently has a rental area of around 77,100 sqm and will be extended by a logistics hall with around 18,800 sqm by 2022. The complex is leased\non a long-term basis to one of Europe's largest logistics com- panies. There are 249 car parking spaces and 20 truck parking spaces on the approximately 160,000 sqm site.\nThe purchase price of the fund share was EUR 84.5 million, with the transfer to the portfolio taking place on June 1, 2021.\nOne property was transferred to the portfolio before the report- ing period and was added to the fund portfolio in the reporting period:\nLondon (GB) – “Pavilion Court”\nThe contract of sale for the project development of a student residence complex was signed on February 28, 2019. The pur- chase of the property and transfer of ownership took place on March 8, 2019, and the purchase price installments are being paid in accordance with construction progress. The agreed pur- chase price is around EUR 127.8 million.\nCompletion of the student accommodation development at Wembley, which has since been increased to 699 rooms, took place on September 24, 2021.\nFour properties were acquired before the reporting period and added to the fund portfolio in the reporting period:\nThe Hague (NL) – “Carmel Residential Portfolio”\nThe “Carmel” residential portfolio consists of a total of eight so-called clusters, which were acquired in several tranches; each comprises various individual properties. Six of these clus- ters were already in the fund's portfolio, and two more were transferred during the reporting period. This is a multi-story\napartment building with 288 residential units and a total lettable area of around 12,700 sqm, which consists of two intercon-\nnected building sections and has a total of 92 parking spaces in the building or in the neighboring building. The apartments\nrange in size between 41 sqm and 72 sqm. They have fully fitted bathrooms, open-plan kitchens as well as balconies and they can be accessed by elevator.\nThe purchase price volume for these units for grundbesitz europa was around EUR 66.8 million. Transfer to the portfolio took place on October 30, 2020.\nIn addition, the fund management acquired a further residential property portfolio with a total of 369 apartments in The Hague during the reporting period, the individual units of which were incorporated into three existing clusters and expanded them.\nThe purchase price was around EUR 70.9 million and ownership was transferred on June 2, 2021.\nEspoo (FI) – “Keilalampi” office property and “Pavilions”\nThe “Keilalampi” office building and the two “pavilions” belong- ing to it were added to the fund's portfolio in March 2021. These properties complement the office property already acquired at this location in March 2020.\nThe multi-story office building with a total lettable area of around 13,600 sqm was built in 1994 and was extensively mod- ernized in 2020/2021. Among other things, the building services, the façade and the office space and interiors were modernized. The “LEED Gold” sustainability certificate will be sought upon completion of the modernization measures. All the spaces are fully let on a long-term basis, with the main tenant being a Finnish insurance company.\nTwo newly constructed pavilions with a total of around 1,080 sqm of catering and service space were also acquired\nwith this property. The pavilions are located on a newly created public town square in front of the building. In addition to direct access to the metro at street level, there is an underground car park with 193 parking spaces below the buildings.\nThe purchase price was approximately EUR 86.4 million in total. Transfer to the portfolio took place on March 31, 2021.\nNine properties were acquired as project developments during or before the reporting period and have not yet been completed:\nDüsseldorf (DE) – “Trio” project\nThe contract of sale for three hotel properties in Düsseldorf that were purchased as a project development for the fund was signed on August 31, 2018. The project is an ensemble with a total of 717 rooms close to the main train station in Düsseldorf. Completion is planned for the fourth quarter of 2021. Construc- tion is progressing according to schedule. The agreed purchase price is around EUR 157.4 million.\nCologne (DE) – “Messe City Köln” hotel project development\nThe contract of sale for a hotel project development in Cologne, Germany, was signed on April 17, 2019. The transfer of the hotels (comprising around 479 rooms) to the portfolio is sched- uled for the second quarter of 2021. Construction is progressing according to schedule. The agreed purchase price is around EUR 111.5 million.\nBerlin (DE) – “The Grid”\nThe contract of sale for the project development of an office prop- erty in the Friedrichshain-Kreuzberg district, an up-and-coming submarket of Berlin, was signed on December 20, 2019. Transfer to the portfolio took place on February 19, 2020, upon payment of the first purchase price installment.\nThe multi-story building with 13,849 sqm of floor space has retail and restaurant space on the ground floor as well as park- ing facilities in an underground garage. More than 50% of the space has already been leased on a long-term basis prior to the start of construction. By acquiring this office property, the fund intends to profit from the positive development forecast for the Friedrichshain-Kreuzberg district of Berlin and continuous rental income in a growth market. Due to the high building standards, the “DNGB” Gold certification is being sought.\nA purchase price of EUR 129.1 million was agreed and pay- ments are being made in line with construction progress. Com- pletion is scheduled for the fourth quarter of 2021.\nBarcelona (ES) – “One Parc Central” office property\nIn February 2021, the purchase agreement for the project devel- opment of an office property in Spain was signed. The twelve- story office property is being built in the highly sought-after 22@ district to the north of the Catalan capital of Barcelona. With the acquisition of the office property, investments will be made in a growth market after completion in autumn 2022.\nAround EUR 128.0 million was agreed as the purchase price, with payment to the seller to be made after completion.\nDublin (IE) – “Cheevers & Haliday” residential property\nIn July 2020, the purchase agreement with a volume of around EUR 195.0 million was signed for the project development of a residential building complex located around eleven kilometers south of the Irish capital of Dublin.\nThe modern, multi-story project development with a total rental area of 31,512 sqm comprises two economically independent residential buildings and is located on a former golf course\nin the sub-market of Dun Laoghaire, a prosperous suburb of Dublin.\nThe surrounding towns of Dun Laoghaire, Dalkey, Monkstown and Blackrock can be accessed via private care and public transport in a short time and offer numerous shopping and leisure options.\nThe high-quality and fully equipped 368 residential units com- prise a mix of 2-4 room apartments and their average size is around 86 sqm. They can be accessed via an elevator and, besides a balcony/terrace, have numerous other conveniences. Completion of the apartment blocks will take place in several construction phases from June 2021 to an anticipated January 2022.\nParis (FR) – “TOKO” office project development\nThe project development for an office building in need of mod- ernization that is located at the edge of the central business district (CBD) of Paris was purchased in September 2020.\nThe multi-story class-A office block, which was built in 1955 and 1989, is impressive not only due to its excellent location but also its striking architecture with a completely glass facade and bright, modern office space. The office building is located in the 17th district of Paris, which profits from the continuous expan- sion of the Paris CBD and very good connections to the center and the Parisian ring road. Due to the very low vacancy rate of approx. 2% in the greater Paris area and the limited construc- tion possibilities, it is assumed that the property location will\nbe included in a future expansion of the inner-city office market and will continue to gain in importance.\nEven before the conversion work begins, the fund property is fully pre-let for the long term to a tenant of sound financial\nstanding from the digital services sector. Upon completion of the modernization measures, an application will be made for the “BREEAM Very Good” and “Wired Score Silver” sustain- ability certificates. The Wired Score certification is a globally recognized standard for evaluating the connectivity of office buildings.\nA purchase price of EUR 162.0 million was agreed and payments are being made in line with construction progress. Completion is planned for the first quarter of 2022.\nMadrid (ES) – Residential portfolio\nOn December 30, 2020, the grundbesitz global and grundbesitz europa funds acquired a pro rata share of four attractive resi- dential projects in the popular locations of Vallecas and Getafe, south of Madrid's city center. grundbesitz europa holds a 40% interest in the project.\nThe projects are characterized by upscale construction and appealing architecture. The equipment standard of the approx. 1,000 apartments with fitted kitchen, air conditioning, WLAN, fitness area, pool, lobby and common areas is above average. The residential neighborhoods have excellent public transporta- tion connections. Due to the building and site qualities, a sus- tainability certification of “BREEAM Good” or higher is sought.\nA pro rata purchase price of EUR 85.6 million was agreed. Pay- ments in line with construction progress will be made based on building permits expected by the end of 2021. The completion of the four projects is scheduled for the end of 2023.\n\n## Property sales and transfers from the portfolio\nThe sales price is expressed in euro before deduction of incidental selling costs.\nTwo properties were sold and removed from the fund portfolio in the reporting period.\nLondon (GB) – “Capital House” office property\nIn July 2021, the “Capital House” office property in London, United Kingdom, which was acquired in 2010, was sold. The building, completed in 2003, was leased to six office tenants and three retail tenants at the time of sale. The sales price of around EUR 151.0 million (GBP 130.5 million) is approximately 12% higher than the most recently determined market value of around EUR 134.9 million.\n“Capital House”, with its rental area of around 10,650 sqm spread over eight floors, benefited in particular from its central location in the City of London. The area around the Bank of England is the traditional core of the City of London and funda- mentally attractive to international tenants. The property, which is now 17 years old, has nevertheless recently recorded an increased vacancy rate.\nWith the strategic sale, the fund management is realising the very good performance since purchase and intends to reinvest the sales proceeds in the further diversification of the portfolio.\nMadrid (ES) – “Paseo de la Castellana 42” office property\nIn July 2021, the “Paseo de la Castellana 42” office property in Madrid, Spain, which was acquired in 2003, was sold. The sales price of around EUR 54.6 million is approximately 42% higher than the most recently determined market value of around\nEUR 38.5 million. The proceeds from the sale are to be rein- vested in the further diversification of the portfolio.\n“Paseo de la Castellana 42”, with its rental area of around\n4,595 sqm spread over ten floors, benefited in particular from its very central location in the city center of Madrid. The building, built in 1980 and remodeled in 2001, was most recently leased to three tenants, but three floors were unrented. The property is comparatively old compared to the buildings in the immediate vicinity in a prime inner-city location in Madrid, does not cur- rently meet the requirements for a sustainable property and has no environmental certification.\nThe sale of the property leads to a further improvement in the quality of the overall portfolio, reduces existing and future let- ting risks of the fund and enables reinvestment in properties with comparatively better development opportunities and lower risks.\n\n## Borrowed capital and currency risks\nThe grundbesitz europa fund had loan liabilities amounting to EUR 1,599.0 million as of the September 30, 2021, reporting date (September 30, 2020: EUR 1,281.1 million). A total of\n29 properties are currently encumbered with the rights of third parties. Credit line agreements facilitating flexible financing\nof new acquisitions and project developments at low interest rates.\nAs of the reporting date, the borrowing ratio amounted to 16.4% based on real estate assets. As of the reporting date, loans denominated in British pounds that translate into a total of approximately EUR 648.1 million exist for 18 prop- erties (September 30, 2020: EUR 620.4 million). Total bor- rowing in euro amounts to approximately EUR 889.1 million (September 30, 2020: EUR 660.5 million). A new financing in Swedish krona amounting to EUR 61.8 million was added.\n| Overview of loans as of September 30, 2021 |\n| --- |\n| grundbesitz europa | Total borrowings (direct) in EUR million | % of the market value of all fund properties | Total borrowings (indirect via holding companies) in EUR million | % of the market value of all fund properties | Less than 1 year | Remaining loan terms as a % of total borrowings 1 to 2\t2 to 5\t5 to 10 years\tyears\tyears | Average interest rate as % |\n| EUR loans (outside Germany) | 447.8 | 4.6 | 130.7 | 1.3 | 14.5 | 1.9 | 16.8 | 3.1 | 0.95 |\n| EUR loans (Germany) | 51.4 | 0.5 | 259.2 | 2.7 | 1.6 | 3.3 | 5.4 | 9.2 | 1.07 |\n| GBP | 404.5 | 4.2 | 243.5 | 2.5 | 1.2 | 0.0 | 10.3 | 29.0 | 2.37 |\n| SEK | 0.0 | 0.0 | 61.8 | 0.6 | 0.0 | 0.0 | 3.9 | 0.0 | 1.61 |\n| Total | 903.8 | 9.3 | 695.2 | 7.1 | 17.3 | 5.2 | 36.3 | 41.2 | |\n\n| Overview of currency risks as of September 30, 2021 |\n| --- |\n| grundbesitz europa | Open currency positions reporting as of the date in the local currency (thousands) | Exchange rate as of the reporting date | Open currency positions as of the reporting date (TEUR) | % of fund assets per currency area |\n| GBP | 144,066 | 0.86266 | 167,002 | 1.7 |\n| PLN | 486,583 | 4.62623 | 105,179 | 1.1 |\n| SEK | 809,168 | 10.20052 | 79,326 | 0.8 |\n| NOK | 497,324 | 10.12598 | 49,114 | 0.5 |\n| Total | | | 400,621 | 4.0 |\n\nThe currency hedging strategy is structured for the medium to long term and is based on a minimization of hedging costs/ maximization of hedging income. Prices for forward exchange\nhedging primarily result from the effective difference in interest rates between the eurozone and the investment country and the (remaining) term of the contract. Changes to the difference in interest rates result in changes to the intrinsic value of the forward exchange hedge."},"reordering_tagged":{"kind":"list like","value":["# Activity report","Dear Sir/Madam,","In this annual report, the management of DWS Grundbesitz GmbH is pleased to inform you of the development of the real estate investment fund grundbesitz europa in the period from October 1, 2020, through September 30, 2021.","## Key events in the reporting period","The COVID-19 pandemic also shaped the 2020/2021 business year.","Office properties, which at approximately 50% account for the largest share of all usage types in grundbesitz europa's overall portfolio in terms of rental income, remained largely resilient in this environment, while retail properties continued to be affected by reduced rental income.","As far as possible, deferral agreements have been concluded with the tenants for these rent receivables.","In addition, the fund management has continued to make risk provisions for outstanding receivables on an ongoing basis and","to an appropriate extent.","With the start of re-openings in spring 2021 in various European countries, a recovery with increasing bookings was recorded for student housing.","Over the business year, grundbesitz europa was able to increase the occupancy rate, among other things due to these temporarily expected effects.","The fair values of the retail properties and the student residential properties in the portfolio continued to decline slightly, as the independent experts calculated discounts for lost sales rents, rent reductions and rent defaults, among other things.","For the only hotel in grundbesitz europa's portfolio, the development of the pandemic had no impact.","In contrast, office properties in prime locations recorded increases in value.","Overall, the valuation across the entire portfolio was slightly positive, with the broad diversification across different types of use within the property portfolio having a stabilizing effect.","The fund’s liquidity portfolio made a positive contribution to fund performance in the business year.","The capital markets were dominated by the pandemic measures taken by the global cen- tral banks.","The European Central Bank made a significant contri- bution to this stability through the so-called “PEPP” (Pandemic Emergency Purchase Programme), which was clearly reflected in the developments in the risk spreads for the corresponding bonds.","The composition and maturity of the bond portfolio","was adjusted to the current situation in favor of lower risks and volatility.","Taking into account the distribution for the previous business year in December 2020, net assets increased from EUR 9,644.2 million (September 30, 2020) to EUR 9,902.3 million at the end of the","business year.","Net cash inflows totalled EUR 221.8 million.","As of September 30, 2021, the liquidity ratio was 13.9% of net assets.","In the period from October 1, 2020, through September 30, 2021, grundbesitz europa appreciated by 2.3% per unit in the RC unit class and 2.7% per unit in the IC unit class (all details according to the BVI method).","In addition to the active management of portfolio properties, var- ious real estate transactions were again successfully concluded despite pandemic-related restrictions.","A total of 15 properties were added to the fund's real estate portfolio by September 30, 2021.","The purchase agreements for two further project develop- ments in Spain have been signed, but these will not be included in the portfolio until after the reporting date.","The new acquisitions were made in various European countries, both in regions where grundbesitz europa already owns other properties and in locations where the fund is now invested for the first time.","For example, the \"Stellar\" logistics property in Jönköping, which was acquired via an investment company, was transferred to the fund's portfolio in December 2020, and was the","first portfolio property in Sweden.","In contrast, the share in Finland was further expanded to include five properties as a result of the transfer of two office properties with adjoining restaurant use in Espoo near Helsinki.","The \"Carmel\" residential property portfolio in the Netherlands, which had already been acquired in the previous business year, was supplemented by two further new completed properties in The Hague.","With the property \"Peckham Place\" in the south of London, grundbesitz europa now owns a residential property in the United Kingdom for the first time in addition to its existing investments in the area of student housing.","The acquisition of an office property in Gdansk, Poland, and an investment in a logistics portfolio consist- ing of five properties in France further rounded off the portfolio.","With the acquisition of the \"UP!\" office property in Berlin, the one hundredth property was transferred to the fund portfolio in May 2021.","The investment in the \"Spectrum\" logistics property in Hamburg took place in June 2021.","In August 2021, two trans- fers of ownership of a total of six construction phases of the \"Cheevers & Haliday\" project development in Dublin took place, for which the purchase agreement was signed in July 2020.","Two sales of office properties were made in Madrid and London during the reporting period.","The real estate portfolio is continu- ously analyzed for properties that can be sold and which, in the opinion of the fund management, is no longer in line with the fund strategy in the medium to long term.","On account of the transactions mentioned, the real estate portfolio of grundbesitz europa grew to 100 properties in the 2020/2021 business year with a total volume according to market value of EUR 9,746.0 million (September 30, 2020: 87 properties, EUR 8,449.6 million).","The diversification of the usage types was further increased by the purchase of residential properties and several logistics properties.","The directly and indirectly held properties are spread across a total of twelve European countries, with Germany (27.8%) and the United Kingdom (23.0%) continuing to be the focal points in terms of market value.","The development of the United Kingdom since its exit from the European Union in January 2020 will continue to be carefully monitored and evaluated, and purchases or sales in this market will be analyzed.","As of the reporting date of September 30, 2021, 92.2% of the total portfolio was let (measured in terms of annual rental income fully let), while the occupancy rate was an average of 90.1% based on the entire reporting period.","With loan liabilities totaling EUR 1,599.0 million, the borrow- ing ratio on September 30, 2021, was 16.4% of the real estate assets and was thus below the statutory limit value of 30%","(September 30, 2020: EUR 1,281.1 million or 15.2%).","In addition, there are credit lines for short-term borrowing.","Since the EU regulation on sustainability-related disclosure requirements in the financial services sector came into force on March 10, 2021, the pre-contractual information for the grund- besitz europa investment fund has included explanations on the integration of sustainability risks in investment decisions and on the results of the assessment of the expected impact of sustain- ability risks on the return of the financial product.","Against the background of Article 8 of the Disclosure Regulation, a provision has now been added to the Investment Conditions, with effect from October 1, 2021, to the effect that the environ- mental features which the corporation advertises for the invest- ment fund should also be taken into account when acquiring and managing properties.","As part of this adjustment, various changes resulting from the so-called \"Fondsstandortgesetz\" (Act to Strengthen Germany as a Fund Location), which came into force on August 2, 2021, were also taken into account.","These relate in particular to the terms and the announcement period in the event of future changes to the investment conditions and also entail simplifications for the fund in the granting of shareholder loans to real estate companies.","We will continue to inform our investors about developments in the fund in the area of sustainability.","Yours sincerely,","Clemens Schäfer","DWS Grundbesitz GmbH","Dr. Ulrich von Creytz\tDr. Grit Franke","Frankfurt/Main, Germany, November 29, 2021","Ulrich Steinmetz","## Overall economic environment","After the severe distortions caused by the coronavirus pandemic in 2020, the European economy shows signs of recovery in the course of 2021, but is not yet at pre-crisis levels.","Fundamen-","tal support comes from the resurgence in global trade, which is expected to post significant gains of 12% over the course of 2021, following a 6% decline in 2020.","Leading indicators such as the Purchasing Managers' Index were also positive in","October 2021, albeit with weakening momentum.","With an index reading of 54.3, the PMI for the Eurozone for October was above the neutral threshold of 50 as well as the long-term average","of 53.","Nevertheless, this is the third consecutive monthly decline after the 15-year high in July, with the economy cooling the most in Germany, but also reaching its lowest level since April","in France.","Ultimately, the coronavirus pandemic and related effects such as lockdowns and vaccination progress, particularly at the beginning of the year, remained a determining factor in the economic recovery, not least due to new virus mutations.","Consequences such as transport and logistics problems, pro- duction bottlenecks due to a lack of primary products, rising","raw material prices and increasing inflation are now becoming more and more apparent and having negative impacts on eco- nomic development worldwide and in Europe.","Inflation in the eurozone is expected to rise to 2.4% this year, while in Germany it is expected to rise to 3%.","In France and Italy, inflationary pres- sures are significantly lower at 1.7% and 1.9%, respectively, but this could still lead to monetary policy measures at the Euro- pean level.","Specifically, with regard to economic developments in Europe, after the coronavirus-related weak phase in 2020, with negative economic growth in the eurozone of -6.5%, a positive devel- opment and incipient recovery phase is expected.","Economic growth reached 2.3% in the second quarter and is likely to be around 2% again in the third quarter.","Accordingly, growth of 5% is expected for the full year 2021.","Germany, with expected growth of 2.5%, deviates significantly from the eurozone aver- age, whereas France and the UK are expected to experience a strong economic recovery at 6.2% and 7.3%, respectively.","After the manufacturing sector was held back in recent months by a lack of intermediate products and rising commodity and energy prices, the service sector and private consumption remain as pillars of the economic recovery.","While the hospi- tality and service sectors generally continue to face the threat of coronavirus-induced cutbacks as the year progresses, the pent-up consumer demand in particular is expected to fuel the economic recovery.","With growth of +3.7% in the second quarter of 2021 and expected growth of 3.7% for the year as a whole, private con- sumption is currently becoming the strongest driver of eco- nomic recovery in Europe.","(Data sources: Oxford Economics, Markit 10/2021)","## Developments in the capital markets","Yields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory.","Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and stood at -0.199% p.a. as of the end of the reporting period.","Yields on short-term government bonds fell by a further 10 basis points in the reporting period, with the trading range reaching a full 15 bp.","One-year German government bonds yielded -0.598%","p.a. on October 1, 2020, with this falling to -0.673% p.a. on the last trading day in September 2021.","The European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019.","(Data source: Bloomberg)","## Developments in the real estate markets","In our view, the European real estate market has entered a recovery phase, although the pandemic has left clear traces on the markets.","Accordingly, 2020 posed major challenges to European real estate markets as a result of lockdowns and","border closures, but also saw extensive support and assistance measures from the various governments, central banks and European institutions.","Thanks to these subsidies, default guar- antees, tax relief and social security measures, insolvencies were prevented in many cases, thus preventing a significant rise in unemployment figures, especially as solid starting conditions such as low vacancy rates and moderate construction activity also supported the property markets.","Nonetheless, the coronavirus pandemic has caused distortions over the past 12-18 months, particularly in the hotel and retail sectors.","Store closures and a lack of international tourists have weighed on bricks-and-mortar retail and caused significant rent losses.","As a result, demand for space fell sharply and shop- ping centers in particular, which have been suffering for years, recorded the strongest annual increase in vacancies to date in the first quarter of 2021 and a further fall in rents of 8.5%.","The pandemic also left its mark on the European office market.","While the average vacancy rate was 6.3% at the start of the pandemic, the lowest since 2002, it had increased by 130 basis points by spring 2021.","Positive deviations were achieved here, for example, in the German top 7 office markets, which are only expected to rise by around 90 basis points to around 4.8% by the end of the year.","Rental levels also corrected slightly by around 1.3% at European level, and thus much less strongly than feared, with the UK and the Nordic markets in particular standing out positively here.","The incipient recovery in demand for space and moderate completion volumes, some of which were delayed by the pandemic, are providing additional support for the office market.","European logistics markets were much more positive, even ben- efiting in many cases from the crisis and the strong growth in online trade.","Demand for space remained high and rental levels have risen again.","On an annual basis, prime rents were around 1.4% higher than in the previous year, which for logistics prop- erties in the long term and given the pandemic certainly rep- resents a considerable increase.","European housing markets are also among the winners of the crisis, as they have been able to fully exploit their defensive character.","This applies in particular to the established housing markets in Germany, the Netherlands and Scandinavia.","Rent losses and vacancy increases remained the exception and rent levels generally corrected in the prime segment, where reduced demand for small-scale, fixed-term leases and furnished accommodation had the greatest impact.","(Data sources: DWS 07-10/2021)","## Developments in the investment markets","The European investment markets continue to be dominated by the coronavirus pandemic.","Although investment momentum largely stabilized in the course of 2021 and recovered from its","low at the beginning of 2020, transaction volumes remain below the pre-crisis levels at the beginning of 2020.","While real estate worth more than EUR 330 billion was still traded across Europe in the 12-month view in the first quarter of 2020, the annualized value in the third quarter of 2021 was around EUR 270 billion.","This corresponds to a decline of around 20%; compared to the same quarter of the previous year, this is still around 8%.","There are clear differences at regional level.","Whereas the UK real estate markets recorded a significant recovery to just under EUR 65 billion and, at around 20% in each case, are well above both the prior-year figure and the pre-crisis level, the recovery in other markets was much more sluggish.","Although a similar annualized transaction volume of just under EUR 64 billion was achieved in Germany in the third quarter, the figure is around","20% below the previous year's result.","In France, too, transaction volumes have so far failed to match their previous record levels.","Here, the investment market is stagnating at just under EUR","30 billion, which marks the lowest value since 2017.","Spain and the Netherlands were able to recover more strongly than in the previous year.","At sectoral level, investors continued to clearly favor logistics properties.","At over EUR 50 billion, the strongest annual result to date was measured in the third quarter of 2021.","At over","EUR 60 billion, residential real estate is also close to its pre-crisis highs.","Office investments, retail properties and hotel properties follow at some distance behind, but have already recovered, with the exception of retail.","Despite the continued subdued investment activity, we expect a renewed increase in transaction volumes and a decreasing polarization in terms of sector allocation.","Ultimately, the attrac- tiveness of real estate investments remains high in the per- sistently low interest rate environment; accordingly, we expect further yield compression in the medium term.","(Data sources: DWS 07/2021, RCA 10/2021)","## The grundbesitz europa investment strategy","The investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation.","The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.","The investment strategy of the fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it throughout the term of the fund.","The Company invests for the account of the fund in member countries of the","EU and the EEA and selectively in countries outside the EU/EEA.","Details of the country in question and the maximum share of the fund value permitted for investment in the said country are provided in the appendix to the Special Investment Conditions in the current sales prospectus.","In accordance with the \"Special Investment Conditions\", at least 51% of the value of the fund must be invested in real estate located in a member state of the EU or in another state that is party to the EEA Agreement.","The fund invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.","The real estate held by the fund is situated in good to very good locations in established real estate markets.","The aim is basically to invest in properties with long-term tenants of sound financial standing.","The transaction strategy is geared toward the various Europe-wide real estate cycles.","During the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of consid- erations.","In this regard, the Company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Com- pany considers this to be in the interests of the investors.","The assessment likewise includes the economic and location-related opportunities and risks.","In order to achieve the investment objectives of the investment fund, the selection and manage- ment of properties will, inter alia, also promote environmental characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector (hereinafter the \"Disclosure Reg- ulation\").","Details of some of the regulatory requirements for the content and format of the information to be disclosed under the Disclosure Regulation are currently still being developed.","Alongside properties that already exist or are under construc- tion, sites for development projects may also be acquired.","How- ever, the focal point of investments is existing buildings.","## Net asset value and cash inflows/outflows","In the reporting period from October 1, 2020, through Sep- tember 30, 2021, the fund’s net cash inflows amounted","to EUR 221.8 million.","Total net asset value increased from EUR 9,644.2 million (as of September 30, 2020) to EUR 9,902.3 million (+2.7%) on September 30, 2021.","The capital invested in unit class IC decreased slightly from to EUR 819.4 million (September 30, 2020: EUR 825.4 million).","This represented an 8.3% share of total net asset value as of the reporting date.","Liquid assets decreased to EUR 1,377.6 million as a result of the property purchases made.","The liquidity portfolio is managed in accordance with a fixed investment process.","Interest rate and price forecasts are subject to technical and fundamental analy- sis.","In the reporting period, liquid assets were invested primarily in overnight money and time deposits as well as fixed-income securities such as government bonds and corporate bonds from European issuers with a rating of good to very good (investment grade).","Futures were used occasionally for duration control.","## Results of the fund","During the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).","The distribution in the RC unit class on December 15, 2021, was EUR 0.90.","The total return on investment in the RC unit class is EUR 0.89 per unit.","Investors in the IC unit class receive a distribution in the amount of EUR 1.10.","The total return on investment in the IC unit class is EUR 1.08 per unit.","Information on taxation is included in the “Tax information for the investor” following this report.","The positive performance of the fund is illustrated in the follow- ing overview.","| Performance according to the BVI method (As of: September 30, 2021) |","| --- |","| | RC unit class | Annual average | IC unit class | Ø p.a. |","| 1 year | 2.3% | | 2.7% | |","| 2 years | 4.1% | 2.0% | 5.2% | 2.5% |","| 3 years | 6.9% | 2.2% | 8.5% | 2.8% |","| 5 years | 13.3% | 2.5% | 16.0% | 3.0% |","| 10 years | 30.1% | 2.7% | 36.6% | 3.2% |","| 15 years | 75.2% | 3.8% | | |","| 20 years | 105.5% | 3.7% | | |","| 25 years | 155.5% | 3.8% | | |","| 30 years | 252.3% | 4.3% | | |","| 35 years | 388.2% | 4.6% | | |","| 40 years | 595.7% | 5.0% | | |","| 45 years | 878.9% | 5.2% | | |","| 50 years | 1,272.8% | 5.4% | | |","| Since inception* | 1,380.3% | 5.4% | 56.2% | 3.4% |","* Fund inception: October 27, 1970, IC unit class, April 1, 2008.","## The grundbesitz europa real estate portfolio","As of the reporting date, the grundbesitz europa portfolio com- prised 100 properties, of which 44 are directly held properties with market values totaling EUR 4,441.5 million.","56 properties with a total volume of EUR 5,304.4 million are held through special purpose vehicles; 49 of these properties are majority holdings.","Seven properties are held via minority holdings.","Calculation of performance is based on the time-weighted return and excludes issue surcharges.","Individual costs such as fees, commissions and other charges are not included in the presentation and would have a negative impact on performance if included.","Past performance is not a reliable indicator of future performance.","## Types of use of fund properties","Geographical distribution of fund properties","The share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let.","The fund is diversified by investments in retail, residential and logistics.","Ongoing project developments are not included in this presentation.","## Geographical distribution of fund properties","The 44 directly held properties and the 56 other properties held via special purpose vehicles are broadly distributed regionally across twelve countries.","## Commercial age structure of fund properties\tSize classification of fund properties","The 17 properties with a market value exceeding EUR 150 million comprise office and retail properties with long-term leases in various countries.","50 properties have a market value of between EUR 25 million and EUR 100 million.","| Property according to size classification |","| --- |","| up to EUR 10 million | EUR 36.7 million | 0.4% | 5 properties |","| EUR 10 to 25 million | EUR 145.0 million | 1.5% | 9 properties |","| EUR 25 to 50 million | EUR 809.1 million | 8.3% | 21 properties |","| EUR 50 to 100 million | EUR 2,097.1 million | 21.5% | 29 properties |","| EUR 100 to 150 million | EUR 2,399.7 million | 24.6% | 19 properties |","| EUR 150 to 200 million | EUR 897.2 million | 9.2% | 5 properties |","| over EUR 200 million | EUR 3,361.1 million | 34.5% | 12 properties |","| Total | EUR 9,745.9 million | 100.0% | 100 properties |","## Property acquisitions and transfers to the portfolio","Further information on the following properties is available in the index of properties and the list of acquisitions and dispo- sitions.","Purchase prices are expressed in euro; with foreign currencies, the exchange rate at the time of the transfer of ownership of the property is used.","A distinction is made between the time the contract of sale for a property is signed (the “signing”) and the time of the transfer of the property into the fund’s real estate portfolio (the “closing”).","The respective property is only listed in the index of properties after the “closing”.","In the case of project developments, closing may take place during the construction phase or only after com- pletion, depending on the contract formulation.","Ten properties or project developments were acquired and added to the fund portfolio in the reporting period:","Jönköping (SE) – Logistics property “Stellar”","In December 2020, the grundbesitz europa fund invested in Sweden for the first time with a volume of around","EUR 141.6 million.","The complex, which consists of three build- ings with a total lettable area of 112,023 sqm, is one of the largest stand-alone distribution centers in the Nordic countries.","The modern, partly fully automated sorting and storage build- ings allow efficient and high-performance logistics operations to serve the countries of Norway, Sweden, Denmark and Finland.","The logistics complex is leased on a long-term basis to one of Northern Europe's largest electronics companies.","The purchase price was approximately EUR 141.6 million in total.","Transfer to the portfolio took place on December 10, 2020.","Gdansk (PL) – “NEON” office building","The “NEON” office property in the Polish port city of Gdansk was acquired in February 2021.","The office property was completed at the end of 2019 and is located in Alchemia Business Park, which is centrally located between Gdansk and Gdynia.","“NEON” offers usable office space of more than 33,000 sqm over eleven floors.","In addition, there is retail space on the ground floor and around 300 parking spaces on two underground and two above-ground floors.","The prop- erty has received “LEED Platinum” certification, meaning that","it meets the highest internationally established sustainability standard.","The purchase price was approximately EUR 82.1 million in total.","Transfer to the portfolio took place on February 11, 2021.","London (GB) – Residential property “Peckham Place”","In March 2021, the residential property “Peckham Place” in the south of the British capital of London was acquired.","The prop- erty is part of a newly constructed ensemble in a changing part of town.","The recently constructed “Idaline Court” property is part of the wider Peckham Place development and comprises","a multi-story apartment complex with 108 high quality rental units.","It was built according to the Code for Sustainable Living and offers different floor plans, with each unit having its own balcony.","Peckham Place offers excellent transportation links to central London and is particularly well connected to the City of London and the West End.","The seller of the property is a British housing association.","The purchase price was approximately EUR 64.3 million in total.","Transfer to the portfolio took place on March 19, 2021.","Lille, Nîmes and other locations (FR) – “Omega” logistics real estate portfolio","In March 2021, a logistics property portfolio consisting of five properties was acquired in France for a total of around","EUR 241.5 million.","The acquisition took place via a holding com- pany as a joint venture with an open-ended real estate fund that is also managed by DWS.","grundbesitz europa holds a 40% stake in the joint venture.","The contract of sale for the “Omega” logistics real estate portfolio was signed on January 27, 2021.","The four properties located in the greater Lille area and one near Nîmes were built between 2014 and 2017 and have a total floor space of around 206,000 sqm.","The portfolio is fully let and largely on a long-term basis to five different users.","Four properties have already been awarded the “BREEAM” and “HQE” sustainability certificates, and certification is also being sought for the fifth property in the short term.","The purchase price volume for grundbesitz europa was around EUR 96.8 million.","Transfer to the portfolio took place on","March 23, 2021.","Berlin (DE) – “Up!” office project development","The contract of sale for a project development in Berlin, Germany, was signed on November 30, 2018.","The transfer of the office property (comprising around 48,400 sqm) to the portfolio is sched- uled for the second quarter of 2021.","Construction is progressing according to schedule.","The purchase price was EUR 314.8 million and transfer to the portfolio took place on May 7, 2021.","Hamburg (DE) – Logistics property “Spectrum”","In June 2020, a logistics property in Hamburg was acquired together with another investment fund for approximately EUR 189 million.","grundbsesitz europa holds a 55% interest in the real estate company.","The property is located in the southeast of Hamburg in the immediate vicinity of the highway intersection of the important north-south connection A 1 and the eastbound A 25.","The Port of Hamburg is around 12 km away from the new fund property.","In view of the good long-distance transport connections and the proximity to the city center and the port, the property location is one of the most attractive and most sought-after logistics locations in the greater Hamburg area and in Germany and has almost no vacancies.","The modern logistics property “Spectrum” currently has a rental area of around 77,100 sqm and will be extended by a logistics hall with around 18,800 sqm by 2022.","The complex is leased","on a long-term basis to one of Europe's largest logistics com- panies.","There are 249 car parking spaces and 20 truck parking spaces on the approximately 160,000 sqm site.","The purchase price of the fund share was EUR 84.5 million, with the transfer to the portfolio taking place on June 1, 2021.","One property was transferred to the portfolio before the report- ing period and was added to the fund portfolio in the reporting period:","London (GB) – “Pavilion Court”","The contract of sale for the project development of a student residence complex was signed on February 28, 2019.","The pur- chase of the property and transfer of ownership took place on March 8, 2019, and the purchase price installments are being paid in accordance with construction progress.","The agreed pur- chase price is around EUR 127.8 million.","Completion of the student accommodation development at Wembley, which has since been increased to 699 rooms, took place on September 24, 2021.","Four properties were acquired before the reporting period and added to the fund portfolio in the reporting period:","The Hague (NL) – “Carmel Residential Portfolio”","The “Carmel” residential portfolio consists of a total of eight so-called clusters, which were acquired in several tranches; each comprises various individual properties.","Six of these clus- ters were already in the fund's portfolio, and two more were transferred during the reporting period.","This is a multi-story","apartment building with 288 residential units and a total lettable area of around 12,700 sqm, which consists of two intercon-","nected building sections and has a total of 92 parking spaces in the building or in the neighboring building.","The apartments","range in size between 41 sqm and 72 sqm.","They have fully fitted bathrooms, open-plan kitchens as well as balconies and they can be accessed by elevator.","The purchase price volume for these units for grundbesitz europa was around EUR 66.8 million.","Transfer to the portfolio took place on October 30, 2020.","In addition, the fund management acquired a further residential property portfolio with a total of 369 apartments in The Hague during the reporting period, the individual units of which were incorporated into three existing clusters and expanded them.","The purchase price was around EUR 70.9 million and ownership was transferred on June 2, 2021.","Espoo (FI) – “Keilalampi” office property and “Pavilions”","The “Keilalampi” office building and the two “pavilions” belong- ing to it were added to the fund's portfolio in March 2021.","These properties complement the office property already acquired at this location in March 2020.","The multi-story office building with a total lettable area of around 13,600 sqm was built in 1994 and was extensively mod- ernized in 2020/2021.","Among other things, the building services, the façade and the office space and interiors were modernized.","The “LEED Gold” sustainability certificate will be sought upon completion of the modernization measures.","All the spaces are fully let on a long-term basis, with the main tenant being a Finnish insurance company.","Two newly constructed pavilions with a total of around 1,080 sqm of catering and service space were also acquired","with this property.","The pavilions are located on a newly created public town square in front of the building.","In addition to direct access to the metro at street level, there is an underground car park with 193 parking spaces below the buildings.","The purchase price was approximately EUR 86.4 million in total.","Transfer to the portfolio took place on March 31, 2021.","Nine properties were acquired as project developments during or before the reporting period and have not yet been completed:","Düsseldorf (DE) – “Trio” project","The contract of sale for three hotel properties in Düsseldorf that were purchased as a project development for the fund was signed on August 31, 2018.","The project is an ensemble with a total of 717 rooms close to the main train station in Düsseldorf.","Completion is planned for the fourth quarter of 2021.","Construc- tion is progressing according to schedule.","The agreed purchase price is around EUR 157.4 million.","Cologne (DE) – “Messe City Köln” hotel project development","The contract of sale for a hotel project development in Cologne, Germany, was signed on April 17, 2019.","The transfer of the hotels (comprising around 479 rooms) to the portfolio is sched- uled for the second quarter of 2021.","Construction is progressing according to schedule.","The agreed purchase price is around EUR 111.5 million.","Berlin (DE) – “The Grid”","The contract of sale for the project development of an office prop- erty in the Friedrichshain-Kreuzberg district, an up-and-coming submarket of Berlin, was signed on December 20, 2019.","Transfer to the portfolio took place on February 19, 2020, upon payment of the first purchase price installment.","The multi-story building with 13,849 sqm of floor space has retail and restaurant space on the ground floor as well as park- ing facilities in an underground garage.","More than 50% of the space has already been leased on a long-term basis prior to the start of construction.","By acquiring this office property, the fund intends to profit from the positive development forecast for the Friedrichshain-Kreuzberg district of Berlin and continuous rental income in a growth market.","Due to the high building standards, the “DNGB” Gold certification is being sought.","A purchase price of EUR 129.1 million was agreed and pay- ments are being made in line with construction progress.","Com- pletion is scheduled for the fourth quarter of 2021.","Barcelona (ES) – “One Parc Central” office property","In February 2021, the purchase agreement for the project devel- opment of an office property in Spain was signed.","The twelve- story office property is being built in the highly sought-after 22@ district to the north of the Catalan capital of Barcelona.","With the acquisition of the office property, investments will be made in a growth market after completion in autumn 2022.","Around EUR 128.0 million was agreed as the purchase price, with payment to the seller to be made after completion.","Dublin (IE) – “Cheevers & Haliday” residential property","In July 2020, the purchase agreement with a volume of around EUR 195.0 million was signed for the project development of a residential building complex located around eleven kilometers south of the Irish capital of Dublin.","The modern, multi-story project development with a total rental area of 31,512 sqm comprises two economically independent residential buildings and is located on a former golf course","in the sub-market of Dun Laoghaire, a prosperous suburb of Dublin.","The surrounding towns of Dun Laoghaire, Dalkey, Monkstown and Blackrock can be accessed via private care and public transport in a short time and offer numerous shopping and leisure options.","The high-quality and fully equipped 368 residential units com- prise a mix of 2-4 room apartments and their average size is around 86 sqm.","They can be accessed via an elevator and, besides a balcony/terrace, have numerous other conveniences.","Completion of the apartment blocks will take place in several construction phases from June 2021 to an anticipated January 2022.","Paris (FR) – “TOKO” office project development","The project development for an office building in need of mod- ernization that is located at the edge of the central business district (CBD) of Paris was purchased in September 2020.","The multi-story class-A office block, which was built in 1955 and 1989, is impressive not only due to its excellent location but also its striking architecture with a completely glass facade and bright, modern office space.","The office building is located in the 17th district of Paris, which profits from the continuous expan- sion of the Paris CBD and very good connections to the center and the Parisian ring road.","Due to the very low vacancy rate of approx.","2% in the greater Paris area and the limited construc- tion possibilities, it is assumed that the property location will","be included in a future expansion of the inner-city office market and will continue to gain in importance.","Even before the conversion work begins, the fund property is fully pre-let for the long term to a tenant of sound financial","standing from the digital services sector.","Upon completion of the modernization measures, an application will be made for the “BREEAM Very Good” and “Wired Score Silver” sustain- ability certificates.","The Wired Score certification is a globally recognized standard for evaluating the connectivity of office buildings.","A purchase price of EUR 162.0 million was agreed and payments are being made in line with construction progress.","Completion is planned for the first quarter of 2022.","Madrid (ES) – Residential portfolio","On December 30, 2020, the grundbesitz global and grundbesitz europa funds acquired a pro rata share of four attractive resi- dential projects in the popular locations of Vallecas and Getafe, south of Madrid's city center.","grundbesitz europa holds a 40% interest in the project.","The projects are characterized by upscale construction and appealing architecture.","The equipment standard of the approx.","1,000 apartments with fitted kitchen, air conditioning, WLAN, fitness area, pool, lobby and common areas is above average.","The residential neighborhoods have excellent public transporta- tion connections.","Due to the building and site qualities, a sus- tainability certification of “BREEAM Good” or higher is sought.","A pro rata purchase price of EUR 85.6 million was agreed.","Pay- ments in line with construction progress will be made based on building permits expected by the end of 2021.","The completion of the four projects is scheduled for the end of 2023.","## Property sales and transfers from the portfolio","The sales price is expressed in euro before deduction of incidental selling costs.","Two properties were sold and removed from the fund portfolio in the reporting period.","London (GB) – “Capital House” office property","In July 2021, the “Capital House” office property in London, United Kingdom, which was acquired in 2010, was sold.","The building, completed in 2003, was leased to six office tenants and three retail tenants at the time of sale.","The sales price of around EUR 151.0 million (GBP 130.5 million) is approximately 12% higher than the most recently determined market value of around EUR 134.9 million.","“Capital House”, with its rental area of around 10,650 sqm spread over eight floors, benefited in particular from its central location in the City of London.","The area around the Bank of England is the traditional core of the City of London and funda- mentally attractive to international tenants.","The property, which is now 17 years old, has nevertheless recently recorded an increased vacancy rate.","With the strategic sale, the fund management is realising the very good performance since purchase and intends to reinvest the sales proceeds in the further diversification of the portfolio.","Madrid (ES) – “Paseo de la Castellana 42” office property","In July 2021, the “Paseo de la Castellana 42” office property in Madrid, Spain, which was acquired in 2003, was sold.","The sales price of around EUR 54.6 million is approximately 42% higher than the most recently determined market value of around","EUR 38.5 million.","The proceeds from the sale are to be rein- vested in the further diversification of the portfolio.","“Paseo de la Castellana 42”, with its rental area of around","4,595 sqm spread over ten floors, benefited in particular from its very central location in the city center of Madrid.","The building, built in 1980 and remodeled in 2001, was most recently leased to three tenants, but three floors were unrented.","The property is comparatively old compared to the buildings in the immediate vicinity in a prime inner-city location in Madrid, does not cur- rently meet the requirements for a sustainable property and has no environmental certification.","The sale of the property leads to a further improvement in the quality of the overall portfolio, reduces existing and future let- ting risks of the fund and enables reinvestment in properties with comparatively better development opportunities and lower risks.","## Borrowed capital and currency risks","The grundbesitz europa fund had loan liabilities amounting to EUR 1,599.0 million as of the September 30, 2021, reporting date (September 30, 2020: EUR 1,281.1 million).","A total of","29 properties are currently encumbered with the rights of third parties.","Credit line agreements facilitating flexible financing","of new acquisitions and project developments at low interest rates.","As of the reporting date, the borrowing ratio amounted to 16.4% based on real estate assets.","As of the reporting date, loans denominated in British pounds that translate into a total of approximately EUR 648.1 million exist for 18 prop- erties (September 30, 2020: EUR 620.4 million).","Total bor- rowing in euro amounts to approximately EUR 889.1 million (September 30, 2020: EUR 660.5 million).","A new financing in Swedish krona amounting to EUR 61.8 million was added.","| Overview of loans as of September 30, 2021 |","| --- |","| grundbesitz europa | Total borrowings (direct) in EUR million | % of the market value of all fund properties | Total borrowings (indirect via holding companies) in EUR million | % of the market value of all fund properties | Less than 1 year | Remaining loan terms as a % of total borrowings 1 to 2\t2 to 5\t5 to 10 years\tyears\tyears | Average interest rate as % |","| EUR loans (outside Germany) | 447.8 | 4.6 | 130.7 | 1.3 | 14.5 | 1.9 | 16.8 | 3.1 | 0.95 |","| EUR loans (Germany) | 51.4 | 0.5 | 259.2 | 2.7 | 1.6 | 3.3 | 5.4 | 9.2 | 1.07 |","| GBP | 404.5 | 4.2 | 243.5 | 2.5 | 1.2 | 0.0 | 10.3 | 29.0 | 2.37 |","| SEK | 0.0 | 0.0 | 61.8 | 0.6 | 0.0 | 0.0 | 3.9 | 0.0 | 1.61 |","| Total | 903.8 | 9.3 | 695.2 | 7.1 | 17.3 | 5.2 | 36.3 | 41.2 | |","| Overview of currency risks as of September 30, 2021 |","| --- |","| grundbesitz europa | Open currency positions reporting as of the date in the local currency (thousands) | Exchange rate as of the reporting date | Open currency positions as of the reporting date (TEUR) | % of fund assets per currency area |","| GBP | 144,066 | 0.86266 | 167,002 | 1.7 | | PLN | 486,583 | 4.62623 | 105,179 | 1.1 | | SEK | 809,168 | 10.20052 | 79,326 | 0.8 | | NOK | 497,324 | 10.12598 | 49,114 | 0.5 | | Total | | | 400,621 | 4.0 | The currency hedging strategy is structured for the medium to long term and is based on a minimization of hedging costs/ maximization of hedging income. Prices for forward exchange hedging primarily result from the effective difference in interest rates between the eurozone and the investment country and the (remaining) term of the contract. Changes to the difference in interest rates result in changes to the intrinsic value of the forward exchange hedge."],"string":"[\n \"# Activity report\",\n \"Dear Sir/Madam,\",\n \"In this annual report, the management of DWS Grundbesitz GmbH is pleased to inform you of the development of the real estate investment fund grundbesitz europa in the period from October 1, 2020, through September 30, 2021.\",\n \"## Key events in the reporting period\",\n \"The COVID-19 pandemic also shaped the 2020/2021 business year.\",\n \"Office properties, which at approximately 50% account for the largest share of all usage types in grundbesitz europa's overall portfolio in terms of rental income, remained largely resilient in this environment, while retail properties continued to be affected by reduced rental income.\",\n \"As far as possible, deferral agreements have been concluded with the tenants for these rent receivables.\",\n \"In addition, the fund management has continued to make risk provisions for outstanding receivables on an ongoing basis and\",\n \"to an appropriate extent.\",\n \"With the start of re-openings in spring 2021 in various European countries, a recovery with increasing bookings was recorded for student housing.\",\n \"Over the business year, grundbesitz europa was able to increase the occupancy rate, among other things due to these temporarily expected effects.\",\n \"The fair values of the retail properties and the student residential properties in the portfolio continued to decline slightly, as the independent experts calculated discounts for lost sales rents, rent reductions and rent defaults, among other things.\",\n \"For the only hotel in grundbesitz europa's portfolio, the development of the pandemic had no impact.\",\n \"In contrast, office properties in prime locations recorded increases in value.\",\n \"Overall, the valuation across the entire portfolio was slightly positive, with the broad diversification across different types of use within the property portfolio having a stabilizing effect.\",\n \"The fund’s liquidity portfolio made a positive contribution to fund performance in the business year.\",\n \"The capital markets were dominated by the pandemic measures taken by the global cen- tral banks.\",\n \"The European Central Bank made a significant contri- bution to this stability through the so-called “PEPP” (Pandemic Emergency Purchase Programme), which was clearly reflected in the developments in the risk spreads for the corresponding bonds.\",\n \"The composition and maturity of the bond portfolio\",\n \"was adjusted to the current situation in favor of lower risks and volatility.\",\n \"Taking into account the distribution for the previous business year in December 2020, net assets increased from EUR 9,644.2 million (September 30, 2020) to EUR 9,902.3 million at the end of the\",\n \"business year.\",\n \"Net cash inflows totalled EUR 221.8 million.\",\n \"As of September 30, 2021, the liquidity ratio was 13.9% of net assets.\",\n \"In the period from October 1, 2020, through September 30, 2021, grundbesitz europa appreciated by 2.3% per unit in the RC unit class and 2.7% per unit in the IC unit class (all details according to the BVI method).\",\n \"In addition to the active management of portfolio properties, var- ious real estate transactions were again successfully concluded despite pandemic-related restrictions.\",\n \"A total of 15 properties were added to the fund's real estate portfolio by September 30, 2021.\",\n \"The purchase agreements for two further project develop- ments in Spain have been signed, but these will not be included in the portfolio until after the reporting date.\",\n \"The new acquisitions were made in various European countries, both in regions where grundbesitz europa already owns other properties and in locations where the fund is now invested for the first time.\",\n \"For example, the \\\"Stellar\\\" logistics property in Jönköping, which was acquired via an investment company, was transferred to the fund's portfolio in December 2020, and was the\",\n \"first portfolio property in Sweden.\",\n \"In contrast, the share in Finland was further expanded to include five properties as a result of the transfer of two office properties with adjoining restaurant use in Espoo near Helsinki.\",\n \"The \\\"Carmel\\\" residential property portfolio in the Netherlands, which had already been acquired in the previous business year, was supplemented by two further new completed properties in The Hague.\",\n \"With the property \\\"Peckham Place\\\" in the south of London, grundbesitz europa now owns a residential property in the United Kingdom for the first time in addition to its existing investments in the area of student housing.\",\n \"The acquisition of an office property in Gdansk, Poland, and an investment in a logistics portfolio consist- ing of five properties in France further rounded off the portfolio.\",\n \"With the acquisition of the \\\"UP!\\\" office property in Berlin, the one hundredth property was transferred to the fund portfolio in May 2021.\",\n \"The investment in the \\\"Spectrum\\\" logistics property in Hamburg took place in June 2021.\",\n \"In August 2021, two trans- fers of ownership of a total of six construction phases of the \\\"Cheevers & Haliday\\\" project development in Dublin took place, for which the purchase agreement was signed in July 2020.\",\n \"Two sales of office properties were made in Madrid and London during the reporting period.\",\n \"The real estate portfolio is continu- ously analyzed for properties that can be sold and which, in the opinion of the fund management, is no longer in line with the fund strategy in the medium to long term.\",\n \"On account of the transactions mentioned, the real estate portfolio of grundbesitz europa grew to 100 properties in the 2020/2021 business year with a total volume according to market value of EUR 9,746.0 million (September 30, 2020: 87 properties, EUR 8,449.6 million).\",\n \"The diversification of the usage types was further increased by the purchase of residential properties and several logistics properties.\",\n \"The directly and indirectly held properties are spread across a total of twelve European countries, with Germany (27.8%) and the United Kingdom (23.0%) continuing to be the focal points in terms of market value.\",\n \"The development of the United Kingdom since its exit from the European Union in January 2020 will continue to be carefully monitored and evaluated, and purchases or sales in this market will be analyzed.\",\n \"As of the reporting date of September 30, 2021, 92.2% of the total portfolio was let (measured in terms of annual rental income fully let), while the occupancy rate was an average of 90.1% based on the entire reporting period.\",\n \"With loan liabilities totaling EUR 1,599.0 million, the borrow- ing ratio on September 30, 2021, was 16.4% of the real estate assets and was thus below the statutory limit value of 30%\",\n \"(September 30, 2020: EUR 1,281.1 million or 15.2%).\",\n \"In addition, there are credit lines for short-term borrowing.\",\n \"Since the EU regulation on sustainability-related disclosure requirements in the financial services sector came into force on March 10, 2021, the pre-contractual information for the grund- besitz europa investment fund has included explanations on the integration of sustainability risks in investment decisions and on the results of the assessment of the expected impact of sustain- ability risks on the return of the financial product.\",\n \"Against the background of Article 8 of the Disclosure Regulation, a provision has now been added to the Investment Conditions, with effect from October 1, 2021, to the effect that the environ- mental features which the corporation advertises for the invest- ment fund should also be taken into account when acquiring and managing properties.\",\n \"As part of this adjustment, various changes resulting from the so-called \\\"Fondsstandortgesetz\\\" (Act to Strengthen Germany as a Fund Location), which came into force on August 2, 2021, were also taken into account.\",\n \"These relate in particular to the terms and the announcement period in the event of future changes to the investment conditions and also entail simplifications for the fund in the granting of shareholder loans to real estate companies.\",\n \"We will continue to inform our investors about developments in the fund in the area of sustainability.\",\n \"Yours sincerely,\",\n \"Clemens Schäfer\",\n \"DWS Grundbesitz GmbH\",\n \"Dr. Ulrich von Creytz\\tDr. Grit Franke\",\n \"Frankfurt/Main, Germany, November 29, 2021\",\n \"Ulrich Steinmetz\",\n \"## Overall economic environment\",\n \"After the severe distortions caused by the coronavirus pandemic in 2020, the European economy shows signs of recovery in the course of 2021, but is not yet at pre-crisis levels.\",\n \"Fundamen-\",\n \"tal support comes from the resurgence in global trade, which is expected to post significant gains of 12% over the course of 2021, following a 6% decline in 2020.\",\n \"Leading indicators such as the Purchasing Managers' Index were also positive in\",\n \"October 2021, albeit with weakening momentum.\",\n \"With an index reading of 54.3, the PMI for the Eurozone for October was above the neutral threshold of 50 as well as the long-term average\",\n \"of 53.\",\n \"Nevertheless, this is the third consecutive monthly decline after the 15-year high in July, with the economy cooling the most in Germany, but also reaching its lowest level since April\",\n \"in France.\",\n \"Ultimately, the coronavirus pandemic and related effects such as lockdowns and vaccination progress, particularly at the beginning of the year, remained a determining factor in the economic recovery, not least due to new virus mutations.\",\n \"Consequences such as transport and logistics problems, pro- duction bottlenecks due to a lack of primary products, rising\",\n \"raw material prices and increasing inflation are now becoming more and more apparent and having negative impacts on eco- nomic development worldwide and in Europe.\",\n \"Inflation in the eurozone is expected to rise to 2.4% this year, while in Germany it is expected to rise to 3%.\",\n \"In France and Italy, inflationary pres- sures are significantly lower at 1.7% and 1.9%, respectively, but this could still lead to monetary policy measures at the Euro- pean level.\",\n \"Specifically, with regard to economic developments in Europe, after the coronavirus-related weak phase in 2020, with negative economic growth in the eurozone of -6.5%, a positive devel- opment and incipient recovery phase is expected.\",\n \"Economic growth reached 2.3% in the second quarter and is likely to be around 2% again in the third quarter.\",\n \"Accordingly, growth of 5% is expected for the full year 2021.\",\n \"Germany, with expected growth of 2.5%, deviates significantly from the eurozone aver- age, whereas France and the UK are expected to experience a strong economic recovery at 6.2% and 7.3%, respectively.\",\n \"After the manufacturing sector was held back in recent months by a lack of intermediate products and rising commodity and energy prices, the service sector and private consumption remain as pillars of the economic recovery.\",\n \"While the hospi- tality and service sectors generally continue to face the threat of coronavirus-induced cutbacks as the year progresses, the pent-up consumer demand in particular is expected to fuel the economic recovery.\",\n \"With growth of +3.7% in the second quarter of 2021 and expected growth of 3.7% for the year as a whole, private con- sumption is currently becoming the strongest driver of eco- nomic recovery in Europe.\",\n \"(Data sources: Oxford Economics, Markit 10/2021)\",\n \"## Developments in the capital markets\",\n \"Yields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory.\",\n \"Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and stood at -0.199% p.a. as of the end of the reporting period.\",\n \"Yields on short-term government bonds fell by a further 10 basis points in the reporting period, with the trading range reaching a full 15 bp.\",\n \"One-year German government bonds yielded -0.598%\",\n \"p.a. on October 1, 2020, with this falling to -0.673% p.a. on the last trading day in September 2021.\",\n \"The European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019.\",\n \"(Data source: Bloomberg)\",\n \"## Developments in the real estate markets\",\n \"In our view, the European real estate market has entered a recovery phase, although the pandemic has left clear traces on the markets.\",\n \"Accordingly, 2020 posed major challenges to European real estate markets as a result of lockdowns and\",\n \"border closures, but also saw extensive support and assistance measures from the various governments, central banks and European institutions.\",\n \"Thanks to these subsidies, default guar- antees, tax relief and social security measures, insolvencies were prevented in many cases, thus preventing a significant rise in unemployment figures, especially as solid starting conditions such as low vacancy rates and moderate construction activity also supported the property markets.\",\n \"Nonetheless, the coronavirus pandemic has caused distortions over the past 12-18 months, particularly in the hotel and retail sectors.\",\n \"Store closures and a lack of international tourists have weighed on bricks-and-mortar retail and caused significant rent losses.\",\n \"As a result, demand for space fell sharply and shop- ping centers in particular, which have been suffering for years, recorded the strongest annual increase in vacancies to date in the first quarter of 2021 and a further fall in rents of 8.5%.\",\n \"The pandemic also left its mark on the European office market.\",\n \"While the average vacancy rate was 6.3% at the start of the pandemic, the lowest since 2002, it had increased by 130 basis points by spring 2021.\",\n \"Positive deviations were achieved here, for example, in the German top 7 office markets, which are only expected to rise by around 90 basis points to around 4.8% by the end of the year.\",\n \"Rental levels also corrected slightly by around 1.3% at European level, and thus much less strongly than feared, with the UK and the Nordic markets in particular standing out positively here.\",\n \"The incipient recovery in demand for space and moderate completion volumes, some of which were delayed by the pandemic, are providing additional support for the office market.\",\n \"European logistics markets were much more positive, even ben- efiting in many cases from the crisis and the strong growth in online trade.\",\n \"Demand for space remained high and rental levels have risen again.\",\n \"On an annual basis, prime rents were around 1.4% higher than in the previous year, which for logistics prop- erties in the long term and given the pandemic certainly rep- resents a considerable increase.\",\n \"European housing markets are also among the winners of the crisis, as they have been able to fully exploit their defensive character.\",\n \"This applies in particular to the established housing markets in Germany, the Netherlands and Scandinavia.\",\n \"Rent losses and vacancy increases remained the exception and rent levels generally corrected in the prime segment, where reduced demand for small-scale, fixed-term leases and furnished accommodation had the greatest impact.\",\n \"(Data sources: DWS 07-10/2021)\",\n \"## Developments in the investment markets\",\n \"The European investment markets continue to be dominated by the coronavirus pandemic.\",\n \"Although investment momentum largely stabilized in the course of 2021 and recovered from its\",\n \"low at the beginning of 2020, transaction volumes remain below the pre-crisis levels at the beginning of 2020.\",\n \"While real estate worth more than EUR 330 billion was still traded across Europe in the 12-month view in the first quarter of 2020, the annualized value in the third quarter of 2021 was around EUR 270 billion.\",\n \"This corresponds to a decline of around 20%; compared to the same quarter of the previous year, this is still around 8%.\",\n \"There are clear differences at regional level.\",\n \"Whereas the UK real estate markets recorded a significant recovery to just under EUR 65 billion and, at around 20% in each case, are well above both the prior-year figure and the pre-crisis level, the recovery in other markets was much more sluggish.\",\n \"Although a similar annualized transaction volume of just under EUR 64 billion was achieved in Germany in the third quarter, the figure is around\",\n \"20% below the previous year's result.\",\n \"In France, too, transaction volumes have so far failed to match their previous record levels.\",\n \"Here, the investment market is stagnating at just under EUR\",\n \"30 billion, which marks the lowest value since 2017.\",\n \"Spain and the Netherlands were able to recover more strongly than in the previous year.\",\n \"At sectoral level, investors continued to clearly favor logistics properties.\",\n \"At over EUR 50 billion, the strongest annual result to date was measured in the third quarter of 2021.\",\n \"At over\",\n \"EUR 60 billion, residential real estate is also close to its pre-crisis highs.\",\n \"Office investments, retail properties and hotel properties follow at some distance behind, but have already recovered, with the exception of retail.\",\n \"Despite the continued subdued investment activity, we expect a renewed increase in transaction volumes and a decreasing polarization in terms of sector allocation.\",\n \"Ultimately, the attrac- tiveness of real estate investments remains high in the per- sistently low interest rate environment; accordingly, we expect further yield compression in the medium term.\",\n \"(Data sources: DWS 07/2021, RCA 10/2021)\",\n \"## The grundbesitz europa investment strategy\",\n \"The investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation.\",\n \"The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.\",\n \"The investment strategy of the fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it throughout the term of the fund.\",\n \"The Company invests for the account of the fund in member countries of the\",\n \"EU and the EEA and selectively in countries outside the EU/EEA.\",\n \"Details of the country in question and the maximum share of the fund value permitted for investment in the said country are provided in the appendix to the Special Investment Conditions in the current sales prospectus.\",\n \"In accordance with the \\\"Special Investment Conditions\\\", at least 51% of the value of the fund must be invested in real estate located in a member state of the EU or in another state that is party to the EEA Agreement.\",\n \"The fund invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.\",\n \"The real estate held by the fund is situated in good to very good locations in established real estate markets.\",\n \"The aim is basically to invest in properties with long-term tenants of sound financial standing.\",\n \"The transaction strategy is geared toward the various Europe-wide real estate cycles.\",\n \"During the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of consid- erations.\",\n \"In this regard, the Company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Com- pany considers this to be in the interests of the investors.\",\n \"The assessment likewise includes the economic and location-related opportunities and risks.\",\n \"In order to achieve the investment objectives of the investment fund, the selection and manage- ment of properties will, inter alia, also promote environmental characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector (hereinafter the \\\"Disclosure Reg- ulation\\\").\",\n \"Details of some of the regulatory requirements for the content and format of the information to be disclosed under the Disclosure Regulation are currently still being developed.\",\n \"Alongside properties that already exist or are under construc- tion, sites for development projects may also be acquired.\",\n \"How- ever, the focal point of investments is existing buildings.\",\n \"## Net asset value and cash inflows/outflows\",\n \"In the reporting period from October 1, 2020, through Sep- tember 30, 2021, the fund’s net cash inflows amounted\",\n \"to EUR 221.8 million.\",\n \"Total net asset value increased from EUR 9,644.2 million (as of September 30, 2020) to EUR 9,902.3 million (+2.7%) on September 30, 2021.\",\n \"The capital invested in unit class IC decreased slightly from to EUR 819.4 million (September 30, 2020: EUR 825.4 million).\",\n \"This represented an 8.3% share of total net asset value as of the reporting date.\",\n \"Liquid assets decreased to EUR 1,377.6 million as a result of the property purchases made.\",\n \"The liquidity portfolio is managed in accordance with a fixed investment process.\",\n \"Interest rate and price forecasts are subject to technical and fundamental analy- sis.\",\n \"In the reporting period, liquid assets were invested primarily in overnight money and time deposits as well as fixed-income securities such as government bonds and corporate bonds from European issuers with a rating of good to very good (investment grade).\",\n \"Futures were used occasionally for duration control.\",\n \"## Results of the fund\",\n \"During the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).\",\n \"The distribution in the RC unit class on December 15, 2021, was EUR 0.90.\",\n \"The total return on investment in the RC unit class is EUR 0.89 per unit.\",\n \"Investors in the IC unit class receive a distribution in the amount of EUR 1.10.\",\n \"The total return on investment in the IC unit class is EUR 1.08 per unit.\",\n \"Information on taxation is included in the “Tax information for the investor” following this report.\",\n \"The positive performance of the fund is illustrated in the follow- ing overview.\",\n \"| Performance according to the BVI method (As of: September 30, 2021) |\",\n \"| --- |\",\n \"| | RC unit class | Annual average | IC unit class | Ø p.a. |\",\n \"| 1 year | 2.3% | | 2.7% | |\",\n \"| 2 years | 4.1% | 2.0% | 5.2% | 2.5% |\",\n \"| 3 years | 6.9% | 2.2% | 8.5% | 2.8% |\",\n \"| 5 years | 13.3% | 2.5% | 16.0% | 3.0% |\",\n \"| 10 years | 30.1% | 2.7% | 36.6% | 3.2% |\",\n \"| 15 years | 75.2% | 3.8% | | |\",\n \"| 20 years | 105.5% | 3.7% | | |\",\n \"| 25 years | 155.5% | 3.8% | | |\",\n \"| 30 years | 252.3% | 4.3% | | |\",\n \"| 35 years | 388.2% | 4.6% | | |\",\n \"| 40 years | 595.7% | 5.0% | | |\",\n \"| 45 years | 878.9% | 5.2% | | |\",\n \"| 50 years | 1,272.8% | 5.4% | | |\",\n \"| Since inception* | 1,380.3% | 5.4% | 56.2% | 3.4% |\",\n \"* Fund inception: October 27, 1970, IC unit class, April 1, 2008.\",\n \"## The grundbesitz europa real estate portfolio\",\n \"As of the reporting date, the grundbesitz europa portfolio com- prised 100 properties, of which 44 are directly held properties with market values totaling EUR 4,441.5 million.\",\n \"56 properties with a total volume of EUR 5,304.4 million are held through special purpose vehicles; 49 of these properties are majority holdings.\",\n \"Seven properties are held via minority holdings.\",\n \"Calculation of performance is based on the time-weighted return and excludes issue surcharges.\",\n \"Individual costs such as fees, commissions and other charges are not included in the presentation and would have a negative impact on performance if included.\",\n \"Past performance is not a reliable indicator of future performance.\",\n \"## Types of use of fund properties\",\n \"Geographical distribution of fund properties\",\n \"The share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let.\",\n \"The fund is diversified by investments in retail, residential and logistics.\",\n \"Ongoing project developments are not included in this presentation.\",\n \"## Geographical distribution of fund properties\",\n \"The 44 directly held properties and the 56 other properties held via special purpose vehicles are broadly distributed regionally across twelve countries.\",\n \"## Commercial age structure of fund properties\\tSize classification of fund properties\",\n \"The 17 properties with a market value exceeding EUR 150 million comprise office and retail properties with long-term leases in various countries.\",\n \"50 properties have a market value of between EUR 25 million and EUR 100 million.\",\n \"| Property according to size classification |\",\n \"| --- |\",\n \"| up to EUR 10 million | EUR 36.7 million | 0.4% | 5 properties |\",\n \"| EUR 10 to 25 million | EUR 145.0 million | 1.5% | 9 properties |\",\n \"| EUR 25 to 50 million | EUR 809.1 million | 8.3% | 21 properties |\",\n \"| EUR 50 to 100 million | EUR 2,097.1 million | 21.5% | 29 properties |\",\n \"| EUR 100 to 150 million | EUR 2,399.7 million | 24.6% | 19 properties |\",\n \"| EUR 150 to 200 million | EUR 897.2 million | 9.2% | 5 properties |\",\n \"| over EUR 200 million | EUR 3,361.1 million | 34.5% | 12 properties |\",\n \"| Total | EUR 9,745.9 million | 100.0% | 100 properties |\",\n \"## Property acquisitions and transfers to the portfolio\",\n \"Further information on the following properties is available in the index of properties and the list of acquisitions and dispo- sitions.\",\n \"Purchase prices are expressed in euro; with foreign currencies, the exchange rate at the time of the transfer of ownership of the property is used.\",\n \"A distinction is made between the time the contract of sale for a property is signed (the “signing”) and the time of the transfer of the property into the fund’s real estate portfolio (the “closing”).\",\n \"The respective property is only listed in the index of properties after the “closing”.\",\n \"In the case of project developments, closing may take place during the construction phase or only after com- pletion, depending on the contract formulation.\",\n \"Ten properties or project developments were acquired and added to the fund portfolio in the reporting period:\",\n \"Jönköping (SE) – Logistics property “Stellar”\",\n \"In December 2020, the grundbesitz europa fund invested in Sweden for the first time with a volume of around\",\n \"EUR 141.6 million.\",\n \"The complex, which consists of three build- ings with a total lettable area of 112,023 sqm, is one of the largest stand-alone distribution centers in the Nordic countries.\",\n \"The modern, partly fully automated sorting and storage build- ings allow efficient and high-performance logistics operations to serve the countries of Norway, Sweden, Denmark and Finland.\",\n \"The logistics complex is leased on a long-term basis to one of Northern Europe's largest electronics companies.\",\n \"The purchase price was approximately EUR 141.6 million in total.\",\n \"Transfer to the portfolio took place on December 10, 2020.\",\n \"Gdansk (PL) – “NEON” office building\",\n \"The “NEON” office property in the Polish port city of Gdansk was acquired in February 2021.\",\n \"The office property was completed at the end of 2019 and is located in Alchemia Business Park, which is centrally located between Gdansk and Gdynia.\",\n \"“NEON” offers usable office space of more than 33,000 sqm over eleven floors.\",\n \"In addition, there is retail space on the ground floor and around 300 parking spaces on two underground and two above-ground floors.\",\n \"The prop- erty has received “LEED Platinum” certification, meaning that\",\n \"it meets the highest internationally established sustainability standard.\",\n \"The purchase price was approximately EUR 82.1 million in total.\",\n \"Transfer to the portfolio took place on February 11, 2021.\",\n \"London (GB) – Residential property “Peckham Place”\",\n \"In March 2021, the residential property “Peckham Place” in the south of the British capital of London was acquired.\",\n \"The prop- erty is part of a newly constructed ensemble in a changing part of town.\",\n \"The recently constructed “Idaline Court” property is part of the wider Peckham Place development and comprises\",\n \"a multi-story apartment complex with 108 high quality rental units.\",\n \"It was built according to the Code for Sustainable Living and offers different floor plans, with each unit having its own balcony.\",\n \"Peckham Place offers excellent transportation links to central London and is particularly well connected to the City of London and the West End.\",\n \"The seller of the property is a British housing association.\",\n \"The purchase price was approximately EUR 64.3 million in total.\",\n \"Transfer to the portfolio took place on March 19, 2021.\",\n \"Lille, Nîmes and other locations (FR) – “Omega” logistics real estate portfolio\",\n \"In March 2021, a logistics property portfolio consisting of five properties was acquired in France for a total of around\",\n \"EUR 241.5 million.\",\n \"The acquisition took place via a holding com- pany as a joint venture with an open-ended real estate fund that is also managed by DWS.\",\n \"grundbesitz europa holds a 40% stake in the joint venture.\",\n \"The contract of sale for the “Omega” logistics real estate portfolio was signed on January 27, 2021.\",\n \"The four properties located in the greater Lille area and one near Nîmes were built between 2014 and 2017 and have a total floor space of around 206,000 sqm.\",\n \"The portfolio is fully let and largely on a long-term basis to five different users.\",\n \"Four properties have already been awarded the “BREEAM” and “HQE” sustainability certificates, and certification is also being sought for the fifth property in the short term.\",\n \"The purchase price volume for grundbesitz europa was around EUR 96.8 million.\",\n \"Transfer to the portfolio took place on\",\n \"March 23, 2021.\",\n \"Berlin (DE) – “Up!” office project development\",\n \"The contract of sale for a project development in Berlin, Germany, was signed on November 30, 2018.\",\n \"The transfer of the office property (comprising around 48,400 sqm) to the portfolio is sched- uled for the second quarter of 2021.\",\n \"Construction is progressing according to schedule.\",\n \"The purchase price was EUR 314.8 million and transfer to the portfolio took place on May 7, 2021.\",\n \"Hamburg (DE) – Logistics property “Spectrum”\",\n \"In June 2020, a logistics property in Hamburg was acquired together with another investment fund for approximately EUR 189 million.\",\n \"grundbsesitz europa holds a 55% interest in the real estate company.\",\n \"The property is located in the southeast of Hamburg in the immediate vicinity of the highway intersection of the important north-south connection A 1 and the eastbound A 25.\",\n \"The Port of Hamburg is around 12 km away from the new fund property.\",\n \"In view of the good long-distance transport connections and the proximity to the city center and the port, the property location is one of the most attractive and most sought-after logistics locations in the greater Hamburg area and in Germany and has almost no vacancies.\",\n \"The modern logistics property “Spectrum” currently has a rental area of around 77,100 sqm and will be extended by a logistics hall with around 18,800 sqm by 2022.\",\n \"The complex is leased\",\n \"on a long-term basis to one of Europe's largest logistics com- panies.\",\n \"There are 249 car parking spaces and 20 truck parking spaces on the approximately 160,000 sqm site.\",\n \"The purchase price of the fund share was EUR 84.5 million, with the transfer to the portfolio taking place on June 1, 2021.\",\n \"One property was transferred to the portfolio before the report- ing period and was added to the fund portfolio in the reporting period:\",\n \"London (GB) – “Pavilion Court”\",\n \"The contract of sale for the project development of a student residence complex was signed on February 28, 2019.\",\n \"The pur- chase of the property and transfer of ownership took place on March 8, 2019, and the purchase price installments are being paid in accordance with construction progress.\",\n \"The agreed pur- chase price is around EUR 127.8 million.\",\n \"Completion of the student accommodation development at Wembley, which has since been increased to 699 rooms, took place on September 24, 2021.\",\n \"Four properties were acquired before the reporting period and added to the fund portfolio in the reporting period:\",\n \"The Hague (NL) – “Carmel Residential Portfolio”\",\n \"The “Carmel” residential portfolio consists of a total of eight so-called clusters, which were acquired in several tranches; each comprises various individual properties.\",\n \"Six of these clus- ters were already in the fund's portfolio, and two more were transferred during the reporting period.\",\n \"This is a multi-story\",\n \"apartment building with 288 residential units and a total lettable area of around 12,700 sqm, which consists of two intercon-\",\n \"nected building sections and has a total of 92 parking spaces in the building or in the neighboring building.\",\n \"The apartments\",\n \"range in size between 41 sqm and 72 sqm.\",\n \"They have fully fitted bathrooms, open-plan kitchens as well as balconies and they can be accessed by elevator.\",\n \"The purchase price volume for these units for grundbesitz europa was around EUR 66.8 million.\",\n \"Transfer to the portfolio took place on October 30, 2020.\",\n \"In addition, the fund management acquired a further residential property portfolio with a total of 369 apartments in The Hague during the reporting period, the individual units of which were incorporated into three existing clusters and expanded them.\",\n \"The purchase price was around EUR 70.9 million and ownership was transferred on June 2, 2021.\",\n \"Espoo (FI) – “Keilalampi” office property and “Pavilions”\",\n \"The “Keilalampi” office building and the two “pavilions” belong- ing to it were added to the fund's portfolio in March 2021.\",\n \"These properties complement the office property already acquired at this location in March 2020.\",\n \"The multi-story office building with a total lettable area of around 13,600 sqm was built in 1994 and was extensively mod- ernized in 2020/2021.\",\n \"Among other things, the building services, the façade and the office space and interiors were modernized.\",\n \"The “LEED Gold” sustainability certificate will be sought upon completion of the modernization measures.\",\n \"All the spaces are fully let on a long-term basis, with the main tenant being a Finnish insurance company.\",\n \"Two newly constructed pavilions with a total of around 1,080 sqm of catering and service space were also acquired\",\n \"with this property.\",\n \"The pavilions are located on a newly created public town square in front of the building.\",\n \"In addition to direct access to the metro at street level, there is an underground car park with 193 parking spaces below the buildings.\",\n \"The purchase price was approximately EUR 86.4 million in total.\",\n \"Transfer to the portfolio took place on March 31, 2021.\",\n \"Nine properties were acquired as project developments during or before the reporting period and have not yet been completed:\",\n \"Düsseldorf (DE) – “Trio” project\",\n \"The contract of sale for three hotel properties in Düsseldorf that were purchased as a project development for the fund was signed on August 31, 2018.\",\n \"The project is an ensemble with a total of 717 rooms close to the main train station in Düsseldorf.\",\n \"Completion is planned for the fourth quarter of 2021.\",\n \"Construc- tion is progressing according to schedule.\",\n \"The agreed purchase price is around EUR 157.4 million.\",\n \"Cologne (DE) – “Messe City Köln” hotel project development\",\n \"The contract of sale for a hotel project development in Cologne, Germany, was signed on April 17, 2019.\",\n \"The transfer of the hotels (comprising around 479 rooms) to the portfolio is sched- uled for the second quarter of 2021.\",\n \"Construction is progressing according to schedule.\",\n \"The agreed purchase price is around EUR 111.5 million.\",\n \"Berlin (DE) – “The Grid”\",\n \"The contract of sale for the project development of an office prop- erty in the Friedrichshain-Kreuzberg district, an up-and-coming submarket of Berlin, was signed on December 20, 2019.\",\n \"Transfer to the portfolio took place on February 19, 2020, upon payment of the first purchase price installment.\",\n \"The multi-story building with 13,849 sqm of floor space has retail and restaurant space on the ground floor as well as park- ing facilities in an underground garage.\",\n \"More than 50% of the space has already been leased on a long-term basis prior to the start of construction.\",\n \"By acquiring this office property, the fund intends to profit from the positive development forecast for the Friedrichshain-Kreuzberg district of Berlin and continuous rental income in a growth market.\",\n \"Due to the high building standards, the “DNGB” Gold certification is being sought.\",\n \"A purchase price of EUR 129.1 million was agreed and pay- ments are being made in line with construction progress.\",\n \"Com- pletion is scheduled for the fourth quarter of 2021.\",\n \"Barcelona (ES) – “One Parc Central” office property\",\n \"In February 2021, the purchase agreement for the project devel- opment of an office property in Spain was signed.\",\n \"The twelve- story office property is being built in the highly sought-after 22@ district to the north of the Catalan capital of Barcelona.\",\n \"With the acquisition of the office property, investments will be made in a growth market after completion in autumn 2022.\",\n \"Around EUR 128.0 million was agreed as the purchase price, with payment to the seller to be made after completion.\",\n \"Dublin (IE) – “Cheevers & Haliday” residential property\",\n \"In July 2020, the purchase agreement with a volume of around EUR 195.0 million was signed for the project development of a residential building complex located around eleven kilometers south of the Irish capital of Dublin.\",\n \"The modern, multi-story project development with a total rental area of 31,512 sqm comprises two economically independent residential buildings and is located on a former golf course\",\n \"in the sub-market of Dun Laoghaire, a prosperous suburb of Dublin.\",\n \"The surrounding towns of Dun Laoghaire, Dalkey, Monkstown and Blackrock can be accessed via private care and public transport in a short time and offer numerous shopping and leisure options.\",\n \"The high-quality and fully equipped 368 residential units com- prise a mix of 2-4 room apartments and their average size is around 86 sqm.\",\n \"They can be accessed via an elevator and, besides a balcony/terrace, have numerous other conveniences.\",\n \"Completion of the apartment blocks will take place in several construction phases from June 2021 to an anticipated January 2022.\",\n \"Paris (FR) – “TOKO” office project development\",\n \"The project development for an office building in need of mod- ernization that is located at the edge of the central business district (CBD) of Paris was purchased in September 2020.\",\n \"The multi-story class-A office block, which was built in 1955 and 1989, is impressive not only due to its excellent location but also its striking architecture with a completely glass facade and bright, modern office space.\",\n \"The office building is located in the 17th district of Paris, which profits from the continuous expan- sion of the Paris CBD and very good connections to the center and the Parisian ring road.\",\n \"Due to the very low vacancy rate of approx.\",\n \"2% in the greater Paris area and the limited construc- tion possibilities, it is assumed that the property location will\",\n \"be included in a future expansion of the inner-city office market and will continue to gain in importance.\",\n \"Even before the conversion work begins, the fund property is fully pre-let for the long term to a tenant of sound financial\",\n \"standing from the digital services sector.\",\n \"Upon completion of the modernization measures, an application will be made for the “BREEAM Very Good” and “Wired Score Silver” sustain- ability certificates.\",\n \"The Wired Score certification is a globally recognized standard for evaluating the connectivity of office buildings.\",\n \"A purchase price of EUR 162.0 million was agreed and payments are being made in line with construction progress.\",\n \"Completion is planned for the first quarter of 2022.\",\n \"Madrid (ES) – Residential portfolio\",\n \"On December 30, 2020, the grundbesitz global and grundbesitz europa funds acquired a pro rata share of four attractive resi- dential projects in the popular locations of Vallecas and Getafe, south of Madrid's city center.\",\n \"grundbesitz europa holds a 40% interest in the project.\",\n \"The projects are characterized by upscale construction and appealing architecture.\",\n \"The equipment standard of the approx.\",\n \"1,000 apartments with fitted kitchen, air conditioning, WLAN, fitness area, pool, lobby and common areas is above average.\",\n \"The residential neighborhoods have excellent public transporta- tion connections.\",\n \"Due to the building and site qualities, a sus- tainability certification of “BREEAM Good” or higher is sought.\",\n \"A pro rata purchase price of EUR 85.6 million was agreed.\",\n \"Pay- ments in line with construction progress will be made based on building permits expected by the end of 2021.\",\n \"The completion of the four projects is scheduled for the end of 2023.\",\n \"## Property sales and transfers from the portfolio\",\n \"The sales price is expressed in euro before deduction of incidental selling costs.\",\n \"Two properties were sold and removed from the fund portfolio in the reporting period.\",\n \"London (GB) – “Capital House” office property\",\n \"In July 2021, the “Capital House” office property in London, United Kingdom, which was acquired in 2010, was sold.\",\n \"The building, completed in 2003, was leased to six office tenants and three retail tenants at the time of sale.\",\n \"The sales price of around EUR 151.0 million (GBP 130.5 million) is approximately 12% higher than the most recently determined market value of around EUR 134.9 million.\",\n \"“Capital House”, with its rental area of around 10,650 sqm spread over eight floors, benefited in particular from its central location in the City of London.\",\n \"The area around the Bank of England is the traditional core of the City of London and funda- mentally attractive to international tenants.\",\n \"The property, which is now 17 years old, has nevertheless recently recorded an increased vacancy rate.\",\n \"With the strategic sale, the fund management is realising the very good performance since purchase and intends to reinvest the sales proceeds in the further diversification of the portfolio.\",\n \"Madrid (ES) – “Paseo de la Castellana 42” office property\",\n \"In July 2021, the “Paseo de la Castellana 42” office property in Madrid, Spain, which was acquired in 2003, was sold.\",\n \"The sales price of around EUR 54.6 million is approximately 42% higher than the most recently determined market value of around\",\n \"EUR 38.5 million.\",\n \"The proceeds from the sale are to be rein- vested in the further diversification of the portfolio.\",\n \"“Paseo de la Castellana 42”, with its rental area of around\",\n \"4,595 sqm spread over ten floors, benefited in particular from its very central location in the city center of Madrid.\",\n \"The building, built in 1980 and remodeled in 2001, was most recently leased to three tenants, but three floors were unrented.\",\n \"The property is comparatively old compared to the buildings in the immediate vicinity in a prime inner-city location in Madrid, does not cur- rently meet the requirements for a sustainable property and has no environmental certification.\",\n \"The sale of the property leads to a further improvement in the quality of the overall portfolio, reduces existing and future let- ting risks of the fund and enables reinvestment in properties with comparatively better development opportunities and lower risks.\",\n \"## Borrowed capital and currency risks\",\n \"The grundbesitz europa fund had loan liabilities amounting to EUR 1,599.0 million as of the September 30, 2021, reporting date (September 30, 2020: EUR 1,281.1 million).\",\n \"A total of\",\n \"29 properties are currently encumbered with the rights of third parties.\",\n \"Credit line agreements facilitating flexible financing\",\n \"of new acquisitions and project developments at low interest rates.\",\n \"As of the reporting date, the borrowing ratio amounted to 16.4% based on real estate assets.\",\n \"As of the reporting date, loans denominated in British pounds that translate into a total of approximately EUR 648.1 million exist for 18 prop- erties (September 30, 2020: EUR 620.4 million).\",\n \"Total bor- rowing in euro amounts to approximately EUR 889.1 million (September 30, 2020: EUR 660.5 million).\",\n \"A new financing in Swedish krona amounting to EUR 61.8 million was added.\",\n \"| Overview of loans as of September 30, 2021 |\",\n \"| --- |\",\n \"| grundbesitz europa | Total borrowings (direct) in EUR million | % of the market value of all fund properties | Total borrowings (indirect via holding companies) in EUR million | % of the market value of all fund properties | Less than 1 year | Remaining loan terms as a % of total borrowings 1 to 2\\t2 to 5\\t5 to 10 years\\tyears\\tyears | Average interest rate as % |\",\n \"| EUR loans (outside Germany) | 447.8 | 4.6 | 130.7 | 1.3 | 14.5 | 1.9 | 16.8 | 3.1 | 0.95 |\",\n \"| EUR loans (Germany) | 51.4 | 0.5 | 259.2 | 2.7 | 1.6 | 3.3 | 5.4 | 9.2 | 1.07 |\",\n \"| GBP | 404.5 | 4.2 | 243.5 | 2.5 | 1.2 | 0.0 | 10.3 | 29.0 | 2.37 |\",\n \"| SEK | 0.0 | 0.0 | 61.8 | 0.6 | 0.0 | 0.0 | 3.9 | 0.0 | 1.61 |\",\n \"| Total | 903.8 | 9.3 | 695.2 | 7.1 | 17.3 | 5.2 | 36.3 | 41.2 | |\",\n \"| Overview of currency risks as of September 30, 2021 |\",\n \"| --- |\",\n \"| grundbesitz europa | Open currency positions reporting as of the date in the local currency (thousands) | Exchange rate as of the reporting date | Open currency positions as of the reporting date (TEUR) | % of fund assets per currency area |\",\n \"| GBP | 144,066 | 0.86266 | 167,002 | 1.7 | | PLN | 486,583 | 4.62623 | 105,179 | 1.1 | | SEK | 809,168 | 10.20052 | 79,326 | 0.8 | | NOK | 497,324 | 10.12598 | 49,114 | 0.5 | | Total | | | 400,621 | 4.0 | The currency hedging strategy is structured for the medium to long term and is based on a minimization of hedging costs/ maximization of hedging income. Prices for forward exchange hedging primarily result from the effective difference in interest rates between the eurozone and the investment country and the (remaining) term of the contract. Changes to the difference in interest rates result in changes to the intrinsic value of the forward exchange hedge.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Activity report","Dear Sir/Madam,","In this annual report, the management of DWS Grundbesitz GmbH is pleased to inform <annotation tool=\"ctxpro\" rule=\"ACC.FORM+PLUR\" phenomenon=\"formality\">you</annotation> of the development of the real estate investment fund grundbesitz europa in the period from October 1, 2020, through September 30, 2021.","## Key events in the reporting period","The COVID-19 pandemic also shaped the 2020/2021 business year.","Office properties, which at approximately 50% account for the largest share of all usage types in grundbesitz europa's overall portfolio in terms of rental income, remained largely resilient in this environment, while retail properties continued to be affected by reduced rental income.","As far as possible, deferral agreements have been concluded with the tenants for these rent receivables.","In addition, the fund management has continued to make risk provisions for outstanding receivables on an ongoing basis and","to an appropriate extent.","With the start of re-openings in spring 2021 in various European countries, a recovery with increasing bookings was recorded for student housing.","Over the business year, grundbesitz europa was able to increase the occupancy rate, among other things due to these temporarily expected effects.","The fair values of the retail properties and the student residential properties in the portfolio continued to decline slightly, as the independent experts calculated discounts for lost sales rents, rent reductions and rent defaults, among other things.","For the only hotel in grundbesitz europa's portfolio, the development of the pandemic had no impact.","In contrast, office properties in prime locations recorded increases in value.","Overall, the valuation across the entire portfolio was slightly positive, with the broad diversification across different types of use within the property portfolio having a stabilizing effect.","The fund’s liquidity portfolio made a positive contribution to fund performance in the business year.","The capital markets were dominated by the pandemic measures taken by the global cen- tral banks.","The European Central Bank made a significant contri- bution to this stability through the so-called “PEPP” (Pandemic Emergency Purchase Programme), which was clearly reflected in the developments in the risk spreads for the corresponding bonds.","The composition and maturity of the bond portfolio","was adjusted to the current situation in favor of lower risks and volatility.","Taking into account the distribution for the previous business year in December 2020, net assets increased from EUR 9,644.2 million (September 30, 2020) to EUR 9,902.3 million at the end of the","business year.","Net cash inflows totalled EUR 221.8 million.","As of September 30, 2021, the liquidity ratio was 13.9% of net assets.","In the period from October 1, 2020, through September 30, 2021, grundbesitz europa appreciated by 2.3% per unit in the RC unit class and 2.7% per unit in the IC unit class (all details according to the BVI method).","In addition to the active management of portfolio properties, var- ious real estate transactions were again successfully concluded despite pandemic-related restrictions.","A total of 15 properties were added to the fund's real estate portfolio by September 30, 2021.","The purchase agreements for two further project develop- ments in Spain have been signed, but these will not be included in the portfolio until after the reporting date.","The new acquisitions were made in various European countries, both in regions where grundbesitz europa already owns other properties and in locations where the fund is now invested for the first time.","For example, the \"Stellar\" logistics property in Jönköping, which was acquired via an investment company, was transferred to the fund's portfolio in December 2020, and was the","first portfolio property in Sweden.","In contrast, the share in Finland was further expanded to include five properties as a result of the transfer of two office properties with adjoining restaurant use in Espoo near Helsinki.","The \"Carmel\" residential property portfolio in the Netherlands, which had already been acquired in the previous business year, was supplemented by two further new completed properties in The Hague.","With the property \"Peckham Place\" in the south of London, grundbesitz europa now owns a residential property in the United Kingdom for the first time in addition to its existing investments in the area of student housing.","The acquisition of an office property in Gdansk, Poland, and an investment in a logistics portfolio consist- ing of five properties in France further rounded off the portfolio.","With the acquisition of the \"UP!\" office property in Berlin, the one hundredth property was transferred to the fund portfolio in May 2021.","The investment in the \"Spectrum\" logistics property in Hamburg took place in June 2021.","In August 2021, two trans- fers of ownership of a total of six construction phases of the \"Cheevers & Haliday\" project development in Dublin took place, for which the purchase agreement was signed in July 2020.","Two sales of office properties were made in Madrid and London during the reporting period.","The real estate portfolio is continu- ously analyzed for properties that can be sold and which, in the opinion of the fund management, is no longer in line with the fund strategy in the medium to long term.","On account of the transactions mentioned, the real estate portfolio of grundbesitz europa grew to 100 properties in the 2020/2021 business year with a total volume according to market value of EUR 9,746.0 million (September 30, 2020: 87 properties, EUR 8,449.6 million).","The diversification of the usage types was further increased by the purchase of residential properties and several logistics properties.","The directly and indirectly held properties are spread across a total of twelve European countries, with Germany (27.8%) and the United Kingdom (23.0%) continuing to be the focal points in terms of market value.","The development of the United Kingdom since its exit from the European Union in January 2020 will continue to be carefully monitored and evaluated, and purchases or sales in this market will be analyzed.","As of the reporting date of September 30, 2021, 92.2% of the total portfolio was let (measured in terms of annual rental income fully let), while the occupancy rate was an average of 90.1% based on the entire reporting period.","With loan liabilities totaling EUR 1,599.0 million, the borrow- ing ratio on September 30, 2021, was 16.4% of the real estate assets and was thus below the statutory limit value of 30%","(September 30, 2020: EUR 1,281.1 million or 15.2%).","In addition, there are credit lines for short-term borrowing.","Since the EU regulation on sustainability-related disclosure requirements in the financial services sector came into force on March 10, 2021, the pre-contractual information for the grund- besitz europa investment fund has included explanations on the integration of sustainability risks in investment decisions and on the results of the assessment of the expected impact of sustain- ability risks on the return of the financial product.","Against the background of Article 8 of the Disclosure Regulation, a provision has now been added to the Investment Conditions, with effect from October 1, 2021, to the effect that the environ- mental features which the corporation advertises for the invest- ment fund should also be taken into account when acquiring and managing properties.","As part of this adjustment, various changes resulting from the so-called \"Fondsstandortgesetz\" (Act to Strengthen Germany as a Fund Location), which came into force on August 2, 2021, were also taken into account.","These relate in particular to the terms and the announcement period in the event of future changes to the investment conditions and also entail simplifications for the fund in the granting of shareholder loans to real estate companies.","We will continue to inform our investors about developments in the fund in the area of sustainability.","Yours sincerely,","Clemens Schäfer","DWS Grundbesitz GmbH","Dr. Ulrich von Creytz\tDr. Grit Franke","Frankfurt/Main, Germany, November 29, 2021","Ulrich Steinmetz","## Overall economic environment","After the severe distortions caused by the coronavirus pandemic in 2020, the European economy shows signs of recovery in the course of 2021, but is not yet at pre-crisis levels.","Fundamen-","tal support comes from the resurgence in global trade, which is expected to post significant gains of 12% over the course of 2021, following a 6% decline in 2020.","Leading indicators such as the Purchasing Managers' Index were also positive in","October 2021, albeit with weakening momentum.","With an index reading of 54.3, the PMI for the Eurozone for October was above the neutral threshold of 50 as well as the long-term average","of 53.","Nevertheless, this is the third consecutive monthly decline after the 15-year high in July, with the economy cooling the most in Germany, but also reaching its lowest level since April","in France.","Ultimately, the coronavirus pandemic and related effects such as lockdowns and vaccination progress, particularly at the beginning of the year, remained a determining factor in the economic recovery, not least due to new virus mutations.","Consequences such as transport and logistics problems, pro- duction bottlenecks due to a lack of primary products, rising","raw material prices and increasing inflation are now becoming more and more apparent and having negative impacts on eco- nomic development worldwide and in Europe.","Inflation in the eurozone is expected to rise to 2.4% this year, while in Germany it is expected to rise to 3%.","In France and Italy, inflationary pres- sures are significantly lower at 1.7% and 1.9%, respectively, but this could still lead to monetary policy measures at the Euro- pean level.","Specifically, with regard to economic developments in Europe, after the coronavirus-related weak phase in 2020, with negative economic growth in the eurozone of -6.5%, a positive devel- opment and incipient recovery phase is expected.","Economic growth reached 2.3% in the second quarter and is likely to be around 2% again in the third quarter.","Accordingly, growth of 5% is expected for the full year 2021.","Germany, with expected growth of 2.5%, deviates significantly from the eurozone aver- age, whereas France and the UK are expected to experience a strong economic recovery at 6.2% and 7.3%, respectively.","After the manufacturing sector was held back in recent months by a lack of intermediate products and rising commodity and energy prices, the service sector and private consumption remain as pillars of the economic recovery.","While the hospi- tality and service sectors generally continue to face the threat of coronavirus-induced cutbacks as the year progresses, the pent-up consumer demand in particular is expected to fuel the economic recovery.","With growth of +3.7% in the second quarter of 2021 and expected growth of 3.7% for the year as a whole, private con- sumption is currently becoming the strongest driver of eco- nomic recovery in Europe.","(Data sources: Oxford Economics, Markit 10/2021)","## Developments in the capital markets","Yields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory.","Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and stood at -0.199% p.a. as of the end of the reporting period.","Yields on short-term government bonds fell by a further 10 basis points in the reporting period, with the trading range reaching a full 15 bp.","One-year German government bonds yielded -0.598%","p.a. on October 1, 2020, with this falling to -0.673% p.a. on the last trading day in September 2021.","The European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019.","(Data source: Bloomberg)","## Developments in the real estate markets","In our view, the European real estate market has entered a recovery phase, although the pandemic has left clear traces on the markets.","Accordingly, 2020 posed major challenges to European real estate markets as a result of lockdowns and","border closures, but also saw extensive support and assistance measures from the various governments, central banks and European institutions.","Thanks to these subsidies, default guar- antees, tax relief and social security measures, insolvencies were prevented in many cases, thus preventing a significant rise in unemployment figures, especially as solid starting conditions such as low vacancy rates and moderate construction activity also supported the property markets.","Nonetheless, the coronavirus pandemic has caused distortions over the past 12-18 months, particularly in the hotel and retail sectors.","Store closures and a lack of international tourists have weighed on bricks-and-mortar retail and caused significant rent losses.","As a result, demand for space fell sharply and shop- ping centers in particular, which have been suffering for years, recorded the strongest annual increase in vacancies to date in the first quarter of 2021 and a further fall in rents of 8.5%.","The pandemic also left its mark on the European office market.","While the average vacancy rate was 6.3% at the start of the pandemic, the lowest since 2002, it had increased by 130 basis points by spring 2021.","Positive deviations were achieved here, for example, in the German top 7 office markets, which are only expected to rise by around 90 basis points to around 4.8% by the end of the year.","Rental levels also corrected slightly by around 1.3% at European level, and thus much less strongly than feared, with the UK and the Nordic markets in particular standing out positively here.","The incipient recovery in demand for space and moderate completion volumes, some of which were delayed by the pandemic, are providing additional support for the office market.","European logistics markets were much more positive, even ben- efiting in many cases from the crisis and the strong growth in online trade.","Demand for space remained high and rental levels have risen again.","On an annual basis, prime rents were around 1.4% higher than in the previous year, which for logistics prop- erties in the long term and given the pandemic certainly rep- resents a considerable increase.","European housing markets are also among the winners of the crisis, as they have been able to fully exploit their defensive character.","This applies in particular to the established housing markets in Germany, the Netherlands and Scandinavia.","Rent losses and vacancy increases remained the exception and rent levels generally corrected in the prime segment, where reduced demand for small-scale, fixed-term leases and furnished accommodation had the greatest impact.","(Data sources: DWS 07-10/2021)","## Developments in the investment markets","The European investment markets continue to be dominated by the coronavirus pandemic.","Although investment momentum largely stabilized in the course of 2021 and recovered from its","low at the beginning of 2020, transaction volumes remain below the pre-crisis levels at the beginning of 2020.","While real estate worth more than EUR 330 billion was still traded across Europe in the 12-month view in the first quarter of 2020, the annualized value in the third quarter of 2021 was around EUR 270 billion.","This corresponds to a decline of around 20%; compared to the same quarter of the previous year, this is still around 8%.","There are clear differences at regional level.","Whereas the UK real estate markets recorded a significant recovery to just under EUR 65 billion and, at around 20% in each case, are well above both the prior-year figure and the pre-crisis level, the recovery in other markets was much more sluggish.","Although a similar annualized transaction volume of just under EUR 64 billion was achieved in Germany in the third quarter, the figure is around","20% below the previous year's result.","In France, too, transaction volumes have so far failed to match their previous record levels.","Here, the investment market is stagnating at just under EUR","30 billion, which marks the lowest value since 2017.","Spain and the Netherlands were able to recover more strongly than in the previous year.","At sectoral level, investors continued to clearly favor logistics properties.","At over EUR 50 billion, the strongest annual result to date was measured in the third quarter of 2021.","At over","EUR 60 billion, residential real estate is also close to its pre-crisis highs.","Office investments, retail properties and hotel properties follow at some distance behind, but have already recovered, with the exception of retail.","Despite the continued subdued investment activity, we expect a renewed increase in transaction volumes and a decreasing polarization in terms of sector allocation.","Ultimately, the attrac- tiveness of real estate investments remains high in the per- sistently low interest rate environment; accordingly, we expect further yield compression in the medium term.","(Data sources: DWS 07/2021, RCA 10/2021)","## The grundbesitz europa investment strategy","The investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation.","The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.","The investment strategy of the fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it throughout the term of the fund.","The Company invests for the account of the fund in member countries of the","EU and the EEA and selectively in countries outside the EU/EEA.","Details of the country in question and the maximum share of the fund value permitted for investment in the said country are provided in the appendix to the Special Investment Conditions in the current sales prospectus.","In accordance with the \"Special Investment Conditions\", at least 51% of the value of the fund must be invested in real estate located in a member state of the EU or in another state that is party to the EEA Agreement.","The fund invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.","The real estate held by the fund is situated in good to very good locations in established real estate markets.","The aim is basically to invest in properties with long-term tenants of sound financial standing.","The transaction strategy is geared toward the various Europe-wide real estate cycles.","During the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of consid- erations.","In this regard, the Company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Com- pany considers this to be in the interests of the investors.","The assessment likewise includes the economic and location-related opportunities and risks.","In order to achieve the investment objectives of the investment fund, the selection and manage- ment of properties will, inter alia, also promote environmental characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector (hereinafter the \"Disclosure Reg- ulation\").","Details of some of the regulatory requirements for the content and format of the information to be disclosed under the Disclosure Regulation are currently still being developed.","Alongside properties that already exist or are under construc- tion, sites for development projects may also be acquired.","How- ever, the focal point of investments is existing buildings.","## Net asset value and cash inflows/outflows","In the reporting period from October 1, 2020, through Sep- tember 30, 2021, the fund’s net cash inflows amounted","to EUR 221.8 million.","Total net asset value increased from EUR 9,644.2 million (as of September 30, 2020) to EUR 9,902.3 million (+2.7%) on September 30, 2021.","The capital invested in unit class IC decreased slightly from to EUR 819.4 million (September 30, 2020: EUR 825.4 million).","This represented an 8.3% share of total net asset value as of the reporting date.","Liquid assets decreased to EUR 1,377.6 million as a result of the property purchases made.","The liquidity portfolio is managed in accordance with a fixed investment process.","Interest rate and price forecasts are subject to technical and fundamental analy- sis.","In the reporting period, liquid assets were invested primarily in overnight money and time deposits as well as fixed-income securities such as government bonds and corporate bonds from European issuers with a rating of good to very good (investment grade).","Futures were used occasionally for duration control.","## Results of the fund","During the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).","The distribution in the RC unit class on December 15, 2021, was EUR 0.90.","The total return on investment in the RC unit class is EUR 0.89 per unit.","Investors in the IC unit class receive a distribution in the amount of EUR 1.10.","The total return on investment in the IC unit class is EUR 1.08 per unit.","Information on taxation is included in the “Tax information for the investor” following this report.","The positive performance of the fund is illustrated in the follow- ing overview.","| Performance according to the BVI method (As of: September 30, 2021) |","| --- |","| | RC unit class | Annual average | IC unit class | Ø p.a. |","| 1 year | 2.3% | | 2.7% | |","| 2 years | 4.1% | 2.0% | 5.2% | 2.5% |","| 3 years | 6.9% | 2.2% | 8.5% | 2.8% |","| 5 years | 13.3% | 2.5% | 16.0% | 3.0% |","| 10 years | 30.1% | 2.7% | 36.6% | 3.2% |","| 15 years | 75.2% | 3.8% | | |","| 20 years | 105.5% | 3.7% | | |","| 25 years | 155.5% | 3.8% | | |","| 30 years | 252.3% | 4.3% | | |","| 35 years | 388.2% | 4.6% | | |","| 40 years | 595.7% | 5.0% | | |","| 45 years | 878.9% | 5.2% | | |","| 50 years | 1,272.8% | 5.4% | | |","| Since inception* | 1,380.3% | 5.4% | 56.2% | 3.4% |","* Fund inception: October 27, 1970, IC unit class, April 1, 2008.","## The grundbesitz europa real estate portfolio","As of the reporting date, the grundbesitz europa portfolio com- prised 100 properties, of which 44 are directly held properties with market values totaling EUR 4,441.5 million.","56 properties with a total volume of EUR 5,304.4 million are held through special purpose vehicles; 49 of these properties are majority holdings.","Seven properties are held via minority holdings.","Calculation of performance is based on the time-weighted return and excludes issue surcharges.","Individual costs such as fees, commissions and other charges are not included in the presentation and would have a negative impact on performance if included.","Past performance is not a reliable indicator of future performance.","## Types of use of fund properties","Geographical distribution of fund properties","The share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let.","The fund is diversified by investments in retail, residential and logistics.","Ongoing project developments are not included in this presentation.","## Geographical distribution of fund properties","The 44 directly held properties and the 56 other properties held via special purpose vehicles are broadly distributed regionally across twelve countries.","## Commercial age structure of fund properties\tSize classification of fund properties","The 17 properties with a market value exceeding EUR 150 million comprise office and retail properties with long-term leases in various countries.","50 properties have a market value of between EUR 25 million and EUR 100 million.","| Property according to size classification |","| --- |","| up to EUR 10 million | EUR 36.7 million | 0.4% | 5 properties |","| EUR 10 to 25 million | EUR 145.0 million | 1.5% | 9 properties |","| EUR 25 to 50 million | EUR 809.1 million | 8.3% | 21 properties |","| EUR 50 to 100 million | EUR 2,097.1 million | 21.5% | 29 properties |","| EUR 100 to 150 million | EUR 2,399.7 million | 24.6% | 19 properties |","| EUR 150 to 200 million | EUR 897.2 million | 9.2% | 5 properties |","| over EUR 200 million | EUR 3,361.1 million | 34.5% | 12 properties |","| Total | EUR 9,745.9 million | 100.0% | 100 properties |","## Property acquisitions and transfers to the portfolio","Further information on the following properties is available in the index of properties and the list of acquisitions and dispo- sitions.","Purchase prices are expressed in euro; with foreign currencies, the exchange rate at the time of the transfer of ownership of the property is used.","A distinction is made between the time the contract of sale for a property is signed (the “signing”) and the time of the transfer of the property into the fund’s real estate portfolio (the “closing”).","The respective property is only listed in the index of properties after the “closing”.","In the case of project developments, closing may take place during the construction phase or only after com- pletion, depending on the contract formulation.","Ten properties or project developments were acquired and added to the fund portfolio in the reporting period:","Jönköping (SE) – Logistics property “Stellar”","In December 2020, the grundbesitz europa fund invested in Sweden for the first time with a volume of around","EUR 141.6 million.","The complex, which consists of three build- ings with a total lettable area of 112,023 sqm, is one of the largest stand-alone distribution centers in the Nordic countries.","The modern, partly fully automated sorting and storage build- ings allow efficient and high-performance logistics operations to serve the countries of Norway, Sweden, Denmark and Finland.","The logistics complex is leased on a long-term basis to one of Northern Europe's largest electronics companies.","The purchase price was approximately EUR 141.6 million in total.","Transfer to the portfolio took place on December 10, 2020.","Gdansk (PL) – “NEON” office building","The “NEON” office property in the Polish port city of Gdansk was acquired in February 2021.","The office property was completed at the end of 2019 and is located in Alchemia Business Park, which is centrally located between Gdansk and Gdynia.","“NEON” offers usable office space of more than 33,000 sqm over eleven floors.","In addition, there is retail space on the ground floor and around 300 parking spaces on two underground and two above-ground floors.","The prop- erty has received “LEED Platinum” certification, meaning that","it meets the highest internationally established sustainability standard.","The purchase price was approximately EUR 82.1 million in total.","Transfer to the portfolio took place on February 11, 2021.","London (GB) – Residential property “Peckham Place”","In March 2021, the residential property “Peckham Place” in the south of the British capital of London was acquired.","The prop- erty is part of a newly constructed ensemble in a changing part of town.","The recently constructed “Idaline Court” property is part of the wider Peckham Place development and comprises","a multi-story apartment complex with 108 high quality rental units.","It was built according to the Code for Sustainable Living and offers different floor plans, with each unit having its own balcony.","Peckham Place offers excellent transportation links to central London and is particularly well connected to the City of London and the West End.","The seller of the property is a British housing association.","The purchase price was approximately EUR 64.3 million in total.","Transfer to the portfolio took place on March 19, 2021.","Lille, Nîmes and other locations (FR) – “Omega” logistics real estate portfolio","In March 2021, a logistics property portfolio consisting of five properties was acquired in France for a total of around","EUR 241.5 million.","The acquisition took place via a holding com- pany as a joint venture with an open-ended real estate fund that is also managed by DWS.","grundbesitz europa holds a 40% stake in the joint venture.","The contract of sale for the “Omega” logistics real estate portfolio was signed on January 27, 2021.","The four properties located in the greater Lille area and one near Nîmes were built between 2014 and 2017 and have a total floor space of around 206,000 sqm.","The portfolio is fully let and largely on a long-term basis to five different users.","Four properties have already been awarded the “BREEAM” and “HQE” sustainability certificates, and certification is also being sought for the fifth property in the short term.","The purchase price volume for grundbesitz europa was around EUR 96.8 million.","Transfer to the portfolio took place on","March 23, 2021.","Berlin (DE) – “Up!” office project development","The contract of sale for a project development in Berlin, Germany, was signed on November 30, 2018.","The transfer of the office property (comprising around 48,400 sqm) to the portfolio is sched- uled for the second quarter of 2021.","Construction is progressing according to schedule.","The purchase price was EUR 314.8 million and transfer to the portfolio took place on May 7, 2021.","Hamburg (DE) – Logistics property “Spectrum”","In June 2020, a logistics property in Hamburg was acquired together with another investment fund for approximately EUR 189 million.","grundbsesitz europa holds a 55% interest in the real estate company.","The property is located in the southeast of Hamburg in the immediate vicinity of the highway intersection of the important north-south connection A 1 and the eastbound A 25.","The Port of Hamburg is around 12 km away from the new fund property.","In view of the good long-distance transport connections and the proximity to the city center and the port, the property location is one of the most attractive and most sought-after logistics locations in the greater Hamburg area and in Germany and has almost no vacancies.","The modern logistics property “Spectrum” currently has a rental area of around 77,100 sqm and will be extended by a logistics hall with around 18,800 sqm by 2022.","The complex is leased","on a long-term basis to one of Europe's largest logistics com- panies.","There are 249 car parking spaces and 20 truck parking spaces on the approximately 160,000 sqm site.","The purchase price of the fund share was EUR 84.5 million, with the transfer to the portfolio taking place on June 1, 2021.","One property was transferred to the portfolio before the report- ing period and was added to the fund portfolio in the reporting period:","London (GB) – “Pavilion Court”","The contract of sale for the project development of a student residence complex was signed on February 28, 2019.","The pur- chase of the property and transfer of ownership took place on March 8, 2019, and the purchase price installments are being paid in accordance with construction progress.","The agreed pur- chase price is around EUR 127.8 million.","Completion of the student accommodation development at Wembley, which has since been increased to 699 rooms, took place on September 24, 2021.","Four properties were acquired before the reporting period and added to the fund portfolio in the reporting period:","The Hague (NL) – “Carmel Residential Portfolio”","The “Carmel” residential portfolio consists of a total of eight so-called clusters, which were acquired in several tranches; each comprises various individual properties.","Six of these clus- ters were already in the fund's portfolio, and two more were transferred during the reporting period.","This is a multi-story","apartment building with 288 residential units and a total lettable area of around 12,700 sqm, which consists of two intercon-","nected building sections and has a total of 92 parking spaces in the building or in the neighboring building.","The apartments","range in size between 41 sqm and 72 sqm.","They have fully fitted bathrooms, open-plan kitchens as well as balconies and they can be accessed by elevator.","The purchase price volume for these units for grundbesitz europa was around EUR 66.8 million.","Transfer to the portfolio took place on October 30, 2020.","In addition, the fund management acquired a further residential property portfolio with a total of 369 apartments in The Hague during the reporting period, the individual units of which were incorporated into three existing clusters and expanded them.","The purchase price was around EUR 70.9 million and ownership was transferred on June 2, 2021.","Espoo (FI) – “Keilalampi” office property and “Pavilions”","The “Keilalampi” office building and the two “pavilions” belong- ing to it were added to the fund's portfolio in March 2021.","These properties complement the office property already acquired at this location in March 2020.","The multi-story office building with a total lettable area of around 13,600 sqm was built in 1994 and was extensively mod- ernized in 2020/2021.","Among other things, the building services, the façade and the office space and interiors were modernized.","The “LEED Gold” sustainability certificate will be sought upon completion of the modernization measures.","All the spaces are fully let on a long-term basis, with the main tenant being a Finnish insurance company.","Two newly constructed pavilions with a total of around 1,080 sqm of catering and service space were also acquired","with this property.","The pavilions are located on a newly created public town square in front of the building.","In addition to direct access to the metro at street level, there is an underground car park with 193 parking spaces below the buildings.","The purchase price was approximately EUR 86.4 million in total.","Transfer to the portfolio took place on March 31, 2021.","Nine properties were acquired as project developments during or before the reporting period and have not yet been completed:","Düsseldorf (DE) – “Trio” project","The contract of sale for three hotel properties in Düsseldorf that were purchased as a project development for the fund was signed on August 31, 2018.","The project is an ensemble with a total of 717 rooms close to the main train station in Düsseldorf.","Completion is planned for the fourth quarter of 2021.","Construc- tion is progressing according to schedule.","The agreed purchase price is around EUR 157.4 million.","Cologne (DE) – “Messe City Köln” hotel project development","The contract of sale for a hotel project development in Cologne, Germany, was signed on April 17, 2019.","The transfer of the hotels (comprising around 479 rooms) to the portfolio is sched- uled for the second quarter of 2021.","Construction is progressing according to schedule.","The agreed purchase price is around EUR 111.5 million.","Berlin (DE) – “The Grid”","The contract of sale for the project development of an office prop- erty in the Friedrichshain-Kreuzberg district, an up-and-coming submarket of Berlin, was signed on December 20, 2019.","Transfer to the portfolio took place on February 19, 2020, upon payment of the first purchase price installment.","The multi-story building with 13,849 sqm of floor space has retail and restaurant space on the ground floor as well as park- ing facilities in an underground garage.","More than 50% of the space has already been leased on a long-term basis prior to the start of construction.","By acquiring this office property, the fund intends to profit from the positive development forecast for the Friedrichshain-Kreuzberg district of Berlin and continuous rental income in a growth market.","Due to the high building standards, the “DNGB” Gold certification is being sought.","A purchase price of EUR 129.1 million was agreed and pay- ments are being made in line with construction progress.","Com- pletion is scheduled for the fourth quarter of 2021.","Barcelona (ES) – “One Parc Central” office property","In February 2021, the purchase agreement for the project devel- opment of an office property in Spain was signed.","The twelve- story office property is being built in the highly sought-after 22@ district to the north of the Catalan capital of Barcelona.","With the acquisition of the office property, investments will be made in a growth market after completion in autumn 2022.","Around EUR 128.0 million was agreed as the purchase price, with payment to the seller to be made after completion.","Dublin (IE) – “Cheevers & Haliday” residential property","In July 2020, the purchase agreement with a volume of around EUR 195.0 million was signed for the project development of a residential building complex located around eleven kilometers south of the Irish capital of Dublin.","The modern, multi-story project development with a total rental area of 31,512 sqm comprises two economically independent residential buildings and is located on a former golf course","in the sub-market of Dun Laoghaire, a prosperous suburb of Dublin.","The surrounding towns of Dun Laoghaire, Dalkey, Monkstown and Blackrock can be accessed via private care and public transport in a short time and offer numerous shopping and leisure options.","The high-quality and fully equipped 368 residential units com- prise a mix of 2-4 room apartments and their average size is around 86 sqm.","They can be accessed via an elevator and, besides a balcony/terrace, have numerous other conveniences.","Completion of the apartment blocks will take place in several construction phases from June 2021 to an anticipated January 2022.","Paris (FR) – “TOKO” office project development","The project development for an office building in need of mod- ernization that is located at the edge of the central business district (CBD) of Paris was purchased in September 2020.","The multi-story class-A office block, which was built in 1955 and 1989, is impressive not only due to its excellent location but also its striking architecture with a completely glass facade and bright, modern office space.","The office building is located in the 17th district of Paris, which profits from the continuous expan- sion of the Paris CBD and very good connections to the center and the Parisian ring road.","Due to the very low vacancy rate of approx.","2% in the greater Paris area and the limited construc- tion possibilities, it is assumed that the property location will","be included in a future expansion of the inner-city office market and will continue to gain in importance.","Even before the conversion work begins, the fund property is fully pre-let for the long term to a tenant of sound financial","standing from the digital services sector.","Upon completion of the modernization measures, an application will be made for the “BREEAM Very Good” and “Wired Score Silver” sustain- ability certificates.","The Wired Score certification is a globally recognized standard for evaluating the connectivity of office buildings.","A purchase price of EUR 162.0 million was agreed and payments are being made in line with construction progress.","Completion is planned for the first quarter of 2022.","Madrid (ES) – Residential portfolio","On December 30, 2020, the grundbesitz global and grundbesitz europa funds acquired a pro rata share of four attractive resi- dential projects in the popular locations of Vallecas and Getafe, south of Madrid's city center.","grundbesitz europa holds a 40% interest in the project.","The projects are characterized by upscale construction and appealing architecture.","The equipment standard of the approx.","1,000 apartments with fitted kitchen, air conditioning, WLAN, fitness area, pool, lobby and common areas is above average.","The residential neighborhoods have excellent public transporta- tion connections.","Due to the building and site qualities, a sus- tainability certification of “BREEAM Good” or higher is sought.","A pro rata purchase price of EUR 85.6 million was agreed.","Pay- ments in line with construction progress will be made based on building permits expected by the end of 2021.","The completion of the four projects is scheduled for the end of 2023.","## Property sales and transfers from the portfolio","The sales price is expressed in euro before deduction of incidental selling costs.","Two properties were sold and removed from the fund portfolio in the reporting period.","London (GB) – “Capital House” office property","In July 2021, the “Capital House” office property in London, United Kingdom, which was acquired in 2010, was sold.","The building, completed in 2003, was leased to six office tenants and three retail tenants at the time of sale.","The sales price of around EUR 151.0 million (GBP 130.5 million) is approximately 12% higher than the most recently determined market value of around EUR 134.9 million.","“Capital House”, with its rental area of around 10,650 sqm spread over eight floors, benefited in particular from its central location in the City of London.","The area around the Bank of England is the traditional core of the City of London and funda- mentally attractive to international tenants.","The property, which is now 17 years old, has nevertheless recently recorded an increased vacancy rate.","With the strategic sale, the fund management is realising the very good performance since purchase and intends to reinvest the sales proceeds in the further diversification of the portfolio.","Madrid (ES) – “Paseo de la Castellana 42” office property","In July 2021, the “Paseo de la Castellana 42” office property in Madrid, Spain, which was acquired in 2003, was sold.","The sales price of around EUR 54.6 million is approximately 42% higher than the most recently determined market value of around","EUR 38.5 million.","The proceeds from the sale are to be rein- vested in the further diversification of the portfolio.","“Paseo de la Castellana 42”, with its rental area of around","4,595 sqm spread over ten floors, benefited in particular from its very central location in the city center of Madrid.","The building, built in 1980 and remodeled in 2001, was most recently leased to three tenants, but three floors were unrented.","The property is comparatively old compared to the buildings in the immediate vicinity in a prime inner-city location in Madrid, does not cur- rently meet the requirements for a sustainable property and has no environmental certification.","The sale of the property leads to a further improvement in the quality of the overall portfolio, reduces existing and future let- ting risks of the fund and enables reinvestment in properties with comparatively better development opportunities and lower risks.","## Borrowed capital and currency risks","The grundbesitz europa fund had loan liabilities amounting to EUR 1,599.0 million as of the September 30, 2021, reporting date (September 30, 2020: EUR 1,281.1 million).","A total of","29 properties are currently encumbered with the rights of third parties.","Credit line agreements facilitating flexible financing","of new acquisitions and project developments at low interest rates.","As of the reporting date, the borrowing ratio amounted to 16.4% based on real estate assets.","As of the reporting date, loans denominated in British pounds that translate into a total of approximately EUR 648.1 million exist for 18 prop- erties (September 30, 2020: EUR 620.4 million).","Total bor- rowing in euro amounts to approximately EUR 889.1 million (September 30, 2020: EUR 660.5 million).","A new financing in Swedish krona amounting to EUR 61.8 million was added.","| Overview of loans as of September 30, 2021 |","| --- |","| grundbesitz europa | Total borrowings (direct) in EUR million | % of the market value of all fund properties | Total borrowings (indirect via holding companies) in EUR million | % of the market value of all fund properties | Less than 1 year | Remaining loan terms as a % of total borrowings 1 to 2\t2 to 5\t5 to 10 years\tyears\tyears | Average interest rate as % |","| EUR loans (outside Germany) | 447.8 | 4.6 | 130.7 | 1.3 | 14.5 | 1.9 | 16.8 | 3.1 | 0.95 |","| EUR loans (Germany) | 51.4 | 0.5 | 259.2 | 2.7 | 1.6 | 3.3 | 5.4 | 9.2 | 1.07 |","| GBP | 404.5 | 4.2 | 243.5 | 2.5 | 1.2 | 0.0 | 10.3 | 29.0 | 2.37 |","| SEK | 0.0 | 0.0 | 61.8 | 0.6 | 0.0 | 0.0 | 3.9 | 0.0 | 1.61 |","| Total | 903.8 | 9.3 | 695.2 | 7.1 | 17.3 | 5.2 | 36.3 | 41.2 | |","| Overview of currency risks as of September 30, 2021 |","| --- |","| grundbesitz europa | Open currency positions reporting as of the date in the local currency (thousands) | Exchange rate as of the reporting date | Open currency positions as of the reporting date (TEUR) | % of fund assets per currency area |","| GBP | 144,066 | 0.86266 | 167,002 | 1.7 | | PLN | 486,583 | 4.62623 | 105,179 | 1.1 | | SEK | 809,168 | 10.20052 | 79,326 | 0.8 | | NOK | 497,324 | 10.12598 | 49,114 | 0.5 | | Total | | | 400,621 | 4.0 | The currency hedging strategy is structured for the medium to long term and is based on a minimization of hedging costs/ maximization of hedging income. Prices for forward exchange hedging primarily result from the effective difference in interest rates between the eurozone and the investment country and the (remaining) term of the contract. Changes to the difference in interest rates result in changes to the intrinsic value of the forward exchange hedge."],"string":"[\n \"# Activity report\",\n \"Dear Sir/Madam,\",\n \"In this annual report, the management of DWS Grundbesitz GmbH is pleased to inform <annotation tool=\\\"ctxpro\\\" rule=\\\"ACC.FORM+PLUR\\\" phenomenon=\\\"formality\\\">you</annotation> of the development of the real estate investment fund grundbesitz europa in the period from October 1, 2020, through September 30, 2021.\",\n \"## Key events in the reporting period\",\n \"The COVID-19 pandemic also shaped the 2020/2021 business year.\",\n \"Office properties, which at approximately 50% account for the largest share of all usage types in grundbesitz europa's overall portfolio in terms of rental income, remained largely resilient in this environment, while retail properties continued to be affected by reduced rental income.\",\n \"As far as possible, deferral agreements have been concluded with the tenants for these rent receivables.\",\n \"In addition, the fund management has continued to make risk provisions for outstanding receivables on an ongoing basis and\",\n \"to an appropriate extent.\",\n \"With the start of re-openings in spring 2021 in various European countries, a recovery with increasing bookings was recorded for student housing.\",\n \"Over the business year, grundbesitz europa was able to increase the occupancy rate, among other things due to these temporarily expected effects.\",\n \"The fair values of the retail properties and the student residential properties in the portfolio continued to decline slightly, as the independent experts calculated discounts for lost sales rents, rent reductions and rent defaults, among other things.\",\n \"For the only hotel in grundbesitz europa's portfolio, the development of the pandemic had no impact.\",\n \"In contrast, office properties in prime locations recorded increases in value.\",\n \"Overall, the valuation across the entire portfolio was slightly positive, with the broad diversification across different types of use within the property portfolio having a stabilizing effect.\",\n \"The fund’s liquidity portfolio made a positive contribution to fund performance in the business year.\",\n \"The capital markets were dominated by the pandemic measures taken by the global cen- tral banks.\",\n \"The European Central Bank made a significant contri- bution to this stability through the so-called “PEPP” (Pandemic Emergency Purchase Programme), which was clearly reflected in the developments in the risk spreads for the corresponding bonds.\",\n \"The composition and maturity of the bond portfolio\",\n \"was adjusted to the current situation in favor of lower risks and volatility.\",\n \"Taking into account the distribution for the previous business year in December 2020, net assets increased from EUR 9,644.2 million (September 30, 2020) to EUR 9,902.3 million at the end of the\",\n \"business year.\",\n \"Net cash inflows totalled EUR 221.8 million.\",\n \"As of September 30, 2021, the liquidity ratio was 13.9% of net assets.\",\n \"In the period from October 1, 2020, through September 30, 2021, grundbesitz europa appreciated by 2.3% per unit in the RC unit class and 2.7% per unit in the IC unit class (all details according to the BVI method).\",\n \"In addition to the active management of portfolio properties, var- ious real estate transactions were again successfully concluded despite pandemic-related restrictions.\",\n \"A total of 15 properties were added to the fund's real estate portfolio by September 30, 2021.\",\n \"The purchase agreements for two further project develop- ments in Spain have been signed, but these will not be included in the portfolio until after the reporting date.\",\n \"The new acquisitions were made in various European countries, both in regions where grundbesitz europa already owns other properties and in locations where the fund is now invested for the first time.\",\n \"For example, the \\\"Stellar\\\" logistics property in Jönköping, which was acquired via an investment company, was transferred to the fund's portfolio in December 2020, and was the\",\n \"first portfolio property in Sweden.\",\n \"In contrast, the share in Finland was further expanded to include five properties as a result of the transfer of two office properties with adjoining restaurant use in Espoo near Helsinki.\",\n \"The \\\"Carmel\\\" residential property portfolio in the Netherlands, which had already been acquired in the previous business year, was supplemented by two further new completed properties in The Hague.\",\n \"With the property \\\"Peckham Place\\\" in the south of London, grundbesitz europa now owns a residential property in the United Kingdom for the first time in addition to its existing investments in the area of student housing.\",\n \"The acquisition of an office property in Gdansk, Poland, and an investment in a logistics portfolio consist- ing of five properties in France further rounded off the portfolio.\",\n \"With the acquisition of the \\\"UP!\\\" office property in Berlin, the one hundredth property was transferred to the fund portfolio in May 2021.\",\n \"The investment in the \\\"Spectrum\\\" logistics property in Hamburg took place in June 2021.\",\n \"In August 2021, two trans- fers of ownership of a total of six construction phases of the \\\"Cheevers & Haliday\\\" project development in Dublin took place, for which the purchase agreement was signed in July 2020.\",\n \"Two sales of office properties were made in Madrid and London during the reporting period.\",\n \"The real estate portfolio is continu- ously analyzed for properties that can be sold and which, in the opinion of the fund management, is no longer in line with the fund strategy in the medium to long term.\",\n \"On account of the transactions mentioned, the real estate portfolio of grundbesitz europa grew to 100 properties in the 2020/2021 business year with a total volume according to market value of EUR 9,746.0 million (September 30, 2020: 87 properties, EUR 8,449.6 million).\",\n \"The diversification of the usage types was further increased by the purchase of residential properties and several logistics properties.\",\n \"The directly and indirectly held properties are spread across a total of twelve European countries, with Germany (27.8%) and the United Kingdom (23.0%) continuing to be the focal points in terms of market value.\",\n \"The development of the United Kingdom since its exit from the European Union in January 2020 will continue to be carefully monitored and evaluated, and purchases or sales in this market will be analyzed.\",\n \"As of the reporting date of September 30, 2021, 92.2% of the total portfolio was let (measured in terms of annual rental income fully let), while the occupancy rate was an average of 90.1% based on the entire reporting period.\",\n \"With loan liabilities totaling EUR 1,599.0 million, the borrow- ing ratio on September 30, 2021, was 16.4% of the real estate assets and was thus below the statutory limit value of 30%\",\n \"(September 30, 2020: EUR 1,281.1 million or 15.2%).\",\n \"In addition, there are credit lines for short-term borrowing.\",\n \"Since the EU regulation on sustainability-related disclosure requirements in the financial services sector came into force on March 10, 2021, the pre-contractual information for the grund- besitz europa investment fund has included explanations on the integration of sustainability risks in investment decisions and on the results of the assessment of the expected impact of sustain- ability risks on the return of the financial product.\",\n \"Against the background of Article 8 of the Disclosure Regulation, a provision has now been added to the Investment Conditions, with effect from October 1, 2021, to the effect that the environ- mental features which the corporation advertises for the invest- ment fund should also be taken into account when acquiring and managing properties.\",\n \"As part of this adjustment, various changes resulting from the so-called \\\"Fondsstandortgesetz\\\" (Act to Strengthen Germany as a Fund Location), which came into force on August 2, 2021, were also taken into account.\",\n \"These relate in particular to the terms and the announcement period in the event of future changes to the investment conditions and also entail simplifications for the fund in the granting of shareholder loans to real estate companies.\",\n \"We will continue to inform our investors about developments in the fund in the area of sustainability.\",\n \"Yours sincerely,\",\n \"Clemens Schäfer\",\n \"DWS Grundbesitz GmbH\",\n \"Dr. Ulrich von Creytz\\tDr. Grit Franke\",\n \"Frankfurt/Main, Germany, November 29, 2021\",\n \"Ulrich Steinmetz\",\n \"## Overall economic environment\",\n \"After the severe distortions caused by the coronavirus pandemic in 2020, the European economy shows signs of recovery in the course of 2021, but is not yet at pre-crisis levels.\",\n \"Fundamen-\",\n \"tal support comes from the resurgence in global trade, which is expected to post significant gains of 12% over the course of 2021, following a 6% decline in 2020.\",\n \"Leading indicators such as the Purchasing Managers' Index were also positive in\",\n \"October 2021, albeit with weakening momentum.\",\n \"With an index reading of 54.3, the PMI for the Eurozone for October was above the neutral threshold of 50 as well as the long-term average\",\n \"of 53.\",\n \"Nevertheless, this is the third consecutive monthly decline after the 15-year high in July, with the economy cooling the most in Germany, but also reaching its lowest level since April\",\n \"in France.\",\n \"Ultimately, the coronavirus pandemic and related effects such as lockdowns and vaccination progress, particularly at the beginning of the year, remained a determining factor in the economic recovery, not least due to new virus mutations.\",\n \"Consequences such as transport and logistics problems, pro- duction bottlenecks due to a lack of primary products, rising\",\n \"raw material prices and increasing inflation are now becoming more and more apparent and having negative impacts on eco- nomic development worldwide and in Europe.\",\n \"Inflation in the eurozone is expected to rise to 2.4% this year, while in Germany it is expected to rise to 3%.\",\n \"In France and Italy, inflationary pres- sures are significantly lower at 1.7% and 1.9%, respectively, but this could still lead to monetary policy measures at the Euro- pean level.\",\n \"Specifically, with regard to economic developments in Europe, after the coronavirus-related weak phase in 2020, with negative economic growth in the eurozone of -6.5%, a positive devel- opment and incipient recovery phase is expected.\",\n \"Economic growth reached 2.3% in the second quarter and is likely to be around 2% again in the third quarter.\",\n \"Accordingly, growth of 5% is expected for the full year 2021.\",\n \"Germany, with expected growth of 2.5%, deviates significantly from the eurozone aver- age, whereas France and the UK are expected to experience a strong economic recovery at 6.2% and 7.3%, respectively.\",\n \"After the manufacturing sector was held back in recent months by a lack of intermediate products and rising commodity and energy prices, the service sector and private consumption remain as pillars of the economic recovery.\",\n \"While the hospi- tality and service sectors generally continue to face the threat of coronavirus-induced cutbacks as the year progresses, the pent-up consumer demand in particular is expected to fuel the economic recovery.\",\n \"With growth of +3.7% in the second quarter of 2021 and expected growth of 3.7% for the year as a whole, private con- sumption is currently becoming the strongest driver of eco- nomic recovery in Europe.\",\n \"(Data sources: Oxford Economics, Markit 10/2021)\",\n \"## Developments in the capital markets\",\n \"Yields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory.\",\n \"Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and stood at -0.199% p.a. as of the end of the reporting period.\",\n \"Yields on short-term government bonds fell by a further 10 basis points in the reporting period, with the trading range reaching a full 15 bp.\",\n \"One-year German government bonds yielded -0.598%\",\n \"p.a. on October 1, 2020, with this falling to -0.673% p.a. on the last trading day in September 2021.\",\n \"The European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019.\",\n \"(Data source: Bloomberg)\",\n \"## Developments in the real estate markets\",\n \"In our view, the European real estate market has entered a recovery phase, although the pandemic has left clear traces on the markets.\",\n \"Accordingly, 2020 posed major challenges to European real estate markets as a result of lockdowns and\",\n \"border closures, but also saw extensive support and assistance measures from the various governments, central banks and European institutions.\",\n \"Thanks to these subsidies, default guar- antees, tax relief and social security measures, insolvencies were prevented in many cases, thus preventing a significant rise in unemployment figures, especially as solid starting conditions such as low vacancy rates and moderate construction activity also supported the property markets.\",\n \"Nonetheless, the coronavirus pandemic has caused distortions over the past 12-18 months, particularly in the hotel and retail sectors.\",\n \"Store closures and a lack of international tourists have weighed on bricks-and-mortar retail and caused significant rent losses.\",\n \"As a result, demand for space fell sharply and shop- ping centers in particular, which have been suffering for years, recorded the strongest annual increase in vacancies to date in the first quarter of 2021 and a further fall in rents of 8.5%.\",\n \"The pandemic also left its mark on the European office market.\",\n \"While the average vacancy rate was 6.3% at the start of the pandemic, the lowest since 2002, it had increased by 130 basis points by spring 2021.\",\n \"Positive deviations were achieved here, for example, in the German top 7 office markets, which are only expected to rise by around 90 basis points to around 4.8% by the end of the year.\",\n \"Rental levels also corrected slightly by around 1.3% at European level, and thus much less strongly than feared, with the UK and the Nordic markets in particular standing out positively here.\",\n \"The incipient recovery in demand for space and moderate completion volumes, some of which were delayed by the pandemic, are providing additional support for the office market.\",\n \"European logistics markets were much more positive, even ben- efiting in many cases from the crisis and the strong growth in online trade.\",\n \"Demand for space remained high and rental levels have risen again.\",\n \"On an annual basis, prime rents were around 1.4% higher than in the previous year, which for logistics prop- erties in the long term and given the pandemic certainly rep- resents a considerable increase.\",\n \"European housing markets are also among the winners of the crisis, as they have been able to fully exploit their defensive character.\",\n \"This applies in particular to the established housing markets in Germany, the Netherlands and Scandinavia.\",\n \"Rent losses and vacancy increases remained the exception and rent levels generally corrected in the prime segment, where reduced demand for small-scale, fixed-term leases and furnished accommodation had the greatest impact.\",\n \"(Data sources: DWS 07-10/2021)\",\n \"## Developments in the investment markets\",\n \"The European investment markets continue to be dominated by the coronavirus pandemic.\",\n \"Although investment momentum largely stabilized in the course of 2021 and recovered from its\",\n \"low at the beginning of 2020, transaction volumes remain below the pre-crisis levels at the beginning of 2020.\",\n \"While real estate worth more than EUR 330 billion was still traded across Europe in the 12-month view in the first quarter of 2020, the annualized value in the third quarter of 2021 was around EUR 270 billion.\",\n \"This corresponds to a decline of around 20%; compared to the same quarter of the previous year, this is still around 8%.\",\n \"There are clear differences at regional level.\",\n \"Whereas the UK real estate markets recorded a significant recovery to just under EUR 65 billion and, at around 20% in each case, are well above both the prior-year figure and the pre-crisis level, the recovery in other markets was much more sluggish.\",\n \"Although a similar annualized transaction volume of just under EUR 64 billion was achieved in Germany in the third quarter, the figure is around\",\n \"20% below the previous year's result.\",\n \"In France, too, transaction volumes have so far failed to match their previous record levels.\",\n \"Here, the investment market is stagnating at just under EUR\",\n \"30 billion, which marks the lowest value since 2017.\",\n \"Spain and the Netherlands were able to recover more strongly than in the previous year.\",\n \"At sectoral level, investors continued to clearly favor logistics properties.\",\n \"At over EUR 50 billion, the strongest annual result to date was measured in the third quarter of 2021.\",\n \"At over\",\n \"EUR 60 billion, residential real estate is also close to its pre-crisis highs.\",\n \"Office investments, retail properties and hotel properties follow at some distance behind, but have already recovered, with the exception of retail.\",\n \"Despite the continued subdued investment activity, we expect a renewed increase in transaction volumes and a decreasing polarization in terms of sector allocation.\",\n \"Ultimately, the attrac- tiveness of real estate investments remains high in the per- sistently low interest rate environment; accordingly, we expect further yield compression in the medium term.\",\n \"(Data sources: DWS 07/2021, RCA 10/2021)\",\n \"## The grundbesitz europa investment strategy\",\n \"The investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation.\",\n \"The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.\",\n \"The investment strategy of the fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it throughout the term of the fund.\",\n \"The Company invests for the account of the fund in member countries of the\",\n \"EU and the EEA and selectively in countries outside the EU/EEA.\",\n \"Details of the country in question and the maximum share of the fund value permitted for investment in the said country are provided in the appendix to the Special Investment Conditions in the current sales prospectus.\",\n \"In accordance with the \\\"Special Investment Conditions\\\", at least 51% of the value of the fund must be invested in real estate located in a member state of the EU or in another state that is party to the EEA Agreement.\",\n \"The fund invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.\",\n \"The real estate held by the fund is situated in good to very good locations in established real estate markets.\",\n \"The aim is basically to invest in properties with long-term tenants of sound financial standing.\",\n \"The transaction strategy is geared toward the various Europe-wide real estate cycles.\",\n \"During the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of consid- erations.\",\n \"In this regard, the Company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Com- pany considers this to be in the interests of the investors.\",\n \"The assessment likewise includes the economic and location-related opportunities and risks.\",\n \"In order to achieve the investment objectives of the investment fund, the selection and manage- ment of properties will, inter alia, also promote environmental characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector (hereinafter the \\\"Disclosure Reg- ulation\\\").\",\n \"Details of some of the regulatory requirements for the content and format of the information to be disclosed under the Disclosure Regulation are currently still being developed.\",\n \"Alongside properties that already exist or are under construc- tion, sites for development projects may also be acquired.\",\n \"How- ever, the focal point of investments is existing buildings.\",\n \"## Net asset value and cash inflows/outflows\",\n \"In the reporting period from October 1, 2020, through Sep- tember 30, 2021, the fund’s net cash inflows amounted\",\n \"to EUR 221.8 million.\",\n \"Total net asset value increased from EUR 9,644.2 million (as of September 30, 2020) to EUR 9,902.3 million (+2.7%) on September 30, 2021.\",\n \"The capital invested in unit class IC decreased slightly from to EUR 819.4 million (September 30, 2020: EUR 825.4 million).\",\n \"This represented an 8.3% share of total net asset value as of the reporting date.\",\n \"Liquid assets decreased to EUR 1,377.6 million as a result of the property purchases made.\",\n \"The liquidity portfolio is managed in accordance with a fixed investment process.\",\n \"Interest rate and price forecasts are subject to technical and fundamental analy- sis.\",\n \"In the reporting period, liquid assets were invested primarily in overnight money and time deposits as well as fixed-income securities such as government bonds and corporate bonds from European issuers with a rating of good to very good (investment grade).\",\n \"Futures were used occasionally for duration control.\",\n \"## Results of the fund\",\n \"During the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).\",\n \"The distribution in the RC unit class on December 15, 2021, was EUR 0.90.\",\n \"The total return on investment in the RC unit class is EUR 0.89 per unit.\",\n \"Investors in the IC unit class receive a distribution in the amount of EUR 1.10.\",\n \"The total return on investment in the IC unit class is EUR 1.08 per unit.\",\n \"Information on taxation is included in the “Tax information for the investor” following this report.\",\n \"The positive performance of the fund is illustrated in the follow- ing overview.\",\n \"| Performance according to the BVI method (As of: September 30, 2021) |\",\n \"| --- |\",\n \"| | RC unit class | Annual average | IC unit class | Ø p.a. |\",\n \"| 1 year | 2.3% | | 2.7% | |\",\n \"| 2 years | 4.1% | 2.0% | 5.2% | 2.5% |\",\n \"| 3 years | 6.9% | 2.2% | 8.5% | 2.8% |\",\n \"| 5 years | 13.3% | 2.5% | 16.0% | 3.0% |\",\n \"| 10 years | 30.1% | 2.7% | 36.6% | 3.2% |\",\n \"| 15 years | 75.2% | 3.8% | | |\",\n \"| 20 years | 105.5% | 3.7% | | |\",\n \"| 25 years | 155.5% | 3.8% | | |\",\n \"| 30 years | 252.3% | 4.3% | | |\",\n \"| 35 years | 388.2% | 4.6% | | |\",\n \"| 40 years | 595.7% | 5.0% | | |\",\n \"| 45 years | 878.9% | 5.2% | | |\",\n \"| 50 years | 1,272.8% | 5.4% | | |\",\n \"| Since inception* | 1,380.3% | 5.4% | 56.2% | 3.4% |\",\n \"* Fund inception: October 27, 1970, IC unit class, April 1, 2008.\",\n \"## The grundbesitz europa real estate portfolio\",\n \"As of the reporting date, the grundbesitz europa portfolio com- prised 100 properties, of which 44 are directly held properties with market values totaling EUR 4,441.5 million.\",\n \"56 properties with a total volume of EUR 5,304.4 million are held through special purpose vehicles; 49 of these properties are majority holdings.\",\n \"Seven properties are held via minority holdings.\",\n \"Calculation of performance is based on the time-weighted return and excludes issue surcharges.\",\n \"Individual costs such as fees, commissions and other charges are not included in the presentation and would have a negative impact on performance if included.\",\n \"Past performance is not a reliable indicator of future performance.\",\n \"## Types of use of fund properties\",\n \"Geographical distribution of fund properties\",\n \"The share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let.\",\n \"The fund is diversified by investments in retail, residential and logistics.\",\n \"Ongoing project developments are not included in this presentation.\",\n \"## Geographical distribution of fund properties\",\n \"The 44 directly held properties and the 56 other properties held via special purpose vehicles are broadly distributed regionally across twelve countries.\",\n \"## Commercial age structure of fund properties\\tSize classification of fund properties\",\n \"The 17 properties with a market value exceeding EUR 150 million comprise office and retail properties with long-term leases in various countries.\",\n \"50 properties have a market value of between EUR 25 million and EUR 100 million.\",\n \"| Property according to size classification |\",\n \"| --- |\",\n \"| up to EUR 10 million | EUR 36.7 million | 0.4% | 5 properties |\",\n \"| EUR 10 to 25 million | EUR 145.0 million | 1.5% | 9 properties |\",\n \"| EUR 25 to 50 million | EUR 809.1 million | 8.3% | 21 properties |\",\n \"| EUR 50 to 100 million | EUR 2,097.1 million | 21.5% | 29 properties |\",\n \"| EUR 100 to 150 million | EUR 2,399.7 million | 24.6% | 19 properties |\",\n \"| EUR 150 to 200 million | EUR 897.2 million | 9.2% | 5 properties |\",\n \"| over EUR 200 million | EUR 3,361.1 million | 34.5% | 12 properties |\",\n \"| Total | EUR 9,745.9 million | 100.0% | 100 properties |\",\n \"## Property acquisitions and transfers to the portfolio\",\n \"Further information on the following properties is available in the index of properties and the list of acquisitions and dispo- sitions.\",\n \"Purchase prices are expressed in euro; with foreign currencies, the exchange rate at the time of the transfer of ownership of the property is used.\",\n \"A distinction is made between the time the contract of sale for a property is signed (the “signing”) and the time of the transfer of the property into the fund’s real estate portfolio (the “closing”).\",\n \"The respective property is only listed in the index of properties after the “closing”.\",\n \"In the case of project developments, closing may take place during the construction phase or only after com- pletion, depending on the contract formulation.\",\n \"Ten properties or project developments were acquired and added to the fund portfolio in the reporting period:\",\n \"Jönköping (SE) – Logistics property “Stellar”\",\n \"In December 2020, the grundbesitz europa fund invested in Sweden for the first time with a volume of around\",\n \"EUR 141.6 million.\",\n \"The complex, which consists of three build- ings with a total lettable area of 112,023 sqm, is one of the largest stand-alone distribution centers in the Nordic countries.\",\n \"The modern, partly fully automated sorting and storage build- ings allow efficient and high-performance logistics operations to serve the countries of Norway, Sweden, Denmark and Finland.\",\n \"The logistics complex is leased on a long-term basis to one of Northern Europe's largest electronics companies.\",\n \"The purchase price was approximately EUR 141.6 million in total.\",\n \"Transfer to the portfolio took place on December 10, 2020.\",\n \"Gdansk (PL) – “NEON” office building\",\n \"The “NEON” office property in the Polish port city of Gdansk was acquired in February 2021.\",\n \"The office property was completed at the end of 2019 and is located in Alchemia Business Park, which is centrally located between Gdansk and Gdynia.\",\n \"“NEON” offers usable office space of more than 33,000 sqm over eleven floors.\",\n \"In addition, there is retail space on the ground floor and around 300 parking spaces on two underground and two above-ground floors.\",\n \"The prop- erty has received “LEED Platinum” certification, meaning that\",\n \"it meets the highest internationally established sustainability standard.\",\n \"The purchase price was approximately EUR 82.1 million in total.\",\n \"Transfer to the portfolio took place on February 11, 2021.\",\n \"London (GB) – Residential property “Peckham Place”\",\n \"In March 2021, the residential property “Peckham Place” in the south of the British capital of London was acquired.\",\n \"The prop- erty is part of a newly constructed ensemble in a changing part of town.\",\n \"The recently constructed “Idaline Court” property is part of the wider Peckham Place development and comprises\",\n \"a multi-story apartment complex with 108 high quality rental units.\",\n \"It was built according to the Code for Sustainable Living and offers different floor plans, with each unit having its own balcony.\",\n \"Peckham Place offers excellent transportation links to central London and is particularly well connected to the City of London and the West End.\",\n \"The seller of the property is a British housing association.\",\n \"The purchase price was approximately EUR 64.3 million in total.\",\n \"Transfer to the portfolio took place on March 19, 2021.\",\n \"Lille, Nîmes and other locations (FR) – “Omega” logistics real estate portfolio\",\n \"In March 2021, a logistics property portfolio consisting of five properties was acquired in France for a total of around\",\n \"EUR 241.5 million.\",\n \"The acquisition took place via a holding com- pany as a joint venture with an open-ended real estate fund that is also managed by DWS.\",\n \"grundbesitz europa holds a 40% stake in the joint venture.\",\n \"The contract of sale for the “Omega” logistics real estate portfolio was signed on January 27, 2021.\",\n \"The four properties located in the greater Lille area and one near Nîmes were built between 2014 and 2017 and have a total floor space of around 206,000 sqm.\",\n \"The portfolio is fully let and largely on a long-term basis to five different users.\",\n \"Four properties have already been awarded the “BREEAM” and “HQE” sustainability certificates, and certification is also being sought for the fifth property in the short term.\",\n \"The purchase price volume for grundbesitz europa was around EUR 96.8 million.\",\n \"Transfer to the portfolio took place on\",\n \"March 23, 2021.\",\n \"Berlin (DE) – “Up!” office project development\",\n \"The contract of sale for a project development in Berlin, Germany, was signed on November 30, 2018.\",\n \"The transfer of the office property (comprising around 48,400 sqm) to the portfolio is sched- uled for the second quarter of 2021.\",\n \"Construction is progressing according to schedule.\",\n \"The purchase price was EUR 314.8 million and transfer to the portfolio took place on May 7, 2021.\",\n \"Hamburg (DE) – Logistics property “Spectrum”\",\n \"In June 2020, a logistics property in Hamburg was acquired together with another investment fund for approximately EUR 189 million.\",\n \"grundbsesitz europa holds a 55% interest in the real estate company.\",\n \"The property is located in the southeast of Hamburg in the immediate vicinity of the highway intersection of the important north-south connection A 1 and the eastbound A 25.\",\n \"The Port of Hamburg is around 12 km away from the new fund property.\",\n \"In view of the good long-distance transport connections and the proximity to the city center and the port, the property location is one of the most attractive and most sought-after logistics locations in the greater Hamburg area and in Germany and has almost no vacancies.\",\n \"The modern logistics property “Spectrum” currently has a rental area of around 77,100 sqm and will be extended by a logistics hall with around 18,800 sqm by 2022.\",\n \"The complex is leased\",\n \"on a long-term basis to one of Europe's largest logistics com- panies.\",\n \"There are 249 car parking spaces and 20 truck parking spaces on the approximately 160,000 sqm site.\",\n \"The purchase price of the fund share was EUR 84.5 million, with the transfer to the portfolio taking place on June 1, 2021.\",\n \"One property was transferred to the portfolio before the report- ing period and was added to the fund portfolio in the reporting period:\",\n \"London (GB) – “Pavilion Court”\",\n \"The contract of sale for the project development of a student residence complex was signed on February 28, 2019.\",\n \"The pur- chase of the property and transfer of ownership took place on March 8, 2019, and the purchase price installments are being paid in accordance with construction progress.\",\n \"The agreed pur- chase price is around EUR 127.8 million.\",\n \"Completion of the student accommodation development at Wembley, which has since been increased to 699 rooms, took place on September 24, 2021.\",\n \"Four properties were acquired before the reporting period and added to the fund portfolio in the reporting period:\",\n \"The Hague (NL) – “Carmel Residential Portfolio”\",\n \"The “Carmel” residential portfolio consists of a total of eight so-called clusters, which were acquired in several tranches; each comprises various individual properties.\",\n \"Six of these clus- ters were already in the fund's portfolio, and two more were transferred during the reporting period.\",\n \"This is a multi-story\",\n \"apartment building with 288 residential units and a total lettable area of around 12,700 sqm, which consists of two intercon-\",\n \"nected building sections and has a total of 92 parking spaces in the building or in the neighboring building.\",\n \"The apartments\",\n \"range in size between 41 sqm and 72 sqm.\",\n \"They have fully fitted bathrooms, open-plan kitchens as well as balconies and they can be accessed by elevator.\",\n \"The purchase price volume for these units for grundbesitz europa was around EUR 66.8 million.\",\n \"Transfer to the portfolio took place on October 30, 2020.\",\n \"In addition, the fund management acquired a further residential property portfolio with a total of 369 apartments in The Hague during the reporting period, the individual units of which were incorporated into three existing clusters and expanded them.\",\n \"The purchase price was around EUR 70.9 million and ownership was transferred on June 2, 2021.\",\n \"Espoo (FI) – “Keilalampi” office property and “Pavilions”\",\n \"The “Keilalampi” office building and the two “pavilions” belong- ing to it were added to the fund's portfolio in March 2021.\",\n \"These properties complement the office property already acquired at this location in March 2020.\",\n \"The multi-story office building with a total lettable area of around 13,600 sqm was built in 1994 and was extensively mod- ernized in 2020/2021.\",\n \"Among other things, the building services, the façade and the office space and interiors were modernized.\",\n \"The “LEED Gold” sustainability certificate will be sought upon completion of the modernization measures.\",\n \"All the spaces are fully let on a long-term basis, with the main tenant being a Finnish insurance company.\",\n \"Two newly constructed pavilions with a total of around 1,080 sqm of catering and service space were also acquired\",\n \"with this property.\",\n \"The pavilions are located on a newly created public town square in front of the building.\",\n \"In addition to direct access to the metro at street level, there is an underground car park with 193 parking spaces below the buildings.\",\n \"The purchase price was approximately EUR 86.4 million in total.\",\n \"Transfer to the portfolio took place on March 31, 2021.\",\n \"Nine properties were acquired as project developments during or before the reporting period and have not yet been completed:\",\n \"Düsseldorf (DE) – “Trio” project\",\n \"The contract of sale for three hotel properties in Düsseldorf that were purchased as a project development for the fund was signed on August 31, 2018.\",\n \"The project is an ensemble with a total of 717 rooms close to the main train station in Düsseldorf.\",\n \"Completion is planned for the fourth quarter of 2021.\",\n \"Construc- tion is progressing according to schedule.\",\n \"The agreed purchase price is around EUR 157.4 million.\",\n \"Cologne (DE) – “Messe City Köln” hotel project development\",\n \"The contract of sale for a hotel project development in Cologne, Germany, was signed on April 17, 2019.\",\n \"The transfer of the hotels (comprising around 479 rooms) to the portfolio is sched- uled for the second quarter of 2021.\",\n \"Construction is progressing according to schedule.\",\n \"The agreed purchase price is around EUR 111.5 million.\",\n \"Berlin (DE) – “The Grid”\",\n \"The contract of sale for the project development of an office prop- erty in the Friedrichshain-Kreuzberg district, an up-and-coming submarket of Berlin, was signed on December 20, 2019.\",\n \"Transfer to the portfolio took place on February 19, 2020, upon payment of the first purchase price installment.\",\n \"The multi-story building with 13,849 sqm of floor space has retail and restaurant space on the ground floor as well as park- ing facilities in an underground garage.\",\n \"More than 50% of the space has already been leased on a long-term basis prior to the start of construction.\",\n \"By acquiring this office property, the fund intends to profit from the positive development forecast for the Friedrichshain-Kreuzberg district of Berlin and continuous rental income in a growth market.\",\n \"Due to the high building standards, the “DNGB” Gold certification is being sought.\",\n \"A purchase price of EUR 129.1 million was agreed and pay- ments are being made in line with construction progress.\",\n \"Com- pletion is scheduled for the fourth quarter of 2021.\",\n \"Barcelona (ES) – “One Parc Central” office property\",\n \"In February 2021, the purchase agreement for the project devel- opment of an office property in Spain was signed.\",\n \"The twelve- story office property is being built in the highly sought-after 22@ district to the north of the Catalan capital of Barcelona.\",\n \"With the acquisition of the office property, investments will be made in a growth market after completion in autumn 2022.\",\n \"Around EUR 128.0 million was agreed as the purchase price, with payment to the seller to be made after completion.\",\n \"Dublin (IE) – “Cheevers & Haliday” residential property\",\n \"In July 2020, the purchase agreement with a volume of around EUR 195.0 million was signed for the project development of a residential building complex located around eleven kilometers south of the Irish capital of Dublin.\",\n \"The modern, multi-story project development with a total rental area of 31,512 sqm comprises two economically independent residential buildings and is located on a former golf course\",\n \"in the sub-market of Dun Laoghaire, a prosperous suburb of Dublin.\",\n \"The surrounding towns of Dun Laoghaire, Dalkey, Monkstown and Blackrock can be accessed via private care and public transport in a short time and offer numerous shopping and leisure options.\",\n \"The high-quality and fully equipped 368 residential units com- prise a mix of 2-4 room apartments and their average size is around 86 sqm.\",\n \"They can be accessed via an elevator and, besides a balcony/terrace, have numerous other conveniences.\",\n \"Completion of the apartment blocks will take place in several construction phases from June 2021 to an anticipated January 2022.\",\n \"Paris (FR) – “TOKO” office project development\",\n \"The project development for an office building in need of mod- ernization that is located at the edge of the central business district (CBD) of Paris was purchased in September 2020.\",\n \"The multi-story class-A office block, which was built in 1955 and 1989, is impressive not only due to its excellent location but also its striking architecture with a completely glass facade and bright, modern office space.\",\n \"The office building is located in the 17th district of Paris, which profits from the continuous expan- sion of the Paris CBD and very good connections to the center and the Parisian ring road.\",\n \"Due to the very low vacancy rate of approx.\",\n \"2% in the greater Paris area and the limited construc- tion possibilities, it is assumed that the property location will\",\n \"be included in a future expansion of the inner-city office market and will continue to gain in importance.\",\n \"Even before the conversion work begins, the fund property is fully pre-let for the long term to a tenant of sound financial\",\n \"standing from the digital services sector.\",\n \"Upon completion of the modernization measures, an application will be made for the “BREEAM Very Good” and “Wired Score Silver” sustain- ability certificates.\",\n \"The Wired Score certification is a globally recognized standard for evaluating the connectivity of office buildings.\",\n \"A purchase price of EUR 162.0 million was agreed and payments are being made in line with construction progress.\",\n \"Completion is planned for the first quarter of 2022.\",\n \"Madrid (ES) – Residential portfolio\",\n \"On December 30, 2020, the grundbesitz global and grundbesitz europa funds acquired a pro rata share of four attractive resi- dential projects in the popular locations of Vallecas and Getafe, south of Madrid's city center.\",\n \"grundbesitz europa holds a 40% interest in the project.\",\n \"The projects are characterized by upscale construction and appealing architecture.\",\n \"The equipment standard of the approx.\",\n \"1,000 apartments with fitted kitchen, air conditioning, WLAN, fitness area, pool, lobby and common areas is above average.\",\n \"The residential neighborhoods have excellent public transporta- tion connections.\",\n \"Due to the building and site qualities, a sus- tainability certification of “BREEAM Good” or higher is sought.\",\n \"A pro rata purchase price of EUR 85.6 million was agreed.\",\n \"Pay- ments in line with construction progress will be made based on building permits expected by the end of 2021.\",\n \"The completion of the four projects is scheduled for the end of 2023.\",\n \"## Property sales and transfers from the portfolio\",\n \"The sales price is expressed in euro before deduction of incidental selling costs.\",\n \"Two properties were sold and removed from the fund portfolio in the reporting period.\",\n \"London (GB) – “Capital House” office property\",\n \"In July 2021, the “Capital House” office property in London, United Kingdom, which was acquired in 2010, was sold.\",\n \"The building, completed in 2003, was leased to six office tenants and three retail tenants at the time of sale.\",\n \"The sales price of around EUR 151.0 million (GBP 130.5 million) is approximately 12% higher than the most recently determined market value of around EUR 134.9 million.\",\n \"“Capital House”, with its rental area of around 10,650 sqm spread over eight floors, benefited in particular from its central location in the City of London.\",\n \"The area around the Bank of England is the traditional core of the City of London and funda- mentally attractive to international tenants.\",\n \"The property, which is now 17 years old, has nevertheless recently recorded an increased vacancy rate.\",\n \"With the strategic sale, the fund management is realising the very good performance since purchase and intends to reinvest the sales proceeds in the further diversification of the portfolio.\",\n \"Madrid (ES) – “Paseo de la Castellana 42” office property\",\n \"In July 2021, the “Paseo de la Castellana 42” office property in Madrid, Spain, which was acquired in 2003, was sold.\",\n \"The sales price of around EUR 54.6 million is approximately 42% higher than the most recently determined market value of around\",\n \"EUR 38.5 million.\",\n \"The proceeds from the sale are to be rein- vested in the further diversification of the portfolio.\",\n \"“Paseo de la Castellana 42”, with its rental area of around\",\n \"4,595 sqm spread over ten floors, benefited in particular from its very central location in the city center of Madrid.\",\n \"The building, built in 1980 and remodeled in 2001, was most recently leased to three tenants, but three floors were unrented.\",\n \"The property is comparatively old compared to the buildings in the immediate vicinity in a prime inner-city location in Madrid, does not cur- rently meet the requirements for a sustainable property and has no environmental certification.\",\n \"The sale of the property leads to a further improvement in the quality of the overall portfolio, reduces existing and future let- ting risks of the fund and enables reinvestment in properties with comparatively better development opportunities and lower risks.\",\n \"## Borrowed capital and currency risks\",\n \"The grundbesitz europa fund had loan liabilities amounting to EUR 1,599.0 million as of the September 30, 2021, reporting date (September 30, 2020: EUR 1,281.1 million).\",\n \"A total of\",\n \"29 properties are currently encumbered with the rights of third parties.\",\n \"Credit line agreements facilitating flexible financing\",\n \"of new acquisitions and project developments at low interest rates.\",\n \"As of the reporting date, the borrowing ratio amounted to 16.4% based on real estate assets.\",\n \"As of the reporting date, loans denominated in British pounds that translate into a total of approximately EUR 648.1 million exist for 18 prop- erties (September 30, 2020: EUR 620.4 million).\",\n \"Total bor- rowing in euro amounts to approximately EUR 889.1 million (September 30, 2020: EUR 660.5 million).\",\n \"A new financing in Swedish krona amounting to EUR 61.8 million was added.\",\n \"| Overview of loans as of September 30, 2021 |\",\n \"| --- |\",\n \"| grundbesitz europa | Total borrowings (direct) in EUR million | % of the market value of all fund properties | Total borrowings (indirect via holding companies) in EUR million | % of the market value of all fund properties | Less than 1 year | Remaining loan terms as a % of total borrowings 1 to 2\\t2 to 5\\t5 to 10 years\\tyears\\tyears | Average interest rate as % |\",\n \"| EUR loans (outside Germany) | 447.8 | 4.6 | 130.7 | 1.3 | 14.5 | 1.9 | 16.8 | 3.1 | 0.95 |\",\n \"| EUR loans (Germany) | 51.4 | 0.5 | 259.2 | 2.7 | 1.6 | 3.3 | 5.4 | 9.2 | 1.07 |\",\n \"| GBP | 404.5 | 4.2 | 243.5 | 2.5 | 1.2 | 0.0 | 10.3 | 29.0 | 2.37 |\",\n \"| SEK | 0.0 | 0.0 | 61.8 | 0.6 | 0.0 | 0.0 | 3.9 | 0.0 | 1.61 |\",\n \"| Total | 903.8 | 9.3 | 695.2 | 7.1 | 17.3 | 5.2 | 36.3 | 41.2 | |\",\n \"| Overview of currency risks as of September 30, 2021 |\",\n \"| --- |\",\n \"| grundbesitz europa | Open currency positions reporting as of the date in the local currency (thousands) | Exchange rate as of the reporting date | Open currency positions as of the reporting date (TEUR) | % of fund assets per currency area |\",\n \"| GBP | 144,066 | 0.86266 | 167,002 | 1.7 | | PLN | 486,583 | 4.62623 | 105,179 | 1.1 | | SEK | 809,168 | 10.20052 | 79,326 | 0.8 | | NOK | 497,324 | 10.12598 | 49,114 | 0.5 | | Total | | | 400,621 | 4.0 | The currency hedging strategy is structured for the medium to long term and is based on a minimization of hedging costs/ maximization of hedging income. Prices for forward exchange hedging primarily result from the effective difference in interest rates between the eurozone and the investment country and the (remaining) term of the contract. Changes to the difference in interest rates result in changes to the intrinsic value of the forward exchange hedge.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98254,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Vermietungsinformationen zum 30. September 2021\n| Land | Deutschland4) | GB 4) | Frankreich4) | Polen | Spanien | Niederlande | Italien |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Mietobjekte (Anzahl) | 24 | 20 | 16 | 8 | 4 | 14 | 3 |\n| Mietobjekte (Verkehrswerte in Mio. EUR) | 2.712,5 | 2.236,4 | 1.285,0 | 725,0 | 644,2 | 831,4 | 401,9 |\n| Nutzungsarten nach Jahressollmietertrag1) |\n| Büro & Praxis | 51,8% | 60,2% | 72,3% | 55,3% | 0,4% | 51,2% | 9,5% |\n| Handel/Gastronomie | 28,6% | 9,7% | 7,7% | 28,4% | 88,6% | 2,9% | 59,5% |\n| Hotel | 2,3% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% |\n| Lager/Logistik | 5,7% | 0,3% | 17,4% | 7,8% | 4,3% | 0,3% | 30,9% |\n| Wohnen | 1,2% | 28,9% | 0,0% | 0,0% | 0,0% | 39,6% | 0,0% |\n| Freizeit | 0,6% | 0,0% | 0,0% | 1,4% | 5,4% | 0,0% | 0,0% |\n| Stellplätze | 5,9% | 1,0% | 1,4% | 5,3% | 0,1% | 6,1% | 0,0% |\n| Andere | 4,0% | 0,0% | 1,2% | 1,8% | 1,1% | 0,0% | 0,0% |\n| Gesamt | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% |\n| Leerstand (stichtagsbezogen)2) |\n| Büro & Praxis | 2,1% | 2,9% | 8,6% | 5,5% | 0,0% | 1,7% | 0,0% |\n| Handel/Gastronomie | 4,4% | 0,6% | 0,8% | 3,2% | 7,9% | 0,1% | 5,3% |\n| Hotel | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% |\n| Lager/Logistik | 0,3% | 0,0% | 0,2% | 0,7% | 0,7% | 0,0% | 0,0% |\n| Wohnen | 0,1% | 2,1% | 0,0% | 0,0% | 0,0% | 1,2% | 0,0% |\n| Freizeit | 0,0% | 0,0% | 0,0% | 0,4% | 0,0% | 0,0% | 0,0% |\n| Stellplätze | 0,6% | 0,2% | 0,5% | 0,3% | 0,0% | 0,2% | 0,0% |\n| Andere | 0,2% | 0,0% | 0,0% | 0,0% | 0,1% | 0,0% | 0,0% |\n| Vermietungsquote | 92,3% | 94,2% | 89,9% | 89,9% | 91,3% | 96,8% | 94,7% |\n| Auslaufende Mietverträge3) |\n| bis 31.12.2021 | 2,9% | 1,8% | 15,6% | 0,9% | 6,7% | 0,7% | 5,8% |\n| 2022 | 6,1% | 31,6% | 26,4% | 18,2% | 29,5% | 0,7% | 14,7% |\n| 2023 | 10,4% | 4,2% | 26,2% | 12,7% | 22,5% | 5,2% | 14,8% |\n| 2024 | 7,2% | 2,6% | 7,7% | 20,6% | 12,1% | 2,2% | 12,5% |\n| 2025 | 17,2% | 3,1% | 8,5% | 22,9% | 11,3% | 5,8% | 7,6% |\n| 2026 | 7,4% | 3,6% | 2,6% | 10,2% | 12,5% | 0,0% | 4,0% |\n| 2027 | 5,1% | 21,3% | 13,1% | 5,2% | 2,2% | 0,6% | 1,1% |\n| 2028 | 1,9% | 4,8% | 0,0% | 1,7% | 0,3% | 4,1% | 0,4% |\n| 2029 | 9,1% | 2,4% | 0,0% | 1,4% | 0,4% | 0,0% | 0,0% |\n| 2030 | 1,7% | 1,6% | 0,0% | 1,6% | 0,0% | 19,3% | 0,0% |\n| ab 2031 | 31,0% | 22,9% | 0,0% | 4,6% | 2,4% | 61,4% | 39,1% |\n| Gesamt | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% |\n\n- Inklusive Vertragsmiete, mietfreier Zeiten und bewertetem Leerstand.\n- Leerstandsquote gemessen am Sollmietertrag.\n- Bei Ausübung des Sonderkündigungsrechts.\n- Ohne Projektentwicklung Berlin, „The Grid“, Paris, „TOKO“, und Wembley, „Pavilion Court“.\n\n| Finnland | Irland | sonstiges Europa | Gesamt4) |\n| --- | --- | --- | --- |\n| 5 | 3 | 3 | 100 |\n| 383,0 | 225,0 | 301,4 | 9.746,0 |\n| |\n| 72,6% | 0,0% | 0,8% | 48,4% |\n| 9,3% | 2,9% | 63,4% | 25,1% |\n| 0,0% | 0,0% | 0,0% | 0,5% |\n| 2,6% | 0,0% | 33,2% | 7,4% |\n| 0,0% | 97,1% | 0,0% | 13,1% |\n| 2,0% | 0,0% | 2,5% | 0,8% |\n| 11,6% | 0,0% | 0,0% | 3,3% |\n| 2,0% | 0,0% | 0,2% | 1,4% |\n| 100,0% | 100,0% | 100,0% | 100,0% |\n| |\n| 5,1% | 0,0% | 0,0% | 3,1% |\n| 0,2% | 0,8% | 5,8% | 2,7% |\n| 0,0% | 0,0% | 0,0% | 0,0% |\n| 0,1% | 0,0% | 0,1% | 0,2% |\n| 0,0% | 32,6% | 0,0% | 1,4% |\n| 0,0% | 0,0% | 0,0% | 0,0% |\n| 1,2% | 0,0% | 0,0% | 0,3% |\n| 0,1% | 0,0% | 0,0% | 0,1% |\n| 93,3% | 66,6% | 94,1% | 92,2% |\n| |\n| 1,3% | 0,0% | 5,1% | 4,1% |\n| 6,6% | 59,2% | 12,6% | 18,7% |\n| 22,3% | 0,0% | 15,6% | 11,9% |\n| 10,0% | 0,0% | 8,8% | 7,6% |\n| 7,3% | 0,6% | 11,8% | 10,4% |\n| 3,7% | 0,0% | 3,4% | 5,3% |\n| 3,2% | 0,6% | 3,3% | 9,1% |\n| 3,9% | 1,9% | 36,4% | 3,9% |\n| 20,3% | 0,0% | 0,1% | 3,6% |\n| 2,1% | 0,0% | 0,5% | 2,8% |\n| 19,3% | 37,7% | 2,3% | 22,7% |\n| 100,0% | 100,0% | 100,0% | 100,0% |\n\n| Mieterstruktur (Basis: Vertragsmiete) – nach Branchen |\n| --- |\n| Konsumgüter & Einzelhandel | 27,7% |\n| Bank & Finanzdienstleistung | 17,3% |\n| Wohnen | 11,6% |\n| Technologie und Software | 6,4% |\n| Unternehmens-/ Rechts- und Steuerberatung | 5,8% |\n| Versorger und Telekommunikation | 4,8% |\n| Automobil & Transport | 4,2% |\n| Hotel/Gastronomie | 3,6% |\n| Bau | 2,9% |\n| Versicherungsgewerbe | 2,4% |\n| Chemie/Pharmazeutische Industrie | 0,8% |\n| Sonstige Branchen | 12,6% |\n| Summe | 100,0% |\n\n\n## Vermietungssituation\nDie Grafiken zeigen die auslaufenden Mietverträge, gemessen an der derzeitigen Vertragsmiete. Bei Mietverträgen mit Sonder- kündigungsrechten wird von der frühestmöglichen Beendigung des Mietverhältnisses ausgegangen. Die Darstellung ohne Berücksichtigung von Sonderkündigungsrechten verdeutlicht, wie sich die Mietvertragsausläufe zugunsten der vertraglich gesicherten Mieteinnahmen des Fonds nach hinten verschieben."},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Letting information as of September 30, 2021\n| Country | Germany4 | GB4 | France4 | Poland | Spain | Netherlands | Italy |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Rental properties (number) | 24 | 20 | 16 | 8 | 4 | 14 | 3 |\n| Rental properties (market values in EUR million) | 2,712.5 | 2,236.4 | 1,285.0 | 725.0 | 644.2 | 831.4 | 401.9 |\n| Types of use according to annual rental income fully let1 |\n| Office & practice | 51.8% | 60.2% | 72.3% | 55.3% | 0.4% | 51.2% | 9.5% |\n| Trade/Gastronomy | 28.6% | 9.7% | 7.7% | 28.4% | 88.6% | 2.9% | 59.5% |\n| Hotel | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\n| Warehouse/Logistics | 5.7% | 0.3% | 17.4% | 7.8% | 4.3% | 0.3% | 30.9% |\n| Residential | 1.2% | 28.9% | 0.0% | 0.0% | 0.0% | 39.6% | 0.0% |\n| Leisure | 0.6% | 0.0% | 0.0% | 1.4% | 5.4% | 0.0% | 0.0% |\n| Parking spaces | 5.9% | 1.0% | 1.4% | 5.3% | 0.1% | 6.1% | 0.0% |\n| Other | 4.0% | 0.0% | 1.2% | 1.8% | 1.1% | 0.0% | 0.0% |\n| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |\n| Vacancy (as of reporting date)2 |\n| Office & practice | 2.1% | 2.9% | 8.6% | 5.5% | 0.0% | 1.7% | 0.0% |\n| Trade/Gastronomy | 4.4% | 0.6% | 0.8% | 3.2% | 7.9% | 0.1% | 5.3% |\n| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\n| Warehouse/Logistics | 0.3% | 0.0% | 0.2% | 0.7% | 0.7% | 0.0% | 0.0% |\n| Residential | 0.1% | 2.1% | 0.0% | 0.0% | 0.0% | 1.2% | 0.0% |\n| Leisure | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% |\n| Parking spaces | 0.6% | 0.2% | 0.5% | 0.3% | 0.0% | 0.2% | 0.0% |\n| Other | 0.2% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% |\n| Occupancy rate | 92.3% | 94.2% | 89.9% | 89.9% | 91.3% | 96.8% | 94.7% |\n| Expiring tenancy agreements3 |\n| until December 31, 2021 | 2.9% | 1.8% | 15.6% | 0.9% | 6.7% | 0.7% | 5.8% |\n| 2022 | 6.1% | 31.6% | 26.4% | 18.2% | 29.5% | 0.7% | 14.7% |\n| 2023 | 10.4% | 4.2% | 26.2% | 12.7% | 22.5% | 5.2% | 14.8% |\n| 2024 | 7.2% | 2.6% | 7.7% | 20.6% | 12.1% | 2.2% | 12.5% |\n| 2025 | 17.2% | 3.1% | 8.5% | 22.9% | 11.3% | 5.8% | 7.6% |\n| 2026 | 7.4% | 3.6% | 2.6% | 10.2% | 12.5% | 0.0% | 4.0% |\n| 2027 | 5.1% | 21.3% | 13.1% | 5.2% | 2.2% | 0.6% | 1.1% |\n| 2028 | 1.9% | 4.8% | 0.0% | 1.7% | 0.3% | 4.1% | 0.4% |\n| 2029 | 9.1% | 2.4% | 0.0% | 1.4% | 0.4% | 0.0% | 0.0% |\n| 2030 | 1.7% | 1.6% | 0.0% | 1.6% | 0.0% | 19.3% | 0.0% |\n| from 2031 | 31.0% | 22.9% | 0.0% | 4.6% | 2.4% | 61.4% | 39.1% |\n| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |\n\n- Including contractual rent, rent-free periods and measured vacancy.\n- Vacancy rate as measured by target rental income.\n- On exercising special termination right.\n- Excluding project development Berlin, \"The Grid\", Paris, \"TOKO\", and Wembley, \"Pavilion Court\".\n\n| Finland | Ireland | Other in Europe | Total4 |\n| --- | --- | --- | --- |\n| 5 | 3 | 3 | 100 |\n| 383.0 | 225.0 | 301.4 | 9,746.0 |\n| |\n| 72.6% | 0.0% | 0.8% | 48.4% |\n| 9.3% | 2.9% | 63.4% | 25.1% |\n| 0.0% | 0.0% | 0.0% | 0.5% |\n| 2.6% | 0.0% | 33.2% | 7.4% |\n| 0.0% | 97.1% | 0.0% | 13.1% |\n| 2.0% | 0.0% | 2.5% | 0.8% |\n| 11.6% | 0.0% | 0.0% | 3.3% |\n| 2.0% | 0.0% | 0.2% | 1.4% |\n| 100.0% | 100.0% | 100.0% | 100.0% |\n| |\n| 5.1% | 0.0% | 0.0% | 3.1% |\n| 0.2% | 0.8% | 5.8% | 2.7% |\n| 0.0% | 0.0% | 0.0% | 0.0% |\n| 0.1% | 0.0% | 0.1% | 0.2% |\n| 0.0% | 32.6% | 0.0% | 1.4% |\n| 0.0% | 0.0% | 0.0% | 0.0% |\n| 1.2% | 0.0% | 0.0% | 0.3% |\n| 0.1% | 0.0% | 0.0% | 0.1% |\n| 93.3% | 66.6% | 94.1% | 92.2% |\n| |\n| 1.3% | 0.0% | 5.1% | 4.1% |\n| 6.6% | 59.2% | 12.6% | 18.7% |\n| 22.3% | 0.0% | 15.6% | 11.9% |\n| 10.0% | 0.0% | 8.8% | 7.6% |\n| 7.3% | 0.6% | 11.8% | 10.4% |\n| 3.7% | 0.0% | 3.4% | 5.3% |\n| 3.2% | 0.6% | 3.3% | 9.1% |\n| 3.9% | 1.9% | 36.4% | 3.9% |\n| 20.3% | 0.0% | 0.1% | 3.6% |\n| 2.1% | 0.0% | 0.5% | 2.8% |\n| 19.3% | 37.7% | 2.3% | 22.7% |\n| 100.0% | 100.0% | 100.0% | 100.0% |\n\n| Tenant structure (basis: contractual rent) – by sector |\n| --- |\n| Consumer goods and retail | 27.7% |\n| Banks and financial service providers | 17.3% |\n| Residential | 11.6% |\n| Technology and software | 6.4% |\n| Corporate/Legal/Tax consulting | 5.8% |\n| Utilities and telecommunications | 4.8% |\n| Automotive and transportation | 4.2% |\n| Hotel/Gastronomy | 3.6% |\n| Construction | 2.9% |\n| Insurance companies | 2.4% |\n| Chemical/Pharmaceutical industry | 0.8% |\n| Other sectors | 12.6% |\n| Total | 100.0% |\n\n\n## Occupancy situation\nExpiring tenancy agreements, as measured by current contrac- tual rent, are illustrated in the charts. In respect of tenancy agreements with special termination rights, the earliest possible ending of the rental agreement is assumed. Presenting the data without taking into account special termination rights illustrates how expiring tenancy agreements work in favor of the contrac- tually secured rental income of the fund."},"unique id":{"kind":"number","value":108255,"string":"108,255"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Letting information as of September 30, 2021","| Country | Germany4 | GB4 | France4 | Poland | Spain | Netherlands | Italy |","| --- | --- | --- | --- | --- | --- | --- | --- |","| Rental properties (number) | 24 | 20 | 16 | 8 | 4 | 14 | 3 |","| Rental properties (market values in EUR million) | 2,712.5 | 2,236.4 | 1,285.0 | 725.0 | 644.2 | 831.4 | 401.9 |","| Types of use according to annual rental income fully let1 |","| Office & practice | 51.8% | 60.2% | 72.3% | 55.3% | 0.4% | 51.2% | 9.5% |","| Trade/Gastronomy | 28.6% | 9.7% | 7.7% | 28.4% | 88.6% | 2.9% | 59.5% |","| Hotel | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |","| Warehouse/Logistics | 5.7% | 0.3% | 17.4% | 7.8% | 4.3% | 0.3% | 30.9% |","| Residential | 1.2% | 28.9% | 0.0% | 0.0% | 0.0% | 39.6% | 0.0% |","| Leisure | 0.6% | 0.0% | 0.0% | 1.4% | 5.4% | 0.0% | 0.0% |","| Parking spaces | 5.9% | 1.0% | 1.4% | 5.3% | 0.1% | 6.1% | 0.0% |","| Other | 4.0% | 0.0% | 1.2% | 1.8% | 1.1% | 0.0% | 0.0% |","| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |","| Vacancy (as of reporting date)2 |","| Office & practice | 2.1% | 2.9% | 8.6% | 5.5% | 0.0% | 1.7% | 0.0% |","| Trade/Gastronomy | 4.4% | 0.6% | 0.8% | 3.2% | 7.9% | 0.1% | 5.3% |","| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |","| Warehouse/Logistics | 0.3% | 0.0% | 0.2% | 0.7% | 0.7% | 0.0% | 0.0% |","| Residential | 0.1% | 2.1% | 0.0% | 0.0% | 0.0% | 1.2% | 0.0% |","| Leisure | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% |","| Parking spaces | 0.6% | 0.2% | 0.5% | 0.3% | 0.0% | 0.2% | 0.0% |","| Other | 0.2% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% |","| Occupancy rate | 92.3% | 94.2% | 89.9% | 89.9% | 91.3% | 96.8% | 94.7% |","| Expiring tenancy agreements3 |","| until December 31, 2021 | 2.9% | 1.8% | 15.6% | 0.9% | 6.7% | 0.7% | 5.8% |","| 2022 | 6.1% | 31.6% | 26.4% | 18.2% | 29.5% | 0.7% | 14.7% |","| 2023 | 10.4% | 4.2% | 26.2% | 12.7% | 22.5% | 5.2% | 14.8% |","| 2024 | 7.2% | 2.6% | 7.7% | 20.6% | 12.1% | 2.2% | 12.5% |","| 2025 | 17.2% | 3.1% | 8.5% | 22.9% | 11.3% | 5.8% | 7.6% |","| 2026 | 7.4% | 3.6% | 2.6% | 10.2% | 12.5% | 0.0% | 4.0% |","| 2027 | 5.1% | 21.3% | 13.1% | 5.2% | 2.2% | 0.6% | 1.1% |","| 2028 | 1.9% | 4.8% | 0.0% | 1.7% | 0.3% | 4.1% | 0.4% |","| 2029 | 9.1% | 2.4% | 0.0% | 1.4% | 0.4% | 0.0% | 0.0% |","| 2030 | 1.7% | 1.6% | 0.0% | 1.6% | 0.0% | 19.3% | 0.0% |","| from 2031 | 31.0% | 22.9% | 0.0% | 4.6% | 2.4% | 61.4% | 39.1% |","| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |","- Including contractual rent, rent-free periods and measured vacancy.","- Vacancy rate as measured by target rental income.","- On exercising special termination right.","- Excluding project development Berlin, \"The Grid\", Paris, \"TOKO\", and Wembley, \"Pavilion Court\".","| Finland | Ireland | Other in Europe | Total4 |","| --- | --- | --- | --- |","| 5 | 3 | 3 | 100 |","| 383.0 | 225.0 | 301.4 | 9,746.0 |","| |","| 72.6% | 0.0% | 0.8% | 48.4% |","| 9.3% | 2.9% | 63.4% | 25.1% |","| 0.0% | 0.0% | 0.0% | 0.5% |","| 2.6% | 0.0% | 33.2% | 7.4% |","| 0.0% | 97.1% | 0.0% | 13.1% |","| 2.0% | 0.0% | 2.5% | 0.8% |","| 11.6% | 0.0% | 0.0% | 3.3% |","| 2.0% | 0.0% | 0.2% | 1.4% |","| 100.0% | 100.0% | 100.0% | 100.0% |","| |","| 5.1% | 0.0% | 0.0% | 3.1% |","| 0.2% | 0.8% | 5.8% | 2.7% |","| 0.0% | 0.0% | 0.0% | 0.0% |","| 0.1% | 0.0% | 0.1% | 0.2% |","| 0.0% | 32.6% | 0.0% | 1.4% |","| 0.0% | 0.0% | 0.0% | 0.0% |","| 1.2% | 0.0% | 0.0% | 0.3% |","| 0.1% | 0.0% | 0.0% | 0.1% |","| 93.3% | 66.6% | 94.1% | 92.2% |","| |","| 1.3% | 0.0% | 5.1% | 4.1% |","| 6.6% | 59.2% | 12.6% | 18.7% |","| 22.3% | 0.0% | 15.6% | 11.9% |","| 10.0% | 0.0% | 8.8% | 7.6% |","| 7.3% | 0.6% | 11.8% | 10.4% |","| 3.7% | 0.0% | 3.4% | 5.3% |","| 3.2% | 0.6% | 3.3% | 9.1% |","| 3.9% | 1.9% | 36.4% | 3.9% |","| 20.3% | 0.0% | 0.1% | 3.6% |","| 2.1% | 0.0% | 0.5% | 2.8% |","| 19.3% | 37.7% | 2.3% | 22.7% |","| 100.0% | 100.0% | 100.0% | 100.0% |","| Tenant structure (basis: contractual rent) – by sector |","| --- |","| Consumer goods and retail | 27.7% |","| Banks and financial service providers | 17.3% |","| Residential | 11.6% |","| Technology and software | 6.4% |","| Corporate/Legal/Tax consulting | 5.8% |","| Utilities and telecommunications | 4.8% |","| Automotive and transportation | 4.2% |","| Hotel/Gastronomy | 3.6% |","| Construction | 2.9% |","| Insurance companies | 2.4% |","| Chemical/Pharmaceutical industry | 0.8% |","| Other sectors | 12.6% |","| Total | 100.0% |","## Occupancy situation","Expiring tenancy agreements, as measured by current contrac- tual rent, are illustrated in the charts.","In respect of tenancy agreements with special termination rights, the earliest possible ending of the rental agreement is assumed.","Presenting the data without taking into account special termination rights illustrates how expiring tenancy agreements work in favor of the contrac- tually secured rental income of the fund."],"string":"[\n \"# Letting information as of September 30, 2021\",\n \"| Country | Germany4 | GB4 | France4 | Poland | Spain | Netherlands | Italy |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Rental properties (number) | 24 | 20 | 16 | 8 | 4 | 14 | 3 |\",\n \"| Rental properties (market values in EUR million) | 2,712.5 | 2,236.4 | 1,285.0 | 725.0 | 644.2 | 831.4 | 401.9 |\",\n \"| Types of use according to annual rental income fully let1 |\",\n \"| Office & practice | 51.8% | 60.2% | 72.3% | 55.3% | 0.4% | 51.2% | 9.5% |\",\n \"| Trade/Gastronomy | 28.6% | 9.7% | 7.7% | 28.4% | 88.6% | 2.9% | 59.5% |\",\n \"| Hotel | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| Warehouse/Logistics | 5.7% | 0.3% | 17.4% | 7.8% | 4.3% | 0.3% | 30.9% |\",\n \"| Residential | 1.2% | 28.9% | 0.0% | 0.0% | 0.0% | 39.6% | 0.0% |\",\n \"| Leisure | 0.6% | 0.0% | 0.0% | 1.4% | 5.4% | 0.0% | 0.0% |\",\n \"| Parking spaces | 5.9% | 1.0% | 1.4% | 5.3% | 0.1% | 6.1% | 0.0% |\",\n \"| Other | 4.0% | 0.0% | 1.2% | 1.8% | 1.1% | 0.0% | 0.0% |\",\n \"| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |\",\n \"| Vacancy (as of reporting date)2 |\",\n \"| Office & practice | 2.1% | 2.9% | 8.6% | 5.5% | 0.0% | 1.7% | 0.0% |\",\n \"| Trade/Gastronomy | 4.4% | 0.6% | 0.8% | 3.2% | 7.9% | 0.1% | 5.3% |\",\n \"| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| Warehouse/Logistics | 0.3% | 0.0% | 0.2% | 0.7% | 0.7% | 0.0% | 0.0% |\",\n \"| Residential | 0.1% | 2.1% | 0.0% | 0.0% | 0.0% | 1.2% | 0.0% |\",\n \"| Leisure | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% |\",\n \"| Parking spaces | 0.6% | 0.2% | 0.5% | 0.3% | 0.0% | 0.2% | 0.0% |\",\n \"| Other | 0.2% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% |\",\n \"| Occupancy rate | 92.3% | 94.2% | 89.9% | 89.9% | 91.3% | 96.8% | 94.7% |\",\n \"| Expiring tenancy agreements3 |\",\n \"| until December 31, 2021 | 2.9% | 1.8% | 15.6% | 0.9% | 6.7% | 0.7% | 5.8% |\",\n \"| 2022 | 6.1% | 31.6% | 26.4% | 18.2% | 29.5% | 0.7% | 14.7% |\",\n \"| 2023 | 10.4% | 4.2% | 26.2% | 12.7% | 22.5% | 5.2% | 14.8% |\",\n \"| 2024 | 7.2% | 2.6% | 7.7% | 20.6% | 12.1% | 2.2% | 12.5% |\",\n \"| 2025 | 17.2% | 3.1% | 8.5% | 22.9% | 11.3% | 5.8% | 7.6% |\",\n \"| 2026 | 7.4% | 3.6% | 2.6% | 10.2% | 12.5% | 0.0% | 4.0% |\",\n \"| 2027 | 5.1% | 21.3% | 13.1% | 5.2% | 2.2% | 0.6% | 1.1% |\",\n \"| 2028 | 1.9% | 4.8% | 0.0% | 1.7% | 0.3% | 4.1% | 0.4% |\",\n \"| 2029 | 9.1% | 2.4% | 0.0% | 1.4% | 0.4% | 0.0% | 0.0% |\",\n \"| 2030 | 1.7% | 1.6% | 0.0% | 1.6% | 0.0% | 19.3% | 0.0% |\",\n \"| from 2031 | 31.0% | 22.9% | 0.0% | 4.6% | 2.4% | 61.4% | 39.1% |\",\n \"| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |\",\n \"- Including contractual rent, rent-free periods and measured vacancy.\",\n \"- Vacancy rate as measured by target rental income.\",\n \"- On exercising special termination right.\",\n \"- Excluding project development Berlin, \\\"The Grid\\\", Paris, \\\"TOKO\\\", and Wembley, \\\"Pavilion Court\\\".\",\n \"| Finland | Ireland | Other in Europe | Total4 |\",\n \"| --- | --- | --- | --- |\",\n \"| 5 | 3 | 3 | 100 |\",\n \"| 383.0 | 225.0 | 301.4 | 9,746.0 |\",\n \"| |\",\n \"| 72.6% | 0.0% | 0.8% | 48.4% |\",\n \"| 9.3% | 2.9% | 63.4% | 25.1% |\",\n \"| 0.0% | 0.0% | 0.0% | 0.5% |\",\n \"| 2.6% | 0.0% | 33.2% | 7.4% |\",\n \"| 0.0% | 97.1% | 0.0% | 13.1% |\",\n \"| 2.0% | 0.0% | 2.5% | 0.8% |\",\n \"| 11.6% | 0.0% | 0.0% | 3.3% |\",\n \"| 2.0% | 0.0% | 0.2% | 1.4% |\",\n \"| 100.0% | 100.0% | 100.0% | 100.0% |\",\n \"| |\",\n \"| 5.1% | 0.0% | 0.0% | 3.1% |\",\n \"| 0.2% | 0.8% | 5.8% | 2.7% |\",\n \"| 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| 0.1% | 0.0% | 0.1% | 0.2% |\",\n \"| 0.0% | 32.6% | 0.0% | 1.4% |\",\n \"| 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| 1.2% | 0.0% | 0.0% | 0.3% |\",\n \"| 0.1% | 0.0% | 0.0% | 0.1% |\",\n \"| 93.3% | 66.6% | 94.1% | 92.2% |\",\n \"| |\",\n \"| 1.3% | 0.0% | 5.1% | 4.1% |\",\n \"| 6.6% | 59.2% | 12.6% | 18.7% |\",\n \"| 22.3% | 0.0% | 15.6% | 11.9% |\",\n \"| 10.0% | 0.0% | 8.8% | 7.6% |\",\n \"| 7.3% | 0.6% | 11.8% | 10.4% |\",\n \"| 3.7% | 0.0% | 3.4% | 5.3% |\",\n \"| 3.2% | 0.6% | 3.3% | 9.1% |\",\n \"| 3.9% | 1.9% | 36.4% | 3.9% |\",\n \"| 20.3% | 0.0% | 0.1% | 3.6% |\",\n \"| 2.1% | 0.0% | 0.5% | 2.8% |\",\n \"| 19.3% | 37.7% | 2.3% | 22.7% |\",\n \"| 100.0% | 100.0% | 100.0% | 100.0% |\",\n \"| Tenant structure (basis: contractual rent) – by sector |\",\n \"| --- |\",\n \"| Consumer goods and retail | 27.7% |\",\n \"| Banks and financial service providers | 17.3% |\",\n \"| Residential | 11.6% |\",\n \"| Technology and software | 6.4% |\",\n \"| Corporate/Legal/Tax consulting | 5.8% |\",\n \"| Utilities and telecommunications | 4.8% |\",\n \"| Automotive and transportation | 4.2% |\",\n \"| Hotel/Gastronomy | 3.6% |\",\n \"| Construction | 2.9% |\",\n \"| Insurance companies | 2.4% |\",\n \"| Chemical/Pharmaceutical industry | 0.8% |\",\n \"| Other sectors | 12.6% |\",\n \"| Total | 100.0% |\",\n \"## Occupancy situation\",\n \"Expiring tenancy agreements, as measured by current contrac- tual rent, are illustrated in the charts.\",\n \"In respect of tenancy agreements with special termination rights, the earliest possible ending of the rental agreement is assumed.\",\n \"Presenting the data without taking into account special termination rights illustrates how expiring tenancy agreements work in favor of the contrac- tually secured rental income of the fund.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Letting information as of September 30, 2021","| Country | Germany4 | GB4 | France4 | Poland | Spain | Netherlands | Italy |","| --- | --- | --- | --- | --- | --- | --- | --- |","| Rental properties (number) | 24 | 20 | 16 | 8 | 4 | 14 | 3 |","| Rental properties (market values in EUR million) | 2,712.5 | 2,236.4 | 1,285.0 | 725.0 | 644.2 | 831.4 | 401.9 |","| Types of use according to annual rental income fully let1 |","| Office & practice | 51.8% | 60.2% | 72.3% | 55.3% | 0.4% | 51.2% | 9.5% |","| Trade/Gastronomy | 28.6% | 9.7% | 7.7% | 28.4% | 88.6% | 2.9% | 59.5% |","| Hotel | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |","| Warehouse/Logistics | 5.7% | 0.3% | 17.4% | 7.8% | 4.3% | 0.3% | 30.9% |","| Residential | 1.2% | 28.9% | 0.0% | 0.0% | 0.0% | 39.6% | 0.0% |","| Leisure | 0.6% | 0.0% | 0.0% | 1.4% | 5.4% | 0.0% | 0.0% |","| Parking spaces | 5.9% | 1.0% | 1.4% | 5.3% | 0.1% | 6.1% | 0.0% |","| Other | 4.0% | 0.0% | 1.2% | 1.8% | 1.1% | 0.0% | 0.0% |","| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |","| Vacancy (as of reporting date)2 |","| Office & practice | 2.1% | 2.9% | 8.6% | 5.5% | 0.0% | 1.7% | 0.0% |","| Trade/Gastronomy | 4.4% | 0.6% | 0.8% | 3.2% | 7.9% | 0.1% | 5.3% |","| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |","| Warehouse/Logistics | 0.3% | 0.0% | 0.2% | 0.7% | 0.7% | 0.0% | 0.0% |","| Residential | 0.1% | 2.1% | 0.0% | 0.0% | 0.0% | 1.2% | 0.0% |","| Leisure | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% |","| Parking spaces | 0.6% | 0.2% | 0.5% | 0.3% | 0.0% | 0.2% | 0.0% |","| Other | 0.2% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% |","| Occupancy rate | 92.3% | 94.2% | 89.9% | 89.9% | 91.3% | 96.8% | 94.7% |","| Expiring tenancy agreements3 |","| until December 31, 2021 | 2.9% | 1.8% | 15.6% | 0.9% | 6.7% | 0.7% | 5.8% |","| 2022 | 6.1% | 31.6% | 26.4% | 18.2% | 29.5% | 0.7% | 14.7% |","| 2023 | 10.4% | 4.2% | 26.2% | 12.7% | 22.5% | 5.2% | 14.8% |","| 2024 | 7.2% | 2.6% | 7.7% | 20.6% | 12.1% | 2.2% | 12.5% |","| 2025 | 17.2% | 3.1% | 8.5% | 22.9% | 11.3% | 5.8% | 7.6% |","| 2026 | 7.4% | 3.6% | 2.6% | 10.2% | 12.5% | 0.0% | 4.0% |","| 2027 | 5.1% | 21.3% | 13.1% | 5.2% | 2.2% | 0.6% | 1.1% |","| 2028 | 1.9% | 4.8% | 0.0% | 1.7% | 0.3% | 4.1% | 0.4% |","| 2029 | 9.1% | 2.4% | 0.0% | 1.4% | 0.4% | 0.0% | 0.0% |","| 2030 | 1.7% | 1.6% | 0.0% | 1.6% | 0.0% | 19.3% | 0.0% |","| from 2031 | 31.0% | 22.9% | 0.0% | 4.6% | 2.4% | 61.4% | 39.1% |","| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |","- Including contractual rent, rent-free periods and measured vacancy.","- Vacancy rate as measured by target rental income.","- On exercising special termination right.","- Excluding project development Berlin, \"The Grid\", Paris, \"TOKO\", and Wembley, \"Pavilion Court\".","| Finland | Ireland | Other in Europe | Total4 |","| --- | --- | --- | --- |","| 5 | 3 | 3 | 100 |","| 383.0 | 225.0 | 301.4 | 9,746.0 |","| |","| 72.6% | 0.0% | 0.8% | 48.4% |","| 9.3% | 2.9% | 63.4% | 25.1% |","| 0.0% | 0.0% | 0.0% | 0.5% |","| 2.6% | 0.0% | 33.2% | 7.4% |","| 0.0% | 97.1% | 0.0% | 13.1% |","| 2.0% | 0.0% | 2.5% | 0.8% |","| 11.6% | 0.0% | 0.0% | 3.3% |","| 2.0% | 0.0% | 0.2% | 1.4% |","| 100.0% | 100.0% | 100.0% | 100.0% |","| |","| 5.1% | 0.0% | 0.0% | 3.1% |","| 0.2% | 0.8% | 5.8% | 2.7% |","| 0.0% | 0.0% | 0.0% | 0.0% |","| 0.1% | 0.0% | 0.1% | 0.2% |","| 0.0% | 32.6% | 0.0% | 1.4% |","| 0.0% | 0.0% | 0.0% | 0.0% |","| 1.2% | 0.0% | 0.0% | 0.3% |","| 0.1% | 0.0% | 0.0% | 0.1% |","| 93.3% | 66.6% | 94.1% | 92.2% |","| |","| 1.3% | 0.0% | 5.1% | 4.1% |","| 6.6% | 59.2% | 12.6% | 18.7% |","| 22.3% | 0.0% | 15.6% | 11.9% |","| 10.0% | 0.0% | 8.8% | 7.6% |","| 7.3% | 0.6% | 11.8% | 10.4% |","| 3.7% | 0.0% | 3.4% | 5.3% |","| 3.2% | 0.6% | 3.3% | 9.1% |","| 3.9% | 1.9% | 36.4% | 3.9% |","| 20.3% | 0.0% | 0.1% | 3.6% |","| 2.1% | 0.0% | 0.5% | 2.8% |","| 19.3% | 37.7% | 2.3% | 22.7% |","| 100.0% | 100.0% | 100.0% | 100.0% |","| Tenant structure (basis: contractual rent) – by sector |","| --- |","| Consumer goods and retail | 27.7% |","| Banks and financial service providers | 17.3% |","| Residential | 11.6% |","| Technology and software | 6.4% |","| Corporate/Legal/Tax consulting | 5.8% |","| Utilities and telecommunications | 4.8% |","| Automotive and transportation | 4.2% |","| Hotel/Gastronomy | 3.6% |","| Construction | 2.9% |","| Insurance companies | 2.4% |","| Chemical/Pharmaceutical industry | 0.8% |","| Other sectors | 12.6% |","| Total | 100.0% |","## Occupancy situation","Expiring tenancy agreements, as measured by current contrac- tual rent, are illustrated in the charts.","In respect of tenancy agreements with special termination rights, the earliest possible ending of the rental agreement is assumed.","Presenting the data without taking into account special termination rights illustrates how expiring tenancy agreements work in favor of the contrac- tually secured rental income of the fund."],"string":"[\n \"# Letting information as of September 30, 2021\",\n \"| Country | Germany4 | GB4 | France4 | Poland | Spain | Netherlands | Italy |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Rental properties (number) | 24 | 20 | 16 | 8 | 4 | 14 | 3 |\",\n \"| Rental properties (market values in EUR million) | 2,712.5 | 2,236.4 | 1,285.0 | 725.0 | 644.2 | 831.4 | 401.9 |\",\n \"| Types of use according to annual rental income fully let1 |\",\n \"| Office & practice | 51.8% | 60.2% | 72.3% | 55.3% | 0.4% | 51.2% | 9.5% |\",\n \"| Trade/Gastronomy | 28.6% | 9.7% | 7.7% | 28.4% | 88.6% | 2.9% | 59.5% |\",\n \"| Hotel | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| Warehouse/Logistics | 5.7% | 0.3% | 17.4% | 7.8% | 4.3% | 0.3% | 30.9% |\",\n \"| Residential | 1.2% | 28.9% | 0.0% | 0.0% | 0.0% | 39.6% | 0.0% |\",\n \"| Leisure | 0.6% | 0.0% | 0.0% | 1.4% | 5.4% | 0.0% | 0.0% |\",\n \"| Parking spaces | 5.9% | 1.0% | 1.4% | 5.3% | 0.1% | 6.1% | 0.0% |\",\n \"| Other | 4.0% | 0.0% | 1.2% | 1.8% | 1.1% | 0.0% | 0.0% |\",\n \"| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |\",\n \"| Vacancy (as of reporting date)2 |\",\n \"| Office & practice | 2.1% | 2.9% | 8.6% | 5.5% | 0.0% | 1.7% | 0.0% |\",\n \"| Trade/Gastronomy | 4.4% | 0.6% | 0.8% | 3.2% | 7.9% | 0.1% | 5.3% |\",\n \"| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| Warehouse/Logistics | 0.3% | 0.0% | 0.2% | 0.7% | 0.7% | 0.0% | 0.0% |\",\n \"| Residential | 0.1% | 2.1% | 0.0% | 0.0% | 0.0% | 1.2% | 0.0% |\",\n \"| Leisure | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% |\",\n \"| Parking spaces | 0.6% | 0.2% | 0.5% | 0.3% | 0.0% | 0.2% | 0.0% |\",\n \"| Other | 0.2% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% |\",\n \"| Occupancy rate | 92.3% | 94.2% | 89.9% | 89.9% | 91.3% | 96.8% | 94.7% |\",\n \"| Expiring tenancy agreements3 |\",\n \"| until December 31, 2021 | 2.9% | 1.8% | 15.6% | 0.9% | 6.7% | 0.7% | 5.8% |\",\n \"| 2022 | 6.1% | 31.6% | 26.4% | 18.2% | 29.5% | 0.7% | 14.7% |\",\n \"| 2023 | 10.4% | 4.2% | 26.2% | 12.7% | 22.5% | 5.2% | 14.8% |\",\n \"| 2024 | 7.2% | 2.6% | 7.7% | 20.6% | 12.1% | 2.2% | 12.5% |\",\n \"| 2025 | 17.2% | 3.1% | 8.5% | 22.9% | 11.3% | 5.8% | 7.6% |\",\n \"| 2026 | 7.4% | 3.6% | 2.6% | 10.2% | 12.5% | 0.0% | 4.0% |\",\n \"| 2027 | 5.1% | 21.3% | 13.1% | 5.2% | 2.2% | 0.6% | 1.1% |\",\n \"| 2028 | 1.9% | 4.8% | 0.0% | 1.7% | 0.3% | 4.1% | 0.4% |\",\n \"| 2029 | 9.1% | 2.4% | 0.0% | 1.4% | 0.4% | 0.0% | 0.0% |\",\n \"| 2030 | 1.7% | 1.6% | 0.0% | 1.6% | 0.0% | 19.3% | 0.0% |\",\n \"| from 2031 | 31.0% | 22.9% | 0.0% | 4.6% | 2.4% | 61.4% | 39.1% |\",\n \"| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |\",\n \"- Including contractual rent, rent-free periods and measured vacancy.\",\n \"- Vacancy rate as measured by target rental income.\",\n \"- On exercising special termination right.\",\n \"- Excluding project development Berlin, \\\"The Grid\\\", Paris, \\\"TOKO\\\", and Wembley, \\\"Pavilion Court\\\".\",\n \"| Finland | Ireland | Other in Europe | Total4 |\",\n \"| --- | --- | --- | --- |\",\n \"| 5 | 3 | 3 | 100 |\",\n \"| 383.0 | 225.0 | 301.4 | 9,746.0 |\",\n \"| |\",\n \"| 72.6% | 0.0% | 0.8% | 48.4% |\",\n \"| 9.3% | 2.9% | 63.4% | 25.1% |\",\n \"| 0.0% | 0.0% | 0.0% | 0.5% |\",\n \"| 2.6% | 0.0% | 33.2% | 7.4% |\",\n \"| 0.0% | 97.1% | 0.0% | 13.1% |\",\n \"| 2.0% | 0.0% | 2.5% | 0.8% |\",\n \"| 11.6% | 0.0% | 0.0% | 3.3% |\",\n \"| 2.0% | 0.0% | 0.2% | 1.4% |\",\n \"| 100.0% | 100.0% | 100.0% | 100.0% |\",\n \"| |\",\n \"| 5.1% | 0.0% | 0.0% | 3.1% |\",\n \"| 0.2% | 0.8% | 5.8% | 2.7% |\",\n \"| 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| 0.1% | 0.0% | 0.1% | 0.2% |\",\n \"| 0.0% | 32.6% | 0.0% | 1.4% |\",\n \"| 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| 1.2% | 0.0% | 0.0% | 0.3% |\",\n \"| 0.1% | 0.0% | 0.0% | 0.1% |\",\n \"| 93.3% | 66.6% | 94.1% | 92.2% |\",\n \"| |\",\n \"| 1.3% | 0.0% | 5.1% | 4.1% |\",\n \"| 6.6% | 59.2% | 12.6% | 18.7% |\",\n \"| 22.3% | 0.0% | 15.6% | 11.9% |\",\n \"| 10.0% | 0.0% | 8.8% | 7.6% |\",\n \"| 7.3% | 0.6% | 11.8% | 10.4% |\",\n \"| 3.7% | 0.0% | 3.4% | 5.3% |\",\n \"| 3.2% | 0.6% | 3.3% | 9.1% |\",\n \"| 3.9% | 1.9% | 36.4% | 3.9% |\",\n \"| 20.3% | 0.0% | 0.1% | 3.6% |\",\n \"| 2.1% | 0.0% | 0.5% | 2.8% |\",\n \"| 19.3% | 37.7% | 2.3% | 22.7% |\",\n \"| 100.0% | 100.0% | 100.0% | 100.0% |\",\n \"| Tenant structure (basis: contractual rent) – by sector |\",\n \"| --- |\",\n \"| Consumer goods and retail | 27.7% |\",\n \"| Banks and financial service providers | 17.3% |\",\n \"| Residential | 11.6% |\",\n \"| Technology and software | 6.4% |\",\n \"| Corporate/Legal/Tax consulting | 5.8% |\",\n \"| Utilities and telecommunications | 4.8% |\",\n \"| Automotive and transportation | 4.2% |\",\n \"| Hotel/Gastronomy | 3.6% |\",\n \"| Construction | 2.9% |\",\n \"| Insurance companies | 2.4% |\",\n \"| Chemical/Pharmaceutical industry | 0.8% |\",\n \"| Other sectors | 12.6% |\",\n \"| Total | 100.0% |\",\n \"## Occupancy situation\",\n \"Expiring tenancy agreements, as measured by current contrac- tual rent, are illustrated in the charts.\",\n \"In respect of tenancy agreements with special termination rights, the earliest possible ending of the rental agreement is assumed.\",\n \"Presenting the data without taking into account special termination rights illustrates how expiring tenancy agreements work in favor of the contrac- tually secured rental income of the fund.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98255,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Übersicht: Renditen, Bewertung\n| Renditekennzahlen 2020/2021 in % |\n| --- |\n| I. Immobilien |\n| Bruttoertrag | 4,4% 1) |\n| Bewirtschaftungsaufwand | -1,6% 1) |\n| Nettoertrag | 2,8% 1) |\n| Wertänderungen (Verkehrswertänderungen, Verkaufsergebnis) | 2,0% 1) |\n| Immobilienergebnis vor Steuern und AfA | 4,8% 1) |\n| |\n| Rückstellungen für latente Steuern | -0,6% 1) |\n| Abschreibungen auf Anschaffungsnebenkosten (AfA) | -0,3% 1) |\n| Immobilienergebnis vor Darlehensaufwand und Ertragsteuern | 3,8% 1) |\n| |\n| Darlehensaufwand | -0,3% 2) |\n| Ertragsteuern | -0,4% 2) |\n| Ergebnis nach Darlehensaufwand, Steuern und AfA | 3,9% 2) |\n| |\n| Währungsänderung | 0,0% 2) |\n| Gesamtergebnis aus Immobilieninvestments | 3,9% 2) |\n| |\n| II. Liquidität | 1,6% 3) |\n| |\n| III. Sonstige Kosten | -0,1% 4) |\n| |\n| IV. Ergebnis gesamter Fonds vor Abzug der Fondskosten | 3,2% 4) |\n| |\n| V. Ergebnis Anteilklasse RC nach Abzug der Fondskosten (BVI-Methode) | 2,3% |\n| Ergebnis Anteilklasse IC nach Abzug der Fondskosten (BVI-Methode) | 2,7% |\n\n\n## Erläuterungen zur Fondsrendite grundbesitz europa\nDer Bruttoertrag von insgesamt 4,4% resultiert aus der Ist-Miete der direkt und über Beteiligungen gehaltenen Fondsimmobilien. Nach Verrechnung mit den sonstigen immobilienbezogenen Erträgen und Aufwendungen sowie der Bewirtschaftungsauf- wendungen verbleibt ein Gesamt-Nettoertrag von 2,8%.\nDas Immobilienergebnis vor Darlehensaufwand beträgt unter Berücksichtigung der Wertänderungen, der latenten Steuern sowie der Abschreibung auf Anschaffungsnebenkosten 3,8%. Unter Berücksichtigung der Fremdkapitalkosten sowie der Er- tragsteuern und bezogen auf das eigenkapitalfinanzierte Immo- bilienvermögen ergibt sich ein Gesamtergebnis nach Darlehens- aufwand von 3,9%.\nEs haben sich keine wesentlichen durch Währungskurs- schwankungen bedingte Änderungen ergeben.\nDie Liquiditätsrendite von +1,6% reflektiert das Zinsniveau sowie die Wertpapier- und Futuresbewertungen während des Geschäftsjahres. Der Anteil der Liquiditätsanlagen am Fonds- vermögen lag durchschnittlich bei rund 18,2%.\nDas Gesamtergebnis des Fonds erreicht im Geschäftsjahr vor Abzug der Fondskosten 3,2%. Nach Abzug der Fondskosten ergibt sich für die Anteilklasse RC ein Gesamtergebnis von 2,3% je Anteil und für die Anteilklasse IC ein Gesamtergebnis von 2,7% je Anteil (jeweils nach BVI-Methode).\n| Kapitalinformationen (Durchschnittszahlen in Mio. EUR) |\n| --- |\n| bezogen auf: |\n| 1) Immobilienvermögen | 9.123,2 |\n| Kreditvolumen (ohne Gesellschafterdarlehen) | 1.461,3 |\n| 2) Immobilienvermögen abzgl. Kreditvolumen | 7.661,9 |\n| 3) Liquidität (inkl. in Beteiligungen gehaltener Liquidität) | 1.771,4 |\n| 4) Fondsvermögen | 9.719,5 |\n\n| Übersicht: Renditen/Länderbeitrag in 2020/2021 |\n| --- |\n| Länderbeitrag Renditekennzahlen in % | Deutschland | GB | Frankreich | Polen | Spanien | Niederlande | Italien | Finnland |\n| I. Immobilien |\n| Bruttoertrag | 4,1% | 4,7% | 4,1% | 5,5% | 3,4% | 5,1% | 4,7% | 4,3% |\n| Bewirtschaftungsaufwand | -2,7% | -0,5% | -0,1% | -1,5% | -2,5% | -1,6% | -4,2% | -0,3% |\n| Nettoertrag | 1,4% | 4,2% | 4,0% | 4,0% | 0,9% | 3,5% | 0,5% | 4,0% |\n| Wertänderungen (Verkehrswertänderungen, Verkaufsergebnis) | 4,5% | 0,8% | 1,4% | 0,1% | -0,3% | 2,3% | 3,4% | 3,0% |\n| Immobilienergebnis vor Steuern und AfA | 5,9% | 5,0% | 5,3% | 4,1% | 0,6% | 5,8% | 3,9% | 7,0% |\n| |\n| Rückstellungen für latente Steuern | -0,8% | -0,2% | -0,6% | -1,8% | -0,5% | -0,6% | -1,5% | 0,0% |\n| Abschreibungen auf Anschaffungsnebenkosten (AfA) | -0,2% | -0,5% | -0,2% | 0,0% | -0,2% | -0,4% | -0,1% | -0,5% |\n| Immobilienergebnis vor Darlehensaufwand und Ertragsteuern | 4,9% | 4,3% | 4,6% | 2,2% | -0,1% | 4,8% | 2,3% | 6,5% |\n| |\n| Darlehensaufwand | -0,3% | -0,9% | -0,1% | -0,2% | 0,0% | -0,1% | 0,0% | 0,0% |\n| Ertragsteuern | -0,2% | -1,0% | -0,3% | -0,2% | -0,2% | -0,3% | -0,1% | 0,0% |\n| Ergebnis nach Darlehensaufwand, Steuern und AfA | 4,9% | 4,0% | 5,5% | 2,3% | -0,4% | 5,1% | 2,3% | 6,5% |\n\n| Übersicht: Wertänderungen in 2020/2021 |\n| --- |\n| Land Information zu Wertänderungen1) (stichtagsbezogen in Mio. EUR) | Deutschland | GB | Frankreich | Polen | Spanien | Niederlande | Italien | Finnland |\n| Gutachterliche Verkehrswerte Portfolio (Mittelwert) | 2.215,2 | 2.139,4 | 1.195,7 | 695,1 | 646,9 | 761,9 | 394,9 | 336,4 |\n| Gutachterliche Bewertungsmieten/ Rohertrag Portfolio (Mittelwert) | 120,2 | 131,9 | 57,4 | 48,2 | 37,6 | 41,1 | 25,0 | 18,0 |\n| Positive Wertänderungen lt. Gutachten | 163,7 | 98,1 | 89,4 | 29,8 | 4,5 | 31,9 | 14,8 | 12,4 |\n| Sonstige positive Wertänderungen | 399,4 | 64,5 | 96,8 | 82,1 | 0,0 | 137,7 | 0,0 | 86,4 |\n| Negative Wertänderungen lt. Gutachten | -34,3 | -13,3 | -24,8 | -29,1 | -20,3 | -3,7 | -1,4 | -2,5 |\n| Sonstige negative Wertänderungen | -31,4 | -16,4 | -8,7 | -10,1 | -12,7 | -8,2 | -8,3 | -3,6 |\n| Wertänderungen lt. Gutachten insgesamt | 129,5 | 84,8 | 64,6 | 0,7 | -15,9 | 28,2 | 13,4 | 10,0 |\n| Sonstige Wertänderungen insgesamt | 367,9 | 48,1 | 88,1 | 72,0 | -12,7 | 129,5 | -8,3 | 82,9 |\n\n1) In diese Übersicht fließen nur Daten von Immobilien ein, die sich zum Berichtsstichtag im Sondervermögen befinden. Im Laufe des Geschäftsjahres veräußerte Objekte werden hier nicht berücksichtigt.\n| |\n| --- |\n| Irland | Sonstiges Europa | Gesamt |\n| |\n| 0,6% | 5,7% | 4,4% |\n| -2,5% | -3,1% | -1,6% |\n| -1,9% | 2,6% | 2,8% |\n| -0,1% | -0,2% | 2,0% |\n| -2,0% | 2,4% | 4,8% |\n| |\n| 0,0% | -0,3% | -0,6% |\n| -0,8% | -0,2% | -0,3% |\n| -2,8% | 1,9% | 3,8% |\n| |\n| 0,0% | -0,3% | -0,3% |\n| 0,0% | -0,8% | -0,4% |\n| -2,8% | 1,3% | 3,9% |\n\n| |\n| --- |\n| Irland | Sonstiges Europa | Gesamt |\n| 132,6 | 268,9 | 8.787,0 |\n| 10,4 | 19,9 | 509,7 |\n| 1,1 | 5,8 | 451,6 |\n| 226,1 | 142,9 | 1.235,9 |\n| -2,2 | -5,0 | -136,5 |\n| -1,4 | -8,3 | -109,0 |\n| -1,1 | 0,8 | 315,1 |\n| 224,7 | 134,6 | 1.126,9 |\n\n| Entwicklung des Fonds grundbesitz europa |\n| --- |\n| In Mio. EUR | 30.9.2017 | 30.9.2018 | 30.9.2019 | 30.9.2020 | 30.9.2021 |\n| Immobilien | 3.638,2 | 3.844,1 | 4.050,4 | 4.503,4 | 4.441,5 |\n| Beteiligungen an Immobilien-Gesellschaften | 1.627,7 | 1.722,0 | 2.203,0 | 2.697,4 | 3.757,0 |\n| Wertpapiere | 619,6 | 874,5 | 1.332,3 | 1.426,3 | 965,6 |\n| Bankguthaben | 502,2 | 860,2 | 1.228,9 | 749,8 | 412,0 |\n| Sonstige Vermögensgegenstände | 863,0 | 841,8 | 1.181,5 | 1.661,6 | 1.801,8 |\n| Verbindlichkeiten und Rückstellungen | -1.342,7 | -1.326,0 | -1.426,4 | -1.394,3 | -1.484,7 |\n| Fondsvermögen Gesamt | 5.908,1 | 6.816,6 | 8.569,6 | 9.644,2 | 9.902,3 |\n| Anteilklasse RC |\n| Fondsvermögen RC | 5.317,4 | 6.134,8 | 7.806,3 | 8.818,8 | 9.082,9 |\n| Anteilumlauf (Mio. Stücke) RC | 129,8 | 151,9 | 193,2 | 219,7 | 225,5 |\n| Anteilwert (EUR) RC | 40,96 | 40,39 | 40,41 | 40,13 | 40,27 |\n| Ausschüttung je Anteil (EUR)1) RC | 1,60 | 1,042) | 1,00 | 0,75 | 0,90 |\n| Anteilklasse IC |\n| Fondsvermögen IC | 590,6 | 681,8 | 763,3 | 825,4 | 819,4 |\n| Anteilumlauf (Mio. Stücke) IC | 14,3 | 16,8 | 18,8 | 20,5 | 20,2 |\n| Anteilwert (EUR) IC | 41,19 | 40,60 | 40,64 | 40,33 | 40,46 |\n| Ausschüttung je Anteil (EUR)1) IC | 1,80 | 1,232) | 1,25 | 0,95 | 1,10 |\n| Tag der Ausschüttung | 20.12.2017 | 19.12.2018 | 18.12.2019 | 16.12.2020 | 15.12.2021 |\n\n- Zahlbar nach Ablauf des Geschäftsjahres.\n- Ohne Berücksichtigung der am 2.1.2018 bereitgestellten Steuerliquidität.\n\n| Entwicklung der Renditen |\n| --- |\n| Renditekennzahlen in % | Geschäftsjahr 2016/2017 | Geschäftsjahr 2017/2018 | Geschäftsjahr 2018/2019 | Geschäftsjahr 2019/2020 | Geschäftsjahr 2020/2021 |\n| I. Immobilien |\n| Bruttoertrag1) | 5,4% | 5,3% | 5,3% | 4,8% | 4,4% |\n| Bewirtschaftungsaufwand1) | -1,0% | -0,4% | -1,6% | -0,6% | -1,6% |\n| Nettoertrag1) | 4,4% | 4,8% | 3,7% | 4,2% | 2,8% |\n| Wertänderungen (Verkehrswertänderungen, Verkaufsergebnis)1) | 1,3% | 0,8% | 1,3% | 1,2% | 2,0% |\n| Immobilienergebnis vor Steuern und AfA1) | 5,7% | 5,6% | 5,0% | 5,4% | 4,8% |\n| Rückstellungen für latente Steuern1) | -0,3% | -0,5% | -0,4% | -0,5% | -0,6% |\n| Abschreibungen auf Anschaffungsnebenkosten (AfA)1) | -0,4% | -0,4% | -0,3% | -0,3% | -0,3% |\n| Immobilienergebnis vor Darlehensaufwand und Ertragsteuern1) | 5,0% | 4,8% | 4,4% | 4,6% | 3,8% |\n| Darlehensaufwand2) | -0,5% | -0,5% | -0,4% | -0,5% | -0,3% |\n| Ertragsteuern2) | -0,4% | -0,5% | -0,7% | -0,4% | -0,4% |\n| Ergebnis nach Darlehensaufwand, Steuern und AfA2) | 5,2% | 4,9% | 4,2% | 4,6% | 3,9% |\n| Währungsänderung2) | -0,1% | 0,1% | 0,1% | -0,6% | 0,0% |\n| Gesamtergebnis aus Immobilieninvestments2) | 5,1% | 5,0% | 4,3% | 4,0% | 3,9% |\n| II. Liquidität3) | 1,0% | 0,5% | 2,8% | 0,4% | 1,6% |\n| III. Sonstige Kosten4) | -0,2% | -0,3% | -0,3% | -0,1% | -0,1% |\n| IV. Ergebnis gesamter Fonds vor Fondskosten4) | 4,1% | 3,7% | 3,7% | 2,8% | 3,2% |\n| V. Ergebnis gesamter Fonds nach Fondskosten (BVI-Methode) |\n| Anteilklasse RC | 3,1% | 2,7% | 2,7% | 1,8% | 2,3% |\n| Anteilklasse IC | 3,6% | 3,2% | 3,2% | 2,4% | 2,7% |\n\nbezogen auf:\n- Immobilienvermögen\n- Immobilienvermögen abzgl. Kreditvolumen\n- Liquidität (inkl. in Beteiligungen gehaltener Liquidität)\n- FondsvermögenDüsseldorf, Capricorn"},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Overview: Yields, valuation\n| Key yield figures 2020/2021 in % |\n| --- |\n| I. Properties |\n| Gross income | 4.4% 1 |\n| Property management expenses | -1.6% 1 |\n| Net income | 2.8% 1 |\n| Changes in value (changes in market value, sales result) | 2.0% 1 |\n| Real estate return before taxes and depreciation | 4.8% 1 |\n| |\n| Provisions for deferred taxes | -0.6% 1 |\n| Amortization of incidental acquisition costs | -0.3% 1 |\n| Real estate return before loan charges and profits tax | 3.8% 1 |\n| |\n| Loan charges | -0.3% 2 |\n| Profits tax | -0.4% 2 |\n| Return after loan charges, taxes and depreciation | 3.9% 2 |\n| |\n| Currency effects | 0.0% 2 |\n| Overall result from real estate investments | 3.9% 2 |\n| |\n| II. Liquidity | 1.6% 3 |\n| |\n| III. Other costs | -0.1% 4 |\n| |\n| IV. Total yield before the deduction of costs | 3.2% 4 |\n| |\n| V. Total yield for the RC unit class after deduction of fund costs (BVI method) | 2.3% |\n| Total yield for the IC unit class following deduction of fund costs (BVI method) | 2.7% |\n\n\n## Notes on fund profits grundbesitz europa\nThe gross return totaling 4.4% results from the actual rent from directly held fund properties and from fund properties held through holdings. After offsetting against other real estate- related income and expenditure as well as the property manage- ment costs, the resulting total net return amounted to 2.8%.\nTaking into account changes in value, deferred taxes and amor- tization of incidental acquisition costs, the real estate return before loan charges was 3.8%. Following the application of borrowing costs and profits tax and based on real estate assets financed by equity capital, the total return after loan charges was 3.9%.\nThere were no significant changes due to exchange rate fluctuations.\nThe liquidity yield of +1.6% reflects the interest rate level and securities and futures valuations during the business year. On average, the share of liquid assets in the overall net asset value stood at around 18.2%.\nThe total fund return for the business year before deduction of fund costs was 3.2%. After deduction of fund costs, the total return for the RC unit class was 2.3% per unit and the total return for the IC unit class was 2.7% per unit (both according to the BVI method).\n| Capital information (Average figures in EUR (millions)) |\n| --- |\n| with respect to: |\n| 1 | Real estate assets | 9,123.2 |\n| | Total borrowings (without shareholder loans) | 1,461.3 |\n| 2 | Real estate assets less Total borrowings | 7,661.9 |\n| 3 | Liquidity (incl. liquidity held in investments) | 1,771.4 |\n| 4 | Net asset value | 9,719.5 |\n\n| Overview: Yield/country contribution in 2020/2021 |\n| --- |\n| Country contribution Key yield figures in % | Germany | GB | France | Poland | Spain | Netherlands | Italy | Finland |\n| I. Properties |\n| Gross income | 4.1% | 4.7% | 4.1% | 5.5% | 3.4% | 5.1% | 4.7% | 4.3% |\n| Property management expenses | -2.7% | -0.5% | -0.1% | -1.5% | -2.5% | -1.6% | -4.2% | -0.3% |\n| Net income | 1.4% | 4.2% | 4.0% | 4.0% | 0.9% | 3.5% | 0.5% | 4.0% |\n| Changes in value (changes in market value, sales result) | 4.5% | 0.8% | 1.4% | 0.1% | -0.3% | 2.3% | 3.4% | 3.0% |\n| Real estate return before taxes and depreciation | 5.9% | 5.0% | 5.3% | 4.1% | 0.6% | 5.8% | 3.9% | 7.0% |\n| |\n| Provisions for deferred taxes | -0.8% | -0.2% | -0.6% | -1.8% | -0.5% | -0.6% | -1.5% | 0.0% |\n| Amortization of incidental acquisition costs | -0.2% | -0.5% | -0.2% | 0.0% | -0.2% | -0.4% | -0.1% | -0.5% |\n| Real estate return before loan charges and profits tax | 4.9% | 4.3% | 4.6% | 2.2% | -0.1% | 4.8% | 2.3% | 6.5% |\n| |\n| Loan charges | -0.3% | -0.9% | -0.1% | -0.2% | 0.0% | -0.1% | 0.0% | 0.0% |\n| Profits tax | -0.2% | -1.0% | -0.3% | -0.2% | -0.2% | -0.3% | -0.1% | 0.0% |\n| Return after loan charges, taxes and depreciation | 4.9% | 4.0% | 5.5% | 2.3% | -0.4% | 5.1% | 2.3% | 6.5% |\n\n| Overview: Changes in value in 2020/2021 |\n| --- |\n| Country Information on changes in value1 (as of reporting date in EUR (millions) | Germany | GB | France | Poland | Spain | Netherlands | Italy | Finland |\n| Appraiser-assessed market value of portfolio (average value) | 2,215.2 | 2,139.4 | 1,195.7 | 695.1 | 646.9 | 761.9 | 394.9 | 336.4 |\n| Appraiser-assessed rent/gross income of portfolio (average value) | 120.2 | 131.9 | 57.4 | 48.2 | 37.6 | 41.1 | 25.0 | 18.0 |\n| Positive changes in value as per expert appraisal | 163.7 | 98.1 | 89.4 | 29.8 | 4.5 | 31.9 | 14.8 | 12.4 |\n| Other positive changes in value | 399.4 | 64.5 | 96.8 | 82.1 | 0.0 | 137.7 | 0.0 | 86.4 |\n| Negative changes in value as per expert appraisal | -34.3 | -13.3 | -24.8 | -29.1 | -20.3 | -3.7 | -1.4 | -2.5 |\n| Other negative changes in value | -31.4 | -16.4 | -8.7 | -10.1 | -12.7 | -8.2 | -8.3 | -3.6 |\n| Total changes in values as per expert appraisal | 129.5 | 84.8 | 64.6 | 0.7 | -15.9 | 28.2 | 13.4 | 10.0 |\n| Total other changes in value | 367.9 | 48.1 | 88.1 | 72.0 | -12.7 | 129.5 | -8.3 | 82.9 |\n\n1 This overview includes only data from properties included in the investment fund as of the reporting date. Properties sold during the business year are not taken into account here.\n| |\n| --- |\n| Ireland | Other in Europe | Total |\n| |\n| 0.6% | 5.7% | 4.4% |\n| -2.5% | -3.1% | -1.6% |\n| -1.9% | 2.6% | 2.8% |\n| -0.1% | -0.2% | 2.0% |\n| -2.0% | 2.4% | 4.8% |\n| |\n| 0.0% | -0.3% | -0.6% |\n| -0.8% | -0.2% | -0.3% |\n| -2.8% | 1.9% | 3.8% |\n| |\n| 0.0% | -0.3% | -0.3% |\n| 0.0% | -0.8% | -0.4% |\n| -2.8% | 1.3% | 3.9% |\n\n| |\n| --- |\n| Ireland | Other in Europe | Total |\n| 132.6 | 268.9 | 8,787.0 |\n| 10.4 | 19.9 | 509.7 |\n| 1.1 | 5.8 | 451.6 |\n| 226.1 | 142.9 | 1,235.9 |\n| -2.2 | -5.0 | -136.5 |\n| -1.4 | -8.3 | -109.0 |\n| -1.1 | 0.8 | 315.1 |\n| 224.7 | 134.6 | 1,126.9 |\n\n| Development of the grundbesitz europa fund |\n| --- |\n| In EUR million | Sept. 30, 2017 | Sept. 30, 2018 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2021 |\n| Properties | 3,638.2 | 3,844.1 | 4,050.4 | 4,503.4 | 4,441.5 |\n| Holdings in special purpose vehicles | 1,627.7 | 1,722.0 | 2,203.0 | 2,697.4 | 3,757.0 |\n| Securities | 619.6 | 874.5 | 1,332.3 | 1,426.3 | 965.6 |\n| Bank deposits | 502.2 | 860.2 | 1,228.9 | 749.8 | 412.0 |\n| Other assets | 863.0 | 841.8 | 1,181.5 | 1,661.6 | 1,801.8 |\n| Liabilities and accruals | -1,342.7 | -1,326.0 | -1,426.4 | -1,394.3 | -1,484.7 |\n| Total net asset value | 5,908.1 | 6,816.6 | 8,569.6 | 9,644.2 | 9,902.3 |\n| RC unit class |\n| RC net asset value | 5,317.4 | 6,134.8 | 7,806.3 | 8,818.8 | 9,082.9 |\n| RC units in circulation (million units) | 129.8 | 151.9 | 193.2 | 219.7 | 225.5 |\n| Net asset value per RC unit (EUR) | 40.96 | 40.39 | 40.41 | 40.13 | 40.27 |\n| Distribution per unit (EUR)1 RC | 1.60 | 1.042 | 1.00 | 0.75 | 0.90 |\n| IC unit class |\n| IC net asset value | 590.6 | 681.8 | 763.3 | 825.4 | 819.4 |\n| IC units in circulation (million units) | 14.3 | 16.8 | 18.8 | 20.5 | 20.2 |\n| Net asset value per IC unit (EUR) | 41.19 | 40.60 | 40.64 | 40.33 | 40.46 |\n| Distribution per IC unit (EUR)1 | 1.80 | 1.232 | 1.25 | 0.95 | 1.10 |\n| Date of distribution | Dec. 20, 2017 | Dec. 19, 2018 | Dec. 18, 2019 | Dec. 16, 2020 | Dec. 15, 2021 |\n\n- Payable after the close of the business year.\n- Does not take into account the tax liquidity provided on January 2, 2018.\n\n| Development of yields |\n| --- |\n| Key yield figures in % | Business year 2016/2017 | Business year 2017/2018 | Business year 2018/2019 | Business year 2019/2020 | Business year 2020/2021 |\n| I. Properties |\n| Gross income1 | 5.4% | 5.3% | 5.3% | 4.8% | 4.4% |\n| Property management expenses1 | -1.0% | -0.4% | -1.6% | -0.6% | -1.6% |\n| Net income1 | 4.4% | 4.8% | 3.7% | 4.2% | 2.8% |\n| Changes in value (changes in market value, sales return)1 | 1.3% | 0.8% | 1.3% | 1.2% | 2.0% |\n| Real estate return before taxes and depreciation1 | 5.7% | 5.6% | 5.0% | 5.4% | 4.8% |\n| Provisions for deferred taxes1 | -0.3% | -0.5% | -0.4% | -0.5% | -0.6% |\n| Amortization of incidental acquisition costs1 | -0.4% | -0.4% | -0.3% | -0.3% | -0.3% |\n| Real estate return before loan charges and profits tax1 | 5.0% | 4.8% | 4.4% | 4.6% | 3.8% |\n| Loan charges2 | -0.5% | -0.5% | -0.4% | -0.5% | -0.3% |\n| Profits tax2 | -0.4% | -0.5% | -0.7% | -0.4% | -0.4% |\n| Return after loan charges, taxes and depreciation2 | 5.2% | 4.9% | 4.2% | 4.6% | 3.9% |\n| Currency effects2 | -0.1% | 0.1% | 0.1% | -0.6% | 0.0% |\n| Overall result from real estate investments2 | 5.1% | 5.0% | 4.3% | 4.0% | 3.9% |\n| II. Liquidity3 | 1.0% | 0.5% | 2.8% | 0.4% | 1.6% |\n| III. Other costs4 | -0.2% | -0.3% | -0.3% | -0.1% | -0.1% |\n| IV. Total fund return before fund costs4 | 4.1% | 3.7% | 3.7% | 2.8% | 3.2% |\n| V. Total fund return following deduction of fund costs (BVI method) |\n| RC unit class | 3.1% | 2.7% | 2.7% | 1.8% | 2.3% |\n| IC unit class | 3.6% | 3.2% | 3.2% | 2.4% | 2.7% |\n\nwith respect to:\n- Real estate assets\n- Real estate assets less total borrowings\n- Liquidity (incl. liquidity held in investments)\n- Net asset valueDüsseldorf, Capricorn"},"unique id":{"kind":"number","value":108256,"string":"108,256"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Overview: Yields, valuation","| Key yield figures 2020/2021 in % |","| --- |","| I. Properties |","| Gross income | 4.4% 1 |","| Property management expenses | -1.6% 1 |","| Net income | 2.8% 1 |","| Changes in value (changes in market value, sales result) | 2.0% 1 |","| Real estate return before taxes and depreciation | 4.8% 1 |","| |","| Provisions for deferred taxes | -0.6% 1 |","| Amortization of incidental acquisition costs | -0.3% 1 |","| Real estate return before loan charges and profits tax | 3.8% 1 |","| |","| Loan charges | -0.3% 2 |","| Profits tax | -0.4% 2 |","| Return after loan charges, taxes and depreciation | 3.9% 2 |","| |","| Currency effects | 0.0% 2 |","| Overall result from real estate investments | 3.9% 2 |","| |","| II.","Liquidity | 1.6% 3 |","| |","| III.","Other costs | -0.1% 4 |","| |","| IV.","Total yield before the deduction of costs | 3.2% 4 |","| |","| V. Total yield for the RC unit class after deduction of fund costs (BVI method) | 2.3% |","| Total yield for the IC unit class following deduction of fund costs (BVI method) | 2.7% |","## Notes on fund profits grundbesitz europa","The gross return totaling 4.4% results from the actual rent from directly held fund properties and from fund properties held through holdings.","After offsetting against other real estate- related income and expenditure as well as the property manage- ment costs, the resulting total net return amounted to 2.8%.","Taking into account changes in value, deferred taxes and amor- tization of incidental acquisition costs, the real estate return before loan charges was 3.8%.","Following the application of borrowing costs and profits tax and based on real estate assets financed by equity capital, the total return after loan charges was 3.9%.","There were no significant changes due to exchange rate fluctuations.","The liquidity yield of +1.6% reflects the interest rate level and securities and futures valuations during the business year.","On average, the share of liquid assets in the overall net asset value stood at around 18.2%.","The total fund return for the business year before deduction of fund costs was 3.2%.","After deduction of fund costs, the total return for the RC unit class was 2.3% per unit and the total return for the IC unit class was 2.7% per unit (both according to the BVI method).","| Capital information (Average figures in EUR (millions)) |","| --- |","| with respect to: |","| 1 | Real estate assets | 9,123.2 |","| | Total borrowings (without shareholder loans) | 1,461.3 |","| 2 | Real estate assets less Total borrowings | 7,661.9 |","| 3 | Liquidity (incl. liquidity held in investments) | 1,771.4 |","| 4 | Net asset value | 9,719.5 |","| Overview: Yield/country contribution in 2020/2021 |","| --- |","| Country contribution Key yield figures in % | Germany | GB | France | Poland | Spain | Netherlands | Italy | Finland |","| I. Properties |","| Gross income | 4.1% | 4.7% | 4.1% | 5.5% | 3.4% | 5.1% | 4.7% | 4.3% |","| Property management expenses | -2.7% | -0.5% | -0.1% | -1.5% | -2.5% | -1.6% | -4.2% | -0.3% |","| Net income | 1.4% | 4.2% | 4.0% | 4.0% | 0.9% | 3.5% | 0.5% | 4.0% |","| Changes in value (changes in market value, sales result) | 4.5% | 0.8% | 1.4% | 0.1% | -0.3% | 2.3% | 3.4% | 3.0% |","| Real estate return before taxes and depreciation | 5.9% | 5.0% | 5.3% | 4.1% | 0.6% | 5.8% | 3.9% | 7.0% |","| |","| Provisions for deferred taxes | -0.8% | -0.2% | -0.6% | -1.8% | -0.5% | -0.6% | -1.5% | 0.0% |","| Amortization of incidental acquisition costs | -0.2% | -0.5% | -0.2% | 0.0% | -0.2% | -0.4% | -0.1% | -0.5% |","| Real estate return before loan charges and profits tax | 4.9% | 4.3% | 4.6% | 2.2% | -0.1% | 4.8% | 2.3% | 6.5% |","| |","| Loan charges | -0.3% | -0.9% | -0.1% | -0.2% | 0.0% | -0.1% | 0.0% | 0.0% |","| Profits tax | -0.2% | -1.0% | -0.3% | -0.2% | -0.2% | -0.3% | -0.1% | 0.0% |","| Return after loan charges, taxes and depreciation | 4.9% | 4.0% | 5.5% | 2.3% | -0.4% | 5.1% | 2.3% | 6.5% |","| Overview: Changes in value in 2020/2021 |","| --- |","| Country Information on changes in value1 (as of reporting date in EUR (millions) | Germany | GB | France | Poland | Spain | Netherlands | Italy | Finland |","| Appraiser-assessed market value of portfolio (average value) | 2,215.2 | 2,139.4 | 1,195.7 | 695.1 | 646.9 | 761.9 | 394.9 | 336.4 |","| Appraiser-assessed rent/gross income of portfolio (average value) | 120.2 | 131.9 | 57.4 | 48.2 | 37.6 | 41.1 | 25.0 | 18.0 |","| Positive changes in value as per expert appraisal | 163.7 | 98.1 | 89.4 | 29.8 | 4.5 | 31.9 | 14.8 | 12.4 |","| Other positive changes in value | 399.4 | 64.5 | 96.8 | 82.1 | 0.0 | 137.7 | 0.0 | 86.4 |","| Negative changes in value as per expert appraisal | -34.3 | -13.3 | -24.8 | -29.1 | -20.3 | -3.7 | -1.4 | -2.5 |","| Other negative changes in value | -31.4 | -16.4 | -8.7 | -10.1 | -12.7 | -8.2 | -8.3 | -3.6 |","| Total changes in values as per expert appraisal | 129.5 | 84.8 | 64.6 | 0.7 | -15.9 | 28.2 | 13.4 | 10.0 |","| Total other changes in value | 367.9 | 48.1 | 88.1 | 72.0 | -12.7 | 129.5 | -8.3 | 82.9 |","1 This overview includes only data from properties included in the investment fund as of the reporting date.","Properties sold during the business year are not taken into account here.","| |","| --- |","| Ireland | Other in Europe | Total |","| |","| 0.6% | 5.7% | 4.4% |","| -2.5% | -3.1% | -1.6% |","| -1.9% | 2.6% | 2.8% |","| -0.1% | -0.2% | 2.0% |","| -2.0% | 2.4% | 4.8% |","| |","| 0.0% | -0.3% | -0.6% |","| -0.8% | -0.2% | -0.3% |","| -2.8% | 1.9% | 3.8% |","| |","| 0.0% | -0.3% | -0.3% |","| 0.0% | -0.8% | -0.4% |","| -2.8% | 1.3% | 3.9% |","| |","| --- |","| Ireland | Other in Europe | Total |","| 132.6 | 268.9 | 8,787.0 |","| 10.4 | 19.9 | 509.7 |","| 1.1 | 5.8 | 451.6 |","| 226.1 | 142.9 | 1,235.9 |","| -2.2 | -5.0 | -136.5 |","| -1.4 | -8.3 | -109.0 |","| -1.1 | 0.8 | 315.1 |","| 224.7 | 134.6 | 1,126.9 |","| Development of the grundbesitz europa fund |","| --- |","| In EUR million | Sept. 30, 2017 | Sept. 30, 2018 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2021 |","| Properties | 3,638.2 | 3,844.1 | 4,050.4 | 4,503.4 | 4,441.5 |","| Holdings in special purpose vehicles | 1,627.7 | 1,722.0 | 2,203.0 | 2,697.4 | 3,757.0 |","| Securities | 619.6 | 874.5 | 1,332.3 | 1,426.3 | 965.6 |","| Bank deposits | 502.2 | 860.2 | 1,228.9 | 749.8 | 412.0 |","| Other assets | 863.0 | 841.8 | 1,181.5 | 1,661.6 | 1,801.8 |","| Liabilities and accruals | -1,342.7 | -1,326.0 | -1,426.4 | -1,394.3 | -1,484.7 |","| Total net asset value | 5,908.1 | 6,816.6 | 8,569.6 | 9,644.2 | 9,902.3 |","| RC unit class |","| RC net asset value | 5,317.4 | 6,134.8 | 7,806.3 | 8,818.8 | 9,082.9 |","| RC units in circulation (million units) | 129.8 | 151.9 | 193.2 | 219.7 | 225.5 |","| Net asset value per RC unit (EUR) | 40.96 | 40.39 | 40.41 | 40.13 | 40.27 |","| Distribution per unit (EUR)1 RC | 1.60 | 1.042 | 1.00 | 0.75 | 0.90 |","| IC unit class |","| IC net asset value | 590.6 | 681.8 | 763.3 | 825.4 | 819.4 |","| IC units in circulation (million units) | 14.3 | 16.8 | 18.8 | 20.5 | 20.2 |","| Net asset value per IC unit (EUR) | 41.19 | 40.60 | 40.64 | 40.33 | 40.46 |","| Distribution per IC unit (EUR)1 | 1.80 | 1.232 | 1.25 | 0.95 | 1.10 |","| Date of distribution | Dec. 20, 2017 | Dec. 19, 2018 | Dec. 18, 2019 | Dec. 16, 2020 | Dec. 15, 2021 |","- Payable after the close of the business year.","- Does not take into account the tax liquidity provided on January 2, 2018.","| Development of yields |","| --- |","| Key yield figures in % | Business year 2016/2017 | Business year 2017/2018 | Business year 2018/2019 | Business year 2019/2020 | Business year 2020/2021 |","| I. Properties |","| Gross income1 | 5.4% | 5.3% | 5.3% | 4.8% | 4.4% |","| Property management expenses1 | -1.0% | -0.4% | -1.6% | -0.6% | -1.6% |","| Net income1 | 4.4% | 4.8% | 3.7% | 4.2% | 2.8% |","| Changes in value (changes in market value, sales return)1 | 1.3% | 0.8% | 1.3% | 1.2% | 2.0% |","| Real estate return before taxes and depreciation1 | 5.7% | 5.6% | 5.0% | 5.4% | 4.8% |","| Provisions for deferred taxes1 | -0.3% | -0.5% | -0.4% | -0.5% | -0.6% |","| Amortization of incidental acquisition costs1 | -0.4% | -0.4% | -0.3% | -0.3% | -0.3% |","| Real estate return before loan charges and profits tax1 | 5.0% | 4.8% | 4.4% | 4.6% | 3.8% |","| Loan charges2 | -0.5% | -0.5% | -0.4% | -0.5% | -0.3% |","| Profits tax2 | -0.4% | -0.5% | -0.7% | -0.4% | -0.4% |","| Return after loan charges, taxes and depreciation2 | 5.2% | 4.9% | 4.2% | 4.6% | 3.9% |","| Currency effects2 | -0.1% | 0.1% | 0.1% | -0.6% | 0.0% |","| Overall result from real estate investments2 | 5.1% | 5.0% | 4.3% | 4.0% | 3.9% |","| II.","Liquidity3 | 1.0% | 0.5% | 2.8% | 0.4% | 1.6% |","| III.","Other costs4 | -0.2% | -0.3% | -0.3% | -0.1% | -0.1% |","| IV.","Total fund return before fund costs4 | 4.1% | 3.7% | 3.7% | 2.8% | 3.2% |","| V. Total fund return following deduction of fund costs (BVI method) |","| RC unit class | 3.1% | 2.7% | 2.7% | 1.8% | 2.3% |","| IC unit class | 3.6% | 3.2% | 3.2% | 2.4% | 2.7% |","with respect to: - Real estate assets - Real estate assets less total borrowings - Liquidity (incl. liquidity held in investments) - Net asset valueDüsseldorf, Capricorn"],"string":"[\n \"# Overview: Yields, valuation\",\n \"| Key yield figures 2020/2021 in % |\",\n \"| --- |\",\n \"| I. Properties |\",\n \"| Gross income | 4.4% 1 |\",\n \"| Property management expenses | -1.6% 1 |\",\n \"| Net income | 2.8% 1 |\",\n \"| Changes in value (changes in market value, sales result) | 2.0% 1 |\",\n \"| Real estate return before taxes and depreciation | 4.8% 1 |\",\n \"| |\",\n \"| Provisions for deferred taxes | -0.6% 1 |\",\n \"| Amortization of incidental acquisition costs | -0.3% 1 |\",\n \"| Real estate return before loan charges and profits tax | 3.8% 1 |\",\n \"| |\",\n \"| Loan charges | -0.3% 2 |\",\n \"| Profits tax | -0.4% 2 |\",\n \"| Return after loan charges, taxes and depreciation | 3.9% 2 |\",\n \"| |\",\n \"| Currency effects | 0.0% 2 |\",\n \"| Overall result from real estate investments | 3.9% 2 |\",\n \"| |\",\n \"| II.\",\n \"Liquidity | 1.6% 3 |\",\n \"| |\",\n \"| III.\",\n \"Other costs | -0.1% 4 |\",\n \"| |\",\n \"| IV.\",\n \"Total yield before the deduction of costs | 3.2% 4 |\",\n \"| |\",\n \"| V. Total yield for the RC unit class after deduction of fund costs (BVI method) | 2.3% |\",\n \"| Total yield for the IC unit class following deduction of fund costs (BVI method) | 2.7% |\",\n \"## Notes on fund profits grundbesitz europa\",\n \"The gross return totaling 4.4% results from the actual rent from directly held fund properties and from fund properties held through holdings.\",\n \"After offsetting against other real estate- related income and expenditure as well as the property manage- ment costs, the resulting total net return amounted to 2.8%.\",\n \"Taking into account changes in value, deferred taxes and amor- tization of incidental acquisition costs, the real estate return before loan charges was 3.8%.\",\n \"Following the application of borrowing costs and profits tax and based on real estate assets financed by equity capital, the total return after loan charges was 3.9%.\",\n \"There were no significant changes due to exchange rate fluctuations.\",\n \"The liquidity yield of +1.6% reflects the interest rate level and securities and futures valuations during the business year.\",\n \"On average, the share of liquid assets in the overall net asset value stood at around 18.2%.\",\n \"The total fund return for the business year before deduction of fund costs was 3.2%.\",\n \"After deduction of fund costs, the total return for the RC unit class was 2.3% per unit and the total return for the IC unit class was 2.7% per unit (both according to the BVI method).\",\n \"| Capital information (Average figures in EUR (millions)) |\",\n \"| --- |\",\n \"| with respect to: |\",\n \"| 1 | Real estate assets | 9,123.2 |\",\n \"| | Total borrowings (without shareholder loans) | 1,461.3 |\",\n \"| 2 | Real estate assets less Total borrowings | 7,661.9 |\",\n \"| 3 | Liquidity (incl. liquidity held in investments) | 1,771.4 |\",\n \"| 4 | Net asset value | 9,719.5 |\",\n \"| Overview: Yield/country contribution in 2020/2021 |\",\n \"| --- |\",\n \"| Country contribution Key yield figures in % | Germany | GB | France | Poland | Spain | Netherlands | Italy | Finland |\",\n \"| I. Properties |\",\n \"| Gross income | 4.1% | 4.7% | 4.1% | 5.5% | 3.4% | 5.1% | 4.7% | 4.3% |\",\n \"| Property management expenses | -2.7% | -0.5% | -0.1% | -1.5% | -2.5% | -1.6% | -4.2% | -0.3% |\",\n \"| Net income | 1.4% | 4.2% | 4.0% | 4.0% | 0.9% | 3.5% | 0.5% | 4.0% |\",\n \"| Changes in value (changes in market value, sales result) | 4.5% | 0.8% | 1.4% | 0.1% | -0.3% | 2.3% | 3.4% | 3.0% |\",\n \"| Real estate return before taxes and depreciation | 5.9% | 5.0% | 5.3% | 4.1% | 0.6% | 5.8% | 3.9% | 7.0% |\",\n \"| |\",\n \"| Provisions for deferred taxes | -0.8% | -0.2% | -0.6% | -1.8% | -0.5% | -0.6% | -1.5% | 0.0% |\",\n \"| Amortization of incidental acquisition costs | -0.2% | -0.5% | -0.2% | 0.0% | -0.2% | -0.4% | -0.1% | -0.5% |\",\n \"| Real estate return before loan charges and profits tax | 4.9% | 4.3% | 4.6% | 2.2% | -0.1% | 4.8% | 2.3% | 6.5% |\",\n \"| |\",\n \"| Loan charges | -0.3% | -0.9% | -0.1% | -0.2% | 0.0% | -0.1% | 0.0% | 0.0% |\",\n \"| Profits tax | -0.2% | -1.0% | -0.3% | -0.2% | -0.2% | -0.3% | -0.1% | 0.0% |\",\n \"| Return after loan charges, taxes and depreciation | 4.9% | 4.0% | 5.5% | 2.3% | -0.4% | 5.1% | 2.3% | 6.5% |\",\n \"| Overview: Changes in value in 2020/2021 |\",\n \"| --- |\",\n \"| Country Information on changes in value1 (as of reporting date in EUR (millions) | Germany | GB | France | Poland | Spain | Netherlands | Italy | Finland |\",\n \"| Appraiser-assessed market value of portfolio (average value) | 2,215.2 | 2,139.4 | 1,195.7 | 695.1 | 646.9 | 761.9 | 394.9 | 336.4 |\",\n \"| Appraiser-assessed rent/gross income of portfolio (average value) | 120.2 | 131.9 | 57.4 | 48.2 | 37.6 | 41.1 | 25.0 | 18.0 |\",\n \"| Positive changes in value as per expert appraisal | 163.7 | 98.1 | 89.4 | 29.8 | 4.5 | 31.9 | 14.8 | 12.4 |\",\n \"| Other positive changes in value | 399.4 | 64.5 | 96.8 | 82.1 | 0.0 | 137.7 | 0.0 | 86.4 |\",\n \"| Negative changes in value as per expert appraisal | -34.3 | -13.3 | -24.8 | -29.1 | -20.3 | -3.7 | -1.4 | -2.5 |\",\n \"| Other negative changes in value | -31.4 | -16.4 | -8.7 | -10.1 | -12.7 | -8.2 | -8.3 | -3.6 |\",\n \"| Total changes in values as per expert appraisal | 129.5 | 84.8 | 64.6 | 0.7 | -15.9 | 28.2 | 13.4 | 10.0 |\",\n \"| Total other changes in value | 367.9 | 48.1 | 88.1 | 72.0 | -12.7 | 129.5 | -8.3 | 82.9 |\",\n \"1 This overview includes only data from properties included in the investment fund as of the reporting date.\",\n \"Properties sold during the business year are not taken into account here.\",\n \"| |\",\n \"| --- |\",\n \"| Ireland | Other in Europe | Total |\",\n \"| |\",\n \"| 0.6% | 5.7% | 4.4% |\",\n \"| -2.5% | -3.1% | -1.6% |\",\n \"| -1.9% | 2.6% | 2.8% |\",\n \"| -0.1% | -0.2% | 2.0% |\",\n \"| -2.0% | 2.4% | 4.8% |\",\n \"| |\",\n \"| 0.0% | -0.3% | -0.6% |\",\n \"| -0.8% | -0.2% | -0.3% |\",\n \"| -2.8% | 1.9% | 3.8% |\",\n \"| |\",\n \"| 0.0% | -0.3% | -0.3% |\",\n \"| 0.0% | -0.8% | -0.4% |\",\n \"| -2.8% | 1.3% | 3.9% |\",\n \"| |\",\n \"| --- |\",\n \"| Ireland | Other in Europe | Total |\",\n \"| 132.6 | 268.9 | 8,787.0 |\",\n \"| 10.4 | 19.9 | 509.7 |\",\n \"| 1.1 | 5.8 | 451.6 |\",\n \"| 226.1 | 142.9 | 1,235.9 |\",\n \"| -2.2 | -5.0 | -136.5 |\",\n \"| -1.4 | -8.3 | -109.0 |\",\n \"| -1.1 | 0.8 | 315.1 |\",\n \"| 224.7 | 134.6 | 1,126.9 |\",\n \"| Development of the grundbesitz europa fund |\",\n \"| --- |\",\n \"| In EUR million | Sept. 30, 2017 | Sept. 30, 2018 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2021 |\",\n \"| Properties | 3,638.2 | 3,844.1 | 4,050.4 | 4,503.4 | 4,441.5 |\",\n \"| Holdings in special purpose vehicles | 1,627.7 | 1,722.0 | 2,203.0 | 2,697.4 | 3,757.0 |\",\n \"| Securities | 619.6 | 874.5 | 1,332.3 | 1,426.3 | 965.6 |\",\n \"| Bank deposits | 502.2 | 860.2 | 1,228.9 | 749.8 | 412.0 |\",\n \"| Other assets | 863.0 | 841.8 | 1,181.5 | 1,661.6 | 1,801.8 |\",\n \"| Liabilities and accruals | -1,342.7 | -1,326.0 | -1,426.4 | -1,394.3 | -1,484.7 |\",\n \"| Total net asset value | 5,908.1 | 6,816.6 | 8,569.6 | 9,644.2 | 9,902.3 |\",\n \"| RC unit class |\",\n \"| RC net asset value | 5,317.4 | 6,134.8 | 7,806.3 | 8,818.8 | 9,082.9 |\",\n \"| RC units in circulation (million units) | 129.8 | 151.9 | 193.2 | 219.7 | 225.5 |\",\n \"| Net asset value per RC unit (EUR) | 40.96 | 40.39 | 40.41 | 40.13 | 40.27 |\",\n \"| Distribution per unit (EUR)1 RC | 1.60 | 1.042 | 1.00 | 0.75 | 0.90 |\",\n \"| IC unit class |\",\n \"| IC net asset value | 590.6 | 681.8 | 763.3 | 825.4 | 819.4 |\",\n \"| IC units in circulation (million units) | 14.3 | 16.8 | 18.8 | 20.5 | 20.2 |\",\n \"| Net asset value per IC unit (EUR) | 41.19 | 40.60 | 40.64 | 40.33 | 40.46 |\",\n \"| Distribution per IC unit (EUR)1 | 1.80 | 1.232 | 1.25 | 0.95 | 1.10 |\",\n \"| Date of distribution | Dec. 20, 2017 | Dec. 19, 2018 | Dec. 18, 2019 | Dec. 16, 2020 | Dec. 15, 2021 |\",\n \"- Payable after the close of the business year.\",\n \"- Does not take into account the tax liquidity provided on January 2, 2018.\",\n \"| Development of yields |\",\n \"| --- |\",\n \"| Key yield figures in % | Business year 2016/2017 | Business year 2017/2018 | Business year 2018/2019 | Business year 2019/2020 | Business year 2020/2021 |\",\n \"| I. Properties |\",\n \"| Gross income1 | 5.4% | 5.3% | 5.3% | 4.8% | 4.4% |\",\n \"| Property management expenses1 | -1.0% | -0.4% | -1.6% | -0.6% | -1.6% |\",\n \"| Net income1 | 4.4% | 4.8% | 3.7% | 4.2% | 2.8% |\",\n \"| Changes in value (changes in market value, sales return)1 | 1.3% | 0.8% | 1.3% | 1.2% | 2.0% |\",\n \"| Real estate return before taxes and depreciation1 | 5.7% | 5.6% | 5.0% | 5.4% | 4.8% |\",\n \"| Provisions for deferred taxes1 | -0.3% | -0.5% | -0.4% | -0.5% | -0.6% |\",\n \"| Amortization of incidental acquisition costs1 | -0.4% | -0.4% | -0.3% | -0.3% | -0.3% |\",\n \"| Real estate return before loan charges and profits tax1 | 5.0% | 4.8% | 4.4% | 4.6% | 3.8% |\",\n \"| Loan charges2 | -0.5% | -0.5% | -0.4% | -0.5% | -0.3% |\",\n \"| Profits tax2 | -0.4% | -0.5% | -0.7% | -0.4% | -0.4% |\",\n \"| Return after loan charges, taxes and depreciation2 | 5.2% | 4.9% | 4.2% | 4.6% | 3.9% |\",\n \"| Currency effects2 | -0.1% | 0.1% | 0.1% | -0.6% | 0.0% |\",\n \"| Overall result from real estate investments2 | 5.1% | 5.0% | 4.3% | 4.0% | 3.9% |\",\n \"| II.\",\n \"Liquidity3 | 1.0% | 0.5% | 2.8% | 0.4% | 1.6% |\",\n \"| III.\",\n \"Other costs4 | -0.2% | -0.3% | -0.3% | -0.1% | -0.1% |\",\n \"| IV.\",\n \"Total fund return before fund costs4 | 4.1% | 3.7% | 3.7% | 2.8% | 3.2% |\",\n \"| V. Total fund return following deduction of fund costs (BVI method) |\",\n \"| RC unit class | 3.1% | 2.7% | 2.7% | 1.8% | 2.3% |\",\n \"| IC unit class | 3.6% | 3.2% | 3.2% | 2.4% | 2.7% |\",\n \"with respect to: - Real estate assets - Real estate assets less total borrowings - Liquidity (incl. liquidity held in investments) - Net asset valueDüsseldorf, Capricorn\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Overview: Yields, valuation","| Key yield figures 2020/2021 in % |","| --- |","| I. Properties |","| Gross income | 4.4% 1 |","| Property management expenses | -1.6% 1 |","| Net income | 2.8% 1 |","| Changes in value (changes in market value, sales result) | 2.0% 1 |","| Real estate return before taxes and depreciation | 4.8% 1 |","| |","| Provisions for deferred taxes | -0.6% 1 |","| Amortization of incidental acquisition costs | -0.3% 1 |","| Real estate return before loan charges and profits tax | 3.8% 1 |","| |","| Loan charges | -0.3% 2 |","| Profits tax | -0.4% 2 |","| Return after loan charges, taxes and depreciation | 3.9% 2 |","| |","| Currency effects | 0.0% 2 |","| Overall result from real estate investments | 3.9% 2 |","| |","| II.","Liquidity | 1.6% 3 |","| |","| III.","Other costs | -0.1% 4 |","| |","| IV.","Total yield before the deduction of costs | 3.2% 4 |","| |","| V. Total yield for the RC unit class after deduction of fund costs (BVI method) | 2.3% |","| Total yield for the IC unit class following deduction of fund costs (BVI method) | 2.7% |","## Notes on fund profits grundbesitz europa","The gross return totaling 4.4% results from the actual rent from directly held fund properties and from fund properties held through holdings.","After offsetting against other real estate- related income and expenditure as well as the property manage- ment costs, the resulting total net return amounted to 2.8%.","Taking into account changes in value, deferred taxes and amor- tization of incidental acquisition costs, the real estate return before loan charges was 3.8%.","Following the application of borrowing costs and profits tax and based on real estate assets financed by equity capital, the total return after loan charges was 3.9%.","There were no significant changes due to exchange rate fluctuations.","The liquidity yield of +1.6% reflects the interest rate level and securities and futures valuations during the business year.","On average, the share of liquid assets in the overall net asset value stood at around 18.2%.","The total fund return for the business year before deduction of fund costs was 3.2%.","After deduction of fund costs, the total return for the RC unit class was 2.3% per unit and the total return for the IC unit class was 2.7% per unit (both according to the BVI method).","| Capital information (Average figures in EUR (millions)) |","| --- |","| with respect to: |","| 1 | Real estate assets | 9,123.2 |","| | Total borrowings (without shareholder loans) | 1,461.3 |","| 2 | Real estate assets less Total borrowings | 7,661.9 |","| 3 | Liquidity (incl. liquidity held in investments) | 1,771.4 |","| 4 | Net asset value | 9,719.5 |","| Overview: Yield/country contribution in 2020/2021 |","| --- |","| Country contribution Key yield figures in % | Germany | GB | France | Poland | Spain | Netherlands | Italy | Finland |","| I. Properties |","| Gross income | 4.1% | 4.7% | 4.1% | 5.5% | 3.4% | 5.1% | 4.7% | 4.3% |","| Property management expenses | -2.7% | -0.5% | -0.1% | -1.5% | -2.5% | -1.6% | -4.2% | -0.3% |","| Net income | 1.4% | 4.2% | 4.0% | 4.0% | 0.9% | 3.5% | 0.5% | 4.0% |","| Changes in value (changes in market value, sales result) | 4.5% | 0.8% | 1.4% | 0.1% | -0.3% | 2.3% | 3.4% | 3.0% |","| Real estate return before taxes and depreciation | 5.9% | 5.0% | 5.3% | 4.1% | 0.6% | 5.8% | 3.9% | 7.0% |","| |","| Provisions for deferred taxes | -0.8% | -0.2% | -0.6% | -1.8% | -0.5% | -0.6% | -1.5% | 0.0% |","| Amortization of incidental acquisition costs | -0.2% | -0.5% | -0.2% | 0.0% | -0.2% | -0.4% | -0.1% | -0.5% |","| Real estate return before loan charges and profits tax | 4.9% | 4.3% | 4.6% | 2.2% | -0.1% | 4.8% | 2.3% | 6.5% |","| |","| Loan charges | -0.3% | -0.9% | -0.1% | -0.2% | 0.0% | -0.1% | 0.0% | 0.0% |","| Profits tax | -0.2% | -1.0% | -0.3% | -0.2% | -0.2% | -0.3% | -0.1% | 0.0% |","| Return after loan charges, taxes and depreciation | 4.9% | 4.0% | 5.5% | 2.3% | -0.4% | 5.1% | 2.3% | 6.5% |","| Overview: Changes in value in 2020/2021 |","| --- |","| Country Information on changes in value1 (as of reporting date in EUR (millions) | Germany | GB | France | Poland | Spain | Netherlands | Italy | Finland |","| Appraiser-assessed market value of portfolio (average value) | 2,215.2 | 2,139.4 | 1,195.7 | 695.1 | 646.9 | 761.9 | 394.9 | 336.4 |","| Appraiser-assessed rent/gross income of portfolio (average value) | 120.2 | 131.9 | 57.4 | 48.2 | 37.6 | 41.1 | 25.0 | 18.0 |","| Positive changes in value as per expert appraisal | 163.7 | 98.1 | 89.4 | 29.8 | 4.5 | 31.9 | 14.8 | 12.4 |","| Other positive changes in value | 399.4 | 64.5 | 96.8 | 82.1 | 0.0 | 137.7 | 0.0 | 86.4 |","| Negative changes in value as per expert appraisal | -34.3 | -13.3 | -24.8 | -29.1 | -20.3 | -3.7 | -1.4 | -2.5 |","| Other negative changes in value | -31.4 | -16.4 | -8.7 | -10.1 | -12.7 | -8.2 | -8.3 | -3.6 |","| Total changes in values as per expert appraisal | 129.5 | 84.8 | 64.6 | 0.7 | -15.9 | 28.2 | 13.4 | 10.0 |","| Total other changes in value | 367.9 | 48.1 | 88.1 | 72.0 | -12.7 | 129.5 | -8.3 | 82.9 |","1 This overview includes only data from properties included in the investment fund as of the reporting date.","Properties sold during the business year are not taken into account here.","| |","| --- |","| Ireland | Other in Europe | Total |","| |","| 0.6% | 5.7% | 4.4% |","| -2.5% | -3.1% | -1.6% |","| -1.9% | 2.6% | 2.8% |","| -0.1% | -0.2% | 2.0% |","| -2.0% | 2.4% | 4.8% |","| |","| 0.0% | -0.3% | -0.6% |","| -0.8% | -0.2% | -0.3% |","| -2.8% | 1.9% | 3.8% |","| |","| 0.0% | -0.3% | -0.3% |","| 0.0% | -0.8% | -0.4% |","| -2.8% | 1.3% | 3.9% |","| |","| --- |","| Ireland | Other in Europe | Total |","| 132.6 | 268.9 | 8,787.0 |","| 10.4 | 19.9 | 509.7 |","| 1.1 | 5.8 | 451.6 |","| 226.1 | 142.9 | 1,235.9 |","| -2.2 | -5.0 | -136.5 |","| -1.4 | -8.3 | -109.0 |","| -1.1 | 0.8 | 315.1 |","| 224.7 | 134.6 | 1,126.9 |","| Development of the grundbesitz europa fund |","| --- |","| In EUR million | Sept. 30, 2017 | Sept. 30, 2018 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2021 |","| Properties | 3,638.2 | 3,844.1 | 4,050.4 | 4,503.4 | 4,441.5 |","| Holdings in special purpose vehicles | 1,627.7 | 1,722.0 | 2,203.0 | 2,697.4 | 3,757.0 |","| Securities | 619.6 | 874.5 | 1,332.3 | 1,426.3 | 965.6 |","| Bank deposits | 502.2 | 860.2 | 1,228.9 | 749.8 | 412.0 |","| Other assets | 863.0 | 841.8 | 1,181.5 | 1,661.6 | 1,801.8 |","| Liabilities and accruals | -1,342.7 | -1,326.0 | -1,426.4 | -1,394.3 | -1,484.7 |","| Total net asset value | 5,908.1 | 6,816.6 | 8,569.6 | 9,644.2 | 9,902.3 |","| RC unit class |","| RC net asset value | 5,317.4 | 6,134.8 | 7,806.3 | 8,818.8 | 9,082.9 |","| RC units in circulation (million units) | 129.8 | 151.9 | 193.2 | 219.7 | 225.5 |","| Net asset value per RC unit (EUR) | 40.96 | 40.39 | 40.41 | 40.13 | 40.27 |","| Distribution per unit (EUR)1 RC | 1.60 | 1.042 | 1.00 | 0.75 | 0.90 |","| IC unit class |","| IC net asset value | 590.6 | 681.8 | 763.3 | 825.4 | 819.4 |","| IC units in circulation (million units) | 14.3 | 16.8 | 18.8 | 20.5 | 20.2 |","| Net asset value per IC unit (EUR) | 41.19 | 40.60 | 40.64 | 40.33 | 40.46 |","| Distribution per IC unit (EUR)1 | 1.80 | 1.232 | 1.25 | 0.95 | 1.10 |","| Date of distribution | Dec. 20, 2017 | Dec. 19, 2018 | Dec. 18, 2019 | Dec. 16, 2020 | Dec. 15, 2021 |","- Payable after the close of the business year.","- Does not take into account the tax liquidity provided on January 2, 2018.","| Development of yields |","| --- |","| Key yield figures in % | Business year 2016/2017 | Business year 2017/2018 | Business year 2018/2019 | Business year 2019/2020 | Business year 2020/2021 |","| I. Properties |","| Gross income1 | 5.4% | 5.3% | 5.3% | 4.8% | 4.4% |","| Property management expenses1 | -1.0% | -0.4% | -1.6% | -0.6% | -1.6% |","| Net income1 | 4.4% | 4.8% | 3.7% | 4.2% | 2.8% |","| Changes in value (changes in market value, sales return)1 | 1.3% | 0.8% | 1.3% | 1.2% | 2.0% |","| Real estate return before taxes and depreciation1 | 5.7% | 5.6% | 5.0% | 5.4% | 4.8% |","| Provisions for deferred taxes1 | -0.3% | -0.5% | -0.4% | -0.5% | -0.6% |","| Amortization of incidental acquisition costs1 | -0.4% | -0.4% | -0.3% | -0.3% | -0.3% |","| Real estate return before loan charges and profits tax1 | 5.0% | 4.8% | 4.4% | 4.6% | 3.8% |","| Loan charges2 | -0.5% | -0.5% | -0.4% | -0.5% | -0.3% |","| Profits tax2 | -0.4% | -0.5% | -0.7% | -0.4% | -0.4% |","| Return after loan charges, taxes and depreciation2 | 5.2% | 4.9% | 4.2% | 4.6% | 3.9% |","| Currency effects2 | -0.1% | 0.1% | 0.1% | -0.6% | 0.0% |","| Overall result from real estate investments2 | 5.1% | 5.0% | 4.3% | 4.0% | 3.9% |","| II.","Liquidity3 | 1.0% | 0.5% | 2.8% | 0.4% | 1.6% |","| III.","Other costs4 | -0.2% | -0.3% | -0.3% | -0.1% | -0.1% |","| IV.","Total fund return before fund costs4 | 4.1% | 3.7% | 3.7% | 2.8% | 3.2% |","| V. Total fund return following deduction of fund costs (BVI method) |","| RC unit class | 3.1% | 2.7% | 2.7% | 1.8% | 2.3% |","| IC unit class | 3.6% | 3.2% | 3.2% | 2.4% | 2.7% |","with respect to: - Real estate assets - Real estate assets less total borrowings - Liquidity (incl. liquidity held in investments) - Net asset valueDüsseldorf, Capricorn"],"string":"[\n \"# Overview: Yields, valuation\",\n \"| Key yield figures 2020/2021 in % |\",\n \"| --- |\",\n \"| I. Properties |\",\n \"| Gross income | 4.4% 1 |\",\n \"| Property management expenses | -1.6% 1 |\",\n \"| Net income | 2.8% 1 |\",\n \"| Changes in value (changes in market value, sales result) | 2.0% 1 |\",\n \"| Real estate return before taxes and depreciation | 4.8% 1 |\",\n \"| |\",\n \"| Provisions for deferred taxes | -0.6% 1 |\",\n \"| Amortization of incidental acquisition costs | -0.3% 1 |\",\n \"| Real estate return before loan charges and profits tax | 3.8% 1 |\",\n \"| |\",\n \"| Loan charges | -0.3% 2 |\",\n \"| Profits tax | -0.4% 2 |\",\n \"| Return after loan charges, taxes and depreciation | 3.9% 2 |\",\n \"| |\",\n \"| Currency effects | 0.0% 2 |\",\n \"| Overall result from real estate investments | 3.9% 2 |\",\n \"| |\",\n \"| II.\",\n \"Liquidity | 1.6% 3 |\",\n \"| |\",\n \"| III.\",\n \"Other costs | -0.1% 4 |\",\n \"| |\",\n \"| IV.\",\n \"Total yield before the deduction of costs | 3.2% 4 |\",\n \"| |\",\n \"| V. Total yield for the RC unit class after deduction of fund costs (BVI method) | 2.3% |\",\n \"| Total yield for the IC unit class following deduction of fund costs (BVI method) | 2.7% |\",\n \"## Notes on fund profits grundbesitz europa\",\n \"The gross return totaling 4.4% results from the actual rent from directly held fund properties and from fund properties held through holdings.\",\n \"After offsetting against other real estate- related income and expenditure as well as the property manage- ment costs, the resulting total net return amounted to 2.8%.\",\n \"Taking into account changes in value, deferred taxes and amor- tization of incidental acquisition costs, the real estate return before loan charges was 3.8%.\",\n \"Following the application of borrowing costs and profits tax and based on real estate assets financed by equity capital, the total return after loan charges was 3.9%.\",\n \"There were no significant changes due to exchange rate fluctuations.\",\n \"The liquidity yield of +1.6% reflects the interest rate level and securities and futures valuations during the business year.\",\n \"On average, the share of liquid assets in the overall net asset value stood at around 18.2%.\",\n \"The total fund return for the business year before deduction of fund costs was 3.2%.\",\n \"After deduction of fund costs, the total return for the RC unit class was 2.3% per unit and the total return for the IC unit class was 2.7% per unit (both according to the BVI method).\",\n \"| Capital information (Average figures in EUR (millions)) |\",\n \"| --- |\",\n \"| with respect to: |\",\n \"| 1 | Real estate assets | 9,123.2 |\",\n \"| | Total borrowings (without shareholder loans) | 1,461.3 |\",\n \"| 2 | Real estate assets less Total borrowings | 7,661.9 |\",\n \"| 3 | Liquidity (incl. liquidity held in investments) | 1,771.4 |\",\n \"| 4 | Net asset value | 9,719.5 |\",\n \"| Overview: Yield/country contribution in 2020/2021 |\",\n \"| --- |\",\n \"| Country contribution Key yield figures in % | Germany | GB | France | Poland | Spain | Netherlands | Italy | Finland |\",\n \"| I. Properties |\",\n \"| Gross income | 4.1% | 4.7% | 4.1% | 5.5% | 3.4% | 5.1% | 4.7% | 4.3% |\",\n \"| Property management expenses | -2.7% | -0.5% | -0.1% | -1.5% | -2.5% | -1.6% | -4.2% | -0.3% |\",\n \"| Net income | 1.4% | 4.2% | 4.0% | 4.0% | 0.9% | 3.5% | 0.5% | 4.0% |\",\n \"| Changes in value (changes in market value, sales result) | 4.5% | 0.8% | 1.4% | 0.1% | -0.3% | 2.3% | 3.4% | 3.0% |\",\n \"| Real estate return before taxes and depreciation | 5.9% | 5.0% | 5.3% | 4.1% | 0.6% | 5.8% | 3.9% | 7.0% |\",\n \"| |\",\n \"| Provisions for deferred taxes | -0.8% | -0.2% | -0.6% | -1.8% | -0.5% | -0.6% | -1.5% | 0.0% |\",\n \"| Amortization of incidental acquisition costs | -0.2% | -0.5% | -0.2% | 0.0% | -0.2% | -0.4% | -0.1% | -0.5% |\",\n \"| Real estate return before loan charges and profits tax | 4.9% | 4.3% | 4.6% | 2.2% | -0.1% | 4.8% | 2.3% | 6.5% |\",\n \"| |\",\n \"| Loan charges | -0.3% | -0.9% | -0.1% | -0.2% | 0.0% | -0.1% | 0.0% | 0.0% |\",\n \"| Profits tax | -0.2% | -1.0% | -0.3% | -0.2% | -0.2% | -0.3% | -0.1% | 0.0% |\",\n \"| Return after loan charges, taxes and depreciation | 4.9% | 4.0% | 5.5% | 2.3% | -0.4% | 5.1% | 2.3% | 6.5% |\",\n \"| Overview: Changes in value in 2020/2021 |\",\n \"| --- |\",\n \"| Country Information on changes in value1 (as of reporting date in EUR (millions) | Germany | GB | France | Poland | Spain | Netherlands | Italy | Finland |\",\n \"| Appraiser-assessed market value of portfolio (average value) | 2,215.2 | 2,139.4 | 1,195.7 | 695.1 | 646.9 | 761.9 | 394.9 | 336.4 |\",\n \"| Appraiser-assessed rent/gross income of portfolio (average value) | 120.2 | 131.9 | 57.4 | 48.2 | 37.6 | 41.1 | 25.0 | 18.0 |\",\n \"| Positive changes in value as per expert appraisal | 163.7 | 98.1 | 89.4 | 29.8 | 4.5 | 31.9 | 14.8 | 12.4 |\",\n \"| Other positive changes in value | 399.4 | 64.5 | 96.8 | 82.1 | 0.0 | 137.7 | 0.0 | 86.4 |\",\n \"| Negative changes in value as per expert appraisal | -34.3 | -13.3 | -24.8 | -29.1 | -20.3 | -3.7 | -1.4 | -2.5 |\",\n \"| Other negative changes in value | -31.4 | -16.4 | -8.7 | -10.1 | -12.7 | -8.2 | -8.3 | -3.6 |\",\n \"| Total changes in values as per expert appraisal | 129.5 | 84.8 | 64.6 | 0.7 | -15.9 | 28.2 | 13.4 | 10.0 |\",\n \"| Total other changes in value | 367.9 | 48.1 | 88.1 | 72.0 | -12.7 | 129.5 | -8.3 | 82.9 |\",\n \"1 This overview includes only data from properties included in the investment fund as of the reporting date.\",\n \"Properties sold during the business year are not taken into account here.\",\n \"| |\",\n \"| --- |\",\n \"| Ireland | Other in Europe | Total |\",\n \"| |\",\n \"| 0.6% | 5.7% | 4.4% |\",\n \"| -2.5% | -3.1% | -1.6% |\",\n \"| -1.9% | 2.6% | 2.8% |\",\n \"| -0.1% | -0.2% | 2.0% |\",\n \"| -2.0% | 2.4% | 4.8% |\",\n \"| |\",\n \"| 0.0% | -0.3% | -0.6% |\",\n \"| -0.8% | -0.2% | -0.3% |\",\n \"| -2.8% | 1.9% | 3.8% |\",\n \"| |\",\n \"| 0.0% | -0.3% | -0.3% |\",\n \"| 0.0% | -0.8% | -0.4% |\",\n \"| -2.8% | 1.3% | 3.9% |\",\n \"| |\",\n \"| --- |\",\n \"| Ireland | Other in Europe | Total |\",\n \"| 132.6 | 268.9 | 8,787.0 |\",\n \"| 10.4 | 19.9 | 509.7 |\",\n \"| 1.1 | 5.8 | 451.6 |\",\n \"| 226.1 | 142.9 | 1,235.9 |\",\n \"| -2.2 | -5.0 | -136.5 |\",\n \"| -1.4 | -8.3 | -109.0 |\",\n \"| -1.1 | 0.8 | 315.1 |\",\n \"| 224.7 | 134.6 | 1,126.9 |\",\n \"| Development of the grundbesitz europa fund |\",\n \"| --- |\",\n \"| In EUR million | Sept. 30, 2017 | Sept. 30, 2018 | Sept. 30, 2019 | Sept. 30, 2020 | Sept. 30, 2021 |\",\n \"| Properties | 3,638.2 | 3,844.1 | 4,050.4 | 4,503.4 | 4,441.5 |\",\n \"| Holdings in special purpose vehicles | 1,627.7 | 1,722.0 | 2,203.0 | 2,697.4 | 3,757.0 |\",\n \"| Securities | 619.6 | 874.5 | 1,332.3 | 1,426.3 | 965.6 |\",\n \"| Bank deposits | 502.2 | 860.2 | 1,228.9 | 749.8 | 412.0 |\",\n \"| Other assets | 863.0 | 841.8 | 1,181.5 | 1,661.6 | 1,801.8 |\",\n \"| Liabilities and accruals | -1,342.7 | -1,326.0 | -1,426.4 | -1,394.3 | -1,484.7 |\",\n \"| Total net asset value | 5,908.1 | 6,816.6 | 8,569.6 | 9,644.2 | 9,902.3 |\",\n \"| RC unit class |\",\n \"| RC net asset value | 5,317.4 | 6,134.8 | 7,806.3 | 8,818.8 | 9,082.9 |\",\n \"| RC units in circulation (million units) | 129.8 | 151.9 | 193.2 | 219.7 | 225.5 |\",\n \"| Net asset value per RC unit (EUR) | 40.96 | 40.39 | 40.41 | 40.13 | 40.27 |\",\n \"| Distribution per unit (EUR)1 RC | 1.60 | 1.042 | 1.00 | 0.75 | 0.90 |\",\n \"| IC unit class |\",\n \"| IC net asset value | 590.6 | 681.8 | 763.3 | 825.4 | 819.4 |\",\n \"| IC units in circulation (million units) | 14.3 | 16.8 | 18.8 | 20.5 | 20.2 |\",\n \"| Net asset value per IC unit (EUR) | 41.19 | 40.60 | 40.64 | 40.33 | 40.46 |\",\n \"| Distribution per IC unit (EUR)1 | 1.80 | 1.232 | 1.25 | 0.95 | 1.10 |\",\n \"| Date of distribution | Dec. 20, 2017 | Dec. 19, 2018 | Dec. 18, 2019 | Dec. 16, 2020 | Dec. 15, 2021 |\",\n \"- Payable after the close of the business year.\",\n \"- Does not take into account the tax liquidity provided on January 2, 2018.\",\n \"| Development of yields |\",\n \"| --- |\",\n \"| Key yield figures in % | Business year 2016/2017 | Business year 2017/2018 | Business year 2018/2019 | Business year 2019/2020 | Business year 2020/2021 |\",\n \"| I. Properties |\",\n \"| Gross income1 | 5.4% | 5.3% | 5.3% | 4.8% | 4.4% |\",\n \"| Property management expenses1 | -1.0% | -0.4% | -1.6% | -0.6% | -1.6% |\",\n \"| Net income1 | 4.4% | 4.8% | 3.7% | 4.2% | 2.8% |\",\n \"| Changes in value (changes in market value, sales return)1 | 1.3% | 0.8% | 1.3% | 1.2% | 2.0% |\",\n \"| Real estate return before taxes and depreciation1 | 5.7% | 5.6% | 5.0% | 5.4% | 4.8% |\",\n \"| Provisions for deferred taxes1 | -0.3% | -0.5% | -0.4% | -0.5% | -0.6% |\",\n \"| Amortization of incidental acquisition costs1 | -0.4% | -0.4% | -0.3% | -0.3% | -0.3% |\",\n \"| Real estate return before loan charges and profits tax1 | 5.0% | 4.8% | 4.4% | 4.6% | 3.8% |\",\n \"| Loan charges2 | -0.5% | -0.5% | -0.4% | -0.5% | -0.3% |\",\n \"| Profits tax2 | -0.4% | -0.5% | -0.7% | -0.4% | -0.4% |\",\n \"| Return after loan charges, taxes and depreciation2 | 5.2% | 4.9% | 4.2% | 4.6% | 3.9% |\",\n \"| Currency effects2 | -0.1% | 0.1% | 0.1% | -0.6% | 0.0% |\",\n \"| Overall result from real estate investments2 | 5.1% | 5.0% | 4.3% | 4.0% | 3.9% |\",\n \"| II.\",\n \"Liquidity3 | 1.0% | 0.5% | 2.8% | 0.4% | 1.6% |\",\n \"| III.\",\n \"Other costs4 | -0.2% | -0.3% | -0.3% | -0.1% | -0.1% |\",\n \"| IV.\",\n \"Total fund return before fund costs4 | 4.1% | 3.7% | 3.7% | 2.8% | 3.2% |\",\n \"| V. Total fund return following deduction of fund costs (BVI method) |\",\n \"| RC unit class | 3.1% | 2.7% | 2.7% | 1.8% | 2.3% |\",\n \"| IC unit class | 3.6% | 3.2% | 3.2% | 2.4% | 2.7% |\",\n \"with respect to: - Real estate assets - Real estate assets less total borrowings - Liquidity (incl. liquidity held in investments) - Net asset valueDüsseldorf, Capricorn\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98256,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# vom 1. Oktober 2020 bis 30. September 2021\n| Gesamt Fondsvermögen |\n| --- |\n| | EUR | EUR | EUR |\n| I.\tWert des Sondervermögens am Beginn des Geschäftsjahres (1.10.2020) | | | 9.644.216.871,44 |\n| 1. Ausschüttung für das Vorjahr/Steuerabschlag für das Vorjahr1) | | | 184.228.895,35 |\n| Ausgleichsposten für bis zum Ausschüttungstag ausgegebene bzw. zurückgegebene Anteile | | | 1.344.023,15 |\n| 2. Mittelzufluss/abfluss (netto)2) | | | 221.764.243,20 |\n| a) Mittelzuflüsse aus Anteilverkäufen | | 281.346.327,00 | |\n| b) Mittelabflüsse aus Anteilrücknahmen | | 59.582.083,80 | |\n| 3. Ertragsausgleich/Aufwandsausgleich | | | 403.497,52 |\n| 4. Abschreibung Anschaffungsnebenkosten | | | 14.728.628,84 |\n| – bei Immobilien | | 8.046.935,75 | |\n| davon in Fremdwährung3) | 2.689.231,63 | | |\n| – bei Beteiligungen an ImmobilienGesellschaften | | 6.681.693,09 | |\n| davon in Fremdwährung3) | 2.581.049,78 | | |\n| 5. Ergebnis des Geschäftsjahres4) | | | 237.021.599,05 |\n| – davon nicht realisierte Gewinne5) | | 1.247.889.016,73 | |\n| – davon nicht realisierte Verluste5) | | 1.166.443.987,37 | |\n| II. Wert des Sondervermögens am Ende des Geschäftsjahres (30.9.2021) | | | 9.902.297.668,83 |\n\n- Es handelt sich um die Ausschüttung für das Geschäftsjahr 2019/2020 (siehe Jahresbericht des Vorjahres: Position Ausschüttung in der Tabelle „Verwendungsrechnung“).\n- Die Mittelzuflüsse aus Anteilausgaben und Mittelabflüsseaus Anteilrücknahmen ergeben sich aus dem jeweiligen Rück nahmepreis, multipliziert mit der Anzahl der ausgegebenen bzw. zurückgenommenen Anteile. In dem Rücknahmepreis sind die Erträge pro Anteil, die als Ertragsausgleich bezeichnet werden, enthalten.\n- Unter Fremdwährung sind sämtliche NichtEuroPositionen zuverstehen.\n- Das Ergebnis des Geschäftsjahres ist aus der Ertrags undAufwandsrechnung ersichtlich.\n- Die Angaben der nicht realisierten Gewinne/Verluste beinhalten die Nettoveränderungen der Immobilien, Beteiligungen, Wertpapiere und sonstige Vermögensgegenstände im Berichtsjahr. Bei der Ermittlung werden die Effekte aus latenten Steuern und Währungs kursveränderungen, einschließlich der zur Absicherung abgeschlos senen Finanztermingeschäften, berücksichtigt.\n\n| Anteilklasse RC | | Anteilklasse IC |\n| --- | --- | --- |\n| EUR | EUR | EUR | EUR |\n| | 8.818.844.440,79 | | 825.372.430,65 |\n| | -164.788.282,50 | | -19.440.612,85 |\n| | -1.186.967,25 | | -157.055,90 |\n| | 230.216.704,60 | | -8.452.461,40 |\n| 251.569.709,17 | | 29.776.617,83 | |\n| -21.353.004,57 | | -38.229.079,23 | |\n| | -566.002,55 | | 162.505,03 |\n| | -13.486.909,47 | | -1.241.719,37 |\n| -7.368.032,17 | | -678.903,58 | |\n| |\n| -6.118.877,30 | | -562.815,79 | |\n| |\n| | 213.819.619,71 | | 23.201.979,34 |\n| 1.144.622.428,38 | | 103.266.588,35 | |\n| -1.069.917.221,40 | | -96.526.765,97 | |\n| | 9.082.852.603,33 | | 819.445.065,50 |\n\n\n## Erläuterungen zur Entwicklungsrechnung\nDie Entwicklungsrechnung des Fondsvermö- gens zeigt auf, welche Geschäftsvorfälle wäh- rend der Berichtsperiode zu dem neuen, in der Vermögensübersicht des Fonds ausgewiesenen Vermögen geführt haben. Es handelt sich also um die Aufgliederung der Differenz zwischen dem Vermögen zu Beginn und dem am Ende des Geschäftsjahres."},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# from October 1, 2020, through September 30, 2021\n| Total net assets |\n| --- |\n| | EUR | EUR | EUR |\n| I.\tValue of the investment fund at the start of the business year (October 1, 2020) | | | 9,644,216,871.44 |\n| 1. Previous year’s distribution or tax abatement1 | | | -184,228,895.35 |\n| Adjustment items for units issued or redeemed prior to the distribution date | | | -1,344,023.15 |\n| 2. Cash inflow/outflow (net)2 | | | 221,764,243.20 |\n| a) Cash inflow from unit sales | | 281,346,327.00 | |\n| b) Cash outflow from unit redemptions | | -59,582,083.80 | |\n| 3. Income adjustment/expense adjustment | | | -403,497.52 |\n| 4. Amortization of incidental acquisition costs | | | -14,728,628.84 |\n| – on real estate | | -8,046,935.75 | |\n| thereof in foreign currency3 | -2,689,231.63 | | |\n| – on holdings in special purpose vehicles | | -6,681,693.09 | |\n| thereof in foreign currency3 | -2,581,049.78 | | |\n| 5. Result for the business year4 | | | 237,021,599.05 |\n| – thereof unrealized gains5 | | 1,247,889,016.73 | |\n| – of which unrealized losses5 | | -1,166,443,987.37 | |\n| II. Value of the investment fund at the end of the business year (September 30, 2021) | | | 9,902,297,668.83 |\n\n- Refers to the distribution for the 2019/2020 business year (see the previous year’s annual report: distribution posted in the “Distribution calculation” table).\n- Cash inflows from the issue of units and cash outflows from unit redemptions are obtained by multiplying the redemption price by the number of units issued or redeemed. The redemption price contains the income per unit, designated as income adjustment.\n- Foreign currency includes all non-euro items.\n- The result for the business year is shown in the statement of income and expenses.\n- The disclosures in relation to unrealized gains/losses include the net changes in properties, equity holdings, securities and other assets in the business year. In making this determination, the effects from deferred taxes and exchange rate changes, including the financial futures transactions concluded for hedging purposes are taken into account.\n\n| RC unit class | | IC unit class |\n| --- | --- | --- |\n| EUR | EUR | EUR | EUR |\n| | 8,818,844,440.79 | | 825,372,430.65 |\n| | -164,788,282.50 | | -19,440,612.85 |\n| | -1,186,967.25 | | -157,055.90 |\n| | 230,216,704.60 | | -8,452,461.40 |\n| 251,569,709.17 | | 29,776,617.83 | |\n| -21,353,004.57 | | -38,229,079.23 | |\n| | -566,002.55 | | 162,505.03 |\n| | -13,486,909.47 | | -1,241,719.37 |\n| -7,368,032.17 | | -678,903.58 | |\n| |\n| -6,118,877.30 | | -562,815.79 | |\n| |\n| | 213,819,619.71 | | 23,201,979.34 |\n| 1,144,622,428.38 | | 103,266,588.35 | |\n| -1,069,917,221.40 | | -96,526,765.97 | |\n| | 9,082,852,603.33 | | 819,445,065.50 |\n\n\n## Notes on the development of fund assets\nThe statement on the development of fund assets details the business transactions that have occurred during the reporting period, which, in turn, have led to the updated level of assets listed in the summa- rized statement of assets. Consequently, it is a break- down of the difference between the level of assets at the beginning and end of the business year."},"unique id":{"kind":"number","value":108257,"string":"108,257"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# from October 1, 2020, through September 30, 2021","| Total net assets |","| --- |","| | EUR | EUR | EUR |","| I.\tValue of the investment fund at the start of the business year (October 1, 2020) | | | 9,644,216,871.44 |","| 1. Previous year’s distribution or tax abatement1 | | | -184,228,895.35 |","| Adjustment items for units issued or redeemed prior to the distribution date | | | -1,344,023.15 |","| 2. Cash inflow/outflow (net)2 | | | 221,764,243.20 |","a) Cash inflow from unit sales | | 281,346,327.00 | |","b) Cash outflow from unit redemptions | | -59,582,083.80 | |","| 3. Income adjustment/expense adjustment | | | -403,497.52 |","| 4. Amortization of incidental acquisition costs | | | -14,728,628.84 |","| – on real estate | | -8,046,935.75 | |","| thereof in foreign currency3 | -2,689,231.63 | | |","| – on holdings in special purpose vehicles | | -6,681,693.09 | |","| thereof in foreign currency3 | -2,581,049.78 | | |","| 5. Result for the business year4 | | | 237,021,599.05 |","| – thereof unrealized gains5 | | 1,247,889,016.73 | |","| – of which unrealized losses5 | | -1,166,443,987.37 | |","| II.","Value of the investment fund at the end of the business year (September 30, 2021) | | | 9,902,297,668.83 |","- Refers to the distribution for the 2019/2020 business year (see the previous year’s annual report: distribution posted in the “Distribution calculation” table).","- Cash inflows from the issue of units and cash outflows from unit redemptions are obtained by multiplying the redemption price by the number of units issued or redeemed.","The redemption price contains the income per unit, designated as income adjustment.","- Foreign currency includes all non-euro items.","- The result for the business year is shown in the statement of income and expenses.","- The disclosures in relation to unrealized gains/losses include the net changes in properties, equity holdings, securities and other assets in the business year.","In making this determination, the effects from deferred taxes and exchange rate changes, including the financial futures transactions concluded for hedging purposes are taken into account.","| RC unit class | | IC unit class |","| --- | --- | --- |","| EUR | EUR | EUR | EUR |","| | 8,818,844,440.79 | | 825,372,430.65 |","| | -164,788,282.50 | | -19,440,612.85 |","| | -1,186,967.25 | | -157,055.90 |","| | 230,216,704.60 | | -8,452,461.40 |","| 251,569,709.17 | | 29,776,617.83 | |","| -21,353,004.57 | | -38,229,079.23 | |","| | -566,002.55 | | 162,505.03 |","| | -13,486,909.47 | | -1,241,719.37 |","| -7,368,032.17 | | -678,903.58 | |","| |","| -6,118,877.30 | | -562,815.79 | |","| |","| | 213,819,619.71 | | 23,201,979.34 |","| 1,144,622,428.38 | | 103,266,588.35 | |","| -1,069,917,221.40 | | -96,526,765.97 | |","| | 9,082,852,603.33 | | 819,445,065.50 |","## Notes on the development of fund assets","The statement on the development of fund assets details the business transactions that have occurred during the reporting period, which, in turn, have led to the updated level of assets listed in the summa- rized statement of assets. Consequently, it is a break- down of the difference between the level of assets at the beginning and end of the business year."],"string":"[\n \"# from October 1, 2020, through September 30, 2021\",\n \"| Total net assets |\",\n \"| --- |\",\n \"| | EUR | EUR | EUR |\",\n \"| I.\\tValue of the investment fund at the start of the business year (October 1, 2020) | | | 9,644,216,871.44 |\",\n \"| 1. Previous year’s distribution or tax abatement1 | | | -184,228,895.35 |\",\n \"| Adjustment items for units issued or redeemed prior to the distribution date | | | -1,344,023.15 |\",\n \"| 2. Cash inflow/outflow (net)2 | | | 221,764,243.20 |\",\n \"a) Cash inflow from unit sales | | 281,346,327.00 | |\",\n \"b) Cash outflow from unit redemptions | | -59,582,083.80 | |\",\n \"| 3. Income adjustment/expense adjustment | | | -403,497.52 |\",\n \"| 4. Amortization of incidental acquisition costs | | | -14,728,628.84 |\",\n \"| – on real estate | | -8,046,935.75 | |\",\n \"| thereof in foreign currency3 | -2,689,231.63 | | |\",\n \"| – on holdings in special purpose vehicles | | -6,681,693.09 | |\",\n \"| thereof in foreign currency3 | -2,581,049.78 | | |\",\n \"| 5. Result for the business year4 | | | 237,021,599.05 |\",\n \"| – thereof unrealized gains5 | | 1,247,889,016.73 | |\",\n \"| – of which unrealized losses5 | | -1,166,443,987.37 | |\",\n \"| II.\",\n \"Value of the investment fund at the end of the business year (September 30, 2021) | | | 9,902,297,668.83 |\",\n \"- Refers to the distribution for the 2019/2020 business year (see the previous year’s annual report: distribution posted in the “Distribution calculation” table).\",\n \"- Cash inflows from the issue of units and cash outflows from unit redemptions are obtained by multiplying the redemption price by the number of units issued or redeemed.\",\n \"The redemption price contains the income per unit, designated as income adjustment.\",\n \"- Foreign currency includes all non-euro items.\",\n \"- The result for the business year is shown in the statement of income and expenses.\",\n \"- The disclosures in relation to unrealized gains/losses include the net changes in properties, equity holdings, securities and other assets in the business year.\",\n \"In making this determination, the effects from deferred taxes and exchange rate changes, including the financial futures transactions concluded for hedging purposes are taken into account.\",\n \"| RC unit class | | IC unit class |\",\n \"| --- | --- | --- |\",\n \"| EUR | EUR | EUR | EUR |\",\n \"| | 8,818,844,440.79 | | 825,372,430.65 |\",\n \"| | -164,788,282.50 | | -19,440,612.85 |\",\n \"| | -1,186,967.25 | | -157,055.90 |\",\n \"| | 230,216,704.60 | | -8,452,461.40 |\",\n \"| 251,569,709.17 | | 29,776,617.83 | |\",\n \"| -21,353,004.57 | | -38,229,079.23 | |\",\n \"| | -566,002.55 | | 162,505.03 |\",\n \"| | -13,486,909.47 | | -1,241,719.37 |\",\n \"| -7,368,032.17 | | -678,903.58 | |\",\n \"| |\",\n \"| -6,118,877.30 | | -562,815.79 | |\",\n \"| |\",\n \"| | 213,819,619.71 | | 23,201,979.34 |\",\n \"| 1,144,622,428.38 | | 103,266,588.35 | |\",\n \"| -1,069,917,221.40 | | -96,526,765.97 | |\",\n \"| | 9,082,852,603.33 | | 819,445,065.50 |\",\n \"## Notes on the development of fund assets\",\n \"The statement on the development of fund assets details the business transactions that have occurred during the reporting period, which, in turn, have led to the updated level of assets listed in the summa- rized statement of assets. Consequently, it is a break- down of the difference between the level of assets at the beginning and end of the business year.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# from October 1, 2020, through September 30, 2021","| Total net assets |","| --- |","| | EUR | EUR | EUR |","| I.\tValue of the investment fund at the start of the business year (October 1, 2020) | | | 9,644,216,871.44 |","| 1. Previous year’s distribution or tax abatement1 | | | -184,228,895.35 |","| Adjustment items for units issued or redeemed prior to the distribution date | | | -1,344,023.15 |","| 2. Cash inflow/outflow (net)2 | | | 221,764,243.20 |","a) Cash inflow from unit sales | | 281,346,327.00 | |","b) Cash outflow from unit redemptions | | -59,582,083.80 | |","| 3. Income adjustment/expense adjustment | | | -403,497.52 |","| 4. Amortization of incidental acquisition costs | | | -14,728,628.84 |","| – on real estate | | -8,046,935.75 | |","| thereof in foreign currency3 | -2,689,231.63 | | |","| – on holdings in special purpose vehicles | | -6,681,693.09 | |","| thereof in foreign currency3 | -2,581,049.78 | | |","| 5. Result for the business year4 | | | 237,021,599.05 |","| – thereof unrealized gains5 | | 1,247,889,016.73 | |","| – of which unrealized losses5 | | -1,166,443,987.37 | |","| II.","Value of the investment fund at the end of the business year (September 30, 2021) | | | 9,902,297,668.83 |","- Refers to the distribution for the 2019/2020 business year (see the previous year’s annual report: distribution posted in the “Distribution calculation” table).","- Cash inflows from the issue of units and cash outflows from unit redemptions are obtained by multiplying the redemption price by the number of units issued or redeemed.","The redemption price contains the income per unit, designated as income adjustment.","- Foreign currency includes all non-euro items.","- The result for the business year is shown in the statement of income and expenses.","- The disclosures in relation to unrealized gains/losses include the net changes in properties, equity holdings, securities and other assets in the business year.","In making this determination, the effects from deferred taxes and exchange rate changes, including the financial futures transactions concluded for hedging purposes are taken into account.","| RC unit class | | IC unit class |","| --- | --- | --- |","| EUR | EUR | EUR | EUR |","| | 8,818,844,440.79 | | 825,372,430.65 |","| | -164,788,282.50 | | -19,440,612.85 |","| | -1,186,967.25 | | -157,055.90 |","| | 230,216,704.60 | | -8,452,461.40 |","| 251,569,709.17 | | 29,776,617.83 | |","| -21,353,004.57 | | -38,229,079.23 | |","| | -566,002.55 | | 162,505.03 |","| | -13,486,909.47 | | -1,241,719.37 |","| -7,368,032.17 | | -678,903.58 | |","| |","| -6,118,877.30 | | -562,815.79 | |","| |","| | 213,819,619.71 | | 23,201,979.34 |","| 1,144,622,428.38 | | 103,266,588.35 | |","| -1,069,917,221.40 | | -96,526,765.97 | |","| | 9,082,852,603.33 | | 819,445,065.50 |","## Notes on the development of fund assets","The statement on the development of fund assets details the business transactions that have occurred during the reporting period, which, in turn, have led to the updated level of assets listed in the summa- rized statement of assets. Consequently, it is a break- down of the difference between the level of assets at the beginning and end of the business year."],"string":"[\n \"# from October 1, 2020, through September 30, 2021\",\n \"| Total net assets |\",\n \"| --- |\",\n \"| | EUR | EUR | EUR |\",\n \"| I.\\tValue of the investment fund at the start of the business year (October 1, 2020) | | | 9,644,216,871.44 |\",\n \"| 1. Previous year’s distribution or tax abatement1 | | | -184,228,895.35 |\",\n \"| Adjustment items for units issued or redeemed prior to the distribution date | | | -1,344,023.15 |\",\n \"| 2. Cash inflow/outflow (net)2 | | | 221,764,243.20 |\",\n \"a) Cash inflow from unit sales | | 281,346,327.00 | |\",\n \"b) Cash outflow from unit redemptions | | -59,582,083.80 | |\",\n \"| 3. Income adjustment/expense adjustment | | | -403,497.52 |\",\n \"| 4. Amortization of incidental acquisition costs | | | -14,728,628.84 |\",\n \"| – on real estate | | -8,046,935.75 | |\",\n \"| thereof in foreign currency3 | -2,689,231.63 | | |\",\n \"| – on holdings in special purpose vehicles | | -6,681,693.09 | |\",\n \"| thereof in foreign currency3 | -2,581,049.78 | | |\",\n \"| 5. Result for the business year4 | | | 237,021,599.05 |\",\n \"| – thereof unrealized gains5 | | 1,247,889,016.73 | |\",\n \"| – of which unrealized losses5 | | -1,166,443,987.37 | |\",\n \"| II.\",\n \"Value of the investment fund at the end of the business year (September 30, 2021) | | | 9,902,297,668.83 |\",\n \"- Refers to the distribution for the 2019/2020 business year (see the previous year’s annual report: distribution posted in the “Distribution calculation” table).\",\n \"- Cash inflows from the issue of units and cash outflows from unit redemptions are obtained by multiplying the redemption price by the number of units issued or redeemed.\",\n \"The redemption price contains the income per unit, designated as income adjustment.\",\n \"- Foreign currency includes all non-euro items.\",\n \"- The result for the business year is shown in the statement of income and expenses.\",\n \"- The disclosures in relation to unrealized gains/losses include the net changes in properties, equity holdings, securities and other assets in the business year.\",\n \"In making this determination, the effects from deferred taxes and exchange rate changes, including the financial futures transactions concluded for hedging purposes are taken into account.\",\n \"| RC unit class | | IC unit class |\",\n \"| --- | --- | --- |\",\n \"| EUR | EUR | EUR | EUR |\",\n \"| | 8,818,844,440.79 | | 825,372,430.65 |\",\n \"| | -164,788,282.50 | | -19,440,612.85 |\",\n \"| | -1,186,967.25 | | -157,055.90 |\",\n \"| | 230,216,704.60 | | -8,452,461.40 |\",\n \"| 251,569,709.17 | | 29,776,617.83 | |\",\n \"| -21,353,004.57 | | -38,229,079.23 | |\",\n \"| | -566,002.55 | | 162,505.03 |\",\n \"| | -13,486,909.47 | | -1,241,719.37 |\",\n \"| -7,368,032.17 | | -678,903.58 | |\",\n \"| |\",\n \"| -6,118,877.30 | | -562,815.79 | |\",\n \"| |\",\n \"| | 213,819,619.71 | | 23,201,979.34 |\",\n \"| 1,144,622,428.38 | | 103,266,588.35 | |\",\n \"| -1,069,917,221.40 | | -96,526,765.97 | |\",\n \"| | 9,082,852,603.33 | | 819,445,065.50 |\",\n \"## Notes on the development of fund assets\",\n \"The statement on the development of fund assets details the business transactions that have occurred during the reporting period, which, in turn, have led to the updated level of assets listed in the summa- rized statement of assets. Consequently, it is a break- down of the difference between the level of assets at the beginning and end of the business year.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98257,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Verwendungsrechnung zum 30. September 2021\n| Anteilk Anteile: | lasse RC 225.502.389 | Anteilklasse IC Anteile: 20.248.851 |\n| --- | --- | --- |\n| insgesamt EUR | je Anteil EUR | insgesamt EUR | je Anteil EUR |\n| I. Zur Ausschüttung verfügbar | 1.052.656.474,14 | 4,67 | 84.427.222,23 | 4,17 |\n| 1. Vortrag aus dem Vorjahr | 890.114.115,20 | 3,95 | 68.687.300,25 | 3,39 |\n| 2. Realisiertes Ergebnis des Geschäftsjahres | 139.114.408,99 | 0,62 | 16.462.160,70 | 0,81 |\n| 3. Ertrags-/Aufwandsausgleich auf Gewinnvortrag | 23.427.949,95 | 0,10 | -722.238,72 | -0,04 |\n| 4. Zuführung aus dem Sondervermögen | 0,00 | 0,00 | 0,00 | 0,00 |\n| II. Nicht für die Ausschüttung verwendet | 849.704.324,04 | 3,77 | 62.153.486,13 | 3,07 |\n| 1. Einbehalt gemäß § 252 KAGB | 4.506.992,37 | 0,02 | 406.615,94 | 0,02 |\n| 2. Der Wiederanlage zugeführt | 0,00 | 0,00 | 0,00 | 0,00 |\n| 3. Vortrag auf neue Rechnung | 845.197.331,67 | 3,75 | 61.746.870,18 | 3,05 |\n| III. Gesamtausschüttung1) | 202.952.150,10 | 0,90 | 22.273.736,10 | 1,10 |\n| 1. Zwischenausschüttung | 0,00 | 0,00 | 0,00 | 0,00 |\n| a) Barausschüttung | 0,00 | 0,00 | 0,00 | 0,00 |\n| b) Einbehaltene Kapitalertragsteuer | 0,00 | 0,00 | 0,00 | 0,00 |\n| c) Einbehaltener Solidaritätszuschlag | 0,00 | 0,00 | 0,00 | 0,00 |\n| 2. Endausschüttung | 202.952.150,10 | 0,90 | 22.273.736,10 | 1,10 |\n| a) Barausschüttung | 202.952.150,10 | 0,90 | 22.273.736,10 | 1,10 |\n| b) Einbehaltene Kapitalertragsteuer | 0,00 | 0,00 | 0,00 | 0,00 |\n| c) Einbehaltener Solidaritätszuschlag | 0,00 | 0,00 | 0,00 | 0,00 |\n\n- Bezogen auf die umlaufenden Anteile zum 30. September 2021.\n\n\n## Erläuterungen zur Verwendungsrechnung\nIm Geschäftsjahr ergab sich ein realisiertes Ergebnis von\n139,1 Mio. EUR in der Anteilklasse RC und 16,5 Mio. EUR in der Anteilklasse IC. Die Aufgliederung der Ergebnisbestandteile ist aus der Ertrags- und Aufwandsrechnung ersichtlich.\nDer Ertragsausgleich wird sowohl auf den Ertrag des laufenden Jahres als auch auf den ausschüttbaren Gewinnvortrag berech- net. Während der Ertragsausgleich des Ertrages des laufenden Jahres Bestandteil der Ertrags- und Aufwandsrechnung ist, wird der Ertragsausgleich des ausschüttbaren Gewinnvortrages aus- schließlich in der Verwendungsrechnung berücksichtigt.\nZusammen mit dem Vortrag aus Vorjahren in Höhe von 890,1 Mio. EUR in der Anteilklasse RC und 68,7 Mio. EUR in der Anteilklasse IC stehen insgesamt 1.052,7 Mio. EUR in der Anteilklasse RC und 84,4 Mio. EUR in der Anteilklasse IC für\ndie Ausschüttung zur Verfügung. Von dieser verfügbaren Aus- schüttungssumme werden pro Anteilklasse Beträge für künftige Instandsetzungen gemäß § 252 KAGB einbehalten.\nDie Geschäftsführung hat entschieden, in der Anteilklasse RC 845,2 Mio. EUR und in der Anteilklasse IC 61,7 Mio. EUR auf neue Rechnung vorzutragen. Somit stehen diese Gewinnvorträ- ge in den jeweiligen Anteilklassen für Ausschüttungen in den Folgejahren zur Verfügung.\nIn der Anteilkasse RC beträgt die Gesamtausschüttung 203,0 Mio. EUR, was einem Wert von 0,90 EUR je Anteil und einer Ausschüttungsrendite bezogen auf den Anteilwert zum\n30. September 2020 von 2,2% entspricht.\nIn der Anteilklasse IC ergibt sich eine Gesamtausschüttung von 22,3 Mio. EUR, was einem Wert von 1,10 EUR je Anteil und einer Ausschüttungsrendite bezogen auf den Anteilwert zum\n30. September 2020 von 2,7% entspricht."},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Calculation of distribution as of September 30, 2021\n| RC unit class Units: 225,502,389 | | IC unit class Units: 20,248,851 |\n| --- | --- | --- |\n| Total EUR | Per unit EUR | Total EUR | Per unit EUR |\n| I. Available for distribution | 1,052,656,474.14 | 4.67 | 84,427,222.23 | 4.17 |\n| 1. Carried forward from the previous year | 890,114,115.20 | 3.95 | 68,687,300.25 | 3.39 |\n| 2. Realized result for the business year | 139,114,408.99 | 0.62 | 16,462,160.70 | 0.81 |\n| 3. Income adjustment/expense adjustment to retained earnings brought forward | 23,427,949.95 | 0.10 | -722,238.72 | -0.04 |\n| 4. Transferred from the investment fund | 0.00 | 0.00 | 0.00 | 0.00 |\n| II. Not used for distribution | 849,704,324.04 | 3.77 | 62,153,486.13 | 3.07 |\n| 1. Retention pursuant to article 252 KAGB | 4,506,992.37 | 0.02 | 406,615.94 | 0.02 |\n| 2. Transferred to reinvestment | 0.00 | 0.00 | 0.00 | 0.00 |\n| 3. Amount carried forward to new account | 845,197,331.67 | 3.75 | 61,746,870.18 | 3.05 |\n| III. Total distribution1 | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |\n| 1. Interim distribution | 0.00 | 0.00 | 0.00 | 0.00 |\n| a) Cash distribution | 0.00 | 0.00 | 0.00 | 0.00 |\n| b) Investment income tax withheld | 0.00 | 0.00 | 0.00 | 0.00 |\n| c) Solidarity surcharge withheld | 0.00 | 0.00 | 0.00 | 0.00 |\n| 2. Final distribution | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |\n| a) Cash distribution | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |\n| b) Withholding tax on capital income withheld | 0.00 | 0.00 | 0.00 | 0.00 |\n| c) Solidarity surcharge withheld | 0.00 | 0.00 | 0.00 | 0.00 |\n\n1 Based on the units in circulation on September 30, 2021.\n\n## Notes on the calculation of distribution\nIn the business year, there was a realized result of\nEUR 139.1 million in the RC unit class and EUR 16.5 million in the IC unit class. The breakdown of the earnings components is shown in the statement of income and expenses.\nThe income adjustment is calculated both for the income from the current year and for the distributable retained earnings brought forward. While the income adjustment for the cur- rent year’s income is included in the statement of income and expenses, the income adjustment for the distributable retained earnings brought forward is taken into account only in the calculation of distribution.\nTogether with the amount carried forward from previous years totaling EUR 890.1 million in the RC unit class and EUR 68.7 million in the IC unit class, the total available for distribution is EUR 1,052.7 million in the RC unit class and EUR 84.4 million in the IC unit class. For each unit class, amounts will be deducted from these available distribution amounts for future payments pursuant to article 252 KAGB.\nThe management has decided to carry EUR 845.2 million in the RC unit class and EUR 61.7 million in the IC unit class forward to new account. These retained earnings brought forward in rela- tion to the respective unit classes are thus available for distribu- tion in subsequent years.\nThe total distribution in the RC unit class is EUR 203.0 million. This corresponds to a value of EUR 0.90 per unit and a distribu- tion yield of 2.2% of NAV per unit as of September 30, 2020.\nThe total distribution in the IC unit class is EUR 22.3 million. This corresponds to a value of EUR 1.10 per unit and a distribution yield of 2.7% of NAV per unit as of September 30, 2020."},"unique id":{"kind":"number","value":108258,"string":"108,258"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Calculation of distribution as of September 30, 2021","| RC unit class Units: 225,502,389 | | IC unit class Units: 20,248,851 |","| --- | --- | --- |","| Total EUR | Per unit EUR | Total EUR | Per unit EUR |","| I. Available for distribution | 1,052,656,474.14 | 4.67 | 84,427,222.23 | 4.17 |","| 1. Carried forward from the previous year | 890,114,115.20 | 3.95 | 68,687,300.25 | 3.39 |","| 2. Realized result for the business year | 139,114,408.99 | 0.62 | 16,462,160.70 | 0.81 |","| 3. Income adjustment/expense adjustment to retained earnings brought forward | 23,427,949.95 | 0.10 | -722,238.72 | -0.04 |","| 4. Transferred from the investment fund | 0.00 | 0.00 | 0.00 | 0.00 |","| II.","Not used for distribution | 849,704,324.04 | 3.77 | 62,153,486.13 | 3.07 |","| 1. Retention pursuant to article 252 KAGB | 4,506,992.37 | 0.02 | 406,615.94 | 0.02 |","| 2. Transferred to reinvestment | 0.00 | 0.00 | 0.00 | 0.00 |","| 3. Amount carried forward to new account | 845,197,331.67 | 3.75 | 61,746,870.18 | 3.05 |","| III.","Total distribution1 | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |","| 1. Interim distribution | 0.00 | 0.00 | 0.00 | 0.00 |","a) Cash distribution | 0.00 | 0.00 | 0.00 | 0.00 |","b) Investment income tax withheld | 0.00 | 0.00 | 0.00 | 0.00 |","c) Solidarity surcharge withheld | 0.00 | 0.00 | 0.00 | 0.00 |","| 2. Final distribution | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |","a) Cash distribution | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |","b) Withholding tax on capital income withheld | 0.00 | 0.00 | 0.00 | 0.00 |","c) Solidarity surcharge withheld | 0.00 | 0.00 | 0.00 | 0.00 |","1 Based on the units in circulation on September 30, 2021.","## Notes on the calculation of distribution","In the business year, there was a realized result of","EUR 139.1 million in the RC unit class and EUR 16.5 million in the IC unit class.","The breakdown of the earnings components is shown in the statement of income and expenses.","The income adjustment is calculated both for the income from the current year and for the distributable retained earnings brought forward.","While the income adjustment for the cur- rent year’s income is included in the statement of income and expenses, the income adjustment for the distributable retained earnings brought forward is taken into account only in the calculation of distribution.","Together with the amount carried forward from previous years totaling EUR 890.1 million in the RC unit class and EUR 68.7 million in the IC unit class, the total available for distribution is EUR 1,052.7 million in the RC unit class and EUR 84.4 million in the IC unit class.","For each unit class, amounts will be deducted from these available distribution amounts for future payments pursuant to article 252 KAGB.","The management has decided to carry EUR 845.2 million in the RC unit class and EUR 61.7 million in the IC unit class forward to new account.","These retained earnings brought forward in rela- tion to the respective unit classes are thus available for distribu- tion in subsequent years.","The total distribution in the RC unit class is EUR 203.0 million.","This corresponds to a value of EUR 0.90 per unit and a distribu- tion yield of 2.2% of NAV per unit as of September 30, 2020.","The total distribution in the IC unit class is EUR 22.3 million. This corresponds to a value of EUR 1.10 per unit and a distribution yield of 2.7% of NAV per unit as of September 30, 2020."],"string":"[\n \"# Calculation of distribution as of September 30, 2021\",\n \"| RC unit class Units: 225,502,389 | | IC unit class Units: 20,248,851 |\",\n \"| --- | --- | --- |\",\n \"| Total EUR | Per unit EUR | Total EUR | Per unit EUR |\",\n \"| I. Available for distribution | 1,052,656,474.14 | 4.67 | 84,427,222.23 | 4.17 |\",\n \"| 1. Carried forward from the previous year | 890,114,115.20 | 3.95 | 68,687,300.25 | 3.39 |\",\n \"| 2. Realized result for the business year | 139,114,408.99 | 0.62 | 16,462,160.70 | 0.81 |\",\n \"| 3. Income adjustment/expense adjustment to retained earnings brought forward | 23,427,949.95 | 0.10 | -722,238.72 | -0.04 |\",\n \"| 4. Transferred from the investment fund | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"| II.\",\n \"Not used for distribution | 849,704,324.04 | 3.77 | 62,153,486.13 | 3.07 |\",\n \"| 1. Retention pursuant to article 252 KAGB | 4,506,992.37 | 0.02 | 406,615.94 | 0.02 |\",\n \"| 2. Transferred to reinvestment | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"| 3. Amount carried forward to new account | 845,197,331.67 | 3.75 | 61,746,870.18 | 3.05 |\",\n \"| III.\",\n \"Total distribution1 | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |\",\n \"| 1. Interim distribution | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"a) Cash distribution | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"b) Investment income tax withheld | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"c) Solidarity surcharge withheld | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"| 2. Final distribution | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |\",\n \"a) Cash distribution | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |\",\n \"b) Withholding tax on capital income withheld | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"c) Solidarity surcharge withheld | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"1 Based on the units in circulation on September 30, 2021.\",\n \"## Notes on the calculation of distribution\",\n \"In the business year, there was a realized result of\",\n \"EUR 139.1 million in the RC unit class and EUR 16.5 million in the IC unit class.\",\n \"The breakdown of the earnings components is shown in the statement of income and expenses.\",\n \"The income adjustment is calculated both for the income from the current year and for the distributable retained earnings brought forward.\",\n \"While the income adjustment for the cur- rent year’s income is included in the statement of income and expenses, the income adjustment for the distributable retained earnings brought forward is taken into account only in the calculation of distribution.\",\n \"Together with the amount carried forward from previous years totaling EUR 890.1 million in the RC unit class and EUR 68.7 million in the IC unit class, the total available for distribution is EUR 1,052.7 million in the RC unit class and EUR 84.4 million in the IC unit class.\",\n \"For each unit class, amounts will be deducted from these available distribution amounts for future payments pursuant to article 252 KAGB.\",\n \"The management has decided to carry EUR 845.2 million in the RC unit class and EUR 61.7 million in the IC unit class forward to new account.\",\n \"These retained earnings brought forward in rela- tion to the respective unit classes are thus available for distribu- tion in subsequent years.\",\n \"The total distribution in the RC unit class is EUR 203.0 million.\",\n \"This corresponds to a value of EUR 0.90 per unit and a distribu- tion yield of 2.2% of NAV per unit as of September 30, 2020.\",\n \"The total distribution in the IC unit class is EUR 22.3 million. This corresponds to a value of EUR 1.10 per unit and a distribution yield of 2.7% of NAV per unit as of September 30, 2020.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Calculation of distribution as of September 30, 2021","| RC unit class Units: 225,502,389 | | IC unit class Units: 20,248,851 |","| --- | --- | --- |","| Total EUR | Per unit EUR | Total EUR | Per unit EUR |","| I. Available for distribution | 1,052,656,474.14 | 4.67 | 84,427,222.23 | 4.17 |","| 1. Carried forward from the previous year | 890,114,115.20 | 3.95 | 68,687,300.25 | 3.39 |","| 2. Realized result for the business year | 139,114,408.99 | 0.62 | 16,462,160.70 | 0.81 |","| 3. Income adjustment/expense adjustment to retained earnings brought forward | 23,427,949.95 | 0.10 | -722,238.72 | -0.04 |","| 4. Transferred from the investment fund | 0.00 | 0.00 | 0.00 | 0.00 |","| II.","Not used for distribution | 849,704,324.04 | 3.77 | 62,153,486.13 | 3.07 |","| 1. Retention pursuant to article 252 KAGB | 4,506,992.37 | 0.02 | 406,615.94 | 0.02 |","| 2. Transferred to reinvestment | 0.00 | 0.00 | 0.00 | 0.00 |","| 3. Amount carried forward to new account | 845,197,331.67 | 3.75 | 61,746,870.18 | 3.05 |","| III.","Total distribution1 | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |","| 1. Interim distribution | 0.00 | 0.00 | 0.00 | 0.00 |","a) Cash distribution | 0.00 | 0.00 | 0.00 | 0.00 |","b) Investment income tax withheld | 0.00 | 0.00 | 0.00 | 0.00 |","c) Solidarity surcharge withheld | 0.00 | 0.00 | 0.00 | 0.00 |","| 2. Final distribution | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |","a) Cash distribution | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |","b) Withholding tax on capital income withheld | 0.00 | 0.00 | 0.00 | 0.00 |","c) Solidarity surcharge withheld | 0.00 | 0.00 | 0.00 | 0.00 |","1 Based on the units in circulation on September 30, 2021.","## Notes on the calculation of distribution","In the business year, there was a realized result of","EUR 139.1 million in the RC unit class and EUR 16.5 million in the IC unit class.","The breakdown of the earnings components is shown in the statement of income and expenses.","The income adjustment is calculated both for the income from the current year and for the distributable retained earnings brought forward.","While the income adjustment for the cur- rent year’s income is included in the statement of income and expenses, the income adjustment for the distributable retained earnings brought forward is taken into account only in the calculation of distribution.","Together with the amount carried forward from previous years totaling EUR 890.1 million in the RC unit class and EUR 68.7 million in the IC unit class, the total available for distribution is EUR 1,052.7 million in the RC unit class and EUR 84.4 million in the IC unit class.","For each unit class, amounts will be deducted from these available distribution amounts for future payments pursuant to article 252 KAGB.","The management has decided to carry EUR 845.2 million in the RC unit class and EUR 61.7 million in the IC unit class forward to new account.","These retained earnings brought forward in rela- tion to the respective unit classes are thus available for distribu- tion in subsequent years.","The total distribution in the RC unit class is EUR 203.0 million.","This corresponds to a value of EUR 0.90 per unit and a distribu- tion yield of 2.2% of NAV per unit as of September 30, 2020.","The total distribution in the IC unit class is EUR 22.3 million. This corresponds to a value of EUR 1.10 per unit and a distribution yield of 2.7% of NAV per unit as of September 30, 2020."],"string":"[\n \"# Calculation of distribution as of September 30, 2021\",\n \"| RC unit class Units: 225,502,389 | | IC unit class Units: 20,248,851 |\",\n \"| --- | --- | --- |\",\n \"| Total EUR | Per unit EUR | Total EUR | Per unit EUR |\",\n \"| I. Available for distribution | 1,052,656,474.14 | 4.67 | 84,427,222.23 | 4.17 |\",\n \"| 1. Carried forward from the previous year | 890,114,115.20 | 3.95 | 68,687,300.25 | 3.39 |\",\n \"| 2. Realized result for the business year | 139,114,408.99 | 0.62 | 16,462,160.70 | 0.81 |\",\n \"| 3. Income adjustment/expense adjustment to retained earnings brought forward | 23,427,949.95 | 0.10 | -722,238.72 | -0.04 |\",\n \"| 4. Transferred from the investment fund | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"| II.\",\n \"Not used for distribution | 849,704,324.04 | 3.77 | 62,153,486.13 | 3.07 |\",\n \"| 1. Retention pursuant to article 252 KAGB | 4,506,992.37 | 0.02 | 406,615.94 | 0.02 |\",\n \"| 2. Transferred to reinvestment | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"| 3. Amount carried forward to new account | 845,197,331.67 | 3.75 | 61,746,870.18 | 3.05 |\",\n \"| III.\",\n \"Total distribution1 | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |\",\n \"| 1. Interim distribution | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"a) Cash distribution | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"b) Investment income tax withheld | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"c) Solidarity surcharge withheld | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"| 2. Final distribution | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |\",\n \"a) Cash distribution | 202,952,150.10 | 0.90 | 22,273,736.10 | 1.10 |\",\n \"b) Withholding tax on capital income withheld | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"c) Solidarity surcharge withheld | 0.00 | 0.00 | 0.00 | 0.00 |\",\n \"1 Based on the units in circulation on September 30, 2021.\",\n \"## Notes on the calculation of distribution\",\n \"In the business year, there was a realized result of\",\n \"EUR 139.1 million in the RC unit class and EUR 16.5 million in the IC unit class.\",\n \"The breakdown of the earnings components is shown in the statement of income and expenses.\",\n \"The income adjustment is calculated both for the income from the current year and for the distributable retained earnings brought forward.\",\n \"While the income adjustment for the cur- rent year’s income is included in the statement of income and expenses, the income adjustment for the distributable retained earnings brought forward is taken into account only in the calculation of distribution.\",\n \"Together with the amount carried forward from previous years totaling EUR 890.1 million in the RC unit class and EUR 68.7 million in the IC unit class, the total available for distribution is EUR 1,052.7 million in the RC unit class and EUR 84.4 million in the IC unit class.\",\n \"For each unit class, amounts will be deducted from these available distribution amounts for future payments pursuant to article 252 KAGB.\",\n \"The management has decided to carry EUR 845.2 million in the RC unit class and EUR 61.7 million in the IC unit class forward to new account.\",\n \"These retained earnings brought forward in rela- tion to the respective unit classes are thus available for distribu- tion in subsequent years.\",\n \"The total distribution in the RC unit class is EUR 203.0 million.\",\n \"This corresponds to a value of EUR 0.90 per unit and a distribu- tion yield of 2.2% of NAV per unit as of September 30, 2020.\",\n \"The total distribution in the IC unit class is EUR 22.3 million. This corresponds to a value of EUR 1.10 per unit and a distribution yield of 2.7% of NAV per unit as of September 30, 2020.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98258,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Ausweis der Immobilienquoten\nDie Erträge aus Investmentfonds, die gemäß ihren Anlagebedin gungen fortlaufend überwiegend in Immobilien und Immobilien Gesellschaften investieren, werden nach § 20 Abs. 3 InvStG je nach Anlageschwerpunkt zu einem bestimmten Prozentsatz steuerfrei gestellt (sog. Teilfreistellung). Die Teilfreistellung ist dabei auf alle Erträge aus dem Investmentfonds anzuwenden.\nIn den Anlagebedingungen des grundbesitz europa wird ein fortlaufendes Investment von mehr als 50% des Wertes des Investmentfonds in Immobilien und ImmobilienGesellschaften vorgesehen. Vor diesem Hintergrund wurde von der Anwendung eines Teilfreistellungssatzes von 60% ausgegangen.\nDie Teilfreistellung ist bereits beim Kapitalertragsteuerabzug zu berücksichtigen. Falls die Teilfreistellung beim Kapital ertragsteuerabzug nicht oder nicht zutreffend berücksichtigt\nworden ist, besteht für den Anleger im Rahmen der Veranlagung gem. § 20 Abs. 4 InvStG eine individuelle Nachweismöglichkeit, dass der Investmentfonds die Anlagegrenzen während des Ge schäftsjahres tatsächlich durchgehend überschritten hat.\nDie nachfolgende Übersicht der Immobilienquoten soll der indi viduellen Nachweismöglichkeit durch den Anleger im Rahmen des Veranlagungsverfahrens gem. § 20 Abs. 4 InvStG dienen.1)\nIm Fondsgeschäftsjahr endend zum 30. September 2021 waren fortlaufend mehr als 50% des Wertes des Investment fonds in ausländische Immobilien und AuslandsImmobilien Gesellschaften angelegt. Dies ermöglicht nach § 20 Abs. 3\nSatz 2 InvStG grundsätzlich eine Teilfreistellungsquote von 80%, wenn im Rahmen des Veranlagungsverfahrens von der individu ellen Nachweismöglichkeit gem. § 20 Abs. 4 InvStG Gebrauch gemacht wird.\nSofern im Fondsgeschäftsjahr endend zum 30. September 2021 von der individuellen Nachweismöglichkeit nach § 20 Abs. 4 InvStG Gebrauch gemacht und die Teilfreistellungsquote von 80% angewendet wird, wird durch den Wechsel des angewen deten Teilfreistellungssatzes gemäß § 22 Abs. 1 InvStG mit Ablauf des vorherigen Veranlagungszeitraums eine Veräuße rung und am Folgetag eine Anschaffung der Investmentanteile fingiert. Sofern es in Folgejahren wieder zu einer Änderung der Teilfreistellungsquote kommt, führt dies gem. § 22 Abs. 1 InvStG erneut zu einer fingierten Veräußerung und Anschaffung der Investmentanteile.\nDer durch die fingierte Veräußerung erzielte Veräußerungsge winn gilt gem. § 22 Abs. 3 InvStG im Zeitpunkt der tatsächlichen Veräußerung der Investmentanteile als zugeflossen.\nWir empfehlen jedem Anleger, der im Rahmen des Veranla gungsverfahrens einen individuellen Nachweis zur Berücksich tigung der zutreffenden Teilfreistellung erbringen möchte, sich mit seinem steuerlichen Berater in Verbindung zu setzen.\nWir können nicht garantieren, dass die Finanzverwaltung den individuellen Nachweis nach § 20 Abs. 4 InvStG anerkennt und die höhere Teilfreistellung in Höhe von 80% gewährt.\n1) Die Immobilienquoten wurden in Anlehnung an das BMF-Schreiben vom\n21. Mai 2019 ermittelt.\n| Immobilienquoten grundbesitz europa (1. Oktober 2020 bis 30. September 2021) |\n| --- |\n| Datum | Immobilienquote gesamt in % | Immobilienquote Ausland in % | | Datum | Immobilienquote gesamt in % | Immobilienquote Ausland in % |\n| 01.10.2020 | 71,29 | 52,53 | 17.12.2020 | 72,49 | 53,38 |\n| 02.10.2020 | 71,40 | 52,63 | 18.12.2020 | 72,53 | 53,43 |\n| 05.10.2020 | 71,58 | 52,94 | 21.12.2020 | 72,46 | 53,40 |\n| 06.10.2020 | 71,56 | 52,92 | 22.12.2020 | 72,17 | 53,11 |\n| 07.10.2020 | 71,53 | 52,90 | 23.12.2020 | 72,39 | 53,31 |\n| 08.10.2020 | 71,48 | 52,85 | 28.12.2020 | 72,39 | 53,32 |\n| 09.10.2020 | 71,46 | 52,84 | 29.12.2020 | 72,79 | 53,96 |\n| 12.10.2020 | 71,43 | 52,82 | 30.12.2020 | 73,11 | 54,51 |\n| 13.10.2020 | 71,44 | 52,84 | 04.01.2021 | 73,13 | 54,54 |\n| 14.10.2020 | 71,48 | 52,89 | 05.01.2021 | 73,22 | 54,65 |\n| 15.10.2020 | 71,32 | 52,74 | 06.01.2021 | 73,09 | 54,51 |\n| 16.10.2020 | 71,43 | 52,86 | 07.01.2021 | 73,09 | 54,52 |\n| 19.10.2020 | 71,38 | 52,81 | 08.01.2021 | 73,09 | 54,52 |\n| 20.10.2020 | 71,39 | 52,82 | 11.01.2021 | 73,11 | 54,55 |\n| 21.10.2020 | 71,30 | 52,73 | 12.01.2021 | 73,05 | 54,50 |\n| 22.10.2020 | 71,32 | 52,76 | 13.01.2021 | 73,13 | 54,59 |\n| 23.10.2020 | 71,93 | 53,24 | 14.01.2021 | 73,27 | 54,72 |\n| 26.10.2020 | 71,91 | 53,22 | 15.01.2021 | 73,23 | 54,69 |\n| 27.10.2020 | 71,84 | 53,15 | 18.01.2021 | 73,21 | 54,68 |\n| 28.10.2020 | 71,88 | 53,17 | 19.01.2021 | 73,16 | 54,62 |\n| 29.10.2020 | 71,59 | 52,97 | 20.01.2021 | 73,20 | 54,67 |\n| 30.10.2020 | 71,63 | 52,98 | 21.01.2021 | 73,22 | 54,70 |\n| 02.11.2020 | 71,62 | 52,98 | 22.01.2021 | 73,26 | 54,74 |\n| 03.11.2020 | 71,60 | 52,95 | 25.01.2021 | 73,15 | 54,63 |\n| 04.11.2020 | 71,62 | 52,99 | 26.01.2021 | 73,16 | 54,64 |\n| 05.11.2020 | 71,55 | 52,92 | 27.01.2021 | 73,17 | 54,66 |\n| 06.11.2020 | 71,49 | 52,88 | 28.01.2021 | 73,26 | 54,78 |\n| 09.11.2020 | 71,65 | 53,15 | 29.01.2021 | 73,25 | 54,61 |\n| 10.11.2020 | 71,62 | 53,12 | 01.02.2021 | 73,24 | 54,61 |\n| 11.11.2020 | 71,71 | 53,22 | 02.02.2021 | 73,31 | 54,69 |\n| 12.11.2020 | 71,87 | 53,39 | 03.02.2021 | 73,29 | 54,66 |\n| 13.11.2020 | 71,79 | 53,29 | 04.02.2021 | 73,29 | 54,67 |\n| 16.11.2020 | 71,72 | 53,22 | 05.02.2021 | 73,24 | 54,63 |\n| 17.11.2020 | 71,70 | 53,21 | 08.02.2021 | 73,34 | 54,75 |\n| 18.11.2020 | 71,69 | 53,19 | 09.02.2021 | 73,29 | 54,69 |\n| 19.11.2020 | 71,73 | 53,25 | 10.02.2021 | 73,27 | 54,67 |\n| 20.11.2020 | 71,70 | 53,22 | 11.02.2021 | 73,75 | 55,04 |\n| 23.11.2020 | 71,69 | 53,21 | 12.02.2021 | 73,91 | 55,33 |\n| 24.11.2020 | 71,78 | 53,32 | 15.02.2021 | 73,94 | 55,35 |\n| 25.11.2020 | 71,77 | 53,31 | 16.02.2021 | 74,01 | 55,43 |\n| 26.11.2020 | 71,63 | 53,15 | 17.02.2021 | 74,06 | 55,48 |\n| 27.11.2020 | 71,60 | 53,12 | 18.02.2021 | 74,11 | 55,53 |\n| 30.11.2020 | 71,59 | 53,12 | 19.02.2021 | 74,14 | 55,56 |\n| 01.12.2020 | 71,50 | 53,02 | 22.02.2021 | 74,16 | 55,58 |\n| 02.12.2020 | 71,61 | 53,12 | 23.02.2021 | 74,19 | 55,61 |\n| 03.12.2020 | 71,47 | 52,97 | 24.02.2021 | 74,23 | 55,68 |\n| 04.12.2020 | 71,49 | 52,98 | 25.02.2021 | 74,53 | 55,94 |\n| 07.12.2020 | 71,35 | 52,87 | 26.02.2021 | 74,47 | 55,87 |\n| 08.12.2020 | 71,25 | 52,76 | 01.03.2021 | 74,31 | 55,70 |\n| 09.12.2020 | 71,30 | 52,82 | 02.03.2021 | 74,45 | 55,84 |\n| 10.12.2020 | 71,35 | 52,89 | 03.03.2021 | 74,41 | 55,80 |\n| 11.12.2020 | 71,31 | 52,83 | 04.03.2021 | 74,40 | 55,79 |\n| 14.12.2020 | 71,60 | 53,00 | 05.03.2021 | 74,42 | 55,81 |\n| 15.12.2020 | 71,75 | 53,17 | 08.03.2021 | 74,43 | 55,83 |\n| 16.12.2020 | 72,76 | 53,89 | 09.03.2021 | 74,45 | 55,86 |\n\n| Datum | Immobilienquote gesamt in % | Immobilienquote Ausland in % |\n| --- | --- | --- |\n| 10.03.2021 | 74,49 | 55,90 |\n| 11.03.2021 | 74,47 | 55,89 |\n| 12.03.2021 | 74,43 | 55,85 |\n| 15.03.2021 | 74,44 | 55,87 |\n| 16.03.2021 | 74,41 | 55,84 |\n| 17.03.2021 | 74,30 | 55,73 |\n| 18.03.2021 | 74,96 | 56,26 |\n| 19.03.2021 | 74,77 | 56,11 |\n| 22.03.2021 | 74,76 | 56,12 |\n| 23.03.2021 | 74,70 | 56,05 |\n| 24.03.2021 | 74,66 | 56,00 |\n| 25.03.2021 | 74,83 | 56,32 |\n| 26.03.2021 | 74,84 | 56,34 |\n| 29.03.2021 | 74,95 | 56,46 |\n| 30.03.2021 | 74,96 | 56,45 |\n| 31.03.2021 | 75,64 | 57,06 |\n| 01.04.2021 | 75,59 | 57,02 |\n| 06.04.2021 | 75,63 | 57,06 |\n| 07.04.2021 | 75,70 | 57,11 |\n| 08.04.2021 | 75,88 | 57,28 |\n| 09.04.2021 | 75,83 | 57,22 |\n| 12.04.2021 | 75,75 | 57,14 |\n| 13.04.2021 | 75,79 | 57,19 |\n| 14.04.2021 | 75,78 | 57,18 |\n| 15.04.2021 | 75,75 | 57,14 |\n| 16.04.2021 | 75,73 | 57,13 |\n| 19.04.2021 | 75,67 | 57,07 |\n| 20.04.2021 | 75,72 | 57,13 |\n| 21.04.2021 | 75,76 | 57,18 |\n| 22.04.2021 | 75,79 | 57,21 |\n| 23.04.2021 | 75,76 | 57,17 |\n| 26.04.2021 | 75,70 | 57,11 |\n| 27.04.2021 | 75,86 | 57,40 |\n| 28.04.2021 | 75,85 | 57,40 |\n| 29.04.2021 | 75,69 | 57,12 |\n| 30.04.2021 | 75,75 | 57,14 |\n| 03.05.2021 | 75,69 | 57,08 |\n| 04.05.2021 | 75,73 | 57,11 |\n| 05.05.2021 | 75,77 | 57,16 |\n| 06.05.2021 | 75,81 | 57,21 |\n| 07.05.2021 | 75,79 | 57,18 |\n| 10.05.2021 | 76,98 | 58,06 |\n| 11.05.2021 | 77,03 | 58,13 |\n| 12.05.2021 | 77,07 | 58,17 |\n| 14.05.2021 | 77,67 | 56,68 |\n| 17.05.2021 | 77,62 | 56,62 |\n| 18.05.2021 | 77,62 | 56,63 |\n| 19.05.2021 | 77,66 | 56,67 |\n| 20.05.2021 | 77,61 | 56,61 |\n| 21.05.2021 | 77,58 | 56,59 |\n| 25.05.2021 | 77,58 | 56,60 |\n| 26.05.2021 | 77,51 | 56,54 |\n| 27.05.2021 | 77,40 | 56,40 |\n| 28.05.2021 | 77,42 | 56,41 |\n| 31.05.2021 | 77,47 | 56,47 |\n| 01.06.2021 | 77,43 | 56,44 |\n| 02.06.2021 | 78,18 | 56,98 |\n\n| Datum | Immobilienquote gesamt in % | Immobilienquote Ausland in % |\n| --- | --- | --- |\n| 04.06.2021 | 78,14 | 56,94 |\n| 07.06.2021 | 78,19 | 57,00 |\n| 08.06.2021 | 78,13 | 56,95 |\n| 09.06.2021 | 78,14 | 56,95 |\n| 10.06.2021 | 78,14 | 56,96 |\n| 11.06.2021 | 78,09 | 56,90 |\n| 14.06.2021 | 78,13 | 56,93 |\n| 15.06.2021 | 78,11 | 56,92 |\n| 16.06.2021 | 78,10 | 56,90 |\n| 17.06.2021 | 78,10 | 56,91 |\n| 18.06.2021 | 78,17 | 56,98 |\n| 21.06.2021 | 78,18 | 56,97 |\n| 22.06.2021 | 78,17 | 56,96 |\n| 23.06.2021 | 78,18 | 56,98 |\n| 24.06.2021 | 78,22 | 57,03 |\n| 25.06.2021 | 78,19 | 57,00 |\n| 28.06.2021 | 78,15 | 56,96 |\n| 29.06.2021 | 78,16 | 56,93 |\n| 30.06.2021 | 78,40 | 56,74 |\n| 01.07.2021 | 78,40 | 56,76 |\n| 02.07.2021 | 78,43 | 56,80 |\n| 05.07.2021 | 78,37 | 56,75 |\n| 06.07.2021 | 78,39 | 56,77 |\n| 07.07.2021 | 78,40 | 56,79 |\n| 08.07.2021 | 78,38 | 56,77 |\n| 09.07.2021 | 78,37 | 56,75 |\n| 12.07.2021 | 78,33 | 56,72 |\n| 13.07.2021 | 78,35 | 56,73 |\n| 14.07.2021 | 78,39 | 56,79 |\n| 15.07.2021 | 78,44 | 56,84 |\n| 16.07.2021 | 78,40 | 56,79 |\n| 19.07.2021 | 78,41 | 56,81 |\n| 20.07.2021 | 78,36 | 56,74 |\n| 21.07.2021 | 78,29 | 56,66 |\n| 22.07.2021 | 78,27 | 56,64 |\n| 23.07.2021 | 77,48 | 55,81 |\n| 26.07.2021 | 77,47 | 55,81 |\n| 27.07.2021 | 77,67 | 55,96 |\n| 28.07.2021 | 77,81 | 56,13 |\n| 29.07.2021 | 77,90 | 56,24 |\n| 30.07.2021 | 77,55 | 55,70 |\n| 02.08.2021 | 77,53 | 55,68 |\n| 03.08.2021 | 77,54 | 55,68 |\n| 04.08.2021 | 77,49 | 55,57 |\n| 05.08.2021 | 77,50 | 55,55 |\n| 06.08.2021 | 77,51 | 55,56 |\n| 09.08.2021 | 77,54 | 55,59 |\n| 10.08.2021 | 77,55 | 55,61 |\n| 11.08.2021 | 77,56 | 55,62 |\n| 12.08.2021 | 77,55 | 55,61 |\n| 13.08.2021 | 77,57 | 55,63 |\n| 16.08.2021 | 77,50 | 55,56 |\n| 17.08.2021 | 77,49 | 55,55 |\n| 18.08.2021 | 77,46 | 55,51 |\n| 19.08.2021 | 77,45 | 55,50 |\n| 20.08.2021 | 77,44 | 55,49 |\n| 23.08.2021 | 77,36 | 55,40 |\n\n| Datum | Immobilienquote gesamt in % | Immobilienquote Ausland in % |\n| --- | --- | --- |\n| 24.08.2021 | 77,33 | 55,37 |\n| 25.08.2021 | 77,58 | 55,57 |\n| 26.08.2021 | 77,57 | 55,57 |\n| 27.08.2021 | 77,54 | 55,53 |\n| 30.08.2021 | 77,50 | 55,47 |\n| 31.08.2021 | 76,72 | 54,88 |\n| 01.09.2021 | 76,68 | 54,85 |\n| 02.09.2021 | 76,71 | 54,87 |\n| 03.09.2021 | 76,69 | 54,85 |\n| 06.09.2021 | 76,68 | 54,84 |\n| 07.09.2021 | 76,69 | 54,86 |\n| 08.09.2021 | 76,84 | 55,18 |\n| 09.09.2021 | 76,83 | 55,17 |\n| 10.09.2021 | 76,85 | 55,19 |\n| 13.09.2021 | 76,88 | 55,24 |\n| 14.09.2021 | 76,87 | 55,23 |\n| 15.09.2021 | 76,89 | 55,25 |\n| 16.09.2021 | 76,86 | 55,22 |\n| 17.09.2021 | 76,87 | 55,24 |\n| 20.09.2021 | 76,85 | 55,22 |\n| 21.09.2021 | 76,81 | 55,17 |\n| 22.09.2021 | 76,81 | 55,16 |\n| 23.09.2021 | 76,76 | 55,11 |\n| 24.09.2021 | 76,77 | 55,14 |\n| 27.09.2021 | 76,77 | 55,14 |\n| 28.09.2021 | 76,83 | 55,21 |\n| 29.09.2021 | 76,82 | 55,19 |\n| 30.09.2021 | 77,22 | 55,55 |"},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Disclosure of real estate allocations\nIn accordance with article 20 (3) InvStG, income from invest- ment funds that in accordance with their terms and conditions of investment continuously invest primarily in real estate and special purpose vehicles are exempted from tax at a certain percentage depending on the investment focus (so-called partial exemption). The partial exemption is to be applied to all income from the investment fund.\nThe terms and conditions of investment of grundbesitz europa make provisions for a continuous investment of more than 50% of the investment fund’s assets in real estate and special pur- pose vehicles. This was the basis for the application of a partial exemption rate of 60%.\nThe partial exemption is already to be taken into account in the withholding of investment income tax. If the partial exemption was not taken into account, or not taken into account properly, in the withholding of investment income tax, the investor has, pursuant to article 20 (4) InvStG, the individual option within the framework of the tax assessment procedure to provide evidence that the investment fund actually exceeded the investment limits continuously during the business year.\nThe following overview of real estate allocations is intended to serve the purpose of the investor’s individual option to provide evidence within the framework of the tax assessment procedure pursuant to article 20 (4) InvStG.1)\nIn the fund’s business year ending September 30, 2021, more than 50% of the investment fund’s assets were continuously invested in foreign real estate and foreign special purpose vehi- cles. According to article 20 (3), sentence 2, InvStG, this in prin- ciple allows a partial exemption rate of 80% if use is made of the\nindividual option to provide evidence within the framework of the tax assessment procedure pursuant to article 20 (4) InvStG.\nIf, in the fund business year ending September 30, 2021, use was made of the individual option to provide evidence in accordance with article 20 (4) InvStG and the partial exemption portion of 80% is applied, the change in the partial exemption portion applied results, pursuant to article 22 (1) InvStG, in a notional disposition of the investment fund units (upon expi- ration of the previous assessment period) with acquisition\non the following day. If the partial exemption rate is changed again the following years, this again leads to a notional dispo- sition and acquisition of the investment fund units pursuant to article 22 (1) InvStG.\nThe capital gains from the notional disposition are, pursuant to article 22 (3) InvStG, deemed to have accrued at the time of the actual disposition of the investment fund units.\nWe recommend that all investors who, within the framework of the tax assessment procedure, want to provide individual evi- dence so that the applicable partial exemption can be taken into account should contact their tax adviser.\nWe cannot guarantee that the tax authorities will recognize individual proof in accordance with article 20(4) InvStG and grant the higher partial exemption of 80%.\n1 The real estate allocations were determined based on the Federal Ministry of Finance (BMF) letter of May 21, 2019.\n| grundbesitz europa real estate allocations (October 1, 2020, through September 30, 2021) |\n| --- |\n| Date | Total real estate allocation in % | Foreign real estate allocation in % | | Date | Total real estate allocation in % | Foreign real estate allocation in % |\n| 10/1/2020 | 71.29 | 52.53 | 12/17/2020 | 72.49 | 53.38 |\n| 10/2/2020 | 71.40 | 52.63 | 12/18/2020 | 72.53 | 53.43 |\n| 10/5/2020 | 71.58 | 52.94 | 12/21/2020 | 72.46 | 53.40 |\n| 10/6/2020 | 71.56 | 52.92 | 12/22/2020 | 72.17 | 53.11 |\n| 10/7/2020 | 71.53 | 52.90 | 12/23/2020 | 72.39 | 53.31 |\n| 10/8/2020 | 71.48 | 52.85 | 12/28/2020 | 72.39 | 53.32 |\n| 10/9/2020 | 71.46 | 52.84 | 12/29/2020 | 72.79 | 53.96 |\n| 10/12/2020 | 71.43 | 52.82 | 12/30/2020 | 73.11 | 54.51 |\n| 10/13/2020 | 71.44 | 52.84 | 1/4/2021 | 73.13 | 54.54 |\n| 10/14/2020 | 71.48 | 52.89 | 1/5/2021 | 73.22 | 54.65 |\n| 10/15/2020 | 71.32 | 52.74 | 1/6/2021 | 73.09 | 54.51 |\n| 10/16/2020 | 71.43 | 52.86 | 1/7/2021 | 73.09 | 54.52 |\n| 10/19/2020 | 71.38 | 52.81 | 1/8/2021 | 73.09 | 54.52 |\n| 10/20/2020 | 71.39 | 52.82 | 1/11/2021 | 73.11 | 54.55 |\n| 10/21/2020 | 71.30 | 52.73 | 1/12/2021 | 73.05 | 54.50 |\n| 10/22/2020 | 71.32 | 52.76 | 1/13/2021 | 73.13 | 54.59 |\n| 10/23/2020 | 71.93 | 53.24 | 1/14/2021 | 73.27 | 54.72 |\n| 10/26/2020 | 71.91 | 53.22 | 1/15/2021 | 73.23 | 54.69 |\n| 10/27/2020 | 71.84 | 53.15 | 1/18/2021 | 73.21 | 54.68 |\n| 10/28/2020 | 71.88 | 53.17 | 1/19/2021 | 73.16 | 54.62 |\n| 10/29/2020 | 71.59 | 52.97 | 1/20/2021 | 73.20 | 54.67 |\n| 10/30/2020 | 71.63 | 52.98 | 1/21/2021 | 73.22 | 54.70 |\n| 11/2/2020 | 71.62 | 52.98 | 1/22/2021 | 73.26 | 54.74 |\n| 11/3/2020 | 71.60 | 52.95 | 1/25/2021 | 73.15 | 54.63 |\n| 11/4/2020 | 71.62 | 52.99 | 1/26/.2021 | 73.16 | 54.64 |\n| 11/5/2020 | 71.55 | 52.92 | 1/27/2021 | 73.17 | 54.66 |\n| 11/6/2020 | 71.49 | 52.88 | 1/28/2021 | 73.26 | 54.78 |\n| 11/9/2020 | 71.65 | 53.15 | 1/29/2021 | 73.25 | 54.61 |\n| 11/10/2020 | 71.62 | 53.12 | 2/1/2021 | 73.24 | 54.61 |\n| 11/11/2020 | 71.71 | 53.22 | 2/2/2021 | 73.31 | 54.69 |\n| 11/12/2020 | 71.87 | 53.39 | 2/3/2021 | 73.29 | 54.66 |\n| 11/13/2020 | 71.79 | 53.29 | 02/4/2021 | 73.29 | 54.67 |\n| 11/16/2020 | 71.72 | 53.22 | 2/5/2021 | 73.24 | 54.63 |\n| 11/17/2020 | 71.70 | 53.21 | 2/8/2021 | 73.34 | 54.75 |\n| 11/18/2020 | 71.69 | 53.19 | 2/9/2021 | 73.29 | 54.69 |\n| 11/19/2020 | 71.73 | 53.25 | 2/10/2021 | 73.27 | 54.67 |\n| 11/20/2020 | 71.70 | 53.22 | 2/11/2021 | 73.75 | 55.04 |\n| 11/23/2020 | 71.69 | 53.21 | 2/12/2021 | 73.91 | 55.33 |\n| 11/24/2020 | 71.78 | 53.32 | 2/15/2021 | 73.94 | 55.35 |\n| 11/25/2020 | 71.77 | 53.31 | 2/16/2021 | 74.01 | 55.43 |\n| 11/26/2020 | 71.63 | 53.15 | 2/17/2021 | 74.06 | 55.48 |\n| 11/27/2020 | 71.60 | 53.12 | 2/18/2021 | 74.11 | 55.53 |\n| 11/30/2020 | 71.59 | 53.12 | 2/19/2021 | 74.14 | 55.56 |\n| 12/1/2020 | 71.50 | 53.02 | 2/22/2021 | 74.16 | 55.58 |\n| 12/2/2020 | 71.61 | 53.12 | 2/23/2021 | 74.19 | 55.61 |\n| 12/3/2020 | 71.47 | 52.97 | 2/24/2021 | 74.23 | 55.68 |\n| 12/4/2020 | 71.49 | 52.98 | 2/25/2021 | 74.53 | 55.94 |\n| 12/7/2020 | 71.35 | 52.87 | 2/26/2021 | 74.47 | 55.87 |\n| 12/8/2020 | 71.25 | 52.76 | 3/1/2021 | 74.31 | 55.70 |\n| 12/9/2020 | 71.30 | 52.82 | 3/2/2021 | 74.45 | 55.84 |\n| 12/10/2020 | 71.35 | 52.89 | 3/3/2021 | 74.41 | 55.80 |\n| 12/11/2020 | 71.31 | 52.83 | 3/4/2021 | 74.40 | 55.79 |\n| 12/14/2020 | 71.60 | 53.00 | 3/5/2021 | 74.42 | 55.81 |\n| 12/15/2020 | 71.75 | 53.17 | 3/8/2021 | 74.43 | 55.83 |\n| 12/16/2020 | 72.76 | 53.89 | 3/9/2021 | 74.45 | 55.86 |\n\n| Date | Total real estate allocation in % | Foreign real estate allocation in % |\n| --- | --- | --- |\n| 3/10/2021 | 74.49 | 55.90 |\n| 3/11/2021 | 74.47 | 55.89 |\n| 3/12/2021 | 74.43 | 55.85 |\n| 3/15/2021 | 74.44 | 55.87 |\n| 3/16/2021 | 74.41 | 55.84 |\n| 3/17/2021 | 74.30 | 55.73 |\n| 3/18/2021 | 74.96 | 56.26 |\n| 3/19/2021 | 74.77 | 56.11 |\n| 3/22/2021 | 74.76 | 56.12 |\n| 3/23/2021 | 74.70 | 56.05 |\n| 3/24/2021 | 74.66 | 56.00 |\n| 3/25/2021 | 74.83 | 56.32 |\n| 3/26/2021 | 74.84 | 56.34 |\n| 3/29/2021 | 74.95 | 56.46 |\n| 3/30/2021 | 74.96 | 56.45 |\n| 3/31/2021 | 75.64 | 57.06 |\n| 4/1/2021 | 75.59 | 57.02 |\n| 4/6/2021 | 75.63 | 57.06 |\n| 4/7/2021 | 75.70 | 57.11 |\n| 4/8/2021 | 75.88 | 57.28 |\n| 4/9/2021 | 75.83 | 57.22 |\n| 4/12/2021 | 75.75 | 57.14 |\n| 4/13/2021 | 75.79 | 57.19 |\n| 4/14/2021 | 75.78 | 57.18 |\n| 4/15/2021 | 75.75 | 57.14 |\n| 4/16/2021 | 75.73 | 57.13 |\n| 4/19/2021 | 75.67 | 57.07 |\n| 4/20/2021 | 75.72 | 57.13 |\n| 4/21/2021 | 75.76 | 57.18 |\n| 4/22/2021 | 75.79 | 57.21 |\n| 4/23/2021 | 75.76 | 57.17 |\n| 4/26/2021 | 75.70 | 57.11 |\n| 4/27/2021 | 75.86 | 57.40 |\n| 4/28/2021 | 75.85 | 57.40 |\n| 4/29/2021 | 75.69 | 57.12 |\n| 4/30/2021 | 75.75 | 57.14 |\n| 5/3/2021 | 75.69 | 57.08 |\n| 5/4/2021 | 75.73 | 57.11 |\n| 5/5/2021 | 75.77 | 57.16 |\n| 5/6/2021 | 75.81 | 57.21 |\n| 5/7/2021 | 75.79 | 57.18 |\n| 5/10/2021 | 76.98 | 58.06 |\n| 5/11/2021 | 77.03 | 58.13 |\n| 5/12/2021 | 77.07 | 58.17 |\n| 5/14/2021 | 77.67 | 56.68 |\n| 5/17/2021 | 77.62 | 56.62 |\n| 5/18/2021 | 77.62 | 56.63 |\n| 5/19/2021 | 77.66 | 56.67 |\n| 5/20/2021 | 77.61 | 56.61 |\n| 5/21/2021 | 77.58 | 56.59 |\n| 5/25/2021 | 77.58 | 56.60 |\n| 5/26/2021 | 77.51 | 56.54 |\n| 5/27/2021 | 77.40 | 56.40 |\n| 5/28/2021 | 77.42 | 56.41 |\n| 5/31/2021 | 77.47 | 56.47 |\n| 6/1/2021 | 77.43 | 56.44 |\n| 6/2/2021 | 78.18 | 56.98 |\n\n| Date | Total real estate allocation in % | Foreign real estate allocation in % |\n| --- | --- | --- |\n| 6/4/2021 | 78.14 | 56.94 |\n| 6/7/2021 | 78.19 | 57.00 |\n| 6/8/2021 | 78.13 | 56.95 |\n| 6/9/2021 | 78.14 | 56.95 |\n| 6/10/2021 | 78.14 | 56.96 |\n| 6/11/2021 | 78.09 | 56.90 |\n| 6/14/2021 | 78.13 | 56.93 |\n| 6/15/2021 | 78.11 | 56.92 |\n| 6/16/2021 | 78.10 | 56.90 |\n| 6/17/2021 | 78.10 | 56.91 |\n| 6/18/2021 | 78.17 | 56.98 |\n| 6/21/2021 | 78.18 | 56.97 |\n| 6/22/2021 | 78.17 | 56.96 |\n| 6/23/2021 | 78.18 | 56.98 |\n| 6/24/2021 | 78.22 | 57.03 |\n| 6/25/2021 | 78.19 | 57.00 |\n| 6/28/2021 | 78.15 | 56.96 |\n| 6/29/2021 | 78.16 | 56.93 |\n| 6/30/2021 | 78.40 | 56.74 |\n| 7/1/2021 | 78.40 | 56.76 |\n| 7/2/2021 | 78.43 | 56.80 |\n| 7/5/2021 | 78.37 | 56.75 |\n| 7/6/2021 | 78.39 | 56.77 |\n| 7/7/2021 | 78.40 | 56.79 |\n| 7/8/2021 | 78.38 | 56.77 |\n| 7/9/2021 | 78.37 | 56.75 |\n| 7/12/2021 | 78.33 | 56.72 |\n| 7/13/2021 | 78.35 | 56.73 |\n| 7/14/2021 | 78.39 | 56.79 |\n| 7/15/2021 | 78.44 | 56.84 |\n| 7/16/2021 | 78.40 | 56.79 |\n| 7/19/2021 | 78.41 | 56.81 |\n| 7/20/2021 | 78.36 | 56.74 |\n| 7/21/2021 | 78.29 | 56.66 |\n| 7/22/2021 | 78.27 | 56.64 |\n| 7/23/2021 | 77.48 | 55.81 |\n| 7/26/2021 | 77.47 | 55.81 |\n| 7/27/2021 | 77.67 | 55.96 |\n| 7/28/2021 | 77.81 | 56.13 |\n| 7/29/2021 | 77.90 | 56.24 |\n| 7/30/2021 | 77.55 | 55.70 |\n| 8/2/2021 | 77.53 | 55.68 |\n| 8/3/2021 | 77.54 | 55.68 |\n| 8/4/2021 | 77.49 | 55.57 |\n| 8/5/2021 | 77.50 | 55.55 |\n| 8/6/2021 | 77.51 | 55.56 |\n| 8/9/2021 | 77.54 | 55.59 |\n| 8/10/2021 | 77.55 | 55.61 |\n| 8/11/2021 | 77.56 | 55.62 |\n| 8/12/2021 | 77.55 | 55.61 |\n| 8/13/2021 | 77.57 | 55.63 |\n| 8/16/2021 | 77.50 | 55.56 |\n| 8/17/2021 | 77.49 | 55.55 |\n| 8/18/2021 | 77.46 | 55.51 |\n| 8/19/2021 | 77.45 | 55.50 |\n| 8/20/2021 | 77.44 | 55.49 |\n| 8/23/2021 | 77.36 | 55.40 |\n\n| Date | Total real estate allocation in % | Foreign real estate allocation in % |\n| --- | --- | --- |\n| 8/24/2021 | 77.33 | 55.37 |\n| 8/25/2021 | 77.58 | 55.57 |\n| 8/26/2021 | 77.57 | 55.57 |\n| 8/27/2021 | 77.54 | 55.53 |\n| 8/30/2021 | 77.50 | 55.47 |\n| 8/31/2021 | 76.72 | 54.88 |\n| 9/1/2021 | 76.68 | 54.85 |\n| 9/2/2021 | 76.71 | 54.87 |\n| 9/3/2021 | 76.69 | 54.85 |\n| 9/6/2021 | 76.68 | 54.84 |\n| 9/7/2021 | 76.69 | 54.86 |\n| 9/8/2021 | 76.84 | 55.18 |\n| 9/9/2021 | 76.83 | 55.17 |\n| 9/10/2021 | 76.85 | 55.19 |\n| 9/13/2021 | 76.88 | 55.24 |\n| 9/14/2021 | 76.87 | 55.23 |\n| 9/15/2021 | 76.89 | 55.25 |\n| 9/16/2021 | 76.86 | 55.22 |\n| 9/17/2021 | 76.87 | 55.24 |\n| 9/20/2021 | 76.85 | 55.22 |\n| 9/21/2021 | 76.81 | 55.17 |\n| 9/22/2021 | 76.81 | 55.16 |\n| 9/23/2021 | 76.76 | 55.11 |\n| 9/24/2021 | 76.77 | 55.14 |\n| 9/27/2021 | 76.77 | 55.14 |\n| 9/28/2021 | 76.83 | 55.21 |\n| 9/29/2021 | 76.82 | 55.19 |\n| 9/30/2021 | 77.22 | 55.55 |"},"unique id":{"kind":"number","value":108259,"string":"108,259"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Disclosure of real estate allocations","In accordance with article 20 (3) InvStG, income from invest- ment funds that in accordance with their terms and conditions of investment continuously invest primarily in real estate and special purpose vehicles are exempted from tax at a certain percentage depending on the investment focus (so-called partial exemption).","The partial exemption is to be applied to all income from the investment fund.","The terms and conditions of investment of grundbesitz europa make provisions for a continuous investment of more than 50% of the investment fund’s assets in real estate and special pur- pose vehicles.","This was the basis for the application of a partial exemption rate of 60%.","The partial exemption is already to be taken into account in the withholding of investment income tax.","If the partial exemption was not taken into account, or not taken into account properly, in the withholding of investment income tax, the investor has, pursuant to article 20 (4) InvStG, the individual option within the framework of the tax assessment procedure to provide evidence that the investment fund actually exceeded the investment limits continuously during the business year.","The following overview of real estate allocations is intended to serve the purpose of the investor’s individual option to provide evidence within the framework of the tax assessment procedure pursuant to article 20 (4) InvStG.1)","In the fund’s business year ending September 30, 2021, more than 50% of the investment fund’s assets were continuously invested in foreign real estate and foreign special purpose vehi- cles.","According to article 20 (3), sentence 2, InvStG, this in prin- ciple allows a partial exemption rate of 80% if use is made of the","individual option to provide evidence within the framework of the tax assessment procedure pursuant to article 20 (4) InvStG.","If, in the fund business year ending September 30, 2021, use was made of the individual option to provide evidence in accordance with article 20 (4) InvStG and the partial exemption portion of 80% is applied, the change in the partial exemption portion applied results, pursuant to article 22 (1) InvStG, in a notional disposition of the investment fund units (upon expi- ration of the previous assessment period) with acquisition","on the following day.","If the partial exemption rate is changed again the following years, this again leads to a notional dispo- sition and acquisition of the investment fund units pursuant to article 22 (1) InvStG.","The capital gains from the notional disposition are, pursuant to article 22 (3) InvStG, deemed to have accrued at the time of the actual disposition of the investment fund units.","We recommend that all investors who, within the framework of the tax assessment procedure, want to provide individual evi- dence so that the applicable partial exemption can be taken into account should contact their tax adviser.","We cannot guarantee that the tax authorities will recognize individual proof in accordance with article 20(4) InvStG and grant the higher partial exemption of 80%.","1 The real estate allocations were determined based on the Federal Ministry of Finance (BMF) letter of May 21, 2019.","| grundbesitz europa real estate allocations (October 1, 2020, through September 30, 2021) |","| --- |","| Date | Total real estate allocation in % | Foreign real estate allocation in % | | Date | Total real estate allocation in % | Foreign real estate allocation in % |","| 10/1/2020 | 71.29 | 52.53 | 12/17/2020 | 72.49 | 53.38 |","| 10/2/2020 | 71.40 | 52.63 | 12/18/2020 | 72.53 | 53.43 |","| 10/5/2020 | 71.58 | 52.94 | 12/21/2020 | 72.46 | 53.40 |","| 10/6/2020 | 71.56 | 52.92 | 12/22/2020 | 72.17 | 53.11 |","| 10/7/2020 | 71.53 | 52.90 | 12/23/2020 | 72.39 | 53.31 |","| 10/8/2020 | 71.48 | 52.85 | 12/28/2020 | 72.39 | 53.32 |","| 10/9/2020 | 71.46 | 52.84 | 12/29/2020 | 72.79 | 53.96 |","| 10/12/2020 | 71.43 | 52.82 | 12/30/2020 | 73.11 | 54.51 |","| 10/13/2020 | 71.44 | 52.84 | 1/4/2021 | 73.13 | 54.54 |","| 10/14/2020 | 71.48 | 52.89 | 1/5/2021 | 73.22 | 54.65 |","| 10/15/2020 | 71.32 | 52.74 | 1/6/2021 | 73.09 | 54.51 |","| 10/16/2020 | 71.43 | 52.86 | 1/7/2021 | 73.09 | 54.52 |","| 10/19/2020 | 71.38 | 52.81 | 1/8/2021 | 73.09 | 54.52 |","| 10/20/2020 | 71.39 | 52.82 | 1/11/2021 | 73.11 | 54.55 |","| 10/21/2020 | 71.30 | 52.73 | 1/12/2021 | 73.05 | 54.50 |","| 10/22/2020 | 71.32 | 52.76 | 1/13/2021 | 73.13 | 54.59 |","| 10/23/2020 | 71.93 | 53.24 | 1/14/2021 | 73.27 | 54.72 |","| 10/26/2020 | 71.91 | 53.22 | 1/15/2021 | 73.23 | 54.69 |","| 10/27/2020 | 71.84 | 53.15 | 1/18/2021 | 73.21 | 54.68 |","| 10/28/2020 | 71.88 | 53.17 | 1/19/2021 | 73.16 | 54.62 |","| 10/29/2020 | 71.59 | 52.97 | 1/20/2021 | 73.20 | 54.67 |","| 10/30/2020 | 71.63 | 52.98 | 1/21/2021 | 73.22 | 54.70 |","| 11/2/2020 | 71.62 | 52.98 | 1/22/2021 | 73.26 | 54.74 |","| 11/3/2020 | 71.60 | 52.95 | 1/25/2021 | 73.15 | 54.63 |","| 11/4/2020 | 71.62 | 52.99 | 1/26/.2021 | 73.16 | 54.64 |","| 11/5/2020 | 71.55 | 52.92 | 1/27/2021 | 73.17 | 54.66 |","| 11/6/2020 | 71.49 | 52.88 | 1/28/2021 | 73.26 | 54.78 |","| 11/9/2020 | 71.65 | 53.15 | 1/29/2021 | 73.25 | 54.61 |","| 11/10/2020 | 71.62 | 53.12 | 2/1/2021 | 73.24 | 54.61 |","| 11/11/2020 | 71.71 | 53.22 | 2/2/2021 | 73.31 | 54.69 |","| 11/12/2020 | 71.87 | 53.39 | 2/3/2021 | 73.29 | 54.66 |","| 11/13/2020 | 71.79 | 53.29 | 02/4/2021 | 73.29 | 54.67 |","| 11/16/2020 | 71.72 | 53.22 | 2/5/2021 | 73.24 | 54.63 |","| 11/17/2020 | 71.70 | 53.21 | 2/8/2021 | 73.34 | 54.75 |","| 11/18/2020 | 71.69 | 53.19 | 2/9/2021 | 73.29 | 54.69 |","| 11/19/2020 | 71.73 | 53.25 | 2/10/2021 | 73.27 | 54.67 |","| 11/20/2020 | 71.70 | 53.22 | 2/11/2021 | 73.75 | 55.04 |","| 11/23/2020 | 71.69 | 53.21 | 2/12/2021 | 73.91 | 55.33 |","| 11/24/2020 | 71.78 | 53.32 | 2/15/2021 | 73.94 | 55.35 |","| 11/25/2020 | 71.77 | 53.31 | 2/16/2021 | 74.01 | 55.43 |","| 11/26/2020 | 71.63 | 53.15 | 2/17/2021 | 74.06 | 55.48 |","| 11/27/2020 | 71.60 | 53.12 | 2/18/2021 | 74.11 | 55.53 |","| 11/30/2020 | 71.59 | 53.12 | 2/19/2021 | 74.14 | 55.56 |","| 12/1/2020 | 71.50 | 53.02 | 2/22/2021 | 74.16 | 55.58 |","| 12/2/2020 | 71.61 | 53.12 | 2/23/2021 | 74.19 | 55.61 |","| 12/3/2020 | 71.47 | 52.97 | 2/24/2021 | 74.23 | 55.68 |","| 12/4/2020 | 71.49 | 52.98 | 2/25/2021 | 74.53 | 55.94 |","| 12/7/2020 | 71.35 | 52.87 | 2/26/2021 | 74.47 | 55.87 |","| 12/8/2020 | 71.25 | 52.76 | 3/1/2021 | 74.31 | 55.70 |","| 12/9/2020 | 71.30 | 52.82 | 3/2/2021 | 74.45 | 55.84 |","| 12/10/2020 | 71.35 | 52.89 | 3/3/2021 | 74.41 | 55.80 |","| 12/11/2020 | 71.31 | 52.83 | 3/4/2021 | 74.40 | 55.79 |","| 12/14/2020 | 71.60 | 53.00 | 3/5/2021 | 74.42 | 55.81 |","| 12/15/2020 | 71.75 | 53.17 | 3/8/2021 | 74.43 | 55.83 |","| 12/16/2020 | 72.76 | 53.89 | 3/9/2021 | 74.45 | 55.86 |","| Date | Total real estate allocation in % | Foreign real estate allocation in % |","| --- | --- | --- |","| 3/10/2021 | 74.49 | 55.90 |","| 3/11/2021 | 74.47 | 55.89 |","| 3/12/2021 | 74.43 | 55.85 |","| 3/15/2021 | 74.44 | 55.87 |","| 3/16/2021 | 74.41 | 55.84 |","| 3/17/2021 | 74.30 | 55.73 |","| 3/18/2021 | 74.96 | 56.26 |","| 3/19/2021 | 74.77 | 56.11 |","| 3/22/2021 | 74.76 | 56.12 |","| 3/23/2021 | 74.70 | 56.05 |","| 3/24/2021 | 74.66 | 56.00 |","| 3/25/2021 | 74.83 | 56.32 |","| 3/26/2021 | 74.84 | 56.34 |","| 3/29/2021 | 74.95 | 56.46 |","| 3/30/2021 | 74.96 | 56.45 |","| 3/31/2021 | 75.64 | 57.06 |","| 4/1/2021 | 75.59 | 57.02 |","| 4/6/2021 | 75.63 | 57.06 |","| 4/7/2021 | 75.70 | 57.11 |","| 4/8/2021 | 75.88 | 57.28 |","| 4/9/2021 | 75.83 | 57.22 |","| 4/12/2021 | 75.75 | 57.14 |","| 4/13/2021 | 75.79 | 57.19 |","| 4/14/2021 | 75.78 | 57.18 |","| 4/15/2021 | 75.75 | 57.14 |","| 4/16/2021 | 75.73 | 57.13 |","| 4/19/2021 | 75.67 | 57.07 |","| 4/20/2021 | 75.72 | 57.13 |","| 4/21/2021 | 75.76 | 57.18 |","| 4/22/2021 | 75.79 | 57.21 |","| 4/23/2021 | 75.76 | 57.17 |","| 4/26/2021 | 75.70 | 57.11 |","| 4/27/2021 | 75.86 | 57.40 |","| 4/28/2021 | 75.85 | 57.40 |","| 4/29/2021 | 75.69 | 57.12 |","| 4/30/2021 | 75.75 | 57.14 |","| 5/3/2021 | 75.69 | 57.08 |","| 5/4/2021 | 75.73 | 57.11 |","| 5/5/2021 | 75.77 | 57.16 |","| 5/6/2021 | 75.81 | 57.21 |","| 5/7/2021 | 75.79 | 57.18 |","| 5/10/2021 | 76.98 | 58.06 |","| 5/11/2021 | 77.03 | 58.13 |","| 5/12/2021 | 77.07 | 58.17 |","| 5/14/2021 | 77.67 | 56.68 |","| 5/17/2021 | 77.62 | 56.62 |","| 5/18/2021 | 77.62 | 56.63 |","| 5/19/2021 | 77.66 | 56.67 |","| 5/20/2021 | 77.61 | 56.61 |","| 5/21/2021 | 77.58 | 56.59 |","| 5/25/2021 | 77.58 | 56.60 |","| 5/26/2021 | 77.51 | 56.54 |","| 5/27/2021 | 77.40 | 56.40 |","| 5/28/2021 | 77.42 | 56.41 |","| 5/31/2021 | 77.47 | 56.47 |","| 6/1/2021 | 77.43 | 56.44 |","| 6/2/2021 | 78.18 | 56.98 |","| Date | Total real estate allocation in % | Foreign real estate allocation in % |","| --- | --- | --- |","| 6/4/2021 | 78.14 | 56.94 |","| 6/7/2021 | 78.19 | 57.00 |","| 6/8/2021 | 78.13 | 56.95 |","| 6/9/2021 | 78.14 | 56.95 |","| 6/10/2021 | 78.14 | 56.96 |","| 6/11/2021 | 78.09 | 56.90 |","| 6/14/2021 | 78.13 | 56.93 |","| 6/15/2021 | 78.11 | 56.92 |","| 6/16/2021 | 78.10 | 56.90 |","| 6/17/2021 | 78.10 | 56.91 |","| 6/18/2021 | 78.17 | 56.98 |","| 6/21/2021 | 78.18 | 56.97 |","| 6/22/2021 | 78.17 | 56.96 |","| 6/23/2021 | 78.18 | 56.98 |","| 6/24/2021 | 78.22 | 57.03 |","| 6/25/2021 | 78.19 | 57.00 |","| 6/28/2021 | 78.15 | 56.96 |","| 6/29/2021 | 78.16 | 56.93 |","| 6/30/2021 | 78.40 | 56.74 |","| 7/1/2021 | 78.40 | 56.76 |","| 7/2/2021 | 78.43 | 56.80 |","| 7/5/2021 | 78.37 | 56.75 |","| 7/6/2021 | 78.39 | 56.77 |","| 7/7/2021 | 78.40 | 56.79 |","| 7/8/2021 | 78.38 | 56.77 |","| 7/9/2021 | 78.37 | 56.75 |","| 7/12/2021 | 78.33 | 56.72 |","| 7/13/2021 | 78.35 | 56.73 |","| 7/14/2021 | 78.39 | 56.79 |","| 7/15/2021 | 78.44 | 56.84 |","| 7/16/2021 | 78.40 | 56.79 |","| 7/19/2021 | 78.41 | 56.81 |","| 7/20/2021 | 78.36 | 56.74 |","| 7/21/2021 | 78.29 | 56.66 |","| 7/22/2021 | 78.27 | 56.64 |","| 7/23/2021 | 77.48 | 55.81 |","| 7/26/2021 | 77.47 | 55.81 |","| 7/27/2021 | 77.67 | 55.96 |","| 7/28/2021 | 77.81 | 56.13 |","| 7/29/2021 | 77.90 | 56.24 |","| 7/30/2021 | 77.55 | 55.70 |","| 8/2/2021 | 77.53 | 55.68 |","| 8/3/2021 | 77.54 | 55.68 |","| 8/4/2021 | 77.49 | 55.57 |","| 8/5/2021 | 77.50 | 55.55 |","| 8/6/2021 | 77.51 | 55.56 |","| 8/9/2021 | 77.54 | 55.59 |","| 8/10/2021 | 77.55 | 55.61 |","| 8/11/2021 | 77.56 | 55.62 |","| 8/12/2021 | 77.55 | 55.61 |","| 8/13/2021 | 77.57 | 55.63 |","| 8/16/2021 | 77.50 | 55.56 |","| 8/17/2021 | 77.49 | 55.55 |","| 8/18/2021 | 77.46 | 55.51 |","| 8/19/2021 | 77.45 | 55.50 |","| 8/20/2021 | 77.44 | 55.49 |","| 8/23/2021 | 77.36 | 55.40 |","| Date | Total real estate allocation in % | Foreign real estate allocation in % |","| --- | --- | --- |","| 8/24/2021 | 77.33 | 55.37 |","| 8/25/2021 | 77.58 | 55.57 |","| 8/26/2021 | 77.57 | 55.57 |","| 8/27/2021 | 77.54 | 55.53 |","| 8/30/2021 | 77.50 | 55.47 |","| 8/31/2021 | 76.72 | 54.88 |","| 9/1/2021 | 76.68 | 54.85 |","| 9/2/2021 | 76.71 | 54.87 |","| 9/3/2021 | 76.69 | 54.85 |","| 9/6/2021 | 76.68 | 54.84 |","| 9/7/2021 | 76.69 | 54.86 |","| 9/8/2021 | 76.84 | 55.18 |","| 9/9/2021 | 76.83 | 55.17 |","| 9/10/2021 | 76.85 | 55.19 |","| 9/13/2021 | 76.88 | 55.24 |","| 9/14/2021 | 76.87 | 55.23 |","| 9/15/2021 | 76.89 | 55.25 |","| 9/16/2021 | 76.86 | 55.22 |","| 9/17/2021 | 76.87 | 55.24 |","| 9/20/2021 | 76.85 | 55.22 |","| 9/21/2021 | 76.81 | 55.17 |","| 9/22/2021 | 76.81 | 55.16 |","| 9/23/2021 | 76.76 | 55.11 |","| 9/24/2021 | 76.77 | 55.14 |","| 9/27/2021 | 76.77 | 55.14 |","| 9/28/2021 | 76.83 | 55.21 |","| 9/29/2021 | 76.82 | 55.19 |","| 9/30/2021 | 77.22 | 55.55 |"],"string":"[\n \"# Disclosure of real estate allocations\",\n \"In accordance with article 20 (3) InvStG, income from invest- ment funds that in accordance with their terms and conditions of investment continuously invest primarily in real estate and special purpose vehicles are exempted from tax at a certain percentage depending on the investment focus (so-called partial exemption).\",\n \"The partial exemption is to be applied to all income from the investment fund.\",\n \"The terms and conditions of investment of grundbesitz europa make provisions for a continuous investment of more than 50% of the investment fund’s assets in real estate and special pur- pose vehicles.\",\n \"This was the basis for the application of a partial exemption rate of 60%.\",\n \"The partial exemption is already to be taken into account in the withholding of investment income tax.\",\n \"If the partial exemption was not taken into account, or not taken into account properly, in the withholding of investment income tax, the investor has, pursuant to article 20 (4) InvStG, the individual option within the framework of the tax assessment procedure to provide evidence that the investment fund actually exceeded the investment limits continuously during the business year.\",\n \"The following overview of real estate allocations is intended to serve the purpose of the investor’s individual option to provide evidence within the framework of the tax assessment procedure pursuant to article 20 (4) InvStG.1)\",\n \"In the fund’s business year ending September 30, 2021, more than 50% of the investment fund’s assets were continuously invested in foreign real estate and foreign special purpose vehi- cles.\",\n \"According to article 20 (3), sentence 2, InvStG, this in prin- ciple allows a partial exemption rate of 80% if use is made of the\",\n \"individual option to provide evidence within the framework of the tax assessment procedure pursuant to article 20 (4) InvStG.\",\n \"If, in the fund business year ending September 30, 2021, use was made of the individual option to provide evidence in accordance with article 20 (4) InvStG and the partial exemption portion of 80% is applied, the change in the partial exemption portion applied results, pursuant to article 22 (1) InvStG, in a notional disposition of the investment fund units (upon expi- ration of the previous assessment period) with acquisition\",\n \"on the following day.\",\n \"If the partial exemption rate is changed again the following years, this again leads to a notional dispo- sition and acquisition of the investment fund units pursuant to article 22 (1) InvStG.\",\n \"The capital gains from the notional disposition are, pursuant to article 22 (3) InvStG, deemed to have accrued at the time of the actual disposition of the investment fund units.\",\n \"We recommend that all investors who, within the framework of the tax assessment procedure, want to provide individual evi- dence so that the applicable partial exemption can be taken into account should contact their tax adviser.\",\n \"We cannot guarantee that the tax authorities will recognize individual proof in accordance with article 20(4) InvStG and grant the higher partial exemption of 80%.\",\n \"1 The real estate allocations were determined based on the Federal Ministry of Finance (BMF) letter of May 21, 2019.\",\n \"| grundbesitz europa real estate allocations (October 1, 2020, through September 30, 2021) |\",\n \"| --- |\",\n \"| Date | Total real estate allocation in % | Foreign real estate allocation in % | | Date | Total real estate allocation in % | Foreign real estate allocation in % |\",\n \"| 10/1/2020 | 71.29 | 52.53 | 12/17/2020 | 72.49 | 53.38 |\",\n \"| 10/2/2020 | 71.40 | 52.63 | 12/18/2020 | 72.53 | 53.43 |\",\n \"| 10/5/2020 | 71.58 | 52.94 | 12/21/2020 | 72.46 | 53.40 |\",\n \"| 10/6/2020 | 71.56 | 52.92 | 12/22/2020 | 72.17 | 53.11 |\",\n \"| 10/7/2020 | 71.53 | 52.90 | 12/23/2020 | 72.39 | 53.31 |\",\n \"| 10/8/2020 | 71.48 | 52.85 | 12/28/2020 | 72.39 | 53.32 |\",\n \"| 10/9/2020 | 71.46 | 52.84 | 12/29/2020 | 72.79 | 53.96 |\",\n \"| 10/12/2020 | 71.43 | 52.82 | 12/30/2020 | 73.11 | 54.51 |\",\n \"| 10/13/2020 | 71.44 | 52.84 | 1/4/2021 | 73.13 | 54.54 |\",\n \"| 10/14/2020 | 71.48 | 52.89 | 1/5/2021 | 73.22 | 54.65 |\",\n \"| 10/15/2020 | 71.32 | 52.74 | 1/6/2021 | 73.09 | 54.51 |\",\n \"| 10/16/2020 | 71.43 | 52.86 | 1/7/2021 | 73.09 | 54.52 |\",\n \"| 10/19/2020 | 71.38 | 52.81 | 1/8/2021 | 73.09 | 54.52 |\",\n \"| 10/20/2020 | 71.39 | 52.82 | 1/11/2021 | 73.11 | 54.55 |\",\n \"| 10/21/2020 | 71.30 | 52.73 | 1/12/2021 | 73.05 | 54.50 |\",\n \"| 10/22/2020 | 71.32 | 52.76 | 1/13/2021 | 73.13 | 54.59 |\",\n \"| 10/23/2020 | 71.93 | 53.24 | 1/14/2021 | 73.27 | 54.72 |\",\n \"| 10/26/2020 | 71.91 | 53.22 | 1/15/2021 | 73.23 | 54.69 |\",\n \"| 10/27/2020 | 71.84 | 53.15 | 1/18/2021 | 73.21 | 54.68 |\",\n \"| 10/28/2020 | 71.88 | 53.17 | 1/19/2021 | 73.16 | 54.62 |\",\n \"| 10/29/2020 | 71.59 | 52.97 | 1/20/2021 | 73.20 | 54.67 |\",\n \"| 10/30/2020 | 71.63 | 52.98 | 1/21/2021 | 73.22 | 54.70 |\",\n \"| 11/2/2020 | 71.62 | 52.98 | 1/22/2021 | 73.26 | 54.74 |\",\n \"| 11/3/2020 | 71.60 | 52.95 | 1/25/2021 | 73.15 | 54.63 |\",\n \"| 11/4/2020 | 71.62 | 52.99 | 1/26/.2021 | 73.16 | 54.64 |\",\n \"| 11/5/2020 | 71.55 | 52.92 | 1/27/2021 | 73.17 | 54.66 |\",\n \"| 11/6/2020 | 71.49 | 52.88 | 1/28/2021 | 73.26 | 54.78 |\",\n \"| 11/9/2020 | 71.65 | 53.15 | 1/29/2021 | 73.25 | 54.61 |\",\n \"| 11/10/2020 | 71.62 | 53.12 | 2/1/2021 | 73.24 | 54.61 |\",\n \"| 11/11/2020 | 71.71 | 53.22 | 2/2/2021 | 73.31 | 54.69 |\",\n \"| 11/12/2020 | 71.87 | 53.39 | 2/3/2021 | 73.29 | 54.66 |\",\n \"| 11/13/2020 | 71.79 | 53.29 | 02/4/2021 | 73.29 | 54.67 |\",\n \"| 11/16/2020 | 71.72 | 53.22 | 2/5/2021 | 73.24 | 54.63 |\",\n \"| 11/17/2020 | 71.70 | 53.21 | 2/8/2021 | 73.34 | 54.75 |\",\n \"| 11/18/2020 | 71.69 | 53.19 | 2/9/2021 | 73.29 | 54.69 |\",\n \"| 11/19/2020 | 71.73 | 53.25 | 2/10/2021 | 73.27 | 54.67 |\",\n \"| 11/20/2020 | 71.70 | 53.22 | 2/11/2021 | 73.75 | 55.04 |\",\n \"| 11/23/2020 | 71.69 | 53.21 | 2/12/2021 | 73.91 | 55.33 |\",\n \"| 11/24/2020 | 71.78 | 53.32 | 2/15/2021 | 73.94 | 55.35 |\",\n \"| 11/25/2020 | 71.77 | 53.31 | 2/16/2021 | 74.01 | 55.43 |\",\n \"| 11/26/2020 | 71.63 | 53.15 | 2/17/2021 | 74.06 | 55.48 |\",\n \"| 11/27/2020 | 71.60 | 53.12 | 2/18/2021 | 74.11 | 55.53 |\",\n \"| 11/30/2020 | 71.59 | 53.12 | 2/19/2021 | 74.14 | 55.56 |\",\n \"| 12/1/2020 | 71.50 | 53.02 | 2/22/2021 | 74.16 | 55.58 |\",\n \"| 12/2/2020 | 71.61 | 53.12 | 2/23/2021 | 74.19 | 55.61 |\",\n \"| 12/3/2020 | 71.47 | 52.97 | 2/24/2021 | 74.23 | 55.68 |\",\n \"| 12/4/2020 | 71.49 | 52.98 | 2/25/2021 | 74.53 | 55.94 |\",\n \"| 12/7/2020 | 71.35 | 52.87 | 2/26/2021 | 74.47 | 55.87 |\",\n \"| 12/8/2020 | 71.25 | 52.76 | 3/1/2021 | 74.31 | 55.70 |\",\n \"| 12/9/2020 | 71.30 | 52.82 | 3/2/2021 | 74.45 | 55.84 |\",\n \"| 12/10/2020 | 71.35 | 52.89 | 3/3/2021 | 74.41 | 55.80 |\",\n \"| 12/11/2020 | 71.31 | 52.83 | 3/4/2021 | 74.40 | 55.79 |\",\n \"| 12/14/2020 | 71.60 | 53.00 | 3/5/2021 | 74.42 | 55.81 |\",\n \"| 12/15/2020 | 71.75 | 53.17 | 3/8/2021 | 74.43 | 55.83 |\",\n \"| 12/16/2020 | 72.76 | 53.89 | 3/9/2021 | 74.45 | 55.86 |\",\n \"| Date | Total real estate allocation in % | Foreign real estate allocation in % |\",\n \"| --- | --- | --- |\",\n \"| 3/10/2021 | 74.49 | 55.90 |\",\n \"| 3/11/2021 | 74.47 | 55.89 |\",\n \"| 3/12/2021 | 74.43 | 55.85 |\",\n \"| 3/15/2021 | 74.44 | 55.87 |\",\n \"| 3/16/2021 | 74.41 | 55.84 |\",\n \"| 3/17/2021 | 74.30 | 55.73 |\",\n \"| 3/18/2021 | 74.96 | 56.26 |\",\n \"| 3/19/2021 | 74.77 | 56.11 |\",\n \"| 3/22/2021 | 74.76 | 56.12 |\",\n \"| 3/23/2021 | 74.70 | 56.05 |\",\n \"| 3/24/2021 | 74.66 | 56.00 |\",\n \"| 3/25/2021 | 74.83 | 56.32 |\",\n \"| 3/26/2021 | 74.84 | 56.34 |\",\n \"| 3/29/2021 | 74.95 | 56.46 |\",\n \"| 3/30/2021 | 74.96 | 56.45 |\",\n \"| 3/31/2021 | 75.64 | 57.06 |\",\n \"| 4/1/2021 | 75.59 | 57.02 |\",\n \"| 4/6/2021 | 75.63 | 57.06 |\",\n \"| 4/7/2021 | 75.70 | 57.11 |\",\n \"| 4/8/2021 | 75.88 | 57.28 |\",\n \"| 4/9/2021 | 75.83 | 57.22 |\",\n \"| 4/12/2021 | 75.75 | 57.14 |\",\n \"| 4/13/2021 | 75.79 | 57.19 |\",\n \"| 4/14/2021 | 75.78 | 57.18 |\",\n \"| 4/15/2021 | 75.75 | 57.14 |\",\n \"| 4/16/2021 | 75.73 | 57.13 |\",\n \"| 4/19/2021 | 75.67 | 57.07 |\",\n \"| 4/20/2021 | 75.72 | 57.13 |\",\n \"| 4/21/2021 | 75.76 | 57.18 |\",\n \"| 4/22/2021 | 75.79 | 57.21 |\",\n \"| 4/23/2021 | 75.76 | 57.17 |\",\n \"| 4/26/2021 | 75.70 | 57.11 |\",\n \"| 4/27/2021 | 75.86 | 57.40 |\",\n \"| 4/28/2021 | 75.85 | 57.40 |\",\n \"| 4/29/2021 | 75.69 | 57.12 |\",\n \"| 4/30/2021 | 75.75 | 57.14 |\",\n \"| 5/3/2021 | 75.69 | 57.08 |\",\n \"| 5/4/2021 | 75.73 | 57.11 |\",\n \"| 5/5/2021 | 75.77 | 57.16 |\",\n \"| 5/6/2021 | 75.81 | 57.21 |\",\n \"| 5/7/2021 | 75.79 | 57.18 |\",\n \"| 5/10/2021 | 76.98 | 58.06 |\",\n \"| 5/11/2021 | 77.03 | 58.13 |\",\n \"| 5/12/2021 | 77.07 | 58.17 |\",\n \"| 5/14/2021 | 77.67 | 56.68 |\",\n \"| 5/17/2021 | 77.62 | 56.62 |\",\n \"| 5/18/2021 | 77.62 | 56.63 |\",\n \"| 5/19/2021 | 77.66 | 56.67 |\",\n \"| 5/20/2021 | 77.61 | 56.61 |\",\n \"| 5/21/2021 | 77.58 | 56.59 |\",\n \"| 5/25/2021 | 77.58 | 56.60 |\",\n \"| 5/26/2021 | 77.51 | 56.54 |\",\n \"| 5/27/2021 | 77.40 | 56.40 |\",\n \"| 5/28/2021 | 77.42 | 56.41 |\",\n \"| 5/31/2021 | 77.47 | 56.47 |\",\n \"| 6/1/2021 | 77.43 | 56.44 |\",\n \"| 6/2/2021 | 78.18 | 56.98 |\",\n \"| Date | Total real estate allocation in % | Foreign real estate allocation in % |\",\n \"| --- | --- | --- |\",\n \"| 6/4/2021 | 78.14 | 56.94 |\",\n \"| 6/7/2021 | 78.19 | 57.00 |\",\n \"| 6/8/2021 | 78.13 | 56.95 |\",\n \"| 6/9/2021 | 78.14 | 56.95 |\",\n \"| 6/10/2021 | 78.14 | 56.96 |\",\n \"| 6/11/2021 | 78.09 | 56.90 |\",\n \"| 6/14/2021 | 78.13 | 56.93 |\",\n \"| 6/15/2021 | 78.11 | 56.92 |\",\n \"| 6/16/2021 | 78.10 | 56.90 |\",\n \"| 6/17/2021 | 78.10 | 56.91 |\",\n \"| 6/18/2021 | 78.17 | 56.98 |\",\n \"| 6/21/2021 | 78.18 | 56.97 |\",\n \"| 6/22/2021 | 78.17 | 56.96 |\",\n \"| 6/23/2021 | 78.18 | 56.98 |\",\n \"| 6/24/2021 | 78.22 | 57.03 |\",\n \"| 6/25/2021 | 78.19 | 57.00 |\",\n \"| 6/28/2021 | 78.15 | 56.96 |\",\n \"| 6/29/2021 | 78.16 | 56.93 |\",\n \"| 6/30/2021 | 78.40 | 56.74 |\",\n \"| 7/1/2021 | 78.40 | 56.76 |\",\n \"| 7/2/2021 | 78.43 | 56.80 |\",\n \"| 7/5/2021 | 78.37 | 56.75 |\",\n \"| 7/6/2021 | 78.39 | 56.77 |\",\n \"| 7/7/2021 | 78.40 | 56.79 |\",\n \"| 7/8/2021 | 78.38 | 56.77 |\",\n \"| 7/9/2021 | 78.37 | 56.75 |\",\n \"| 7/12/2021 | 78.33 | 56.72 |\",\n \"| 7/13/2021 | 78.35 | 56.73 |\",\n \"| 7/14/2021 | 78.39 | 56.79 |\",\n \"| 7/15/2021 | 78.44 | 56.84 |\",\n \"| 7/16/2021 | 78.40 | 56.79 |\",\n \"| 7/19/2021 | 78.41 | 56.81 |\",\n \"| 7/20/2021 | 78.36 | 56.74 |\",\n \"| 7/21/2021 | 78.29 | 56.66 |\",\n \"| 7/22/2021 | 78.27 | 56.64 |\",\n \"| 7/23/2021 | 77.48 | 55.81 |\",\n \"| 7/26/2021 | 77.47 | 55.81 |\",\n \"| 7/27/2021 | 77.67 | 55.96 |\",\n \"| 7/28/2021 | 77.81 | 56.13 |\",\n \"| 7/29/2021 | 77.90 | 56.24 |\",\n \"| 7/30/2021 | 77.55 | 55.70 |\",\n \"| 8/2/2021 | 77.53 | 55.68 |\",\n \"| 8/3/2021 | 77.54 | 55.68 |\",\n \"| 8/4/2021 | 77.49 | 55.57 |\",\n \"| 8/5/2021 | 77.50 | 55.55 |\",\n \"| 8/6/2021 | 77.51 | 55.56 |\",\n \"| 8/9/2021 | 77.54 | 55.59 |\",\n \"| 8/10/2021 | 77.55 | 55.61 |\",\n \"| 8/11/2021 | 77.56 | 55.62 |\",\n \"| 8/12/2021 | 77.55 | 55.61 |\",\n \"| 8/13/2021 | 77.57 | 55.63 |\",\n \"| 8/16/2021 | 77.50 | 55.56 |\",\n \"| 8/17/2021 | 77.49 | 55.55 |\",\n \"| 8/18/2021 | 77.46 | 55.51 |\",\n \"| 8/19/2021 | 77.45 | 55.50 |\",\n \"| 8/20/2021 | 77.44 | 55.49 |\",\n \"| 8/23/2021 | 77.36 | 55.40 |\",\n \"| Date | Total real estate allocation in % | Foreign real estate allocation in % |\",\n \"| --- | --- | --- |\",\n \"| 8/24/2021 | 77.33 | 55.37 |\",\n \"| 8/25/2021 | 77.58 | 55.57 |\",\n \"| 8/26/2021 | 77.57 | 55.57 |\",\n \"| 8/27/2021 | 77.54 | 55.53 |\",\n \"| 8/30/2021 | 77.50 | 55.47 |\",\n \"| 8/31/2021 | 76.72 | 54.88 |\",\n \"| 9/1/2021 | 76.68 | 54.85 |\",\n \"| 9/2/2021 | 76.71 | 54.87 |\",\n \"| 9/3/2021 | 76.69 | 54.85 |\",\n \"| 9/6/2021 | 76.68 | 54.84 |\",\n \"| 9/7/2021 | 76.69 | 54.86 |\",\n \"| 9/8/2021 | 76.84 | 55.18 |\",\n \"| 9/9/2021 | 76.83 | 55.17 |\",\n \"| 9/10/2021 | 76.85 | 55.19 |\",\n \"| 9/13/2021 | 76.88 | 55.24 |\",\n \"| 9/14/2021 | 76.87 | 55.23 |\",\n \"| 9/15/2021 | 76.89 | 55.25 |\",\n \"| 9/16/2021 | 76.86 | 55.22 |\",\n \"| 9/17/2021 | 76.87 | 55.24 |\",\n \"| 9/20/2021 | 76.85 | 55.22 |\",\n \"| 9/21/2021 | 76.81 | 55.17 |\",\n \"| 9/22/2021 | 76.81 | 55.16 |\",\n \"| 9/23/2021 | 76.76 | 55.11 |\",\n \"| 9/24/2021 | 76.77 | 55.14 |\",\n \"| 9/27/2021 | 76.77 | 55.14 |\",\n \"| 9/28/2021 | 76.83 | 55.21 |\",\n \"| 9/29/2021 | 76.82 | 55.19 |\",\n \"| 9/30/2021 | 77.22 | 55.55 |\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Disclosure of real estate allocations","In accordance with article 20 (3) InvStG, income from invest- ment funds that in accordance with their terms and conditions of investment continuously invest primarily in real estate and special purpose vehicles are exempted from tax at a certain percentage depending on the investment focus (so-called partial exemption).","The partial exemption is to be applied to all income from the investment fund.","The terms and conditions of investment of grundbesitz europa make provisions for a continuous investment of more than 50% of the investment fund’s assets in real estate and special pur- pose vehicles.","This was the basis for the application of a partial exemption rate of 60%.","The partial exemption is already to be taken into account in the withholding of investment income tax.","If the partial exemption was not taken into account, or not taken into account properly, in the withholding of investment income tax, the investor has, pursuant to article 20 (4) InvStG, the individual option within the framework of the tax assessment procedure to provide evidence that the investment fund actually exceeded the investment limits continuously during the business year.","The following overview of real estate allocations is intended to serve the purpose of the investor’s individual option to provide evidence within the framework of the tax assessment procedure pursuant to article 20 (4) InvStG.1)","In the fund’s business year ending September 30, 2021, more than 50% of the investment fund’s assets were continuously invested in foreign real estate and foreign special purpose vehi- cles.","According to article 20 (3), sentence 2, InvStG, this in prin- ciple allows a partial exemption rate of 80% if use is made of the","individual option to provide evidence within the framework of the tax assessment procedure pursuant to article 20 (4) InvStG.","If, in the fund business year ending September 30, 2021, use was made of the individual option to provide evidence in accordance with article 20 (4) InvStG and the partial exemption portion of 80% is applied, the change in the partial exemption portion applied results, pursuant to article 22 (1) InvStG, in a notional disposition of the investment fund units (upon expi- ration of the previous assessment period) with acquisition","on the following day.","If the partial exemption rate is changed again the following years, this again leads to a notional dispo- sition and acquisition of the investment fund units pursuant to article 22 (1) InvStG.","The capital gains from the notional disposition are, pursuant to article 22 (3) InvStG, deemed to have accrued at the time of the actual disposition of the investment fund units.","We recommend that all investors who, within the framework of the tax assessment procedure, want to provide individual evi- dence so that the applicable partial exemption can be taken into account should contact their tax adviser.","We cannot guarantee that the tax authorities will recognize individual proof in accordance with article 20(4) InvStG and grant the higher partial exemption of 80%.","1 The real estate allocations were determined based on the Federal Ministry of Finance (BMF) letter of May 21, 2019.","| grundbesitz europa real estate allocations (October 1, 2020, through September 30, 2021) |","| --- |","| Date | Total real estate allocation in % | Foreign real estate allocation in % | | Date | Total real estate allocation in % | Foreign real estate allocation in % |","| 10/1/2020 | 71.29 | 52.53 | 12/17/2020 | 72.49 | 53.38 |","| 10/2/2020 | 71.40 | 52.63 | 12/18/2020 | 72.53 | 53.43 |","| 10/5/2020 | 71.58 | 52.94 | 12/21/2020 | 72.46 | 53.40 |","| 10/6/2020 | 71.56 | 52.92 | 12/22/2020 | 72.17 | 53.11 |","| 10/7/2020 | 71.53 | 52.90 | 12/23/2020 | 72.39 | 53.31 |","| 10/8/2020 | 71.48 | 52.85 | 12/28/2020 | 72.39 | 53.32 |","| 10/9/2020 | 71.46 | 52.84 | 12/29/2020 | 72.79 | 53.96 |","| 10/12/2020 | 71.43 | 52.82 | 12/30/2020 | 73.11 | 54.51 |","| 10/13/2020 | 71.44 | 52.84 | 1/4/2021 | 73.13 | 54.54 |","| 10/14/2020 | 71.48 | 52.89 | 1/5/2021 | 73.22 | 54.65 |","| 10/15/2020 | 71.32 | 52.74 | 1/6/2021 | 73.09 | 54.51 |","| 10/16/2020 | 71.43 | 52.86 | 1/7/2021 | 73.09 | 54.52 |","| 10/19/2020 | 71.38 | 52.81 | 1/8/2021 | 73.09 | 54.52 |","| 10/20/2020 | 71.39 | 52.82 | 1/11/2021 | 73.11 | 54.55 |","| 10/21/2020 | 71.30 | 52.73 | 1/12/2021 | 73.05 | 54.50 |","| 10/22/2020 | 71.32 | 52.76 | 1/13/2021 | 73.13 | 54.59 |","| 10/23/2020 | 71.93 | 53.24 | 1/14/2021 | 73.27 | 54.72 |","| 10/26/2020 | 71.91 | 53.22 | 1/15/2021 | 73.23 | 54.69 |","| 10/27/2020 | 71.84 | 53.15 | 1/18/2021 | 73.21 | 54.68 |","| 10/28/2020 | 71.88 | 53.17 | 1/19/2021 | 73.16 | 54.62 |","| 10/29/2020 | 71.59 | 52.97 | 1/20/2021 | 73.20 | 54.67 |","| 10/30/2020 | 71.63 | 52.98 | 1/21/2021 | 73.22 | 54.70 |","| 11/2/2020 | 71.62 | 52.98 | 1/22/2021 | 73.26 | 54.74 |","| 11/3/2020 | 71.60 | 52.95 | 1/25/2021 | 73.15 | 54.63 |","| 11/4/2020 | 71.62 | 52.99 | 1/26/.2021 | 73.16 | 54.64 |","| 11/5/2020 | 71.55 | 52.92 | 1/27/2021 | 73.17 | 54.66 |","| 11/6/2020 | 71.49 | 52.88 | 1/28/2021 | 73.26 | 54.78 |","| 11/9/2020 | 71.65 | 53.15 | 1/29/2021 | 73.25 | 54.61 |","| 11/10/2020 | 71.62 | 53.12 | 2/1/2021 | 73.24 | 54.61 |","| 11/11/2020 | 71.71 | 53.22 | 2/2/2021 | 73.31 | 54.69 |","| 11/12/2020 | 71.87 | 53.39 | 2/3/2021 | 73.29 | 54.66 |","| 11/13/2020 | 71.79 | 53.29 | 02/4/2021 | 73.29 | 54.67 |","| 11/16/2020 | 71.72 | 53.22 | 2/5/2021 | 73.24 | 54.63 |","| 11/17/2020 | 71.70 | 53.21 | 2/8/2021 | 73.34 | 54.75 |","| 11/18/2020 | 71.69 | 53.19 | 2/9/2021 | 73.29 | 54.69 |","| 11/19/2020 | 71.73 | 53.25 | 2/10/2021 | 73.27 | 54.67 |","| 11/20/2020 | 71.70 | 53.22 | 2/11/2021 | 73.75 | 55.04 |","| 11/23/2020 | 71.69 | 53.21 | 2/12/2021 | 73.91 | 55.33 |","| 11/24/2020 | 71.78 | 53.32 | 2/15/2021 | 73.94 | 55.35 |","| 11/25/2020 | 71.77 | 53.31 | 2/16/2021 | 74.01 | 55.43 |","| 11/26/2020 | 71.63 | 53.15 | 2/17/2021 | 74.06 | 55.48 |","| 11/27/2020 | 71.60 | 53.12 | 2/18/2021 | 74.11 | 55.53 |","| 11/30/2020 | 71.59 | 53.12 | 2/19/2021 | 74.14 | 55.56 |","| 12/1/2020 | 71.50 | 53.02 | 2/22/2021 | 74.16 | 55.58 |","| 12/2/2020 | 71.61 | 53.12 | 2/23/2021 | 74.19 | 55.61 |","| 12/3/2020 | 71.47 | 52.97 | 2/24/2021 | 74.23 | 55.68 |","| 12/4/2020 | 71.49 | 52.98 | 2/25/2021 | 74.53 | 55.94 |","| 12/7/2020 | 71.35 | 52.87 | 2/26/2021 | 74.47 | 55.87 |","| 12/8/2020 | 71.25 | 52.76 | 3/1/2021 | 74.31 | 55.70 |","| 12/9/2020 | 71.30 | 52.82 | 3/2/2021 | 74.45 | 55.84 |","| 12/10/2020 | 71.35 | 52.89 | 3/3/2021 | 74.41 | 55.80 |","| 12/11/2020 | 71.31 | 52.83 | 3/4/2021 | 74.40 | 55.79 |","| 12/14/2020 | 71.60 | 53.00 | 3/5/2021 | 74.42 | 55.81 |","| 12/15/2020 | 71.75 | 53.17 | 3/8/2021 | 74.43 | 55.83 |","| 12/16/2020 | 72.76 | 53.89 | 3/9/2021 | 74.45 | 55.86 |","| Date | Total real estate allocation in % | Foreign real estate allocation in % |","| --- | --- | --- |","| 3/10/2021 | 74.49 | 55.90 |","| 3/11/2021 | 74.47 | 55.89 |","| 3/12/2021 | 74.43 | 55.85 |","| 3/15/2021 | 74.44 | 55.87 |","| 3/16/2021 | 74.41 | 55.84 |","| 3/17/2021 | 74.30 | 55.73 |","| 3/18/2021 | 74.96 | 56.26 |","| 3/19/2021 | 74.77 | 56.11 |","| 3/22/2021 | 74.76 | 56.12 |","| 3/23/2021 | 74.70 | 56.05 |","| 3/24/2021 | 74.66 | 56.00 |","| 3/25/2021 | 74.83 | 56.32 |","| 3/26/2021 | 74.84 | 56.34 |","| 3/29/2021 | 74.95 | 56.46 |","| 3/30/2021 | 74.96 | 56.45 |","| 3/31/2021 | 75.64 | 57.06 |","| 4/1/2021 | 75.59 | 57.02 |","| 4/6/2021 | 75.63 | 57.06 |","| 4/7/2021 | 75.70 | 57.11 |","| 4/8/2021 | 75.88 | 57.28 |","| 4/9/2021 | 75.83 | 57.22 |","| 4/12/2021 | 75.75 | 57.14 |","| 4/13/2021 | 75.79 | 57.19 |","| 4/14/2021 | 75.78 | 57.18 |","| 4/15/2021 | 75.75 | 57.14 |","| 4/16/2021 | 75.73 | 57.13 |","| 4/19/2021 | 75.67 | 57.07 |","| 4/20/2021 | 75.72 | 57.13 |","| 4/21/2021 | 75.76 | 57.18 |","| 4/22/2021 | 75.79 | 57.21 |","| 4/23/2021 | 75.76 | 57.17 |","| 4/26/2021 | 75.70 | 57.11 |","| 4/27/2021 | 75.86 | 57.40 |","| 4/28/2021 | 75.85 | 57.40 |","| 4/29/2021 | 75.69 | 57.12 |","| 4/30/2021 | 75.75 | 57.14 |","| 5/3/2021 | 75.69 | 57.08 |","| 5/4/2021 | 75.73 | 57.11 |","| 5/5/2021 | 75.77 | 57.16 |","| 5/6/2021 | 75.81 | 57.21 |","| 5/7/2021 | 75.79 | 57.18 |","| 5/10/2021 | 76.98 | 58.06 |","| 5/11/2021 | 77.03 | 58.13 |","| 5/12/2021 | 77.07 | 58.17 |","| 5/14/2021 | 77.67 | 56.68 |","| 5/17/2021 | 77.62 | 56.62 |","| 5/18/2021 | 77.62 | 56.63 |","| 5/19/2021 | 77.66 | 56.67 |","| 5/20/2021 | 77.61 | 56.61 |","| 5/21/2021 | 77.58 | 56.59 |","| 5/25/2021 | 77.58 | 56.60 |","| 5/26/2021 | 77.51 | 56.54 |","| 5/27/2021 | 77.40 | 56.40 |","| 5/28/2021 | 77.42 | 56.41 |","| 5/31/2021 | 77.47 | 56.47 |","| 6/1/2021 | 77.43 | 56.44 |","| 6/2/2021 | 78.18 | 56.98 |","| Date | Total real estate allocation in % | Foreign real estate allocation in % |","| --- | --- | --- |","| 6/4/2021 | 78.14 | 56.94 |","| 6/7/2021 | 78.19 | 57.00 |","| 6/8/2021 | 78.13 | 56.95 |","| 6/9/2021 | 78.14 | 56.95 |","| 6/10/2021 | 78.14 | 56.96 |","| 6/11/2021 | 78.09 | 56.90 |","| 6/14/2021 | 78.13 | 56.93 |","| 6/15/2021 | 78.11 | 56.92 |","| 6/16/2021 | 78.10 | 56.90 |","| 6/17/2021 | 78.10 | 56.91 |","| 6/18/2021 | 78.17 | 56.98 |","| 6/21/2021 | 78.18 | 56.97 |","| 6/22/2021 | 78.17 | 56.96 |","| 6/23/2021 | 78.18 | 56.98 |","| 6/24/2021 | 78.22 | 57.03 |","| 6/25/2021 | 78.19 | 57.00 |","| 6/28/2021 | 78.15 | 56.96 |","| 6/29/2021 | 78.16 | 56.93 |","| 6/30/2021 | 78.40 | 56.74 |","| 7/1/2021 | 78.40 | 56.76 |","| 7/2/2021 | 78.43 | 56.80 |","| 7/5/2021 | 78.37 | 56.75 |","| 7/6/2021 | 78.39 | 56.77 |","| 7/7/2021 | 78.40 | 56.79 |","| 7/8/2021 | 78.38 | 56.77 |","| 7/9/2021 | 78.37 | 56.75 |","| 7/12/2021 | 78.33 | 56.72 |","| 7/13/2021 | 78.35 | 56.73 |","| 7/14/2021 | 78.39 | 56.79 |","| 7/15/2021 | 78.44 | 56.84 |","| 7/16/2021 | 78.40 | 56.79 |","| 7/19/2021 | 78.41 | 56.81 |","| 7/20/2021 | 78.36 | 56.74 |","| 7/21/2021 | 78.29 | 56.66 |","| 7/22/2021 | 78.27 | 56.64 |","| 7/23/2021 | 77.48 | 55.81 |","| 7/26/2021 | 77.47 | 55.81 |","| 7/27/2021 | 77.67 | 55.96 |","| 7/28/2021 | 77.81 | 56.13 |","| 7/29/2021 | 77.90 | 56.24 |","| 7/30/2021 | 77.55 | 55.70 |","| 8/2/2021 | 77.53 | 55.68 |","| 8/3/2021 | 77.54 | 55.68 |","| 8/4/2021 | 77.49 | 55.57 |","| 8/5/2021 | 77.50 | 55.55 |","| 8/6/2021 | 77.51 | 55.56 |","| 8/9/2021 | 77.54 | 55.59 |","| 8/10/2021 | 77.55 | 55.61 |","| 8/11/2021 | 77.56 | 55.62 |","| 8/12/2021 | 77.55 | 55.61 |","| 8/13/2021 | 77.57 | 55.63 |","| 8/16/2021 | 77.50 | 55.56 |","| 8/17/2021 | 77.49 | 55.55 |","| 8/18/2021 | 77.46 | 55.51 |","| 8/19/2021 | 77.45 | 55.50 |","| 8/20/2021 | 77.44 | 55.49 |","| 8/23/2021 | 77.36 | 55.40 |","| Date | Total real estate allocation in % | Foreign real estate allocation in % |","| --- | --- | --- |","| 8/24/2021 | 77.33 | 55.37 |","| 8/25/2021 | 77.58 | 55.57 |","| 8/26/2021 | 77.57 | 55.57 |","| 8/27/2021 | 77.54 | 55.53 |","| 8/30/2021 | 77.50 | 55.47 |","| 8/31/2021 | 76.72 | 54.88 |","| 9/1/2021 | 76.68 | 54.85 |","| 9/2/2021 | 76.71 | 54.87 |","| 9/3/2021 | 76.69 | 54.85 |","| 9/6/2021 | 76.68 | 54.84 |","| 9/7/2021 | 76.69 | 54.86 |","| 9/8/2021 | 76.84 | 55.18 |","| 9/9/2021 | 76.83 | 55.17 |","| 9/10/2021 | 76.85 | 55.19 |","| 9/13/2021 | 76.88 | 55.24 |","| 9/14/2021 | 76.87 | 55.23 |","| 9/15/2021 | 76.89 | 55.25 |","| 9/16/2021 | 76.86 | 55.22 |","| 9/17/2021 | 76.87 | 55.24 |","| 9/20/2021 | 76.85 | 55.22 |","| 9/21/2021 | 76.81 | 55.17 |","| 9/22/2021 | 76.81 | 55.16 |","| 9/23/2021 | 76.76 | 55.11 |","| 9/24/2021 | 76.77 | 55.14 |","| 9/27/2021 | 76.77 | 55.14 |","| 9/28/2021 | 76.83 | 55.21 |","| 9/29/2021 | 76.82 | 55.19 |","| 9/30/2021 | 77.22 | 55.55 |"],"string":"[\n \"# Disclosure of real estate allocations\",\n \"In accordance with article 20 (3) InvStG, income from invest- ment funds that in accordance with their terms and conditions of investment continuously invest primarily in real estate and special purpose vehicles are exempted from tax at a certain percentage depending on the investment focus (so-called partial exemption).\",\n \"The partial exemption is to be applied to all income from the investment fund.\",\n \"The terms and conditions of investment of grundbesitz europa make provisions for a continuous investment of more than 50% of the investment fund’s assets in real estate and special pur- pose vehicles.\",\n \"This was the basis for the application of a partial exemption rate of 60%.\",\n \"The partial exemption is already to be taken into account in the withholding of investment income tax.\",\n \"If the partial exemption was not taken into account, or not taken into account properly, in the withholding of investment income tax, the investor has, pursuant to article 20 (4) InvStG, the individual option within the framework of the tax assessment procedure to provide evidence that the investment fund actually exceeded the investment limits continuously during the business year.\",\n \"The following overview of real estate allocations is intended to serve the purpose of the investor’s individual option to provide evidence within the framework of the tax assessment procedure pursuant to article 20 (4) InvStG.1)\",\n \"In the fund’s business year ending September 30, 2021, more than 50% of the investment fund’s assets were continuously invested in foreign real estate and foreign special purpose vehi- cles.\",\n \"According to article 20 (3), sentence 2, InvStG, this in prin- ciple allows a partial exemption rate of 80% if use is made of the\",\n \"individual option to provide evidence within the framework of the tax assessment procedure pursuant to article 20 (4) InvStG.\",\n \"If, in the fund business year ending September 30, 2021, use was made of the individual option to provide evidence in accordance with article 20 (4) InvStG and the partial exemption portion of 80% is applied, the change in the partial exemption portion applied results, pursuant to article 22 (1) InvStG, in a notional disposition of the investment fund units (upon expi- ration of the previous assessment period) with acquisition\",\n \"on the following day.\",\n \"If the partial exemption rate is changed again the following years, this again leads to a notional dispo- sition and acquisition of the investment fund units pursuant to article 22 (1) InvStG.\",\n \"The capital gains from the notional disposition are, pursuant to article 22 (3) InvStG, deemed to have accrued at the time of the actual disposition of the investment fund units.\",\n \"We recommend that all investors who, within the framework of the tax assessment procedure, want to provide individual evi- dence so that the applicable partial exemption can be taken into account should contact their tax adviser.\",\n \"We cannot guarantee that the tax authorities will recognize individual proof in accordance with article 20(4) InvStG and grant the higher partial exemption of 80%.\",\n \"1 The real estate allocations were determined based on the Federal Ministry of Finance (BMF) letter of May 21, 2019.\",\n \"| grundbesitz europa real estate allocations (October 1, 2020, through September 30, 2021) |\",\n \"| --- |\",\n \"| Date | Total real estate allocation in % | Foreign real estate allocation in % | | Date | Total real estate allocation in % | Foreign real estate allocation in % |\",\n \"| 10/1/2020 | 71.29 | 52.53 | 12/17/2020 | 72.49 | 53.38 |\",\n \"| 10/2/2020 | 71.40 | 52.63 | 12/18/2020 | 72.53 | 53.43 |\",\n \"| 10/5/2020 | 71.58 | 52.94 | 12/21/2020 | 72.46 | 53.40 |\",\n \"| 10/6/2020 | 71.56 | 52.92 | 12/22/2020 | 72.17 | 53.11 |\",\n \"| 10/7/2020 | 71.53 | 52.90 | 12/23/2020 | 72.39 | 53.31 |\",\n \"| 10/8/2020 | 71.48 | 52.85 | 12/28/2020 | 72.39 | 53.32 |\",\n \"| 10/9/2020 | 71.46 | 52.84 | 12/29/2020 | 72.79 | 53.96 |\",\n \"| 10/12/2020 | 71.43 | 52.82 | 12/30/2020 | 73.11 | 54.51 |\",\n \"| 10/13/2020 | 71.44 | 52.84 | 1/4/2021 | 73.13 | 54.54 |\",\n \"| 10/14/2020 | 71.48 | 52.89 | 1/5/2021 | 73.22 | 54.65 |\",\n \"| 10/15/2020 | 71.32 | 52.74 | 1/6/2021 | 73.09 | 54.51 |\",\n \"| 10/16/2020 | 71.43 | 52.86 | 1/7/2021 | 73.09 | 54.52 |\",\n \"| 10/19/2020 | 71.38 | 52.81 | 1/8/2021 | 73.09 | 54.52 |\",\n \"| 10/20/2020 | 71.39 | 52.82 | 1/11/2021 | 73.11 | 54.55 |\",\n \"| 10/21/2020 | 71.30 | 52.73 | 1/12/2021 | 73.05 | 54.50 |\",\n \"| 10/22/2020 | 71.32 | 52.76 | 1/13/2021 | 73.13 | 54.59 |\",\n \"| 10/23/2020 | 71.93 | 53.24 | 1/14/2021 | 73.27 | 54.72 |\",\n \"| 10/26/2020 | 71.91 | 53.22 | 1/15/2021 | 73.23 | 54.69 |\",\n \"| 10/27/2020 | 71.84 | 53.15 | 1/18/2021 | 73.21 | 54.68 |\",\n \"| 10/28/2020 | 71.88 | 53.17 | 1/19/2021 | 73.16 | 54.62 |\",\n \"| 10/29/2020 | 71.59 | 52.97 | 1/20/2021 | 73.20 | 54.67 |\",\n \"| 10/30/2020 | 71.63 | 52.98 | 1/21/2021 | 73.22 | 54.70 |\",\n \"| 11/2/2020 | 71.62 | 52.98 | 1/22/2021 | 73.26 | 54.74 |\",\n \"| 11/3/2020 | 71.60 | 52.95 | 1/25/2021 | 73.15 | 54.63 |\",\n \"| 11/4/2020 | 71.62 | 52.99 | 1/26/.2021 | 73.16 | 54.64 |\",\n \"| 11/5/2020 | 71.55 | 52.92 | 1/27/2021 | 73.17 | 54.66 |\",\n \"| 11/6/2020 | 71.49 | 52.88 | 1/28/2021 | 73.26 | 54.78 |\",\n \"| 11/9/2020 | 71.65 | 53.15 | 1/29/2021 | 73.25 | 54.61 |\",\n \"| 11/10/2020 | 71.62 | 53.12 | 2/1/2021 | 73.24 | 54.61 |\",\n \"| 11/11/2020 | 71.71 | 53.22 | 2/2/2021 | 73.31 | 54.69 |\",\n \"| 11/12/2020 | 71.87 | 53.39 | 2/3/2021 | 73.29 | 54.66 |\",\n \"| 11/13/2020 | 71.79 | 53.29 | 02/4/2021 | 73.29 | 54.67 |\",\n \"| 11/16/2020 | 71.72 | 53.22 | 2/5/2021 | 73.24 | 54.63 |\",\n \"| 11/17/2020 | 71.70 | 53.21 | 2/8/2021 | 73.34 | 54.75 |\",\n \"| 11/18/2020 | 71.69 | 53.19 | 2/9/2021 | 73.29 | 54.69 |\",\n \"| 11/19/2020 | 71.73 | 53.25 | 2/10/2021 | 73.27 | 54.67 |\",\n \"| 11/20/2020 | 71.70 | 53.22 | 2/11/2021 | 73.75 | 55.04 |\",\n \"| 11/23/2020 | 71.69 | 53.21 | 2/12/2021 | 73.91 | 55.33 |\",\n \"| 11/24/2020 | 71.78 | 53.32 | 2/15/2021 | 73.94 | 55.35 |\",\n \"| 11/25/2020 | 71.77 | 53.31 | 2/16/2021 | 74.01 | 55.43 |\",\n \"| 11/26/2020 | 71.63 | 53.15 | 2/17/2021 | 74.06 | 55.48 |\",\n \"| 11/27/2020 | 71.60 | 53.12 | 2/18/2021 | 74.11 | 55.53 |\",\n \"| 11/30/2020 | 71.59 | 53.12 | 2/19/2021 | 74.14 | 55.56 |\",\n \"| 12/1/2020 | 71.50 | 53.02 | 2/22/2021 | 74.16 | 55.58 |\",\n \"| 12/2/2020 | 71.61 | 53.12 | 2/23/2021 | 74.19 | 55.61 |\",\n \"| 12/3/2020 | 71.47 | 52.97 | 2/24/2021 | 74.23 | 55.68 |\",\n \"| 12/4/2020 | 71.49 | 52.98 | 2/25/2021 | 74.53 | 55.94 |\",\n \"| 12/7/2020 | 71.35 | 52.87 | 2/26/2021 | 74.47 | 55.87 |\",\n \"| 12/8/2020 | 71.25 | 52.76 | 3/1/2021 | 74.31 | 55.70 |\",\n \"| 12/9/2020 | 71.30 | 52.82 | 3/2/2021 | 74.45 | 55.84 |\",\n \"| 12/10/2020 | 71.35 | 52.89 | 3/3/2021 | 74.41 | 55.80 |\",\n \"| 12/11/2020 | 71.31 | 52.83 | 3/4/2021 | 74.40 | 55.79 |\",\n \"| 12/14/2020 | 71.60 | 53.00 | 3/5/2021 | 74.42 | 55.81 |\",\n \"| 12/15/2020 | 71.75 | 53.17 | 3/8/2021 | 74.43 | 55.83 |\",\n \"| 12/16/2020 | 72.76 | 53.89 | 3/9/2021 | 74.45 | 55.86 |\",\n \"| Date | Total real estate allocation in % | Foreign real estate allocation in % |\",\n \"| --- | --- | --- |\",\n \"| 3/10/2021 | 74.49 | 55.90 |\",\n \"| 3/11/2021 | 74.47 | 55.89 |\",\n \"| 3/12/2021 | 74.43 | 55.85 |\",\n \"| 3/15/2021 | 74.44 | 55.87 |\",\n \"| 3/16/2021 | 74.41 | 55.84 |\",\n \"| 3/17/2021 | 74.30 | 55.73 |\",\n \"| 3/18/2021 | 74.96 | 56.26 |\",\n \"| 3/19/2021 | 74.77 | 56.11 |\",\n \"| 3/22/2021 | 74.76 | 56.12 |\",\n \"| 3/23/2021 | 74.70 | 56.05 |\",\n \"| 3/24/2021 | 74.66 | 56.00 |\",\n \"| 3/25/2021 | 74.83 | 56.32 |\",\n \"| 3/26/2021 | 74.84 | 56.34 |\",\n \"| 3/29/2021 | 74.95 | 56.46 |\",\n \"| 3/30/2021 | 74.96 | 56.45 |\",\n \"| 3/31/2021 | 75.64 | 57.06 |\",\n \"| 4/1/2021 | 75.59 | 57.02 |\",\n \"| 4/6/2021 | 75.63 | 57.06 |\",\n \"| 4/7/2021 | 75.70 | 57.11 |\",\n \"| 4/8/2021 | 75.88 | 57.28 |\",\n \"| 4/9/2021 | 75.83 | 57.22 |\",\n \"| 4/12/2021 | 75.75 | 57.14 |\",\n \"| 4/13/2021 | 75.79 | 57.19 |\",\n \"| 4/14/2021 | 75.78 | 57.18 |\",\n \"| 4/15/2021 | 75.75 | 57.14 |\",\n \"| 4/16/2021 | 75.73 | 57.13 |\",\n \"| 4/19/2021 | 75.67 | 57.07 |\",\n \"| 4/20/2021 | 75.72 | 57.13 |\",\n \"| 4/21/2021 | 75.76 | 57.18 |\",\n \"| 4/22/2021 | 75.79 | 57.21 |\",\n \"| 4/23/2021 | 75.76 | 57.17 |\",\n \"| 4/26/2021 | 75.70 | 57.11 |\",\n \"| 4/27/2021 | 75.86 | 57.40 |\",\n \"| 4/28/2021 | 75.85 | 57.40 |\",\n \"| 4/29/2021 | 75.69 | 57.12 |\",\n \"| 4/30/2021 | 75.75 | 57.14 |\",\n \"| 5/3/2021 | 75.69 | 57.08 |\",\n \"| 5/4/2021 | 75.73 | 57.11 |\",\n \"| 5/5/2021 | 75.77 | 57.16 |\",\n \"| 5/6/2021 | 75.81 | 57.21 |\",\n \"| 5/7/2021 | 75.79 | 57.18 |\",\n \"| 5/10/2021 | 76.98 | 58.06 |\",\n \"| 5/11/2021 | 77.03 | 58.13 |\",\n \"| 5/12/2021 | 77.07 | 58.17 |\",\n \"| 5/14/2021 | 77.67 | 56.68 |\",\n \"| 5/17/2021 | 77.62 | 56.62 |\",\n \"| 5/18/2021 | 77.62 | 56.63 |\",\n \"| 5/19/2021 | 77.66 | 56.67 |\",\n \"| 5/20/2021 | 77.61 | 56.61 |\",\n \"| 5/21/2021 | 77.58 | 56.59 |\",\n \"| 5/25/2021 | 77.58 | 56.60 |\",\n \"| 5/26/2021 | 77.51 | 56.54 |\",\n \"| 5/27/2021 | 77.40 | 56.40 |\",\n \"| 5/28/2021 | 77.42 | 56.41 |\",\n \"| 5/31/2021 | 77.47 | 56.47 |\",\n \"| 6/1/2021 | 77.43 | 56.44 |\",\n \"| 6/2/2021 | 78.18 | 56.98 |\",\n \"| Date | Total real estate allocation in % | Foreign real estate allocation in % |\",\n \"| --- | --- | --- |\",\n \"| 6/4/2021 | 78.14 | 56.94 |\",\n \"| 6/7/2021 | 78.19 | 57.00 |\",\n \"| 6/8/2021 | 78.13 | 56.95 |\",\n \"| 6/9/2021 | 78.14 | 56.95 |\",\n \"| 6/10/2021 | 78.14 | 56.96 |\",\n \"| 6/11/2021 | 78.09 | 56.90 |\",\n \"| 6/14/2021 | 78.13 | 56.93 |\",\n \"| 6/15/2021 | 78.11 | 56.92 |\",\n \"| 6/16/2021 | 78.10 | 56.90 |\",\n \"| 6/17/2021 | 78.10 | 56.91 |\",\n \"| 6/18/2021 | 78.17 | 56.98 |\",\n \"| 6/21/2021 | 78.18 | 56.97 |\",\n \"| 6/22/2021 | 78.17 | 56.96 |\",\n \"| 6/23/2021 | 78.18 | 56.98 |\",\n \"| 6/24/2021 | 78.22 | 57.03 |\",\n \"| 6/25/2021 | 78.19 | 57.00 |\",\n \"| 6/28/2021 | 78.15 | 56.96 |\",\n \"| 6/29/2021 | 78.16 | 56.93 |\",\n \"| 6/30/2021 | 78.40 | 56.74 |\",\n \"| 7/1/2021 | 78.40 | 56.76 |\",\n \"| 7/2/2021 | 78.43 | 56.80 |\",\n \"| 7/5/2021 | 78.37 | 56.75 |\",\n \"| 7/6/2021 | 78.39 | 56.77 |\",\n \"| 7/7/2021 | 78.40 | 56.79 |\",\n \"| 7/8/2021 | 78.38 | 56.77 |\",\n \"| 7/9/2021 | 78.37 | 56.75 |\",\n \"| 7/12/2021 | 78.33 | 56.72 |\",\n \"| 7/13/2021 | 78.35 | 56.73 |\",\n \"| 7/14/2021 | 78.39 | 56.79 |\",\n \"| 7/15/2021 | 78.44 | 56.84 |\",\n \"| 7/16/2021 | 78.40 | 56.79 |\",\n \"| 7/19/2021 | 78.41 | 56.81 |\",\n \"| 7/20/2021 | 78.36 | 56.74 |\",\n \"| 7/21/2021 | 78.29 | 56.66 |\",\n \"| 7/22/2021 | 78.27 | 56.64 |\",\n \"| 7/23/2021 | 77.48 | 55.81 |\",\n \"| 7/26/2021 | 77.47 | 55.81 |\",\n \"| 7/27/2021 | 77.67 | 55.96 |\",\n \"| 7/28/2021 | 77.81 | 56.13 |\",\n \"| 7/29/2021 | 77.90 | 56.24 |\",\n \"| 7/30/2021 | 77.55 | 55.70 |\",\n \"| 8/2/2021 | 77.53 | 55.68 |\",\n \"| 8/3/2021 | 77.54 | 55.68 |\",\n \"| 8/4/2021 | 77.49 | 55.57 |\",\n \"| 8/5/2021 | 77.50 | 55.55 |\",\n \"| 8/6/2021 | 77.51 | 55.56 |\",\n \"| 8/9/2021 | 77.54 | 55.59 |\",\n \"| 8/10/2021 | 77.55 | 55.61 |\",\n \"| 8/11/2021 | 77.56 | 55.62 |\",\n \"| 8/12/2021 | 77.55 | 55.61 |\",\n \"| 8/13/2021 | 77.57 | 55.63 |\",\n \"| 8/16/2021 | 77.50 | 55.56 |\",\n \"| 8/17/2021 | 77.49 | 55.55 |\",\n \"| 8/18/2021 | 77.46 | 55.51 |\",\n \"| 8/19/2021 | 77.45 | 55.50 |\",\n \"| 8/20/2021 | 77.44 | 55.49 |\",\n \"| 8/23/2021 | 77.36 | 55.40 |\",\n \"| Date | Total real estate allocation in % | Foreign real estate allocation in % |\",\n \"| --- | --- | --- |\",\n \"| 8/24/2021 | 77.33 | 55.37 |\",\n \"| 8/25/2021 | 77.58 | 55.57 |\",\n \"| 8/26/2021 | 77.57 | 55.57 |\",\n \"| 8/27/2021 | 77.54 | 55.53 |\",\n \"| 8/30/2021 | 77.50 | 55.47 |\",\n \"| 8/31/2021 | 76.72 | 54.88 |\",\n \"| 9/1/2021 | 76.68 | 54.85 |\",\n \"| 9/2/2021 | 76.71 | 54.87 |\",\n \"| 9/3/2021 | 76.69 | 54.85 |\",\n \"| 9/6/2021 | 76.68 | 54.84 |\",\n \"| 9/7/2021 | 76.69 | 54.86 |\",\n \"| 9/8/2021 | 76.84 | 55.18 |\",\n \"| 9/9/2021 | 76.83 | 55.17 |\",\n \"| 9/10/2021 | 76.85 | 55.19 |\",\n \"| 9/13/2021 | 76.88 | 55.24 |\",\n \"| 9/14/2021 | 76.87 | 55.23 |\",\n \"| 9/15/2021 | 76.89 | 55.25 |\",\n \"| 9/16/2021 | 76.86 | 55.22 |\",\n \"| 9/17/2021 | 76.87 | 55.24 |\",\n \"| 9/20/2021 | 76.85 | 55.22 |\",\n \"| 9/21/2021 | 76.81 | 55.17 |\",\n \"| 9/22/2021 | 76.81 | 55.16 |\",\n \"| 9/23/2021 | 76.76 | 55.11 |\",\n \"| 9/24/2021 | 76.77 | 55.14 |\",\n \"| 9/27/2021 | 76.77 | 55.14 |\",\n \"| 9/28/2021 | 76.83 | 55.21 |\",\n \"| 9/29/2021 | 76.82 | 55.19 |\",\n \"| 9/30/2021 | 77.22 | 55.55 |\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98259,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"## Hinweise zu den Anteilklassen\nFür das Immobilien-Sondervermögen bestehen zwei Anteilklassen mit den Bezeichnungen RC und IC. Der Erwerb von Anteilen der Anteilklasse IC ist insbesondere an eine bestimmte Mindest- anlagesumme gebunden. Darüber hinaus unterscheiden sich die beiden Anteilklassen auch hinsichtlich der Verwaltungs- sowie der erfolgsabhängigen Vergütung.\nAnteilklassen im Überblick (Stand: 30. September 2021)"},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"## Information on the unit classes\nThe real estate investment fund encompasses two unit classes, named RC and IC. In particular, the purchase of units in the IC unit class is subject to a specified minimum investment amount.\nFurthermore, the two unit classes also differ with respect to the management fee and the performance-related compensation.\nOverview of the unit classes (as of September 30, 2021)"},"unique id":{"kind":"number","value":108260,"string":"108,260"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["## Information on the unit classes","The real estate investment fund encompasses two unit classes, named RC and IC.","In particular, the purchase of units in the IC unit class is subject to a specified minimum investment amount.","Furthermore, the two unit classes also differ with respect to the management fee and the performance-related compensation.","Overview of the unit classes (as of September 30, 2021)"],"string":"[\n \"## Information on the unit classes\",\n \"The real estate investment fund encompasses two unit classes, named RC and IC.\",\n \"In particular, the purchase of units in the IC unit class is subject to a specified minimum investment amount.\",\n \"Furthermore, the two unit classes also differ with respect to the management fee and the performance-related compensation.\",\n \"Overview of the unit classes (as of September 30, 2021)\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["## Information on the unit classes","The real estate investment fund encompasses two unit classes, named RC and IC.","In particular, the purchase of units in the IC unit class is subject to a specified minimum investment amount.","Furthermore, the two unit classes also differ with respect to the management fee and the performance-related compensation.","Overview of the unit classes (as of September 30, 2021)"],"string":"[\n \"## Information on the unit classes\",\n \"The real estate investment fund encompasses two unit classes, named RC and IC.\",\n \"In particular, the purchase of units in the IC unit class is subject to a specified minimum investment amount.\",\n \"Furthermore, the two unit classes also differ with respect to the management fee and the performance-related compensation.\",\n \"Overview of the unit classes (as of September 30, 2021)\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98260,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"## Entwicklungen auf den Kapitalmärkten\nDie Renditen an den Kapitalmärkten haben sich im Berichtszeit- raum vom 1. Oktober 2020 bis 30. September 2021 um 30 Basis- punkte leicht erhöht, aber notierten letztlich weiter im negativen Bereich. Die Renditen für zehnjährige Bundesanleihen notierten am 1. Oktober 2020 bei -0,536% p.a. und lagen zum Ende des Berichtszeitraums bei -0,199% p.a.\nDie Renditen von kurzlaufenden Staatsanleihen sind im Berichts- zeitraum um weitere 10 Basispunkte gefallen, die Trading Range belief sich auf ganze 15 Basispunkte. Einjährige Bundesanleihen rentierten am 1. Oktober 2020 bei -0,598% p.a., am letzten Handelstag im September 2021 bei -0,673% p.a.\nDer Leitzins der Europäischen Zentralbank blieb unverändert und notiert weiterhin bei 0,00%, die Einlagenfazilität liegt seit September 2019 bei -0,50%.\n(Datenquelle: Bloomberg)"},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"## Developments in the capital markets\nYields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory. Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and stood at -0.199% p.a. as of the end of the reporting period.\nYields on short-term government bonds fell by a further 10 basis points in the reporting period, with the trading range reaching a full 15 bp. One-year German government bonds yielded -0.598%\np.a. on October 1, 2020, with this falling to -0.673% p.a. on the last trading day in September 2021.\nThe European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019.\n(Data source: Bloomberg)"},"unique id":{"kind":"number","value":108261,"string":"108,261"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["## Developments in the capital markets","Yields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory.","Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and stood at -0.199% p.a. as of the end of the reporting period.","Yields on short-term government bonds fell by a further 10 basis points in the reporting period, with the trading range reaching a full 15 bp.","One-year German government bonds yielded -0.598%","p.a. on October 1, 2020, with this falling to -0.673% p.a. on the last trading day in September 2021.","The European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019. (Data source: Bloomberg)"],"string":"[\n \"## Developments in the capital markets\",\n \"Yields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory.\",\n \"Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and stood at -0.199% p.a. as of the end of the reporting period.\",\n \"Yields on short-term government bonds fell by a further 10 basis points in the reporting period, with the trading range reaching a full 15 bp.\",\n \"One-year German government bonds yielded -0.598%\",\n \"p.a. on October 1, 2020, with this falling to -0.673% p.a. on the last trading day in September 2021.\",\n \"The European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019. (Data source: Bloomberg)\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["## Developments in the capital markets","Yields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory.","Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and stood at -0.199% p.a. as of the end of the reporting period.","Yields on short-term government bonds fell by a further 10 basis points in the reporting period, with the trading range reaching a full 15 bp.","One-year German government bonds yielded -0.598%","p.a. on October 1, 2020, with this falling to -0.673% p.a. on the last trading day in September 2021.","The European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019. (Data source: Bloomberg)"],"string":"[\n \"## Developments in the capital markets\",\n \"Yields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory.\",\n \"Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and stood at -0.199% p.a. as of the end of the reporting period.\",\n \"Yields on short-term government bonds fell by a further 10 basis points in the reporting period, with the trading range reaching a full 15 bp.\",\n \"One-year German government bonds yielded -0.598%\",\n \"p.a. on October 1, 2020, with this falling to -0.673% p.a. on the last trading day in September 2021.\",\n \"The European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019. (Data source: Bloomberg)\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98261,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"## Anlagestrategie des grundbesitz europa\nAls Anlageziele des Sondervermögens werden regelmäßige Erträge aufgrund zufließender Mieten und Zinsen sowie ein Wertzuwachs angestrebt. Der Fonds verfolgt eine dauerhaft positive Jahresrendite – mit stabilen jährlichen Ausschüttun- gen – bei möglichst geringen Wertschwankungen.\nDie Anlagestrategie des Fonds stellt die Akquisition, den laufen- den Ertrag und den Verkauf von Immobilien in den Mittelpunkt, verbunden mit der Zielsetzung, während der Laufzeit des Fonds sowohl die laufenden Einnahmen als auch den Wertzuwachs stabil zu halten bzw. zu steigern. Die Gesellschaft investiert für Rechnung des Fonds in Mitgliedsländern der EU und des EWR sowie selektiv in Ländern außerhalb der EU/des EWR. Im An- hang zu den „Besonderen Anlagebedingungen“ im aktuellen Verkaufsprospekt sind der betreffende Staat und der Anteil am Wert des Fonds, der in diesem Staat höchstens angelegt werden darf, aufgeführt. Gemäß den „Besonderen Anlagebedingungen“ müssen mindestens 51% des Wertes des Fonds in Immobilien investiert sein, die in einem Mitgliedstaat der EU oder in einem anderen Vertragsstaat des Abkommens über den EWR belegen sind.\nDer Fonds investiert in klassische Gewerbeimmobilien mit den Nutzungsarten Büro, Einzelhandel, Logistik und Hotel sowie in Wohnimmobilien.\nDie vom Fonds gehaltenen Immobilien befinden sich in guten bis sehr guten Lagen etablierter Immobilienmärkte. Das Ziel sind grundsätzlich Investitionen in langfristig vermietete Immobilien\nmit bonitätsstarken Mietern. Die Transaktionsstrategie richtet sich an den unterschiedlichen europaweiten Immobilienzyklen aus.\nBei der Auswahl der Immobilien für das Sondervermögen ste- hen deren nachhaltige Ertragskraft sowie eine Diversifikation nach Lage, Größe, Nutzung und Mietern im Vordergrund der Überlegungen. Die Gesellschaft strebt dabei eine der jeweiligen Größe des Sondervermögens angemessene regionale Streuung von Immobilien verschiedener Größenordnungen an, soweit sie dies im Interesse der Anleger für geboten hält. In die Beurteilung werden ebenfalls die wirtschaftlichen und standortbezogenen Chancen und Risiken einbezogen. Zur Erreichung der Anlage- ziele des Sondervermögens werden bei der Auswahl und der Verwaltung der Immobilien u.a. auch ökologische Merkmale\nim Sinne von Artikel 8 der Verordnung (EU) 2019/2088 über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienst- leistungssektor (nachfolgend „Offenlegungsverordnung“) geför- dert. Die regulatorischen Anforderungen an den Inhalt und das Format der nach der Offenlegungsverordnung offenzulegenden Informationen befinden sich derzeit teilweise noch in der Ent- wicklung und Konkretisierung.\nNeben bestehenden oder im Bau befindlichen Gebäuden kön- nen auch Grundstücke für Projektentwicklungen erworben werden. Der Anlageschwerpunkt liegt jedoch auf bestehenden Gebäuden."},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"## The grundbesitz europa investment strategy\nThe investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation. The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.\nThe investment strategy of the fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it throughout the term of the fund. The Company invests for the account of the fund in member countries of the\nEU and the EEA and selectively in countries outside the EU/EEA. Details of the country in question and the maximum share of the fund value permitted for investment in the said country are provided in the appendix to the Special Investment Conditions in the current sales prospectus. In accordance with the \"Special Investment Conditions\", at least 51% of the value of the fund must be invested in real estate located in a member state of the EU or in another state that is party to the EEA Agreement.\nThe fund invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.\nThe real estate held by the fund is situated in good to very good locations in established real estate markets. The aim is basically to invest in properties with long-term tenants of sound financial standing. The transaction strategy is geared toward the various Europe-wide real estate cycles.\nDuring the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of consid- erations. In this regard, the Company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Com- pany considers this to be in the interests of the investors. The assessment likewise includes the economic and location-related opportunities and risks. In order to achieve the investment objectives of the investment fund, the selection and manage- ment of properties will, inter alia, also promote environmental characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector (hereinafter the \"Disclosure Reg- ulation\"). Details of some of the regulatory requirements for the content and format of the information to be disclosed under the Disclosure Regulation are currently still being developed.\nAlongside properties that already exist or are under construc- tion, sites for development projects may also be acquired. How- ever, the focal point of investments is existing buildings."},"unique id":{"kind":"number","value":108262,"string":"108,262"},"hereafter_tagged":{"kind":"string","value":"## The grundbesitz europa investment strategy\nThe investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation. The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.\nThe investment strategy of the fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it throughout the term of the fund. The Company invests for the account of the fund in member countries of the\nEU and the EEA and selectively in countries outside the EU/EEA. Details of the country in question and the maximum share of the fund value permitted for investment in the said country are provided in the appendix to the Special Investment Conditions in the current sales prospectus. In accordance with the \"Special Investment Conditions\", at least 51% of the value of the fund must be invested in real estate located in a member state of the EU or in another state that is party to the EEA Agreement.\nThe fund invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.\nThe real estate held by the fund is situated in good to very good locations in established real estate markets. The aim is basically to invest in properties with long-term tenants of sound financial standing. The transaction strategy is geared toward the various Europe-wide real estate cycles.\nDuring the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of consid- erations. In this regard, the Company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Com- pany considers this to be in the interests of the investors. The assessment likewise includes the economic and location-related opportunities and risks. In order to achieve the investment objectives of the investment fund, the selection and manage- ment of properties will, inter alia, also promote environmental characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector (hereinafter the \"Disclosure Reg- ulation\"). Details of some of the regulatory requirements for the content and format of the information to be disclosed under the <annotation tool=\"custom\" phenomenon=\"terminology consistency\" id=\"ref_1\" refersTo=\"def_452\">Disclosure Regulation</annotation> are currently still being developed.\nAlongside properties that already exist or are under construc- tion, sites for development projects may also be acquired. How- ever, the focal point of investments is existing buildings."},"reordering_tagged":{"kind":"list like","value":["## The grundbesitz europa investment strategy","The investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation.","The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.","The investment strategy of the fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it throughout the term of the fund.","The Company invests for the account of the fund in member countries of the","<XML tool=\"custom\" phenom=\"reordering\" from=5 to=4>EU and the EEA and selectively in countries outside the EU/EEA.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=6 to=5>Details of the country in question and the maximum share of the fund value permitted for investment in the said country are provided in the appendix to the Special Investment Conditions in the current sales prospectus.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=7 to=6>In accordance with the \"Special Investment Conditions\", at least 51% of the value of the fund must be invested in real estate located in a member state of the EU or in another state that is party to the EEA Agreement.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=8 to=7>The fund invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=9 to=8>The real estate held by the fund is situated in good to very good locations in established real estate markets.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=10 to=9>The aim is basically to invest in properties with long-term tenants of sound financial standing.</XML>","The transaction strategy is geared toward the various Europe-wide real estate cycles.","During the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of consid- erations.","In this regard, the Company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Com- pany considers this to be in the interests of the investors.","The assessment likewise includes the economic and location-related opportunities and risks.","<XML tool=\"custom\" phenom=\"reordering\" from=15 to=16>In order to achieve the investment objectives of the investment fund, the selection and manage- ment of properties will, inter alia, also promote environmental characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector (hereinafter the \"Disclosure Reg- ulation\").</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=16 to=17>Details of some of the regulatory requirements for the content and format of the information to be disclosed under the Disclosure Regulation are currently still being developed.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=17 to=18>Alongside properties that already exist or are under construc- tion, sites for development projects may also be acquired.</XML>","How- ever, the focal point of investments is existing buildings."],"string":"[\n \"## The grundbesitz europa investment strategy\",\n \"The investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation.\",\n \"The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.\",\n \"The investment strategy of the fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it throughout the term of the fund.\",\n \"The Company invests for the account of the fund in member countries of the\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=5 to=4>EU and the EEA and selectively in countries outside the EU/EEA.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=6 to=5>Details of the country in question and the maximum share of the fund value permitted for investment in the said country are provided in the appendix to the Special Investment Conditions in the current sales prospectus.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=7 to=6>In accordance with the \\\"Special Investment Conditions\\\", at least 51% of the value of the fund must be invested in real estate located in a member state of the EU or in another state that is party to the EEA Agreement.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=8 to=7>The fund invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=9 to=8>The real estate held by the fund is situated in good to very good locations in established real estate markets.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=10 to=9>The aim is basically to invest in properties with long-term tenants of sound financial standing.</XML>\",\n \"The transaction strategy is geared toward the various Europe-wide real estate cycles.\",\n \"During the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of consid- erations.\",\n \"In this regard, the Company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Com- pany considers this to be in the interests of the investors.\",\n \"The assessment likewise includes the economic and location-related opportunities and risks.\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=15 to=16>In order to achieve the investment objectives of the investment fund, the selection and manage- ment of properties will, inter alia, also promote environmental characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector (hereinafter the \\\"Disclosure Reg- ulation\\\").</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=16 to=17>Details of some of the regulatory requirements for the content and format of the information to be disclosed under the Disclosure Regulation are currently still being developed.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=17 to=18>Alongside properties that already exist or are under construc- tion, sites for development projects may also be acquired.</XML>\",\n \"How- ever, the focal point of investments is existing buildings.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["## The grundbesitz europa investment strategy","The investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation.","The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.","The investment strategy of the fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it throughout the term of the fund.","The Company invests for the account of the fund in member countries of the","EU and the EEA and selectively in countries outside the EU/EEA.","Details of the country in question and the maximum share of the fund value permitted for investment in the said country are provided in the appendix to the Special Investment Conditions in the current sales prospectus.","In accordance with the \"Special Investment Conditions\", at least 51% of the value of the fund must be invested in real estate located in a member state of the EU or in another state that is party to the EEA Agreement.","The fund invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.","The real estate held by the fund is situated in good to very good locations in established real estate markets.","The aim is basically to invest in properties with long-term tenants of sound financial standing.","The transaction strategy is geared toward the various Europe-wide real estate cycles.","During the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of consid- erations.","In this regard, the Company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Com- pany considers this to be in the interests of the investors.","The assessment likewise includes the economic and location-related opportunities and risks.","In order to achieve the investment objectives of the investment fund, the selection and manage- ment of properties will, inter alia, also promote environmental characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector (hereinafter the \"Disclosure Reg- ulation\").","Details of some of the regulatory requirements for the content and format of the information to be disclosed under the Disclosure Regulation are currently still being developed.","Alongside properties that already exist or are under construc- tion, sites for development projects may also be acquired.","How- ever, the focal point of investments is existing buildings."],"string":"[\n \"## The grundbesitz europa investment strategy\",\n \"The investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation.\",\n \"The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.\",\n \"The investment strategy of the fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it throughout the term of the fund.\",\n \"The Company invests for the account of the fund in member countries of the\",\n \"EU and the EEA and selectively in countries outside the EU/EEA.\",\n \"Details of the country in question and the maximum share of the fund value permitted for investment in the said country are provided in the appendix to the Special Investment Conditions in the current sales prospectus.\",\n \"In accordance with the \\\"Special Investment Conditions\\\", at least 51% of the value of the fund must be invested in real estate located in a member state of the EU or in another state that is party to the EEA Agreement.\",\n \"The fund invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.\",\n \"The real estate held by the fund is situated in good to very good locations in established real estate markets.\",\n \"The aim is basically to invest in properties with long-term tenants of sound financial standing.\",\n \"The transaction strategy is geared toward the various Europe-wide real estate cycles.\",\n \"During the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of consid- erations.\",\n \"In this regard, the Company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Com- pany considers this to be in the interests of the investors.\",\n \"The assessment likewise includes the economic and location-related opportunities and risks.\",\n \"In order to achieve the investment objectives of the investment fund, the selection and manage- ment of properties will, inter alia, also promote environmental characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector (hereinafter the \\\"Disclosure Reg- ulation\\\").\",\n \"Details of some of the regulatory requirements for the content and format of the information to be disclosed under the Disclosure Regulation are currently still being developed.\",\n \"Alongside properties that already exist or are under construc- tion, sites for development projects may also be acquired.\",\n \"How- ever, the focal point of investments is existing buildings.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98262,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"## Ergebnisse des Fonds\nIm abgelaufenen Geschäftsjahr 2020/2021 hat der Fonds in der Anteilklasse RC eine Wertentwicklung von 2,3% je Anteil, in der Anteilklasse IC eine Wertentwicklung von 2,7% je Anteil erzielt (jeweils nach BVI-Methode).\nDie Ausschüttung zum 15. Dezember 2021 beträgt in der Anteil- klasse RC 0,90 EUR. Der gesamte Anlageerfolg in der Anteilklas- se RC beträgt 0,89 EUR pro Anteil. Anleger der Anteilklasse IC erhalten eine Ausschüttung in Höhe von 1,10 EUR. Der gesamte Anlageerfolg in der Anteilklasse IC beträgt 1,08 EUR pro Anteil. Informationen zur Besteuerung enthalten die „Steuerlichen Hinweise für den Anleger“ im Anschluss an diesen Bericht.\nDie positive Wertentwicklung des Fonds wird durch die nach- folgende Übersicht deutlich."},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"## Results of the fund\nDuring the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).\nThe distribution in the RC unit class on December 15, 2021, was EUR 0.90. The total return on investment in the RC unit class is EUR 0.89 per unit. Investors in the IC unit class receive a distribution in the amount of EUR 1.10. The total return on investment in the IC unit class is EUR 1.08 per unit. Information on taxation is included in the “Tax information for the investor” following this report.\nThe positive performance of the fund is illustrated in the follow- ing overview."},"unique id":{"kind":"number","value":108263,"string":"108,263"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["## Results of the fund","During the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).","The distribution in the RC unit class on December 15, 2021, was EUR 0.90.","The total return on investment in the RC unit class is EUR 0.89 per unit.","Investors in the IC unit class receive a distribution in the amount of EUR 1.10.","The total return on investment in the IC unit class is EUR 1.08 per unit.","Information on taxation is included in the “Tax information for the investor” following this report.","The positive performance of the fund is illustrated in the follow- ing overview."],"string":"[\n \"## Results of the fund\",\n \"During the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).\",\n \"The distribution in the RC unit class on December 15, 2021, was EUR 0.90.\",\n \"The total return on investment in the RC unit class is EUR 0.89 per unit.\",\n \"Investors in the IC unit class receive a distribution in the amount of EUR 1.10.\",\n \"The total return on investment in the IC unit class is EUR 1.08 per unit.\",\n \"Information on taxation is included in the “Tax information for the investor” following this report.\",\n \"The positive performance of the fund is illustrated in the follow- ing overview.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["## Results of the fund","During the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).","The distribution in the RC unit class on December 15, 2021, was EUR 0.90.","The total return on investment in the RC unit class is EUR 0.89 per unit.","Investors in the IC unit class receive a distribution in the amount of EUR 1.10.","The total return on investment in the IC unit class is EUR 1.08 per unit.","Information on taxation is included in the “Tax information for the investor” following this report.","The positive performance of the fund is illustrated in the follow- ing overview."],"string":"[\n \"## Results of the fund\",\n \"During the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).\",\n \"The distribution in the RC unit class on December 15, 2021, was EUR 0.90.\",\n \"The total return on investment in the RC unit class is EUR 0.89 per unit.\",\n \"Investors in the IC unit class receive a distribution in the amount of EUR 1.10.\",\n \"The total return on investment in the IC unit class is EUR 1.08 per unit.\",\n \"Information on taxation is included in the “Tax information for the investor” following this report.\",\n \"The positive performance of the fund is illustrated in the follow- ing overview.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98263,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"## Nutzungsarten der Fondsimmobilien\nGeografische Verteilung der Fondsimmobilien\nNach dem Jahressollmietertrag überwiegt weiterhin der Anteil von Büroimmobilien im Portfolio von grundbesitz europa. Diver- sifizierung erfährt der Fonds durch Anteile an Einzelhandel, Wohnen und Logistik. Laufende Projektentwicklungen sind in der Darstellung nicht berücksichtigt."},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"## Types of use of fund properties\nGeographical distribution of fund properties\nThe share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let. The fund is diversified by investments in retail, residential and logistics. Ongoing project developments are not included in this presentation."},"unique id":{"kind":"number","value":108264,"string":"108,264"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["## Types of use of fund properties","Geographical distribution of fund properties","The share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let.","The fund is diversified by investments in retail, residential and logistics.","Ongoing project developments are not included in this presentation."],"string":"[\n \"## Types of use of fund properties\",\n \"Geographical distribution of fund properties\",\n \"The share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let.\",\n \"The fund is diversified by investments in retail, residential and logistics.\",\n \"Ongoing project developments are not included in this presentation.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["## Types of use of fund properties","Geographical distribution of fund properties","The share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let.","The fund is diversified by investments in retail, residential and logistics.","Ongoing project developments are not included in this presentation."],"string":"[\n \"## Types of use of fund properties\",\n \"Geographical distribution of fund properties\",\n \"The share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let.\",\n \"The fund is diversified by investments in retail, residential and logistics.\",\n \"Ongoing project developments are not included in this presentation.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98264,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"Für die Bewertung von Devisentermingeschäften werden die für vergleichbare Devisentermingeschäfte vereinbarten Preise mit entsprechender Laufzeit herangezogen.\n- Forderungen: Forderungen aus der Grundstücksbewirtschaf- tung, Forderungen an Immobilien-Gesellschaften, Zinsansprüche und andere Forderungen werden grundsätzlich zum Nennwert angesetzt. Die Werthaltigkeit von Forderungen wird regelmäßig überprüft. Dem Ausfallrisiko wird in Form von Wertberichtigun- gen und Abschreibungen auf Forderungen Rechnung getragen. Hierzu werden Forderungen > 90 Tage individuell betrachtet und unter Berücksichtigung der wirtschaftlichen Vorgänge wert- berichtigt. Uneinbringliche Forderungen werden in voller Höhe mit Berichtigung der Umsatzsteuer abgeschrieben.\n- Anschaffungsnebenkosten: Nebenkosten, die beim Erwerb einer Immobilie oder Beteiligung für das Sondervermögen anfallen, werden über die voraussichtliche Haltedauer der Immobilie, längstens jedoch über zehn Jahre, in gleichen Jahresbeträgen abgeschrieben. Hausintern wird generell eine voraussichtliche Haltedauer von fünf Jahren angewendet. In begründeten Ausnahmefällen kann hiervon abgewichen wer- den. Sie mindern das Fondskapital über das Bewertungsergeb- nis und werden nicht in der Ertrags- und Aufwandsrechnung berücksichtigt. Wird die Immobilie innerhalb der vorgenannten Abschreibungsfrist von fünf Jahren wieder veräußert, sinddie Anschaffungsnebenkosten in voller Höhe abzuschreiben. Sie mindern ebenfalls das Fondskapital über das Bewer- tungsergebnis und werden nicht im realisierten Ergebnis berücksichtigt."},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"To value currency forward agreements, the prices agreed for comparable currency forward agreements with a corresponding term are used.\n- Receivables: Receivables from property management, receiv- ables from special purpose vehicles, interest receivable and other receivables are generally calculated using the nominal value. The intrinsic value of receivables is checked regularly. The default risk is taken into account in the form of value adjust- ments and depreciation on receivables. To this end, receivables> 90 days are considered individually and value-adjusted taking into consideration the commercial transactions. Irrecoverable receivables are amortized in full with adjustment of sales tax.\n- Incidental acquisition costs: Incidental costs incurred in the acquisition of a property or participation for the investment fund shall be amortized in equal annual amounts over the foreseeable holding period of the property, but not over morethan ten years. In-house, a provisional holding period of five years is generally applied. In justified exceptional cases, devi- ations from this are permitted. They reduce the fund capital by the valuation result and are not taken into consideration in the statement of income and expenses. If the property is sold again within the aforementioned depreciation period of five years, the incidental acquisition costs that have not beenamortized by the point of sale are to be amortized in full. They likewise reduce the fund capital by the valuation result and are not taken into consideration in the realized result."},"unique id":{"kind":"number","value":108265,"string":"108,265"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["To value currency forward agreements, the prices agreed for comparable currency forward agreements with a corresponding term are used.","- Receivables: Receivables from property management, receiv- ables from special purpose vehicles, interest receivable and other receivables are generally calculated using the nominal value.","The intrinsic value of receivables is checked regularly.","The default risk is taken into account in the form of value adjust- ments and depreciation on receivables.","To this end, receivables> 90 days are considered individually and value-adjusted taking into consideration the commercial transactions.","Irrecoverable receivables are amortized in full with adjustment of sales tax.","- Incidental acquisition costs: Incidental costs incurred in the acquisition of a property or participation for the investment fund shall be amortized in equal annual amounts over the foreseeable holding period of the property, but not over morethan ten years.","In-house, a provisional holding period of five years is generally applied.","In justified exceptional cases, devi- ations from this are permitted.","They reduce the fund capital by the valuation result and are not taken into consideration in the statement of income and expenses.","If the property is sold again within the aforementioned depreciation period of five years, the incidental acquisition costs that have not beenamortized by the point of sale are to be amortized in full.","They likewise reduce the fund capital by the valuation result and are not taken into consideration in the realized result."],"string":"[\n \"To value currency forward agreements, the prices agreed for comparable currency forward agreements with a corresponding term are used.\",\n \"- Receivables: Receivables from property management, receiv- ables from special purpose vehicles, interest receivable and other receivables are generally calculated using the nominal value.\",\n \"The intrinsic value of receivables is checked regularly.\",\n \"The default risk is taken into account in the form of value adjust- ments and depreciation on receivables.\",\n \"To this end, receivables> 90 days are considered individually and value-adjusted taking into consideration the commercial transactions.\",\n \"Irrecoverable receivables are amortized in full with adjustment of sales tax.\",\n \"- Incidental acquisition costs: Incidental costs incurred in the acquisition of a property or participation for the investment fund shall be amortized in equal annual amounts over the foreseeable holding period of the property, but not over morethan ten years.\",\n \"In-house, a provisional holding period of five years is generally applied.\",\n \"In justified exceptional cases, devi- ations from this are permitted.\",\n \"They reduce the fund capital by the valuation result and are not taken into consideration in the statement of income and expenses.\",\n \"If the property is sold again within the aforementioned depreciation period of five years, the incidental acquisition costs that have not beenamortized by the point of sale are to be amortized in full.\",\n \"They likewise reduce the fund capital by the valuation result and are not taken into consideration in the realized result.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["To value currency forward agreements, the prices agreed for comparable currency forward agreements with a corresponding term are used.","- Receivables: Receivables from property management, receiv- ables from special purpose vehicles, interest receivable and other receivables are generally calculated using the nominal value.","The intrinsic value of receivables is checked regularly.","The default risk is taken into account in the form of value adjust- ments and depreciation on receivables.","To this end, receivables> 90 days are considered individually and value-adjusted taking into consideration the commercial transactions.","Irrecoverable receivables are amortized in full with adjustment of sales tax.","- Incidental acquisition costs: Incidental costs incurred in the acquisition of a property or participation for the investment fund shall be amortized in equal annual amounts over the foreseeable holding period of the property, but not over morethan ten years.","In-house, a provisional holding period of five years is generally applied.","In justified exceptional cases, devi- ations from this are permitted.","They reduce the fund capital by the valuation result and are not taken into consideration in the statement of income and expenses.","If the property is sold again within the aforementioned depreciation period of five years, the incidental acquisition costs that have not beenamortized by the point of sale are to be amortized in full.","They likewise reduce the fund capital by the valuation result and are not taken into consideration in the realized result."],"string":"[\n \"To value currency forward agreements, the prices agreed for comparable currency forward agreements with a corresponding term are used.\",\n \"- Receivables: Receivables from property management, receiv- ables from special purpose vehicles, interest receivable and other receivables are generally calculated using the nominal value.\",\n \"The intrinsic value of receivables is checked regularly.\",\n \"The default risk is taken into account in the form of value adjust- ments and depreciation on receivables.\",\n \"To this end, receivables> 90 days are considered individually and value-adjusted taking into consideration the commercial transactions.\",\n \"Irrecoverable receivables are amortized in full with adjustment of sales tax.\",\n \"- Incidental acquisition costs: Incidental costs incurred in the acquisition of a property or participation for the investment fund shall be amortized in equal annual amounts over the foreseeable holding period of the property, but not over morethan ten years.\",\n \"In-house, a provisional holding period of five years is generally applied.\",\n \"In justified exceptional cases, devi- ations from this are permitted.\",\n \"They reduce the fund capital by the valuation result and are not taken into consideration in the statement of income and expenses.\",\n \"If the property is sold again within the aforementioned depreciation period of five years, the incidental acquisition costs that have not beenamortized by the point of sale are to be amortized in full.\",\n \"They likewise reduce the fund capital by the valuation result and are not taken into consideration in the realized result.\"\n]","isConversational":false},"muda_tagged":{"kind":"string","value":"Für die Bewertung von Devisentermingeschäften werden die für vergleichbare Devisentermingeschäfte vereinbarten Preise mit entsprechender Laufzeit herangezogen . - Forderungen : Forderungen aus der Grundstücksbewirtschaf - tung , Forderungen an Immobilien - Gesellschaften , Zinsansprüche und andere Forderungen werden grundsätzlich zu dem Nennwert angesetzt . Die Werthaltigkeit von Forderungen wird regelmäßig überprüft . Dem Ausfallrisiko wird in Form von Wertberichtigun - gen und Abschreibungen auf Forderungen Rechnung getragen . Hierzu werden Forderungen > 90 Tage individuell betrachtet und unter Berücksichtigung der wirtschaftlichen Vorgänge wert- berichtigt . Uneinbringliche Forderungen werden in voller Höhe mit Berichtigung der Umsatzsteuer abgeschrieben . - Anschaffungsnebenkosten : Nebenkosten , die bei dem Erwerb einer Immobilie oder Beteiligung für das Sondervermögen anfallen , werden über die voraussichtliche Haltedauer der Immobilie , längstens jedoch über zehn Jahre , in gleichen Jahresbeträgen abgeschrieben . Hausintern wird generell eine voraussichtliche Haltedauer von fünf Jahren angewendet . In begründeten Ausnahmefällen kann hiervon abgewichen wer- den . Sie mindern das Fondskapital über das Bewertungsergeb - nis und werden nicht in der Ertrags - und Aufwandsrechnung berücksichtigt . Wird die Immobilie innerhalb der vorgenannten Abschreibungsfrist von fünf Jahren wieder veräußert , sinddie Anschaffungsnebenkosten in voller Höhe abzuschreiben . <annotation tool=\"muda\" phenomenon=\"formality\">Sie</annotation> mindern ebenfalls das Fondskapital über das Bewer- tungsergebnis und werden nicht in dem realisierten Ergebnis berücksichtigt ."}}},{"rowIdx":98265,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"Die Gesellschaft wendet die formellen Grundsätze ordnungs- mäßiger Buchführung an, soweit sich aus dem KAGB, der KARBV und der Verordnung (EU) Nr. 231/2013 nichts anderes ergibt. Insbesondere wendet sie den Grundsatz der perioden- gerechten Erfolgsermittlung an. Danach werden Aufwendungen und Erträge grundsätzlich über die Zuführung zu den Verbind- lichkeiten bzw. Forderungen periodengerecht abgegrenzt und im Rechnungswesen des Sondervermögens im Geschäftsjahr der wirtschaftlichen Verursachung und unabhängig von den Zeitpunkten der entsprechenden Aufwands- und Ertragszahlung erfasst. Erfolgsabgrenzungen erfolgen dabei für alle wesent- lichen Aufwendungen und Erträge.\nDie Gesellschaft beachtet den Grundsatz der Bewertungs- stetigkeit. Danach werden die auf den vorhergehenden Jahres- abschluss angewandten Bewertungsmethoden beibehalten.\nÜberdies wendet die Gesellschaft grundsätzlich den Grundsatz der Einzelbewertung an, wonach alle Vermögensgegenstän- de, Verbindlichkeiten und Rückstellungen unabhängig von- einander zu bewerten sind; es erfolgt keine Verrechnung von\nVermögensgegenständen und Schulden und keine Bildung von Bewertungseinheiten. Gleichartige Vermögensgegenstände der Liquiditätsanlage, wie z.B. Wertpapiere, dürfen zu einer Gruppe zusammengefasst und mit dem gewogenen Durchschnittswert angesetzt werden.\nDie Gesellschaft wendet den Grundsatz der Periodenabgrenzung an, nach dem Aufwendungen und Erträge in dem Geschäftsjahr erfasst werden, dem sie wirtschaftlich zuzuordnen sind.\n- \n## Auf Fremdwährung lautende Vermögensgegenstände, Verbindlichkeiten und Rückstellungen"},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"The Company applies the formal principles of proper bookkeep- ing, unless otherwise specified in the KAGB, the KARBV and EU Regulation No. 231/2013. In particular, it applies the principle of period-appropriate determination of profits. According to this, expenses and income are in principle apportioned by period via the transfer to liabilities and receivables respectively and recog- nized in the accounting of the investment fund in the business year in which they were generated and independently of the times when the corresponding expenditure or income was paid. Apportionment of income is thereby performed for all essential expenditure and earnings.\nThe Company complies with the principle of consistency in val- uation. According to this, the valuation methods applied in the previous annual accounts must be retained.\nMoreover, the Company generally applies the principle of individual valuation, according to which all assets, liabilities and accruals are to be valued independently of one another; there is no offsetting of assets and debts and no formation of accounting groups. Assets similar to liquidity investments, e.g., securities, should be collected into one group and the weighted average value should be used.\nThe Company applies the principle of accrual accounting, according to which expenditure and income are recorded in the business year to which they belong from a commercial point of view.\n- \n## Assets, liabilities and accruals denominated in foreign currencies"},"unique id":{"kind":"number","value":108266,"string":"108,266"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["The Company applies the formal principles of proper bookkeep- ing, unless otherwise specified in the KAGB, the KARBV and EU Regulation No. 231/2013.","In particular, it applies the principle of period-appropriate determination of profits.","According to this, expenses and income are in principle apportioned by period via the transfer to liabilities and receivables respectively and recog- nized in the accounting of the investment fund in the business year in which they were generated and independently of the times when the corresponding expenditure or income was paid.","Apportionment of income is thereby performed for all essential expenditure and earnings.","The Company complies with the principle of consistency in val- uation.","According to this, the valuation methods applied in the previous annual accounts must be retained.","Moreover, the Company generally applies the principle of individual valuation, according to which all assets, liabilities and accruals are to be valued independently of one another; there is no offsetting of assets and debts and no formation of accounting groups.","<XML tool=\"custom\" phenom=\"reordering\" from=7 to=8>Assets similar to liquidity investments, e.g., securities, should be collected into one group and the weighted average value should be used.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=8 to=9>The Company applies the principle of accrual accounting, according to which expenditure and income are recorded in the business year to which they belong from a commercial point of view.</XML>","## Assets, liabilities and accruals denominated in foreign currencies"],"string":"[\n \"The Company applies the formal principles of proper bookkeep- ing, unless otherwise specified in the KAGB, the KARBV and EU Regulation No. 231/2013.\",\n \"In particular, it applies the principle of period-appropriate determination of profits.\",\n \"According to this, expenses and income are in principle apportioned by period via the transfer to liabilities and receivables respectively and recog- nized in the accounting of the investment fund in the business year in which they were generated and independently of the times when the corresponding expenditure or income was paid.\",\n \"Apportionment of income is thereby performed for all essential expenditure and earnings.\",\n \"The Company complies with the principle of consistency in val- uation.\",\n \"According to this, the valuation methods applied in the previous annual accounts must be retained.\",\n \"Moreover, the Company generally applies the principle of individual valuation, according to which all assets, liabilities and accruals are to be valued independently of one another; there is no offsetting of assets and debts and no formation of accounting groups.\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=7 to=8>Assets similar to liquidity investments, e.g., securities, should be collected into one group and the weighted average value should be used.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=8 to=9>The Company applies the principle of accrual accounting, according to which expenditure and income are recorded in the business year to which they belong from a commercial point of view.</XML>\",\n \"## Assets, liabilities and accruals denominated in foreign currencies\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["The Company applies the formal principles of proper bookkeep- ing, unless otherwise specified in the KAGB, the KARBV and EU Regulation No. 231/2013.","In particular, it applies the principle of period-appropriate determination of profits.","According to this, expenses and income are in principle apportioned by period via the transfer to liabilities and receivables respectively and recog- nized in the accounting of the investment fund in the business year in which they were generated and independently of the times when the corresponding expenditure or income was paid.","Apportionment of income is thereby performed for all essential expenditure and earnings.","The Company complies with the principle of consistency in val- uation.","According to this, the valuation methods applied in the previous annual accounts must be retained.","Moreover, the Company generally applies the principle of individual valuation, according to which all assets, liabilities and accruals are to be valued independently of one another; there is no offsetting of assets and debts and no formation of accounting groups.","Assets similar to liquidity investments, e.g., securities, should be collected into one group and the weighted average value should be used.","The Company applies the principle of accrual accounting, according to which expenditure and income are recorded in the business year to which they belong from a commercial point of view.","## Assets, liabilities and accruals denominated in foreign currencies"],"string":"[\n \"The Company applies the formal principles of proper bookkeep- ing, unless otherwise specified in the KAGB, the KARBV and EU Regulation No. 231/2013.\",\n \"In particular, it applies the principle of period-appropriate determination of profits.\",\n \"According to this, expenses and income are in principle apportioned by period via the transfer to liabilities and receivables respectively and recog- nized in the accounting of the investment fund in the business year in which they were generated and independently of the times when the corresponding expenditure or income was paid.\",\n \"Apportionment of income is thereby performed for all essential expenditure and earnings.\",\n \"The Company complies with the principle of consistency in val- uation.\",\n \"According to this, the valuation methods applied in the previous annual accounts must be retained.\",\n \"Moreover, the Company generally applies the principle of individual valuation, according to which all assets, liabilities and accruals are to be valued independently of one another; there is no offsetting of assets and debts and no formation of accounting groups.\",\n \"Assets similar to liquidity investments, e.g., securities, should be collected into one group and the weighted average value should be used.\",\n \"The Company applies the principle of accrual accounting, according to which expenditure and income are recorded in the business year to which they belong from a commercial point of view.\",\n \"## Assets, liabilities and accruals denominated in foreign currencies\"\n]","isConversational":false},"muda_tagged":{"kind":"string","value":"Die Gesellschaft wendet die formellen Grundsätze ordnungs- mäßiger Buchführung an , soweit sich aus dem KAGB , der KARBV und der Verordnung ( EU ) Nr. 231/2013 nichts anderes ergibt . Insbesondere wendet sie den Grundsatz der perioden- gerechten Erfolgsermittlung an . Danach werden Aufwendungen und Erträge grundsätzlich über die Zuführung zu den Verbind- lichkeiten bzw . Forderungen periodengerecht abgegrenzt und in dem Rechnungswesen des Sondervermögens in dem Geschäftsjahr der wirtschaftlichen Verursachung und unabhängig von den Zeitpunkten der entsprechenden Aufwands - und Ertragszahlung erfasst . Erfolgsabgrenzungen erfolgen dabei für alle wesent- lichen Aufwendungen und Erträge . Die Gesellschaft beachtet den Grundsatz der Bewertungs- stetigkeit . Danach werden die auf den vorhergehenden Jahres - abschluss angewandten Bewertungsmethoden beibehalten . Überdies wendet die Gesellschaft grundsätzlich den Grundsatz der Einzelbewertung an , wonach alle Vermögensgegenstän - de , Verbindlichkeiten und Rückstellungen unabhängig von - einander zu bewerten sind ; es erfolgt keine Verrechnung von Vermögensgegenständen und Schulden und keine Bildung von Bewertungseinheiten . Gleichartige Vermögensgegenstände der Liquiditätsanlage , wie z. B. Wertpapiere , dürfen zu einer Gruppe zusammengefasst und mit dem gewogenen Durchschnittswert angesetzt werden . Die Gesellschaft wendet den Grundsatz der Periodenabgrenzung an , nach dem Aufwendungen und Erträge in dem Geschäftsjahr erfasst werden , dem <annotation tool=\"muda\" phenomenon=\"formality\">sie</annotation> wirtschaftlich zuzuordnen sind . ## Auf Fremdwährung lautende Vermögensgegenstände , Verbindlichkeiten und Rückstellungen"}}},{"rowIdx":98266,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"## Ausschüttungserfolg Anteilklasse RC\nDer Anteilwert der Anteilklasse RC zum 30. September 2021 beträgt 40,27 EUR und ist somit gegenüber dem Anteilwert zum Anfang des Geschäftsjahres von 40,13 EUR um 0,14 EUR gestiegen.\nFür das Geschäftsjahr 2020/2021 werden 0,90 EUR (= 2,24% bezogen auf den Anteilwert der Anteilklasse RC zu Geschäfts jahresbeginn) ausgeschüttet. Die Ausschüttung wird nach dem Investmentsteuergesetz in der am 1. Januar 2018 geltenden Fassung für die Anleger teilweise steuerfrei sein (Teilfreistel lung im Sinne des § 20 InvStG). Beim grundbesitz europa\nliegt die Teilfreistellungsquote seit dem 1. Januar 2018 bei 60%. Demnach sind 0,54 EUR oder 60% einkommensteuer frei, sofern die Anteile im Privatvermögen gehalten werden. Die Ausschüttung in Höhe von 0,90 EUR setzt sich somit aus einem steuerfreien Teil in Höhe von 0,54 EUR und einem steuerpflichtigen Teil in Höhe von 0,36 EUR zusammen."},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"## Distributed profit, RC unit class\nThe net asset value per unit of the RC unit class as at Sep- tember 30, 2021, is EUR 40.27 and has therefore increased by EUR 0.14 compared to the net asset value per unit of EUR 40.13 at the start of the business year.\nFor the business year 2020/2021, EUR 0.90 (= 2.24%, based on the net asset value per unit of the RC unit class at the beginning of the business year) is being distributed. The distri- bution will be partially tax-exempt for investors in accordance with the version of the German Investment Tax Act applicable on January 1, 2018 (partial tax exemption within the mean- ing of article 20 InvStG). For grundbesitz europa, the partial exemption portion is 60% since January 1, 2018. Accordingly, EUR 0.54 (60%) is not subject to income tax if the units are held as private assets. The distribution of EUR 0.90 therefore comprises a tax-exempt portion of EUR 0.54 and a taxable portion of EUR 0.36."},"unique id":{"kind":"number","value":108267,"string":"108,267"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["## Distributed profit, RC unit class","The net asset value per unit of the RC unit class as at Sep- tember 30, 2021, is EUR 40.27 and has therefore increased by EUR 0.14 compared to the net asset value per unit of EUR 40.13 at the start of the business year.","For the business year 2020/2021, EUR 0.90 (= 2.24%, based on the net asset value per unit of the RC unit class at the beginning of the business year) is being distributed.","The distri- bution will be partially tax-exempt for investors in accordance with the version of the German Investment Tax Act applicable on January 1, 2018 (partial tax exemption within the mean- ing of article 20 InvStG).","For grundbesitz europa, the partial exemption portion is 60% since January 1, 2018.","Accordingly, EUR 0.54 (60%) is not subject to income tax if the units are held as private assets.","The distribution of EUR 0.90 therefore comprises a tax-exempt portion of EUR 0.54 and a taxable portion of EUR 0.36."],"string":"[\n \"## Distributed profit, RC unit class\",\n \"The net asset value per unit of the RC unit class as at Sep- tember 30, 2021, is EUR 40.27 and has therefore increased by EUR 0.14 compared to the net asset value per unit of EUR 40.13 at the start of the business year.\",\n \"For the business year 2020/2021, EUR 0.90 (= 2.24%, based on the net asset value per unit of the RC unit class at the beginning of the business year) is being distributed.\",\n \"The distri- bution will be partially tax-exempt for investors in accordance with the version of the German Investment Tax Act applicable on January 1, 2018 (partial tax exemption within the mean- ing of article 20 InvStG).\",\n \"For grundbesitz europa, the partial exemption portion is 60% since January 1, 2018.\",\n \"Accordingly, EUR 0.54 (60%) is not subject to income tax if the units are held as private assets.\",\n \"The distribution of EUR 0.90 therefore comprises a tax-exempt portion of EUR 0.54 and a taxable portion of EUR 0.36.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["## Distributed profit, RC unit class","The net asset value per unit of the RC unit class as at Sep- tember 30, 2021, is EUR 40.27 and has therefore increased by EUR 0.14 compared to the net asset value per unit of EUR 40.13 at the start of the business year.","For the business year 2020/2021, EUR 0.90 (= 2.24%, based on the net asset value per unit of the RC unit class at the beginning of the business year) is being distributed.","The distri- bution will be partially tax-exempt for investors in accordance with the version of the German Investment Tax Act applicable on January 1, 2018 (partial tax exemption within the mean- ing of article 20 InvStG).","For grundbesitz europa, the partial exemption portion is 60% since January 1, 2018.","Accordingly, EUR 0.54 (60%) is not subject to income tax if the units are held as private assets.","The distribution of EUR 0.90 therefore comprises a tax-exempt portion of EUR 0.54 and a taxable portion of EUR 0.36."],"string":"[\n \"## Distributed profit, RC unit class\",\n \"The net asset value per unit of the RC unit class as at Sep- tember 30, 2021, is EUR 40.27 and has therefore increased by EUR 0.14 compared to the net asset value per unit of EUR 40.13 at the start of the business year.\",\n \"For the business year 2020/2021, EUR 0.90 (= 2.24%, based on the net asset value per unit of the RC unit class at the beginning of the business year) is being distributed.\",\n \"The distri- bution will be partially tax-exempt for investors in accordance with the version of the German Investment Tax Act applicable on January 1, 2018 (partial tax exemption within the mean- ing of article 20 InvStG).\",\n \"For grundbesitz europa, the partial exemption portion is 60% since January 1, 2018.\",\n \"Accordingly, EUR 0.54 (60%) is not subject to income tax if the units are held as private assets.\",\n \"The distribution of EUR 0.90 therefore comprises a tax-exempt portion of EUR 0.54 and a taxable portion of EUR 0.36.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98267,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"## Anteile im Betriebsvermögen (Steuerinländer)\nErstattung der Körperschaftsteuer des Fonds\nDie auf Fondsebene angefallene Körperschaftsteuer kann erstat- tet werden, soweit ein Anleger eine inländische Körperschaft, Personenvereinigung oder Vermögensmasse ist, die nach der Satzung, dem Stiftungsgeschäft oder der sonstigen Verfassung und nach der tatsächlichen Geschäftsführung ausschließlich und unmittelbar gemeinnützigen, mildtätigen oder kirchlichen Zwecken dient oder eine Stiftung des öffentlichen Rechts ist, die ausschließlich und unmittelbar gemeinnützigen oder mildtätigen Zwecken dient, oder eine juristische Person des öffentlichen Rechts ist, die ausschließlich und unmittelbar kirchlichen Zwe- cken dient; dies gilt nicht, wenn die Anteile in einem wirtschaft- lichen Geschäftsbetrieb gehalten werden. Dasselbe gilt für ver- gleichbare ausländische Anleger mit Sitz und Geschäftsleitung in einem Amts- und Beitreibungshilfe leistenden ausländischen Staat.\nVoraussetzung hierfür ist, dass ein solcher Anleger einen ent- sprechenden Antrag stellt und die angefallene Körperschaft- steuer anteilig auf seine Besitzzeit entfällt. Zudem muss der Anleger seit mindestens drei Monaten vor dem Zufluss der körperschaftsteuerpflichtigen Erträge des Fonds zivilrechtlicher und wirtschaftlicher Eigentümer der Anteile sein, ohne dass eine Verpflichtung zur Übertragung der Anteile auf eine andere Per- son besteht. Ferner setzt die Erstattung im Hinblick auf die auf der Fondsebene angefallene Körperschaftsteuer auf deutsche Dividenden und Erträge aus deutschen eigenkapitalähnlichen Genussrechten im Wesentlichen voraus, dass deutsche Aktien und deutsche eigenkapitalähnliche Genussrechte vom Fonds\nals wirtschaftlichem Eigentümer ununterbrochen 45 Tage inner- halb von 45 Tagen vor und nach dem Fälligkeitszeitpunkt der Kapitalerträge gehalten wurden und in diesen 45 Tagen ununter- brochen Mindestwertänderungsrisiken i.H.v. 70% bestanden (sog. 45-Tage-Regelung).\nEntsprechendes gilt beschränkt auf die Körperschaftsteuer, die auf inländische Immobilienerträge des Fonds entfällt, wenn der Anleger eine inländische juristische Person des öffentlichen Rechts ist, soweit die Anteile nicht einem nicht von der Körper- schaftsteuer befreiten Betrieb gewerblicher Art zuzurechnen sind, oder der Anleger eine von der Körperschaftsteuer befreite inländische Körperschaft, Personenvereinigung oder Vermögens- masse ist, der nicht die Körperschaftsteuer des Fonds auf sämt- liche steuerpflichtigen Einkünfte zu erstatten ist.\nDem Antrag sind Nachweise über die Steuerbefreiung und ein von der depotführenden Stelle ausgestellter Investment- anteil-Bestandsnachweis beizufügen. Der Investmentanteil- Bestandsnachweis ist eine nach amtlichem Muster erstellte Bescheinigung über den Umfang der durchgehend während\ndes Kalenderjahres vom Anleger gehaltenen Anteile sowie den Zeitpunkt und Umfang des Erwerbs und der Veräußerung von Anteilen während des Kalenderjahres.\nDie auf Fondsebene angefallene Körperschaftsteuer kann ebenfalls erstattet werden, soweit die Anteile an dem Fonds im Rahmen von Altersvorsorge- oder Basisrentenverträgen gehalten werden, die nach dem Altersvorsorgeverträge-Zertifizierungsge- setz zertifiziert wurden. Dies setzt voraus, dass der Anbieter ei- nes Altersvorsorge- oder Basisrentenvertrags dem Fonds inner- halb eines Monats nach dessen Geschäftsjahresende mitteilt, zu welchen Zeitpunkten und in welchem Umfang Anteile erworben oder veräußert wurden. Zudem ist die o.g. 45-Tage-Regelung zu berücksichtigen.\nEine Verpflichtung des Fonds bzw. der Gesellschaft, das Erstat- tungsverfahren durchzuführen, besteht nicht.\nAufgrund der hohen Komplexität der Regelung erscheint die Hinzuziehung eines steuerlichen Beraters sinnvoll.\nEingehende Erstattungsanträge werden von einem externen Steuerberater bearbeitet. Es ist vorgesehen, dass die hierfür entstehenden Kosten vom Anleger zu tragen sind."},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"## Units held as business assets (German tax residents)\nReimbursement of the corporate income tax of the fund\nThe corporate income tax incurred at fund level may be reim- bursed insofar as an investor is a domestic corporation, associ- ation of persons or assets that serve exclusively and directly for charitable, benevolent or church purposes in accordance with the articles of incorporation, the foundation act or the other con- stituting document, or a foundation under public law which is exclusively and directly charitable or serves charitable purposes, or a legal entity under public law which serves exclusively and\ndirectly for church purposes; this does not apply if the units are held in an economic business operation. The same applies to comparable foreign investors with their registered office and management in a foreign country providing administrative and recovery assistance.\nA requirement for this is that such an investor makes a corre- sponding application and the corporate income tax accrued relates proportionally to time the investor has held the units. In addition, the investor must be the civil and economic owner of the units for at least three months prior to the receipt of the\nincome of the fund subject to corporate income tax, without an obligation to transfer the units to another person. Furthermore, with regard to corporate income tax on German dividends\nand income from German equity-like profit participation rights accrued at fund level, the reimbursement essentially requires that German shares and German equity-like profit participation rights were held by the fund as beneficial owner without inter- ruption for 45 days within 45 days before and after the due date of the investment income and that there was an uninterrupted minimum risk of a 70% change in value during these 45 days (so-called 45-day rule).\nThe same applies to corporate income tax which is attributable to domestic real estate income of the fund, if the investor is a domestic legal entity under public law, provided that the units are not attributable to a non-corporate income tax-exempt business, or the investor is a domestic corporation, association of persons or assets exempt from corporation tax, to which the corporation tax of the fund is not refundable on all taxable income.\nThe application must be accompanied by proof of the tax exemption and a certificate of investment fund units held by the custodian institution. The investment certificate is a certificate (conforming with the official specimen) of the number of units held by the investor throughout the calendar year and the time and amount of the purchase and sale of units during the calen- dar year.\nCorporate income tax accrued at fund level may also be reim- bursed if the units in the fund are held within the framework of old-age provision or basic pension contracts that were certified in accordance with the Pension Provision Agreements Certifica- tion Act. A requirement for this is that the provider of an old-age provision or basic pension contract notifies the fund within one month of the end of its business year, indicating the times at which units were acquired or sold and also the number of units acquired or sold. In addition, the aforementioned 45-day rule must be taken into account.\nThere is no obligation on the fund or the Company to carry out the reimbursement procedure.\nDue to the high level of complexity of the regulation, it makes sense to consult a tax advisor.\nApplications for reimbursement that are received are processed by an external tax advisor. It is intended that costs arising in this respect shall be borne by the investor."},"unique id":{"kind":"number","value":108268,"string":"108,268"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["## Units held as business assets (German tax residents)","Reimbursement of the corporate income tax of the fund","The corporate income tax incurred at fund level may be reim- bursed insofar as an investor is a domestic corporation, associ- ation of persons or assets that serve exclusively and directly for charitable, benevolent or church purposes in accordance with the articles of incorporation, the foundation act or the other con- stituting document, or a foundation under public law which is exclusively and directly charitable or serves charitable purposes, or a legal entity under public law which serves exclusively and","<XML tool=\"custom\" phenom=\"reordering\" from=3 to=15>directly for church purposes; this does not apply if the units are held in an economic business operation.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=4 to=3>The same applies to comparable foreign investors with their registered office and management in a foreign country providing administrative and recovery assistance.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=5 to=4>A requirement for this is that such an investor makes a corre- sponding application and the corporate income tax accrued relates proportionally to time the investor has held the units.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=6 to=5>In addition, the investor must be the civil and economic owner of the units for at least three months prior to the receipt of the</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=7 to=1>income of the fund subject to corporate income tax, without an obligation to transfer the units to another person.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=8 to=6>Furthermore, with regard to corporate income tax on German dividends</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=9 to=7>and income from German equity-like profit participation rights accrued at fund level, the reimbursement essentially requires that German shares and German equity-like profit participation rights were held by the fund as beneficial owner without inter- ruption for 45 days within 45 days before and after the due date of the investment income and that there was an uninterrupted minimum risk of a 70% change in value during these 45 days (so-called 45-day rule).</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=10 to=8>The same applies to corporate income tax which is attributable to domestic real estate income of the fund, if the investor is a domestic legal entity under public law, provided that the units are not attributable to a non-corporate income tax-exempt business, or the investor is a domestic corporation, association of persons or assets exempt from corporation tax, to which the corporation tax of the fund is not refundable on all taxable income.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=11 to=9>The application must be accompanied by proof of the tax exemption and a certificate of investment fund units held by the custodian institution.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=12 to=11>The investment certificate is a certificate (conforming with the official specimen) of the number of units held by the investor throughout the calendar year and the time and amount of the purchase and sale of units during the calen- dar year.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=13 to=12>Corporate income tax accrued at fund level may also be reim- bursed if the units in the fund are held within the framework of old-age provision or basic pension contracts that were certified in accordance with the Pension Provision Agreements Certifica- tion Act.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=14 to=13>A requirement for this is that the provider of an old-age provision or basic pension contract notifies the fund within one month of the end of its business year, indicating the times at which units were acquired or sold and also the number of units acquired or sold.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=15 to=14>In addition, the aforementioned 45-day rule must be taken into account.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=16 to=15>There is no obligation on the fund or the Company to carry out the reimbursement procedure.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=17 to=16>Due to the high level of complexity of the regulation, it makes sense to consult a tax advisor.</XML>","Applications for reimbursement that are received are processed by an external tax advisor. It is intended that costs arising in this respect shall be borne by the investor."],"string":"[\n \"## Units held as business assets (German tax residents)\",\n \"Reimbursement of the corporate income tax of the fund\",\n \"The corporate income tax incurred at fund level may be reim- bursed insofar as an investor is a domestic corporation, associ- ation of persons or assets that serve exclusively and directly for charitable, benevolent or church purposes in accordance with the articles of incorporation, the foundation act or the other con- stituting document, or a foundation under public law which is exclusively and directly charitable or serves charitable purposes, or a legal entity under public law which serves exclusively and\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=3 to=15>directly for church purposes; this does not apply if the units are held in an economic business operation.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=4 to=3>The same applies to comparable foreign investors with their registered office and management in a foreign country providing administrative and recovery assistance.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=5 to=4>A requirement for this is that such an investor makes a corre- sponding application and the corporate income tax accrued relates proportionally to time the investor has held the units.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=6 to=5>In addition, the investor must be the civil and economic owner of the units for at least three months prior to the receipt of the</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=7 to=1>income of the fund subject to corporate income tax, without an obligation to transfer the units to another person.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=8 to=6>Furthermore, with regard to corporate income tax on German dividends</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=9 to=7>and income from German equity-like profit participation rights accrued at fund level, the reimbursement essentially requires that German shares and German equity-like profit participation rights were held by the fund as beneficial owner without inter- ruption for 45 days within 45 days before and after the due date of the investment income and that there was an uninterrupted minimum risk of a 70% change in value during these 45 days (so-called 45-day rule).</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=10 to=8>The same applies to corporate income tax which is attributable to domestic real estate income of the fund, if the investor is a domestic legal entity under public law, provided that the units are not attributable to a non-corporate income tax-exempt business, or the investor is a domestic corporation, association of persons or assets exempt from corporation tax, to which the corporation tax of the fund is not refundable on all taxable income.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=11 to=9>The application must be accompanied by proof of the tax exemption and a certificate of investment fund units held by the custodian institution.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=12 to=11>The investment certificate is a certificate (conforming with the official specimen) of the number of units held by the investor throughout the calendar year and the time and amount of the purchase and sale of units during the calen- dar year.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=13 to=12>Corporate income tax accrued at fund level may also be reim- bursed if the units in the fund are held within the framework of old-age provision or basic pension contracts that were certified in accordance with the Pension Provision Agreements Certifica- tion Act.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=14 to=13>A requirement for this is that the provider of an old-age provision or basic pension contract notifies the fund within one month of the end of its business year, indicating the times at which units were acquired or sold and also the number of units acquired or sold.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=15 to=14>In addition, the aforementioned 45-day rule must be taken into account.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=16 to=15>There is no obligation on the fund or the Company to carry out the reimbursement procedure.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=17 to=16>Due to the high level of complexity of the regulation, it makes sense to consult a tax advisor.</XML>\",\n \"Applications for reimbursement that are received are processed by an external tax advisor. It is intended that costs arising in this respect shall be borne by the investor.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["## Units held as business assets (German tax residents)","Reimbursement of the corporate income tax of the fund","The corporate income tax incurred at fund level may be reim- bursed insofar as an investor is a domestic corporation, associ- ation of persons or assets that serve exclusively and directly for charitable, benevolent or church purposes in accordance with the articles of incorporation, the foundation act or the other con- stituting document, or a foundation under public law which is exclusively and directly charitable or serves charitable purposes, or a legal entity under public law which serves exclusively and","directly for church purposes; this does not apply if the units are held in an economic business operation.","The same applies to comparable foreign investors with their registered office and management in a foreign country providing administrative and recovery assistance.","A requirement for this is that such an investor makes a corre- sponding application and the corporate income tax accrued relates proportionally to time the investor has held the units.","In addition, the investor must be the civil and economic owner of the units for at least three months prior to the receipt of the","income of the fund subject to corporate income tax, without an obligation to transfer the units to another person.","Furthermore, with regard to corporate income tax on German dividends","and income from German equity-like profit participation rights accrued at fund level, the reimbursement essentially requires that German shares and German equity-like profit participation rights were held by the fund as beneficial owner without inter- ruption for 45 days within 45 days before and after the due date of the investment income and that there was an uninterrupted minimum risk of a 70% change in value during these 45 days (so-called 45-day rule).","The same applies to corporate income tax which is attributable to domestic real estate income of the fund, if the investor is a domestic legal entity under public law, provided that the units are not attributable to a non-corporate income tax-exempt business, or the investor is a domestic corporation, association of persons or assets exempt from corporation tax, to which the corporation tax of the fund is not refundable on all taxable income.","The application must be accompanied by proof of the tax exemption and a certificate of investment fund units held by the custodian institution.","The investment certificate is a certificate (conforming with the official specimen) of the number of units held by the investor throughout the calendar year and the time and amount of the purchase and sale of units during the calen- dar year.","Corporate income tax accrued at fund level may also be reim- bursed if the units in the fund are held within the framework of old-age provision or basic pension contracts that were certified in accordance with the Pension Provision Agreements Certifica- tion Act.","A requirement for this is that the provider of an old-age provision or basic pension contract notifies the fund within one month of the end of its business year, indicating the times at which units were acquired or sold and also the number of units acquired or sold.","In addition, the aforementioned 45-day rule must be taken into account.","There is no obligation on the fund or the Company to carry out the reimbursement procedure.","Due to the high level of complexity of the regulation, it makes sense to consult a tax advisor.","Applications for reimbursement that are received are processed by an external tax advisor. It is intended that costs arising in this respect shall be borne by the investor."],"string":"[\n \"## Units held as business assets (German tax residents)\",\n \"Reimbursement of the corporate income tax of the fund\",\n \"The corporate income tax incurred at fund level may be reim- bursed insofar as an investor is a domestic corporation, associ- ation of persons or assets that serve exclusively and directly for charitable, benevolent or church purposes in accordance with the articles of incorporation, the foundation act or the other con- stituting document, or a foundation under public law which is exclusively and directly charitable or serves charitable purposes, or a legal entity under public law which serves exclusively and\",\n \"directly for church purposes; this does not apply if the units are held in an economic business operation.\",\n \"The same applies to comparable foreign investors with their registered office and management in a foreign country providing administrative and recovery assistance.\",\n \"A requirement for this is that such an investor makes a corre- sponding application and the corporate income tax accrued relates proportionally to time the investor has held the units.\",\n \"In addition, the investor must be the civil and economic owner of the units for at least three months prior to the receipt of the\",\n \"income of the fund subject to corporate income tax, without an obligation to transfer the units to another person.\",\n \"Furthermore, with regard to corporate income tax on German dividends\",\n \"and income from German equity-like profit participation rights accrued at fund level, the reimbursement essentially requires that German shares and German equity-like profit participation rights were held by the fund as beneficial owner without inter- ruption for 45 days within 45 days before and after the due date of the investment income and that there was an uninterrupted minimum risk of a 70% change in value during these 45 days (so-called 45-day rule).\",\n \"The same applies to corporate income tax which is attributable to domestic real estate income of the fund, if the investor is a domestic legal entity under public law, provided that the units are not attributable to a non-corporate income tax-exempt business, or the investor is a domestic corporation, association of persons or assets exempt from corporation tax, to which the corporation tax of the fund is not refundable on all taxable income.\",\n \"The application must be accompanied by proof of the tax exemption and a certificate of investment fund units held by the custodian institution.\",\n \"The investment certificate is a certificate (conforming with the official specimen) of the number of units held by the investor throughout the calendar year and the time and amount of the purchase and sale of units during the calen- dar year.\",\n \"Corporate income tax accrued at fund level may also be reim- bursed if the units in the fund are held within the framework of old-age provision or basic pension contracts that were certified in accordance with the Pension Provision Agreements Certifica- tion Act.\",\n \"A requirement for this is that the provider of an old-age provision or basic pension contract notifies the fund within one month of the end of its business year, indicating the times at which units were acquired or sold and also the number of units acquired or sold.\",\n \"In addition, the aforementioned 45-day rule must be taken into account.\",\n \"There is no obligation on the fund or the Company to carry out the reimbursement procedure.\",\n \"Due to the high level of complexity of the regulation, it makes sense to consult a tax advisor.\",\n \"Applications for reimbursement that are received are processed by an external tax advisor. It is intended that costs arising in this respect shall be borne by the investor.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98268,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"## 3%-Steuer in Frankreich\nSeit dem 1. Januar 2008 unterfallen Immobilien-Sondervermö- gen grundsätzlich dem Anwendungsbereich einer französischen Sondersteuer (sog. französischen 3%-Steuer), die jährlich auf den Verkehrswert der in Frankreich gelegenen Immobilien erhoben wird. Das französische Gesetz sieht für französische Immobilien-Sondermögen sowie vergleichbare ausländische Sondervermögen die Befreiung von der 3%-Steuer vor. Nach Auffassung der französischen Finanzverwaltung sind deutsche Immobilien-Sondervermögen nicht grundsätzlich mit franzö- sischen Immobilien-Sondervermögen vergleichbar, sodass sie nicht grundsätzlich von der 3%-Steuer befreit sind.\nUm von dieser Steuer befreit zu werden, muss das Sonderver- mögen grundbesitz europa nach Auffassung der französischen Finanzverwaltung jährlich eine Erklärung abgeben, in welcher der französische Grundbesitz zum 1. Januar eines jeden Jahres angegeben wird und diejenigen Anteilinhaber benannt werden, die zum 1. Januar eines Jahres an dem Sondervermögen zu 1% oder mehr beteiligt waren.\nEine Beteiligung an grundbesitz europa von mindestens 1% entsprach am 1. Januar 2021 2.427.782,02 Anteilen.\nDamit das Sondervermögen seiner Erklärungspflicht nachkom- men und damit eine Erhebung der französischen 3%-Steuer vermieden werden kann, bitten wir Sie, wenn Ihre Beteiligung am Sondervermögen grundbesitz europa zum 1. Januar eine Quote von 1% erreicht bzw. überschritten hat, uns eine schrift- liche Erklärung zuzusenden, in der Sie der Bekanntgabe Ihres Namens, ihrer Anschrift und ihrer Beteiligungshöhe gegenüber der französischen Finanzverwaltung zustimmen. Ein Muster einer Zustimmungserklärung steht jeweils zu Jahresbeginn auf der Internetseite realestate.dws.com zur Verfügung.\nDiese Benennung hat für Sie weder finanzielle Auswirkungen noch löst sie eigene Erklärungs- oder Meldepflichten für Sie gegenüber den französischen Steuerbehörden aus, wenn Ihre Beteiligung am Sondervermögen am 1. Januar weniger als 5% betrug und es sich hierbei um die einzige Investition in französi- schen Grundbesitz handelt.\nFalls Ihre Beteiligungsquote am 1. Januar 5% oder mehr betrug, oder Sie weiteren Grundbesitz mittelbar oder unmittelbar in Frankreich hielten, sind Sie aufgrund der Beteiligung an franzö- sischen Immobilien gegebenenfalls selbst steuerpflichtig und müssen für die Steuerbefreiung durch die Abgabe einer eigenen Erklärung gegenüber den französischen Steuerbehörden Sorge tragen.\nEine Beteiligung an grundbesitz europa von mindestens 5% entsprach am 1. Januar 2021 12.138.910,10 Anteilen.\nFür verschiedene Anlegerkreise können jedoch allgemeine Befreiungstatbestände greifen, so sind z.B. natürliche Personen und börsennotierte Gesellschaften von der 3%-Steuer befreit. In diesen Fällen bedarf es also keiner Abgabe einer eigenen Erklä- rung. Für weitere Informationen über eine mögliche Erklärungs- pflicht Ihrerseits empfehlen wir, sich mit einem französischen Steuerberater in Verbindung zu setzen."},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"## 3% tax in France\nSince January 1, 2008, real estate investment funds have generally been subject to a special French tax (the so-called “3% French tax”) imposed annually on the market value of prop- erties located in France. However, the French law may exempt French real estate investment funds and comparable foreign real estate investment funds from the 3% tax. In the opinion of the French tax authorities, German real estate investment funds are not generally comparable to French real estate investment funds and, consequently, will generally not be exempt from the 3% tax.\nIn order to gain exemption from this tax, the real estate invest- ment fund grundbesitz europa must submit to the French tax authorities an annual declaration indicating the details of French real estate held on January 1 of any given year, as well as the names of unitholders with a 1% or greater share in the invest- ment fund as of January 1 of that year.\nA holding in grundbesitz europa of at least 1% corresponded to 2,427,782.02 units as of January 1, 2021.\nIn order to allow the investment fund to comply with the afore- mentioned disclosure obligation and consequently avoid impo- sition of the 3% French tax, we ask you, if you held a share of 1% or more in the investment fund grundbesitz europa on Jan- uary 1, to send us a written declaration in which you consent to your name, address and size of holding being passed on to the French tax authorities. A specimen declaration of consent is available at realestate.dws.com at the beginning of each year.\nThis does not have financial implications for you nor does it trigger any disclosure or reporting obligations on your part\nvis-à-vis the French tax authorities, provided that the holding in the investment fund amounted to less than 5% on January 1 and that it is the only French real estate investment held.\nIf your investment ratio on January 1 amounted to 5% or more or you held other real estate investments in France, either directly or indirectly, you may be subject to taxation due to your holdings in French real estate and you must apply for tax exemption yourself by submitting your own declaration to the French tax authorities.\nA holding in grundbesitz europa of at least 5% corresponded to 12,138,910.10 units as of January 1, 2021.\nGeneral circumstances of exemption are, however, available to various types of investors; natural persons and listed compa- nies, for example, are exempt from the 3% tax. In such cases it is not necessary to submit a separate declaration. For additional information on a potential obligation to submit a declaration on your part, we recommend that investors consult a French tax accountant."},"unique id":{"kind":"number","value":108269,"string":"108,269"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["## 3% tax in France","Since January 1, 2008, real estate investment funds have generally been subject to a special French tax (the so-called “3% French tax”) imposed annually on the market value of prop- erties located in France.","However, the French law may exempt French real estate investment funds and comparable foreign real estate investment funds from the 3% tax.","In the opinion of the French tax authorities, German real estate investment funds are not generally comparable to French real estate investment funds and, consequently, will generally not be exempt from the 3% tax.","In order to gain exemption from this tax, the real estate invest- ment fund grundbesitz europa must submit to the French tax authorities an annual declaration indicating the details of French real estate held on January 1 of any given year, as well as the names of unitholders with a 1% or greater share in the invest- ment fund as of January 1 of that year.","A holding in grundbesitz europa of at least 1% corresponded to 2,427,782.02 units as of January 1, 2021.","In order to allow the investment fund to comply with the afore- mentioned disclosure obligation and consequently avoid impo- sition of the 3% French tax, we ask you, if you held a share of 1% or more in the investment fund grundbesitz europa on Jan- uary 1, to send us a written declaration in which you consent to your name, address and size of holding being passed on to the French tax authorities.","A specimen declaration of consent is available at realestate.dws.com at the beginning of each year.","This does not have financial implications for you nor does it trigger any disclosure or reporting obligations on your part","vis-à-vis the French tax authorities, provided that the holding in the investment fund amounted to less than 5% on January 1 and that it is the only French real estate investment held.","If your investment ratio on January 1 amounted to 5% or more or you held other real estate investments in France, either directly or indirectly, you may be subject to taxation due to your holdings in French real estate and you must apply for tax exemption yourself by submitting your own declaration to the French tax authorities.","A holding in grundbesitz europa of at least 5% corresponded to 12,138,910.10 units as of January 1, 2021.","General circumstances of exemption are, however, available to various types of investors; natural persons and listed compa- nies, for example, are exempt from the 3% tax.","In such cases it is not necessary to submit a separate declaration. For additional information on a potential obligation to submit a declaration on your part, we recommend that investors consult a French tax accountant."],"string":"[\n \"## 3% tax in France\",\n \"Since January 1, 2008, real estate investment funds have generally been subject to a special French tax (the so-called “3% French tax”) imposed annually on the market value of prop- erties located in France.\",\n \"However, the French law may exempt French real estate investment funds and comparable foreign real estate investment funds from the 3% tax.\",\n \"In the opinion of the French tax authorities, German real estate investment funds are not generally comparable to French real estate investment funds and, consequently, will generally not be exempt from the 3% tax.\",\n \"In order to gain exemption from this tax, the real estate invest- ment fund grundbesitz europa must submit to the French tax authorities an annual declaration indicating the details of French real estate held on January 1 of any given year, as well as the names of unitholders with a 1% or greater share in the invest- ment fund as of January 1 of that year.\",\n \"A holding in grundbesitz europa of at least 1% corresponded to 2,427,782.02 units as of January 1, 2021.\",\n \"In order to allow the investment fund to comply with the afore- mentioned disclosure obligation and consequently avoid impo- sition of the 3% French tax, we ask you, if you held a share of 1% or more in the investment fund grundbesitz europa on Jan- uary 1, to send us a written declaration in which you consent to your name, address and size of holding being passed on to the French tax authorities.\",\n \"A specimen declaration of consent is available at realestate.dws.com at the beginning of each year.\",\n \"This does not have financial implications for you nor does it trigger any disclosure or reporting obligations on your part\",\n \"vis-à-vis the French tax authorities, provided that the holding in the investment fund amounted to less than 5% on January 1 and that it is the only French real estate investment held.\",\n \"If your investment ratio on January 1 amounted to 5% or more or you held other real estate investments in France, either directly or indirectly, you may be subject to taxation due to your holdings in French real estate and you must apply for tax exemption yourself by submitting your own declaration to the French tax authorities.\",\n \"A holding in grundbesitz europa of at least 5% corresponded to 12,138,910.10 units as of January 1, 2021.\",\n \"General circumstances of exemption are, however, available to various types of investors; natural persons and listed compa- nies, for example, are exempt from the 3% tax.\",\n \"In such cases it is not necessary to submit a separate declaration. For additional information on a potential obligation to submit a declaration on your part, we recommend that investors consult a French tax accountant.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["## 3% tax in France","Since January 1, 2008, real estate investment funds have generally been subject to a special French tax (the so-called “3% French tax”) imposed annually on the market value of prop- erties located in France.","However, the French law may exempt French real estate investment funds and comparable foreign real estate investment funds from the 3% tax.","In the opinion of the French tax authorities, German real estate investment funds are not generally comparable to French real estate investment funds and, consequently, will generally not be exempt from the 3% tax.","In order to gain exemption from this tax, the real estate invest- ment fund grundbesitz europa must submit to the French tax authorities an annual declaration indicating the details of French real estate held on January 1 of any given year, as well as the names of unitholders with a 1% or greater share in the invest- ment fund as of January 1 of that year.","A holding in grundbesitz europa of at least 1% corresponded to 2,427,782.02 units as of January 1, 2021.","In order to allow the investment fund to comply with the afore- mentioned disclosure obligation and consequently avoid impo- sition of the 3% French tax, we ask <annotation tool=\"ctxpro\" rule=\"ACC.FORM+PLUR\" phenomenon=\"formality\">you</annotation>, if <annotation tool=\"ctxpro\" rule=\"ACC.FORM+PLUR\" phenomenon=\"formality\">you</annotation> held a share of 1% or more in the investment fund grundbesitz europa on Jan- uary 1, to send us a written declaration in which <annotation tool=\"ctxpro\" rule=\"ACC.FORM+PLUR\" phenomenon=\"formality\">you</annotation> consent to your name, address and size of holding being passed on to the French tax authorities.","A specimen declaration of consent is available at realestate.dws.com at the beginning of each year.","This does not have financial implications for <annotation tool=\"ctxpro\" rule=\"ACC.FORM+PLUR\" phenomenon=\"formality\">you</annotation> nor does it trigger any disclosure or reporting obligations on your part","vis-à-vis the French tax authorities, provided that the holding in the investment fund amounted to less than 5% on January 1 and that it is the only French real estate investment held.","If your investment ratio on January 1 amounted to 5% or more or you held other real estate investments in France, either directly or indirectly, you may be subject to taxation due to your holdings in French real estate and you must apply for tax exemption yourself by submitting your own declaration to the French tax authorities.","A holding in grundbesitz europa of at least 5% corresponded to 12,138,910.10 units as of January 1, 2021.","General circumstances of exemption are, however, available to various types of investors; natural persons and listed compa- nies, for example, are exempt from the 3% tax.","In such cases it is not necessary to submit a separate declaration. For additional information on a potential obligation to submit a declaration on your part, we recommend that investors consult a French tax accountant."],"string":"[\n \"## 3% tax in France\",\n \"Since January 1, 2008, real estate investment funds have generally been subject to a special French tax (the so-called “3% French tax”) imposed annually on the market value of prop- erties located in France.\",\n \"However, the French law may exempt French real estate investment funds and comparable foreign real estate investment funds from the 3% tax.\",\n \"In the opinion of the French tax authorities, German real estate investment funds are not generally comparable to French real estate investment funds and, consequently, will generally not be exempt from the 3% tax.\",\n \"In order to gain exemption from this tax, the real estate invest- ment fund grundbesitz europa must submit to the French tax authorities an annual declaration indicating the details of French real estate held on January 1 of any given year, as well as the names of unitholders with a 1% or greater share in the invest- ment fund as of January 1 of that year.\",\n \"A holding in grundbesitz europa of at least 1% corresponded to 2,427,782.02 units as of January 1, 2021.\",\n \"In order to allow the investment fund to comply with the afore- mentioned disclosure obligation and consequently avoid impo- sition of the 3% French tax, we ask <annotation tool=\\\"ctxpro\\\" rule=\\\"ACC.FORM+PLUR\\\" phenomenon=\\\"formality\\\">you</annotation>, if <annotation tool=\\\"ctxpro\\\" rule=\\\"ACC.FORM+PLUR\\\" phenomenon=\\\"formality\\\">you</annotation> held a share of 1% or more in the investment fund grundbesitz europa on Jan- uary 1, to send us a written declaration in which <annotation tool=\\\"ctxpro\\\" rule=\\\"ACC.FORM+PLUR\\\" phenomenon=\\\"formality\\\">you</annotation> consent to your name, address and size of holding being passed on to the French tax authorities.\",\n \"A specimen declaration of consent is available at realestate.dws.com at the beginning of each year.\",\n \"This does not have financial implications for <annotation tool=\\\"ctxpro\\\" rule=\\\"ACC.FORM+PLUR\\\" phenomenon=\\\"formality\\\">you</annotation> nor does it trigger any disclosure or reporting obligations on your part\",\n \"vis-à-vis the French tax authorities, provided that the holding in the investment fund amounted to less than 5% on January 1 and that it is the only French real estate investment held.\",\n \"If your investment ratio on January 1 amounted to 5% or more or you held other real estate investments in France, either directly or indirectly, you may be subject to taxation due to your holdings in French real estate and you must apply for tax exemption yourself by submitting your own declaration to the French tax authorities.\",\n \"A holding in grundbesitz europa of at least 5% corresponded to 12,138,910.10 units as of January 1, 2021.\",\n \"General circumstances of exemption are, however, available to various types of investors; natural persons and listed compa- nies, for example, are exempt from the 3% tax.\",\n \"In such cases it is not necessary to submit a separate declaration. For additional information on a potential obligation to submit a declaration on your part, we recommend that investors consult a French tax accountant.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98269,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"## Verwahrstelle\nState Street Bank International GmbH\nBrienner Straße 59\n80333 München\nAmtsgericht: München HRB 42 872\nGezeichnetes und eingezahltes Kapital: 109,4 Mio. EUR Eigenmittel (im Sinne von Artikel 72 der Verordnung (EU) Nr. 575/2013 (CRRI): 2.302,0 Mio. EUR\nStand: 31. Dezember 2020"},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"## Depositary\nState Street Bank International GmbH\nBrienner Straße 59\n80333 Munich, Germany\nLocal court of registration (“Amtsgericht”): Munich HRB 42 872\nSubscribed and paid-in capital: EUR 109.4 million Own funds (as defined by Article 72 of Regulation (EU) No. 575/2013 (CRRI): EUR 2,302.0 million\nAs of: December 31, 2020"},"unique id":{"kind":"number","value":108270,"string":"108,270"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["## Depositary","State Street Bank International GmbH","Brienner Straße 59","80333 Munich, Germany","Local court of registration (“Amtsgericht”): Munich HRB 42 872","Subscribed and paid-in capital: EUR 109.4 million Own funds (as defined by Article 72 of Regulation (EU) No. 575/2013 (CRRI): EUR 2,302.0 million","As of: December 31, 2020"],"string":"[\n \"## Depositary\",\n \"State Street Bank International GmbH\",\n \"Brienner Straße 59\",\n \"80333 Munich, Germany\",\n \"Local court of registration (“Amtsgericht”): Munich HRB 42 872\",\n \"Subscribed and paid-in capital: EUR 109.4 million Own funds (as defined by Article 72 of Regulation (EU) No. 575/2013 (CRRI): EUR 2,302.0 million\",\n \"As of: December 31, 2020\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["## Depositary","State Street Bank International GmbH","Brienner Straße 59","80333 Munich, Germany","Local court of registration (“Amtsgericht”): Munich HRB 42 872","Subscribed and paid-in capital: EUR 109.4 million Own funds (as defined by Article 72 of Regulation (EU) No. 575/2013 (CRRI): EUR 2,302.0 million","As of: December 31, 2020"],"string":"[\n \"## Depositary\",\n \"State Street Bank International GmbH\",\n \"Brienner Straße 59\",\n \"80333 Munich, Germany\",\n \"Local court of registration (“Amtsgericht”): Munich HRB 42 872\",\n \"Subscribed and paid-in capital: EUR 109.4 million Own funds (as defined by Article 72 of Regulation (EU) No. 575/2013 (CRRI): EUR 2,302.0 million\",\n \"As of: December 31, 2020\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98270,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"- Anteile eines in Geldmarktinstrumente anlegenden Organismus für gemeinsame Anlagen (nachfolgend „OGA“), der täglich einen Nettoinventarwert berechnet und der über ein Rating von AAA oder ein vergleichbares Rating verfügt;\n- Anteile eines OGAW, der vorwiegend in die unter den nächsten beiden Gedankenstrichen aufgeführten Anleihen / Aktien anlegt;\n- Anleihen unabhängig von ihrer Restlaufzeit, die ein Mindestrating von niedrigem Investment-Grade aufweisen;\n- Aktien, die an einem geregelten Markt eines Mitgliedstaats der Europäischen Union oder an einer Börse eines OECD-Mitgliedstaats zugelassen sind oder gehandelt werden, sofern diese Aktien in einem wichtigen Index enthalten sind.\n Die Verwaltungsgesellschaft behält sich vor, die Zulässigkeit der oben genannten Sicherheiten einzuschränken. Des Weiteren behält sich die Verwaltungsgesellschaft vor, in Ausnahmefällen von den oben genannten Kriterien abzuweichen. Weitere Informationen zu Sicherheitenanforderungen befinden sich in dem Verkaufsprospekt des Fonds. |"},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"- Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating;\n- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents;\n- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade;\n- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index.\n The Management Company reserves the right to restrict the permissibility of the aforementioned collateral. Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases. Additional information on collateral requirements can be found in the sales prospectus for the fund. |"},"unique id":{"kind":"number","value":108271,"string":"108,271"},"hereafter_tagged":{"kind":"string","value":"- Units of a collective investment undertaking (hereinafter “<annotation tool=\"custom\" phenomenon=\"terminology consistency\" id=\"def_453\" refersTo=\"Units of a collective investment undertaking\">UCI</annotation>”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating;\n- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents;\n- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade;\n- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index.\n The Management Company reserves the right to restrict the permissibility of the aforementioned collateral. Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases. Additional information on collateral requirements can be found in the sales prospectus for the fund. |"},"reordering_tagged":{"kind":"list like","value":["- Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating;","- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents;","- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade;","- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index.","The Management Company reserves the right to restrict the permissibility of the aforementioned collateral.","Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.","Additional information on collateral requirements can be found in the sales prospectus for the fund."],"string":"[\n \"- Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating;\",\n \"- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents;\",\n \"- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade;\",\n \"- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index.\",\n \"The Management Company reserves the right to restrict the permissibility of the aforementioned collateral.\",\n \"Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.\",\n \"Additional information on collateral requirements can be found in the sales prospectus for the fund.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["- Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating;","- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents;","- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade;","- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index.","The Management Company reserves the right to restrict the permissibility of the aforementioned collateral.","Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.","Additional information on collateral requirements can be found in the sales prospectus for the fund."],"string":"[\n \"- Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating;\",\n \"- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents;\",\n \"- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade;\",\n \"- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major index.\",\n \"The Management Company reserves the right to restrict the permissibility of the aforementioned collateral.\",\n \"Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.\",\n \"Additional information on collateral requirements can be found in the sales prospectus for the fund.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98271,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Jahresbericht\nund Jahresabschluss\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nDer Fonds DWS Osteuropa strebt einen nachhaltigen Wertzuwachs gegenüber dem Vergleichsmaßstab (MSCI EM Europe 10/40 ex Greece) an.\nUm dies zu erreichen, inves tiert er vor allem in Aktien von Emittenten, die ihren Sitz oder\nDWS OSTEUROPA\nWertentwicklung auf 5-Jahres-Sicht\n140\n130\n120\n110\n100\n90\n80\n70\nGeschäftsschwerpunkt in Ost\n12/16*\n12/17\n12/18\t12/19\t12/20\n12/21\neuropa, z.B. in Ungarn, Polen,\nDWS Osteuropa\n* 12/2016 = 100\nAngaben auf Euro-Basis\nTschechien, Türkei, Slowakei\noder Russland haben.\nDas Anlageumfeld war im Berichtszeitraum von der der Covid19Pandemie, hoher Verschuldung weltweit, im mer noch sehr niedrigen, teils negativen Zinsen in den Indus trieländern sowie der Unsicher heit hinsichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erzielte der\nFonds im Geschäftsjahr 2021 ei nen Wertzuwachs von 11,3% je\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDWS OSTEUROPA VS. VERGLEICHSINDEX\nWertentwicklung im Überblick\n| ISIN | 1 Jahr | 3 Jahre | 5 Jahre |\n| --- | --- | --- | --- |\n| LU0062756647 | 11,3% | 19,5% | 14,7% |\n| MSCI EM Europe ex Greece 10/40 1) | 22,1% | 31,2% | 31,8% |\n\n1) \nMSCI EM Europe 10/40 ex. Greece seit dem 17.7.2017\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nAngaben auf Euro-Basis\nAnteil (nach BVIMethode), lag damit allerdings hinter seiner Benchmark (+22,1%; jeweils in Euro).\n\n### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den in ternationalen Kapitalmärkten stand im Jahr 2021 insbeson dere unter dem Eindruck der CoronavirusPandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen über unterstützte die – ange sichts der abgeschwächten Weltkonjunktur – extrem locke re Geldpolitik der Zentralbanken der Industrieländer die Kursent wicklung an den Finanzmärk ten. Seit Jahresanfang 2021 verbesserten sich die Konjunk\nturaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie\ndie einsetzenden Impfkampa gnen. Allerdings kam bei den Investoren auch die Inflations frage auf, hervorgerufen u.a. durch die deutlich gestiegenen Preise an den Rohstoffmärk ten, den Corona bedingten KonsumNachholbedarf sowie partielle Angebotsverknappung aufgrund von Lieferschwierig keiten. Zudem dämpften die dy namische Ausbreitung des Co ronavirus und dessen Mutanten\nsowie damit verbundene neue Beschränkungen die Konjunk turperspektiven. Die internatio nalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichne ten allerdings ein differenziertes Bild. Während die Aktienmärkte in den westlichen Industrielän dern – begünstigt insbesondere durch die schnelle Erholung der Unternehmensgewinne – kräf tige Kurszuwächse verzeich neten, bildeten die Börsen der Emerging Markets das Schluss licht.\nRegional stellten russische Ak tien mit einem Anteil von rund 60% des Fondsvermögens zum Ende des Geschäftsjahres 2021 den Anlageschwerpunkt dar.\nIm Berichtszeitraum konnte der\nrussische Aktienmarkt spürbare Kurssteigerungen verbuchen.\nAllerdings geriet dieser zum Jahresende 2021 hin im Zuge\n14,0% vor. Und dies, obwohl die Inflation in der Türkei im Kalenderjahr 2021 von rund 15% auf rund 36% anzog. Der\nberücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nder gestiegenen geopolitischen\nFonds war in türkischen Aktien\t\nRisiken** stark unter Druck und musste Teile der Gewinne wie- der abgeben. Unterstützt wurde die per Saldo deutlich positive Entwicklung des russischen Ak- tienmarktes vor allem durch die kräftigen Preissteigerungen bei Öl und Gas, wovon der Energie- sektor profitierte. Finanzwer- ten kamen die schrittweisen spürbaren Zinserhöhungen der russischen Zentralbank zugute. Relative Verlierer im russischen Aktienmarkt waren die Notie- rungen von Unternehmen, die den nicht zyklischen Konsum bedienen sowie Technologie- und Versorgerwerte. Gründe\nfür die Underperformance des Fonds war dessen Übergewicht im Einzelhandelsektor und in Goldproduzenten sowie dessen Untergewicht im Gassektor.\nDie türkische Aktienbörse gab – angesichts schwieriger\nRahmenbedingungen und rela- tiv hoher politischer Risiken – unter Schwankungen während des Berichtszeitraums im Kurs nach. Der Kursrückgang fiel für Euro-orientierte Anleger noch deutlicher aus, da die Türkische Lira gegenüber der europä- ischen Gemeinschaftswährung weiter dramatisch an Wert ver- lor. Die türkische Zentralbank, die im ersten Quartal 2021 den Leitzins zunächst noch von 15,0% p.a. auf 19,0% p.a. an- hob, um den Kurssturz der Tür- kischen Lira zu bremsen, nahm jedoch in der Folgezeit bis Ende Dezember 2021 sukzessive eine deutliche Leitzinssenkung auf\nübergewichtet, was dessen Anlageergebnis im Vergleich zu seiner Benchmark belastete.\nDer Anteil polnischer Aktien am Fondsvermögen betrug zum Jahresende 2021 rund 13%. Ins- besondere Bankaktien wiesen deutliche Kurssteigerungen auf und profitierten von der starken wirtschaftlichen Erholung in Polen und den Zinserhöhungen der polnischen Zentralbank.\nAktien aus Ungarn und Tsche- chien waren aus Diversifika- tionsgründen dem Portfolio selektiv beigemischt.\nGenerell berücksichtigte das Portfoliomanagement bei sei- nen Investmententscheidungen neben Finanzdaten auch Nach- haltigkeitsrisiken. Daher waren für den Fonds verschiedene Unternehmen aufgrund von Nachhaltigkeitskriterien nicht investierbar.\n\n### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Of- fenlegungspflichten im Finanz- dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeutende Herausforderung und somit ein wesentliches Ereignis im Berichtszeitraum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung.\nWeitere Details hierzu können den Ausführungen am Ende des Jahresab- schlusses entnommen werden.\n** Details im Zusammenhang mit der Russland/Ukraine-Krise können hinter dem Jahresabschluss entnommen wer- den.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Aktien (Branchen): Finanzsektor | 33 802 683,05 | 29,75 |\n| Energie | 32 939 903,25 | 28,99 |\n| Grundstoffe | 11 174 044,02 | 9,84 |\n| Hauptverbrauchsgüter | 6 358 525,77 | 5,60 |\n| Dauerhafte Konsumgüter | 5 046 006,91 | 4,44 |\n| Gesundheitswesen | 3 243 652,82 | 2,86 |\n| Industrien | 1 992 733,83 | 1,75 |\n| Informationstechnologie | 699 736,00 | 0,62 |\n| Sonstige | 14 877 179,59 | 13,10 |\n| Summe Aktien: | 110 134 465,24 | 96,95 |\n| 2. Bankguthaben | 3 131 193,06 | 2,76 |\n| 3. Sonstige Vermögensgegenstände | 669 712,33 | 0,59 |\n| 4. Forderungen aus Anteilscheingeschäften | 20 888,92 | 0,02 |\n| II. Verbindlichkeiten | | |\n| 1. Verbindlichkeiten aus Kreditaufnahme | -165 005,09 | -0,15 |\n| 2. Sonstige Verbindlichkeiten | -176 027,54 | -0,16 |\n| 3. Verbindlichkeiten aus Anteilscheingeschäften | -12 657,62 | -0,01 |\n| III. Fondsvermögen | 113 602 569,30 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n\n##### Vermögensaufstellung zum 31.12.2021\n| Wertpapierbezeichnung | Stück bzw. Whg. in 1000 | Bestand | Käufe/ Zugänge im Beric | Verkäufe/ Abgänge htszeitraum | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Börsengehandelte Wertpapiere | | | | | | | 110 134 465,24 | 96,95 |\n| Aktien | | | | | | | | |\n| Komercní Banka (CZ0008019106) .................. . | Stück | 55 000 | 55 000 | | CZK | 927,0000 | 2 038 829,13 | 1,79 |\n| Moneta Money Bank (CZ0008040318) .............. . | Stück | 561 444 | | | CZK | 94,0000 | 2 110 438,52 | 1,86 |\n| Nova Ljubljanska Banka GDR Reg.S (US66980N2036).. . | Stück | 95 795 | 19 955 | 40 000 | EUR | 15,0500 | 1 441 714,75 | 1,27 |\n| Polymetal International (JE00B6T5S470) ............ . | Stück | 248 000 | 48 000 | | GBP | 12,9000 | 3 810 158,99 | 3,35 |\n| Magyar Telekom Telecommunications Co. (HU0000073507) ............................... . | Stück | 546 351 | | | HUF | 409,5000 | 605 127,42 | 0,53 |\n| MOL Magyar Olaj- és Gázipari Nyilv. Részv. Cl.A (HU0000153937) ............................... . | Stück | 386 105 | 30 000 | | HUF | 2 516,0000 | 2 627 466,85 | 2,31 |\n| OTP Bank Nyrt. (HU0000061726) .................. . | Stück | 108 231 | 25 000 | | HUF | 16 595,0000 | 4 857 917,22 | 4,28 |\n| Richter Gedeon Vegyészeti Gyár Nyrt. (HU0000123096) . | Stück | 138 084 | 25 000 | | HUF | 8 685,0000 | 3 243 652,82 | 2,86 |\n| Allegro.eu (LU2237380790)....................... . | Stück | 285 000 | 285 000 | | PLN | 39,1500 | 2 430 088,21 | 2,14 |\n| Bank Polska Kasa Opieki (PLPEKAO00016) .......... . | Stück | 80 000 | | 70 000 | PLN | 121,6500 | 2 119 568,77 | 1,87 |\n| CD Projekt (PLOPTTC00011)...................... . | Stück | 30 500 | 10 000 | 10 000 | PLN | 191,0600 | 1 269 156,05 | 1,12 |\n| Cyfrowy Polsat (PLCFRPT00013) .................. . | Stück | 93 000 | | | PLN | 34,6000 | 700 816,73 | 0,62 |\n| Eurocash Cl.A (PLEURCH00011)................... . | Stück | 220 000 | | | PLN | 10,6700 | 511 249,05 | 0,45 |\n| KGHM Polska Miedz (PLKGHM000017) ............. . | Stück | 51 994 | 3 938 | | PLN | 139,4000 | 1 578 561,17 | 1,39 |\n| LPP (PLLPP0000011) ........................... . | Stück | 101 | 101 | | PLN | 17 100,0000 | 376 151,58 | 0,33 |\n| Orange Polska (PLTLKPL00017) ................... . Powszechna Kasa Oszczednosci (PKO) Bank Polski (PLPKO0000016) ............................... . | Stück Stück | 821 895 380 373 | 85 000 | | PLN PLN | 8,6050 44,5600 | 1 540 325,92 3 691 477,92 | 1,36 3,25 |\n| Powszechny Zaklad Ubezpieczen (PLPZU0000011) .... . | Stück | 240 000 | | 100 000 | PLN | 35,1200 | 1 835 739,95 | 1,62 |\n| Santander Bank Polska (PLBZ00000044) ............ . | Stück | 8 996 | 8 996 | 18 000 | PLN | 343,5000 | 673 010,13 | 0,59 |\n| Anadolu Efes Biracilik Malt ve Gida (TRAAEFES91A9) .. . | Stück | 347 993 | | | TRY | 29,6400 | 704 389,24 | 0,62 |\n| Koc Holding (TRAKCHOL91Q8).................... . | Stück | 1 000 000 | 500 000 | | TRY | 29,1800 | 1 992 733,83 | 1,75 |\n| Mavi Giyim Sanayi ve Ticaret (TREMAVI00037) ....... . | Stück | 120 000 | | | TRY | 67,2000 | 550 699,30 | 0,48 |\n| Turkcell Iletisim Hizmetleri (TRATCELL91M1) ........ . | Stück | 500 000 | 300 000 | 400 000 | TRY | 19,0400 | 650 131,12 | 0,57 |\n| Turkiye Garanti Bankasi (TRAGARAN91N1) .......... . | Stück | 2 800 000 | | 500 000 | TRY | 11,5600 | 2 210 445,80 | 1,95 |\n| Aktsionernaya Kompaniya ‘ALROSA’ (RU0007252813) . . | Stück | 1 100 000 | | | USD | 1,6087 | 1 565 793,04 | 1,38 |\n| Fix Price Group GDR (US33835G2057).............. . | Stück | 90 000 | 90 000 | | USD | 7,3500 | 585 320,53 | 0,52 |\n| Gazprom ADR (US3682872078) ................... . | Stück | 1 350 000 | 450 000 | 280 000 | USD | 9,0520 | 10 812 900,94 | 9,52 |\n| Lukoil ADR (US69343P1057)...................... . | Stück | 140 000 | 18 000 | 26 000 | USD | 87,3000 | 10 814 493,65 | 9,52 |\n| Magnit GDR (US55953Q2021) .................... . Magnitogorsk Iron & Steel Works GDR Reg S (US5591892048) ............................... . | Stück Stück | 233 464 80 000 | | | USD USD | 14,3950 12,0800 | 2 973 688,70 855 107,73 | 2,62 0,75 |\n| Mobile Telesystems ADR (US6074091090) .......... . | Stück | 425 000 | | 120 000 | USD | 7,9600 | 2 993 407,95 | 2,63 |\n| Moscow Exchange MICEX-RTS (RU000A0JR4A1)..... . | Stück | 600 000 | 600 000 | | USD | 2,0372 | 1 081 534,31 | 0,95 |\n| Novatek GDR Reg S (US6698881090) .............. . | Stück | 27 000 | 10 336 | 3 000 | USD | 231,5000 | 5 530 681,77 | 4,87 |\n| Ozon Holdings GDR (US69269L1044) .............. . | Stück | 42 000 | 42 000 | | USD | 29,7000 | 1 103 747,29 | 0,97 |\n| Polyrus Sp. GDR (US73181M1172) ................ . | Stück | 35 465 | 15 000 | 25 045 | USD | 86,3500 | 2 709 731,23 | 2,39 |\n| Rosneft Oil GDR (US67812M2070) ................ . | Stück | 450 000 | 150 000 | 570 000 | USD | 7,9220 | 3 154 360,04 | 2,78 |\n| Sberbank of Russia ADR (US80585Y3080) ........... . | Stück | 605 000 | | 220 000 | USD | 15,5700 | 8 335 044,02 | 7,34 |\n| Severstal PAO GDR Reg S (Oct. 2006) (US8181503025). | Stück | 35 000 | 50 000 | 175 000 | USD | 21,1400 | 654 691,86 | 0,58 |\n| Softline Holding GDR (US83407L2079) ............. . | Stück | 114 776 | 114 776 | | USD | 6,8900 | 699 736,00 | 0,62 |\n| TCS Group Holding GDR Reg S (US87238U2033) ..... . | Stück | 47 665 | 47 665 | | USD | 80,7800 | 3 406 962,53 | 3,00 |\n| X 5 Retail Group GDR Reg S (US98387E2054)........ . | Stück | 94 000 | 26 000 | 35 000 | USD | 26,0800 | 2 169 198,78 | 1,91 |\n| Yandex (NL0009805522) ......................... . | Stück | 135 000 | 108 000 | | USD | 59,5900 | 7 118 214,40 | 6,27 |\n| Summe Wertpapiervermögen | | | | | | | 110 134 465,24 | 96,95 |\n| Bankguthaben | | | | | | | 3 131 193,06 | 2,76 |\n| Verwahrstelle (täglich fällig) | | | | | | | | |\n| Guthaben in sonstigen EU/EWR-Währungen ......... . | EUR | 230 220,81 | | | % | 100 | 230 220,81 | 0,20 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | | | | |\n| Britische Pfund ................................ . | GBP | 8 858,38 | | | % | 100 | 10 550,09 | 0,01 |\n| Hongkong Dollar ............................... . | HKD | 1,00 | | | % | 100 | 0,11 | 0,00 |\n| Türkische Lira ................................. . | TRY | 208 355,08 | | | % | 100 | 14 228,79 | 0,01 |\n| US Dollar ..................................... . | USD | 3 249 439,21 | | | % | 100 | 2 875 228,25 | 2,53 |\n| Südafrikanische Rand ........................... . | ZAR | 17 372,07 | | | % | 100 | 965,01 | 0,00 |\n\n| Wertpapierbezeichnung | Stück bzw. Whg. in 1000 | Bestand | Käufe/ Zugänge im | Verkäufe/ Abgänge Berichtszeitraum | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Sonstige Vermögensgegenstände | | | | | | 669 712,33 | 0,59 |\n| Dividenden-/Ausschüttungsansprüche .............. . | EUR | 669 712,33 | | | %\t100 | 669 712,33 | 0,59 |\n| Forderungen aus Anteilscheingeschäften | EUR | 20 888,92 | | | %\t100 | 20 888,92 | 0,02 |\n| Summe der Vermögensgegenstände 1) | | | | | | 113 956 259,55 | 100,31 |\n| Verbindlichkeiten aus Kreditaufnahme | | | | | | -165 005,09 | -0,15 |\n| EUR - Kredite.................................. . | EUR | -165 005,09 | | | %\t100 | -165 005,09 | -0,15 |\n| Sonstige Verbindlichkeiten | | | | | | -176 027,54 | -0,16 |\n| Verbindlichkeiten aus Kostenpositionen ............. . | EUR | -161 839,89 | | | %\t100 | -161 839,89 | -0,15 |\n| Andere sonstige Verbindlichkeiten ................. . | EUR | -14 187,65 | | | %\t100 | -14 187,65 | -0,01 |\n| Verbindlichkeiten aus Anteilscheingeschäften | EUR | -12 657,62 | | | %\t100 | -12 657,62 | -0,01 |\n| Fondsvermögen | | | | | | 113 602 569,30 | 100,00 |\n| Anteilwert | | | | | | 630,68 | |\n| Umlaufende Anteile | | | | | | 180 127,705 | |\n\nDurch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI EM Europe ex Greece 10-40 Index (Net)\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag.............. . | % | 82,769 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag .............. . | % | 95,210 |\n| durchschnittlicher potenzieller Risikobetrag ...... . | % | 90,931 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 01.01.2021 bis 31.12.2021 auf Basis der VaR-Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 0,00.\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Tschechische Kronen ............ . | CZK | 25,007000 | = EUR | 1 |\n| --- | --- | --- | --- | --- |\n| Britische Pfund ................. . | GBP | 0,839650 | = EUR | 1 |\n| Hongkong Dollar ................ . | HKD | 8,813450 | = EUR | 1 |\n| Ungarische Forint ............... . | HUF | 369,725000 | = EUR | 1 |\n| Polnische Zloty ................. . | PLN | 4,591500 | = EUR | 1 |\n| Türkische Lira .................. . | TRY | 14,643200 | = EUR | 1 |\n| US Dollar ...................... . | USD | 1,130150 | = EUR | 1 |\n| Südafrikanische Rand ............ . | ZAR | 18,002050 | = EUR | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden von der Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den von der Verwaltungsgesellschaft auf der Grundlage der in den gesetzlichen Bestimmungen/Verordnungen bzw. im Prospekt des Fonds definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Zweigniederlassung Luxemburg, als externem Price Service Provider und Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vor- gehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Anlagen werden nicht zu abgeleiteten Verkehrswerten bewertet.\n Fußnoten\t\n1)\tBeinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 01.01.2021 bis 31.12.2021\n- Erträge\n\t- Dividenden (vor Quellensteuer).................... EUR\t5 583 050,62\n\t- Zinsen aus Liquiditätsanlagen (vor Quellensteuer) ..... EUR\t1 505,11\n\t- Erträge aus Wertpapier-Darlehenund Pensionsgeschäften ......................... EUR\t29 942,92 davon:aus Wertpapier-Darlehen ....... EUR\t29 942,92\n\n- Abzug ausländischer Quellensteuer ................ EUR\t-355 246,33\n- Sonstige Erträge ............................... EUR\t5 686,89Summe der Erträge............................... EUR\t5 264 939,21\n- Aufwendungen\n\t- Zinsen aus Kreditaufnahmen und negativen Einlagen-verzinsungen sowie ähnliche Aufwendungen......... EUR\t-4 858,60 davon:Bereitstellungszinsen .......... EUR\t-1 207,64\n\n- Verwaltungsvergütung .......................... EUR\t-1 909 708,16 davon:Kostenpauschale\tEUR -1 909 708,16\n- Sonstige Aufwendungen ......................... EUR\t-65 420,78 davon:erfolgsabhängige Vergütungaus Wertpapier-Darlehen ....... EUR\t-9 881,16 Aufwendungen für Rechts- undBeratungskosten .............. EUR\t-161,41Taxe d’Abonnement ........... EUR -55 378,21 \n\n| Summe der Aufwendungen ........................ | EUR | -1 979 987,54 |\n| --- | --- | --- |\n| III. Ordentlicher Nettoertrag ........................ | EUR | 3 284 951,67 |\n| IV. Veräußerungsgeschäfte | | |\n| 1. Realisierte Gewinne ............................. | EUR | 6 149 293,36 |\n| 2. Realisierte Verluste .............................. | EUR | -6 891 580,63 |\n| Ergebnis aus Veräußerungsgeschäften .............. | EUR | -742 287,27 |\n| V. Realisiertes Ergebnis des Geschäftsjahres .......... | EUR | 2 542 664,40 |\n| 1. Nettoveränderung der nichtrealisierten Gewinne ....... | EUR | 8 478 221,24 |\n| 2. Nettoveränderung der nichtrealisierten Verluste ....... | EUR | 1 331 508,25 |\n| VI. Nichtrealisiertes Ergebnis des Geschäftsjahres ..... | EUR | 9 809 729,49 |\n| VII. Ergebnis des Geschäftsjahres ................... | EUR | 12 352 393,89 |\n\nHinweis: Die Nettoveränderung der nichtrealisierten Gewinne (Verluste) errechnet sich aus Gegenüberstellung der Summe aller nichtrealisierten Gewinne (Verluste) zum Ende des Geschäftsjahres und der Summe aller nichtrealisierten Gewinne (Verluste) zu Beginn des Geschäftsjahres. In die Summe der nichtrealisierten Gewinne (Verluste) fließen die positiven (negativen) Differenzen ein, die aus dem Vergleich der Wertansätze der einzelnen Vermögensgegenstände zum Berichtsstichtag mit den Anschaffungskosten resultieren.\nDie nichtrealisierten Ergebnisse werden ohne Ertragsausgleich ausgewiesen.\nGesamtkostenquote (BVI - Total Expense Ratio (TER))\nDie Gesamtkostenquote belief sich auf 1,75% p.a. Die Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktionskosten) einschließlich eventueller Bereitstellungszinsen als Prozentsatz des durchschnittlichen Fondsvolumens innerhalb eines Geschäftsjahres aus.\nZudem fiel aufgrund der Zusatzerträge aus Wertpapierleihegeschäften eine erfolgsabhän- gige Vergütung in Höhe von 0,009% des durchschnittlichen Fondsvermögens an.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 43 163,00.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\n\n###### Entwicklungsrechnung für das Fondsvermögen\t\n- Wert des Fondsvermögens am Beginndes Geschäftsjahres ............................. EUR\t114 754 199,97\n- Mittelzufluss (netto). . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-13 771 107,60\n\t- Mittelzuflüsse aus Anteilscheinverkäufen ........ EUR\t9 120 126,68\n\t- Mittelabflüsse aus Anteilscheinrücknahmen ...... EUR\t-22 891 234,28\n\n- Ertrags- und Aufwandsausgleich................... EUR\t267 083,04\n- Ergebnis des Geschäftsjahres..................... EUR\t12 352 393,89 davon:Nettoveränderung der nichtrealisierten Gewinne. . . EUR\t8 478 221,24 Nettoveränderung der nichtrealisierten Verluste ... EUR\t 1 331 508,25\n- Wert des Fondsvermögens am Endedes Geschäftsjahres ............................. EUR\t113 602 569,30\n\n\n###### Zusammensetzung der Gewinne/Verluste\t\nRealisierte Gewinne (inkl. Ertragsausgleich) .......... EUR\t6 149 293,36\n| aus: Wertpapiergeschäften ........................... | EUR | 5 602 198,33 |\n| --- | --- | --- |\n| Devisen(termin)geschäften ....................... | EUR | 547 095,03 |\n| Realisierte Verluste (inkl. Ertragsausgleich)........... | EUR | -6 891 580,63 |\n| aus: | | |\n| Wertpapiergeschäften\tEUR | -6 223 504,30 |\n| Devisen(termin)geschäften\tEUR | -668 076,33 |\n| Nettoveränderung der nichtrealisierten | | |\n| Gewinne/Verluste\tEUR | 9 809 729,49 |\n| aus: Wertpapiergeschäften\tEUR | 9 806 897,14 |\n| Devisen(termin)geschäften\tEUR | 2 832,35 |\n\n\n###### Angaben zur Ertragsverwendung *\t\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\nFondsvermögen\nam Ende des\tAnteilwert Geschäftsjahres EUR EUR\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 602 569,30\t630,68\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 754 199,97\t566,75\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 842 156,36\t683,90\nAbwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns)\nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf Prozent und mehr) sind, betrug 0,00 Prozent der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt 0,00 EUR.\nRussland/Ukraine-Krise\nVor dem Hintergrund des eskalierenden Konflikts zwischen Russland und der Ukraine sind die Handelsbedingungen an den lokalen Märkten derzeit nicht so, wie sie normalerweise funktionieren würden. Aufgrund der äußerst volatilen und sich ständig ändernden Marktsituation und der bereits verhängten sowie geplanten umfassenden Sanktionen gegen Russland kann eine angemessene und durch aktiven Börsenhandel belastbare Bewertung von verschiedenen Wertpapieren von Emittenten mit Sitz oder Geschäftsschwerpunkt in Russland nicht mehr zu jedem Zeitpunkt gewähr- leistet werden. Dies führt unter anderem dazu, dass der Nettoinventarwert („NAV“) der Anteile des Fonds DWS Osteuropa nicht mehr mit der notwendigen Genauigkeit und Angemessenheit berechnet werden kann. Infolgedessen und zusätz- lich zu der am 28. Februar 2022 beschlossenen Aussetzung der Ausgabe von Anteilen (gemäß Artikel 9 des Verwal- tungsreglements des Fonds), hat die DWS Investment S.A. in ihrer Eigenschaft als Verwaltungsgesellschaft beschlos- sen, gemäß den Artikeln 7 und 10 des Verwaltungsreglements des Fonds die Berechnung des Nettoinventarwerts pro Anteil und die Rücknahme von Anteilen des Fonds ab dem 1. März 2022 bis auf weiteres auszusetzen.\nDiese Entscheidung wurde insbesondere getroffen, um den Schutz und die Gleichbehandlung aller Anleger zu gewähr- leisten, da vom Zeitpunkt der oben beschriebenen Entscheidungen bis zum Zeitpunkt der Erstellung des vorliegenden Berichts keine ausreichende Marktliquidität sowie Bewertungssicherheit vorhanden war.\nAlle Ausgabeanträge, die nach dem Orderannahmeschluss am 25. Februar 2022 eingegangen sind, wurden abgelehnt, um die Anleger vor Nachteilen aufgrund der aktuellen Marktsituation zu schützen. Alle Rücknahmeanträge, die bis zum Orderannahmeschluss am 25. Februar 2022 eingegangen sind, wurden ausgeführt und alle Rücknahmeanträge, die nach dem Orderannahmeschluss am 25. Februar 2022 eingegangen sind, wurden abgelehnt.\nDie Aussetzung wird in regelmäßigen Abständen überprüft. Die Verwaltungsgesellschaft wird alle Informationen über die Entscheidung zur Beendigung der Aussetzung auf der Website www.dws.com veröffentlichen.\nNach der Aussetzung der Ausgabe von Anteilen, der Berechnung des NAV pro Anteil und der Rücknahme von Anteilen des Fonds DWS Osteuropa hat die Verwaltungsgesellschaft DWS Investment S.A. beschlossen, die Kostenpauschale des Fonds wie folgt zu reduzieren:\n| Name | ISIN | Kostenpauschalte (alt) | Kostenpauschalte (neu) |\n| --- | --- | --- | --- |\n| DWS Osteuropa | LU0062756647 | 1,7% | 0,85% |\n\nDie Entscheidung gilt rückwirkend ab dem 1. März 2022 und bis auf Weiteres.\nKPMG Luxembourg, Société anonyme\tTel: +352 22 51 51 1\n39, Avenue John F. Kennedy\tFax: +352 22 51 71\nL-1855 Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\n\n### An die Anteilinhaber des DWS Osteuropa\n2, Boulevard Konrad Adenauer L-1115 Luxemburg\nBERICHT DES REVISEUR D’ENTREPRISES AGREE\n\n#### Bericht über die Jahresabschlussprüfung Prüfungsurteil\nWir haben den beigefügten Jahresabschluss des DWS Osteuropa („der Fonds“), bestehend aus der Vermö-\ngensaufstellung einschließlich des Wertpapierbestands und der sonstigen Vermögenswerte zum\n31. Dezember 2021, der Ertrags- und Aufwandsrechnung und der Entwicklung des Fondsvermögens für das an diesem Datum endende Geschäftsjahr sowie erläuternden Angaben, einschließlich einer Zusammenfas- sung bedeutsamer Rechnungslegungsmethoden, geprüft.\nNach unserer Beurteilung vermittelt der beigefügte Jahresabschluss in Übereinstimmung mit den in Luxem- burg geltenden gesetzlichen Bestimmungen und Verordnungen betreffend die Aufstellung und Darstellung des Jahresabschlusses ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens- und Finanzlage des DWS Osteuropa zum 31. Dezember 2021 sowie der Ertragslage und der Entwicklung Fonds- vermögens für das an diesem Datum endende Geschäftsjahr.\n\n#### Grundlage für das Prüfungsurteil\nWir führten unsere Abschlussprüfung in Übereinstimmung mit dem Gesetz über die Prüfungstätigkeit („Gesetz vom 23. Juli 2016“) und nach den für Luxemburg von der „Commission de Surveillance du Secteur Financier“ („CSSF“) angenommenen internationalen Prüfungsstandards („ISA“) durch. Unsere Verantwor- tung gemäß dem Gesetz vom 23. Juli 2016 und den ISA-Standards, wie sie in Luxemburg von der CSSF angenommen wurden, wird im Abschnitt „Verantwortung des „réviseur d’entreprises agréé“ für die Jahres- abschlussprüfung“ weitergehend beschrieben. Wir sind auch unabhängig von dem Fonds in Übereinstim- mung mit dem für Luxemburg von der CSSF angenommenen „International Code of Ethics for Professional Accountants, including International Independence Standards“, herausgegeben vom „International Ethics Standards Board for Accountants“ („IESBA Code“), zusammen mit den beruflichen Verhaltensanforderun- gen, welche wir im Rahmen der Jahresabschlussprüfung einzuhalten haben, und haben alle sonstigen Be- rufspflichten in Übereinstimmung mit diesen Verhaltensanforderungen erfüllt. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen.\n\n#### Wesentliche Unsicherheit über den Fortbestand des Fonds\nWir verweisen auf die Angabe im Jahresbericht des Fonds Seite 13, wonach vor dem Hintergrund des eska- lierenden Konflikts zwischen Russland und der Ukraine die Handelsbedingungen an den lokalen Märkten derzeit nicht so sind, wie sie normalerweise funktionieren würden. Aufgrund der äußerst volatilen und sich\n© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518\na member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\nguarantee. All rights reserved.\nständig ändernden Marktsituation und der bereits verhängten sowie geplanten umfassenden Sanktionen gegen Russland kann eine angemessene und durch aktiven Börsenhandel belastbare Bewertung von ver schiedenen Wertpapieren von Emittenten mit Sitz oder Geschäftsschwerpunkt in Russland nicht mehr zu jedem Zeitpunkt gewährleistet werden. Dies führt unter anderem dazu, dass der Nettoinventarwert („NAV“) der Anteile des Fonds nicht mehr mit der notwendigen Genauigkeit und Angemessenheit berechnet werden kann.\nWie im Jahresbericht auf Seite 13 erläutert, deuten diese Ereignisse oder Bedingungen zusammen mit an deren auf Seite 7 dargelegten Sachverhalten darauf hin, dass eine wesentliche Unsicherheit besteht, die erhebliche Zweifel an der Fähigkeit der Fonds zur Fortführung seiner Tätigkeit aufkommen lassen kann. Unser Prüfungsurteil ist bezüglich dieses Sachverhalts nicht modifiziert.\n\n#### Sonstige Informationen\nDer Vorstand der Verwaltungsgesellschaft verantwortlich für die sonstigen Informationen. Die sonstigen Informationen beinhalten die Informationen, welche im Jahresbericht enthalten sind, jedoch beinhalten sie nicht den Jahresabschluss oder unseren Bericht des „réviseur d’entreprises agréé“ zu diesem Jahres abschluss.\nUnser Prüfungsurteil zum Jahresabschluss deckt nicht die sonstigen Informationen ab und wir geben kei nerlei Sicherheit jedweder Art auf diese Informationen.\nIm Zusammenhang mit der Prüfung des Jahresabschlusses besteht unsere Verantwortung darin, die sons tigen Informationen zu lesen und dabei zu beurteilen, ob eine wesentliche Unstimmigkeit zwischen diesen und dem Jahresabschluss oder mit den bei der Abschlussprüfung gewonnenen Erkenntnissen besteht oder auch ansonsten die sonstigen Informationen wesentlich falsch dargestellt erscheinen. Sollten wir auf Basis der von uns durchgeführten Arbeiten schlussfolgern, dass sonstige Informationen wesentliche falsche Dar stellungen enthalten, sind wir verpflichtet, diesen Sachverhalt zu berichten. Wir haben diesbezüglich nichts zu berichten.\n\n#### Verantwortung des Vorstands der Verwaltungsgesellschaft und der für die Überwachung Verantwortlichen für den Jahresabschluss\nDer Vorstand der Verwaltungsgesellschaft ist verantwortlich für die Aufstellung und sachgerechte Gesamt darstellung des Jahresabschlusses in Übereinstimmung mit den in Luxemburg geltenden gesetzlichen Be stimmungen und Verordnungen zur Aufstellung und Darstellung des Jahresabschlusses und für die internen Kontrollen, die der Vorstand als notwendig erachtet, um die Aufstellung des Jahresabschlusses zu ermögli chen, der frei von wesentlichen, beabsichtigten oder unbeabsichtigten, falschen Darstellungen ist.\nBei der Aufstellung des Jahresabschlusses ist der Vorstand der Verwaltungsgesellschaft verantwortlich für die Beurteilung der Fähigkeit des Fonds zur Fortführung der Unternehmenstätigkeit und, sofern einschlägig, Angaben zu Sachverhalten zu machen, die im Zusammenhang mit der Fortführung der Unternehmenstätig keit stehen, und die Annahme der Unternehmensfortführung als Rechnungslegungsgrundsatz zu nutzen, sofern nicht der Vorstand der Verwaltungsgesellschaft beabsichtigt, den Fonds zu liquidieren, die Geschäfts tätigkeit einzustellen oder keine andere realistische Alternative mehr hat, als so zu handeln.\nDie für die Überwachung Verantwortlichen sind verantwortlich für die Überwachung des Jahresabschluss erstellungsprozesses.\n\n#### Verantwortung des réviseur d’entreprises agréé für die Jahresabschlussprüfung\nDie Zielsetzung unserer Prüfung ist es, eine hinreichende Sicherheit zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen, beabsichtigten oder unbeabsichtigten, falschen Darstellungen ist und darü- ber einen Bericht des „réviseur d’entreprises agréé“, welcher unser Prüfungsurteil enthält, zu erteilen. Hin- reichende Sicherheit entspricht einem hohen Grad an Sicherheit, ist aber keine Garantie dafür, dass eine Prüfung in Übereinstimmung mit dem Gesetz vom 23. Juli 2016 und nach den für Luxemburg von der CSSF angenommenen ISAs stets eine wesentliche falsche Darstellung, falls vorhanden, aufdeckt. Falsche Darstel- lungen können entweder aus Unrichtigkeiten oder aus Verstößen resultieren und werden als wesentlich angesehen, wenn vernünftigerweise davon ausgegangen werden kann, dass diese individuell oder insge- samt, die auf der Grundlage dieses Jahresabschlusses getroffenen wirtschaftlichen Entscheidungen von Adressaten beeinflussen.\nIm Rahmen einer Abschlussprüfung in Übereinstimmung mit dem Gesetz vom 23. Juli 2016 und nach den für Luxemburg von der CSSF angenommenen ISAs üben wir unser pflichtgemäßes Ermessen aus und be- wahren eine kritische Grundhaltung.\nDarüber hinaus:\n- Identifizieren und beurteilen wir das Risiko von wesentlichen falschen Darstellungen im Jahresabschluss aus Unrichtigkeiten oder Verstößen, planen und führen Prüfungshandlungen durch als Antwort auf diese Risiken und erlangen Prüfungsnachweise, die ausreichend und angemessen sind, um als Grundlage für das Prüfungsurteil zu dienen. Das Risiko, dass wesentliche falsche Darstellungen nicht aufgedeckt wer- den, ist bei Verstößen höher als bei Unrichtigkeiten, da Verstöße betrügerisches Zusammenwirken, Fäl- schungen, beabsichtigte Unvollständigkeiten, irreführende Angaben bzw. das Außerkraftsetzen interner Kontrollen beinhalten können.\n- IGewinnen wir ein Verständnis von dem für die Abschlussprüfung relevanten internen Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des internen Kontrollsystems des Fonds abzugeben.\n- IBeurteilen wir die Angemessenheit der vom Vorstand der Verwaltungsgesellschaft angewandten Bilan- zierungsmethoden, der rechnungslegungsrelevanten Schätzungen und der entsprechenden Anhangang- aben.\n- ISchlussfolgern wir über die Angemessenheit der Anwendung des Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit durch den Vorstand der Verwaltungsgesellschaft sowie auf der Grundlage der erlangten Prüfungsnachweise, ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die bedeutsame Zweifel an der Fähigkeit des zur Fortführung der Unternehmenstätigkeit aufwerfen könnten. Sollten wir schlussfolgern, dass eine wesentliche Unsi- cherheit besteht, sind wir verpflichtet, im Bericht des „réviseur d’entreprises agréé“ auf die dazugehöri- gen Anhangangaben zum Jahresabschluss hinzuweisen oder, falls die Angaben unangemessen sind, das Prüfungsurteil zu modifizieren. Diese Schlussfolgerungen basieren auf der Grundlage der bis zum Datum des Berichts des „réviseur d’entreprises agréé“ erlangten Prüfungsnachweise. Zukünftige Ereignisse oder Gegebenheiten können jedoch dazu führen, dass der Fonds die Unternehmenstätigkeit nicht mehr fortfüh- ren kann.\n- IBeurteilen wir die Gesamtdarstellung, den Aufbau und den Inhalt des Jahresabschlusses einschließlich der Anhangangaben und beurteilen, ob dieser die zugrundeliegenden Geschäftsvorfälle und Ereignisse sachgerecht darstelltWir kommunizieren mit den für die Überwachung Verantwortlichen unter anderem den geplanten Prüfungs- umfang und Zeitraum sowie wesentliche Prüfungsfeststellungen einschließlich wesentlicher Schwächen im internen Kontrollsystem, welche wir im Rahmen der Prüfung identifizieren.\n\nLuxemburg, 30. April 2022\tKPMG Luxembourg Société anonyme Cabinet de révision agréé\nPia Schanz"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Annual report\nand annual financial statements\n\n### Investment objective and performance in the reporting period\nThe fund DWS Osteuropa seeks to achieve sustained capital appreciation compared to the benchmark (MSCI EM Europe 10/40 ex Greece). To achieve this, it invests especially in equities of issuers that are reg-\nDWS OSTEUROPA\nFive-year performance\n140\n130\n120\n110\n100\n90\n80\n70\nistered or conduct their prin-\n12/16*\n12/17\n12/18\t12/19\t12/20\n12/21\ncipal business activity in East- ern Europe, e.g. in Hungary,\nDWS Osteuropa\n“BVI method” performance, i.e., excluding the initial sales charge.\n* 12/2016 = 100\nData on euro basis\nPoland, the Czech Republic,\nTurkey, Slovakia or Russia.\nThe investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\nworldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\nAgainst this backdrop, the fund achieved an appreciation of\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDWS OSTEUROPA VS. BENCHMARK\n| Performance at a glance ISIN | 1 year | 3 years | 5 years |\n| --- | --- | --- | --- |\n| LU0062756647 | 11.3% | 19.5% | 14.7% |\n| MSCI EM Europe ex Greece 10/40 1 | 22.1% | 31.2% | 31.8% |\n\n1 \nMSCI EM Europe 10/40 ex. Greece since July 17, 2017\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021 Data on euro basis\n11.3% per unit in the 2021 fiscal year (BVI method) but was thus behind its benchmark, which was up 22.1% (both percent- ages in euro terms).\nInvestment policy in the reporting period \nDevelopments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out-\nlook improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for Covid-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors,\ncaused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and par- tial supply shortages due to supply difficulties. In addition, the dynamic spread of the coro- navirus and its variants, as well as associated new restrictions, dampened the economic out- look. The international equity\nmarkets closed 2021 with sig- nificant price gains, although the picture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.\nIn terms of regions, Russian equities formed the investment focus and accounted for a share of approximately 60% of the fund’s assets at the end of the 2021 fiscal year. During the reporting period, the Russian equity market recorded notice- able price increases. However, towards the end of 2021, it came under strong pressure in\nthe wake of increased geopolit-\tPolish equities accounted for\t\nical risks** and had to give up some of its gains. The clearly positive development of the Russian equity market on bal- ance was supported above all by the strong price increases for oil and gas, which benefited the energy sector. Financial stocks benefited from the grad- ual, noticeable interest rate increases by the Russian cen- tral bank. Relative losers in the Russian equity market were the shares of companies serving non-cyclical consumption as well as technology and utility stocks. Reasons for the fund’s underperformance were its overweight in the retail sector and in gold producers, and its underweight in the gas sector.\nIn view of the difficult environ ment and relatively high politi- cal risks, the Turkish equity mar- ket recorded price declines with fluctuations during the report- ing period. The fall in prices\nwas even more pronounced for euro-oriented investors, as the Turkish lira continued to depre- ciate dramatically against the European single currency. The Turkish central bank, which ini- tially raised the key interest rate from 15.0% p.a. to 19.0% p.a. in the first quarter of 2021 in order to curb the plunge in the Turkish lira, subsequently lowered the key interest rate significantly to 14.0% by the end of December 2021. It did so despite the fact that inflation in Turkey picked up from around 15% to around 36% in calendar year 2021. The fund was overweight in Turkish equities, which weighed on its investment performance relative to its benchmark.\naround 13% of fund assets at the end of 2021. Bank shares in particular showed significant price increases and benefited from the strong economic recovery in Poland and the interest rate increases by the Polish central bank.\nEquities from Hungary and the Czech Republic were selectively added to the portfolio for diver- sification reasons.\nIn general, portfolio manage- ment took sustainability risks into account in addition to financial data when making investment decisions. As a result, the fund could not invest in various companies due to sustainability criteria.\nInformation on environmental and/or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019/2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020/852 (taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\n* The coronavirus crisis (COVID-19) alsorepresented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertainties regarding the impact of\nCOVID19 are of significance for under- standing the annual financial state- ments. Further details can be found in the comments at the end of the annual financial statements.\n** Details in connection with the Russia/ Ukraine crisis can be found after the financial statements.\nThe format used for complete dates\nin security names in the investment\nportfolio is „day/month/year“.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Equities (sectors): Financials | 33 802 683.05 | 29.75 |\n| Energy | 32 939 903.25 | 28.99 |\n| Basic Materials | 11 174 044.02 | 9.84 |\n| Consumer Staples | 6 358 525.77 | 5.60 |\n| Consumer Discretionaries | 5 046 006.91 | 4.44 |\n| Health Care | 3 243 652.82 | 2.86 |\n| Industrials | 1 992 733.83 | 1.75 |\n| Information Technology | 699 736.00 | 0.62 |\n| Other | 14 877 179.59 | 13.10 |\n| Total equities: | 110 134 465.24 | 96.95 |\n| 2. Cash at bank | 3 131 193.06 | 2.76 |\n| 3. Other assets | 669 712.33 | 0.59 |\n| 4. Receivables from share certificate transactions | 20 888.92 | 0.02 |\n| II. Liabilities | | |\n| 1. Loan liabilities | -165 005.09 | -0.15 |\n| 2. Other liabilities | -176 027.54 | -0.16 |\n| 3. Liabilities from share certificate transactions | -12 657.62 | -0.01 |\n| III. Net assets | 113 602 569.30 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\n\n##### Investment portfolio – December 31, 2021\n| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the report | Sales/ disposals ing period | Market price | Total market value in EUR | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Securities traded on an exchange | | | | | | | 110 134 465.24 | 96.95 |\n| Equities | | | | | | | | |\n| Komercní Banka (CZ0008019106) .................. . | Count | 55 000 | 55 000 | | CZK | 927.0000 | 2 038 829.13 | 1.79 |\n| Moneta Money Bank (CZ0008040318) .............. . | Count | 561 444 | | | CZK | 94.0000 | 2 110 438.52 | 1.86 |\n| Nova Ljubljanska Banka GDR Reg.S (US66980N2036).. . | Count | 95 795 | 19 955 | 40 000 | EUR | 15.0500 | 1 441 714.75 | 1.27 |\n| Polymetal International (JE00B6T5S470) ............ . | Count | 248 000 | 48 000 | | GBP | 12.9000 | 3 810 158.99 | 3.35 |\n| Magyar Telekom Telecommunications Co. (HU0000073507) ............................... . | Count | 546 351 | | | HUF | 409.5000 | 605 127.42 | 0.53 |\n| MOL Magyar Olaj- és Gázipari Nyilv. Részv. Cl.A (HU0000153937) ............................... . | Count | 386 105 | 30 000 | | HUF | 2 516.0000 | 2 627 466.85 | 2.31 |\n| OTP Bank Nyrt. (HU0000061726) .................. . | Count | 108 231 | 25 000 | | HUF | 16 595.0000 | 4 857 917.22 | 4.28 |\n| Richter Gedeon Vegyészeti Gyár Nyrt. (HU0000123096) . | Count | 138 084 | 25 000 | | HUF | 8 685.0000 | 3 243 652.82 | 2.86 |\n| Allegro.eu (LU2237380790)....................... . | Count | 285 000 | 285 000 | | PLN | 39.1500 | 2 430 088.21 | 2.14 |\n| Bank Polska Kasa Opieki (PLPEKAO00016) .......... . | Count | 80 000 | | 70 000 | PLN | 121.6500 | 2 119 568.77 | 1.87 |\n| CD Projekt (PLOPTTC00011)...................... . | Count | 30 500 | 10 000 | 10 000 | PLN | 191.0600 | 1 269 156.05 | 1.12 |\n| Cyfrowy Polsat (PLCFRPT00013) .................. . | Count | 93 000 | | | PLN | 34.6000 | 700 816.73 | 0.62 |\n| Eurocash Cl.A (PLEURCH00011)................... . | Count | 220 000 | | | PLN | 10.6700 | 511 249.05 | 0.45 |\n| KGHM Polska Miedz (PLKGHM000017) ............. . | Count | 51 994 | 3 938 | | PLN | 139.4000 | 1 578 561.17 | 1.39 |\n| LPP (PLLPP0000011) ........................... . | Count | 101 | 101 | | PLN | 17 100.0000 | 376 151.58 | 0.33 |\n| Orange Polska (PLTLKPL00017) ................... . Powszechna Kasa Oszczednosci (PKO) Bank Polski (PLPKO0000016) ............................... . | Count Count | 821 895 380 373 | 85 000 | | PLN PLN | 8.6050 44.5600 | 1 540 325.92 3 691 477.92 | 1.36 3.25 |\n| Powszechny Zaklad Ubezpieczen (PLPZU0000011) .... . | Count | 240 000 | | 100 000 | PLN | 35.1200 | 1 835 739.95 | 1.62 |\n| Santander Bank Polska (PLBZ00000044) ............ . | Count | 8 996 | 8 996 | 18 000 | PLN | 343.5000 | 673 010.13 | 0.59 |\n| Anadolu Efes Biracilik Malt ve Gida (TRAAEFES91A9) .. . | Count | 347 993 | | | TRY | 29.6400 | 704 389.24 | 0.62 |\n| Koc Holding (TRAKCHOL91Q8).................... . | Count | 1 000 000 | 500 000 | | TRY | 29.1800 | 1 992 733.83 | 1.75 |\n| Mavi Giyim Sanayi ve Ticaret (TREMAVI00037) ....... . | Count | 120 000 | | | TRY | 67.2000 | 550 699.30 | 0.48 |\n| Turkcell Iletisim Hizmetleri (TRATCELL91M1) ........ . | Count | 500 000 | 300 000 | 400 000 | TRY | 19.0400 | 650 131.12 | 0.57 |\n| Turkiye Garanti Bankasi (TRAGARAN91N1) .......... . | Count | 2 800 000 | | 500 000 | TRY | 11.5600 | 2 210 445.80 | 1.95 |\n| Aktsionernaya Kompaniya ’ALROSA’ (RU0007252813) . . | Count | 1 100 000 | | | USD | 1.6087 | 1 565 793.04 | 1.38 |\n| Fix Price Group GDR (US33835G2057).............. . | Count | 90 000 | 90 000 | | USD | 7.3500 | 585 320.53 | 0.52 |\n| Gazprom ADR (US3682872078) ................... . | Count | 1 350 000 | 450 000 | 280 000 | USD | 9.0520 | 10 812 900.94 | 9.52 |\n| Lukoil ADR (US69343P1057)...................... . | Count | 140 000 | 18 000 | 26 000 | USD | 87.3000 | 10 814 493.65 | 9.52 |\n| Magnit GDR (US55953Q2021) .................... . Magnitogorsk Iron & Steel Works GDR Reg S (US5591892048) ............................... . | Count Count | 233 464 80 000 | | | USD USD | 14.3950 12.0800 | 2 973 688.70 855 107.73 | 2.62 0.75 |\n| Mobile Telesystems ADR (US6074091090) .......... . | Count | 425 000 | | 120 000 | USD | 7.9600 | 2 993 407.95 | 2.63 |\n| Moscow Exchange MICEX-RTS (RU000A0JR4A1)..... . | Count | 600 000 | 600 000 | | USD | 2.0372 | 1 081 534.31 | 0.95 |\n| Novatek GDR Reg S (US6698881090) .............. . | Count | 27 000 | 10 336 | 3 000 | USD | 231.5000 | 5 530 681.77 | 4.87 |\n| Ozon Holdings GDR (US69269L1044) .............. . | Count | 42 000 | 42 000 | | USD | 29.7000 | 1 103 747.29 | 0.97 |\n| Polyrus Sp. GDR (US73181M1172) ................ . | Count | 35 465 | 15 000 | 25 045 | USD | 86.3500 | 2 709 731.23 | 2.39 |\n| Rosneft Oil GDR (US67812M2070) ................ . | Count | 450 000 | 150 000 | 570 000 | USD | 7.9220 | 3 154 360.04 | 2.78 |\n| Sberbank of Russia ADR (US80585Y3080) ........... . | Count | 605 000 | | 220 000 | USD | 15.5700 | 8 335 044.02 | 7.34 |\n| Severstal PAO GDR Reg S (Oct. 2006) (US8181503025). | Count | 35 000 | 50 000 | 175 000 | USD | 21.1400 | 654 691.86 | 0.58 |\n| Softline Holding GDR (US83407L2079) ............. . | Count | 114 776 | 114 776 | | USD | 6.8900 | 699 736.00 | 0.62 |\n| TCS Group Holding GDR Reg S (US87238U2033) ..... . | Count | 47 665 | 47 665 | | USD | 80.7800 | 3 406 962.53 | 3.00 |\n| X 5 Retail Group GDR Reg S (US98387E2054)........ . | Count | 94 000 | 26 000 | 35 000 | USD | 26.0800 | 2 169 198.78 | 1.91 |\n| Yandex (NL0009805522) ......................... . | Count | 135 000 | 108 000 | | USD | 59.5900 | 7 118 214.40 | 6.27 |\n| Total securities portfolio | | | | | | | 110 134 465.24 | 96.95 |\n| Cash at bank | | | | | | | 3 131 193.06 | 2.76 |\n| Demand deposits at Depositary | | | | | | | | |\n| Deposits in other EU/EEA currencies ............... . | EUR | 230 220.81 | | | % | 100 | 230 220.81 | 0.20 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ................................. . | GBP | 8 858.38 | | | % | 100 | 10 550.09 | 0.01 |\n| Hong Kong dollar .............................. . | HKD | 1.00 | | | % | 100 | 0.11 | 0.00 |\n| Turkish lira .................................... . | TRY | 208 355.08 | | | % | 100 | 14 228.79 | 0.01 |\n| U.S. dollar .................................... . | USD | 3 249 439.21 | | | % | 100 | 2 875 228.25 | 2.53 |\n| South African rand.............................. . | ZAR | 17 372.07 | | | % | 100 | 965.01 | 0.00 |\n\n| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the reporting | Sales/ disposals period | | Market price | Total market value in EUR | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Other assets | | | | | | | 669 712.33 | 0.59 |\n| Dividends/Distributions receivable ................. . | EUR | 669 712.33 | | | % | 100 | 669 712.33 | 0.59 |\n| Receivables from share certificate transactions | EUR | 20 888.92 | | | % | 100 | 20 888.92 | 0.02 |\n| Total assets 1 | | | | | | | 113 956 259.55 | 100.31 |\n| Loan liabilities | | | | | | | -165 005.09 | -0.15 |\n| EUR loans .................................... . | EUR | -165 005.09 | | | % | 100 | -165 005.09 | -0.15 |\n| Other liabilities | | | | | | | -176 027.54 | -0.16 |\n| Liabilities from cost items ........................ . | EUR | -161 839.89 | | | % | 100 | -161 839.89 | -0.15 |\n| Additional other liabilities......................... . | EUR | -14 187.65 | | | % | 100 | -14 187.65 | -0.01 |\n| Liabilities from share certificate transactions | EUR | -12 657.62 | | | % | 100 | -12 657.62 | -0.01 |\n| Net assets | | | | | | | 113 602 569.30 | 100.00 |\n| Net asset value per unit | | | | | | | 630.68 | |\n| Number of units outstanding | | | | | | | 180 127.705 | |\n\nNegligible rounding errors may have arisen due to the rounding of calculated percentages.\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\nComposition of the reference portfolio (according to CSSF circular 11/512) MSCI EM Europe ex Greece 10-40 Index (Net)\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ................. . | % | 82.769 |\n| --- | --- | --- |\n| Highest market risk exposure ................. . | % | 95.210 |\n| Average market risk exposure ................ . | % | 90.931 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a x% confidence level, a xx-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| Czech koruna................... . | CZK | 25.007000 | = EUR | 1 |\n| --- | --- | --- | --- | --- |\n| British pound .................. . | GBP | 0.839650 | = EUR | 1 |\n| Hong Kong dollar ............... . | HKD | 8.813450 | = EUR | 1 |\n| Hungarian forint................. . | HUF | 369.725000 | = EUR | 1 |\n| Polish zloty .................... . | PLN | 4.591500 | = EUR | 1 |\n| Turkish lira ..................... . | TRY | 14.643200 | = EUR | 1 |\n| U.S. dollar ..................... . | USD | 1.130150 | = EUR | 1 |\n| South African rand............... . | ZAR | 18.002050 | = EUR | 1 |\n\n Notes on valuation\t\nThe Management Company determines the net asset values per unit and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nInvestments reported in this report are not valued at derived market values.\n Footnotes\t\n1\tDoes not include positions with a negative balance, if such exist.\n Statement of income and expenses \n(incl. income adjustment) \nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Dividends (before withholding tax) ................. EUR 5 583\t050.62\n\t- Interest from investments of liquid assets(before withholding tax).......................... EUR\t1 505.11\n\n- Income from securities lending andrepurchase agreements. . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t29 942.92thereof:from securities lending\tEUR 29 942.92\n- Deduction for foreign withholding tax............... EUR\t-355 246.33\n- Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 5\t686.89Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t5 264 939.21\n- Expenses\n\t- Interest on borrowings and negative intereston deposits and expenses similar to interest ......... EUR\t-4 858.60 thereof:Commitment fees ............. EUR -1 207.64\n\n- Management fee ............................... EUR\t-1 909 708.16thereof:All-in fee .................... EUR-1 909 708.16\n- Other expenses ................................ EUR\t-65 420.78thereof:Performance-based feefrom securities lending ......... EUR -9 881.16 Legal and consulting expenses... EUR -161.41 Taxe d’abonnement ........... EUR-55 378.21\n\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -1 979 987.54 |\n| --- | --- | --- |\n| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 3 284 951.67 |\n| IV. Sale transactions | | |\n| 1. Realized gains .................................. | EUR | 6 149 293.36 |\n| 2. Realized losses ................................. | EUR | -6 891 580.63 |\n| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -742 287.27 |\n| V. Realized net gain/loss for the fiscal year . . . . . . . . . . . | EUR | 2 542 664.40 |\n| 1. Net change in unrealized appreciation ............... | EUR | 8 478 221.24 |\n| 2. Net change in unrealized depreciation ............... | EUR | 1 331 508.25 |\n| VI. Unrealized net gain/loss for the fiscal year . . . . . . . . | EUR | 9 809 729.49 |\n| VII. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . | EUR | 12 352 393.89 |\n\nNote: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\nUnrealized appreciation/depreciation is shown without income adjustment.\nBVI total expense ratio (TER)\nThe total expense ratio was 1.75% p.a. The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets for a given fiscal year.\nAs well, the additional income from securities lending resulted in a performance-based fee of 0.009% of the fund’s average net assets.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 43 163.00.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\n\n###### Statement of changes in net assets for the fund\t\n- Value of the fund’s net assetsat the beginning of the fiscal year . . . . . . . . . . . . . . . . . EUR\t114 754 199.97\n- Net inflows ................................... EUR\t-13 771 107.60\n\t- Inflows from subscriptions .................... EUR 9 120\t126.68\n\t- Outflows from redemptions ................... EUR\t-22 891 234.28\n\n- Income adjustment ............................. EUR 267\t083.04\n- Net gain/loss for the fiscal year.................... EUR 12 352\t393.89thereof:Net change in unrealized appreciation ........... EUR\t8 478 221.24Net change in unrealized depreciation ........... EUR\t1 331 508.25\n- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . . EUR\t113 602 569.30\n\n\n###### Summary of gains/losses\t\nRealized gains (incl. income adjustment) . . . . . . . . . . . . . EUR\t6 149 293.36\nfrom:\nSecurities transactions .......................... EUR\t5 602 198.33\n(Forward) currency transactions ................... EUR\t547 095.03\nRealized losses (incl. income adjustment) . . . . . . . . . . . . EUR\t-6 891 580.63\nfrom:\nSecurities transactions .......................... EUR\t-6 223 504.30\n(Forward) currency transactions ................... EUR\t-668 076.33\nNet change in unrealized appreciation/depreciation . . . EUR\t9 809 729.49\nfrom:\nSecurities transactions .......................... EUR\t9 806 897.14\n(Forward) currency transactions ................... EUR\t2 832.35\n\n###### Details on the distribution policy*\t\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\nChanges in net assets and in the net asset value per unit over the last three years\nNet assets\tNet asset\nat the end of the\tvalue per\nfiscal year EUR\tunit EUR\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 602 569.30\t630.68\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 754 199.97\t566.75\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 842 156.36\t683.90\nTransactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00.\nRussia/Ukraine crisis\nAgainst the backdrop of the escalating conflict between Russia and Ukraine, trading conditions on local markets are currently not functioning as they would normally function. Due to the extremely volatile and constantly changing mar- ket situation and the already imposed and planned comprehensive sanctions against Russia, an adequate valuation of various securities of issuers domiciled or with business focus in Russia, which is reliable through active stock exchange trading, can no longer be guaranteed at any time. Among other things, this means that the net asset value (“NAV”) of the DWS Osteuropa fund’s units can no longer be calculated with the necessary accuracy and appropriateness. As a result, and in addition to the suspension of the issue of units decided on February 28, 2022 (pursuant to Article 9 of the fund’s Management Regulations), DWS Investment S.A., in its capacity as Management Company, has decided, pur- suant to Articles 7 and 10 of the fund’s Management Regulations, to suspend the calculation of the net asset value per unit and the redemption of units of the Fund from March 1, 2022, until further notice.\nThis decision was made in particular to ensure the protection and equal treatment of all investors, as there was insuf- ficient market liquidity as well as valuation certainty from the date of the decisions described above until the date of this report.\nAll issuance requests received after the order acceptance deadline on February 25, 2022, have been rejected in order to protect investors from disadvantages due to the current market situation. All redemption requests received by the order acceptance deadline of February 25, 2022, were executed and all redemption requests received after the order acceptance deadline of February 25, 2022, were rejected.\nThe suspension is reviewed at regular intervals. The Management Company will publish all information about the deci- sion to terminate the suspension on the website www.dws.com.\nFollowing the suspension of the issuance of units, the calculation of the NAV per unit and the redemption of units of the DWS Osteuropa fund, the Management Company DWS Investment S.A. has decided to reduce the fund’s all-in fee as follows:\n| Name | ISIN | All-in fee (old) | All-in fee (new) |\n| --- | --- | --- | --- |\n| DWS Osteuropa | LU0062756647 | 1.7% | 0.85% |\n\nThe decision will apply retroactively from March 1, 2022, and until further notice.\nKP\nKPMG issued an unqualified audit opinion for\nthe full annual report. The translation of the report\nof the Réviseur d’Entreprises agréé (the\nindependent auditor’s opinion) is as follows:\nMG Luxembourg, Société anonyme\tTel: +352 22 51 51 1\n39, Avenue John F. Kennedy\tFax: +352 22 51 71\n1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\n\n### To the unitholders of DWS Osteuropa\n2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\nREPORT OF THE REVISEUR D’ENTREPRISES AGREE\n\n#### Report on the audit of the annual financial statements Opinion\nWe have audited the accompanying financial statements of DWS Osteuropa (“the fund”), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies.\nIn our opinion, the attached financial statements give a true and fair view of the financial position of DWS Osteuropa as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements.\n\n#### Basis for the audit opinion\nWe conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d’Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants” (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion.\n\n#### Material uncertainty about the continued existence of the fund\nWe refer to the statement in the fund’s Annual Report on page 13 that against the background of the esca- lating conflict between Russia and Ukraine, trading conditions on local markets are currently not functioning as they would normally function. Due to the extremely volatile and constantly changing market situation and the already imposed and planned comprehensive sanctions against Russia, an adequate valuation of various securities of issuers domiciled or with business focus in Russia, which is reliable through active stock exchange trading, can no longer be guaranteed at any time. Among other things, this means that the net asset value (“NAV”) of the fund’s units can no longer be calculated with the necessary accuracy and appropriateness.\n© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518\na member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\nguarantee. All rights reserved.\nAs discussed in the Annual Report on page 13, these events or conditions, together with other matters set forth on page 7, indicate that a material uncertainty exists that may cast significant doubt about the funds’ ability to continue as a going concern. Our audit opinion has not been modified in relation to this point.\n\n#### Other information\nThe Management Board of the Management Company is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.\nOur audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.\nIn connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard.\n\n#### Responsibility of the Management Board of the Management Company and of those in charge of monitoring for the annual financial statements\nThe Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation and presentation of annual financial statements and for the internal con- trols that the Management Board considers necessary to enable the annual financial statements to be pre- pared such that they are free from material, intentional or unintentional, misstatement.\nWhen preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and, where relevant, for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action.\nThose in charge of monitoring are responsible for monitoring the process of preparing the annual financial statements.\nResponsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements \nThe objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements.\nWhen performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach.\nFurthermore:\n- We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of mate- rial misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls.\n- We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system.\n- We assess the appropriateness of the accounting methods applied by the Management Board of the Management Company, of the accounting-related estimates and of the corresponding explanatory notes.\n- We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activ- ity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associ- ated explanatory information provided in the annual accounts in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund no longer being able to continue its business activity.\n- We assess the overall presentation, the structure and the content of the annual accounts, including the explanatory notes, and assess whether these appropriately present the underlying business transactions and events.\n\nWe communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring.\nLuxembourg, April 30, 2022\tKPMG Luxembourg\n’Société anonyme’ (stock corporation) Cabinet de révision agréé\nPia Schanz"},"unique id":{"kind":"number","value":108272,"string":"108,272"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Annual report","and annual financial statements","### Investment objective and performance in the reporting period","The fund DWS Osteuropa seeks to achieve sustained capital appreciation compared to the benchmark (MSCI EM Europe 10/40 ex Greece).","To achieve this, it invests especially in equities of issuers that are reg-","DWS OSTEUROPA","Five-year performance","140","130","120","110","100","90","80","70","istered or conduct their prin-","12/16*","12/17","12/18\t12/19\t12/20","12/21","cipal business activity in East- ern Europe, e.g. in Hungary,","DWS Osteuropa","“BVI method” performance, i.e., excluding the initial sales charge.","* 12/2016 = 100","Data on euro basis","Poland, the Czech Republic,","Turkey, Slovakia or Russia.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the fund achieved an appreciation of","Past performance is no guide to future results.","As of: December 31, 2021","DWS OSTEUROPA VS. BENCHMARK","| Performance at a glance ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- |","| LU0062756647 | 11.3% | 19.5% | 14.7% |","| MSCI EM Europe ex Greece 10/40 1 | 22.1% | 31.2% | 31.8% |","1","MSCI EM Europe 10/40 ex.","Greece since July 17, 2017","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021 Data on euro basis","11.3% per unit in the 2021 fiscal year (BVI method) but was thus behind its benchmark, which was up 22.1% (both percent- ages in euro terms).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out-","look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for Covid-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors,","caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and par- tial supply shortages due to supply difficulties.","In addition, the dynamic spread of the coro- navirus and its variants, as well as associated new restrictions, dampened the economic out- look.","The international equity","markets closed 2021 with sig- nificant price gains, although the picture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.","In terms of regions, Russian equities formed the investment focus and accounted for a share of approximately 60% of the fund’s assets at the end of the 2021 fiscal year.","During the reporting period, the Russian equity market recorded notice- able price increases.","However, towards the end of 2021, it came under strong pressure in","the wake of increased geopolit-\tPolish equities accounted for\tical risks** and had to give up some of its gains.","The clearly positive development of the Russian equity market on bal- ance was supported above all by the strong price increases for oil and gas, which benefited the energy sector.","Financial stocks benefited from the grad- ual, noticeable interest rate increases by the Russian cen- tral bank.","Relative losers in the Russian equity market were the shares of companies serving non-cyclical consumption as well as technology and utility stocks.","Reasons for the fund’s underperformance were its overweight in the retail sector and in gold producers, and its underweight in the gas sector.","In view of the difficult environ ment and relatively high politi- cal risks, the Turkish equity mar- ket recorded price declines with fluctuations during the report- ing period.","The fall in prices","was even more pronounced for euro-oriented investors, as the Turkish lira continued to depre- ciate dramatically against the European single currency.","The Turkish central bank, which ini- tially raised the key interest rate from 15.0% p.a. to 19.0% p.a. in the first quarter of 2021 in order to curb the plunge in the Turkish lira, subsequently lowered the key interest rate significantly to 14.0% by the end of December 2021.","It did so despite the fact that inflation in Turkey picked up from around 15% to around 36% in calendar year 2021.","The fund was overweight in Turkish equities, which weighed on its investment performance relative to its benchmark.","around 13% of fund assets at the end of 2021.","Bank shares in particular showed significant price increases and benefited from the strong economic recovery in Poland and the interest rate increases by the Polish central bank.","Equities from Hungary and the Czech Republic were selectively added to the portfolio for diver- sification reasons.","In general, portfolio manage- ment took sustainability risks into account in addition to financial data when making investment decisions.","As a result, the fund could not invest in various companies due to sustainability criteria.","Information on environmental and/or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019/2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020/852 (taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus crisis (COVID-19) alsorepresented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertainties regarding the impact of","COVID19 are of significance for under- standing the annual financial state- ments.","Further details can be found in the comments at the end of the annual financial statements.","** Details in connection with the Russia/ Ukraine crisis can be found after the financial statements.","The format used for complete dates","in security names in the investment","portfolio is „day/month/year“.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors): Financials | 33 802 683.05 | 29.75 |","| Energy | 32 939 903.25 | 28.99 |","| Basic Materials | 11 174 044.02 | 9.84 |","| Consumer Staples | 6 358 525.77 | 5.60 |","| Consumer Discretionaries | 5 046 006.91 | 4.44 |","| Health Care | 3 243 652.82 | 2.86 |","| Industrials | 1 992 733.83 | 1.75 |","| Information Technology | 699 736.00 | 0.62 |","| Other | 14 877 179.59 | 13.10 |","| Total equities: | 110 134 465.24 | 96.95 |","| 2. Cash at bank | 3 131 193.06 | 2.76 |","| 3. Other assets | 669 712.33 | 0.59 |","| 4. Receivables from share certificate transactions | 20 888.92 | 0.02 |","| II.","Liabilities | | |","| 1. Loan liabilities | -165 005.09 | -0.15 |","| 2. Other liabilities | -176 027.54 | -0.16 |","| 3. Liabilities from share certificate transactions | -12 657.62 | -0.01 |","| III.","Net assets | 113 602 569.30 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","##### Investment portfolio – December 31, 2021","| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the report | Sales/ disposals ing period | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| Securities traded on an exchange | | | | | | | 110 134 465.24 | 96.95 |","| Equities | | | | | | | | |","| Komercní Banka (CZ0008019106) .","| Count | 55 000 | 55 000 | | CZK | 927.0000 | 2 038 829.13 | 1.79 |","| Moneta Money Bank (CZ0008040318) .","| Count | 561 444 | | | CZK | 94.0000 | 2 110 438.52 | 1.86 |","| Nova Ljubljanska Banka GDR Reg.","S (US66980N2036).",". .","| Count | 95 795 | 19 955 | 40 000 | EUR | 15.0500 | 1 441 714.75 | 1.27 |","| Polymetal International (JE00B6T5S470) .","| Count | 248 000 | 48 000 | | GBP | 12.9000 | 3 810 158.99 | 3.35 |","| Magyar Telekom Telecommunications Co. (HU0000073507) .","| Count | 546 351 | | | HUF | 409.5000 | 605 127.42 | 0.53 |","| MOL Magyar Olaj- és Gázipari Nyilv.","Részv.","Cl.","A (HU0000153937) .","| Count | 386 105 | 30 000 | | HUF | 2 516.0000 | 2 627 466.85 | 2.31 |","| OTP Bank Nyrt.","(HU0000061726) .","| Count | 108 231 | 25 000 | | HUF | 16 595.0000 | 4 857 917.22 | 4.28 |","| Richter Gedeon Vegyészeti Gyár Nyrt.","(HU0000123096) .","| Count | 138 084 | 25 000 | | HUF | 8 685.0000 | 3 243 652.82 | 2.86 |","| Allegro.eu (LU2237380790) .","| Count | 285 000 | 285 000 | | PLN | 39.1500 | 2 430 088.21 | 2.14 |","| Bank Polska Kasa Opieki (PLPEKAO00016) .","| Count | 80 000 | | 70 000 | PLN | 121.6500 | 2 119 568.77 | 1.87 |","| CD Projekt (PLOPTTC00011) .","| Count | 30 500 | 10 000 | 10 000 | PLN | 191.0600 | 1 269 156.05 | 1.12 |","| Cyfrowy Polsat (PLCFRPT00013) .","| Count | 93 000 | | | PLN | 34.6000 | 700 816.73 | 0.62 |","| Eurocash Cl.","A (PLEURCH00011) .","| Count | 220 000 | | | PLN | 10.6700 | 511 249.05 | 0.45 |","| KGHM Polska Miedz (PLKGHM000017) .","| Count | 51 994 | 3 938 | | PLN | 139.4000 | 1 578 561.17 | 1.39 |","| LPP (PLLPP0000011) .","| Count | 101 | 101 | | PLN | 17 100.0000 | 376 151.58 | 0.33 |","| Orange Polska (PLTLKPL00017) .","Powszechna Kasa Oszczednosci (PKO) Bank Polski (PLPKO0000016) .","| Count Count | 821 895 380 373 | 85 000 | | PLN PLN | 8.6050 44.5600 | 1 540 325.92 3 691 477.92 | 1.36 3.25 |","| Powszechny Zaklad Ubezpieczen (PLPZU0000011) ....","| Count | 240 000 | | 100 000 | PLN | 35.1200 | 1 835 739.95 | 1.62 |","| Santander Bank Polska (PLBZ00000044) .","| Count | 8 996 | 8 996 | 18 000 | PLN | 343.5000 | 673 010.13 | 0.59 |","| Anadolu Efes Biracilik Malt ve Gida (TRAAEFES91A9) .",". .","| Count | 347 993 | | | TRY | 29.6400 | 704 389.24 | 0.62 |","| Koc Holding (TRAKCHOL91Q8) .","| Count | 1 000 000 | 500 000 | | TRY | 29.1800 | 1 992 733.83 | 1.75 |","| Mavi Giyim Sanayi ve Ticaret (TREMAVI00037) .","| Count | 120 000 | | | TRY | 67.2000 | 550 699.30 | 0.48 |","| Turkcell Iletisim Hizmetleri (TRATCELL91M1) .","| Count | 500 000 | 300 000 | 400 000 | TRY | 19.0400 | 650 131.12 | 0.57 |","| Turkiye Garanti Bankasi (TRAGARAN91N1) .","| Count | 2 800 000 | | 500 000 | TRY | 11.5600 | 2 210 445.80 | 1.95 |","| Aktsionernaya Kompaniya ’ALROSA’ (RU0007252813) .","| Count | 1 100 000 | | | USD | 1.6087 | 1 565 793.04 | 1.38 |","| Fix Price Group GDR (US33835G2057) .","| Count | 90 000 | 90 000 | | USD | 7.3500 | 585 320.53 | 0.52 |","| Gazprom ADR (US3682872078) .","| Count | 1 350 000 | 450 000 | 280 000 | USD | 9.0520 | 10 812 900.94 | 9.52 |","| Lukoil ADR (US69343P1057) .","| Count | 140 000 | 18 000 | 26 000 | USD | 87.3000 | 10 814 493.65 | 9.52 |","| Magnit GDR (US55953Q2021) .","Magnitogorsk Iron & Steel Works GDR Reg S (US5591892048) .","| Count Count | 233 464 80 000 | | | USD USD | 14.3950 12.0800 | 2 973 688.70 855 107.73 | 2.62 0.75 |","| Mobile Telesystems ADR (US6074091090) .","| Count | 425 000 | | 120 000 | USD | 7.9600 | 2 993 407.95 | 2.63 |","| Moscow Exchange MICEX-RTS (RU000A0JR4A1) .","| Count | 600 000 | 600 000 | | USD | 2.0372 | 1 081 534.31 | 0.95 |","| Novatek GDR Reg S (US6698881090) .","| Count | 27 000 | 10 336 | 3 000 | USD | 231.5000 | 5 530 681.77 | 4.87 |","| Ozon Holdings GDR (US69269L1044) .","| Count | 42 000 | 42 000 | | USD | 29.7000 | 1 103 747.29 | 0.97 |","| Polyrus Sp.","GDR (US73181M1172) .","| Count | 35 465 | 15 000 | 25 045 | USD | 86.3500 | 2 709 731.23 | 2.39 |","| Rosneft Oil GDR (US67812M2070) .","| Count | 450 000 | 150 000 | 570 000 | USD | 7.9220 | 3 154 360.04 | 2.78 |","| Sberbank of Russia ADR (US80585Y3080) .","| Count | 605 000 | | 220 000 | USD | 15.5700 | 8 335 044.02 | 7.34 |","| Severstal PAO GDR Reg S (Oct. 2006) (US8181503025).","| Count | 35 000 | 50 000 | 175 000 | USD | 21.1400 | 654 691.86 | 0.58 |","| Softline Holding GDR (US83407L2079) .","| Count | 114 776 | 114 776 | | USD | 6.8900 | 699 736.00 | 0.62 |","| TCS Group Holding GDR Reg S (US87238U2033) .","| Count | 47 665 | 47 665 | | USD | 80.7800 | 3 406 962.53 | 3.00 |","| X 5 Retail Group GDR Reg S (US98387E2054) .","| Count | 94 000 | 26 000 | 35 000 | USD | 26.0800 | 2 169 198.78 | 1.91 |","| Yandex (NL0009805522) .","| Count | 135 000 | 108 000 | | USD | 59.5900 | 7 118 214.40 | 6.27 |","| Total securities portfolio | | | | | | | 110 134 465.24 | 96.95 |","| Cash at bank | | | | | | | 3 131 193.06 | 2.76 |","| Demand deposits at Depositary | | | | | | | | |","| Deposits in other EU/EEA currencies .","| EUR | 230 220.81 | | | % | 100 | 230 220.81 | 0.20 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound .","| GBP | 8 858.38 | | | % | 100 | 10 550.09 | 0.01 |","| Hong Kong dollar .","| HKD | 1.00 | | | % | 100 | 0.11 | 0.00 |","| Turkish lira .","| TRY | 208 355.08 | | | % | 100 | 14 228.79 | 0.01 |","| U.S. dollar .","| USD | 3 249 439.21 | | | % | 100 | 2 875 228.25 | 2.53 |","| South African rand .","| ZAR | 17 372.07 | | | % | 100 | 965.01 | 0.00 |","| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the reporting | Sales/ disposals period | | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other assets | | | | | | | 669 712.33 | 0.59 |","| Dividends/Distributions receivable .","| EUR | 669 712.33 | | | % | 100 | 669 712.33 | 0.59 |","| Receivables from share certificate transactions | EUR | 20 888.92 | | | % | 100 | 20 888.92 | 0.02 |","| Total assets 1 | | | | | | | 113 956 259.55 | 100.31 |","| Loan liabilities | | | | | | | -165 005.09 | -0.15 |","| EUR loans .","| EUR | -165 005.09 | | | % | 100 | -165 005.09 | -0.15 |","| Other liabilities | | | | | | | -176 027.54 | -0.16 |","| Liabilities from cost items .","| EUR | -161 839.89 | | | % | 100 | -161 839.89 | -0.15 |","| Additional other liabilities .","| EUR | -14 187.65 | | | % | 100 | -14 187.65 | -0.01 |","| Liabilities from share certificate transactions | EUR | -12 657.62 | | | % | 100 | -12 657.62 | -0.01 |","| Net assets | | | | | | | 113 602 569.30 | 100.00 |","| Net asset value per unit | | | | | | | 630.68 | |","| Number of units outstanding | | | | | | | 180 127.705 | |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI EM Europe ex Greece 10-40 Index (Net)","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure .","| % | 82.769 |","| --- | --- | --- |","| Highest market risk exposure .","| % | 95.210 |","| Average market risk exposure .","| % | 90.931 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a x% confidence level, a xx-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| Czech koruna .","| CZK | 25.007000 | = EUR | 1 |","| --- | --- | --- | --- | --- |","| British pound .","| GBP | 0.839650 | = EUR | 1 |","| Hong Kong dollar .","| HKD | 8.813450 | = EUR | 1 |","| Hungarian forint .","| HUF | 369.725000 | = EUR | 1 |","| Polish zloty .","| PLN | 4.591500 | = EUR | 1 |","| Turkish lira .","| TRY | 14.643200 | = EUR | 1 |","| U.S. dollar .","| USD | 1.130150 | = EUR | 1 |","| South African rand .","| ZAR | 18.002050 | = EUR | 1 |","Notes on valuation","The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Investments reported in this report are not valued at derived market values.","Footnotes","1\tDoes not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021","- Income","- Dividends (before withholding tax) EUR 5 583\t050.62","- Interest from investments of liquid assets(before withholding tax) EUR\t1 505.11","- Income from securities lending andrepurchase agreements.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t29 942.92thereof:from securities lending\tEUR 29 942.92","- Deduction for foreign withholding tax EUR\t-355 246.33","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 5\t686.89Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t5 264 939.21","- Expenses","- Interest on borrowings and negative intereston deposits and expenses similar to interest EUR\t-4 858.60 thereof:Commitment fees EUR -1 207.64","- Management fee EUR\t-1 909 708.16thereof:All-in fee EUR-1 909 708.16","- Other expenses EUR\t-65 420.78thereof:Performance-based feefrom securities lending EUR -9 881.16 Legal and consulting expenses...","EUR -161.41 Taxe d’abonnement EUR-55 378.21","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -1 979 987.54 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 3 284 951.67 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 6 149 293.36 |","| 2. Realized losses | EUR | -6 891 580.63 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -742 287.27 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 2 542 664.40 |","| 1. Net change in unrealized appreciation | EUR | 8 478 221.24 |","| 2. Net change in unrealized depreciation | EUR | 1 331 508.25 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 9 809 729.49 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 12 352 393.89 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","BVI total expense ratio (TER)","The total expense ratio was 1.75% p.a. The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets for a given fiscal year.","As well, the additional income from securities lending resulted in a performance-based fee of 0.009% of the fund’s average net assets.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 43 163.00.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","###### Statement of changes in net assets for the fund","- Value of the fund’s net assetsat the beginning of the fiscal year . . . .",". . . .",". . . .",". . . .","EUR\t114 754 199.97","- Net inflows EUR\t-13 771 107.60","- Inflows from subscriptions EUR 9 120\t126.68","- Outflows from redemptions EUR\t-22 891 234.28","- Income adjustment EUR 267\t083.04","- Net gain/loss for the fiscal year EUR 12 352\t393.89thereof:Net change in unrealized appreciation EUR\t8 478 221.24Net change in unrealized depreciation EUR\t1 331 508.25","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t113 602 569.30","###### Summary of gains/losses","Realized gains (incl. income adjustment) . . . .",". . . .",". . . .","EUR\t6 149 293.36","from:","Securities transactions EUR\t5 602 198.33","(Forward) currency transactions EUR\t547 095.03","Realized losses (incl. income adjustment) . . . .",". . . .",". . . .","EUR\t-6 891 580.63","from:","Securities transactions EUR\t-6 223 504.30","(Forward) currency transactions EUR\t-668 076.33","Net change in unrealized appreciation/depreciation . . . EUR\t9 809 729.49","from:","Securities transactions EUR\t9 806 897.14","(Forward) currency transactions EUR\t2 832.35","###### Details on the distribution policy*","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per unit over the last three years","Net assets\tNet asset","at the end of the\tvalue per","fiscal year EUR\tunit EUR","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","113 602 569.30\t630.68","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","114 754 199.97\t566.75","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","137 842 156.36\t683.90","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.","The total volume was EUR 0.00.","Russia/Ukraine crisis","Against the backdrop of the escalating conflict between Russia and Ukraine, trading conditions on local markets are currently not functioning as they would normally function.","Due to the extremely volatile and constantly changing mar- ket situation and the already imposed and planned comprehensive sanctions against Russia, an adequate valuation of various securities of issuers domiciled or with business focus in Russia, which is reliable through active stock exchange trading, can no longer be guaranteed at any time.","Among other things, this means that the net asset value (“NAV”) of the DWS Osteuropa fund’s units can no longer be calculated with the necessary accuracy and appropriateness.","As a result, and in addition to the suspension of the issue of units decided on February 28, 2022 (pursuant to Article 9 of the fund’s Management Regulations), DWS Investment S.A., in its capacity as Management Company, has decided, pur- suant to Articles 7 and 10 of the fund’s Management Regulations, to suspend the calculation of the net asset value per unit and the redemption of units of the Fund from March 1, 2022, until further notice.","This decision was made in particular to ensure the protection and equal treatment of all investors, as there was insuf- ficient market liquidity as well as valuation certainty from the date of the decisions described above until the date of this report.","All issuance requests received after the order acceptance deadline on February 25, 2022, have been rejected in order to protect investors from disadvantages due to the current market situation. All redemption requests received by the order acceptance deadline of February 25, 2022, were executed and all redemption requests received after the order acceptance deadline of February 25, 2022, were rejected. The suspension is reviewed at regular intervals. The Management Company will publish all information about the deci- sion to terminate the suspension on the website www.dws.com. Following the suspension of the issuance of units, the calculation of the NAV per unit and the redemption of units of the DWS Osteuropa fund, the Management Company DWS Investment S.A. has decided to reduce the fund’s all-in fee as follows: | Name | ISIN | All-in fee (old) | All-in fee (new) | | --- | --- | --- | --- | | DWS Osteuropa | LU0062756647 | 1.7% | 0.85% | The decision will apply retroactively from March 1, 2022, and until further notice. KP KPMG issued an unqualified audit opinion for the full annual report. The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: MG Luxembourg, Société anonyme\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu ### To the unitholders of DWS Osteuropa 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE REVISEUR D’ENTREPRISES AGREE #### Report on the audit of the annual financial statements Opinion We have audited the accompanying financial statements of DWS Osteuropa (“the fund”), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies. In our opinion, the attached financial statements give a true and fair view of the financial position of DWS Osteuropa as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements. #### Basis for the audit opinion We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d’Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants” (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion. #### Material uncertainty about the continued existence of the fund We refer to the statement in the fund’s Annual Report on page 13 that against the background of the esca- lating conflict between Russia and Ukraine, trading conditions on local markets are currently not functioning as they would normally function. Due to the extremely volatile and constantly changing market situation and the already imposed and planned comprehensive sanctions against Russia, an adequate valuation of various securities of issuers domiciled or with business focus in Russia, which is reliable through active stock exchange trading, can no longer be guaranteed at any time. Among other things, this means that the net asset value (“NAV”) of the fund’s units can no longer be calculated with the necessary accuracy and appropriateness. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. As discussed in the Annual Report on page 13, these events or conditions, together with other matters set forth on page 7, indicate that a material uncertainty exists that may cast significant doubt about the funds’ ability to continue as a going concern. Our audit opinion has not been modified in relation to this point. #### Other information The Management Board of the Management Company is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements. Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information. In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard. #### Responsibility of the Management Board of the Management Company and of those in charge of monitoring for the annual financial statements The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation and presentation of annual financial statements and for the internal con- trols that the Management Board considers necessary to enable the annual financial statements to be pre- pared such that they are free from material, intentional or unintentional, misstatement. When preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and, where relevant, for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action. Those in charge of monitoring are responsible for monitoring the process of preparing the annual financial statements. Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements. When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach. Furthermore: - We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of mate- rial misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls. - We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system. - We assess the appropriateness of the accounting methods applied by the Management Board of the Management Company, of the accounting-related estimates and of the corresponding explanatory notes. - We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activ- ity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associ- ated explanatory information provided in the annual accounts in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund no longer being able to continue its business activity. - We assess the overall presentation, the structure and the content of the annual accounts, including the explanatory notes, and assess whether these appropriately present the underlying business transactions and events. We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring. Luxembourg, April 30, 2022\tKPMG Luxembourg ’Société anonyme’ (stock corporation) Cabinet de révision agréé Pia Schanz"],"string":"[\n \"# Annual report\",\n \"and annual financial statements\",\n \"### Investment objective and performance in the reporting period\",\n \"The fund DWS Osteuropa seeks to achieve sustained capital appreciation compared to the benchmark (MSCI EM Europe 10/40 ex Greece).\",\n \"To achieve this, it invests especially in equities of issuers that are reg-\",\n \"DWS OSTEUROPA\",\n \"Five-year performance\",\n \"140\",\n \"130\",\n \"120\",\n \"110\",\n \"100\",\n \"90\",\n \"80\",\n \"70\",\n \"istered or conduct their prin-\",\n \"12/16*\",\n \"12/17\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"cipal business activity in East- ern Europe, e.g. in Hungary,\",\n \"DWS Osteuropa\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 12/2016 = 100\",\n \"Data on euro basis\",\n \"Poland, the Czech Republic,\",\n \"Turkey, Slovakia or Russia.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the fund achieved an appreciation of\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS OSTEUROPA VS. BENCHMARK\",\n \"| Performance at a glance ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- |\",\n \"| LU0062756647 | 11.3% | 19.5% | 14.7% |\",\n \"| MSCI EM Europe ex Greece 10/40 1 | 22.1% | 31.2% | 31.8% |\",\n \"1\",\n \"MSCI EM Europe 10/40 ex.\",\n \"Greece since July 17, 2017\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021 Data on euro basis\",\n \"11.3% per unit in the 2021 fiscal year (BVI method) but was thus behind its benchmark, which was up 22.1% (both percent- ages in euro terms).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out-\",\n \"look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for Covid-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors,\",\n \"caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and par- tial supply shortages due to supply difficulties.\",\n \"In addition, the dynamic spread of the coro- navirus and its variants, as well as associated new restrictions, dampened the economic out- look.\",\n \"The international equity\",\n \"markets closed 2021 with sig- nificant price gains, although the picture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.\",\n \"In terms of regions, Russian equities formed the investment focus and accounted for a share of approximately 60% of the fund’s assets at the end of the 2021 fiscal year.\",\n \"During the reporting period, the Russian equity market recorded notice- able price increases.\",\n \"However, towards the end of 2021, it came under strong pressure in\",\n \"the wake of increased geopolit-\\tPolish equities accounted for\\tical risks** and had to give up some of its gains.\",\n \"The clearly positive development of the Russian equity market on bal- ance was supported above all by the strong price increases for oil and gas, which benefited the energy sector.\",\n \"Financial stocks benefited from the grad- ual, noticeable interest rate increases by the Russian cen- tral bank.\",\n \"Relative losers in the Russian equity market were the shares of companies serving non-cyclical consumption as well as technology and utility stocks.\",\n \"Reasons for the fund’s underperformance were its overweight in the retail sector and in gold producers, and its underweight in the gas sector.\",\n \"In view of the difficult environ ment and relatively high politi- cal risks, the Turkish equity mar- ket recorded price declines with fluctuations during the report- ing period.\",\n \"The fall in prices\",\n \"was even more pronounced for euro-oriented investors, as the Turkish lira continued to depre- ciate dramatically against the European single currency.\",\n \"The Turkish central bank, which ini- tially raised the key interest rate from 15.0% p.a. to 19.0% p.a. in the first quarter of 2021 in order to curb the plunge in the Turkish lira, subsequently lowered the key interest rate significantly to 14.0% by the end of December 2021.\",\n \"It did so despite the fact that inflation in Turkey picked up from around 15% to around 36% in calendar year 2021.\",\n \"The fund was overweight in Turkish equities, which weighed on its investment performance relative to its benchmark.\",\n \"around 13% of fund assets at the end of 2021.\",\n \"Bank shares in particular showed significant price increases and benefited from the strong economic recovery in Poland and the interest rate increases by the Polish central bank.\",\n \"Equities from Hungary and the Czech Republic were selectively added to the portfolio for diver- sification reasons.\",\n \"In general, portfolio manage- ment took sustainability risks into account in addition to financial data when making investment decisions.\",\n \"As a result, the fund could not invest in various companies due to sustainability criteria.\",\n \"Information on environmental and/or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019/2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020/852 (taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus crisis (COVID-19) alsorepresented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertainties regarding the impact of\",\n \"COVID19 are of significance for under- standing the annual financial state- ments.\",\n \"Further details can be found in the comments at the end of the annual financial statements.\",\n \"** Details in connection with the Russia/ Ukraine crisis can be found after the financial statements.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is „day/month/year“.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors): Financials | 33 802 683.05 | 29.75 |\",\n \"| Energy | 32 939 903.25 | 28.99 |\",\n \"| Basic Materials | 11 174 044.02 | 9.84 |\",\n \"| Consumer Staples | 6 358 525.77 | 5.60 |\",\n \"| Consumer Discretionaries | 5 046 006.91 | 4.44 |\",\n \"| Health Care | 3 243 652.82 | 2.86 |\",\n \"| Industrials | 1 992 733.83 | 1.75 |\",\n \"| Information Technology | 699 736.00 | 0.62 |\",\n \"| Other | 14 877 179.59 | 13.10 |\",\n \"| Total equities: | 110 134 465.24 | 96.95 |\",\n \"| 2. Cash at bank | 3 131 193.06 | 2.76 |\",\n \"| 3. Other assets | 669 712.33 | 0.59 |\",\n \"| 4. Receivables from share certificate transactions | 20 888.92 | 0.02 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Loan liabilities | -165 005.09 | -0.15 |\",\n \"| 2. Other liabilities | -176 027.54 | -0.16 |\",\n \"| 3. Liabilities from share certificate transactions | -12 657.62 | -0.01 |\",\n \"| III.\",\n \"Net assets | 113 602 569.30 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"##### Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the report | Sales/ disposals ing period | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Securities traded on an exchange | | | | | | | 110 134 465.24 | 96.95 |\",\n \"| Equities | | | | | | | | |\",\n \"| Komercní Banka (CZ0008019106) .\",\n \"| Count | 55 000 | 55 000 | | CZK | 927.0000 | 2 038 829.13 | 1.79 |\",\n \"| Moneta Money Bank (CZ0008040318) .\",\n \"| Count | 561 444 | | | CZK | 94.0000 | 2 110 438.52 | 1.86 |\",\n \"| Nova Ljubljanska Banka GDR Reg.\",\n \"S (US66980N2036).\",\n \". .\",\n \"| Count | 95 795 | 19 955 | 40 000 | EUR | 15.0500 | 1 441 714.75 | 1.27 |\",\n \"| Polymetal International (JE00B6T5S470) .\",\n \"| Count | 248 000 | 48 000 | | GBP | 12.9000 | 3 810 158.99 | 3.35 |\",\n \"| Magyar Telekom Telecommunications Co. (HU0000073507) .\",\n \"| Count | 546 351 | | | HUF | 409.5000 | 605 127.42 | 0.53 |\",\n \"| MOL Magyar Olaj- és Gázipari Nyilv.\",\n \"Részv.\",\n \"Cl.\",\n \"A (HU0000153937) .\",\n \"| Count | 386 105 | 30 000 | | HUF | 2 516.0000 | 2 627 466.85 | 2.31 |\",\n \"| OTP Bank Nyrt.\",\n \"(HU0000061726) .\",\n \"| Count | 108 231 | 25 000 | | HUF | 16 595.0000 | 4 857 917.22 | 4.28 |\",\n \"| Richter Gedeon Vegyészeti Gyár Nyrt.\",\n \"(HU0000123096) .\",\n \"| Count | 138 084 | 25 000 | | HUF | 8 685.0000 | 3 243 652.82 | 2.86 |\",\n \"| Allegro.eu (LU2237380790) .\",\n \"| Count | 285 000 | 285 000 | | PLN | 39.1500 | 2 430 088.21 | 2.14 |\",\n \"| Bank Polska Kasa Opieki (PLPEKAO00016) .\",\n \"| Count | 80 000 | | 70 000 | PLN | 121.6500 | 2 119 568.77 | 1.87 |\",\n \"| CD Projekt (PLOPTTC00011) .\",\n \"| Count | 30 500 | 10 000 | 10 000 | PLN | 191.0600 | 1 269 156.05 | 1.12 |\",\n \"| Cyfrowy Polsat (PLCFRPT00013) .\",\n \"| Count | 93 000 | | | PLN | 34.6000 | 700 816.73 | 0.62 |\",\n \"| Eurocash Cl.\",\n \"A (PLEURCH00011) .\",\n \"| Count | 220 000 | | | PLN | 10.6700 | 511 249.05 | 0.45 |\",\n \"| KGHM Polska Miedz (PLKGHM000017) .\",\n \"| Count | 51 994 | 3 938 | | PLN | 139.4000 | 1 578 561.17 | 1.39 |\",\n \"| LPP (PLLPP0000011) .\",\n \"| Count | 101 | 101 | | PLN | 17 100.0000 | 376 151.58 | 0.33 |\",\n \"| Orange Polska (PLTLKPL00017) .\",\n \"Powszechna Kasa Oszczednosci (PKO) Bank Polski (PLPKO0000016) .\",\n \"| Count Count | 821 895 380 373 | 85 000 | | PLN PLN | 8.6050 44.5600 | 1 540 325.92 3 691 477.92 | 1.36 3.25 |\",\n \"| Powszechny Zaklad Ubezpieczen (PLPZU0000011) ....\",\n \"| Count | 240 000 | | 100 000 | PLN | 35.1200 | 1 835 739.95 | 1.62 |\",\n \"| Santander Bank Polska (PLBZ00000044) .\",\n \"| Count | 8 996 | 8 996 | 18 000 | PLN | 343.5000 | 673 010.13 | 0.59 |\",\n \"| Anadolu Efes Biracilik Malt ve Gida (TRAAEFES91A9) .\",\n \". .\",\n \"| Count | 347 993 | | | TRY | 29.6400 | 704 389.24 | 0.62 |\",\n \"| Koc Holding (TRAKCHOL91Q8) .\",\n \"| Count | 1 000 000 | 500 000 | | TRY | 29.1800 | 1 992 733.83 | 1.75 |\",\n \"| Mavi Giyim Sanayi ve Ticaret (TREMAVI00037) .\",\n \"| Count | 120 000 | | | TRY | 67.2000 | 550 699.30 | 0.48 |\",\n \"| Turkcell Iletisim Hizmetleri (TRATCELL91M1) .\",\n \"| Count | 500 000 | 300 000 | 400 000 | TRY | 19.0400 | 650 131.12 | 0.57 |\",\n \"| Turkiye Garanti Bankasi (TRAGARAN91N1) .\",\n \"| Count | 2 800 000 | | 500 000 | TRY | 11.5600 | 2 210 445.80 | 1.95 |\",\n \"| Aktsionernaya Kompaniya ’ALROSA’ (RU0007252813) .\",\n \"| Count | 1 100 000 | | | USD | 1.6087 | 1 565 793.04 | 1.38 |\",\n \"| Fix Price Group GDR (US33835G2057) .\",\n \"| Count | 90 000 | 90 000 | | USD | 7.3500 | 585 320.53 | 0.52 |\",\n \"| Gazprom ADR (US3682872078) .\",\n \"| Count | 1 350 000 | 450 000 | 280 000 | USD | 9.0520 | 10 812 900.94 | 9.52 |\",\n \"| Lukoil ADR (US69343P1057) .\",\n \"| Count | 140 000 | 18 000 | 26 000 | USD | 87.3000 | 10 814 493.65 | 9.52 |\",\n \"| Magnit GDR (US55953Q2021) .\",\n \"Magnitogorsk Iron & Steel Works GDR Reg S (US5591892048) .\",\n \"| Count Count | 233 464 80 000 | | | USD USD | 14.3950 12.0800 | 2 973 688.70 855 107.73 | 2.62 0.75 |\",\n \"| Mobile Telesystems ADR (US6074091090) .\",\n \"| Count | 425 000 | | 120 000 | USD | 7.9600 | 2 993 407.95 | 2.63 |\",\n \"| Moscow Exchange MICEX-RTS (RU000A0JR4A1) .\",\n \"| Count | 600 000 | 600 000 | | USD | 2.0372 | 1 081 534.31 | 0.95 |\",\n \"| Novatek GDR Reg S (US6698881090) .\",\n \"| Count | 27 000 | 10 336 | 3 000 | USD | 231.5000 | 5 530 681.77 | 4.87 |\",\n \"| Ozon Holdings GDR (US69269L1044) .\",\n \"| Count | 42 000 | 42 000 | | USD | 29.7000 | 1 103 747.29 | 0.97 |\",\n \"| Polyrus Sp.\",\n \"GDR (US73181M1172) .\",\n \"| Count | 35 465 | 15 000 | 25 045 | USD | 86.3500 | 2 709 731.23 | 2.39 |\",\n \"| Rosneft Oil GDR (US67812M2070) .\",\n \"| Count | 450 000 | 150 000 | 570 000 | USD | 7.9220 | 3 154 360.04 | 2.78 |\",\n \"| Sberbank of Russia ADR (US80585Y3080) .\",\n \"| Count | 605 000 | | 220 000 | USD | 15.5700 | 8 335 044.02 | 7.34 |\",\n \"| Severstal PAO GDR Reg S (Oct. 2006) (US8181503025).\",\n \"| Count | 35 000 | 50 000 | 175 000 | USD | 21.1400 | 654 691.86 | 0.58 |\",\n \"| Softline Holding GDR (US83407L2079) .\",\n \"| Count | 114 776 | 114 776 | | USD | 6.8900 | 699 736.00 | 0.62 |\",\n \"| TCS Group Holding GDR Reg S (US87238U2033) .\",\n \"| Count | 47 665 | 47 665 | | USD | 80.7800 | 3 406 962.53 | 3.00 |\",\n \"| X 5 Retail Group GDR Reg S (US98387E2054) .\",\n \"| Count | 94 000 | 26 000 | 35 000 | USD | 26.0800 | 2 169 198.78 | 1.91 |\",\n \"| Yandex (NL0009805522) .\",\n \"| Count | 135 000 | 108 000 | | USD | 59.5900 | 7 118 214.40 | 6.27 |\",\n \"| Total securities portfolio | | | | | | | 110 134 465.24 | 96.95 |\",\n \"| Cash at bank | | | | | | | 3 131 193.06 | 2.76 |\",\n \"| Demand deposits at Depositary | | | | | | | | |\",\n \"| Deposits in other EU/EEA currencies .\",\n \"| EUR | 230 220.81 | | | % | 100 | 230 220.81 | 0.20 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound .\",\n \"| GBP | 8 858.38 | | | % | 100 | 10 550.09 | 0.01 |\",\n \"| Hong Kong dollar .\",\n \"| HKD | 1.00 | | | % | 100 | 0.11 | 0.00 |\",\n \"| Turkish lira .\",\n \"| TRY | 208 355.08 | | | % | 100 | 14 228.79 | 0.01 |\",\n \"| U.S. dollar .\",\n \"| USD | 3 249 439.21 | | | % | 100 | 2 875 228.25 | 2.53 |\",\n \"| South African rand .\",\n \"| ZAR | 17 372.07 | | | % | 100 | 965.01 | 0.00 |\",\n \"| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the reporting | Sales/ disposals period | | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other assets | | | | | | | 669 712.33 | 0.59 |\",\n \"| Dividends/Distributions receivable .\",\n \"| EUR | 669 712.33 | | | % | 100 | 669 712.33 | 0.59 |\",\n \"| Receivables from share certificate transactions | EUR | 20 888.92 | | | % | 100 | 20 888.92 | 0.02 |\",\n \"| Total assets 1 | | | | | | | 113 956 259.55 | 100.31 |\",\n \"| Loan liabilities | | | | | | | -165 005.09 | -0.15 |\",\n \"| EUR loans .\",\n \"| EUR | -165 005.09 | | | % | 100 | -165 005.09 | -0.15 |\",\n \"| Other liabilities | | | | | | | -176 027.54 | -0.16 |\",\n \"| Liabilities from cost items .\",\n \"| EUR | -161 839.89 | | | % | 100 | -161 839.89 | -0.15 |\",\n \"| Additional other liabilities .\",\n \"| EUR | -14 187.65 | | | % | 100 | -14 187.65 | -0.01 |\",\n \"| Liabilities from share certificate transactions | EUR | -12 657.62 | | | % | 100 | -12 657.62 | -0.01 |\",\n \"| Net assets | | | | | | | 113 602 569.30 | 100.00 |\",\n \"| Net asset value per unit | | | | | | | 630.68 | |\",\n \"| Number of units outstanding | | | | | | | 180 127.705 | |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI EM Europe ex Greece 10-40 Index (Net)\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure .\",\n \"| % | 82.769 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure .\",\n \"| % | 95.210 |\",\n \"| Average market risk exposure .\",\n \"| % | 90.931 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a x% confidence level, a xx-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Czech koruna .\",\n \"| CZK | 25.007000 | = EUR | 1 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| British pound .\",\n \"| GBP | 0.839650 | = EUR | 1 |\",\n \"| Hong Kong dollar .\",\n \"| HKD | 8.813450 | = EUR | 1 |\",\n \"| Hungarian forint .\",\n \"| HUF | 369.725000 | = EUR | 1 |\",\n \"| Polish zloty .\",\n \"| PLN | 4.591500 | = EUR | 1 |\",\n \"| Turkish lira .\",\n \"| TRY | 14.643200 | = EUR | 1 |\",\n \"| U.S. dollar .\",\n \"| USD | 1.130150 | = EUR | 1 |\",\n \"| South African rand .\",\n \"| ZAR | 18.002050 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Investments reported in this report are not valued at derived market values.\",\n \"Footnotes\",\n \"1\\tDoes not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Dividends (before withholding tax) EUR 5 583\\t050.62\",\n \"- Interest from investments of liquid assets(before withholding tax) EUR\\t1 505.11\",\n \"- Income from securities lending andrepurchase agreements.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t29 942.92thereof:from securities lending\\tEUR 29 942.92\",\n \"- Deduction for foreign withholding tax EUR\\t-355 246.33\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 5\\t686.89Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t5 264 939.21\",\n \"- Expenses\",\n \"- Interest on borrowings and negative intereston deposits and expenses similar to interest EUR\\t-4 858.60 thereof:Commitment fees EUR -1 207.64\",\n \"- Management fee EUR\\t-1 909 708.16thereof:All-in fee EUR-1 909 708.16\",\n \"- Other expenses EUR\\t-65 420.78thereof:Performance-based feefrom securities lending EUR -9 881.16 Legal and consulting expenses...\",\n \"EUR -161.41 Taxe d’abonnement EUR-55 378.21\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -1 979 987.54 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 3 284 951.67 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 6 149 293.36 |\",\n \"| 2. Realized losses | EUR | -6 891 580.63 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -742 287.27 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 2 542 664.40 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 8 478 221.24 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 1 331 508.25 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 9 809 729.49 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 12 352 393.89 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio was 1.75% p.a. The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets for a given fiscal year.\",\n \"As well, the additional income from securities lending resulted in a performance-based fee of 0.009% of the fund’s average net assets.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 43 163.00.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"###### Statement of changes in net assets for the fund\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t114 754 199.97\",\n \"- Net inflows EUR\\t-13 771 107.60\",\n \"- Inflows from subscriptions EUR 9 120\\t126.68\",\n \"- Outflows from redemptions EUR\\t-22 891 234.28\",\n \"- Income adjustment EUR 267\\t083.04\",\n \"- Net gain/loss for the fiscal year EUR 12 352\\t393.89thereof:Net change in unrealized appreciation EUR\\t8 478 221.24Net change in unrealized depreciation EUR\\t1 331 508.25\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t113 602 569.30\",\n \"###### Summary of gains/losses\",\n \"Realized gains (incl. income adjustment) . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t6 149 293.36\",\n \"from:\",\n \"Securities transactions EUR\\t5 602 198.33\",\n \"(Forward) currency transactions EUR\\t547 095.03\",\n \"Realized losses (incl. income adjustment) . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-6 891 580.63\",\n \"from:\",\n \"Securities transactions EUR\\t-6 223 504.30\",\n \"(Forward) currency transactions EUR\\t-668 076.33\",\n \"Net change in unrealized appreciation/depreciation . . . EUR\\t9 809 729.49\",\n \"from:\",\n \"Securities transactions EUR\\t9 806 897.14\",\n \"(Forward) currency transactions EUR\\t2 832.35\",\n \"###### Details on the distribution policy*\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per unit over the last three years\",\n \"Net assets\\tNet asset\",\n \"at the end of the\\tvalue per\",\n \"fiscal year EUR\\tunit EUR\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"113 602 569.30\\t630.68\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"114 754 199.97\\t566.75\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"137 842 156.36\\t683.90\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.\",\n \"The total volume was EUR 0.00.\",\n \"Russia/Ukraine crisis\",\n \"Against the backdrop of the escalating conflict between Russia and Ukraine, trading conditions on local markets are currently not functioning as they would normally function.\",\n \"Due to the extremely volatile and constantly changing mar- ket situation and the already imposed and planned comprehensive sanctions against Russia, an adequate valuation of various securities of issuers domiciled or with business focus in Russia, which is reliable through active stock exchange trading, can no longer be guaranteed at any time.\",\n \"Among other things, this means that the net asset value (“NAV”) of the DWS Osteuropa fund’s units can no longer be calculated with the necessary accuracy and appropriateness.\",\n \"As a result, and in addition to the suspension of the issue of units decided on February 28, 2022 (pursuant to Article 9 of the fund’s Management Regulations), DWS Investment S.A., in its capacity as Management Company, has decided, pur- suant to Articles 7 and 10 of the fund’s Management Regulations, to suspend the calculation of the net asset value per unit and the redemption of units of the Fund from March 1, 2022, until further notice.\",\n \"This decision was made in particular to ensure the protection and equal treatment of all investors, as there was insuf- ficient market liquidity as well as valuation certainty from the date of the decisions described above until the date of this report.\",\n \"All issuance requests received after the order acceptance deadline on February 25, 2022, have been rejected in order to protect investors from disadvantages due to the current market situation. All redemption requests received by the order acceptance deadline of February 25, 2022, were executed and all redemption requests received after the order acceptance deadline of February 25, 2022, were rejected. The suspension is reviewed at regular intervals. The Management Company will publish all information about the deci- sion to terminate the suspension on the website www.dws.com. Following the suspension of the issuance of units, the calculation of the NAV per unit and the redemption of units of the DWS Osteuropa fund, the Management Company DWS Investment S.A. has decided to reduce the fund’s all-in fee as follows: | Name | ISIN | All-in fee (old) | All-in fee (new) | | --- | --- | --- | --- | | DWS Osteuropa | LU0062756647 | 1.7% | 0.85% | The decision will apply retroactively from March 1, 2022, and until further notice. KP KPMG issued an unqualified audit opinion for the full annual report. The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: MG Luxembourg, Société anonyme\\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\\tE-mail: info@kpmg.lu Internet: www.kpmg.lu ### To the unitholders of DWS Osteuropa 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE REVISEUR D’ENTREPRISES AGREE #### Report on the audit of the annual financial statements Opinion We have audited the accompanying financial statements of DWS Osteuropa (“the fund”), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies. In our opinion, the attached financial statements give a true and fair view of the financial position of DWS Osteuropa as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements. #### Basis for the audit opinion We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d’Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants” (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion. #### Material uncertainty about the continued existence of the fund We refer to the statement in the fund’s Annual Report on page 13 that against the background of the esca- lating conflict between Russia and Ukraine, trading conditions on local markets are currently not functioning as they would normally function. Due to the extremely volatile and constantly changing market situation and the already imposed and planned comprehensive sanctions against Russia, an adequate valuation of various securities of issuers domiciled or with business focus in Russia, which is reliable through active stock exchange trading, can no longer be guaranteed at any time. Among other things, this means that the net asset value (“NAV”) of the fund’s units can no longer be calculated with the necessary accuracy and appropriateness. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. As discussed in the Annual Report on page 13, these events or conditions, together with other matters set forth on page 7, indicate that a material uncertainty exists that may cast significant doubt about the funds’ ability to continue as a going concern. Our audit opinion has not been modified in relation to this point. #### Other information The Management Board of the Management Company is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements. Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information. In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard. #### Responsibility of the Management Board of the Management Company and of those in charge of monitoring for the annual financial statements The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation and presentation of annual financial statements and for the internal con- trols that the Management Board considers necessary to enable the annual financial statements to be pre- pared such that they are free from material, intentional or unintentional, misstatement. When preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and, where relevant, for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action. Those in charge of monitoring are responsible for monitoring the process of preparing the annual financial statements. Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements. When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach. Furthermore: - We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of mate- rial misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls. - We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system. - We assess the appropriateness of the accounting methods applied by the Management Board of the Management Company, of the accounting-related estimates and of the corresponding explanatory notes. - We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activ- ity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associ- ated explanatory information provided in the annual accounts in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund no longer being able to continue its business activity. - We assess the overall presentation, the structure and the content of the annual accounts, including the explanatory notes, and assess whether these appropriately present the underlying business transactions and events. We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring. Luxembourg, April 30, 2022\\tKPMG Luxembourg ’Société anonyme’ (stock corporation) Cabinet de révision agréé Pia Schanz\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Annual report","and annual financial statements","### Investment objective and performance in the reporting period","The fund DWS Osteuropa seeks to achieve sustained capital appreciation compared to the benchmark (MSCI EM Europe 10/40 ex Greece).","To achieve this, it invests especially in equities of issuers that are reg-","DWS OSTEUROPA","Five-year performance","140","130","120","110","100","90","80","70","istered or conduct their prin-","12/16*","12/17","12/18\t12/19\t12/20","12/21","cipal business activity in East- ern Europe, e.g. in Hungary,","DWS Osteuropa","“BVI method” performance, i.e., excluding the initial sales charge.","* 12/2016 = 100","Data on euro basis","Poland, the Czech Republic,","Turkey, Slovakia or Russia.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the fund achieved an appreciation of","Past performance is no guide to future results.","As of: December 31, 2021","DWS OSTEUROPA VS. BENCHMARK","| Performance at a glance ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- |","| LU0062756647 | 11.3% | 19.5% | 14.7% |","| MSCI EM Europe ex Greece 10/40 1 | 22.1% | 31.2% | 31.8% |","1","MSCI EM Europe 10/40 ex.","Greece since July 17, 2017","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021 Data on euro basis","11.3% per unit in the 2021 fiscal year (BVI method) but was thus behind its benchmark, which was up 22.1% (both percent- ages in euro terms).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out-","look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for Covid-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors,","caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and par- tial supply shortages due to supply difficulties.","In addition, the dynamic spread of the coro- navirus and its variants, as well as associated new restrictions, dampened the economic out- look.","The international equity","markets closed 2021 with sig- nificant price gains, although the picture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.","In terms of regions, Russian equities formed the investment focus and accounted for a share of approximately 60% of the fund’s assets at the end of the 2021 fiscal year.","During the reporting period, the Russian equity market recorded notice- able price increases.","However, towards the end of 2021, it came under strong pressure in","the wake of increased geopolit-\tPolish equities accounted for\tical risks** and had to give up some of its gains.","The clearly positive development of the Russian equity market on bal- ance was supported above all by the strong price increases for oil and gas, which benefited the energy sector.","Financial stocks benefited from the grad- ual, noticeable interest rate increases by the Russian cen- tral bank.","Relative losers in the Russian equity market were the shares of companies serving non-cyclical consumption as well as technology and utility stocks.","Reasons for the fund’s underperformance were its overweight in the retail sector and in gold producers, and its underweight in the gas sector.","In view of the difficult environ ment and relatively high politi- cal risks, the Turkish equity mar- ket recorded price declines with fluctuations during the report- ing period.","The fall in prices","was even more pronounced for euro-oriented investors, as the Turkish lira continued to depre- ciate dramatically against the European single currency.","The Turkish central bank, which ini- tially raised the key interest rate from 15.0% p.a. to 19.0% p.a. in the first quarter of 2021 in order to curb the plunge in the Turkish lira, subsequently lowered the key interest rate significantly to 14.0% by the end of December 2021.","It did so despite the fact that inflation in Turkey picked up from around 15% to around 36% in calendar year 2021.","The fund was overweight in Turkish equities, which weighed on its investment performance relative to its benchmark.","around 13% of fund assets at the end of 2021.","Bank shares in particular showed significant price increases and benefited from the strong economic recovery in Poland and the interest rate increases by the Polish central bank.","Equities from Hungary and the Czech Republic were selectively added to the portfolio for diver- sification reasons.","In general, portfolio manage- ment took sustainability risks into account in addition to financial data when making investment decisions.","As a result, the fund could not invest in various companies due to sustainability criteria.","Information on environmental and/or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019/2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020/852 (taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus crisis (COVID-19) alsorepresented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertainties regarding the impact of","COVID19 are of significance for under- standing the annual financial state- ments.","Further details can be found in the comments at the end of the annual financial statements.","** Details in connection with the Russia/ Ukraine crisis can be found after the financial statements.","The format used for complete dates","in security names in the investment","portfolio is „day/month/year“.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors): Financials | 33 802 683.05 | 29.75 |","| Energy | 32 939 903.25 | 28.99 |","| Basic Materials | 11 174 044.02 | 9.84 |","| Consumer Staples | 6 358 525.77 | 5.60 |","| Consumer Discretionaries | 5 046 006.91 | 4.44 |","| Health Care | 3 243 652.82 | 2.86 |","| Industrials | 1 992 733.83 | 1.75 |","| Information Technology | 699 736.00 | 0.62 |","| Other | 14 877 179.59 | 13.10 |","| Total equities: | 110 134 465.24 | 96.95 |","| 2. Cash at bank | 3 131 193.06 | 2.76 |","| 3. Other assets | 669 712.33 | 0.59 |","| 4. Receivables from share certificate transactions | 20 888.92 | 0.02 |","| II.","Liabilities | | |","| 1. Loan liabilities | -165 005.09 | -0.15 |","| 2. Other liabilities | -176 027.54 | -0.16 |","| 3. Liabilities from share certificate transactions | -12 657.62 | -0.01 |","| III.","Net assets | 113 602 569.30 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","##### Investment portfolio – December 31, 2021","| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the report | Sales/ disposals ing period | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| Securities traded on an exchange | | | | | | | 110 134 465.24 | 96.95 |","| Equities | | | | | | | | |","| Komercní Banka (CZ0008019106) .","| Count | 55 000 | 55 000 | | CZK | 927.0000 | 2 038 829.13 | 1.79 |","| Moneta Money Bank (CZ0008040318) .","| Count | 561 444 | | | CZK | 94.0000 | 2 110 438.52 | 1.86 |","| Nova Ljubljanska Banka GDR Reg.","S (US66980N2036).",". .","| Count | 95 795 | 19 955 | 40 000 | EUR | 15.0500 | 1 441 714.75 | 1.27 |","| Polymetal International (JE00B6T5S470) .","| Count | 248 000 | 48 000 | | GBP | 12.9000 | 3 810 158.99 | 3.35 |","| Magyar Telekom Telecommunications Co. (HU0000073507) .","| Count | 546 351 | | | HUF | 409.5000 | 605 127.42 | 0.53 |","| MOL Magyar Olaj- és Gázipari Nyilv.","Részv.","Cl.","A (HU0000153937) .","| Count | 386 105 | 30 000 | | HUF | 2 516.0000 | 2 627 466.85 | 2.31 |","| OTP Bank Nyrt.","(HU0000061726) .","| Count | 108 231 | 25 000 | | HUF | 16 595.0000 | 4 857 917.22 | 4.28 |","| Richter Gedeon Vegyészeti Gyár Nyrt.","(HU0000123096) .","| Count | 138 084 | 25 000 | | HUF | 8 685.0000 | 3 243 652.82 | 2.86 |","| Allegro.eu (LU2237380790) .","| Count | 285 000 | 285 000 | | PLN | 39.1500 | 2 430 088.21 | 2.14 |","| Bank Polska Kasa Opieki (PLPEKAO00016) .","| Count | 80 000 | | 70 000 | PLN | 121.6500 | 2 119 568.77 | 1.87 |","| CD Projekt (PLOPTTC00011) .","| Count | 30 500 | 10 000 | 10 000 | PLN | 191.0600 | 1 269 156.05 | 1.12 |","| Cyfrowy Polsat (PLCFRPT00013) .","| Count | 93 000 | | | PLN | 34.6000 | 700 816.73 | 0.62 |","| Eurocash Cl.","A (PLEURCH00011) .","| Count | 220 000 | | | PLN | 10.6700 | 511 249.05 | 0.45 |","| KGHM Polska Miedz (PLKGHM000017) .","| Count | 51 994 | 3 938 | | PLN | 139.4000 | 1 578 561.17 | 1.39 |","| LPP (PLLPP0000011) .","| Count | 101 | 101 | | PLN | 17 100.0000 | 376 151.58 | 0.33 |","| Orange Polska (PLTLKPL00017) .","Powszechna Kasa Oszczednosci (PKO) Bank Polski (PLPKO0000016) .","| Count Count | 821 895 380 373 | 85 000 | | PLN PLN | 8.6050 44.5600 | 1 540 325.92 3 691 477.92 | 1.36 3.25 |","| Powszechny Zaklad Ubezpieczen (PLPZU0000011) ....","| Count | 240 000 | | 100 000 | PLN | 35.1200 | 1 835 739.95 | 1.62 |","| Santander Bank Polska (PLBZ00000044) .","| Count | 8 996 | 8 996 | 18 000 | PLN | 343.5000 | 673 010.13 | 0.59 |","| Anadolu Efes Biracilik Malt ve Gida (TRAAEFES91A9) .",". .","| Count | 347 993 | | | TRY | 29.6400 | 704 389.24 | 0.62 |","| Koc Holding (TRAKCHOL91Q8) .","| Count | 1 000 000 | 500 000 | | TRY | 29.1800 | 1 992 733.83 | 1.75 |","| Mavi Giyim Sanayi ve Ticaret (TREMAVI00037) .","| Count | 120 000 | | | TRY | 67.2000 | 550 699.30 | 0.48 |","| Turkcell Iletisim Hizmetleri (TRATCELL91M1) .","| Count | 500 000 | 300 000 | 400 000 | TRY | 19.0400 | 650 131.12 | 0.57 |","| Turkiye Garanti Bankasi (TRAGARAN91N1) .","| Count | 2 800 000 | | 500 000 | TRY | 11.5600 | 2 210 445.80 | 1.95 |","| Aktsionernaya Kompaniya ’ALROSA’ (RU0007252813) .","| Count | 1 100 000 | | | USD | 1.6087 | 1 565 793.04 | 1.38 |","| Fix Price Group GDR (US33835G2057) .","| Count | 90 000 | 90 000 | | USD | 7.3500 | 585 320.53 | 0.52 |","| Gazprom ADR (US3682872078) .","| Count | 1 350 000 | 450 000 | 280 000 | USD | 9.0520 | 10 812 900.94 | 9.52 |","| Lukoil ADR (US69343P1057) .","| Count | 140 000 | 18 000 | 26 000 | USD | 87.3000 | 10 814 493.65 | 9.52 |","| Magnit GDR (US55953Q2021) .","Magnitogorsk Iron & Steel Works GDR Reg S (US5591892048) .","| Count Count | 233 464 80 000 | | | USD USD | 14.3950 12.0800 | 2 973 688.70 855 107.73 | 2.62 0.75 |","| Mobile Telesystems ADR (US6074091090) .","| Count | 425 000 | | 120 000 | USD | 7.9600 | 2 993 407.95 | 2.63 |","| Moscow Exchange MICEX-RTS (RU000A0JR4A1) .","| Count | 600 000 | 600 000 | | USD | 2.0372 | 1 081 534.31 | 0.95 |","| Novatek GDR Reg S (US6698881090) .","| Count | 27 000 | 10 336 | 3 000 | USD | 231.5000 | 5 530 681.77 | 4.87 |","| Ozon Holdings GDR (US69269L1044) .","| Count | 42 000 | 42 000 | | USD | 29.7000 | 1 103 747.29 | 0.97 |","| Polyrus Sp.","GDR (US73181M1172) .","| Count | 35 465 | 15 000 | 25 045 | USD | 86.3500 | 2 709 731.23 | 2.39 |","| Rosneft Oil GDR (US67812M2070) .","| Count | 450 000 | 150 000 | 570 000 | USD | 7.9220 | 3 154 360.04 | 2.78 |","| Sberbank of Russia ADR (US80585Y3080) .","| Count | 605 000 | | 220 000 | USD | 15.5700 | 8 335 044.02 | 7.34 |","| Severstal PAO GDR Reg S (Oct. 2006) (US8181503025).","| Count | 35 000 | 50 000 | 175 000 | USD | 21.1400 | 654 691.86 | 0.58 |","| Softline Holding GDR (US83407L2079) .","| Count | 114 776 | 114 776 | | USD | 6.8900 | 699 736.00 | 0.62 |","| TCS Group Holding GDR Reg S (US87238U2033) .","| Count | 47 665 | 47 665 | | USD | 80.7800 | 3 406 962.53 | 3.00 |","| X 5 Retail Group GDR Reg S (US98387E2054) .","| Count | 94 000 | 26 000 | 35 000 | USD | 26.0800 | 2 169 198.78 | 1.91 |","| Yandex (NL0009805522) .","| Count | 135 000 | 108 000 | | USD | 59.5900 | 7 118 214.40 | 6.27 |","| Total securities portfolio | | | | | | | 110 134 465.24 | 96.95 |","| Cash at bank | | | | | | | 3 131 193.06 | 2.76 |","| Demand deposits at Depositary | | | | | | | | |","| Deposits in other EU/EEA currencies .","| EUR | 230 220.81 | | | % | 100 | 230 220.81 | 0.20 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound .","| GBP | 8 858.38 | | | % | 100 | 10 550.09 | 0.01 |","| Hong Kong dollar .","| HKD | 1.00 | | | % | 100 | 0.11 | 0.00 |","| Turkish lira .","| TRY | 208 355.08 | | | % | 100 | 14 228.79 | 0.01 |","| U.S. dollar .","| USD | 3 249 439.21 | | | % | 100 | 2 875 228.25 | 2.53 |","| South African rand .","| ZAR | 17 372.07 | | | % | 100 | 965.01 | 0.00 |","| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the reporting | Sales/ disposals period | | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other assets | | | | | | | 669 712.33 | 0.59 |","| Dividends/Distributions receivable .","| EUR | 669 712.33 | | | % | 100 | 669 712.33 | 0.59 |","| Receivables from share certificate transactions | EUR | 20 888.92 | | | % | 100 | 20 888.92 | 0.02 |","| Total assets 1 | | | | | | | 113 956 259.55 | 100.31 |","| Loan liabilities | | | | | | | -165 005.09 | -0.15 |","| EUR loans .","| EUR | -165 005.09 | | | % | 100 | -165 005.09 | -0.15 |","| Other liabilities | | | | | | | -176 027.54 | -0.16 |","| Liabilities from cost items .","| EUR | -161 839.89 | | | % | 100 | -161 839.89 | -0.15 |","| Additional other liabilities .","| EUR | -14 187.65 | | | % | 100 | -14 187.65 | -0.01 |","| Liabilities from share certificate transactions | EUR | -12 657.62 | | | % | 100 | -12 657.62 | -0.01 |","| Net assets | | | | | | | 113 602 569.30 | 100.00 |","| Net asset value per unit | | | | | | | 630.68 | |","| Number of units outstanding | | | | | | | 180 127.705 | |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI EM Europe ex Greece 10-40 Index (Net)","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure .","| % | 82.769 |","| --- | --- | --- |","| Highest market risk exposure .","| % | 95.210 |","| Average market risk exposure .","| % | 90.931 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a x% confidence level, a xx-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| Czech koruna .","| CZK | 25.007000 | = EUR | 1 |","| --- | --- | --- | --- | --- |","| British pound .","| GBP | 0.839650 | = EUR | 1 |","| Hong Kong dollar .","| HKD | 8.813450 | = EUR | 1 |","| Hungarian forint .","| HUF | 369.725000 | = EUR | 1 |","| Polish zloty .","| PLN | 4.591500 | = EUR | 1 |","| Turkish lira .","| TRY | 14.643200 | = EUR | 1 |","| U.S. dollar .","| USD | 1.130150 | = EUR | 1 |","| South African rand .","| ZAR | 18.002050 | = EUR | 1 |","Notes on valuation","The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Investments reported in this report are not valued at derived market values.","Footnotes","1\tDoes not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021","- Income","- Dividends (before withholding tax) EUR 5 583\t050.62","- Interest from investments of liquid assets(before withholding tax) EUR\t1 505.11","- Income from securities lending andrepurchase agreements.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t29 942.92thereof:from securities lending\tEUR 29 942.92","- Deduction for foreign withholding tax EUR\t-355 246.33","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 5\t686.89Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t5 264 939.21","- Expenses","- Interest on borrowings and negative intereston deposits and expenses similar to interest EUR\t-4 858.60 thereof:Commitment fees EUR -1 207.64","- Management fee EUR\t-1 909 708.16thereof:All-in fee EUR-1 909 708.16","- Other expenses EUR\t-65 420.78thereof:Performance-based feefrom securities lending EUR -9 881.16 Legal and consulting expenses...","EUR -161.41 Taxe d’abonnement EUR-55 378.21","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -1 979 987.54 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 3 284 951.67 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 6 149 293.36 |","| 2. Realized losses | EUR | -6 891 580.63 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -742 287.27 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 2 542 664.40 |","| 1. Net change in unrealized appreciation | EUR | 8 478 221.24 |","| 2. Net change in unrealized depreciation | EUR | 1 331 508.25 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 9 809 729.49 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 12 352 393.89 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","BVI total expense ratio (TER)","The total expense ratio was 1.75% p.a. The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets for a given fiscal year.","As well, the additional income from securities lending resulted in a performance-based fee of 0.009% of the fund’s average net assets.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 43 163.00.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","###### Statement of changes in net assets for the fund","- Value of the fund’s net assetsat the beginning of the fiscal year . . . .",". . . .",". . . .",". . . .","EUR\t114 754 199.97","- Net inflows EUR\t-13 771 107.60","- Inflows from subscriptions EUR 9 120\t126.68","- Outflows from redemptions EUR\t-22 891 234.28","- Income adjustment EUR 267\t083.04","- Net gain/loss for the fiscal year EUR 12 352\t393.89thereof:Net change in unrealized appreciation EUR\t8 478 221.24Net change in unrealized depreciation EUR\t1 331 508.25","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t113 602 569.30","###### Summary of gains/losses","Realized gains (incl. income adjustment) . . . .",". . . .",". . . .","EUR\t6 149 293.36","from:","Securities transactions EUR\t5 602 198.33","(Forward) currency transactions EUR\t547 095.03","Realized losses (incl. income adjustment) . . . .",". . . .",". . . .","EUR\t-6 891 580.63","from:","Securities transactions EUR\t-6 223 504.30","(Forward) currency transactions EUR\t-668 076.33","Net change in unrealized appreciation/depreciation . . . EUR\t9 809 729.49","from:","Securities transactions EUR\t9 806 897.14","(Forward) currency transactions EUR\t2 832.35","###### Details on the distribution policy*","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per unit over the last three years","Net assets\tNet asset","at the end of the\tvalue per","fiscal year EUR\tunit EUR","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","113 602 569.30\t630.68","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","114 754 199.97\t566.75","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","137 842 156.36\t683.90","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.","The total volume was EUR 0.00.","Russia/Ukraine crisis","Against the backdrop of the escalating conflict between Russia and Ukraine, trading conditions on local markets are currently not functioning as they would normally function.","Due to the extremely volatile and constantly changing mar- ket situation and the already imposed and planned comprehensive sanctions against Russia, an adequate valuation of various securities of issuers domiciled or with business focus in Russia, which is reliable through active stock exchange trading, can no longer be guaranteed at any time.","Among other things, this means that the net asset value (“NAV”) of the DWS Osteuropa fund’s units can no longer be calculated with the necessary accuracy and appropriateness.","As a result, and in addition to the suspension of the issue of units decided on February 28, 2022 (pursuant to Article 9 of the fund’s Management Regulations), DWS Investment S.A., in its capacity as Management Company, has decided, pur- suant to Articles 7 and 10 of the fund’s Management Regulations, to suspend the calculation of the net asset value per unit and the redemption of units of the Fund from March 1, 2022, until further notice.","This decision was made in particular to ensure the protection and equal treatment of all investors, as there was insuf- ficient market liquidity as well as valuation certainty from the date of the decisions described above until the date of this report.","All issuance requests received after the order acceptance deadline on February 25, 2022, have been rejected in order to protect investors from disadvantages due to the current market situation. All redemption requests received by the order acceptance deadline of February 25, 2022, were executed and all redemption requests received after the order acceptance deadline of February 25, 2022, were rejected. The suspension is reviewed at regular intervals. The Management Company will publish all information about the deci- sion to terminate the suspension on the website www.dws.com. Following the suspension of the issuance of units, the calculation of the NAV per unit and the redemption of units of the DWS Osteuropa fund, the Management Company DWS Investment S.A. has decided to reduce the fund’s all-in fee as follows: | Name | ISIN | All-in fee (old) | All-in fee (new) | | --- | --- | --- | --- | | DWS Osteuropa | LU0062756647 | 1.7% | 0.85% | The decision will apply retroactively from March 1, 2022, and until further notice. KP KPMG issued an unqualified audit opinion for the full annual report. The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: MG Luxembourg, Société anonyme\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu ### To the unitholders of DWS Osteuropa 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE REVISEUR D’ENTREPRISES AGREE #### Report on the audit of the annual financial statements Opinion We have audited the accompanying financial statements of DWS Osteuropa (“the fund”), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies. In our opinion, the attached financial statements give a true and fair view of the financial position of DWS Osteuropa as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements. #### Basis for the audit opinion We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d’Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants” (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion. #### Material uncertainty about the continued existence of the fund We refer to the statement in the fund’s Annual Report on page 13 that against the background of the esca- lating conflict between Russia and Ukraine, trading conditions on local markets are currently not functioning as they would normally function. Due to the extremely volatile and constantly changing market situation and the already imposed and planned comprehensive sanctions against Russia, an adequate valuation of various securities of issuers domiciled or with business focus in Russia, which is reliable through active stock exchange trading, can no longer be guaranteed at any time. Among other things, this means that the net asset value (“NAV”) of the fund’s units can no longer be calculated with the necessary accuracy and appropriateness. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. As discussed in the Annual Report on page 13, these events or conditions, together with other matters set forth on page 7, indicate that a material uncertainty exists that may cast significant doubt about the funds’ ability to continue as a going concern. Our audit opinion has not been modified in relation to this point. #### Other information The Management Board of the Management Company is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements. Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information. In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard. #### Responsibility of the Management Board of the Management Company and of those in charge of monitoring for the annual financial statements The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation and presentation of annual financial statements and for the internal con- trols that the Management Board considers necessary to enable the annual financial statements to be pre- pared such that they are free from material, intentional or unintentional, misstatement. When preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and, where relevant, for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action. Those in charge of monitoring are responsible for monitoring the process of preparing the annual financial statements. Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements. When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach. Furthermore: - We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of mate- rial misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls. - We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system. - We assess the appropriateness of the accounting methods applied by the Management Board of the Management Company, of the accounting-related estimates and of the corresponding explanatory notes. - We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activ- ity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associ- ated explanatory information provided in the annual accounts in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund no longer being able to continue its business activity. - We assess the overall presentation, the structure and the content of the annual accounts, including the explanatory notes, and assess whether these appropriately present the underlying business transactions and events. We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring. Luxembourg, April 30, 2022\tKPMG Luxembourg ’Société anonyme’ (stock corporation) Cabinet de révision agréé Pia Schanz"],"string":"[\n \"# Annual report\",\n \"and annual financial statements\",\n \"### Investment objective and performance in the reporting period\",\n \"The fund DWS Osteuropa seeks to achieve sustained capital appreciation compared to the benchmark (MSCI EM Europe 10/40 ex Greece).\",\n \"To achieve this, it invests especially in equities of issuers that are reg-\",\n \"DWS OSTEUROPA\",\n \"Five-year performance\",\n \"140\",\n \"130\",\n \"120\",\n \"110\",\n \"100\",\n \"90\",\n \"80\",\n \"70\",\n \"istered or conduct their prin-\",\n \"12/16*\",\n \"12/17\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"cipal business activity in East- ern Europe, e.g. in Hungary,\",\n \"DWS Osteuropa\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 12/2016 = 100\",\n \"Data on euro basis\",\n \"Poland, the Czech Republic,\",\n \"Turkey, Slovakia or Russia.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the fund achieved an appreciation of\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS OSTEUROPA VS. BENCHMARK\",\n \"| Performance at a glance ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- |\",\n \"| LU0062756647 | 11.3% | 19.5% | 14.7% |\",\n \"| MSCI EM Europe ex Greece 10/40 1 | 22.1% | 31.2% | 31.8% |\",\n \"1\",\n \"MSCI EM Europe 10/40 ex.\",\n \"Greece since July 17, 2017\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021 Data on euro basis\",\n \"11.3% per unit in the 2021 fiscal year (BVI method) but was thus behind its benchmark, which was up 22.1% (both percent- ages in euro terms).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out-\",\n \"look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for Covid-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors,\",\n \"caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and par- tial supply shortages due to supply difficulties.\",\n \"In addition, the dynamic spread of the coro- navirus and its variants, as well as associated new restrictions, dampened the economic out- look.\",\n \"The international equity\",\n \"markets closed 2021 with sig- nificant price gains, although the picture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.\",\n \"In terms of regions, Russian equities formed the investment focus and accounted for a share of approximately 60% of the fund’s assets at the end of the 2021 fiscal year.\",\n \"During the reporting period, the Russian equity market recorded notice- able price increases.\",\n \"However, towards the end of 2021, it came under strong pressure in\",\n \"the wake of increased geopolit-\\tPolish equities accounted for\\tical risks** and had to give up some of its gains.\",\n \"The clearly positive development of the Russian equity market on bal- ance was supported above all by the strong price increases for oil and gas, which benefited the energy sector.\",\n \"Financial stocks benefited from the grad- ual, noticeable interest rate increases by the Russian cen- tral bank.\",\n \"Relative losers in the Russian equity market were the shares of companies serving non-cyclical consumption as well as technology and utility stocks.\",\n \"Reasons for the fund’s underperformance were its overweight in the retail sector and in gold producers, and its underweight in the gas sector.\",\n \"In view of the difficult environ ment and relatively high politi- cal risks, the Turkish equity mar- ket recorded price declines with fluctuations during the report- ing period.\",\n \"The fall in prices\",\n \"was even more pronounced for euro-oriented investors, as the Turkish lira continued to depre- ciate dramatically against the European single currency.\",\n \"The Turkish central bank, which ini- tially raised the key interest rate from 15.0% p.a. to 19.0% p.a. in the first quarter of 2021 in order to curb the plunge in the Turkish lira, subsequently lowered the key interest rate significantly to 14.0% by the end of December 2021.\",\n \"It did so despite the fact that inflation in Turkey picked up from around 15% to around 36% in calendar year 2021.\",\n \"The fund was overweight in Turkish equities, which weighed on its investment performance relative to its benchmark.\",\n \"around 13% of fund assets at the end of 2021.\",\n \"Bank shares in particular showed significant price increases and benefited from the strong economic recovery in Poland and the interest rate increases by the Polish central bank.\",\n \"Equities from Hungary and the Czech Republic were selectively added to the portfolio for diver- sification reasons.\",\n \"In general, portfolio manage- ment took sustainability risks into account in addition to financial data when making investment decisions.\",\n \"As a result, the fund could not invest in various companies due to sustainability criteria.\",\n \"Information on environmental and/or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019/2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020/852 (taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus crisis (COVID-19) alsorepresented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertainties regarding the impact of\",\n \"COVID19 are of significance for under- standing the annual financial state- ments.\",\n \"Further details can be found in the comments at the end of the annual financial statements.\",\n \"** Details in connection with the Russia/ Ukraine crisis can be found after the financial statements.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is „day/month/year“.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors): Financials | 33 802 683.05 | 29.75 |\",\n \"| Energy | 32 939 903.25 | 28.99 |\",\n \"| Basic Materials | 11 174 044.02 | 9.84 |\",\n \"| Consumer Staples | 6 358 525.77 | 5.60 |\",\n \"| Consumer Discretionaries | 5 046 006.91 | 4.44 |\",\n \"| Health Care | 3 243 652.82 | 2.86 |\",\n \"| Industrials | 1 992 733.83 | 1.75 |\",\n \"| Information Technology | 699 736.00 | 0.62 |\",\n \"| Other | 14 877 179.59 | 13.10 |\",\n \"| Total equities: | 110 134 465.24 | 96.95 |\",\n \"| 2. Cash at bank | 3 131 193.06 | 2.76 |\",\n \"| 3. Other assets | 669 712.33 | 0.59 |\",\n \"| 4. Receivables from share certificate transactions | 20 888.92 | 0.02 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Loan liabilities | -165 005.09 | -0.15 |\",\n \"| 2. Other liabilities | -176 027.54 | -0.16 |\",\n \"| 3. Liabilities from share certificate transactions | -12 657.62 | -0.01 |\",\n \"| III.\",\n \"Net assets | 113 602 569.30 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"##### Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the report | Sales/ disposals ing period | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Securities traded on an exchange | | | | | | | 110 134 465.24 | 96.95 |\",\n \"| Equities | | | | | | | | |\",\n \"| Komercní Banka (CZ0008019106) .\",\n \"| Count | 55 000 | 55 000 | | CZK | 927.0000 | 2 038 829.13 | 1.79 |\",\n \"| Moneta Money Bank (CZ0008040318) .\",\n \"| Count | 561 444 | | | CZK | 94.0000 | 2 110 438.52 | 1.86 |\",\n \"| Nova Ljubljanska Banka GDR Reg.\",\n \"S (US66980N2036).\",\n \". .\",\n \"| Count | 95 795 | 19 955 | 40 000 | EUR | 15.0500 | 1 441 714.75 | 1.27 |\",\n \"| Polymetal International (JE00B6T5S470) .\",\n \"| Count | 248 000 | 48 000 | | GBP | 12.9000 | 3 810 158.99 | 3.35 |\",\n \"| Magyar Telekom Telecommunications Co. (HU0000073507) .\",\n \"| Count | 546 351 | | | HUF | 409.5000 | 605 127.42 | 0.53 |\",\n \"| MOL Magyar Olaj- és Gázipari Nyilv.\",\n \"Részv.\",\n \"Cl.\",\n \"A (HU0000153937) .\",\n \"| Count | 386 105 | 30 000 | | HUF | 2 516.0000 | 2 627 466.85 | 2.31 |\",\n \"| OTP Bank Nyrt.\",\n \"(HU0000061726) .\",\n \"| Count | 108 231 | 25 000 | | HUF | 16 595.0000 | 4 857 917.22 | 4.28 |\",\n \"| Richter Gedeon Vegyészeti Gyár Nyrt.\",\n \"(HU0000123096) .\",\n \"| Count | 138 084 | 25 000 | | HUF | 8 685.0000 | 3 243 652.82 | 2.86 |\",\n \"| Allegro.eu (LU2237380790) .\",\n \"| Count | 285 000 | 285 000 | | PLN | 39.1500 | 2 430 088.21 | 2.14 |\",\n \"| Bank Polska Kasa Opieki (PLPEKAO00016) .\",\n \"| Count | 80 000 | | 70 000 | PLN | 121.6500 | 2 119 568.77 | 1.87 |\",\n \"| CD Projekt (PLOPTTC00011) .\",\n \"| Count | 30 500 | 10 000 | 10 000 | PLN | 191.0600 | 1 269 156.05 | 1.12 |\",\n \"| Cyfrowy Polsat (PLCFRPT00013) .\",\n \"| Count | 93 000 | | | PLN | 34.6000 | 700 816.73 | 0.62 |\",\n \"| Eurocash Cl.\",\n \"A (PLEURCH00011) .\",\n \"| Count | 220 000 | | | PLN | 10.6700 | 511 249.05 | 0.45 |\",\n \"| KGHM Polska Miedz (PLKGHM000017) .\",\n \"| Count | 51 994 | 3 938 | | PLN | 139.4000 | 1 578 561.17 | 1.39 |\",\n \"| LPP (PLLPP0000011) .\",\n \"| Count | 101 | 101 | | PLN | 17 100.0000 | 376 151.58 | 0.33 |\",\n \"| Orange Polska (PLTLKPL00017) .\",\n \"Powszechna Kasa Oszczednosci (PKO) Bank Polski (PLPKO0000016) .\",\n \"| Count Count | 821 895 380 373 | 85 000 | | PLN PLN | 8.6050 44.5600 | 1 540 325.92 3 691 477.92 | 1.36 3.25 |\",\n \"| Powszechny Zaklad Ubezpieczen (PLPZU0000011) ....\",\n \"| Count | 240 000 | | 100 000 | PLN | 35.1200 | 1 835 739.95 | 1.62 |\",\n \"| Santander Bank Polska (PLBZ00000044) .\",\n \"| Count | 8 996 | 8 996 | 18 000 | PLN | 343.5000 | 673 010.13 | 0.59 |\",\n \"| Anadolu Efes Biracilik Malt ve Gida (TRAAEFES91A9) .\",\n \". .\",\n \"| Count | 347 993 | | | TRY | 29.6400 | 704 389.24 | 0.62 |\",\n \"| Koc Holding (TRAKCHOL91Q8) .\",\n \"| Count | 1 000 000 | 500 000 | | TRY | 29.1800 | 1 992 733.83 | 1.75 |\",\n \"| Mavi Giyim Sanayi ve Ticaret (TREMAVI00037) .\",\n \"| Count | 120 000 | | | TRY | 67.2000 | 550 699.30 | 0.48 |\",\n \"| Turkcell Iletisim Hizmetleri (TRATCELL91M1) .\",\n \"| Count | 500 000 | 300 000 | 400 000 | TRY | 19.0400 | 650 131.12 | 0.57 |\",\n \"| Turkiye Garanti Bankasi (TRAGARAN91N1) .\",\n \"| Count | 2 800 000 | | 500 000 | TRY | 11.5600 | 2 210 445.80 | 1.95 |\",\n \"| Aktsionernaya Kompaniya ’ALROSA’ (RU0007252813) .\",\n \"| Count | 1 100 000 | | | USD | 1.6087 | 1 565 793.04 | 1.38 |\",\n \"| Fix Price Group GDR (US33835G2057) .\",\n \"| Count | 90 000 | 90 000 | | USD | 7.3500 | 585 320.53 | 0.52 |\",\n \"| Gazprom ADR (US3682872078) .\",\n \"| Count | 1 350 000 | 450 000 | 280 000 | USD | 9.0520 | 10 812 900.94 | 9.52 |\",\n \"| Lukoil ADR (US69343P1057) .\",\n \"| Count | 140 000 | 18 000 | 26 000 | USD | 87.3000 | 10 814 493.65 | 9.52 |\",\n \"| Magnit GDR (US55953Q2021) .\",\n \"Magnitogorsk Iron & Steel Works GDR Reg S (US5591892048) .\",\n \"| Count Count | 233 464 80 000 | | | USD USD | 14.3950 12.0800 | 2 973 688.70 855 107.73 | 2.62 0.75 |\",\n \"| Mobile Telesystems ADR (US6074091090) .\",\n \"| Count | 425 000 | | 120 000 | USD | 7.9600 | 2 993 407.95 | 2.63 |\",\n \"| Moscow Exchange MICEX-RTS (RU000A0JR4A1) .\",\n \"| Count | 600 000 | 600 000 | | USD | 2.0372 | 1 081 534.31 | 0.95 |\",\n \"| Novatek GDR Reg S (US6698881090) .\",\n \"| Count | 27 000 | 10 336 | 3 000 | USD | 231.5000 | 5 530 681.77 | 4.87 |\",\n \"| Ozon Holdings GDR (US69269L1044) .\",\n \"| Count | 42 000 | 42 000 | | USD | 29.7000 | 1 103 747.29 | 0.97 |\",\n \"| Polyrus Sp.\",\n \"GDR (US73181M1172) .\",\n \"| Count | 35 465 | 15 000 | 25 045 | USD | 86.3500 | 2 709 731.23 | 2.39 |\",\n \"| Rosneft Oil GDR (US67812M2070) .\",\n \"| Count | 450 000 | 150 000 | 570 000 | USD | 7.9220 | 3 154 360.04 | 2.78 |\",\n \"| Sberbank of Russia ADR (US80585Y3080) .\",\n \"| Count | 605 000 | | 220 000 | USD | 15.5700 | 8 335 044.02 | 7.34 |\",\n \"| Severstal PAO GDR Reg S (Oct. 2006) (US8181503025).\",\n \"| Count | 35 000 | 50 000 | 175 000 | USD | 21.1400 | 654 691.86 | 0.58 |\",\n \"| Softline Holding GDR (US83407L2079) .\",\n \"| Count | 114 776 | 114 776 | | USD | 6.8900 | 699 736.00 | 0.62 |\",\n \"| TCS Group Holding GDR Reg S (US87238U2033) .\",\n \"| Count | 47 665 | 47 665 | | USD | 80.7800 | 3 406 962.53 | 3.00 |\",\n \"| X 5 Retail Group GDR Reg S (US98387E2054) .\",\n \"| Count | 94 000 | 26 000 | 35 000 | USD | 26.0800 | 2 169 198.78 | 1.91 |\",\n \"| Yandex (NL0009805522) .\",\n \"| Count | 135 000 | 108 000 | | USD | 59.5900 | 7 118 214.40 | 6.27 |\",\n \"| Total securities portfolio | | | | | | | 110 134 465.24 | 96.95 |\",\n \"| Cash at bank | | | | | | | 3 131 193.06 | 2.76 |\",\n \"| Demand deposits at Depositary | | | | | | | | |\",\n \"| Deposits in other EU/EEA currencies .\",\n \"| EUR | 230 220.81 | | | % | 100 | 230 220.81 | 0.20 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound .\",\n \"| GBP | 8 858.38 | | | % | 100 | 10 550.09 | 0.01 |\",\n \"| Hong Kong dollar .\",\n \"| HKD | 1.00 | | | % | 100 | 0.11 | 0.00 |\",\n \"| Turkish lira .\",\n \"| TRY | 208 355.08 | | | % | 100 | 14 228.79 | 0.01 |\",\n \"| U.S. dollar .\",\n \"| USD | 3 249 439.21 | | | % | 100 | 2 875 228.25 | 2.53 |\",\n \"| South African rand .\",\n \"| ZAR | 17 372.07 | | | % | 100 | 965.01 | 0.00 |\",\n \"| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the reporting | Sales/ disposals period | | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other assets | | | | | | | 669 712.33 | 0.59 |\",\n \"| Dividends/Distributions receivable .\",\n \"| EUR | 669 712.33 | | | % | 100 | 669 712.33 | 0.59 |\",\n \"| Receivables from share certificate transactions | EUR | 20 888.92 | | | % | 100 | 20 888.92 | 0.02 |\",\n \"| Total assets 1 | | | | | | | 113 956 259.55 | 100.31 |\",\n \"| Loan liabilities | | | | | | | -165 005.09 | -0.15 |\",\n \"| EUR loans .\",\n \"| EUR | -165 005.09 | | | % | 100 | -165 005.09 | -0.15 |\",\n \"| Other liabilities | | | | | | | -176 027.54 | -0.16 |\",\n \"| Liabilities from cost items .\",\n \"| EUR | -161 839.89 | | | % | 100 | -161 839.89 | -0.15 |\",\n \"| Additional other liabilities .\",\n \"| EUR | -14 187.65 | | | % | 100 | -14 187.65 | -0.01 |\",\n \"| Liabilities from share certificate transactions | EUR | -12 657.62 | | | % | 100 | -12 657.62 | -0.01 |\",\n \"| Net assets | | | | | | | 113 602 569.30 | 100.00 |\",\n \"| Net asset value per unit | | | | | | | 630.68 | |\",\n \"| Number of units outstanding | | | | | | | 180 127.705 | |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI EM Europe ex Greece 10-40 Index (Net)\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure .\",\n \"| % | 82.769 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure .\",\n \"| % | 95.210 |\",\n \"| Average market risk exposure .\",\n \"| % | 90.931 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a x% confidence level, a xx-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Czech koruna .\",\n \"| CZK | 25.007000 | = EUR | 1 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| British pound .\",\n \"| GBP | 0.839650 | = EUR | 1 |\",\n \"| Hong Kong dollar .\",\n \"| HKD | 8.813450 | = EUR | 1 |\",\n \"| Hungarian forint .\",\n \"| HUF | 369.725000 | = EUR | 1 |\",\n \"| Polish zloty .\",\n \"| PLN | 4.591500 | = EUR | 1 |\",\n \"| Turkish lira .\",\n \"| TRY | 14.643200 | = EUR | 1 |\",\n \"| U.S. dollar .\",\n \"| USD | 1.130150 | = EUR | 1 |\",\n \"| South African rand .\",\n \"| ZAR | 18.002050 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Investments reported in this report are not valued at derived market values.\",\n \"Footnotes\",\n \"1\\tDoes not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Dividends (before withholding tax) EUR 5 583\\t050.62\",\n \"- Interest from investments of liquid assets(before withholding tax) EUR\\t1 505.11\",\n \"- Income from securities lending andrepurchase agreements.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t29 942.92thereof:from securities lending\\tEUR 29 942.92\",\n \"- Deduction for foreign withholding tax EUR\\t-355 246.33\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 5\\t686.89Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t5 264 939.21\",\n \"- Expenses\",\n \"- Interest on borrowings and negative intereston deposits and expenses similar to interest EUR\\t-4 858.60 thereof:Commitment fees EUR -1 207.64\",\n \"- Management fee EUR\\t-1 909 708.16thereof:All-in fee EUR-1 909 708.16\",\n \"- Other expenses EUR\\t-65 420.78thereof:Performance-based feefrom securities lending EUR -9 881.16 Legal and consulting expenses...\",\n \"EUR -161.41 Taxe d’abonnement EUR-55 378.21\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -1 979 987.54 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 3 284 951.67 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 6 149 293.36 |\",\n \"| 2. Realized losses | EUR | -6 891 580.63 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -742 287.27 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 2 542 664.40 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 8 478 221.24 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 1 331 508.25 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 9 809 729.49 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 12 352 393.89 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio was 1.75% p.a. The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets for a given fiscal year.\",\n \"As well, the additional income from securities lending resulted in a performance-based fee of 0.009% of the fund’s average net assets.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 43 163.00.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the fiscal year and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"###### Statement of changes in net assets for the fund\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t114 754 199.97\",\n \"- Net inflows EUR\\t-13 771 107.60\",\n \"- Inflows from subscriptions EUR 9 120\\t126.68\",\n \"- Outflows from redemptions EUR\\t-22 891 234.28\",\n \"- Income adjustment EUR 267\\t083.04\",\n \"- Net gain/loss for the fiscal year EUR 12 352\\t393.89thereof:Net change in unrealized appreciation EUR\\t8 478 221.24Net change in unrealized depreciation EUR\\t1 331 508.25\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t113 602 569.30\",\n \"###### Summary of gains/losses\",\n \"Realized gains (incl. income adjustment) . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t6 149 293.36\",\n \"from:\",\n \"Securities transactions EUR\\t5 602 198.33\",\n \"(Forward) currency transactions EUR\\t547 095.03\",\n \"Realized losses (incl. income adjustment) . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-6 891 580.63\",\n \"from:\",\n \"Securities transactions EUR\\t-6 223 504.30\",\n \"(Forward) currency transactions EUR\\t-668 076.33\",\n \"Net change in unrealized appreciation/depreciation . . . EUR\\t9 809 729.49\",\n \"from:\",\n \"Securities transactions EUR\\t9 806 897.14\",\n \"(Forward) currency transactions EUR\\t2 832.35\",\n \"###### Details on the distribution policy*\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per unit over the last three years\",\n \"Net assets\\tNet asset\",\n \"at the end of the\\tvalue per\",\n \"fiscal year EUR\\tunit EUR\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"113 602 569.30\\t630.68\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"114 754 199.97\\t566.75\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"137 842 156.36\\t683.90\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.\",\n \"The total volume was EUR 0.00.\",\n \"Russia/Ukraine crisis\",\n \"Against the backdrop of the escalating conflict between Russia and Ukraine, trading conditions on local markets are currently not functioning as they would normally function.\",\n \"Due to the extremely volatile and constantly changing mar- ket situation and the already imposed and planned comprehensive sanctions against Russia, an adequate valuation of various securities of issuers domiciled or with business focus in Russia, which is reliable through active stock exchange trading, can no longer be guaranteed at any time.\",\n \"Among other things, this means that the net asset value (“NAV”) of the DWS Osteuropa fund’s units can no longer be calculated with the necessary accuracy and appropriateness.\",\n \"As a result, and in addition to the suspension of the issue of units decided on February 28, 2022 (pursuant to Article 9 of the fund’s Management Regulations), DWS Investment S.A., in its capacity as Management Company, has decided, pur- suant to Articles 7 and 10 of the fund’s Management Regulations, to suspend the calculation of the net asset value per unit and the redemption of units of the Fund from March 1, 2022, until further notice.\",\n \"This decision was made in particular to ensure the protection and equal treatment of all investors, as there was insuf- ficient market liquidity as well as valuation certainty from the date of the decisions described above until the date of this report.\",\n \"All issuance requests received after the order acceptance deadline on February 25, 2022, have been rejected in order to protect investors from disadvantages due to the current market situation. All redemption requests received by the order acceptance deadline of February 25, 2022, were executed and all redemption requests received after the order acceptance deadline of February 25, 2022, were rejected. The suspension is reviewed at regular intervals. The Management Company will publish all information about the deci- sion to terminate the suspension on the website www.dws.com. Following the suspension of the issuance of units, the calculation of the NAV per unit and the redemption of units of the DWS Osteuropa fund, the Management Company DWS Investment S.A. has decided to reduce the fund’s all-in fee as follows: | Name | ISIN | All-in fee (old) | All-in fee (new) | | --- | --- | --- | --- | | DWS Osteuropa | LU0062756647 | 1.7% | 0.85% | The decision will apply retroactively from March 1, 2022, and until further notice. KP KPMG issued an unqualified audit opinion for the full annual report. The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: MG Luxembourg, Société anonyme\\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\\tE-mail: info@kpmg.lu Internet: www.kpmg.lu ### To the unitholders of DWS Osteuropa 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE REVISEUR D’ENTREPRISES AGREE #### Report on the audit of the annual financial statements Opinion We have audited the accompanying financial statements of DWS Osteuropa (“the fund”), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies. In our opinion, the attached financial statements give a true and fair view of the financial position of DWS Osteuropa as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements. #### Basis for the audit opinion We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d’Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants” (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion. #### Material uncertainty about the continued existence of the fund We refer to the statement in the fund’s Annual Report on page 13 that against the background of the esca- lating conflict between Russia and Ukraine, trading conditions on local markets are currently not functioning as they would normally function. Due to the extremely volatile and constantly changing market situation and the already imposed and planned comprehensive sanctions against Russia, an adequate valuation of various securities of issuers domiciled or with business focus in Russia, which is reliable through active stock exchange trading, can no longer be guaranteed at any time. Among other things, this means that the net asset value (“NAV”) of the fund’s units can no longer be calculated with the necessary accuracy and appropriateness. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. As discussed in the Annual Report on page 13, these events or conditions, together with other matters set forth on page 7, indicate that a material uncertainty exists that may cast significant doubt about the funds’ ability to continue as a going concern. Our audit opinion has not been modified in relation to this point. #### Other information The Management Board of the Management Company is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements. Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information. In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard. #### Responsibility of the Management Board of the Management Company and of those in charge of monitoring for the annual financial statements The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation and presentation of annual financial statements and for the internal con- trols that the Management Board considers necessary to enable the annual financial statements to be pre- pared such that they are free from material, intentional or unintentional, misstatement. When preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and, where relevant, for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action. Those in charge of monitoring are responsible for monitoring the process of preparing the annual financial statements. Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements. When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach. Furthermore: - We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of mate- rial misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls. - We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system. - We assess the appropriateness of the accounting methods applied by the Management Board of the Management Company, of the accounting-related estimates and of the corresponding explanatory notes. - We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activ- ity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associ- ated explanatory information provided in the annual accounts in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund no longer being able to continue its business activity. - We assess the overall presentation, the structure and the content of the annual accounts, including the explanatory notes, and assess whether these appropriately present the underlying business transactions and events. We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring. Luxembourg, April 30, 2022\\tKPMG Luxembourg ’Société anonyme’ (stock corporation) Cabinet de révision agréé Pia Schanz\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98272,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"* Eventuelle Abweichungen zu den korrespondierenden Angaben der detaillierten Ertrags- und Aufwandsrechnung beruhen auf Effekten im Rahmen des Ertragsausgleichs.\nVerwaltungsgesellschaft, Zentralverwaltung, Transferstelle, Registerstelle und Hauptvertriebsstelle\nDWS Investment S.A.\n2, Boulevard Konrad Adenauer L-1115 Luxemburg\nEigenkapital per 31.12.2021: 355,1 Mio. Euro vor Gewinnverwendung\nAufsichtsrat\nClaire Peel Vorsitzende\nDWS Management GmbH, Frankfurt am Main\nManfred Bauer\nDWS Investment GmbH, Frankfurt am Main\nStefan Kreuzkamp\nDWS Investment GmbH, Frankfurt am Main\nFrank Krings (bis 27.7.2021) Deutsche Bank Luxembourg S.A., Luxemburg\nDr. Matthias Liermann DWS Investment GmbH, Frankfurt am Main\nHolger Naumann\nDWS Investments Hong Kong Ltd., Hongkong\nFrank Rückbrodt (seit dem 28.7.2021) Deutsche Bank Luxembourg S.A., Luxemburg\nVorstand\nNathalie Bausch Vorsitzende\nDWS Investment S.A., Luxemburg\nLeif Bjurström\nDWS Investment S.A., Luxemburg\nDr. Stefan Junglen DWS Investment S.A., Luxemburg\nBarbara Schots\nDWS Investment S.A., Luxemburg\nAbschlussprüfer\nKPMG Luxembourg Société anonyme\n39, Avenue John F. Kennedy L-1855 Luxemburg\nVerwahrstelle\nState Street Bank International GmbH Zweigniederlassung Luxemburg\n49, Avenue John F. Kennedy L-1855 Luxemburg\nFondsmanager\nDWS Investment GmbH Mainzer Landstraße 11-17 D-60329 Frankfurt am Main\nVertriebs-, Zahl- und Informationsstelle* LUXEMBURG\nDeutsche Bank Luxembourg S.A.\n2, Boulevard Konrad Adenauer L-1115 Luxemburg\n* weitere Vertriebs- und Zahlstellen, siehe Verkaufsprospekt\nStand: 3.3.2022\nDWS Investment S.A.\n2, Boulevard Konrad Adenauer L-1115 Luxemburg\nTel.: +352 4 21 01-1\nFax: +352 4 21 01-9 00"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.\nManagement Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor\nDWS Investment S.A.\n2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\nEquity capital as of December 31, 2021:\nEUR 355.1 million before profit appropriation Supervisory Board\nClaire Peel Chairwoman\nDWS Management GmbH, Frankfurt/Main\nManfred Bauer\nDWS Investment GmbH, Frankfurt/Main\nStefan Kreuzkamp\nDWS Investment GmbH, Frankfurt/Main\nFrank Krings (until July 27, 2021) Deutsche Bank Luxembourg S.A., Luxembourg\nDr. Matthias Liermann DWS Investment GmbH, Frankfurt/Main\nHolger Naumann\nDWS Investments Hong Kong Ltd., Hong Kong\nFrank Rückbrodt (since July 28, 2021) Deutsche Bank Luxembourg S.A., Luxembourg\nManagement Board\nNathalie Bausch Chairwoman\nDWS Investment S.A., Luxembourg\nLeif Bjurström\nDWS Investment S.A., Luxembourg\nDr. Stefan Junglen DWS Investment S.A., Luxembourg\nBarbara Schots\nDWS Investment S.A., Luxembourg\nAuditor\nKPMG Luxembourg Société anonyme\n39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg\nDepositary\nState Street Bank International GmbH Luxembourg Branch\n49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg\nFund Manager\nDWS Investment GmbH Mainzer Landstraße 11-17\n60329 Frankfurt/Main, Germany Sales, Information and Paying Agent*\nLUXEMBOURG\nDeutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\n* For additional Sales and Paying Agents, please refer to the sales prospectus\nAs of: March 3, 2022\nDWS Investment S.A.\n2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\nTel.: +352 4 21 01-1\nFax: +352 4 21 01-9 00"},"unique id":{"kind":"number","value":108273,"string":"108,273"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.","Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor","DWS Investment S.A.","2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","Equity capital as of December 31, 2021:","EUR 355.1 million before profit appropriation Supervisory Board","Claire Peel Chairwoman","DWS Management GmbH, Frankfurt/Main","Manfred Bauer","DWS Investment GmbH, Frankfurt/Main","Stefan Kreuzkamp","DWS Investment GmbH, Frankfurt/Main","Frank Krings (until July 27, 2021) Deutsche Bank Luxembourg S.A., Luxembourg","Dr. Matthias Liermann DWS Investment GmbH, Frankfurt/Main","Holger Naumann","DWS Investments Hong Kong Ltd., Hong Kong","Frank Rückbrodt (since July 28, 2021) Deutsche Bank Luxembourg S.A., Luxembourg","Management Board","Nathalie Bausch Chairwoman","DWS Investment S.A., Luxembourg","Leif Bjurström","DWS Investment S.A., Luxembourg","Dr. Stefan Junglen DWS Investment S.A., Luxembourg","Barbara Schots","DWS Investment S.A., Luxembourg","Auditor","KPMG Luxembourg Société anonyme","39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg","Depositary","State Street Bank International GmbH Luxembourg Branch","49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg","Fund Manager","DWS Investment GmbH Mainzer Landstraße 11-17","60329 Frankfurt/Main, Germany Sales, Information and Paying Agent*","LUXEMBOURG","Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","* For additional Sales and Paying Agents, please refer to the sales prospectus","As of: March 3, 2022","DWS Investment S.A.","2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","Tel.",": +352 4 21 01-1","Fax: +352 4 21 01-9 00"],"string":"[\n \"* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.\",\n \"Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor\",\n \"DWS Investment S.A.\",\n \"2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"Equity capital as of December 31, 2021:\",\n \"EUR 355.1 million before profit appropriation Supervisory Board\",\n \"Claire Peel Chairwoman\",\n \"DWS Management GmbH, Frankfurt/Main\",\n \"Manfred Bauer\",\n \"DWS Investment GmbH, Frankfurt/Main\",\n \"Stefan Kreuzkamp\",\n \"DWS Investment GmbH, Frankfurt/Main\",\n \"Frank Krings (until July 27, 2021) Deutsche Bank Luxembourg S.A., Luxembourg\",\n \"Dr. Matthias Liermann DWS Investment GmbH, Frankfurt/Main\",\n \"Holger Naumann\",\n \"DWS Investments Hong Kong Ltd., Hong Kong\",\n \"Frank Rückbrodt (since July 28, 2021) Deutsche Bank Luxembourg S.A., Luxembourg\",\n \"Management Board\",\n \"Nathalie Bausch Chairwoman\",\n \"DWS Investment S.A., Luxembourg\",\n \"Leif Bjurström\",\n \"DWS Investment S.A., Luxembourg\",\n \"Dr. Stefan Junglen DWS Investment S.A., Luxembourg\",\n \"Barbara Schots\",\n \"DWS Investment S.A., Luxembourg\",\n \"Auditor\",\n \"KPMG Luxembourg Société anonyme\",\n \"39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg\",\n \"Depositary\",\n \"State Street Bank International GmbH Luxembourg Branch\",\n \"49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg\",\n \"Fund Manager\",\n \"DWS Investment GmbH Mainzer Landstraße 11-17\",\n \"60329 Frankfurt/Main, Germany Sales, Information and Paying Agent*\",\n \"LUXEMBOURG\",\n \"Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"* For additional Sales and Paying Agents, please refer to the sales prospectus\",\n \"As of: March 3, 2022\",\n \"DWS Investment S.A.\",\n \"2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"Tel.\",\n \": +352 4 21 01-1\",\n \"Fax: +352 4 21 01-9 00\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.","Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor","DWS Investment S.A.","2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","Equity capital as of December 31, 2021:","EUR 355.1 million before profit appropriation Supervisory Board","Claire Peel Chairwoman","DWS Management GmbH, Frankfurt/Main","Manfred Bauer","DWS Investment GmbH, Frankfurt/Main","Stefan Kreuzkamp","DWS Investment GmbH, Frankfurt/Main","Frank Krings (until July 27, 2021) Deutsche Bank Luxembourg S.A., Luxembourg","Dr. Matthias Liermann DWS Investment GmbH, Frankfurt/Main","Holger Naumann","DWS Investments Hong Kong Ltd., Hong Kong","Frank Rückbrodt (since July 28, 2021) Deutsche Bank Luxembourg S.A., Luxembourg","Management Board","Nathalie Bausch Chairwoman","DWS Investment S.A., Luxembourg","Leif Bjurström","DWS Investment S.A., Luxembourg","Dr. Stefan Junglen DWS Investment S.A., Luxembourg","Barbara Schots","DWS Investment S.A., Luxembourg","Auditor","KPMG Luxembourg Société anonyme","39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg","Depositary","State Street Bank International GmbH Luxembourg Branch","49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg","Fund Manager","DWS Investment GmbH Mainzer Landstraße 11-17","60329 Frankfurt/Main, Germany Sales, Information and Paying Agent*","LUXEMBOURG","Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","* For additional Sales and Paying Agents, please refer to the sales prospectus","As of: March 3, 2022","DWS Investment S.A.","2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","Tel.",": +352 4 21 01-1","Fax: +352 4 21 01-9 00"],"string":"[\n \"* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.\",\n \"Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor\",\n \"DWS Investment S.A.\",\n \"2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"Equity capital as of December 31, 2021:\",\n \"EUR 355.1 million before profit appropriation Supervisory Board\",\n \"Claire Peel Chairwoman\",\n \"DWS Management GmbH, Frankfurt/Main\",\n \"Manfred Bauer\",\n \"DWS Investment GmbH, Frankfurt/Main\",\n \"Stefan Kreuzkamp\",\n \"DWS Investment GmbH, Frankfurt/Main\",\n \"Frank Krings (until July 27, 2021) Deutsche Bank Luxembourg S.A., Luxembourg\",\n \"Dr. Matthias Liermann DWS Investment GmbH, Frankfurt/Main\",\n \"Holger Naumann\",\n \"DWS Investments Hong Kong Ltd., Hong Kong\",\n \"Frank Rückbrodt (since July 28, 2021) Deutsche Bank Luxembourg S.A., Luxembourg\",\n \"Management Board\",\n \"Nathalie Bausch Chairwoman\",\n \"DWS Investment S.A., Luxembourg\",\n \"Leif Bjurström\",\n \"DWS Investment S.A., Luxembourg\",\n \"Dr. Stefan Junglen DWS Investment S.A., Luxembourg\",\n \"Barbara Schots\",\n \"DWS Investment S.A., Luxembourg\",\n \"Auditor\",\n \"KPMG Luxembourg Société anonyme\",\n \"39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg\",\n \"Depositary\",\n \"State Street Bank International GmbH Luxembourg Branch\",\n \"49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg\",\n \"Fund Manager\",\n \"DWS Investment GmbH Mainzer Landstraße 11-17\",\n \"60329 Frankfurt/Main, Germany Sales, Information and Paying Agent*\",\n \"LUXEMBOURG\",\n \"Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"* For additional Sales and Paying Agents, please refer to the sales prospectus\",\n \"As of: March 3, 2022\",\n \"DWS Investment S.A.\",\n \"2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"Tel.\",\n \": +352 4 21 01-1\",\n \"Fax: +352 4 21 01-9 00\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98273,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# DWS Top Dividende\nJahresbericht 2020/2021\nvom 1.10.2020 bis 30.9.2021 (gemäß § 101 KAGB)\n\n#### Wertentwicklung\nDer Erfolg einer Investment- fondsanlage wird an der Wertentwicklung der Anteile gemessen. Als Basis für die Wertberechnung werden die Anteilwerte (=Rücknahmepreise) herangezogen, unter Hinzu- rechnung zwischenzeitlicher Ausschüttungen, die z.B. im Rahmen der Investmentkonten bei der DWS Investment GmbH kostenfrei reinvestiert werden; bei inländischen thesaurieren- den Fonds wird die – nach etwaiger Anrechnung ausländi- scher Quellensteuer – vom Fonds erhobene inländische Kapitalertragsteuer zuzüglich Solidaritätszuschlag hinzuge- rechnet. Die Berechnung der Wertentwicklung erfolgt nach der BVI-Methode. Angaben zur bisherigen Wertentwicklung erlauben keine Prognosen für die Zukunft.\nDarüber hinaus sind in den Berichten auch die entspre- chenden Vergleichsindizes – soweit vorhanden – dargestellt. Alle Grafik- und Zahlenangaben geben den Stand vom\n30. September 2021 wieder (sofern nichts anderes ange- geben ist).\nVerkaufsprospekte \nAlleinverbindliche Grundlage des Kaufs ist der aktuelle Verkaufsprospekt einschließlich Anlagebedingungen sowie das Dokument „Wesentliche Anle- gerinformationen“, die Sie bei der DWS Investment GmbH oder den Geschäftsstellen der Deutsche Bank AG und weite- ren Zahlstellen erhalten.\n\n#### Angaben zur Kostenpauschale\nIn der Kostenpauschale sind folgende Aufwendungen nicht enthalten:\n- im Zusammenhang mit dem Erwerb und der Veräußerung von Vermögensgegenstän- den entstehende Kosten;\n- im Zusammenhang mit den Kosten der Verwaltung und Verwahrung evtl. entstehen- de Steuern;\n- Kosten für die Geltend- machung und Durchsetzung von Rechtsansprüchen des Sondervermögens.\n\nDetails zur Vergütungsstruktur sind im aktuellen Verkaufspros- pekt geregelt.\nAusgabe- und Rücknahmepreise \nBörsentäglich im Internet www.dws.de\nGesonderter Hinweis für betriebliche Anleger:\nAnpassung des Aktiengewinns wegen des EuGH-Urteils in der Rs. STEKO Industriemontage GmbH und der Rechtsprechung des BFH zu § 40a KAGG\nDer Europäische Gerichtshof (EuGH) hat in der Rs. STEKO Industriemontage GmbH (C-377/07) entschieden, dass die Regelung im KStG für den Übergang vom körperschaftsteuerlichen Anrechnungsverfahren zum Halbeinkünfteverfah- ren in 2001 europarechtswidrig ist. Das Verbot für Körperschaften, Gewinnminderungen im Zusammenhang mit Be- teiligungen an ausländischen Gesellschaften nach § 8b Absatz 3 KStG steuerwirksam geltend zu machen, galt nach\n§ 34 KStG bereits in 2001, während dies für Gewinnminderungen im Zusammenhang mit Beteiligungen an inländi- schen Gesellschaften erst in 2002 galt. Dies widerspricht nach Auffassung des EuGH der Kapitalverkehrsfreiheit.\nDer Bundesfinanzhof (BFH) hat mit Urteil vom 28. Oktober 2009 (Az. I R 27/08) entschieden, dass die Rs. STEKO grund- sätzlich Wirkungen auf die Fondsanlage entfaltet. Mit BMF-Schreiben vom 01.02.2011 „Anwendung des BFH-Urteils vom\n28. Oktober 2009 – I R 27/08 beim Aktiengewinn („STEKO-Rechtsprechung“)“ hat die Finanzverwaltung insbesondere dargelegt, unter welchen Voraussetzungen nach ihrer Auffassung eine Anpassung eines Aktiengewinns aufgrund der Rs. STEKO möglich ist.\nDer BFH hat zudem mit den Urteilen vom 25.6.2014 (I R 33/09) und 30.7.2014 (I R 74/12) im Nachgang zum Beschluss des Bundesverfassungsgerichts vom 17. Dezember 2013 (1 BvL 5/08, BGBl I 2014, 255) entschieden, dass Hinzurech- nungen von negativen Aktiengewinnen aufgrund des § 40a KAGG i. d. F. des StSenkG vom 23. Oktober 2000 in den Jahren 2001 und 2002 nicht zu erfolgen hatten und dass steuerfreie positive Aktiengewinne nicht mit negativen Ak- tiengewinnen zu saldieren waren. Soweit also nicht bereits durch die STEKO-Rechtsprechung eine Anpassung des Anleger-Aktiengewinns erfolgt ist, kann ggf. nach der BFH-Rechtsprechung eine entsprechende Anpassung erfolgen. Die Finanzverwaltung hat sich hierzu bislang nicht geäußert.\nIm Hinblick auf mögliche Maßnahmen aufgrund der BFH-Rechtsprechung empfehlen wir Anlegern mit Anteilen im Betriebsvermögen, einen Steuerberater zu konsultieren.\nZweite Aktionärsrechterichtlinie (ARUG II)\nBezüglich der gemäß § 101 Abs. 2 Satz 5 des Kapitalanlagegesetzbuches erforderlichen Angaben nach § 134c Abs. 4 des Aktiengesetzes verweisen wir auf die Informationen, die auf der DWS-Homepage unter „Rechtliche Hinweise“ (www.dws.de/footer/rechtliche-hinweise) gegeben werden.\nDie Angaben zur Umschlagsrate des betreffenden Fondsportfolios werden auf der Website „dws.de“ bzw.\n„dws.com“ unter „Fonds-Fakten“ veröffentlicht. Sie finden diese auch unter folgender Adresse:\nDWS Top Dividende (https://www.dws.de/aktienfonds/de0009848119-dws-top-dividende-ld)\nCoronakrise\nSeit Januar 2020 hat sich das Coronavirus ausgebreitet und in der Folgezeit zu einer ernsten, wirtschaftlichen Krise geführt. Die dynamische Ausbreitung des Virus schlug sich mitunter in erheblichen Marktverwerfungen bei zugleich deutlich gestiegenen Volatilitäten nieder. Beschränkungen der Bewegungsfreiheit, wiederholte Lockdown-Maßnahmen, Produktionsstopps sowie unterbrochene Lieferketten übten großen Druck auf nachgelagerte wirtschaftliche Prozesse aus, so dass sich die weltweiten Konjunkturperspektiven erheblich eintrübten. An den Märkten waren zwischenzeit- lich – u.a. durch Hilfsprogramme im Rahmen der Geld- und Fiskalpolitik sowie umfassende Impf- und Testkampagnen – zwar spürbare Erholungen und teils neue Höchststände zu beobachten. Dennoch sind die konkreten bzw. möglichen mittel- bis langfristigen Auswirkungen der Krise auf die Konjunktur, einzelne Märkte und Branchen sowie die sozialen Implikationen angesichts der Dynamik der globalen Ausbreitung des Virus bzw. des Auftretens diverser Mutationen und des damit einhergehenden hohen Grads an Unsicherheit zum Zeitpunkt der Aufstellung des vorliegenden Berichts nicht verlässlich beurteilbar. Somit kann es weiterhin zu einer wesentlichen Beeinflussung des jeweiligen Sonderver- mögens kommen. Ein bedeutendes Maß an Unsicherheit besteht hinsichtlich der finanziellen Auswirkungen der Pandemie, da diese von externen Faktoren wie etwa der Verbreitung des Virus sowie dessen Varianten und den von den einzelnen Regierungen und Zentralbanken ergriffenen Maßnahmen, der erfolgreichen Eindämmung der Entwick- lung der Infektionsraten in Verbindung mit den Impfquoten und dem zügigen und nachhaltigen Wiederanlaufen der Konjunktur abhängig sind.\nDie Kapitalverwaltungsgesellschaft des Sondervermögens setzt deshalb ihre Bemühungen im Rahmen ihres Risiko- managements fort, um diese Unsicherheiten bewerten und ihren möglichen Auswirkungen auf die Aktivitäten, die Liquidität und die Wertentwicklung des Sondervermögens begegnen zu können. Die Kapitalverwaltungsgesellschaft ergreift alle als angemessen erachteten Maßnahmen, um die Anlegerinteressen bestmöglich zu schützen. In Abstim- mung mit den Dienstleistern hat die Kapitalverwaltungsgesellschaft die Folgen der Coronakrise beobachtet und de- ren Auswirkungen auf das Sondervermögen und die Märkte, in denen dieses investiert, angemessen in ihre Entschei- dungsfindung einbezogen. Zum Datum des vorliegenden Berichts wurden dem Sondervermögen gegenüber keine bedeutenden Rücknahmeanträge gestellt; Auswirkungen auf dessen Anteilscheingeschäft werden von der Kapital- verwaltungsgesellschaft kontinuierlich überwacht; die Leistungsfähigkeit der wichtigsten Dienstleister hat keine we- sentlichen Beeinträchtigungen erfahren. In diesem Zusammenhang hat sich die Kapitalverwaltungsgesellschaft des Sondervermögens im Einklang mit zahlreichen nationalen Leitlinien nach Gesprächen mit den wichtigsten Dienstleis- tern (insbesondere hinsichtlich Verwahrstelle, Portfoliomanagement und Fondsadministration) davon überzeugt, dass die getroffenen Maßnahmen und Pläne zur Sicherstellung der Fortführung des Geschäftsbetriebs (u.a. umfangreiche Hygienemaßnahmen in den Räumlichkeiten, Einschränkungen bei Geschäftsreisen und Veranstaltungen, Vorkehrun- gen zur Gewährleistung eines verlässlichen und reibungslosen Ablaufs der Geschäftsprozesse bei Verdachtsfall auf eine Coronavirus-Infektion, Ausweitung der technischen Möglichkeiten zum mobilen Arbeiten) die derzeit absehba- ren bzw. laufenden operativen Risiken eindämmen und gewährleisten, dass die Tätigkeiten des Sondervermögens nicht unterbrochen werden.\nZum Zeitpunkt der Aufstellung des vorliegenden Berichts liegen nach Auffassung der Kapitalverwaltungsgesellschaft weder Anzeichen vor, die gegen die Fortführung des Sondervermögens sprechen, noch ergaben sich für das Sonder- vermögen Liquiditätsprobleme.\nZahl- und Vertriebsstelle in Luxemburg ist die Deutsche Bank Luxembourg S.A.\n2, Boulevard Konrad Adenauer\nL-1115 Luxemburg\nBei dieser Stelle können\n- die Rücknahme der Anteile durchgeführt bzw. Rücknahmeanträge eingereicht werden,\n- die Anleger kostenlos sämtliche Informationen, wie Verkaufsprospekte samt Anlagebedingungen, „Wesentliche Anlegerinformationen“, Jahres- und Halbjahresberichte sowie die Ausgabe- und Rücknahmepreise erhalten und sonstige Angaben und Unterlagen erfragen bzw. einsehen einsehen; zudem sind diese Dokumente über die Internetseite www.dws.com erhältlich,\n- Zahlungen an die Anteilinhaber weitergeleitet werden.\n\nDarüber hinaus sind Jahres- und Halbjahresberichte in elektronischer Form über www.bundesanzeiger.de erhältlich."},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# DWS Top Dividende\nAnnual report 2020/2021\nfor the period from October 1, 2020, through September 30, 2021\n(in accordance with article 101 of the German Investment Code (KAGB))\nGeneral information\t2\nAnnual report\nDWS Top Dividende\t6\nIndependent auditor’s report\t30\n\n### Performance\nThe investment return, or performance, of a mutual fund investment is measured by the change in value of the fund’s units. The net asset values per unit (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at\nDWS Investment GmbH, are used as the basis for calculating the value; in the case of domes- tic reinvesting funds, the domestic investment income tax – following any deduction of foreign withholding tax – plus solidarity surcharge charged to the fund are added. Perform- ance is calculated in accord- ance with the “BVI method”.\nPast performance is not a guide to future results.\nThe corresponding bench- marks – if available – are also presented in the report. All financial data in this publication is as of September 30, 2021 (unless otherwise stated).\n\n### Sales prospectuses\nThe sole binding basis for a purchase are the current version of the sales prospectus, includ- ing the Terms and Conditions\nof investment, and the key investor information document, which are available from\nDWS Investment GmbH or any branch of Deutsche Bank AG, as well as from other paying agents.\n\n### All-in fee\nThe all-in fee does not include the following expenses:\n- any costs that may arise in connection with the acquisi- tion and disposal of assets;\n- any taxes that may arise in connection with administra- tive and custodial costs;\n- the costs of asserting and enforcing the legal claims of the investment fund.\n\nThe details of the fee structure are set out in the current sales prospectus.\nIssue and redemption prices \nEach exchange trading day on the Internet\nwww.dws.de\nSecond Shareholder Rights Directive (SRD II)\nBased on the second Shareholder Rights Directive (SRD II) asset managers have to disclose certain information. Details on this are available on the DWS websites.\nCoronavirus crisis\nThe coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis. The rapid proliferation of the virus was reflected in, among other things, significant price market distortions and substantially increased volatility at the same time. Restrictions on freedom of movement, repeated lockdown measures, production stoppages, as well as disrupted supply chains, are exerting major pressure on downstream economic processes, which caused global economic prospects to deteriorate considerably. In the interim, noticeable recoveries and some new highs were to be observed in the markets – due, among other factors, to monetary and fiscal policy support programs and extensive vaccination and testing campaigns. Nevertheless, the specific or possible medium-to-long- term effects of the crisis on the economy, individual markets and sectors as well as the social implications in respect of the vigorous global spread of the virus or the emergence of various mutations and the associated high level of uncertainty at the time of preparing this report cannot be reliably assessed. There may therefore still be a significant impact on the respective investment fund’s assets. A high level of uncertainty exists in relation to the financial impli- cations of the pandemic, as these are dependent on external factors such as the spread of the virus/emerging variants and the measures taken by individual governments and central banks, the successful stemming of the development of infection rates in connection with vaccination rates and the speedy and sustainable restart of the economy.\nThe Asset Management Company of the investment fund is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the investment fund. The Asset Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent. In coordination with the service providers, the Asset Manage- ment Company observed the consequences of the coronavirus crisis and adequately included its impact on the investment fund and the markets in which the investment fund invests into its decision-making processes. As of the date of this report, no significant redemption requests had been made in respect of the investment fund; the effects on the investment fund’s unit certificate transactions are continuously monitored by the Asset Management Com- pany; the performance capability of the most important service providers did not experience any significant impair- ment. In this context, the Asset Management Company of the investment fund satisfied itself in line with numerous national guidelines and following discussions with the most important service providers (especially the Depositary, the portfolio management and the fund administration) that the measures taken and the business continuity plans put in place (including extensive hygiene measures on the premises, restrictions on business travel and events, pre- cautions to ensure the reliable and smooth running of business processes in the event of a suspected case of corona- virus infection, expansion of the technical options for mobile working) will curb the currently foreseeable or ongoing operational risks and will ensure that the investment fund’s activities will not be disrupted.\nAt the time of preparing this report, the Asset Management Company is of the opinion that there are no signs indica- ting any doubt on the ability of the respective investment fund to continue as a going concern, nor were there any liquidity problems for the investment fund."},"unique id":{"kind":"number","value":108274,"string":"108,274"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# DWS Top Dividende","Annual report 2020/2021","for the period from October 1, 2020, through September 30, 2021","(in accordance with article 101 of the German Investment Code (KAGB))","General information\t2","Annual report","DWS Top Dividende\t6","Independent auditor’s report\t30","### Performance","The investment return, or performance, of a mutual fund investment is measured by the change in value of the fund’s units.","The net asset values per unit (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at","DWS Investment GmbH, are used as the basis for calculating the value; in the case of domes- tic reinvesting funds, the domestic investment income tax – following any deduction of foreign withholding tax – plus solidarity surcharge charged to the fund are added.","Perform- ance is calculated in accord- ance with the “BVI method”.","Past performance is not a guide to future results.","The corresponding bench- marks – if available – are also presented in the report.","All financial data in this publication is as of September 30, 2021 (unless otherwise stated).","### Sales prospectuses","The sole binding basis for a purchase are the current version of the sales prospectus, includ- ing the Terms and Conditions","of investment, and the key investor information document, which are available from","DWS Investment GmbH or any branch of Deutsche Bank AG, as well as from other paying agents.","### All-in fee","The all-in fee does not include the following expenses:","- any costs that may arise in connection with the acquisi- tion and disposal of assets;","- any taxes that may arise in connection with administra- tive and custodial costs;","- the costs of asserting and enforcing the legal claims of the investment fund.","The details of the fee structure are set out in the current sales prospectus.","Issue and redemption prices","Each exchange trading day on the Internet","www.dws.de","Second Shareholder Rights Directive (SRD II)","Based on the second Shareholder Rights Directive (SRD II) asset managers have to disclose certain information.","Details on this are available on the DWS websites.","Coronavirus crisis","The coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis.","The rapid proliferation of the virus was reflected in, among other things, significant price market distortions and substantially increased volatility at the same time.","Restrictions on freedom of movement, repeated lockdown measures, production stoppages, as well as disrupted supply chains, are exerting major pressure on downstream economic processes, which caused global economic prospects to deteriorate considerably.","In the interim, noticeable recoveries and some new highs were to be observed in the markets – due, among other factors, to monetary and fiscal policy support programs and extensive vaccination and testing campaigns.","Nevertheless, the specific or possible medium-to-long- term effects of the crisis on the economy, individual markets and sectors as well as the social implications in respect of the vigorous global spread of the virus or the emergence of various mutations and the associated high level of uncertainty at the time of preparing this report cannot be reliably assessed.","There may therefore still be a significant impact on the respective investment fund’s assets.","A high level of uncertainty exists in relation to the financial impli- cations of the pandemic, as these are dependent on external factors such as the spread of the virus/emerging variants and the measures taken by individual governments and central banks, the successful stemming of the development of infection rates in connection with vaccination rates and the speedy and sustainable restart of the economy.","The Asset Management Company of the investment fund is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the investment fund.","The Asset Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.","In coordination with the service providers, the Asset Manage- ment Company observed the consequences of the coronavirus crisis and adequately included its impact on the investment fund and the markets in which the investment fund invests into its decision-making processes.","As of the date of this report, no significant redemption requests had been made in respect of the investment fund; the effects on the investment fund’s unit certificate transactions are continuously monitored by the Asset Management Com- pany; the performance capability of the most important service providers did not experience any significant impair- ment.","In this context, the Asset Management Company of the investment fund satisfied itself in line with numerous national guidelines and following discussions with the most important service providers (especially the Depositary, the portfolio management and the fund administration) that the measures taken and the business continuity plans put in place (including extensive hygiene measures on the premises, restrictions on business travel and events, pre- cautions to ensure the reliable and smooth running of business processes in the event of a suspected case of corona- virus infection, expansion of the technical options for mobile working) will curb the currently foreseeable or ongoing operational risks and will ensure that the investment fund’s activities will not be disrupted.","At the time of preparing this report, the Asset Management Company is of the opinion that there are no signs indica- ting any doubt on the ability of the respective investment fund to continue as a going concern, nor were there any liquidity problems for the investment fund."],"string":"[\n \"# DWS Top Dividende\",\n \"Annual report 2020/2021\",\n \"for the period from October 1, 2020, through September 30, 2021\",\n \"(in accordance with article 101 of the German Investment Code (KAGB))\",\n \"General information\\t2\",\n \"Annual report\",\n \"DWS Top Dividende\\t6\",\n \"Independent auditor’s report\\t30\",\n \"### Performance\",\n \"The investment return, or performance, of a mutual fund investment is measured by the change in value of the fund’s units.\",\n \"The net asset values per unit (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at\",\n \"DWS Investment GmbH, are used as the basis for calculating the value; in the case of domes- tic reinvesting funds, the domestic investment income tax – following any deduction of foreign withholding tax – plus solidarity surcharge charged to the fund are added.\",\n \"Perform- ance is calculated in accord- ance with the “BVI method”.\",\n \"Past performance is not a guide to future results.\",\n \"The corresponding bench- marks – if available – are also presented in the report.\",\n \"All financial data in this publication is as of September 30, 2021 (unless otherwise stated).\",\n \"### Sales prospectuses\",\n \"The sole binding basis for a purchase are the current version of the sales prospectus, includ- ing the Terms and Conditions\",\n \"of investment, and the key investor information document, which are available from\",\n \"DWS Investment GmbH or any branch of Deutsche Bank AG, as well as from other paying agents.\",\n \"### All-in fee\",\n \"The all-in fee does not include the following expenses:\",\n \"- any costs that may arise in connection with the acquisi- tion and disposal of assets;\",\n \"- any taxes that may arise in connection with administra- tive and custodial costs;\",\n \"- the costs of asserting and enforcing the legal claims of the investment fund.\",\n \"The details of the fee structure are set out in the current sales prospectus.\",\n \"Issue and redemption prices\",\n \"Each exchange trading day on the Internet\",\n \"www.dws.de\",\n \"Second Shareholder Rights Directive (SRD II)\",\n \"Based on the second Shareholder Rights Directive (SRD II) asset managers have to disclose certain information.\",\n \"Details on this are available on the DWS websites.\",\n \"Coronavirus crisis\",\n \"The coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis.\",\n \"The rapid proliferation of the virus was reflected in, among other things, significant price market distortions and substantially increased volatility at the same time.\",\n \"Restrictions on freedom of movement, repeated lockdown measures, production stoppages, as well as disrupted supply chains, are exerting major pressure on downstream economic processes, which caused global economic prospects to deteriorate considerably.\",\n \"In the interim, noticeable recoveries and some new highs were to be observed in the markets – due, among other factors, to monetary and fiscal policy support programs and extensive vaccination and testing campaigns.\",\n \"Nevertheless, the specific or possible medium-to-long- term effects of the crisis on the economy, individual markets and sectors as well as the social implications in respect of the vigorous global spread of the virus or the emergence of various mutations and the associated high level of uncertainty at the time of preparing this report cannot be reliably assessed.\",\n \"There may therefore still be a significant impact on the respective investment fund’s assets.\",\n \"A high level of uncertainty exists in relation to the financial impli- cations of the pandemic, as these are dependent on external factors such as the spread of the virus/emerging variants and the measures taken by individual governments and central banks, the successful stemming of the development of infection rates in connection with vaccination rates and the speedy and sustainable restart of the economy.\",\n \"The Asset Management Company of the investment fund is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the investment fund.\",\n \"The Asset Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.\",\n \"In coordination with the service providers, the Asset Manage- ment Company observed the consequences of the coronavirus crisis and adequately included its impact on the investment fund and the markets in which the investment fund invests into its decision-making processes.\",\n \"As of the date of this report, no significant redemption requests had been made in respect of the investment fund; the effects on the investment fund’s unit certificate transactions are continuously monitored by the Asset Management Com- pany; the performance capability of the most important service providers did not experience any significant impair- ment.\",\n \"In this context, the Asset Management Company of the investment fund satisfied itself in line with numerous national guidelines and following discussions with the most important service providers (especially the Depositary, the portfolio management and the fund administration) that the measures taken and the business continuity plans put in place (including extensive hygiene measures on the premises, restrictions on business travel and events, pre- cautions to ensure the reliable and smooth running of business processes in the event of a suspected case of corona- virus infection, expansion of the technical options for mobile working) will curb the currently foreseeable or ongoing operational risks and will ensure that the investment fund’s activities will not be disrupted.\",\n \"At the time of preparing this report, the Asset Management Company is of the opinion that there are no signs indica- ting any doubt on the ability of the respective investment fund to continue as a going concern, nor were there any liquidity problems for the investment fund.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# DWS Top Dividende","Annual report 2020/2021","for the period from October 1, 2020, through September 30, 2021","(in accordance with article 101 of the German Investment Code (KAGB))","General information\t2","Annual report","DWS Top Dividende\t6","Independent auditor’s report\t30","### Performance","The investment return, or performance, of a mutual fund investment is measured by the change in value of the fund’s units.","The net asset values per unit (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at","DWS Investment GmbH, are used as the basis for calculating the value; in the case of domes- tic reinvesting funds, the domestic investment income tax – following any deduction of foreign withholding tax – plus solidarity surcharge charged to the fund are added.","Perform- ance is calculated in accord- ance with the “BVI method”.","Past performance is not a guide to future results.","The corresponding bench- marks – if available – are also presented in the report.","All financial data in this publication is as of September 30, 2021 (unless otherwise stated).","### Sales prospectuses","The sole binding basis for a purchase are the current version of the sales prospectus, includ- ing the Terms and Conditions","of investment, and the key investor information document, which are available from","DWS Investment GmbH or any branch of Deutsche Bank AG, as well as from other paying agents.","### All-in fee","The all-in fee does not include the following expenses:","- any costs that may arise in connection with the acquisi- tion and disposal of assets;","- any taxes that may arise in connection with administra- tive and custodial costs;","- the costs of asserting and enforcing the legal claims of the investment fund.","The details of the fee structure are set out in the current sales prospectus.","Issue and redemption prices","Each exchange trading day on the Internet","www.dws.de","Second Shareholder Rights Directive (SRD II)","Based on the second Shareholder Rights Directive (SRD II) asset managers have to disclose certain information.","Details on this are available on the DWS websites.","Coronavirus crisis","The coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis.","The rapid proliferation of the virus was reflected in, among other things, significant price market distortions and substantially increased volatility at the same time.","Restrictions on freedom of movement, repeated lockdown measures, production stoppages, as well as disrupted supply chains, are exerting major pressure on downstream economic processes, which caused global economic prospects to deteriorate considerably.","In the interim, noticeable recoveries and some new highs were to be observed in the markets – due, among other factors, to monetary and fiscal policy support programs and extensive vaccination and testing campaigns.","Nevertheless, the specific or possible medium-to-long- term effects of the crisis on the economy, individual markets and sectors as well as the social implications in respect of the vigorous global spread of the virus or the emergence of various mutations and the associated high level of uncertainty at the time of preparing this report cannot be reliably assessed.","There may therefore still be a significant impact on the respective investment fund’s assets.","A high level of uncertainty exists in relation to the financial impli- cations of the pandemic, as these are dependent on external factors such as the spread of the virus/emerging variants and the measures taken by individual governments and central banks, the successful stemming of the development of infection rates in connection with vaccination rates and the speedy and sustainable restart of the economy.","The Asset Management Company of the investment fund is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the investment fund.","The Asset Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.","In coordination with the service providers, the Asset Manage- ment Company observed the consequences of the coronavirus crisis and adequately included its impact on the investment fund and the markets in which the investment fund invests into its decision-making processes.","As of the date of this report, no significant redemption requests had been made in respect of the investment fund; the effects on the investment fund’s unit certificate transactions are continuously monitored by the Asset Management Com- pany; the performance capability of the most important service providers did not experience any significant impair- ment.","In this context, the Asset Management Company of the investment fund satisfied itself in line with numerous national guidelines and following discussions with the most important service providers (especially the Depositary, the portfolio management and the fund administration) that the measures taken and the business continuity plans put in place (including extensive hygiene measures on the premises, restrictions on business travel and events, pre- cautions to ensure the reliable and smooth running of business processes in the event of a suspected case of corona- virus infection, expansion of the technical options for mobile working) will curb the currently foreseeable or ongoing operational risks and will ensure that the investment fund’s activities will not be disrupted.","At the time of preparing this report, the Asset Management Company is of the opinion that there are no signs indica- ting any doubt on the ability of the respective investment fund to continue as a going concern, nor were there any liquidity problems for the investment fund."],"string":"[\n \"# DWS Top Dividende\",\n \"Annual report 2020/2021\",\n \"for the period from October 1, 2020, through September 30, 2021\",\n \"(in accordance with article 101 of the German Investment Code (KAGB))\",\n \"General information\\t2\",\n \"Annual report\",\n \"DWS Top Dividende\\t6\",\n \"Independent auditor’s report\\t30\",\n \"### Performance\",\n \"The investment return, or performance, of a mutual fund investment is measured by the change in value of the fund’s units.\",\n \"The net asset values per unit (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at\",\n \"DWS Investment GmbH, are used as the basis for calculating the value; in the case of domes- tic reinvesting funds, the domestic investment income tax – following any deduction of foreign withholding tax – plus solidarity surcharge charged to the fund are added.\",\n \"Perform- ance is calculated in accord- ance with the “BVI method”.\",\n \"Past performance is not a guide to future results.\",\n \"The corresponding bench- marks – if available – are also presented in the report.\",\n \"All financial data in this publication is as of September 30, 2021 (unless otherwise stated).\",\n \"### Sales prospectuses\",\n \"The sole binding basis for a purchase are the current version of the sales prospectus, includ- ing the Terms and Conditions\",\n \"of investment, and the key investor information document, which are available from\",\n \"DWS Investment GmbH or any branch of Deutsche Bank AG, as well as from other paying agents.\",\n \"### All-in fee\",\n \"The all-in fee does not include the following expenses:\",\n \"- any costs that may arise in connection with the acquisi- tion and disposal of assets;\",\n \"- any taxes that may arise in connection with administra- tive and custodial costs;\",\n \"- the costs of asserting and enforcing the legal claims of the investment fund.\",\n \"The details of the fee structure are set out in the current sales prospectus.\",\n \"Issue and redemption prices\",\n \"Each exchange trading day on the Internet\",\n \"www.dws.de\",\n \"Second Shareholder Rights Directive (SRD II)\",\n \"Based on the second Shareholder Rights Directive (SRD II) asset managers have to disclose certain information.\",\n \"Details on this are available on the DWS websites.\",\n \"Coronavirus crisis\",\n \"The coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis.\",\n \"The rapid proliferation of the virus was reflected in, among other things, significant price market distortions and substantially increased volatility at the same time.\",\n \"Restrictions on freedom of movement, repeated lockdown measures, production stoppages, as well as disrupted supply chains, are exerting major pressure on downstream economic processes, which caused global economic prospects to deteriorate considerably.\",\n \"In the interim, noticeable recoveries and some new highs were to be observed in the markets – due, among other factors, to monetary and fiscal policy support programs and extensive vaccination and testing campaigns.\",\n \"Nevertheless, the specific or possible medium-to-long- term effects of the crisis on the economy, individual markets and sectors as well as the social implications in respect of the vigorous global spread of the virus or the emergence of various mutations and the associated high level of uncertainty at the time of preparing this report cannot be reliably assessed.\",\n \"There may therefore still be a significant impact on the respective investment fund’s assets.\",\n \"A high level of uncertainty exists in relation to the financial impli- cations of the pandemic, as these are dependent on external factors such as the spread of the virus/emerging variants and the measures taken by individual governments and central banks, the successful stemming of the development of infection rates in connection with vaccination rates and the speedy and sustainable restart of the economy.\",\n \"The Asset Management Company of the investment fund is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the investment fund.\",\n \"The Asset Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.\",\n \"In coordination with the service providers, the Asset Manage- ment Company observed the consequences of the coronavirus crisis and adequately included its impact on the investment fund and the markets in which the investment fund invests into its decision-making processes.\",\n \"As of the date of this report, no significant redemption requests had been made in respect of the investment fund; the effects on the investment fund’s unit certificate transactions are continuously monitored by the Asset Management Com- pany; the performance capability of the most important service providers did not experience any significant impair- ment.\",\n \"In this context, the Asset Management Company of the investment fund satisfied itself in line with numerous national guidelines and following discussions with the most important service providers (especially the Depositary, the portfolio management and the fund administration) that the measures taken and the business continuity plans put in place (including extensive hygiene measures on the premises, restrictions on business travel and events, pre- cautions to ensure the reliable and smooth running of business processes in the event of a suspected case of corona- virus infection, expansion of the technical options for mobile working) will curb the currently foreseeable or ongoing operational risks and will ensure that the investment fund’s activities will not be disrupted.\",\n \"At the time of preparing this report, the Asset Management Company is of the opinion that there are no signs indica- ting any doubt on the ability of the respective investment fund to continue as a going concern, nor were there any liquidity problems for the investment fund.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98274,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Jahresbericht\n## DWS Top Dividende\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nDer Anlagefokus des DWS Top Dividende liegt auf internationa len Unternehmen, die aufgrund ihrer fundamentalen Unterneh mensdaten, wie Bilanzqualität und Geschäftsmodell, nach Einschätzung des Portfolio Managements Aussicht auf\nDWS TOP DIVIDENDE\nWertentwicklung auf 5-Jahres-Sicht\n130\n125\n120\n115\n110\n105\n100\n95\nüberdurchschnittliche und mit\n9/16*\n9/17\n9/18\t9/19\t9/20\n9/21\ntel bis langfristig nachhaltige\nDWS Top Dividende (Anteilklasse LD)\n* 9/2016 = 100\nAngaben auf Euro-Basis\nDividendenrenditen bieten. Im\nGeschäftsjahr bis Ende Sep tember 2021 verzeichnete der Fonds einen Wertzuwachs von 16,1% je Anteil (LD Anteilklasse, nach BVIMethode) in Euro.\nAnlagepolitik im Berichtszeitraum \nWesentliche Risiken wurden\nv. a. in der Unsicherheit hinsicht lich des weiteren Verlaufes der CoronavirusPandemie*, der Impfstoff-Entwicklung und damit zusammenhängend den Auswir kungen auf die Weltwirtschaft und die Finanzmärkte gesehen.\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 30.9.2021\nDWS TOP DIVIDENDE\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | 3 Jahre | 5 Jahre |\n| --- | --- | --- | --- | --- |\n| Klasse LD | DE0009848119 | 16,1% | 13,8% | 22,4% |\n| Klasse FD | DE000DWS1VB9 | 16,8% | 15,7% | 25,8% |\n| Klasse LC | DE000DWS1U90 | 16,1% | 13,8% | 19,6%1) |\n| Klasse LDQ | DE000DWS18N0 | 16,1% | 13,8% | 22,4% |\n| Klasse RC | DE000DWS2PA1 | 16,2% | 14,0% | 19,8%1) |\n| Klasse TFC | DE000DWS18Q3 | 16,9% | 16,1% | 20,3%1) |\n| Klasse TFD | DE000DWS2SL2 | 16,9% | 16,1% | 21,6%1) |\n\n1) Klasse TFC aufgelegt am 2.1.2017 / Klassen LC und RC aufgelegt am 1.9.2017 / Klasse TFD aufgelegt am 2.1.2018\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 30.9.2021\nDie Entwicklung an den interna tionalen Kapitalmärkten wurde im Berichtszeitraum weiter\nhin durch die Coronavirus Pandemie und deren gesell schaftliche sowie ökonomische Folgen für die Weltgemein schaft beeinflusst. Dabei profitierten die Aktienmärkte von einer extrem lockeren Geldpolitik der Zentralbanken der Industrieländer. Seit Jahres anfang 2021 verbesserten sich auch die Konjunkturaussich ten, begünstigt durch die von der internationalen Staaten gemeinschaft unternommenen Anstrengungen und Maßnah\nmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungs beantragungen für Covid19 Impfstoffe sowie die einsetzen den Impfkampagnen.\nDer Anlageschwerpunkt des Fonds lag strategiebedingt auf eher defensiven Titeln aus den Segmenten Hauptverbrauchs güter, Telekommunikation, Gesundheitswesen, Versiche rungen und Versorger, die überdurchschnittliche Dividen denerträge erwarten ließen.\nEinen überdurchschnittlichen Beitrag zur Wertentwicklung steuerte im Energiesektor der Ölkonzern Royal Dutch Shell bei. Der deutlich angestiegene Ölpreis sowie anhaltend strin gente Kostenkontrolle haben zu einem Gewinnsprung ge führt. Im Technologiesektor verzeichnete die Position im Halbleiterproduzenten Taiwan Semiconductor Manufacturing angesichts von Marktanteils gewinnen aufgrund des tech nologischen Vorsprungs des Unternehmens erneut eine positive Performance. Auch\ndas Engagement in BHP Group\nentwickelte sich vor dem Hintergrund des gestiegenen Eisenerzpreises und einer Erhö- hung der Dividende überdurch- schnittlich.\nBelastet wurde die Performance des Fonds hingegen von\nder unterdurchschnittlichen Kursentwicklung einer Position im Finanzsektor. Der chinesi- sche Versicherungskonzern Ping An kam auf Grund von regulatorischen Sorgen sowie der deutlichen Eintrübung des chinesischen Immobilienmark- tes deutlich unter Druck.\nWesentliche Quellen des Veräußerungsergebnisses \nDie wesentlichen Quellen des Veräußerungsergebnisses waren realisierte Gewinne aus dem Verkauf von Aktien. Verlus- te wurden hingegen bei fest- verzinslichen Wertpapieren und Währungen realisiert.\n\n#### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Sondervermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltig- keitsbezogene Offenlegungs- pflichten im Finanzdienstleis- tungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDWS TOP DIVIDENDE\nÜberblick über die Anteilklassen\nISIN-Code\tLD\tDE0009848119 LC\tDE000DWS1U90\nFD\tDE000DWS1VB9\nLDQ\tDE000DWS18N0\nTFC\tDE000DWS18Q3\nRC\tDE000DWS2PA1\nTFD\tDE000DWS2SL2\nWertpapierkennnummer (WKN)\tLD\t984811\nLC\tDWS1U9\nFD\tDWS1VB\nLDQ\tDWS18N\nTFC\tDWS18Q\nRC\tDWS2PA\nTFD\tDWS2SL\nFondswährung\tEUR\nAnteilklassenwährung\tLD\tEUR\nLC\tEUR\nFD\tEUR\nLDQ\tEUR\nTFC\tEUR\nRC\tEUR\nTFD\tEUR\nErstzeichnungs-\tLD\t28.4.2003\nund Auflegungsdatum\t\t(ab 15.3.2013 als Anteilklasse LD) LC\t\t1.9.2017\nFD\t12.8.2013\nLDQ\t2.3.2015\nTFC\t2.1.2018 (bis 1.1.2018 als\nAnteilklasse SC)\nRC\t1.9.2017\nTFD\t2.1.2018\nAusgabeaufschlag\tLD\t5%\nLC\t5%\nFD\tKeiner\nLDQ\t5%\nTFC\tKeiner\nRC\t5%\nTFD\tKeiner\nVerwendung der Erträge\tLD\tAusschüttung LC\t Thesaurierung\nFD\tAusschüttung\nLDQ\tQuartalsweise Ausschüttung\nTFC\tThesaurierung\nRC\tAusschüttung\nTFD\tAusschüttung\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\n* Die Coronakrise (COVID-19) stellt(e) auch\nfür die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses\nvon Bedeutung. Weitere Details hierzu\nkönnen den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\nDWS TOP DIVIDENDE\nÜberblick über die Anteilklassen (Fortsetzung)\n| Kostenpauschale | LD | 1,45% p.a. |\n| --- | --- | --- |\n| | LC | 1,45% p.a. |\n| | FD | 0,9% p.a. |\n| | LDQ | 1,45% p.a. |\n| | TFC | 0,8% p.a. |\n| | RC | 1,4% p.a. |\n| | TFD | 0,8% p.a. |\n| Mindestanlagesumme* | LD | Keine |\n| | LC | Keine |\n| | FD | EUR 2.000.000 |\n| | LDQ | Keine |\n| | TFC | Keine |\n| | RC | EUR 500.000.000 |\n| | TFD | Keine |\n| Erstausgabepreis | LD | EUR 52,50 |\n| | | (inklusive Ausgabeaufschlag) |\n| | LC | Anteilwert der Anteilklasse DWS |\n| | | Top Dividende LD am Auflegungs- |\n| | | tag der Anteilklasse LC (zuzüglich |\n| | | Ausgabeaufschlag) |\n| | FD | EUR 92,91 |\n| | LDQ | EUR 117,46 |\n| | | (zuzüglich Ausgabeaufschlag) |\n| | TFC | EUR 120,02 |\n| | RC | Anteilwert der Anteilklasse DWS |\n| | | Top Dividende LD am Auflegungs- |\n| | | tag der Anteilklasse RD |\n| | | (zuzüglich Ausgabeaufschlag) |\n| | TFD | EUR 100 |\n\n* Es bleibt der Gesellschaft vorbehalten, von diesen Mindesterstanlagebeträgen nach eigenem Ermessen abzuweichen, zum Beispiel in Fällen, in denen Vertriebspartner gesonderte Gebührenregelungen mit ihren Kunden getroffen haben. Folgeeinzahlungen können in beliebiger Höhe erfolgen.\n\n#\nDWS Top Dividende\n\n##### Vermögensübersicht zum 30.09.2021\n| I. Vermögensgegenstände | Bestand in EUR | %-Anteil am Fondsvermögen |\n| --- | --- | --- |\n| 1. Aktien (Branchen): Finanzsektor | 2 563 634 697,43 | 14,33 |\n| Hauptverbrauchsgüter | 2 223 930 661,51 | 12,43 |\n| Gesundheitswesen | 2 223 640 938,87 | 12,43 |\n| Informationstechnologie | 1 920 589 505,09 | 10,73 |\n| Grundstoffe | 1 700 477 066,82 | 9,50 |\n| Versorger | 1 688 764 125,21 | 9,44 |\n| Energie | 1 683 499 984,93 | 9,41 |\n| Industrien | 1 486 408 443,04 | 8,31 |\n| Dauerhafte Konsumgüter | 505 242 813,46 | 2,82 |\n| Sonstige | 1 118 540 802,45 | 6,25 |\n| Summe Aktien: | 17 114 729 038,81 | 95,65 |\n| 2. Bankguthaben | 787 449 757,00 | 4,40 |\n| 3. Sonstige Vermögensgegenstände | 46 286 381,14 | 0,26 |\n| 4. Forderungen aus Anteilscheingeschäften | 2 804 602,03 | 0,02 |\n| II. Verbindlichkeiten | | |\n| 1. Verbindlichkeiten aus Kreditaufnahme | -29 853 864,64 | -0,17 |\n| 2. Sonstige Verbindlichkeiten | -21 308 050,20 | -0,12 |\n| 3. Verbindlichkeiten aus Anteilscheingeschäften | -6 971 605,53 | -0,04 |\n| III. Fondsvermögen | 17 893 136 258,61 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nVermögensaufstellung zum 30.09.2021\n| | Stück | | Käufe/ | Verkäufe/ | | Kurswert | %-Anteil |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Wertpapierbezeichnung | bzw. Whg. in 1000 | Bestand | Zugänge im Beric | Abgänge htszeitraum | Kurs | in EUR | am Fonds- vermögen |\n\nBörsengehandelte Wertpapiere\t16 750 336 382,49\t93,61\nAktien\nCanadian National Railway Co. (CA1363751027) .......\tStück\t2 000 000\t2 000 000\tCAD\t147,5900\t199 972 901,56\t1,12\nEnbridge (CA29250N1050) ........................\tStück\t7 000 000\t1 000 000\tCAD\t50,7900\t240 857 665,47\t1,35\nTC Energy (CA87807B1076) .......................\tStück\t10 491 000\tCAD\t61,3800\t436 242 517,44\t2,44\nNestlé Reg. (CH0038863350) ......................\tStück\t4 270 000\t200 000\t730 000\tCHF\t113,4600\t446 767 060,13\t2,50\nNovartis Reg. (CH0012005267) 3)...................\tStück\t3 962 537\t100 000\t1 037 463\tCHF\t77,4700\t283 085 338,80\t1,58\nCarlsberg B (DK0010181759) ......................\tStück\t507 000\t507 000\tDKK\t1 050,5000\t71 620 665,77\t0,40\nAllianz (DE0008404005) ..........................\tStück\t1 100 000\t1 800 000\tEUR\t195,5200\t215 072 000,00\t1,20\nAXA (FR0000120628) ............................\tStück\t3 850 000\t3 850 000\tEUR\t24,1750\t93 073 750,00\t0,52\nDaimler Reg. (DE0007100000) .....................\tStück\t1 242 900\t1 242 900\tEUR\t77,5500\t96 386 895,00\t0,54\nDeutsche Börse Reg. (DE0005810055) ..............\tStück\t640 000\t640 000\tEUR\t141,0500\t90 272 000,00\t0,50\nDeutsche Telekom Reg. (DE0005557508) ............\tStück\t4 962 790\t4 962 790\tEUR\t17,4960\t86 828 973,84\t0,49\nE.ON Reg. (DE000ENAG999) ......................\tStück\t15 000 000\t3 000 000\tEUR\t10,5640\t158 460 000,00\t0,89\nENEL (IT0003128367) ............................\tStück\t21 000 000\t21 000 000\tEUR\t6,6900\t140 490 000,00\t0,79\nFuchs Petrolub (DE000A3E5D56) ...................\tStück\t4 082 313\t4 402 413\t320 100\tEUR\t31,5800\t128 919 444,54\t0,72\nHannover Rück Reg. (DE0008402215) ...............\tStück\t1 710 040\t787 960\tEUR\t152,2000\t260 268 088,00\t1,45\nKONE OYj (FI0009013403) ........................\tStück\t450 000\t450 000\tEUR\t60,9600\t27 432 000,00\t0,15\nKoninklijke Philips (NL0000009538) .................\tStück\t5 203 454\tEUR\t38,7650\t201 711 894,31\t1,13\nMichelin Reg. (FR0000121261) 3)...................\tStück\t970 000\tEUR\t133,0500\t129 058 500,00\t0,72\nRoyal Dutch Shell Cl. A (GB00B03MLX29) ............\tStück\t17 231 600\t3 768 400\tEUR\t19,4460\t335 085 693,60\t1,87\nSampo Bear. A (FI0009003305) ....................\tStück\t6 785 000\t1 715 000\tEUR\t42,7700\t290 194 450,00\t1,62\nSanofi (FR0000120578) ...........................\tStück\t2 734 588\t200 000\t1 265 412\tEUR\t83,9400\t229 541 316,72\t1,28\nSiemens Reg. (DE0007236101) ....................\tStück\t1 600 000\t300 000\tEUR\t142,3800\t227 808 000,00\t1,27\nStellantis (NL00150001Q9) ........................\tStück\t4 896 363\t4 896 363\tEUR\t16,6540\t81 544 029,40\t0,46\nTotalEnergies (FR0000120271) .....................\tStück\t8 610 800\t3 889 200\tEUR\t41,4950\t357 305 146,00\t2,00\nUnilever (GB00B10RZP78) ........................\tStück\t7 630 400\t11 000 000\t3 369 600\tEUR\t47,0750\t359 201 080,00\t2,01\nVINCI (FR0000125486) ...........................\tStück\t2 750 000\tEUR\t90,5800\t249 095 000,00\t1,39\nAnglo American (GB00B1XZS820) ..................\tStück\t933 800\t933 800\tGBP\t26,1600\t28 289 760,28\t0,16\nBHP Group (GB00BH0P3Z91) ......................\tStück\t24 000 000\t2 200 000\tGBP\t18,8980\t525 248 407,64\t2,94\nImperial Brands (GB0004544929) ...................\tStück\t1 485 300\t7 914 700\tGBP\t15,8450\t27 254 867,98\t0,15\nRio Tinto (GB0007188757) ........................\tStück\t808 400\t2 500 000\t1 691 600\tGBP\t48,8850\t45 765 644,47\t0,26\nPing An Insurance (Group) Co. of China Cl.H (new)\n(CNE1000003X6) ................................\tStück\t24 000 000\t24 000 000\tHKD\t53,2500\t141 417 047,50\t0,79\nBridgestone Corp. (JP3830800003) .................\tStück\t3 000 000\tJPY\t5 306,0000\t122 530 982,99\t0,68\nNippon Telegraph and Telephone Corp.\n(JP3735400008) 3) ..............................\tStück\t14 596 700\t12 098 300\tJPY\t3 085,0000\t346 630 894,47\t1,94\nTokio Marine Holdings Inc. (JP3910660004) 3) ........\tStück\t5 600 000\t1 500 000\tJPY\t6 021,0000\t259 545 839,43\t1,45\nKT&G Corp. (KR7033780008) ......................\tStück\t613 100\t2 683 900\tKRW 81 200,0000\t36 209 896,97\t0,20\nDNB Bank (NO0010161896) .......................\tStück\t19 000 000\t19 000 000\tNOK\t199,7000\t371 098 831,24\t2,07\nGjensidige Forsikring (NO0010582521)...............\tStück\t11 868 800\t2 318 200\tNOK\t193,6000\t224 734 674,56\t1,26\nTelenor (NO0010063308) .........................\tStück\t16 000 000\tNOK\t147,8500\t231 365 836,96\t1,29\nAtlas Copco Cl.A (SE0011166610) ..................\tStück\t250 000\tSEK\t530,0000\t12 992 871,08\t0,07\nSandvik (SE0000667891)..........................\tStück\t4 208 101\t4 208 101\tSEK\t200,3000\t82 652 568,70\t0,46\nSwedbank (SE0000242455) .......................\tStück\t5 638 700\t5 638 700\tSEK\t176,1600\t97 403 719,59\t0,54\nChunghwa Telecom Co. (TW0002412004) ............\tStück\t26 092 540\t30 446 540\t4 354 000\tTWD\t110,5000\t89 322 440,86\t0,50\nTaiwan Semiconductor Manufacturing Co.\n(TW0002330008) ................................\tStück\t32 210 000\t32 790 000\tTWD\t580,0000\t578 762 874,14\t3,23\nAccenture (IE00B4BNMY34).......................\tStück\t510 000\t226 022\t190 000\tUSD\t323,5300\t142 192 606,00\t0,79\nAmgen (US0311621009) ..........................\tStück\t500 000\t550 000\t50 000\tUSD\t214,9000\t92 597 380,21\t0,52\nAutomatic Data Processing (US0530151036) ..........\tStück\t1 500 000\tUSD\t199,5800\t257 988 624,61\t1,44\nBank of America Corp. (US0605051046) .............\tStück\t2 077 748\t2 277 748\t200 000\tUSD\t43,0700\t77 118 757,64\t0,43\nBroadcom (US11135F1012) .......................\tStück\t400 000\t400 000\tUSD\t489,4800\t168 728 024,82\t0,94\nChevron Corp. (US1667641005) ....................\tStück\t2 000 000\t1 200 000\t1 200 000\tUSD\t103,3300\t178 093 760,77\t1,00\nChubb (CH0044328745) ..........................\tStück\t660 000\t660 000\tUSD\t176,3900\t100 325 232,68\t0,56\nColgate-Palmolive Co. (US1941621039) ..............\tStück\t1 350 000\t1 350 000\tUSD\t77,0800\t89 674 250,26\t0,50\nDominion Energy (US25746U1097) .................\tStück\t5 000 000\t400 000\tUSD\t74,3500\t320 363 667,70\t1,79\nJohnson & Johnson (US4781601046)................\tStück\t2 900 000\t400 000\t100 000\tUSD\t164,0200\t409 908 652,19\t2,29\nJPMorgan Chase & Co. (US46625H1005) ............\tStück\t1 150 000\t1 900 000\t750 000\tUSD\t165,9500\t164 462 685,28\t0,92\nLyondellBasell Industries (NL0009434992) ............\tStück\t1 603 100\t1 603 100\tUSD\t95,8600\t132 431 201,31\t0,74\nMedtronic (IE00BTN1Y115)........................\tStück\t3 000 000\tUSD\t126,5800\t327 249 224,41\t1,83\n| Wertpapierbezeichnung | Stück bzw. Whg. in 1000 | Bestand | Käufe/ Zugänge im Beri | Verkäufe/ Abgänge chtszeitraum | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Merck & Co. (US58933Y1055) ..................... | Stück | 4 348 318 | 5 800 000 | 6 701 682 | USD | 75,0900 | 281 381 591,37 | 1,57 |\n| Microsoft Corp. (US5949181045) ................... | Stück | 1 350 000 | 1 350 000 | | USD | 284,0000 | 330 403 309,20 | 1,85 |\n| Mondelez International Cl.A (US6092071058) ......... | Stück | 4 039 000 | 4 039 000 | | USD | 59,0500 | 205 535 117,20 | 1,15 |\n| Newmont (US6516391066)........................ | Stück | 11 579 500 | 900 000 | 420 500 | USD | 53,7100 | 535 965 998,79 | 3,00 |\n| Nextera Energy Inc. (US65339F1012)................ | Stück | 7 349 780 | 8 400 000 | 3 950 220 | USD | 78,3500 | 496 255 828,16 | 2,77 |\n| Nutrien (CA67077M1086) ......................... | Stück | 5 432 900 | 5 432 900 | | USD | 64,9000 | 303 856 609,79 | 1,70 |\n| Parker-Hannifin Corp. (US7010941042)............... | Stück | 390 000 | 390 000 | | USD | 288,5900 | 96 992 502,59 | 0,54 |\n| PepsiCo (US7134481081) ......................... | Stück | 2 800 000 | 200 000 | 200 000 | USD | 152,3000 | 367 493 967,60 | 2,05 |\n| Pfizer (US7170811035) ........................... | Stück | 6 400 000 | 10 500 000 | 15 850 000 | USD | 43,5300 | 240 082 730,09 | 1,34 |\n| Philip Morris International (US7181721090) ........... | Stück | 2 058 200 | | 3 241 800 | USD | 99,4900 | 176 465 286,11 | 0,99 |\n| Progressive Corp. (US7433151039) ................. | Stück | 1 040 000 | 1 040 000 | | USD | 91,1400 | 81 683 557,39 | 0,46 |\n| QUALCOMM (US7475251036)..................... | Stück | 957 552 | | | USD | 129,2800 | 106 680 732,99 | 0,60 |\n| Raytheon Technologies (US75513E1010) ............. | Stück | 4 200 000 | 1 203 100 | | USD | 86,9900 | 314 855 222,34 | 1,76 |\n| Schlumberger N.Y. Shares (AN8068571086) .......... | Stück | 5 200 000 | 1 200 000 | 2 000 000 | USD | 30,3300 | 135 915 201,65 | 0,76 |\n| TE Connectivity Reg (CH0102993182) ............... | Stück | 1 000 000 | | | USD | 138,7100 | 119 536 366,77 | 0,67 |\n| Texas Instruments (US8825081040)................. | Stück | 1 300 000 | 1 300 000 | | USD | 193,0700 | 216 296 966,56 | 1,21 |\n| The Allstate Corp. (US0200021014) ................. | Stück | 870 000 | 870 000 | | USD | 129,3300 | 96 964 064,12 | 0,54 |\n| The Procter & Gamble (US7427181091).............. | Stück | 3 625 400 | 525 400 | | USD | 142,0200 | 443 708 469,49 | 2,48 |\n| UGI Corp. (US9026811052)........................ | Stück | 6 000 000 | | | USD | 43,0200 | 222 440 537,75 | 1,24 |\n| Union Pacific Corp. (US9078181081) ................ | Stück | 1 580 000 | 880 000 | | USD | 201,6800 | 274 607 376,77 | 1,53 |\n| V.F. Corp. (US9182041080)........................ | Stück | 1 282 000 | 1 282 000 | | USD | 68,5400 | 75 722 406,07 | 0,42 |\n| WEC Energy Group (US92939U1060)................ | Stück | 4 572 689 | | 827 311 | USD | 89,0100 | 350 754 091,60 | 1,96 |\n| Sonstige Beteiligungswertpapiere | | | | | | | | |\n| Roche Holding Profitsh. (CH0012032048) ............ | Stück | 500 000 | | 950 000 | CHF | 342,8500 | 158 082 810,77 | 0,88 |\n\n| BCE (new) (CA05534B7604) 3) ..................... | Stück | 8 500 000 | CAD | 63,2800 | 364 392 656,32 | 2,04 |\n| --- | --- | --- | --- | --- | --- | --- |\n| Summe Wertpapiervermögen | | | | | 17 114 729 038,81 | 95,65 |\n| Bankguthaben und nicht verbriefte Geldmarktinstrumente | | | | | 787 449 757,00 | 4,40 |\n| Bankguthaben | | | | | 787 449 757,00 | 4,40 |\n| Verwahrstelle (täglich fällig) | | | | | | |\n| Guthaben in sonstigen EU/EWR-Währungen .......... | EUR | 5 857 643,77 | % | 100 | 5 857 643,77 | 0,03 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | | |\n| Australische Dollar............................... | AUD | 2 854 775,36 | % | 100 | 1 772 051,74 | 0,01 |\n| Kanadische Dollar ............................... | CAD | 19 101 552,17 | % | 100 | 12 940 554,28 | 0,07 |\n| Schweizer Franken .............................. | CHF | 128 161 149,62 | % | 100 | 118 186 231,67 | 0,66 |\n| Britische Pfund ................................. | GBP | 280 971 765,08 | % | 100 | 325 387 104,90 | 1,82 |\n| Hongkong Dollar ................................ | HKD | 66 048 634,15 | % | 100 | 7 308 609,42 | 0,04 |\n| Japanische Yen ................................. | JPY | 1 690 316 787,00 | % | 100 | 13 011 444,75 | 0,07 |\n| Südkoreanische Won ............................ | KRW | 3 674 657 945,00 | % | 100 | 2 672 740,92 | 0,01 |\n| Neuseeländische Dollar........................... | NZD | 180 309,45 | % | 100 | 106 780,44 | 0,00 |\n| Singapur Dollar ................................. | SGD | 72 165,40 | % | 100 | 45 701,78 | 0,00 |\n| Taiwanesische Dollar............................. | TWD | 1 425 597 988,30 | % | 100 | 44 165 079,87 | 0,25 |\n| US Dollar ...................................... | USD | 122 537 462,43 | % | 100 | 105 599 329,91 | 0,59 |\n| Termingeld | | | | | | |\n| CAD - Guthaben (Landesbank Baden-Württemberg, Stuttgart) ...................................... | CAD | 2 475 000,00 | % | 100 | 1 676 715,67 | 0,01 |\n| NOK - Guthaben (Landesbank Baden-Württemberg, Stuttgart) ...................................... | NOK | 582 900 000,00 | % | 100 | 57 010 122,74 | 0,32 |\n| JPY - Guthaben (Coöperatieve Rabobank U.A., Utrecht) . | JPY | 11 914 000 000,00 | % | 100 | 91 709 645,14 | 0,51 |\n| Sonstige Vermögensgegenstände | | | | | 46 286 381,14 | 0,26 |\n| Dividenden-/Ausschüttungsansprüche ............... | EUR | 30 752 953,24 | % | 100 | 30 752 953,24 | 0,17 |\n| Ansprüche aus Kompensationszahlungen für Wert- papierleihe ..................................... | EUR | 12 161 143,90 | % | 100 | 12 161 143,90 | 0,07 |\n| Quellensteueransprüche .......................... | EUR | 2 989 935,00 | % | 100 | 2 989 935,00 | 0,02 |\n| Sonstige Ansprüche ............................. | EUR | 382 349,00 | % | 100 | 382 349,00 | 0,00 |\n| Forderungen aus Anteilscheingeschäften | EUR | 2 804 602,03 | % | 100 | 2 804 602,03 | 0,02 |\n\nAn organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere\t364 392 656,32\t2,04 Aktien\n| Wertpapierbezeichnung | Stück bzw. Whg. in 1000 | Bestand | Käufe/ Zugänge im Beric | Verkäufe/ Abgänge htszeitraum | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Verbindlichkeiten aus Kreditaufnahme | | | | | -29 853 864,64 | -0,17 |\n| EUR - Kredite.................................. . | EUR | -29 853 864,64 | % | 100 | -29 853 864,64 | -0,17 |\n| Sonstige Verbindlichkeiten | | | | | -21 308 050,20 | -0,12 |\n| Verbindlichkeiten aus Kostenpositionen ............. . | EUR | -21 157 127,14 | % | 100 | -21 157 127,14 | -0,12 |\n| Andere sonstige Verbindlichkeiten ................. . | EUR | -150 923,06 | % | 100 | -150 923,06 | 0,00 |\n| Verbindlichkeiten aus Anteilscheingeschäften | EUR | -6 971 605,53 | % | 100 | -6 971 605,53 | -0,04 |\n| Fondsvermögen | | | | | 17 893 136 258,61 | 100,00 |\n| Anteilwert bzw. | Stück | Anteilwert in der |\n| umlaufende Anteile | bzw. Whg. | jeweiligen Whg. |\n| Anteilwert Klasse LD .................................... . | EUR | 128,52 |\n| Klasse FD .................................... . | EUR | 141,54 |\n| Klasse LDQ ................................... . | EUR | 127,80 |\n| Klasse TFC.................................... . | EUR | 146,26 |\n| Klasse LC..................................... . | EUR | 143,99 |\n| Klasse RC .................................... . | EUR | 136,32 |\n| Klasse TFD ................................... . | EUR | 112,38 |\n| Umlaufende Anteile Klasse LD .................................... . | Stück | 126 731 686,929 |\n| Klasse FD .................................... . | Stück | 2 966 944,698 |\n| Klasse LDQ ................................... . | Stück | 81 200,188 |\n| Klasse TFC.................................... . | Stück | 1 143 988,052 |\n| Klasse LC..................................... . | Stück | 566 183,395 |\n| Klasse RC .................................... . | Stück | 6 651 242,123 |\n| Klasse TFD ................................... . | Stück | 179 793,666 |\n\nDurch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.\nDevisenkurse (in Mengennotiz)\nper 30.09.2021\n| Australische Dollar............... . | AUD | 1,611000 | = | EUR | 1 |\n| --- | --- | --- | --- | --- | --- |\n| Kanadische Dollar ............... . | CAD | 1,476100 | = | EUR | 1 |\n| Schweizer Franken .............. . | CHF | 1,084400 | = | EUR | 1 |\n| Dänische Kronen ................ . | DKK | 7,436450 | = | EUR | 1 |\n| Britische Pfund ................. . | GBP | 0,863500 | = | EUR | 1 |\n| Hongkong Dollar ................ . | HKD | 9,037100 | = | EUR | 1 |\n| Japanische Yen ................. . | JPY | 129,910000 | = | EUR | 1 |\n| Südkoreanische Won ............ . | KRW | 1 374,865000 | = | EUR | 1 |\n| Norwegische Kronen............. . | NOK | 10,224500 | = | EUR | 1 |\n| Neuseeländische Dollar........... . | NZD | 1,688600 | = | EUR | 1 |\n| Schwedische Kronen............. . | SEK | 10,197900 | = | EUR | 1 |\n| Singapur Dollar ................. . | SGD | 1,579050 | = | EUR | 1 |\n| Taiwanesische Dollar............. . | TWD | 32,278850 | = | EUR | 1 |\n| US Dollar ...................... . | USD | 1,160400 | = | EUR | 1 |\n\nFußnoten\n3)\tDiese Wertpapiere sind ganz oder teilweise als Wertpapier-Darlehen verliehen.\n Während des Berichtszeitraums abgeschlossene Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen\t\nKäufe und Verkäufe in Wertpapieren, Investmentanteilen und Schuldscheindarlehen (Marktzuordnung zum Berichtsstichtag)\n| Wertpapierbezeichnung | Stück bzw. Whg. in 1000 | Käufe bzw. Zugänge | Verkäufe bzw. Abgänge |\n| --- | --- | --- | --- |\n| Börsengehandelte Wertpapiere | | | |\n| Aktien | | | |\n| Siemens Energy (DE000ENER6Y0).............. | Stück | | 650 000 |\n| Unilever Reg. (NL0000388619) ................. | Stück | | 11 000 000 |\n| British American Tobacco (BAT) (GB0002875804) .. | Stück | | 8 200 000 |\n| Daito Trust Construction Co. (JP3486800000) ..... | Stück | | 290 000 |\n| DNB A (NO0010031479) ...................... | Stück | | 19 000 000 |\n| Chunghwa Telecom Sp. ADR (new) (US17133Q5027) ............................ | Stück | | 3 092 040 |\n| Cisco Systems (US17275R1023) ............... | Stück | | 8 500 000 |\n| DuPont de Nemours (US26614N1028) ........... | Stück | | 2 000 000 |\n| Intel Corp. (US4581401001) ................... | Stück | 2 600 000 | 4 800 000 |\n| Lockheed Martin Corp. (US5398301094) ......... | Stück | 220 000 | 900 000 |\n| Organon & Co (US68622V1061) ................ | Stück | 520 000 | 520 000 |\n| Verizon Communications (US92343V1044)........ | Stück | | 11 000 000 |\n| Viatris (US92556V1061)....................... | Stück | 1 302 828 | 1 302 828 |\n\nAn organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere Verbriefte Geldmarktinstrumente\nWertpapier-Darlehen (Geschäftsvolumen, bewertet auf Basis des bei Abschluss des Darlehensgeschäftes vereinbarten Wertes)\nVolumen in 1000\nunbefristet\tEUR 5 282 409\nGattung: BCE (new) (CA05534B7604), Bridgestone Corp. (JP3830800003), British American Tobacco (BAT) (GB0002875804), Daito Trust Construction Co. (JP3486800000), DuPont de Nemours (US26614N1028), Epiroc Cl.A (SE0011166933),Michelin Reg.\n(FR0000121261), Nippon Telegraph and Telephone Corp. (JP3735400008), Novartis Reg. (CH0012005267), Roche Holding Profitsh. (CH0012032048), Royal Dutch Shell Cl. A (GB00B03MLX29), Sampo Bear. A (FI0009003305), Sanofi\n(FR0000120578), Tokio Marine Holdings Inc. (JP3910660004), TotalEnergies (FR0000120271), VINCI (FR0000125486), 1,1250 % US Treasury 16/28.02.21 (US912828P873), 1,1250 % US Treasury 16/31.07.21 (US912828S760), 2,7500 % US Treasury 18/30.11.20 (US9128285Q95)\n| 1,1250 | % US Treasury 16/28.02.21 | |\n| --- | --- | --- |\n| | (US912828P873)\tUSD | 200 000 |\n| 1,1250 | % US Treasury 16/31.07.21 | |\n| | (US912828S760)\tUSD | 300 000 |\n| 2,7500 | % US Treasury 18/30.11.20 | |\n| | (US9128285Q95)\tUSD | 150 000 |\n| Nicht notierte Wertpapiere | | |\n| Aktien Fuchs Petrolub Ord. (DE0005790406)\tStück | | 4 970 000 |\n| Epiroc Cl.A (SE0011166933)\tStück | 80 000 | 80 000 |\n\n\n###### Anteilklasse LD\t\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 01.10.2020 bis 30.09.2021\nI. Erträge\n- Dividenden inländischer Aussteller(vor Körperschaftsteuer) ......................... EUR\t33 667 438,31\n- Dividenden ausländischer Aussteller(vor Quellensteuer) ............................. EUR\t504 310 584,32\n- Zinsen aus ausländischen Wertpapieren(vor Quellensteuer) ............................. EUR\t817 909,82\n- Zinsen aus Liquiditätsanlagen im Inland ............. EUR\t136 026,39\n- Zinsen aus Liquiditätsanlagen im Ausland(vor Quellensteuer) ............................. EUR\t4 761,08\n- Erträge aus Wertpapier-Darlehenund Pensionsgeschäften ......................... EUR\t1 703 420,39 davon:aus Wertpapier-Darlehen ....... EUR 1 703 420,39\n- Abzug inländischer Körperschaftsteuer.............. EUR\t-5 050 115,78\n- Abzug ausländischer Quellensteuer ................ EUR\t-64 985 949,97\n\n\n###### Entwicklungsrechnung für das Sondervermögen\t\n- Wert des Sondervermögens am Beginndes Geschäftsjahres ............................. EUR 15 696 034 184,71\n- Ausschüttung/Steuerabschlag für das Vorjahr ........ EUR\t-493 268 365,81\n- Mittelzufluss (netto). . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -1 305 086 854,80\n\t- Mittelzuflüsse aus Anteilscheinverkäufen ........ EUR\t1 291 780 183,93\n\t- Mittelabflüsse aus Anteilscheinrücknahmen ...... EUR -2 596 867 038,73\n\n- Ertrags- und Aufwandsausgleich................... EUR\t41 376 140,46\n- Ergebnis des Geschäftsjahres..................... EUR\t2 348 001 205,83 davon:Nettoveränderung der nichtrealisierten Gewinne. . . EUR\t285 877 146,78 Nettoveränderung der nichtrealisierten Verluste ... EUR\t680 114 760,96\n- Wert des Sondervermögens am Endedes Geschäftsjahres ............................. EUR 16 287 056 310,39\n\n\n###### Verwendungsrechnung für das Sondervermögen\t\n- Sonstige Erträge ............................... EUR\t30 299 893,77\tSumme der Erträge............................... EUR\t500 903 968,33Berechnung der Ausschüttung\tInsgesamt\tJe Anteil\n\n| II. Aufwendungen | | | I. Für die Ausschüttung verfügbar | |\n| --- | --- | --- | --- | --- |\n| 1. Zinsen aus Kreditaufnahmen 1).................... davon: Bereitstellungszinsen .......... EUR -111 048,18 | EUR | -1 902 955,54 | - Vortrag aus dem Vorjahr\tEUR\n- Realisiertes Ergebnis des Geschäfts-jahres\tEUR\n | 2 169 930 956,60 1 382 009 298,09 | 17,12 10,91 |\n| 2. Verwaltungsvergütung .......................... | EUR | -225 377 501,58 | 3. Zuführung aus dem Sondervermögen ... EUR | 0,00 | 0,00 |\n\ndavon:\nKostenpauschale\tEUR-225 377 501,58\n3. Sonstige Aufwendungen ......................... EUR\t-575 963,64 davon:\nerfolgsabhängige Vergütung\naus Wertpapier-Darlehen ....... EUR -562 128,34 Aufwendungen für Rechts- und\nBeratungskosten .............. EUR -13 835,30\n| Summe der Aufwendungen ........................ | EUR | -227 856 420,76 |\n| --- | --- | --- |\n| III. Ordentlicher Nettoertrag ........................ | EUR | 273 047 547,57 |\n| IV. Veräußerungsgeschäfte | | |\n| 1. Realisierte Gewinne ............................. | EUR | 1 565 112 847,13 |\n| 2. Realisierte Verluste .............................. | EUR | -456 151 096,61 |\n| Ergebnis aus Veräußerungsgeschäften .............. | EUR | 1 108 961 750,52 |\n| V. Realisiertes Ergebnis des Geschäftsjahres .......... | EUR | 1 382 009 298,09 |\n| 1. Nettoveränderung der nichtrealisierten Gewinne ....... | EUR | 285 877 146,78 |\n| 2. Nettoveränderung der nichtrealisierten Verluste ....... | EUR | 680 114 760,96 |\n| VI. Nichtrealisiertes Ergebnis des Geschäftsjahres ..... | EUR | 965 991 907,74 |\n| VII. Ergebnis des Geschäftsjahres ................... | EUR | 2 348 001 205,83 |\n\nHinweis: Die Nettoveränderung der nichtrealisierten Gewinne (Verluste) errechnet sich aus Gegenüberstellung der Summe aller nichtrealisierten Gewinne (Verluste) zum Ende des Geschäftsjahres und der Summe aller nichtrealisierten Gewinne (Verluste) zu Beginn des Geschäftsjahres. In die Summe der nichtrealisierten Gewinne (Verluste) fließen die positiven (negativen) Differenzen ein, die aus dem Vergleich der Wertansätze der einzelnen Vermögensgegenstände zum Berichtsstichtag mit den Anschaffungskosten resultieren.\nDie nichtrealisierten Ergebnisse werden ohne Ertragsausgleich ausgewiesen.\n1) Enthalten sind negative Zinsen auf Bankguthaben.\nII. Nicht für die Ausschüttung verwendet\n- Der Wiederanlage zugeführt ........... EUR\t-601 955 060,41\t-4,75\n- Vortrag auf neue Rechnung ........... EUR\t-2 443 058 446,56\t-19,28III. Gesamtausschüttung............... EUR\t506 926 747,72\t4,00Vergleichende Übersicht über die letzten drei GeschäftsjahreFondsvermögenam Ende des\tAnteilwert Geschäftsjahres EUR EUR\n\n| 2021\t16 287 056 310,39 | 128,52 |\n| --- | --- |\n| 2020\t15 696 034 184,71 | 114,15 |\n| 2019\t18 260 098 685,60 | 130,89 |\n| 2018\t16 514 319 301,83 | 123,19 |\n\n\n###### Anteilklasse FD\t\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 01.10.2020 bis 30.09.2021\nI. Erträge\n- Dividenden inländischer Aussteller(vor Körperschaftsteuer) ......................... EUR\t866 023,06\n- Dividenden ausländischer Aussteller(vor Quellensteuer) ............................. EUR\t12 970 655,49\n- Zinsen aus ausländischen Wertpapieren(vor Quellensteuer) ............................. EUR\t20 971,36\n- Zinsen aus Liquiditätsanlagen im Inland ............. EUR\t3 500,11\n- Zinsen aus Liquiditätsanlagen im Ausland(vor Quellensteuer) ............................. EUR\t122,52\n- Erträge aus Wertpapier-Darlehenund Pensionsgeschäften ......................... EUR\t43 794,76 davon:aus Wertpapier-Darlehen ....... EUR\t43 794,76\n- Abzug inländischer Körperschaftsteuer.............. EUR\t-129 903,42\n- Abzug ausländischer Quellensteuer ................ EUR\t-1 671 242,31\n\n\n###### Entwicklungsrechnung für das Sondervermögen\t\n- Wert des Sondervermögens am Beginndes Geschäftsjahres ............................. EUR\t451 445 780,05\n- Ausschüttung/Steuerabschlag für das Vorjahr ........ EUR\t-14 290 322,56\n- Mittelzufluss (netto). . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-87 470 866,00\n\t- Mittelzuflüsse aus Anteilscheinverkäufen ........ EUR\t63 962 437,49\n\t- Mittelabflüsse aus Anteilscheinrücknahmen ...... EUR\t-151 433 303,49\n\n- Ertrags- und Aufwandsausgleich................... EUR\t4 529 853,17\n- Ergebnis des Geschäftsjahres..................... EUR\t65 718 653,42 davon:Nettoveränderung der nichtrealisierten Gewinne. . . EUR\t\t8 602 731,55 Nettoveränderung der nichtrealisierten Verluste ... EUR\t19 376 772,74\n- Wert des Sondervermögens am Endedes Geschäftsjahres ............................. EUR\t419 933 098,08\n\n\n###### Verwendungsrechnung für das Sondervermögen\t\n- Sonstige Erträge ............................... EUR\t779 748,75\tSumme der Erträge............................... EUR\t12 883 670,32Berechnung der Ausschüttung\tInsgesamt\tJe Anteil\n\n| II. Aufwendungen | | | I. Für die Ausschüttung verfügbar | |\n| --- | --- | --- | --- | --- |\n| 1. Zinsen aus Kreditaufnahmen 1).................... davon: Bereitstellungszinsen .......... EUR\t-2 855,10 | EUR | -48 914,50 | - Vortrag aus dem Vorjahr\tEUR\n- Realisiertes Ergebnis des Geschäfts-jahres\tEUR\n | 50 421 104,14 37 739 149,13 | 16,99 12,72 |\n| 2. Verwaltungsvergütung .......................... | EUR | -3 598 329,77 | 3. Zuführung aus dem Sondervermögen ... EUR | 0,00 | 0,00 |\n\ndavon:\nKostenpauschale\tEUR -3 598 329,77\n3. Sonstige Aufwendungen ......................... EUR\t-14 807,97 davon:\nerfolgsabhängige Vergütung\naus Wertpapier-Darlehen ....... EUR -14 452,22 Aufwendungen für Rechts- und\nBeratungskosten .............. EUR\t-355,75\n| Summe der Aufwendungen ........................ | EUR | -3 662 052,24 |\n| --- | --- | --- |\n| III. Ordentlicher Nettoertrag ........................ | EUR | 9 221 618,08 |\n| IV. Veräußerungsgeschäfte | | |\n| 1. Realisierte Gewinne ............................. | EUR | 40 243 434,86 |\n| 2. Realisierte Verluste .............................. | EUR | -11 725 903,81 |\n| Ergebnis aus Veräußerungsgeschäften .............. | EUR | 28 517 531,05 |\n| V. Realisiertes Ergebnis des Geschäftsjahres .......... | EUR | 37 739 149,13 |\n| 1. Nettoveränderung der nichtrealisierten Gewinne ....... | EUR | 8 602 731,55 |\n| 2. Nettoveränderung der nichtrealisierten Verluste ....... | EUR | 19 376 772,74 |\n| VI. Nichtrealisiertes Ergebnis des Geschäftsjahres ..... | EUR | 27 979 504,29 |\n| VII. Ergebnis des Geschäftsjahres ................... | EUR | 65 718 653,42 |\n\nHinweis: Die Nettoveränderung der nichtrealisierten Gewinne (Verluste) errechnet sich aus Gegenüberstellung der Summe aller nichtrealisierten Gewinne (Verluste) zum Ende des Geschäftsjahres und der Summe aller nichtrealisierten Gewinne (Verluste) zu Beginn des Geschäftsjahres. In die Summe der nichtrealisierten Gewinne (Verluste) fließen die positiven (negativen) Differenzen ein, die aus dem Vergleich der Wertansätze der einzelnen Vermögensgegenstände zum Berichtsstichtag mit den Anschaffungskosten resultieren.\nDie nichtrealisierten Ergebnisse werden ohne Ertragsausgleich ausgewiesen.\n1) Enthalten sind negative Zinsen auf Bankguthaben.\nII. Nicht für die Ausschüttung verwendet\n- Der Wiederanlage zugeführt ........... EUR\t-12 145 401,34\t-4,09\n- Vortrag auf neue Rechnung ........... EUR\t-62 989 964,71\t-21,23III. Gesamtausschüttung............... EUR\t13 024 887,22\t4,39Vergleichende Übersicht über die letzten drei GeschäftsjahreFondsvermögenam Ende des\tAnteilwert Geschäftsjahres EUR EUR\n\n| 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 419 933 098,08 | 141,54 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 451 445 780,05 | 125,01 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 689 085 287,51 | 142,55 |\n| 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 717 507 946,07 | 133,41 |\n\n\n###### Anteilklasse LDQ\t\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 01.10.2020 bis 30.09.2021\n- Erträge\n\t- Dividenden inländischer Aussteller(vor Körperschaftsteuer) ......................... EUR\t21 331,94\n\n- Dividenden ausländischer Aussteller(vor Quellensteuer) ............................. EUR\t313 518,89\n- Zinsen aus ausländischen Wertpapieren(vor Quellensteuer) ............................. EUR\t465,92\n- Zinsen aus Liquiditätsanlagen im Inland ............. EUR\t85,04\n- Zinsen aus Liquiditätsanlagen im Ausland(vor Quellensteuer) ............................. EUR\t2,99\n- Erträge aus Wertpapier-Darlehenund Pensionsgeschäften ......................... EUR\t1 028,27 davon:aus Wertpapier-Darlehen ....... EUR\t1 028,27\n- Abzug inländischer Körperschaftsteuer.............. EUR\t-3 199,77\n- Abzug ausländischer Quellensteuer ................ EUR\t-39 797,95\n- Sonstige Erträge ............................... EUR\t18 497,75Summe der Erträge............................... EUR\t311 933,08\n- Aufwendungen\n\t- Zinsen aus Kreditaufnahmen 1).................... EUR\t-1 217,04 davon:Bereitstellungszinsen .......... EUR\t-71,16\n\n- Verwaltungsvergütung .......................... EUR\t-144 117,15 davon:Kostenpauschale .............. EUR -144 117,15\n- Sonstige Aufwendungen ......................... EUR\t-348,05 davon:erfolgsabhängige Vergütungaus Wertpapier-Darlehen ....... EUR\t-339,29 Aufwendungen für Rechts- undBeratungskosten .............. EUR\t-8,76Summe der Aufwendungen ........................ EUR\t-145 682,24\n- Ordentlicher Nettoertrag ........................ EUR\t166 250,84\n\n| IV. Veräußerungsgeschäfte | |\n| --- | --- |\n| 1. Realisierte Gewinne ............................. | EUR | 1 002 191,49 |\n| 2. Realisierte Verluste .............................. | EUR | -290 931,12 |\n\nErgebnis aus Veräußerungsgeschäften .............. EUR\t711 260,37\n- Realisiertes Ergebnis des Geschäftsjahres .......... EUR\t877 511,21\n- Nettoveränderung der nichtrealisierten Gewinne ....... EUR\t100 537,57\n- Nettoveränderung der nichtrealisierten Verluste ....... EUR\t332 814,29\n- Nichtrealisiertes Ergebnis des Geschäftsjahres ..... EUR\t433 351,86\n- Ergebnis des Geschäftsjahres ................... EUR\t1 310 863,07Hinweis: Die Nettoveränderung der nichtrealisierten Gewinne (Verluste) errechnet sich aus Gegenüberstellung der Summe aller nichtrealisierten Gewinne (Verluste) zum Ende des Geschäftsjahres und der Summe aller nichtrealisierten Gewinne (Verluste) zu Beginn des Geschäftsjahres. In die Summe der nichtrealisierten Gewinne (Verluste) fließen die positiven (negativen) Differenzen ein, die aus dem Vergleich der Wertansätze der einzelnen Vermögensgegenstände zum Berichtsstichtag mit den Anschaffungskosten resultieren.\n\nDie nichtrealisierten Ergebnisse werden ohne Ertragsausgleich ausgewiesen.\n1) Enthalten sind negative Zinsen auf Bankguthaben.\n\n###### Entwicklungsrechnung für das Sondervermögen\t\n- Wert des Sondervermögens am Beginndes Geschäftsjahres ............................. EUR\t7 511 854,87\n- Ausschüttung/Steuerabschlag für das Vorjahr ........ EUR\t-138 206,45\n- Zwischenausschüttung(en) ....................... EUR\t-121 003,43\n- Mittelzufluss (netto). . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t1 917 828,07\n\t- Mittelzuflüsse aus Anteilscheinverkäufen ........ EUR\t3 085 682,89\n\t- Mittelabflüsse aus Anteilscheinrücknahmen ...... EUR\t-1 167 854,82\n\n- Ertrags- und Aufwandsausgleich................... EUR\t-104 103,25\n- Ergebnis des Geschäftsjahres..................... EUR\t1 310 863,07 davon:Nettoveränderung der nichtrealisierten Gewinne. . . EUR\t100 537,57 Nettoveränderung der nichtrealisierten Verluste ... EUR\t332 814,29\n- Wert des Sondervermögens am Endedes Geschäftsjahres ............................. EUR\t10 377 232,88\n\n\n###### Verwendungsrechnung für das Sondervermögen\t\nBerechnung der Ausschüttung\tInsgesamt\tJe Anteil\n- Für die Ausschüttung verfügbar\n\t- Vortrag aus dem Vorjahr .............. EUR\t516 964,03\t6,37\n\t- Realisiertes Ergebnis des Geschäfts-jahres............................. EUR\t877 511,21\t10,80\n\n- Zuführung aus dem Sondervermögen ... EUR\t0,00\t0,00\n- Nicht für die Ausschüttung verwendet\n- Der Wiederanlage zugeführt ........... EUR\t0,00\t0,00\n- Vortrag auf neue Rechnung ........... EUR\t-1 078 591,36\t-13,28\n- Gesamtausschüttung............... EUR\t315 883,88\t3,89\n- Zwischenausschüttung\n\t- Barausschüttung.................. EUR\t121 003,43\t1,49\n\n- Endausschüttung\n\t- Barausschüttung.................. EUR\t194 880,45\t2,40Vergleichende Übersicht über die letzten drei GeschäftsjahreFondsvermögenam Ende des\tAnteilwert Geschäftsjahres EUR EUR2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\t10 377 232,88\t127,802020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\t7 511 854,87\t113,552019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\t7 968 493,38\t130,092018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\t6 268 427,06\t122,65\n\n\n\n###### Anteilklasse TFC\t\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 01.10.2020 bis 30.09.2021\nI. Erträge\n- Dividenden inländischer Aussteller(vor Körperschaftsteuer) ......................... EUR\t344 903,59\n- Dividenden ausländischer Aussteller(vor Quellensteuer) ............................. EUR\t5 154 842,39\n- Zinsen aus ausländischen Wertpapieren\n\n| EUR | 8 077,91 | Nettoveränderung der nichtrealisierten Gewinne. . . | EUR | 2 157 084,05 |\n| --- | --- | --- | --- | --- |\n| EUR | 1 391,37 | Nettoveränderung der nichtrealisierten Verluste ... | EUR | 5 996 204,78 |\n\n(vor Quellensteuer) ............................. \n- Zinsen aus Liquiditätsanlagen im Inland ............. \n- Zinsen aus Liquiditätsanlagen im Ausland(vor Quellensteuer) ............................. EUR\t48,78\n- Erträge aus Wertpapier-Darlehenund Pensionsgeschäften ......................... EUR\t17 322,06 davon:aus Wertpapier-Darlehen ....... EUR\t17 322,06\n- Abzug inländischer Körperschaftsteuer.............. EUR\t-51 735,55\n\n\n###### Entwicklungsrechnung für das Sondervermögen\t\n- Wert des Sondervermögens am Beginndes Geschäftsjahres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t126 645 215,28\n- Mittelzufluss (netto). . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t18 235 476,82\n\t- Mittelzuflüsse aus Anteilscheinverkäufen ........ EUR\t33 810 454,67\n\t- Mittelabflüsse aus Anteilscheinrücknahmen ...... EUR\t-15 574 977,85\n\n- Ertrags- und Aufwandsausgleich................... EUR\t-880 913,85\n- Ergebnis des Geschäftsjahres..................... EUR\t23 315 771,39 davon:\n- Wert des Sondervermögens am Endedes Geschäftsjahres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t167 315 549,64\n\n\n###### Verwendungsrechnung für das Sondervermögen\t\n- Abzug ausländischer Quellensteuer ................ EUR\t-663 950,60\t\n- Sonstige Erträge ............................... EUR\t309 944,23Summe der Erträge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t5 120 844,18Berechnung der Wiederanlage\tInsgesamt\tJe AnteilI. Für die Wiederanlage verfügbar\n\n| II. Aufwendungen 1. Zinsen aus Kreditaufnahmen 1).................... | EUR | -19 370,06 | 1. Realisiertes Ergebnis des Geschäfts- jahres\tEUR | 15 162 482,56 | 13,25 |\n| --- | --- | --- | --- | --- | --- |\n| davon: Bereitstellungszinsen .......... EUR\t-1 131,25 2. Verwaltungsvergütung .......................... | EUR | -1 267 288,13 | 2. Zuführung aus dem Sondervermögen ... EUR 3. Zur Verfügung gestellter Steuerabzugs- betrag\tEUR | 0,00 0,00 | 0,00 0,00 |\n| davon: Kostenpauschale\tEUR -1 267 288,13 | | | II. Wiederanlage\tEUR | 15 162 482,56 | 13,25 |\n| 3. Sonstige Aufwendungen ......................... davon: erfolgsabhängige Vergütung | EUR | -5 857,98 | | | |\n| aus Wertpapier-Darlehen\tEUR | -5 716,28 | Vergleichende Übersicht über die letzten drei |\n| Aufwendungen für Rechts- und Beratungskosten\tEUR | -141,70 | Geschäftsjahre |\n\nSumme der Aufwendungen . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-1 292 516,17\nIII. Ordentlicher Nettoertrag . . . . . . . . . . . . . . . . . . . . . . . . EUR\t3 828 328,01\nFondsvermögen\nam Ende des\tAnteilwert Geschäftsjahres EUR EUR\n| | | | | | |\n| --- | --- | --- | --- | --- | --- |\n| IV. Veräußerungsgeschäfte | | | | | |\n| 1. Realisierte Gewinne ............................. | EUR | 15 966 366,55 | | 2021\t167 315 549,64 | 146,26 |\n| 2. Realisierte Verluste .............................. | EUR | -4 632 212,00 | | 2020\t126 645 215,28 | 125,13 |\n| | | | | 2019\t112 457 699,67 | 138,66 |\n| Ergebnis aus Veräußerungsgeschäften . . . . . . . . . . . . . . | EUR | 11 334 154,55 | | 2018\t27 485 118,99 | 126,00 |\n| V. Realisiertes Ergebnis des Geschäftsjahres . . . . . . . . . . | EUR | 15 162 482,56 | |\n| 1. Nettoveränderung der nichtrealisierten Gewinne ....... | EUR | 2 157 084,05 |\n| 2. Nettoveränderung der nichtrealisierten Verluste ....... | EUR | 5 996 204,78 |\n| VI. Nichtrealisiertes Ergebnis des Geschäftsjahres . . . . . | EUR | 8 153 288,83 |\n| VII. Ergebnis des Geschäftsjahres . . . . . . . . . . . . . . . . . . . | EUR | 23 315 771,39 |\n\nHinweis: Die Nettoveränderung der nichtrealisierten Gewinne (Verluste) errechnet sich aus Gegenüberstellung der Summe aller nichtrealisierten Gewinne (Verluste) zum Ende des Geschäftsjahres und der Summe aller nichtrealisierten Gewinne (Verluste) zu Beginn des Geschäftsjahres. In die Summe der nichtrealisierten Gewinne (Verluste) fließen die positiven (negativen) Differenzen ein, die aus dem Vergleich der Wertansätze der einzelnen Vermögensgegenstände zum Berichtsstichtag mit den Anschaffungskosten resultieren.\nDie nichtrealisierten Ergebnisse werden ohne Ertragsausgleich ausgewiesen.\n1) Enthalten sind negative Zinsen auf Bankguthaben.\n\n###### Anteilklasse LC\t\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 01.10.2020 bis 30.09.2021\nI. Erträge\n- Dividenden inländischer Aussteller(vor Körperschaftsteuer) ......................... EUR\t168 526,24\n- Dividenden ausländischer Aussteller(vor Quellensteuer) ............................. EUR\t2 519 080,54\n- Zinsen aus ausländischen Wertpapieren\n\n| EUR | 3 961,58 | Nettoveränderung der nichtrealisierten Gewinne. . . | EUR | 706 139,06 |\n| --- | --- | --- | --- | --- |\n| EUR | 679,50 | Nettoveränderung der nichtrealisierten Verluste ... | EUR | 2 475 824,48 |\n\n(vor Quellensteuer) ............................. \n- Zinsen aus Liquiditätsanlagen im Inland ............. \n- Zinsen aus Liquiditätsanlagen im Ausland(vor Quellensteuer) ............................. EUR\t23,89\n- Erträge aus Wertpapier-Darlehenund Pensionsgeschäften ......................... EUR\t8 468,53 davon:aus Wertpapier-Darlehen ....... EUR\t8 468,53\n- Abzug inländischer Körperschaftsteuer.............. EUR\t-25 278,90\n\n\n###### Entwicklungsrechnung für das Sondervermögen\t\n- Wert des Sondervermögens am Beginndes Geschäftsjahres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t44 887 421,77\n- Mittelzufluss (netto). . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t27 455 628,39\n\t- Mittelzuflüsse aus Anteilscheinverkäufen ........ EUR\t43 778 237,32\n\t- Mittelabflüsse aus Anteilscheinrücknahmen ...... EUR\t-16 322 608,93\n\n- Ertrags- und Aufwandsausgleich................... EUR\t-906 100,66\n- Ergebnis des Geschäftsjahres..................... EUR\t10 090 022,50 davon:\n- Wert des Sondervermögens am Endedes Geschäftsjahres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t81 526 972,00\n\n\n###### Verwendungsrechnung für das Sondervermögen\t\n- Abzug ausländischer Quellensteuer ................ EUR\t-324 499,08\t\n- Sonstige Erträge ............................... EUR\t151 361,34Summe der Erträge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t2 502 323,64Berechnung der Wiederanlage\tInsgesamt\tJe AnteilI. Für die Wiederanlage verfügbar\n\n| II. Aufwendungen 1. Zinsen aus Kreditaufnahmen 1).................... | EUR | -9 472,15 | 1. Realisiertes Ergebnis des Geschäfts- jahres\tEUR | 6 908 058,96 | 12,20 |\n| --- | --- | --- | --- | --- | --- |\n| davon: | | | 2. Zuführung aus dem Sondervermögen ... EUR | 0,00 | 0,00 |\n| Bereitstellungszinsen .......... EUR\t-553,04 | | | 3. Zur Verfügung gestellter Steuerabzugs- | | |\n| 2. Verwaltungsvergütung .......................... | EUR | -1 121 764,70 | betrag\tEUR | 0,00 | 0,00 |\n| davon: | | | | | |\n| Kostenpauschale\tEUR -1 121 764,70 | | | II. Wiederanlage\tEUR | 6 908 058,96 | 12,20 |\n| 3. Sonstige Aufwendungen ......................... | EUR | -2 863,89 | | | |\n\ndavon:\nerfolgsabhängige Vergütung\naus Wertpapier-Darlehen ....... EUR\t-2 794,61 Aufwendungen für Rechts- und\nBeratungskosten .............. EUR\t-69,28\nSumme der Aufwendungen . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-1 134 100,74\nIII. Ordentlicher Nettoertrag . . . . . . . . . . . . . . . . . . . . . . . . EUR\t1 368 222,90\nVergleichende Übersicht über die letzten drei Geschäftsjahre\nFondsvermögen\nam Ende des\tAnteilwert Geschäftsjahres EUR EUR\n| | | | | | |\n| --- | --- | --- | --- | --- | --- |\n| IV. Veräußerungsgeschäfte | | | | | |\n| 1. Realisierte Gewinne ............................. | EUR | 7 804 833,86 | | 2021\t81 526 972,00 | 143,99 |\n| 2. Realisierte Verluste .............................. | EUR | -2 264 997,80 | | 2020\t44 887 421,77 | 124,00 |\n| | | | | 2019\t30 066 729,31 | 138,30 |\n| Ergebnis aus Veräußerungsgeschäften . . . . . . . . . . . . . . | EUR | 5 539 836,06 | | 2018\t2 335 845,17 | 126,48 |\n| V. Realisiertes Ergebnis des Geschäftsjahres . . . . . . . . . . | EUR | 6 908 058,96 | |\n| 1. Nettoveränderung der nichtrealisierten Gewinne ....... | EUR | 706 139,06 |\n| 2. Nettoveränderung der nichtrealisierten Verluste ....... | EUR | 2 475 824,48 |\n| VI. Nichtrealisiertes Ergebnis des Geschäftsjahres . . . . . | EUR | 3 181 963,54 |\n| VII. Ergebnis des Geschäftsjahres . . . . . . . . . . . . . . . . . . . | EUR | 10 090 022,50 |\n\nHinweis: Die Nettoveränderung der nichtrealisierten Gewinne (Verluste) errechnet sich aus Gegenüberstellung der Summe aller nichtrealisierten Gewinne (Verluste) zum Ende des Geschäftsjahres und der Summe aller nichtrealisierten Gewinne (Verluste) zu Beginn des Geschäftsjahres. In die Summe der nichtrealisierten Gewinne (Verluste) fließen die positiven (negativen) Differenzen ein, die aus dem Vergleich der Wertansätze der einzelnen Vermögensgegenstände zum Berichtsstichtag mit den Anschaffungskosten resultieren.\nDie nichtrealisierten Ergebnisse werden ohne Ertragsausgleich ausgewiesen.\n1) Enthalten sind negative Zinsen auf Bankguthaben.\n\n###### Anteilklasse RC\t\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 01.10.2020 bis 30.09.2021\nI. Erträge\n- Dividenden inländischer Aussteller(vor Körperschaftsteuer) ......................... EUR\t1 873 963,19\n- Dividenden ausländischer Aussteller(vor Quellensteuer) ............................. EUR\t28 011 055,61\n- Zinsen aus ausländischen Wertpapieren\n\n| EUR | 44 040,72 | Nettoveränderung der nichtrealisierten Gewinne. . . | EUR | 20 852 885,94 |\n| --- | --- | --- | --- | --- |\n| EUR | 7 556,89 | Nettoveränderung der nichtrealisierten Verluste ... | EUR | 47 649 243,49 |\n\n(vor Quellensteuer) ............................. \n- Zinsen aus Liquiditätsanlagen im Inland ............. \n- Zinsen aus Liquiditätsanlagen im Ausland(vor Quellensteuer) ............................. EUR\t264,96\n- Erträge aus Wertpapier-Darlehenund Pensionsgeschäften ......................... EUR\t94 163,37 davon:aus Wertpapier-Darlehen ....... EUR\t94 163,37\n- Abzug inländischer Körperschaftsteuer.............. EUR\t-281 094,45\n\n\n###### Entwicklungsrechnung für das Sondervermögen\t\n- Wert des Sondervermögens am Beginndes Geschäftsjahres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t1 014 319 408,06\n- Mittelzufluss (netto). . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-274 153 660,29\n\t- Mittelzuflüsse aus Anteilscheinverkäufen ........ EUR\t215 702 888,64\n\t- Mittelabflüsse aus Anteilscheinrücknahmen ...... EUR\t-489 856 548,93\n\n- Ertrags- und Aufwandsausgleich................... EUR\t20 837 576,68\n- Ergebnis des Geschäftsjahres..................... EUR\t145 718 949,90 davon:\n- Wert des Sondervermögens am Endedes Geschäftsjahres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t906 722 274,35\n\n\n###### Verwendungsrechnung für das Sondervermögen\t\n- Abzug ausländischer Quellensteuer ................ EUR\t-3 608 258,15\t\n- Sonstige Erträge ............................... EUR\t1 683 150,90Summe der Erträge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t27 824 843,04Berechnung der Wiederanlage\tInsgesamt\tJe AnteilI. Für die Wiederanlage verfügbar\n\n| II. Aufwendungen 1. Zinsen aus Kreditaufnahmen 1).................... | EUR | -105 321,31 | 1. Realisiertes Ergebnis des Geschäfts- jahres\tEUR | 77 216 820,47 | 11,61 |\n| --- | --- | --- | --- | --- | --- |\n| davon: Bereitstellungszinsen .......... EUR\t-6 149,25 2. Verwaltungsvergütung .......................... | EUR | -12 070 617,00 | 2. Zuführung aus dem Sondervermögen ... EUR 3. Zur Verfügung gestellter Steuerabzugs- betrag\tEUR | 0,00 0,00 | 0,00 0,00 |\n| davon: Kostenpauschale\tEUR-12 070 617,00 | | | II. Wiederanlage\tEUR | 77 216 820,47 | 11,61 |\n| 3. Sonstige Aufwendungen ......................... davon: erfolgsabhängige Vergütung | EUR | -31 844,04 | | | |\n| aus Wertpapier-Darlehen\tEUR | -31 073,97 | Vergleichende Übersicht über die letzten drei |\n| Aufwendungen für Rechts- und Beratungskosten\tEUR | -770,07 | Geschäftsjahre |\n\nSumme der Aufwendungen . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-12 207 782,35\nIII. Ordentlicher Nettoertrag . . . . . . . . . . . . . . . . . . . . . . . . EUR\t15 617 060,69\nFondsvermögen\nam Ende des\tAnteilwert Geschäftsjahres EUR EUR\n| | | | | | |\n| --- | --- | --- | --- | --- | --- |\n| IV. Veräußerungsgeschäfte | | | | | |\n| 1. Realisierte Gewinne ............................. | EUR | 86 784 484,28 | | 2021\t906 722 274,35 | 136,32 |\n| 2. Realisierte Verluste .............................. | EUR | -25 184 724,50 | | 2020\t1 014 319 408,06 | 117,34 |\n| | | | | 2019\t1 011 514 296,06 | 134,47 |\n| Ergebnis aus Veräußerungsgeschäften . . . . . . . . . . . . . . | EUR | 61 599 759,78 | | 2018\t906 735 550,88 | 126,49 |\n| V. Realisiertes Ergebnis des Geschäftsjahres . . . . . . . . . . | EUR | 77 216 820,47 | |\n| 1. Nettoveränderung der nichtrealisierten Gewinne ....... | EUR | 20 852 885,94 |\n| 2. Nettoveränderung der nichtrealisierten Verluste ....... | EUR | 47 649 243,49 |\n| VI. Nichtrealisiertes Ergebnis des Geschäftsjahres . . . . . | EUR | 68 502 129,43 |\n| VII. Ergebnis des Geschäftsjahres . . . . . . . . . . . . . . . . . . . | EUR | 145 718 949,90 |\n\nHinweis: Die Nettoveränderung der nichtrealisierten Gewinne (Verluste) errechnet sich aus Gegenüberstellung der Summe aller nichtrealisierten Gewinne (Verluste) zum Ende des Geschäftsjahres und der Summe aller nichtrealisierten Gewinne (Verluste) zu Beginn des Geschäftsjahres. In die Summe der nichtrealisierten Gewinne (Verluste) fließen die positiven (negativen) Differenzen ein, die aus dem Vergleich der Wertansätze der einzelnen Vermögensgegenstände zum Berichtsstichtag mit den Anschaffungskosten resultieren.\nDie nichtrealisierten Ergebnisse werden ohne Ertragsausgleich ausgewiesen.\n1) Enthalten sind negative Zinsen auf Bankguthaben.\n\n###### Anteilklasse TFD\t\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 01.10.2020 bis 30.09.2021\nI. Erträge\n- Dividenden inländischer Aussteller(vor Körperschaftsteuer) ......................... EUR\t41 650,23\n- Dividenden ausländischer Aussteller(vor Quellensteuer) ............................. EUR\t623 793,40\n- Zinsen aus ausländischen Wertpapieren(vor Quellensteuer) ............................. EUR\t1 007,98\n- Zinsen aus Liquiditätsanlagen im Inland ............. EUR\t168,35\n- Zinsen aus Liquiditätsanlagen im Ausland(vor Quellensteuer) ............................. EUR\t5,86\n- Erträge aus Wertpapier-Darlehenund Pensionsgeschäften ......................... EUR\t2 105,91 davon:aus Wertpapier-Darlehen ....... EUR\t2 105,91\n- Abzug inländischer Körperschaftsteuer.............. EUR\t-6 247,53\n- Abzug ausländischer Quellensteuer ................ EUR\t-80 372,93\n\n\n###### Entwicklungsrechnung für das Sondervermögen\t\n- Wert des Sondervermögens am Beginndes Geschäftsjahres ............................. EUR\t17 034 179,94\n- Ausschüttung/Steuerabschlag für das Vorjahr ........ EUR\t-544 896,03\n- Mittelzufluss (netto). . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t562 166,02\n\t- Mittelzuflüsse aus Anteilscheinverkäufen ........ EUR\t17 425 731,62\n\t- Mittelabflüsse aus Anteilscheinrücknahmen ...... EUR\t-16 863 565,60\n\n- Ertrags- und Aufwandsausgleich................... EUR\t230 428,82\n- Ergebnis des Geschäftsjahres..................... EUR\t2 922 942,52 davon:Nettoveränderung der nichtrealisierten Gewinne. . . EUR\t240 403,78 Nettoveränderung der nichtrealisierten Verluste ... EUR\t848 249,71\n- Wert des Sondervermögens am Endedes Geschäftsjahres ............................. EUR\t20 204 821,27\n\n\n###### Verwendungsrechnung für das Sondervermögen\t\n- Sonstige Erträge ............................... EUR\t37 504,14\tSumme der Erträge............................... EUR\t619 615,41Berechnung der Ausschüttung\tInsgesamt\tJe Anteil\n\n| II. Aufwendungen | | | I. Für die Ausschüttung verfügbar | |\n| --- | --- | --- | --- | --- |\n| 1. Zinsen aus Kreditaufnahmen 1).................... davon: Bereitstellungszinsen .......... EUR\t-137,36 | EUR | -2 352,29 | - Vortrag aus dem Vorjahr\tEUR\n- Realisiertes Ergebnis des Geschäfts-jahres\tEUR\n | 849 089,81 1 834 289,03 | 4,72 10,20 |\n| 2. Verwaltungsvergütung .......................... | EUR | -153 707,30 | 3. Zuführung aus dem Sondervermögen ... EUR | 0,00 | 0,00 |\n\ndavon:\nKostenpauschale .............. EUR -153 707,30\n- Sonstige Aufwendungen ......................... EUR\t-712,05 davon:erfolgsabhängige Vergütungaus Wertpapier-Darlehen ....... EUR\t-694,95 Aufwendungen für Rechts- undBeratungskosten .............. EUR\t-17,10\n\n| Summe der Aufwendungen ........................ | EUR | -156 771,64 |\n| --- | --- | --- |\n| III. Ordentlicher Nettoertrag ........................ | EUR | 462 843,77 |\n| IV. Veräußerungsgeschäfte | | |\n| 1. Realisierte Gewinne ............................. | EUR | 1 935 319,19 |\n| 2. Realisierte Verluste .............................. | EUR | -563 873,93 |\n| Ergebnis aus Veräußerungsgeschäften .............. | EUR | 1 371 445,26 |\n| V. Realisiertes Ergebnis des Geschäftsjahres .......... | EUR | 1 834 289,03 |\n| 1. Nettoveränderung der nichtrealisierten Gewinne ....... | EUR | 240 403,78 |\n| 2. Nettoveränderung der nichtrealisierten Verluste ....... | EUR | 848 249,71 |\n| VI. Nichtrealisiertes Ergebnis des Geschäftsjahres ..... | EUR | 1 088 653,49 |\n| VII. Ergebnis des Geschäftsjahres ................... | EUR | 2 922 942,52 |\n\nHinweis: Die Nettoveränderung der nichtrealisierten Gewinne (Verluste) errechnet sich aus Gegenüberstellung der Summe aller nichtrealisierten Gewinne (Verluste) zum Ende des Geschäftsjahres und der Summe aller nichtrealisierten Gewinne (Verluste) zu Beginn des Geschäftsjahres. In die Summe der nichtrealisierten Gewinne (Verluste) fließen die positiven (negativen) Differenzen ein, die aus dem Vergleich der Wertansätze der einzelnen Vermögensgegenstände zum Berichtsstichtag mit den Anschaffungskosten resultieren.\nDie nichtrealisierten Ergebnisse werden ohne Ertragsausgleich ausgewiesen.\n1) Enthalten sind negative Zinsen auf Bankguthaben.\nII. Nicht für die Ausschüttung verwendet\n- Der Wiederanlage zugeführt ........... EUR\t0,00\t0,00\n- Vortrag auf neue Rechnung ........... EUR\t-2 055 898,95\t-11,43III. Gesamtausschüttung............... EUR\t627 479,89\t3,49Vergleichende Übersicht über die letzten drei GeschäftsjahreFondsvermögenam Ende des\tAnteilwert Geschäftsjahres EUR EUR\n\n| 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 20 204 821,27 | 112,38 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17 034 179,94 | 99,16 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9 053 335,43 | 112,94 |\n| 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3 197 329,21 | 104,81 |\n\nAnhang gemäß § 7 Nr. 9 KARBV\n\n##### Angaben nach der Derivateverordnung\nDas durch Derivate erzielte zu Grunde liegende Exposure:\nEUR 0,00\nAngaben nach dem qualifizierten Ansatz:\nZusammensetzung des Vergleichsvermögens\nMSCI World High Dividend Yield\nPotenzieller Risikobetrag für das Marktrisiko\n| kleinster potenzieller Risikobetrag.............. . | % | 87,599 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag .............. . | % | 110,221 |\n| durchschnittlicher potenzieller Risikobetrag ...... . | % | 97,800 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 01.10.2020 bis 30.09.2021 auf Basis der VaR-Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Sondervermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den qualifizierten Ansatzim Sinne der Derivate-Verordnung an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 1,0, wobei zur Berechnung der Hebelwirkung die Bruttomethode verwendet wurde.\nDas durch Wertpapier-Darlehen erzielte Exposure:\nFolgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:\n| Gattungsbezeichnung | Nominal in Stück bzw. Whg. in 1000 | | befristet | Wertpapier-Darlehen Kurswert in EUR unbefristet | gesamt |\n| --- | --- | --- | --- | --- | --- |\n| BCE (new) ..................................... . | Stück | 630 000 | | 27 007 926,29 | |\n| Novartis Reg.................................... . | Stück | 9 042 | | 645 964,35 | |\n| Michelin Reg. .................................. . | Stück | 123 140 | | 16 383 777,00 | |\n| Nippon Telegraph and Telephone Corp. .............. . | Stück | 14 199 900 | | 337 208 001,69 | |\n| Tokio Marine Holdings Inc. ........................ . | Stück | 4 265 000 | | 197 671 965,21 | |\n\nGesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen\t578 917 634,54\t578 917 634,54\nVertragspartner der Wertpapier-Darlehen:\nBarclays Bank Ireland PLC, Dublin; Citigroup Global Markets Europe AG, Frankfurt am Main; Natixis S.A., Paris; Société Générale S.A., Paris; UBS AG, London\nGesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten:\n| EUR | 648 528 435,88 |\n| --- | --- |\n| davon: Schuldverschreibungen | EUR | 35 927 170,52 |\n| Aktien | EUR | 516 405 344,44 |\n| Sonstige | EUR | 96 195 920,92 |\n\nErträge aus Wertpapier-Darlehen einschließlich der angefallenen direkten und indirekten Kosten und Gebühren:\nDiese Positionen sind in der Ertrags- und Aufwandsrechnung aufgeführt.\n| Sonstige Angaben | |\n| --- | --- |\n| Anteilwert Klasse LD: EUR 128,52 Anteilwert Klasse FD: EUR 141,54 Anteilwert Klasse LDQ: EUR 127,80 Anteilwert Klasse TFC: EUR 146,26 Anteilwert Klasse LC: EUR 143,99 Anteilwert Klasse RC: EUR 136,32 Anteilwert Klasse TFD: EUR 112,38 |\n| Umlaufende Anteile Klasse LD: | 126 731 686,929 |\n| Umlaufende Anteile Klasse FD: | 2 966 944,698 |\n| Umlaufende Anteile Klasse LDQ: | 81 200,188 |\n| Umlaufende Anteile Klasse TFC: | 1 143 988,052 |\n| Umlaufende Anteile Klasse LC: | 566 183,395 |\n| Umlaufende Anteile Klasse RC: | 6 651 242,123 |\n| Umlaufende Anteile Klasse TFD: | 179 793,666 |\n\nAngabe zu den Verfahren zur Bewertung der Vermögensgegenstände:\nDie Bewertung erfolgt durch die Verwahrstelle unter Mitwirkung der Kapitalverwaltungsgesellschaft. Die Verwahrstelle stützt sich hierbei grundsätzlich auf externe Quellen.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen Verwahrstelle und Kapitalverwaltungsgesell- schaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Anlagen werden nicht zu abgeleiteten Verkehrswerten bewertet.\nAngaben zur Transparenz sowie zur Gesamtkostenquote:\nDie Gesamtkostenquote belief sich auf:\nKlasse LD 1,45% p.a. Klasse FD 0,90% p.a. Klasse LDQ 1,45% p.a. Klasse TFC 0,80% p.a. Klasse LC 1,45% p.a. Klasse RC 1,40% p.a. Klasse TFD 0,80% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktionskosten) einschließlich eventueller Bereitstellungszinsen als Prozentsatz des durchschnittlichen Fondsvolumens innerhalb eines Geschäftsjahres aus.\nZudem fiel aufgrund der Zusatzerträge aus Wertpapierleihegeschäften eine erfolgsabhängige Vergütung in Höhe von\nKlasse LD 0,004%\tKlasse FD 0,004%\tKlasse LDQ 0,004%\tKlasse TFC 0,004%\tKlasse LC 0,004%\tKlasse RC 0,004%\tKlasse TFD 0,004% des durchschnittlichen Fondsvermögens an.\nFür das Sondervermögen ist gemäß den Anlagebedingungen eine an die Kapitalverwaltungsgesellschaft abzuführende Pauschalgebühr von\nKlasse LD 1,45% p.a.\tKlasse FD 0,90% p.a.\tKlasse LDQ 1,45% p.a. Klasse TFC 0,80% p.a.\tKlasse LC 1,45% p.a.\tKlasse RC 1,40% p.a.\tKlasse TFD 0,80% p.a. vereinbart. Davon entfallen auf die Verwahrstelle bis zu\nKlasse LD 0,15% p.a.\tKlasse FD 0,15% p.a.\tKlasse LDQ 0,15% p.a. Klasse TFC 0,15% p.a.\tKlasse LC 0,15% p.a.\tKlasse RC 0,15% p.a.\tKlasse TFD 0,15% p.a. und auf Dritte (Druck- und Veröffentlichungskosten, Abschlussprüfung sowie Sonstige) bis zu\nKlasse LD 0,05% p.a.\tKlasse FD 0,05% p.a.\tKlasse LDQ 0,05% p.a. Klasse TFC 0,05% p.a.\tKlasse LC 0,05% p.a.\tKlasse RC 0,05% p.a.\tKlasse TFD 0,05% p.a.\nIm Geschäftsjahr vom 1. Oktober 2020 bis 30. September 2021 erhielt die Kapitalverwaltungsgesellschaft DWS Investment GmbH für das Investmentvermögen DWS Top Dividende keine Rückvergütung der aus dem Sondervermögen an die Verwahrstelle oder an Dritte geleisteten Vergütungen und Aufwendungserstattungen, bis auf von Brokern zur Verfügung gestellte Finanzinformationen für Research-Zwecke.\nDie Gesellschaft zahlt von dem auf sie entfallenden Teil der Kostenpauschale\n| Klasse LD mehr als 10% | Klasse FD weniger als 10% | Klasse LDQ mehr als 10% | Klasse TFC weniger als 10% | Klasse LC mehr als 10% |\n| --- | --- | --- | --- | --- |\n| Klasse RC mehr als 10% | Klasse TFD weniger als 10% | | | |\n\nan Vermittler von Anteilen des Sondervermögens auf den Bestand von vermittelten Anteilen.\nDie wesentlichen sonstigen Erträge und sonstigen Aufwendungen sind in der Ertrags- und Aufwandsrechnung pro Anteilklasse dargestellt.\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 4 066 746,05. Die Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rech- nung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf Prozent und mehr) sind, betrug 0,07 Prozent der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt 8 592 422,19 EUR.\n\n##### Angaben zur Mitarbeitervergütung\nDie DWS Investment GmbH („die Gesellschaft“) ist eine Tochtergesellschaft der DWS Group GmbH & Co. KGaA („DWS KGaA“), Frankfurt am Main, einem der weltweit führenden Vermö- gensverwalter mit einer breiten Palette an Investmentprodukten und -dienstleistungen über alle wichtigen Anlageklassen sowie auf Wachstumstrends zugeschnittenen Lösungen.\nDie DWS KGaA, an der die Deutsche Bank AG eine Mehrheitsbeteiligung hält, ist an der Frankfurter Wertpapierbörse notiert.\nInfolge einer branchenspezifischen Regulierung gemäß OGAW V (fünfte Richtlinie betreffend bestimmte Organismen für gemeinsame Anlagen in Wertpapieren) sowie gemäß § 1 und § 27 der deutschen Institutsvergütungsverordnung („InstVV“) findet die Vergütungspolitik und -strategie des Deutsche Bank Konzerns („DB Konzern“) keine Anwendung auf die Gesellschaft. Die DWS KGaA und ihre Tochterunternehmen („DWS Konzern“ oder nur „Konzern“) verfügen über eigene vergütungsbezogene Governance-Regeln, Richtlinien und Strukturen, unter anderem einen konzerninternen DWS-Leitfaden zur Ermittlung von Mitarbeitern mit wesentlichem Einfluss auf Ebene der Gesellschaft sowie auf Ebene des DWS Konzerns im Einklang mit den in der OGAW V und den Leitlinien der Europäischen Wertpapier- und Marktaufsichtsbehörde für solide Vergütungspolitiken („ESMA-Leitlinien“) aufgeführten Kriterien.\nGovernance-Struktur\nDas Management des DWS Konzerns erfolgt durch ihre Komplementärin, DWS Management GmbH. Die Komplementärin hat im Juni 2020 ihre Zuständigkeitsbereiche überarbeitet und nunmehr sechs Managing Directors, die die Geschäftsführung („GF“) des Konzerns bilden. Die durch das DWS Compensation Committee („DCC“) unterstützte Geschäftsführung ist für die Einführung und Umsetzung des Vergütungssystems für Mitarbeiter verantwortlich. Dabei wird sie vom Aufsichtsrat der DWS KGaA kontrolliert, der ein Remuneration Committee („RC“) eingerichtet hat. Das RC unterstützt den Aufsichtsrat bei der Überwachung der angemessenen Ausgestaltung der Vergütungssysteme für die Konzernmitarbeiter. Dies erfolgt unter Berücksichtigung der Auswirkung des Vergütungssystems auf das konzernweite Risiko-, Kapital- und Liquiditätsmanagement sowie die Übereinstimmung der Vergütungsstrategie mit der Geschäfts- und Risikostrategie des DWS Konzerns.\nAufgabe des DCC ist die Entwicklung und Gestaltung von nachhaltigen Vergütungsrahmenwerken und Grundsätzen der Unternehmenstätigkeit, die Aufstellung von Empfehlungen zur Gesamtvergütung sowie die Sicherstellung einer angemessenen Governance und Kontrolle im Hinblick auf Vergütung und Zusatzleistungen für den Konzern. Das DCC legt quantitative und qualitative Faktoren zur Leistungsbeurteilung als Basis für vergütungsbezogene Entscheidungen fest und gibt Empfehlungen für die Geschäftsführung bezüglich des jährlichen Pools der variablen Vergütung und dessen Zuteilung zu verschiedenen Geschäftsbereichen und Infrastrukturfunktionen ab. Stimmberechtigte Mitglieder des DCC sind der Chief Executive Officer („CEO“), Chief Financial Officer („CFO“), Chief Operating Officer („COO“) und Global Head of HR. Der Head of Reward & Analytics ist nicht stimmberechtigtes Mitglied. Kontrollfunktionen wie Compliance, Anti-Financial Crime und Risk Management werden durch den CFO und den COO im DCC vertreten und sind im Hinblick auf ihre jeweiligen Aufgaben und Funktionen bei der Ausgestaltung und Umsetzung der Vergütungssysteme des Konzerns angemessen einbezogen. Damit soll einerseits sichergestellt werden, dass es durch die Vergütungssysteme nicht zu Interessenkonflikten kommt und andererseits die Auswirkungen auf das Risikoprofil des Konzerns überprüft werden. Das DCC überprüft das Vergütungsrahmenwerk des Konzerns min- destens einmal jährlich. Dazu gehört die Überprüfung der für die Gesellschaft geltenden Grundsätze sowie eine Beurteilung, ob aufgrund von Unregelmäßigkeiten wesentliche Änderungen oder Ergänzungen vorzunehmen sind.\nDas DCC wird von zwei Unter-Ausschüssen unterstützt: Dem DWS Compensation Operating Committee („COC“), das implementiert wurde, um das DCC bei der Überprüfung der techni- schen Gültigkeit, der Operationalisierung und der Genehmigung von neuen oder bestehenden Vergütungsplänen zu unterstützen. Dem Integrity Review Committee („IRC“), das eingerichtet wurde, um Angelegenheiten im Zusammenhang mit der Aussetzung und dem Verfall von aufgeschobenen DWS-Vergütungselementen zu prüfen und darüber zu entscheiden.\nIm Rahmen der jährlichen internen Überprüfung auf Ebene des DWS Konzerns wurde festgestellt, dass die Ausgestaltung des Vergütungssystems angemessen ist und keine wesentlichen Unregelmäßigkeiten vorliegen.\nVergütungsstruktur\nFür die Mitarbeiter der Gesellschaft gelten die Vergütungsstandards und -grundsätze der DWS-Vergütungspolitik, die jährlich überprüft wird. Im Rahmen der Vergütungspolitik verwendet der Konzern, einschließlich der Gesellschaft, einen Gesamtvergütungsansatz („GV“), der Komponenten für eine fixe („FV“) und variable Vergütung („VV“) umfasst.\nDer Konzern stellt sicher, dass FV und VV für alle Kategorien und Gruppen von Mitarbeitern angemessen aufeinander abgestimmt werden. Die Strukturen und Ebenen des GV entsprechen- den subdivisionalen und regionalen Vergütungsstrukturen, internen Zusammenhängen sowie Marktdaten und tragen zu einer einheitlichen Gestaltung innerhalb des Konzerns bei. Eines der Hauptziele der Konzernstrategie besteht darin, nachhaltige Leistung über alle Ebenen einheitlich anzuwenden und die Transparenz bei Vergütungsentscheidungen und deren Auswirkung auf Aktionäre und Mitarbeiter im Hinblick auf die Geschäftsentwicklung des DWS Konzerns sowie – soweit zutreffend – des DB Konzerns zu erhöhen. Ein wesentlicher Aspekt der Konzern-Ver- gütungsstrategie ist die Schaffung eines langfristigen Gleichgewichts zwischen den Interessen von Mitarbeitern, Aktionären und Kunden.\nDie fixe Vergütung entlohnt die Mitarbeiter entsprechend ihren Qualifikationen, Erfahrungen und Kompetenzen sowie den Anforderungen, der Bedeutung und dem Umfang ihrer Funktionen. Bei der Festlegung eines angemessenen Betrags für die fixe Vergütung werden das marktübliche Vergütungsniveau für jede Rolle sowie interne Vergleiche und geltende regulatorische Vorgaben herangezogen.\nMit der variablen Vergütung hat der Konzern ein diskretionäres Instrument an der Hand, mit dem er Mitarbeiter für ihre Leistungen und Verhaltensweisen zusätzlich entlohnen kann, ohne eine zu hohe Risikotoleranz zu fördern. Bei der Festlegung der VV werden solide Risikomaßstäbe durch Einbeziehung der Risikotoleranz des Konzerns, dessen Tragfähigkeit und Finanzlage sowie durch eine völlig flexible Politik im Hinblick auf die Gewährung bzw. „Nicht-Gewährung“ der VV angesetzt. Die VV besteht generell aus zwei Bestandteilen: Der „Gruppenkomponente“ und der „individuellen Komponente“. Es gibt weiterhin keine Garantien für eine VV im laufenden Beschäftigungsverhältnis.\nFür das Geschäftsjahr 2020 wird die Gruppenkomponente überwiegend anhand von drei Erfolgskennzahlen („Key Performance Indicators“ – „KPIs“) auf Ebene des DWS Konzerns be- stimmt: Bereinigte Aufwands-Ertrags-Relation („Adjusted Cost Income Ratio“ – „CIR“), Nettomittelzuflüsse und Dividendenausschüttung. Diese drei KPI‘s stellen wichtige Gradmesser für die Finanzziele des DWS Konzerns dar und bilden dessen nachhaltige Leistung ab.\nFür Mitarbeiter auf Managementebene berücksichtigt die Gruppenkomponente zusätzlich vier gleich gewichtete KPIs auf Ebene des DB Konzerns.1)\nJe nach Anspruch wird die „individuelle Komponente“ entweder als individuelle VV („IVV“) oder als Anerkennungsprämie („Recognition Award“) gewährt. Die IVV berücksichtigt zahlreiche finanzielle und nichtfinanzielle Faktoren. Dazu gehören der Vergleich mit der Referenzgruppe des Mitarbeiters und Überlegungen zur Mitarbeiterbindung. Der Recognition Award bietet die Möglichkeit, außergewöhnliche Beiträge von Mitarbeitern, die keinen Anspruch auf eine IVV haben (das sind generell Mitarbeiter der unteren Hierarchieebenen), anzuerkennen und zu belohnen. Pro Jahr gibt es zwei Nominierungsprozesse.\nSowohl die Gruppen- als auch die individuelle Komponente der VV kann in bar oder in Form von aktienbasierten oder fondsbasierten Instrumenten im Rahmen der Konzern-Vereinbarungen in Bezug auf die aufgeschobene Vergütung ausgezahlt bzw. gewährt werden. Der Konzern behält sich das Recht vor, den Gesamtbetrag der VV, einschließlich der Gruppenkomponente, auf null zu reduzieren, wenn gemäß geltendem lokalen Recht ein erhebliches Fehlverhalten, leistungsbezogene Maßnahmen, Disziplinarmaßnahmen oder ein nicht zufriedenstellendes Verhalten seitens eines Mitarbeiters vorliegen.\n1) DB Konzern KPIs: Harte Kernkapitalquote („CET1-Quote“), Verschuldungsquote, bereinigte zinsunabhängige Aufwendungen sowie Eigenkapitalrendite nach Steuern, basierend auf dem materiellen Eigenkapital („RoTE“)\nFestlegung der VV und angemessene Risikoadjustierung\nDie VV-Pools des Konzerns werden einer angemessenen Anpassung der Risiken unterzogen, die die Adjustierung ex ante als auch ex post umfasst. Die angewandte robuste Methode soll sicherstellen, dass bei der Festlegung der VV sowohl der risikoadjustierten Leistung als auch der Kapital- und Liquiditätsausstattung des Konzerns Rechnung getragen wird. Die Ermittlung des Gesamtbetrags der VV orientiert sich primär an (i) der Tragfähigkeit des Konzerns (das heißt, was „kann“ der DWS Konzern langfristig an VV im Einklang mit regulatorischen Anfor- derungen gewähren) und (ii) der Leistung (das heißt, was „sollte“ der Konzern an VV gewähren, um für eine angemessene leistungsbezogene Vergütung zu sorgen und gleichzeitig den langfristigen Erfolg des Unternehmens zu sichern).\nDer Konzern hat für die Festlegung der VV auf Ebene der individuellen Mitarbeiter die „Grundsätze für die Festlegung der variablen Vergütung“ eingeführt. Diese enthalten Informationen über die Faktoren und Messgrößen, die bei Entscheidungen zur IVV berücksichtigt werden müssen. Dazu zählen beispielsweise Investmentperformance, Kundenbindung, Erwägungen zur Unternehmenskultur sowie Zielvereinbarungen und Leistungsbeurteilungen im Rahmen des „Ganzheitliche Leistung“-Ansatzes. Zudem werden Hinweise der Kontrollfunktionen und Disziplinarmaßnahmen sowie deren Einfluss auf die VV einbezogen.\nDas DWS DCC verwendet im Rahmen eines diskretionären Entscheidungsprozesses finanzielle und nichtfinanzielle Kennzahlen zur Ermittlung differenzierter und leistungsbezogener VV-Pools für die Geschäfts- und Infrastrukturbereiche.\nVergütung für das Jahr 2020\nTrotz der anhaltenden Pandemie trugen das vielfältige Angebot an Anlageprodukten und -lösungen sowie die sich wieder stabilisierenden Märkte zu erheblichen Nettomittelzuflüssen im Jahr 2020 bei und ermöglichten es dem DWS Konzern, seine strategischen Ziele erfolgreich umzusetzen. Der verstärkte Fokus auf die Anlageperformance und die erhöhte Nachfrage der Anleger nach anvisierten Anlageklassen waren wesentliche Treiber für diesen Erfolg.\nVor diesem Hintergrund hat das DCC die Tragfähigkeit der VV für das Jahr 2020 kontrolliert und festgestellt, dass die Kapital- und Liquiditätsausstattung des Konzerns über den regulatorisch vorgeschriebenen Mindestanforderungen und dem internen Schwellenwert für die Risikotoleranz liegt.\nAls Teil der im März 2021 für das Performance-Jahr 2020 gewährten VV wurde die Gruppenkomponente allen berechtigten Mitarbeitern auf Basis der Bewertung der festgelegten Leis- tungskennzahlen gewährt. Die Geschäftsführung des DWS Konzerns hat für 2020 unter Berücksichtigung der beträchtlichen Leistung der Mitarbeiter und in ihrem Ermessen einen Ziel- erreichungsgrad von 98,50% festgelegt.\nUnter Berücksichtigung der vom Vorstand der Deutsche Bank AG festgelegten Zielerreichung des DB Konzerns wurde der hybride Zielerreichungsgrad für Mitarbeiter der Managementebene mit 85,50 % für das Jahr 2020 festgelegt.\nIdentifizierung von Risikoträgern\nGemäß Gesetz vom 17. Dezember 2010 über die Organismen für gemeinsame Anlagen (in seiner jeweils gültigen Fassung) sowie den ESMA-Leitlinien unter Berücksichtigung der OGAW-Richtlinie hat die Gesellschaft Mitarbeiter mit wesentlichem Einfluss auf das Risikoprofil der Gesellschaft ermittelt („Risikoträger“). Das Identifizierungsverfahren basiert auf der Bewertung des Einflusses folgender Kategorien von Mitarbeitern auf das Risikoprofil der Gesellschaft oder einen von ihr verwalteten Fonds: (a) Geschäftsführung/Senior Management, (b) Portfolio-/Investmentmanager, (c) Kontrollfunktionen, (d) Mitarbeiter mit Leitungsfunktionen in Verwaltung, Marketing und Human Resources, (e) sonstige Mitarbeiter (Risikoträger) mit we- sentlichem Einfluss, (f) sonstige Mitarbeiter in der gleichen Vergütungsstufe wie sonstige Risikoträger, deren Tätigkeit einen Einfluss auf das Risikoprofil der Gesellschaft oder des Konzerns hat. Mindestens 40% der VV für Risikoträger werden aufgeschoben vergeben. Des Weiteren werden für wichtige Anlageexperten mindestens 50% sowohl des direkt ausgezahlten als auch des aufgeschobenen Teils in Form von aktienbasierten oder fondsbasierten Instrumenten des DWS Konzerns gewährt. Alle aufgeschobenen Komponenten sind bestimmten Leistungs- und Verfallbedingungen unterworfen, um eine angemessene nachträgliche Risikoadjustierung zu gewährleisten. Bei einem VV-Betrag von weniger als EUR 50.000 erhalten Risikoträger ihre gesamte VV in bar und ohne Aufschub.\nZusammenfassung der Informationen zur Vergütung für die Gesellschaft für 2020 2)\n| Jahresdurchschnitt der Mitarbeiterzahl | 495 |\n| --- | --- |\n| Gesamtvergütung | EUR | 72 263 920 |\n| Fixe Vergütung | EUR | 49 892 007 |\n| Variable Vergütung | EUR | 22 371 913 |\n| davon: Carried Interest | EUR | 0 |\n| Gesamtvergütung für Senior Management 3) | EUR | 6 927 072 |\n| Gesamtvergütung für sonstige Risikoträger 4) | EUR | 15 008 666 |\n| Gesamtvergütung für Mitarbeiter mit Kontrollfunktionen | EUR | 2 473 707 |\n\n2) Vergütungsdaten für Delegierte, an die die Gesellschaft Portfolio- oder Risikomanagementaufgaben übertragen hat, sind nicht in der Tabelle erfasst.\n3) „Senior Management“ umfasst nur den Vorstand der Gesellschaft. Der Vorstand erfüllt die Definition als Führungskräfte der Gesellschaft. Über den Vorstand hinaus wurden keine weiteren Führungskräfte identifiziert.\n4) Identifizierte sonstige Risikoträger mit Kontrollfunktion werden in der Zeile „Mitarbeiter mit Kontrollfunktionen“ ausgewiesen.\n\n##### Angaben gemäß Verordnung (EU) 2015/2365 über die Transparenz von Wertpapierfinanzierungs geschäften (WpFinGesch.) und der Weiterverwendung sowie zur Änderung der Verordnung\n(EU) Nr. 648/2012 – Ausweis nach Abschnitt A\nAngaben in Fondswährung\nabsolut\nin % des Fondsvermögens\n- NameBruttovolumen offene GeschäfteSitzstaat\n- NameBruttovolumen offene GeschäfteSitzstaat\n- NameBruttovolumen offene GeschäfteSitzstaat\n- NameBruttovolumen offene GeschäfteSitzstaat\n- NameBruttovolumen offene GeschäfteSitzstaat\n- NameBruttovolumen offene GeschäfteSitzstaat\n- NameBruttovolumen offene GeschäfteSitzstaat\n- NameBruttovolumen offene GeschäfteSitzstaat\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n- NameBruttovolumen offene GeschäfteSitzstaat\n\n\n###### Wertpapierleihe\tPensionsgeschäfte\tTotal Return Swaps\n- Verwendete Vermögensgegenstände\n\n| 578 917 634,54 | - | - |\n| --- | --- | --- |\n| 3,24 | - | - |\n\n- Die 10 größten Gegenparteien\n\n| Barclays Bank Ireland PLC, Dublin | | |\n| --- | --- | --- |\n| 222 143 533,99 | | |\n| Irland | | |\n\n| Natixis S.A., Paris | | |\n| --- | --- | --- |\n| 183 163 728,74 | | |\n| Frankreich | | |\n\n| Société Générale S.A., Paris | | |\n| --- | --- | --- |\n| 129 572 704,18 | | |\n| Frankreich | | |\n\n| UBS AG, London | | |\n| --- | --- | --- |\n| 27 007 926,29 | | |\n| Großbritannien | | |\n\n| Citigroup Global Markets Europe AG, Frankfurt am Main | | |\n| --- | --- | --- |\n| 17 029 741,34 | | |\n| Bundesrepublik Deutschland | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n- NameBruttovolumen offene GeschäfteSitzstaat(z.B. zweiseitig, dreiseitig, zentrale Gegenpartei)unter 1 Tag1 Tag bis 1 Woche1 Woche bis 1 Monat1 bis 3 Monate3 Monate bis 1 Jahrüber 1 Jahr unbefristetBankguthaben Schuldverschreibungen AktienSonstige\n- Art(en) von Abwicklung und Clearing\n\n| zweiseitig | - | - |\n| --- | --- | --- |\n\n- Geschäfte gegliedert nach Restlaufzeiten (absolute Beträge)\n\n| - | - | - |\n| --- | --- | --- |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| 578 917 634,54 | - | - |\n\n| Art(en): |\n| --- |\n| - | - | - |\n| 35 927 170,52 | - | - |\n| 516 405 344,44 | - | - |\n| 96 195 920,92 | - | - |\n| Qualität(en): |\n| Dem Fonds werden – soweit Wertpapier-Darlehensgeschäfte, umgekehrte Pensionsgeschäfte oder Geschäfte mit OTC-Derivaten (außer Währungstermingeschäften) abgeschlossen werden - Sicherheiten in einer der folgenden Formen gestellt: - liquide Vermögenswerte wie Barmittel, kurzfristige Bankeinlagen, Geldmarktinstrumente gemäß Definition in Richtlinie 2007/16/EG vom 19. März 2007, Akkreditive und Garantien auf erstes Anfordern, die von erstklassigen, nicht mit dem Kontrahenten verbundenen Kreditinstituten ausgegeben werden, beziehungsweise von einem OECD-Mitgliedstaat oder dessen Gebietskörperschaften oder von supranationalen Institutionen und Behörden auf kommunaler, regionaler oder internationaler Ebene begebene Anleihen unabhängig von ihrer Restlaufzeit\n- Anteile eines in Geldmarktinstrumente anlegenden Organismus für gemeinsame Anlagen (nachfolgend „OGA“), der täglich einen Nettoinventarwert berechnet und der über ein Rating von AAA oder ein vergleichbares Rating verfügt\n- Anteile eines OGAW, der vorwiegend in die unter den nächsten beiden Gedankenstrichen aufgeführten Anleihen / Aktien anlegt\n- Anleihen unabhängig von ihrer Restlaufzeit, die ein Mindestrating von niedrigem Investment-Grade aufweisen\n- Aktien, die an einem geregelten Markt eines Mitgliedstaats der Europäischen Union oder an einer Börse eines OECD-Mitgliedstaats zugelassen sind oder gehandelt werden, sofern diese Aktien in einem wichtigen Index enthalten sind.\n Die Verwaltungsgesellschaft behält sich vor, die Zulässigkeit der oben genannten Sicherheiten einzuschränken. Des Weiteren behält sich die Verwaltungsgesellschaft vor, in Ausnahmefällen von den oben genannten Kriterien abzuweichen. Weitere Informationen zu Sicherheitenanforderungen befinden sich in dem Verkaufsprospekt des Fonds/ Teilfonds. |\n\n- Art(en) und Qualität(en) der erhaltenen SicherheitenWährung(en):unter 1 Tag1 Tag bis 1 Woche1 Woche bis 1 Monat1 bis 3 Monate3 Monate bis 1 Jahrüber 1 Jahr unbefristetabsolutin % der Bruttoerträge Kostenanteil des Fondsabsolutin % der BruttoerträgeKostenanteil der Verwaltungsgesellschaftabsolutin % der Bruttoerträge Kostenanteil Dritterabsolut\n- Währung(en) der erhaltenen Sicherheiten\n\n| EUR; GBP; USD; AUD; JPY; SEK; DKK; CAD; NZD; CHF; HUF; PGK | - | - |\n| --- | --- | --- |\n\n- Sicherheiten gegliedert nach Restlaufzeiten (absolute Beträge)\n\n| - | - | - |\n| --- | --- | --- |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| 648 528 435,88 | - | - |\n\n- Ertrags- und Kostenanteile (vor Ertragsausgleich) *\n\n| Ertragsanteil des Fonds |\n| --- |\n| 1 312 751,13 | - | - |\n| 67,00 | - | - |\n| - | - | - |\n\n| Ertragsanteil der Verwaltungsgesellschaft |\n| --- |\n| 646 578,37 | - | - |\n| 33,00 | - | - |\n| - | - | - |\n\n| Ertragsanteil Dritter |\n| --- |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n\n-\n- Erträge für den Fonds aus Wiederanlage von Barsicherheiten, bezogen auf alle WpFinGesch. und Total Return SwapsSumme Anteil\n- Verliehene Wertpapiere in % aller verleihbaren Vermögensgegenstände des Fonds\n- NameVolumen empfangene Sicherheiten (absolut)\n- NameVolumen empfangene Sicherheiten (absolut)\n- Die 10 größten Emittenten, bezogen auf alle WpFinGesch. und Total Return Swaps\n\n| Bank of Ireland Group PLC | | |\n| --- | --- | --- |\n| 23 248 629,07 | | |\n\n| alstria office REIT-AG | | |\n| --- | --- | --- |\n| 21 111 594,95 | | |\n\n* Eventuelle Abweichungen zu den korrespondierenden Angaben der detaillierten Ertrags- und Aufwandsrechnung beruhen auf Effekten im Rahmen des Ertragsausgleichs.\n| Barry Callebaut AG | | |\n| --- | --- | --- |\n| 21 109 369,69 | | |\n\n- NameVolumen empfangene Sicherheiten (absolut)\n\n| AIB Group PLC | | |\n| --- | --- | --- |\n| 18 812 606,44 | | |\n\n- NameVolumen empfangene Sicherheiten (absolut)\n\n| French Republic | | |\n| --- | --- | --- |\n| 17 933 965,31 | | |\n\n- NameVolumen empfangene Sicherheiten (absolut)\n\n| Oil Search Ltd. | | |\n| --- | --- | --- |\n| 17 407 204,38 | | |\n\n- NameVolumen empfangene Sicherheiten (absolut)\n\n| Nippo Corp. | | |\n| --- | --- | --- |\n| 16 770 744,12 | | |\n\n- NameVolumen empfangene Sicherheiten (absolut)\n\n| Xero Ltd. | | |\n| --- | --- | --- |\n| 15 031 929,09 | | |\n\n- NameVolumen empfangene Sicherheiten (absolut)\n\n| Amazon.com Inc. | | |\n| --- | --- | --- |\n| 14 465 869,70 | | |\n\n- NameVolumen empfangene Sicherheiten (absolut)\n\n| Kingspan Group PLC | | |\n| --- | --- | --- |\n| 12 974 332,80 | | |\n\n- NameVolumen empfangene Sicherheiten (absolut)Anteil\n- Wiederangelegte Sicherheiten in % der empfangenen Sicherheiten, bezogen auf alle WpFinGesch. und Total Return Swapsgesonderte Konten / Depots Sammelkonten / Depots andere Konten / DepotsVerwahrart bestimmt Empfänger\n- Verwahrart begebener Sicherheiten aus WpFinGesch. und Total Return Swaps-\n\n| - | - |\n| --- | --- |\n| - | - |\n| - | - |\n| - | - |\n\n(In % aller begebenen Sicherheiten aus WpFinGesch. und Total Return Swaps)\n| 2 | - | - |\n| --- | --- | --- |\n\n- Verwahrer/Kontoführer von empfangenen Sicherheiten aus WpFinGesch. und Total Return SwapsGesamtzahl Verwahrer/ Kontoführer\n\n| Bank of New York | | |\n| --- | --- | --- |\n| 630 594 470,57 | | |\n\n- Nameverwahrter Betrag absolut\n\n| State Street Bank International GmbH (Custody Operations) | | |\n| --- | --- | --- |\n| 17 933 965,31 | | |\n\n- Nameverwahrter Betrag absolutFrankfurt am Main, den 22. Dezember 2021DWS Investment GmbH, Frankfurt am Main Die Geschäftsführung\n\n\n### Vermerk des unabhängigen Abschlussprüfers\n\n#### An die DWS Investment GmbH, Frankfurt am Main Prüfungsurteil\nWir haben den Jahresbericht des Sondervermögens DWS Top Dividende – bestehend aus dem Tätigkeits-\nbericht für das Geschäftsjahr vom 1. Oktober 2020 bis zum 30. September 2021, der Vermögensüber- sicht und der Vermögensaufstellung zum 30. September 2021, der Ertrags- und Aufwandsrechnung, der Verwendungsrechnung, der Entwicklungsrechnung für das Geschäftsjahr vom 1. Oktober 2020 bis zum\n30. September 2021 sowie der vergleichenden Übersicht über die letzten drei Geschäftsjahre, der Aufstel- lung der während des Berichtszeitraums abgeschlossenen Geschäfte, soweit diese nicht mehr Gegenstand der Vermögensaufstellung sind, und dem Anhang – geprüft.\nNach unserer Beurteilung aufgrund der bei der Prüfung gewonnenen Erkenntnisse entspricht der beigefügte Jahresbericht in allen wesentlichen Belangen den Vorschriften des deutschen Kapitalanlagegesetzbuchs (KAGB) und den einschlägigen europäischen Verordnungen und ermöglicht es unter Beachtung dieser Vor- schriften, sich ein umfassendes Bild der tatsächlichen Verhältnisse und Entwicklungen des Sondervermö- gens zu verschaffen.\n\n#### Grundlage für das Prüfungsurteil\nWir haben unsere Prüfung des Jahresberichts in Übereinstimmung mit § 102 KAGB unter Beachtung der vom Institut der Wirtschaftsprüfer (IDW) festgestellten deutschen Grundsätze ordnungsmäßiger Abschluss- prüfung durchgeführt. Unsere Verantwortung nach diesen Vorschriften und Grundsätzen ist im Abschnitt\n„Verantwortung des Abschlussprüfers für die Prüfung des Jahresberichts“ unseres Vermerks weitergehend beschrieben. Wir sind von der DWS Investment GmbH unabhängig in Übereinstimmung mit den deutschen handelsrechtlichen und berufsrechtlichen Vorschriften und haben unsere sonstigen deutschen Berufspflich- ten in Übereinstimmung mit diesen Anforderungen erfüllt. Wir sind der Auffassung, dass die von uns er- langten Prüfungsnachweise ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zum Jahresbericht zu dienen.\n\n#### Verantwortung der gesetzlichen Vertreter für den Jahresbericht\nDie gesetzlichen Vertreter der DWS Investment GmbH sind verantwortlich für die Aufstellung des Jahresbe- richts, der den Vorschriften des deutschen KAGB und den einschlägigen europäischen Verordnungen in allen wesentlichen Belangen entspricht und dafür, dass der Jahresbericht es unter Beachtung dieser Vorschriften ermöglicht, sich ein umfassendes Bild der tatsächlichen Verhältnisse und Entwicklungen des Sonderver- mögens zu verschaffen. Ferner sind die gesetzlichen Vertreter verantwortlich für die internen Kontrollen, die sie in Übereinstimmung mit diesen Vorschriften als notwendig bestimmt haben, um die Aufstellung des Jahresberichts zu ermöglichen, der frei von wesentlichen – beabsichtigten oder unbeabsichtigten – falschen Darstellungen ist.\nBei der Aufstellung des Jahresberichts sind die gesetzlichen Vertreter dafür verantwortlich, Ereignisse, Ent- scheidungen und Faktoren, welche die weitere Entwicklung des Investmentvermögens wesentlich beein- flussen können, in die Berichterstattung einzubeziehen. Das bedeutet u.a., dass die gesetzlichen Vertreter bei der Aufstellung des Jahresberichts die Fortführung des Sondervermögens durch die DWS Investment GmbH zu beurteilen haben und die Verantwortung haben, Sachverhalte im Zusammenhang mit der Fortfüh- rung des Sondervermögens, sofern einschlägig, anzugeben.\n\n#### Verantwortung des Abschlussprüfers für die Prüfung des Jahresberichts\nUnsere Zielsetzung ist, hinreichende Sicherheit darüber zu erlangen, ob der Jahresbericht als Ganzes frei von wesentlichen – beabsichtigten oder unbeabsichtigten – falschen Darstellungen ist, sowie einen Vermerk zu erteilen, der unser Prüfungsurteil zum Jahresbericht beinhaltet.\nHinreichende Sicherheit ist ein hohes Maß an Sicherheit, aber keine Garantie dafür, dass eine in Überein stimmung mit § 102 KAGB unter Beachtung der vom Institut der Wirtschaftsprüfer (IDW) festgestellten deut schen Grundsätze ordnungsmäßiger Abschlussprüfung durchgeführte Prüfung eine wesentliche falsche Darstellung stets aufdeckt. Falsche Darstellungen können aus Verstößen oder Unrichtigkeiten resultieren und werden als wesentlich angesehen, wenn vernünftigerweise erwartet werden könnte, dass sie einzeln oder insgesamt die auf der Grundlage dieses Jahresberichts getroffenen wirtschaftlichen Entscheidungen von Adressaten beeinflussen.\nWährend der Prüfung üben wir pflichtgemäßes Ermessen aus und bewahren eine kritische Grundhaltung.\nDarüber hinaus\n- identifizieren und beurteilen wir die Risiken wesentlicher – beabsichtigter oder unbeabsichtigter – falscher Darstellungen im Jahresbericht, planen und führen Prüfungshandlungen als Reaktion auf diese Risiken durch sowie erlangen Prüfungsnachweise, die ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen. Das Risiko, dass wesentliche falsche Darstellungen nicht aufgedeckt werden, ist bei Verstößen höher als bei Unrichtigkeiten, da Verstöße betrügerisches Zusammenwirken, Fälschungen, beabsichtigte Unvollständigkeiten, irreführende Darstellungen bzw. das Außerkraftsetzen interner Kon trollen beinhalten können.\n- gewinnen wir ein Verständnis von dem für die Prüfung des Jahresberichts relevanten internen Kontroll system, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit dieses Systems der DWS Investment GmbH abzugeben.\n- beurteilen wir die Angemessenheit der von den gesetzlichen Vertretern der DWS Investment GmbH bei der Aufstellung des Jahresberichts angewandten Rechnungslegungsmethoden sowie die Vertretbarkeit der von den gesetzlichen Vertretern dargestellten geschätzten Werte und damit zusammenhängenden Angaben.\n- ziehen wir Schlussfolgerungen auf der Grundlage erlangter Prüfungsnachweise, ob eine wesentliche Un sicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die bedeutsame Zweifel an der Fortführung des Sondervermögens durch die DWS Investment GmbH aufwerfen können. Falls wir zu dem Schluss kommen, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet, im Vermerk auf die dazugehörigen Angaben im Jahresbericht aufmerksam zu machen oder, falls diese Angaben un angemessen sind, unser Prüfungsurteil zu modifizieren. Wir ziehen unsere Schlussfolgerungen auf der Grundlage der bis zum Datum unseres Vermerks erlangten Prüfungsnachweise. Zukünftige Ereignisse oder Gegebenheiten können jedoch dazu führen, dass das Sondervermögen durch die DWS Investment GmbH nicht fortgeführt wird.\n- beurteilen wir die Gesamtdarstellung, den Aufbau und den Inhalt des Jahresberichts, einschließlich der Angaben sowie ob der Jahresbericht die zugrunde liegenden Geschäftsvorfälle und Ereignisse so darstellt, dass der Jahresbericht es unter Beachtung der Vorschriften des deutschen KAGB und der einschlägigen europäischen Verordnungen ermöglicht, sich ein umfassendes Bild der tatsächlichen Verhältnisse und Entwicklungen des Sondervermögens zu verschaffen.\n\nWir erörtern mit den für die Überwachung Verantwortlichen u.a. den geplanten Umfang und die Zeitplanung der Prüfung sowie bedeutsame Prüfungsfeststellungen, einschließlich etwaiger Mängel im internen Kontrollsystem, die wir während unserer Prüfung feststellen.\nFrankfurt am Main, den 22. Dezember 2021\nKPMG AG\nWirtschaftsprüfungsgesellschaft\nKuppler\tNeuf\nWirtschaftsprüfer\tWirtschaftsprüfer\nKapitalverwaltungsgesellschaft\nDWS Investment GmbH 60612 Frankfurt am Main\nEigenmittel am 31.12.2020: 398,4 Mio. Euro Gezeichnetes und eingezahltes Kapital\nam 31.12.2020: 115 Mio. Euro\nAufsichtsrat\nDr. Asoka Wöhrmann Vorsitzender\nDWS Management GmbH\n(Persönlich haftende Gesellschafterin der DWS Group GmbH & Co. KGaA), Frankfurt am Main\nChristof von Dryander stellv. Vorsitzender\nCleary Gottlieb Steen & Hamilton LLP, Frankfurt am Main\nHans-Theo Franken\nDeutsche Vermögensberatung AG, Frankfurt am Main\nDr. Alexander Ilgen Deutsche Bank AG, Frankfurt am Main\nBritta Lehfeldt (bis zum 31.10.2021) Deutsche Bank AG,\nFrankfurt am Main\nDr. Stefan Marcinowski Ludwigshafen\nProf. Christian Strenger The Germany Funds, New York\nGerhard Wiesheu Teilhaber des Bankhauses\nB. Metzler seel. Sohn & Co. KGaA, Frankfurt am Main\nSusanne Zeidler\nDeutsche Beteiligungs AG, Frankfurt am Mai\nGeschäftsführung\nManfred Bauer\nSprecher der Geschäftsführung\nMitglied der Geschäftsführung der DWS Management GmbH\n(Persönlich haftende Gesellschafterin der DWS Group GmbH & Co. KGaA), Frankfurt am Main\nMitglied der Geschäftsführung der DWS Beteiligungs GmbH, Frankfurt am Main\nMitglied des Aufsichtsrates der DWS Investment S.A., Luxemburg\nDirk Görgen\nMitglied der Geschäftsführung der DWS Management GmbH\n(Persönlich haftende Gesellschafterin der DWS Group GmbH & Co. KGaA), Frankfurt am Main\nMitglied der Geschäftsführung der DWS Beteiligungs GmbH, Frankfurt am Main\nStefan Kreuzkamp\nMitglied der Geschäftsführung der DWS Management GmbH\n(Persönlich haftende Gesellschafterin der DWS Group GmbH & Co. KGaA), Frankfurt am Main\nMitglied der Geschäftsführung der DWS Beteiligungs GmbH, Frankfurt am Main\nMitglied des Aufsichtsrates der DWS Investment S.A., Luxemburg\nDr. Matthias Liermann\nMitglied der Geschäftsführung der DWS International GmbH, Frankfurt am Main\nMitglied der Geschäftsführung der DWS Beteiligungs GmbH, Frankfurt am Main\nMitglied des Aufsichtsrats der DWS Investment S.A., Luxemburg\nMitglied des Aufsichtsrats der Deutsche Treuinvest Stiftung, Frankfurt am Main\nPetra Pflaum\nMitglied der Geschäftsführung der DWS Beteiligungs GmbH, Frankfurt am Main\nVerwahrstelle\nState Street Bank International GmbH Brienner Straße 59\n80333 München\nEigenmittel am 31.12.2020:\n2.302,0 Mio. Euro\n(im Sinne von Artikel 72 der Verordnung (EU) Nr. 575/2013 (CRR))\nGezeichnetes und eingezahltes Kapital am 31.12.2020: 109,4 Mio. Euro\nGesellschafter der\nDWS Investment GmbH\nDWS Beteiligungs GmbH, Frankfurt am Main\nStand: 31.10.2021"},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Annual report\n## DWS Top Dividende\n\n### Investment objective and performance in the reporting period\nThe investment focus of DWS Top Dividende is on inter- national companies that, in the opinion of the portfolio management, offer prospects of above-average, sustained dividend yields in the medium\n\n###### DWS TOP DIVIDENDE\nFive-year performance\n130\n125\n120\n115\n110\n105\n100\n95\nto long term based on company\n9/16*\n9/17\n9/18\t9/19\t9/20\n9/21\nfundamentals such as balance sheet quality and business\nDWS Top Dividende (LD unit class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* 9/2016 = 100\nData on euro basis\nmodel. In the fiscal year through the end of September 2021, the fund recorded an appreciation of 16.1% per unit (LD unit class, BVI method) in euro.\n\n### Investment policy in the reporting period\nThe key risks were mainly identified as the uncertainty regarding the further course of the COVID-19 pandemic*, the development of a vaccine,\nand the resulting impact on the global economy and financial markets.\nPast performance is no guide to future results.\tAs of: September 30, 2021\n\n###### DWS TOP DIVIDENDE\nPerformance of unit classes (in EUR)\n| Unit class | ISIN | 1 year | 3 years | 5 years |\n| --- | --- | --- | --- | --- |\n| Class LD | DE0009848119 | 16.1% | 13.8% | 22.4% |\n| Class FD | DE000DWS1VB9 | 16.8% | 15.7% | 25.8% |\n| Class LC | DE000DWS1U90 | 16.1% | 13.8% | 19.6%1 |\n| Class LDQ | DE000DWS18N0 | 16.1% | 13.8% | 22.4% |\n| Class RC | DE000DWS2PA1 | 16.2% | 14.0% | 19.8%1 |\n| Class TFC | DE000DWS18Q3 | 16.9% | 16.1% | 20.3%1 |\n| Class TFD | DE000DWS2SL2 | 16.9% | 16.1% | 21.6%1 |\n\n1 Class TFC launched on January 2, 2017 / Classes LC and RC launched on September 1, 2017 / Class TFD launched on January 2, 2018\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: September 30, 2021\nIn the reporting period, devel- opments in the international capital markets continued to be characterized by the corona- virus pandemic and its social and economic consequences for the world’s population. The equity markets profited from\nthe extremely relaxed monetary policies of the central banks\nof the industrial countries. Since the beginning of 2021, the economic outlook has also improved in view of the efforts undertaken by the international community of nations and the packages of measures intro- duced with the objective of tackling the economic conse- quences of the COVID-19 crisis,\nas well as the approval appli- cations for COVID-19 vaccines and the vaccination campaigns taking effect.\nThe fund’s investment focus, based on its strategy, was on more defensive equities from the consumer staples, telecom- munications, health care, insur- ance, and utilities segments, which were viewed as likely to generate above-average divi- dend income.\nIn the energy sector, oil com- pany Royal Dutch Shell made an above-average contribution\nto performance. The sharp rise in oil prices and continued rig- orous cost containment led to a jump in profits. In the tech- nology sector, the position in Taiwan Semiconductor Manu- facturing again posted positive performance in view of market share gains achieved on the back of the company’s techno- logical advantage. The position in BHP Group also performed better than average in the con- text of the higher iron ore price\nand an increase in the dividend.\nIn contrast, the performance of the fund was adversely affected\nby the below-average per-\nformance of a position in the financial sector. The Chinese insurance group Ping An came under a lot of pressure due\nto regularly concerns and the slump in the Chinese real estate market.\n\n### Main sources of capital gains and losses\nThe main sources of capital gains and losses were realized gains on the sale of equities. In contrast, the sources of losses were fixed-income securities and currencies.\n\n### Information on the environmental and/or social characteristics\nThe investment fund qualifies as a product in accordance with article 6 of Regulation (EU) 2019/2088 on sustainability- related disclosures in the finan- cial services sector.\nStatement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\n* The coronavirus (COVID-19) crisis was/ is a major challenge, including for the economy worldwide, and is therefore a significant event during the report- ing period. Uncertainties regarding the effects of COVID-19 are important for\nunderstanding the annual financial state- ments. Additional details are provided in the explanations in the “General informa- tion” section.\n\n###### DWS TOP DIVIDENDE\nOverview of the unit classes\nISIN\tLD\tDE0009848119\nLC\tDE000DWS1U90\nFD\tDE000DWS1VB9\nLDQ\tDE000DWS18N0\nTFC\tDE000DWS18Q3\nRC\tDE000DWS2PA1\nTFD\tDE000DWS2SL2\nSecurity code (WKN)\tLD\t984811\nLC\tDWS1U9\nFD\tDWS1VB\nLDQ\tDWS18N\nTFC\tDWS18Q\nRC\tDWS2PA\nTFD\tDWS2SL\nFund currency\tEUR\nUnit class currency\tLD\tEUR\nLC\tEUR\nFD\tEUR\nLDQ\tEUR\nTFC\tEUR\nRC\tEUR\nTFD\tEUR\nDate of inception\tLD\tApril 28, 2003\nand initial subscription\t(from March 15, 2013, as LD unit class)\nLC\tSeptember 1, 2017\nFD\tAugust 12, 2013\nLDQ\tMarch 2, 2015\nTFC\tJanuary 2, 2018\n(until January 1, 2018 as SC unit class)\nRC\tSeptember 1, 2017\nTFD\tJanuary 2, 2018\nInitial sales charge\tLD\t5%\nLC\t5%\nFD\tNone\nLDQ\t5%\nTFC\tNone\nRC\t5%\nTFD\tNone\nDistribution policy\tLD\tDistribution LC\tReinvestment\nFD\tDistribution\nLDQ\tQuarterly distribution\nTFC\tReinvestment\nRC\tDistribution\nTFD\tDistribution\n\n###### DWS TOP DIVIDENDE\nOverview of the unit classes (continued)\n| All-in fee | LD | 1.45% p.a. |\n| --- | --- | --- |\n| | LC | 1.45% p.a. |\n| | FD | 0.9% p.a. |\n| | LDQ | 1.45% p.a. |\n| | TFC | 0.8% p.a. |\n| | RC | 1.4% p.a. |\n| | TFD | 0.8% p.a. |\n| Minimum investment* | LD | None |\n| | LC | None |\n| | FD | EUR 2,000,000 |\n| | LDQ | None |\n| | TFC | None |\n| | RC | EUR 500,000,000 |\n| | TFD | None |\n| Initial issue price | LD | EUR 52.50 |\n| | | (incl. initial sales charge) |\n| | LC | Net asset value per unit of the |\n| | | DWS Top Dividende LD unit class |\n| | | on the inception date of the |\n| | | LC unit class (plus initial sales |\n| | | charge) |\n| | FD | EUR 92.91 |\n| | LDQ | EUR 117.46 |\n| | | (plus initial sales charge) |\n| | TFC | EUR 120.02 |\n| | RC | Net asset value per unit of the |\n| | | DWS Top Dividende LD unit class |\n| | | on the inception date of the |\n| | | RD unit class (plus initial sales |\n| | | charge) |\n| | TFD | EUR 100 |\n\n* The Company reserves the right to deviate from these minimum initial investment amounts at its own discretion, e.g., in cases where distribution partners have made separate fee arrangements with their clients. Subsequent purchases can be made in any amount.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n\n#\nDWS Top Dividende\n\n#### Statement of net assets as of September 30, 2021\n| I. Assets | Amount in EUR | % of net assets |\n| --- | --- | --- |\n| 1. Equities (sectors): Financials | 2 563 634 697.43 | 14.33 |\n| Consumer Staples | 2 223 930 661.51 | 12.43 |\n| Health Care | 2 223 640 938.87 | 12.43 |\n| Information Technology | 1 920 589 505.09 | 10.73 |\n| Basic Materials | 1 700 477 066.82 | 9.50 |\n| Utilities | 1 688 764 125.21 | 9.44 |\n| Energy | 1 683 499 984.93 | 9.41 |\n| Industrials | 1 486 408 443.04 | 8.31 |\n| Consumer Discretionaries | 505 242 813.46 | 2.82 |\n| Other | 1 118 540 802.45 | 6.25 |\n| Total equities: | 17 114 729 038.81 | 95.65 |\n| 2. Cash at bank | 787 449 757.00 | 4.40 |\n| 3. Other assets | 46 286 381.14 | 0.26 |\n| 4. Receivables from share certificate transactions | 2 804 602.03 | 0.02 |\n| II. Liabilities | | |\n| 1. Loan liabilities | -29 853 864.64 | -0.17 |\n| 2. Other liabilities | -21 308 050.20 | -0.12 |\n| 3. Liabilities from share certificate transactions | -6 971 605.53 | -0.04 |\n| III. Net assets | 17 893 136 258.61 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – September 30, 2021\nSecurities traded on an exchange\t16 750 336 382.49\t93.61\nEquities\nCanadian National Railway Co. (CA1363751027) .......\tCount\t2 000 000\t2 000 000\tCAD\t147.5900\t199 972 901.56\t1.12\nEnbridge (CA29250N1050) ........................\tCount\t7 000 000\t1 000 000\tCAD\t50.7900\t240 857 665.47\t1.35\nTC Energy (CA87807B1076) .......................\tCount\t10 491 000\tCAD\t61.3800\t436 242 517.44\t2.44\nNestlé Reg. (CH0038863350) ......................\tCount\t4 270 000\t200 000\t730 000\tCHF\t113.4600\t446 767 060.13\t2.50\nNovartis Reg. (CH0012005267) 3 ...................\tCount\t3 962 537\t100 000\t1 037 463\tCHF\t77.4700\t283 085 338.80\t1.58\nCarlsberg B (DK0010181759) ......................\tCount\t507 000\t507 000\tDKK\t1 050.5000\t71 620 665.77\t0.40\nAllianz (DE0008404005) ..........................\tCount\t1 100 000\t1 800 000\tEUR\t195.5200\t215 072 000.00\t1.20\nAXA (FR0000120628) ............................\tCount\t3 850 000\t3 850 000\tEUR\t24.1750\t93 073 750.00\t0.52\nDaimler Reg. (DE0007100000) .....................\tCount\t1 242 900\t1 242 900\tEUR\t77.5500\t96 386 895.00\t0.54\nDeutsche Börse Reg. (DE0005810055) ..............\tCount\t640 000\t640 000\tEUR\t141.0500\t90 272 000.00\t0.50\nDeutsche Telekom Reg. (DE0005557508) ............\tCount\t4 962 790\t4 962 790\tEUR\t17.4960\t86 828 973.84\t0.49\nE.ON Reg. (DE000ENAG999) ......................\tCount\t15 000 000\t3 000 000\tEUR\t10.5640\t158 460 000.00\t0.89\nENEL (IT0003128367) ............................\tCount\t21 000 000\t21 000 000\tEUR\t6.6900\t140 490 000.00\t0.79\nFuchs Petrolub (DE000A3E5D56) ...................\tCount\t4 082 313\t4 402 413\t320 100\tEUR\t31.5800\t128 919 444.54\t0.72\nHannover Rück Reg. (DE0008402215) ...............\tCount\t1 710 040\t787 960\tEUR\t152.2000\t260 268 088.00\t1.45\nKONE OYj (FI0009013403) ........................\tCount\t450 000\t450 000\tEUR\t60.9600\t27 432 000.00\t0.15\nKoninklijke Philips (NL0000009538) .................\tCount\t5 203 454\tEUR\t38.7650\t201 711 894.31\t1.13\nMichelin Reg. (FR0000121261) 3 ...................\tCount\t970 000\tEUR\t133.0500\t129 058 500.00\t0.72\nRoyal Dutch Shell Cl. A (GB00B03MLX29) ............\tCount\t17 231 600\t3 768 400\tEUR\t19.4460\t335 085 693.60\t1.87\nSampo Bear. A (FI0009003305) ....................\tCount\t6 785 000\t1 715 000\tEUR\t42.7700\t290 194 450.00\t1.62\nSanofi (FR0000120578) ...........................\tCount\t2 734 588\t200 000\t1 265 412\tEUR\t83.9400\t229 541 316.72\t1.28\nSiemens Reg. (DE0007236101) ....................\tCount\t1 600 000\t300 000\tEUR\t142.3800\t227 808 000.00\t1.27\nStellantis (NL00150001Q9) ........................\tCount\t4 896 363\t4 896 363\tEUR\t16.6540\t81 544 029.40\t0.46\nTotalEnergies (FR0000120271) .....................\tCount\t8 610 800\t3 889 200\tEUR\t41.4950\t357 305 146.00\t2.00\nUnilever (GB00B10RZP78) ........................\tCount\t7 630 400\t11 000 000\t3 369 600\tEUR\t47.0750\t359 201 080.00\t2.01\nVINCI (FR0000125486) ...........................\tCount\t2 750 000\tEUR\t90.5800\t249 095 000.00\t1.39\nAnglo American (GB00B1XZS820) ..................\tCount\t933 800\t933 800\tGBP\t26.1600\t28 289 760.28\t0.16\nBHP Group (GB00BH0P3Z91) ......................\tCount\t24 000 000\t2 200 000\tGBP\t18.8980\t525 248 407.64\t2.94\nImperial Brands (GB0004544929) ...................\tCount\t1 485 300\t7 914 700\tGBP\t15.8450\t27 254 867.98\t0.15\nRio Tinto (GB0007188757) ........................\tCount\t808 400\t2 500 000\t1 691 600\tGBP\t48.8850\t45 765 644.47\t0.26\nPing An Insurance (Group) Co. of China Cl.H (new)\n(CNE1000003X6) ................................\tCount\t24 000 000\t24 000 000\tHKD\t53.2500\t141 417 047.50\t0.79\nBridgestone Corp. (JP3830800003) .................\tCount\t3 000 000\tJPY\t5 306.0000\t122 530 982.99\t0.68\nNippon Telegraph and Telephone Corp.\n(JP3735400008) 3 ...............................\tCount\t14 596 700\t12 098 300\tJPY\t3 085.0000\t346 630 894.47\t1.94\nTokio Marine Holdings Inc. (JP3910660004) 3 .........\tCount\t5 600 000\t1 500 000\tJPY\t6 021.0000\t259 545 839.43\t1.45\nKT&G Corp. (KR7033780008) ......................\tCount\t613 100\t2 683 900\tKRW 81 200.0000\t36 209 896.97\t0.20\nDNB Bank (NO0010161896) .......................\tCount\t19 000 000\t19 000 000\tNOK\t199.7000\t371 098 831.24\t2.07\nGjensidige Forsikring (NO0010582521)...............\tCount\t11 868 800\t2 318 200\tNOK\t193.6000\t224 734 674.56\t1.26\nTelenor (NO0010063308) .........................\tCount\t16 000 000\tNOK\t147.8500\t231 365 836.96\t1.29\nAtlas Copco Cl.A (SE0011166610) ..................\tCount\t250 000\tSEK\t530.0000\t12 992 871.08\t0.07\nSandvik (SE0000667891)..........................\tCount\t4 208 101\t4 208 101\tSEK\t200.3000\t82 652 568.70\t0.46\nSwedbank (SE0000242455) .......................\tCount\t5 638 700\t5 638 700\tSEK\t176.1600\t97 403 719.59\t0.54\nChunghwa Telecom Co. (TW0002412004) ............\tCount\t26 092 540\t30 446 540\t4 354 000\tTWD\t110.5000\t89 322 440.86\t0.50\nTaiwan Semiconductor Manufacturing Co.\n(TW0002330008) ................................\tCount\t32 210 000\t32 790 000\tTWD\t580.0000\t578 762 874.14\t3.23\nAccenture (IE00B4BNMY34).......................\tCount\t510 000\t226 022\t190 000\tUSD\t323.5300\t142 192 606.00\t0.79\nAmgen (US0311621009) ..........................\tCount\t500 000\t550 000\t50 000\tUSD\t214.9000\t92 597 380.21\t0.52\nAutomatic Data Processing (US0530151036) ..........\tCount\t1 500 000\tUSD\t199.5800\t257 988 624.61\t1.44\nBank of America Corp. (US0605051046) .............\tCount\t2 077 748\t2 277 748\t200 000\tUSD\t43.0700\t77 118 757.64\t0.43\nBroadcom (US11135F1012) .......................\tCount\t400 000\t400 000\tUSD\t489.4800\t168 728 024.82\t0.94\nChevron Corp. (US1667641005) ....................\tCount\t2 000 000\t1 200 000\t1 200 000\tUSD\t103.3300\t178 093 760.77\t1.00\nChubb (CH0044328745) ..........................\tCount\t660 000\t660 000\tUSD\t176.3900\t100 325 232.68\t0.56\nColgate-Palmolive Co. (US1941621039) ..............\tCount\t1 350 000\t1 350 000\tUSD\t77.0800\t89 674 250.26\t0.50\nDominion Energy (US25746U1097) .................\tCount\t5 000 000\t400 000\tUSD\t74.3500\t320 363 667.70\t1.79\nJohnson & Johnson (US4781601046)................\tCount\t2 900 000\t400 000\t100 000\tUSD\t164.0200\t409 908 652.19\t2.29\nJPMorgan Chase & Co. (US46625H1005) ............\tCount\t1 150 000\t1 900 000\t750 000\tUSD\t165.9500\t164 462 685.28\t0.92\nLyondellBasell Industries (NL0009434992) ............\tCount\t1 603 100\t1 603 100\tUSD\t95.8600\t132 431 201.31\t0.74\nMedtronic (IE00BTN1Y115)........................\tCount\t3 000 000\tUSD\t126.5800\t327 249 224.41\t1.83\n| | Count/ | Quantity/ | Purchases/ | Sales/ | | Total market |\n| --- | --- | --- | --- | --- | --- | --- |\n| Security name | currency | principal | additions | disposals | Market price | value in |\n| (– / ’000)\tamount\tin the reporting period\tEUR |\n\n| Merck & Co. (US58933Y1055) ..................... | Count | 4 348 318 | 5 800 000 | 6 701 682 | USD | 75.0900 | 281 381 591.37 | 1.57 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Microsoft Corp. (US5949181045) ................... | Count | 1 350 000 | 1 350 000 | | USD | 284.0000 | 330 403 309.20 | 1.85 |\n| Mondelez International Cl.A (US6092071058) ......... | Count | 4 039 000 | 4 039 000 | | USD | 59.0500 | 205 535 117.20 | 1.15 |\n| Newmont (US6516391066)........................ | Count | 11 579 500 | 900 000 | 420 500 | USD | 53.7100 | 535 965 998.79 | 3.00 |\n| Nextera Energy Inc. (US65339F1012)................ | Count | 7 349 780 | 8 400 000 | 3 950 220 | USD | 78.3500 | 496 255 828.16 | 2.77 |\n| Nutrien (CA67077M1086) ......................... | Count | 5 432 900 | 5 432 900 | | USD | 64.9000 | 303 856 609.79 | 1.70 |\n| Parker-Hannifin Corp. (US7010941042)............... | Count | 390 000 | 390 000 | | USD | 288.5900 | 96 992 502.59 | 0.54 |\n| PepsiCo (US7134481081) ......................... | Count | 2 800 000 | 200 000 | 200 000 | USD | 152.3000 | 367 493 967.60 | 2.05 |\n| Pfizer (US7170811035) ........................... | Count | 6 400 000 | 10 500 000 | 15 850 000 | USD | 43.5300 | 240 082 730.09 | 1.34 |\n| Philip Morris International (US7181721090) ........... | Count | 2 058 200 | | 3 241 800 | USD | 99.4900 | 176 465 286.11 | 0.99 |\n| Progressive Corp. (US7433151039) ................. | Count | 1 040 000 | 1 040 000 | | USD | 91.1400 | 81 683 557.39 | 0.46 |\n| QUALCOMM (US7475251036)..................... | Count | 957 552 | | | USD | 129.2800 | 106 680 732.99 | 0.60 |\n| Raytheon Technologies (US75513E1010) ............. | Count | 4 200 000 | 1 203 100 | | USD | 86.9900 | 314 855 222.34 | 1.76 |\n| Schlumberger N.Y. Shares (AN8068571086) .......... | Count | 5 200 000 | 1 200 000 | 2 000 000 | USD | 30.3300 | 135 915 201.65 | 0.76 |\n| TE Connectivity Reg (CH0102993182) ............... | Count | 1 000 000 | | | USD | 138.7100 | 119 536 366.77 | 0.67 |\n| Texas Instruments (US8825081040)................. | Count | 1 300 000 | 1 300 000 | | USD | 193.0700 | 216 296 966.56 | 1.21 |\n| The Allstate Corp. (US0200021014) ................. | Count | 870 000 | 870 000 | | USD | 129.3300 | 96 964 064.12 | 0.54 |\n| The Procter & Gamble (US7427181091).............. | Count | 3 625 400 | 525 400 | | USD | 142.0200 | 443 708 469.49 | 2.48 |\n| UGI Corp. (US9026811052)........................ | Count | 6 000 000 | | | USD | 43.0200 | 222 440 537.75 | 1.24 |\n| Union Pacific Corp. (US9078181081) ................ | Count | 1 580 000 | 880 000 | | USD | 201.6800 | 274 607 376.77 | 1.53 |\n| V.F. Corp. (US9182041080)........................ | Count | 1 282 000 | 1 282 000 | | USD | 68.5400 | 75 722 406.07 | 0.42 |\n| WEC Energy Group (US92939U1060)................ | Count | 4 572 689 | | 827 311 | USD | 89.0100 | 350 754 091.60 | 1.96 |\n| Other equity securities | | | | | | | | |\n| Roche Holding Profitsh. (CH0012032048) ............ | Count | 500 000 | | 950 000 | CHF | 342.8500 | 158 082 810.77 | 0.88 |\n| Securities admitted to or included in organized markets | | | | | | | 364 392 656.32 | 2.04 |\n| Equities | | | | | | | | |\n| BCE (new) (CA05534B7604) 3 ..................... | Count | 8 500 000 | | | CAD | 63.2800 | 364 392 656.32 | 2.04 |\n| Total securities portfolio | | | | | | | 17 114 729 038.81 | 95.65 |\n| Cash and non-securitized money market instruments | | | | | | | 787 449 757.00 | 4.40 |\n| Cash at bank | | | | | | | 787 449 757.00 | 4.40 |\n| Demand deposits at Depositary | | | | | | | | |\n| Deposits in other EU/EEA currencies ................ | EUR | 5 857 643.77 | | | % | 100 | 5 857 643.77 | 0.03 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| Australian dollar ................................. | AUD | 2 854 775.36 | | | % | 100 | 1 772 051.74 | 0.01 |\n| Canadian dollar ................................. | CAD | 19 101 552.17 | | | % | 100 | 12 940 554.28 | 0.07 |\n| Swiss franc .................................... | CHF | 128 161 149.62 | | | % | 100 | 118 186 231.67 | 0.66 |\n| British pound .................................. | GBP | 280 971 765.08 | | | % | 100 | 325 387 104.90 | 1.82 |\n| Hong Kong dollar ............................... | HKD | 66 048 634.15 | | | % | 100 | 7 308 609.42 | 0.04 |\n| Japanese yen .................................. | JPY | 1 690 316 787.00 | | | % | 100 | 13 011 444.75 | 0.07 |\n| South Korean won............................... | KRW | 3 674 657 945.00 | | | % | 100 | 2 672 740.92 | 0.01 |\n| New Zealand dollar .............................. | NZD | 180 309.45 | | | % | 100 | 106 780.44 | 0.00 |\n| Singapore dollar ................................ | SGD | 72 165.40 | | | % | 100 | 45 701.78 | 0.00 |\n| Taiwan dollar ................................... | TWD | 1 425 597 988.30 | | | % | 100 | 44 165 079.87 | 0.25 |\n| U.S. dollar ..................................... | USD | 122 537 462.43 | | | % | 100 | 105 599 329.91 | 0.59 |\n| Time deposit | | | | | | | | |\n| CAD deposits (Landesbank Baden-Württemberg, Stuttgart) ...................................... | CAD | 2 475 000.00 | | | % | 100 | 1 676 715.67 | 0.01 |\n| NOK deposits (Landesbank Baden-Württemberg, Stuttgart) ...................................... | NOK | 582 900 000.00 | | | % | 100 | 57 010 122.74 | 0.32 |\n| JPY deposits (Coöperatieve Rabobank U.A., Utrecht) ... | JPY | 11 914 000 000.00 | | | % | 100 | 91 709 645.14 | 0.51 |\n| Other assets | | | | | | | 46 286 381.14 | 0.26 |\n| Dividends/Distributions receivable .................. Receivables from compensation payments for securities lending ............................... | EUR EUR | 30 752 953.24 12 161 143.90 | | | % % | 100 100 | 30 752 953.24 12 161 143.90 | 0.17 0.07 |\n| Withholding tax claims ........................... | EUR | 2 989 935.00 | | | % | 100 | 2 989 935.00 | 0.02 |\n| Other receivables ............................... | EUR | 382 349.00 | | | % | 100 | 382 349.00 | 0.00 |\n| Receivables from share certificate transactions | EUR | 2 804 602.03 | | | % | 100 | 2 804 602.03 | 0.02 |\n\n| | Count/ | Quantity/ | Purchases/ | Sales/ | | Total market |\n| --- | --- | --- | --- | --- | --- | --- |\n| Security name | currency | principal | additions | disposals | Market price | value in |\n| (– / ’000)\tamount\tin the reporting period\tEUR |\n\n| Loan liabilities | | | | | -29 853 864.64 | -0.17 |\n| --- | --- | --- | --- | --- | --- | --- |\n| EUR loans .................................... . | EUR | -29 853 864.64 | % | 100 | -29 853 864.64 | -0.17 |\n| Other liabilities | | | | | -21 308 050.20 | -0.12 |\n| Liabilities from cost items ........................ . | EUR | -21 157 127.14 | % | 100 | -21 157 127.14 | -0.12 |\n| Additional other liabilities......................... . | EUR | -150 923.06 | % | 100 | -150 923.06 | 0.00 |\n| Liabilities from share certificate transactions | EUR | -6 971 605.53 | % | 100 | -6 971 605.53 | -0.04 |\n| Net assets | | | | | 17 893 136 258.61 | 100.00 |\n| Net asset value per unit | Count/ | Net asset value per unit |\n| and number of units outstanding | currency | in the respective currency |\n| Net asset value per unit Class LD ..................................... . | EUR | 128.52 |\n| Class FD ..................................... . | EUR | 141.54 |\n| Class LDQ .................................... . | EUR | 127.80 |\n| Class TFC .................................... . | EUR | 146.26 |\n| Class LC ..................................... . | EUR | 143.99 |\n| Class RC ..................................... . | EUR | 136.32 |\n| Class TFD .................................... . | EUR | 112.38 |\n| Number of units outstanding Class LD ..................................... . | Count | 126 731 686.929 |\n| Class FD ..................................... . | Count | 2 966 944.698 |\n| Class LDQ .................................... . | Count | 81 200.188 |\n| Class TFC .................................... . | Count | 1 143 988.052 |\n| Class LC ..................................... . | Count | 566 183.395 |\n| Class RC ..................................... . | Count | 6 651 242.123 |\n| Class TFD .................................... . | Count | 179 793.666 |\n\nNegligible rounding errors may have arisen due to the rounding of calculated percentages.\nExchange rates (indirect quotes)\nAs of September 30, 2021\n| Australian dollar ................. . | AUD | 1.611000 | = | EUR | 1 |\n| --- | --- | --- | --- | --- | --- |\n| Canadian dollar ................. . | CAD | 1.476100 | = | EUR | 1 |\n| Swiss franc .................... . | CHF | 1.084400 | = | EUR | 1 |\n| Danish krone ................... . | DKK | 7.436450 | = | EUR | 1 |\n| British pound .................. . | GBP | 0.863500 | = | EUR | 1 |\n| Hong Kong dollar ............... . | HKD | 9.037100 | = | EUR | 1 |\n| Japanese yen .................. . | JPY | 129.910000 | = | EUR | 1 |\n| South Korean won............... . | KRW | 1 374.865000 | = | EUR | 1 |\n| Norwegian krone ................ . | NOK | 10.224500 | = | EUR | 1 |\n| New Zealand dollar .............. . | NZD | 1.688600 | = | EUR | 1 |\n| Swedish krona.................. . | SEK | 10.197900 | = | EUR | 1 |\n| Singapore dollar ................ . | SGD | 1.579050 | = | EUR | 1 |\n| Taiwan dollar ................... . | TWD | 32.278850 | = | EUR | 1 |\n| U.S. dollar ..................... . | USD | 1.160400 | = | EUR | 1 |\n\nFootnotes\n3\tThese securities are completely or partly lent as securities loans.\n Transactions completed during the reporting period that no longer appear in the investment portfolio\t\nSecurities loans (total transactions, at the value agreed at the closing of the loan contract)\nPurchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date\nSecurity name\nCount/\tPurchases/\tSales/\nValue (’000)\nSecurities traded on an exchange\ncurrency (– / ’000)\nadditions\tdisposals\nNo fixed maturity\tEUR 5 282 409\nSecurity description: BCE (new) (CA05534B7604), Bridgestone Corp. (JP3830800003), British American Tobacco (BAT) (GB0002875804),\n| Equities | | | | Daito Trust Construction Co. (JP3486800000), DuPont de Nemours (US26614N1028), Epiroc Cl.A (SE0011166933),Michelin Reg. |\n| --- | --- | --- | --- | --- |\n| Siemens Energy (DE000ENER6Y0)............. . | Count | 650 000 | (FR0000121261), Nippon Telegraph and Telephone Corp. |\n| Unilever Reg. (NL0000388619) ................ . | Count | 11 000 000 | (JP3735400008), Novartis Reg. (CH0012005267), Roche Holding |\n| British American Tobacco (BAT) (GB0002875804) . . | Count | 8 200 000 | Profitsh. (CH0012032048), Royal Dutch Shell Cl. A (GB00B03MLX29), Sampo Bear. A (FI0009003305), Sanofi |\n| Daito Trust Construction Co. (JP3486800000) .... . | Count | 290 000 | (FR0000120578), Tokio Marine Holdings Inc. (JP3910660004), TotalEnergies (FR0000120271), VINCI (FR0000125486), 1.1250 % |\n| | | | US Treasury 16/28.02.21 (US912828P873), 1.1250 % US Treasury |\n| DNB A (NO0010031479)\tCount | | 19 000 000 | 16/31.07.21 (US912828S760), 2.7500 % US Treasury 18/30.11.20 |\n| Chunghwa Telecom Sp. ADR (new) | | | (US9128285Q95) |\n| (US17133Q5027)\tCount | | 3 092 040 | |\n| Cisco Systems (US17275R1023)\tCount | | 8 500 000 | |\n| DuPont de Nemours (US26614N1028)\tCount | | 2 000 000 | |\n| Intel Corp. (US4581401001)\tCount | 2 600 000 | 4 800 000 | |\n| Lockheed Martin Corp. (US5398301094)\tCount | 220 000 | 900 000 | |\n| Organon & Co (US68622V1061)\tCount | 520 000 | 520 000 | |\n| Verizon Communications (US92343V1044)\tCount | | 11 000 000 | |\n| Viatris (US92556V1061)\tCount | 1 302 828 | 1 302 828 | |\n\nSecurities admitted to or included in organized markets Securitized money market instruments\n| 1.1250 | % US Treasury 16/28.02.21 | |\n| --- | --- | --- |\n| | (US912828P873).................. . | USD | 200 000 |\n| 1.1250 | % US Treasury 16/31.07.21 | | |\n| | (US912828S760).................. . | USD | 300 000 |\n| 2.7500 | % US Treasury 18/30.11.20 | | |\n| | (US9128285Q95) ................. . | USD | 150 000 |\n| Unlisted securities | | | |\n| Equities Fuchs Petrolub Ord. (DE0005790406) .......... . | Count | | 4 970 000 |\n| Epiroc Cl.A (SE0011166933) .................. . | Count | 80 000 | 80 000 |\n\n\n##### LD unit class\t\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from October 1, 2020, through September 30, 2021\nI. Income\n- Dividends from domestic issuers(before corporate income tax) ..................... EUR\t33 667 438.31\n- Dividends from foreign issuers(before withholding tax).......................... EUR\t504 310 584.32\n- Interest from foreign securities(before withholding tax).......................... EUR\t817 909.82\n- Interest from investments of liquid assets in Germany . EUR 136\t026.39\n- Interest from investments of liquid assetsoutside Germany (before withholding tax) ........... EUR\t4 761.08\n- Income from securities lendingand repurchase agreements ...................... EUR\t1 703 420.39thereof:from securities lending ......... EUR 1 703 420.39\n- Deduction for domestic corporate income tax ........ EUR\t-5 050 115.78\n- Deduction for foreign withholding tax............... EUR\t-64 985 949.97\n\n\n##### Statement of changes in net assets for the investment fund \n- Value of the investment fund at the beginningof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 15 696 034 184.71\n- Previous year‘s distribution or tax abatement......... EUR\t-493 268 365.81\n- Net inflows ................................... EUR -1 305 086 854.80\n\t- Inflows from subscriptions .................... EUR\t1 291 780 183.93\n\t- Outflows from redemptions ................... EUR -2 596 867 038.73\n\n- Income adjustment ............................. EUR\t41 376 140.46\n- Net gain/loss for the fiscal year.................... EUR\t2 348 001 205.83thereof:Net change in unrealized appreciation ........... EUR\t285 877 146.78Net change in unrealized depreciation ........... EUR\t680 114 760.96\n- Value of the investment fund at the endof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t16 287 056 310.39\n\n\n##### Distribution calculation for the investment fund\t\n- Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t30 299 893.77\t\n\n| Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 500 903 968.33 | Calculation of distribution | Total | Per unit |\n| --- | --- | --- | --- | --- | --- |\n| II. Expenses | | | I. Available for distribution | | |\n| 1. Interest on borrowings 1 ......................... | EUR | -1 902 955.54 | 1. Balance brought forward from | | |\n| thereof: | | | previous year\tEUR | 2 169 930 956.60 | 17.12 |\n| Commitment fees ............. EUR -111 048.18 | | | 2. Realized net gain/loss for the fiscal year.. EUR | 1 382 009 298.09 | 10.91 |\n| 2. Management fee ............................... | EUR | -225 377 501.58 | 3. Transfer from the investment fund\tEUR | 0.00 | 0.00 |\n\nthereof:\nAll-in fee\tEUR-225 377 501.58\n3. Other expenses ................................ EUR\t-575 963.64\nthereof:\nPerformance-based fee\nfrom securities lending ......... EUR -562 128.34 Legal and consulting expenses... EUR -13 835.30\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -227 856 420.76 |\n| --- | --- | --- |\n| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 273 047 547.57 |\n| IV. Sale transactions | | |\n| 1. Realized gains .................................. | EUR | 1 565 112 847.13 |\n| 2. Realized losses ................................. | EUR | -456 151 096.61 |\n| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 108 961 750.52 |\n| V. Realized net gain/loss for the fiscal year . . . . . . . . . . . | EUR | 1 382 009 298.09 |\n| 1. Net change in unrealized appreciation ............... | EUR | 285 877 146.78 |\n| 2. Net change in unrealized depreciation ............... | EUR | 680 114 760.96 |\n| VI. Unrealized net gain/loss for the fiscal year . . . . . . . . | EUR | 965 991 907.74 |\n| VII. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . | EUR | 2 348 001 205.83 |\n\nNote: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\nUnrealized appreciation/depreciation is shown without income adjustment. 1 Includes negative interest on cash at bank.\n- Not used for distribution\n\t- Reinvested ........................ EUR\t-601 955 060.41\t-4.75\n\t- Balance carried forward .............. EUR\t-2 443 058 446.56\t-19.28\n\n- Total distribution . . . . . . . . . . . . . . . . . . EUR\t506 926 747.72\t4.00\n\n\n##### Comparative overview of the last three fiscal years\t\nNet assets\tNet asset\nat the end of\tvalue per the fiscal year EUR\tunit EUR\n| 2021\t16 287 056 310.39 | 128.52 |\n| --- | --- |\n| 2020\t15 696 034 184.71 | 114.15 |\n| 2019\t18 260 098 685.60 | 130.89 |\n| 2018\t16 514 319 301.83 | 123.19 |\n\n\n##### FD unit class\t\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from October 1, 2020, through September 30, 2021\n- Income\n\t- Dividends from domestic issuers(before corporate income tax) ..................... EUR\t866 023.06\n\n- Dividends from foreign issuers(before withholding tax).......................... EUR\t12 970 655.49\n- Interest from foreign securities(before withholding tax).......................... EUR\t20 971.36\n- Interest from investments of liquid assets in Germany . EUR 3\t500.11\n- Interest from investments of liquid assetsoutside Germany (before withholding tax) ........... EUR\t122.52\n- Income from securities lendingand repurchase agreements ...................... EUR\t43 794.76thereof:from securities lending ......... EUR\t43 794.76\n- Deduction for domestic corporate income tax ........ EUR\t-129 903.42\n- Deduction for foreign withholding tax............... EUR\t-1 671 242.31\n\n\n##### Statement of changes in net assets for the investment fund \n- Value of the investment fund at the beginningof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t451 445 780.05\n- Previous year‘s distribution or tax abatement......... EUR\t-14 290 322.56\n- Net inflows ................................... EUR\t-87 470 866.00\n\t- Inflows from subscriptions .................... EUR\t63 962 437.49\n\t- Outflows from redemptions ................... EUR\t-151 433 303.49\n\n- Income adjustment ............................. EUR\t4 529 853.17\n- Net gain/loss for the fiscal year.................... EUR\t65 718 653.42thereof:Net change in unrealized appreciation ........... EUR\t8 602 731.55Net change in unrealized depreciation ........... EUR\t19 376 772.74\n- Value of the investment fund at the endof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t419 933 098.08\n\n\n##### Distribution calculation for the investment fund\t\n- Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t779 748.75\tTotal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 12 883 670.32\n- Expenses\n\t- Interest on borrowings 1 ......................... EUR\t-48 914.50 thereof:Commitment fees ............. EUR\t-2 855.10\n\n- Management fee ............................... EUR\t-3 598 329.77thereof:All-in fee .................... EUR -3 598 329.77\n- Other expenses ................................ EUR\t-14 807.97thereof:Performance-based feefrom securities lending ......... EUR -14 452.22 Legal and consulting expenses... EUR\t-355.75\n\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -3 662 052.24 |\n| --- | --- | --- |\n| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 9 221 618.08 |\n| IV. Sale transactions | | |\n| 1. Realized gains .................................. | EUR | 40 243 434.86 |\n| 2. Realized losses ................................. | EUR | -11 725 903.81 |\n| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 28 517 531.05 |\n| V. Realized net gain/loss for the fiscal year . . . . . . . . . . . | EUR | 37 739 149.13 |\n| 1. Net change in unrealized appreciation ............... | EUR | 8 602 731.55 |\n| 2. Net change in unrealized depreciation ............... | EUR | 19 376 772.74 |\n| VI. Unrealized net gain/loss for the fiscal year . . . . . . . . | EUR | 27 979 504.29 |\n| VII. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . | EUR | 65 718 653.42 |\n\nNote: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\nUnrealized appreciation/depreciation is shown without income adjustment. 1 Includes negative interest on cash at bank.\nCalculation of distribution\tTotal\tPer unit\n- Available for distribution\n\t- Balance brought forward fromprevious year ....................... EUR\t50 421 104.14\t16.99\n\n- Realized net gain/loss for the fiscal year.. EUR\t37 739 149.13\t12.72\n- Transfer from the investment fund...... EUR\t0.00\t0.00\n- Not used for distribution\n- Reinvested ........................ EUR\t-12 145 401.34\t-4.09\n- Balance carried forward .............. EUR\t-62 989 964.71\t-21.23\n- Total distribution . . . . . . . . . . . . . . . . . . EUR\t13 024 887.22\t4.39\n\n\n##### Comparative overview of the last three fiscal years\t\nNet assets\tNet asset\nat the end of\tvalue per the fiscal year EUR\tunit EUR\n| 2021\t419 933 098.08 | 141.54 |\n| --- | --- |\n| 2020\t451 445 780.05 | 125.01 |\n| 2019\t689 085 287.51 | 142.55 |\n| 2018\t717 507 946.07 | 133.41 |\n\n\n##### LDQ unit class\t\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from October 1, 2020, through September 30, 2021\n- Income\n\t- Dividends from domestic issuers(before corporate income tax) ..................... EUR\t21 331.94\n\n- Dividends from foreign issuers(before withholding tax).......................... EUR\t313 518.89\n- Interest from foreign securities(before withholding tax).......................... EUR\t465.92\n- Interest from investments of liquid assets in Germany . EUR\t85.04\n- Interest from investments of liquid assetsoutside Germany (before withholding tax) ........... EUR\t2.99\n- Income from securities lendingand repurchase agreements ...................... EUR\t1 028.27thereof:from securities lending ......... EUR\t1 028.27\n- Deduction for domestic corporate income tax ........ EUR\t-3 199.77\n- Deduction for foreign withholding tax............... EUR\t-39 797.95\n- Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 18\t497.75Total income .................................... EUR\t311 933.08\n- Expenses\n\t- Interest on borrowings 1 ......................... EUR\t-1 217.04 thereof:Commitment fees ............. EUR\t-71.16\n\n- Management fee ............................... EUR\t-144 117.15thereof:All-in fee .................... EUR -144 117.15\n- Other expenses ................................ EUR\t-348.05thereof:Performance-based feefrom securities lending ......... EUR\t-339.29 Legal and consulting expenses... EUR\t\t-8.76\n\n| Total expenses................................... | EUR | -145 682.24 |\n| --- | --- | --- |\n| III. Net investment income ......................... | EUR | 166 250.84 |\n\n- Sale transactions\n\t- Realized gains .................................. EUR\t1 002 191.49\n\t- Realized losses ................................. EUR\t-290 931.12Capital gains/losses .............................. EUR\t711 260.37\n\n- Realized net gain/loss for the fiscal year ........... EUR\t877 511.21\n\n| 2. Net change in unrealized depreciation ............... | EUR | 332 814.29 | |\n| --- | --- | --- | --- |\n| VI. Unrealized net gain/loss for the fiscal year ........ | EUR | 433 351.86 | 2021\t10 377 232.88 | 127.80 |\n| VII. Net gain/loss for the fiscal year ................. | EUR | 1 310 863.07 | 2020\t7 511 854.87 | 113.55 |\n| | | | 2019\t7 968 493.38 | 130.09 |\n\n- Net change in unrealized appreciation ............... EUR\t100 537.57\n\n\n##### Statement of changes in net assets for the investment fund \n- Value of the investment fund at the beginningNote: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\n\nUnrealized appreciation/depreciation is shown without income adjustment. 1 Includes negative interest on cash at bank.\n2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\t6 268 427.06\t122.65\n\n##### TFC unit class\t\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from October 1, 2020, through September 30, 2021\n- Income\n\t- Dividends from domestic issuers(before corporate income tax) ..................... EUR\t344 903.59\n\n- Dividends from foreign issuers(before withholding tax).......................... EUR\t5 154 842.39\n- Interest from foreign securities\n\n| EUR | 8 077.91 | Net change in unrealized appreciation ........... | EUR | 2 157 084.05 |\n| --- | --- | --- | --- | --- |\n| EUR | 1 391.37 | Net change in unrealized depreciation ........... | EUR | 5 996 204.78 |\n\n(before withholding tax).......................... \n- Interest from investments of liquid assets in Germany .\n- Interest from investments of liquid assetsoutside Germany (before withholding tax) ........... EUR\t48.78\n- Income from securities lendingand repurchase agreements ...................... EUR\t17 322.06thereof:from securities lending ......... EUR\t17 322.06\n- Deduction for domestic corporate income tax ........ EUR\t-51 735.55\n\n\n##### Statement of changes in net assets for the investment fund \n- Value of the investment fund at the beginningof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t126 645 215.28\n- Net inflows ................................... EUR\t18 235 476.82\n\t- Inflows from subscriptions .................... EUR\t33 810 454.67\n\t- Outflows from redemptions ................... EUR\t-15 574 977.85\n\n- Income adjustment ............................. EUR\t-880 913.85\n- Net gain/loss for the fiscal year.................... EUR\t23 315 771.39thereof:\n- Value of the investment fund at the endof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t167 315 549.64\n\n\n##### Distribution calculation for the investment fund\t\n- Deduction for foreign withholding tax............... EUR\t-663 950.60\t\n\n| Calculation of distribution I. Available for reinvestment | Total | Per unit |\n| --- | --- | --- |\n| 1. Realized net gain/loss for the fiscal year.. EUR | 15 162 482.56 | 13.25 |\n| 2. Transfer from the investment fund\tEUR | 0.00 | 0.00 |\n| 3. Tax withholding amount made available .. EUR | 0.00 | 0.00 |\n| II. Reinvestment\tEUR | 15 162 482.56 | 13.25 |\n| | | |\n\n- Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 309\t944.23Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t5 120 844.18\n- Expenses\n\t- Interest on borrowings 1 ......................... EUR\t-19 370.06 thereof:Commitment fees ............. EUR\t-1 131.25\n\n- Management fee ............................... EUR\t-1 267 288.13thereof:All-in fee\tEUR -1 267 288.13\n- Other expenses ................................ EUR\t-5 857.98thereof:Performance-based feefrom securities lending ......... EUR\t-5 716.28 Legal and consulting expenses... EUR\t\t-141.70\n\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -1 292 516.17 |\n| --- | --- | --- |\n| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 3 828 328.01 |\n| IV. Sale transactions | | |\n| 1. Realized gains .................................. | EUR | 15 966 366.55 |\n| 2. Realized losses ................................. | EUR | -4 632 212.00 |\n| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 11 334 154.55 |\n| V. Realized net gain/loss for the fiscal year . . . . . . . . . . . | EUR | 15 162 482.56 |\n| 1. Net change in unrealized appreciation ............... | EUR | 2 157 084.05 |\n| 2. Net change in unrealized depreciation ............... | EUR | 5 996 204.78 |\n| VI. Unrealized net gain/loss for the fiscal year . . . . . . . . | EUR | 8 153 288.83 |\n| VII. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . | EUR | 23 315 771.39 |\n\nNote: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\nUnrealized appreciation/depreciation is shown without income adjustment. 1 Includes negative interest on cash at bank.\n\n##### Comparative overview of the last three fiscal years\t\nNet assets\tNet asset\nat the end of\tvalue per the fiscal year EUR\tunit EUR\n| 2021\t167 315 549.64 | 146.26 |\n| --- | --- |\n| 2020\t126 645 215.28 | 125.13 |\n| 2019\t112 457 699.67 | 138.66 |\n| 2018\t27 485 118.99 | 126.00 |\n\n\n##### LC unit class\t\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from October 1, 2020, through September 30, 2021\n- Income\n\t- Dividends from domestic issuers(before corporate income tax) ..................... EUR\t168 526.24\n\n- Dividends from foreign issuers(before withholding tax).......................... EUR\t2 519 080.54\n- Interest from foreign securities\n\n| EUR | 3 961.58 | Net change in unrealized appreciation ........... | EUR | 706 139.06 |\n| --- | --- | --- | --- | --- |\n| EUR | 679.50 | Net change in unrealized depreciation ........... | EUR | 2 475 824.48 |\n\n(before withholding tax).......................... \n- Interest from investments of liquid assets in Germany .\n- Interest from investments of liquid assetsoutside Germany (before withholding tax) ........... EUR\t23.89\n- Income from securities lendingand repurchase agreements ...................... EUR\t8 468.53thereof:from securities lending ......... EUR\t8 468.53\n- Deduction for domestic corporate income tax ........ EUR\t-25 278.90\n\n\n##### Statement of changes in net assets for the investment fund \n- Value of the investment fund at the beginningof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t44 887 421.77\n- Net inflows ................................... EUR\t27 455 628.39\n\t- Inflows from subscriptions .................... EUR\t43 778 237.32\n\t- Outflows from redemptions ................... EUR\t-16 322 608.93\n\n- Income adjustment ............................. EUR\t-906 100.66\n- Net gain/loss for the fiscal year.................... EUR\t10 090 022.50thereof:\n- Value of the investment fund at the endof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t81 526 972.00\n\n\n##### Distribution calculation for the investment fund\t\n- Deduction for foreign withholding tax............... EUR\t-324 499.08\t\n\n| Calculation of distribution I. Available for reinvestment | Total | Per unit |\n| --- | --- | --- |\n| 1. Realized net gain/loss for the fiscal year.. EUR | 6 908 058.96 | 12.20 |\n| 2. Transfer from the investment fund\tEUR | 0.00 | 0.00 |\n| 3. Tax withholding amount made available .. EUR | 0.00 | 0.00 |\n| II. Reinvestment\tEUR | 6 908 058.96 | 12.20 |\n| | | |\n\n- Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 151\t361.34Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t2 502 323.64\n- Expenses\n\t- Interest on borrowings 1 ......................... EUR\t-9 472.15 thereof:Commitment fees ............. EUR\t-553.04\n\n- Management fee ............................... EUR\t-1 121 764.70thereof:All-in fee ................. .EUR -1 121 764.70\n- Other expenses ................................ EUR\t-2 863.89thereof:Performance-based feefrom securities lending ......... EUR\t-2 794.61 Legal and consulting expenses... EUR\t\t-69.28\n\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -1 134 100.74 |\n| --- | --- | --- |\n| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 368 222.90 |\n| IV. Sale transactions | | |\n| 1. Realized gains .................................. | EUR | 7 804 833.86 |\n| 2. Realized losses ................................. | EUR | -2 264 997.80 |\n| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 5 539 836.06 |\n| V. Realized net gain/loss for the fiscal year . . . . . . . . . . . | EUR | 6 908 058.96 |\n| 1. Net change in unrealized appreciation ............... | EUR | 706 139.06 |\n| 2. Net change in unrealized depreciation ............... | EUR | 2 475 824.48 |\n| VI. Unrealized net gain/loss for the fiscal year . . . . . . . . | EUR | 3 181 963.54 |\n| VII. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . | EUR | 10 090 022.50 |\n\nNote: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\nUnrealized appreciation/depreciation is shown without income adjustment. 1 Includes negative interest on cash at bank.\n\n##### Comparative overview of the last three fiscal years\t\nNet assets\tNet asset\nat the end of\tvalue per the fiscal year EUR\tunit EUR\n| 2021\t81 526 972.00 | 143.99 |\n| --- | --- |\n| 2020\t44 887 421.77 | 124.00 |\n| 2019\t30 066 729.31 | 138.30 |\n| 2018\t2 335 845.17 | 126.48 |\n\n\n##### RC unit class\t\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from October 1, 2020, through September 30, 2021\n- Income\n\t- Dividends from domestic issuers(before corporate income tax) ..................... EUR\t1 873 963.19\n\n- Dividends from foreign issuers(before withholding tax).......................... EUR\t28 011 055.61\n- Interest from foreign securities\n\n| EUR | 44 040.72 | Net change in unrealized appreciation ........... | EUR | 20 852 885.94 |\n| --- | --- | --- | --- | --- |\n| EUR | 7 556.89 | Net change in unrealized depreciation ........... | EUR | 47 649 243.49 |\n\n(before withholding tax).......................... \n- Interest from investments of liquid assets in Germany .\n- Interest from investments of liquid assetsoutside Germany (before withholding tax) ........... EUR\t264.96\n- Income from securities lendingand repurchase agreements ...................... EUR\t94 163.37thereof:from securities lending ......... EUR\t94 163.37\n- Deduction for domestic corporate income tax ........ EUR\t-281 094.45\n\n\n##### Statement of changes in net assets for the investment fund \n- Value of the investment fund at the beginningof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t1 014 319 408.06\n- Net inflows ................................... EUR\t-274 153 660.29\n\t- Inflows from subscriptions .................... EUR\t215 702 888.64\n\t- Outflows from redemptions ................... EUR\t-489 856 548.93\n\n- Income adjustment ............................. EUR\t20 837 576.68\n- Net gain/loss for the fiscal year.................... EUR\t145 718 949.90thereof:\n- Value of the investment fund at the endof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t906 722 274.35\n\n\n##### Distribution calculation for the investment fund\t\n- Deduction for foreign withholding tax............... EUR\t-3 608 258.15\t\n\n| Calculation of distribution I. Available for reinvestment | Total | Per unit |\n| --- | --- | --- |\n| 1. Realized net gain/loss for the fiscal year.. EUR | 77 216 820.47 | 11.61 |\n| 2. Transfer from the investment fund\tEUR | 0.00 | 0.00 |\n| 3. Tax withholding amount made available .. EUR | 0.00 | 0.00 |\n| II. Reinvestment\tEUR | 77 216 820.47 | 11.61 |\n| | | |\n\n- Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1 683\t150.90Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t27 824 843.04\n- Expenses\n\t- Interest on borrowings 1 ......................... EUR\t-105 321.31 thereof:Commitment fees ............. EUR\t-6 149.25\n\n- Management fee ............................... EUR\t-12 070 617.00thereof:All-in fee .................. EUR -12 070 617.00\n- Other expenses ................................ EUR\t-31 844.04thereof:Performance-based feefrom securities lending ......... EUR -31 073.97 Legal and consulting expenses... EUR\t-770.07\n\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -12 207 782.35 |\n| --- | --- | --- |\n| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 15 617 060.69 |\n| IV. Sale transactions | | |\n| 1. Realized gains .................................. | EUR | 86 784 484.28 |\n| 2. Realized losses ................................. | EUR | -25 184 724.50 |\n| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 61 599 759.78 |\n| V. Realized net gain/loss for the fiscal year . . . . . . . . . . . | EUR | 77 216 820.47 |\n| 1. Net change in unrealized appreciation ............... | EUR | 20 852 885.94 |\n| 2. Net change in unrealized depreciation ............... | EUR | 47 649 243.49 |\n| VI. Unrealized net gain/loss for the fiscal year . . . . . . . . | EUR | 68 502 129.43 |\n| VII. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . | EUR | 145 718 949.90 |\n\nNote: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\nUnrealized appreciation/depreciation is shown without income adjustment. 1 Includes negative interest on cash at bank.\n\n##### Comparative overview of the last three fiscal years\t\nNet assets\tNet asset\nat the end of\tvalue per the fiscal year EUR\tunit EUR\n| 2021\t906 722 274.35 | 136.32 |\n| --- | --- |\n| 2020\t1 014 319 408.06 | 117.34 |\n| 2019\t1 011 514 296.06 | 134.47 |\n| 2018\t906 735 550.88 | 126.49 |\n\n\n##### TFD unit class\t\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from October 1, 2020, through September 30, 2021\n- Income\n\t- Dividends from domestic issuers(before corporate income tax) ..................... EUR\t41 650.23\n\n- Dividends from foreign issuers(before withholding tax).......................... EUR\t623 793.40\n- Interest from foreign securities(before withholding tax).......................... EUR\t1 007.98\n- Interest from investments of liquid assets in Germany . EUR\t168.35\n- Interest from investments of liquid assetsoutside Germany (before withholding tax) ........... EUR\t5.86\n- Income from securities lendingand repurchase agreements ...................... EUR\t2 105.91thereof:from securities lending ......... EUR\t2 105.91\n- Deduction for domestic corporate income tax ........ EUR\t-6 247.53\n- Deduction for foreign withholding tax............... EUR\t-80 372.93\n\n\n##### Statement of changes in net assets for the investment fund \n- Value of the investment fund at the beginningof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t17 034 179.94\n- Previous year‘s distribution or tax abatement......... EUR\t-544 896.03\n- Net inflows ................................... EUR\t562 166.02\n\t- Inflows from subscriptions .................... EUR\t17 425 731.62\n\t- Outflows from redemptions ................... EUR\t-16 863 565.60\n\n- Income adjustment ............................. EUR\t230 428.82\n- Net gain/loss for the fiscal year.................... EUR\t2 922 942.52thereof:Net change in unrealized appreciation ........... EUR\t240 403.78Net change in unrealized depreciation ........... EUR\t848 249.71\n- Value of the investment fund at the endof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t20 204 821.27\n\n\n##### Distribution calculation for the investment fund\t\n- Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t37 504.14\tTotal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t619 615.41\n- Expenses\n\t- Interest on borrowings 1 ......................... EUR\t-2 352.29 thereof:Commitment fees ............. EUR\t-137.36\n\n- Management fee ............................... EUR\t-153 707.30thereof:All-in fee .................... EUR -153 707.30\n- Other expenses ................................ EUR\t-712.05thereof:Performance-based feefrom securities lending ......... EUR\t-694.95 Legal and consulting expenses... EUR\t\t-17.10\n\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -156 771.64 |\n| --- | --- | --- |\n| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 462 843.77 |\n| IV. Sale transactions | | |\n| 1. Realized gains .................................. | EUR | 1 935 319.19 |\n| 2. Realized losses ................................. | EUR | -563 873.93 |\n| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 371 445.26 |\n| V. Realized net gain/loss for the fiscal year . . . . . . . . . . . | EUR | 1 834 289.03 |\n| 1. Net change in unrealized appreciation ............... | EUR | 240 403.78 |\n| 2. Net change in unrealized depreciation ............... | EUR | 848 249.71 |\n| VI. Unrealized net gain/loss for the fiscal year . . . . . . . . | EUR | 1 088 653.49 |\n| VII. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . | EUR | 2 922 942.52 |\n\nNote: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\nUnrealized appreciation/depreciation is shown without income adjustment. 1 Includes negative interest on cash at bank.\nCalculation of distribution\tTotal\tPer unit\n- Available for distribution\n\t- Balance brought forward fromprevious year ....................... EUR\t849 089.81\t4.72\n\n- Realized net gain/loss for the fiscal year.. EUR\t1 834 289.03\t10.20\n- Transfer from the investment fund...... EUR\t0.00\t0.00\n- Not used for distribution\n- Reinvested ........................ EUR\t0.00\t0.00\n- Balance carried forward .............. EUR\t-2 055 898.95\t-11.43\n- Total distribution . . . . . . . . . . . . . . . . . . EUR\t627 479.89\t3.49\n\n\n##### Comparative overview of the last three fiscal years\t\nNet assets\tNet asset\nat the end of\tvalue per the fiscal year EUR\tunit EUR\n| 2021\t20 204 821.27 | 112.38 |\n| --- | --- |\n| 2020\t17 034 179.94 | 99.16 |\n| 2019\t9 053 335.43 | 112.94 |\n| 2018\t3 197 329.21 | 104.81 |\n\nNotes to the financial statements (in accordance with article 7, no. 9, KARBV (Accounting and Valuation Regulation issued under the KAGB))\n\n#### Disclosures in accordance with the Derivatives Regulation\nUnderlying exposure obtained through derivatives:\nEUR 0.00\nDisclosures according to the qualified approach:\nComposition of the reference portfolio\nMSCI World High Dividend Yield\nMarket risk exposure\n| Lowest market risk exposure\t% | 87.599 |\n| --- | --- |\n| Highest market risk exposure\t% | 110.221 |\n| Average market risk exposure\t% | 97.800 |\n\nThe values-at-risk were calculated for the period from October 1, 2020, through September 30, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the investment fund arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the qualified approachas defined by the Derivatives Regulation.\nIn the reporting period, the average leverage effect from the use of derivatives was 1.0, whereby the gross method was used for the calculation of leverage.\nExposure obtained through securities loans:\nThe following securities were transferred under securities loans at the reporting date:\n| Security name | Quantity/ principal amount (–/’000) | Fixed maturity | Securities loans Total market value in EUR No fixed maturity | Total |\n| --- | --- | --- | --- | --- |\n| BCE (new) ...................................... | Count | 630 000 | | 27 007 926.29 | |\n| Novartis Reg..................................... | Count | 9 042 | | 645 964.35 | |\n| Michelin Reg. ................................... | Count | 123 140 | | 16 383 777.00 | |\n| Nippon Telegraph and Telephone Corp. ............... | Count | 14 199 900 | | 337 208 001.69 | |\n| Tokio Marine Holdings Inc. ......................... | Count | 4 265 000 | | 197 671 965.21 | |\n| Total receivables from securities loans | | | | 578 917 634.54 | 578 917 634.54 |\n| Contracting parties for securities loans: | | | | | |\n\nBarclays Bank Ireland PLC, Dublin; Citigroup Global Markets Europe AG, Frankfurt/Main, Natixis S.A., Paris; Société Générale S.A., Paris; UBS AG, London\nTotal collateral pledged by third parties for securities loans:\n| EUR | 648 528 435.88 | |\n| --- | --- | --- |\n| thereof: Bonds | | EUR | 35 927 170.52 |\n| Equities | | EUR | 516 405 344.44 |\n| Other | | EUR | 96 195 920.92 |\n\nIncome from securities lending, including costs and charges incurred directly and indirectly:\nThese items are listed in the statement of income and expenses.\n\n#### Other disclosures\nNet asset value per unit, Class LD: EUR 128.52 Net asset value per unit, Class FD: EUR 141.54 Net asset value per unit, Class LDQ: EUR 127.80 Net asset value per unit, Class TFC: EUR 146.26 Net asset value per unit, Class LC: EUR 143.99 Net asset value per unit, Class RC: EUR 136.32 Net asset value per unit, Class TFD: EUR 112.38\nNumber of units outstanding, Class LD: 126 731 686.929\nNumber of units outstanding, Class FD:\t2 966 944.698\nNumber of units outstanding, Class LDQ:\t81 200.188\nNumber of units outstanding, Class TFC:\t1 143 988.052\nNumber of units outstanding, Class LC:\t566 183.395\nNumber of units outstanding, Class RC:\t6 651 242.123\nNumber of units outstanding, Class TFD:\t179 793.666\nDisclosure regarding asset valuation procedures:\nThe Depositary shall determine the value with the participation of the asset management company. The Depositary generally bases its valuation on external sources.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Depositary and the asset management company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nInvestments reported in this report are not valued at derived market values.\nDisclosures on transparency and the total expense ratio:\nThe total expense ratio was:\nClass LD 1.45% p.a.\tClass FD 0.90% p.a.\tClass LDQ 1.45% p.a.\tClass TFC 0.80% p.a.\tClass LC 1.45% p.a.\tClass RC 1.40% p.a.\tClass TFD 0.80% p.a. The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets for a given fiscal year.\nAs well, the additional income from securities lending resulted in a performance-based fee of\nClass LD 0.004%\tClass FD 0.004%\tClass LDQ 0.004%\tClass TFC 0.004%\tClass LC 0.004%\tClass RC 0.004%\tClass TFD 0.004%\ncalculated on the fund’s average net assets.\nAn all-in fee of\nClass LD 1.45% p.a.\tClass FD 0.90% p.a.\tClass LDQ 1.45% p.a.\tClass TFC 0.80% p.a.\tClass LC 1.45% p.a.\tClass RC 1.40% p.a.\tClass TFD 0.80% p.a. is payable to the asset management company for the investment fund under the Terms and Conditions of investment.\nOf this annual fee, the asset management company in turn pays up to\n| Class LD 0.15% p.a. | Class FD 0.15% p.a. | Class LDQ 0.15% p.a. | Class TFC 0.15% p.a. | Class LC 0.15% p.a. | Class RC 0.15% p.a. | Class TFD 0.15% p.a. |\n| --- | --- | --- | --- | --- | --- | --- |\n| to the Depositary and | | | | | | |\n| Class LD 0.05% p.a. | Class FD 0.05% p.a. | Class LDQ 0.05% p.a. | Class TFC 0.05% p.a. | Class LC 0.05% p.a. | Class RC 0.05% p.a. | Class TFD 0.05% p.a. |\n\nto other parties (for printing and publication costs, auditing and other items).\nIn the fiscal year from October 1, 2020, through September 30, 2021, the asset management company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid out of the investment undertaking DWS Top Dividende to the Depositary and other third parties, except in the form of financial information provided by brokers for research purposes.\nOf its own portion of the all-in fee, the Company pays\n| Class LD more than 10% | Class FD less than 10% | Class LDQ more than 10% | Class TFC less than 10% | Class LC more than 10% |\n| --- | --- | --- | --- | --- |\n| Class RC more than 10% | Class TFD less than 10% | | | |\n\nin commissions to distributors of the fund based on the balance of units distributed.\nMaterial other income and expenses are presented for each unit class in the statement of income and expenses.\nThe transaction costs paid in the reporting period amounted to EUR 4 066 746.05. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.07% of all transactions. The total volume was EUR 8 592 422.19.\n\n#### Remuneration Disclosure\nDWS Investment GmbH (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major asset classes as well as solutions aligned to growth trends to its clients globally.\nDWS KGaA is a publicly traded company listed on the Frankfurt Stock Exchange, which is majority owned by Deutsche Bank AG.\nAs a result of the sector specific legislation under UCITS V (Undertakings for Collective Investment in Transferable Securities Directive V) and in accordance with Sec. 1 and Sec. 27 of the German “Institutsvergütungsverordnung” (“InstVV”), the Company is carved-out from Deutsche Bank Group’s (“DB Group”) compensation policy and strategy. DWS KGaA and its subsi- diaries (“DWS Group” or only “Group”) have established their own compensation governance, policies and structures, including a DWS group-wide guideline of identifying “Material Risk Takers” (“MRTs”) at Company level as well as DWS Group level in line with the criteria stated in UCITS V and in the guidelines on sound remuneration policies under the UCITS V published by the European Securities and Markets Authority (“ESMA Guidelines”).\nGovernance Structure\nDWS Group is managed through its General Partner, the DWS Management GmbH. The General Partner has changed its remit in June 2020 and has now six Managing Directors who serve as the Executive Board (“EB”) of the Group. The EB – supported by the DWS Compensation Committee (“DCC”) – is responsible for establishing and operating the compensation system for employees. It is overseen by the DWS KGaA Supervisory Board which has established a Remuneration Committee (“RC”). The RC reviews the compensation system of the Group’s employees and its appropriateness. The RC supports the Supervisory Board in monitoring the appropriate structure of the remuneration systems for the Group’s employees. This is done by taking into account the effects of the remuneration system on the group-wide risk, capital and liquidity management as well as the consistency of the remuneration strategy with the business and risk strategy of the DWS Group.\nThe DCC is mandated to develop and design sustainable compensation frameworks and operating principles, to prepare recommendations on total compensation levels, and to ensure appropriate compensation and benefits governance and oversight for the Group. The DCC establishes quantitative and qualitative factors to assess performance as a basis for compensation related decisions and makes appropriate recommendations to the EB regarding the annual Variable Compensation pool and its allocation across the business areas and infrastructure func- tions. Voting members of the DCC comprise the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief Operating Officer (“COO”), and the Global Head of HR. The Head of Reward & Analytics is a nonvoting member. Control Functions such as Compliance, Anti-Financial Crime, and Risk Management are represented by CFO and COO in the DCC and are appro- priately engaged in the design and application of the Group’s remuneration systems in the context of the tasks and functions assigned to them, to ensure that the remuneration systems do not create conflicts of interests, and to review the effects on the risk profile of the Group. The DCC reviews the remuneration framework of DWS Group regularly, at least annually, which includes the principles applying to the Company, and assesses if substantial changes or amendments due to irregularities have to be made.\nThe DCC is supported by two sub-committees: The DWS Compensation Operating Committee (“COC”) implemented to assist the DCC in reviewing the technical validity, operationalizing and approving new or existing compensation plans. The Integrity Review Committee implemented to review and decide on suspension and forfeiture matters involving DWS deferred compensation awards.\nThe internal annual review at DWS Group level concluded the design of the remuneration system to be appropriate, no significant irregularities were recognized.\nCompensation Structure\nThe employees of the Company are subject to the compensation standards and principles as outlined in the DWS Compensation Policy. The policy is reviewed on an annual basis. As part of the Compensation Policy, the Group, including the Company, employs a Total Compensation (“TC”) philosophy which comprises Fixed Pay (“FP”) and Variable Compensation (“VC”).\nThe Group ensures an appropriate relationship between FP and VC across all categories and groups of employees. TC structures and levels reflect the Sub-Divisional and regional compen- sation structures, internal relativities, and market data, and assist in seeking consistency across the Group. One of the main objectives of the Group’s strategy is to align reward for sustain- able performance at all levels whilst enhancing the transparency of compensation decisions and their impact on shareholders and employees with regard to DWS Group and as applicable DB Group performance. Achieving a sustainable balance between employee, shareholder and client interests is a key aspect of DWS’ Group compensation strategy.\nFP is used to compensate employees for their skills, experience and competencies, commensurate with the requirements, size and scope of their role. The appropriate level of FP is deter- mined with reference to the prevailing market rates for each role, internal comparisons and applicable regulatory requirements.\nVC is a discretionary compensation element that enables the Group to provide additional reward to employees for their performance and behaviours without encouraging excessive risk- taking. VC determination considers sound risk measures by taking into account the Group’s Risk Appetite as well as the Group affordability and financial situation and providing for a fully flexible policy on granting or “not-granting” VC. VC generally consists of two elements – the “Group Component” and the “Individual Component”. There continues to be no guarantee of VC in an existing employment relationship.\nFor the 2020 financial year, the Group Component is dominantly determined based upon the performance of three Key Performance Indicators (KPIs) at DWS Group level: Adjusted Cost Inco- me Ratio (“CIR”), Net Flows, Dividend Payout. These three KPIs represent important metrics for DWS Group’s financial targets and provide a good indication of its sustainable performance.\nFor employees at management level the Group Component additionally considers four equally weighted KPIs at DB Group level1.\nDepending on eligibility, the “Individual Component” is delivered either in the form of Individual VC (“IVC”) or a Recognition Award. IVC takes into consideration a number of financial and non-financial factors, relativities within the employee’s peer group and retention considerations. The Recognition Award provides the opportunity to acknowledge and reward outstanding contributions made by employees outside the scope of IVC eligibility (these are generally employees at lower hierarchical levels). Generally, there are two nomination cycles per year.\nBoth Group and Individual Component may be awarded in cash, share-based or fund-based instruments under the Group deferral arrangements. The Group retains the right to reduce the total amount of VC, including the Group Component, to zero in cases of significant misconduct, performance-related measures, disciplinary outcomes or unsatisfactory conduct or behaviour by the employee subject to applicable local law.\n1 DB Group KPIs: Common Equity Tier 1 (“CET1”) capital ratio, leverage ratio, adjusted costs and post-tax return on tangible equity (“RoTE”)\nDetermination of VC and appropriate risk-adjustment\nThe Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments. The robust methodology in place aims at ensuring that the determination of VC reflects the risk-adjusted performance as well as the capital and liquidity position of the Group. The total amount of VC is primarily driven by (i) the Group affordability (i.e. what “can” DWS Group sustainably afford award in alignment with regulatory requirements) and (ii) performance (what “should” the Group award in order to provide an appropriate compensation for performance while protecting the long-term health of the franchise).\nAt the level of the individual employee, the Group has established “Variable Compensation Guiding Principles” which detail the factors and metrics that must be taken into account when ma- king IVC decisions. These include, for instance, investment performance, client retention, culture considerations, and objective setting and performance assessment based on the “Total Performance’ approach. Furthermore, any control function inputs and disciplinary sanctions and their impact on the VC have to be considered as well.\nAs part of a discretionary decision-making process, the DWS DCC uses (financial and non-financial) key figures to identify differentiated and performance linked VC pools for business and infrastructure areas.\nCompensation for 2020\nDespite the ongoing pandemic, the diverse range of investment products and solutions as well as stabilizing markets contributed to significant net flows in 2020 and allowed the Group to execute its strategic priorities effectively. The intensified focus on investment performance and increased investor demand for targeted asset classes were key drivers of the success.\nAgainst this backdrop, the DCC has monitored the affordability of VC for 2020. The committee has concluded that the capital and liquidity base of the Group remain above regulatory minimum requirements, and internal risk appetite threshold.\nAs part of the overall 2020 VC awards to be granted in March 2021, the Group Component was awarded to eligible employees in line with the assessment of the defined KPIs. The Executive Board recognizing the considerable contribution of employees and determined a target achievement rate of 98.50% for 2020 for DWS Group. Considering the DB Group target achievement as determined by the Deutsche Bank AG Management Board, the hybrid achievement rate for employees at management level was determined of 85.50% for 2020.\nIdentification of Material Risk Takers\nIn accordance with the Law as of 17 December 2010 on Undertakings for Collective Investments (as subsequently amended) in conjunction with the ESMA Guidelines with accordance to UCITS Directive, the Company has identified individuals who have a material impact of the Company’s risk profile (“Material Risk Takers”). The identification process has been based on an assessment of the impact of the following categories of staff on the risk profile of the Company or on a fund it manages: (a) Board Members/Senior Management, (b) Portfolio/Investment managers, (c) Control Functions, (d) Staff heading Administration, Marketing and Human Resources, (e) other individuals (Risk Takers) in a significant position of influence, (f) other emplo- yees in the same remuneration bracket as other Risk Takers, whose roles have an impact on the risk profile of the Company or the Group. At least 40% of the VC for Material Risk Takers is deferred. Additionally, at least 50% of both, the upfront and the deferred proportion, are granted in the Group share-based instruments or fund-linked instruments for Key Investment Professionals. All deferred components are subject to a number of performance conditions and forfeiture provisions which ensure an appropriate ex-post risk adjustment. In case the VC is lower than EUR 50,000, the Material Risk Takers receive their entire VC in cash without any deferral.\nAggregate Compensation Information for the Company for 2020 2\n| Number of employees on an annual average | 495 |\n| --- | --- |\n| Total Compensation | EUR | 72,263,920 |\n| Fixed Pay | EUR | 49,892,007 |\n| Variable Compensation | EUR | 22,371,913 |\n| Thereof: Carried Interest | EUR | 0 |\n| Total Compensation for Senior Management3 | EUR | 6,927,072 |\n| Total Compensation for other Material Risk Takers4 | EUR | 15,008,666 |\n| Total Compensation for Control Function employees | EUR | 2,473,707 |\n\n2 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.\n3 Senior Management refers to the members of the Management Board of the Company, only. Members of the Management Board meet the definition of managers. Apart from the members of Senior Management, no further managers have been identified.\n4 Identified other material Risk Takers with control functions are shown in the line “Control Function employees”.\n\n#### Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 –\nStatement in accordance with Section A\nStated in fund currency\nAbsolute\nIn % of the fund’s net assets\n- Name Gross volumeof open transactions Country of registration\n- Name Gross volumeof open transactions Country of registration\n- Name Gross volumeof open transactions Country of registration\n- Name Gross volumeof open transactions Country of registration\n- NameGross volumeof open transactions Country of registration\n- Name Gross volumeof open transactions Country of registration\n- Name Gross volumeof open transactions Country of registration\n- Name Gross volumeof open transactions Country of registration\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n- Name Gross volumeof open transactionsCountry of registration\n\n\n##### Securities lending\tRepurchase agreements\tTotal return swaps\n- Assets used\n\n| 578 917 634.54 | - | - |\n| --- | --- | --- |\n| 3.24 | - | - |\n\n- The 10 largest counterparties\n\n| Barclays Bank Ireland PLC, Dublin | | |\n| --- | --- | --- |\n| 222 143 533.99 | | |\n| Ireland | | |\n\n| Natixis S.A., Paris | | |\n| --- | --- | --- |\n| 183 163 728.74 | | |\n| France | | |\n\n| Société Générale S.A., Paris | | |\n| --- | --- | --- |\n| 129 572 704.18 | | |\n| France | | |\n\n| UBS AG, London | | |\n| --- | --- | --- |\n| 27 007 926.29 | | |\n| United Kingdom | | |\n\n| Citigroup Global Markets Europe AG, Frankfurt/Main | | |\n| --- | --- | --- |\n| 17 029 741.34 | | |\n| Federal Republic of Germany | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n- Name Gross volumeof open transactions Country of registration(e.g., bilateral, tri-party, central counterparty)Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityBank balances Bonds Equities Other\n- Type(s) of settlement and clearing\n\n| Bilateral | - | - |\n| --- | --- | --- |\n\n- Transactions classified by term to maturity (absolute amounts)\n\n| - | - | - |\n| --- | --- | --- |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| 578 917 634.54 | - | - |\n\n| Type(s): |\n| --- |\n| - | - | - |\n| 35 927 170.52 | - | - |\n| 516 405 344.44 | - | - |\n| 96 195 920.92 | - | - |\n| Quality/Qualities: |\n| Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: - Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity\n- Units of a collective investment undertaking investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating\n- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents\n- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade\n- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major indexThe Management Company reserves the right to restrict the permissibility of the aforementioned collateral.\n Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases. Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund. |\n\n- Type(s) and quality/qualities of collateral receivedCurrency/Currencies:Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityAbsoluteIn % of gross income Cost portion of the fundAbsoluteIn % of gross incomeCost portion of the Management CompanyAbsoluteIn % of gross incomeCost portion of third partiesAbsolute\n- Currency/Currencies of collateral received\n\n| EUR; GBP; USD; AUD; JPY; SEK; DKK; CAD; NZD; CHF; HUF; PGK | - | - |\n| --- | --- | --- |\n\n- Collateral classified by term to maturity (absolute amounts)\n\n| - | - | - |\n| --- | --- | --- |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| 648 528 435.88 | - | - |\n\n- Income and cost portions (before income adjustment)\n\n| Income portion of the fund |\n| --- |\n| 1 312 751.13 | - | - |\n| 67.00 | - | - |\n| - | - | - |\n\n| Income portion of the Management Company |\n| --- |\n| 646 578.37 | - | - |\n| 33.00 | - | - |\n| - | - | - |\n\n| Income portion of third parties |\n| --- |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n\n-\n- Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swapsTotal Share\n- Lent securities in % of all lendable assets of the fund\n- NameVolume of collateral received (absolute)\n- NameVolume of collateral received (absolute)\n- The 10 largest issuers, based on all SFTs and total return swaps\n\n| Bank of Ireland Group PLC | | |\n| --- | --- | --- |\n| 23 248 629.07 | | |\n\n| alstria office REIT-AG | | |\n| --- | --- | --- |\n| 21 111 594.95 | | |\n\n* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.\n| Barry Callebaut AG | | |\n| --- | --- | --- |\n| 21 109 369.69 | | |\n\n- NameVolume of collateral received (absolute)\n\n| AIB Group PLC | | |\n| --- | --- | --- |\n| 18 812 606.44 | | |\n\n- NameVolume of collateral received (absolute)\n\n| French Republic | | |\n| --- | --- | --- |\n| 17 933 965.31 | | |\n\n- NameVolume of collateral received (absolute)\n\n| Oil Search Ltd. | | |\n| --- | --- | --- |\n| 17 407 204.38 | | |\n\n- NameVolume of collateral received (absolute)\n\n| Nippo Corp. | | |\n| --- | --- | --- |\n| 16 770 744.12 | | |\n\n- NameVolume of collateral received (absolute)\n\n| Xero Ltd. | | |\n| --- | --- | --- |\n| 15 031 929.09 | | |\n\n- NameVolume of collateral received (absolute)\n\n| Amazon.com Inc. | | |\n| --- | --- | --- |\n| 14 465 869.70 | | |\n\n- NameVolume of collateral received (absolute)\n\n| Kingspan Group PLC | | |\n| --- | --- | --- |\n| 12 974 332.80 | | |\n\n- NameVolume of collateral received (absolute)-\n- Reinvested collateral in % of collateral received, based on all SFTs and total return swapsShare\n- Custody type of provided collateral from SFTs and total return swaps\n\n| - | - |\n| --- | --- |\n| - | - |\n| - | - |\n| - | - |\n\n(In % of all provided collateral from SFTs and total return swaps)\nSegregated cash/ custody accounts\nPooled cash/custody accounts Other cash/custody accounts Recipient determines\ncustody type\n| 2 | - | - |\n| --- | --- | --- |\n\n- Depositaries/Account holders of received collateral from SFTs and total return swapsTotal number of depositaries/ account holders\n\n| Bank of New York | | |\n| --- | --- | --- |\n| 630 594 470.57 | | |\n\n- NameAmount held in custody (absolute)\n\n| State Street Bank International GmbH (Custody Operations) | | |\n| --- | --- | --- |\n| 17 933 965.31 | | |\n\n- NameAmount held in custody (absolute)KPMG issued an unqualified auditor‘s report forthe full annual report in accordance with article 102of the German Investment Code. The translation ofthe auditor‘s report is as follows:Frankfurt/Main, Germany, December 22, 2021DWS Investment GmbH, Frankfurt/Main The ManagementIndependent auditor’s report\n\n\n### To DWS Investment GmbH, Frankfurt/Main Audit opinion\nWe have audited the annual report of the investment fund DWS Top Dividende comprising the activity\nreport for the fiscal year from October 1, 2020, through September 30, 2021, the statement of net assets and investment portfolio as of September 30, 2021, the statement of income and expenses, the distribu- tion calculation, the statement of changes in net assets for the fiscal year from October 1, 2020, through September 30, 2021, as well as the comparative overview for the last three fiscal years, the statement of transactions concluded during the reporting period to the extent that they are no longer part of the invest- ment portfolio, and the notes.\nIn our opinion, based on the findings of our audit, the accompanying annual report complies in all material respects with the provisions of the German Investment Code (KAGB) and the relevant European regulations and allows a comprehensive view of the actual circumstances and developments of the investment fund in accordance with these regulations.\n\n### Basis for the audit opinion\nWe conducted our audit of the annual report in accordance with article 102 KAGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Our responsibility under these rules and principles is further described in the section “Auditor’s responsibility for the audit of the annual report” of our report. We are independent of DWS Investment GmbH in accordance with German commercial law and professional regulations and have fulfilled our other German professional obligations in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate for providing a basis for our audit opinion on the annual report.\n\n### Responsibility of the legal representatives for the annual report\nThe legal representatives of DWS Investment GmbH are responsible for the preparation of the annual report, which complies in all material respects with the provisions of the German KAGB and the relevant European regulations, and for ensuring that the annual report gives a comprehensive view of the actual circumstances and developments of the investment fund in accordance with these regulations. In addition, the legal rep- resentatives are responsible for the internal controls that they have deemed necessary in accordance with these Regulations in order to facilitate the preparation of an annual report that is free from material misstate- ment, whether intentional or unintentional.\nWhen preparing the annual report, the legal representatives are responsible for including events, decisions and factors that could materially influence the further development of the investment fund. This means, among other things, that when preparing the annual report, the legal representatives must assess the con- tinuation of the investment fund by DWS Investment GmbH and have the responsibility to disclose facts in connection with the continuation of the investment fund, if relevant.\n\n### Responsibility of the auditor for the audit of the annual report\nOur objective is to obtain reasonable assurance as to whether the annual report as a whole is free from material misstatement, whether intentional or unintentional, and to issue a report that includes our opinion on the annual report.\nSufficient assurance is a high level of assurance, but not a guarantee, that an audit conducted in accor- dance with article 102 KAGB and German generally accepted standards for the audit of financial state- ments promulgated by the Institut der Wirtschaftsprüfer (IDW) will always reveal a material misstatement. Misstatements may result from violations or inaccuracies and are considered material if it is reasonably expected that they will affect, individually or collectively, the economic decisions of users made on the basis of this annual report.\nDuring the audit, we exercise due discretion and maintain a critical attitude. We also:\n- Identify and evaluate the risks of material misstatements, whether intentional or not, in the annual report, plan and perform audit procedures in response to those risks, and obtain sufficient and appropriate audit evidence for providing a basis for our audit opinion. The risk that material misstatements will not be detected is greater for violations than for inaccuracies, as violations may involve fraudulent collusion, falsification, intentional incompleteness, misrepresentation, or the overriding of internal controls.\n- Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate to the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the internal control system of DWS Investment GmbH.\n- Assess the appropriateness of the accounting policies used by the legal representatives of DWS Invest- ment GmbH in preparing the annual report and the reasonableness of the estimates and related disclo- sures made by the legal representatives.\n- Draw conclusions on the basis of audit evidence obtained as to whether there is any material uncertainty in connection with events or circumstances that could cast significant doubt on the continuation of the investment fund by DWS Investment GmbH. If we conclude that there is a material uncertainty, we are required to make a note of the related disclosures in the annual report or, if such disclosures are unreason- able, to modify our opinion. We draw our conclusions on the basis of the audit evidence obtained up to the date of our audit opinion. Future events or circumstances may, however, result in the discontinuation of the investment fund by DWS Investment GmbH.\n- Evaluate the overall presentation, structure and content of the annual report, including the disclosures, and whether the annual report presents the underlying transactions and events in such a way that the annual report provides a comprehensive view of the actual circumstances and developments of the invest- ment fund in accordance with the provisions of the German KAGB and the relevant European regulations.\n\nWe discuss with those charged with governance, among other things, the planned scope and timing of the audit and significant findings of the audit, including any deficiencies in the internal control system identified during our audit.\nFrankfurt/Main, Germany, December 22, 2021 KPMG AG\nWirtschaftsprüfungsgesellschaft\nKuppler\tNeuf\nAuditor\tAuditor\nAsset Management Company\nDWS Investment GmbH\n60612 Frankfurt/Main, Germany\nOwn funds on December 31, 2020:\nEUR 398.4 million\nSubscribed and paid-in capital\non December 31, 2020: EUR 115 million Supervisory Board\nDr. Asoka Wöhrmann Chairman\nDWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main\nChristof von Dryander Vice-Chairman\nCleary Gottlieb Steen & Hamilton LLP, Frankfurt/Main\nHans-Theo Franken\nDeutsche Vermögensberatung AG, Frankfurt/Main\nDr. Alexander Ilgen Deutsche Bank AG, Frankfurt/Main\nBritta Lehfeldt (until October 31, 2021) Deutsche Bank AG,\nFrankfurt/Main\nDr. Stefan Marcinowski Ludwigshafen\nProf. Christian Strenger The Germany Funds, New York\nGerhard Wiesheu Partner of Bankhaus\nB. Metzler seel. Sohn & Co. KGaA, Frankfurt/Main\nSusanne Zeidler\nDeutsche Beteiligungs AG, Frankfurt/Main\nManagement\nManfred Bauer\nSpeaker of the Management\nMember of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main\nMember of the Management of DWS Beteiligungs GmbH, Frankfurt/Main\nMember of the Supervisory Board of DWS Investment S.A.,\nLuxembourg Dirk Görgen\nMember of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main\nMember of the Management of DWS Beteiligungs GmbH, Frankfurt/Main\nStefan Kreuzkamp\nMember of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main\nMember of the Management of DWS Beteiligungs GmbH, Frankfurt/Main\nMember of the Supervisory Board of DWS Investment S.A.,\nLuxembourg\nDr. Matthias Liermann\nMember of the Management of DWS International GmbH, Frankfurt/Main\nMember of the Management of DWS Beteiligungs GmbH, Frankfurt/Main\nMember of the Supervisory Board of DWS Investment S.A.,\nLuxembourg\nMember of the Supervisory Board of Deutsche Treuinvest Stiftung, Frankfurt/Main\nPetra Pflaum\nMember of the Management of DWS Beteiligungs GmbH, Frankfurt/Main\nDepositary\nState Street Bank International GmbH Brienner Straße 59\n80333 Munich, Germany\nOwn funds on December 31, 2020:\nEUR 2,302.0 million\n(as defined in article 72 of Regulation (EU) No. 575/2013 (CRR))\nSubscribed and paid-in capital on December 31, 2020: EUR 109.4 million\nShareholder of\nDWS Investment GmbH\nDWS Beteiligungs GmbH, Frankfurt/Main\nAs of: October 31, 2021\nDWS Investment GmbH\n60612 Frankfurt/Main, Germany\nTel.: +49 (0) 69-910-12371\nFax: +49 (0) 69-910-19090\nwww.dws.com"},"unique id":{"kind":"number","value":108275,"string":"108,275"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Annual report","## DWS Top Dividende","### Investment objective and performance in the reporting period","The investment focus of DWS Top Dividende is on inter- national companies that, in the opinion of the portfolio management, offer prospects of above-average, sustained dividend yields in the medium","###### DWS TOP DIVIDENDE","Five-year performance","130","125","120","115","110","105","100","95","to long term based on company","9/16*","9/17","9/18\t9/19\t9/20","9/21","fundamentals such as balance sheet quality and business","DWS Top Dividende (LD unit class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 9/2016 = 100","Data on euro basis","model.","In the fiscal year through the end of September 2021, the fund recorded an appreciation of 16.1% per unit (LD unit class, BVI method) in euro.","### Investment policy in the reporting period","The key risks were mainly identified as the uncertainty regarding the further course of the COVID-19 pandemic*, the development of a vaccine,","and the resulting impact on the global economy and financial markets.","Past performance is no guide to future results.","As of: September 30, 2021","###### DWS TOP DIVIDENDE","Performance of unit classes (in EUR)","| Unit class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LD | DE0009848119 | 16.1% | 13.8% | 22.4% |","| Class FD | DE000DWS1VB9 | 16.8% | 15.7% | 25.8% |","| Class LC | DE000DWS1U90 | 16.1% | 13.8% | 19.6%1 |","| Class LDQ | DE000DWS18N0 | 16.1% | 13.8% | 22.4% |","| Class RC | DE000DWS2PA1 | 16.2% | 14.0% | 19.8%1 |","| Class TFC | DE000DWS18Q3 | 16.9% | 16.1% | 20.3%1 |","| Class TFD | DE000DWS2SL2 | 16.9% | 16.1% | 21.6%1 |","1 Class TFC launched on January 2, 2017 / Classes LC and RC launched on September 1, 2017 / Class TFD launched on January 2, 2018","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: September 30, 2021","In the reporting period, devel- opments in the international capital markets continued to be characterized by the corona- virus pandemic and its social and economic consequences for the world’s population.","The equity markets profited from","the extremely relaxed monetary policies of the central banks","of the industrial countries.","Since the beginning of 2021, the economic outlook has also improved in view of the efforts undertaken by the international community of nations and the packages of measures intro- duced with the objective of tackling the economic conse- quences of the COVID-19 crisis,","as well as the approval appli- cations for COVID-19 vaccines and the vaccination campaigns taking effect.","The fund’s investment focus, based on its strategy, was on more defensive equities from the consumer staples, telecom- munications, health care, insur- ance, and utilities segments, which were viewed as likely to generate above-average divi- dend income.","In the energy sector, oil com- pany Royal Dutch Shell made an above-average contribution","to performance.","The sharp rise in oil prices and continued rig- orous cost containment led to a jump in profits.","In the tech- nology sector, the position in Taiwan Semiconductor Manu- facturing again posted positive performance in view of market share gains achieved on the back of the company’s techno- logical advantage.","The position in BHP Group also performed better than average in the con- text of the higher iron ore price","and an increase in the dividend.","In contrast, the performance of the fund was adversely affected","by the below-average per-","formance of a position in the financial sector.","The Chinese insurance group Ping An came under a lot of pressure due","to regularly concerns and the slump in the Chinese real estate market.","### Main sources of capital gains and losses","The main sources of capital gains and losses were realized gains on the sale of equities.","In contrast, the sources of losses were fixed-income securities and currencies.","### Information on the environmental and/or social characteristics","The investment fund qualifies as a product in accordance with article 6 of Regulation (EU) 2019/2088 on sustainability- related disclosures in the finan- cial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus (COVID-19) crisis was/ is a major challenge, including for the economy worldwide, and is therefore a significant event during the report- ing period.","Uncertainties regarding the effects of COVID-19 are important for","understanding the annual financial state- ments.","Additional details are provided in the explanations in the “General informa- tion” section.","###### DWS TOP DIVIDENDE","Overview of the unit classes","ISIN\tLD\tDE0009848119","LC\tDE000DWS1U90","FD\tDE000DWS1VB9","LDQ\tDE000DWS18N0","TFC\tDE000DWS18Q3","RC\tDE000DWS2PA1","TFD\tDE000DWS2SL2","Security code (WKN)\tLD\t984811","LC\tDWS1U9","FD\tDWS1VB","LDQ\tDWS18N","TFC\tDWS18Q","RC\tDWS2PA","TFD\tDWS2SL","Fund currency\tEUR","Unit class currency\tLD\tEUR","LC\tEUR","FD\tEUR","LDQ\tEUR","TFC\tEUR","RC\tEUR","TFD\tEUR","Date of inception\tLD\tApril 28, 2003","and initial subscription\t(from March 15, 2013, as LD unit class)","LC\tSeptember 1, 2017","FD\tAugust 12, 2013","LDQ\tMarch 2, 2015","TFC\tJanuary 2, 2018","(until January 1, 2018 as SC unit class)","RC\tSeptember 1, 2017","TFD\tJanuary 2, 2018","Initial sales charge\tLD\t5%","LC\t5%","FD\tNone","LDQ\t5%","TFC\tNone","RC\t5%","TFD\tNone","Distribution policy\tLD\tDistribution LC\tReinvestment","FD\tDistribution","LDQ\tQuarterly distribution","TFC\tReinvestment","RC\tDistribution","TFD\tDistribution","###### DWS TOP DIVIDENDE","Overview of the unit classes (continued)","| All-in fee | LD | 1.45% p.a. |","| --- | --- | --- |","| | LC | 1.45% p.a. |","| | FD | 0.9% p.a. |","| | LDQ | 1.45% p.a. |","| | TFC | 0.8% p.a. |","| | RC | 1.4% p.a. |","| | TFD | 0.8% p.a. |","| Minimum investment* | LD | None |","| | LC | None |","| | FD | EUR 2,000,000 |","| | LDQ | None |","| | TFC | None |","| | RC | EUR 500,000,000 |","| | TFD | None |","| Initial issue price | LD | EUR 52.50 |","| | | (incl. initial sales charge) |","| | LC | Net asset value per unit of the |","| | | DWS Top Dividende LD unit class |","| | | on the inception date of the |","| | | LC unit class (plus initial sales |","| | | charge) |","| | FD | EUR 92.91 |","| | LDQ | EUR 117.46 |","| | | (plus initial sales charge) |","| | TFC | EUR 120.02 |","| | RC | Net asset value per unit of the |","| | | DWS Top Dividende LD unit class |","| | | on the inception date of the |","| | | RD unit class (plus initial sales |","| | | charge) |","| | TFD | EUR 100 |","* The Company reserves the right to deviate from these minimum initial investment amounts at its own discretion, e.g., in cases where distribution partners have made separate fee arrangements with their clients.","Subsequent purchases can be made in any amount.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","DWS Top Dividende","#### Statement of net assets as of September 30, 2021","| I. Assets | Amount in EUR | % of net assets |","| --- | --- | --- |","| 1. Equities (sectors): Financials | 2 563 634 697.43 | 14.33 |","| Consumer Staples | 2 223 930 661.51 | 12.43 |","| Health Care | 2 223 640 938.87 | 12.43 |","| Information Technology | 1 920 589 505.09 | 10.73 |","| Basic Materials | 1 700 477 066.82 | 9.50 |","| Utilities | 1 688 764 125.21 | 9.44 |","| Energy | 1 683 499 984.93 | 9.41 |","| Industrials | 1 486 408 443.04 | 8.31 |","| Consumer Discretionaries | 505 242 813.46 | 2.82 |","| Other | 1 118 540 802.45 | 6.25 |","| Total equities: | 17 114 729 038.81 | 95.65 |","| 2. Cash at bank | 787 449 757.00 | 4.40 |","| 3. Other assets | 46 286 381.14 | 0.26 |","| 4. Receivables from share certificate transactions | 2 804 602.03 | 0.02 |","| II.","Liabilities | | |","| 1. Loan liabilities | -29 853 864.64 | -0.17 |","| 2. Other liabilities | -21 308 050.20 | -0.12 |","| 3. Liabilities from share certificate transactions | -6 971 605.53 | -0.04 |","| III.","Net assets | 17 893 136 258.61 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – September 30, 2021","Securities traded on an exchange\t16 750 336 382.49\t93.61","Equities","Canadian National Railway Co. (CA1363751027) \tCount\t2 000 000\t2 000 000\tCAD\t147.5900\t199 972 901.56\t1.12","Enbridge (CA29250N1050) \tCount\t7 000 000\t1 000 000\tCAD\t50.7900\t240 857 665.47\t1.35","TC Energy (CA87807B1076) \tCount\t10 491 000\tCAD\t61.3800\t436 242 517.44\t2.44","Nestlé Reg.","(CH0038863350) \tCount\t4 270 000\t200 000\t730 000\tCHF\t113.4600\t446 767 060.13\t2.50","Novartis Reg.","(CH0012005267) 3 \tCount\t3 962 537\t100 000\t1 037 463\tCHF\t77.4700\t283 085 338.80\t1.58","Carlsberg B (DK0010181759) \tCount\t507 000\t507 000\tDKK\t1 050.5000\t71 620 665.77\t0.40","Allianz (DE0008404005) \tCount\t1 100 000\t1 800 000\tEUR\t195.5200\t215 072 000.00\t1.20","AXA (FR0000120628) \tCount\t3 850 000\t3 850 000\tEUR\t24.1750\t93 073 750.00\t0.52","Daimler Reg.","(DE0007100000) \tCount\t1 242 900\t1 242 900\tEUR\t77.5500\t96 386 895.00\t0.54","Deutsche Börse Reg.","(DE0005810055) \tCount\t640 000\t640 000\tEUR\t141.0500\t90 272 000.00\t0.50","Deutsche Telekom Reg.","(DE0005557508) \tCount\t4 962 790\t4 962 790\tEUR\t17.4960\t86 828 973.84\t0.49","E.ON Reg.","(DE000ENAG999) \tCount\t15 000 000\t3 000 000\tEUR\t10.5640\t158 460 000.00\t0.89","ENEL (IT0003128367) \tCount\t21 000 000\t21 000 000\tEUR\t6.6900\t140 490 000.00\t0.79","Fuchs Petrolub (DE000A3E5D56) \tCount\t4 082 313\t4 402 413\t320 100\tEUR\t31.5800\t128 919 444.54\t0.72","Hannover Rück Reg.","(DE0008402215) \tCount\t1 710 040\t787 960\tEUR\t152.2000\t260 268 088.00\t1.45","KONE OYj (FI0009013403) \tCount\t450 000\t450 000\tEUR\t60.9600\t27 432 000.00\t0.15","Koninklijke Philips (NL0000009538) \tCount\t5 203 454\tEUR\t38.7650\t201 711 894.31\t1.13","Michelin Reg.","(FR0000121261) 3 \tCount\t970 000\tEUR\t133.0500\t129 058 500.00\t0.72","Royal Dutch Shell Cl.","A (GB00B03MLX29) \tCount\t17 231 600\t3 768 400\tEUR\t19.4460\t335 085 693.60\t1.87","Sampo Bear.","A (FI0009003305) \tCount\t6 785 000\t1 715 000\tEUR\t42.7700\t290 194 450.00\t1.62","Sanofi (FR0000120578) \tCount\t2 734 588\t200 000\t1 265 412\tEUR\t83.9400\t229 541 316.72\t1.28","Siemens Reg.","(DE0007236101) \tCount\t1 600 000\t300 000\tEUR\t142.3800\t227 808 000.00\t1.27","Stellantis (NL00150001Q9) \tCount\t4 896 363\t4 896 363\tEUR\t16.6540\t81 544 029.40\t0.46","TotalEnergies (FR0000120271) \tCount\t8 610 800\t3 889 200\tEUR\t41.4950\t357 305 146.00\t2.00","Unilever (GB00B10RZP78) \tCount\t7 630 400\t11 000 000\t3 369 600\tEUR\t47.0750\t359 201 080.00\t2.01","VINCI (FR0000125486) \tCount\t2 750 000\tEUR\t90.5800\t249 095 000.00\t1.39","Anglo American (GB00B1XZS820) \tCount\t933 800\t933 800\tGBP\t26.1600\t28 289 760.28\t0.16","BHP Group (GB00BH0P3Z91) \tCount\t24 000 000\t2 200 000\tGBP\t18.8980\t525 248 407.64\t2.94","Imperial Brands (GB0004544929) \tCount\t1 485 300\t7 914 700\tGBP\t15.8450\t27 254 867.98\t0.15","Rio Tinto (GB0007188757) \tCount\t808 400\t2 500 000\t1 691 600\tGBP\t48.8850\t45 765 644.47\t0.26","Ping An Insurance (Group) Co. of China Cl.","H (new)","(CNE1000003X6) \tCount\t24 000 000\t24 000 000\tHKD\t53.2500\t141 417 047.50\t0.79","Bridgestone Corp. (JP3830800003) \tCount\t3 000 000\tJPY\t5 306.0000\t122 530 982.99\t0.68","Nippon Telegraph and Telephone Corp.","(JP3735400008) 3 \tCount\t14 596 700\t12 098 300\tJPY\t3 085.0000\t346 630 894.47\t1.94","Tokio Marine Holdings Inc. (JP3910660004) 3 \tCount\t5 600 000\t1 500 000\tJPY\t6 021.0000\t259 545 839.43\t1.45","KT&G Corp. (KR7033780008) \tCount\t613 100\t2 683 900\tKRW 81 200.0000\t36 209 896.97\t0.20","DNB Bank (NO0010161896) \tCount\t19 000 000\t19 000 000\tNOK\t199.7000\t371 098 831.24\t2.07","Gjensidige Forsikring (NO0010582521) \tCount\t11 868 800\t2 318 200\tNOK\t193.6000\t224 734 674.56\t1.26","Telenor (NO0010063308) \tCount\t16 000 000\tNOK\t147.8500\t231 365 836.96\t1.29","Atlas Copco Cl.","A (SE0011166610) \tCount\t250 000\tSEK\t530.0000\t12 992 871.08\t0.07","Sandvik (SE0000667891) \tCount\t4 208 101\t4 208 101\tSEK\t200.3000\t82 652 568.70\t0.46","Swedbank (SE0000242455) \tCount\t5 638 700\t5 638 700\tSEK\t176.1600\t97 403 719.59\t0.54","Chunghwa Telecom Co. (TW0002412004) \tCount\t26 092 540\t30 446 540\t4 354 000\tTWD\t110.5000\t89 322 440.86\t0.50","Taiwan Semiconductor Manufacturing Co.","(TW0002330008) \tCount\t32 210 000\t32 790 000\tTWD\t580.0000\t578 762 874.14\t3.23","Accenture (IE00B4BNMY34) \tCount\t510 000\t226 022\t190 000\tUSD\t323.5300\t142 192 606.00\t0.79","Amgen (US0311621009) \tCount\t500 000\t550 000\t50 000\tUSD\t214.9000\t92 597 380.21\t0.52","Automatic Data Processing (US0530151036) \tCount\t1 500 000\tUSD\t199.5800\t257 988 624.61\t1.44","Bank of America Corp. (US0605051046) \tCount\t2 077 748\t2 277 748\t200 000\tUSD\t43.0700\t77 118 757.64\t0.43","Broadcom (US11135F1012) \tCount\t400 000\t400 000\tUSD\t489.4800\t168 728 024.82\t0.94","Chevron Corp. (US1667641005) \tCount\t2 000 000\t1 200 000\t1 200 000\tUSD\t103.3300\t178 093 760.77\t1.00","Chubb (CH0044328745) \tCount\t660 000\t660 000\tUSD\t176.3900\t100 325 232.68\t0.56","Colgate-Palmolive Co. (US1941621039) \tCount\t1 350 000\t1 350 000\tUSD\t77.0800\t89 674 250.26\t0.50","Dominion Energy (US25746U1097) \tCount\t5 000 000\t400 000\tUSD\t74.3500\t320 363 667.70\t1.79","Johnson & Johnson (US4781601046) \tCount\t2 900 000\t400 000\t100 000\tUSD\t164.0200\t409 908 652.19\t2.29","JPMorgan Chase & Co. (US46625H1005) \tCount\t1 150 000\t1 900 000\t750 000\tUSD\t165.9500\t164 462 685.28\t0.92","LyondellBasell Industries (NL0009434992) \tCount\t1 603 100\t1 603 100\tUSD\t95.8600\t132 431 201.31\t0.74","Medtronic (IE00BTN1Y115) \tCount\t3 000 000\tUSD\t126.5800\t327 249 224.41\t1.83","| | Count/ | Quantity/ | Purchases/ | Sales/ | | Total market |","| --- | --- | --- | --- | --- | --- | --- |","| Security name | currency | principal | additions | disposals | Market price | value in |","| (– / ’000)\tamount\tin the reporting period\tEUR |","| Merck & Co. (US58933Y1055) | Count | 4 348 318 | 5 800 000 | 6 701 682 | USD | 75.0900 | 281 381 591.37 | 1.57 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Microsoft Corp. (US5949181045) | Count | 1 350 000 | 1 350 000 | | USD | 284.0000 | 330 403 309.20 | 1.85 |","| Mondelez International Cl.","A (US6092071058) | Count | 4 039 000 | 4 039 000 | | USD | 59.0500 | 205 535 117.20 | 1.15 |","| Newmont (US6516391066) | Count | 11 579 500 | 900 000 | 420 500 | USD | 53.7100 | 535 965 998.79 | 3.00 |","| Nextera Energy Inc. (US65339F1012) | Count | 7 349 780 | 8 400 000 | 3 950 220 | USD | 78.3500 | 496 255 828.16 | 2.77 |","| Nutrien (CA67077M1086) | Count | 5 432 900 | 5 432 900 | | USD | 64.9000 | 303 856 609.79 | 1.70 |","| Parker-Hannifin Corp. (US7010941042) | Count | 390 000 | 390 000 | | USD | 288.5900 | 96 992 502.59 | 0.54 |","| PepsiCo (US7134481081) | Count | 2 800 000 | 200 000 | 200 000 | USD | 152.3000 | 367 493 967.60 | 2.05 |","| Pfizer (US7170811035) | Count | 6 400 000 | 10 500 000 | 15 850 000 | USD | 43.5300 | 240 082 730.09 | 1.34 |","| Philip Morris International (US7181721090) | Count | 2 058 200 | | 3 241 800 | USD | 99.4900 | 176 465 286.11 | 0.99 |","| Progressive Corp. (US7433151039) | Count | 1 040 000 | 1 040 000 | | USD | 91.1400 | 81 683 557.39 | 0.46 |","| QUALCOMM (US7475251036) | Count | 957 552 | | | USD | 129.2800 | 106 680 732.99 | 0.60 |","| Raytheon Technologies (US75513E1010) | Count | 4 200 000 | 1 203 100 | | USD | 86.9900 | 314 855 222.34 | 1.76 |","| Schlumberger N.Y. Shares (AN8068571086) | Count | 5 200 000 | 1 200 000 | 2 000 000 | USD | 30.3300 | 135 915 201.65 | 0.76 |","| TE Connectivity Reg (CH0102993182) | Count | 1 000 000 | | | USD | 138.7100 | 119 536 366.77 | 0.67 |","| Texas Instruments (US8825081040) | Count | 1 300 000 | 1 300 000 | | USD | 193.0700 | 216 296 966.56 | 1.21 |","| The Allstate Corp. (US0200021014) | Count | 870 000 | 870 000 | | USD | 129.3300 | 96 964 064.12 | 0.54 |","| The Procter & Gamble (US7427181091) | Count | 3 625 400 | 525 400 | | USD | 142.0200 | 443 708 469.49 | 2.48 |","| UGI Corp. (US9026811052) | Count | 6 000 000 | | | USD | 43.0200 | 222 440 537.75 | 1.24 |","| Union Pacific Corp. (US9078181081) | Count | 1 580 000 | 880 000 | | USD | 201.6800 | 274 607 376.77 | 1.53 |","| V.F. Corp. (US9182041080) | Count | 1 282 000 | 1 282 000 | | USD | 68.5400 | 75 722 406.07 | 0.42 |","| WEC Energy Group (US92939U1060) | Count | 4 572 689 | | 827 311 | USD | 89.0100 | 350 754 091.60 | 1.96 |","| Other equity securities | | | | | | | | |","| Roche Holding Profitsh.","(CH0012032048) | Count | 500 000 | | 950 000 | CHF | 342.8500 | 158 082 810.77 | 0.88 |","| Securities admitted to or included in organized markets | | | | | | | 364 392 656.32 | 2.04 |","| Equities | | | | | | | | |","| BCE (new) (CA05534B7604) 3 | Count | 8 500 000 | | | CAD | 63.2800 | 364 392 656.32 | 2.04 |","| Total securities portfolio | | | | | | | 17 114 729 038.81 | 95.65 |","| Cash and non-securitized money market instruments | | | | | | | 787 449 757.00 | 4.40 |","| Cash at bank | | | | | | | 787 449 757.00 | 4.40 |","| Demand deposits at Depositary | | | | | | | | |","| Deposits in other EU/EEA currencies | EUR | 5 857 643.77 | | | % | 100 | 5 857 643.77 | 0.03 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| Australian dollar | AUD | 2 854 775.36 | | | % | 100 | 1 772 051.74 | 0.01 |","| Canadian dollar | CAD | 19 101 552.17 | | | % | 100 | 12 940 554.28 | 0.07 |","| Swiss franc | CHF | 128 161 149.62 | | | % | 100 | 118 186 231.67 | 0.66 |","| British pound | GBP | 280 971 765.08 | | | % | 100 | 325 387 104.90 | 1.82 |","| Hong Kong dollar | HKD | 66 048 634.15 | | | % | 100 | 7 308 609.42 | 0.04 |","| Japanese yen | JPY | 1 690 316 787.00 | | | % | 100 | 13 011 444.75 | 0.07 |","| South Korean won | KRW | 3 674 657 945.00 | | | % | 100 | 2 672 740.92 | 0.01 |","| New Zealand dollar | NZD | 180 309.45 | | | % | 100 | 106 780.44 | 0.00 |","| Singapore dollar | SGD | 72 165.40 | | | % | 100 | 45 701.78 | 0.00 |","| Taiwan dollar | TWD | 1 425 597 988.30 | | | % | 100 | 44 165 079.87 | 0.25 |","| U.S. dollar | USD | 122 537 462.43 | | | % | 100 | 105 599 329.91 | 0.59 |","| Time deposit | | | | | | | | |","| CAD deposits (Landesbank Baden-Württemberg, Stuttgart) | CAD | 2 475 000.00 | | | % | 100 | 1 676 715.67 | 0.01 |","| NOK deposits (Landesbank Baden-Württemberg, Stuttgart) | NOK | 582 900 000.00 | | | % | 100 | 57 010 122.74 | 0.32 |","| JPY deposits (Coöperatieve Rabobank U.A., Utrecht) ... | JPY | 11 914 000 000.00 | | | % | 100 | 91 709 645.14 | 0.51 |","| Other assets | | | | | | | 46 286 381.14 | 0.26 |","| Dividends/Distributions receivable Receivables from compensation payments for securities lending | EUR EUR | 30 752 953.24 12 161 143.90 | | | % % | 100 100 | 30 752 953.24 12 161 143.90 | 0.17 0.07 |","| Withholding tax claims | EUR | 2 989 935.00 | | | % | 100 | 2 989 935.00 | 0.02 |","| Other receivables | EUR | 382 349.00 | | | % | 100 | 382 349.00 | 0.00 |","| Receivables from share certificate transactions | EUR | 2 804 602.03 | | | % | 100 | 2 804 602.03 | 0.02 |","| | Count/ | Quantity/ | Purchases/ | Sales/ | | Total market |","| --- | --- | --- | --- | --- | --- | --- |","| Security name | currency | principal | additions | disposals | Market price | value in |","| (– / ’000)\tamount\tin the reporting period\tEUR |","| Loan liabilities | | | | | -29 853 864.64 | -0.17 |","| --- | --- | --- | --- | --- | --- | --- |","| EUR loans .","| EUR | -29 853 864.64 | % | 100 | -29 853 864.64 | -0.17 |","| Other liabilities | | | | | -21 308 050.20 | -0.12 |","| Liabilities from cost items .","| EUR | -21 157 127.14 | % | 100 | -21 157 127.14 | -0.12 |","| Additional other liabilities .","| EUR | -150 923.06 | % | 100 | -150 923.06 | 0.00 |","| Liabilities from share certificate transactions | EUR | -6 971 605.53 | % | 100 | -6 971 605.53 | -0.04 |","| Net assets | | | | | 17 893 136 258.61 | 100.00 |","| Net asset value per unit | Count/ | Net asset value per unit |","| and number of units outstanding | currency | in the respective currency |","| Net asset value per unit Class LD .","| EUR | 128.52 |","| Class FD .","| EUR | 141.54 |","| Class LDQ .","| EUR | 127.80 |","| Class TFC .","| EUR | 146.26 |","| Class LC .","| EUR | 143.99 |","| Class RC .","| EUR | 136.32 |","| Class TFD .","| EUR | 112.38 |","| Number of units outstanding Class LD .","| Count | 126 731 686.929 |","| Class FD .","| Count | 2 966 944.698 |","| Class LDQ .","| Count | 81 200.188 |","| Class TFC .","| Count | 1 143 988.052 |","| Class LC .","| Count | 566 183.395 |","| Class RC .","| Count | 6 651 242.123 |","| Class TFD .","| Count | 179 793.666 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","Exchange rates (indirect quotes)","As of September 30, 2021","| Australian dollar .","| AUD | 1.611000 | = | EUR | 1 |","| --- | --- | --- | --- | --- | --- |","| Canadian dollar .","| CAD | 1.476100 | = | EUR | 1 |","| Swiss franc .","| CHF | 1.084400 | = | EUR | 1 |","| Danish krone .","| DKK | 7.436450 | = | EUR | 1 |","| British pound .","| GBP | 0.863500 | = | EUR | 1 |","| Hong Kong dollar .","| HKD | 9.037100 | = | EUR | 1 |","| Japanese yen .","| JPY | 129.910000 | = | EUR | 1 |","| South Korean won .","| KRW | 1 374.865000 | = | EUR | 1 |","| Norwegian krone .","| NOK | 10.224500 | = | EUR | 1 |","| New Zealand dollar .","| NZD | 1.688600 | = | EUR | 1 |","| Swedish krona .","| SEK | 10.197900 | = | EUR | 1 |","| Singapore dollar .","| SGD | 1.579050 | = | EUR | 1 |","| Taiwan dollar .","| TWD | 32.278850 | = | EUR | 1 |","| U.S. dollar .","| USD | 1.160400 | = | EUR | 1 |","Footnotes","3\tThese securities are completely or partly lent as securities loans.","Transactions completed during the reporting period that no longer appear in the investment portfolio","Securities loans (total transactions, at the value agreed at the closing of the loan contract)","Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date","Security name","Count/\tPurchases/\tSales/","Value (’000)","Securities traded on an exchange","currency (– / ’000)","additions\tdisposals","No fixed maturity\tEUR 5 282 409","Security description: BCE (new) (CA05534B7604), Bridgestone Corp. (JP3830800003), British American Tobacco (BAT) (GB0002875804),","| Equities | | | | Daito Trust Construction Co. (JP3486800000), DuPont de Nemours (US26614N1028), Epiroc Cl.","A (SE0011166933),Michelin Reg.","| --- | --- | --- | --- | --- |","| Siemens Energy (DE000ENER6Y0) .","| Count | 650 000 | (FR0000121261), Nippon Telegraph and Telephone Corp.","| Unilever Reg.","(NL0000388619) .","| Count | 11 000 000 | (JP3735400008), Novartis Reg.","(CH0012005267), Roche Holding |","| British American Tobacco (BAT) (GB0002875804) .","| Count | 8 200 000 | Profitsh.","(CH0012032048), Royal Dutch Shell Cl.","A (GB00B03MLX29), Sampo Bear.","A (FI0009003305), Sanofi |","| Daito Trust Construction Co. (JP3486800000) ....","| Count | 290 000 | (FR0000120578), Tokio Marine Holdings Inc. (JP3910660004), TotalEnergies (FR0000120271), VINCI (FR0000125486), 1.1250 % |","| | | | US Treasury 16/28.02.21 (US912828P873), 1.1250 % US Treasury |","| DNB A (NO0010031479)\tCount | | 19 000 000 | 16/31.07.21 (US912828S760), 2.7500 % US Treasury 18/30.11.20 |","| Chunghwa Telecom Sp.","ADR (new) | | | (US9128285Q95) |","| (US17133Q5027)\tCount | | 3 092 040 | |","| Cisco Systems (US17275R1023)\tCount | | 8 500 000 | |","| DuPont de Nemours (US26614N1028)\tCount | | 2 000 000 | |","| Intel Corp. (US4581401001)\tCount | 2 600 000 | 4 800 000 | |","| Lockheed Martin Corp. (US5398301094)\tCount | 220 000 | 900 000 | |","| Organon & Co (US68622V1061)\tCount | 520 000 | 520 000 | |","| Verizon Communications (US92343V1044)\tCount | | 11 000 000 | |","| Viatris (US92556V1061)\tCount | 1 302 828 | 1 302 828 | |","Securities admitted to or included in organized markets Securitized money market instruments","| 1.1250 | % US Treasury 16/28.02.21 | |","| --- | --- | --- |","| | (US912828P873) .","| USD | 200 000 |","| 1.1250 | % US Treasury 16/31.07.21 | | |","| | (US912828S760) .","| USD | 300 000 |","| 2.7500 | % US Treasury 18/30.11.20 | | |","| | (US9128285Q95) .","| USD | 150 000 |","| Unlisted securities | | | |","| Equities Fuchs Petrolub Ord. (DE0005790406) .","| Count | | 4 970 000 |","| Epiroc Cl.","A (SE0011166933) .","| Count | 80 000 | 80 000 |","##### LD unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","I. Income","- Dividends from domestic issuers(before corporate income tax) EUR\t33 667 438.31","- Dividends from foreign issuers(before withholding tax) EUR\t504 310 584.32","- Interest from foreign securities(before withholding tax) EUR\t817 909.82","- Interest from investments of liquid assets in Germany .","EUR 136\t026.39","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t4 761.08","- Income from securities lendingand repurchase agreements EUR\t1 703 420.39thereof:from securities lending EUR 1 703 420.39","- Deduction for domestic corporate income tax EUR\t-5 050 115.78","- Deduction for foreign withholding tax EUR\t-64 985 949.97","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 15 696 034 184.71","- Previous year‘s distribution or tax abatement EUR\t-493 268 365.81","- Net inflows EUR -1 305 086 854.80","- Inflows from subscriptions EUR\t1 291 780 183.93","- Outflows from redemptions EUR -2 596 867 038.73","- Income adjustment EUR\t41 376 140.46","- Net gain/loss for the fiscal year EUR\t2 348 001 205.83thereof:Net change in unrealized appreciation EUR\t285 877 146.78Net change in unrealized depreciation EUR\t680 114 760.96","- Value of the investment fund at the endof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t16 287 056 310.39","##### Distribution calculation for the investment fund","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t30 299 893.77","| Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 500 903 968.33 | Calculation of distribution | Total | Per unit |","| --- | --- | --- | --- | --- | --- |","| II.","Expenses | | | I. Available for distribution | | |","| 1. Interest on borrowings 1 | EUR | -1 902 955.54 | 1. Balance brought forward from | | |","| thereof: | | | previous year\tEUR | 2 169 930 956.60 | 17.12 |","| Commitment fees EUR -111 048.18 | | | 2. Realized net gain/loss for the fiscal year.","EUR | 1 382 009 298.09 | 10.91 |","| 2. Management fee | EUR | -225 377 501.58 | 3. Transfer from the investment fund\tEUR | 0.00 | 0.00 |","thereof:","All-in fee\tEUR-225 377 501.58","3. Other expenses EUR\t-575 963.64","thereof:","Performance-based fee","from securities lending EUR -562 128.34 Legal and consulting expenses...","EUR -13 835.30","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -227 856 420.76 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 273 047 547.57 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 1 565 112 847.13 |","| 2. Realized losses | EUR | -456 151 096.61 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 1 108 961 750.52 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 1 382 009 298.09 |","| 1. Net change in unrealized appreciation | EUR | 285 877 146.78 |","| 2. Net change in unrealized depreciation | EUR | 680 114 760.96 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 965 991 907.74 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 2 348 001 205.83 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","- Not used for distribution","- Reinvested EUR\t-601 955 060.41\t-4.75","- Balance carried forward EUR\t-2 443 058 446.56\t-19.28","- Total distribution . . . .",". . . .",". . . .",". . . .",". .","EUR\t506 926 747.72\t4.00","##### Comparative overview of the last three fiscal years","Net assets\tNet asset","at the end of\tvalue per the fiscal year EUR\tunit EUR","| 2021\t16 287 056 310.39 | 128.52 |","| --- | --- |","| 2020\t15 696 034 184.71 | 114.15 |","| 2019\t18 260 098 685.60 | 130.89 |","| 2018\t16 514 319 301.83 | 123.19 |","##### FD unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","- Income","- Dividends from domestic issuers(before corporate income tax) EUR\t866 023.06","- Dividends from foreign issuers(before withholding tax) EUR\t12 970 655.49","- Interest from foreign securities(before withholding tax) EUR\t20 971.36","- Interest from investments of liquid assets in Germany .","EUR 3\t500.11","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t122.52","- Income from securities lendingand repurchase agreements EUR\t43 794.76thereof:from securities lending EUR\t43 794.76","- Deduction for domestic corporate income tax EUR\t-129 903.42","- Deduction for foreign withholding tax EUR\t-1 671 242.31","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t451 445 780.05","- Previous year‘s distribution or tax abatement EUR\t-14 290 322.56","- Net inflows EUR\t-87 470 866.00","- Inflows from subscriptions EUR\t63 962 437.49","- Outflows from redemptions EUR\t-151 433 303.49","- Income adjustment EUR\t4 529 853.17","- Net gain/loss for the fiscal year EUR\t65 718 653.42thereof:Net change in unrealized appreciation EUR\t8 602 731.55Net change in unrealized depreciation EUR\t19 376 772.74","- Value of the investment fund at the endof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t419 933 098.08","##### Distribution calculation for the investment fund","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t779 748.75\tTotal income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 12 883 670.32","- Expenses","- Interest on borrowings 1 EUR\t-48 914.50 thereof:Commitment fees EUR\t-2 855.10","- Management fee EUR\t-3 598 329.77thereof:All-in fee EUR -3 598 329.77","- Other expenses EUR\t-14 807.97thereof:Performance-based feefrom securities lending EUR -14 452.22 Legal and consulting expenses...","EUR\t-355.75","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -3 662 052.24 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 9 221 618.08 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 40 243 434.86 |","| 2. Realized losses | EUR | -11 725 903.81 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 28 517 531.05 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 37 739 149.13 |","| 1. Net change in unrealized appreciation | EUR | 8 602 731.55 |","| 2. Net change in unrealized depreciation | EUR | 19 376 772.74 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 27 979 504.29 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 65 718 653.42 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","Calculation of distribution\tTotal\tPer unit","- Available for distribution","- Balance brought forward fromprevious year EUR\t50 421 104.14\t16.99","- Realized net gain/loss for the fiscal year.","EUR\t37 739 149.13\t12.72","- Transfer from the investment fund EUR\t0.00\t0.00","- Not used for distribution","- Reinvested EUR\t-12 145 401.34\t-4.09","- Balance carried forward EUR\t-62 989 964.71\t-21.23","- Total distribution . . . .",". . . .",". . . .",". . . .",". .","EUR\t13 024 887.22\t4.39","##### Comparative overview of the last three fiscal years","Net assets\tNet asset","at the end of\tvalue per the fiscal year EUR\tunit EUR","| 2021\t419 933 098.08 | 141.54 |","| --- | --- |","| 2020\t451 445 780.05 | 125.01 |","| 2019\t689 085 287.51 | 142.55 |","| 2018\t717 507 946.07 | 133.41 |","##### LDQ unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","- Income","- Dividends from domestic issuers(before corporate income tax) EUR\t21 331.94","- Dividends from foreign issuers(before withholding tax) EUR\t313 518.89","- Interest from foreign securities(before withholding tax) EUR\t465.92","- Interest from investments of liquid assets in Germany .","EUR\t85.04","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t2.99","- Income from securities lendingand repurchase agreements EUR\t1 028.27thereof:from securities lending EUR\t1 028.27","- Deduction for domestic corporate income tax EUR\t-3 199.77","- Deduction for foreign withholding tax EUR\t-39 797.95","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 18\t497.75Total income EUR\t311 933.08","- Expenses","- Interest on borrowings 1 EUR\t-1 217.04 thereof:Commitment fees EUR\t-71.16","- Management fee EUR\t-144 117.15thereof:All-in fee EUR -144 117.15","- Other expenses EUR\t-348.05thereof:Performance-based feefrom securities lending EUR\t-339.29 Legal and consulting expenses...","EUR\t\t-8.76","| Total expenses | EUR | -145 682.24 |","| --- | --- | --- |","| III.","Net investment income | EUR | 166 250.84 |","- Sale transactions","- Realized gains EUR\t1 002 191.49","- Realized losses EUR\t-290 931.12Capital gains/losses EUR\t711 260.37","- Realized net gain/loss for the fiscal year EUR\t877 511.21","| 2. Net change in unrealized depreciation | EUR | 332 814.29 | |","| --- | --- | --- | --- |","| VI.","Unrealized net gain/loss for the fiscal year | EUR | 433 351.86 | 2021\t10 377 232.88 | 127.80 |","| VII.","Net gain/loss for the fiscal year | EUR | 1 310 863.07 | 2020\t7 511 854.87 | 113.55 |","| | | | 2019\t7 968 493.38 | 130.09 |","- Net change in unrealized appreciation EUR\t100 537.57","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningNote: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","2018.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","6 268 427.06\t122.65","##### TFC unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","- Income","- Dividends from domestic issuers(before corporate income tax) EUR\t344 903.59","- Dividends from foreign issuers(before withholding tax) EUR\t5 154 842.39","- Interest from foreign securities","| EUR | 8 077.91 | Net change in unrealized appreciation | EUR | 2 157 084.05 |","| --- | --- | --- | --- | --- |","| EUR | 1 391.37 | Net change in unrealized depreciation | EUR | 5 996 204.78 |","(before withholding tax)","- Interest from investments of liquid assets in Germany .","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t48.78","- Income from securities lendingand repurchase agreements EUR\t17 322.06thereof:from securities lending EUR\t17 322.06","- Deduction for domestic corporate income tax EUR\t-51 735.55","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t126 645 215.28","- Net inflows EUR\t18 235 476.82","- Inflows from subscriptions EUR\t33 810 454.67","- Outflows from redemptions EUR\t-15 574 977.85","- Income adjustment EUR\t-880 913.85","- Net gain/loss for the fiscal year EUR\t23 315 771.39thereof:","- Value of the investment fund at the endof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t167 315 549.64","##### Distribution calculation for the investment fund","- Deduction for foreign withholding tax EUR\t-663 950.60","| Calculation of distribution I. Available for reinvestment | Total | Per unit |","| --- | --- | --- |","| 1. Realized net gain/loss for the fiscal year.","EUR | 15 162 482.56 | 13.25 |","| 2. Transfer from the investment fund\tEUR | 0.00 | 0.00 |","| 3. Tax withholding amount made available .","EUR | 0.00 | 0.00 |","| II.","Reinvestment\tEUR | 15 162 482.56 | 13.25 |","| | | |","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 309\t944.23Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t5 120 844.18","- Expenses","- Interest on borrowings 1 EUR\t-19 370.06 thereof:Commitment fees EUR\t-1 131.25","- Management fee EUR\t-1 267 288.13thereof:All-in fee\tEUR -1 267 288.13","- Other expenses EUR\t-5 857.98thereof:Performance-based feefrom securities lending EUR\t-5 716.28 Legal and consulting expenses...","EUR\t\t-141.70","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -1 292 516.17 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 3 828 328.01 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 15 966 366.55 |","| 2. Realized losses | EUR | -4 632 212.00 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 11 334 154.55 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 15 162 482.56 |","| 1. Net change in unrealized appreciation | EUR | 2 157 084.05 |","| 2. Net change in unrealized depreciation | EUR | 5 996 204.78 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 8 153 288.83 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 23 315 771.39 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","##### Comparative overview of the last three fiscal years","Net assets\tNet asset","at the end of\tvalue per the fiscal year EUR\tunit EUR","| 2021\t167 315 549.64 | 146.26 |","| --- | --- |","| 2020\t126 645 215.28 | 125.13 |","| 2019\t112 457 699.67 | 138.66 |","| 2018\t27 485 118.99 | 126.00 |","##### LC unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","- Income","- Dividends from domestic issuers(before corporate income tax) EUR\t168 526.24","- Dividends from foreign issuers(before withholding tax) EUR\t2 519 080.54","- Interest from foreign securities","| EUR | 3 961.58 | Net change in unrealized appreciation | EUR | 706 139.06 |","| --- | --- | --- | --- | --- |","| EUR | 679.50 | Net change in unrealized depreciation | EUR | 2 475 824.48 |","(before withholding tax)","- Interest from investments of liquid assets in Germany .","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t23.89","- Income from securities lendingand repurchase agreements EUR\t8 468.53thereof:from securities lending EUR\t8 468.53","- Deduction for domestic corporate income tax EUR\t-25 278.90","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t44 887 421.77","- Net inflows EUR\t27 455 628.39","- Inflows from subscriptions EUR\t43 778 237.32","- Outflows from redemptions EUR\t-16 322 608.93","- Income adjustment EUR\t-906 100.66","- Net gain/loss for the fiscal year EUR\t10 090 022.50thereof:","- Value of the investment fund at the endof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t81 526 972.00","##### Distribution calculation for the investment fund","- Deduction for foreign withholding tax EUR\t-324 499.08","| Calculation of distribution I. Available for reinvestment | Total | Per unit |","| --- | --- | --- |","| 1. Realized net gain/loss for the fiscal year.","EUR | 6 908 058.96 | 12.20 |","| 2. Transfer from the investment fund\tEUR | 0.00 | 0.00 |","| 3. Tax withholding amount made available .","EUR | 0.00 | 0.00 |","| II.","Reinvestment\tEUR | 6 908 058.96 | 12.20 |","| | | |","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 151\t361.34Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t2 502 323.64","- Expenses","- Interest on borrowings 1 EUR\t-9 472.15 thereof:Commitment fees EUR\t-553.04","- Management fee EUR\t-1 121 764.70thereof:All-in fee .","EUR -1 121 764.70","- Other expenses EUR\t-2 863.89thereof:Performance-based feefrom securities lending EUR\t-2 794.61 Legal and consulting expenses...","EUR\t\t-69.28","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -1 134 100.74 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 1 368 222.90 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 7 804 833.86 |","| 2. Realized losses | EUR | -2 264 997.80 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 5 539 836.06 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 6 908 058.96 |","| 1. Net change in unrealized appreciation | EUR | 706 139.06 |","| 2. Net change in unrealized depreciation | EUR | 2 475 824.48 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 3 181 963.54 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 10 090 022.50 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","##### Comparative overview of the last three fiscal years","Net assets\tNet asset","at the end of\tvalue per the fiscal year EUR\tunit EUR","| 2021\t81 526 972.00 | 143.99 |","| --- | --- |","| 2020\t44 887 421.77 | 124.00 |","| 2019\t30 066 729.31 | 138.30 |","| 2018\t2 335 845.17 | 126.48 |","##### RC unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","- Income","- Dividends from domestic issuers(before corporate income tax) EUR\t1 873 963.19","- Dividends from foreign issuers(before withholding tax) EUR\t28 011 055.61","- Interest from foreign securities","| EUR | 44 040.72 | Net change in unrealized appreciation | EUR | 20 852 885.94 |","| --- | --- | --- | --- | --- |","| EUR | 7 556.89 | Net change in unrealized depreciation | EUR | 47 649 243.49 |","(before withholding tax)","- Interest from investments of liquid assets in Germany .","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t264.96","- Income from securities lendingand repurchase agreements EUR\t94 163.37thereof:from securities lending EUR\t94 163.37","- Deduction for domestic corporate income tax EUR\t-281 094.45","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t1 014 319 408.06","- Net inflows EUR\t-274 153 660.29","- Inflows from subscriptions EUR\t215 702 888.64","- Outflows from redemptions EUR\t-489 856 548.93","- Income adjustment EUR\t20 837 576.68","- Net gain/loss for the fiscal year EUR\t145 718 949.90thereof:","- Value of the investment fund at the endof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t906 722 274.35","##### Distribution calculation for the investment fund","- Deduction for foreign withholding tax EUR\t-3 608 258.15","| Calculation of distribution I. Available for reinvestment | Total | Per unit |","| --- | --- | --- |","| 1. Realized net gain/loss for the fiscal year.","EUR | 77 216 820.47 | 11.61 |","| 2. Transfer from the investment fund\tEUR | 0.00 | 0.00 |","| 3. Tax withholding amount made available .","EUR | 0.00 | 0.00 |","| II.","Reinvestment\tEUR | 77 216 820.47 | 11.61 |","| | | |","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 1 683\t150.90Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t27 824 843.04","- Expenses","- Interest on borrowings 1 EUR\t-105 321.31 thereof:Commitment fees EUR\t-6 149.25","- Management fee EUR\t-12 070 617.00thereof:All-in fee EUR -12 070 617.00","- Other expenses EUR\t-31 844.04thereof:Performance-based feefrom securities lending EUR -31 073.97 Legal and consulting expenses...","EUR\t-770.07","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -12 207 782.35 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 15 617 060.69 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 86 784 484.28 |","| 2. Realized losses | EUR | -25 184 724.50 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 61 599 759.78 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 77 216 820.47 |","| 1. Net change in unrealized appreciation | EUR | 20 852 885.94 |","| 2. Net change in unrealized depreciation | EUR | 47 649 243.49 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 68 502 129.43 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 145 718 949.90 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","##### Comparative overview of the last three fiscal years","Net assets\tNet asset","at the end of\tvalue per the fiscal year EUR\tunit EUR","| 2021\t906 722 274.35 | 136.32 |","| --- | --- |","| 2020\t1 014 319 408.06 | 117.34 |","| 2019\t1 011 514 296.06 | 134.47 |","| 2018\t906 735 550.88 | 126.49 |","##### TFD unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","- Income","- Dividends from domestic issuers(before corporate income tax) EUR\t41 650.23","- Dividends from foreign issuers(before withholding tax) EUR\t623 793.40","- Interest from foreign securities(before withholding tax) EUR\t1 007.98","- Interest from investments of liquid assets in Germany .","EUR\t168.35","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t5.86","- Income from securities lendingand repurchase agreements EUR\t2 105.91thereof:from securities lending EUR\t2 105.91","- Deduction for domestic corporate income tax EUR\t-6 247.53","- Deduction for foreign withholding tax EUR\t-80 372.93","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t17 034 179.94","- Previous year‘s distribution or tax abatement EUR\t-544 896.03","- Net inflows EUR\t562 166.02","- Inflows from subscriptions EUR\t17 425 731.62","- Outflows from redemptions EUR\t-16 863 565.60","- Income adjustment EUR\t230 428.82","- Net gain/loss for the fiscal year EUR\t2 922 942.52thereof:Net change in unrealized appreciation EUR\t240 403.78Net change in unrealized depreciation EUR\t848 249.71","- Value of the investment fund at the endof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t20 204 821.27","##### Distribution calculation for the investment fund","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t37 504.14\tTotal income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t619 615.41","- Expenses","- Interest on borrowings 1 EUR\t-2 352.29 thereof:Commitment fees EUR\t-137.36","- Management fee EUR\t-153 707.30thereof:All-in fee EUR -153 707.30","- Other expenses EUR\t-712.05thereof:Performance-based feefrom securities lending EUR\t-694.95 Legal and consulting expenses...","EUR\t\t-17.10","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -156 771.64 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 462 843.77 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 1 935 319.19 |","| 2. Realized losses | EUR | -563 873.93 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 1 371 445.26 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 1 834 289.03 |","| 1. Net change in unrealized appreciation | EUR | 240 403.78 |","| 2. Net change in unrealized depreciation | EUR | 848 249.71 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 1 088 653.49 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 2 922 942.52 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","Calculation of distribution\tTotal\tPer unit","- Available for distribution","- Balance brought forward fromprevious year EUR\t849 089.81\t4.72","- Realized net gain/loss for the fiscal year.","EUR\t1 834 289.03\t10.20","- Transfer from the investment fund EUR\t0.00\t0.00","- Not used for distribution","- Reinvested EUR\t0.00\t0.00","- Balance carried forward EUR\t-2 055 898.95\t-11.43","- Total distribution . . . .",". . . .",". . . .",". . . .",". .","EUR\t627 479.89\t3.49","##### Comparative overview of the last three fiscal years","Net assets\tNet asset","at the end of\tvalue per the fiscal year EUR\tunit EUR","| 2021\t20 204 821.27 | 112.38 |","| --- | --- |","| 2020\t17 034 179.94 | 99.16 |","| 2019\t9 053 335.43 | 112.94 |","| 2018\t3 197 329.21 | 104.81 |","Notes to the financial statements (in accordance with article 7, no. 9, KARBV (Accounting and Valuation Regulation issued under the KAGB))","#### Disclosures in accordance with the Derivatives Regulation","Underlying exposure obtained through derivatives:","EUR 0.00","Disclosures according to the qualified approach:","Composition of the reference portfolio","MSCI World High Dividend Yield","Market risk exposure","| Lowest market risk exposure\t% | 87.599 |","| --- | --- |","| Highest market risk exposure\t% | 110.221 |","| Average market risk exposure\t% | 97.800 |","The values-at-risk were calculated for the period from October 1, 2020, through September 30, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the investment fund arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the qualified approachas defined by the Derivatives Regulation.","In the reporting period, the average leverage effect from the use of derivatives was 1.0, whereby the gross method was used for the calculation of leverage.","Exposure obtained through securities loans:","The following securities were transferred under securities loans at the reporting date:","| Security name | Quantity/ principal amount (–/’000) | Fixed maturity | Securities loans Total market value in EUR No fixed maturity | Total |","| --- | --- | --- | --- | --- |","| BCE (new) | Count | 630 000 | | 27 007 926.29 | |","| Novartis Reg | Count | 9 042 | | 645 964.35 | |","| Michelin Reg.","| Count | 123 140 | | 16 383 777.00 | |","| Nippon Telegraph and Telephone Corp.","| Count | 14 199 900 | | 337 208 001.69 | |","| Tokio Marine Holdings Inc.","| Count | 4 265 000 | | 197 671 965.21 | |","| Total receivables from securities loans | | | | 578 917 634.54 | 578 917 634.54 |","| Contracting parties for securities loans: | | | | | |","Barclays Bank Ireland PLC, Dublin; Citigroup Global Markets Europe AG, Frankfurt/Main, Natixis S.A., Paris; Société Générale S.A., Paris; UBS AG, London","Total collateral pledged by third parties for securities loans:","| EUR | 648 528 435.88 | |","| --- | --- | --- |","| thereof: Bonds | | EUR | 35 927 170.52 |","| Equities | | EUR | 516 405 344.44 |","| Other | | EUR | 96 195 920.92 |","Income from securities lending, including costs and charges incurred directly and indirectly:","These items are listed in the statement of income and expenses.","#### Other disclosures","Net asset value per unit, Class LD: EUR 128.52 Net asset value per unit, Class FD: EUR 141.54 Net asset value per unit, Class LDQ: EUR 127.80 Net asset value per unit, Class TFC: EUR 146.26 Net asset value per unit, Class LC: EUR 143.99 Net asset value per unit, Class RC: EUR 136.32 Net asset value per unit, Class TFD: EUR 112.38","Number of units outstanding, Class LD: 126 731 686.929","Number of units outstanding, Class FD:\t2 966 944.698","Number of units outstanding, Class LDQ:\t81 200.188","Number of units outstanding, Class TFC:\t1 143 988.052","Number of units outstanding, Class LC:\t566 183.395","Number of units outstanding, Class RC:\t6 651 242.123","Number of units outstanding, Class TFD:\t179 793.666","Disclosure regarding asset valuation procedures:","The Depositary shall determine the value with the participation of the asset management company.","The Depositary generally bases its valuation on external sources.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Depositary and the asset management company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Investments reported in this report are not valued at derived market values.","Disclosures on transparency and the total expense ratio:","The total expense ratio was:","Class LD 1.45% p.a.\tClass FD 0.90% p.a.\tClass LDQ 1.45% p.a.\tClass TFC 0.80% p.a.\tClass LC 1.45% p.a.\tClass RC 1.40% p.a.\tClass TFD 0.80% p.a. The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets for a given fiscal year.","As well, the additional income from securities lending resulted in a performance-based fee of","Class LD 0.004%\tClass FD 0.004%\tClass LDQ 0.004%\tClass TFC 0.004%\tClass LC 0.004%\tClass RC 0.004%\tClass TFD 0.004%","calculated on the fund’s average net assets.","An all-in fee of","Class LD 1.45% p.a.\tClass FD 0.90% p.a.\tClass LDQ 1.45% p.a.\tClass TFC 0.80% p.a.\tClass LC 1.45% p.a.\tClass RC 1.40% p.a.\tClass TFD 0.80% p.a. is payable to the asset management company for the investment fund under the Terms and Conditions of investment.","Of this annual fee, the asset management company in turn pays up to","| Class LD 0.15% p.a. | Class FD 0.15% p.a. | Class LDQ 0.15% p.a. | Class TFC 0.15% p.a. | Class LC 0.15% p.a. | Class RC 0.15% p.a. | Class TFD 0.15% p.a. |","| --- | --- | --- | --- | --- | --- | --- |","| to the Depositary and | | | | | | |","| Class LD 0.05% p.a. | Class FD 0.05% p.a. | Class LDQ 0.05% p.a. | Class TFC 0.05% p.a. | Class LC 0.05% p.a. | Class RC 0.05% p.a. | Class TFD 0.05% p.a. |","to other parties (for printing and publication costs, auditing and other items).","In the fiscal year from October 1, 2020, through September 30, 2021, the asset management company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid out of the investment undertaking DWS Top Dividende to the Depositary and other third parties, except in the form of financial information provided by brokers for research purposes.","Of its own portion of the all-in fee, the Company pays","| Class LD more than 10% | Class FD less than 10% | Class LDQ more than 10% | Class TFC less than 10% | Class LC more than 10% |","| --- | --- | --- | --- | --- |","| Class RC more than 10% | Class TFD less than 10% | | | |","in commissions to distributors of the fund based on the balance of units distributed.","Material other income and expenses are presented for each unit class in the statement of income and expenses.","The transaction costs paid in the reporting period amounted to EUR 4 066 746.05.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.07% of all transactions.","The total volume was EUR 8 592 422.19.","#### Remuneration Disclosure","DWS Investment GmbH (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major asset classes as well as solutions aligned to growth trends to its clients globally.","DWS KGaA is a publicly traded company listed on the Frankfurt Stock Exchange, which is majority owned by Deutsche Bank AG.","As a result of the sector specific legislation under UCITS V (Undertakings for Collective Investment in Transferable Securities Directive V) and in accordance with Sec. 1 and Sec. 27 of the German “Institutsvergütungsverordnung” (“InstVV”), the Company is carved-out from Deutsche Bank Group’s (“DB Group”) compensation policy and strategy.","DWS KGaA and its subsi- diaries (“DWS Group” or only “Group”) have established their own compensation governance, policies and structures, including a DWS group-wide guideline of identifying “Material Risk Takers” (“MRTs”) at Company level as well as DWS Group level in line with the criteria stated in UCITS V and in the guidelines on sound remuneration policies under the UCITS V published by the European Securities and Markets Authority (“ESMA Guidelines”).","Governance Structure","DWS Group is managed through its General Partner, the DWS Management GmbH.","The General Partner has changed its remit in June 2020 and has now six Managing Directors who serve as the Executive Board (“EB”) of the Group.","The EB – supported by the DWS Compensation Committee (“DCC”) – is responsible for establishing and operating the compensation system for employees.","It is overseen by the DWS KGaA Supervisory Board which has established a Remuneration Committee (“RC”).","The RC reviews the compensation system of the Group’s employees and its appropriateness.","The RC supports the Supervisory Board in monitoring the appropriate structure of the remuneration systems for the Group’s employees.","This is done by taking into account the effects of the remuneration system on the group-wide risk, capital and liquidity management as well as the consistency of the remuneration strategy with the business and risk strategy of the DWS Group.","The DCC is mandated to develop and design sustainable compensation frameworks and operating principles, to prepare recommendations on total compensation levels, and to ensure appropriate compensation and benefits governance and oversight for the Group.","The DCC establishes quantitative and qualitative factors to assess performance as a basis for compensation related decisions and makes appropriate recommendations to the EB regarding the annual Variable Compensation pool and its allocation across the business areas and infrastructure func- tions.","Voting members of the DCC comprise the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief Operating Officer (“COO”), and the Global Head of HR.","The Head of Reward & Analytics is a nonvoting member.","Control Functions such as Compliance, Anti-Financial Crime, and Risk Management are represented by CFO and COO in the DCC and are appro- priately engaged in the design and application of the Group’s remuneration systems in the context of the tasks and functions assigned to them, to ensure that the remuneration systems do not create conflicts of interests, and to review the effects on the risk profile of the Group.","The DCC reviews the remuneration framework of DWS Group regularly, at least annually, which includes the principles applying to the Company, and assesses if substantial changes or amendments due to irregularities have to be made.","The DCC is supported by two sub-committees: The DWS Compensation Operating Committee (“COC”) implemented to assist the DCC in reviewing the technical validity, operationalizing and approving new or existing compensation plans.","The Integrity Review Committee implemented to review and decide on suspension and forfeiture matters involving DWS deferred compensation awards.","The internal annual review at DWS Group level concluded the design of the remuneration system to be appropriate, no significant irregularities were recognized.","Compensation Structure","The employees of the Company are subject to the compensation standards and principles as outlined in the DWS Compensation Policy.","The policy is reviewed on an annual basis.","As part of the Compensation Policy, the Group, including the Company, employs a Total Compensation (“TC”) philosophy which comprises Fixed Pay (“FP”) and Variable Compensation (“VC”).","The Group ensures an appropriate relationship between FP and VC across all categories and groups of employees.","TC structures and levels reflect the Sub-Divisional and regional compen- sation structures, internal relativities, and market data, and assist in seeking consistency across the Group.","One of the main objectives of the Group’s strategy is to align reward for sustain- able performance at all levels whilst enhancing the transparency of compensation decisions and their impact on shareholders and employees with regard to DWS Group and as applicable DB Group performance.","Achieving a sustainable balance between employee, shareholder and client interests is a key aspect of DWS’ Group compensation strategy.","FP is used to compensate employees for their skills, experience and competencies, commensurate with the requirements, size and scope of their role.","The appropriate level of FP is deter- mined with reference to the prevailing market rates for each role, internal comparisons and applicable regulatory requirements.","VC is a discretionary compensation element that enables the Group to provide additional reward to employees for their performance and behaviours without encouraging excessive risk- taking.","VC determination considers sound risk measures by taking into account the Group’s Risk Appetite as well as the Group affordability and financial situation and providing for a fully flexible policy on granting or “not-granting” VC.","VC generally consists of two elements – the “Group Component” and the “Individual Component”.","There continues to be no guarantee of VC in an existing employment relationship.","For the 2020 financial year, the Group Component is dominantly determined based upon the performance of three Key Performance Indicators (KPIs) at DWS Group level: Adjusted Cost Inco- me Ratio (“CIR”), Net Flows, Dividend Payout.","These three KPIs represent important metrics for DWS Group’s financial targets and provide a good indication of its sustainable performance.","For employees at management level the Group Component additionally considers four equally weighted KPIs at DB Group level1.","Depending on eligibility, the “Individual Component” is delivered either in the form of Individual VC (“IVC”) or a Recognition Award.","IVC takes into consideration a number of financial and non-financial factors, relativities within the employee’s peer group and retention considerations.","The Recognition Award provides the opportunity to acknowledge and reward outstanding contributions made by employees outside the scope of IVC eligibility (these are generally employees at lower hierarchical levels).","Generally, there are two nomination cycles per year.","Both Group and Individual Component may be awarded in cash, share-based or fund-based instruments under the Group deferral arrangements.","The Group retains the right to reduce the total amount of VC, including the Group Component, to zero in cases of significant misconduct, performance-related measures, disciplinary outcomes or unsatisfactory conduct or behaviour by the employee subject to applicable local law.","1 DB Group KPIs: Common Equity Tier 1 (“CET1”) capital ratio, leverage ratio, adjusted costs and post-tax return on tangible equity (“RoTE”)","Determination of VC and appropriate risk-adjustment","The Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments.","The robust methodology in place aims at ensuring that the determination of VC reflects the risk-adjusted performance as well as the capital and liquidity position of the Group.","The total amount of VC is primarily driven by","(i) the Group affordability (i.e. what “can” DWS Group sustainably afford award in alignment with regulatory requirements) and","(ii) performance (what “should” the Group award in order to provide an appropriate compensation for performance while protecting the long-term health of the franchise).","At the level of the individual employee, the Group has established “Variable Compensation Guiding Principles” which detail the factors and metrics that must be taken into account when ma- king IVC decisions.","These include, for instance, investment performance, client retention, culture considerations, and objective setting and performance assessment based on the “Total Performance’ approach.","Furthermore, any control function inputs and disciplinary sanctions and their impact on the VC have to be considered as well.","As part of a discretionary decision-making process, the DWS DCC uses (financial and non-financial) key figures to identify differentiated and performance linked VC pools for business and infrastructure areas.","Compensation for 2020","Despite the ongoing pandemic, the diverse range of investment products and solutions as well as stabilizing markets contributed to significant net flows in 2020 and allowed the Group to execute its strategic priorities effectively.","The intensified focus on investment performance and increased investor demand for targeted asset classes were key drivers of the success.","Against this backdrop, the DCC has monitored the affordability of VC for 2020.","The committee has concluded that the capital and liquidity base of the Group remain above regulatory minimum requirements, and internal risk appetite threshold.","As part of the overall 2020 VC awards to be granted in March 2021, the Group Component was awarded to eligible employees in line with the assessment of the defined KPIs.","The Executive Board recognizing the considerable contribution of employees and determined a target achievement rate of 98.50% for 2020 for DWS Group.","Considering the DB Group target achievement as determined by the Deutsche Bank AG Management Board, the hybrid achievement rate for employees at management level was determined of 85.50% for 2020.","Identification of Material Risk Takers","In accordance with the Law as of 17 December 2010 on Undertakings for Collective Investments (as subsequently amended) in conjunction with the ESMA Guidelines with accordance to UCITS Directive, the Company has identified individuals who have a material impact of the Company’s risk profile (“Material Risk Takers”).","The identification process has been based on an assessment of the impact of the following categories of staff on the risk profile of the Company or on a fund it manages:","(a) Board Members/Senior Management,","(b) Portfolio/Investment managers,","(c) Control Functions,","(d) Staff heading Administration, Marketing and Human Resources,","(e) other individuals (Risk Takers) in a significant position of influence,","(f) other emplo- yees in the same remuneration bracket as other Risk Takers, whose roles have an impact on the risk profile of the Company or the Group.","At least 40% of the VC for Material Risk Takers is deferred.","Additionally, at least 50% of both, the upfront and the deferred proportion, are granted in the Group share-based instruments or fund-linked instruments for Key Investment Professionals.","All deferred components are subject to a number of performance conditions and forfeiture provisions which ensure an appropriate ex-post risk adjustment.","In case the VC is lower than EUR 50,000, the Material Risk Takers receive their entire VC in cash without any deferral.","Aggregate Compensation Information for the Company for 2020 2","| Number of employees on an annual average | 495 |","| --- | --- |","| Total Compensation | EUR | 72,263,920 |","| Fixed Pay | EUR | 49,892,007 |","| Variable Compensation | EUR | 22,371,913 |","| Thereof: Carried Interest | EUR | 0 |","| Total Compensation for Senior Management3 | EUR | 6,927,072 |","| Total Compensation for other Material Risk Takers4 | EUR | 15,008,666 |","| Total Compensation for Control Function employees | EUR | 2,473,707 |","2 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.","3 Senior Management refers to the members of the Management Board of the Company, only.","Members of the Management Board meet the definition of managers.","Apart from the members of Senior Management, no further managers have been identified.","4 Identified other material Risk Takers with control functions are shown in the line “Control Function employees”.","#### Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 –","Statement in accordance with Section A","Stated in fund currency","Absolute","In % of the fund’s net assets","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- NameGross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","| | | |","| --- | --- | --- |","| | | |","| | | |","- Name Gross volumeof open transactionsCountry of registration","##### Securities lending\tRepurchase agreements\tTotal return swaps","- Assets used","| 578 917 634.54 | - | - |","| --- | --- | --- |","| 3.24 | - | - |","- The 10 largest counterparties","| Barclays Bank Ireland PLC, Dublin | | |","| --- | --- | --- |","| 222 143 533.99 | | |","| Ireland | | |","| Natixis S.A., Paris | | |","| --- | --- | --- |","| 183 163 728.74 | | |","| France | | |","| Société Générale S.A., Paris | | |","| --- | --- | --- |","| 129 572 704.18 | | |","| France | | |","| UBS AG, London | | |","| --- | --- | --- |","| 27 007 926.29 | | |","| United Kingdom | | |","| Citigroup Global Markets Europe AG, Frankfurt/Main | | |","| --- | --- | --- |","| 17 029 741.34 | | |","| Federal Republic of Germany | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","- Name Gross volumeof open transactions Country of registration(e.g., bilateral, tri-party, central counterparty)Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityBank balances Bonds Equities Other","- Type(s) of settlement and clearing","| Bilateral | - | - |","| --- | --- | --- |","- Transactions classified by term to maturity (absolute amounts)","| - | - | - |","| --- | --- | --- |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| 578 917 634.54 | - | - |","| Type(s): |","| --- |","| - | - | - |","| 35 927 170.52 | - | - |","| 516 405 344.44 | - | - |","| 96 195 920.92 | - | - |","| Quality/Qualities: |","| Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: - Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity","- Units of a collective investment undertaking investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating","- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents","- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade","- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major indexThe Management Company reserves the right to restrict the permissibility of the aforementioned collateral.","Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.","Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund.","- Type(s) and quality/qualities of collateral receivedCurrency/Currencies:Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityAbsoluteIn % of gross income Cost portion of the fundAbsoluteIn % of gross incomeCost portion of the Management CompanyAbsoluteIn % of gross incomeCost portion of third partiesAbsolute","- Currency/Currencies of collateral received","| EUR; GBP; USD; AUD; JPY; SEK; DKK; CAD; NZD; CHF; HUF; PGK | - | - |","| --- | --- | --- |","- Collateral classified by term to maturity (absolute amounts)","| - | - | - |","| --- | --- | --- |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| 648 528 435.88 | - | - |","- Income and cost portions (before income adjustment)","| Income portion of the fund |","| --- |","| 1 312 751.13 | - | - |","| 67.00 | - | - |","| - | - | - |","| Income portion of the Management Company |","| --- |","| 646 578.37 | - | - |","| 33.00 | - | - |","| - | - | - |","| Income portion of third parties |","| --- |","| - | - | - |","| - | - | - |","| - | - | - |","- Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swapsTotal Share","- Lent securities in % of all lendable assets of the fund","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- The 10 largest issuers, based on all SFTs and total return swaps","| Bank of Ireland Group PLC | | |","| --- | --- | --- |","| 23 248 629.07 | | |","| alstria office REIT-AG | | |","| --- | --- | --- |","| 21 111 594.95 | | |","* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.","| Barry Callebaut AG | | |","| --- | --- | --- |","| 21 109 369.69 | | |","- NameVolume of collateral received (absolute)","| AIB Group PLC | | |","| --- | --- | --- |","| 18 812 606.44 | | | - NameVolume of collateral received (absolute) | French Republic | | | | --- | --- | --- | | 17 933 965.31 | | | - NameVolume of collateral received (absolute) | Oil Search Ltd. | | | | --- | --- | --- | | 17 407 204.38 | | | - NameVolume of collateral received (absolute) | Nippo Corp. | | | | --- | --- | --- | | 16 770 744.12 | | | - NameVolume of collateral received (absolute) | Xero Ltd. | | | | --- | --- | --- | | 15 031 929.09 | | | - NameVolume of collateral received (absolute) | Amazon.com Inc. | | | | --- | --- | --- | | 14 465 869.70 | | | - NameVolume of collateral received (absolute) | Kingspan Group PLC | | | | --- | --- | --- | | 12 974 332.80 | | | - NameVolume of collateral received (absolute)- - Reinvested collateral in % of collateral received, based on all SFTs and total return swapsShare - Custody type of provided collateral from SFTs and total return swaps | - | - | | --- | --- | | - | - | | - | - | | - | - | (In % of all provided collateral from SFTs and total return swaps) Segregated cash/ custody accounts Pooled cash/custody accounts Other cash/custody accounts Recipient determines custody type | 2 | - | - | | --- | --- | --- | - Depositaries/Account holders of received collateral from SFTs and total return swapsTotal number of depositaries/ account holders | Bank of New York | | | | --- | --- | --- | | 630 594 470.57 | | | - NameAmount held in custody (absolute) | State Street Bank International GmbH (Custody Operations) | | | | --- | --- | --- | | 17 933 965.31 | | | - NameAmount held in custody (absolute)KPMG issued an unqualified auditor‘s report forthe full annual report in accordance with article 102of the German Investment Code. The translation ofthe auditor‘s report is as follows:Frankfurt/Main, Germany, December 22, 2021DWS Investment GmbH, Frankfurt/Main The ManagementIndependent auditor’s report ### To DWS Investment GmbH, Frankfurt/Main Audit opinion We have audited the annual report of the investment fund DWS Top Dividende comprising the activity report for the fiscal year from October 1, 2020, through September 30, 2021, the statement of net assets and investment portfolio as of September 30, 2021, the statement of income and expenses, the distribu- tion calculation, the statement of changes in net assets for the fiscal year from October 1, 2020, through September 30, 2021, as well as the comparative overview for the last three fiscal years, the statement of transactions concluded during the reporting period to the extent that they are no longer part of the invest- ment portfolio, and the notes. In our opinion, based on the findings of our audit, the accompanying annual report complies in all material respects with the provisions of the German Investment Code (KAGB) and the relevant European regulations and allows a comprehensive view of the actual circumstances and developments of the investment fund in accordance with these regulations. ### Basis for the audit opinion We conducted our audit of the annual report in accordance with article 102 KAGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Our responsibility under these rules and principles is further described in the section “Auditor’s responsibility for the audit of the annual report” of our report. We are independent of DWS Investment GmbH in accordance with German commercial law and professional regulations and have fulfilled our other German professional obligations in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate for providing a basis for our audit opinion on the annual report. ### Responsibility of the legal representatives for the annual report The legal representatives of DWS Investment GmbH are responsible for the preparation of the annual report, which complies in all material respects with the provisions of the German KAGB and the relevant European regulations, and for ensuring that the annual report gives a comprehensive view of the actual circumstances and developments of the investment fund in accordance with these regulations. In addition, the legal rep- resentatives are responsible for the internal controls that they have deemed necessary in accordance with these Regulations in order to facilitate the preparation of an annual report that is free from material misstate- ment, whether intentional or unintentional. When preparing the annual report, the legal representatives are responsible for including events, decisions and factors that could materially influence the further development of the investment fund. This means, among other things, that when preparing the annual report, the legal representatives must assess the con- tinuation of the investment fund by DWS Investment GmbH and have the responsibility to disclose facts in connection with the continuation of the investment fund, if relevant. ### Responsibility of the auditor for the audit of the annual report Our objective is to obtain reasonable assurance as to whether the annual report as a whole is free from material misstatement, whether intentional or unintentional, and to issue a report that includes our opinion on the annual report. Sufficient assurance is a high level of assurance, but not a guarantee, that an audit conducted in accor- dance with article 102 KAGB and German generally accepted standards for the audit of financial state- ments promulgated by the Institut der Wirtschaftsprüfer (IDW) will always reveal a material misstatement. Misstatements may result from violations or inaccuracies and are considered material if it is reasonably expected that they will affect, individually or collectively, the economic decisions of users made on the basis of this annual report. During the audit, we exercise due discretion and maintain a critical attitude. We also: - Identify and evaluate the risks of material misstatements, whether intentional or not, in the annual report, plan and perform audit procedures in response to those risks, and obtain sufficient and appropriate audit evidence for providing a basis for our audit opinion. The risk that material misstatements will not be detected is greater for violations than for inaccuracies, as violations may involve fraudulent collusion, falsification, intentional incompleteness, misrepresentation, or the overriding of internal controls. - Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate to the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the internal control system of DWS Investment GmbH. - Assess the appropriateness of the accounting policies used by the legal representatives of DWS Invest- ment GmbH in preparing the annual report and the reasonableness of the estimates and related disclo- sures made by the legal representatives. - Draw conclusions on the basis of audit evidence obtained as to whether there is any material uncertainty in connection with events or circumstances that could cast significant doubt on the continuation of the investment fund by DWS Investment GmbH. If we conclude that there is a material uncertainty, we are required to make a note of the related disclosures in the annual report or, if such disclosures are unreason- able, to modify our opinion. We draw our conclusions on the basis of the audit evidence obtained up to the date of our audit opinion. Future events or circumstances may, however, result in the discontinuation of the investment fund by DWS Investment GmbH. - Evaluate the overall presentation, structure and content of the annual report, including the disclosures, and whether the annual report presents the underlying transactions and events in such a way that the annual report provides a comprehensive view of the actual circumstances and developments of the invest- ment fund in accordance with the provisions of the German KAGB and the relevant European regulations. We discuss with those charged with governance, among other things, the planned scope and timing of the audit and significant findings of the audit, including any deficiencies in the internal control system identified during our audit. Frankfurt/Main, Germany, December 22, 2021 KPMG AG Wirtschaftsprüfungsgesellschaft Kuppler\tNeuf Auditor\tAuditor Asset Management Company DWS Investment GmbH 60612 Frankfurt/Main, Germany Own funds on December 31, 2020: EUR 398.4 million Subscribed and paid-in capital on December 31, 2020: EUR 115 million Supervisory Board Dr. Asoka Wöhrmann Chairman DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Christof von Dryander Vice-Chairman Cleary Gottlieb Steen & Hamilton LLP, Frankfurt/Main Hans-Theo Franken Deutsche Vermögensberatung AG, Frankfurt/Main Dr. Alexander Ilgen Deutsche Bank AG, Frankfurt/Main Britta Lehfeldt (until October 31, 2021) Deutsche Bank AG, Frankfurt/Main Dr. Stefan Marcinowski Ludwigshafen Prof. Christian Strenger The Germany Funds, New York Gerhard Wiesheu Partner of Bankhaus B. Metzler seel. Sohn & Co. KGaA, Frankfurt/Main Susanne Zeidler Deutsche Beteiligungs AG, Frankfurt/Main Management Manfred Bauer Speaker of the Management Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Member of the Supervisory Board of DWS Investment S.A., Luxembourg Dirk Görgen Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Stefan Kreuzkamp Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Member of the Supervisory Board of DWS Investment S.A., Luxembourg Dr. Matthias Liermann Member of the Management of DWS International GmbH, Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Member of the Supervisory Board of DWS Investment S.A., Luxembourg Member of the Supervisory Board of Deutsche Treuinvest Stiftung, Frankfurt/Main Petra Pflaum Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Depositary State Street Bank International GmbH Brienner Straße 59 80333 Munich, Germany Own funds on December 31, 2020: EUR 2,302.0 million (as defined in article 72 of Regulation (EU) No. 575/2013 (CRR)) Subscribed and paid-in capital on December 31, 2020: EUR 109.4 million Shareholder of DWS Investment GmbH DWS Beteiligungs GmbH, Frankfurt/Main As of: October 31, 2021 DWS Investment GmbH 60612 Frankfurt/Main, Germany Tel. : +49 (0) 69-910-12371 Fax: +49 (0) 69-910-19090 www.dws.com"],"string":"[\n \"# Annual report\",\n \"## DWS Top Dividende\",\n \"### Investment objective and performance in the reporting period\",\n \"The investment focus of DWS Top Dividende is on inter- national companies that, in the opinion of the portfolio management, offer prospects of above-average, sustained dividend yields in the medium\",\n \"###### DWS TOP DIVIDENDE\",\n \"Five-year performance\",\n \"130\",\n \"125\",\n \"120\",\n \"115\",\n \"110\",\n \"105\",\n \"100\",\n \"95\",\n \"to long term based on company\",\n \"9/16*\",\n \"9/17\",\n \"9/18\\t9/19\\t9/20\",\n \"9/21\",\n \"fundamentals such as balance sheet quality and business\",\n \"DWS Top Dividende (LD unit class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 9/2016 = 100\",\n \"Data on euro basis\",\n \"model.\",\n \"In the fiscal year through the end of September 2021, the fund recorded an appreciation of 16.1% per unit (LD unit class, BVI method) in euro.\",\n \"### Investment policy in the reporting period\",\n \"The key risks were mainly identified as the uncertainty regarding the further course of the COVID-19 pandemic*, the development of a vaccine,\",\n \"and the resulting impact on the global economy and financial markets.\",\n \"Past performance is no guide to future results.\",\n \"As of: September 30, 2021\",\n \"###### DWS TOP DIVIDENDE\",\n \"Performance of unit classes (in EUR)\",\n \"| Unit class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LD | DE0009848119 | 16.1% | 13.8% | 22.4% |\",\n \"| Class FD | DE000DWS1VB9 | 16.8% | 15.7% | 25.8% |\",\n \"| Class LC | DE000DWS1U90 | 16.1% | 13.8% | 19.6%1 |\",\n \"| Class LDQ | DE000DWS18N0 | 16.1% | 13.8% | 22.4% |\",\n \"| Class RC | DE000DWS2PA1 | 16.2% | 14.0% | 19.8%1 |\",\n \"| Class TFC | DE000DWS18Q3 | 16.9% | 16.1% | 20.3%1 |\",\n \"| Class TFD | DE000DWS2SL2 | 16.9% | 16.1% | 21.6%1 |\",\n \"1 Class TFC launched on January 2, 2017 / Classes LC and RC launched on September 1, 2017 / Class TFD launched on January 2, 2018\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: September 30, 2021\",\n \"In the reporting period, devel- opments in the international capital markets continued to be characterized by the corona- virus pandemic and its social and economic consequences for the world’s population.\",\n \"The equity markets profited from\",\n \"the extremely relaxed monetary policies of the central banks\",\n \"of the industrial countries.\",\n \"Since the beginning of 2021, the economic outlook has also improved in view of the efforts undertaken by the international community of nations and the packages of measures intro- duced with the objective of tackling the economic conse- quences of the COVID-19 crisis,\",\n \"as well as the approval appli- cations for COVID-19 vaccines and the vaccination campaigns taking effect.\",\n \"The fund’s investment focus, based on its strategy, was on more defensive equities from the consumer staples, telecom- munications, health care, insur- ance, and utilities segments, which were viewed as likely to generate above-average divi- dend income.\",\n \"In the energy sector, oil com- pany Royal Dutch Shell made an above-average contribution\",\n \"to performance.\",\n \"The sharp rise in oil prices and continued rig- orous cost containment led to a jump in profits.\",\n \"In the tech- nology sector, the position in Taiwan Semiconductor Manu- facturing again posted positive performance in view of market share gains achieved on the back of the company’s techno- logical advantage.\",\n \"The position in BHP Group also performed better than average in the con- text of the higher iron ore price\",\n \"and an increase in the dividend.\",\n \"In contrast, the performance of the fund was adversely affected\",\n \"by the below-average per-\",\n \"formance of a position in the financial sector.\",\n \"The Chinese insurance group Ping An came under a lot of pressure due\",\n \"to regularly concerns and the slump in the Chinese real estate market.\",\n \"### Main sources of capital gains and losses\",\n \"The main sources of capital gains and losses were realized gains on the sale of equities.\",\n \"In contrast, the sources of losses were fixed-income securities and currencies.\",\n \"### Information on the environmental and/or social characteristics\",\n \"The investment fund qualifies as a product in accordance with article 6 of Regulation (EU) 2019/2088 on sustainability- related disclosures in the finan- cial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus (COVID-19) crisis was/ is a major challenge, including for the economy worldwide, and is therefore a significant event during the report- ing period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for\",\n \"understanding the annual financial state- ments.\",\n \"Additional details are provided in the explanations in the “General informa- tion” section.\",\n \"###### DWS TOP DIVIDENDE\",\n \"Overview of the unit classes\",\n \"ISIN\\tLD\\tDE0009848119\",\n \"LC\\tDE000DWS1U90\",\n \"FD\\tDE000DWS1VB9\",\n \"LDQ\\tDE000DWS18N0\",\n \"TFC\\tDE000DWS18Q3\",\n \"RC\\tDE000DWS2PA1\",\n \"TFD\\tDE000DWS2SL2\",\n \"Security code (WKN)\\tLD\\t984811\",\n \"LC\\tDWS1U9\",\n \"FD\\tDWS1VB\",\n \"LDQ\\tDWS18N\",\n \"TFC\\tDWS18Q\",\n \"RC\\tDWS2PA\",\n \"TFD\\tDWS2SL\",\n \"Fund currency\\tEUR\",\n \"Unit class currency\\tLD\\tEUR\",\n \"LC\\tEUR\",\n \"FD\\tEUR\",\n \"LDQ\\tEUR\",\n \"TFC\\tEUR\",\n \"RC\\tEUR\",\n \"TFD\\tEUR\",\n \"Date of inception\\tLD\\tApril 28, 2003\",\n \"and initial subscription\\t(from March 15, 2013, as LD unit class)\",\n \"LC\\tSeptember 1, 2017\",\n \"FD\\tAugust 12, 2013\",\n \"LDQ\\tMarch 2, 2015\",\n \"TFC\\tJanuary 2, 2018\",\n \"(until January 1, 2018 as SC unit class)\",\n \"RC\\tSeptember 1, 2017\",\n \"TFD\\tJanuary 2, 2018\",\n \"Initial sales charge\\tLD\\t5%\",\n \"LC\\t5%\",\n \"FD\\tNone\",\n \"LDQ\\t5%\",\n \"TFC\\tNone\",\n \"RC\\t5%\",\n \"TFD\\tNone\",\n \"Distribution policy\\tLD\\tDistribution LC\\tReinvestment\",\n \"FD\\tDistribution\",\n \"LDQ\\tQuarterly distribution\",\n \"TFC\\tReinvestment\",\n \"RC\\tDistribution\",\n \"TFD\\tDistribution\",\n \"###### DWS TOP DIVIDENDE\",\n \"Overview of the unit classes (continued)\",\n \"| All-in fee | LD | 1.45% p.a. |\",\n \"| --- | --- | --- |\",\n \"| | LC | 1.45% p.a. |\",\n \"| | FD | 0.9% p.a. |\",\n \"| | LDQ | 1.45% p.a. |\",\n \"| | TFC | 0.8% p.a. |\",\n \"| | RC | 1.4% p.a. |\",\n \"| | TFD | 0.8% p.a. |\",\n \"| Minimum investment* | LD | None |\",\n \"| | LC | None |\",\n \"| | FD | EUR 2,000,000 |\",\n \"| | LDQ | None |\",\n \"| | TFC | None |\",\n \"| | RC | EUR 500,000,000 |\",\n \"| | TFD | None |\",\n \"| Initial issue price | LD | EUR 52.50 |\",\n \"| | | (incl. initial sales charge) |\",\n \"| | LC | Net asset value per unit of the |\",\n \"| | | DWS Top Dividende LD unit class |\",\n \"| | | on the inception date of the |\",\n \"| | | LC unit class (plus initial sales |\",\n \"| | | charge) |\",\n \"| | FD | EUR 92.91 |\",\n \"| | LDQ | EUR 117.46 |\",\n \"| | | (plus initial sales charge) |\",\n \"| | TFC | EUR 120.02 |\",\n \"| | RC | Net asset value per unit of the |\",\n \"| | | DWS Top Dividende LD unit class |\",\n \"| | | on the inception date of the |\",\n \"| | | RD unit class (plus initial sales |\",\n \"| | | charge) |\",\n \"| | TFD | EUR 100 |\",\n \"* The Company reserves the right to deviate from these minimum initial investment amounts at its own discretion, e.g., in cases where distribution partners have made separate fee arrangements with their clients.\",\n \"Subsequent purchases can be made in any amount.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"DWS Top Dividende\",\n \"#### Statement of net assets as of September 30, 2021\",\n \"| I. Assets | Amount in EUR | % of net assets |\",\n \"| --- | --- | --- |\",\n \"| 1. Equities (sectors): Financials | 2 563 634 697.43 | 14.33 |\",\n \"| Consumer Staples | 2 223 930 661.51 | 12.43 |\",\n \"| Health Care | 2 223 640 938.87 | 12.43 |\",\n \"| Information Technology | 1 920 589 505.09 | 10.73 |\",\n \"| Basic Materials | 1 700 477 066.82 | 9.50 |\",\n \"| Utilities | 1 688 764 125.21 | 9.44 |\",\n \"| Energy | 1 683 499 984.93 | 9.41 |\",\n \"| Industrials | 1 486 408 443.04 | 8.31 |\",\n \"| Consumer Discretionaries | 505 242 813.46 | 2.82 |\",\n \"| Other | 1 118 540 802.45 | 6.25 |\",\n \"| Total equities: | 17 114 729 038.81 | 95.65 |\",\n \"| 2. Cash at bank | 787 449 757.00 | 4.40 |\",\n \"| 3. Other assets | 46 286 381.14 | 0.26 |\",\n \"| 4. Receivables from share certificate transactions | 2 804 602.03 | 0.02 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Loan liabilities | -29 853 864.64 | -0.17 |\",\n \"| 2. Other liabilities | -21 308 050.20 | -0.12 |\",\n \"| 3. Liabilities from share certificate transactions | -6 971 605.53 | -0.04 |\",\n \"| III.\",\n \"Net assets | 17 893 136 258.61 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – September 30, 2021\",\n \"Securities traded on an exchange\\t16 750 336 382.49\\t93.61\",\n \"Equities\",\n \"Canadian National Railway Co. (CA1363751027) \\tCount\\t2 000 000\\t2 000 000\\tCAD\\t147.5900\\t199 972 901.56\\t1.12\",\n \"Enbridge (CA29250N1050) \\tCount\\t7 000 000\\t1 000 000\\tCAD\\t50.7900\\t240 857 665.47\\t1.35\",\n \"TC Energy (CA87807B1076) \\tCount\\t10 491 000\\tCAD\\t61.3800\\t436 242 517.44\\t2.44\",\n \"Nestlé Reg.\",\n \"(CH0038863350) \\tCount\\t4 270 000\\t200 000\\t730 000\\tCHF\\t113.4600\\t446 767 060.13\\t2.50\",\n \"Novartis Reg.\",\n \"(CH0012005267) 3 \\tCount\\t3 962 537\\t100 000\\t1 037 463\\tCHF\\t77.4700\\t283 085 338.80\\t1.58\",\n \"Carlsberg B (DK0010181759) \\tCount\\t507 000\\t507 000\\tDKK\\t1 050.5000\\t71 620 665.77\\t0.40\",\n \"Allianz (DE0008404005) \\tCount\\t1 100 000\\t1 800 000\\tEUR\\t195.5200\\t215 072 000.00\\t1.20\",\n \"AXA (FR0000120628) \\tCount\\t3 850 000\\t3 850 000\\tEUR\\t24.1750\\t93 073 750.00\\t0.52\",\n \"Daimler Reg.\",\n \"(DE0007100000) \\tCount\\t1 242 900\\t1 242 900\\tEUR\\t77.5500\\t96 386 895.00\\t0.54\",\n \"Deutsche Börse Reg.\",\n \"(DE0005810055) \\tCount\\t640 000\\t640 000\\tEUR\\t141.0500\\t90 272 000.00\\t0.50\",\n \"Deutsche Telekom Reg.\",\n \"(DE0005557508) \\tCount\\t4 962 790\\t4 962 790\\tEUR\\t17.4960\\t86 828 973.84\\t0.49\",\n \"E.ON Reg.\",\n \"(DE000ENAG999) \\tCount\\t15 000 000\\t3 000 000\\tEUR\\t10.5640\\t158 460 000.00\\t0.89\",\n \"ENEL (IT0003128367) \\tCount\\t21 000 000\\t21 000 000\\tEUR\\t6.6900\\t140 490 000.00\\t0.79\",\n \"Fuchs Petrolub (DE000A3E5D56) \\tCount\\t4 082 313\\t4 402 413\\t320 100\\tEUR\\t31.5800\\t128 919 444.54\\t0.72\",\n \"Hannover Rück Reg.\",\n \"(DE0008402215) \\tCount\\t1 710 040\\t787 960\\tEUR\\t152.2000\\t260 268 088.00\\t1.45\",\n \"KONE OYj (FI0009013403) \\tCount\\t450 000\\t450 000\\tEUR\\t60.9600\\t27 432 000.00\\t0.15\",\n \"Koninklijke Philips (NL0000009538) \\tCount\\t5 203 454\\tEUR\\t38.7650\\t201 711 894.31\\t1.13\",\n \"Michelin Reg.\",\n \"(FR0000121261) 3 \\tCount\\t970 000\\tEUR\\t133.0500\\t129 058 500.00\\t0.72\",\n \"Royal Dutch Shell Cl.\",\n \"A (GB00B03MLX29) \\tCount\\t17 231 600\\t3 768 400\\tEUR\\t19.4460\\t335 085 693.60\\t1.87\",\n \"Sampo Bear.\",\n \"A (FI0009003305) \\tCount\\t6 785 000\\t1 715 000\\tEUR\\t42.7700\\t290 194 450.00\\t1.62\",\n \"Sanofi (FR0000120578) \\tCount\\t2 734 588\\t200 000\\t1 265 412\\tEUR\\t83.9400\\t229 541 316.72\\t1.28\",\n \"Siemens Reg.\",\n \"(DE0007236101) \\tCount\\t1 600 000\\t300 000\\tEUR\\t142.3800\\t227 808 000.00\\t1.27\",\n \"Stellantis (NL00150001Q9) \\tCount\\t4 896 363\\t4 896 363\\tEUR\\t16.6540\\t81 544 029.40\\t0.46\",\n \"TotalEnergies (FR0000120271) \\tCount\\t8 610 800\\t3 889 200\\tEUR\\t41.4950\\t357 305 146.00\\t2.00\",\n \"Unilever (GB00B10RZP78) \\tCount\\t7 630 400\\t11 000 000\\t3 369 600\\tEUR\\t47.0750\\t359 201 080.00\\t2.01\",\n \"VINCI (FR0000125486) \\tCount\\t2 750 000\\tEUR\\t90.5800\\t249 095 000.00\\t1.39\",\n \"Anglo American (GB00B1XZS820) \\tCount\\t933 800\\t933 800\\tGBP\\t26.1600\\t28 289 760.28\\t0.16\",\n \"BHP Group (GB00BH0P3Z91) \\tCount\\t24 000 000\\t2 200 000\\tGBP\\t18.8980\\t525 248 407.64\\t2.94\",\n \"Imperial Brands (GB0004544929) \\tCount\\t1 485 300\\t7 914 700\\tGBP\\t15.8450\\t27 254 867.98\\t0.15\",\n \"Rio Tinto (GB0007188757) \\tCount\\t808 400\\t2 500 000\\t1 691 600\\tGBP\\t48.8850\\t45 765 644.47\\t0.26\",\n \"Ping An Insurance (Group) Co. of China Cl.\",\n \"H (new)\",\n \"(CNE1000003X6) \\tCount\\t24 000 000\\t24 000 000\\tHKD\\t53.2500\\t141 417 047.50\\t0.79\",\n \"Bridgestone Corp. (JP3830800003) \\tCount\\t3 000 000\\tJPY\\t5 306.0000\\t122 530 982.99\\t0.68\",\n \"Nippon Telegraph and Telephone Corp.\",\n \"(JP3735400008) 3 \\tCount\\t14 596 700\\t12 098 300\\tJPY\\t3 085.0000\\t346 630 894.47\\t1.94\",\n \"Tokio Marine Holdings Inc. (JP3910660004) 3 \\tCount\\t5 600 000\\t1 500 000\\tJPY\\t6 021.0000\\t259 545 839.43\\t1.45\",\n \"KT&G Corp. (KR7033780008) \\tCount\\t613 100\\t2 683 900\\tKRW 81 200.0000\\t36 209 896.97\\t0.20\",\n \"DNB Bank (NO0010161896) \\tCount\\t19 000 000\\t19 000 000\\tNOK\\t199.7000\\t371 098 831.24\\t2.07\",\n \"Gjensidige Forsikring (NO0010582521) \\tCount\\t11 868 800\\t2 318 200\\tNOK\\t193.6000\\t224 734 674.56\\t1.26\",\n \"Telenor (NO0010063308) \\tCount\\t16 000 000\\tNOK\\t147.8500\\t231 365 836.96\\t1.29\",\n \"Atlas Copco Cl.\",\n \"A (SE0011166610) \\tCount\\t250 000\\tSEK\\t530.0000\\t12 992 871.08\\t0.07\",\n \"Sandvik (SE0000667891) \\tCount\\t4 208 101\\t4 208 101\\tSEK\\t200.3000\\t82 652 568.70\\t0.46\",\n \"Swedbank (SE0000242455) \\tCount\\t5 638 700\\t5 638 700\\tSEK\\t176.1600\\t97 403 719.59\\t0.54\",\n \"Chunghwa Telecom Co. (TW0002412004) \\tCount\\t26 092 540\\t30 446 540\\t4 354 000\\tTWD\\t110.5000\\t89 322 440.86\\t0.50\",\n \"Taiwan Semiconductor Manufacturing Co.\",\n \"(TW0002330008) \\tCount\\t32 210 000\\t32 790 000\\tTWD\\t580.0000\\t578 762 874.14\\t3.23\",\n \"Accenture (IE00B4BNMY34) \\tCount\\t510 000\\t226 022\\t190 000\\tUSD\\t323.5300\\t142 192 606.00\\t0.79\",\n \"Amgen (US0311621009) \\tCount\\t500 000\\t550 000\\t50 000\\tUSD\\t214.9000\\t92 597 380.21\\t0.52\",\n \"Automatic Data Processing (US0530151036) \\tCount\\t1 500 000\\tUSD\\t199.5800\\t257 988 624.61\\t1.44\",\n \"Bank of America Corp. (US0605051046) \\tCount\\t2 077 748\\t2 277 748\\t200 000\\tUSD\\t43.0700\\t77 118 757.64\\t0.43\",\n \"Broadcom (US11135F1012) \\tCount\\t400 000\\t400 000\\tUSD\\t489.4800\\t168 728 024.82\\t0.94\",\n \"Chevron Corp. (US1667641005) \\tCount\\t2 000 000\\t1 200 000\\t1 200 000\\tUSD\\t103.3300\\t178 093 760.77\\t1.00\",\n \"Chubb (CH0044328745) \\tCount\\t660 000\\t660 000\\tUSD\\t176.3900\\t100 325 232.68\\t0.56\",\n \"Colgate-Palmolive Co. (US1941621039) \\tCount\\t1 350 000\\t1 350 000\\tUSD\\t77.0800\\t89 674 250.26\\t0.50\",\n \"Dominion Energy (US25746U1097) \\tCount\\t5 000 000\\t400 000\\tUSD\\t74.3500\\t320 363 667.70\\t1.79\",\n \"Johnson & Johnson (US4781601046) \\tCount\\t2 900 000\\t400 000\\t100 000\\tUSD\\t164.0200\\t409 908 652.19\\t2.29\",\n \"JPMorgan Chase & Co. (US46625H1005) \\tCount\\t1 150 000\\t1 900 000\\t750 000\\tUSD\\t165.9500\\t164 462 685.28\\t0.92\",\n \"LyondellBasell Industries (NL0009434992) \\tCount\\t1 603 100\\t1 603 100\\tUSD\\t95.8600\\t132 431 201.31\\t0.74\",\n \"Medtronic (IE00BTN1Y115) \\tCount\\t3 000 000\\tUSD\\t126.5800\\t327 249 224.41\\t1.83\",\n \"| | Count/ | Quantity/ | Purchases/ | Sales/ | | Total market |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| Security name | currency | principal | additions | disposals | Market price | value in |\",\n \"| (– / ’000)\\tamount\\tin the reporting period\\tEUR |\",\n \"| Merck & Co. (US58933Y1055) | Count | 4 348 318 | 5 800 000 | 6 701 682 | USD | 75.0900 | 281 381 591.37 | 1.57 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Microsoft Corp. (US5949181045) | Count | 1 350 000 | 1 350 000 | | USD | 284.0000 | 330 403 309.20 | 1.85 |\",\n \"| Mondelez International Cl.\",\n \"A (US6092071058) | Count | 4 039 000 | 4 039 000 | | USD | 59.0500 | 205 535 117.20 | 1.15 |\",\n \"| Newmont (US6516391066) | Count | 11 579 500 | 900 000 | 420 500 | USD | 53.7100 | 535 965 998.79 | 3.00 |\",\n \"| Nextera Energy Inc. (US65339F1012) | Count | 7 349 780 | 8 400 000 | 3 950 220 | USD | 78.3500 | 496 255 828.16 | 2.77 |\",\n \"| Nutrien (CA67077M1086) | Count | 5 432 900 | 5 432 900 | | USD | 64.9000 | 303 856 609.79 | 1.70 |\",\n \"| Parker-Hannifin Corp. (US7010941042) | Count | 390 000 | 390 000 | | USD | 288.5900 | 96 992 502.59 | 0.54 |\",\n \"| PepsiCo (US7134481081) | Count | 2 800 000 | 200 000 | 200 000 | USD | 152.3000 | 367 493 967.60 | 2.05 |\",\n \"| Pfizer (US7170811035) | Count | 6 400 000 | 10 500 000 | 15 850 000 | USD | 43.5300 | 240 082 730.09 | 1.34 |\",\n \"| Philip Morris International (US7181721090) | Count | 2 058 200 | | 3 241 800 | USD | 99.4900 | 176 465 286.11 | 0.99 |\",\n \"| Progressive Corp. (US7433151039) | Count | 1 040 000 | 1 040 000 | | USD | 91.1400 | 81 683 557.39 | 0.46 |\",\n \"| QUALCOMM (US7475251036) | Count | 957 552 | | | USD | 129.2800 | 106 680 732.99 | 0.60 |\",\n \"| Raytheon Technologies (US75513E1010) | Count | 4 200 000 | 1 203 100 | | USD | 86.9900 | 314 855 222.34 | 1.76 |\",\n \"| Schlumberger N.Y. Shares (AN8068571086) | Count | 5 200 000 | 1 200 000 | 2 000 000 | USD | 30.3300 | 135 915 201.65 | 0.76 |\",\n \"| TE Connectivity Reg (CH0102993182) | Count | 1 000 000 | | | USD | 138.7100 | 119 536 366.77 | 0.67 |\",\n \"| Texas Instruments (US8825081040) | Count | 1 300 000 | 1 300 000 | | USD | 193.0700 | 216 296 966.56 | 1.21 |\",\n \"| The Allstate Corp. (US0200021014) | Count | 870 000 | 870 000 | | USD | 129.3300 | 96 964 064.12 | 0.54 |\",\n \"| The Procter & Gamble (US7427181091) | Count | 3 625 400 | 525 400 | | USD | 142.0200 | 443 708 469.49 | 2.48 |\",\n \"| UGI Corp. (US9026811052) | Count | 6 000 000 | | | USD | 43.0200 | 222 440 537.75 | 1.24 |\",\n \"| Union Pacific Corp. (US9078181081) | Count | 1 580 000 | 880 000 | | USD | 201.6800 | 274 607 376.77 | 1.53 |\",\n \"| V.F. Corp. (US9182041080) | Count | 1 282 000 | 1 282 000 | | USD | 68.5400 | 75 722 406.07 | 0.42 |\",\n \"| WEC Energy Group (US92939U1060) | Count | 4 572 689 | | 827 311 | USD | 89.0100 | 350 754 091.60 | 1.96 |\",\n \"| Other equity securities | | | | | | | | |\",\n \"| Roche Holding Profitsh.\",\n \"(CH0012032048) | Count | 500 000 | | 950 000 | CHF | 342.8500 | 158 082 810.77 | 0.88 |\",\n \"| Securities admitted to or included in organized markets | | | | | | | 364 392 656.32 | 2.04 |\",\n \"| Equities | | | | | | | | |\",\n \"| BCE (new) (CA05534B7604) 3 | Count | 8 500 000 | | | CAD | 63.2800 | 364 392 656.32 | 2.04 |\",\n \"| Total securities portfolio | | | | | | | 17 114 729 038.81 | 95.65 |\",\n \"| Cash and non-securitized money market instruments | | | | | | | 787 449 757.00 | 4.40 |\",\n \"| Cash at bank | | | | | | | 787 449 757.00 | 4.40 |\",\n \"| Demand deposits at Depositary | | | | | | | | |\",\n \"| Deposits in other EU/EEA currencies | EUR | 5 857 643.77 | | | % | 100 | 5 857 643.77 | 0.03 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| Australian dollar | AUD | 2 854 775.36 | | | % | 100 | 1 772 051.74 | 0.01 |\",\n \"| Canadian dollar | CAD | 19 101 552.17 | | | % | 100 | 12 940 554.28 | 0.07 |\",\n \"| Swiss franc | CHF | 128 161 149.62 | | | % | 100 | 118 186 231.67 | 0.66 |\",\n \"| British pound | GBP | 280 971 765.08 | | | % | 100 | 325 387 104.90 | 1.82 |\",\n \"| Hong Kong dollar | HKD | 66 048 634.15 | | | % | 100 | 7 308 609.42 | 0.04 |\",\n \"| Japanese yen | JPY | 1 690 316 787.00 | | | % | 100 | 13 011 444.75 | 0.07 |\",\n \"| South Korean won | KRW | 3 674 657 945.00 | | | % | 100 | 2 672 740.92 | 0.01 |\",\n \"| New Zealand dollar | NZD | 180 309.45 | | | % | 100 | 106 780.44 | 0.00 |\",\n \"| Singapore dollar | SGD | 72 165.40 | | | % | 100 | 45 701.78 | 0.00 |\",\n \"| Taiwan dollar | TWD | 1 425 597 988.30 | | | % | 100 | 44 165 079.87 | 0.25 |\",\n \"| U.S. dollar | USD | 122 537 462.43 | | | % | 100 | 105 599 329.91 | 0.59 |\",\n \"| Time deposit | | | | | | | | |\",\n \"| CAD deposits (Landesbank Baden-Württemberg, Stuttgart) | CAD | 2 475 000.00 | | | % | 100 | 1 676 715.67 | 0.01 |\",\n \"| NOK deposits (Landesbank Baden-Württemberg, Stuttgart) | NOK | 582 900 000.00 | | | % | 100 | 57 010 122.74 | 0.32 |\",\n \"| JPY deposits (Coöperatieve Rabobank U.A., Utrecht) ... | JPY | 11 914 000 000.00 | | | % | 100 | 91 709 645.14 | 0.51 |\",\n \"| Other assets | | | | | | | 46 286 381.14 | 0.26 |\",\n \"| Dividends/Distributions receivable Receivables from compensation payments for securities lending | EUR EUR | 30 752 953.24 12 161 143.90 | | | % % | 100 100 | 30 752 953.24 12 161 143.90 | 0.17 0.07 |\",\n \"| Withholding tax claims | EUR | 2 989 935.00 | | | % | 100 | 2 989 935.00 | 0.02 |\",\n \"| Other receivables | EUR | 382 349.00 | | | % | 100 | 382 349.00 | 0.00 |\",\n \"| Receivables from share certificate transactions | EUR | 2 804 602.03 | | | % | 100 | 2 804 602.03 | 0.02 |\",\n \"| | Count/ | Quantity/ | Purchases/ | Sales/ | | Total market |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| Security name | currency | principal | additions | disposals | Market price | value in |\",\n \"| (– / ’000)\\tamount\\tin the reporting period\\tEUR |\",\n \"| Loan liabilities | | | | | -29 853 864.64 | -0.17 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| EUR loans .\",\n \"| EUR | -29 853 864.64 | % | 100 | -29 853 864.64 | -0.17 |\",\n \"| Other liabilities | | | | | -21 308 050.20 | -0.12 |\",\n \"| Liabilities from cost items .\",\n \"| EUR | -21 157 127.14 | % | 100 | -21 157 127.14 | -0.12 |\",\n \"| Additional other liabilities .\",\n \"| EUR | -150 923.06 | % | 100 | -150 923.06 | 0.00 |\",\n \"| Liabilities from share certificate transactions | EUR | -6 971 605.53 | % | 100 | -6 971 605.53 | -0.04 |\",\n \"| Net assets | | | | | 17 893 136 258.61 | 100.00 |\",\n \"| Net asset value per unit | Count/ | Net asset value per unit |\",\n \"| and number of units outstanding | currency | in the respective currency |\",\n \"| Net asset value per unit Class LD .\",\n \"| EUR | 128.52 |\",\n \"| Class FD .\",\n \"| EUR | 141.54 |\",\n \"| Class LDQ .\",\n \"| EUR | 127.80 |\",\n \"| Class TFC .\",\n \"| EUR | 146.26 |\",\n \"| Class LC .\",\n \"| EUR | 143.99 |\",\n \"| Class RC .\",\n \"| EUR | 136.32 |\",\n \"| Class TFD .\",\n \"| EUR | 112.38 |\",\n \"| Number of units outstanding Class LD .\",\n \"| Count | 126 731 686.929 |\",\n \"| Class FD .\",\n \"| Count | 2 966 944.698 |\",\n \"| Class LDQ .\",\n \"| Count | 81 200.188 |\",\n \"| Class TFC .\",\n \"| Count | 1 143 988.052 |\",\n \"| Class LC .\",\n \"| Count | 566 183.395 |\",\n \"| Class RC .\",\n \"| Count | 6 651 242.123 |\",\n \"| Class TFD .\",\n \"| Count | 179 793.666 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"Exchange rates (indirect quotes)\",\n \"As of September 30, 2021\",\n \"| Australian dollar .\",\n \"| AUD | 1.611000 | = | EUR | 1 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| Canadian dollar .\",\n \"| CAD | 1.476100 | = | EUR | 1 |\",\n \"| Swiss franc .\",\n \"| CHF | 1.084400 | = | EUR | 1 |\",\n \"| Danish krone .\",\n \"| DKK | 7.436450 | = | EUR | 1 |\",\n \"| British pound .\",\n \"| GBP | 0.863500 | = | EUR | 1 |\",\n \"| Hong Kong dollar .\",\n \"| HKD | 9.037100 | = | EUR | 1 |\",\n \"| Japanese yen .\",\n \"| JPY | 129.910000 | = | EUR | 1 |\",\n \"| South Korean won .\",\n \"| KRW | 1 374.865000 | = | EUR | 1 |\",\n \"| Norwegian krone .\",\n \"| NOK | 10.224500 | = | EUR | 1 |\",\n \"| New Zealand dollar .\",\n \"| NZD | 1.688600 | = | EUR | 1 |\",\n \"| Swedish krona .\",\n \"| SEK | 10.197900 | = | EUR | 1 |\",\n \"| Singapore dollar .\",\n \"| SGD | 1.579050 | = | EUR | 1 |\",\n \"| Taiwan dollar .\",\n \"| TWD | 32.278850 | = | EUR | 1 |\",\n \"| U.S. dollar .\",\n \"| USD | 1.160400 | = | EUR | 1 |\",\n \"Footnotes\",\n \"3\\tThese securities are completely or partly lent as securities loans.\",\n \"Transactions completed during the reporting period that no longer appear in the investment portfolio\",\n \"Securities loans (total transactions, at the value agreed at the closing of the loan contract)\",\n \"Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date\",\n \"Security name\",\n \"Count/\\tPurchases/\\tSales/\",\n \"Value (’000)\",\n \"Securities traded on an exchange\",\n \"currency (– / ’000)\",\n \"additions\\tdisposals\",\n \"No fixed maturity\\tEUR 5 282 409\",\n \"Security description: BCE (new) (CA05534B7604), Bridgestone Corp. (JP3830800003), British American Tobacco (BAT) (GB0002875804),\",\n \"| Equities | | | | Daito Trust Construction Co. (JP3486800000), DuPont de Nemours (US26614N1028), Epiroc Cl.\",\n \"A (SE0011166933),Michelin Reg.\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Siemens Energy (DE000ENER6Y0) .\",\n \"| Count | 650 000 | (FR0000121261), Nippon Telegraph and Telephone Corp.\",\n \"| Unilever Reg.\",\n \"(NL0000388619) .\",\n \"| Count | 11 000 000 | (JP3735400008), Novartis Reg.\",\n \"(CH0012005267), Roche Holding |\",\n \"| British American Tobacco (BAT) (GB0002875804) .\",\n \"| Count | 8 200 000 | Profitsh.\",\n \"(CH0012032048), Royal Dutch Shell Cl.\",\n \"A (GB00B03MLX29), Sampo Bear.\",\n \"A (FI0009003305), Sanofi |\",\n \"| Daito Trust Construction Co. (JP3486800000) ....\",\n \"| Count | 290 000 | (FR0000120578), Tokio Marine Holdings Inc. (JP3910660004), TotalEnergies (FR0000120271), VINCI (FR0000125486), 1.1250 % |\",\n \"| | | | US Treasury 16/28.02.21 (US912828P873), 1.1250 % US Treasury |\",\n \"| DNB A (NO0010031479)\\tCount | | 19 000 000 | 16/31.07.21 (US912828S760), 2.7500 % US Treasury 18/30.11.20 |\",\n \"| Chunghwa Telecom Sp.\",\n \"ADR (new) | | | (US9128285Q95) |\",\n \"| (US17133Q5027)\\tCount | | 3 092 040 | |\",\n \"| Cisco Systems (US17275R1023)\\tCount | | 8 500 000 | |\",\n \"| DuPont de Nemours (US26614N1028)\\tCount | | 2 000 000 | |\",\n \"| Intel Corp. (US4581401001)\\tCount | 2 600 000 | 4 800 000 | |\",\n \"| Lockheed Martin Corp. (US5398301094)\\tCount | 220 000 | 900 000 | |\",\n \"| Organon & Co (US68622V1061)\\tCount | 520 000 | 520 000 | |\",\n \"| Verizon Communications (US92343V1044)\\tCount | | 11 000 000 | |\",\n \"| Viatris (US92556V1061)\\tCount | 1 302 828 | 1 302 828 | |\",\n \"Securities admitted to or included in organized markets Securitized money market instruments\",\n \"| 1.1250 | % US Treasury 16/28.02.21 | |\",\n \"| --- | --- | --- |\",\n \"| | (US912828P873) .\",\n \"| USD | 200 000 |\",\n \"| 1.1250 | % US Treasury 16/31.07.21 | | |\",\n \"| | (US912828S760) .\",\n \"| USD | 300 000 |\",\n \"| 2.7500 | % US Treasury 18/30.11.20 | | |\",\n \"| | (US9128285Q95) .\",\n \"| USD | 150 000 |\",\n \"| Unlisted securities | | | |\",\n \"| Equities Fuchs Petrolub Ord. (DE0005790406) .\",\n \"| Count | | 4 970 000 |\",\n \"| Epiroc Cl.\",\n \"A (SE0011166933) .\",\n \"| Count | 80 000 | 80 000 |\",\n \"##### LD unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"I. Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t33 667 438.31\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t504 310 584.32\",\n \"- Interest from foreign securities(before withholding tax) EUR\\t817 909.82\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"EUR 136\\t026.39\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t4 761.08\",\n \"- Income from securities lendingand repurchase agreements EUR\\t1 703 420.39thereof:from securities lending EUR 1 703 420.39\",\n \"- Deduction for domestic corporate income tax EUR\\t-5 050 115.78\",\n \"- Deduction for foreign withholding tax EUR\\t-64 985 949.97\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 15 696 034 184.71\",\n \"- Previous year‘s distribution or tax abatement EUR\\t-493 268 365.81\",\n \"- Net inflows EUR -1 305 086 854.80\",\n \"- Inflows from subscriptions EUR\\t1 291 780 183.93\",\n \"- Outflows from redemptions EUR -2 596 867 038.73\",\n \"- Income adjustment EUR\\t41 376 140.46\",\n \"- Net gain/loss for the fiscal year EUR\\t2 348 001 205.83thereof:Net change in unrealized appreciation EUR\\t285 877 146.78Net change in unrealized depreciation EUR\\t680 114 760.96\",\n \"- Value of the investment fund at the endof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t16 287 056 310.39\",\n \"##### Distribution calculation for the investment fund\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t30 299 893.77\",\n \"| Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 500 903 968.33 | Calculation of distribution | Total | Per unit |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| II.\",\n \"Expenses | | | I. Available for distribution | | |\",\n \"| 1. Interest on borrowings 1 | EUR | -1 902 955.54 | 1. Balance brought forward from | | |\",\n \"| thereof: | | | previous year\\tEUR | 2 169 930 956.60 | 17.12 |\",\n \"| Commitment fees EUR -111 048.18 | | | 2. Realized net gain/loss for the fiscal year.\",\n \"EUR | 1 382 009 298.09 | 10.91 |\",\n \"| 2. Management fee | EUR | -225 377 501.58 | 3. Transfer from the investment fund\\tEUR | 0.00 | 0.00 |\",\n \"thereof:\",\n \"All-in fee\\tEUR-225 377 501.58\",\n \"3. Other expenses EUR\\t-575 963.64\",\n \"thereof:\",\n \"Performance-based fee\",\n \"from securities lending EUR -562 128.34 Legal and consulting expenses...\",\n \"EUR -13 835.30\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -227 856 420.76 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 273 047 547.57 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 1 565 112 847.13 |\",\n \"| 2. Realized losses | EUR | -456 151 096.61 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 1 108 961 750.52 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 1 382 009 298.09 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 285 877 146.78 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 680 114 760.96 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 965 991 907.74 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 2 348 001 205.83 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"- Not used for distribution\",\n \"- Reinvested EUR\\t-601 955 060.41\\t-4.75\",\n \"- Balance carried forward EUR\\t-2 443 058 446.56\\t-19.28\",\n \"- Total distribution . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t506 926 747.72\\t4.00\",\n \"##### Comparative overview of the last three fiscal years\",\n \"Net assets\\tNet asset\",\n \"at the end of\\tvalue per the fiscal year EUR\\tunit EUR\",\n \"| 2021\\t16 287 056 310.39 | 128.52 |\",\n \"| --- | --- |\",\n \"| 2020\\t15 696 034 184.71 | 114.15 |\",\n \"| 2019\\t18 260 098 685.60 | 130.89 |\",\n \"| 2018\\t16 514 319 301.83 | 123.19 |\",\n \"##### FD unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"- Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t866 023.06\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t12 970 655.49\",\n \"- Interest from foreign securities(before withholding tax) EUR\\t20 971.36\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"EUR 3\\t500.11\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t122.52\",\n \"- Income from securities lendingand repurchase agreements EUR\\t43 794.76thereof:from securities lending EUR\\t43 794.76\",\n \"- Deduction for domestic corporate income tax EUR\\t-129 903.42\",\n \"- Deduction for foreign withholding tax EUR\\t-1 671 242.31\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t451 445 780.05\",\n \"- Previous year‘s distribution or tax abatement EUR\\t-14 290 322.56\",\n \"- Net inflows EUR\\t-87 470 866.00\",\n \"- Inflows from subscriptions EUR\\t63 962 437.49\",\n \"- Outflows from redemptions EUR\\t-151 433 303.49\",\n \"- Income adjustment EUR\\t4 529 853.17\",\n \"- Net gain/loss for the fiscal year EUR\\t65 718 653.42thereof:Net change in unrealized appreciation EUR\\t8 602 731.55Net change in unrealized depreciation EUR\\t19 376 772.74\",\n \"- Value of the investment fund at the endof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t419 933 098.08\",\n \"##### Distribution calculation for the investment fund\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t779 748.75\\tTotal income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 12 883 670.32\",\n \"- Expenses\",\n \"- Interest on borrowings 1 EUR\\t-48 914.50 thereof:Commitment fees EUR\\t-2 855.10\",\n \"- Management fee EUR\\t-3 598 329.77thereof:All-in fee EUR -3 598 329.77\",\n \"- Other expenses EUR\\t-14 807.97thereof:Performance-based feefrom securities lending EUR -14 452.22 Legal and consulting expenses...\",\n \"EUR\\t-355.75\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -3 662 052.24 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 9 221 618.08 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 40 243 434.86 |\",\n \"| 2. Realized losses | EUR | -11 725 903.81 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 28 517 531.05 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 37 739 149.13 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 8 602 731.55 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 19 376 772.74 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 27 979 504.29 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 65 718 653.42 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"Calculation of distribution\\tTotal\\tPer unit\",\n \"- Available for distribution\",\n \"- Balance brought forward fromprevious year EUR\\t50 421 104.14\\t16.99\",\n \"- Realized net gain/loss for the fiscal year.\",\n \"EUR\\t37 739 149.13\\t12.72\",\n \"- Transfer from the investment fund EUR\\t0.00\\t0.00\",\n \"- Not used for distribution\",\n \"- Reinvested EUR\\t-12 145 401.34\\t-4.09\",\n \"- Balance carried forward EUR\\t-62 989 964.71\\t-21.23\",\n \"- Total distribution . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t13 024 887.22\\t4.39\",\n \"##### Comparative overview of the last three fiscal years\",\n \"Net assets\\tNet asset\",\n \"at the end of\\tvalue per the fiscal year EUR\\tunit EUR\",\n \"| 2021\\t419 933 098.08 | 141.54 |\",\n \"| --- | --- |\",\n \"| 2020\\t451 445 780.05 | 125.01 |\",\n \"| 2019\\t689 085 287.51 | 142.55 |\",\n \"| 2018\\t717 507 946.07 | 133.41 |\",\n \"##### LDQ unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"- Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t21 331.94\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t313 518.89\",\n \"- Interest from foreign securities(before withholding tax) EUR\\t465.92\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"EUR\\t85.04\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t2.99\",\n \"- Income from securities lendingand repurchase agreements EUR\\t1 028.27thereof:from securities lending EUR\\t1 028.27\",\n \"- Deduction for domestic corporate income tax EUR\\t-3 199.77\",\n \"- Deduction for foreign withholding tax EUR\\t-39 797.95\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 18\\t497.75Total income EUR\\t311 933.08\",\n \"- Expenses\",\n \"- Interest on borrowings 1 EUR\\t-1 217.04 thereof:Commitment fees EUR\\t-71.16\",\n \"- Management fee EUR\\t-144 117.15thereof:All-in fee EUR -144 117.15\",\n \"- Other expenses EUR\\t-348.05thereof:Performance-based feefrom securities lending EUR\\t-339.29 Legal and consulting expenses...\",\n \"EUR\\t\\t-8.76\",\n \"| Total expenses | EUR | -145 682.24 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income | EUR | 166 250.84 |\",\n \"- Sale transactions\",\n \"- Realized gains EUR\\t1 002 191.49\",\n \"- Realized losses EUR\\t-290 931.12Capital gains/losses EUR\\t711 260.37\",\n \"- Realized net gain/loss for the fiscal year EUR\\t877 511.21\",\n \"| 2. Net change in unrealized depreciation | EUR | 332 814.29 | |\",\n \"| --- | --- | --- | --- |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year | EUR | 433 351.86 | 2021\\t10 377 232.88 | 127.80 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year | EUR | 1 310 863.07 | 2020\\t7 511 854.87 | 113.55 |\",\n \"| | | | 2019\\t7 968 493.38 | 130.09 |\",\n \"- Net change in unrealized appreciation EUR\\t100 537.57\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningNote: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"2018.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"6 268 427.06\\t122.65\",\n \"##### TFC unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"- Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t344 903.59\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t5 154 842.39\",\n \"- Interest from foreign securities\",\n \"| EUR | 8 077.91 | Net change in unrealized appreciation | EUR | 2 157 084.05 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| EUR | 1 391.37 | Net change in unrealized depreciation | EUR | 5 996 204.78 |\",\n \"(before withholding tax)\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t48.78\",\n \"- Income from securities lendingand repurchase agreements EUR\\t17 322.06thereof:from securities lending EUR\\t17 322.06\",\n \"- Deduction for domestic corporate income tax EUR\\t-51 735.55\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t126 645 215.28\",\n \"- Net inflows EUR\\t18 235 476.82\",\n \"- Inflows from subscriptions EUR\\t33 810 454.67\",\n \"- Outflows from redemptions EUR\\t-15 574 977.85\",\n \"- Income adjustment EUR\\t-880 913.85\",\n \"- Net gain/loss for the fiscal year EUR\\t23 315 771.39thereof:\",\n \"- Value of the investment fund at the endof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t167 315 549.64\",\n \"##### Distribution calculation for the investment fund\",\n \"- Deduction for foreign withholding tax EUR\\t-663 950.60\",\n \"| Calculation of distribution I. Available for reinvestment | Total | Per unit |\",\n \"| --- | --- | --- |\",\n \"| 1. Realized net gain/loss for the fiscal year.\",\n \"EUR | 15 162 482.56 | 13.25 |\",\n \"| 2. Transfer from the investment fund\\tEUR | 0.00 | 0.00 |\",\n \"| 3. Tax withholding amount made available .\",\n \"EUR | 0.00 | 0.00 |\",\n \"| II.\",\n \"Reinvestment\\tEUR | 15 162 482.56 | 13.25 |\",\n \"| | | |\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 309\\t944.23Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t5 120 844.18\",\n \"- Expenses\",\n \"- Interest on borrowings 1 EUR\\t-19 370.06 thereof:Commitment fees EUR\\t-1 131.25\",\n \"- Management fee EUR\\t-1 267 288.13thereof:All-in fee\\tEUR -1 267 288.13\",\n \"- Other expenses EUR\\t-5 857.98thereof:Performance-based feefrom securities lending EUR\\t-5 716.28 Legal and consulting expenses...\",\n \"EUR\\t\\t-141.70\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -1 292 516.17 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 3 828 328.01 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 15 966 366.55 |\",\n \"| 2. Realized losses | EUR | -4 632 212.00 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 11 334 154.55 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 15 162 482.56 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 2 157 084.05 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 5 996 204.78 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 8 153 288.83 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 23 315 771.39 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"##### Comparative overview of the last three fiscal years\",\n \"Net assets\\tNet asset\",\n \"at the end of\\tvalue per the fiscal year EUR\\tunit EUR\",\n \"| 2021\\t167 315 549.64 | 146.26 |\",\n \"| --- | --- |\",\n \"| 2020\\t126 645 215.28 | 125.13 |\",\n \"| 2019\\t112 457 699.67 | 138.66 |\",\n \"| 2018\\t27 485 118.99 | 126.00 |\",\n \"##### LC unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"- Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t168 526.24\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t2 519 080.54\",\n \"- Interest from foreign securities\",\n \"| EUR | 3 961.58 | Net change in unrealized appreciation | EUR | 706 139.06 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| EUR | 679.50 | Net change in unrealized depreciation | EUR | 2 475 824.48 |\",\n \"(before withholding tax)\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t23.89\",\n \"- Income from securities lendingand repurchase agreements EUR\\t8 468.53thereof:from securities lending EUR\\t8 468.53\",\n \"- Deduction for domestic corporate income tax EUR\\t-25 278.90\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t44 887 421.77\",\n \"- Net inflows EUR\\t27 455 628.39\",\n \"- Inflows from subscriptions EUR\\t43 778 237.32\",\n \"- Outflows from redemptions EUR\\t-16 322 608.93\",\n \"- Income adjustment EUR\\t-906 100.66\",\n \"- Net gain/loss for the fiscal year EUR\\t10 090 022.50thereof:\",\n \"- Value of the investment fund at the endof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t81 526 972.00\",\n \"##### Distribution calculation for the investment fund\",\n \"- Deduction for foreign withholding tax EUR\\t-324 499.08\",\n \"| Calculation of distribution I. Available for reinvestment | Total | Per unit |\",\n \"| --- | --- | --- |\",\n \"| 1. Realized net gain/loss for the fiscal year.\",\n \"EUR | 6 908 058.96 | 12.20 |\",\n \"| 2. Transfer from the investment fund\\tEUR | 0.00 | 0.00 |\",\n \"| 3. Tax withholding amount made available .\",\n \"EUR | 0.00 | 0.00 |\",\n \"| II.\",\n \"Reinvestment\\tEUR | 6 908 058.96 | 12.20 |\",\n \"| | | |\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 151\\t361.34Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t2 502 323.64\",\n \"- Expenses\",\n \"- Interest on borrowings 1 EUR\\t-9 472.15 thereof:Commitment fees EUR\\t-553.04\",\n \"- Management fee EUR\\t-1 121 764.70thereof:All-in fee .\",\n \"EUR -1 121 764.70\",\n \"- Other expenses EUR\\t-2 863.89thereof:Performance-based feefrom securities lending EUR\\t-2 794.61 Legal and consulting expenses...\",\n \"EUR\\t\\t-69.28\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -1 134 100.74 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 1 368 222.90 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 7 804 833.86 |\",\n \"| 2. Realized losses | EUR | -2 264 997.80 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 5 539 836.06 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 6 908 058.96 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 706 139.06 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 2 475 824.48 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 3 181 963.54 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 10 090 022.50 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"##### Comparative overview of the last three fiscal years\",\n \"Net assets\\tNet asset\",\n \"at the end of\\tvalue per the fiscal year EUR\\tunit EUR\",\n \"| 2021\\t81 526 972.00 | 143.99 |\",\n \"| --- | --- |\",\n \"| 2020\\t44 887 421.77 | 124.00 |\",\n \"| 2019\\t30 066 729.31 | 138.30 |\",\n \"| 2018\\t2 335 845.17 | 126.48 |\",\n \"##### RC unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"- Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t1 873 963.19\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t28 011 055.61\",\n \"- Interest from foreign securities\",\n \"| EUR | 44 040.72 | Net change in unrealized appreciation | EUR | 20 852 885.94 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| EUR | 7 556.89 | Net change in unrealized depreciation | EUR | 47 649 243.49 |\",\n \"(before withholding tax)\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t264.96\",\n \"- Income from securities lendingand repurchase agreements EUR\\t94 163.37thereof:from securities lending EUR\\t94 163.37\",\n \"- Deduction for domestic corporate income tax EUR\\t-281 094.45\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t1 014 319 408.06\",\n \"- Net inflows EUR\\t-274 153 660.29\",\n \"- Inflows from subscriptions EUR\\t215 702 888.64\",\n \"- Outflows from redemptions EUR\\t-489 856 548.93\",\n \"- Income adjustment EUR\\t20 837 576.68\",\n \"- Net gain/loss for the fiscal year EUR\\t145 718 949.90thereof:\",\n \"- Value of the investment fund at the endof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t906 722 274.35\",\n \"##### Distribution calculation for the investment fund\",\n \"- Deduction for foreign withholding tax EUR\\t-3 608 258.15\",\n \"| Calculation of distribution I. Available for reinvestment | Total | Per unit |\",\n \"| --- | --- | --- |\",\n \"| 1. Realized net gain/loss for the fiscal year.\",\n \"EUR | 77 216 820.47 | 11.61 |\",\n \"| 2. Transfer from the investment fund\\tEUR | 0.00 | 0.00 |\",\n \"| 3. Tax withholding amount made available .\",\n \"EUR | 0.00 | 0.00 |\",\n \"| II.\",\n \"Reinvestment\\tEUR | 77 216 820.47 | 11.61 |\",\n \"| | | |\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 1 683\\t150.90Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t27 824 843.04\",\n \"- Expenses\",\n \"- Interest on borrowings 1 EUR\\t-105 321.31 thereof:Commitment fees EUR\\t-6 149.25\",\n \"- Management fee EUR\\t-12 070 617.00thereof:All-in fee EUR -12 070 617.00\",\n \"- Other expenses EUR\\t-31 844.04thereof:Performance-based feefrom securities lending EUR -31 073.97 Legal and consulting expenses...\",\n \"EUR\\t-770.07\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -12 207 782.35 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 15 617 060.69 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 86 784 484.28 |\",\n \"| 2. Realized losses | EUR | -25 184 724.50 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 61 599 759.78 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 77 216 820.47 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 20 852 885.94 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 47 649 243.49 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 68 502 129.43 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 145 718 949.90 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"##### Comparative overview of the last three fiscal years\",\n \"Net assets\\tNet asset\",\n \"at the end of\\tvalue per the fiscal year EUR\\tunit EUR\",\n \"| 2021\\t906 722 274.35 | 136.32 |\",\n \"| --- | --- |\",\n \"| 2020\\t1 014 319 408.06 | 117.34 |\",\n \"| 2019\\t1 011 514 296.06 | 134.47 |\",\n \"| 2018\\t906 735 550.88 | 126.49 |\",\n \"##### TFD unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"- Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t41 650.23\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t623 793.40\",\n \"- Interest from foreign securities(before withholding tax) EUR\\t1 007.98\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"EUR\\t168.35\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t5.86\",\n \"- Income from securities lendingand repurchase agreements EUR\\t2 105.91thereof:from securities lending EUR\\t2 105.91\",\n \"- Deduction for domestic corporate income tax EUR\\t-6 247.53\",\n \"- Deduction for foreign withholding tax EUR\\t-80 372.93\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t17 034 179.94\",\n \"- Previous year‘s distribution or tax abatement EUR\\t-544 896.03\",\n \"- Net inflows EUR\\t562 166.02\",\n \"- Inflows from subscriptions EUR\\t17 425 731.62\",\n \"- Outflows from redemptions EUR\\t-16 863 565.60\",\n \"- Income adjustment EUR\\t230 428.82\",\n \"- Net gain/loss for the fiscal year EUR\\t2 922 942.52thereof:Net change in unrealized appreciation EUR\\t240 403.78Net change in unrealized depreciation EUR\\t848 249.71\",\n \"- Value of the investment fund at the endof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t20 204 821.27\",\n \"##### Distribution calculation for the investment fund\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t37 504.14\\tTotal income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t619 615.41\",\n \"- Expenses\",\n \"- Interest on borrowings 1 EUR\\t-2 352.29 thereof:Commitment fees EUR\\t-137.36\",\n \"- Management fee EUR\\t-153 707.30thereof:All-in fee EUR -153 707.30\",\n \"- Other expenses EUR\\t-712.05thereof:Performance-based feefrom securities lending EUR\\t-694.95 Legal and consulting expenses...\",\n \"EUR\\t\\t-17.10\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -156 771.64 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 462 843.77 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 1 935 319.19 |\",\n \"| 2. Realized losses | EUR | -563 873.93 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 1 371 445.26 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 1 834 289.03 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 240 403.78 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 848 249.71 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 1 088 653.49 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 2 922 942.52 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"Calculation of distribution\\tTotal\\tPer unit\",\n \"- Available for distribution\",\n \"- Balance brought forward fromprevious year EUR\\t849 089.81\\t4.72\",\n \"- Realized net gain/loss for the fiscal year.\",\n \"EUR\\t1 834 289.03\\t10.20\",\n \"- Transfer from the investment fund EUR\\t0.00\\t0.00\",\n \"- Not used for distribution\",\n \"- Reinvested EUR\\t0.00\\t0.00\",\n \"- Balance carried forward EUR\\t-2 055 898.95\\t-11.43\",\n \"- Total distribution . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t627 479.89\\t3.49\",\n \"##### Comparative overview of the last three fiscal years\",\n \"Net assets\\tNet asset\",\n \"at the end of\\tvalue per the fiscal year EUR\\tunit EUR\",\n \"| 2021\\t20 204 821.27 | 112.38 |\",\n \"| --- | --- |\",\n \"| 2020\\t17 034 179.94 | 99.16 |\",\n \"| 2019\\t9 053 335.43 | 112.94 |\",\n \"| 2018\\t3 197 329.21 | 104.81 |\",\n \"Notes to the financial statements (in accordance with article 7, no. 9, KARBV (Accounting and Valuation Regulation issued under the KAGB))\",\n \"#### Disclosures in accordance with the Derivatives Regulation\",\n \"Underlying exposure obtained through derivatives:\",\n \"EUR 0.00\",\n \"Disclosures according to the qualified approach:\",\n \"Composition of the reference portfolio\",\n \"MSCI World High Dividend Yield\",\n \"Market risk exposure\",\n \"| Lowest market risk exposure\\t% | 87.599 |\",\n \"| --- | --- |\",\n \"| Highest market risk exposure\\t% | 110.221 |\",\n \"| Average market risk exposure\\t% | 97.800 |\",\n \"The values-at-risk were calculated for the period from October 1, 2020, through September 30, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the investment fund arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the qualified approachas defined by the Derivatives Regulation.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 1.0, whereby the gross method was used for the calculation of leverage.\",\n \"Exposure obtained through securities loans:\",\n \"The following securities were transferred under securities loans at the reporting date:\",\n \"| Security name | Quantity/ principal amount (–/’000) | Fixed maturity | Securities loans Total market value in EUR No fixed maturity | Total |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| BCE (new) | Count | 630 000 | | 27 007 926.29 | |\",\n \"| Novartis Reg | Count | 9 042 | | 645 964.35 | |\",\n \"| Michelin Reg.\",\n \"| Count | 123 140 | | 16 383 777.00 | |\",\n \"| Nippon Telegraph and Telephone Corp.\",\n \"| Count | 14 199 900 | | 337 208 001.69 | |\",\n \"| Tokio Marine Holdings Inc.\",\n \"| Count | 4 265 000 | | 197 671 965.21 | |\",\n \"| Total receivables from securities loans | | | | 578 917 634.54 | 578 917 634.54 |\",\n \"| Contracting parties for securities loans: | | | | | |\",\n \"Barclays Bank Ireland PLC, Dublin; Citigroup Global Markets Europe AG, Frankfurt/Main, Natixis S.A., Paris; Société Générale S.A., Paris; UBS AG, London\",\n \"Total collateral pledged by third parties for securities loans:\",\n \"| EUR | 648 528 435.88 | |\",\n \"| --- | --- | --- |\",\n \"| thereof: Bonds | | EUR | 35 927 170.52 |\",\n \"| Equities | | EUR | 516 405 344.44 |\",\n \"| Other | | EUR | 96 195 920.92 |\",\n \"Income from securities lending, including costs and charges incurred directly and indirectly:\",\n \"These items are listed in the statement of income and expenses.\",\n \"#### Other disclosures\",\n \"Net asset value per unit, Class LD: EUR 128.52 Net asset value per unit, Class FD: EUR 141.54 Net asset value per unit, Class LDQ: EUR 127.80 Net asset value per unit, Class TFC: EUR 146.26 Net asset value per unit, Class LC: EUR 143.99 Net asset value per unit, Class RC: EUR 136.32 Net asset value per unit, Class TFD: EUR 112.38\",\n \"Number of units outstanding, Class LD: 126 731 686.929\",\n \"Number of units outstanding, Class FD:\\t2 966 944.698\",\n \"Number of units outstanding, Class LDQ:\\t81 200.188\",\n \"Number of units outstanding, Class TFC:\\t1 143 988.052\",\n \"Number of units outstanding, Class LC:\\t566 183.395\",\n \"Number of units outstanding, Class RC:\\t6 651 242.123\",\n \"Number of units outstanding, Class TFD:\\t179 793.666\",\n \"Disclosure regarding asset valuation procedures:\",\n \"The Depositary shall determine the value with the participation of the asset management company.\",\n \"The Depositary generally bases its valuation on external sources.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Depositary and the asset management company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Investments reported in this report are not valued at derived market values.\",\n \"Disclosures on transparency and the total expense ratio:\",\n \"The total expense ratio was:\",\n \"Class LD 1.45% p.a.\\tClass FD 0.90% p.a.\\tClass LDQ 1.45% p.a.\\tClass TFC 0.80% p.a.\\tClass LC 1.45% p.a.\\tClass RC 1.40% p.a.\\tClass TFD 0.80% p.a. The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets for a given fiscal year.\",\n \"As well, the additional income from securities lending resulted in a performance-based fee of\",\n \"Class LD 0.004%\\tClass FD 0.004%\\tClass LDQ 0.004%\\tClass TFC 0.004%\\tClass LC 0.004%\\tClass RC 0.004%\\tClass TFD 0.004%\",\n \"calculated on the fund’s average net assets.\",\n \"An all-in fee of\",\n \"Class LD 1.45% p.a.\\tClass FD 0.90% p.a.\\tClass LDQ 1.45% p.a.\\tClass TFC 0.80% p.a.\\tClass LC 1.45% p.a.\\tClass RC 1.40% p.a.\\tClass TFD 0.80% p.a. is payable to the asset management company for the investment fund under the Terms and Conditions of investment.\",\n \"Of this annual fee, the asset management company in turn pays up to\",\n \"| Class LD 0.15% p.a. | Class FD 0.15% p.a. | Class LDQ 0.15% p.a. | Class TFC 0.15% p.a. | Class LC 0.15% p.a. | Class RC 0.15% p.a. | Class TFD 0.15% p.a. |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| to the Depositary and | | | | | | |\",\n \"| Class LD 0.05% p.a. | Class FD 0.05% p.a. | Class LDQ 0.05% p.a. | Class TFC 0.05% p.a. | Class LC 0.05% p.a. | Class RC 0.05% p.a. | Class TFD 0.05% p.a. |\",\n \"to other parties (for printing and publication costs, auditing and other items).\",\n \"In the fiscal year from October 1, 2020, through September 30, 2021, the asset management company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid out of the investment undertaking DWS Top Dividende to the Depositary and other third parties, except in the form of financial information provided by brokers for research purposes.\",\n \"Of its own portion of the all-in fee, the Company pays\",\n \"| Class LD more than 10% | Class FD less than 10% | Class LDQ more than 10% | Class TFC less than 10% | Class LC more than 10% |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class RC more than 10% | Class TFD less than 10% | | | |\",\n \"in commissions to distributors of the fund based on the balance of units distributed.\",\n \"Material other income and expenses are presented for each unit class in the statement of income and expenses.\",\n \"The transaction costs paid in the reporting period amounted to EUR 4 066 746.05.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.07% of all transactions.\",\n \"The total volume was EUR 8 592 422.19.\",\n \"#### Remuneration Disclosure\",\n \"DWS Investment GmbH (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major asset classes as well as solutions aligned to growth trends to its clients globally.\",\n \"DWS KGaA is a publicly traded company listed on the Frankfurt Stock Exchange, which is majority owned by Deutsche Bank AG.\",\n \"As a result of the sector specific legislation under UCITS V (Undertakings for Collective Investment in Transferable Securities Directive V) and in accordance with Sec. 1 and Sec. 27 of the German “Institutsvergütungsverordnung” (“InstVV”), the Company is carved-out from Deutsche Bank Group’s (“DB Group”) compensation policy and strategy.\",\n \"DWS KGaA and its subsi- diaries (“DWS Group” or only “Group”) have established their own compensation governance, policies and structures, including a DWS group-wide guideline of identifying “Material Risk Takers” (“MRTs”) at Company level as well as DWS Group level in line with the criteria stated in UCITS V and in the guidelines on sound remuneration policies under the UCITS V published by the European Securities and Markets Authority (“ESMA Guidelines”).\",\n \"Governance Structure\",\n \"DWS Group is managed through its General Partner, the DWS Management GmbH.\",\n \"The General Partner has changed its remit in June 2020 and has now six Managing Directors who serve as the Executive Board (“EB”) of the Group.\",\n \"The EB – supported by the DWS Compensation Committee (“DCC”) – is responsible for establishing and operating the compensation system for employees.\",\n \"It is overseen by the DWS KGaA Supervisory Board which has established a Remuneration Committee (“RC”).\",\n \"The RC reviews the compensation system of the Group’s employees and its appropriateness.\",\n \"The RC supports the Supervisory Board in monitoring the appropriate structure of the remuneration systems for the Group’s employees.\",\n \"This is done by taking into account the effects of the remuneration system on the group-wide risk, capital and liquidity management as well as the consistency of the remuneration strategy with the business and risk strategy of the DWS Group.\",\n \"The DCC is mandated to develop and design sustainable compensation frameworks and operating principles, to prepare recommendations on total compensation levels, and to ensure appropriate compensation and benefits governance and oversight for the Group.\",\n \"The DCC establishes quantitative and qualitative factors to assess performance as a basis for compensation related decisions and makes appropriate recommendations to the EB regarding the annual Variable Compensation pool and its allocation across the business areas and infrastructure func- tions.\",\n \"Voting members of the DCC comprise the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief Operating Officer (“COO”), and the Global Head of HR.\",\n \"The Head of Reward & Analytics is a nonvoting member.\",\n \"Control Functions such as Compliance, Anti-Financial Crime, and Risk Management are represented by CFO and COO in the DCC and are appro- priately engaged in the design and application of the Group’s remuneration systems in the context of the tasks and functions assigned to them, to ensure that the remuneration systems do not create conflicts of interests, and to review the effects on the risk profile of the Group.\",\n \"The DCC reviews the remuneration framework of DWS Group regularly, at least annually, which includes the principles applying to the Company, and assesses if substantial changes or amendments due to irregularities have to be made.\",\n \"The DCC is supported by two sub-committees: The DWS Compensation Operating Committee (“COC”) implemented to assist the DCC in reviewing the technical validity, operationalizing and approving new or existing compensation plans.\",\n \"The Integrity Review Committee implemented to review and decide on suspension and forfeiture matters involving DWS deferred compensation awards.\",\n \"The internal annual review at DWS Group level concluded the design of the remuneration system to be appropriate, no significant irregularities were recognized.\",\n \"Compensation Structure\",\n \"The employees of the Company are subject to the compensation standards and principles as outlined in the DWS Compensation Policy.\",\n \"The policy is reviewed on an annual basis.\",\n \"As part of the Compensation Policy, the Group, including the Company, employs a Total Compensation (“TC”) philosophy which comprises Fixed Pay (“FP”) and Variable Compensation (“VC”).\",\n \"The Group ensures an appropriate relationship between FP and VC across all categories and groups of employees.\",\n \"TC structures and levels reflect the Sub-Divisional and regional compen- sation structures, internal relativities, and market data, and assist in seeking consistency across the Group.\",\n \"One of the main objectives of the Group’s strategy is to align reward for sustain- able performance at all levels whilst enhancing the transparency of compensation decisions and their impact on shareholders and employees with regard to DWS Group and as applicable DB Group performance.\",\n \"Achieving a sustainable balance between employee, shareholder and client interests is a key aspect of DWS’ Group compensation strategy.\",\n \"FP is used to compensate employees for their skills, experience and competencies, commensurate with the requirements, size and scope of their role.\",\n \"The appropriate level of FP is deter- mined with reference to the prevailing market rates for each role, internal comparisons and applicable regulatory requirements.\",\n \"VC is a discretionary compensation element that enables the Group to provide additional reward to employees for their performance and behaviours without encouraging excessive risk- taking.\",\n \"VC determination considers sound risk measures by taking into account the Group’s Risk Appetite as well as the Group affordability and financial situation and providing for a fully flexible policy on granting or “not-granting” VC.\",\n \"VC generally consists of two elements – the “Group Component” and the “Individual Component”.\",\n \"There continues to be no guarantee of VC in an existing employment relationship.\",\n \"For the 2020 financial year, the Group Component is dominantly determined based upon the performance of three Key Performance Indicators (KPIs) at DWS Group level: Adjusted Cost Inco- me Ratio (“CIR”), Net Flows, Dividend Payout.\",\n \"These three KPIs represent important metrics for DWS Group’s financial targets and provide a good indication of its sustainable performance.\",\n \"For employees at management level the Group Component additionally considers four equally weighted KPIs at DB Group level1.\",\n \"Depending on eligibility, the “Individual Component” is delivered either in the form of Individual VC (“IVC”) or a Recognition Award.\",\n \"IVC takes into consideration a number of financial and non-financial factors, relativities within the employee’s peer group and retention considerations.\",\n \"The Recognition Award provides the opportunity to acknowledge and reward outstanding contributions made by employees outside the scope of IVC eligibility (these are generally employees at lower hierarchical levels).\",\n \"Generally, there are two nomination cycles per year.\",\n \"Both Group and Individual Component may be awarded in cash, share-based or fund-based instruments under the Group deferral arrangements.\",\n \"The Group retains the right to reduce the total amount of VC, including the Group Component, to zero in cases of significant misconduct, performance-related measures, disciplinary outcomes or unsatisfactory conduct or behaviour by the employee subject to applicable local law.\",\n \"1 DB Group KPIs: Common Equity Tier 1 (“CET1”) capital ratio, leverage ratio, adjusted costs and post-tax return on tangible equity (“RoTE”)\",\n \"Determination of VC and appropriate risk-adjustment\",\n \"The Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments.\",\n \"The robust methodology in place aims at ensuring that the determination of VC reflects the risk-adjusted performance as well as the capital and liquidity position of the Group.\",\n \"The total amount of VC is primarily driven by\",\n \"(i) the Group affordability (i.e. what “can” DWS Group sustainably afford award in alignment with regulatory requirements) and\",\n \"(ii) performance (what “should” the Group award in order to provide an appropriate compensation for performance while protecting the long-term health of the franchise).\",\n \"At the level of the individual employee, the Group has established “Variable Compensation Guiding Principles” which detail the factors and metrics that must be taken into account when ma- king IVC decisions.\",\n \"These include, for instance, investment performance, client retention, culture considerations, and objective setting and performance assessment based on the “Total Performance’ approach.\",\n \"Furthermore, any control function inputs and disciplinary sanctions and their impact on the VC have to be considered as well.\",\n \"As part of a discretionary decision-making process, the DWS DCC uses (financial and non-financial) key figures to identify differentiated and performance linked VC pools for business and infrastructure areas.\",\n \"Compensation for 2020\",\n \"Despite the ongoing pandemic, the diverse range of investment products and solutions as well as stabilizing markets contributed to significant net flows in 2020 and allowed the Group to execute its strategic priorities effectively.\",\n \"The intensified focus on investment performance and increased investor demand for targeted asset classes were key drivers of the success.\",\n \"Against this backdrop, the DCC has monitored the affordability of VC for 2020.\",\n \"The committee has concluded that the capital and liquidity base of the Group remain above regulatory minimum requirements, and internal risk appetite threshold.\",\n \"As part of the overall 2020 VC awards to be granted in March 2021, the Group Component was awarded to eligible employees in line with the assessment of the defined KPIs.\",\n \"The Executive Board recognizing the considerable contribution of employees and determined a target achievement rate of 98.50% for 2020 for DWS Group.\",\n \"Considering the DB Group target achievement as determined by the Deutsche Bank AG Management Board, the hybrid achievement rate for employees at management level was determined of 85.50% for 2020.\",\n \"Identification of Material Risk Takers\",\n \"In accordance with the Law as of 17 December 2010 on Undertakings for Collective Investments (as subsequently amended) in conjunction with the ESMA Guidelines with accordance to UCITS Directive, the Company has identified individuals who have a material impact of the Company’s risk profile (“Material Risk Takers”).\",\n \"The identification process has been based on an assessment of the impact of the following categories of staff on the risk profile of the Company or on a fund it manages:\",\n \"(a) Board Members/Senior Management,\",\n \"(b) Portfolio/Investment managers,\",\n \"(c) Control Functions,\",\n \"(d) Staff heading Administration, Marketing and Human Resources,\",\n \"(e) other individuals (Risk Takers) in a significant position of influence,\",\n \"(f) other emplo- yees in the same remuneration bracket as other Risk Takers, whose roles have an impact on the risk profile of the Company or the Group.\",\n \"At least 40% of the VC for Material Risk Takers is deferred.\",\n \"Additionally, at least 50% of both, the upfront and the deferred proportion, are granted in the Group share-based instruments or fund-linked instruments for Key Investment Professionals.\",\n \"All deferred components are subject to a number of performance conditions and forfeiture provisions which ensure an appropriate ex-post risk adjustment.\",\n \"In case the VC is lower than EUR 50,000, the Material Risk Takers receive their entire VC in cash without any deferral.\",\n \"Aggregate Compensation Information for the Company for 2020 2\",\n \"| Number of employees on an annual average | 495 |\",\n \"| --- | --- |\",\n \"| Total Compensation | EUR | 72,263,920 |\",\n \"| Fixed Pay | EUR | 49,892,007 |\",\n \"| Variable Compensation | EUR | 22,371,913 |\",\n \"| Thereof: Carried Interest | EUR | 0 |\",\n \"| Total Compensation for Senior Management3 | EUR | 6,927,072 |\",\n \"| Total Compensation for other Material Risk Takers4 | EUR | 15,008,666 |\",\n \"| Total Compensation for Control Function employees | EUR | 2,473,707 |\",\n \"2 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.\",\n \"3 Senior Management refers to the members of the Management Board of the Company, only.\",\n \"Members of the Management Board meet the definition of managers.\",\n \"Apart from the members of Senior Management, no further managers have been identified.\",\n \"4 Identified other material Risk Takers with control functions are shown in the line “Control Function employees”.\",\n \"#### Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 –\",\n \"Statement in accordance with Section A\",\n \"Stated in fund currency\",\n \"Absolute\",\n \"In % of the fund’s net assets\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- NameGross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"- Name Gross volumeof open transactionsCountry of registration\",\n \"##### Securities lending\\tRepurchase agreements\\tTotal return swaps\",\n \"- Assets used\",\n \"| 578 917 634.54 | - | - |\",\n \"| --- | --- | --- |\",\n \"| 3.24 | - | - |\",\n \"- The 10 largest counterparties\",\n \"| Barclays Bank Ireland PLC, Dublin | | |\",\n \"| --- | --- | --- |\",\n \"| 222 143 533.99 | | |\",\n \"| Ireland | | |\",\n \"| Natixis S.A., Paris | | |\",\n \"| --- | --- | --- |\",\n \"| 183 163 728.74 | | |\",\n \"| France | | |\",\n \"| Société Générale S.A., Paris | | |\",\n \"| --- | --- | --- |\",\n \"| 129 572 704.18 | | |\",\n \"| France | | |\",\n \"| UBS AG, London | | |\",\n \"| --- | --- | --- |\",\n \"| 27 007 926.29 | | |\",\n \"| United Kingdom | | |\",\n \"| Citigroup Global Markets Europe AG, Frankfurt/Main | | |\",\n \"| --- | --- | --- |\",\n \"| 17 029 741.34 | | |\",\n \"| Federal Republic of Germany | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"- Name Gross volumeof open transactions Country of registration(e.g., bilateral, tri-party, central counterparty)Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityBank balances Bonds Equities Other\",\n \"- Type(s) of settlement and clearing\",\n \"| Bilateral | - | - |\",\n \"| --- | --- | --- |\",\n \"- Transactions classified by term to maturity (absolute amounts)\",\n \"| - | - | - |\",\n \"| --- | --- | --- |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| 578 917 634.54 | - | - |\",\n \"| Type(s): |\",\n \"| --- |\",\n \"| - | - | - |\",\n \"| 35 927 170.52 | - | - |\",\n \"| 516 405 344.44 | - | - |\",\n \"| 96 195 920.92 | - | - |\",\n \"| Quality/Qualities: |\",\n \"| Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: - Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity\",\n \"- Units of a collective investment undertaking investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating\",\n \"- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents\",\n \"- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade\",\n \"- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major indexThe Management Company reserves the right to restrict the permissibility of the aforementioned collateral.\",\n \"Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.\",\n \"Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund.\",\n \"- Type(s) and quality/qualities of collateral receivedCurrency/Currencies:Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityAbsoluteIn % of gross income Cost portion of the fundAbsoluteIn % of gross incomeCost portion of the Management CompanyAbsoluteIn % of gross incomeCost portion of third partiesAbsolute\",\n \"- Currency/Currencies of collateral received\",\n \"| EUR; GBP; USD; AUD; JPY; SEK; DKK; CAD; NZD; CHF; HUF; PGK | - | - |\",\n \"| --- | --- | --- |\",\n \"- Collateral classified by term to maturity (absolute amounts)\",\n \"| - | - | - |\",\n \"| --- | --- | --- |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| 648 528 435.88 | - | - |\",\n \"- Income and cost portions (before income adjustment)\",\n \"| Income portion of the fund |\",\n \"| --- |\",\n \"| 1 312 751.13 | - | - |\",\n \"| 67.00 | - | - |\",\n \"| - | - | - |\",\n \"| Income portion of the Management Company |\",\n \"| --- |\",\n \"| 646 578.37 | - | - |\",\n \"| 33.00 | - | - |\",\n \"| - | - | - |\",\n \"| Income portion of third parties |\",\n \"| --- |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"- Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swapsTotal Share\",\n \"- Lent securities in % of all lendable assets of the fund\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- The 10 largest issuers, based on all SFTs and total return swaps\",\n \"| Bank of Ireland Group PLC | | |\",\n \"| --- | --- | --- |\",\n \"| 23 248 629.07 | | |\",\n \"| alstria office REIT-AG | | |\",\n \"| --- | --- | --- |\",\n \"| 21 111 594.95 | | |\",\n \"* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.\",\n \"| Barry Callebaut AG | | |\",\n \"| --- | --- | --- |\",\n \"| 21 109 369.69 | | |\",\n \"- NameVolume of collateral received (absolute)\",\n \"| AIB Group PLC | | |\",\n \"| --- | --- | --- |\",\n \"| 18 812 606.44 | | | - NameVolume of collateral received (absolute) | French Republic | | | | --- | --- | --- | | 17 933 965.31 | | | - NameVolume of collateral received (absolute) | Oil Search Ltd. | | | | --- | --- | --- | | 17 407 204.38 | | | - NameVolume of collateral received (absolute) | Nippo Corp. | | | | --- | --- | --- | | 16 770 744.12 | | | - NameVolume of collateral received (absolute) | Xero Ltd. | | | | --- | --- | --- | | 15 031 929.09 | | | - NameVolume of collateral received (absolute) | Amazon.com Inc. | | | | --- | --- | --- | | 14 465 869.70 | | | - NameVolume of collateral received (absolute) | Kingspan Group PLC | | | | --- | --- | --- | | 12 974 332.80 | | | - NameVolume of collateral received (absolute)- - Reinvested collateral in % of collateral received, based on all SFTs and total return swapsShare - Custody type of provided collateral from SFTs and total return swaps | - | - | | --- | --- | | - | - | | - | - | | - | - | (In % of all provided collateral from SFTs and total return swaps) Segregated cash/ custody accounts Pooled cash/custody accounts Other cash/custody accounts Recipient determines custody type | 2 | - | - | | --- | --- | --- | - Depositaries/Account holders of received collateral from SFTs and total return swapsTotal number of depositaries/ account holders | Bank of New York | | | | --- | --- | --- | | 630 594 470.57 | | | - NameAmount held in custody (absolute) | State Street Bank International GmbH (Custody Operations) | | | | --- | --- | --- | | 17 933 965.31 | | | - NameAmount held in custody (absolute)KPMG issued an unqualified auditor‘s report forthe full annual report in accordance with article 102of the German Investment Code. The translation ofthe auditor‘s report is as follows:Frankfurt/Main, Germany, December 22, 2021DWS Investment GmbH, Frankfurt/Main The ManagementIndependent auditor’s report ### To DWS Investment GmbH, Frankfurt/Main Audit opinion We have audited the annual report of the investment fund DWS Top Dividende comprising the activity report for the fiscal year from October 1, 2020, through September 30, 2021, the statement of net assets and investment portfolio as of September 30, 2021, the statement of income and expenses, the distribu- tion calculation, the statement of changes in net assets for the fiscal year from October 1, 2020, through September 30, 2021, as well as the comparative overview for the last three fiscal years, the statement of transactions concluded during the reporting period to the extent that they are no longer part of the invest- ment portfolio, and the notes. In our opinion, based on the findings of our audit, the accompanying annual report complies in all material respects with the provisions of the German Investment Code (KAGB) and the relevant European regulations and allows a comprehensive view of the actual circumstances and developments of the investment fund in accordance with these regulations. ### Basis for the audit opinion We conducted our audit of the annual report in accordance with article 102 KAGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Our responsibility under these rules and principles is further described in the section “Auditor’s responsibility for the audit of the annual report” of our report. We are independent of DWS Investment GmbH in accordance with German commercial law and professional regulations and have fulfilled our other German professional obligations in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate for providing a basis for our audit opinion on the annual report. ### Responsibility of the legal representatives for the annual report The legal representatives of DWS Investment GmbH are responsible for the preparation of the annual report, which complies in all material respects with the provisions of the German KAGB and the relevant European regulations, and for ensuring that the annual report gives a comprehensive view of the actual circumstances and developments of the investment fund in accordance with these regulations. In addition, the legal rep- resentatives are responsible for the internal controls that they have deemed necessary in accordance with these Regulations in order to facilitate the preparation of an annual report that is free from material misstate- ment, whether intentional or unintentional. When preparing the annual report, the legal representatives are responsible for including events, decisions and factors that could materially influence the further development of the investment fund. This means, among other things, that when preparing the annual report, the legal representatives must assess the con- tinuation of the investment fund by DWS Investment GmbH and have the responsibility to disclose facts in connection with the continuation of the investment fund, if relevant. ### Responsibility of the auditor for the audit of the annual report Our objective is to obtain reasonable assurance as to whether the annual report as a whole is free from material misstatement, whether intentional or unintentional, and to issue a report that includes our opinion on the annual report. Sufficient assurance is a high level of assurance, but not a guarantee, that an audit conducted in accor- dance with article 102 KAGB and German generally accepted standards for the audit of financial state- ments promulgated by the Institut der Wirtschaftsprüfer (IDW) will always reveal a material misstatement. Misstatements may result from violations or inaccuracies and are considered material if it is reasonably expected that they will affect, individually or collectively, the economic decisions of users made on the basis of this annual report. During the audit, we exercise due discretion and maintain a critical attitude. We also: - Identify and evaluate the risks of material misstatements, whether intentional or not, in the annual report, plan and perform audit procedures in response to those risks, and obtain sufficient and appropriate audit evidence for providing a basis for our audit opinion. The risk that material misstatements will not be detected is greater for violations than for inaccuracies, as violations may involve fraudulent collusion, falsification, intentional incompleteness, misrepresentation, or the overriding of internal controls. - Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate to the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the internal control system of DWS Investment GmbH. - Assess the appropriateness of the accounting policies used by the legal representatives of DWS Invest- ment GmbH in preparing the annual report and the reasonableness of the estimates and related disclo- sures made by the legal representatives. - Draw conclusions on the basis of audit evidence obtained as to whether there is any material uncertainty in connection with events or circumstances that could cast significant doubt on the continuation of the investment fund by DWS Investment GmbH. If we conclude that there is a material uncertainty, we are required to make a note of the related disclosures in the annual report or, if such disclosures are unreason- able, to modify our opinion. We draw our conclusions on the basis of the audit evidence obtained up to the date of our audit opinion. Future events or circumstances may, however, result in the discontinuation of the investment fund by DWS Investment GmbH. - Evaluate the overall presentation, structure and content of the annual report, including the disclosures, and whether the annual report presents the underlying transactions and events in such a way that the annual report provides a comprehensive view of the actual circumstances and developments of the invest- ment fund in accordance with the provisions of the German KAGB and the relevant European regulations. We discuss with those charged with governance, among other things, the planned scope and timing of the audit and significant findings of the audit, including any deficiencies in the internal control system identified during our audit. Frankfurt/Main, Germany, December 22, 2021 KPMG AG Wirtschaftsprüfungsgesellschaft Kuppler\\tNeuf Auditor\\tAuditor Asset Management Company DWS Investment GmbH 60612 Frankfurt/Main, Germany Own funds on December 31, 2020: EUR 398.4 million Subscribed and paid-in capital on December 31, 2020: EUR 115 million Supervisory Board Dr. Asoka Wöhrmann Chairman DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Christof von Dryander Vice-Chairman Cleary Gottlieb Steen & Hamilton LLP, Frankfurt/Main Hans-Theo Franken Deutsche Vermögensberatung AG, Frankfurt/Main Dr. Alexander Ilgen Deutsche Bank AG, Frankfurt/Main Britta Lehfeldt (until October 31, 2021) Deutsche Bank AG, Frankfurt/Main Dr. Stefan Marcinowski Ludwigshafen Prof. Christian Strenger The Germany Funds, New York Gerhard Wiesheu Partner of Bankhaus B. Metzler seel. Sohn & Co. KGaA, Frankfurt/Main Susanne Zeidler Deutsche Beteiligungs AG, Frankfurt/Main Management Manfred Bauer Speaker of the Management Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Member of the Supervisory Board of DWS Investment S.A., Luxembourg Dirk Görgen Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Stefan Kreuzkamp Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Member of the Supervisory Board of DWS Investment S.A., Luxembourg Dr. Matthias Liermann Member of the Management of DWS International GmbH, Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Member of the Supervisory Board of DWS Investment S.A., Luxembourg Member of the Supervisory Board of Deutsche Treuinvest Stiftung, Frankfurt/Main Petra Pflaum Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Depositary State Street Bank International GmbH Brienner Straße 59 80333 Munich, Germany Own funds on December 31, 2020: EUR 2,302.0 million (as defined in article 72 of Regulation (EU) No. 575/2013 (CRR)) Subscribed and paid-in capital on December 31, 2020: EUR 109.4 million Shareholder of DWS Investment GmbH DWS Beteiligungs GmbH, Frankfurt/Main As of: October 31, 2021 DWS Investment GmbH 60612 Frankfurt/Main, Germany Tel. : +49 (0) 69-910-12371 Fax: +49 (0) 69-910-19090 www.dws.com\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Annual report","## DWS Top Dividende","### Investment objective and performance in the reporting period","The investment focus of DWS Top Dividende is on inter- national companies that, in the opinion of the portfolio management, offer prospects of above-average, sustained dividend yields in the medium","###### DWS TOP DIVIDENDE","Five-year performance","130","125","120","115","110","105","100","95","to long term based on company","9/16*","9/17","9/18\t9/19\t9/20","9/21","fundamentals such as balance sheet quality and business","DWS Top Dividende (LD unit class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 9/2016 = 100","Data on euro basis","model.","In the fiscal year through the end of September 2021, the fund recorded an appreciation of 16.1% per unit (LD unit class, BVI method) in euro.","### Investment policy in the reporting period","The key risks were mainly identified as the uncertainty regarding the further course of the COVID-19 pandemic*, the development of a vaccine,","and the resulting impact on the global economy and financial markets.","Past performance is no guide to future results.","As of: September 30, 2021","###### DWS TOP DIVIDENDE","Performance of unit classes (in EUR)","| Unit class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LD | DE0009848119 | 16.1% | 13.8% | 22.4% |","| Class FD | DE000DWS1VB9 | 16.8% | 15.7% | 25.8% |","| Class LC | DE000DWS1U90 | 16.1% | 13.8% | 19.6%1 |","| Class LDQ | DE000DWS18N0 | 16.1% | 13.8% | 22.4% |","| Class RC | DE000DWS2PA1 | 16.2% | 14.0% | 19.8%1 |","| Class TFC | DE000DWS18Q3 | 16.9% | 16.1% | 20.3%1 |","| Class TFD | DE000DWS2SL2 | 16.9% | 16.1% | 21.6%1 |","1 Class TFC launched on January 2, 2017 / Classes LC and RC launched on September 1, 2017 / Class TFD launched on January 2, 2018","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: September 30, 2021","In the reporting period, devel- opments in the international capital markets continued to be characterized by the corona- virus pandemic and its social and economic consequences for the world’s population.","The equity markets profited from","the extremely relaxed monetary policies of the central banks","of the industrial countries.","Since the beginning of 2021, the economic outlook has also improved in view of the efforts undertaken by the international community of nations and the packages of measures intro- duced with the objective of tackling the economic conse- quences of the COVID-19 crisis,","as well as the approval appli- cations for COVID-19 vaccines and the vaccination campaigns taking effect.","The fund’s investment focus, based on its strategy, was on more defensive equities from the consumer staples, telecom- munications, health care, insur- ance, and utilities segments, which were viewed as likely to generate above-average divi- dend income.","In the energy sector, oil com- pany Royal Dutch Shell made an above-average contribution","to performance.","The sharp rise in oil prices and continued rig- orous cost containment led to a jump in profits.","In the tech- nology sector, the position in Taiwan Semiconductor Manu- facturing again posted positive performance in view of market share gains achieved on the back of the company’s techno- logical advantage.","The position in BHP Group also performed better than average in the con- text of the higher iron ore price","and an increase in the dividend.","In contrast, the performance of the fund was adversely affected","by the below-average per-","formance of a position in the financial sector.","The Chinese insurance group Ping An came under a lot of pressure due","to regularly concerns and the slump in the Chinese real estate market.","### Main sources of capital gains and losses","The main sources of capital gains and losses were realized gains on the sale of equities.","In contrast, the sources of losses were fixed-income securities and currencies.","### Information on the environmental and/or social characteristics","The investment fund qualifies as a product in accordance with article 6 of Regulation (EU) 2019/2088 on sustainability- related disclosures in the finan- cial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus (COVID-19) crisis was/ is a major challenge, including for the economy worldwide, and is therefore a significant event during the report- ing period.","Uncertainties regarding the effects of COVID-19 are important for","understanding the annual financial state- ments.","Additional details are provided in the explanations in the “General informa- tion” section.","###### DWS TOP DIVIDENDE","Overview of the unit classes","ISIN\tLD\tDE0009848119","LC\tDE000DWS1U90","FD\tDE000DWS1VB9","LDQ\tDE000DWS18N0","TFC\tDE000DWS18Q3","RC\tDE000DWS2PA1","TFD\tDE000DWS2SL2","Security code (WKN)\tLD\t984811","LC\tDWS1U9","FD\tDWS1VB","LDQ\tDWS18N","TFC\tDWS18Q","RC\tDWS2PA","TFD\tDWS2SL","Fund currency\tEUR","Unit class currency\tLD\tEUR","LC\tEUR","FD\tEUR","LDQ\tEUR","TFC\tEUR","RC\tEUR","TFD\tEUR","Date of inception\tLD\tApril 28, 2003","and initial subscription\t(from March 15, 2013, as LD unit class)","LC\tSeptember 1, 2017","FD\tAugust 12, 2013","LDQ\tMarch 2, 2015","TFC\tJanuary 2, 2018","(until January 1, 2018 as SC unit class)","RC\tSeptember 1, 2017","TFD\tJanuary 2, 2018","Initial sales charge\tLD\t5%","LC\t5%","FD\tNone","LDQ\t5%","TFC\tNone","RC\t5%","TFD\tNone","Distribution policy\tLD\tDistribution LC\tReinvestment","FD\tDistribution","LDQ\tQuarterly distribution","TFC\tReinvestment","RC\tDistribution","TFD\tDistribution","###### DWS TOP DIVIDENDE","Overview of the unit classes (continued)","| All-in fee | LD | 1.45% p.a. |","| --- | --- | --- |","| | LC | 1.45% p.a. |","| | FD | 0.9% p.a. |","| | LDQ | 1.45% p.a. |","| | TFC | 0.8% p.a. |","| | RC | 1.4% p.a. |","| | TFD | 0.8% p.a. |","| Minimum investment* | LD | None |","| | LC | None |","| | FD | EUR 2,000,000 |","| | LDQ | None |","| | TFC | None |","| | RC | EUR 500,000,000 |","| | TFD | None |","| Initial issue price | LD | EUR 52.50 |","| | | (incl. initial sales charge) |","| | LC | Net asset value per unit of the |","| | | DWS Top Dividende LD unit class |","| | | on the inception date of the |","| | | LC unit class (plus initial sales |","| | | charge) |","| | FD | EUR 92.91 |","| | LDQ | EUR 117.46 |","| | | (plus initial sales charge) |","| | TFC | EUR 120.02 |","| | RC | Net asset value per unit of the |","| | | DWS Top Dividende LD unit class |","| | | on the inception date of the |","| | | RD unit class (plus initial sales |","| | | charge) |","| | TFD | EUR 100 |","* The Company reserves the right to deviate from these minimum initial investment amounts at its own discretion, e.g., in cases where distribution partners have made separate fee arrangements with their clients.","Subsequent purchases can be made in any amount.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","DWS Top Dividende","#### Statement of net assets as of September 30, 2021","| I. Assets | Amount in EUR | % of net assets |","| --- | --- | --- |","| 1. Equities (sectors): Financials | 2 563 634 697.43 | 14.33 |","| Consumer Staples | 2 223 930 661.51 | 12.43 |","| Health Care | 2 223 640 938.87 | 12.43 |","| Information Technology | 1 920 589 505.09 | 10.73 |","| Basic Materials | 1 700 477 066.82 | 9.50 |","| Utilities | 1 688 764 125.21 | 9.44 |","| Energy | 1 683 499 984.93 | 9.41 |","| Industrials | 1 486 408 443.04 | 8.31 |","| Consumer Discretionaries | 505 242 813.46 | 2.82 |","| Other | 1 118 540 802.45 | 6.25 |","| Total equities: | 17 114 729 038.81 | 95.65 |","| 2. Cash at bank | 787 449 757.00 | 4.40 |","| 3. Other assets | 46 286 381.14 | 0.26 |","| 4. Receivables from share certificate transactions | 2 804 602.03 | 0.02 |","| II.","Liabilities | | |","| 1. Loan liabilities | -29 853 864.64 | -0.17 |","| 2. Other liabilities | -21 308 050.20 | -0.12 |","| 3. Liabilities from share certificate transactions | -6 971 605.53 | -0.04 |","| III.","Net assets | 17 893 136 258.61 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – September 30, 2021","Securities traded on an exchange\t16 750 336 382.49\t93.61","Equities","Canadian National Railway Co. (CA1363751027) \tCount\t2 000 000\t2 000 000\tCAD\t147.5900\t199 972 901.56\t1.12","Enbridge (CA29250N1050) \tCount\t7 000 000\t1 000 000\tCAD\t50.7900\t240 857 665.47\t1.35","TC Energy (CA87807B1076) \tCount\t10 491 000\tCAD\t61.3800\t436 242 517.44\t2.44","Nestlé Reg.","(CH0038863350) \tCount\t4 270 000\t200 000\t730 000\tCHF\t113.4600\t446 767 060.13\t2.50","Novartis Reg.","(CH0012005267) 3 \tCount\t3 962 537\t100 000\t1 037 463\tCHF\t77.4700\t283 085 338.80\t1.58","Carlsberg B (DK0010181759) \tCount\t507 000\t507 000\tDKK\t1 050.5000\t71 620 665.77\t0.40","Allianz (DE0008404005) \tCount\t1 100 000\t1 800 000\tEUR\t195.5200\t215 072 000.00\t1.20","AXA (FR0000120628) \tCount\t3 850 000\t3 850 000\tEUR\t24.1750\t93 073 750.00\t0.52","Daimler Reg.","(DE0007100000) \tCount\t1 242 900\t1 242 900\tEUR\t77.5500\t96 386 895.00\t0.54","Deutsche Börse Reg.","(DE0005810055) \tCount\t640 000\t640 000\tEUR\t141.0500\t90 272 000.00\t0.50","Deutsche Telekom Reg.","(DE0005557508) \tCount\t4 962 790\t4 962 790\tEUR\t17.4960\t86 828 973.84\t0.49","E.ON Reg.","(DE000ENAG999) \tCount\t15 000 000\t3 000 000\tEUR\t10.5640\t158 460 000.00\t0.89","ENEL (IT0003128367) \tCount\t21 000 000\t21 000 000\tEUR\t6.6900\t140 490 000.00\t0.79","Fuchs Petrolub (DE000A3E5D56) \tCount\t4 082 313\t4 402 413\t320 100\tEUR\t31.5800\t128 919 444.54\t0.72","Hannover Rück Reg.","(DE0008402215) \tCount\t1 710 040\t787 960\tEUR\t152.2000\t260 268 088.00\t1.45","KONE OYj (FI0009013403) \tCount\t450 000\t450 000\tEUR\t60.9600\t27 432 000.00\t0.15","Koninklijke Philips (NL0000009538) \tCount\t5 203 454\tEUR\t38.7650\t201 711 894.31\t1.13","Michelin Reg.","(FR0000121261) 3 \tCount\t970 000\tEUR\t133.0500\t129 058 500.00\t0.72","Royal Dutch Shell Cl.","A (GB00B03MLX29) \tCount\t17 231 600\t3 768 400\tEUR\t19.4460\t335 085 693.60\t1.87","Sampo Bear.","A (FI0009003305) \tCount\t6 785 000\t1 715 000\tEUR\t42.7700\t290 194 450.00\t1.62","Sanofi (FR0000120578) \tCount\t2 734 588\t200 000\t1 265 412\tEUR\t83.9400\t229 541 316.72\t1.28","Siemens Reg.","(DE0007236101) \tCount\t1 600 000\t300 000\tEUR\t142.3800\t227 808 000.00\t1.27","Stellantis (NL00150001Q9) \tCount\t4 896 363\t4 896 363\tEUR\t16.6540\t81 544 029.40\t0.46","TotalEnergies (FR0000120271) \tCount\t8 610 800\t3 889 200\tEUR\t41.4950\t357 305 146.00\t2.00","Unilever (GB00B10RZP78) \tCount\t7 630 400\t11 000 000\t3 369 600\tEUR\t47.0750\t359 201 080.00\t2.01","VINCI (FR0000125486) \tCount\t2 750 000\tEUR\t90.5800\t249 095 000.00\t1.39","Anglo American (GB00B1XZS820) \tCount\t933 800\t933 800\tGBP\t26.1600\t28 289 760.28\t0.16","BHP Group (GB00BH0P3Z91) \tCount\t24 000 000\t2 200 000\tGBP\t18.8980\t525 248 407.64\t2.94","Imperial Brands (GB0004544929) \tCount\t1 485 300\t7 914 700\tGBP\t15.8450\t27 254 867.98\t0.15","Rio Tinto (GB0007188757) \tCount\t808 400\t2 500 000\t1 691 600\tGBP\t48.8850\t45 765 644.47\t0.26","Ping An Insurance (Group) Co. of China Cl.","H (new)","(CNE1000003X6) \tCount\t24 000 000\t24 000 000\tHKD\t53.2500\t141 417 047.50\t0.79","Bridgestone Corp. (JP3830800003) \tCount\t3 000 000\tJPY\t5 306.0000\t122 530 982.99\t0.68","Nippon Telegraph and Telephone Corp.","(JP3735400008) 3 \tCount\t14 596 700\t12 098 300\tJPY\t3 085.0000\t346 630 894.47\t1.94","Tokio Marine Holdings Inc. (JP3910660004) 3 \tCount\t5 600 000\t1 500 000\tJPY\t6 021.0000\t259 545 839.43\t1.45","KT&G Corp. (KR7033780008) \tCount\t613 100\t2 683 900\tKRW 81 200.0000\t36 209 896.97\t0.20","DNB Bank (NO0010161896) \tCount\t19 000 000\t19 000 000\tNOK\t199.7000\t371 098 831.24\t2.07","Gjensidige Forsikring (NO0010582521) \tCount\t11 868 800\t2 318 200\tNOK\t193.6000\t224 734 674.56\t1.26","Telenor (NO0010063308) \tCount\t16 000 000\tNOK\t147.8500\t231 365 836.96\t1.29","Atlas Copco Cl.","A (SE0011166610) \tCount\t250 000\tSEK\t530.0000\t12 992 871.08\t0.07","Sandvik (SE0000667891) \tCount\t4 208 101\t4 208 101\tSEK\t200.3000\t82 652 568.70\t0.46","Swedbank (SE0000242455) \tCount\t5 638 700\t5 638 700\tSEK\t176.1600\t97 403 719.59\t0.54","Chunghwa Telecom Co. (TW0002412004) \tCount\t26 092 540\t30 446 540\t4 354 000\tTWD\t110.5000\t89 322 440.86\t0.50","Taiwan Semiconductor Manufacturing Co.","(TW0002330008) \tCount\t32 210 000\t32 790 000\tTWD\t580.0000\t578 762 874.14\t3.23","Accenture (IE00B4BNMY34) \tCount\t510 000\t226 022\t190 000\tUSD\t323.5300\t142 192 606.00\t0.79","Amgen (US0311621009) \tCount\t500 000\t550 000\t50 000\tUSD\t214.9000\t92 597 380.21\t0.52","Automatic Data Processing (US0530151036) \tCount\t1 500 000\tUSD\t199.5800\t257 988 624.61\t1.44","Bank of America Corp. (US0605051046) \tCount\t2 077 748\t2 277 748\t200 000\tUSD\t43.0700\t77 118 757.64\t0.43","Broadcom (US11135F1012) \tCount\t400 000\t400 000\tUSD\t489.4800\t168 728 024.82\t0.94","Chevron Corp. (US1667641005) \tCount\t2 000 000\t1 200 000\t1 200 000\tUSD\t103.3300\t178 093 760.77\t1.00","Chubb (CH0044328745) \tCount\t660 000\t660 000\tUSD\t176.3900\t100 325 232.68\t0.56","Colgate-Palmolive Co. (US1941621039) \tCount\t1 350 000\t1 350 000\tUSD\t77.0800\t89 674 250.26\t0.50","Dominion Energy (US25746U1097) \tCount\t5 000 000\t400 000\tUSD\t74.3500\t320 363 667.70\t1.79","Johnson & Johnson (US4781601046) \tCount\t2 900 000\t400 000\t100 000\tUSD\t164.0200\t409 908 652.19\t2.29","JPMorgan Chase & Co. (US46625H1005) \tCount\t1 150 000\t1 900 000\t750 000\tUSD\t165.9500\t164 462 685.28\t0.92","LyondellBasell Industries (NL0009434992) \tCount\t1 603 100\t1 603 100\tUSD\t95.8600\t132 431 201.31\t0.74","Medtronic (IE00BTN1Y115) \tCount\t3 000 000\tUSD\t126.5800\t327 249 224.41\t1.83","| | Count/ | Quantity/ | Purchases/ | Sales/ | | Total market |","| --- | --- | --- | --- | --- | --- | --- |","| Security name | currency | principal | additions | disposals | Market price | value in |","| (– / ’000)\tamount\tin the reporting period\tEUR |","| Merck & Co. (US58933Y1055) | Count | 4 348 318 | 5 800 000 | 6 701 682 | USD | 75.0900 | 281 381 591.37 | 1.57 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Microsoft Corp. (US5949181045) | Count | 1 350 000 | 1 350 000 | | USD | 284.0000 | 330 403 309.20 | 1.85 |","| Mondelez International Cl.","A (US6092071058) | Count | 4 039 000 | 4 039 000 | | USD | 59.0500 | 205 535 117.20 | 1.15 |","| Newmont (US6516391066) | Count | 11 579 500 | 900 000 | 420 500 | USD | 53.7100 | 535 965 998.79 | 3.00 |","| Nextera Energy Inc. (US65339F1012) | Count | 7 349 780 | 8 400 000 | 3 950 220 | USD | 78.3500 | 496 255 828.16 | 2.77 |","| Nutrien (CA67077M1086) | Count | 5 432 900 | 5 432 900 | | USD | 64.9000 | 303 856 609.79 | 1.70 |","| Parker-Hannifin Corp. (US7010941042) | Count | 390 000 | 390 000 | | USD | 288.5900 | 96 992 502.59 | 0.54 |","| PepsiCo (US7134481081) | Count | 2 800 000 | 200 000 | 200 000 | USD | 152.3000 | 367 493 967.60 | 2.05 |","| Pfizer (US7170811035) | Count | 6 400 000 | 10 500 000 | 15 850 000 | USD | 43.5300 | 240 082 730.09 | 1.34 |","| Philip Morris International (US7181721090) | Count | 2 058 200 | | 3 241 800 | USD | 99.4900 | 176 465 286.11 | 0.99 |","| Progressive Corp. (US7433151039) | Count | 1 040 000 | 1 040 000 | | USD | 91.1400 | 81 683 557.39 | 0.46 |","| QUALCOMM (US7475251036) | Count | 957 552 | | | USD | 129.2800 | 106 680 732.99 | 0.60 |","| Raytheon Technologies (US75513E1010) | Count | 4 200 000 | 1 203 100 | | USD | 86.9900 | 314 855 222.34 | 1.76 |","| Schlumberger N.Y. Shares (AN8068571086) | Count | 5 200 000 | 1 200 000 | 2 000 000 | USD | 30.3300 | 135 915 201.65 | 0.76 |","| TE Connectivity Reg (CH0102993182) | Count | 1 000 000 | | | USD | 138.7100 | 119 536 366.77 | 0.67 |","| Texas Instruments (US8825081040) | Count | 1 300 000 | 1 300 000 | | USD | 193.0700 | 216 296 966.56 | 1.21 |","| The Allstate Corp. (US0200021014) | Count | 870 000 | 870 000 | | USD | 129.3300 | 96 964 064.12 | 0.54 |","| The Procter & Gamble (US7427181091) | Count | 3 625 400 | 525 400 | | USD | 142.0200 | 443 708 469.49 | 2.48 |","| UGI Corp. (US9026811052) | Count | 6 000 000 | | | USD | 43.0200 | 222 440 537.75 | 1.24 |","| Union Pacific Corp. (US9078181081) | Count | 1 580 000 | 880 000 | | USD | 201.6800 | 274 607 376.77 | 1.53 |","| V.F. Corp. (US9182041080) | Count | 1 282 000 | 1 282 000 | | USD | 68.5400 | 75 722 406.07 | 0.42 |","| WEC Energy Group (US92939U1060) | Count | 4 572 689 | | 827 311 | USD | 89.0100 | 350 754 091.60 | 1.96 |","| Other equity securities | | | | | | | | |","| Roche Holding Profitsh.","(CH0012032048) | Count | 500 000 | | 950 000 | CHF | 342.8500 | 158 082 810.77 | 0.88 |","| Securities admitted to or included in organized markets | | | | | | | 364 392 656.32 | 2.04 |","| Equities | | | | | | | | |","| BCE (new) (CA05534B7604) 3 | Count | 8 500 000 | | | CAD | 63.2800 | 364 392 656.32 | 2.04 |","| Total securities portfolio | | | | | | | 17 114 729 038.81 | 95.65 |","| Cash and non-securitized money market instruments | | | | | | | 787 449 757.00 | 4.40 |","| Cash at bank | | | | | | | 787 449 757.00 | 4.40 |","| Demand deposits at Depositary | | | | | | | | |","| Deposits in other EU/EEA currencies | EUR | 5 857 643.77 | | | % | 100 | 5 857 643.77 | 0.03 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| Australian dollar | AUD | 2 854 775.36 | | | % | 100 | 1 772 051.74 | 0.01 |","| Canadian dollar | CAD | 19 101 552.17 | | | % | 100 | 12 940 554.28 | 0.07 |","| Swiss franc | CHF | 128 161 149.62 | | | % | 100 | 118 186 231.67 | 0.66 |","| British pound | GBP | 280 971 765.08 | | | % | 100 | 325 387 104.90 | 1.82 |","| Hong Kong dollar | HKD | 66 048 634.15 | | | % | 100 | 7 308 609.42 | 0.04 |","| Japanese yen | JPY | 1 690 316 787.00 | | | % | 100 | 13 011 444.75 | 0.07 |","| South Korean won | KRW | 3 674 657 945.00 | | | % | 100 | 2 672 740.92 | 0.01 |","| New Zealand dollar | NZD | 180 309.45 | | | % | 100 | 106 780.44 | 0.00 |","| Singapore dollar | SGD | 72 165.40 | | | % | 100 | 45 701.78 | 0.00 |","| Taiwan dollar | TWD | 1 425 597 988.30 | | | % | 100 | 44 165 079.87 | 0.25 |","| U.S. dollar | USD | 122 537 462.43 | | | % | 100 | 105 599 329.91 | 0.59 |","| Time deposit | | | | | | | | |","| CAD deposits (Landesbank Baden-Württemberg, Stuttgart) | CAD | 2 475 000.00 | | | % | 100 | 1 676 715.67 | 0.01 |","| NOK deposits (Landesbank Baden-Württemberg, Stuttgart) | NOK | 582 900 000.00 | | | % | 100 | 57 010 122.74 | 0.32 |","| JPY deposits (Coöperatieve Rabobank U.A., Utrecht) ... | JPY | 11 914 000 000.00 | | | % | 100 | 91 709 645.14 | 0.51 |","| Other assets | | | | | | | 46 286 381.14 | 0.26 |","| Dividends/Distributions receivable Receivables from compensation payments for securities lending | EUR EUR | 30 752 953.24 12 161 143.90 | | | % % | 100 100 | 30 752 953.24 12 161 143.90 | 0.17 0.07 |","| Withholding tax claims | EUR | 2 989 935.00 | | | % | 100 | 2 989 935.00 | 0.02 |","| Other receivables | EUR | 382 349.00 | | | % | 100 | 382 349.00 | 0.00 |","| Receivables from share certificate transactions | EUR | 2 804 602.03 | | | % | 100 | 2 804 602.03 | 0.02 |","| | Count/ | Quantity/ | Purchases/ | Sales/ | | Total market |","| --- | --- | --- | --- | --- | --- | --- |","| Security name | currency | principal | additions | disposals | Market price | value in |","| (– / ’000)\tamount\tin the reporting period\tEUR |","| Loan liabilities | | | | | -29 853 864.64 | -0.17 |","| --- | --- | --- | --- | --- | --- | --- |","| EUR loans .","| EUR | -29 853 864.64 | % | 100 | -29 853 864.64 | -0.17 |","| Other liabilities | | | | | -21 308 050.20 | -0.12 |","| Liabilities from cost items .","| EUR | -21 157 127.14 | % | 100 | -21 157 127.14 | -0.12 |","| Additional other liabilities .","| EUR | -150 923.06 | % | 100 | -150 923.06 | 0.00 |","| Liabilities from share certificate transactions | EUR | -6 971 605.53 | % | 100 | -6 971 605.53 | -0.04 |","| Net assets | | | | | 17 893 136 258.61 | 100.00 |","| Net asset value per unit | Count/ | Net asset value per unit |","| and number of units outstanding | currency | in the respective currency |","| Net asset value per unit Class LD .","| EUR | 128.52 |","| Class FD .","| EUR | 141.54 |","| Class LDQ .","| EUR | 127.80 |","| Class TFC .","| EUR | 146.26 |","| Class LC .","| EUR | 143.99 |","| Class RC .","| EUR | 136.32 |","| Class TFD .","| EUR | 112.38 |","| Number of units outstanding Class LD .","| Count | 126 731 686.929 |","| Class FD .","| Count | 2 966 944.698 |","| Class LDQ .","| Count | 81 200.188 |","| Class TFC .","| Count | 1 143 988.052 |","| Class LC .","| Count | 566 183.395 |","| Class RC .","| Count | 6 651 242.123 |","| Class TFD .","| Count | 179 793.666 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","Exchange rates (indirect quotes)","As of September 30, 2021","| Australian dollar .","| AUD | 1.611000 | = | EUR | 1 |","| --- | --- | --- | --- | --- | --- |","| Canadian dollar .","| CAD | 1.476100 | = | EUR | 1 |","| Swiss franc .","| CHF | 1.084400 | = | EUR | 1 |","| Danish krone .","| DKK | 7.436450 | = | EUR | 1 |","| British pound .","| GBP | 0.863500 | = | EUR | 1 |","| Hong Kong dollar .","| HKD | 9.037100 | = | EUR | 1 |","| Japanese yen .","| JPY | 129.910000 | = | EUR | 1 |","| South Korean won .","| KRW | 1 374.865000 | = | EUR | 1 |","| Norwegian krone .","| NOK | 10.224500 | = | EUR | 1 |","| New Zealand dollar .","| NZD | 1.688600 | = | EUR | 1 |","| Swedish krona .","| SEK | 10.197900 | = | EUR | 1 |","| Singapore dollar .","| SGD | 1.579050 | = | EUR | 1 |","| Taiwan dollar .","| TWD | 32.278850 | = | EUR | 1 |","| U.S. dollar .","| USD | 1.160400 | = | EUR | 1 |","Footnotes","3\tThese securities are completely or partly lent as securities loans.","Transactions completed during the reporting period that no longer appear in the investment portfolio","Securities loans (total transactions, at the value agreed at the closing of the loan contract)","Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date","Security name","Count/\tPurchases/\tSales/","Value (’000)","Securities traded on an exchange","currency (– / ’000)","additions\tdisposals","No fixed maturity\tEUR 5 282 409","Security description: BCE (new) (CA05534B7604), Bridgestone Corp. (JP3830800003), British American Tobacco (BAT) (GB0002875804),","| Equities | | | | Daito Trust Construction Co. (JP3486800000), DuPont de Nemours (US26614N1028), Epiroc Cl.","A (SE0011166933),Michelin Reg.","| --- | --- | --- | --- | --- |","| Siemens Energy (DE000ENER6Y0) .","| Count | 650 000 | (FR0000121261), Nippon Telegraph and Telephone Corp.","| Unilever Reg.","(NL0000388619) .","| Count | 11 000 000 | (JP3735400008), Novartis Reg.","(CH0012005267), Roche Holding |","| British American Tobacco (BAT) (GB0002875804) .","| Count | 8 200 000 | Profitsh.","(CH0012032048), Royal Dutch Shell Cl.","A (GB00B03MLX29), Sampo Bear.","A (FI0009003305), Sanofi |","| Daito Trust Construction Co. (JP3486800000) ....","| Count | 290 000 | (FR0000120578), Tokio Marine Holdings Inc. (JP3910660004), TotalEnergies (FR0000120271), VINCI (FR0000125486), 1.1250 % |","| | | | US Treasury 16/28.02.21 (US912828P873), 1.1250 % US Treasury |","| DNB A (NO0010031479)\tCount | | 19 000 000 | 16/31.07.21 (US912828S760), 2.7500 % US Treasury 18/30.11.20 |","| Chunghwa Telecom Sp.","ADR (new) | | | (US9128285Q95) |","| (US17133Q5027)\tCount | | 3 092 040 | |","| Cisco Systems (US17275R1023)\tCount | | 8 500 000 | |","| DuPont de Nemours (US26614N1028)\tCount | | 2 000 000 | |","| Intel Corp. (US4581401001)\tCount | 2 600 000 | 4 800 000 | |","| Lockheed Martin Corp. (US5398301094)\tCount | 220 000 | 900 000 | |","| Organon & Co (US68622V1061)\tCount | 520 000 | 520 000 | |","| Verizon Communications (US92343V1044)\tCount | | 11 000 000 | |","| Viatris (US92556V1061)\tCount | 1 302 828 | 1 302 828 | |","Securities admitted to or included in organized markets Securitized money market instruments","| 1.1250 | % US Treasury 16/28.02.21 | |","| --- | --- | --- |","| | (US912828P873) .","| USD | 200 000 |","| 1.1250 | % US Treasury 16/31.07.21 | | |","| | (US912828S760) .","| USD | 300 000 |","| 2.7500 | % US Treasury 18/30.11.20 | | |","| | (US9128285Q95) .","| USD | 150 000 |","| Unlisted securities | | | |","| Equities Fuchs Petrolub Ord. (DE0005790406) .","| Count | | 4 970 000 |","| Epiroc Cl.","A (SE0011166933) .","| Count | 80 000 | 80 000 |","##### LD unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","I. Income","- Dividends from domestic issuers(before corporate income tax) EUR\t33 667 438.31","- Dividends from foreign issuers(before withholding tax) EUR\t504 310 584.32","- Interest from foreign securities(before withholding tax) EUR\t817 909.82","- Interest from investments of liquid assets in Germany .","EUR 136\t026.39","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t4 761.08","- Income from securities lendingand repurchase agreements EUR\t1 703 420.39thereof:from securities lending EUR 1 703 420.39","- Deduction for domestic corporate income tax EUR\t-5 050 115.78","- Deduction for foreign withholding tax EUR\t-64 985 949.97","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 15 696 034 184.71","- Previous year‘s distribution or tax abatement EUR\t-493 268 365.81","- Net inflows EUR -1 305 086 854.80","- Inflows from subscriptions EUR\t1 291 780 183.93","- Outflows from redemptions EUR -2 596 867 038.73","- Income adjustment EUR\t41 376 140.46","- Net gain/loss for the fiscal year EUR\t2 348 001 205.83thereof:Net change in unrealized appreciation EUR\t285 877 146.78Net change in unrealized depreciation EUR\t680 114 760.96","- Value of the investment fund at the endof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t16 287 056 310.39","##### Distribution calculation for the investment fund","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t30 299 893.77","| Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 500 903 968.33 | Calculation of distribution | Total | Per unit |","| --- | --- | --- | --- | --- | --- |","| II.","Expenses | | | I. Available for distribution | | |","| 1. Interest on borrowings 1 | EUR | -1 902 955.54 | 1. Balance brought forward from | | |","| thereof: | | | previous year\tEUR | 2 169 930 956.60 | 17.12 |","| Commitment fees EUR -111 048.18 | | | 2. Realized net gain/loss for the fiscal year.","EUR | 1 382 009 298.09 | 10.91 |","| 2. Management fee | EUR | -225 377 501.58 | 3. Transfer from the investment fund\tEUR | 0.00 | 0.00 |","thereof:","All-in fee\tEUR-225 377 501.58","3. Other expenses EUR\t-575 963.64","thereof:","Performance-based fee","from securities lending EUR -562 128.34 Legal and consulting expenses...","EUR -13 835.30","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -227 856 420.76 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 273 047 547.57 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 1 565 112 847.13 |","| 2. Realized losses | EUR | -456 151 096.61 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 1 108 961 750.52 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 1 382 009 298.09 |","| 1. Net change in unrealized appreciation | EUR | 285 877 146.78 |","| 2. Net change in unrealized depreciation | EUR | 680 114 760.96 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 965 991 907.74 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 2 348 001 205.83 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","- Not used for distribution","- Reinvested EUR\t-601 955 060.41\t-4.75","- Balance carried forward EUR\t-2 443 058 446.56\t-19.28","- Total distribution . . . .",". . . .",". . . .",". . . .",". .","EUR\t506 926 747.72\t4.00","##### Comparative overview of the last three fiscal years","Net assets\tNet asset","at the end of\tvalue per the fiscal year EUR\tunit EUR","| 2021\t16 287 056 310.39 | 128.52 |","| --- | --- |","| 2020\t15 696 034 184.71 | 114.15 |","| 2019\t18 260 098 685.60 | 130.89 |","| 2018\t16 514 319 301.83 | 123.19 |","##### FD unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","- Income","- Dividends from domestic issuers(before corporate income tax) EUR\t866 023.06","- Dividends from foreign issuers(before withholding tax) EUR\t12 970 655.49","- Interest from foreign securities(before withholding tax) EUR\t20 971.36","- Interest from investments of liquid assets in Germany .","EUR 3\t500.11","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t122.52","- Income from securities lendingand repurchase agreements EUR\t43 794.76thereof:from securities lending EUR\t43 794.76","- Deduction for domestic corporate income tax EUR\t-129 903.42","- Deduction for foreign withholding tax EUR\t-1 671 242.31","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t451 445 780.05","- Previous year‘s distribution or tax abatement EUR\t-14 290 322.56","- Net inflows EUR\t-87 470 866.00","- Inflows from subscriptions EUR\t63 962 437.49","- Outflows from redemptions EUR\t-151 433 303.49","- Income adjustment EUR\t4 529 853.17","- Net gain/loss for the fiscal year EUR\t65 718 653.42thereof:Net change in unrealized appreciation EUR\t8 602 731.55Net change in unrealized depreciation EUR\t19 376 772.74","- Value of the investment fund at the endof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t419 933 098.08","##### Distribution calculation for the investment fund","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t779 748.75\tTotal income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 12 883 670.32","- Expenses","- Interest on borrowings 1 EUR\t-48 914.50 thereof:Commitment fees EUR\t-2 855.10","- Management fee EUR\t-3 598 329.77thereof:All-in fee EUR -3 598 329.77","- Other expenses EUR\t-14 807.97thereof:Performance-based feefrom securities lending EUR -14 452.22 Legal and consulting expenses...","EUR\t-355.75","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -3 662 052.24 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 9 221 618.08 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 40 243 434.86 |","| 2. Realized losses | EUR | -11 725 903.81 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 28 517 531.05 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 37 739 149.13 |","| 1. Net change in unrealized appreciation | EUR | 8 602 731.55 |","| 2. Net change in unrealized depreciation | EUR | 19 376 772.74 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 27 979 504.29 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 65 718 653.42 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","Calculation of distribution\tTotal\tPer unit","- Available for distribution","- Balance brought forward fromprevious year EUR\t50 421 104.14\t16.99","- Realized net gain/loss for the fiscal year.","EUR\t37 739 149.13\t12.72","- Transfer from the investment fund EUR\t0.00\t0.00","- Not used for distribution","- Reinvested EUR\t-12 145 401.34\t-4.09","- Balance carried forward EUR\t-62 989 964.71\t-21.23","- Total distribution . . . .",". . . .",". . . .",". . . .",". .","EUR\t13 024 887.22\t4.39","##### Comparative overview of the last three fiscal years","Net assets\tNet asset","at the end of\tvalue per the fiscal year EUR\tunit EUR","| 2021\t419 933 098.08 | 141.54 |","| --- | --- |","| 2020\t451 445 780.05 | 125.01 |","| 2019\t689 085 287.51 | 142.55 |","| 2018\t717 507 946.07 | 133.41 |","##### LDQ unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","- Income","- Dividends from domestic issuers(before corporate income tax) EUR\t21 331.94","- Dividends from foreign issuers(before withholding tax) EUR\t313 518.89","- Interest from foreign securities(before withholding tax) EUR\t465.92","- Interest from investments of liquid assets in Germany .","EUR\t85.04","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t2.99","- Income from securities lendingand repurchase agreements EUR\t1 028.27thereof:from securities lending EUR\t1 028.27","- Deduction for domestic corporate income tax EUR\t-3 199.77","- Deduction for foreign withholding tax EUR\t-39 797.95","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 18\t497.75Total income EUR\t311 933.08","- Expenses","- Interest on borrowings 1 EUR\t-1 217.04 thereof:Commitment fees EUR\t-71.16","- Management fee EUR\t-144 117.15thereof:All-in fee EUR -144 117.15","- Other expenses EUR\t-348.05thereof:Performance-based feefrom securities lending EUR\t-339.29 Legal and consulting expenses...","EUR\t\t-8.76","| Total expenses | EUR | -145 682.24 |","| --- | --- | --- |","| III.","Net investment income | EUR | 166 250.84 |","- Sale transactions","- Realized gains EUR\t1 002 191.49","- Realized losses EUR\t-290 931.12Capital gains/losses EUR\t711 260.37","- Realized net gain/loss for the fiscal year EUR\t877 511.21","| 2. Net change in unrealized depreciation | EUR | 332 814.29 | |","| --- | --- | --- | --- |","| VI.","Unrealized net gain/loss for the fiscal year | EUR | 433 351.86 | 2021\t10 377 232.88 | 127.80 |","| VII.","Net gain/loss for the fiscal year | EUR | 1 310 863.07 | 2020\t7 511 854.87 | 113.55 |","| | | | 2019\t7 968 493.38 | 130.09 |","- Net change in unrealized appreciation EUR\t100 537.57","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningNote: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","2018.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","6 268 427.06\t122.65","##### TFC unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","- Income","- Dividends from domestic issuers(before corporate income tax) EUR\t344 903.59","- Dividends from foreign issuers(before withholding tax) EUR\t5 154 842.39","- Interest from foreign securities","| EUR | 8 077.91 | Net change in unrealized appreciation | EUR | 2 157 084.05 |","| --- | --- | --- | --- | --- |","| EUR | 1 391.37 | Net change in unrealized depreciation | EUR | 5 996 204.78 |","(before withholding tax)","- Interest from investments of liquid assets in Germany .","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t48.78","- Income from securities lendingand repurchase agreements EUR\t17 322.06thereof:from securities lending EUR\t17 322.06","- Deduction for domestic corporate income tax EUR\t-51 735.55","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t126 645 215.28","- Net inflows EUR\t18 235 476.82","- Inflows from subscriptions EUR\t33 810 454.67","- Outflows from redemptions EUR\t-15 574 977.85","- Income adjustment EUR\t-880 913.85","- Net gain/loss for the fiscal year EUR\t23 315 771.39thereof:","- Value of the investment fund at the endof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t167 315 549.64","##### Distribution calculation for the investment fund","- Deduction for foreign withholding tax EUR\t-663 950.60","| Calculation of distribution I. Available for reinvestment | Total | Per unit |","| --- | --- | --- |","| 1. Realized net gain/loss for the fiscal year.","EUR | 15 162 482.56 | 13.25 |","| 2. Transfer from the investment fund\tEUR | 0.00 | 0.00 |","| 3. Tax withholding amount made available .","EUR | 0.00 | 0.00 |","| II.","Reinvestment\tEUR | 15 162 482.56 | 13.25 |","| | | |","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 309\t944.23Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t5 120 844.18","- Expenses","- Interest on borrowings 1 EUR\t-19 370.06 thereof:Commitment fees EUR\t-1 131.25","- Management fee EUR\t-1 267 288.13thereof:All-in fee\tEUR -1 267 288.13","- Other expenses EUR\t-5 857.98thereof:Performance-based feefrom securities lending EUR\t-5 716.28 Legal and consulting expenses...","EUR\t\t-141.70","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -1 292 516.17 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 3 828 328.01 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 15 966 366.55 |","| 2. Realized losses | EUR | -4 632 212.00 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 11 334 154.55 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 15 162 482.56 |","| 1. Net change in unrealized appreciation | EUR | 2 157 084.05 |","| 2. Net change in unrealized depreciation | EUR | 5 996 204.78 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 8 153 288.83 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 23 315 771.39 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","##### Comparative overview of the last three fiscal years","Net assets\tNet asset","at the end of\tvalue per the fiscal year EUR\tunit EUR","| 2021\t167 315 549.64 | 146.26 |","| --- | --- |","| 2020\t126 645 215.28 | 125.13 |","| 2019\t112 457 699.67 | 138.66 |","| 2018\t27 485 118.99 | 126.00 |","##### LC unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","- Income","- Dividends from domestic issuers(before corporate income tax) EUR\t168 526.24","- Dividends from foreign issuers(before withholding tax) EUR\t2 519 080.54","- Interest from foreign securities","| EUR | 3 961.58 | Net change in unrealized appreciation | EUR | 706 139.06 |","| --- | --- | --- | --- | --- |","| EUR | 679.50 | Net change in unrealized depreciation | EUR | 2 475 824.48 |","(before withholding tax)","- Interest from investments of liquid assets in Germany .","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t23.89","- Income from securities lendingand repurchase agreements EUR\t8 468.53thereof:from securities lending EUR\t8 468.53","- Deduction for domestic corporate income tax EUR\t-25 278.90","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t44 887 421.77","- Net inflows EUR\t27 455 628.39","- Inflows from subscriptions EUR\t43 778 237.32","- Outflows from redemptions EUR\t-16 322 608.93","- Income adjustment EUR\t-906 100.66","- Net gain/loss for the fiscal year EUR\t10 090 022.50thereof:","- Value of the investment fund at the endof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t81 526 972.00","##### Distribution calculation for the investment fund","- Deduction for foreign withholding tax EUR\t-324 499.08","| Calculation of distribution I. Available for reinvestment | Total | Per unit |","| --- | --- | --- |","| 1. Realized net gain/loss for the fiscal year.","EUR | 6 908 058.96 | 12.20 |","| 2. Transfer from the investment fund\tEUR | 0.00 | 0.00 |","| 3. Tax withholding amount made available .","EUR | 0.00 | 0.00 |","| II.","Reinvestment\tEUR | 6 908 058.96 | 12.20 |","| | | |","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 151\t361.34Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t2 502 323.64","- Expenses","- Interest on borrowings 1 EUR\t-9 472.15 thereof:Commitment fees EUR\t-553.04","- Management fee EUR\t-1 121 764.70thereof:All-in fee .","EUR -1 121 764.70","- Other expenses EUR\t-2 863.89thereof:Performance-based feefrom securities lending EUR\t-2 794.61 Legal and consulting expenses...","EUR\t\t-69.28","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -1 134 100.74 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 1 368 222.90 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 7 804 833.86 |","| 2. Realized losses | EUR | -2 264 997.80 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 5 539 836.06 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 6 908 058.96 |","| 1. Net change in unrealized appreciation | EUR | 706 139.06 |","| 2. Net change in unrealized depreciation | EUR | 2 475 824.48 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 3 181 963.54 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 10 090 022.50 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","##### Comparative overview of the last three fiscal years","Net assets\tNet asset","at the end of\tvalue per the fiscal year EUR\tunit EUR","| 2021\t81 526 972.00 | 143.99 |","| --- | --- |","| 2020\t44 887 421.77 | 124.00 |","| 2019\t30 066 729.31 | 138.30 |","| 2018\t2 335 845.17 | 126.48 |","##### RC unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","- Income","- Dividends from domestic issuers(before corporate income tax) EUR\t1 873 963.19","- Dividends from foreign issuers(before withholding tax) EUR\t28 011 055.61","- Interest from foreign securities","| EUR | 44 040.72 | Net change in unrealized appreciation | EUR | 20 852 885.94 |","| --- | --- | --- | --- | --- |","| EUR | 7 556.89 | Net change in unrealized depreciation | EUR | 47 649 243.49 |","(before withholding tax)","- Interest from investments of liquid assets in Germany .","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t264.96","- Income from securities lendingand repurchase agreements EUR\t94 163.37thereof:from securities lending EUR\t94 163.37","- Deduction for domestic corporate income tax EUR\t-281 094.45","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t1 014 319 408.06","- Net inflows EUR\t-274 153 660.29","- Inflows from subscriptions EUR\t215 702 888.64","- Outflows from redemptions EUR\t-489 856 548.93","- Income adjustment EUR\t20 837 576.68","- Net gain/loss for the fiscal year EUR\t145 718 949.90thereof:","- Value of the investment fund at the endof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t906 722 274.35","##### Distribution calculation for the investment fund","- Deduction for foreign withholding tax EUR\t-3 608 258.15","| Calculation of distribution I. Available for reinvestment | Total | Per unit |","| --- | --- | --- |","| 1. Realized net gain/loss for the fiscal year.","EUR | 77 216 820.47 | 11.61 |","| 2. Transfer from the investment fund\tEUR | 0.00 | 0.00 |","| 3. Tax withholding amount made available .","EUR | 0.00 | 0.00 |","| II.","Reinvestment\tEUR | 77 216 820.47 | 11.61 |","| | | |","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR 1 683\t150.90Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t27 824 843.04","- Expenses","- Interest on borrowings 1 EUR\t-105 321.31 thereof:Commitment fees EUR\t-6 149.25","- Management fee EUR\t-12 070 617.00thereof:All-in fee EUR -12 070 617.00","- Other expenses EUR\t-31 844.04thereof:Performance-based feefrom securities lending EUR -31 073.97 Legal and consulting expenses...","EUR\t-770.07","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -12 207 782.35 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 15 617 060.69 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 86 784 484.28 |","| 2. Realized losses | EUR | -25 184 724.50 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 61 599 759.78 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 77 216 820.47 |","| 1. Net change in unrealized appreciation | EUR | 20 852 885.94 |","| 2. Net change in unrealized depreciation | EUR | 47 649 243.49 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 68 502 129.43 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 145 718 949.90 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","##### Comparative overview of the last three fiscal years","Net assets\tNet asset","at the end of\tvalue per the fiscal year EUR\tunit EUR","| 2021\t906 722 274.35 | 136.32 |","| --- | --- |","| 2020\t1 014 319 408.06 | 117.34 |","| 2019\t1 011 514 296.06 | 134.47 |","| 2018\t906 735 550.88 | 126.49 |","##### TFD unit class","Statement of income and expenses (incl. income adjustment)\tfor the period from October 1, 2020, through September 30, 2021","- Income","- Dividends from domestic issuers(before corporate income tax) EUR\t41 650.23","- Dividends from foreign issuers(before withholding tax) EUR\t623 793.40","- Interest from foreign securities(before withholding tax) EUR\t1 007.98","- Interest from investments of liquid assets in Germany .","EUR\t168.35","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t5.86","- Income from securities lendingand repurchase agreements EUR\t2 105.91thereof:from securities lending EUR\t2 105.91","- Deduction for domestic corporate income tax EUR\t-6 247.53","- Deduction for foreign withholding tax EUR\t-80 372.93","##### Statement of changes in net assets for the investment fund","- Value of the investment fund at the beginningof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t17 034 179.94","- Previous year‘s distribution or tax abatement EUR\t-544 896.03","- Net inflows EUR\t562 166.02","- Inflows from subscriptions EUR\t17 425 731.62","- Outflows from redemptions EUR\t-16 863 565.60","- Income adjustment EUR\t230 428.82","- Net gain/loss for the fiscal year EUR\t2 922 942.52thereof:Net change in unrealized appreciation EUR\t240 403.78Net change in unrealized depreciation EUR\t848 249.71","- Value of the investment fund at the endof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t20 204 821.27","##### Distribution calculation for the investment fund","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t37 504.14\tTotal income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t619 615.41","- Expenses","- Interest on borrowings 1 EUR\t-2 352.29 thereof:Commitment fees EUR\t-137.36","- Management fee EUR\t-153 707.30thereof:All-in fee EUR -153 707.30","- Other expenses EUR\t-712.05thereof:Performance-based feefrom securities lending EUR\t-694.95 Legal and consulting expenses...","EUR\t\t-17.10","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -156 771.64 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 462 843.77 |","| IV.","Sale transactions | | |","| 1. Realized gains | EUR | 1 935 319.19 |","| 2. Realized losses | EUR | -563 873.93 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 1 371 445.26 |","| V. Realized net gain/loss for the fiscal year . . . .",". . . .",". . . | EUR | 1 834 289.03 |","| 1. Net change in unrealized appreciation | EUR | 240 403.78 |","| 2. Net change in unrealized depreciation | EUR | 848 249.71 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 1 088 653.49 |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 2 922 942.52 |","Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","1 Includes negative interest on cash at bank.","Calculation of distribution\tTotal\tPer unit","- Available for distribution","- Balance brought forward fromprevious year EUR\t849 089.81\t4.72","- Realized net gain/loss for the fiscal year.","EUR\t1 834 289.03\t10.20","- Transfer from the investment fund EUR\t0.00\t0.00","- Not used for distribution","- Reinvested EUR\t0.00\t0.00","- Balance carried forward EUR\t-2 055 898.95\t-11.43","- Total distribution . . . .",". . . .",". . . .",". . . .",". .","EUR\t627 479.89\t3.49","##### Comparative overview of the last three fiscal years","Net assets\tNet asset","at the end of\tvalue per the fiscal year EUR\tunit EUR","| 2021\t20 204 821.27 | 112.38 |","| --- | --- |","| 2020\t17 034 179.94 | 99.16 |","| 2019\t9 053 335.43 | 112.94 |","| 2018\t3 197 329.21 | 104.81 |","Notes to the financial statements (in accordance with article 7, no. 9, KARBV (Accounting and Valuation Regulation issued under the KAGB))","#### Disclosures in accordance with the Derivatives Regulation","Underlying exposure obtained through derivatives:","EUR 0.00","Disclosures according to the qualified approach:","Composition of the reference portfolio","MSCI World High Dividend Yield","Market risk exposure","| Lowest market risk exposure\t% | 87.599 |","| --- | --- |","| Highest market risk exposure\t% | 110.221 |","| Average market risk exposure\t% | 97.800 |","The values-at-risk were calculated for the period from October 1, 2020, through September 30, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the investment fund arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the qualified approachas defined by the Derivatives Regulation.","In the reporting period, the average leverage effect from the use of derivatives was 1.0, whereby the gross method was used for the calculation of leverage.","Exposure obtained through securities loans:","The following securities were transferred under securities loans at the reporting date:","| Security name | Quantity/ principal amount (–/’000) | Fixed maturity | Securities loans Total market value in EUR No fixed maturity | Total |","| --- | --- | --- | --- | --- |","| BCE (new) | Count | 630 000 | | 27 007 926.29 | |","| Novartis Reg | Count | 9 042 | | 645 964.35 | |","| Michelin Reg.","| Count | 123 140 | | 16 383 777.00 | |","| Nippon Telegraph and Telephone Corp.","| Count | 14 199 900 | | 337 208 001.69 | |","| Tokio Marine Holdings Inc.","| Count | 4 265 000 | | 197 671 965.21 | |","| Total receivables from securities loans | | | | 578 917 634.54 | 578 917 634.54 |","| Contracting parties for securities loans: | | | | | |","Barclays Bank Ireland PLC, Dublin; Citigroup Global Markets Europe AG, Frankfurt/Main, Natixis S.A., Paris; Société Générale S.A., Paris; UBS AG, London","Total collateral pledged by third parties for securities loans:","| EUR | 648 528 435.88 | |","| --- | --- | --- |","| thereof: Bonds | | EUR | 35 927 170.52 |","| Equities | | EUR | 516 405 344.44 |","| Other | | EUR | 96 195 920.92 |","Income from securities lending, including costs and charges incurred directly and indirectly:","These items are listed in the statement of income and expenses.","#### Other disclosures","Net asset value per unit, Class LD: EUR 128.52 Net asset value per unit, Class FD: EUR 141.54 Net asset value per unit, Class LDQ: EUR 127.80 Net asset value per unit, Class TFC: EUR 146.26 Net asset value per unit, Class LC: EUR 143.99 Net asset value per unit, Class RC: EUR 136.32 Net asset value per unit, Class TFD: EUR 112.38","Number of units outstanding, Class LD: 126 731 686.929","Number of units outstanding, Class FD:\t2 966 944.698","Number of units outstanding, Class LDQ:\t81 200.188","Number of units outstanding, Class TFC:\t1 143 988.052","Number of units outstanding, Class LC:\t566 183.395","Number of units outstanding, Class RC:\t6 651 242.123","Number of units outstanding, Class TFD:\t179 793.666","Disclosure regarding asset valuation procedures:","The Depositary shall determine the value with the participation of the asset management company.","The Depositary generally bases its valuation on external sources.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Depositary and the asset management company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Investments reported in this report are not valued at derived market values.","Disclosures on transparency and the total expense ratio:","The total expense ratio was:","Class LD 1.45% p.a.\tClass FD 0.90% p.a.\tClass LDQ 1.45% p.a.\tClass TFC 0.80% p.a.\tClass LC 1.45% p.a.\tClass RC 1.40% p.a.\tClass TFD 0.80% p.a. The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets for a given fiscal year.","As well, the additional income from securities lending resulted in a performance-based fee of","Class LD 0.004%\tClass FD 0.004%\tClass LDQ 0.004%\tClass TFC 0.004%\tClass LC 0.004%\tClass RC 0.004%\tClass TFD 0.004%","calculated on the fund’s average net assets.","An all-in fee of","Class LD 1.45% p.a.\tClass FD 0.90% p.a.\tClass LDQ 1.45% p.a.\tClass TFC 0.80% p.a.\tClass LC 1.45% p.a.\tClass RC 1.40% p.a.\tClass TFD 0.80% p.a. is payable to the asset management company for the investment fund under the Terms and Conditions of investment.","Of this annual fee, the asset management company in turn pays up to","| Class LD 0.15% p.a. | Class FD 0.15% p.a. | Class LDQ 0.15% p.a. | Class TFC 0.15% p.a. | Class LC 0.15% p.a. | Class RC 0.15% p.a. | Class TFD 0.15% p.a. |","| --- | --- | --- | --- | --- | --- | --- |","| to the Depositary and | | | | | | |","| Class LD 0.05% p.a. | Class FD 0.05% p.a. | Class LDQ 0.05% p.a. | Class TFC 0.05% p.a. | Class LC 0.05% p.a. | Class RC 0.05% p.a. | Class TFD 0.05% p.a. |","to other parties (for printing and publication costs, auditing and other items).","In the fiscal year from October 1, 2020, through September 30, 2021, the asset management company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid out of the investment undertaking DWS Top Dividende to the Depositary and other third parties, except in the form of financial information provided by brokers for research purposes.","Of its own portion of the all-in fee, the Company pays","| Class LD more than 10% | Class FD less than 10% | Class LDQ more than 10% | Class TFC less than 10% | Class LC more than 10% |","| --- | --- | --- | --- | --- |","| Class RC more than 10% | Class TFD less than 10% | | | |","in commissions to distributors of the fund based on the balance of units distributed.","Material other income and expenses are presented for each unit class in the statement of income and expenses.","The transaction costs paid in the reporting period amounted to EUR 4 066 746.05.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.07% of all transactions.","The total volume was EUR 8 592 422.19.","#### Remuneration Disclosure","DWS Investment GmbH (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major asset classes as well as solutions aligned to growth trends to its clients globally.","DWS KGaA is a publicly traded company listed on the Frankfurt Stock Exchange, which is majority owned by Deutsche Bank AG.","As a result of the sector specific legislation under UCITS V (Undertakings for Collective Investment in Transferable Securities Directive V) and in accordance with Sec. 1 and Sec. 27 of the German “Institutsvergütungsverordnung” (“InstVV”), the Company is carved-out from Deutsche Bank Group’s (“DB Group”) compensation policy and strategy.","DWS KGaA and its subsi- diaries (“DWS Group” or only “Group”) have established their own compensation governance, policies and structures, including a DWS group-wide guideline of identifying “Material Risk Takers” (“MRTs”) at Company level as well as DWS Group level in line with the criteria stated in UCITS V and in the guidelines on sound remuneration policies under the UCITS V published by the European Securities and Markets Authority (“ESMA Guidelines”).","Governance Structure","DWS Group is managed through its General Partner, the DWS Management GmbH.","The General Partner has changed its remit in June 2020 and has now six Managing Directors who serve as the Executive Board (“EB”) of the Group.","The EB – supported by the DWS Compensation Committee (“DCC”) – is responsible for establishing and operating the compensation system for employees.","It is overseen by the DWS KGaA Supervisory Board which has established a Remuneration Committee (“RC”).","The RC reviews the compensation system of the Group’s employees and its appropriateness.","The RC supports the Supervisory Board in monitoring the appropriate structure of the remuneration systems for the Group’s employees.","This is done by taking into account the effects of the remuneration system on the group-wide risk, capital and liquidity management as well as the consistency of the remuneration strategy with the business and risk strategy of the DWS Group.","The DCC is mandated to develop and design sustainable compensation frameworks and operating principles, to prepare recommendations on total compensation levels, and to ensure appropriate compensation and benefits governance and oversight for the Group.","The DCC establishes quantitative and qualitative factors to assess performance as a basis for compensation related decisions and makes appropriate recommendations to the EB regarding the annual Variable Compensation pool and its allocation across the business areas and infrastructure func- tions.","Voting members of the DCC comprise the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief Operating Officer (“COO”), and the Global Head of HR.","The Head of Reward & Analytics is a nonvoting member.","Control Functions such as Compliance, Anti-Financial Crime, and Risk Management are represented by CFO and COO in the DCC and are appro- priately engaged in the design and application of the Group’s remuneration systems in the context of the tasks and functions assigned to them, to ensure that the remuneration systems do not create conflicts of interests, and to review the effects on the risk profile of the Group.","The DCC reviews the remuneration framework of DWS Group regularly, at least annually, which includes the principles applying to the Company, and assesses if substantial changes or amendments due to irregularities have to be made.","The DCC is supported by two sub-committees: The DWS Compensation Operating Committee (“COC”) implemented to assist the DCC in reviewing the technical validity, operationalizing and approving new or existing compensation plans.","The Integrity Review Committee implemented to review and decide on suspension and forfeiture matters involving DWS deferred compensation awards.","The internal annual review at DWS Group level concluded the design of the remuneration system to be appropriate, no significant irregularities were recognized.","Compensation Structure","The employees of the Company are subject to the compensation standards and principles as outlined in the DWS Compensation Policy.","The policy is reviewed on an annual basis.","As part of the Compensation Policy, the Group, including the Company, employs a Total Compensation (“TC”) philosophy which comprises Fixed Pay (“FP”) and Variable Compensation (“VC”).","The Group ensures an appropriate relationship between FP and VC across all categories and groups of employees.","TC structures and levels reflect the Sub-Divisional and regional compen- sation structures, internal relativities, and market data, and assist in seeking consistency across the Group.","One of the main objectives of the Group’s strategy is to align reward for sustain- able performance at all levels whilst enhancing the transparency of compensation decisions and their impact on shareholders and employees with regard to DWS Group and as applicable DB Group performance.","Achieving a sustainable balance between employee, shareholder and client interests is a key aspect of DWS’ Group compensation strategy.","FP is used to compensate employees for their skills, experience and competencies, commensurate with the requirements, size and scope of their role.","The appropriate level of FP is deter- mined with reference to the prevailing market rates for each role, internal comparisons and applicable regulatory requirements.","VC is a discretionary compensation element that enables the Group to provide additional reward to employees for their performance and behaviours without encouraging excessive risk- taking.","VC determination considers sound risk measures by taking into account the Group’s Risk Appetite as well as the Group affordability and financial situation and providing for a fully flexible policy on granting or “not-granting” VC.","VC generally consists of two elements – the “Group Component” and the “Individual Component”.","There continues to be no guarantee of VC in an existing employment relationship.","For the 2020 financial year, the Group Component is dominantly determined based upon the performance of three Key Performance Indicators (KPIs) at DWS Group level: Adjusted Cost Inco- me Ratio (“CIR”), Net Flows, Dividend Payout.","These three KPIs represent important metrics for DWS Group’s financial targets and provide a good indication of its sustainable performance.","For employees at management level the Group Component additionally considers four equally weighted KPIs at DB Group level1.","Depending on eligibility, the “Individual Component” is delivered either in the form of Individual VC (“IVC”) or a Recognition Award.","IVC takes into consideration a number of financial and non-financial factors, relativities within the employee’s peer group and retention considerations.","The Recognition Award provides the opportunity to acknowledge and reward outstanding contributions made by employees outside the scope of IVC eligibility (these are generally employees at lower hierarchical levels).","Generally, there are two nomination cycles per year.","Both Group and Individual Component may be awarded in cash, share-based or fund-based instruments under the Group deferral arrangements.","The Group retains the right to reduce the total amount of VC, including the Group Component, to zero in cases of significant misconduct, performance-related measures, disciplinary outcomes or unsatisfactory conduct or behaviour by the employee subject to applicable local law.","1 DB Group KPIs: Common Equity Tier 1 (“CET1”) capital ratio, leverage ratio, adjusted costs and post-tax return on tangible equity (“RoTE”)","Determination of VC and appropriate risk-adjustment","The Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments.","The robust methodology in place aims at ensuring that the determination of VC reflects the risk-adjusted performance as well as the capital and liquidity position of the Group.","The total amount of VC is primarily driven by","(i) the Group affordability (i.e. what “can” DWS Group sustainably afford award in alignment with regulatory requirements) and","(ii) performance (what “should” the Group award in order to provide an appropriate compensation for performance while protecting the long-term health of the franchise).","At the level of the individual employee, the Group has established “Variable Compensation Guiding Principles” which detail the factors and metrics that must be taken into account when ma- king IVC decisions.","These include, for instance, investment performance, client retention, culture considerations, and objective setting and performance assessment based on the “Total Performance’ approach.","Furthermore, any control function inputs and disciplinary sanctions and their impact on the VC have to be considered as well.","As part of a discretionary decision-making process, the DWS DCC uses (financial and non-financial) key figures to identify differentiated and performance linked VC pools for business and infrastructure areas.","Compensation for 2020","Despite the ongoing pandemic, the diverse range of investment products and solutions as well as stabilizing markets contributed to significant net flows in 2020 and allowed the Group to execute its strategic priorities effectively.","The intensified focus on investment performance and increased investor demand for targeted asset classes were key drivers of the success.","Against this backdrop, the DCC has monitored the affordability of VC for 2020.","The committee has concluded that the capital and liquidity base of the Group remain above regulatory minimum requirements, and internal risk appetite threshold.","As part of the overall 2020 VC awards to be granted in March 2021, the Group Component was awarded to eligible employees in line with the assessment of the defined KPIs.","The Executive Board recognizing the considerable contribution of employees and determined a target achievement rate of 98.50% for 2020 for DWS Group.","Considering the DB Group target achievement as determined by the Deutsche Bank AG Management Board, the hybrid achievement rate for employees at management level was determined of 85.50% for 2020.","Identification of Material Risk Takers","In accordance with the Law as of 17 December 2010 on Undertakings for Collective Investments (as subsequently amended) in conjunction with the ESMA Guidelines with accordance to UCITS Directive, the Company has identified individuals who have a material impact of the Company’s risk profile (“Material Risk Takers”).","The identification process has been based on an assessment of the impact of the following categories of staff on the risk profile of the Company or on a fund it manages:","(a) Board Members/Senior Management,","(b) Portfolio/Investment managers,","(c) Control Functions,","(d) Staff heading Administration, Marketing and Human Resources,","(e) other individuals (Risk Takers) in a significant position of influence,","(f) other emplo- yees in the same remuneration bracket as other Risk Takers, whose roles have an impact on the risk profile of the Company or the Group.","At least 40% of the VC for Material Risk Takers is deferred.","Additionally, at least 50% of both, the upfront and the deferred proportion, are granted in the Group share-based instruments or fund-linked instruments for Key Investment Professionals.","All deferred components are subject to a number of performance conditions and forfeiture provisions which ensure an appropriate ex-post risk adjustment.","In case the VC is lower than EUR 50,000, the Material Risk Takers receive their entire VC in cash without any deferral.","Aggregate Compensation Information for the Company for 2020 2","| Number of employees on an annual average | 495 |","| --- | --- |","| Total Compensation | EUR | 72,263,920 |","| Fixed Pay | EUR | 49,892,007 |","| Variable Compensation | EUR | 22,371,913 |","| Thereof: Carried Interest | EUR | 0 |","| Total Compensation for Senior Management3 | EUR | 6,927,072 |","| Total Compensation for other Material Risk Takers4 | EUR | 15,008,666 |","| Total Compensation for Control Function employees | EUR | 2,473,707 |","2 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.","3 Senior Management refers to the members of the Management Board of the Company, only.","Members of the Management Board meet the definition of managers.","Apart from the members of Senior Management, no further managers have been identified.","4 Identified other material Risk Takers with control functions are shown in the line “Control Function employees”.","#### Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 –","Statement in accordance with Section A","Stated in fund currency","Absolute","In % of the fund’s net assets","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- NameGross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","| | | |","| --- | --- | --- |","| | | |","| | | |","- Name Gross volumeof open transactionsCountry of registration","##### Securities lending\tRepurchase agreements\tTotal return swaps","- Assets used","| 578 917 634.54 | - | - |","| --- | --- | --- |","| 3.24 | - | - |","- The 10 largest counterparties","| Barclays Bank Ireland PLC, Dublin | | |","| --- | --- | --- |","| 222 143 533.99 | | |","| Ireland | | |","| Natixis S.A., Paris | | |","| --- | --- | --- |","| 183 163 728.74 | | |","| France | | |","| Société Générale S.A., Paris | | |","| --- | --- | --- |","| 129 572 704.18 | | |","| France | | |","| UBS AG, London | | |","| --- | --- | --- |","| 27 007 926.29 | | |","| United Kingdom | | |","| Citigroup Global Markets Europe AG, Frankfurt/Main | | |","| --- | --- | --- |","| 17 029 741.34 | | |","| Federal Republic of Germany | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","- Name Gross volumeof open transactions Country of registration(e.g., bilateral, tri-party, central counterparty)Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityBank balances Bonds Equities Other","- Type(s) of settlement and clearing","| Bilateral | - | - |","| --- | --- | --- |","- Transactions classified by term to maturity (absolute amounts)","| - | - | - |","| --- | --- | --- |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| 578 917 634.54 | - | - |","| Type(s): |","| --- |","| - | - | - |","| 35 927 170.52 | - | - |","| 516 405 344.44 | - | - |","| 96 195 920.92 | - | - |","| Quality/Qualities: |","| Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: - Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity","- Units of a collective investment undertaking investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating","- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents","- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade","- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major indexThe Management Company reserves the right to restrict the permissibility of the aforementioned collateral.","Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.","Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund.","- Type(s) and quality/qualities of collateral receivedCurrency/Currencies:Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityAbsoluteIn % of gross income Cost portion of the fundAbsoluteIn % of gross incomeCost portion of the Management CompanyAbsoluteIn % of gross incomeCost portion of third partiesAbsolute","- Currency/Currencies of collateral received","| EUR; GBP; USD; AUD; JPY; SEK; DKK; CAD; NZD; CHF; HUF; PGK | - | - |","| --- | --- | --- |","- Collateral classified by term to maturity (absolute amounts)","| - | - | - |","| --- | --- | --- |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| 648 528 435.88 | - | - |","- Income and cost portions (before income adjustment)","| Income portion of the fund |","| --- |","| 1 312 751.13 | - | - |","| 67.00 | - | - |","| - | - | - |","| Income portion of the Management Company |","| --- |","| 646 578.37 | - | - |","| 33.00 | - | - |","| - | - | - |","| Income portion of third parties |","| --- |","| - | - | - |","| - | - | - |","| - | - | - |","- Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swapsTotal Share","- Lent securities in % of all lendable assets of the fund","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- The 10 largest issuers, based on all SFTs and total return swaps","| Bank of Ireland Group PLC | | |","| --- | --- | --- |","| 23 248 629.07 | | |","| alstria office REIT-AG | | |","| --- | --- | --- |","| 21 111 594.95 | | |","* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.","| Barry Callebaut AG | | |","| --- | --- | --- |","| 21 109 369.69 | | |","- NameVolume of collateral received (absolute)","| AIB Group PLC | | |","| --- | --- | --- |","| 18 812 606.44 | | | - NameVolume of collateral received (absolute) | French Republic | | | | --- | --- | --- | | 17 933 965.31 | | | - NameVolume of collateral received (absolute) | Oil Search Ltd. | | | | --- | --- | --- | | 17 407 204.38 | | | - NameVolume of collateral received (absolute) | Nippo Corp. | | | | --- | --- | --- | | 16 770 744.12 | | | - NameVolume of collateral received (absolute) | Xero Ltd. | | | | --- | --- | --- | | 15 031 929.09 | | | - NameVolume of collateral received (absolute) | Amazon.com Inc. | | | | --- | --- | --- | | 14 465 869.70 | | | - NameVolume of collateral received (absolute) | Kingspan Group PLC | | | | --- | --- | --- | | 12 974 332.80 | | | - NameVolume of collateral received (absolute)- - Reinvested collateral in % of collateral received, based on all SFTs and total return swapsShare - Custody type of provided collateral from SFTs and total return swaps | - | - | | --- | --- | | - | - | | - | - | | - | - | (In % of all provided collateral from SFTs and total return swaps) Segregated cash/ custody accounts Pooled cash/custody accounts Other cash/custody accounts Recipient determines custody type | 2 | - | - | | --- | --- | --- | - Depositaries/Account holders of received collateral from SFTs and total return swapsTotal number of depositaries/ account holders | Bank of New York | | | | --- | --- | --- | | 630 594 470.57 | | | - NameAmount held in custody (absolute) | State Street Bank International GmbH (Custody Operations) | | | | --- | --- | --- | | 17 933 965.31 | | | - NameAmount held in custody (absolute)KPMG issued an unqualified auditor‘s report forthe full annual report in accordance with article 102of the German Investment Code. The translation ofthe auditor‘s report is as follows:Frankfurt/Main, Germany, December 22, 2021DWS Investment GmbH, Frankfurt/Main The ManagementIndependent auditor’s report ### To DWS Investment GmbH, Frankfurt/Main Audit opinion We have audited the annual report of the investment fund DWS Top Dividende comprising the activity report for the fiscal year from October 1, 2020, through September 30, 2021, the statement of net assets and investment portfolio as of September 30, 2021, the statement of income and expenses, the distribu- tion calculation, the statement of changes in net assets for the fiscal year from October 1, 2020, through September 30, 2021, as well as the comparative overview for the last three fiscal years, the statement of transactions concluded during the reporting period to the extent that they are no longer part of the invest- ment portfolio, and the notes. In our opinion, based on the findings of our audit, the accompanying annual report complies in all material respects with the provisions of the German Investment Code (KAGB) and the relevant European regulations and allows a comprehensive view of the actual circumstances and developments of the investment fund in accordance with these regulations. ### Basis for the audit opinion We conducted our audit of the annual report in accordance with article 102 KAGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Our responsibility under these rules and principles is further described in the section “Auditor’s responsibility for the audit of the annual report” of our report. We are independent of DWS Investment GmbH in accordance with German commercial law and professional regulations and have fulfilled our other German professional obligations in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate for providing a basis for our audit opinion on the annual report. ### Responsibility of the legal representatives for the annual report The legal representatives of DWS Investment GmbH are responsible for the preparation of the annual report, which complies in all material respects with the provisions of the German KAGB and the relevant European regulations, and for ensuring that the annual report gives a comprehensive view of the actual circumstances and developments of the investment fund in accordance with these regulations. In addition, the legal rep- resentatives are responsible for the internal controls that they have deemed necessary in accordance with these Regulations in order to facilitate the preparation of an annual report that is free from material misstate- ment, whether intentional or unintentional. When preparing the annual report, the legal representatives are responsible for including events, decisions and factors that could materially influence the further development of the investment fund. This means, among other things, that when preparing the annual report, the legal representatives must assess the con- tinuation of the investment fund by DWS Investment GmbH and have the responsibility to disclose facts in connection with the continuation of the investment fund, if relevant. ### Responsibility of the auditor for the audit of the annual report Our objective is to obtain reasonable assurance as to whether the annual report as a whole is free from material misstatement, whether intentional or unintentional, and to issue a report that includes our opinion on the annual report. Sufficient assurance is a high level of assurance, but not a guarantee, that an audit conducted in accor- dance with article 102 KAGB and German generally accepted standards for the audit of financial state- ments promulgated by the Institut der Wirtschaftsprüfer (IDW) will always reveal a material misstatement. Misstatements may result from violations or inaccuracies and are considered material if it is reasonably expected that they will affect, individually or collectively, the economic decisions of users made on the basis of this annual report. During the audit, we exercise due discretion and maintain a critical attitude. We also: - Identify and evaluate the risks of material misstatements, whether intentional or not, in the annual report, plan and perform audit procedures in response to those risks, and obtain sufficient and appropriate audit evidence for providing a basis for our audit opinion. The risk that material misstatements will not be detected is greater for violations than for inaccuracies, as violations may involve fraudulent collusion, falsification, intentional incompleteness, misrepresentation, or the overriding of internal controls. - Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate to the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the internal control system of DWS Investment GmbH. - Assess the appropriateness of the accounting policies used by the legal representatives of DWS Invest- ment GmbH in preparing the annual report and the reasonableness of the estimates and related disclo- sures made by the legal representatives. - Draw conclusions on the basis of audit evidence obtained as to whether there is any material uncertainty in connection with events or circumstances that could cast significant doubt on the continuation of the investment fund by DWS Investment GmbH. If we conclude that there is a material uncertainty, we are required to make a note of the related disclosures in the annual report or, if such disclosures are unreason- able, to modify our opinion. We draw our conclusions on the basis of the audit evidence obtained up to the date of our audit opinion. Future events or circumstances may, however, result in the discontinuation of the investment fund by DWS Investment GmbH. - Evaluate the overall presentation, structure and content of the annual report, including the disclosures, and whether the annual report presents the underlying transactions and events in such a way that the annual report provides a comprehensive view of the actual circumstances and developments of the invest- ment fund in accordance with the provisions of the German KAGB and the relevant European regulations. We discuss with those charged with governance, among other things, the planned scope and timing of the audit and significant findings of the audit, including any deficiencies in the internal control system identified during our audit. Frankfurt/Main, Germany, December 22, 2021 KPMG AG Wirtschaftsprüfungsgesellschaft Kuppler\tNeuf Auditor\tAuditor Asset Management Company DWS Investment GmbH 60612 Frankfurt/Main, Germany Own funds on December 31, 2020: EUR 398.4 million Subscribed and paid-in capital on December 31, 2020: EUR 115 million Supervisory Board Dr. Asoka Wöhrmann Chairman DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Christof von Dryander Vice-Chairman Cleary Gottlieb Steen & Hamilton LLP, Frankfurt/Main Hans-Theo Franken Deutsche Vermögensberatung AG, Frankfurt/Main Dr. Alexander Ilgen Deutsche Bank AG, Frankfurt/Main Britta Lehfeldt (until October 31, 2021) Deutsche Bank AG, Frankfurt/Main Dr. Stefan Marcinowski Ludwigshafen Prof. Christian Strenger The Germany Funds, New York Gerhard Wiesheu Partner of Bankhaus B. Metzler seel. Sohn & Co. KGaA, Frankfurt/Main Susanne Zeidler Deutsche Beteiligungs AG, Frankfurt/Main Management Manfred Bauer Speaker of the Management Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Member of the Supervisory Board of DWS Investment S.A., Luxembourg Dirk Görgen Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Stefan Kreuzkamp Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Member of the Supervisory Board of DWS Investment S.A., Luxembourg Dr. Matthias Liermann Member of the Management of DWS International GmbH, Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Member of the Supervisory Board of DWS Investment S.A., Luxembourg Member of the Supervisory Board of Deutsche Treuinvest Stiftung, Frankfurt/Main Petra Pflaum Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Depositary State Street Bank International GmbH Brienner Straße 59 80333 Munich, Germany Own funds on December 31, 2020: EUR 2,302.0 million (as defined in article 72 of Regulation (EU) No. 575/2013 (CRR)) Subscribed and paid-in capital on December 31, 2020: EUR 109.4 million Shareholder of DWS Investment GmbH DWS Beteiligungs GmbH, Frankfurt/Main As of: October 31, 2021 DWS Investment GmbH 60612 Frankfurt/Main, Germany Tel. : +49 (0) 69-910-12371 Fax: +49 (0) 69-910-19090 www.dws.com"],"string":"[\n \"# Annual report\",\n \"## DWS Top Dividende\",\n \"### Investment objective and performance in the reporting period\",\n \"The investment focus of DWS Top Dividende is on inter- national companies that, in the opinion of the portfolio management, offer prospects of above-average, sustained dividend yields in the medium\",\n \"###### DWS TOP DIVIDENDE\",\n \"Five-year performance\",\n \"130\",\n \"125\",\n \"120\",\n \"115\",\n \"110\",\n \"105\",\n \"100\",\n \"95\",\n \"to long term based on company\",\n \"9/16*\",\n \"9/17\",\n \"9/18\\t9/19\\t9/20\",\n \"9/21\",\n \"fundamentals such as balance sheet quality and business\",\n \"DWS Top Dividende (LD unit class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 9/2016 = 100\",\n \"Data on euro basis\",\n \"model.\",\n \"In the fiscal year through the end of September 2021, the fund recorded an appreciation of 16.1% per unit (LD unit class, BVI method) in euro.\",\n \"### Investment policy in the reporting period\",\n \"The key risks were mainly identified as the uncertainty regarding the further course of the COVID-19 pandemic*, the development of a vaccine,\",\n \"and the resulting impact on the global economy and financial markets.\",\n \"Past performance is no guide to future results.\",\n \"As of: September 30, 2021\",\n \"###### DWS TOP DIVIDENDE\",\n \"Performance of unit classes (in EUR)\",\n \"| Unit class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LD | DE0009848119 | 16.1% | 13.8% | 22.4% |\",\n \"| Class FD | DE000DWS1VB9 | 16.8% | 15.7% | 25.8% |\",\n \"| Class LC | DE000DWS1U90 | 16.1% | 13.8% | 19.6%1 |\",\n \"| Class LDQ | DE000DWS18N0 | 16.1% | 13.8% | 22.4% |\",\n \"| Class RC | DE000DWS2PA1 | 16.2% | 14.0% | 19.8%1 |\",\n \"| Class TFC | DE000DWS18Q3 | 16.9% | 16.1% | 20.3%1 |\",\n \"| Class TFD | DE000DWS2SL2 | 16.9% | 16.1% | 21.6%1 |\",\n \"1 Class TFC launched on January 2, 2017 / Classes LC and RC launched on September 1, 2017 / Class TFD launched on January 2, 2018\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: September 30, 2021\",\n \"In the reporting period, devel- opments in the international capital markets continued to be characterized by the corona- virus pandemic and its social and economic consequences for the world’s population.\",\n \"The equity markets profited from\",\n \"the extremely relaxed monetary policies of the central banks\",\n \"of the industrial countries.\",\n \"Since the beginning of 2021, the economic outlook has also improved in view of the efforts undertaken by the international community of nations and the packages of measures intro- duced with the objective of tackling the economic conse- quences of the COVID-19 crisis,\",\n \"as well as the approval appli- cations for COVID-19 vaccines and the vaccination campaigns taking effect.\",\n \"The fund’s investment focus, based on its strategy, was on more defensive equities from the consumer staples, telecom- munications, health care, insur- ance, and utilities segments, which were viewed as likely to generate above-average divi- dend income.\",\n \"In the energy sector, oil com- pany Royal Dutch Shell made an above-average contribution\",\n \"to performance.\",\n \"The sharp rise in oil prices and continued rig- orous cost containment led to a jump in profits.\",\n \"In the tech- nology sector, the position in Taiwan Semiconductor Manu- facturing again posted positive performance in view of market share gains achieved on the back of the company’s techno- logical advantage.\",\n \"The position in BHP Group also performed better than average in the con- text of the higher iron ore price\",\n \"and an increase in the dividend.\",\n \"In contrast, the performance of the fund was adversely affected\",\n \"by the below-average per-\",\n \"formance of a position in the financial sector.\",\n \"The Chinese insurance group Ping An came under a lot of pressure due\",\n \"to regularly concerns and the slump in the Chinese real estate market.\",\n \"### Main sources of capital gains and losses\",\n \"The main sources of capital gains and losses were realized gains on the sale of equities.\",\n \"In contrast, the sources of losses were fixed-income securities and currencies.\",\n \"### Information on the environmental and/or social characteristics\",\n \"The investment fund qualifies as a product in accordance with article 6 of Regulation (EU) 2019/2088 on sustainability- related disclosures in the finan- cial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus (COVID-19) crisis was/ is a major challenge, including for the economy worldwide, and is therefore a significant event during the report- ing period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for\",\n \"understanding the annual financial state- ments.\",\n \"Additional details are provided in the explanations in the “General informa- tion” section.\",\n \"###### DWS TOP DIVIDENDE\",\n \"Overview of the unit classes\",\n \"ISIN\\tLD\\tDE0009848119\",\n \"LC\\tDE000DWS1U90\",\n \"FD\\tDE000DWS1VB9\",\n \"LDQ\\tDE000DWS18N0\",\n \"TFC\\tDE000DWS18Q3\",\n \"RC\\tDE000DWS2PA1\",\n \"TFD\\tDE000DWS2SL2\",\n \"Security code (WKN)\\tLD\\t984811\",\n \"LC\\tDWS1U9\",\n \"FD\\tDWS1VB\",\n \"LDQ\\tDWS18N\",\n \"TFC\\tDWS18Q\",\n \"RC\\tDWS2PA\",\n \"TFD\\tDWS2SL\",\n \"Fund currency\\tEUR\",\n \"Unit class currency\\tLD\\tEUR\",\n \"LC\\tEUR\",\n \"FD\\tEUR\",\n \"LDQ\\tEUR\",\n \"TFC\\tEUR\",\n \"RC\\tEUR\",\n \"TFD\\tEUR\",\n \"Date of inception\\tLD\\tApril 28, 2003\",\n \"and initial subscription\\t(from March 15, 2013, as LD unit class)\",\n \"LC\\tSeptember 1, 2017\",\n \"FD\\tAugust 12, 2013\",\n \"LDQ\\tMarch 2, 2015\",\n \"TFC\\tJanuary 2, 2018\",\n \"(until January 1, 2018 as SC unit class)\",\n \"RC\\tSeptember 1, 2017\",\n \"TFD\\tJanuary 2, 2018\",\n \"Initial sales charge\\tLD\\t5%\",\n \"LC\\t5%\",\n \"FD\\tNone\",\n \"LDQ\\t5%\",\n \"TFC\\tNone\",\n \"RC\\t5%\",\n \"TFD\\tNone\",\n \"Distribution policy\\tLD\\tDistribution LC\\tReinvestment\",\n \"FD\\tDistribution\",\n \"LDQ\\tQuarterly distribution\",\n \"TFC\\tReinvestment\",\n \"RC\\tDistribution\",\n \"TFD\\tDistribution\",\n \"###### DWS TOP DIVIDENDE\",\n \"Overview of the unit classes (continued)\",\n \"| All-in fee | LD | 1.45% p.a. |\",\n \"| --- | --- | --- |\",\n \"| | LC | 1.45% p.a. |\",\n \"| | FD | 0.9% p.a. |\",\n \"| | LDQ | 1.45% p.a. |\",\n \"| | TFC | 0.8% p.a. |\",\n \"| | RC | 1.4% p.a. |\",\n \"| | TFD | 0.8% p.a. |\",\n \"| Minimum investment* | LD | None |\",\n \"| | LC | None |\",\n \"| | FD | EUR 2,000,000 |\",\n \"| | LDQ | None |\",\n \"| | TFC | None |\",\n \"| | RC | EUR 500,000,000 |\",\n \"| | TFD | None |\",\n \"| Initial issue price | LD | EUR 52.50 |\",\n \"| | | (incl. initial sales charge) |\",\n \"| | LC | Net asset value per unit of the |\",\n \"| | | DWS Top Dividende LD unit class |\",\n \"| | | on the inception date of the |\",\n \"| | | LC unit class (plus initial sales |\",\n \"| | | charge) |\",\n \"| | FD | EUR 92.91 |\",\n \"| | LDQ | EUR 117.46 |\",\n \"| | | (plus initial sales charge) |\",\n \"| | TFC | EUR 120.02 |\",\n \"| | RC | Net asset value per unit of the |\",\n \"| | | DWS Top Dividende LD unit class |\",\n \"| | | on the inception date of the |\",\n \"| | | RD unit class (plus initial sales |\",\n \"| | | charge) |\",\n \"| | TFD | EUR 100 |\",\n \"* The Company reserves the right to deviate from these minimum initial investment amounts at its own discretion, e.g., in cases where distribution partners have made separate fee arrangements with their clients.\",\n \"Subsequent purchases can be made in any amount.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"DWS Top Dividende\",\n \"#### Statement of net assets as of September 30, 2021\",\n \"| I. Assets | Amount in EUR | % of net assets |\",\n \"| --- | --- | --- |\",\n \"| 1. Equities (sectors): Financials | 2 563 634 697.43 | 14.33 |\",\n \"| Consumer Staples | 2 223 930 661.51 | 12.43 |\",\n \"| Health Care | 2 223 640 938.87 | 12.43 |\",\n \"| Information Technology | 1 920 589 505.09 | 10.73 |\",\n \"| Basic Materials | 1 700 477 066.82 | 9.50 |\",\n \"| Utilities | 1 688 764 125.21 | 9.44 |\",\n \"| Energy | 1 683 499 984.93 | 9.41 |\",\n \"| Industrials | 1 486 408 443.04 | 8.31 |\",\n \"| Consumer Discretionaries | 505 242 813.46 | 2.82 |\",\n \"| Other | 1 118 540 802.45 | 6.25 |\",\n \"| Total equities: | 17 114 729 038.81 | 95.65 |\",\n \"| 2. Cash at bank | 787 449 757.00 | 4.40 |\",\n \"| 3. Other assets | 46 286 381.14 | 0.26 |\",\n \"| 4. Receivables from share certificate transactions | 2 804 602.03 | 0.02 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Loan liabilities | -29 853 864.64 | -0.17 |\",\n \"| 2. Other liabilities | -21 308 050.20 | -0.12 |\",\n \"| 3. Liabilities from share certificate transactions | -6 971 605.53 | -0.04 |\",\n \"| III.\",\n \"Net assets | 17 893 136 258.61 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – September 30, 2021\",\n \"Securities traded on an exchange\\t16 750 336 382.49\\t93.61\",\n \"Equities\",\n \"Canadian National Railway Co. (CA1363751027) \\tCount\\t2 000 000\\t2 000 000\\tCAD\\t147.5900\\t199 972 901.56\\t1.12\",\n \"Enbridge (CA29250N1050) \\tCount\\t7 000 000\\t1 000 000\\tCAD\\t50.7900\\t240 857 665.47\\t1.35\",\n \"TC Energy (CA87807B1076) \\tCount\\t10 491 000\\tCAD\\t61.3800\\t436 242 517.44\\t2.44\",\n \"Nestlé Reg.\",\n \"(CH0038863350) \\tCount\\t4 270 000\\t200 000\\t730 000\\tCHF\\t113.4600\\t446 767 060.13\\t2.50\",\n \"Novartis Reg.\",\n \"(CH0012005267) 3 \\tCount\\t3 962 537\\t100 000\\t1 037 463\\tCHF\\t77.4700\\t283 085 338.80\\t1.58\",\n \"Carlsberg B (DK0010181759) \\tCount\\t507 000\\t507 000\\tDKK\\t1 050.5000\\t71 620 665.77\\t0.40\",\n \"Allianz (DE0008404005) \\tCount\\t1 100 000\\t1 800 000\\tEUR\\t195.5200\\t215 072 000.00\\t1.20\",\n \"AXA (FR0000120628) \\tCount\\t3 850 000\\t3 850 000\\tEUR\\t24.1750\\t93 073 750.00\\t0.52\",\n \"Daimler Reg.\",\n \"(DE0007100000) \\tCount\\t1 242 900\\t1 242 900\\tEUR\\t77.5500\\t96 386 895.00\\t0.54\",\n \"Deutsche Börse Reg.\",\n \"(DE0005810055) \\tCount\\t640 000\\t640 000\\tEUR\\t141.0500\\t90 272 000.00\\t0.50\",\n \"Deutsche Telekom Reg.\",\n \"(DE0005557508) \\tCount\\t4 962 790\\t4 962 790\\tEUR\\t17.4960\\t86 828 973.84\\t0.49\",\n \"E.ON Reg.\",\n \"(DE000ENAG999) \\tCount\\t15 000 000\\t3 000 000\\tEUR\\t10.5640\\t158 460 000.00\\t0.89\",\n \"ENEL (IT0003128367) \\tCount\\t21 000 000\\t21 000 000\\tEUR\\t6.6900\\t140 490 000.00\\t0.79\",\n \"Fuchs Petrolub (DE000A3E5D56) \\tCount\\t4 082 313\\t4 402 413\\t320 100\\tEUR\\t31.5800\\t128 919 444.54\\t0.72\",\n \"Hannover Rück Reg.\",\n \"(DE0008402215) \\tCount\\t1 710 040\\t787 960\\tEUR\\t152.2000\\t260 268 088.00\\t1.45\",\n \"KONE OYj (FI0009013403) \\tCount\\t450 000\\t450 000\\tEUR\\t60.9600\\t27 432 000.00\\t0.15\",\n \"Koninklijke Philips (NL0000009538) \\tCount\\t5 203 454\\tEUR\\t38.7650\\t201 711 894.31\\t1.13\",\n \"Michelin Reg.\",\n \"(FR0000121261) 3 \\tCount\\t970 000\\tEUR\\t133.0500\\t129 058 500.00\\t0.72\",\n \"Royal Dutch Shell Cl.\",\n \"A (GB00B03MLX29) \\tCount\\t17 231 600\\t3 768 400\\tEUR\\t19.4460\\t335 085 693.60\\t1.87\",\n \"Sampo Bear.\",\n \"A (FI0009003305) \\tCount\\t6 785 000\\t1 715 000\\tEUR\\t42.7700\\t290 194 450.00\\t1.62\",\n \"Sanofi (FR0000120578) \\tCount\\t2 734 588\\t200 000\\t1 265 412\\tEUR\\t83.9400\\t229 541 316.72\\t1.28\",\n \"Siemens Reg.\",\n \"(DE0007236101) \\tCount\\t1 600 000\\t300 000\\tEUR\\t142.3800\\t227 808 000.00\\t1.27\",\n \"Stellantis (NL00150001Q9) \\tCount\\t4 896 363\\t4 896 363\\tEUR\\t16.6540\\t81 544 029.40\\t0.46\",\n \"TotalEnergies (FR0000120271) \\tCount\\t8 610 800\\t3 889 200\\tEUR\\t41.4950\\t357 305 146.00\\t2.00\",\n \"Unilever (GB00B10RZP78) \\tCount\\t7 630 400\\t11 000 000\\t3 369 600\\tEUR\\t47.0750\\t359 201 080.00\\t2.01\",\n \"VINCI (FR0000125486) \\tCount\\t2 750 000\\tEUR\\t90.5800\\t249 095 000.00\\t1.39\",\n \"Anglo American (GB00B1XZS820) \\tCount\\t933 800\\t933 800\\tGBP\\t26.1600\\t28 289 760.28\\t0.16\",\n \"BHP Group (GB00BH0P3Z91) \\tCount\\t24 000 000\\t2 200 000\\tGBP\\t18.8980\\t525 248 407.64\\t2.94\",\n \"Imperial Brands (GB0004544929) \\tCount\\t1 485 300\\t7 914 700\\tGBP\\t15.8450\\t27 254 867.98\\t0.15\",\n \"Rio Tinto (GB0007188757) \\tCount\\t808 400\\t2 500 000\\t1 691 600\\tGBP\\t48.8850\\t45 765 644.47\\t0.26\",\n \"Ping An Insurance (Group) Co. of China Cl.\",\n \"H (new)\",\n \"(CNE1000003X6) \\tCount\\t24 000 000\\t24 000 000\\tHKD\\t53.2500\\t141 417 047.50\\t0.79\",\n \"Bridgestone Corp. (JP3830800003) \\tCount\\t3 000 000\\tJPY\\t5 306.0000\\t122 530 982.99\\t0.68\",\n \"Nippon Telegraph and Telephone Corp.\",\n \"(JP3735400008) 3 \\tCount\\t14 596 700\\t12 098 300\\tJPY\\t3 085.0000\\t346 630 894.47\\t1.94\",\n \"Tokio Marine Holdings Inc. (JP3910660004) 3 \\tCount\\t5 600 000\\t1 500 000\\tJPY\\t6 021.0000\\t259 545 839.43\\t1.45\",\n \"KT&G Corp. (KR7033780008) \\tCount\\t613 100\\t2 683 900\\tKRW 81 200.0000\\t36 209 896.97\\t0.20\",\n \"DNB Bank (NO0010161896) \\tCount\\t19 000 000\\t19 000 000\\tNOK\\t199.7000\\t371 098 831.24\\t2.07\",\n \"Gjensidige Forsikring (NO0010582521) \\tCount\\t11 868 800\\t2 318 200\\tNOK\\t193.6000\\t224 734 674.56\\t1.26\",\n \"Telenor (NO0010063308) \\tCount\\t16 000 000\\tNOK\\t147.8500\\t231 365 836.96\\t1.29\",\n \"Atlas Copco Cl.\",\n \"A (SE0011166610) \\tCount\\t250 000\\tSEK\\t530.0000\\t12 992 871.08\\t0.07\",\n \"Sandvik (SE0000667891) \\tCount\\t4 208 101\\t4 208 101\\tSEK\\t200.3000\\t82 652 568.70\\t0.46\",\n \"Swedbank (SE0000242455) \\tCount\\t5 638 700\\t5 638 700\\tSEK\\t176.1600\\t97 403 719.59\\t0.54\",\n \"Chunghwa Telecom Co. (TW0002412004) \\tCount\\t26 092 540\\t30 446 540\\t4 354 000\\tTWD\\t110.5000\\t89 322 440.86\\t0.50\",\n \"Taiwan Semiconductor Manufacturing Co.\",\n \"(TW0002330008) \\tCount\\t32 210 000\\t32 790 000\\tTWD\\t580.0000\\t578 762 874.14\\t3.23\",\n \"Accenture (IE00B4BNMY34) \\tCount\\t510 000\\t226 022\\t190 000\\tUSD\\t323.5300\\t142 192 606.00\\t0.79\",\n \"Amgen (US0311621009) \\tCount\\t500 000\\t550 000\\t50 000\\tUSD\\t214.9000\\t92 597 380.21\\t0.52\",\n \"Automatic Data Processing (US0530151036) \\tCount\\t1 500 000\\tUSD\\t199.5800\\t257 988 624.61\\t1.44\",\n \"Bank of America Corp. (US0605051046) \\tCount\\t2 077 748\\t2 277 748\\t200 000\\tUSD\\t43.0700\\t77 118 757.64\\t0.43\",\n \"Broadcom (US11135F1012) \\tCount\\t400 000\\t400 000\\tUSD\\t489.4800\\t168 728 024.82\\t0.94\",\n \"Chevron Corp. (US1667641005) \\tCount\\t2 000 000\\t1 200 000\\t1 200 000\\tUSD\\t103.3300\\t178 093 760.77\\t1.00\",\n \"Chubb (CH0044328745) \\tCount\\t660 000\\t660 000\\tUSD\\t176.3900\\t100 325 232.68\\t0.56\",\n \"Colgate-Palmolive Co. (US1941621039) \\tCount\\t1 350 000\\t1 350 000\\tUSD\\t77.0800\\t89 674 250.26\\t0.50\",\n \"Dominion Energy (US25746U1097) \\tCount\\t5 000 000\\t400 000\\tUSD\\t74.3500\\t320 363 667.70\\t1.79\",\n \"Johnson & Johnson (US4781601046) \\tCount\\t2 900 000\\t400 000\\t100 000\\tUSD\\t164.0200\\t409 908 652.19\\t2.29\",\n \"JPMorgan Chase & Co. (US46625H1005) \\tCount\\t1 150 000\\t1 900 000\\t750 000\\tUSD\\t165.9500\\t164 462 685.28\\t0.92\",\n \"LyondellBasell Industries (NL0009434992) \\tCount\\t1 603 100\\t1 603 100\\tUSD\\t95.8600\\t132 431 201.31\\t0.74\",\n \"Medtronic (IE00BTN1Y115) \\tCount\\t3 000 000\\tUSD\\t126.5800\\t327 249 224.41\\t1.83\",\n \"| | Count/ | Quantity/ | Purchases/ | Sales/ | | Total market |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| Security name | currency | principal | additions | disposals | Market price | value in |\",\n \"| (– / ’000)\\tamount\\tin the reporting period\\tEUR |\",\n \"| Merck & Co. (US58933Y1055) | Count | 4 348 318 | 5 800 000 | 6 701 682 | USD | 75.0900 | 281 381 591.37 | 1.57 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Microsoft Corp. (US5949181045) | Count | 1 350 000 | 1 350 000 | | USD | 284.0000 | 330 403 309.20 | 1.85 |\",\n \"| Mondelez International Cl.\",\n \"A (US6092071058) | Count | 4 039 000 | 4 039 000 | | USD | 59.0500 | 205 535 117.20 | 1.15 |\",\n \"| Newmont (US6516391066) | Count | 11 579 500 | 900 000 | 420 500 | USD | 53.7100 | 535 965 998.79 | 3.00 |\",\n \"| Nextera Energy Inc. (US65339F1012) | Count | 7 349 780 | 8 400 000 | 3 950 220 | USD | 78.3500 | 496 255 828.16 | 2.77 |\",\n \"| Nutrien (CA67077M1086) | Count | 5 432 900 | 5 432 900 | | USD | 64.9000 | 303 856 609.79 | 1.70 |\",\n \"| Parker-Hannifin Corp. (US7010941042) | Count | 390 000 | 390 000 | | USD | 288.5900 | 96 992 502.59 | 0.54 |\",\n \"| PepsiCo (US7134481081) | Count | 2 800 000 | 200 000 | 200 000 | USD | 152.3000 | 367 493 967.60 | 2.05 |\",\n \"| Pfizer (US7170811035) | Count | 6 400 000 | 10 500 000 | 15 850 000 | USD | 43.5300 | 240 082 730.09 | 1.34 |\",\n \"| Philip Morris International (US7181721090) | Count | 2 058 200 | | 3 241 800 | USD | 99.4900 | 176 465 286.11 | 0.99 |\",\n \"| Progressive Corp. (US7433151039) | Count | 1 040 000 | 1 040 000 | | USD | 91.1400 | 81 683 557.39 | 0.46 |\",\n \"| QUALCOMM (US7475251036) | Count | 957 552 | | | USD | 129.2800 | 106 680 732.99 | 0.60 |\",\n \"| Raytheon Technologies (US75513E1010) | Count | 4 200 000 | 1 203 100 | | USD | 86.9900 | 314 855 222.34 | 1.76 |\",\n \"| Schlumberger N.Y. Shares (AN8068571086) | Count | 5 200 000 | 1 200 000 | 2 000 000 | USD | 30.3300 | 135 915 201.65 | 0.76 |\",\n \"| TE Connectivity Reg (CH0102993182) | Count | 1 000 000 | | | USD | 138.7100 | 119 536 366.77 | 0.67 |\",\n \"| Texas Instruments (US8825081040) | Count | 1 300 000 | 1 300 000 | | USD | 193.0700 | 216 296 966.56 | 1.21 |\",\n \"| The Allstate Corp. (US0200021014) | Count | 870 000 | 870 000 | | USD | 129.3300 | 96 964 064.12 | 0.54 |\",\n \"| The Procter & Gamble (US7427181091) | Count | 3 625 400 | 525 400 | | USD | 142.0200 | 443 708 469.49 | 2.48 |\",\n \"| UGI Corp. (US9026811052) | Count | 6 000 000 | | | USD | 43.0200 | 222 440 537.75 | 1.24 |\",\n \"| Union Pacific Corp. (US9078181081) | Count | 1 580 000 | 880 000 | | USD | 201.6800 | 274 607 376.77 | 1.53 |\",\n \"| V.F. Corp. (US9182041080) | Count | 1 282 000 | 1 282 000 | | USD | 68.5400 | 75 722 406.07 | 0.42 |\",\n \"| WEC Energy Group (US92939U1060) | Count | 4 572 689 | | 827 311 | USD | 89.0100 | 350 754 091.60 | 1.96 |\",\n \"| Other equity securities | | | | | | | | |\",\n \"| Roche Holding Profitsh.\",\n \"(CH0012032048) | Count | 500 000 | | 950 000 | CHF | 342.8500 | 158 082 810.77 | 0.88 |\",\n \"| Securities admitted to or included in organized markets | | | | | | | 364 392 656.32 | 2.04 |\",\n \"| Equities | | | | | | | | |\",\n \"| BCE (new) (CA05534B7604) 3 | Count | 8 500 000 | | | CAD | 63.2800 | 364 392 656.32 | 2.04 |\",\n \"| Total securities portfolio | | | | | | | 17 114 729 038.81 | 95.65 |\",\n \"| Cash and non-securitized money market instruments | | | | | | | 787 449 757.00 | 4.40 |\",\n \"| Cash at bank | | | | | | | 787 449 757.00 | 4.40 |\",\n \"| Demand deposits at Depositary | | | | | | | | |\",\n \"| Deposits in other EU/EEA currencies | EUR | 5 857 643.77 | | | % | 100 | 5 857 643.77 | 0.03 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| Australian dollar | AUD | 2 854 775.36 | | | % | 100 | 1 772 051.74 | 0.01 |\",\n \"| Canadian dollar | CAD | 19 101 552.17 | | | % | 100 | 12 940 554.28 | 0.07 |\",\n \"| Swiss franc | CHF | 128 161 149.62 | | | % | 100 | 118 186 231.67 | 0.66 |\",\n \"| British pound | GBP | 280 971 765.08 | | | % | 100 | 325 387 104.90 | 1.82 |\",\n \"| Hong Kong dollar | HKD | 66 048 634.15 | | | % | 100 | 7 308 609.42 | 0.04 |\",\n \"| Japanese yen | JPY | 1 690 316 787.00 | | | % | 100 | 13 011 444.75 | 0.07 |\",\n \"| South Korean won | KRW | 3 674 657 945.00 | | | % | 100 | 2 672 740.92 | 0.01 |\",\n \"| New Zealand dollar | NZD | 180 309.45 | | | % | 100 | 106 780.44 | 0.00 |\",\n \"| Singapore dollar | SGD | 72 165.40 | | | % | 100 | 45 701.78 | 0.00 |\",\n \"| Taiwan dollar | TWD | 1 425 597 988.30 | | | % | 100 | 44 165 079.87 | 0.25 |\",\n \"| U.S. dollar | USD | 122 537 462.43 | | | % | 100 | 105 599 329.91 | 0.59 |\",\n \"| Time deposit | | | | | | | | |\",\n \"| CAD deposits (Landesbank Baden-Württemberg, Stuttgart) | CAD | 2 475 000.00 | | | % | 100 | 1 676 715.67 | 0.01 |\",\n \"| NOK deposits (Landesbank Baden-Württemberg, Stuttgart) | NOK | 582 900 000.00 | | | % | 100 | 57 010 122.74 | 0.32 |\",\n \"| JPY deposits (Coöperatieve Rabobank U.A., Utrecht) ... | JPY | 11 914 000 000.00 | | | % | 100 | 91 709 645.14 | 0.51 |\",\n \"| Other assets | | | | | | | 46 286 381.14 | 0.26 |\",\n \"| Dividends/Distributions receivable Receivables from compensation payments for securities lending | EUR EUR | 30 752 953.24 12 161 143.90 | | | % % | 100 100 | 30 752 953.24 12 161 143.90 | 0.17 0.07 |\",\n \"| Withholding tax claims | EUR | 2 989 935.00 | | | % | 100 | 2 989 935.00 | 0.02 |\",\n \"| Other receivables | EUR | 382 349.00 | | | % | 100 | 382 349.00 | 0.00 |\",\n \"| Receivables from share certificate transactions | EUR | 2 804 602.03 | | | % | 100 | 2 804 602.03 | 0.02 |\",\n \"| | Count/ | Quantity/ | Purchases/ | Sales/ | | Total market |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| Security name | currency | principal | additions | disposals | Market price | value in |\",\n \"| (– / ’000)\\tamount\\tin the reporting period\\tEUR |\",\n \"| Loan liabilities | | | | | -29 853 864.64 | -0.17 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| EUR loans .\",\n \"| EUR | -29 853 864.64 | % | 100 | -29 853 864.64 | -0.17 |\",\n \"| Other liabilities | | | | | -21 308 050.20 | -0.12 |\",\n \"| Liabilities from cost items .\",\n \"| EUR | -21 157 127.14 | % | 100 | -21 157 127.14 | -0.12 |\",\n \"| Additional other liabilities .\",\n \"| EUR | -150 923.06 | % | 100 | -150 923.06 | 0.00 |\",\n \"| Liabilities from share certificate transactions | EUR | -6 971 605.53 | % | 100 | -6 971 605.53 | -0.04 |\",\n \"| Net assets | | | | | 17 893 136 258.61 | 100.00 |\",\n \"| Net asset value per unit | Count/ | Net asset value per unit |\",\n \"| and number of units outstanding | currency | in the respective currency |\",\n \"| Net asset value per unit Class LD .\",\n \"| EUR | 128.52 |\",\n \"| Class FD .\",\n \"| EUR | 141.54 |\",\n \"| Class LDQ .\",\n \"| EUR | 127.80 |\",\n \"| Class TFC .\",\n \"| EUR | 146.26 |\",\n \"| Class LC .\",\n \"| EUR | 143.99 |\",\n \"| Class RC .\",\n \"| EUR | 136.32 |\",\n \"| Class TFD .\",\n \"| EUR | 112.38 |\",\n \"| Number of units outstanding Class LD .\",\n \"| Count | 126 731 686.929 |\",\n \"| Class FD .\",\n \"| Count | 2 966 944.698 |\",\n \"| Class LDQ .\",\n \"| Count | 81 200.188 |\",\n \"| Class TFC .\",\n \"| Count | 1 143 988.052 |\",\n \"| Class LC .\",\n \"| Count | 566 183.395 |\",\n \"| Class RC .\",\n \"| Count | 6 651 242.123 |\",\n \"| Class TFD .\",\n \"| Count | 179 793.666 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"Exchange rates (indirect quotes)\",\n \"As of September 30, 2021\",\n \"| Australian dollar .\",\n \"| AUD | 1.611000 | = | EUR | 1 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| Canadian dollar .\",\n \"| CAD | 1.476100 | = | EUR | 1 |\",\n \"| Swiss franc .\",\n \"| CHF | 1.084400 | = | EUR | 1 |\",\n \"| Danish krone .\",\n \"| DKK | 7.436450 | = | EUR | 1 |\",\n \"| British pound .\",\n \"| GBP | 0.863500 | = | EUR | 1 |\",\n \"| Hong Kong dollar .\",\n \"| HKD | 9.037100 | = | EUR | 1 |\",\n \"| Japanese yen .\",\n \"| JPY | 129.910000 | = | EUR | 1 |\",\n \"| South Korean won .\",\n \"| KRW | 1 374.865000 | = | EUR | 1 |\",\n \"| Norwegian krone .\",\n \"| NOK | 10.224500 | = | EUR | 1 |\",\n \"| New Zealand dollar .\",\n \"| NZD | 1.688600 | = | EUR | 1 |\",\n \"| Swedish krona .\",\n \"| SEK | 10.197900 | = | EUR | 1 |\",\n \"| Singapore dollar .\",\n \"| SGD | 1.579050 | = | EUR | 1 |\",\n \"| Taiwan dollar .\",\n \"| TWD | 32.278850 | = | EUR | 1 |\",\n \"| U.S. dollar .\",\n \"| USD | 1.160400 | = | EUR | 1 |\",\n \"Footnotes\",\n \"3\\tThese securities are completely or partly lent as securities loans.\",\n \"Transactions completed during the reporting period that no longer appear in the investment portfolio\",\n \"Securities loans (total transactions, at the value agreed at the closing of the loan contract)\",\n \"Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as of the reporting date\",\n \"Security name\",\n \"Count/\\tPurchases/\\tSales/\",\n \"Value (’000)\",\n \"Securities traded on an exchange\",\n \"currency (– / ’000)\",\n \"additions\\tdisposals\",\n \"No fixed maturity\\tEUR 5 282 409\",\n \"Security description: BCE (new) (CA05534B7604), Bridgestone Corp. (JP3830800003), British American Tobacco (BAT) (GB0002875804),\",\n \"| Equities | | | | Daito Trust Construction Co. (JP3486800000), DuPont de Nemours (US26614N1028), Epiroc Cl.\",\n \"A (SE0011166933),Michelin Reg.\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Siemens Energy (DE000ENER6Y0) .\",\n \"| Count | 650 000 | (FR0000121261), Nippon Telegraph and Telephone Corp.\",\n \"| Unilever Reg.\",\n \"(NL0000388619) .\",\n \"| Count | 11 000 000 | (JP3735400008), Novartis Reg.\",\n \"(CH0012005267), Roche Holding |\",\n \"| British American Tobacco (BAT) (GB0002875804) .\",\n \"| Count | 8 200 000 | Profitsh.\",\n \"(CH0012032048), Royal Dutch Shell Cl.\",\n \"A (GB00B03MLX29), Sampo Bear.\",\n \"A (FI0009003305), Sanofi |\",\n \"| Daito Trust Construction Co. (JP3486800000) ....\",\n \"| Count | 290 000 | (FR0000120578), Tokio Marine Holdings Inc. (JP3910660004), TotalEnergies (FR0000120271), VINCI (FR0000125486), 1.1250 % |\",\n \"| | | | US Treasury 16/28.02.21 (US912828P873), 1.1250 % US Treasury |\",\n \"| DNB A (NO0010031479)\\tCount | | 19 000 000 | 16/31.07.21 (US912828S760), 2.7500 % US Treasury 18/30.11.20 |\",\n \"| Chunghwa Telecom Sp.\",\n \"ADR (new) | | | (US9128285Q95) |\",\n \"| (US17133Q5027)\\tCount | | 3 092 040 | |\",\n \"| Cisco Systems (US17275R1023)\\tCount | | 8 500 000 | |\",\n \"| DuPont de Nemours (US26614N1028)\\tCount | | 2 000 000 | |\",\n \"| Intel Corp. (US4581401001)\\tCount | 2 600 000 | 4 800 000 | |\",\n \"| Lockheed Martin Corp. (US5398301094)\\tCount | 220 000 | 900 000 | |\",\n \"| Organon & Co (US68622V1061)\\tCount | 520 000 | 520 000 | |\",\n \"| Verizon Communications (US92343V1044)\\tCount | | 11 000 000 | |\",\n \"| Viatris (US92556V1061)\\tCount | 1 302 828 | 1 302 828 | |\",\n \"Securities admitted to or included in organized markets Securitized money market instruments\",\n \"| 1.1250 | % US Treasury 16/28.02.21 | |\",\n \"| --- | --- | --- |\",\n \"| | (US912828P873) .\",\n \"| USD | 200 000 |\",\n \"| 1.1250 | % US Treasury 16/31.07.21 | | |\",\n \"| | (US912828S760) .\",\n \"| USD | 300 000 |\",\n \"| 2.7500 | % US Treasury 18/30.11.20 | | |\",\n \"| | (US9128285Q95) .\",\n \"| USD | 150 000 |\",\n \"| Unlisted securities | | | |\",\n \"| Equities Fuchs Petrolub Ord. (DE0005790406) .\",\n \"| Count | | 4 970 000 |\",\n \"| Epiroc Cl.\",\n \"A (SE0011166933) .\",\n \"| Count | 80 000 | 80 000 |\",\n \"##### LD unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"I. Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t33 667 438.31\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t504 310 584.32\",\n \"- Interest from foreign securities(before withholding tax) EUR\\t817 909.82\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"EUR 136\\t026.39\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t4 761.08\",\n \"- Income from securities lendingand repurchase agreements EUR\\t1 703 420.39thereof:from securities lending EUR 1 703 420.39\",\n \"- Deduction for domestic corporate income tax EUR\\t-5 050 115.78\",\n \"- Deduction for foreign withholding tax EUR\\t-64 985 949.97\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 15 696 034 184.71\",\n \"- Previous year‘s distribution or tax abatement EUR\\t-493 268 365.81\",\n \"- Net inflows EUR -1 305 086 854.80\",\n \"- Inflows from subscriptions EUR\\t1 291 780 183.93\",\n \"- Outflows from redemptions EUR -2 596 867 038.73\",\n \"- Income adjustment EUR\\t41 376 140.46\",\n \"- Net gain/loss for the fiscal year EUR\\t2 348 001 205.83thereof:Net change in unrealized appreciation EUR\\t285 877 146.78Net change in unrealized depreciation EUR\\t680 114 760.96\",\n \"- Value of the investment fund at the endof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t16 287 056 310.39\",\n \"##### Distribution calculation for the investment fund\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t30 299 893.77\",\n \"| Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 500 903 968.33 | Calculation of distribution | Total | Per unit |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| II.\",\n \"Expenses | | | I. Available for distribution | | |\",\n \"| 1. Interest on borrowings 1 | EUR | -1 902 955.54 | 1. Balance brought forward from | | |\",\n \"| thereof: | | | previous year\\tEUR | 2 169 930 956.60 | 17.12 |\",\n \"| Commitment fees EUR -111 048.18 | | | 2. Realized net gain/loss for the fiscal year.\",\n \"EUR | 1 382 009 298.09 | 10.91 |\",\n \"| 2. Management fee | EUR | -225 377 501.58 | 3. Transfer from the investment fund\\tEUR | 0.00 | 0.00 |\",\n \"thereof:\",\n \"All-in fee\\tEUR-225 377 501.58\",\n \"3. Other expenses EUR\\t-575 963.64\",\n \"thereof:\",\n \"Performance-based fee\",\n \"from securities lending EUR -562 128.34 Legal and consulting expenses...\",\n \"EUR -13 835.30\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -227 856 420.76 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 273 047 547.57 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 1 565 112 847.13 |\",\n \"| 2. Realized losses | EUR | -456 151 096.61 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 1 108 961 750.52 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 1 382 009 298.09 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 285 877 146.78 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 680 114 760.96 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 965 991 907.74 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 2 348 001 205.83 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"- Not used for distribution\",\n \"- Reinvested EUR\\t-601 955 060.41\\t-4.75\",\n \"- Balance carried forward EUR\\t-2 443 058 446.56\\t-19.28\",\n \"- Total distribution . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t506 926 747.72\\t4.00\",\n \"##### Comparative overview of the last three fiscal years\",\n \"Net assets\\tNet asset\",\n \"at the end of\\tvalue per the fiscal year EUR\\tunit EUR\",\n \"| 2021\\t16 287 056 310.39 | 128.52 |\",\n \"| --- | --- |\",\n \"| 2020\\t15 696 034 184.71 | 114.15 |\",\n \"| 2019\\t18 260 098 685.60 | 130.89 |\",\n \"| 2018\\t16 514 319 301.83 | 123.19 |\",\n \"##### FD unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"- Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t866 023.06\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t12 970 655.49\",\n \"- Interest from foreign securities(before withholding tax) EUR\\t20 971.36\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"EUR 3\\t500.11\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t122.52\",\n \"- Income from securities lendingand repurchase agreements EUR\\t43 794.76thereof:from securities lending EUR\\t43 794.76\",\n \"- Deduction for domestic corporate income tax EUR\\t-129 903.42\",\n \"- Deduction for foreign withholding tax EUR\\t-1 671 242.31\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t451 445 780.05\",\n \"- Previous year‘s distribution or tax abatement EUR\\t-14 290 322.56\",\n \"- Net inflows EUR\\t-87 470 866.00\",\n \"- Inflows from subscriptions EUR\\t63 962 437.49\",\n \"- Outflows from redemptions EUR\\t-151 433 303.49\",\n \"- Income adjustment EUR\\t4 529 853.17\",\n \"- Net gain/loss for the fiscal year EUR\\t65 718 653.42thereof:Net change in unrealized appreciation EUR\\t8 602 731.55Net change in unrealized depreciation EUR\\t19 376 772.74\",\n \"- Value of the investment fund at the endof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t419 933 098.08\",\n \"##### Distribution calculation for the investment fund\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t779 748.75\\tTotal income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 12 883 670.32\",\n \"- Expenses\",\n \"- Interest on borrowings 1 EUR\\t-48 914.50 thereof:Commitment fees EUR\\t-2 855.10\",\n \"- Management fee EUR\\t-3 598 329.77thereof:All-in fee EUR -3 598 329.77\",\n \"- Other expenses EUR\\t-14 807.97thereof:Performance-based feefrom securities lending EUR -14 452.22 Legal and consulting expenses...\",\n \"EUR\\t-355.75\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -3 662 052.24 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 9 221 618.08 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 40 243 434.86 |\",\n \"| 2. Realized losses | EUR | -11 725 903.81 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 28 517 531.05 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 37 739 149.13 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 8 602 731.55 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 19 376 772.74 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 27 979 504.29 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 65 718 653.42 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"Calculation of distribution\\tTotal\\tPer unit\",\n \"- Available for distribution\",\n \"- Balance brought forward fromprevious year EUR\\t50 421 104.14\\t16.99\",\n \"- Realized net gain/loss for the fiscal year.\",\n \"EUR\\t37 739 149.13\\t12.72\",\n \"- Transfer from the investment fund EUR\\t0.00\\t0.00\",\n \"- Not used for distribution\",\n \"- Reinvested EUR\\t-12 145 401.34\\t-4.09\",\n \"- Balance carried forward EUR\\t-62 989 964.71\\t-21.23\",\n \"- Total distribution . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t13 024 887.22\\t4.39\",\n \"##### Comparative overview of the last three fiscal years\",\n \"Net assets\\tNet asset\",\n \"at the end of\\tvalue per the fiscal year EUR\\tunit EUR\",\n \"| 2021\\t419 933 098.08 | 141.54 |\",\n \"| --- | --- |\",\n \"| 2020\\t451 445 780.05 | 125.01 |\",\n \"| 2019\\t689 085 287.51 | 142.55 |\",\n \"| 2018\\t717 507 946.07 | 133.41 |\",\n \"##### LDQ unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"- Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t21 331.94\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t313 518.89\",\n \"- Interest from foreign securities(before withholding tax) EUR\\t465.92\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"EUR\\t85.04\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t2.99\",\n \"- Income from securities lendingand repurchase agreements EUR\\t1 028.27thereof:from securities lending EUR\\t1 028.27\",\n \"- Deduction for domestic corporate income tax EUR\\t-3 199.77\",\n \"- Deduction for foreign withholding tax EUR\\t-39 797.95\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 18\\t497.75Total income EUR\\t311 933.08\",\n \"- Expenses\",\n \"- Interest on borrowings 1 EUR\\t-1 217.04 thereof:Commitment fees EUR\\t-71.16\",\n \"- Management fee EUR\\t-144 117.15thereof:All-in fee EUR -144 117.15\",\n \"- Other expenses EUR\\t-348.05thereof:Performance-based feefrom securities lending EUR\\t-339.29 Legal and consulting expenses...\",\n \"EUR\\t\\t-8.76\",\n \"| Total expenses | EUR | -145 682.24 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income | EUR | 166 250.84 |\",\n \"- Sale transactions\",\n \"- Realized gains EUR\\t1 002 191.49\",\n \"- Realized losses EUR\\t-290 931.12Capital gains/losses EUR\\t711 260.37\",\n \"- Realized net gain/loss for the fiscal year EUR\\t877 511.21\",\n \"| 2. Net change in unrealized depreciation | EUR | 332 814.29 | |\",\n \"| --- | --- | --- | --- |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year | EUR | 433 351.86 | 2021\\t10 377 232.88 | 127.80 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year | EUR | 1 310 863.07 | 2020\\t7 511 854.87 | 113.55 |\",\n \"| | | | 2019\\t7 968 493.38 | 130.09 |\",\n \"- Net change in unrealized appreciation EUR\\t100 537.57\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningNote: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"2018.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"6 268 427.06\\t122.65\",\n \"##### TFC unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"- Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t344 903.59\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t5 154 842.39\",\n \"- Interest from foreign securities\",\n \"| EUR | 8 077.91 | Net change in unrealized appreciation | EUR | 2 157 084.05 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| EUR | 1 391.37 | Net change in unrealized depreciation | EUR | 5 996 204.78 |\",\n \"(before withholding tax)\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t48.78\",\n \"- Income from securities lendingand repurchase agreements EUR\\t17 322.06thereof:from securities lending EUR\\t17 322.06\",\n \"- Deduction for domestic corporate income tax EUR\\t-51 735.55\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t126 645 215.28\",\n \"- Net inflows EUR\\t18 235 476.82\",\n \"- Inflows from subscriptions EUR\\t33 810 454.67\",\n \"- Outflows from redemptions EUR\\t-15 574 977.85\",\n \"- Income adjustment EUR\\t-880 913.85\",\n \"- Net gain/loss for the fiscal year EUR\\t23 315 771.39thereof:\",\n \"- Value of the investment fund at the endof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t167 315 549.64\",\n \"##### Distribution calculation for the investment fund\",\n \"- Deduction for foreign withholding tax EUR\\t-663 950.60\",\n \"| Calculation of distribution I. Available for reinvestment | Total | Per unit |\",\n \"| --- | --- | --- |\",\n \"| 1. Realized net gain/loss for the fiscal year.\",\n \"EUR | 15 162 482.56 | 13.25 |\",\n \"| 2. Transfer from the investment fund\\tEUR | 0.00 | 0.00 |\",\n \"| 3. Tax withholding amount made available .\",\n \"EUR | 0.00 | 0.00 |\",\n \"| II.\",\n \"Reinvestment\\tEUR | 15 162 482.56 | 13.25 |\",\n \"| | | |\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 309\\t944.23Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t5 120 844.18\",\n \"- Expenses\",\n \"- Interest on borrowings 1 EUR\\t-19 370.06 thereof:Commitment fees EUR\\t-1 131.25\",\n \"- Management fee EUR\\t-1 267 288.13thereof:All-in fee\\tEUR -1 267 288.13\",\n \"- Other expenses EUR\\t-5 857.98thereof:Performance-based feefrom securities lending EUR\\t-5 716.28 Legal and consulting expenses...\",\n \"EUR\\t\\t-141.70\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -1 292 516.17 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 3 828 328.01 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 15 966 366.55 |\",\n \"| 2. Realized losses | EUR | -4 632 212.00 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 11 334 154.55 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 15 162 482.56 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 2 157 084.05 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 5 996 204.78 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 8 153 288.83 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 23 315 771.39 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"##### Comparative overview of the last three fiscal years\",\n \"Net assets\\tNet asset\",\n \"at the end of\\tvalue per the fiscal year EUR\\tunit EUR\",\n \"| 2021\\t167 315 549.64 | 146.26 |\",\n \"| --- | --- |\",\n \"| 2020\\t126 645 215.28 | 125.13 |\",\n \"| 2019\\t112 457 699.67 | 138.66 |\",\n \"| 2018\\t27 485 118.99 | 126.00 |\",\n \"##### LC unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"- Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t168 526.24\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t2 519 080.54\",\n \"- Interest from foreign securities\",\n \"| EUR | 3 961.58 | Net change in unrealized appreciation | EUR | 706 139.06 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| EUR | 679.50 | Net change in unrealized depreciation | EUR | 2 475 824.48 |\",\n \"(before withholding tax)\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t23.89\",\n \"- Income from securities lendingand repurchase agreements EUR\\t8 468.53thereof:from securities lending EUR\\t8 468.53\",\n \"- Deduction for domestic corporate income tax EUR\\t-25 278.90\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t44 887 421.77\",\n \"- Net inflows EUR\\t27 455 628.39\",\n \"- Inflows from subscriptions EUR\\t43 778 237.32\",\n \"- Outflows from redemptions EUR\\t-16 322 608.93\",\n \"- Income adjustment EUR\\t-906 100.66\",\n \"- Net gain/loss for the fiscal year EUR\\t10 090 022.50thereof:\",\n \"- Value of the investment fund at the endof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t81 526 972.00\",\n \"##### Distribution calculation for the investment fund\",\n \"- Deduction for foreign withholding tax EUR\\t-324 499.08\",\n \"| Calculation of distribution I. Available for reinvestment | Total | Per unit |\",\n \"| --- | --- | --- |\",\n \"| 1. Realized net gain/loss for the fiscal year.\",\n \"EUR | 6 908 058.96 | 12.20 |\",\n \"| 2. Transfer from the investment fund\\tEUR | 0.00 | 0.00 |\",\n \"| 3. Tax withholding amount made available .\",\n \"EUR | 0.00 | 0.00 |\",\n \"| II.\",\n \"Reinvestment\\tEUR | 6 908 058.96 | 12.20 |\",\n \"| | | |\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 151\\t361.34Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t2 502 323.64\",\n \"- Expenses\",\n \"- Interest on borrowings 1 EUR\\t-9 472.15 thereof:Commitment fees EUR\\t-553.04\",\n \"- Management fee EUR\\t-1 121 764.70thereof:All-in fee .\",\n \"EUR -1 121 764.70\",\n \"- Other expenses EUR\\t-2 863.89thereof:Performance-based feefrom securities lending EUR\\t-2 794.61 Legal and consulting expenses...\",\n \"EUR\\t\\t-69.28\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -1 134 100.74 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 1 368 222.90 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 7 804 833.86 |\",\n \"| 2. Realized losses | EUR | -2 264 997.80 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 5 539 836.06 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 6 908 058.96 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 706 139.06 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 2 475 824.48 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 3 181 963.54 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 10 090 022.50 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"##### Comparative overview of the last three fiscal years\",\n \"Net assets\\tNet asset\",\n \"at the end of\\tvalue per the fiscal year EUR\\tunit EUR\",\n \"| 2021\\t81 526 972.00 | 143.99 |\",\n \"| --- | --- |\",\n \"| 2020\\t44 887 421.77 | 124.00 |\",\n \"| 2019\\t30 066 729.31 | 138.30 |\",\n \"| 2018\\t2 335 845.17 | 126.48 |\",\n \"##### RC unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"- Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t1 873 963.19\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t28 011 055.61\",\n \"- Interest from foreign securities\",\n \"| EUR | 44 040.72 | Net change in unrealized appreciation | EUR | 20 852 885.94 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| EUR | 7 556.89 | Net change in unrealized depreciation | EUR | 47 649 243.49 |\",\n \"(before withholding tax)\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t264.96\",\n \"- Income from securities lendingand repurchase agreements EUR\\t94 163.37thereof:from securities lending EUR\\t94 163.37\",\n \"- Deduction for domestic corporate income tax EUR\\t-281 094.45\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t1 014 319 408.06\",\n \"- Net inflows EUR\\t-274 153 660.29\",\n \"- Inflows from subscriptions EUR\\t215 702 888.64\",\n \"- Outflows from redemptions EUR\\t-489 856 548.93\",\n \"- Income adjustment EUR\\t20 837 576.68\",\n \"- Net gain/loss for the fiscal year EUR\\t145 718 949.90thereof:\",\n \"- Value of the investment fund at the endof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t906 722 274.35\",\n \"##### Distribution calculation for the investment fund\",\n \"- Deduction for foreign withholding tax EUR\\t-3 608 258.15\",\n \"| Calculation of distribution I. Available for reinvestment | Total | Per unit |\",\n \"| --- | --- | --- |\",\n \"| 1. Realized net gain/loss for the fiscal year.\",\n \"EUR | 77 216 820.47 | 11.61 |\",\n \"| 2. Transfer from the investment fund\\tEUR | 0.00 | 0.00 |\",\n \"| 3. Tax withholding amount made available .\",\n \"EUR | 0.00 | 0.00 |\",\n \"| II.\",\n \"Reinvestment\\tEUR | 77 216 820.47 | 11.61 |\",\n \"| | | |\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 1 683\\t150.90Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t27 824 843.04\",\n \"- Expenses\",\n \"- Interest on borrowings 1 EUR\\t-105 321.31 thereof:Commitment fees EUR\\t-6 149.25\",\n \"- Management fee EUR\\t-12 070 617.00thereof:All-in fee EUR -12 070 617.00\",\n \"- Other expenses EUR\\t-31 844.04thereof:Performance-based feefrom securities lending EUR -31 073.97 Legal and consulting expenses...\",\n \"EUR\\t-770.07\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -12 207 782.35 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 15 617 060.69 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 86 784 484.28 |\",\n \"| 2. Realized losses | EUR | -25 184 724.50 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 61 599 759.78 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 77 216 820.47 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 20 852 885.94 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 47 649 243.49 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 68 502 129.43 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 145 718 949.90 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"##### Comparative overview of the last three fiscal years\",\n \"Net assets\\tNet asset\",\n \"at the end of\\tvalue per the fiscal year EUR\\tunit EUR\",\n \"| 2021\\t906 722 274.35 | 136.32 |\",\n \"| --- | --- |\",\n \"| 2020\\t1 014 319 408.06 | 117.34 |\",\n \"| 2019\\t1 011 514 296.06 | 134.47 |\",\n \"| 2018\\t906 735 550.88 | 126.49 |\",\n \"##### TFD unit class\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from October 1, 2020, through September 30, 2021\",\n \"- Income\",\n \"- Dividends from domestic issuers(before corporate income tax) EUR\\t41 650.23\",\n \"- Dividends from foreign issuers(before withholding tax) EUR\\t623 793.40\",\n \"- Interest from foreign securities(before withholding tax) EUR\\t1 007.98\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"EUR\\t168.35\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t5.86\",\n \"- Income from securities lendingand repurchase agreements EUR\\t2 105.91thereof:from securities lending EUR\\t2 105.91\",\n \"- Deduction for domestic corporate income tax EUR\\t-6 247.53\",\n \"- Deduction for foreign withholding tax EUR\\t-80 372.93\",\n \"##### Statement of changes in net assets for the investment fund\",\n \"- Value of the investment fund at the beginningof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t17 034 179.94\",\n \"- Previous year‘s distribution or tax abatement EUR\\t-544 896.03\",\n \"- Net inflows EUR\\t562 166.02\",\n \"- Inflows from subscriptions EUR\\t17 425 731.62\",\n \"- Outflows from redemptions EUR\\t-16 863 565.60\",\n \"- Income adjustment EUR\\t230 428.82\",\n \"- Net gain/loss for the fiscal year EUR\\t2 922 942.52thereof:Net change in unrealized appreciation EUR\\t240 403.78Net change in unrealized depreciation EUR\\t848 249.71\",\n \"- Value of the investment fund at the endof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t20 204 821.27\",\n \"##### Distribution calculation for the investment fund\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t37 504.14\\tTotal income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t619 615.41\",\n \"- Expenses\",\n \"- Interest on borrowings 1 EUR\\t-2 352.29 thereof:Commitment fees EUR\\t-137.36\",\n \"- Management fee EUR\\t-153 707.30thereof:All-in fee EUR -153 707.30\",\n \"- Other expenses EUR\\t-712.05thereof:Performance-based feefrom securities lending EUR\\t-694.95 Legal and consulting expenses...\",\n \"EUR\\t\\t-17.10\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -156 771.64 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 462 843.77 |\",\n \"| IV.\",\n \"Sale transactions | | |\",\n \"| 1. Realized gains | EUR | 1 935 319.19 |\",\n \"| 2. Realized losses | EUR | -563 873.93 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 1 371 445.26 |\",\n \"| V. Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . | EUR | 1 834 289.03 |\",\n \"| 1. Net change in unrealized appreciation | EUR | 240 403.78 |\",\n \"| 2. Net change in unrealized depreciation | EUR | 848 249.71 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 1 088 653.49 |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 2 922 942.52 |\",\n \"Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"1 Includes negative interest on cash at bank.\",\n \"Calculation of distribution\\tTotal\\tPer unit\",\n \"- Available for distribution\",\n \"- Balance brought forward fromprevious year EUR\\t849 089.81\\t4.72\",\n \"- Realized net gain/loss for the fiscal year.\",\n \"EUR\\t1 834 289.03\\t10.20\",\n \"- Transfer from the investment fund EUR\\t0.00\\t0.00\",\n \"- Not used for distribution\",\n \"- Reinvested EUR\\t0.00\\t0.00\",\n \"- Balance carried forward EUR\\t-2 055 898.95\\t-11.43\",\n \"- Total distribution . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t627 479.89\\t3.49\",\n \"##### Comparative overview of the last three fiscal years\",\n \"Net assets\\tNet asset\",\n \"at the end of\\tvalue per the fiscal year EUR\\tunit EUR\",\n \"| 2021\\t20 204 821.27 | 112.38 |\",\n \"| --- | --- |\",\n \"| 2020\\t17 034 179.94 | 99.16 |\",\n \"| 2019\\t9 053 335.43 | 112.94 |\",\n \"| 2018\\t3 197 329.21 | 104.81 |\",\n \"Notes to the financial statements (in accordance with article 7, no. 9, KARBV (Accounting and Valuation Regulation issued under the KAGB))\",\n \"#### Disclosures in accordance with the Derivatives Regulation\",\n \"Underlying exposure obtained through derivatives:\",\n \"EUR 0.00\",\n \"Disclosures according to the qualified approach:\",\n \"Composition of the reference portfolio\",\n \"MSCI World High Dividend Yield\",\n \"Market risk exposure\",\n \"| Lowest market risk exposure\\t% | 87.599 |\",\n \"| --- | --- |\",\n \"| Highest market risk exposure\\t% | 110.221 |\",\n \"| Average market risk exposure\\t% | 97.800 |\",\n \"The values-at-risk were calculated for the period from October 1, 2020, through September 30, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the investment fund arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the qualified approachas defined by the Derivatives Regulation.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 1.0, whereby the gross method was used for the calculation of leverage.\",\n \"Exposure obtained through securities loans:\",\n \"The following securities were transferred under securities loans at the reporting date:\",\n \"| Security name | Quantity/ principal amount (–/’000) | Fixed maturity | Securities loans Total market value in EUR No fixed maturity | Total |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| BCE (new) | Count | 630 000 | | 27 007 926.29 | |\",\n \"| Novartis Reg | Count | 9 042 | | 645 964.35 | |\",\n \"| Michelin Reg.\",\n \"| Count | 123 140 | | 16 383 777.00 | |\",\n \"| Nippon Telegraph and Telephone Corp.\",\n \"| Count | 14 199 900 | | 337 208 001.69 | |\",\n \"| Tokio Marine Holdings Inc.\",\n \"| Count | 4 265 000 | | 197 671 965.21 | |\",\n \"| Total receivables from securities loans | | | | 578 917 634.54 | 578 917 634.54 |\",\n \"| Contracting parties for securities loans: | | | | | |\",\n \"Barclays Bank Ireland PLC, Dublin; Citigroup Global Markets Europe AG, Frankfurt/Main, Natixis S.A., Paris; Société Générale S.A., Paris; UBS AG, London\",\n \"Total collateral pledged by third parties for securities loans:\",\n \"| EUR | 648 528 435.88 | |\",\n \"| --- | --- | --- |\",\n \"| thereof: Bonds | | EUR | 35 927 170.52 |\",\n \"| Equities | | EUR | 516 405 344.44 |\",\n \"| Other | | EUR | 96 195 920.92 |\",\n \"Income from securities lending, including costs and charges incurred directly and indirectly:\",\n \"These items are listed in the statement of income and expenses.\",\n \"#### Other disclosures\",\n \"Net asset value per unit, Class LD: EUR 128.52 Net asset value per unit, Class FD: EUR 141.54 Net asset value per unit, Class LDQ: EUR 127.80 Net asset value per unit, Class TFC: EUR 146.26 Net asset value per unit, Class LC: EUR 143.99 Net asset value per unit, Class RC: EUR 136.32 Net asset value per unit, Class TFD: EUR 112.38\",\n \"Number of units outstanding, Class LD: 126 731 686.929\",\n \"Number of units outstanding, Class FD:\\t2 966 944.698\",\n \"Number of units outstanding, Class LDQ:\\t81 200.188\",\n \"Number of units outstanding, Class TFC:\\t1 143 988.052\",\n \"Number of units outstanding, Class LC:\\t566 183.395\",\n \"Number of units outstanding, Class RC:\\t6 651 242.123\",\n \"Number of units outstanding, Class TFD:\\t179 793.666\",\n \"Disclosure regarding asset valuation procedures:\",\n \"The Depositary shall determine the value with the participation of the asset management company.\",\n \"The Depositary generally bases its valuation on external sources.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Depositary and the asset management company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Investments reported in this report are not valued at derived market values.\",\n \"Disclosures on transparency and the total expense ratio:\",\n \"The total expense ratio was:\",\n \"Class LD 1.45% p.a.\\tClass FD 0.90% p.a.\\tClass LDQ 1.45% p.a.\\tClass TFC 0.80% p.a.\\tClass LC 1.45% p.a.\\tClass RC 1.40% p.a.\\tClass TFD 0.80% p.a. The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets for a given fiscal year.\",\n \"As well, the additional income from securities lending resulted in a performance-based fee of\",\n \"Class LD 0.004%\\tClass FD 0.004%\\tClass LDQ 0.004%\\tClass TFC 0.004%\\tClass LC 0.004%\\tClass RC 0.004%\\tClass TFD 0.004%\",\n \"calculated on the fund’s average net assets.\",\n \"An all-in fee of\",\n \"Class LD 1.45% p.a.\\tClass FD 0.90% p.a.\\tClass LDQ 1.45% p.a.\\tClass TFC 0.80% p.a.\\tClass LC 1.45% p.a.\\tClass RC 1.40% p.a.\\tClass TFD 0.80% p.a. is payable to the asset management company for the investment fund under the Terms and Conditions of investment.\",\n \"Of this annual fee, the asset management company in turn pays up to\",\n \"| Class LD 0.15% p.a. | Class FD 0.15% p.a. | Class LDQ 0.15% p.a. | Class TFC 0.15% p.a. | Class LC 0.15% p.a. | Class RC 0.15% p.a. | Class TFD 0.15% p.a. |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| to the Depositary and | | | | | | |\",\n \"| Class LD 0.05% p.a. | Class FD 0.05% p.a. | Class LDQ 0.05% p.a. | Class TFC 0.05% p.a. | Class LC 0.05% p.a. | Class RC 0.05% p.a. | Class TFD 0.05% p.a. |\",\n \"to other parties (for printing and publication costs, auditing and other items).\",\n \"In the fiscal year from October 1, 2020, through September 30, 2021, the asset management company, DWS Investment GmbH, was not reimbursed for the fees and expenses paid out of the investment undertaking DWS Top Dividende to the Depositary and other third parties, except in the form of financial information provided by brokers for research purposes.\",\n \"Of its own portion of the all-in fee, the Company pays\",\n \"| Class LD more than 10% | Class FD less than 10% | Class LDQ more than 10% | Class TFC less than 10% | Class LC more than 10% |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class RC more than 10% | Class TFD less than 10% | | | |\",\n \"in commissions to distributors of the fund based on the balance of units distributed.\",\n \"Material other income and expenses are presented for each unit class in the statement of income and expenses.\",\n \"The transaction costs paid in the reporting period amounted to EUR 4 066 746.05.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.07% of all transactions.\",\n \"The total volume was EUR 8 592 422.19.\",\n \"#### Remuneration Disclosure\",\n \"DWS Investment GmbH (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major asset classes as well as solutions aligned to growth trends to its clients globally.\",\n \"DWS KGaA is a publicly traded company listed on the Frankfurt Stock Exchange, which is majority owned by Deutsche Bank AG.\",\n \"As a result of the sector specific legislation under UCITS V (Undertakings for Collective Investment in Transferable Securities Directive V) and in accordance with Sec. 1 and Sec. 27 of the German “Institutsvergütungsverordnung” (“InstVV”), the Company is carved-out from Deutsche Bank Group’s (“DB Group”) compensation policy and strategy.\",\n \"DWS KGaA and its subsi- diaries (“DWS Group” or only “Group”) have established their own compensation governance, policies and structures, including a DWS group-wide guideline of identifying “Material Risk Takers” (“MRTs”) at Company level as well as DWS Group level in line with the criteria stated in UCITS V and in the guidelines on sound remuneration policies under the UCITS V published by the European Securities and Markets Authority (“ESMA Guidelines”).\",\n \"Governance Structure\",\n \"DWS Group is managed through its General Partner, the DWS Management GmbH.\",\n \"The General Partner has changed its remit in June 2020 and has now six Managing Directors who serve as the Executive Board (“EB”) of the Group.\",\n \"The EB – supported by the DWS Compensation Committee (“DCC”) – is responsible for establishing and operating the compensation system for employees.\",\n \"It is overseen by the DWS KGaA Supervisory Board which has established a Remuneration Committee (“RC”).\",\n \"The RC reviews the compensation system of the Group’s employees and its appropriateness.\",\n \"The RC supports the Supervisory Board in monitoring the appropriate structure of the remuneration systems for the Group’s employees.\",\n \"This is done by taking into account the effects of the remuneration system on the group-wide risk, capital and liquidity management as well as the consistency of the remuneration strategy with the business and risk strategy of the DWS Group.\",\n \"The DCC is mandated to develop and design sustainable compensation frameworks and operating principles, to prepare recommendations on total compensation levels, and to ensure appropriate compensation and benefits governance and oversight for the Group.\",\n \"The DCC establishes quantitative and qualitative factors to assess performance as a basis for compensation related decisions and makes appropriate recommendations to the EB regarding the annual Variable Compensation pool and its allocation across the business areas and infrastructure func- tions.\",\n \"Voting members of the DCC comprise the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief Operating Officer (“COO”), and the Global Head of HR.\",\n \"The Head of Reward & Analytics is a nonvoting member.\",\n \"Control Functions such as Compliance, Anti-Financial Crime, and Risk Management are represented by CFO and COO in the DCC and are appro- priately engaged in the design and application of the Group’s remuneration systems in the context of the tasks and functions assigned to them, to ensure that the remuneration systems do not create conflicts of interests, and to review the effects on the risk profile of the Group.\",\n \"The DCC reviews the remuneration framework of DWS Group regularly, at least annually, which includes the principles applying to the Company, and assesses if substantial changes or amendments due to irregularities have to be made.\",\n \"The DCC is supported by two sub-committees: The DWS Compensation Operating Committee (“COC”) implemented to assist the DCC in reviewing the technical validity, operationalizing and approving new or existing compensation plans.\",\n \"The Integrity Review Committee implemented to review and decide on suspension and forfeiture matters involving DWS deferred compensation awards.\",\n \"The internal annual review at DWS Group level concluded the design of the remuneration system to be appropriate, no significant irregularities were recognized.\",\n \"Compensation Structure\",\n \"The employees of the Company are subject to the compensation standards and principles as outlined in the DWS Compensation Policy.\",\n \"The policy is reviewed on an annual basis.\",\n \"As part of the Compensation Policy, the Group, including the Company, employs a Total Compensation (“TC”) philosophy which comprises Fixed Pay (“FP”) and Variable Compensation (“VC”).\",\n \"The Group ensures an appropriate relationship between FP and VC across all categories and groups of employees.\",\n \"TC structures and levels reflect the Sub-Divisional and regional compen- sation structures, internal relativities, and market data, and assist in seeking consistency across the Group.\",\n \"One of the main objectives of the Group’s strategy is to align reward for sustain- able performance at all levels whilst enhancing the transparency of compensation decisions and their impact on shareholders and employees with regard to DWS Group and as applicable DB Group performance.\",\n \"Achieving a sustainable balance between employee, shareholder and client interests is a key aspect of DWS’ Group compensation strategy.\",\n \"FP is used to compensate employees for their skills, experience and competencies, commensurate with the requirements, size and scope of their role.\",\n \"The appropriate level of FP is deter- mined with reference to the prevailing market rates for each role, internal comparisons and applicable regulatory requirements.\",\n \"VC is a discretionary compensation element that enables the Group to provide additional reward to employees for their performance and behaviours without encouraging excessive risk- taking.\",\n \"VC determination considers sound risk measures by taking into account the Group’s Risk Appetite as well as the Group affordability and financial situation and providing for a fully flexible policy on granting or “not-granting” VC.\",\n \"VC generally consists of two elements – the “Group Component” and the “Individual Component”.\",\n \"There continues to be no guarantee of VC in an existing employment relationship.\",\n \"For the 2020 financial year, the Group Component is dominantly determined based upon the performance of three Key Performance Indicators (KPIs) at DWS Group level: Adjusted Cost Inco- me Ratio (“CIR”), Net Flows, Dividend Payout.\",\n \"These three KPIs represent important metrics for DWS Group’s financial targets and provide a good indication of its sustainable performance.\",\n \"For employees at management level the Group Component additionally considers four equally weighted KPIs at DB Group level1.\",\n \"Depending on eligibility, the “Individual Component” is delivered either in the form of Individual VC (“IVC”) or a Recognition Award.\",\n \"IVC takes into consideration a number of financial and non-financial factors, relativities within the employee’s peer group and retention considerations.\",\n \"The Recognition Award provides the opportunity to acknowledge and reward outstanding contributions made by employees outside the scope of IVC eligibility (these are generally employees at lower hierarchical levels).\",\n \"Generally, there are two nomination cycles per year.\",\n \"Both Group and Individual Component may be awarded in cash, share-based or fund-based instruments under the Group deferral arrangements.\",\n \"The Group retains the right to reduce the total amount of VC, including the Group Component, to zero in cases of significant misconduct, performance-related measures, disciplinary outcomes or unsatisfactory conduct or behaviour by the employee subject to applicable local law.\",\n \"1 DB Group KPIs: Common Equity Tier 1 (“CET1”) capital ratio, leverage ratio, adjusted costs and post-tax return on tangible equity (“RoTE”)\",\n \"Determination of VC and appropriate risk-adjustment\",\n \"The Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments.\",\n \"The robust methodology in place aims at ensuring that the determination of VC reflects the risk-adjusted performance as well as the capital and liquidity position of the Group.\",\n \"The total amount of VC is primarily driven by\",\n \"(i) the Group affordability (i.e. what “can” DWS Group sustainably afford award in alignment with regulatory requirements) and\",\n \"(ii) performance (what “should” the Group award in order to provide an appropriate compensation for performance while protecting the long-term health of the franchise).\",\n \"At the level of the individual employee, the Group has established “Variable Compensation Guiding Principles” which detail the factors and metrics that must be taken into account when ma- king IVC decisions.\",\n \"These include, for instance, investment performance, client retention, culture considerations, and objective setting and performance assessment based on the “Total Performance’ approach.\",\n \"Furthermore, any control function inputs and disciplinary sanctions and their impact on the VC have to be considered as well.\",\n \"As part of a discretionary decision-making process, the DWS DCC uses (financial and non-financial) key figures to identify differentiated and performance linked VC pools for business and infrastructure areas.\",\n \"Compensation for 2020\",\n \"Despite the ongoing pandemic, the diverse range of investment products and solutions as well as stabilizing markets contributed to significant net flows in 2020 and allowed the Group to execute its strategic priorities effectively.\",\n \"The intensified focus on investment performance and increased investor demand for targeted asset classes were key drivers of the success.\",\n \"Against this backdrop, the DCC has monitored the affordability of VC for 2020.\",\n \"The committee has concluded that the capital and liquidity base of the Group remain above regulatory minimum requirements, and internal risk appetite threshold.\",\n \"As part of the overall 2020 VC awards to be granted in March 2021, the Group Component was awarded to eligible employees in line with the assessment of the defined KPIs.\",\n \"The Executive Board recognizing the considerable contribution of employees and determined a target achievement rate of 98.50% for 2020 for DWS Group.\",\n \"Considering the DB Group target achievement as determined by the Deutsche Bank AG Management Board, the hybrid achievement rate for employees at management level was determined of 85.50% for 2020.\",\n \"Identification of Material Risk Takers\",\n \"In accordance with the Law as of 17 December 2010 on Undertakings for Collective Investments (as subsequently amended) in conjunction with the ESMA Guidelines with accordance to UCITS Directive, the Company has identified individuals who have a material impact of the Company’s risk profile (“Material Risk Takers”).\",\n \"The identification process has been based on an assessment of the impact of the following categories of staff on the risk profile of the Company or on a fund it manages:\",\n \"(a) Board Members/Senior Management,\",\n \"(b) Portfolio/Investment managers,\",\n \"(c) Control Functions,\",\n \"(d) Staff heading Administration, Marketing and Human Resources,\",\n \"(e) other individuals (Risk Takers) in a significant position of influence,\",\n \"(f) other emplo- yees in the same remuneration bracket as other Risk Takers, whose roles have an impact on the risk profile of the Company or the Group.\",\n \"At least 40% of the VC for Material Risk Takers is deferred.\",\n \"Additionally, at least 50% of both, the upfront and the deferred proportion, are granted in the Group share-based instruments or fund-linked instruments for Key Investment Professionals.\",\n \"All deferred components are subject to a number of performance conditions and forfeiture provisions which ensure an appropriate ex-post risk adjustment.\",\n \"In case the VC is lower than EUR 50,000, the Material Risk Takers receive their entire VC in cash without any deferral.\",\n \"Aggregate Compensation Information for the Company for 2020 2\",\n \"| Number of employees on an annual average | 495 |\",\n \"| --- | --- |\",\n \"| Total Compensation | EUR | 72,263,920 |\",\n \"| Fixed Pay | EUR | 49,892,007 |\",\n \"| Variable Compensation | EUR | 22,371,913 |\",\n \"| Thereof: Carried Interest | EUR | 0 |\",\n \"| Total Compensation for Senior Management3 | EUR | 6,927,072 |\",\n \"| Total Compensation for other Material Risk Takers4 | EUR | 15,008,666 |\",\n \"| Total Compensation for Control Function employees | EUR | 2,473,707 |\",\n \"2 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.\",\n \"3 Senior Management refers to the members of the Management Board of the Company, only.\",\n \"Members of the Management Board meet the definition of managers.\",\n \"Apart from the members of Senior Management, no further managers have been identified.\",\n \"4 Identified other material Risk Takers with control functions are shown in the line “Control Function employees”.\",\n \"#### Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 –\",\n \"Statement in accordance with Section A\",\n \"Stated in fund currency\",\n \"Absolute\",\n \"In % of the fund’s net assets\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- NameGross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"- Name Gross volumeof open transactionsCountry of registration\",\n \"##### Securities lending\\tRepurchase agreements\\tTotal return swaps\",\n \"- Assets used\",\n \"| 578 917 634.54 | - | - |\",\n \"| --- | --- | --- |\",\n \"| 3.24 | - | - |\",\n \"- The 10 largest counterparties\",\n \"| Barclays Bank Ireland PLC, Dublin | | |\",\n \"| --- | --- | --- |\",\n \"| 222 143 533.99 | | |\",\n \"| Ireland | | |\",\n \"| Natixis S.A., Paris | | |\",\n \"| --- | --- | --- |\",\n \"| 183 163 728.74 | | |\",\n \"| France | | |\",\n \"| Société Générale S.A., Paris | | |\",\n \"| --- | --- | --- |\",\n \"| 129 572 704.18 | | |\",\n \"| France | | |\",\n \"| UBS AG, London | | |\",\n \"| --- | --- | --- |\",\n \"| 27 007 926.29 | | |\",\n \"| United Kingdom | | |\",\n \"| Citigroup Global Markets Europe AG, Frankfurt/Main | | |\",\n \"| --- | --- | --- |\",\n \"| 17 029 741.34 | | |\",\n \"| Federal Republic of Germany | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"- Name Gross volumeof open transactions Country of registration(e.g., bilateral, tri-party, central counterparty)Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityBank balances Bonds Equities Other\",\n \"- Type(s) of settlement and clearing\",\n \"| Bilateral | - | - |\",\n \"| --- | --- | --- |\",\n \"- Transactions classified by term to maturity (absolute amounts)\",\n \"| - | - | - |\",\n \"| --- | --- | --- |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| 578 917 634.54 | - | - |\",\n \"| Type(s): |\",\n \"| --- |\",\n \"| - | - | - |\",\n \"| 35 927 170.52 | - | - |\",\n \"| 516 405 344.44 | - | - |\",\n \"| 96 195 920.92 | - | - |\",\n \"| Quality/Qualities: |\",\n \"| Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: - Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity\",\n \"- Units of a collective investment undertaking investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating\",\n \"- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents\",\n \"- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade\",\n \"- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major indexThe Management Company reserves the right to restrict the permissibility of the aforementioned collateral.\",\n \"Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.\",\n \"Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund.\",\n \"- Type(s) and quality/qualities of collateral receivedCurrency/Currencies:Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityAbsoluteIn % of gross income Cost portion of the fundAbsoluteIn % of gross incomeCost portion of the Management CompanyAbsoluteIn % of gross incomeCost portion of third partiesAbsolute\",\n \"- Currency/Currencies of collateral received\",\n \"| EUR; GBP; USD; AUD; JPY; SEK; DKK; CAD; NZD; CHF; HUF; PGK | - | - |\",\n \"| --- | --- | --- |\",\n \"- Collateral classified by term to maturity (absolute amounts)\",\n \"| - | - | - |\",\n \"| --- | --- | --- |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| 648 528 435.88 | - | - |\",\n \"- Income and cost portions (before income adjustment)\",\n \"| Income portion of the fund |\",\n \"| --- |\",\n \"| 1 312 751.13 | - | - |\",\n \"| 67.00 | - | - |\",\n \"| - | - | - |\",\n \"| Income portion of the Management Company |\",\n \"| --- |\",\n \"| 646 578.37 | - | - |\",\n \"| 33.00 | - | - |\",\n \"| - | - | - |\",\n \"| Income portion of third parties |\",\n \"| --- |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"- Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swapsTotal Share\",\n \"- Lent securities in % of all lendable assets of the fund\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- The 10 largest issuers, based on all SFTs and total return swaps\",\n \"| Bank of Ireland Group PLC | | |\",\n \"| --- | --- | --- |\",\n \"| 23 248 629.07 | | |\",\n \"| alstria office REIT-AG | | |\",\n \"| --- | --- | --- |\",\n \"| 21 111 594.95 | | |\",\n \"* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.\",\n \"| Barry Callebaut AG | | |\",\n \"| --- | --- | --- |\",\n \"| 21 109 369.69 | | |\",\n \"- NameVolume of collateral received (absolute)\",\n \"| AIB Group PLC | | |\",\n \"| --- | --- | --- |\",\n \"| 18 812 606.44 | | | - NameVolume of collateral received (absolute) | French Republic | | | | --- | --- | --- | | 17 933 965.31 | | | - NameVolume of collateral received (absolute) | Oil Search Ltd. | | | | --- | --- | --- | | 17 407 204.38 | | | - NameVolume of collateral received (absolute) | Nippo Corp. | | | | --- | --- | --- | | 16 770 744.12 | | | - NameVolume of collateral received (absolute) | Xero Ltd. | | | | --- | --- | --- | | 15 031 929.09 | | | - NameVolume of collateral received (absolute) | Amazon.com Inc. | | | | --- | --- | --- | | 14 465 869.70 | | | - NameVolume of collateral received (absolute) | Kingspan Group PLC | | | | --- | --- | --- | | 12 974 332.80 | | | - NameVolume of collateral received (absolute)- - Reinvested collateral in % of collateral received, based on all SFTs and total return swapsShare - Custody type of provided collateral from SFTs and total return swaps | - | - | | --- | --- | | - | - | | - | - | | - | - | (In % of all provided collateral from SFTs and total return swaps) Segregated cash/ custody accounts Pooled cash/custody accounts Other cash/custody accounts Recipient determines custody type | 2 | - | - | | --- | --- | --- | - Depositaries/Account holders of received collateral from SFTs and total return swapsTotal number of depositaries/ account holders | Bank of New York | | | | --- | --- | --- | | 630 594 470.57 | | | - NameAmount held in custody (absolute) | State Street Bank International GmbH (Custody Operations) | | | | --- | --- | --- | | 17 933 965.31 | | | - NameAmount held in custody (absolute)KPMG issued an unqualified auditor‘s report forthe full annual report in accordance with article 102of the German Investment Code. The translation ofthe auditor‘s report is as follows:Frankfurt/Main, Germany, December 22, 2021DWS Investment GmbH, Frankfurt/Main The ManagementIndependent auditor’s report ### To DWS Investment GmbH, Frankfurt/Main Audit opinion We have audited the annual report of the investment fund DWS Top Dividende comprising the activity report for the fiscal year from October 1, 2020, through September 30, 2021, the statement of net assets and investment portfolio as of September 30, 2021, the statement of income and expenses, the distribu- tion calculation, the statement of changes in net assets for the fiscal year from October 1, 2020, through September 30, 2021, as well as the comparative overview for the last three fiscal years, the statement of transactions concluded during the reporting period to the extent that they are no longer part of the invest- ment portfolio, and the notes. In our opinion, based on the findings of our audit, the accompanying annual report complies in all material respects with the provisions of the German Investment Code (KAGB) and the relevant European regulations and allows a comprehensive view of the actual circumstances and developments of the investment fund in accordance with these regulations. ### Basis for the audit opinion We conducted our audit of the annual report in accordance with article 102 KAGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Our responsibility under these rules and principles is further described in the section “Auditor’s responsibility for the audit of the annual report” of our report. We are independent of DWS Investment GmbH in accordance with German commercial law and professional regulations and have fulfilled our other German professional obligations in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate for providing a basis for our audit opinion on the annual report. ### Responsibility of the legal representatives for the annual report The legal representatives of DWS Investment GmbH are responsible for the preparation of the annual report, which complies in all material respects with the provisions of the German KAGB and the relevant European regulations, and for ensuring that the annual report gives a comprehensive view of the actual circumstances and developments of the investment fund in accordance with these regulations. In addition, the legal rep- resentatives are responsible for the internal controls that they have deemed necessary in accordance with these Regulations in order to facilitate the preparation of an annual report that is free from material misstate- ment, whether intentional or unintentional. When preparing the annual report, the legal representatives are responsible for including events, decisions and factors that could materially influence the further development of the investment fund. This means, among other things, that when preparing the annual report, the legal representatives must assess the con- tinuation of the investment fund by DWS Investment GmbH and have the responsibility to disclose facts in connection with the continuation of the investment fund, if relevant. ### Responsibility of the auditor for the audit of the annual report Our objective is to obtain reasonable assurance as to whether the annual report as a whole is free from material misstatement, whether intentional or unintentional, and to issue a report that includes our opinion on the annual report. Sufficient assurance is a high level of assurance, but not a guarantee, that an audit conducted in accor- dance with article 102 KAGB and German generally accepted standards for the audit of financial state- ments promulgated by the Institut der Wirtschaftsprüfer (IDW) will always reveal a material misstatement. Misstatements may result from violations or inaccuracies and are considered material if it is reasonably expected that they will affect, individually or collectively, the economic decisions of users made on the basis of this annual report. During the audit, we exercise due discretion and maintain a critical attitude. We also: - Identify and evaluate the risks of material misstatements, whether intentional or not, in the annual report, plan and perform audit procedures in response to those risks, and obtain sufficient and appropriate audit evidence for providing a basis for our audit opinion. The risk that material misstatements will not be detected is greater for violations than for inaccuracies, as violations may involve fraudulent collusion, falsification, intentional incompleteness, misrepresentation, or the overriding of internal controls. - Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate to the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the internal control system of DWS Investment GmbH. - Assess the appropriateness of the accounting policies used by the legal representatives of DWS Invest- ment GmbH in preparing the annual report and the reasonableness of the estimates and related disclo- sures made by the legal representatives. - Draw conclusions on the basis of audit evidence obtained as to whether there is any material uncertainty in connection with events or circumstances that could cast significant doubt on the continuation of the investment fund by DWS Investment GmbH. If we conclude that there is a material uncertainty, we are required to make a note of the related disclosures in the annual report or, if such disclosures are unreason- able, to modify our opinion. We draw our conclusions on the basis of the audit evidence obtained up to the date of our audit opinion. Future events or circumstances may, however, result in the discontinuation of the investment fund by DWS Investment GmbH. - Evaluate the overall presentation, structure and content of the annual report, including the disclosures, and whether the annual report presents the underlying transactions and events in such a way that the annual report provides a comprehensive view of the actual circumstances and developments of the invest- ment fund in accordance with the provisions of the German KAGB and the relevant European regulations. We discuss with those charged with governance, among other things, the planned scope and timing of the audit and significant findings of the audit, including any deficiencies in the internal control system identified during our audit. Frankfurt/Main, Germany, December 22, 2021 KPMG AG Wirtschaftsprüfungsgesellschaft Kuppler\\tNeuf Auditor\\tAuditor Asset Management Company DWS Investment GmbH 60612 Frankfurt/Main, Germany Own funds on December 31, 2020: EUR 398.4 million Subscribed and paid-in capital on December 31, 2020: EUR 115 million Supervisory Board Dr. Asoka Wöhrmann Chairman DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Christof von Dryander Vice-Chairman Cleary Gottlieb Steen & Hamilton LLP, Frankfurt/Main Hans-Theo Franken Deutsche Vermögensberatung AG, Frankfurt/Main Dr. Alexander Ilgen Deutsche Bank AG, Frankfurt/Main Britta Lehfeldt (until October 31, 2021) Deutsche Bank AG, Frankfurt/Main Dr. Stefan Marcinowski Ludwigshafen Prof. Christian Strenger The Germany Funds, New York Gerhard Wiesheu Partner of Bankhaus B. Metzler seel. Sohn & Co. KGaA, Frankfurt/Main Susanne Zeidler Deutsche Beteiligungs AG, Frankfurt/Main Management Manfred Bauer Speaker of the Management Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Member of the Supervisory Board of DWS Investment S.A., Luxembourg Dirk Görgen Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Stefan Kreuzkamp Member of the Management of DWS Management GmbH (personally liable partner of DWS Group GmbH & Co. KGaA), Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Member of the Supervisory Board of DWS Investment S.A., Luxembourg Dr. Matthias Liermann Member of the Management of DWS International GmbH, Frankfurt/Main Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Member of the Supervisory Board of DWS Investment S.A., Luxembourg Member of the Supervisory Board of Deutsche Treuinvest Stiftung, Frankfurt/Main Petra Pflaum Member of the Management of DWS Beteiligungs GmbH, Frankfurt/Main Depositary State Street Bank International GmbH Brienner Straße 59 80333 Munich, Germany Own funds on December 31, 2020: EUR 2,302.0 million (as defined in article 72 of Regulation (EU) No. 575/2013 (CRR)) Subscribed and paid-in capital on December 31, 2020: EUR 109.4 million Shareholder of DWS Investment GmbH DWS Beteiligungs GmbH, Frankfurt/Main As of: October 31, 2021 DWS Investment GmbH 60612 Frankfurt/Main, Germany Tel. : +49 (0) 69-910-12371 Fax: +49 (0) 69-910-19090 www.dws.com\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98275,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"(vor Quellensteuer) ............................. \n- Zinsen aus Liquiditätsanlagen im Inland ............. \n- Zinsen aus Liquiditätsanlagen im Ausland(vor Quellensteuer) ............................. EUR\t264,96\n- Erträge aus Wertpapier-Darlehenund Pensionsgeschäften ......................... EUR\t94 163,37 davon:aus Wertpapier-Darlehen ....... EUR\t94 163,37\n- Abzug inländischer Körperschaftsteuer.............. EUR\t-281 094,45"},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"(before withholding tax).......................... \n- Interest from investments of liquid assets in Germany .\n- Interest from investments of liquid assetsoutside Germany (before withholding tax) ........... EUR\t264.96\n- Income from securities lendingand repurchase agreements ...................... EUR\t94 163.37thereof:from securities lending ......... EUR\t94 163.37\n- Deduction for domestic corporate income tax ........ EUR\t-281 094.45"},"unique id":{"kind":"number","value":108276,"string":"108,276"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["(before withholding tax)","- Interest from investments of liquid assets in Germany .","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t264.96","- Income from securities lendingand repurchase agreements EUR\t94 163.37thereof:from securities lending EUR\t94 163.37","- Deduction for domestic corporate income tax EUR\t-281 094.45"],"string":"[\n \"(before withholding tax)\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t264.96\",\n \"- Income from securities lendingand repurchase agreements EUR\\t94 163.37thereof:from securities lending EUR\\t94 163.37\",\n \"- Deduction for domestic corporate income tax EUR\\t-281 094.45\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["(before withholding tax)","- Interest from investments of liquid assets in Germany .","- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t264.96","- Income from securities lendingand repurchase agreements EUR\t94 163.37thereof:from securities lending EUR\t94 163.37","- Deduction for domestic corporate income tax EUR\t-281 094.45"],"string":"[\n \"(before withholding tax)\",\n \"- Interest from investments of liquid assets in Germany .\",\n \"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\\t264.96\",\n \"- Income from securities lendingand repurchase agreements EUR\\t94 163.37thereof:from securities lending EUR\\t94 163.37\",\n \"- Deduction for domestic corporate income tax EUR\\t-281 094.45\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98276,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"- Ertrags- und Aufwandsausgleich................... EUR\t20 837 576,68\n- Ergebnis des Geschäftsjahres..................... EUR\t145 718 949,90 davon:\n- Wert des Sondervermögens am Endedes Geschäftsjahres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t906 722 274,35"},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"- Income adjustment ............................. EUR\t20 837 576.68\n- Net gain/loss for the fiscal year.................... EUR\t145 718 949.90thereof:\n- Value of the investment fund at the endof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t906 722 274.35"},"unique id":{"kind":"number","value":108277,"string":"108,277"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["- Income adjustment EUR\t20 837 576.68","- Net gain/loss for the fiscal year EUR\t145 718 949.90thereof:","- Value of the investment fund at the endof the fiscal year . . . .",". . . .","<XML tool=\"custom\" phenom=\"reordering\" from=4 to=3>. . . .</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=5 to=3>. . . .</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=6 to=3>. . . .</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=7 to=3>. . . .</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=8 to=3>. . . .</XML>",". . . . 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EUR\\t906 722 274.35\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["- Income adjustment EUR\t20 837 576.68","- Net gain/loss for the fiscal year EUR\t145 718 949.90thereof:","- Value of the investment fund at the endof the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . . EUR\t906 722 274.35"],"string":"[\n \"- Income adjustment EUR\\t20 837 576.68\",\n \"- Net gain/loss for the fiscal year EUR\\t145 718 949.90thereof:\",\n \"- Value of the investment fund at the endof the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . . EUR\\t906 722 274.35\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98277,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"Die Risikokennzahlen wurden für den Zeitraum vom 01.10.2020 bis 30.09.2021 auf Basis der VaR-Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Sondervermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den qualifizierten Ansatzim Sinne der Derivate-Verordnung an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 1,0, wobei zur Berechnung der Hebelwirkung die Bruttomethode verwendet wurde.\nDas durch Wertpapier-Darlehen erzielte Exposure:\nFolgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:"},"date":{"kind":"string","value":"2021-09-30"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"The values-at-risk were calculated for the period from October 1, 2020, through September 30, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the investment fund arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the qualified approachas defined by the Derivatives Regulation.\nIn the reporting period, the average leverage effect from the use of derivatives was 1.0, whereby the gross method was used for the calculation of leverage.\nExposure obtained through securities loans:\nThe following securities were transferred under securities loans at the reporting date:"},"unique id":{"kind":"number","value":108278,"string":"108,278"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["The values-at-risk were calculated for the period from October 1, 2020, through September 30, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the investment fund arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the qualified approachas defined by the Derivatives Regulation.","In the reporting period, the average leverage effect from the use of derivatives was 1.0, whereby the gross method was used for the calculation of leverage.","Exposure obtained through securities loans:","The following securities were transferred under securities loans at the reporting date:"],"string":"[\n \"The values-at-risk were calculated for the period from October 1, 2020, through September 30, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the investment fund arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the qualified approachas defined by the Derivatives Regulation.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 1.0, whereby the gross method was used for the calculation of leverage.\",\n \"Exposure obtained through securities loans:\",\n \"The following securities were transferred under securities loans at the reporting date:\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["The values-at-risk were calculated for the period from October 1, 2020, through September 30, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the investment fund arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the qualified approachas defined by the Derivatives Regulation.","In the reporting period, the average leverage effect from the use of derivatives was 1.0, whereby the gross method was used for the calculation of leverage.","Exposure obtained through securities loans:","The following securities were transferred under securities loans at the reporting date:"],"string":"[\n \"The values-at-risk were calculated for the period from October 1, 2020, through September 30, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the investment fund arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the qualified approachas defined by the Derivatives Regulation.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 1.0, whereby the gross method was used for the calculation of leverage.\",\n \"Exposure obtained through securities loans:\",\n \"The following securities were transferred under securities loans at the reporting date:\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98278,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Jahresbericht\nund Jahresabschluss\n\n# DWS India\nAnlageziel und Anlage- ergebnis im Berichtszeitraum \nZiel der Anlagepolitik ist es, einen nachhaltigen Wertzu- wachs gegenüber dem Ver- gleichsindex (MSCI India 10/40) zu erzielen. Hierzu wird das Fondsvermögen hauptsächlich in Aktien von Emittenten mit Sitz in Indien oder von Emitten-\nDWS INDIA\nWertentwicklung auf 5-Jahres-Sicht\n190\n175\n160\n145\n130\n115\n100\n85\nten mit Sitz außerhalb Indiens,\n12/16*\n12/17\n12/18\t12/19\t12/20\n12/21\naber Geschäftsschwerpunkt in\nDWS India (Anteilklasse LC)\n* 12/2016 = 100\nAngaben auf Euro-Basis\nIndien, angelegt. Im Geschäfts-\njahr vom 1. Januar bis zum\n31. Dezember 2021 erzielte der DWS India einen Wertzuwachs von 29,0% je Anteil (Anteilklas- se LC, nach BVI-Methode). Sein Referenzindex, der MSCI India 10/40, legte im gleichen Zeit- raum um 36,4% zu (jeweils in Euro).\n\n#### Anlagepolitik im Berichtszeitraum\nDen Finanzmärkten wurde im Berichtsjahr von den Zentral-\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDWS INDIA\nWertentwicklung der Anteilklassen vs. Vergleichsindex (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | 3 Jahre | 5 Jahre |\n| --- | --- | --- | --- | --- |\n| Klasse LC | LU0068770873 | 29,0% | 50,8% | 80,6% |\n| Klasse TFC | LU1799928251 | 30,3% | 54,6% | 57,0% 1) |\n| MSCI India 10/40 | | 36,4% | 59,1% | 88,3% |\n\n1) \nKlasse TFC aufgelegt am 7.5.2018\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nbanken weltweit enorme Liqui- dität zugeführt. Der Kurswech- sel der US-Notenbank Fed zur Bekämpfung der Inflation, der mit einer stärkeren Drosselung der Anleihekäufe und ange- kündigten Zinserhöhungen im Jahr 2022 einherging, erhöhte zum Jahresende hin die Volati- lität in den Schwellenländern. Das Konjunkturprogramm der Regierung und die expansive Geldpolitik der Reserve Bank of India trugen maßgeblich dazu bei, die Wirtschaft fiskal- politisch anzukurbeln. Aus- ländische und einheimische institutionelle Anleger inves- tierten in großem Umfang in\nden indischen Aktienmarkt. Die neue COVID-19-Variante* hatte relativ milde Auswirkungen mit niedrigen Hospitalisierungs-\nund Sterblichkeitsraten in einer Bevölkerung mit einem hohen Anteil an Geimpften.\nIm Berichtszeitraum schnitt der Fonds schwächer als der Vergleichsindex ab. Maßgeb- lich für die Underperformance waren die Positionierung im Grundstoff- und IT-Sektor und der Barmittelbestand.\nAuf Branchenebene bestand eine Übergewichtung im Finanzsektor, da das Portfolio- management die wirtschaft- liche Erholung aufgrund des massiven staatlichen Kon- junkturprogramms positiv einschätzte, und im Industrie- gütersektor, da angesichts der relativ geringen Auswirkungen der neuen COVID-19-Variante\nund der niedrigen Hospitali- sierungs- und Sterblichkeits- raten mit positiven Effekten der Wiederöffnung gerechnet wurde. Im Gegensatz dazu war der Fonds im zyklischen Konsumgütersektor, insbeson- dere in der Automobilbran- che, untergewichtet, weil das\nPortfoliomanagement auf einen anziehenden Konsum wartete.\nAuf Einzeltitelebene lieferten die Indian Railway Catering and Tourism Corporation (IRCTC) und Graphite India den größten Performance-Beitrag. IRCTC\nist das einzige Unternehmen, das von den Indian Railways autorisiert ist, Catering- Dienstleistungen in Zügen zu erbringen, Online-Bahntickets anzubieten sowie Trinkwasser\nin Zügen und an Bahnhöfen zu verkaufen. Es profitierte von der Wiederöffnung aufgrund des relativ milden Verlaufs der neuen COVID-19-Variante und der hohen Impfquote in der Be-\nvölkerung. Graphite India ist der weltweit drittgrößte Hersteller von Graphitelektroden. Dem Unternehmen kamen der welt- weite Anstieg der Stahlpreise und die höhere Nachfrage zu- gute, als die Lagerbestände im Zuge der Konjunkturerholung aufgestockt wurden. Sowohl IRCTC als auch Graphite India wurden verkauft, um Gewinne mitzunehmen. Dem gegenüber wurde das Anlageergebnis\n\n#### Informationen zu ökologischen und/oder sozialen Merkmalen\nDer Fonds ist ein Produkt im Sinne des Artikels 6 der Verord- nung (EU) 2019/2088 (Verord- nung über nachhaltigkeitsbezo- gene Offenlegungspflichten im Finanzdienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\ndes Fonds durch die Unterge-\t\nwichtung bei Tech Mahindra geschmälert. Die Aktie stieg aufgrund der robusten Nach- frage nach IT-Dienstleistungen. Der Sektor könnte jedoch durch steigende Löhne und Arbeits- kräftemangel belastet werden, die langfristig möglicherweise einen Druck auf die Margen ausüben.\nHindalco, ein vertikal integrier- ter Aluminiumhersteller, wurde als neue Position aufgenom- men. Das Unternehmen profi- tierte von einer Erholung der Nachfrage, als sich die Pande- mielage entspannte. Hindalco hat sich zum Schuldenabbau verpflichtet und sich das Ziel gesetzt, bis 2050 klimaneutral zu werden, keinen Deponieab- fall zu verursachen, eine posi- tive Wasserbilanz zu erreichen und Nettoverluste an Biodiversi- tät zu vermeiden.\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n\n## Jahresabschluss DWS India\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Aktien (Branchen): Finanzsektor | 59 313 428,32 | 32,44 |\n| Informationstechnologie | 32 576 221,16 | 17,82 |\n| Energie | 20 777 647,42 | 11,36 |\n| Industrien | 16 549 480,92 | 9,05 |\n| Grundstoffe | 12 340 779,95 | 6,75 |\n| Hauptverbrauchsgüter | 8 849 650,50 | 4,84 |\n| Gesundheitswesen | 8 816 218,14 | 4,82 |\n| Dauerhafte Konsumgüter | 8 054 041,62 | 4,40 |\n| Sonstige | 4 771 699,52 | 2,61 |\n| Summe Aktien: | 172 049 167,55 | 94,09 |\n| 2. Bankguthaben | 19 087 096,79 | 10,44 |\n| 3. Sonstige Vermögensgegenstände | 69 844,09 | 0,04 |\n| 4. Forderungen aus Anteilscheingeschäften | 53 297,00 | 0,03 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -8 327 093,94 | -4,56 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -78 221,00 | -0,04 |\n| III. Fondsvermögen | 182 854 090,49 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n\n### DWS India\nVermögensaufstellung zum 31.12.2021\n| Wertpapierbezeichnung | Stück bzw. Whg. in 1000 | Bestand | Käufe/\tVerkäufe/ Zugänge\tAbgänge im Berichtszeitraum | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |\n| --- | --- | --- | --- | --- | --- | --- |\n| Börsengehandelte Wertpapiere | | | | | | | 172 049 167,55 | 94,09 |\n| Aktien | | | | | | | | |\n| ABB India (demat.) (INE117A01022) ................. | Stück | 70 691 | 70 691 | | INR | 2 234,8500 | 1 878 377,79 | 1,03 |\n| Adani Ports & Special Economic Zone (INE742F01042) .. | Stück | 385 000 | 385 000 | | INR | 725,0000 | 3 318 709,02 | 1,81 |\n| Apollo Hospitals Enterprises (INE437A01024) ......... | Stück | 50 000 | | | INR | 4 980,0500 | 2 960 561,91 | 1,62 |\n| Ashok Leyland (INE208A01029) .................... | Stück | 4 090 083 | 3 190 083 | | INR | 120,7500 | 5 872 049,39 | 3,21 |\n| Axis Bank (INE238A01034) ........................ | Stück | 522 211 | | | INR | 671,3000 | 4 168 051,75 | 2,28 |\n| Bajaj Finance (INE296A01024) ..................... | Stück | 103 127 | | 9 608 | INR | 6 869,2500 | 8 422 715,78 | 4,61 |\n| Bharat Forge (INE465A01025)...................... | Stück | 297 276 | 297 276 | | INR | 694,0000 | 2 452 956,00 | 1,34 |\n| Bharat Petroleum Corp. (INE029A01011) ............. | Stück | 768 126 | 768 126 | | INR | 378,0000 | 3 452 190,12 | 1,89 |\n| Bharti Airtel (INE397D01024) ...................... | Stück | 454 938 | 45 300 | | INR | 683,0000 | 3 694 395,25 | 2,02 |\n| Dabur India (INE016A01026) ....................... | Stück | 349 407 | 249 407 | | INR | 571,3500 | 2 373 582,18 | 1,30 |\n| Dr Reddy’s Laboratories (INE089A01023) ............ | Stück | 75 000 | | | INR | 4 898,9500 | 4 368 523,84 | 2,39 |\n| Endurance Technologies (INE913H01037) ............ | Stück | 36 437 | 36 437 | | INR | 1 660,2000 | 719 239,39 | 0,39 |\n| Finoles industries (INE183A01024) .................. | Stück | 782 715 | 894 910 | 112 195 | INR | 207,5500 | 1 931 509,43 | 1,06 |\n| HCL Technologies (INE860A01027) ................. | Stück | 388 117 | | 429 501 | INR | 1 317,0000 | 6 077 414,81 | 3,32 |\n| HDFC Bank Mumbai (INE040A01034) ............... | Stück | 447 377 | | 252 623 | INR | 1 464,0000 | 7 787 268,86 | 4,26 |\n| Hindalco Industries IR 1 (INE038A01020) ............. | Stück | 1 156 727 | 1 156 727 | | INR | 451,9500 | 6 215 723,73 | 3,40 |\n| Hindustan Unilever (INE030A01027)................. | Stück | 233 768 | 13 768 | | INR | 2 330,0000 | 6 476 068,32 | 3,54 |\n| Housing Development Finance Corp. (INE001A01036) .. | Stück | 268 427 | 38 427 | | INR | 2 570,0000 | 8 202 188,77 | 4,49 |\n| ICICI Bank (demat.) (INE090A01021) ................ | Stück | 935 169 | | | INR | 736,0000 | 8 183 486,22 | 4,48 |\n| Icici Lombard General Insurance Co. (INE765G01017)... | Stück | 110 144 | 20 144 | | INR | 1 368,2500 | 1 791 829,74 | 0,98 |\n| Infosys (INE009A01021) .......................... | Stück | 803 891 | 265 442 | 121 551 | INR | 1 897,0000 | 18 131 550,20 | 9,92 |\n| Kotak Mahindra Bank (INE237A01028) ............... | Stück | 184 100 | | | INR | 1 762,9000 | 3 858 796,76 | 2,11 |\n| Larsen and Toubro IR 2 (INE018A01030) ............. | Stück | 244 248 | 66 303 | 222 055 | INR | 1 887,1500 | 5 480 344,72 | 3,00 |\n| Mahindra & Mahindra (new) (INE101A01026) ......... | Stück | 188 000 | | 112 000 | INR | 830,0000 | 1 855 266,83 | 1,01 |\n| Maruti Suzuki India (INE585B01010)................. | Stück | 35 000 | | 15 000 | INR | 7 273,0000 | 3 026 579,40 | 1,66 |\n| Nippon Life India Asset Management (INE298J01013) .. | Stück | 339 011 | 39 011 | | INR | 346,0500 | 1 394 835,79 | 0,76 |\n| Oberoi Realty (INE093I01010)...................... | Stück | 107 102 | 107 102 | | INR | 846,0000 | 1 077 304,27 | 0,59 |\n| Pidilite Industries (INE318A01026) .................. | Stück | 111 214 | 11 214 | | INR | 2 433,5500 | 3 217 882,44 | 1,76 |\n| Reliance Industries (INE002A01018)................. | Stück | 487 935 | | | INR | 2 364,0000 | 13 714 496,98 | 7,50 |\n| SBI Life Insurance Company (INE123W01016) ........ | Stück | 213 301 | | | INR | 1 193,5000 | 3 026 814,14 | 1,66 |\n| State Bank of India (demat.) (INE062A01020) ......... | Stück | 883 002 | 78 367 | | INR | 453,0500 | 4 756 398,81 | 2,60 |\n| Steel Authority of India (INE114A01011) ............. | Stück | 778 186 | 6 694 834 | 5 916 648 | INR | 105,4500 | 975 664,35 | 0,53 |\n| Sun Pharmaceutical Industries (INE044A01036)........ | Stück | 150 000 | | | INR | 833,8500 | 1 487 132,39 | 0,81 |\n| Tata Consultancy Services (INE467B01029) ........... | Stück | 188 317 | | 6 670 | INR | 3 737,0000 | 8 367 256,15 | 4,58 |\n| ICICI Bank ADR (US45104G1040)................... | Stück | 449 096 | 35 654 | 23 373 | USD | 19,4300 | 7 721 041,70 | 4,22 |\n| Reliance Industries GDR 144a (US7594701077)........ | Stück | 64 216 | 69 956 | 5 740 | USD | 63,5500 | 3 610 960,32 | 1,97 |\n| Summe Wertpapiervermögen | | | | | | | 172 049 167,55 | 94,09 |\n| Bankguthaben | | | | | | | 19 087 096,79 | 10,44 |\n| Verwahrstelle (täglich fällig) | | | | | | | | |\n| EUR - Guthaben................................. | EUR | 2 069 447,13 | | | % | 100 | 2 069 447,13 | 1,13 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | | | | |\n| Britische Pfund ................................. | GBP | 3 839,61 | | | % | 100 | 4 572,87 | 0,00 |\n| Indische Rupie.................................. | INR | 1 194 830 800,10 | | | % | 100 | 14 206 164,80 | 7,77 |\n| US Dollar ...................................... | USD | 3 172 231,59 | | | % | 100 | 2 806 911,99 | 1,54 |\n| Sonstige Vermögensgegenstände | | | | | | | 69 844,09 | 0,04 |\n| Einschüsse (Initial Margin)......................... | EUR | 69 844,09 | | | % | 100 | 69 844,09 | 0,04 |\n| Forderungen aus Anteilscheingeschäften | EUR | 53 297,00 | | | % | 100 | 53 297,00 | 0,03 |\n| Summe der Vermögensgegenstände 1) | | | | | | | 191 259 405,43 | 104,60 |\n| Sonstige Verbindlichkeiten | | | | | | | -8 327 093,94 | -4,56 |\n| Andere sonstige Verbindlichkeiten .................. | EUR | -8 327 093,94 | | | % | 100 | -8 327 093,94 | -4,56 |\n| Verbindlichkeiten aus Anteilscheingeschäften | EUR | -78 221,00 | | | % | 100 | -78 221,00 | -0,04 |\n| Fondsvermögen | | | | | | | 182 854 090,49 | 100,00 |\n\n\n### DWS India\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Whg. | Anteilwert in der jeweiligen Whg. |\n| --- | --- | --- |\n| Anteilwert Klasse LC...................................... | EUR | 3 391,46 |\n| Klasse TFC..................................... | EUR | 157,01 |\n| Umlaufende Anteile Klasse LC...................................... | Stück | 53 802,185 |\n| Klasse TFC..................................... | Stück | 2 460,108 |\n\nDurch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI India 10-40 NET EUR Index\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag\t% | 85,648 |\n| --- | --- |\n| größter potenzieller Risikobetrag\t% | 106,267 |\n| durchschnittlicher potenzieller Risikobetrag\t% | 93,137 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 01.01.2021 bis 31.12.2021 auf Basis der VaR-Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 0,00.\nDevisenkurse (in Mengennotiz)\nper 30.12.2021\n| Britische Pfund .................. | GBP | 0,839650 | = EUR | 1 |\n| --- | --- | --- | --- | --- |\n| Indische Rupie................... | INR | 84,106500 | = EUR | 1 |\n| US Dollar ....................... | USD | 1,130150 | = EUR | 1 |\n\nErläuterungen zur Bewertung\nDie Anteilwerte werden von der Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den von der Verwaltungsgesellschaft auf der Grundlage der in den gesetzlichen Bestimmungen/Verordnungen bzw. im Prospekt des Fonds definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Zweigniederlassung Luxemburg, als externem Price Service Provider und Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vor- gehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Anlagen werden nicht zu abgeleiteten Verkehrswerten bewertet.\nFußnoten\n1)\tBeinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n\n### DWS India\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 01.01.2021 bis 31.12.2021\n- Erträge\n\t- Dividenden (vor Quellensteuer).................... EUR\t1 836 762,08\n\t- Abzug ausländischer Quellensteuer ................ EUR\t-408 491,80Summe der Erträge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t1 428 270,28\n\n- Aufwendungen\n\t- Zinsen aus Kreditaufnahmen und negativen Einlagen-verzinsungen sowie ähnliche Aufwendungen......... EUR\t-21 296,10 davon:Bereitstellungszinsen .......... EUR\t-1 734,20\n\n- Verwaltungsvergütung .......................... EUR\t-3 279 140,75 davon:Kostenpauschale\tEUR -3 279 140,75\n- Sonstige Aufwendungen ......................... EUR\t-84 795,12 davon:Aufwendungen für Rechts- undBeratungskosten .............. EUR\t-230,54Taxe d’Abonnement ........... EUR -84 564,58Summe der Aufwendungen . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-3 385 231,97\n- Ordentlicher Nettoertrag . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-1 956 961,69\n- Veräußerungsgeschäfte\n\t- Realisierte Gewinne ............................. EUR\t26 854 576,06\n\t- Realisierte Verluste .............................. EUR\t-7 344 595,37 Entwicklungsrechnung für das Fondsvermögen\t\n\n- Wert des Fondsvermögens am Beginndes Geschäftsjahres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t139 035 627,89\n- Mittelzufluss (netto). . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t2 917 855,38\n\t- Mittelzuflüsse aus Anteilscheinverkäufen ........ EUR\t42 293 999,20\n\t- Mittelabflüsse aus Anteilscheinrücknahmen ...... EUR\t-39 376 143,82\n\n- Ertrags- und Aufwandsausgleich................... EUR\t606 384,28\n- Ergebnis des Geschäftsjahres..................... EUR\t40 294 222,94 davon:Nettoveränderung der nichtrealisierten Gewinne. . . EUR\t21 743 321,37 Nettoveränderung der nichtrealisierten Verluste ... EUR\t\t997 882,57\n- Wert des Fondsvermögens am Endedes Geschäftsjahres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t182 854 090,49 Zusammensetzung der Gewinne/Verluste\tRealisierte Gewinne (inkl. Ertragsausgleich) . . . . . . . . . . EUR\t26 854 576,06aus:Wertpapiergeschäften ........................... EUR\t25 959 346,17Devisen(termin)geschäften ....................... EUR\t895 229,89Realisierte Verluste (inkl. Ertragsausgleich). . . . . . . . . . . EUR\t-7 344 595,37aus:Wertpapiergeschäften ........................... EUR\t-7 344 193,56Devisen(termin)geschäften ....................... EUR\t-401,81Nettoveränderung der nichtrealisiertenGewinne/Verluste . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t22 741 203,94aus:Wertpapiergeschäften ........................... EUR\t22 735 620,64Devisen(termin)geschäften ....................... EUR\t5 583,30\n\n| Ergebnis aus Veräußerungsgeschäften . . . . . . . . . . . . . . | EUR | 19 509 980,69 |\n| --- | --- | --- |\n| V. Realisiertes Ergebnis des Geschäftsjahres . . . . . . . . . . | EUR | 17 553 019,00 |\n| 1. Nettoveränderung der nichtrealisierten Gewinne ....... | EUR | 21 743 321,37 |\n| 2. Nettoveränderung der nichtrealisierten Verluste ....... | EUR | 997 882,57 |\n\n Angaben zur Ertragsverwendung *\t\nVI. Nichtrealisiertes Ergebnis des Geschäftsjahres . . . . . EUR\t22 741 203,94\t\nVII. Ergebnis des Geschäftsjahres . . . . . . . . . . . . . . . . . . . EUR\t40 294 222,94\nHinweis: Die Nettoveränderung der nichtrealisierten Gewinne (Verluste) errechnet sich aus Gegenüberstellung der Summe aller nichtrealisierten Gewinne (Verluste) zum Ende des Geschäftsjahres und der Summe aller nichtrealisierten Gewinne (Verluste) zu Beginn des Geschäftsjahres. In die Summe der nichtrealisierten Gewinne (Verluste) fließen die positiven (negativen) Differenzen ein, die aus dem Vergleich der Wertansätze der einzelnen Vermögensgegenstände zum Berichtsstichtag mit den Anschaffungskosten resultieren.\nDie nichtrealisierten Ergebnisse werden ohne Ertragsausgleich ausgewiesen.\n Gesamtkostenquote / Transaktionskosten\t\nGesamtkostenquote (BVI - Total Expense Ratio (TER))\nDie Gesamtkostenquote(n) der Anteilklasse(n) belief(en) sich auf: Klasse LC 2,05% p.a., Klasse TFC 1,06% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktionskosten) einschließlich eventueller Bereitstellungszinsen als Prozentsatz des durchschnittlichen Fondsvermögens, bezogen auf die jeweilige Anteilklasse, innerhalb eines Geschäftsjahres aus.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 119 811,38.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nKlasse LC:\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse TFC:\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\nFondsvermögen am Ende des Geschäftsjahres\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\tEUR\t182 854 090,49\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\tEUR\t139 035 627,89\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\tEUR\t147 284 718,10\nAnteilwert am Ende des Geschäftsjahres\n2021\tKlasse LC........................\tEUR\t3 391,46\nKlasse TFC.......................\tEUR\t157,01\n2020\tKlasse LC........................\tEUR\t2 628,49\nKlasse TFC.......................\tEUR\t120,48\n2019\tKlasse LC........................\tEUR\t2 500,54\nKlasse TFC.......................\tEUR\t114,03\nAbwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns)\nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf Prozent und mehr) sind, betrug 0,00 Prozent der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt 0,00 EUR.\nKPMG Luxembourg, Société anonyme\tTel: +352 22 51 51 1\n39, Avenue John F. Kennedy\tFax: +352 22 51 71\nL-1855 Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\n\n#### An die Anteilinhaber des DWS India\n2, Boulevard Konrad Adenauer L-1115 Luxemburg\nBERICHT DES REVISEUR D’ENTREPRISES AGREE\n\n##### Bericht über die Jahresabschlussprüfung Prüfungsurteil\nWir haben den beigefügten Jahresabschluss des DWS India („der Fonds“), bestehend aus der Vermögens-\naufstellung einschließlich des Wertpapierbestands und der sonstigen Vermögenswerte zum 31. Dezember 2021, der Ertrags- und Aufwandsrechnung und der Entwicklung des Fondsvermögens für das an diesem Datum endende Geschäftsjahr sowie erläuternden Angaben, einschließlich einer Zusammenfassung bedeutsamer Rechnungslegungsmethoden, geprüft.\nNach unserer Beurteilung vermittelt der beigefügte Jahresabschluss in Übereinstimmung mit den in Luxem- burg geltenden gesetzlichen Bestimmungen und Verordnungen betreffend die Aufstellung und Darstellung des Jahresabschlusses ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens- und Finanzlage des DWS India zum 31. Dezember 2021 sowie der Ertragslage und der Entwicklung des Fonds- vermögens für das an diesem Datum endende Geschäftsjahr.\n\n##### Grundlage für das Prüfungsurteil\nWir führten unsere Abschlussprüfung in Übereinstimmung mit dem Gesetz über die Prüfungstätigkeit („Gesetz vom 23. Juli 2016“) und nach den für Luxemburg von der „Commission de Surveillance du Secteur Financier“ („CSSF“) angenommenen internationalen Prüfungsstandards („ISA“) durch. Unsere Verantwor- tung gemäß dem Gesetz vom 23. Juli 2016 und den ISA-Standards, wie sie in Luxemburg von der CSSF angenommen wurden, wird im Abschnitt „Verantwortung des „réviseur d’entreprises agréé“ für die Jahres- abschlussprüfung“ weitergehend beschrieben. Wir sind auch unabhängig von dem Fonds in Übereinstim- mung mit dem für Luxemburg von der CSSF angenommenen „International Code of Ethics for Professional Accountants, including International Independence Standards“, herausgegeben vom „International Ethics Standards Board for Accountants“ („IESBA Code“), zusammen mit den beruflichen Verhaltensanforderun- gen, welche wir im Rahmen der Jahresabschlussprüfung einzuhalten haben, und haben alle sonstigen Berufspflichten in Übereinstimmung mit diesen Verhaltensanforderungen erfüllt. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen.\n\n##### Sonstige Informationen\nDer Vorstand der Verwaltungsgesellschaft ist verantwortlich für die sonstigen Informationen. Die sonstigen Informationen beinhalten die Informationen, welche im Jahresbericht enthalten sind, jedoch beinhalten sie nicht den Jahresabschluss oder unseren Bericht des „réviseur d’entreprises agréé“ zu diesem Jahres- abschluss.\n© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518\na member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\nguarantee. All rights reserved.\nUnser Prüfungsurteil zum Jahresabschluss deckt nicht die sonstigen Informationen ab und wir geben keinerlei Sicherheit jedweder Art auf diese Informationen.\nIm Zusammenhang mit der Prüfung des Jahresabschlusses besteht unsere Verantwortung darin, die sons- tigen Informationen zu lesen und dabei zu beurteilen, ob eine wesentliche Unstimmigkeit zwischen diesen und dem Jahresabschluss oder mit den bei der Abschlussprüfung gewonnenen Erkenntnissen besteht oder auch ansonsten die sonstigen Informationen wesentlich falsch dargestellt erscheinen. Sollten wir auf Basis der von uns durchgeführten Arbeiten schlussfolgern, dass sonstige Informationen wesentliche falsche Dar- stellungen enthalten, sind wir verpflichtet, diesen Sachverhalt zu berichten. Wir haben diesbezüglich nichts zu berichten.\n\n##### Verantwortung des Vorstands der Verwaltungsgesellschaft\nDer Vorstand der Verwaltungsgesellschaft ist verantwortlich für die Aufstellung und sachgerechte Gesamt- darstellung des Jahresabschlusses in Übereinstimmung mit den in Luxemburg geltenden gesetzlichen Be- stimmungen und Verordnungen zur Aufstellung des Jahresabschlusses und für die internen Kontrollen, die der Vorstand als notwendig erachtet, um die Aufstellung des Jahresabschlusses zu ermöglichen, der frei von wesentlichen, beabsichtigten oder unbeabsichtigten, falschen Darstellungen ist.\nBei der Aufstellung des Jahresabschlusses ist der Vorstand der Verwaltungsgesellschaft verantwortlich für die Beurteilung der Fähigkeit des Fonds zur Fortführung der Unternehmenstätigkeit und – sofern einschlägig –, Angaben zu Sachverhalten zu machen, die im Zusammenhang mit der Fortführung der Unternehmenstätigkeit stehen, und die Annahme der Unternehmensfortführung als Rechnungslegungsgrundsatz zu nutzen, sofern nicht der Vorstand der Verwaltungsgesellschaft beabsichtigt, den Fonds zu liquidieren, die Geschäftstätigkeit einzustellen oder keine andere realistische Alternative mehr hat, als so zu handeln.\n\n##### Verantwortung des réviseur d’entreprises agréé für die Jahresabschlussprüfung\nDie Zielsetzung unserer Prüfung ist es, eine hinreichende Sicherheit zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen, beabsichtigten oder unbeabsichtigten, falschen Darstellungen ist und darü- ber einen Bericht des „réviseur d’entreprises agréé“, welcher unser Prüfungsurteil enthält, zu erteilen. Hin- reichende Sicherheit entspricht einem hohen Grad an Sicherheit, ist aber keine Garantie dafür, dass eine Prüfung in Übereinstimmung mit dem Gesetz vom 23. Juli 2016 und nach den für Luxemburg von der CSSF angenommenen ISAs stets eine wesentliche falsche Darstellung, falls vorhanden, aufdeckt. Falsche Darstel- lungen können entweder aus Unrichtigkeiten oder aus Verstößen resultieren und werden als wesentlich angesehen, wenn vernünftigerweise davon ausgegangen werden kann, dass diese individuell oder ins- gesamt, die auf der Grundlage dieses Jahresabschlusses getroffenen wirtschaftlichen Entscheidungen von Adressaten beeinflussen.\nIm Rahmen einer Abschlussprüfung in Übereinstimmung mit dem Gesetz vom 23. Juli 2016 und nach den für Luxemburg von der CSSF angenommenen ISAs üben wir unser pflichtgemäßes Ermessen aus und bewahren eine kritische Grundhaltung.\nDarüber hinaus:\n- Identifizieren und beurteilen wir das Risiko von wesentlichen falschen Darstellungen im Jahresabschluss aus Unrichtigkeiten oder Verstößen, planen und führen Prüfungshandlungen durch als Antwort auf diese Risiken und erlangen Prüfungsnachweise, die ausreichend und angemessen sind, um als Grundlage für das Prüfungsurteil zu dienen. Das Risiko, dass wesentliche falsche Darstellungen nicht aufgedeckt wer- den, ist bei Verstößen höher als bei Unrichtigkeiten, da Verstöße betrügerisches Zusammenwirken, Fäl- schungen, beabsichtigte Unvollständigkeiten, irreführende Angaben bzw. das Außerkraftsetzen interner Kontrollen beinhalten können.\n- Gewinnen wir ein Verständnis von dem für die Abschlussprüfung relevanten internen Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des internen Kontrollsystems des Fonds abzugeben.\n- Beurteilen wir die Angemessenheit der vom Vorstand der Verwaltungsgesellschaft angewandten Bilanzie- rungsmethoden, der rechnungslegungsrelevanten Schätzungen und der entsprechenden erläuternden Angaben.\n- Schlussfolgern wir über die Angemessenheit der Anwendung des Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit durch den Vorstand der Verwaltungsgesellschaft sowie auf der Grundlage der erlangten Prüfungsnachweise, ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die bedeutsame Zweifel an der Fähigkeit des Fonds zur Fortfüh- rung der Unternehmenstätigkeit aufwerfen könnten. Sollten wir schlussfolgern, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet, im Bericht des „réviseur d’entreprises agréé“ auf die dazuge- hörigen erläuternden Angaben zum Jahresabschluss hinzuweisen oder, falls die Angaben unangemessen sind, das Prüfungsurteil zu modifizieren. Diese Schlussfolgerungen basieren auf der Grundlage der bis zum Datum des Berichts des „réviseur d’entreprises agréé“ erlangten Prüfungsnachweise. Zukünftige Ereignisse oder Gegebenheiten können jedoch dazu führen, dass der Fonds seine Unternehmenstätigkeit nicht mehr fortführen kann.\n- Beurteilen wir die Gesamtdarstellung, den Aufbau und den Inhalt des Jahresabschlusses einschließlich der erläuternden Angaben und beurteilen, ob dieser die zugrundeliegenden Geschäftsvorfälle und Ereig- nisse sachgerecht darstellt.\n\nWir kommunizieren mit den für die Überwachung Verantwortlichen unter anderem den geplanten Prüfungs- umfang und Zeitraum sowie wesentliche Prüfungsfeststellungen einschließlich wesentlicher Schwächen im internen Kontrollsystem, welche wir im Rahmen der Prüfung identifizieren.\nLuxemburg, 21. April 2022\tKPMG Luxembourg Société anonyme Cabinet de révision agréé\nPia Schanz"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Annual report\nand annual financial statements\n\n# DWS India\n\n#### Investment objective and performance in the reporting period\nThe investment policy aims to achieve sustained capital appreciation compared to the\nbenchmark (MSCI India 10/40). To this end, the fund’s assets are mainly invested in equities of issuers domiciled in India\nDWS INDIA\nFive-year performance\n190\n175\n160\n145\n130\n115\n100\n85\nor of issuers domiciled out\n12/16*\n12/17\n12/18\t12/19\t12/20\n12/21\nside India but with a business focus in India. In the fiscal\nDWS India (LC unit class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* 12/2016 = 100\nData on euro basis\nyear from January 1 through\nDecember 31, 2021, DWS India recorded an appreciation of 29.0% per unit (LC unit class, BVI method). Its reference index, the MSCI India 10/40, gained 36.4% in the same period (both percentages in euro terms).\n\n#### Investment policy in the reporting period\nEnormous liquidity was injected into the financial markets by\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDWS INDIA\nPerformance of unit classes vs. benchmark (in euro)\n| Unit class | ISIN | 1 year | 3 years | 5 years |\n| --- | --- | --- | --- | --- |\n| Class LC | LU0068770873 | 29.0% | 50.8% | 80.6% |\n| Class TFC | LU1799928251 | 30.3% | 54.6% | 57.0% 1 |\n| MSCI India 10/40 | | 36.4% | 59.1% | 88.3% |\n\n1 \nClass FTC launched on May 7, 2018\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\ncentral banks worldwide in the reporting year. The U.S. Federal Reserve’s change of course to fight inflation, accompanied by a greater reduction in bond pur chases and announced interest rate hikes in 2022, increased volatility in emerging markets toward the end of the year. The government’s stimulus pro gram and the Reserve Bank of India’s expansionary monetary policy played a major role in boosting the economy fiscally. Foreign and domestic institu tional investors invested heavily in the Indian equity market. The new COVID-19 variant* had relatively mild effects, with low hospitalization and mortality rates in a population with a high proportion of vaccinated individuals.\nIn the reporting period, the fund underperformed the benchmark index. Key factors for the under performance were the position ing in the basic materials and IT sectors and the cash position.\nAt the sector level, there was an overweight in the financial sector, as portfolio manage ment was positive about the economic recovery due to the massive government stimulus program, and in the industrial goods sector, as reopening was expected to have a positive effect given the relatively low impact of the new COVID-19 variant and low hospitalization and mortality rates. In contrast, the fund was underweight in the cyclical consumer goods sector, particularly the auto\nmotive sector, as portfolio management waited for con sumption to pick up.\nAt the individual stock level, Indian Railway Catering and Tourism Corporation (IRCTC) and Graphite India were the biggest contributors to per formance. IRCTC is the only company authorized by Indian Railways to provide catering services on trains, offer online rail tickets and sell drinking water on trains and at stations. It benefited from reopening because of the relatively mild course of the new COVID-19 variant and the high vaccina tion rate among the population. Graphite India is the world’s third largest manufacturer of graphite electrodes. The com\npany benefited from the global rise in steel prices and higher demand as inventories were replenished in the wake of the economic recovery. Both IRCTC and Graphite India were sold\nto take profits. In contrast, the fund’s investment result was reduced by the underweight in Tech Mahindra. The company’s share price rose on the back of robust demand for IT services. However, the sector could be negatively impacted by rising wages and labor shortages, which may put pressure on margins in the long term.\nHindalco, a vertically inte-\n\n#### Information on environmental and/or social characteristics\nThe fund is a product within the meaning of Article 6 of Regula- tion (EU) 2019/2088 (Regulation on sustainability-related disclo- sure requirements in the finan- cial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020/852 (taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\ngrated aluminum producer, was\t\nincluded as a new position.\nThe company benefited from a recovery in demand as the pan- demic situation eased. Hindalco is committed to reducing debt and has set a goal to become carbon neutral by 2050, gener- ate zero landfill waste, achieve a positive water balance and avoid net losses of biodiversity.\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n\n## Annual financial statements DWS India\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Equities (sectors): Financials | 59 313 428.32 | 32.44 |\n| Information Technology | 32 576 221.16 | 17.82 |\n| Energy | 20 777 647.42 | 11.36 |\n| Industrials | 16 549 480.92 | 9.05 |\n| Basic Materials | 12 340 779.95 | 6.75 |\n| Consumer Staples | 8 849 650.50 | 4.84 |\n| Health Care | 8 816 218.14 | 4.82 |\n| Consumer Discretionaries | 8 054 041.62 | 4.40 |\n| Other | 4 771 699.52 | 2.61 |\n| Total equities: | 172 049 167.55 | 94.09 |\n| 2. Cash at bank | 19 087 096.79 | 10.44 |\n| 3. Other assets | 69 844.09 | 0.04 |\n| 4. Receivables from share certificate transactions | 53 297.00 | 0.03 |\n| II. Liabilities | | |\n| 1. Other liabilities | -8 327 093.94 | -4.56 |\n| 2. Liabilities from share certificate transactions | -78 221.00 | -0.04 |\n| III. Net assets | 182 854 090.49 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\n\n### DWS India\nInvestment portfolio – December 31, 2021\n| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the repor | Sales/ disposals ting period | Market price | Total market value in EUR | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Securities traded on an exchange | | | | | | | 172 049 167.55 | 94.09 |\n| Equities | | | | | | | | |\n| ABB India (demat.) (INE117A01022) ................. | Count | 70 691 | 70 691 | | INR | 2 234.8500 | 1 878 377.79 | 1.03 |\n| Adani Ports & Special Economic Zone (INE742F01042) .. | Count | 385 000 | 385 000 | | INR | 725.0000 | 3 318 709.02 | 1.81 |\n| Apollo Hospitals Enterprises (INE437A01024) ......... | Count | 50 000 | | | INR | 4 980.0500 | 2 960 561.91 | 1.62 |\n| Ashok Leyland (INE208A01029) .................... | Count | 4 090 083 | 3 190 083 | | INR | 120.7500 | 5 872 049.39 | 3.21 |\n| Axis Bank (INE238A01034) ........................ | Count | 522 211 | | | INR | 671.3000 | 4 168 051.75 | 2.28 |\n| Bajaj Finance (INE296A01024) ..................... | Count | 103 127 | | 9 608 | INR | 6 869.2500 | 8 422 715.78 | 4.61 |\n| Bharat Forge (INE465A01025)...................... | Count | 297 276 | 297 276 | | INR | 694.0000 | 2 452 956.00 | 1.34 |\n| Bharat Petroleum Corp. (INE029A01011) ............. | Count | 768 126 | 768 126 | | INR | 378.0000 | 3 452 190.12 | 1.89 |\n| Bharti Airtel (INE397D01024) ...................... | Count | 454 938 | 45 300 | | INR | 683.0000 | 3 694 395.25 | 2.02 |\n| Dabur India (INE016A01026) ....................... | Count | 349 407 | 249 407 | | INR | 571.3500 | 2 373 582.18 | 1.30 |\n| Dr Reddy’s Laboratories (INE089A01023) ............ | Count | 75 000 | | | INR | 4 898.9500 | 4 368 523.84 | 2.39 |\n| Endurance Technologies (INE913H01037) ............ | Count | 36 437 | 36 437 | | INR | 1 660.2000 | 719 239.39 | 0.39 |\n| Finoles industries (INE183A01024) .................. | Count | 782 715 | 894 910 | 112 195 | INR | 207.5500 | 1 931 509.43 | 1.06 |\n| HCL Technologies (INE860A01027) ................. | Count | 388 117 | | 429 501 | INR | 1 317.0000 | 6 077 414.81 | 3.32 |\n| HDFC Bank Mumbai (INE040A01034) ............... | Count | 447 377 | | 252 623 | INR | 1 464.0000 | 7 787 268.86 | 4.26 |\n| Hindalco Industries IR 1 (INE038A01020) ............. | Count | 1 156 727 | 1 156 727 | | INR | 451.9500 | 6 215 723.73 | 3.40 |\n| Hindustan Unilever (INE030A01027)................. | Count | 233 768 | 13 768 | | INR | 2 330.0000 | 6 476 068.32 | 3.54 |\n| Housing Development Finance Corp. (INE001A01036) .. | Count | 268 427 | 38 427 | | INR | 2 570.0000 | 8 202 188.77 | 4.49 |\n| ICICI Bank (demat.) (INE090A01021) ................ | Count | 935 169 | | | INR | 736.0000 | 8 183 486.22 | 4.48 |\n| Icici Lombard General Insurance Co. (INE765G01017)... | Count | 110 144 | 20 144 | | INR | 1 368.2500 | 1 791 829.74 | 0.98 |\n| Infosys (INE009A01021) .......................... | Count | 803 891 | 265 442 | 121 551 | INR | 1 897.0000 | 18 131 550.20 | 9.92 |\n| Kotak Mahindra Bank (INE237A01028) ............... | Count | 184 100 | | | INR | 1 762.9000 | 3 858 796.76 | 2.11 |\n| Larsen and Toubro IR 2 (INE018A01030) ............. | Count | 244 248 | 66 303 | 222 055 | INR | 1 887.1500 | 5 480 344.72 | 3.00 |\n| Mahindra & Mahindra (new) (INE101A01026) ......... | Count | 188 000 | | 112 000 | INR | 830.0000 | 1 855 266.83 | 1.01 |\n| Maruti Suzuki India (INE585B01010)................. | Count | 35 000 | | 15 000 | INR | 7 273.0000 | 3 026 579.40 | 1.66 |\n| Nippon Life India Asset Management (INE298J01013) .. | Count | 339 011 | 39 011 | | INR | 346.0500 | 1 394 835.79 | 0.76 |\n| Oberoi Realty (INE093I01010)...................... | Count | 107 102 | 107 102 | | INR | 846.0000 | 1 077 304.27 | 0.59 |\n| Pidilite Industries (INE318A01026) .................. | Count | 111 214 | 11 214 | | INR | 2 433.5500 | 3 217 882.44 | 1.76 |\n| Reliance Industries (INE002A01018)................. | Count | 487 935 | | | INR | 2 364.0000 | 13 714 496.98 | 7.50 |\n| SBI Life Insurance Company (INE123W01016) ........ | Count | 213 301 | | | INR | 1 193.5000 | 3 026 814.14 | 1.66 |\n| State Bank of India (demat.) (INE062A01020) ......... | Count | 883 002 | 78 367 | | INR | 453.0500 | 4 756 398.81 | 2.60 |\n| Steel Authority of India (INE114A01011) ............. | Count | 778 186 | 6 694 834 | 5 916 648 | INR | 105.4500 | 975 664.35 | 0.53 |\n| Sun Pharmaceutical Industries (INE044A01036)........ | Count | 150 000 | | | INR | 833.8500 | 1 487 132.39 | 0.81 |\n| Tata Consultancy Services (INE467B01029) ........... | Count | 188 317 | | 6 670 | INR | 3 737.0000 | 8 367 256.15 | 4.58 |\n| ICICI Bank ADR (US45104G1040)................... | Count | 449 096 | 35 654 | 23 373 | USD | 19.4300 | 7 721 041.70 | 4.22 |\n| Reliance Industries GDR 144a (US7594701077)........ | Count | 64 216 | 69 956 | 5 740 | USD | 63.5500 | 3 610 960.32 | 1.97 |\n| Total securities portfolio | | | | | | | 172 049 167.55 | 94.09 |\n| Cash at bank | | | | | | | 19 087 096.79 | 10.44 |\n| Demand deposits at Depositary | | | | | | | | |\n| EUR deposits................................... | EUR | 2 069 447.13 | | | % | 100 | 2 069 447.13 | 1.13 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound .................................. | GBP | 3 839.61 | | | % | 100 | 4 572.87 | 0.00 |\n| Indian rupee.................................... | INR | 1 194 830 800.10 | | | % | 100 | 14 206 164.80 | 7.77 |\n| U.S. dollar ..................................... | USD | 3 172 231.59 | | | % | 100 | 2 806 911.99 | 1.54 |\n| Other assets | | | | | | | 69 844.09 | 0.04 |\n| Initial margins .................................. | EUR | 69 844.09 | | | % | 100 | 69 844.09 | 0.04 |\n| Receivables from share certificate transactions | EUR | 53 297.00 | | | % | 100 | 53 297.00 | 0.03 |\n| Total assets 1 | | | | | | | 191 259 405.43 | 104.60 |\n| Other liabilities | | | | | | | -8 327 093.94 | -4.56 |\n| Additional other liabilities.......................... | EUR | -8 327 093.94 | | | % | 100 | -8 327 093.94 | -4.56 |\n| Liabilities from share certificate transactions | EUR | -78 221.00 | | | % | 100 | -78 221.00 | -0.04 |\n| Net assets | | | | | | | 182 854 090.49 | 100.00 |\n\n\n### DWS India\n| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |\n| --- | --- | --- |\n| Net asset value per unit Class LC ..................................... . | EUR | 3 391.46 |\n| Class TFC .................................... . | EUR | 157.01 |\n| Number of units outstanding Class LC ..................................... . | Count | 53 802.185 |\n| Class TFC .................................... . | Count | 2 460.108 |\n\nNegligible rounding errors may have arisen due to the rounding of calculated percentages.\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\nComposition of the reference portfolio (according to CSSF circular 11/512) MSCI India 10-40 NET EUR Index\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ................. . | % | 85.648 |\n| --- | --- | --- |\n| Highest market risk exposure ................. . | % | 106.267 |\n| Average market risk exposure ................ . | % | 93.137 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a x% confidence level, a xx-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\nExchange rates (indirect quotes)\nAs of December 30, 2021\n| British pound .................. . | GBP | 0.839650 | = EUR | 1 |\n| --- | --- | --- | --- | --- |\n| Indian rupee.................... . | INR | 84.106500 | = EUR | 1 |\n| U.S. dollar ..................... . | USD | 1.130150 | = EUR | 1 |\n\nNotes on valuation\nThe Management Company determines the net asset values per unit and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.This procedure is subject to an ongoing monitoring process The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nInvestments reported in this report are not valued at derived market values.\nFootnotes\n1\tDoes not include positions with a negative balance, if such exist.\n\n### DWS India\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Dividends (before withholding tax) ................. EUR 1 836\t762.08\n\n- Deduction for foreign withholding tax............... EUR\t-408 491.80Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t1 428 270.28\n- Expenses\n\t- Interest on borrowings and negative intereston deposits and expenses similar to interest ......... EUR\t-21 296.10 thereof:Commitment fees ............. EUR\t-1 734.20\n\n- Management fee ............................... EUR\t-3 279 140.75thereof:All-in fee .................... EUR -3 279 140.75\n- Other expenses ................................ EUR\t-84 795.12thereof:Legal and consulting expenses... EUR\t-230.54 Taxe d’Abonnement ........... EUR -84 564.58Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-3 385 231.97\n- Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-1 956 961.69\n- Sale transactions\n\t- Realized gains .................................. EUR\t26 854 576.06\n\t- Realized losses ................................. EUR\t-7 344 595.37Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t19 509 980.69\n\n- Realized net gain/loss for the fiscal year . . . . . . . . . . . EUR\t17 553 019.00 Statement of changes in net assets for the fund\t\n- Value of the fund‘s net assetsat the beginning of the fiscal year . . . . . . . . . . . . . . . . . EUR\t139 035 627.89\n- Net inflows ................................... EUR 2 917\t855.38\n\t- Inflows from subscriptions .................... EUR 42 293\t999.20\n\t- Outflows from redemptions ................... EUR\t-39 376 143.82\n\n- Income adjustment ............................. EUR 606\t384.28\n- Net gain/loss for the fiscal year.................... EUR 40 294\t222.94thereof:Net change in unrealized appreciation ........... EUR\t21 743 321.37Net change in unrealized depreciation ........... EUR\t997 882.57\n- Value of the fund‘s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . . EUR\t182 854 090.49 Summary of gains/losses\tRealized gains (incl. income adjustment) . . . . . . . . . . . . . EUR\t26 854 576.06from:Securities transactions .......................... EUR\t25 959 346.17(Forward) currency transactions ................... EUR\t895 229.89Realized losses (incl. income adjustment) . . . . . . . . . . . . EUR\t-7 344 595.37from:Securities transactions .......................... EUR\t-7 344 193.56(Forward) currency transactions ................... EUR\t-401.81Net change in unrealized appreciation/depreciation . . . EUR\t22 741 203.94from:Securities transactions .......................... EUR\t22 735 620.64(Forward) currency transactions ................... EUR\t5 583.30Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\n\nUnrealized appreciation/depreciation is shown without income adjustment.\n BVI total expense ratio (TER) / Transaction costs\t\nBVI total expense ratio (TER)\nThe total expense ratio(s) for the unit class(es) was/were:\nClass LC 2.05% p.a., Class TFC 1.06% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets in relation to the respective unit class for a given fiscal year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 119 811.38.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\n| 1. Net change in unrealized appreciation ............... | EUR | 21 743 321.37 | |\n| --- | --- | --- | --- |\n| 2. Net change in unrealized depreciation ............... | EUR | 997 882.57 |\n| VI. Unrealized net gain/loss for the fiscal year . . . . . . . . | EUR | 22 741 203.94 | Details on the distribution policy*\t |\n| VII. Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . | EUR | 40 294 222.94 | |\n\nClass LC:\nThe income for the fiscal year is reinvested.\nClass TFC:\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\nChanges in net assets and in the net asset value per unit over the last three years\nNet assets at the end of the fiscal year\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\tEUR\t182 854 090.49\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\tEUR\t139 035 627.89\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\tEUR\t147 284 718.10\nNet asset value per unit at the end of the fiscal year\n| 2021 | Class LC......................... | EUR | 3 391.46 |\n| --- | --- | --- | --- |\n| | Class TFC........................ | EUR | 157.01 |\n| 2020 | Class LC......................... | EUR | 2 628.49 |\n| | Class TFC........................ | EUR | 120.48 |\n| 2019 | Class LC......................... | EUR | 2 500.54 |\n| | Class TFC........................ | EUR | 114.03 |\n\nTransactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00.\nKP\nKPMG issued an unqualified audit opinion for\nthe full annual report. The translation of the report\nof the Réviseur d’Entreprises agréé (the\nindependent auditor’s opinion) is as follows:\nMG Luxembourg, Société anonyme\tTel: +352 22 51 51 1\n39, Avenue John F. Kennedy\tFax: +352 22 51 71\n1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\n\n#### To the unitholders of DWS India\n2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\nREPORT OF THE REVISEUR D’ENTREPRISES AGREE\n\n##### Report on the audit of the annual financial statements Opinion\nWe have audited the accompanying financial statements of DWS India (“the fund”), which comprise the\nstatement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies.\nIn our opinion, the attached financial statements give a true and fair view of the financial position of DWS India as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the prepara- tion and presentation of financial statements.\n\n##### Basis for the audit opinion\nWe conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d'Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion.\n\n##### Other information\nThe Management Board of the Management Company is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.\n© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518\na member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\nguarantee. All rights reserved.\nOur audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.\nIn connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard.\n\n##### Responsibility of the Management Board of the Management Company\nThe Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation of annual financial statements and for the internal controls that the Man- agement Board considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement.\nWhen preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and – where relevant – for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action.\nResponsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements \nThe objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements.\nWhen performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach.\nFurthermore:\n- We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of material misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading infor- mation or the by-passing of internal controls.\n- We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issu- ing an audit opinion on the effectiveness of the fund’s internal control system.\n- We assess the appropriateness of the accounting methods applied by the Management Board of the Man- agement Company, of the accounting-related estimates and of the corresponding explanatory information.\n- We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associated explanatory information provided in the annual financial statements in the report of the “révi- seur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclu- sions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund no longer being able to continue its business activity.\n- We assess the overall presentation, the structure and the content of the annual financial statements, including the explanatory information, and assess whether these appropriately present the underlying business transactions and events.\n\nWe communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring.\nLuxembourg, April 21, 2022\tKPMG Luxembourg\n‘Société anonyme’ (stock corporation) Cabinet de révision agréé\nPia Schanz"},"unique id":{"kind":"number","value":108279,"string":"108,279"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Annual report","and annual financial statements","# DWS India","#### Investment objective and performance in the reporting period","The investment policy aims to achieve sustained capital appreciation compared to the","benchmark (MSCI India 10/40).","To this end, the fund’s assets are mainly invested in equities of issuers domiciled in India","DWS INDIA","Five-year performance","190","175","160","145","130","115","100","85","or of issuers domiciled out","12/16*","12/17","12/18\t12/19\t12/20","12/21","side India but with a business focus in India.","In the fiscal","DWS India (LC unit class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 12/2016 = 100","Data on euro basis","year from January 1 through","December 31, 2021, DWS India recorded an appreciation of 29.0% per unit (LC unit class, BVI method).","Its reference index, the MSCI India 10/40, gained 36.4% in the same period (both percentages in euro terms).","#### Investment policy in the reporting period","Enormous liquidity was injected into the financial markets by","Past performance is no guide to future results.","As of: December 31, 2021","DWS INDIA","Performance of unit classes vs. benchmark (in euro)","| Unit class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LC | LU0068770873 | 29.0% | 50.8% | 80.6% |","| Class TFC | LU1799928251 | 30.3% | 54.6% | 57.0% 1 |","| MSCI India 10/40 | | 36.4% | 59.1% | 88.3% |","1","Class FTC launched on May 7, 2018","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","central banks worldwide in the reporting year.","The U.S. Federal Reserve’s change of course to fight inflation, accompanied by a greater reduction in bond pur chases and announced interest rate hikes in 2022, increased volatility in emerging markets toward the end of the year.","The government’s stimulus pro gram and the Reserve Bank of India’s expansionary monetary policy played a major role in boosting the economy fiscally.","Foreign and domestic institu tional investors invested heavily in the Indian equity market.","The new COVID-19 variant* had relatively mild effects, with low hospitalization and mortality rates in a population with a high proportion of vaccinated individuals.","In the reporting period, the fund underperformed the benchmark index.","Key factors for the under performance were the position ing in the basic materials and IT sectors and the cash position.","At the sector level, there was an overweight in the financial sector, as portfolio manage ment was positive about the economic recovery due to the massive government stimulus program, and in the industrial goods sector, as reopening was expected to have a positive effect given the relatively low impact of the new COVID-19 variant and low hospitalization and mortality rates.","In contrast, the fund was underweight in the cyclical consumer goods sector, particularly the auto","motive sector, as portfolio management waited for con sumption to pick up.","At the individual stock level, Indian Railway Catering and Tourism Corporation (IRCTC) and Graphite India were the biggest contributors to per formance.","IRCTC is the only company authorized by Indian Railways to provide catering services on trains, offer online rail tickets and sell drinking water on trains and at stations.","It benefited from reopening because of the relatively mild course of the new COVID-19 variant and the high vaccina tion rate among the population.","Graphite India is the world’s third largest manufacturer of graphite electrodes.","The com","pany benefited from the global rise in steel prices and higher demand as inventories were replenished in the wake of the economic recovery.","Both IRCTC and Graphite India were sold","to take profits.","In contrast, the fund’s investment result was reduced by the underweight in Tech Mahindra.","The company’s share price rose on the back of robust demand for IT services.","However, the sector could be negatively impacted by rising wages and labor shortages, which may put pressure on margins in the long term.","Hindalco, a vertically inte-","#### Information on environmental and/or social characteristics","The fund is a product within the meaning of Article 6 of Regula- tion (EU) 2019/2088 (Regulation on sustainability-related disclo- sure requirements in the finan- cial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020/852 (taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","grated aluminum producer, was\tincluded as a new position.","The company benefited from a recovery in demand as the pan- demic situation eased.","Hindalco is committed to reducing debt and has set a goal to become carbon neutral by 2050, gener- ate zero landfill waste, achieve a positive water balance and avoid net losses of biodiversity.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","## Annual financial statements DWS India","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors): Financials | 59 313 428.32 | 32.44 |","| Information Technology | 32 576 221.16 | 17.82 |","| Energy | 20 777 647.42 | 11.36 |","| Industrials | 16 549 480.92 | 9.05 |","| Basic Materials | 12 340 779.95 | 6.75 |","| Consumer Staples | 8 849 650.50 | 4.84 |","| Health Care | 8 816 218.14 | 4.82 |","| Consumer Discretionaries | 8 054 041.62 | 4.40 |","| Other | 4 771 699.52 | 2.61 |","| Total equities: | 172 049 167.55 | 94.09 |","| 2. Cash at bank | 19 087 096.79 | 10.44 |","| 3. Other assets | 69 844.09 | 0.04 |","| 4. Receivables from share certificate transactions | 53 297.00 | 0.03 |","| II.","Liabilities | | |","| 1. Other liabilities | -8 327 093.94 | -4.56 |","| 2. Liabilities from share certificate transactions | -78 221.00 | -0.04 |","| III.","Net assets | 182 854 090.49 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","### DWS India","Investment portfolio – December 31, 2021","| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the repor | Sales/ disposals ting period | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| Securities traded on an exchange | | | | | | | 172 049 167.55 | 94.09 |","| Equities | | | | | | | | |","| ABB India (demat.) (INE117A01022) | Count | 70 691 | 70 691 | | INR | 2 234.8500 | 1 878 377.79 | 1.03 |","| Adani Ports & Special Economic Zone (INE742F01042) .","| Count | 385 000 | 385 000 | | INR | 725.0000 | 3 318 709.02 | 1.81 |","| Apollo Hospitals Enterprises (INE437A01024) | Count | 50 000 | | | INR | 4 980.0500 | 2 960 561.91 | 1.62 |","| Ashok Leyland (INE208A01029) | Count | 4 090 083 | 3 190 083 | | INR | 120.7500 | 5 872 049.39 | 3.21 |","| Axis Bank (INE238A01034) | Count | 522 211 | | | INR | 671.3000 | 4 168 051.75 | 2.28 |","| Bajaj Finance (INE296A01024) | Count | 103 127 | | 9 608 | INR | 6 869.2500 | 8 422 715.78 | 4.61 |","| Bharat Forge (INE465A01025) | Count | 297 276 | 297 276 | | INR | 694.0000 | 2 452 956.00 | 1.34 |","| Bharat Petroleum Corp. (INE029A01011) | Count | 768 126 | 768 126 | | INR | 378.0000 | 3 452 190.12 | 1.89 |","| Bharti Airtel (INE397D01024) | Count | 454 938 | 45 300 | | INR | 683.0000 | 3 694 395.25 | 2.02 |","| Dabur India (INE016A01026) | Count | 349 407 | 249 407 | | INR | 571.3500 | 2 373 582.18 | 1.30 |","| Dr Reddy’s Laboratories (INE089A01023) | Count | 75 000 | | | INR | 4 898.9500 | 4 368 523.84 | 2.39 |","| Endurance Technologies (INE913H01037) | Count | 36 437 | 36 437 | | INR | 1 660.2000 | 719 239.39 | 0.39 |","| Finoles industries (INE183A01024) | Count | 782 715 | 894 910 | 112 195 | INR | 207.5500 | 1 931 509.43 | 1.06 |","| HCL Technologies (INE860A01027) | Count | 388 117 | | 429 501 | INR | 1 317.0000 | 6 077 414.81 | 3.32 |","| HDFC Bank Mumbai (INE040A01034) | Count | 447 377 | | 252 623 | INR | 1 464.0000 | 7 787 268.86 | 4.26 |","| Hindalco Industries IR 1 (INE038A01020) | Count | 1 156 727 | 1 156 727 | | INR | 451.9500 | 6 215 723.73 | 3.40 |","| Hindustan Unilever (INE030A01027) | Count | 233 768 | 13 768 | | INR | 2 330.0000 | 6 476 068.32 | 3.54 |","| Housing Development Finance Corp. (INE001A01036) .","| Count | 268 427 | 38 427 | | INR | 2 570.0000 | 8 202 188.77 | 4.49 |","| ICICI Bank (demat.) (INE090A01021) | Count | 935 169 | | | INR | 736.0000 | 8 183 486.22 | 4.48 |","| Icici Lombard General Insurance Co. (INE765G01017)... | Count | 110 144 | 20 144 | | INR | 1 368.2500 | 1 791 829.74 | 0.98 |","| Infosys (INE009A01021) | Count | 803 891 | 265 442 | 121 551 | INR | 1 897.0000 | 18 131 550.20 | 9.92 |","| Kotak Mahindra Bank (INE237A01028) | Count | 184 100 | | | INR | 1 762.9000 | 3 858 796.76 | 2.11 |","| Larsen and Toubro IR 2 (INE018A01030) | Count | 244 248 | 66 303 | 222 055 | INR | 1 887.1500 | 5 480 344.72 | 3.00 |","| Mahindra & Mahindra (new) (INE101A01026) | Count | 188 000 | | 112 000 | INR | 830.0000 | 1 855 266.83 | 1.01 |","| Maruti Suzuki India (INE585B01010) | Count | 35 000 | | 15 000 | INR | 7 273.0000 | 3 026 579.40 | 1.66 |","| Nippon Life India Asset Management (INE298J01013) .","| Count | 339 011 | 39 011 | | INR | 346.0500 | 1 394 835.79 | 0.76 |","| Oberoi Realty (INE093I01010) | Count | 107 102 | 107 102 | | INR | 846.0000 | 1 077 304.27 | 0.59 |","| Pidilite Industries (INE318A01026) | Count | 111 214 | 11 214 | | INR | 2 433.5500 | 3 217 882.44 | 1.76 |","| Reliance Industries (INE002A01018) | Count | 487 935 | | | INR | 2 364.0000 | 13 714 496.98 | 7.50 |","| SBI Life Insurance Company (INE123W01016) | Count | 213 301 | | | INR | 1 193.5000 | 3 026 814.14 | 1.66 |","| State Bank of India (demat.) (INE062A01020) | Count | 883 002 | 78 367 | | INR | 453.0500 | 4 756 398.81 | 2.60 |","| Steel Authority of India (INE114A01011) | Count | 778 186 | 6 694 834 | 5 916 648 | INR | 105.4500 | 975 664.35 | 0.53 |","| Sun Pharmaceutical Industries (INE044A01036) | Count | 150 000 | | | INR | 833.8500 | 1 487 132.39 | 0.81 |","| Tata Consultancy Services (INE467B01029) | Count | 188 317 | | 6 670 | INR | 3 737.0000 | 8 367 256.15 | 4.58 |","| ICICI Bank ADR (US45104G1040) | Count | 449 096 | 35 654 | 23 373 | USD | 19.4300 | 7 721 041.70 | 4.22 |","| Reliance Industries GDR 144a (US7594701077) | Count | 64 216 | 69 956 | 5 740 | USD | 63.5500 | 3 610 960.32 | 1.97 |","| Total securities portfolio | | | | | | | 172 049 167.55 | 94.09 |","| Cash at bank | | | | | | | 19 087 096.79 | 10.44 |","| Demand deposits at Depositary | | | | | | | | |","| EUR deposits | EUR | 2 069 447.13 | | | % | 100 | 2 069 447.13 | 1.13 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 3 839.61 | | | % | 100 | 4 572.87 | 0.00 |","| Indian rupee | INR | 1 194 830 800.10 | | | % | 100 | 14 206 164.80 | 7.77 |","| U.S. dollar | USD | 3 172 231.59 | | | % | 100 | 2 806 911.99 | 1.54 |","| Other assets | | | | | | | 69 844.09 | 0.04 |","| Initial margins | EUR | 69 844.09 | | | % | 100 | 69 844.09 | 0.04 |","| Receivables from share certificate transactions | EUR | 53 297.00 | | | % | 100 | 53 297.00 | 0.03 |","| Total assets 1 | | | | | | | 191 259 405.43 | 104.60 |","| Other liabilities | | | | | | | -8 327 093.94 | -4.56 |","| Additional other liabilities | EUR | -8 327 093.94 | | | % | 100 | -8 327 093.94 | -4.56 |","| Liabilities from share certificate transactions | EUR | -78 221.00 | | | % | 100 | -78 221.00 | -0.04 |","| Net assets | | | | | | | 182 854 090.49 | 100.00 |","### DWS India","| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |","| --- | --- | --- |","| Net asset value per unit Class LC .","| EUR | 3 391.46 |","| Class TFC .","| EUR | 157.01 |","| Number of units outstanding Class LC .","| Count | 53 802.185 |","| Class TFC .","| Count | 2 460.108 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI India 10-40 NET EUR Index","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure .","| % | 85.648 |","| --- | --- | --- |","| Highest market risk exposure .","| % | 106.267 |","| Average market risk exposure .","| % | 93.137 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a x% confidence level, a xx-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| British pound .","| GBP | 0.839650 | = EUR | 1 |","| --- | --- | --- | --- | --- |","| Indian rupee .","| INR | 84.106500 | = EUR | 1 |","| U.S. dollar .","| USD | 1.130150 | = EUR | 1 |","Notes on valuation","The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Investments reported in this report are not valued at derived market values.","Footnotes","1\tDoes not include positions with a negative balance, if such exist.","### DWS India","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Dividends (before withholding tax) EUR 1 836\t762.08","- Deduction for foreign withholding tax EUR\t-408 491.80Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t1 428 270.28","- Expenses","- Interest on borrowings and negative intereston deposits and expenses similar to interest EUR\t-21 296.10 thereof:Commitment fees EUR\t-1 734.20","- Management fee EUR\t-3 279 140.75thereof:All-in fee EUR -3 279 140.75","- Other expenses EUR\t-84 795.12thereof:Legal and consulting expenses...","EUR\t-230.54 Taxe d’Abonnement EUR -84 564.58Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-3 385 231.97","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t-1 956 961.69","- Sale transactions","- Realized gains EUR\t26 854 576.06","- Realized losses EUR\t-7 344 595.37Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t19 509 980.69","- Realized net gain/loss for the fiscal year . . . .",". . . .",". . . EUR\t17 553 019.00 Statement of changes in net assets for the fund","- Value of the fund‘s net assetsat the beginning of the fiscal year . . . .",". . . .",". . . .",". . . .","EUR\t139 035 627.89","- Net inflows EUR 2 917\t855.38","- Inflows from subscriptions EUR 42 293\t999.20","- Outflows from redemptions EUR\t-39 376 143.82","- Income adjustment EUR 606\t384.28","- Net gain/loss for the fiscal year EUR 40 294\t222.94thereof:Net change in unrealized appreciation EUR\t21 743 321.37Net change in unrealized depreciation EUR\t997 882.57","- Value of the fund‘s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t182 854 090.49 Summary of gains/losses\tRealized gains (incl. income adjustment) . . . .",". . . .",". . . .","EUR\t26 854 576.06from:Securities transactions EUR\t25 959 346.17(Forward) currency transactions EUR\t895 229.89Realized losses (incl. income adjustment) . . . .",". . . .",". . . .","EUR\t-7 344 595.37from:Securities transactions EUR\t-7 344 193.56(Forward) currency transactions EUR\t-401.81Net change in unrealized appreciation/depreciation . . . EUR\t22 741 203.94from:Securities transactions EUR\t22 735 620.64(Forward) currency transactions EUR\t5 583.30Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","BVI total expense ratio (TER) / Transaction costs","BVI total expense ratio (TER)","The total expense ratio(s) for the unit class(es) was/were:","Class LC 2.05% p.a., Class TFC 1.06% p.a.","The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets in relation to the respective unit class for a given fiscal year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 119 811.38.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","| 1. Net change in unrealized appreciation | EUR | 21 743 321.37 | |","| --- | --- | --- | --- |","| 2. Net change in unrealized depreciation | EUR | 997 882.57 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 22 741 203.94 | Details on the distribution policy*\t |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 40 294 222.94 | |","Class LC:","The income for the fiscal year is reinvested.","Class TFC:","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per unit over the last three years","Net assets at the end of the fiscal year","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t182 854 090.49","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t139 035 627.89","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t147 284 718.10","Net asset value per unit at the end of the fiscal year","| 2021 | Class LC | EUR | 3 391.46 |","| --- | --- | --- | --- |","| | Class TFC | EUR | 157.01 |","| 2020 | Class LC | EUR | 2 628.49 |","| | Class TFC | EUR | 120.48 |","| 2019 | Class LC | EUR | 2 500.54 |","| | Class TFC | EUR | 114.03 |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.","The total volume was EUR 0.00.","KP","KPMG issued an unqualified audit opinion for","the full annual report.","The translation of the report","of the Réviseur d’Entreprises agréé (the","independent auditor’s opinion) is as follows:","MG Luxembourg, Société anonyme\tTel: +352 22 51 51 1","39, Avenue John F. Kennedy\tFax: +352 22 51 71","1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu","#### To the unitholders of DWS India","2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","REPORT OF THE REVISEUR D’ENTREPRISES AGREE","##### Report on the audit of the annual financial statements Opinion","We have audited the accompanying financial statements of DWS India (“the fund”), which comprise the","statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies.","In our opinion, the attached financial statements give a true and fair view of the financial position of DWS India as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the prepara- tion and presentation of financial statements.","##### Basis for the audit opinion","We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg.","Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d'Entreprises agréé for the audit of the financial statements”.","We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements.","We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion.","##### Other information","The Management Board of the Management Company is responsible for the other information.","The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.","© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518","a member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by","guarantee.","All rights reserved.","Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.","In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way.","If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter.","We have nothing to report in this regard.","##### Responsibility of the Management Board of the Management Company","The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation of annual financial statements and for the internal controls that the Man- agement Board considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement.","When preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and – where relevant – for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action.","Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements","The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion.","Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present.","Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements.","When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach.","Furthermore:","- We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion.","The risk of material misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading infor- mation or the by-passing of internal controls.","- We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issu- ing an audit opinion on the effectiveness of the fund’s internal control system.","- We assess the appropriateness of the accounting methods applied by the Management Board of the Man- agement Company, of the accounting-related estimates and of the corresponding explanatory information.","- We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activity.","If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associated explanatory information provided in the annual financial statements in the report of the “révi- seur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion.","These conclu- sions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”.","Future events or circumstances may, however, lead to the fund no longer being able to continue its business activity.","- We assess the overall presentation, the structure and the content of the annual financial statements, including the explanatory information, and assess whether these appropriately present the underlying business transactions and events.","We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring.","Luxembourg, April 21, 2022\tKPMG Luxembourg","‘Société anonyme’ (stock corporation) Cabinet de révision agréé Pia Schanz"],"string":"[\n \"# Annual report\",\n \"and annual financial statements\",\n \"# DWS India\",\n \"#### Investment objective and performance in the reporting period\",\n \"The investment policy aims to achieve sustained capital appreciation compared to the\",\n \"benchmark (MSCI India 10/40).\",\n \"To this end, the fund’s assets are mainly invested in equities of issuers domiciled in India\",\n \"DWS INDIA\",\n \"Five-year performance\",\n \"190\",\n \"175\",\n \"160\",\n \"145\",\n \"130\",\n \"115\",\n \"100\",\n \"85\",\n \"or of issuers domiciled out\",\n \"12/16*\",\n \"12/17\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"side India but with a business focus in India.\",\n \"In the fiscal\",\n \"DWS India (LC unit class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 12/2016 = 100\",\n \"Data on euro basis\",\n \"year from January 1 through\",\n \"December 31, 2021, DWS India recorded an appreciation of 29.0% per unit (LC unit class, BVI method).\",\n \"Its reference index, the MSCI India 10/40, gained 36.4% in the same period (both percentages in euro terms).\",\n \"#### Investment policy in the reporting period\",\n \"Enormous liquidity was injected into the financial markets by\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INDIA\",\n \"Performance of unit classes vs. benchmark (in euro)\",\n \"| Unit class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LC | LU0068770873 | 29.0% | 50.8% | 80.6% |\",\n \"| Class TFC | LU1799928251 | 30.3% | 54.6% | 57.0% 1 |\",\n \"| MSCI India 10/40 | | 36.4% | 59.1% | 88.3% |\",\n \"1\",\n \"Class FTC launched on May 7, 2018\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"central banks worldwide in the reporting year.\",\n \"The U.S. Federal Reserve’s change of course to fight inflation, accompanied by a greater reduction in bond pur chases and announced interest rate hikes in 2022, increased volatility in emerging markets toward the end of the year.\",\n \"The government’s stimulus pro gram and the Reserve Bank of India’s expansionary monetary policy played a major role in boosting the economy fiscally.\",\n \"Foreign and domestic institu tional investors invested heavily in the Indian equity market.\",\n \"The new COVID-19 variant* had relatively mild effects, with low hospitalization and mortality rates in a population with a high proportion of vaccinated individuals.\",\n \"In the reporting period, the fund underperformed the benchmark index.\",\n \"Key factors for the under performance were the position ing in the basic materials and IT sectors and the cash position.\",\n \"At the sector level, there was an overweight in the financial sector, as portfolio manage ment was positive about the economic recovery due to the massive government stimulus program, and in the industrial goods sector, as reopening was expected to have a positive effect given the relatively low impact of the new COVID-19 variant and low hospitalization and mortality rates.\",\n \"In contrast, the fund was underweight in the cyclical consumer goods sector, particularly the auto\",\n \"motive sector, as portfolio management waited for con sumption to pick up.\",\n \"At the individual stock level, Indian Railway Catering and Tourism Corporation (IRCTC) and Graphite India were the biggest contributors to per formance.\",\n \"IRCTC is the only company authorized by Indian Railways to provide catering services on trains, offer online rail tickets and sell drinking water on trains and at stations.\",\n \"It benefited from reopening because of the relatively mild course of the new COVID-19 variant and the high vaccina tion rate among the population.\",\n \"Graphite India is the world’s third largest manufacturer of graphite electrodes.\",\n \"The com\",\n \"pany benefited from the global rise in steel prices and higher demand as inventories were replenished in the wake of the economic recovery.\",\n \"Both IRCTC and Graphite India were sold\",\n \"to take profits.\",\n \"In contrast, the fund’s investment result was reduced by the underweight in Tech Mahindra.\",\n \"The company’s share price rose on the back of robust demand for IT services.\",\n \"However, the sector could be negatively impacted by rising wages and labor shortages, which may put pressure on margins in the long term.\",\n \"Hindalco, a vertically inte-\",\n \"#### Information on environmental and/or social characteristics\",\n \"The fund is a product within the meaning of Article 6 of Regula- tion (EU) 2019/2088 (Regulation on sustainability-related disclo- sure requirements in the finan- cial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020/852 (taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"grated aluminum producer, was\\tincluded as a new position.\",\n \"The company benefited from a recovery in demand as the pan- demic situation eased.\",\n \"Hindalco is committed to reducing debt and has set a goal to become carbon neutral by 2050, gener- ate zero landfill waste, achieve a positive water balance and avoid net losses of biodiversity.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"## Annual financial statements DWS India\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors): Financials | 59 313 428.32 | 32.44 |\",\n \"| Information Technology | 32 576 221.16 | 17.82 |\",\n \"| Energy | 20 777 647.42 | 11.36 |\",\n \"| Industrials | 16 549 480.92 | 9.05 |\",\n \"| Basic Materials | 12 340 779.95 | 6.75 |\",\n \"| Consumer Staples | 8 849 650.50 | 4.84 |\",\n \"| Health Care | 8 816 218.14 | 4.82 |\",\n \"| Consumer Discretionaries | 8 054 041.62 | 4.40 |\",\n \"| Other | 4 771 699.52 | 2.61 |\",\n \"| Total equities: | 172 049 167.55 | 94.09 |\",\n \"| 2. Cash at bank | 19 087 096.79 | 10.44 |\",\n \"| 3. Other assets | 69 844.09 | 0.04 |\",\n \"| 4. Receivables from share certificate transactions | 53 297.00 | 0.03 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -8 327 093.94 | -4.56 |\",\n \"| 2. Liabilities from share certificate transactions | -78 221.00 | -0.04 |\",\n \"| III.\",\n \"Net assets | 182 854 090.49 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"### DWS India\",\n \"Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the repor | Sales/ disposals ting period | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Securities traded on an exchange | | | | | | | 172 049 167.55 | 94.09 |\",\n \"| Equities | | | | | | | | |\",\n \"| ABB India (demat.) (INE117A01022) | Count | 70 691 | 70 691 | | INR | 2 234.8500 | 1 878 377.79 | 1.03 |\",\n \"| Adani Ports & Special Economic Zone (INE742F01042) .\",\n \"| Count | 385 000 | 385 000 | | INR | 725.0000 | 3 318 709.02 | 1.81 |\",\n \"| Apollo Hospitals Enterprises (INE437A01024) | Count | 50 000 | | | INR | 4 980.0500 | 2 960 561.91 | 1.62 |\",\n \"| Ashok Leyland (INE208A01029) | Count | 4 090 083 | 3 190 083 | | INR | 120.7500 | 5 872 049.39 | 3.21 |\",\n \"| Axis Bank (INE238A01034) | Count | 522 211 | | | INR | 671.3000 | 4 168 051.75 | 2.28 |\",\n \"| Bajaj Finance (INE296A01024) | Count | 103 127 | | 9 608 | INR | 6 869.2500 | 8 422 715.78 | 4.61 |\",\n \"| Bharat Forge (INE465A01025) | Count | 297 276 | 297 276 | | INR | 694.0000 | 2 452 956.00 | 1.34 |\",\n \"| Bharat Petroleum Corp. (INE029A01011) | Count | 768 126 | 768 126 | | INR | 378.0000 | 3 452 190.12 | 1.89 |\",\n \"| Bharti Airtel (INE397D01024) | Count | 454 938 | 45 300 | | INR | 683.0000 | 3 694 395.25 | 2.02 |\",\n \"| Dabur India (INE016A01026) | Count | 349 407 | 249 407 | | INR | 571.3500 | 2 373 582.18 | 1.30 |\",\n \"| Dr Reddy’s Laboratories (INE089A01023) | Count | 75 000 | | | INR | 4 898.9500 | 4 368 523.84 | 2.39 |\",\n \"| Endurance Technologies (INE913H01037) | Count | 36 437 | 36 437 | | INR | 1 660.2000 | 719 239.39 | 0.39 |\",\n \"| Finoles industries (INE183A01024) | Count | 782 715 | 894 910 | 112 195 | INR | 207.5500 | 1 931 509.43 | 1.06 |\",\n \"| HCL Technologies (INE860A01027) | Count | 388 117 | | 429 501 | INR | 1 317.0000 | 6 077 414.81 | 3.32 |\",\n \"| HDFC Bank Mumbai (INE040A01034) | Count | 447 377 | | 252 623 | INR | 1 464.0000 | 7 787 268.86 | 4.26 |\",\n \"| Hindalco Industries IR 1 (INE038A01020) | Count | 1 156 727 | 1 156 727 | | INR | 451.9500 | 6 215 723.73 | 3.40 |\",\n \"| Hindustan Unilever (INE030A01027) | Count | 233 768 | 13 768 | | INR | 2 330.0000 | 6 476 068.32 | 3.54 |\",\n \"| Housing Development Finance Corp. (INE001A01036) .\",\n \"| Count | 268 427 | 38 427 | | INR | 2 570.0000 | 8 202 188.77 | 4.49 |\",\n \"| ICICI Bank (demat.) (INE090A01021) | Count | 935 169 | | | INR | 736.0000 | 8 183 486.22 | 4.48 |\",\n \"| Icici Lombard General Insurance Co. (INE765G01017)... | Count | 110 144 | 20 144 | | INR | 1 368.2500 | 1 791 829.74 | 0.98 |\",\n \"| Infosys (INE009A01021) | Count | 803 891 | 265 442 | 121 551 | INR | 1 897.0000 | 18 131 550.20 | 9.92 |\",\n \"| Kotak Mahindra Bank (INE237A01028) | Count | 184 100 | | | INR | 1 762.9000 | 3 858 796.76 | 2.11 |\",\n \"| Larsen and Toubro IR 2 (INE018A01030) | Count | 244 248 | 66 303 | 222 055 | INR | 1 887.1500 | 5 480 344.72 | 3.00 |\",\n \"| Mahindra & Mahindra (new) (INE101A01026) | Count | 188 000 | | 112 000 | INR | 830.0000 | 1 855 266.83 | 1.01 |\",\n \"| Maruti Suzuki India (INE585B01010) | Count | 35 000 | | 15 000 | INR | 7 273.0000 | 3 026 579.40 | 1.66 |\",\n \"| Nippon Life India Asset Management (INE298J01013) .\",\n \"| Count | 339 011 | 39 011 | | INR | 346.0500 | 1 394 835.79 | 0.76 |\",\n \"| Oberoi Realty (INE093I01010) | Count | 107 102 | 107 102 | | INR | 846.0000 | 1 077 304.27 | 0.59 |\",\n \"| Pidilite Industries (INE318A01026) | Count | 111 214 | 11 214 | | INR | 2 433.5500 | 3 217 882.44 | 1.76 |\",\n \"| Reliance Industries (INE002A01018) | Count | 487 935 | | | INR | 2 364.0000 | 13 714 496.98 | 7.50 |\",\n \"| SBI Life Insurance Company (INE123W01016) | Count | 213 301 | | | INR | 1 193.5000 | 3 026 814.14 | 1.66 |\",\n \"| State Bank of India (demat.) (INE062A01020) | Count | 883 002 | 78 367 | | INR | 453.0500 | 4 756 398.81 | 2.60 |\",\n \"| Steel Authority of India (INE114A01011) | Count | 778 186 | 6 694 834 | 5 916 648 | INR | 105.4500 | 975 664.35 | 0.53 |\",\n \"| Sun Pharmaceutical Industries (INE044A01036) | Count | 150 000 | | | INR | 833.8500 | 1 487 132.39 | 0.81 |\",\n \"| Tata Consultancy Services (INE467B01029) | Count | 188 317 | | 6 670 | INR | 3 737.0000 | 8 367 256.15 | 4.58 |\",\n \"| ICICI Bank ADR (US45104G1040) | Count | 449 096 | 35 654 | 23 373 | USD | 19.4300 | 7 721 041.70 | 4.22 |\",\n \"| Reliance Industries GDR 144a (US7594701077) | Count | 64 216 | 69 956 | 5 740 | USD | 63.5500 | 3 610 960.32 | 1.97 |\",\n \"| Total securities portfolio | | | | | | | 172 049 167.55 | 94.09 |\",\n \"| Cash at bank | | | | | | | 19 087 096.79 | 10.44 |\",\n \"| Demand deposits at Depositary | | | | | | | | |\",\n \"| EUR deposits | EUR | 2 069 447.13 | | | % | 100 | 2 069 447.13 | 1.13 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 3 839.61 | | | % | 100 | 4 572.87 | 0.00 |\",\n \"| Indian rupee | INR | 1 194 830 800.10 | | | % | 100 | 14 206 164.80 | 7.77 |\",\n \"| U.S. dollar | USD | 3 172 231.59 | | | % | 100 | 2 806 911.99 | 1.54 |\",\n \"| Other assets | | | | | | | 69 844.09 | 0.04 |\",\n \"| Initial margins | EUR | 69 844.09 | | | % | 100 | 69 844.09 | 0.04 |\",\n \"| Receivables from share certificate transactions | EUR | 53 297.00 | | | % | 100 | 53 297.00 | 0.03 |\",\n \"| Total assets 1 | | | | | | | 191 259 405.43 | 104.60 |\",\n \"| Other liabilities | | | | | | | -8 327 093.94 | -4.56 |\",\n \"| Additional other liabilities | EUR | -8 327 093.94 | | | % | 100 | -8 327 093.94 | -4.56 |\",\n \"| Liabilities from share certificate transactions | EUR | -78 221.00 | | | % | 100 | -78 221.00 | -0.04 |\",\n \"| Net assets | | | | | | | 182 854 090.49 | 100.00 |\",\n \"### DWS India\",\n \"| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per unit Class LC .\",\n \"| EUR | 3 391.46 |\",\n \"| Class TFC .\",\n \"| EUR | 157.01 |\",\n \"| Number of units outstanding Class LC .\",\n \"| Count | 53 802.185 |\",\n \"| Class TFC .\",\n \"| Count | 2 460.108 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI India 10-40 NET EUR Index\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure .\",\n \"| % | 85.648 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure .\",\n \"| % | 106.267 |\",\n \"| Average market risk exposure .\",\n \"| % | 93.137 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a x% confidence level, a xx-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| British pound .\",\n \"| GBP | 0.839650 | = EUR | 1 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Indian rupee .\",\n \"| INR | 84.106500 | = EUR | 1 |\",\n \"| U.S. dollar .\",\n \"| USD | 1.130150 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Investments reported in this report are not valued at derived market values.\",\n \"Footnotes\",\n \"1\\tDoes not include positions with a negative balance, if such exist.\",\n \"### DWS India\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Dividends (before withholding tax) EUR 1 836\\t762.08\",\n \"- Deduction for foreign withholding tax EUR\\t-408 491.80Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t1 428 270.28\",\n \"- Expenses\",\n \"- Interest on borrowings and negative intereston deposits and expenses similar to interest EUR\\t-21 296.10 thereof:Commitment fees EUR\\t-1 734.20\",\n \"- Management fee EUR\\t-3 279 140.75thereof:All-in fee EUR -3 279 140.75\",\n \"- Other expenses EUR\\t-84 795.12thereof:Legal and consulting expenses...\",\n \"EUR\\t-230.54 Taxe d’Abonnement EUR -84 564.58Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-3 385 231.97\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-1 956 961.69\",\n \"- Sale transactions\",\n \"- Realized gains EUR\\t26 854 576.06\",\n \"- Realized losses EUR\\t-7 344 595.37Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t19 509 980.69\",\n \"- Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . EUR\\t17 553 019.00 Statement of changes in net assets for the fund\",\n \"- Value of the fund‘s net assetsat the beginning of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t139 035 627.89\",\n \"- Net inflows EUR 2 917\\t855.38\",\n \"- Inflows from subscriptions EUR 42 293\\t999.20\",\n \"- Outflows from redemptions EUR\\t-39 376 143.82\",\n \"- Income adjustment EUR 606\\t384.28\",\n \"- Net gain/loss for the fiscal year EUR 40 294\\t222.94thereof:Net change in unrealized appreciation EUR\\t21 743 321.37Net change in unrealized depreciation EUR\\t997 882.57\",\n \"- Value of the fund‘s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t182 854 090.49 Summary of gains/losses\\tRealized gains (incl. income adjustment) . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t26 854 576.06from:Securities transactions EUR\\t25 959 346.17(Forward) currency transactions EUR\\t895 229.89Realized losses (incl. income adjustment) . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-7 344 595.37from:Securities transactions EUR\\t-7 344 193.56(Forward) currency transactions EUR\\t-401.81Net change in unrealized appreciation/depreciation . . . EUR\\t22 741 203.94from:Securities transactions EUR\\t22 735 620.64(Forward) currency transactions EUR\\t5 583.30Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"BVI total expense ratio (TER) / Transaction costs\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio(s) for the unit class(es) was/were:\",\n \"Class LC 2.05% p.a., Class TFC 1.06% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets in relation to the respective unit class for a given fiscal year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 119 811.38.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"| 1. Net change in unrealized appreciation | EUR | 21 743 321.37 | |\",\n \"| --- | --- | --- | --- |\",\n \"| 2. Net change in unrealized depreciation | EUR | 997 882.57 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 22 741 203.94 | Details on the distribution policy*\\t |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 40 294 222.94 | |\",\n \"Class LC:\",\n \"The income for the fiscal year is reinvested.\",\n \"Class TFC:\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per unit over the last three years\",\n \"Net assets at the end of the fiscal year\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t182 854 090.49\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t139 035 627.89\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t147 284 718.10\",\n \"Net asset value per unit at the end of the fiscal year\",\n \"| 2021 | Class LC | EUR | 3 391.46 |\",\n \"| --- | --- | --- | --- |\",\n \"| | Class TFC | EUR | 157.01 |\",\n \"| 2020 | Class LC | EUR | 2 628.49 |\",\n \"| | Class TFC | EUR | 120.48 |\",\n \"| 2019 | Class LC | EUR | 2 500.54 |\",\n \"| | Class TFC | EUR | 114.03 |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.\",\n \"The total volume was EUR 0.00.\",\n \"KP\",\n \"KPMG issued an unqualified audit opinion for\",\n \"the full annual report.\",\n \"The translation of the report\",\n \"of the Réviseur d’Entreprises agréé (the\",\n \"independent auditor’s opinion) is as follows:\",\n \"MG Luxembourg, Société anonyme\\tTel: +352 22 51 51 1\",\n \"39, Avenue John F. Kennedy\\tFax: +352 22 51 71\",\n \"1855 Luxembourg, Luxembourg\\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\",\n \"#### To the unitholders of DWS India\",\n \"2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"REPORT OF THE REVISEUR D’ENTREPRISES AGREE\",\n \"##### Report on the audit of the annual financial statements Opinion\",\n \"We have audited the accompanying financial statements of DWS India (“the fund”), which comprise the\",\n \"statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies.\",\n \"In our opinion, the attached financial statements give a true and fair view of the financial position of DWS India as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the prepara- tion and presentation of financial statements.\",\n \"##### Basis for the audit opinion\",\n \"We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg.\",\n \"Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d'Entreprises agréé for the audit of the financial statements”.\",\n \"We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements.\",\n \"We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion.\",\n \"##### Other information\",\n \"The Management Board of the Management Company is responsible for the other information.\",\n \"The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.\",\n \"© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\\tT.V.A. LU 27351518\",\n \"a member firm of the KPMG global organization of independent member firms\\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\",\n \"guarantee.\",\n \"All rights reserved.\",\n \"Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.\",\n \"In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way.\",\n \"If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter.\",\n \"We have nothing to report in this regard.\",\n \"##### Responsibility of the Management Board of the Management Company\",\n \"The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation of annual financial statements and for the internal controls that the Man- agement Board considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement.\",\n \"When preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and – where relevant – for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action.\",\n \"Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements\",\n \"The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion.\",\n \"Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present.\",\n \"Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements.\",\n \"When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach.\",\n \"Furthermore:\",\n \"- We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion.\",\n \"The risk of material misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading infor- mation or the by-passing of internal controls.\",\n \"- We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issu- ing an audit opinion on the effectiveness of the fund’s internal control system.\",\n \"- We assess the appropriateness of the accounting methods applied by the Management Board of the Man- agement Company, of the accounting-related estimates and of the corresponding explanatory information.\",\n \"- We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activity.\",\n \"If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associated explanatory information provided in the annual financial statements in the report of the “révi- seur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion.\",\n \"These conclu- sions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”.\",\n \"Future events or circumstances may, however, lead to the fund no longer being able to continue its business activity.\",\n \"- We assess the overall presentation, the structure and the content of the annual financial statements, including the explanatory information, and assess whether these appropriately present the underlying business transactions and events.\",\n \"We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring.\",\n \"Luxembourg, April 21, 2022\\tKPMG Luxembourg\",\n \"‘Société anonyme’ (stock corporation) Cabinet de révision agréé Pia Schanz\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Annual report","and annual financial statements","# DWS India","#### Investment objective and performance in the reporting period","The investment policy aims to achieve sustained capital appreciation compared to the","benchmark (MSCI India 10/40).","To this end, the fund’s assets are mainly invested in equities of issuers domiciled in India","DWS INDIA","Five-year performance","190","175","160","145","130","115","100","85","or of issuers domiciled out","12/16*","12/17","12/18\t12/19\t12/20","12/21","side India but with a business focus in India.","In the fiscal","DWS India (LC unit class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 12/2016 = 100","Data on euro basis","year from January 1 through","December 31, 2021, DWS India recorded an appreciation of 29.0% per unit (LC unit class, BVI method).","Its reference index, the MSCI India 10/40, gained 36.4% in the same period (both percentages in euro terms).","#### Investment policy in the reporting period","Enormous liquidity was injected into the financial markets by","Past performance is no guide to future results.","As of: December 31, 2021","DWS INDIA","Performance of unit classes vs. benchmark (in euro)","| Unit class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LC | LU0068770873 | 29.0% | 50.8% | 80.6% |","| Class TFC | LU1799928251 | 30.3% | 54.6% | 57.0% 1 |","| MSCI India 10/40 | | 36.4% | 59.1% | 88.3% |","1","Class FTC launched on May 7, 2018","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","central banks worldwide in the reporting year.","The U.S. Federal Reserve’s change of course to fight inflation, accompanied by a greater reduction in bond pur chases and announced interest rate hikes in 2022, increased volatility in emerging markets toward the end of the year.","The government’s stimulus pro gram and the Reserve Bank of India’s expansionary monetary policy played a major role in boosting the economy fiscally.","Foreign and domestic institu tional investors invested heavily in the Indian equity market.","The new COVID-19 variant* had relatively mild effects, with low hospitalization and mortality rates in a population with a high proportion of vaccinated individuals.","In the reporting period, the fund underperformed the benchmark index.","Key factors for the under performance were the position ing in the basic materials and IT sectors and the cash position.","At the sector level, there was an overweight in the financial sector, as portfolio manage ment was positive about the economic recovery due to the massive government stimulus program, and in the industrial goods sector, as reopening was expected to have a positive effect given the relatively low impact of the new COVID-19 variant and low hospitalization and mortality rates.","In contrast, the fund was underweight in the cyclical consumer goods sector, particularly the auto","motive sector, as portfolio management waited for con sumption to pick up.","At the individual stock level, Indian Railway Catering and Tourism Corporation (IRCTC) and Graphite India were the biggest contributors to per formance.","IRCTC is the only company authorized by Indian Railways to provide catering services on trains, offer online rail tickets and sell drinking water on trains and at stations.","It benefited from reopening because of the relatively mild course of the new COVID-19 variant and the high vaccina tion rate among the population.","Graphite India is the world’s third largest manufacturer of graphite electrodes.","The com","pany benefited from the global rise in steel prices and higher demand as inventories were replenished in the wake of the economic recovery.","Both IRCTC and Graphite India were sold","to take profits.","In contrast, the fund’s investment result was reduced by the underweight in Tech Mahindra.","The company’s share price rose on the back of robust demand for IT services.","However, the sector could be negatively impacted by rising wages and labor shortages, which may put pressure on margins in the long term.","Hindalco, a vertically inte-","#### Information on environmental and/or social characteristics","The fund is a product within the meaning of Article 6 of Regula- tion (EU) 2019/2088 (Regulation on sustainability-related disclo- sure requirements in the finan- cial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020/852 (taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","grated aluminum producer, was\tincluded as a new position.","The company benefited from a recovery in demand as the pan- demic situation eased.","Hindalco is committed to reducing debt and has set a goal to become carbon neutral by 2050, gener- ate zero landfill waste, achieve a positive water balance and avoid net losses of biodiversity.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","## Annual financial statements DWS India","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors): Financials | 59 313 428.32 | 32.44 |","| Information Technology | 32 576 221.16 | 17.82 |","| Energy | 20 777 647.42 | 11.36 |","| Industrials | 16 549 480.92 | 9.05 |","| Basic Materials | 12 340 779.95 | 6.75 |","| Consumer Staples | 8 849 650.50 | 4.84 |","| Health Care | 8 816 218.14 | 4.82 |","| Consumer Discretionaries | 8 054 041.62 | 4.40 |","| Other | 4 771 699.52 | 2.61 |","| Total equities: | 172 049 167.55 | 94.09 |","| 2. Cash at bank | 19 087 096.79 | 10.44 |","| 3. Other assets | 69 844.09 | 0.04 |","| 4. Receivables from share certificate transactions | 53 297.00 | 0.03 |","| II.","Liabilities | | |","| 1. Other liabilities | -8 327 093.94 | -4.56 |","| 2. Liabilities from share certificate transactions | -78 221.00 | -0.04 |","| III.","Net assets | 182 854 090.49 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","### DWS India","Investment portfolio – December 31, 2021","| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the repor | Sales/ disposals ting period | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| Securities traded on an exchange | | | | | | | 172 049 167.55 | 94.09 |","| Equities | | | | | | | | |","| ABB India (demat.) (INE117A01022) | Count | 70 691 | 70 691 | | INR | 2 234.8500 | 1 878 377.79 | 1.03 |","| Adani Ports & Special Economic Zone (INE742F01042) .","| Count | 385 000 | 385 000 | | INR | 725.0000 | 3 318 709.02 | 1.81 |","| Apollo Hospitals Enterprises (INE437A01024) | Count | 50 000 | | | INR | 4 980.0500 | 2 960 561.91 | 1.62 |","| Ashok Leyland (INE208A01029) | Count | 4 090 083 | 3 190 083 | | INR | 120.7500 | 5 872 049.39 | 3.21 |","| Axis Bank (INE238A01034) | Count | 522 211 | | | INR | 671.3000 | 4 168 051.75 | 2.28 |","| Bajaj Finance (INE296A01024) | Count | 103 127 | | 9 608 | INR | 6 869.2500 | 8 422 715.78 | 4.61 |","| Bharat Forge (INE465A01025) | Count | 297 276 | 297 276 | | INR | 694.0000 | 2 452 956.00 | 1.34 |","| Bharat Petroleum Corp. (INE029A01011) | Count | 768 126 | 768 126 | | INR | 378.0000 | 3 452 190.12 | 1.89 |","| Bharti Airtel (INE397D01024) | Count | 454 938 | 45 300 | | INR | 683.0000 | 3 694 395.25 | 2.02 |","| Dabur India (INE016A01026) | Count | 349 407 | 249 407 | | INR | 571.3500 | 2 373 582.18 | 1.30 |","| Dr Reddy’s Laboratories (INE089A01023) | Count | 75 000 | | | INR | 4 898.9500 | 4 368 523.84 | 2.39 |","| Endurance Technologies (INE913H01037) | Count | 36 437 | 36 437 | | INR | 1 660.2000 | 719 239.39 | 0.39 |","| Finoles industries (INE183A01024) | Count | 782 715 | 894 910 | 112 195 | INR | 207.5500 | 1 931 509.43 | 1.06 |","| HCL Technologies (INE860A01027) | Count | 388 117 | | 429 501 | INR | 1 317.0000 | 6 077 414.81 | 3.32 |","| HDFC Bank Mumbai (INE040A01034) | Count | 447 377 | | 252 623 | INR | 1 464.0000 | 7 787 268.86 | 4.26 |","| Hindalco Industries IR 1 (INE038A01020) | Count | 1 156 727 | 1 156 727 | | INR | 451.9500 | 6 215 723.73 | 3.40 |","| Hindustan Unilever (INE030A01027) | Count | 233 768 | 13 768 | | INR | 2 330.0000 | 6 476 068.32 | 3.54 |","| Housing Development Finance Corp. (INE001A01036) .","| Count | 268 427 | 38 427 | | INR | 2 570.0000 | 8 202 188.77 | 4.49 |","| ICICI Bank (demat.) (INE090A01021) | Count | 935 169 | | | INR | 736.0000 | 8 183 486.22 | 4.48 |","| Icici Lombard General Insurance Co. (INE765G01017)... | Count | 110 144 | 20 144 | | INR | 1 368.2500 | 1 791 829.74 | 0.98 |","| Infosys (INE009A01021) | Count | 803 891 | 265 442 | 121 551 | INR | 1 897.0000 | 18 131 550.20 | 9.92 |","| Kotak Mahindra Bank (INE237A01028) | Count | 184 100 | | | INR | 1 762.9000 | 3 858 796.76 | 2.11 |","| Larsen and Toubro IR 2 (INE018A01030) | Count | 244 248 | 66 303 | 222 055 | INR | 1 887.1500 | 5 480 344.72 | 3.00 |","| Mahindra & Mahindra (new) (INE101A01026) | Count | 188 000 | | 112 000 | INR | 830.0000 | 1 855 266.83 | 1.01 |","| Maruti Suzuki India (INE585B01010) | Count | 35 000 | | 15 000 | INR | 7 273.0000 | 3 026 579.40 | 1.66 |","| Nippon Life India Asset Management (INE298J01013) .","| Count | 339 011 | 39 011 | | INR | 346.0500 | 1 394 835.79 | 0.76 |","| Oberoi Realty (INE093I01010) | Count | 107 102 | 107 102 | | INR | 846.0000 | 1 077 304.27 | 0.59 |","| Pidilite Industries (INE318A01026) | Count | 111 214 | 11 214 | | INR | 2 433.5500 | 3 217 882.44 | 1.76 |","| Reliance Industries (INE002A01018) | Count | 487 935 | | | INR | 2 364.0000 | 13 714 496.98 | 7.50 |","| SBI Life Insurance Company (INE123W01016) | Count | 213 301 | | | INR | 1 193.5000 | 3 026 814.14 | 1.66 |","| State Bank of India (demat.) (INE062A01020) | Count | 883 002 | 78 367 | | INR | 453.0500 | 4 756 398.81 | 2.60 |","| Steel Authority of India (INE114A01011) | Count | 778 186 | 6 694 834 | 5 916 648 | INR | 105.4500 | 975 664.35 | 0.53 |","| Sun Pharmaceutical Industries (INE044A01036) | Count | 150 000 | | | INR | 833.8500 | 1 487 132.39 | 0.81 |","| Tata Consultancy Services (INE467B01029) | Count | 188 317 | | 6 670 | INR | 3 737.0000 | 8 367 256.15 | 4.58 |","| ICICI Bank ADR (US45104G1040) | Count | 449 096 | 35 654 | 23 373 | USD | 19.4300 | 7 721 041.70 | 4.22 |","| Reliance Industries GDR 144a (US7594701077) | Count | 64 216 | 69 956 | 5 740 | USD | 63.5500 | 3 610 960.32 | 1.97 |","| Total securities portfolio | | | | | | | 172 049 167.55 | 94.09 |","| Cash at bank | | | | | | | 19 087 096.79 | 10.44 |","| Demand deposits at Depositary | | | | | | | | |","| EUR deposits | EUR | 2 069 447.13 | | | % | 100 | 2 069 447.13 | 1.13 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 3 839.61 | | | % | 100 | 4 572.87 | 0.00 |","| Indian rupee | INR | 1 194 830 800.10 | | | % | 100 | 14 206 164.80 | 7.77 |","| U.S. dollar | USD | 3 172 231.59 | | | % | 100 | 2 806 911.99 | 1.54 |","| Other assets | | | | | | | 69 844.09 | 0.04 |","| Initial margins | EUR | 69 844.09 | | | % | 100 | 69 844.09 | 0.04 |","| Receivables from share certificate transactions | EUR | 53 297.00 | | | % | 100 | 53 297.00 | 0.03 |","| Total assets 1 | | | | | | | 191 259 405.43 | 104.60 |","| Other liabilities | | | | | | | -8 327 093.94 | -4.56 |","| Additional other liabilities | EUR | -8 327 093.94 | | | % | 100 | -8 327 093.94 | -4.56 |","| Liabilities from share certificate transactions | EUR | -78 221.00 | | | % | 100 | -78 221.00 | -0.04 |","| Net assets | | | | | | | 182 854 090.49 | 100.00 |","### DWS India","| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |","| --- | --- | --- |","| Net asset value per unit Class LC .","| EUR | 3 391.46 |","| Class TFC .","| EUR | 157.01 |","| Number of units outstanding Class LC .","| Count | 53 802.185 |","| Class TFC .","| Count | 2 460.108 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI India 10-40 NET EUR Index","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure .","| % | 85.648 |","| --- | --- | --- |","| Highest market risk exposure .","| % | 106.267 |","| Average market risk exposure .","| % | 93.137 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a x% confidence level, a xx-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| British pound .","| GBP | 0.839650 | = EUR | 1 |","| --- | --- | --- | --- | --- |","| Indian rupee .","| INR | 84.106500 | = EUR | 1 |","| U.S. dollar .","| USD | 1.130150 | = EUR | 1 |","Notes on valuation","The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Investments reported in this report are not valued at derived market values.","Footnotes","1\tDoes not include positions with a negative balance, if such exist.","### DWS India","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Dividends (before withholding tax) EUR 1 836\t762.08","- Deduction for foreign withholding tax EUR\t-408 491.80Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t1 428 270.28","- Expenses","- Interest on borrowings and negative intereston deposits and expenses similar to interest EUR\t-21 296.10 thereof:Commitment fees EUR\t-1 734.20","- Management fee EUR\t-3 279 140.75thereof:All-in fee EUR -3 279 140.75","- Other expenses EUR\t-84 795.12thereof:Legal and consulting expenses...","EUR\t-230.54 Taxe d’Abonnement EUR -84 564.58Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-3 385 231.97","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t-1 956 961.69","- Sale transactions","- Realized gains EUR\t26 854 576.06","- Realized losses EUR\t-7 344 595.37Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t19 509 980.69","- Realized net gain/loss for the fiscal year . . . .",". . . .",". . . EUR\t17 553 019.00 Statement of changes in net assets for the fund","- Value of the fund‘s net assetsat the beginning of the fiscal year . . . .",". . . .",". . . .",". . . .","EUR\t139 035 627.89","- Net inflows EUR 2 917\t855.38","- Inflows from subscriptions EUR 42 293\t999.20","- Outflows from redemptions EUR\t-39 376 143.82","- Income adjustment EUR 606\t384.28","- Net gain/loss for the fiscal year EUR 40 294\t222.94thereof:Net change in unrealized appreciation EUR\t21 743 321.37Net change in unrealized depreciation EUR\t997 882.57","- Value of the fund‘s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t182 854 090.49 Summary of gains/losses\tRealized gains (incl. income adjustment) . . . .",". . . .",". . . .","EUR\t26 854 576.06from:Securities transactions EUR\t25 959 346.17(Forward) currency transactions EUR\t895 229.89Realized losses (incl. income adjustment) . . . .",". . . .",". . . .","EUR\t-7 344 595.37from:Securities transactions EUR\t-7 344 193.56(Forward) currency transactions EUR\t-401.81Net change in unrealized appreciation/depreciation . . . EUR\t22 741 203.94from:Securities transactions EUR\t22 735 620.64(Forward) currency transactions EUR\t5 583.30Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","BVI total expense ratio (TER) / Transaction costs","BVI total expense ratio (TER)","The total expense ratio(s) for the unit class(es) was/were:","Class LC 2.05% p.a., Class TFC 1.06% p.a.","The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets in relation to the respective unit class for a given fiscal year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 119 811.38.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","| 1. Net change in unrealized appreciation | EUR | 21 743 321.37 | |","| --- | --- | --- | --- |","| 2. Net change in unrealized depreciation | EUR | 997 882.57 |","| VI.","Unrealized net gain/loss for the fiscal year . . . .",". . . .","| EUR | 22 741 203.94 | Details on the distribution policy*\t |","| VII.","Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 40 294 222.94 | |","Class LC:","The income for the fiscal year is reinvested.","Class TFC:","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per unit over the last three years","Net assets at the end of the fiscal year","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t182 854 090.49","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t139 035 627.89","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t147 284 718.10","Net asset value per unit at the end of the fiscal year","| 2021 | Class LC | EUR | 3 391.46 |","| --- | --- | --- | --- |","| | Class TFC | EUR | 157.01 |","| 2020 | Class LC | EUR | 2 628.49 |","| | Class TFC | EUR | 120.48 |","| 2019 | Class LC | EUR | 2 500.54 |","| | Class TFC | EUR | 114.03 |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.","The total volume was EUR 0.00.","KP","KPMG issued an unqualified audit opinion for","the full annual report.","The translation of the report","of the Réviseur d’Entreprises agréé (the","independent auditor’s opinion) is as follows:","MG Luxembourg, Société anonyme\tTel: +352 22 51 51 1","39, Avenue John F. Kennedy\tFax: +352 22 51 71","1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu","#### To the unitholders of DWS India","2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","REPORT OF THE REVISEUR D’ENTREPRISES AGREE","##### Report on the audit of the annual financial statements Opinion","We have audited the accompanying financial statements of DWS India (“the fund”), which comprise the","statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies.","In our opinion, the attached financial statements give a true and fair view of the financial position of DWS India as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the prepara- tion and presentation of financial statements.","##### Basis for the audit opinion","We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg.","Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d'Entreprises agréé for the audit of the financial statements”.","We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements.","We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion.","##### Other information","The Management Board of the Management Company is responsible for the other information.","The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.","© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518","a member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by","guarantee.","All rights reserved.","Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.","In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way.","If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter.","We have nothing to report in this regard.","##### Responsibility of the Management Board of the Management Company","The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation of annual financial statements and for the internal controls that the Man- agement Board considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement.","When preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and – where relevant – for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action.","Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements","The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion.","Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present.","Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements.","When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach.","Furthermore:","- We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion.","The risk of material misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading infor- mation or the by-passing of internal controls.","- We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issu- ing an audit opinion on the effectiveness of the fund’s internal control system.","- We assess the appropriateness of the accounting methods applied by the Management Board of the Man- agement Company, of the accounting-related estimates and of the corresponding explanatory information.","- We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activity.","If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associated explanatory information provided in the annual financial statements in the report of the “révi- seur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion.","These conclu- sions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”.","Future events or circumstances may, however, lead to the fund no longer being able to continue its business activity.","- We assess the overall presentation, the structure and the content of the annual financial statements, including the explanatory information, and assess whether these appropriately present the underlying business transactions and events.","We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring.","Luxembourg, April 21, 2022\tKPMG Luxembourg","‘Société anonyme’ (stock corporation) Cabinet de révision agréé Pia Schanz"],"string":"[\n \"# Annual report\",\n \"and annual financial statements\",\n \"# DWS India\",\n \"#### Investment objective and performance in the reporting period\",\n \"The investment policy aims to achieve sustained capital appreciation compared to the\",\n \"benchmark (MSCI India 10/40).\",\n \"To this end, the fund’s assets are mainly invested in equities of issuers domiciled in India\",\n \"DWS INDIA\",\n \"Five-year performance\",\n \"190\",\n \"175\",\n \"160\",\n \"145\",\n \"130\",\n \"115\",\n \"100\",\n \"85\",\n \"or of issuers domiciled out\",\n \"12/16*\",\n \"12/17\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"side India but with a business focus in India.\",\n \"In the fiscal\",\n \"DWS India (LC unit class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 12/2016 = 100\",\n \"Data on euro basis\",\n \"year from January 1 through\",\n \"December 31, 2021, DWS India recorded an appreciation of 29.0% per unit (LC unit class, BVI method).\",\n \"Its reference index, the MSCI India 10/40, gained 36.4% in the same period (both percentages in euro terms).\",\n \"#### Investment policy in the reporting period\",\n \"Enormous liquidity was injected into the financial markets by\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INDIA\",\n \"Performance of unit classes vs. benchmark (in euro)\",\n \"| Unit class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LC | LU0068770873 | 29.0% | 50.8% | 80.6% |\",\n \"| Class TFC | LU1799928251 | 30.3% | 54.6% | 57.0% 1 |\",\n \"| MSCI India 10/40 | | 36.4% | 59.1% | 88.3% |\",\n \"1\",\n \"Class FTC launched on May 7, 2018\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"central banks worldwide in the reporting year.\",\n \"The U.S. Federal Reserve’s change of course to fight inflation, accompanied by a greater reduction in bond pur chases and announced interest rate hikes in 2022, increased volatility in emerging markets toward the end of the year.\",\n \"The government’s stimulus pro gram and the Reserve Bank of India’s expansionary monetary policy played a major role in boosting the economy fiscally.\",\n \"Foreign and domestic institu tional investors invested heavily in the Indian equity market.\",\n \"The new COVID-19 variant* had relatively mild effects, with low hospitalization and mortality rates in a population with a high proportion of vaccinated individuals.\",\n \"In the reporting period, the fund underperformed the benchmark index.\",\n \"Key factors for the under performance were the position ing in the basic materials and IT sectors and the cash position.\",\n \"At the sector level, there was an overweight in the financial sector, as portfolio manage ment was positive about the economic recovery due to the massive government stimulus program, and in the industrial goods sector, as reopening was expected to have a positive effect given the relatively low impact of the new COVID-19 variant and low hospitalization and mortality rates.\",\n \"In contrast, the fund was underweight in the cyclical consumer goods sector, particularly the auto\",\n \"motive sector, as portfolio management waited for con sumption to pick up.\",\n \"At the individual stock level, Indian Railway Catering and Tourism Corporation (IRCTC) and Graphite India were the biggest contributors to per formance.\",\n \"IRCTC is the only company authorized by Indian Railways to provide catering services on trains, offer online rail tickets and sell drinking water on trains and at stations.\",\n \"It benefited from reopening because of the relatively mild course of the new COVID-19 variant and the high vaccina tion rate among the population.\",\n \"Graphite India is the world’s third largest manufacturer of graphite electrodes.\",\n \"The com\",\n \"pany benefited from the global rise in steel prices and higher demand as inventories were replenished in the wake of the economic recovery.\",\n \"Both IRCTC and Graphite India were sold\",\n \"to take profits.\",\n \"In contrast, the fund’s investment result was reduced by the underweight in Tech Mahindra.\",\n \"The company’s share price rose on the back of robust demand for IT services.\",\n \"However, the sector could be negatively impacted by rising wages and labor shortages, which may put pressure on margins in the long term.\",\n \"Hindalco, a vertically inte-\",\n \"#### Information on environmental and/or social characteristics\",\n \"The fund is a product within the meaning of Article 6 of Regula- tion (EU) 2019/2088 (Regulation on sustainability-related disclo- sure requirements in the finan- cial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020/852 (taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"grated aluminum producer, was\\tincluded as a new position.\",\n \"The company benefited from a recovery in demand as the pan- demic situation eased.\",\n \"Hindalco is committed to reducing debt and has set a goal to become carbon neutral by 2050, gener- ate zero landfill waste, achieve a positive water balance and avoid net losses of biodiversity.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"## Annual financial statements DWS India\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors): Financials | 59 313 428.32 | 32.44 |\",\n \"| Information Technology | 32 576 221.16 | 17.82 |\",\n \"| Energy | 20 777 647.42 | 11.36 |\",\n \"| Industrials | 16 549 480.92 | 9.05 |\",\n \"| Basic Materials | 12 340 779.95 | 6.75 |\",\n \"| Consumer Staples | 8 849 650.50 | 4.84 |\",\n \"| Health Care | 8 816 218.14 | 4.82 |\",\n \"| Consumer Discretionaries | 8 054 041.62 | 4.40 |\",\n \"| Other | 4 771 699.52 | 2.61 |\",\n \"| Total equities: | 172 049 167.55 | 94.09 |\",\n \"| 2. Cash at bank | 19 087 096.79 | 10.44 |\",\n \"| 3. Other assets | 69 844.09 | 0.04 |\",\n \"| 4. Receivables from share certificate transactions | 53 297.00 | 0.03 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -8 327 093.94 | -4.56 |\",\n \"| 2. Liabilities from share certificate transactions | -78 221.00 | -0.04 |\",\n \"| III.\",\n \"Net assets | 182 854 090.49 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"### DWS India\",\n \"Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the repor | Sales/ disposals ting period | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Securities traded on an exchange | | | | | | | 172 049 167.55 | 94.09 |\",\n \"| Equities | | | | | | | | |\",\n \"| ABB India (demat.) (INE117A01022) | Count | 70 691 | 70 691 | | INR | 2 234.8500 | 1 878 377.79 | 1.03 |\",\n \"| Adani Ports & Special Economic Zone (INE742F01042) .\",\n \"| Count | 385 000 | 385 000 | | INR | 725.0000 | 3 318 709.02 | 1.81 |\",\n \"| Apollo Hospitals Enterprises (INE437A01024) | Count | 50 000 | | | INR | 4 980.0500 | 2 960 561.91 | 1.62 |\",\n \"| Ashok Leyland (INE208A01029) | Count | 4 090 083 | 3 190 083 | | INR | 120.7500 | 5 872 049.39 | 3.21 |\",\n \"| Axis Bank (INE238A01034) | Count | 522 211 | | | INR | 671.3000 | 4 168 051.75 | 2.28 |\",\n \"| Bajaj Finance (INE296A01024) | Count | 103 127 | | 9 608 | INR | 6 869.2500 | 8 422 715.78 | 4.61 |\",\n \"| Bharat Forge (INE465A01025) | Count | 297 276 | 297 276 | | INR | 694.0000 | 2 452 956.00 | 1.34 |\",\n \"| Bharat Petroleum Corp. (INE029A01011) | Count | 768 126 | 768 126 | | INR | 378.0000 | 3 452 190.12 | 1.89 |\",\n \"| Bharti Airtel (INE397D01024) | Count | 454 938 | 45 300 | | INR | 683.0000 | 3 694 395.25 | 2.02 |\",\n \"| Dabur India (INE016A01026) | Count | 349 407 | 249 407 | | INR | 571.3500 | 2 373 582.18 | 1.30 |\",\n \"| Dr Reddy’s Laboratories (INE089A01023) | Count | 75 000 | | | INR | 4 898.9500 | 4 368 523.84 | 2.39 |\",\n \"| Endurance Technologies (INE913H01037) | Count | 36 437 | 36 437 | | INR | 1 660.2000 | 719 239.39 | 0.39 |\",\n \"| Finoles industries (INE183A01024) | Count | 782 715 | 894 910 | 112 195 | INR | 207.5500 | 1 931 509.43 | 1.06 |\",\n \"| HCL Technologies (INE860A01027) | Count | 388 117 | | 429 501 | INR | 1 317.0000 | 6 077 414.81 | 3.32 |\",\n \"| HDFC Bank Mumbai (INE040A01034) | Count | 447 377 | | 252 623 | INR | 1 464.0000 | 7 787 268.86 | 4.26 |\",\n \"| Hindalco Industries IR 1 (INE038A01020) | Count | 1 156 727 | 1 156 727 | | INR | 451.9500 | 6 215 723.73 | 3.40 |\",\n \"| Hindustan Unilever (INE030A01027) | Count | 233 768 | 13 768 | | INR | 2 330.0000 | 6 476 068.32 | 3.54 |\",\n \"| Housing Development Finance Corp. (INE001A01036) .\",\n \"| Count | 268 427 | 38 427 | | INR | 2 570.0000 | 8 202 188.77 | 4.49 |\",\n \"| ICICI Bank (demat.) (INE090A01021) | Count | 935 169 | | | INR | 736.0000 | 8 183 486.22 | 4.48 |\",\n \"| Icici Lombard General Insurance Co. (INE765G01017)... | Count | 110 144 | 20 144 | | INR | 1 368.2500 | 1 791 829.74 | 0.98 |\",\n \"| Infosys (INE009A01021) | Count | 803 891 | 265 442 | 121 551 | INR | 1 897.0000 | 18 131 550.20 | 9.92 |\",\n \"| Kotak Mahindra Bank (INE237A01028) | Count | 184 100 | | | INR | 1 762.9000 | 3 858 796.76 | 2.11 |\",\n \"| Larsen and Toubro IR 2 (INE018A01030) | Count | 244 248 | 66 303 | 222 055 | INR | 1 887.1500 | 5 480 344.72 | 3.00 |\",\n \"| Mahindra & Mahindra (new) (INE101A01026) | Count | 188 000 | | 112 000 | INR | 830.0000 | 1 855 266.83 | 1.01 |\",\n \"| Maruti Suzuki India (INE585B01010) | Count | 35 000 | | 15 000 | INR | 7 273.0000 | 3 026 579.40 | 1.66 |\",\n \"| Nippon Life India Asset Management (INE298J01013) .\",\n \"| Count | 339 011 | 39 011 | | INR | 346.0500 | 1 394 835.79 | 0.76 |\",\n \"| Oberoi Realty (INE093I01010) | Count | 107 102 | 107 102 | | INR | 846.0000 | 1 077 304.27 | 0.59 |\",\n \"| Pidilite Industries (INE318A01026) | Count | 111 214 | 11 214 | | INR | 2 433.5500 | 3 217 882.44 | 1.76 |\",\n \"| Reliance Industries (INE002A01018) | Count | 487 935 | | | INR | 2 364.0000 | 13 714 496.98 | 7.50 |\",\n \"| SBI Life Insurance Company (INE123W01016) | Count | 213 301 | | | INR | 1 193.5000 | 3 026 814.14 | 1.66 |\",\n \"| State Bank of India (demat.) (INE062A01020) | Count | 883 002 | 78 367 | | INR | 453.0500 | 4 756 398.81 | 2.60 |\",\n \"| Steel Authority of India (INE114A01011) | Count | 778 186 | 6 694 834 | 5 916 648 | INR | 105.4500 | 975 664.35 | 0.53 |\",\n \"| Sun Pharmaceutical Industries (INE044A01036) | Count | 150 000 | | | INR | 833.8500 | 1 487 132.39 | 0.81 |\",\n \"| Tata Consultancy Services (INE467B01029) | Count | 188 317 | | 6 670 | INR | 3 737.0000 | 8 367 256.15 | 4.58 |\",\n \"| ICICI Bank ADR (US45104G1040) | Count | 449 096 | 35 654 | 23 373 | USD | 19.4300 | 7 721 041.70 | 4.22 |\",\n \"| Reliance Industries GDR 144a (US7594701077) | Count | 64 216 | 69 956 | 5 740 | USD | 63.5500 | 3 610 960.32 | 1.97 |\",\n \"| Total securities portfolio | | | | | | | 172 049 167.55 | 94.09 |\",\n \"| Cash at bank | | | | | | | 19 087 096.79 | 10.44 |\",\n \"| Demand deposits at Depositary | | | | | | | | |\",\n \"| EUR deposits | EUR | 2 069 447.13 | | | % | 100 | 2 069 447.13 | 1.13 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 3 839.61 | | | % | 100 | 4 572.87 | 0.00 |\",\n \"| Indian rupee | INR | 1 194 830 800.10 | | | % | 100 | 14 206 164.80 | 7.77 |\",\n \"| U.S. dollar | USD | 3 172 231.59 | | | % | 100 | 2 806 911.99 | 1.54 |\",\n \"| Other assets | | | | | | | 69 844.09 | 0.04 |\",\n \"| Initial margins | EUR | 69 844.09 | | | % | 100 | 69 844.09 | 0.04 |\",\n \"| Receivables from share certificate transactions | EUR | 53 297.00 | | | % | 100 | 53 297.00 | 0.03 |\",\n \"| Total assets 1 | | | | | | | 191 259 405.43 | 104.60 |\",\n \"| Other liabilities | | | | | | | -8 327 093.94 | -4.56 |\",\n \"| Additional other liabilities | EUR | -8 327 093.94 | | | % | 100 | -8 327 093.94 | -4.56 |\",\n \"| Liabilities from share certificate transactions | EUR | -78 221.00 | | | % | 100 | -78 221.00 | -0.04 |\",\n \"| Net assets | | | | | | | 182 854 090.49 | 100.00 |\",\n \"### DWS India\",\n \"| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per unit Class LC .\",\n \"| EUR | 3 391.46 |\",\n \"| Class TFC .\",\n \"| EUR | 157.01 |\",\n \"| Number of units outstanding Class LC .\",\n \"| Count | 53 802.185 |\",\n \"| Class TFC .\",\n \"| Count | 2 460.108 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI India 10-40 NET EUR Index\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure .\",\n \"| % | 85.648 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure .\",\n \"| % | 106.267 |\",\n \"| Average market risk exposure .\",\n \"| % | 93.137 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a x% confidence level, a xx-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| British pound .\",\n \"| GBP | 0.839650 | = EUR | 1 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Indian rupee .\",\n \"| INR | 84.106500 | = EUR | 1 |\",\n \"| U.S. dollar .\",\n \"| USD | 1.130150 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Investments reported in this report are not valued at derived market values.\",\n \"Footnotes\",\n \"1\\tDoes not include positions with a negative balance, if such exist.\",\n \"### DWS India\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Dividends (before withholding tax) EUR 1 836\\t762.08\",\n \"- Deduction for foreign withholding tax EUR\\t-408 491.80Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t1 428 270.28\",\n \"- Expenses\",\n \"- Interest on borrowings and negative intereston deposits and expenses similar to interest EUR\\t-21 296.10 thereof:Commitment fees EUR\\t-1 734.20\",\n \"- Management fee EUR\\t-3 279 140.75thereof:All-in fee EUR -3 279 140.75\",\n \"- Other expenses EUR\\t-84 795.12thereof:Legal and consulting expenses...\",\n \"EUR\\t-230.54 Taxe d’Abonnement EUR -84 564.58Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-3 385 231.97\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-1 956 961.69\",\n \"- Sale transactions\",\n \"- Realized gains EUR\\t26 854 576.06\",\n \"- Realized losses EUR\\t-7 344 595.37Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t19 509 980.69\",\n \"- Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . EUR\\t17 553 019.00 Statement of changes in net assets for the fund\",\n \"- Value of the fund‘s net assetsat the beginning of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t139 035 627.89\",\n \"- Net inflows EUR 2 917\\t855.38\",\n \"- Inflows from subscriptions EUR 42 293\\t999.20\",\n \"- Outflows from redemptions EUR\\t-39 376 143.82\",\n \"- Income adjustment EUR 606\\t384.28\",\n \"- Net gain/loss for the fiscal year EUR 40 294\\t222.94thereof:Net change in unrealized appreciation EUR\\t21 743 321.37Net change in unrealized depreciation EUR\\t997 882.57\",\n \"- Value of the fund‘s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t182 854 090.49 Summary of gains/losses\\tRealized gains (incl. income adjustment) . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t26 854 576.06from:Securities transactions EUR\\t25 959 346.17(Forward) currency transactions EUR\\t895 229.89Realized losses (incl. income adjustment) . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-7 344 595.37from:Securities transactions EUR\\t-7 344 193.56(Forward) currency transactions EUR\\t-401.81Net change in unrealized appreciation/depreciation . . . EUR\\t22 741 203.94from:Securities transactions EUR\\t22 735 620.64(Forward) currency transactions EUR\\t5 583.30Note: The net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all unrealized appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"BVI total expense ratio (TER) / Transaction costs\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio(s) for the unit class(es) was/were:\",\n \"Class LC 2.05% p.a., Class TFC 1.06% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets in relation to the respective unit class for a given fiscal year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 119 811.38.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"| 1. Net change in unrealized appreciation | EUR | 21 743 321.37 | |\",\n \"| --- | --- | --- | --- |\",\n \"| 2. Net change in unrealized depreciation | EUR | 997 882.57 |\",\n \"| VI.\",\n \"Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"| EUR | 22 741 203.94 | Details on the distribution policy*\\t |\",\n \"| VII.\",\n \"Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 40 294 222.94 | |\",\n \"Class LC:\",\n \"The income for the fiscal year is reinvested.\",\n \"Class TFC:\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per unit over the last three years\",\n \"Net assets at the end of the fiscal year\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t182 854 090.49\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t139 035 627.89\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t147 284 718.10\",\n \"Net asset value per unit at the end of the fiscal year\",\n \"| 2021 | Class LC | EUR | 3 391.46 |\",\n \"| --- | --- | --- | --- |\",\n \"| | Class TFC | EUR | 157.01 |\",\n \"| 2020 | Class LC | EUR | 2 628.49 |\",\n \"| | Class TFC | EUR | 120.48 |\",\n \"| 2019 | Class LC | EUR | 2 500.54 |\",\n \"| | Class TFC | EUR | 114.03 |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.\",\n \"The total volume was EUR 0.00.\",\n \"KP\",\n \"KPMG issued an unqualified audit opinion for\",\n \"the full annual report.\",\n \"The translation of the report\",\n \"of the Réviseur d’Entreprises agréé (the\",\n \"independent auditor’s opinion) is as follows:\",\n \"MG Luxembourg, Société anonyme\\tTel: +352 22 51 51 1\",\n \"39, Avenue John F. Kennedy\\tFax: +352 22 51 71\",\n \"1855 Luxembourg, Luxembourg\\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\",\n \"#### To the unitholders of DWS India\",\n \"2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"REPORT OF THE REVISEUR D’ENTREPRISES AGREE\",\n \"##### Report on the audit of the annual financial statements Opinion\",\n \"We have audited the accompanying financial statements of DWS India (“the fund”), which comprise the\",\n \"statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies.\",\n \"In our opinion, the attached financial statements give a true and fair view of the financial position of DWS India as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the prepara- tion and presentation of financial statements.\",\n \"##### Basis for the audit opinion\",\n \"We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg.\",\n \"Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d'Entreprises agréé for the audit of the financial statements”.\",\n \"We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements.\",\n \"We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion.\",\n \"##### Other information\",\n \"The Management Board of the Management Company is responsible for the other information.\",\n \"The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.\",\n \"© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\\tT.V.A. LU 27351518\",\n \"a member firm of the KPMG global organization of independent member firms\\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\",\n \"guarantee.\",\n \"All rights reserved.\",\n \"Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.\",\n \"In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way.\",\n \"If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter.\",\n \"We have nothing to report in this regard.\",\n \"##### Responsibility of the Management Board of the Management Company\",\n \"The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation of annual financial statements and for the internal controls that the Man- agement Board considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement.\",\n \"When preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and – where relevant – for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action.\",\n \"Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements\",\n \"The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion.\",\n \"Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present.\",\n \"Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements.\",\n \"When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach.\",\n \"Furthermore:\",\n \"- We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion.\",\n \"The risk of material misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading infor- mation or the by-passing of internal controls.\",\n \"- We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issu- ing an audit opinion on the effectiveness of the fund’s internal control system.\",\n \"- We assess the appropriateness of the accounting methods applied by the Management Board of the Man- agement Company, of the accounting-related estimates and of the corresponding explanatory information.\",\n \"- We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activity.\",\n \"If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associated explanatory information provided in the annual financial statements in the report of the “révi- seur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion.\",\n \"These conclu- sions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”.\",\n \"Future events or circumstances may, however, lead to the fund no longer being able to continue its business activity.\",\n \"- We assess the overall presentation, the structure and the content of the annual financial statements, including the explanatory information, and assess whether these appropriately present the underlying business transactions and events.\",\n \"We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring.\",\n \"Luxembourg, April 21, 2022\\tKPMG Luxembourg\",\n \"‘Société anonyme’ (stock corporation) Cabinet de révision agréé Pia Schanz\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98279,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"| Anteilklasse | ISIN | 1 Jahr | 3 Jahre | 5 Jahre |\n| --- | --- | --- | --- | --- |\n| Klasse LC | LU0068770873 | 29,0% | 50,8% | 80,6% |\n| Klasse TFC | LU1799928251 | 30,3% | 54,6% | 57,0% 1) |\n| MSCI India 10/40 | | 36,4% | 59,1% | 88,3% |"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"| Unit class | ISIN | 1 year | 3 years | 5 years |\n| --- | --- | --- | --- | --- |\n| Class LC | LU0068770873 | 29.0% | 50.8% | 80.6% |\n| Class TFC | LU1799928251 | 30.3% | 54.6% | 57.0% 1 |\n| MSCI India 10/40 | | 36.4% | 59.1% | 88.3% |"},"unique id":{"kind":"number","value":108280,"string":"108,280"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["| Unit class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LC | LU0068770873 | 29.0% | 50.8% | 80.6% |","| Class TFC | LU1799928251 | 30.3% | 54.6% | 57.0% 1 |","| MSCI India 10/40 | | 36.4% | 59.1% | 88.3% |"],"string":"[\n \"| Unit class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LC | LU0068770873 | 29.0% | 50.8% | 80.6% |\",\n \"| Class TFC | LU1799928251 | 30.3% | 54.6% | 57.0% 1 |\",\n \"| MSCI India 10/40 | | 36.4% | 59.1% | 88.3% |\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["| Unit class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LC | LU0068770873 | 29.0% | 50.8% | 80.6% |","| Class TFC | LU1799928251 | 30.3% | 54.6% | 57.0% 1 |","| MSCI India 10/40 | | 36.4% | 59.1% | 88.3% |"],"string":"[\n \"| Unit class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LC | LU0068770873 | 29.0% | 50.8% | 80.6% |\",\n \"| Class TFC | LU1799928251 | 30.3% | 54.6% | 57.0% 1 |\",\n \"| MSCI India 10/40 | | 36.4% | 59.1% | 88.3% |\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98280,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Aktien (Branchen): Finanzsektor | 59 313 428,32 | 32,44 |\n| Informationstechnologie | 32 576 221,16 | 17,82 |\n| Energie | 20 777 647,42 | 11,36 |\n| Industrien | 16 549 480,92 | 9,05 |\n| Grundstoffe | 12 340 779,95 | 6,75 |\n| Hauptverbrauchsgüter | 8 849 650,50 | 4,84 |\n| Gesundheitswesen | 8 816 218,14 | 4,82 |\n| Dauerhafte Konsumgüter | 8 054 041,62 | 4,40 |\n| Sonstige | 4 771 699,52 | 2,61 |\n| Summe Aktien: | 172 049 167,55 | 94,09 |\n| 2. Bankguthaben | 19 087 096,79 | 10,44 |\n| 3. Sonstige Vermögensgegenstände | 69 844,09 | 0,04 |\n| 4. Forderungen aus Anteilscheingeschäften | 53 297,00 | 0,03 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -8 327 093,94 | -4,56 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -78 221,00 | -0,04 |\n| III. Fondsvermögen | 182 854 090,49 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Equities (sectors): Financials | 59 313 428.32 | 32.44 |\n| Information Technology | 32 576 221.16 | 17.82 |\n| Energy | 20 777 647.42 | 11.36 |\n| Industrials | 16 549 480.92 | 9.05 |\n| Basic Materials | 12 340 779.95 | 6.75 |\n| Consumer Staples | 8 849 650.50 | 4.84 |\n| Health Care | 8 816 218.14 | 4.82 |\n| Consumer Discretionaries | 8 054 041.62 | 4.40 |\n| Other | 4 771 699.52 | 2.61 |\n| Total equities: | 172 049 167.55 | 94.09 |\n| 2. Cash at bank | 19 087 096.79 | 10.44 |\n| 3. Other assets | 69 844.09 | 0.04 |\n| 4. Receivables from share certificate transactions | 53 297.00 | 0.03 |\n| II. Liabilities | | |\n| 1. Other liabilities | -8 327 093.94 | -4.56 |\n| 2. Liabilities from share certificate transactions | -78 221.00 | -0.04 |\n| III. Net assets | 182 854 090.49 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |"},"unique id":{"kind":"number","value":108281,"string":"108,281"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors): Financials | 59 313 428.32 | 32.44 |","| Information Technology | 32 576 221.16 | 17.82 |","| Energy | 20 777 647.42 | 11.36 |","| Industrials | 16 549 480.92 | 9.05 |","| Basic Materials | 12 340 779.95 | 6.75 |","| Consumer Staples | 8 849 650.50 | 4.84 |","| Health Care | 8 816 218.14 | 4.82 |","| Consumer Discretionaries | 8 054 041.62 | 4.40 |","| Other | 4 771 699.52 | 2.61 |","| Total equities: | 172 049 167.55 | 94.09 |","| 2. Cash at bank | 19 087 096.79 | 10.44 |","| 3. Other assets | 69 844.09 | 0.04 |","| 4. Receivables from share certificate transactions | 53 297.00 | 0.03 |","| II.","Liabilities | | |","| 1. Other liabilities | -8 327 093.94 | -4.56 |","| 2. Liabilities from share certificate transactions | -78 221.00 | -0.04 |","| III.","Net assets | 182 854 090.49 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |"],"string":"[\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors): Financials | 59 313 428.32 | 32.44 |\",\n \"| Information Technology | 32 576 221.16 | 17.82 |\",\n \"| Energy | 20 777 647.42 | 11.36 |\",\n \"| Industrials | 16 549 480.92 | 9.05 |\",\n \"| Basic Materials | 12 340 779.95 | 6.75 |\",\n \"| Consumer Staples | 8 849 650.50 | 4.84 |\",\n \"| Health Care | 8 816 218.14 | 4.82 |\",\n \"| Consumer Discretionaries | 8 054 041.62 | 4.40 |\",\n \"| Other | 4 771 699.52 | 2.61 |\",\n \"| Total equities: | 172 049 167.55 | 94.09 |\",\n \"| 2. Cash at bank | 19 087 096.79 | 10.44 |\",\n \"| 3. Other assets | 69 844.09 | 0.04 |\",\n \"| 4. Receivables from share certificate transactions | 53 297.00 | 0.03 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -8 327 093.94 | -4.56 |\",\n \"| 2. Liabilities from share certificate transactions | -78 221.00 | -0.04 |\",\n \"| III.\",\n \"Net assets | 182 854 090.49 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors): Financials | 59 313 428.32 | 32.44 |","| Information Technology | 32 576 221.16 | 17.82 |","| Energy | 20 777 647.42 | 11.36 |","| Industrials | 16 549 480.92 | 9.05 |","| Basic Materials | 12 340 779.95 | 6.75 |","| Consumer Staples | 8 849 650.50 | 4.84 |","| Health Care | 8 816 218.14 | 4.82 |","| Consumer Discretionaries | 8 054 041.62 | 4.40 |","| Other | 4 771 699.52 | 2.61 |","| Total equities: | 172 049 167.55 | 94.09 |","| 2. Cash at bank | 19 087 096.79 | 10.44 |","| 3. Other assets | 69 844.09 | 0.04 |","| 4. Receivables from share certificate transactions | 53 297.00 | 0.03 |","| II.","Liabilities | | |","| 1. Other liabilities | -8 327 093.94 | -4.56 |","| 2. Liabilities from share certificate transactions | -78 221.00 | -0.04 |","| III.","Net assets | 182 854 090.49 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |"],"string":"[\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors): Financials | 59 313 428.32 | 32.44 |\",\n \"| Information Technology | 32 576 221.16 | 17.82 |\",\n \"| Energy | 20 777 647.42 | 11.36 |\",\n \"| Industrials | 16 549 480.92 | 9.05 |\",\n \"| Basic Materials | 12 340 779.95 | 6.75 |\",\n \"| Consumer Staples | 8 849 650.50 | 4.84 |\",\n \"| Health Care | 8 816 218.14 | 4.82 |\",\n \"| Consumer Discretionaries | 8 054 041.62 | 4.40 |\",\n \"| Other | 4 771 699.52 | 2.61 |\",\n \"| Total equities: | 172 049 167.55 | 94.09 |\",\n \"| 2. Cash at bank | 19 087 096.79 | 10.44 |\",\n \"| 3. Other assets | 69 844.09 | 0.04 |\",\n \"| 4. Receivables from share certificate transactions | 53 297.00 | 0.03 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -8 327 093.94 | -4.56 |\",\n \"| 2. Liabilities from share certificate transactions | -78 221.00 | -0.04 |\",\n \"| III.\",\n \"Net assets | 182 854 090.49 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98281,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"| Wertpapierbezeichnung | Stück bzw. Whg. in 1000 | Bestand | Käufe/\tVerkäufe/ Zugänge\tAbgänge im Berichtszeitraum | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |\n| --- | --- | --- | --- | --- | --- | --- |\n| Börsengehandelte Wertpapiere | | | | | | | 172 049 167,55 | 94,09 |\n| Aktien | | | | | | | | |\n| ABB India (demat.) (INE117A01022) ................. | Stück | 70 691 | 70 691 | | INR | 2 234,8500 | 1 878 377,79 | 1,03 |\n| Adani Ports & Special Economic Zone (INE742F01042) .. | Stück | 385 000 | 385 000 | | INR | 725,0000 | 3 318 709,02 | 1,81 |\n| Apollo Hospitals Enterprises (INE437A01024) ......... | Stück | 50 000 | | | INR | 4 980,0500 | 2 960 561,91 | 1,62 |\n| Ashok Leyland (INE208A01029) .................... | Stück | 4 090 083 | 3 190 083 | | INR | 120,7500 | 5 872 049,39 | 3,21 |\n| Axis Bank (INE238A01034) ........................ | Stück | 522 211 | | | INR | 671,3000 | 4 168 051,75 | 2,28 |\n| Bajaj Finance (INE296A01024) ..................... | Stück | 103 127 | | 9 608 | INR | 6 869,2500 | 8 422 715,78 | 4,61 |\n| Bharat Forge (INE465A01025)...................... | Stück | 297 276 | 297 276 | | INR | 694,0000 | 2 452 956,00 | 1,34 |\n| Bharat Petroleum Corp. (INE029A01011) ............. | Stück | 768 126 | 768 126 | | INR | 378,0000 | 3 452 190,12 | 1,89 |\n| Bharti Airtel (INE397D01024) ...................... | Stück | 454 938 | 45 300 | | INR | 683,0000 | 3 694 395,25 | 2,02 |\n| Dabur India (INE016A01026) ....................... | Stück | 349 407 | 249 407 | | INR | 571,3500 | 2 373 582,18 | 1,30 |\n| Dr Reddy’s Laboratories (INE089A01023) ............ | Stück | 75 000 | | | INR | 4 898,9500 | 4 368 523,84 | 2,39 |\n| Endurance Technologies (INE913H01037) ............ | Stück | 36 437 | 36 437 | | INR | 1 660,2000 | 719 239,39 | 0,39 |\n| Finoles industries (INE183A01024) .................. | Stück | 782 715 | 894 910 | 112 195 | INR | 207,5500 | 1 931 509,43 | 1,06 |\n| HCL Technologies (INE860A01027) ................. | Stück | 388 117 | | 429 501 | INR | 1 317,0000 | 6 077 414,81 | 3,32 |\n| HDFC Bank Mumbai (INE040A01034) ............... | Stück | 447 377 | | 252 623 | INR | 1 464,0000 | 7 787 268,86 | 4,26 |\n| Hindalco Industries IR 1 (INE038A01020) ............. | Stück | 1 156 727 | 1 156 727 | | INR | 451,9500 | 6 215 723,73 | 3,40 |\n| Hindustan Unilever (INE030A01027)................. | Stück | 233 768 | 13 768 | | INR | 2 330,0000 | 6 476 068,32 | 3,54 |\n| Housing Development Finance Corp. (INE001A01036) .. | Stück | 268 427 | 38 427 | | INR | 2 570,0000 | 8 202 188,77 | 4,49 |\n| ICICI Bank (demat.) (INE090A01021) ................ | Stück | 935 169 | | | INR | 736,0000 | 8 183 486,22 | 4,48 |\n| Icici Lombard General Insurance Co. (INE765G01017)... | Stück | 110 144 | 20 144 | | INR | 1 368,2500 | 1 791 829,74 | 0,98 |\n| Infosys (INE009A01021) .......................... | Stück | 803 891 | 265 442 | 121 551 | INR | 1 897,0000 | 18 131 550,20 | 9,92 |\n| Kotak Mahindra Bank (INE237A01028) ............... | Stück | 184 100 | | | INR | 1 762,9000 | 3 858 796,76 | 2,11 |\n| Larsen and Toubro IR 2 (INE018A01030) ............. | Stück | 244 248 | 66 303 | 222 055 | INR | 1 887,1500 | 5 480 344,72 | 3,00 |\n| Mahindra & Mahindra (new) (INE101A01026) ......... | Stück | 188 000 | | 112 000 | INR | 830,0000 | 1 855 266,83 | 1,01 |\n| Maruti Suzuki India (INE585B01010)................. | Stück | 35 000 | | 15 000 | INR | 7 273,0000 | 3 026 579,40 | 1,66 |\n| Nippon Life India Asset Management (INE298J01013) .. | Stück | 339 011 | 39 011 | | INR | 346,0500 | 1 394 835,79 | 0,76 |\n| Oberoi Realty (INE093I01010)...................... | Stück | 107 102 | 107 102 | | INR | 846,0000 | 1 077 304,27 | 0,59 |\n| Pidilite Industries (INE318A01026) .................. | Stück | 111 214 | 11 214 | | INR | 2 433,5500 | 3 217 882,44 | 1,76 |\n| Reliance Industries (INE002A01018)................. | Stück | 487 935 | | | INR | 2 364,0000 | 13 714 496,98 | 7,50 |\n| SBI Life Insurance Company (INE123W01016) ........ | Stück | 213 301 | | | INR | 1 193,5000 | 3 026 814,14 | 1,66 |\n| State Bank of India (demat.) (INE062A01020) ......... | Stück | 883 002 | 78 367 | | INR | 453,0500 | 4 756 398,81 | 2,60 |\n| Steel Authority of India (INE114A01011) ............. | Stück | 778 186 | 6 694 834 | 5 916 648 | INR | 105,4500 | 975 664,35 | 0,53 |\n| Sun Pharmaceutical Industries (INE044A01036)........ | Stück | 150 000 | | | INR | 833,8500 | 1 487 132,39 | 0,81 |\n| Tata Consultancy Services (INE467B01029) ........... | Stück | 188 317 | | 6 670 | INR | 3 737,0000 | 8 367 256,15 | 4,58 |\n| ICICI Bank ADR (US45104G1040)................... | Stück | 449 096 | 35 654 | 23 373 | USD | 19,4300 | 7 721 041,70 | 4,22 |\n| Reliance Industries GDR 144a (US7594701077)........ | Stück | 64 216 | 69 956 | 5 740 | USD | 63,5500 | 3 610 960,32 | 1,97 |\n| Summe Wertpapiervermögen | | | | | | | 172 049 167,55 | 94,09 |\n| Bankguthaben | | | | | | | 19 087 096,79 | 10,44 |\n| Verwahrstelle (täglich fällig) | | | | | | | | |\n| EUR - Guthaben................................. | EUR | 2 069 447,13 | | | % | 100 | 2 069 447,13 | 1,13 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | | | | |\n| Britische Pfund ................................. | GBP | 3 839,61 | | | % | 100 | 4 572,87 | 0,00 |\n| Indische Rupie.................................. | INR | 1 194 830 800,10 | | | % | 100 | 14 206 164,80 | 7,77 |\n| US Dollar ...................................... | USD | 3 172 231,59 | | | % | 100 | 2 806 911,99 | 1,54 |\n| Sonstige Vermögensgegenstände | | | | | | | 69 844,09 | 0,04 |\n| Einschüsse (Initial Margin)......................... | EUR | 69 844,09 | | | % | 100 | 69 844,09 | 0,04 |\n| Forderungen aus Anteilscheingeschäften | EUR | 53 297,00 | | | % | 100 | 53 297,00 | 0,03 |\n| Summe der Vermögensgegenstände 1) | | | | | | | 191 259 405,43 | 104,60 |\n| Sonstige Verbindlichkeiten | | | | | | | -8 327 093,94 | -4,56 |\n| Andere sonstige Verbindlichkeiten .................. | EUR | -8 327 093,94 | | | % | 100 | -8 327 093,94 | -4,56 |\n| Verbindlichkeiten aus Anteilscheingeschäften | EUR | -78 221,00 | | | % | 100 | -78 221,00 | -0,04 |\n| Fondsvermögen | | | | | | | 182 854 090,49 | 100,00 |"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the repor | Sales/ disposals ting period | Market price | Total market value in EUR | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Securities traded on an exchange | | | | | | | 172 049 167.55 | 94.09 |\n| Equities | | | | | | | | |\n| ABB India (demat.) (INE117A01022) ................. | Count | 70 691 | 70 691 | | INR | 2 234.8500 | 1 878 377.79 | 1.03 |\n| Adani Ports & Special Economic Zone (INE742F01042) .. | Count | 385 000 | 385 000 | | INR | 725.0000 | 3 318 709.02 | 1.81 |\n| Apollo Hospitals Enterprises (INE437A01024) ......... | Count | 50 000 | | | INR | 4 980.0500 | 2 960 561.91 | 1.62 |\n| Ashok Leyland (INE208A01029) .................... | Count | 4 090 083 | 3 190 083 | | INR | 120.7500 | 5 872 049.39 | 3.21 |\n| Axis Bank (INE238A01034) ........................ | Count | 522 211 | | | INR | 671.3000 | 4 168 051.75 | 2.28 |\n| Bajaj Finance (INE296A01024) ..................... | Count | 103 127 | | 9 608 | INR | 6 869.2500 | 8 422 715.78 | 4.61 |\n| Bharat Forge (INE465A01025)...................... | Count | 297 276 | 297 276 | | INR | 694.0000 | 2 452 956.00 | 1.34 |\n| Bharat Petroleum Corp. (INE029A01011) ............. | Count | 768 126 | 768 126 | | INR | 378.0000 | 3 452 190.12 | 1.89 |\n| Bharti Airtel (INE397D01024) ...................... | Count | 454 938 | 45 300 | | INR | 683.0000 | 3 694 395.25 | 2.02 |\n| Dabur India (INE016A01026) ....................... | Count | 349 407 | 249 407 | | INR | 571.3500 | 2 373 582.18 | 1.30 |\n| Dr Reddy’s Laboratories (INE089A01023) ............ | Count | 75 000 | | | INR | 4 898.9500 | 4 368 523.84 | 2.39 |\n| Endurance Technologies (INE913H01037) ............ | Count | 36 437 | 36 437 | | INR | 1 660.2000 | 719 239.39 | 0.39 |\n| Finoles industries (INE183A01024) .................. | Count | 782 715 | 894 910 | 112 195 | INR | 207.5500 | 1 931 509.43 | 1.06 |\n| HCL Technologies (INE860A01027) ................. | Count | 388 117 | | 429 501 | INR | 1 317.0000 | 6 077 414.81 | 3.32 |\n| HDFC Bank Mumbai (INE040A01034) ............... | Count | 447 377 | | 252 623 | INR | 1 464.0000 | 7 787 268.86 | 4.26 |\n| Hindalco Industries IR 1 (INE038A01020) ............. | Count | 1 156 727 | 1 156 727 | | INR | 451.9500 | 6 215 723.73 | 3.40 |\n| Hindustan Unilever (INE030A01027)................. | Count | 233 768 | 13 768 | | INR | 2 330.0000 | 6 476 068.32 | 3.54 |\n| Housing Development Finance Corp. (INE001A01036) .. | Count | 268 427 | 38 427 | | INR | 2 570.0000 | 8 202 188.77 | 4.49 |\n| ICICI Bank (demat.) (INE090A01021) ................ | Count | 935 169 | | | INR | 736.0000 | 8 183 486.22 | 4.48 |\n| Icici Lombard General Insurance Co. (INE765G01017)... | Count | 110 144 | 20 144 | | INR | 1 368.2500 | 1 791 829.74 | 0.98 |\n| Infosys (INE009A01021) .......................... | Count | 803 891 | 265 442 | 121 551 | INR | 1 897.0000 | 18 131 550.20 | 9.92 |\n| Kotak Mahindra Bank (INE237A01028) ............... | Count | 184 100 | | | INR | 1 762.9000 | 3 858 796.76 | 2.11 |\n| Larsen and Toubro IR 2 (INE018A01030) ............. | Count | 244 248 | 66 303 | 222 055 | INR | 1 887.1500 | 5 480 344.72 | 3.00 |\n| Mahindra & Mahindra (new) (INE101A01026) ......... | Count | 188 000 | | 112 000 | INR | 830.0000 | 1 855 266.83 | 1.01 |\n| Maruti Suzuki India (INE585B01010)................. | Count | 35 000 | | 15 000 | INR | 7 273.0000 | 3 026 579.40 | 1.66 |\n| Nippon Life India Asset Management (INE298J01013) .. | Count | 339 011 | 39 011 | | INR | 346.0500 | 1 394 835.79 | 0.76 |\n| Oberoi Realty (INE093I01010)...................... | Count | 107 102 | 107 102 | | INR | 846.0000 | 1 077 304.27 | 0.59 |\n| Pidilite Industries (INE318A01026) .................. | Count | 111 214 | 11 214 | | INR | 2 433.5500 | 3 217 882.44 | 1.76 |\n| Reliance Industries (INE002A01018)................. | Count | 487 935 | | | INR | 2 364.0000 | 13 714 496.98 | 7.50 |\n| SBI Life Insurance Company (INE123W01016) ........ | Count | 213 301 | | | INR | 1 193.5000 | 3 026 814.14 | 1.66 |\n| State Bank of India (demat.) (INE062A01020) ......... | Count | 883 002 | 78 367 | | INR | 453.0500 | 4 756 398.81 | 2.60 |\n| Steel Authority of India (INE114A01011) ............. | Count | 778 186 | 6 694 834 | 5 916 648 | INR | 105.4500 | 975 664.35 | 0.53 |\n| Sun Pharmaceutical Industries (INE044A01036)........ | Count | 150 000 | | | INR | 833.8500 | 1 487 132.39 | 0.81 |\n| Tata Consultancy Services (INE467B01029) ........... | Count | 188 317 | | 6 670 | INR | 3 737.0000 | 8 367 256.15 | 4.58 |\n| ICICI Bank ADR (US45104G1040)................... | Count | 449 096 | 35 654 | 23 373 | USD | 19.4300 | 7 721 041.70 | 4.22 |\n| Reliance Industries GDR 144a (US7594701077)........ | Count | 64 216 | 69 956 | 5 740 | USD | 63.5500 | 3 610 960.32 | 1.97 |\n| Total securities portfolio | | | | | | | 172 049 167.55 | 94.09 |\n| Cash at bank | | | | | | | 19 087 096.79 | 10.44 |\n| Demand deposits at Depositary | | | | | | | | |\n| EUR deposits................................... | EUR | 2 069 447.13 | | | % | 100 | 2 069 447.13 | 1.13 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound .................................. | GBP | 3 839.61 | | | % | 100 | 4 572.87 | 0.00 |\n| Indian rupee.................................... | INR | 1 194 830 800.10 | | | % | 100 | 14 206 164.80 | 7.77 |\n| U.S. dollar ..................................... | USD | 3 172 231.59 | | | % | 100 | 2 806 911.99 | 1.54 |\n| Other assets | | | | | | | 69 844.09 | 0.04 |\n| Initial margins .................................. | EUR | 69 844.09 | | | % | 100 | 69 844.09 | 0.04 |\n| Receivables from share certificate transactions | EUR | 53 297.00 | | | % | 100 | 53 297.00 | 0.03 |\n| Total assets 1 | | | | | | | 191 259 405.43 | 104.60 |\n| Other liabilities | | | | | | | -8 327 093.94 | -4.56 |\n| Additional other liabilities.......................... | EUR | -8 327 093.94 | | | % | 100 | -8 327 093.94 | -4.56 |\n| Liabilities from share certificate transactions | EUR | -78 221.00 | | | % | 100 | -78 221.00 | -0.04 |\n| Net assets | | | | | | | 182 854 090.49 | 100.00 |"},"unique id":{"kind":"number","value":108282,"string":"108,282"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the repor | Sales/ disposals ting period | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| Securities traded on an exchange | | | | | | | 172 049 167.55 | 94.09 |","| Equities | | | | | | | | |","| ABB India (demat.) (INE117A01022) | Count | 70 691 | 70 691 | | INR | 2 234.8500 | 1 878 377.79 | 1.03 |","| Adani Ports & Special Economic Zone (INE742F01042) .","| Count | 385 000 | 385 000 | | INR | 725.0000 | 3 318 709.02 | 1.81 |","| Apollo Hospitals Enterprises (INE437A01024) | Count | 50 000 | | | INR | 4 980.0500 | 2 960 561.91 | 1.62 |","| Ashok Leyland (INE208A01029) | Count | 4 090 083 | 3 190 083 | | INR | 120.7500 | 5 872 049.39 | 3.21 |","| Axis Bank (INE238A01034) | Count | 522 211 | | | INR | 671.3000 | 4 168 051.75 | 2.28 |","| Bajaj Finance (INE296A01024) | Count | 103 127 | | 9 608 | INR | 6 869.2500 | 8 422 715.78 | 4.61 |","| Bharat Forge (INE465A01025) | Count | 297 276 | 297 276 | | INR | 694.0000 | 2 452 956.00 | 1.34 |","| Bharat Petroleum Corp. (INE029A01011) | Count | 768 126 | 768 126 | | INR | 378.0000 | 3 452 190.12 | 1.89 |","| Bharti Airtel (INE397D01024) | Count | 454 938 | 45 300 | | INR | 683.0000 | 3 694 395.25 | 2.02 |","| Dabur India (INE016A01026) | Count | 349 407 | 249 407 | | INR | 571.3500 | 2 373 582.18 | 1.30 |","| Dr Reddy’s Laboratories (INE089A01023) | Count | 75 000 | | | INR | 4 898.9500 | 4 368 523.84 | 2.39 |","| Endurance Technologies (INE913H01037) | Count | 36 437 | 36 437 | | INR | 1 660.2000 | 719 239.39 | 0.39 |","| Finoles industries (INE183A01024) | Count | 782 715 | 894 910 | 112 195 | INR | 207.5500 | 1 931 509.43 | 1.06 |","| HCL Technologies (INE860A01027) | Count | 388 117 | | 429 501 | INR | 1 317.0000 | 6 077 414.81 | 3.32 |","| HDFC Bank Mumbai (INE040A01034) | Count | 447 377 | | 252 623 | INR | 1 464.0000 | 7 787 268.86 | 4.26 |","| Hindalco Industries IR 1 (INE038A01020) | Count | 1 156 727 | 1 156 727 | | INR | 451.9500 | 6 215 723.73 | 3.40 |","| Hindustan Unilever (INE030A01027) | Count | 233 768 | 13 768 | | INR | 2 330.0000 | 6 476 068.32 | 3.54 |","| Housing Development Finance Corp. (INE001A01036) .","| Count | 268 427 | 38 427 | | INR | 2 570.0000 | 8 202 188.77 | 4.49 |","| ICICI Bank (demat.) (INE090A01021) | Count | 935 169 | | | INR | 736.0000 | 8 183 486.22 | 4.48 |","| Icici Lombard General Insurance Co. (INE765G01017)... | Count | 110 144 | 20 144 | | INR | 1 368.2500 | 1 791 829.74 | 0.98 |","| Infosys (INE009A01021) | Count | 803 891 | 265 442 | 121 551 | INR | 1 897.0000 | 18 131 550.20 | 9.92 |","| Kotak Mahindra Bank (INE237A01028) | Count | 184 100 | | | INR | 1 762.9000 | 3 858 796.76 | 2.11 |","| Larsen and Toubro IR 2 (INE018A01030) | Count | 244 248 | 66 303 | 222 055 | INR | 1 887.1500 | 5 480 344.72 | 3.00 |","| Mahindra & Mahindra (new) (INE101A01026) | Count | 188 000 | | 112 000 | INR | 830.0000 | 1 855 266.83 | 1.01 |","| Maruti Suzuki India (INE585B01010) | Count | 35 000 | | 15 000 | INR | 7 273.0000 | 3 026 579.40 | 1.66 |","| Nippon Life India Asset Management (INE298J01013) .","| Count | 339 011 | 39 011 | | INR | 346.0500 | 1 394 835.79 | 0.76 |","| Oberoi Realty (INE093I01010) | Count | 107 102 | 107 102 | | INR | 846.0000 | 1 077 304.27 | 0.59 |","| Pidilite Industries (INE318A01026) | Count | 111 214 | 11 214 | | INR | 2 433.5500 | 3 217 882.44 | 1.76 |","| Reliance Industries (INE002A01018) | Count | 487 935 | | | INR | 2 364.0000 | 13 714 496.98 | 7.50 |","| SBI Life Insurance Company (INE123W01016) | Count | 213 301 | | | INR | 1 193.5000 | 3 026 814.14 | 1.66 |","| State Bank of India (demat.) (INE062A01020) | Count | 883 002 | 78 367 | | INR | 453.0500 | 4 756 398.81 | 2.60 |","| Steel Authority of India (INE114A01011) | Count | 778 186 | 6 694 834 | 5 916 648 | INR | 105.4500 | 975 664.35 | 0.53 |","| Sun Pharmaceutical Industries (INE044A01036) | Count | 150 000 | | | INR | 833.8500 | 1 487 132.39 | 0.81 |","| Tata Consultancy Services (INE467B01029) | Count | 188 317 | | 6 670 | INR | 3 737.0000 | 8 367 256.15 | 4.58 |","| ICICI Bank ADR (US45104G1040) | Count | 449 096 | 35 654 | 23 373 | USD | 19.4300 | 7 721 041.70 | 4.22 |","| Reliance Industries GDR 144a (US7594701077) | Count | 64 216 | 69 956 | 5 740 | USD | 63.5500 | 3 610 960.32 | 1.97 |","| Total securities portfolio | | | | | | | 172 049 167.55 | 94.09 |","| Cash at bank | | | | | | | 19 087 096.79 | 10.44 |","| Demand deposits at Depositary | | | | | | | | |","| EUR deposits | EUR | 2 069 447.13 | | | % | 100 | 2 069 447.13 | 1.13 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 3 839.61 | | | % | 100 | 4 572.87 | 0.00 |","| Indian rupee | INR | 1 194 830 800.10 | | | % | 100 | 14 206 164.80 | 7.77 |","| U.S. dollar | USD | 3 172 231.59 | | | % | 100 | 2 806 911.99 | 1.54 |","| Other assets | | | | | | | 69 844.09 | 0.04 |","| Initial margins | EUR | 69 844.09 | | | % | 100 | 69 844.09 | 0.04 |","| Receivables from share certificate transactions | EUR | 53 297.00 | | | % | 100 | 53 297.00 | 0.03 |","| Total assets 1 | | | | | | | 191 259 405.43 | 104.60 |","| Other liabilities | | | | | | | -8 327 093.94 | -4.56 |","| Additional other liabilities | EUR | -8 327 093.94 | | | % | 100 | -8 327 093.94 | -4.56 |","| Liabilities from share certificate transactions | EUR | -78 221.00 | | | % | 100 | -78 221.00 | -0.04 |","| Net assets | | | | | | | 182 854 090.49 | 100.00 |"],"string":"[\n \"| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the repor | Sales/ disposals ting period | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Securities traded on an exchange | | | | | | | 172 049 167.55 | 94.09 |\",\n \"| Equities | | | | | | | | |\",\n \"| ABB India (demat.) (INE117A01022) | Count | 70 691 | 70 691 | | INR | 2 234.8500 | 1 878 377.79 | 1.03 |\",\n \"| Adani Ports & Special Economic Zone (INE742F01042) .\",\n \"| Count | 385 000 | 385 000 | | INR | 725.0000 | 3 318 709.02 | 1.81 |\",\n \"| Apollo Hospitals Enterprises (INE437A01024) | Count | 50 000 | | | INR | 4 980.0500 | 2 960 561.91 | 1.62 |\",\n \"| Ashok Leyland (INE208A01029) | Count | 4 090 083 | 3 190 083 | | INR | 120.7500 | 5 872 049.39 | 3.21 |\",\n \"| Axis Bank (INE238A01034) | Count | 522 211 | | | INR | 671.3000 | 4 168 051.75 | 2.28 |\",\n \"| Bajaj Finance (INE296A01024) | Count | 103 127 | | 9 608 | INR | 6 869.2500 | 8 422 715.78 | 4.61 |\",\n \"| Bharat Forge (INE465A01025) | Count | 297 276 | 297 276 | | INR | 694.0000 | 2 452 956.00 | 1.34 |\",\n \"| Bharat Petroleum Corp. (INE029A01011) | Count | 768 126 | 768 126 | | INR | 378.0000 | 3 452 190.12 | 1.89 |\",\n \"| Bharti Airtel (INE397D01024) | Count | 454 938 | 45 300 | | INR | 683.0000 | 3 694 395.25 | 2.02 |\",\n \"| Dabur India (INE016A01026) | Count | 349 407 | 249 407 | | INR | 571.3500 | 2 373 582.18 | 1.30 |\",\n \"| Dr Reddy’s Laboratories (INE089A01023) | Count | 75 000 | | | INR | 4 898.9500 | 4 368 523.84 | 2.39 |\",\n \"| Endurance Technologies (INE913H01037) | Count | 36 437 | 36 437 | | INR | 1 660.2000 | 719 239.39 | 0.39 |\",\n \"| Finoles industries (INE183A01024) | Count | 782 715 | 894 910 | 112 195 | INR | 207.5500 | 1 931 509.43 | 1.06 |\",\n \"| HCL Technologies (INE860A01027) | Count | 388 117 | | 429 501 | INR | 1 317.0000 | 6 077 414.81 | 3.32 |\",\n \"| HDFC Bank Mumbai (INE040A01034) | Count | 447 377 | | 252 623 | INR | 1 464.0000 | 7 787 268.86 | 4.26 |\",\n \"| Hindalco Industries IR 1 (INE038A01020) | Count | 1 156 727 | 1 156 727 | | INR | 451.9500 | 6 215 723.73 | 3.40 |\",\n \"| Hindustan Unilever (INE030A01027) | Count | 233 768 | 13 768 | | INR | 2 330.0000 | 6 476 068.32 | 3.54 |\",\n \"| Housing Development Finance Corp. (INE001A01036) .\",\n \"| Count | 268 427 | 38 427 | | INR | 2 570.0000 | 8 202 188.77 | 4.49 |\",\n \"| ICICI Bank (demat.) (INE090A01021) | Count | 935 169 | | | INR | 736.0000 | 8 183 486.22 | 4.48 |\",\n \"| Icici Lombard General Insurance Co. (INE765G01017)... | Count | 110 144 | 20 144 | | INR | 1 368.2500 | 1 791 829.74 | 0.98 |\",\n \"| Infosys (INE009A01021) | Count | 803 891 | 265 442 | 121 551 | INR | 1 897.0000 | 18 131 550.20 | 9.92 |\",\n \"| Kotak Mahindra Bank (INE237A01028) | Count | 184 100 | | | INR | 1 762.9000 | 3 858 796.76 | 2.11 |\",\n \"| Larsen and Toubro IR 2 (INE018A01030) | Count | 244 248 | 66 303 | 222 055 | INR | 1 887.1500 | 5 480 344.72 | 3.00 |\",\n \"| Mahindra & Mahindra (new) (INE101A01026) | Count | 188 000 | | 112 000 | INR | 830.0000 | 1 855 266.83 | 1.01 |\",\n \"| Maruti Suzuki India (INE585B01010) | Count | 35 000 | | 15 000 | INR | 7 273.0000 | 3 026 579.40 | 1.66 |\",\n \"| Nippon Life India Asset Management (INE298J01013) .\",\n \"| Count | 339 011 | 39 011 | | INR | 346.0500 | 1 394 835.79 | 0.76 |\",\n \"| Oberoi Realty (INE093I01010) | Count | 107 102 | 107 102 | | INR | 846.0000 | 1 077 304.27 | 0.59 |\",\n \"| Pidilite Industries (INE318A01026) | Count | 111 214 | 11 214 | | INR | 2 433.5500 | 3 217 882.44 | 1.76 |\",\n \"| Reliance Industries (INE002A01018) | Count | 487 935 | | | INR | 2 364.0000 | 13 714 496.98 | 7.50 |\",\n \"| SBI Life Insurance Company (INE123W01016) | Count | 213 301 | | | INR | 1 193.5000 | 3 026 814.14 | 1.66 |\",\n \"| State Bank of India (demat.) (INE062A01020) | Count | 883 002 | 78 367 | | INR | 453.0500 | 4 756 398.81 | 2.60 |\",\n \"| Steel Authority of India (INE114A01011) | Count | 778 186 | 6 694 834 | 5 916 648 | INR | 105.4500 | 975 664.35 | 0.53 |\",\n \"| Sun Pharmaceutical Industries (INE044A01036) | Count | 150 000 | | | INR | 833.8500 | 1 487 132.39 | 0.81 |\",\n \"| Tata Consultancy Services (INE467B01029) | Count | 188 317 | | 6 670 | INR | 3 737.0000 | 8 367 256.15 | 4.58 |\",\n \"| ICICI Bank ADR (US45104G1040) | Count | 449 096 | 35 654 | 23 373 | USD | 19.4300 | 7 721 041.70 | 4.22 |\",\n \"| Reliance Industries GDR 144a (US7594701077) | Count | 64 216 | 69 956 | 5 740 | USD | 63.5500 | 3 610 960.32 | 1.97 |\",\n \"| Total securities portfolio | | | | | | | 172 049 167.55 | 94.09 |\",\n \"| Cash at bank | | | | | | | 19 087 096.79 | 10.44 |\",\n \"| Demand deposits at Depositary | | | | | | | | |\",\n \"| EUR deposits | EUR | 2 069 447.13 | | | % | 100 | 2 069 447.13 | 1.13 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 3 839.61 | | | % | 100 | 4 572.87 | 0.00 |\",\n \"| Indian rupee | INR | 1 194 830 800.10 | | | % | 100 | 14 206 164.80 | 7.77 |\",\n \"| U.S. dollar | USD | 3 172 231.59 | | | % | 100 | 2 806 911.99 | 1.54 |\",\n \"| Other assets | | | | | | | 69 844.09 | 0.04 |\",\n \"| Initial margins | EUR | 69 844.09 | | | % | 100 | 69 844.09 | 0.04 |\",\n \"| Receivables from share certificate transactions | EUR | 53 297.00 | | | % | 100 | 53 297.00 | 0.03 |\",\n \"| Total assets 1 | | | | | | | 191 259 405.43 | 104.60 |\",\n \"| Other liabilities | | | | | | | -8 327 093.94 | -4.56 |\",\n \"| Additional other liabilities | EUR | -8 327 093.94 | | | % | 100 | -8 327 093.94 | -4.56 |\",\n \"| Liabilities from share certificate transactions | EUR | -78 221.00 | | | % | 100 | -78 221.00 | -0.04 |\",\n \"| Net assets | | | | | | | 182 854 090.49 | 100.00 |\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the repor | Sales/ disposals ting period | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| Securities traded on an exchange | | | | | | | 172 049 167.55 | 94.09 |","| Equities | | | | | | | | |","| ABB India (demat.) (INE117A01022) | Count | 70 691 | 70 691 | | INR | 2 234.8500 | 1 878 377.79 | 1.03 |","| Adani Ports & Special Economic Zone (INE742F01042) .","| Count | 385 000 | 385 000 | | INR | 725.0000 | 3 318 709.02 | 1.81 |","| Apollo Hospitals Enterprises (INE437A01024) | Count | 50 000 | | | INR | 4 980.0500 | 2 960 561.91 | 1.62 |","| Ashok Leyland (INE208A01029) | Count | 4 090 083 | 3 190 083 | | INR | 120.7500 | 5 872 049.39 | 3.21 |","| Axis Bank (INE238A01034) | Count | 522 211 | | | INR | 671.3000 | 4 168 051.75 | 2.28 |","| Bajaj Finance (INE296A01024) | Count | 103 127 | | 9 608 | INR | 6 869.2500 | 8 422 715.78 | 4.61 |","| Bharat Forge (INE465A01025) | Count | 297 276 | 297 276 | | INR | 694.0000 | 2 452 956.00 | 1.34 |","| Bharat Petroleum Corp. (INE029A01011) | Count | 768 126 | 768 126 | | INR | 378.0000 | 3 452 190.12 | 1.89 |","| Bharti Airtel (INE397D01024) | Count | 454 938 | 45 300 | | INR | 683.0000 | 3 694 395.25 | 2.02 |","| Dabur India (INE016A01026) | Count | 349 407 | 249 407 | | INR | 571.3500 | 2 373 582.18 | 1.30 |","| Dr Reddy’s Laboratories (INE089A01023) | Count | 75 000 | | | INR | 4 898.9500 | 4 368 523.84 | 2.39 |","| Endurance Technologies (INE913H01037) | Count | 36 437 | 36 437 | | INR | 1 660.2000 | 719 239.39 | 0.39 |","| Finoles industries (INE183A01024) | Count | 782 715 | 894 910 | 112 195 | INR | 207.5500 | 1 931 509.43 | 1.06 |","| HCL Technologies (INE860A01027) | Count | 388 117 | | 429 501 | INR | 1 317.0000 | 6 077 414.81 | 3.32 |","| HDFC Bank Mumbai (INE040A01034) | Count | 447 377 | | 252 623 | INR | 1 464.0000 | 7 787 268.86 | 4.26 |","| Hindalco Industries IR 1 (INE038A01020) | Count | 1 156 727 | 1 156 727 | | INR | 451.9500 | 6 215 723.73 | 3.40 |","| Hindustan Unilever (INE030A01027) | Count | 233 768 | 13 768 | | INR | 2 330.0000 | 6 476 068.32 | 3.54 |","| Housing Development Finance Corp. (INE001A01036) .","| Count | 268 427 | 38 427 | | INR | 2 570.0000 | 8 202 188.77 | 4.49 |","| ICICI Bank (demat.) (INE090A01021) | Count | 935 169 | | | INR | 736.0000 | 8 183 486.22 | 4.48 |","| Icici Lombard General Insurance Co. (INE765G01017)... | Count | 110 144 | 20 144 | | INR | 1 368.2500 | 1 791 829.74 | 0.98 |","| Infosys (INE009A01021) | Count | 803 891 | 265 442 | 121 551 | INR | 1 897.0000 | 18 131 550.20 | 9.92 |","| Kotak Mahindra Bank (INE237A01028) | Count | 184 100 | | | INR | 1 762.9000 | 3 858 796.76 | 2.11 |","| Larsen and Toubro IR 2 (INE018A01030) | Count | 244 248 | 66 303 | 222 055 | INR | 1 887.1500 | 5 480 344.72 | 3.00 |","| Mahindra & Mahindra (new) (INE101A01026) | Count | 188 000 | | 112 000 | INR | 830.0000 | 1 855 266.83 | 1.01 |","| Maruti Suzuki India (INE585B01010) | Count | 35 000 | | 15 000 | INR | 7 273.0000 | 3 026 579.40 | 1.66 |","| Nippon Life India Asset Management (INE298J01013) .","| Count | 339 011 | 39 011 | | INR | 346.0500 | 1 394 835.79 | 0.76 |","| Oberoi Realty (INE093I01010) | Count | 107 102 | 107 102 | | INR | 846.0000 | 1 077 304.27 | 0.59 |","| Pidilite Industries (INE318A01026) | Count | 111 214 | 11 214 | | INR | 2 433.5500 | 3 217 882.44 | 1.76 |","| Reliance Industries (INE002A01018) | Count | 487 935 | | | INR | 2 364.0000 | 13 714 496.98 | 7.50 |","| SBI Life Insurance Company (INE123W01016) | Count | 213 301 | | | INR | 1 193.5000 | 3 026 814.14 | 1.66 |","| State Bank of India (demat.) (INE062A01020) | Count | 883 002 | 78 367 | | INR | 453.0500 | 4 756 398.81 | 2.60 |","| Steel Authority of India (INE114A01011) | Count | 778 186 | 6 694 834 | 5 916 648 | INR | 105.4500 | 975 664.35 | 0.53 |","| Sun Pharmaceutical Industries (INE044A01036) | Count | 150 000 | | | INR | 833.8500 | 1 487 132.39 | 0.81 |","| Tata Consultancy Services (INE467B01029) | Count | 188 317 | | 6 670 | INR | 3 737.0000 | 8 367 256.15 | 4.58 |","| ICICI Bank ADR (US45104G1040) | Count | 449 096 | 35 654 | 23 373 | USD | 19.4300 | 7 721 041.70 | 4.22 |","| Reliance Industries GDR 144a (US7594701077) | Count | 64 216 | 69 956 | 5 740 | USD | 63.5500 | 3 610 960.32 | 1.97 |","| Total securities portfolio | | | | | | | 172 049 167.55 | 94.09 |","| Cash at bank | | | | | | | 19 087 096.79 | 10.44 |","| Demand deposits at Depositary | | | | | | | | |","| EUR deposits | EUR | 2 069 447.13 | | | % | 100 | 2 069 447.13 | 1.13 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 3 839.61 | | | % | 100 | 4 572.87 | 0.00 |","| Indian rupee | INR | 1 194 830 800.10 | | | % | 100 | 14 206 164.80 | 7.77 |","| U.S. dollar | USD | 3 172 231.59 | | | % | 100 | 2 806 911.99 | 1.54 |","| Other assets | | | | | | | 69 844.09 | 0.04 |","| Initial margins | EUR | 69 844.09 | | | % | 100 | 69 844.09 | 0.04 |","| Receivables from share certificate transactions | EUR | 53 297.00 | | | % | 100 | 53 297.00 | 0.03 |","| Total assets 1 | | | | | | | 191 259 405.43 | 104.60 |","| Other liabilities | | | | | | | -8 327 093.94 | -4.56 |","| Additional other liabilities | EUR | -8 327 093.94 | | | % | 100 | -8 327 093.94 | -4.56 |","| Liabilities from share certificate transactions | EUR | -78 221.00 | | | % | 100 | -78 221.00 | -0.04 |","| Net assets | | | | | | | 182 854 090.49 | 100.00 |"],"string":"[\n \"| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the repor | Sales/ disposals ting period | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Securities traded on an exchange | | | | | | | 172 049 167.55 | 94.09 |\",\n \"| Equities | | | | | | | | |\",\n \"| ABB India (demat.) (INE117A01022) | Count | 70 691 | 70 691 | | INR | 2 234.8500 | 1 878 377.79 | 1.03 |\",\n \"| Adani Ports & Special Economic Zone (INE742F01042) .\",\n \"| Count | 385 000 | 385 000 | | INR | 725.0000 | 3 318 709.02 | 1.81 |\",\n \"| Apollo Hospitals Enterprises (INE437A01024) | Count | 50 000 | | | INR | 4 980.0500 | 2 960 561.91 | 1.62 |\",\n \"| Ashok Leyland (INE208A01029) | Count | 4 090 083 | 3 190 083 | | INR | 120.7500 | 5 872 049.39 | 3.21 |\",\n \"| Axis Bank (INE238A01034) | Count | 522 211 | | | INR | 671.3000 | 4 168 051.75 | 2.28 |\",\n \"| Bajaj Finance (INE296A01024) | Count | 103 127 | | 9 608 | INR | 6 869.2500 | 8 422 715.78 | 4.61 |\",\n \"| Bharat Forge (INE465A01025) | Count | 297 276 | 297 276 | | INR | 694.0000 | 2 452 956.00 | 1.34 |\",\n \"| Bharat Petroleum Corp. (INE029A01011) | Count | 768 126 | 768 126 | | INR | 378.0000 | 3 452 190.12 | 1.89 |\",\n \"| Bharti Airtel (INE397D01024) | Count | 454 938 | 45 300 | | INR | 683.0000 | 3 694 395.25 | 2.02 |\",\n \"| Dabur India (INE016A01026) | Count | 349 407 | 249 407 | | INR | 571.3500 | 2 373 582.18 | 1.30 |\",\n \"| Dr Reddy’s Laboratories (INE089A01023) | Count | 75 000 | | | INR | 4 898.9500 | 4 368 523.84 | 2.39 |\",\n \"| Endurance Technologies (INE913H01037) | Count | 36 437 | 36 437 | | INR | 1 660.2000 | 719 239.39 | 0.39 |\",\n \"| Finoles industries (INE183A01024) | Count | 782 715 | 894 910 | 112 195 | INR | 207.5500 | 1 931 509.43 | 1.06 |\",\n \"| HCL Technologies (INE860A01027) | Count | 388 117 | | 429 501 | INR | 1 317.0000 | 6 077 414.81 | 3.32 |\",\n \"| HDFC Bank Mumbai (INE040A01034) | Count | 447 377 | | 252 623 | INR | 1 464.0000 | 7 787 268.86 | 4.26 |\",\n \"| Hindalco Industries IR 1 (INE038A01020) | Count | 1 156 727 | 1 156 727 | | INR | 451.9500 | 6 215 723.73 | 3.40 |\",\n \"| Hindustan Unilever (INE030A01027) | Count | 233 768 | 13 768 | | INR | 2 330.0000 | 6 476 068.32 | 3.54 |\",\n \"| Housing Development Finance Corp. (INE001A01036) .\",\n \"| Count | 268 427 | 38 427 | | INR | 2 570.0000 | 8 202 188.77 | 4.49 |\",\n \"| ICICI Bank (demat.) (INE090A01021) | Count | 935 169 | | | INR | 736.0000 | 8 183 486.22 | 4.48 |\",\n \"| Icici Lombard General Insurance Co. (INE765G01017)... | Count | 110 144 | 20 144 | | INR | 1 368.2500 | 1 791 829.74 | 0.98 |\",\n \"| Infosys (INE009A01021) | Count | 803 891 | 265 442 | 121 551 | INR | 1 897.0000 | 18 131 550.20 | 9.92 |\",\n \"| Kotak Mahindra Bank (INE237A01028) | Count | 184 100 | | | INR | 1 762.9000 | 3 858 796.76 | 2.11 |\",\n \"| Larsen and Toubro IR 2 (INE018A01030) | Count | 244 248 | 66 303 | 222 055 | INR | 1 887.1500 | 5 480 344.72 | 3.00 |\",\n \"| Mahindra & Mahindra (new) (INE101A01026) | Count | 188 000 | | 112 000 | INR | 830.0000 | 1 855 266.83 | 1.01 |\",\n \"| Maruti Suzuki India (INE585B01010) | Count | 35 000 | | 15 000 | INR | 7 273.0000 | 3 026 579.40 | 1.66 |\",\n \"| Nippon Life India Asset Management (INE298J01013) .\",\n \"| Count | 339 011 | 39 011 | | INR | 346.0500 | 1 394 835.79 | 0.76 |\",\n \"| Oberoi Realty (INE093I01010) | Count | 107 102 | 107 102 | | INR | 846.0000 | 1 077 304.27 | 0.59 |\",\n \"| Pidilite Industries (INE318A01026) | Count | 111 214 | 11 214 | | INR | 2 433.5500 | 3 217 882.44 | 1.76 |\",\n \"| Reliance Industries (INE002A01018) | Count | 487 935 | | | INR | 2 364.0000 | 13 714 496.98 | 7.50 |\",\n \"| SBI Life Insurance Company (INE123W01016) | Count | 213 301 | | | INR | 1 193.5000 | 3 026 814.14 | 1.66 |\",\n \"| State Bank of India (demat.) (INE062A01020) | Count | 883 002 | 78 367 | | INR | 453.0500 | 4 756 398.81 | 2.60 |\",\n \"| Steel Authority of India (INE114A01011) | Count | 778 186 | 6 694 834 | 5 916 648 | INR | 105.4500 | 975 664.35 | 0.53 |\",\n \"| Sun Pharmaceutical Industries (INE044A01036) | Count | 150 000 | | | INR | 833.8500 | 1 487 132.39 | 0.81 |\",\n \"| Tata Consultancy Services (INE467B01029) | Count | 188 317 | | 6 670 | INR | 3 737.0000 | 8 367 256.15 | 4.58 |\",\n \"| ICICI Bank ADR (US45104G1040) | Count | 449 096 | 35 654 | 23 373 | USD | 19.4300 | 7 721 041.70 | 4.22 |\",\n \"| Reliance Industries GDR 144a (US7594701077) | Count | 64 216 | 69 956 | 5 740 | USD | 63.5500 | 3 610 960.32 | 1.97 |\",\n \"| Total securities portfolio | | | | | | | 172 049 167.55 | 94.09 |\",\n \"| Cash at bank | | | | | | | 19 087 096.79 | 10.44 |\",\n \"| Demand deposits at Depositary | | | | | | | | |\",\n \"| EUR deposits | EUR | 2 069 447.13 | | | % | 100 | 2 069 447.13 | 1.13 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 3 839.61 | | | % | 100 | 4 572.87 | 0.00 |\",\n \"| Indian rupee | INR | 1 194 830 800.10 | | | % | 100 | 14 206 164.80 | 7.77 |\",\n \"| U.S. dollar | USD | 3 172 231.59 | | | % | 100 | 2 806 911.99 | 1.54 |\",\n \"| Other assets | | | | | | | 69 844.09 | 0.04 |\",\n \"| Initial margins | EUR | 69 844.09 | | | % | 100 | 69 844.09 | 0.04 |\",\n \"| Receivables from share certificate transactions | EUR | 53 297.00 | | | % | 100 | 53 297.00 | 0.03 |\",\n \"| Total assets 1 | | | | | | | 191 259 405.43 | 104.60 |\",\n \"| Other liabilities | | | | | | | -8 327 093.94 | -4.56 |\",\n \"| Additional other liabilities | EUR | -8 327 093.94 | | | % | 100 | -8 327 093.94 | -4.56 |\",\n \"| Liabilities from share certificate transactions | EUR | -78 221.00 | | | % | 100 | -78 221.00 | -0.04 |\",\n \"| Net assets | | | | | | | 182 854 090.49 | 100.00 |\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98282,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"| Anteilwert bzw. umlaufende Anteile | Stück bzw. Whg. | Anteilwert in der jeweiligen Whg. |\n| --- | --- | --- |\n| Anteilwert Klasse LC...................................... | EUR | 3 391,46 |\n| Klasse TFC..................................... | EUR | 157,01 |\n| Umlaufende Anteile Klasse LC...................................... | Stück | 53 802,185 |\n| Klasse TFC..................................... | Stück | 2 460,108 |"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |\n| --- | --- | --- |\n| Net asset value per unit Class LC ..................................... . | EUR | 3 391.46 |\n| Class TFC .................................... . | EUR | 157.01 |\n| Number of units outstanding Class LC ..................................... . | Count | 53 802.185 |\n| Class TFC .................................... . | Count | 2 460.108 |"},"unique id":{"kind":"number","value":108283,"string":"108,283"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |","| --- | --- | --- |","| Net asset value per unit Class LC .","| EUR | 3 391.46 |","| Class TFC .","| EUR | 157.01 |","| Number of units outstanding Class LC . | Count | 53 802.185 | | Class TFC . | Count | 2 460.108 |"],"string":"[\n \"| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per unit Class LC .\",\n \"| EUR | 3 391.46 |\",\n \"| Class TFC .\",\n \"| EUR | 157.01 |\",\n \"| Number of units outstanding Class LC . | Count | 53 802.185 | | Class TFC . | Count | 2 460.108 |\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |","| --- | --- | --- |","| Net asset value per unit Class LC .","| EUR | 3 391.46 |","| Class TFC .","| EUR | 157.01 |","| Number of units outstanding Class LC . | Count | 53 802.185 | | Class TFC . | Count | 2 460.108 |"],"string":"[\n \"| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per unit Class LC .\",\n \"| EUR | 3 391.46 |\",\n \"| Class TFC .\",\n \"| EUR | 157.01 |\",\n \"| Number of units outstanding Class LC . | Count | 53 802.185 | | Class TFC . | Count | 2 460.108 |\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98283,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Jahresbericht\nund Jahresabschluss\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nDer Teilfonds strebt – unter Berücksichtigung der Chancen und Risiken der weltweiten Kapitalmärkte – kurzfristig eine möglichst hohe Rendite an.\nUm das Anlageziel zu errei chen, investiert er vorwiegend in verzinsliche Finanzinstru\nDWS INVEST II EURO BONDS CONSERVATIVE\nWertentwicklung seit Auflegung\n100,30\n100,1 5\n100,00\n99,85\n99,70\n99,55\n99,40\n99,25\nmente staatlicher und/oder\n25.11.20*\n3/21\t6/21\t9/21\n12/21\nprivater Emittenten, Geldm\nDWS Invest II Euro Bonds Conservative (Anteilklasse NC)\n* aufgelegt am 25.11.2020= 100 Angaben auf Euro-Basis\narktinstrumente, Termingelder,\nBankguthaben und Derivate. Mindestens 70% des Vermö gens werden in verzinslichen Wertpapieren von Emitten ten angelegt, deren oberstes Mutterunternehmen in einem Mitgliedstaat der Organisation für wirtschaftliche Zusammen\narbeit und Entwicklung (OECD), der G20, in Singapur oder in der EU ansässig ist.\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDWS INVEST II EURO BONDS CONSERVATIVE\nWertentwicklung der Anteilklasse (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | seit Auflegung 1) |\n| --- | --- | --- | --- |\n| Klasse NC | LU2023375111 | -0,6% | -0,6% |\n\n1) \nKlasse NC aufgelegt am 25.11.2020\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDas Anlageumfeld war im Berichtszeitraum von der COVID19Pandemie*, hoher Verschuldung weltweit, im mer noch sehr niedrigen, teils negativen Zinsen in den Indus trieländern sowie der Unsicher heit hinsichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund verzeich nete der Teilfonds im Jahr 2021 einen Wertrückgang von 0,6% je Anteil (Anteilklasse NC; nach BVIMethode; in Euro).\n\n### Anlagepolitik im Berichtszeitraum\nDas Portfoliomanagement legte im Rahmen der Anlagepolitik des Teilfonds vorwiegend in variabel verzinslichen Anleihen (Floating Rate Notes) an,\nderen Kupons in der Regel alle drei Monate an den aktuellen Marktzins angepasst werden.\nZudem war der Teilfonds auch in FixKuponAnleihen mit einer kurzen bis mittleren Restlaufzeit investiert. Termingeldanlagen rundeten das Portefeuille ab.\nDa Floating Rate Notes vor wiegend von Finanzinstituten emittiert werden, bildeten Finanzwerte (Financials) den Anlageschwerpunkt. Darüber hinaus befanden sich auch Schuldverschreibungen von Industrieunternehmen (Corpo rate Bonds) im Portfolio. Die im Bestand gehaltenen Zinspapiere wiesen Ende Dezember 2021 InvestmentGradeStatus auf, das heißt ein Rating BBB und besser der führenden Rating agenturen. Hinsichtlich seiner regionalen Allokation war der Teilfonds global aufgestellt, wobei Investments in Europa und den USA den Anlage schwerpunkt bildeten.\nDer Teilfonds bewegte sich in einem Laufzeitsegment, das im Berichtszeitraum immer noch durch Negativzinsen beeinträchtigt war. Trotz der im Jahr 2021 gestiegenen Inflation im Euroraum, beließ die Europäische Zentralbank (EZB) den Leitzins bei 0,0% p.a.\nDer Einlagensatz für Banken lag bei 0,5% p.a. Gegenüber den Negativzinsen im Geldmarktbe reich dienten die Kreditprämien (Credit Spreads) der im Bestand gehaltenen Corporate Bonds bzw. Financials mit kurzer bis mittlerer Restlaufzeit als Puffer.\n\n### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über\nnachhaltigkeitsbezogene Offen legungspflichten im Finanz dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu grunde liegenden Investitionen berücksichtigen nicht die EU Kriterien für ökologisch nach haltige Wirtschaftsaktivitäten.\n* Die Coronakrise (COVID19) stellt(e) auch für die Wirtschaft weltweit eine bedeu tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Anleihen (Emittenten) Unternehmen | 73 471 006,24 | 87,85 |\n| Summe Anleihen | 73 471 006,24 | 87,85 |\n| 2. Derivate | -157 046,78 | -0,19 |\n| 3. Bankguthaben | 10 419 438,35 | 12,46 |\n| 4. Sonstige Vermögensgegenstände | 137 878,88 | 0,16 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -30 369,97 | -0,03 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -211 431,32 | -0,25 |\n| III. Fondsvermögen | 83 629 475,40 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | in | Fonds- |\n| | Währung | Bestand | im Berichtszeitraum | | | EUR | vermögen |\n| Börsengehandelte Wertpapiere | | | | | | 72 543 534,48 | 86,74 |\n| Verzinsliche Wertpapiere 0,875 % ABN AMRO Bank NV (MTN) 2019/2024 ....... | EUR | 400 000 | 400 000 | % | 102,141 | 408 564,00 | 0,49 |\n| 0,00 % Akelius Residential Property Financing BV 2021/2023 * ............................. | EUR | 200 000 | 200 000 | % | 100,13 | 200 260,00 | 0,24 |\n| 3,50 % Allianz Finance II BV (MTN) 2012/2022 ........ | EUR | 500 000 | 500 000 | % | 100,483 | 502 415,00 | 0,60 |\n| 0,436 % Allianz Finance II BV 2021/2024 * ............. | EUR | 100 000 | 100 000 | % | 102,586 | 102 586,00 | 0,12 |\n| 0,35 % American Honda Finance Corp. 2019/2022 ..... | EUR | 500 000 | 500 000 | % | 100,455 | 502 275,00 | 0,60 |\n| 0,155 % Asahi Group Holdings Ltd 2020/2024 ......... | EUR | 1 000 000 | | % | 100,309 | 1 003 090,00 | 1,20 |\n| 0,01 % Asahi Group Holdings Ltd 2021/2024 ......... | EUR | 150 000 | 150 000 | % | 100,05 | 150 075,00 | 0,18 |\n| 0,52 % AT&T, Inc. (MTN) 2018/2023 * ............... 0,035 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2018/2023 * ............................. | EUR EUR | 900 000 1 200 000 | | % % | 101,039 100,545 | 909 351,00 1 206 540,00 | 1,09 1,44 |\n| 0,375 % Banco Bilbao Vizcaya Argentaria SA (MTN) | | | | | | | | |\n| 2019/2024 .............................. | EUR | 400 000 | 400 000 | % | 100,766 | 403 064,00 | 0,48 |\n| 0,435 % Banco Bilbao Vizcaya Argentaria SA 2021/2023 * | EUR | 100 000 | 100 000 | % | 101,5 | 101 500,00 | 0,12 |\n| 0,163 % Banco Santander SA (MTN) 2017/2023 * ....... | EUR | 500 000 | | % | 100,78 | 503 900,00 | 0,60 |\n| 0,124 % Banco Santander SA (MTN) 2021/2026 * ....... | EUR | 400 000 | 400 000 | % | 100,969 | 403 876,00 | 0,48 |\n| 0,00 % Bank Julius Baer & Co. AG 2021/2024 ........ | EUR | 160 000 | 160 000 | % | 99,992 | 159 987,20 | 0,19 |\n| 0,213 % Bank of America Corp. (MTN) 2017/2023 * ..... | EUR | 700 000 | | % | 100,223 | 701 561,00 | 0,84 |\n| 0,152 % Bank of America Corp. (MTN) 2018/2024 * ..... | EUR | 1 200 000 | | % | 100,545 | 1 206 540,00 | 1,44 |\n| 0,436 % Bank of America Corp. 2021/2025 * ........... | EUR | 400 000 | 400 000 | % | 101,605 | 406 420,00 | 0,49 |\n| 0,412 % Bank of America Corp. (MTN) 2021/2026 * ..... 1,25 % Banque Federative du Credit Mutuel SA (MTN) 2015/2025 .............................. | EUR EUR | 340 000 200 000 | 340 000 200 000 | % % | 101,754 103,65 | 345 963,60 207 300,00 | 0,41 0,25 |\n| 0,75 % Banque Federative du Credit Mutuel SA -Reg- (MTN) | | | | | | | | |\n| 2018/2025 .............................. | EUR | 100 000 | 100 000 | % | 102,171 | 102 171,00 | 0,12 |\n| 1,50 % Barclays PLC (MTN) 2018/2023 .............. | EUR | 1 200 000 | | % | 102,798 | 1 233 576,00 | 1,48 |\n| 3,375 % Barclays PLC (MTN) 2020/2025 * ............. | EUR | 200 000 | 200 000 | % | 107,305 | 214 610,00 | 0,26 |\n| 0,431 % Barclays PLC (MTN) 2021/2026 * ............. | EUR | 220 000 | 220 000 | % | 102,037 | 224 481,40 | 0,27 |\n| 0,101 % BASF SE 2020/2023 ....................... | EUR | 200 000 | 200 000 | % | 100,497 | 200 994,00 | 0,24 |\n| 0,05 % Bayer AG 2021/2025 ...................... | EUR | 500 000 | 500 000 | % | 99,79 | 498 950,00 | 0,60 |\n| 0,632 % Becton Dickinson Euro Finance Sarl 2019/2023 . | EUR | 200 000 | 200 000 | % | 100,972 | 201 944,00 | 0,24 |\n| 0,625 % BMW Finance NV 2019/2023 ............... | EUR | 800 000 | | % | 101,538 | 812 304,00 | 0,97 |\n| 0,00 % BMW Finance NV 2020/2022 * .............. | EUR | 1 000 000 | | % | 100,056 | 1 000 560,00 | 1,20 |\n| 0,187 % BNP Paribas SA (MTN) 2017/2024 * .......... | EUR | 1 200 000 | | % | 101,417 | 1 217 004,00 | 1,46 |\n| 0,056 % BNP Paribas SA (MTN) 2018/2023 * .......... 0,50 % BNZ International Funding Ltd/London (MTN) 2017/2023 .............................. | EUR EUR | 600 000 400 000 | 400 000 | % % | 100,721 100,952 | 604 326,00 403 808,00 | 0,72 0,48 |\n| 0,00 % BPCE SA (MTN) 2018/2023 * ................ | EUR | 500 000 | | % | 100,454 | 502 270,00 | 0,60 |\n| 0,00 % BPCE SA (MTN) 2018/2023 * ................ | EUR | 1 200 000 | | % | 100,548 | 1 206 576,00 | 1,44 |\n| 1,00 % BPCE SA (MTN) 2019/2025 ................. 0,375 % Canadian Imperial Bank of Commerce (MTN) 2019/2024 .............................. | EUR EUR | 200 000 200 000 | 200 000 200 000 | % % | 102,733 100,958 | 205 466,00 201 916,00 | 0,25 0,24 |\n| 0,299 % Carrefour Banque SA 2019/2023 * ............ | EUR | 600 000 | 600 000 | % | 100,594 | 603 564,00 | 0,72 |\n| 0,00 % CCEP Finance Ireland DAC 2021/2025 ........ | EUR | 190 000 | 190 000 | % | 99,262 | 188 597,80 | 0,23 |\n| 1,75 % Citigroup, Inc. (MTN) 2015/2025 ............. | EUR | 200 000 | 200 000 | % | 105,069 | 210 138,00 | 0,25 |\n| 0,00 % Citigroup, Inc. (MTN) 2018/2023 * ............ | EUR | 300 000 | | % | 100,539 | 301 617,00 | 0,36 |\n| 0,50 % Commerzbank AG (MTN) 2018/2023 .......... | EUR | 1 200 000 | | % | 101,06 | 1 212 720,00 | 1,45 |\n| 0,436 % Commerzbank AG 2021/2023 * .............. | EUR | 200 000 | 200 000 | % | 101,582 | 203 164,00 | 0,24 |\n| 0,035 % Credit Agricole SA/London (MTN) 2018/2023 * .. | EUR | 800 000 | | % | 100,578 | 804 624,00 | 0,96 |\n| 0,392 % Credit Suisse AG/London 2020/2022 * ......... | EUR | 880 000 | | % | 100,346 | 883 044,80 | 1,06 |\n| 0,43 % Credit Suisse AG/London 2021/2023 * ......... | EUR | 300 000 | 300 000 | % | 101,43 | 304 290,00 | 0,36 |\n| 0,449 % Credit Suisse Group AG (MTN) 2021/2026 * .... | EUR | 650 000 | 650 000 | % | 101,39 | 659 035,00 | 0,79 |\n| 0,875 % CRH Finland Services Oyj 2020/2023 ......... | EUR | 300 000 | | % | 101,762 | 305 286,00 | 0,37 |\n| 0,00 % Daimler AG (MTN) 2017/2024 * .............. | EUR | 800 000 | | % | 100,867 | 806 936,00 | 0,97 |\n| 1,625 % Daimler AG 2020/2023 ..................... | EUR | 1 200 000 | | % | 103,136 | 1 237 632,00 | 1,48 |\n| 0,00 % Danone SA 2021/2025 ..................... | EUR | 100 000 | 100 000 | % | 99,951 | 99 951,00 | 0,12 |\n| 0,238 % Deutsche Bank AG (MTN) 2017/2022 * ........ | EUR | 500 000 | 500 000 | % | 100,232 | 501 160,00 | 0,60 |\n| 0,35 % Deutsche Pfandbriefbank AG 2020/2023 * ..... | EUR | 300 000 | 300 000 | % | 100,958 | 302 874,00 | 0,36 |\n| 0,25 % Deutsche Pfandbriefbank AG 2021/2025 ...... 0,875 % Deutsche Telekom International Finance BV (MTN) 2017/2024 .............................. | EUR EUR | 100 000 200 000 | 100 000 200 000 | % % | 99,778 102,135 | 99 778,00 204 270,00 | 0,12 0,24 |\n| 0,25 % DNB Bank ASA (MTN) 2019/2024 ............ | EUR | 400 000 | | % | 100,931 | 403 724,00 | 0,48 |\n| 0,375 % E.ON SE 2020/2023 ....................... | EUR | 600 000 | | % | 100,809 | 604 854,00 | 0,72 |\n| 0,25 % EssilorLuxottica SA 2020/2024 .............. | EUR | 500 000 | | % | 101,006 | 505 030,00 | 0,60 |\n| 1,25 % FCA Bank SpA/Ireland 2019/2022 ............ | EUR | 300 000 | 300 000 | % | 100,577 | 301 731,00 | 0,36 |\n| 0,25 % FCA Bank SpA/Ireland 2020/2023 ............ | EUR | 100 000 | 100 000 | % | 100,437 | 100 437,00 | 0,12 |\n| 0,125 % FCA Bank SpA/Ireland 2020/2023 ............ | EUR | 500 000 | | % | 100,182 | 500 910,00 | 0,60 |\n| 0,00 % FCA Bank SpA/Ireland 2021/2024 ............ | EUR | 120 000 | 120 000 | % | 99,786 | 119 743,20 | 0,14 |\n| 0,75 % Fidelity National Information Services, Inc. 2019/2023 | EUR | 400 000 | | % | 101,136 | 404 544,00 | 0,48 |\n| 0,125 % General Mills, Inc. 2021/2025 ............... | EUR | 100 000 | 100 000 | % | 99,714 | 99 714,00 | 0,12 |\n| 0,03 % Goldman Sachs Group, Inc./The (MTN) 2017/2023 * | EUR | 1 100 000 | | % | 100,28 | 1 103 080,00 | 1,32 |\n| 0,002 % Goldman Sachs Group, Inc./The 2020/2023 * ... | EUR | 700 000 | | % | 100,131 | 700 917,00 | 0,84 |\n| 0,411 % Goldman Sachs Group, Inc./The (MTN) 2021/2026 * | EUR | 260 000 | 260 000 | % | 101,669 | 264 339,40 | 0,32 |\n| 0,00 % Goldman Sachs Group, Inc./The 2021/2024 * ... | EUR | 160 000 | 160 000 | % | 100,137 | 160 219,20 | 0,19 |\n| 0,444 % Goldman Sachs Group, Inc./The 2021/2024 * ... | EUR | 170 000 | 170 000 | % | 100,902 | 171 533,40 | 0,21 |\n| 0,052 % Heimstaden Bostad Treasury BV 2021/2023 * ... | EUR | 323 000 | 323 000 | % | 100,023 | 323 074,29 | 0,39 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| 0,25 % Heimstaden Bostad Treasury BV 2021/2024 .... | EUR | 160 000 | 160 000 | | % | 100,19 | 160 304,00 | 0,19 |\n| 0,912 % HSBC Bank PLC 2020/2022 * ................ | EUR | 500 000 | | 1 500 000 | % | 101,036 | 505 180,00 | 0,60 |\n| 0,438 % HSBC Bank PLC 2021/2023 * ................ | EUR | 300 000 | 300 000 | | % | 101,101 | 303 303,00 | 0,36 |\n| 0,00 % HSBC Holdings PLC (MTN) 2017/2023 * ....... | EUR | 900 000 | | | % | 100,319 | 902 871,00 | 1,08 |\n| 0,409 % HSBC Holdings PLC (MTN) 2021/2026 * ....... | EUR | 240 000 | 240 000 | | % | 102,289 | 245 493,60 | 0,29 |\n| 0,261 % ING Groep NV (MTN) 2018/2023 * ............ | EUR | 600 000 | | | % | 101,259 | 607 554,00 | 0,73 |\n| 0,125 % ING Groep NV 2021/2025 * ................. | EUR | 200 000 | 200 000 | | % | 99,985 | 199 970,00 | 0,24 |\n| 0,402 % Intesa Sanpaolo SpA (MTN) 2017/2022 * ....... | EUR | 500 000 | | | % | 100,251 | 501 255,00 | 0,60 |\n| 0,148 % Intesa Sanpaolo SpA 2019/2022 * ............ | EUR | 500 000 | 500 000 | | % | 100,431 | 502 155,00 | 0,60 |\n| 0,875 % KBC Group NV (MTN) 2018/2023 ............ | EUR | 400 000 | 400 000 | | % | 101,728 | 406 912,00 | 0,49 |\n| 0,06 % KBC Group NV 2021/2024 * ................. | EUR | 400 000 | 400 000 | | % | 100,414 | 401 656,00 | 0,48 |\n| 0,50 % Koninklijke Philips NV -Reg- (MTN) 2017/2023 .. | EUR | 100 000 | 100 000 | | % | 101,047 | 101 047,00 | 0,12 |\n| 0,082 % Landesbank Baden-Wuerttemberg 2020/2022 * . | EUR | 1 500 000 | | | % | 100,05 | 1 500 750,00 | 1,80 |\n| 0,75 % LeasePlan Corp., NV (MTN) 2017/2022 ........ | EUR | 400 000 | | | % | 100,778 | 403 112,00 | 0,48 |\n| 1,00 % Lloyds Banking Group PLC (MTN) 2016/2023 ... | EUR | 400 000 | | | % | 102,118 | 408 472,00 | 0,49 |\n| 0,199 % Lloyds Banking Group PLC (MTN) 2017/2024 * .. | EUR | 1 200 000 | | | % | 101,52 | 1 218 240,00 | 1,46 |\n| 0,50 % Lloyds Banking Group PLC (MTN) 2019/2025 * .. | EUR | 300 000 | 300 000 | | % | 101,099 | 303 297,00 | 0,36 |\n| 0,00 % Lseg Netherlands BV 2021/2025 ............. | EUR | 160 000 | 160 000 | | % | 99,82 | 159 712,00 | 0,19 |\n| 0,00 % LVMH Moet Hennessy Louis Vuitton SE 2020/2022 * | EUR | 900 000 | | | % | 100,059 | 900 531,00 | 1,08 |\n| 0,352 % Macquarie Bank Ltd 2021/2023 * ............. | EUR | 140 000 | 140 000 | | % | 101,414 | 141 979,60 | 0,17 |\n| 1,00 % McDonald‘s Corp. (MTN) 2016/2023 .......... | EUR | 200 000 | 200 000 | | % | 102,274 | 204 548,00 | 0,25 |\n| 0,00 % Mizuho Financial Group, Inc. (MTN) 2018/2023 * | EUR | 1 200 000 | | | % | 100,566 | 1 206 792,00 | 1,44 |\n| 0,637 % Morgan Stanley (MTN) 2019/2024 * ........... | EUR | 400 000 | 400 000 | | % | 101,182 | 404 728,00 | 0,48 |\n| 2,50 % Natwest Group PLC (MTN) 2016/2023 ........ | EUR | 400 000 | | | % | 103,283 | 413 132,00 | 0,49 |\n| 2,00 % Natwest Group PLC (MTN) 2017/2023 * ....... | EUR | 1 200 000 | | | % | 100,421 | 1 205 052,00 | 1,44 |\n| 1,125 % NatWest Markets PLC (MTN) 2018/2023 ...... | EUR | 200 000 | 200 000 | | % | 101,909 | 203 818,00 | 0,24 |\n| 0,00 % OMV AG 2020/2023 ....................... | EUR | 400 000 | | | % | 100,414 | 401 656,00 | 0,48 |\n| 0,125 % OP Corporate Bank plc 2020/2024 ........... | EUR | 1 200 000 | | | % | 100,632 | 1 207 584,00 | 1,44 |\n| 0,449 % OP Corporate Bank Plc 2021/2024 * .......... | EUR | 500 000 | 500 000 | | % | 101,729 | 508 645,00 | 0,61 |\n| 1,125 % Orange SA (MTN) 2019/2024 ............... | EUR | 200 000 | 200 000 | | % | 102,882 | 205 764,00 | 0,25 |\n| 0,00 % Orange SA (MTN) 2021/2026 ............... | EUR | 100 000 | 100 000 | | % | 99,29 | 99 290,00 | 0,12 |\n| 2,00 % Procter & Gamble Co./The (MTN) 2012/2022 ... | EUR | 410 000 | 410 000 | | % | 101,56 | 416 396,00 | 0,50 |\n| 0,00 % RCI Banque SA (MTN) 2018/2023 * ........... | EUR | 200 000 | 200 000 | | % | 100,201 | 200 402,00 | 0,24 |\n| 0,262 % Santander UK Group Holdings PLC (MTN) 2018/2024 * | EUR | 700 000 | | | % | 100,739 | 705 173,00 | 0,84 |\n| 0,093 % SBB Treasury Oyj 2021/2023 * ............... | EUR | 200 000 | 200 000 | | % | 100,034 | 200 068,00 | 0,24 |\n| 0,05 % Skandinaviska Enskilda Banken AB (MTN) 2019/2024 | EUR | 400 000 | 400 000 | | % | 100,459 | 401 836,00 | 0,48 |\n| 0,25 % Skandinaviska Enskilda Banken AB 2020/2023 .. | EUR | 500 000 | | | % | 100,75 | 503 750,00 | 0,60 |\n| 0,236 % Société Générale SA (MTN) 2017/2024 * ....... | EUR | 1 000 000 | | | % | 101,343 | 1 013 430,00 | 1,21 |\n| 0,00 % Société Générale SA (MTN) 2018/2023 * ....... | EUR | 700 000 | | | % | 100,514 | 703 598,00 | 0,84 |\n| 0,75 % Standard Chartered PLC (MTN) 2017/2023 * .... | EUR | 800 000 | | | % | 100,641 | 805 128,00 | 0,96 |\n| 0,436 % Toyota Motor Finance Netherlands BV 2021/2024 * | EUR | 600 000 | 600 000 | | % | 101,589 | 609 534,00 | 0,73 |\n| 0,00 % Traton Finance Luxembourg SA 2021/2024 .... | EUR | 100 000 | 100 000 | | % | 99,791 | 99 791,00 | 0,12 |\n| 0,175 % Traton Finance Luxembourg SA 2021/2023 * ... | EUR | 200 000 | 200 000 | | % | 100,691 | 201 382,00 | 0,24 |\n| 0,125 % Traton Finance Luxembourg SA 2021/2024 .... | EUR | 100 000 | 100 000 | | % | 99,887 | 99 887,00 | 0,12 |\n| 1,25 % UBS Group Funding Switzerland AG (MTN) | | | | | | | | |\n| 2018/2025 * ............................. | EUR | 300 000 | 300 000 | | % | 102,693 | 308 079,00 | 0,37 |\n| 2,00 % UniCredit SpA (MTN) 2016/2023 ............. | EUR | 280 000 | | | % | 102,527 | 287 075,60 | 0,34 |\n| 0,129 % UniCredit SpA (MTN) 2016/2023 * ............ | EUR | 1 200 000 | | | % | 100,633 | 1 207 596,00 | 1,44 |\n| 0,816 % Upjohn Finance BV 2020/2022 .............. | EUR | 200 000 | 200 000 | | % | 100,553 | 201 106,00 | 0,24 |\n| 0,375 % Volkswagen Bank GmbH 2019/2022 .......... | EUR | 400 000 | | | % | 100,373 | 401 492,00 | 0,48 |\n| 0,988 % Volkswagen International Finance NV (MTN) | | | | | | | | |\n| 2018/2024 * ............................. | EUR | 400 000 | 400 000 | | % | 103,582 | 414 328,00 | 0,50 |\n| 1,00 % Volkswagen Leasing GmbH (MTN) 2018/2023 .. | EUR | 500 000 | 500 000 | | % | 101,38 | 506 900,00 | 0,61 |\n| 0,00 % Volkswagen Leasing GmbH 2021/2023 ........ | EUR | 450 000 | 450 000 | | % | 100,167 | 450 751,50 | 0,54 |\n| 0,00 % Volvo Treasury AB 2020/2023 ............... | EUR | 600 000 | | | % | 100,304 | 601 824,00 | 0,72 |\n| 0,125 % Volvo Treasury AB 2020/2024 ............... | EUR | 1 000 000 | | | % | 100,439 | 1 004 390,00 | 1,20 |\n| 0,75 % Vonovia Finance BV (MTN) 2017/2022 ........ | EUR | 500 000 | 500 000 | | % | 100,078 | 500 390,00 | 0,60 |\n| 0,00 % Vonovia SE 2021/2023 ..................... | EUR | 100 000 | 100 000 | | % | 100,314 | 100 314,00 | 0,12 |\n| 0,00 % Vonovia SE 2021/2025 ..................... | EUR | 100 000 | 100 000 | | % | 98,998 | 98 998,00 | 0,12 |\n| 0,625 % Westpac Banking Corp. (MTN) 2017/2024 ..... | EUR | 200 000 | 200 000 | | % | 101,852 | 203 704,00 | 0,24 |\n| 0,70 % American Express Co. (MTN) 2021/2026 * ..... | USD | 200 000 | 200 000 | | % | 100,11 | 176 646,50 | 0,21 |\n| 1,381 % AT&T, Inc. (MTN) 2018/2024 * ............... | USD | 500 000 | 500 000 | | % | 101,689 | 448 579,50 | 0,54 |\n| 0,739 % Bank of America Corp. 2021/2025 * ........... | USD | 300 000 | 300 000 | | % | 100,638 | 266 367,25 | 0,32 |\n| 0,369 % Bank of Montreal 2021/2024 * ............... | USD | 300 000 | 300 000 | | % | 99,842 | 264 260,41 | 0,32 |\n| 0,67 % Bank of Montreal (MTN) 2021/2026 * ......... | USD | 300 000 | 300 000 | | % | 99,94 | 264 519,79 | 0,32 |\n| 0,595 % Bank of Nova Scotia/The (MTN) 2021/2026 * ... | USD | 495 000 | 495 000 | | % | 99,953 | 436 514,43 | 0,52 |\n| 0,494 % Bank of Nova Scotia/The 2021/2024 * ......... | USD | 100 000 | 100 000 | | % | 100,1 | 88 314,43 | 0,11 |\n| 0,66 % Bank of Nova Scotia/The (MTN) 2021/2026 * ... | USD | 360 000 | 360 000 | | % | 99,849 | 317 134,72 | 0,38 |\n| 0,49 % Baxter International, Inc. -Reg- 2021/2024 * .... | USD | 80 000 | 80 000 | | % | 99,858 | 70 480,74 | 0,08 |\n| 0,58 % BMW US Capital LLC -Reg- 2021/2024 * ....... | USD | 100 000 | 100 000 | | % | 100,507 | 88 673,51 | 0,11 |\n| 0,469 % Canadian Imperial Bank of Commerce 2021/2024 * | USD | 150 000 | 150 000 | | % | 99,789 | 132 060,06 | 0,16 |\n| 0,32 % Caterpillar Financial Services Corp. 2021/2024 * . | USD | 190 000 | 190 000 | | % | 100,067 | 167 742,09 | 0,20 |\n| 0,55 % Charles Schwab Corp./The 2021/2024 * ....... | USD | 200 000 | 200 000 | | % | 100,322 | 177 020,58 | 0,21 |\n| 1,258 % Citigroup, Inc. (MTN) 2017/2024 * ............ | USD | 600 000 | 600 000 | | % | 101,075 | 535 047,79 | 0,64 |\n| 0,719 % Citigroup, Inc. 2021/2025 * .................. | USD | 400 000 | 400 000 | | % | 100,466 | 354 549,34 | 0,42 |\n| 0,349 % Cooperatieve Rabobank UA/NY 2021/2024 * .... | USD | 500 000 | 800 000 | 300 000 | % | 100,103 | 441 585,37 | 0,53 |\n| 0,65 % Daimler Trucks Finance North America LLC -Reg- | | | | | | | | |\n| 2021/2023 * ............................. | USD | 150 000 | 150 000 | | % | 100,111 | 132 486,20 | 0,16 |\n| 0,80 % Daimler Trucks Finance North America LLC -Reg- | | | | | | | | | |\n| 2021/2024 * ............................. | USD | 300 000 | 300 000 | % | 100,157 | 265 094,15 | 0,32 |\n| 0,48 % Federation des Caisses Desjardins du Quebec -Reg- | | | | | | | |\n| 2021/2024 * ............................. | USD | 200 000 | 200 000 | % | 100,193 | 176 792,95 | 0,21 |\n| 0,669 % General Motors Financial Co, Inc. 2021/2024 * .. | USD | 120 000 | 120 000 | % | 99,932 | 105 799,45 | 0,13 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| 0,63 % Goldman Sachs Group, Inc./The 2021/2024 * ... | USD | 400 000 | 400 000 | | % | 100,044 | 353 060,08 | 0,42 |\n| 0,63 % HSBC Holdings PLC 2021/2024 * ............. | USD | 200 000 | 200 000 | | % | 100,032 | 176 508,86 | 0,21 |\n| 0,249 % John Deere Capital Corp. 2021/2024 * ......... | USD | 70 000 | 70 000 | | % | 99,773 | 61 618,15 | 0,07 |\n| 0,63 % JPMorgan Chase & Co. 2021/2024 * .......... | USD | 400 000 | 400 000 | | % | 100,144 | 353 412,98 | 0,42 |\n| 0,63 % JPMorgan Chase & Co. 2021/2025 * .......... | USD | 300 000 | 300 000 | | % | 100,003 | 264 686,54 | 0,32 |\n| 0,65 % JPMorgan Chase & Co. 2021/2025 * .......... | USD | 400 000 | 400 000 | | % | 100,085 | 353 204,77 | 0,42 |\n| 0,759 % Macquarie Group Ltd -Reg- 2021/2025 * ....... | USD | 180 000 | 180 000 | | % | 100,124 | 159 004,08 | 0,19 |\n| 0,54 % National Bank of Canada 2021/2024 * ......... | USD | 250 000 | 250 000 | | % | 100,106 | 220 799,30 | 0,26 |\n| 0,81 % NatWest Markets PLC -Reg- (MTN) 2021/2026 * | USD | 200 000 | 200 000 | | % | 100,122 | 176 667,67 | 0,21 |\n| 0,349 % Royal Bank of Canada 2021/2024 * ........... | USD | 400 000 | 600 000 | 200 000 | % | 99,916 | 352 608,36 | 0,42 |\n| 0,574 % Royal Bank of Canada (MTN) 2021/2026 * ...... | USD | 600 000 | 600 000 | | % | 99,945 | 529 066,05 | 0,63 |\n| 0,41 % Royal Bank of Canada 2021/2024 * ........... | USD | 200 000 | 200 000 | | % | 99,992 | 176 438,28 | 0,21 |\n| 0,389 % Royal Bank of Canada 2021/2024 * ........... | USD | 200 000 | 200 000 | | % | 99,917 | 176 305,94 | 0,21 |\n| 0,639 % Royal Bank of Canada (MTN) 2021/2026 * ...... 0,48 % Siemens Financieringsmaatschappij NV -Reg- 2021/2024 * ............................. | USD USD | 100 000 250 000 | 100 000 250 000 | | % % | 99,858 100,31 | 88 100,92 221 249,25 | 0,11 0,27 |\n| 1,299 % Standard Chartered PLC -Reg- 2020/2023 * ..... | USD | 500 000 | 500 000 | | % | 100,652 | 444 007,17 | 0,53 |\n| 0,98 % Standard Chartered PLC 2021/2025 * ......... | USD | 200 000 | 200 000 | | % | 100,214 | 176 830,01 | 0,21 |\n| 0,49 % Sumitomo Mitsui Trust Bank Ltd -Reg- 2021/2024 * | USD | 200 000 | 200 000 | | % | 99,951 | 176 365,94 | 0,21 |\n| 0,579 % Thermo Fisher Scientific, Inc. 2021/2024 * ..... | USD | 60 000 | 60 000 | | % | 100,103 | 52 990,24 | 0,06 |\n| 0,405 % Toronto-Dominion Bank/The 2021/2024 * ...... | USD | 245 000 | 245 000 | | % | 99,993 | 216 139,06 | 0,26 |\n| 0,40 % Toronto-Dominion Bank/The 2021/2024 * ...... | USD | 400 000 | 400 000 | | % | 99,861 | 352 414,26 | 0,42 |\n| 0,379 % Toyota Motor Credit Corp. 2021/2024 * ........ | USD | 700 000 | 700 000 | | % | 99,921 | 617 095,51 | 0,74 |\n| 0,34 % Toyota Motor Credit Corp. 2021/2024 * ........ | USD | 180 000 | 180 000 | | % | 99,719 | 158 360,91 | 0,19 |\n| 0,41 % UBS AG/London -144A- 2021/2024 * .......... | USD | 200 000 | 200 000 | | % | 99,934 | 176 335,94 | 0,21 |\n| 0,50 % UBS AG/London 2021/2024 * ................ | USD | 200 000 | 200 000 | | % | 100,177 | 176 764,72 | 0,21 |\n| 0,55 % Verizon Communications, Inc. 2021/2024 * ..... | USD | 205 000 | 205 000 | | % | 100,366 | 181 525,67 | 0,22 |\n| 0,84 % Verizon Communications, Inc. (MTN) 2021/2026 * | USD | 125 000 | 125 000 | | % | 101,033 | 111 421,97 | 0,13 |\n| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere | | | | 927 471,76 | 1,11 |\n| Verzinsliche Wertpapiere 0,69 % AT&T, Inc. 2021/2024 * ....................\tUSD\t100 000 | 100 000 | % | 100,079 | 88 295,90 | 0,10 |\n| 0,459 % Banque Federative du Credit Mutuel SA 2021/2025 * USD\t300 000 | 300 000 | % | 99,848 | 264 276,29 | 0,32 |\n| 0,43 % BMW US Capital LLC -144A- 2021/2024 * ......\tUSD\t150 000 0,57 % Commonwealth Bank of Australia -144A- (MTN) 2021/2026 * .............................\tUSD\t200 000 | 150 000 200 000 | % % | 100,138 100,252 | 132 521,93 176 897,06 | 0,16 0,21 |\n| 0,57 % Westpac Banking Corp. (MTN) 2021/2026 * ....\tUSD\t300 000 | 300 000 | % | 100,303 | 265 480,58 | 0,32 |\n| Summe Wertpapiervermögen | | | | 73 471 006,24 | 87,85 |\n| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) | | | | | |\n| Devisen-Derivate Forderungen/Verbindlichkeiten | | | | -157 046,78 | -0,19 |\n| Devisentermingeschäfte | | | | | |\n| Devisentermingeschäfte (Verkauf) | | | | | |\n| Offene Positionen EUR/USD 14,1 Mio. ................................ | | | | -157 046,78 | -0,19 |\n| Bankguthaben | | | | 10 419 438,35 | 12,46 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben\tEUR | | | | 10 367 148,60 | 12,40 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | |\n| US-Dollar ........................................\tUSD\t59 268 | | | | 52 289,75 | 0,06 |\n| Sonstige Vermögensgegenstände | | | | 137 878,88 | 0,16 |\n| Zinsansprüche ..................................... | | | | 137 878,88 | 0,16 |\n| Summe der Vermögensgegenstände ** | | | | 84 028 323,47 | 100,47 |\n| Sonstige Verbindlichkeiten | | | | -30 369,97 | -0,03 |\n| Verbindlichkeiten aus Kostenpositionen ................ | | | | -30 369,97 | -0,03 |\n| Verbindlichkeiten aus Anteilscheingeschäften | | | | -211 431,32 | -0,25 |\n| Summe der Verbindlichkeiten | | | | -398 848,07 | -0,47 |\n| Fondsvermögen | | | | 83 629 475,40 | 100,00 |\n\nDurch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse NC ........................................ | EUR | 99,39 |\n| Umlaufende Anteile Klasse NC ........................................ | Stück | 841 441,148 |\n\nDarstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 1.4% vom Portfoliowert (1.1.2021 - 9.3.2021)\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 0,137 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 0,446 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 0,377 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 9.3.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDarstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 14,14% vom Portfoliowert (10.3.2021 - 31.12.2021)\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 0,049 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 0,132 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 0,089 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 10.3.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,1, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 12 399 222,94.\nMarktschlüssel\nVertragspartner der Devisentermingeschäfte\nBarclays Bank Ireland PLC, Deutsche Bank AG, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank und UBS AG.\n| Devisenkurse (in Mengennotiz) | |\n| --- | --- |\n| US-Dollar\tUSD | 1,133450 | = EUR | per 30.12.2021 1 |\n| Erläuterungen zur Bewertung | | | |\n\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nFußnoten\n* Variabler Zinssatz.\n** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 1.1.2021 bis 31.12.2021\n- Erträge\n\t- Zinsen aus Wertpapieren (vor Quellensteuer) \n\t- 1) \n\t- ....... EUR\t-68 337,60\n\t- Abzug ausländischer Quellensteuer ............... EUR\t-97,81Summe der Erträge .............................. EUR\t-68 435,41\n\n- Aufwendungen\n\t- Zinsen aus Kreditaufnahmen undnegativen Einlagenverzinsungen .................. EUR\t-68 373,65\n\n- Verwaltungsvergütung .......................... EUR\t-223 749,15 davon:Basis-Verwaltungsvergütung .. EUR\t-209 756,66Administrationsvergütung ..... EUR\t-13 992,49\n- Verwahrstellenvergütung ........................ EUR\t-1 116,61\n- Prüfungs-, Rechts- und Veröffentlichungskosten ..... EUR\t-7 132,49\n- Taxe d‘Abonnement ............................ EUR\t-40 441,08\n- Sonstige Aufwendungen ........................ EUR\t-7 056,01Summe der Aufwendungen ....................... EUR\t-347 868,99\n- Ordentlicher Nettoertrag ....................... EUR\t-416 304,40\n- VeräußerungsgeschäfteRealisierte Gewinne/Verluste ........................ EUR\t-514 091,56Ergebnis aus Veräußerungsgeschäften .............. EUR\t-514 091,56\n- Ergebnis des Geschäftsjahres ................... EUR\t-930 395,961) Enthalten sind in dieser Position Abschläge in Höhe von EUR 425 250,92.\n\nGesamtkostenquote (BVI - Total Expense Ratio (TER))\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\nKlasse NC 0,33% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktionskosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Geschäftsjahres aus.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 2 180,57.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\n\n###### Entwicklung des Fondsvermögens\t2021 \n- Wert des Fondsvermögens\n\n| am Beginn des Geschäftsjahres\tEUR | 112 797 089,62 |\n| --- | --- |\n| 1. Mittelzufluss (netto)\tEUR | -28 654 847,73 |\n| 2. Ertrags-/Aufwandsausgleich\tEUR | -89 925,74 |\n| 3. Ordentlicher Nettoertrag\tEUR | -416 304,40 |\n| 4. Realisierte Gewinne/Verluste\tEUR | -514 091,56 |\n| nicht realisierten Gewinne/Verluste\tEUR | 507 555,21 |\n\n5. Nettoveränderung der\n- Wert des Fondsvermögensam Ende des Geschäftsjahres ................... EUR\t83 629 475,40\n\n\n###### Zusammensetzung der Gewinne/Verluste\t2021 \nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich)\tEUR\t-514 091,56\naus:\nWertpapiergeschäften .......................... EUR\t9 945,28\nDevisen(termin)geschäften ...................... EUR\t-524 036,84\n\n###### Angaben zur Ertragsverwendung *\t\nKlasse NC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\nFondsvermögen am Ende des Geschäftsjahres\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t83 629 475,40\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t112 797 089,62\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-\nAnteilwert am Ende des Geschäftsjahres\n2021\tKlasse NC .............................. EUR\t99,39\n2020\tKlasse NC .............................. EUR\t99,94\n2019\tKlasse NC .............................. EUR\t-\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 0,09% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 2 607 950,83.\n\n## DWS Invest II European Equity Focussed Alpha (in Liquidation)\nAnlageziel und Anlage- ergebnis im Berichtszeitraum \nZiel des Teilfonds DWS Invest II European Equity Focussed Alpha (in Liquidation) war\nes, einen nachhaltigen Wert- zuwachs gegenüber der Ori- entierungsgröße MSCI Europe zu erzielen. Dabei wurde in einem konzentrierten Portfolio\nDWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)\nWertentwicklung auf 5-Jahres-Sicht\n150\n140\n130\n120\n110\n100\n90\n80\nauf Basis einer fundamentalen\n24.3.16*\n3/17\n3/18\t3/19\t3/20\n24.3.21\nBottom-up-Recherche in aus-\nDWS Invest II European Equity Focussed Alpha (in Liquidation) (Anteilklasse LC)\n* 24.3.2016 = 100\nAngaben auf Euro-Basis\ngewählte Aktien europäischer\nEmittenten investiert. Neben großen internationalen Stan- dardwerten mit hoher Börsen- kapitalisierung und entspre- chender Liquidität (Large Caps) fanden als Beimischung auch mittlere und kleinere Unter- nehmen (Small und Mid Caps) Berücksichtigung. Bottom-up- Faktoren wie die Bewertung der Aktien, Kurs- und Ertrags- entwicklung sowie die Qualität\nvon Bilanz und Geschäftsmodell waren dabei für die Titelselek- tion von entscheidender Bedeu- tung. Der Investitionsgrad des Teilfonds konnte dabei je nach Kapitalmarktsituation flexibel auch durch den Einsatz von Derivaten gesteuert werden.\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 24.3.2021 (Liquidationsstichtag)\nDWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)\nWertentwicklung der Anteilklassen vs. Vergleichsindex (in Euro)\n| Anteilklasse | ISIN | seit Beginn des Rumpfgeschäftsjahres |\n| --- | --- | --- |\n| Klasse LC | LU0781236566 | 2,4% |\n| Klasse FC | LU0781237028 | 2,6% |\n| Klasse FD | LU0781237291 | 2,6% |\n| Klasse LD | LU0781236640 | 2,4% |\n| Klasse NC 1) | LU0781236723 | - |\n| Klasse ND 1) | LU0781236996 | - |\n| Klasse XC | LU1697911474 | 2,7% |\n| MSCI Europe | | 6,4% |\n\n1) \nLetzte Anteilpreisberechnung am 11.6.2014.\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\nStand: 24.3.2021 (Auflösungstichtag)\nDas Anlageumfeld war im Berichtszeitraum neben immer noch sehr niedrigen Zinsen sowie Schwankungen an den Kapitalmärkten vor allem auch von der Coronakrise* geprägt. Vor diesem Hintergrund er- zielte der Teilfonds im Rumpf- geschäftsjahr vom 1. Januar 2021 bis zum 24. März 2021 einen Wertzuwachs von 2,4% je Anteil (Anteilklasse LC; nach BVI-Methode). Damit lag er hinter seinem Referenzindex MSCI Europe (NR), der einen\nWertzuwachs von 6,4% aufwies (jeweils in Euro).\n\n### Anlagepolitik im Berichtszeitraum\nDer Teilfonds war bis zu seiner Liquidation in europäischen Aktienwerten investiert. Die globalen gesellschaftlichen und ökonomischen Folgen des Coronavirus hielten die internationalen Kapitalmärkte weiterhin in ihrem Bann. Die teilweise weiterhin geltenden Virus-Beschränkungen führten\nbei gleichzeitig starkem Nach- frageanstieg infolge der glo- balen Wirtschaftserholung zu bedeutenden Verwerfungen in den globalen Lieferketten. Dies zeigte sich in steigenden Roh- stoffpreisen und Logistikkosten sowie in Engpässen bei vielen wichtigen Vorprodukten wie Halbleitern. Unternehmen mit guter Kontrolle ihrer eigenen Wertschöpfungskette sowie mit hoher Preissetzungsmacht waren in einem solchen Umfeld im Vorteil.\n\n### Liquidation\nDer Teilfonds DWS Invest II European Equity Focussed Alpha (in Liquidation) wurde zum 24. März 2021 liquidiert. Die Ausgabe neuer Anteile wurde zum 3. März 2021 ein- gestellt, die Rücknahme von Anteilen erfolgte ebenfalls bis zum Orderannahmeschluss am\n3. März 2021.\n\n### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Sondervermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltig- keitsbezogene Offenlegungs- pflichten im Finanzdienstleis- tungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\nDWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)\nLiquidationserlös der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | Liquidationserlös je Anteil |\n| --- | --- | --- |\n| Klasse XC | LU1697911474 | 114,26 |\n| Klasse LC | LU0781236566 | 191,14 |\n| Klasse LD | LU0781236640 | 183,48 |\n| Klasse FC | LU0781237028 | 205,26 |\n| Klasse FD | LU0781237291 | 138,30 |\n\nDWS Invest II European Equity Focussed Alpha \n(in Liquidation)\n| Vermögensübersicht zum 24.3.2021 (Liquidationsstichtag) | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Bankguthaben | 68 171 593,93 | 99,96 |\n| 2. Sonstige Vermögensgegenstände | 85 435,43 | 0,13 |\n| II. Verbindlichkeiten | | |\n| 1. Verbindlichkeiten aus Kreditaufnahme | -0,54 | 0,00 |\n| 2. Sonstige Verbindlichkeiten | -63 819,15 | -0,09 |\n| 3. Verbindlichkeiten aus Anteilscheingeschäften | -68 193 209,67 | -100,00 |\n| III. Fondsvermögen | 0,00 | 0,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n\n###### Vermögensaufstellung zum 24.3.2021 (Liquidationsstichtag)\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |\n| Börsengehandelte Wertpapiere | | | | 68 171 593,93 | 99,96 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | | | 68 166 211,49 | 99,95 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | |\n| Britisches Pfund ................................... | GBP | 6 | | 6,47 | 0,00 |\n| Schweizer Franken ................................. | CHF | 5 | | 4,62 | 0,00 |\n| US-Dollar ........................................ | USD | 6 354 | | 5 371,35 | 0,01 |\n| Sonstige Vermögensgegenstände | | | | 85 435,43 | 0,13 |\n| Dividenden- / Ausschüttungsansprüche ................. | | | | 72 953,46 | 0,11 |\n| Forderungen aus der Überschreitung des „Expense Cap“ .. | | | | 12 481,97 | 0,02 |\n| Summe der Vermögensgegenstände | | | | 68 257 029,36 | 100,09 |\n| Kurzfristige Verbindlichkeiten | | | | -0,54 | 0,00 |\n| Sonstige Verbindlichkeiten | | | | -63 819,15 | -0,09 |\n| Verbindlichkeiten aus Kostenpositionen ................ | | | | -63 819,15 | -0,09 |\n| Verbindlichkeiten aus Anteilscheingeschäften | -68 193 209,67 | -100,00 |\n| Summe der Verbindlichkeiten | -68 257 029,36 | -100,09 |\n| Fondsvermögen | 0,00 | 0,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse FC ........................................ | EUR | 0,00 |\n| Klasse FD ........................................ | EUR | 0,00 |\n| Klasse LC ........................................ | EUR | 0,00 |\n| Klasse LD ........................................ | EUR | 0,00 |\n| Klasse XC ........................................ | EUR | 0,00 |\n| Umlaufende Anteile Klasse FC ........................................ | Stück | 0,000 |\n| Klasse FD ........................................ | Stück | 0,000 |\n| Klasse LC ........................................ | Stück | 0,000 |\n| Klasse LD ........................................ | Stück | 0,000 |\n| Klasse XC ........................................ | Stück | 0,000 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI Europe in EUR\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 0,026 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 134,872 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 97,941 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 24.3.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 0,00.\n Devisenkurse (in Mengennotiz)\t\nper 24.3.2021 (Liquidationsstichtag)\n| Schweizer Franken\tCHF | 1,107347 | = EUR | 1 |\n| --- | --- | --- | --- |\n| Britisches Pfund\tGBP | 0,862276 | = EUR | 1 |\n| US-Dollar\tUSD | 1,182999 | = EUR | 1 |\n\n Erläuterungen zur Bewertung\t\nVor dem Hintergrund des Beschlusses des Verwaltungsrats der SICAV, den Fonds mit Wirkung zum 24. März 2021 zu liquidieren, wurde der Abschluss unter Aufgabe der Prämisse der Unternehmensfortführung auf der Grundlage von Liquidationswerten erstellt. Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 1.1.2021 bis 24.3.2021 (Liquidationsstichtag)\n- Erträge\n\t- Dividenden (vor Quellensteuer) ................... EUR\t77 943,74\n\t- Abzug ausländischer Quellensteuer \n\t- 1) \n\t- .............. EUR\t407,60\n\t- Ertragsausgleich ............................... EUR\t-78 351,34Summe der Erträge .............................. EUR\t0,00\n\n- Aufwendungen\n\t- Zinsen aus Kreditaufnahmen undnegativen Einlagenverzinsungen .................. EUR\t-2 298,66\n\n- Verwaltungsvergütung .......................... EUR\t-107 192,29 davon:Basis-Verwaltungsvergütung .. EUR -100 623,11 Erträge aus dem Expense Cap . EUR\t\t2 075,93 Administrationsvergütung ..... EUR\t-8 645,11\n\n\n###### Entwicklung des Fondsvermögens\t2021 \n- Wert des Fondsvermögensam Beginn des Rumpfgeschäftsjahres ............ EUR\t66 561 768,52\n- Ausschüttung für das Vorjahr ..................... EUR\t-11 010,60\n- Mittelabfluss (netto) ............................ EUR\t-68 281 919,64\n- Ertrags-/Aufwandsausgleich ...................... EUR\t13 117 078,88\n- Ordentlicher Nettoertrag ......................... EUR\t0,00\n- Realisierte Gewinne/Verluste ..................... EUR\t0,00\n- Nettoveränderung der nichtrealisierten Gewinne/Verluste .................... EUR\t-11 385 917,16\n- Wert des Fondsvermögensam Ende des Rumpfgeschäftsjahres .............. EUR\t0,00\n\n\n###### Zusammensetzung der Gewinne/Verluste\t2021 \n- Verwahrstellenvergütung ........................ EUR\t-584,69\t\n- Prüfungs-, Rechts- und Veröffentlichungskosten \n- 2) \n- ... EUR\t7 988,01\n- Sonstige Aufwendungen ........................ EUR\t-11 012,11\n- Aufwandsausgleich ............................ EUR\t113 099,74Summe der Aufwendungen ....................... EUR\t0,00\n- Ordentlicher Nettoertrag ....................... EUR\t0,00\n- Veräußerungsgeschäfte\n\t- Realisierte Gewinne/Verluste ...................... EUR\t13 151 827,28\n\t- Ertrags-/Aufwandsausgleich ....................... EUR\t-13 151 827,28Ergebnis aus Veräußerungsgeschäften .............. EUR\t0,00\n\n- Ergebnis des Rumpfgeschäftsjahres ............. EUR\t0,001) Enthalten sind im Wesentlichen die Erträge aus der Auflösung überhöhter Abgrenzungen in Höhe von EUR 407,60.\n\n2) \nEnthalten sind im Wesentlichen die Erträge aus der Auflösung überhöhter Abgrenzungen in Höhe von EUR 11 065,82.\nGesamtkostenquote (BVI - Total Expense Ratio (TER))\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\nKlasse FC 0,19%\n2)\n,\tKlasse FD 0,19%\n2)\n,\nKlasse LC 0,36%\n2)\n,\tKlasse LD 0,36%\n2)\n,\nKlasse XC 0,06%\n2)\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktionskosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Rumpfgeschäftsjahres aus.\n2) \nBei unterjährig liquidierten Anteilklassen wird von einer Annualisierung abgesehen.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 25 304,70.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t0,00\n| aus: | |\n| --- | --- |\n| Wertpapiergeschäften .......................... | EUR | 13 118 151,60 |\n| Devisen(termin)geschäften ...................... | EUR | 33 675,68 |\n| Ertrags-/Aufwandsausgleich ..................... | EUR | -13 151 827,28 |\n\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\nFondsvermögen am Ende des (Rumpf-)Geschäftsjahres\n24.3.2021 (Liquidationsstichtag) ...................... EUR\t0,00\n2020 ........................................... EUR\t66 561 768,52\n2019 ........................................... EUR\t85 358 054,25\nAnteilwert am Ende des (Rumpf-)Geschäftsjahres 24.3.2021 (Liquidationsstichtag)\nKlasse FC ............................... EUR\t-\nKlasse FD .............................. EUR\t-\nKlasse LC ............................... EUR\t-\nKlasse LD .............................. EUR\t-\nKlasse XC .............................. EUR\t-\n| 2020 | Klasse FC ............................... | EUR | 200,10 |\n| --- | --- | --- | --- |\n| | Klasse FD .............................. | EUR | 135,93 |\n| | Klasse LC ............................... | EUR | 186,65 |\n| | Klasse LD .............................. | EUR | 179,45 |\n| | Klasse XC .............................. | EUR | 111,25 |\n| 2019 | Klasse FC ............................... | EUR | 204,99 |\n| | Klasse FD .............................. | EUR | 141,87 |\n| | Klasse LC ............................... | EUR | 192,65 |\n| | Klasse LD .............................. | EUR | 187,22 |\n| | Klasse XC .............................. | EUR | 113,34 |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 0,00 % der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 0,00.\nAnlageziel und Anlage- ergebnis im Berichtszeitraum \nDWS Invest II European Top Dividend investiert vorrangig\nin Aktien hochkapitalisierter europäischer Unternehmen, die neben einer überdurchschnitt- lichen Dividendenrendite auch ein prognostiziertes Dividen- denwachstum sowie eine ange-\nDWS INVEST II EUROPEAN TOP DIVIDEND\nWertentwicklung auf 5-Jahres-Sicht\n140\n130\n120\n110\n100\n90\n80\n70\nmessene Ausschüttungsquote\n12/16*\n12/17\n12/18\t12/19\t12/20\n12/21\n(Anteil der Dividendenausschüt-\nDWS Invest II European Top Dividend (Anteilklasse LC)\n* 12/2016 = 100\nAngaben auf Euro-Basis\ntung am Jahresüberschuss)\naufweisen. Darüber hinaus müssen die Fundamentaldaten wie Bilanzqualität und Ge- schäftsmodell überzeugen.\nDer Teilfonds verzeichnete im Geschäftsjahr bis zum\n31. Dezember 2021 einen Wert- zuwachs von 16,4% je Anteil (Anteilklasse LC; nach BVI- Methode; in Euro).\n\n### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter- nationalen Kapitalmärkten stand im Jahr 2021 weiter- hin unter dem Eindruck der Coronavirus-Pandemie* und\nderen gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange- sichts der abgeschwächten Weltkonjunktur – extrem locke-\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDWS INVEST II EUROPEAN TOP DIVIDEND\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | 3 Jahre | 5 Jahre |\n| --- | --- | --- | --- | --- |\n| Klasse LC | LU0781237614 | 16,4% | 33,8% | 29,6% |\n| Klasse FC | LU1241941308 | 17,2% | 36,9% | 34,4% |\n| Klasse FD | LU1242509609 | 17,2% | 36,9% | 34,6% |\n| Klasse LD | LU0781237705 | 16,4% | 33,8% | 29,6% |\n| Klasse LDH (P) | LU1322113884 | 13,0% | 29,6% | 28,7% |\n| Klasse NC | LU0781237887 | 15,6% | 31,0% | 25,1% |\n| Klasse ND | LU0781237960 | 15,5% | 31,1% | 25,2% |\n| Klasse TFC | LU1663960000 | 17,2% | 36,9% | 21,3% 1) |\n| Klasse TFD | LU1663960182 | 17,2% | 36,9% | 21,0% 1) |\n| Klasse XC | LU0781238000 | 17,8% | 38,8% | 37,7% |\n| Klasse XD | LU0781238182 | 17,8% | 38,8% | 37,7% |\n| Klasse CHF LDH (P) 2) | LU1322113702 | 12,7% | 28,1% | 25,8% |\n\n1) \nKlassen TFC und TFD aufgelegt am 15.1.2018\n2) \nin CHF\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nre Geldpolitik der Zentralbanken der Industrieländer die Kursent- wicklung an den Finanzmärk- ten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, allerdings kamen bei Investoren auch Inflations- sorgen auf. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen\nMutanten sowie damit verbun- dene neue Beschränkungen die Konjunkturperspektiven. Vor diesem Hintergrund verzeich- neten europäische Aktien im Berichtszeitraum dennoch ins- gesamt spürbare Kursgewinne.\nDas Portfoliomanagement behielt seine grundsätzlich\nkonservative Positionierung im Großen und Ganzen bei, er- höhte jedoch die Gewichtung in den Sektoren Industrie und\nFinanzen zu Gunsten einer zykli- scheren Positionierung, wäh- rend wenig zyklische Sektoren wie Hauptverbrauchsgüter und der Gesundheitssektor reduziert wurden.\nIm Grundstoffsektor konnte das angelsächsische Unternehmen BHP überzeugen, welches auf- grund der gesteigerten Nach- frage nach Rohstoffen einen deutlichen Anstieg des Free Cash Flows aufwies.\nDas dänische Unternehmen\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nNovo Nordisk konnte 2021 von\t\neiner deutliche Bewertungsaus- weitung profitieren und inner- halb des Portfolios einen star- ken Wertzuwachs beitragen.\nIm Energiesektors konnte die norwegische Equinor aufgrund der gestiegenen Nachfrage nach erneuerbaren Energien deutlich zulegen.\nEine vergleichsweise schwache Kursentwicklung aufgrund von zurückgehenden Gewinnen wies die finnische Neste auf.\n\n### Informationen zu ökologischen und/oder sozialen Merkmalen\nDer Teilfonds ist ein Produkt im Sinne des Artikels 6 der Verord- nung (EU) 2019/2088 (Verord- nung über nachhaltigkeitsbezo- gene Offenlegungspflichten im Finanzdienstleistungssektor).\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Aktien (Branchen) Informationstechnologie | 1 878 578,36 | 0,55 |\n| Telekommunikationsdienste | 15 094 754,07 | 4,44 |\n| Dauerhafte Konsumgüter | 76 829 065,39 | 22,63 |\n| Energie | 29 369 181,55 | 8,65 |\n| Hauptverbrauchsgüter | 15 373 352,13 | 4,52 |\n| Finanzsektor | 66 458 631,99 | 19,54 |\n| Grundstoffe | 61 513 436,45 | 18,10 |\n| Industrien | 36 713 032,55 | 10,79 |\n| Versorger | 23 865 075,05 | 7,02 |\n| Summe Aktien | 327 095 107,54 | 96,24 |\n| 2. Derivate | 4 695,47 | 0,00 |\n| 3. Bankguthaben | 12 520 102,88 | 3,68 |\n| 4. Sonstige Vermögensgegenstände | 1 825 860,32 | 0,54 |\n| 5. Forderungen aus Anteilscheingeschäften | 92 315,05 | 0,03 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -1 285 067,24 | -0,38 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -374 631,47 | -0,11 |\n| III. Fondsvermögen | 339 878 382,55 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Börsengehandelte Wertpapiere | | | | | | | 327 095 107,54 | 96,24 |\n| Aktien Galenica AG ..................................... | Stück | 80 238 | | 28 900 | CHF | 68,9 | 5 338 764,94 | 1,57 |\n| Nestle SA ....................................... | Stück | 65 681 | 13 800 | 14 500 | CHF | 127,96 | 8 116 251,03 | 2,39 |\n| Novartis AG ..................................... | Stück | 71 973 | 28 400 | 800 | CHF | 80,54 | 5 597 868,78 | 1,65 |\n| Roche Holding AG ................................ | Stück | 22 922 | 2 600 | 1 600 | CHF | 380,95 | 8 432 609,11 | 2,48 |\n| Moneta Money Bank AS ........................... | Stück | 678 817 | | 189 500 | CZK | 94 | 2 560 856,55 | 0,75 |\n| AP Moller - Maersk A/S ............................ | Stück | 1 700 | 1 700 | | DKK | 23 540 | 5 381 369,90 | 1,58 |\n| Carlsberg A/S .................................... | Stück | 21 500 | 21 500 | | DKK | 1 135 | 3 281 495,30 | 0,97 |\n| Novo Nordisk A/S ................................. | Stück | 77 704 | 4 100 | 2 200 | DKK | 733,6 | 7 665 494,28 | 2,26 |\n| Allianz SE ....................................... | Stück | 17 287 | | 4 900 | EUR | 207,65 | 3 589 645,55 | 1,06 |\n| APERAM ....................................... | Stück | 45 800 | 47 400 | 1 600 | EUR | 48 | 2 198 400,00 | 0,65 |\n| AXA SA ......................................... | Stück | 133 073 | 21 200 | 36 200 | EUR | 26,305 | 3 500 485,27 | 1,03 |\n| Azelis Group NV .................................. | Stück | 39 408 | 60 008 | 20 600 | EUR | 25,74 | 1 014 361,92 | 0,30 |\n| Bankinter SA .................................... | Stück | 632 500 | 235 800 | 180 500 | EUR | 4,517 | 2 857 002,50 | 0,84 |\n| BASF SE ........................................ | Stück | 77 600 | 86 300 | 8 700 | EUR | 61,78 | 4 794 128,00 | 1,41 |\n| Bayerische Motoren Werke AG -Pref- ................. | Stück | 59 100 | 63 000 | 3 900 | EUR | 73,3 | 4 332 030,00 | 1,27 |\n| BNP Paribas SA .................................. | Stück | 52 034 | 30 500 | 20 400 | EUR | 60,71 | 3 158 984,14 | 0,93 |\n| Cie Générale des Etablissements Michelin SCA ......... | Stück | 33 814 | 7 500 | 4 000 | EUR | 144,8 | 4 896 267,20 | 1,44 |\n| Coface SA ...................................... | Stück | 231 500 | | 52 500 | EUR | 12,53 | 2 900 695,00 | 0,85 |\n| Covestro AG ..................................... | Stück | 56 194 | 25 000 | 15 600 | EUR | 54,2 | 3 045 714,80 | 0,90 |\n| Danone SA ...................................... | Stück | 68 316 | 42 900 | 43 300 | EUR | 54,93 | 3 752 597,88 | 1,10 |\n| Deutsche Pfandbriefbank AG ........................ | Stück | 77 946 | | 163 800 | EUR | 10,57 | 823 889,22 | 0,24 |\n| Deutsche Post AG ................................ | Stück | 118 750 | 18 500 | 5 000 | EUR | 56,54 | 6 714 125,00 | 1,98 |\n| Deutsche Telekom AG ............................. | Stück | 538 926 | | 59 400 | EUR | 16,3 | 8 784 493,80 | 2,58 |\n| E.ON SE ........................................ | Stück | 453 930 | | 74 700 | EUR | 12,192 | 5 534 314,56 | 1,63 |\n| EDP Renovaveis SA ............................... | Stück | 123 400 | 123 400 | | EUR | 21,68 | 2 675 312,00 | 0,79 |\n| Elisa Oyj ........................................ | Stück | 56 701 | | 3 100 | EUR | 54,38 | 3 083 400,38 | 0,91 |\n| Enel SpA ........................................ | Stück | 1 059 161 | 14 800 | 121 300 | EUR | 7,056 | 7 473 440,02 | 2,20 |\n| Essilor International Cie Générale d‘Optique SA ......... | Stück | 32 331 | 9 300 | 1 900 | EUR | 186,88 | 6 042 017,28 | 1,78 |\n| Euronext NV ..................................... | Stück | 88 762 | 26 074 | 8 400 | EUR | 89,9 | 7 979 703,80 | 2,35 |\n| Friedrich Vorwerk Group SE ......................... | Stück | 17 131 | 37 731 | 20 600 | EUR | 28,56 | 489 261,36 | 0,14 |\n| Gaztransport Et Technigaz SA ....................... | Stück | 36 300 | 36 300 | 17 088 | EUR | 82,05 | 2 978 415,00 | 0,88 |\n| Infrastrutture Wireless Italiane SpA ................... | Stück | 357 150 | 17 600 | | EUR | 10,68 | 3 814 362,00 | 1,12 |\n| Instone Real Estate Group AG ....................... | Stück | 69 500 | | 1 400 | EUR | 16,64 | 1 156 480,00 | 0,34 |\n| JDE Peet‘s BV ................................... | Stück | 63 534 | 32 000 | 28 700 | EUR | 27,19 | 1 727 489,46 | 0,51 |\n| Kone Oyj ........................................ | Stück | 53 300 | 53 300 | | EUR | 63,16 | 3 366 428,00 | 0,99 |\n| Koninklijke DSM NV ............................... | Stück | 17 229 | 2 400 | 1 900 | EUR | 198,75 | 3 424 263,75 | 1,01 |\n| Koninklijke Philips NV .............................. | Stück | 86 737 | | 15 800 | EUR | 32,945 | 2 857 550,47 | 0,84 |\n| LANXESS AG .................................... | Stück | 25 531 | | 9 700 | EUR | 54,5 | 1 391 439,50 | 0,41 |\n| Mayr Melnhof Karton AG ........................... | Stück | 13 059 | | 1 600 | EUR | 176,6 | 2 306 219,40 | 0,68 |\n| Neste Oyj ....................................... | Stück | 119 515 | 48 700 | 48 500 | EUR | 43,29 | 5 173 804,35 | 1,52 |\n| Sampo Oyj ...................................... | Stück | 110 439 | | 8 200 | EUR | 44,23 | 4 884 716,97 | 1,44 |\n| Sanofi .......................................... | Stück | 55 400 | 55 400 | | EUR | 89,35 | 4 949 990,00 | 1,46 |\n| Siemens Healthineers AG .......................... | Stück | 33 931 | 1 100 | 4 200 | EUR | 65,82 | 2 233 338,42 | 0,66 |\n| Stellantis NV ..................................... | Stück | 206 800 | 206 800 | | EUR | 16,73 | 3 459 764,00 | 1,02 |\n| Talanx AG ....................................... | Stück | 149 781 | | 40 000 | EUR | 42,54 | 6 371 683,74 | 1,87 |\n| Total SA ........................................ | Stück | 127 643 | 55 900 | 68 900 | EUR | 44,89 | 5 729 894,27 | 1,69 |\n| Unilever PLC .................................... | Stück | 148 109 | 55 700 | 29 100 | EUR | 47,245 | 6 997 409,71 | 2,06 |\n| Vantage Towers AG ............................... | Stück | 155 238 | 160 438 | 5 200 | EUR | 32,2 | 4 998 663,60 | 1,47 |\n| Vinci SA ........................................ | Stück | 17 467 | 1 600 | 3 700 | EUR | 91,94 | 1 605 915,98 | 0,47 |\n| Vonovia SE ...................................... | Stück | 178 222 | 25 300 | 3 300 | EUR | 48,5 | 8 643 767,00 | 2,54 |\n| Anglo American PLC .............................. | Stück | 37 600 | 159 700 | 122 100 | GBP | 30,32 | 1 359 147,10 | 0,40 |\n| Antofagasta PLC ................................. | Stück | 320 352 | 92 100 | 86 300 | GBP | 13,435 | 5 131 147,89 | 1,51 |\n| BHP Group PLC .................................. | Stück | 419 926 | | 262 200 | GBP | 22,13 | 11 079 077,51 | 3,26 |\n| Fresnillo PLC .................................... | Stück | 160 312 | 29 100 | 24 500 | GBP | 8,73 | 1 668 513,40 | 0,49 |\n| HSBC Holdings PLC ............................... | Stück | 484 700 | 484 700 | | GBP | 4,504 | 2 602 680,29 | 0,77 |\n| National Grid PLC ................................. | Stück | 597 017 | | 79 100 | GBP | 10,808 | 7 692 747,11 | 2,26 |\n| Polymetal International PLC ......................... | Stück | 434 761 | 61 800 | 34 400 | GBP | 12,99 | 6 733 008,33 | 1,98 |\n| Reckitt Benckiser Group PLC ........................ | Stück | 109 147 | 28 200 | 7 800 | GBP | 63,41 | 8 251 235,42 | 2,43 |\n| Rio Tinto PLC .................................... | Stück | 29 039 | 2 900 | 58 000 | GBP | 49,27 | 1 705 743,17 | 0,50 |\n| Royal Dutch Shell PLC ............................. | Stück | 191 352 | | 156 500 | GBP | 16,226 | 3 701 637,61 | 1,09 |\n| Royal Dutch Shell PLC ............................. | Stück | 191 496 | | 170 300 | GBP | 16,238 | 3 707 162,86 | 1,09 |\n| DNB Bank ASA .................................. | Stück | 279 754 | 284 954 | 5 200 | NOK | 202,2 | 5 671 198,20 | 1,67 |\n| Equinor ASA ..................................... | Stück | 281 059 | 92 000 | 119 900 | NOK | 236,2 | 6 655 715,65 | 1,96 |\n| Gjensidige Forsikring BA ........................... | Stück | 109 719 | | 4 400 | NOK | 214,2 | 2 356 235,40 | 0,69 |\n| Mowi ASA ...................................... | Stück | 75 858 | 8 700 | 64 300 | NOK | 208,4 | 1 584 953,31 | 0,47 |\n| Norsk Hydro ASA ................................. | Stück | 739 800 | 739 800 | | NOK | 69,4 | 5 147 438,51 | 1,51 |\n| Telenor ASA ..................................... | Stück | 111 692 | 7 900 | | NOK | 139,35 | 1 560 437,61 | 0,46 |\n| TGS NOPEC Geophysical Co., ASA ................... | Stück | 166 459 | 212 800 | 197 300 | NOK | 85,24 | 1 422 551,81 | 0,42 |\n| CD Projekt SA ................................... | Stück | 44 900 | 47 200 | 2 300 | PLN | 192,32 | 1 878 578,36 | 0,55 |\n| Warsaw Stock Exchange ........................... | Stück | 154 981 | | | PLN | 41,6 | 1 402 588,62 | 0,41 |\n| Boliden AB ...................................... | Stück | 135 461 | 142 361 | 6 900 | SEK | 351,1 | 4 646 372,80 | 1,37 |\n| Epiroc AB ....................................... | Stück | 180 128 | 209 428 | 29 300 | SEK | 230,6 | 4 057 976,01 | 1,19 |\n| Lundin Mining Corp. ............................... | Stück | 389 900 | 231 800 | 66 900 | SEK | 70,35 | 2 679 700,65 | 0,79 |\n| Rugvista Group AB ................................ | Stück | 135 100 | 150 000 | 14 900 | SEK | 126,6 | 1 670 929,01 | 0,49 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Währung | Bestand | im Berichtszeitraum | EUR | vermögen |\n| Sandvik AB ...................................... | Stück | 180 625 | 23 400 | 11 000 | SEK | 253,2 | 4 467 972,66 | 1,31 |\n| Swedbank AB .................................... | Stück | 336 600 | 336 600 | | SEK | 182,4 | 5 998 019,74 | 1,76 |\n| Telefonaktiebolaget LM Ericsson ..................... | Stück | 170 900 | 28 700 | 6 700 | SEK | 99,81 | 1 666 422,28 | 0,49 |\n| Polyus PJSC -GDR- ............................... | Stück | 84 272 | 23 700 | 4 400 | USD | 87,55 | 6 509 341,04 | 1,91 |\n| Summe Wertpapiervermögen | | | | | | | 327 095 107,54 | 96,24 |\n\nDerivate\n(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)\n| Devisen-Derivate Forderungen/Verbindlichkeiten | | | 4 695,47 | 0,00 |\n| --- | --- | --- | --- | --- |\n| Devisentermingeschäfte | | | | |\n| Devisentermingeschäfte (Kauf) | | | | |\n| Offene Positionen CHF/EUR 0,2 Mio. ................................. | | | 1 673,93 | 0,00 |\n| CHF/GBP 0,1 Mio. ................................. | | | -479,94 | 0,00 |\n| Geschlossene Positionen CHF/EUR 0,3 Mio. ................................. | | | 1 503,27 | 0,00 |\n| CHF/GBP 0,1 Mio. ................................. | | | 1 586,08 | 0,00 |\n| Devisentermingeschäfte (Verkauf) | | | | |\n| Offene Positionen CHF/CZK 0,1 Mio. ................................. | | | -25,37 | 0,00 |\n| CHF/DKK 0,2 Mio. ................................. | | | 158,51 | 0,00 |\n| CHF/NOK 0,4 Mio. ................................. | | | -81,05 | 0,00 |\n| CHF/PLN 0,1 Mio. ................................. | | | 2,52 | 0,00 |\n| CHF/RUB 0,8 Mio. ................................. | | | 163,24 | 0,00 |\n| CHF/SEK 0,4 Mio. ................................. | | | 16,41 | 0,00 |\n| EUR/CZK 0,1 Mio. ................................. | | | -13,22 | 0,00 |\n| EUR/DKK 0,1 Mio. ................................. | | | -1,38 | 0,00 |\n| EUR/GBP 0,1 Mio. ................................. | | | -243,13 | 0,00 |\n| EUR/NOK 0,1 Mio. ................................. | | | -75,30 | 0,00 |\n| EUR/PLN 0,1 Mio. ................................. | | | -7,15 | 0,00 |\n| EUR/RUB 0,2 Mio. ................................. | | | 22,12 | 0,00 |\n| EUR/SEK 0,1 Mio. ................................. | | | -51,81 | 0,00 |\n| Geschlossene Positionen CHF/CZK 0,2 Mio. ................................. | | | -36,42 | 0,00 |\n| CHF/NOK 0,4 Mio. ................................. | | | 400,46 | 0,00 |\n| CHF/PLN 0,1 Mio. ................................. | | | -41,94 | 0,00 |\n| EUR/CZK 0,1 Mio. ................................. | | | -13,63 | 0,00 |\n| EUR/GBP 0,1 Mio. ................................. | | | 219,02 | 0,00 |\n| EUR/NOK 0,1 Mio. ................................. | | | 36,33 | 0,00 |\n| EUR/PLN 0,1 Mio. ................................. | | | -16,08 | 0,00 |\n| Bankguthaben | | | 12 520 102,88 | 3,68 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | | 321 525,14 | 0,09 |\n| Guthaben in sonstigen EU/EWR-Währungen | | | | |\n| Dänische Kronen .................................. | DKK | 954 582 | 128 366,19 | 0,04 |\n| Norwegische Kronen ............................... | NOK | 14 428 415 | 1 446 558,52 | 0,42 |\n| Polnischer Zloty ................................... | PLN | 1 400 586 | 304 697,03 | 0,09 |\n| Schwedische Kronen ............................... | SEK | 3 379 578 | 330 165,31 | 0,10 |\n| Tschechische Kronen ............................... | CZK | 20 213 215 | 811 222,69 | 0,24 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | |\n| Britisches Pfund ................................... | GBP | 6 255 205 | 7 457 460,17 | 2,19 |\n| Kanadischer Dollar ................................. | CAD | 870 | 600,67 | 0,00 |\n| Schweizer Franken ................................. | CHF | 1 438 070 | 1 388 741,89 | 0,41 |\n| US-Dollar ........................................ | USD | 374 906 | 330 765,27 | 0,10 |\n| Sonstige Vermögensgegenstände | | | 1 825 860,32 | 0,54 |\n| Dividenden- / Ausschüttungsansprüche ................. | | | 439 562,40 | 0,13 |\n| Sonstige Ansprüche ................................ | | | 1 386 297,92 | 0,41 |\n| Forderungen aus Anteilscheingeschäften | | | 92 315,05 | 0,03 |\n| Summe der Vermögensgegenstände * | | | 341 539 167,68 | 100,49 |\n\n| Sonstige Verbindlichkeiten | -1 285 067,24 | -0,38 |\n| --- | --- | --- |\n| Verbindlichkeiten aus Kostenpositionen ................ | -465 910,80 | -0,14 |\n| Andere sonstige Verbindlichkeiten ..................... | -819 156,44 | -0,24 |\n| Verbindlichkeiten aus Anteilscheingeschäften | -374 631,47 | -0,11 |\n| Summe der Verbindlichkeiten | -1 660 785,13 | -0,49 |\n| Fondsvermögen Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | 339 878 382,55 | 100,00 |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse CHF LDH (P) ................................ | CHF | 110,92 |\n| Klasse FC ........................................ | EUR | 130,70 |\n| Klasse FD ........................................ | EUR | 110,41 |\n| Klasse LC ........................................ | EUR | 197,10 |\n| Klasse LD ........................................ | EUR | 152,48 |\n| Klasse LDH (P) .................................... | EUR | 114,08 |\n| Klasse NC ........................................ | EUR | 184,03 |\n| Klasse ND ........................................ | EUR | 145,01 |\n| Klasse TFC ....................................... | EUR | 121,30 |\n| Klasse TFD ....................................... | EUR | 108,98 |\n| Klasse XC ........................................ | EUR | 219,87 |\n| Klasse XD ........................................ | EUR | 132,81 |\n| Umlaufende Anteile Klasse CHF LDH (P) ................................ | Stück | 4 666,000 |\n| Klasse FC ........................................ | Stück | 275 205,628 |\n| Klasse FD ........................................ | Stück | 41 170,000 |\n| Klasse LC ........................................ | Stück | 244 309,681 |\n| Klasse LD ........................................ | Stück | 1 594 420,084 |\n| Klasse LDH (P) .................................... | Stück | 935,161 |\n| Klasse NC ........................................ | Stück | 22 305,672 |\n| Klasse ND ........................................ | Stück | 711,769 |\n| Klasse TFC ....................................... | Stück | 5 815,395 |\n| Klasse TFD ....................................... | Stück | 5 308,458 |\n| Klasse XC ........................................ | Stück | 9 015,302 |\n| Klasse XD ........................................ | Stück | 88,207 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI Europe High Dividend Yield net TR\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 82,725 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 120,918 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 99,156 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 0,00.\n Marktschlüssel\t Vertragspartner der Devisentermingeschäfte\nBarclays Bank Ireland PLC, BNP Paribas S.A., Bofa Securities Europe S.A., Goldman Sachs Bank Europe SE, HSBC France, J.P. Morgan AG, Morgan Stanley Bank AG, Morgan Stanley Europe SE, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank und UBS AG.\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Kanadischer Dollar\tCAD | 1,448606 | = EUR | 1 |\n| --- | --- | --- | --- |\n| Schweizer Franken\tCHF | 1,035520 | = EUR | 1 |\n| Tschechische Kronen\tCZK | 24,916975 | = EUR | 1 |\n| Dänische Kronen\tDKK | 7,436396 | = EUR | 1 |\n| Britisches Pfund\tGBP | 0,838785 | = EUR | 1 |\n| Norwegische Kronen\tNOK | 9,974305 | = EUR | 1 |\n| Polnischer Zloty\tPLN | 4,596650 | = EUR | 1 |\n| Schwedische Kronen\tSEK | 10,236018 | = EUR | 1 |\n| US-Dollar\tUSD | 1,133450 | = EUR | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\n Fußnote\t\n* Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 1.1.2021 bis 31.12.2021 | | | | I. | Wert des Fondsvermögens | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | | | | | am Beginn des Geschäftsjahres ................. | EUR | 300 394 665,07 |\n| I. Erträge | | | | 1. | Ausschüttung für das Vorjahr ..................... | EUR | -7 482 922,76 |\n| 1. Dividenden (vor Quellensteuer) ................... | EUR | 12 905 929,15 | | 2. | Mittelabfluss (netto) ........................... | EUR | -466 728,82 |\n| 2. Zinsen aus Liquiditätsanlagen (vor Quellensteuer) . . . . . | EUR | 770,38 | | 3. | Ertrags-/Aufwandsausgleich ...................... | EUR | -155 653,66 |\n| 3. Erträge aus Wertpapier-Darlehen .................. | EUR | 3 590,66 | | 4. | Ordentlicher Nettoertrag ........................ | EUR | 7 408 819,82 |\n| 4. Abzug ausländischer Quellensteuer ............... | EUR | -629 721,23 | | 5. | Realisierte Gewinne/Verluste ..................... | EUR | 11 614 902,45 |\n| | | | | 6. | Nettoveränderung der | | |\n| Summe der Erträge............................... | EUR | 12 280 568,96 | | | nicht realisierten Gewinne/Verluste ................ | EUR | 28 565 300,45 |\n| II. Aufwendungen | | | | II. | Wert des Fondsvermögens | | |\n| 1. Zinsen aus Kreditaufnahmen und | | | | | am Ende des Geschäftsjahres ................... | EUR | 339 878 382,55 |\n| negativen Einlagenverzinsungen .................. | EUR | -60 746,70 | | | | | |\n| 2. Verwaltungsvergütung .......................... | EUR | -4 569 047,84 | | | | | |\n| davon: | | | | | | | |\n\n| Basis-Verwaltungsvergütung .. EUR -4 531 669,76 | |\n| --- | --- |\n| Administrationsvergütung ..... EUR\t-37 378,08 |\n| 3. Verwahrstellenvergütung ........................ | EUR | -8 570,93 |\n| 4. Prüfungs-, Rechts- und Veröffentlichungskosten 1) .... | EUR | 34 057,54 |\n| 5. Taxe d‘Abonnement ............................ | EUR | -161 733,86 |\n| 6. Sonstige Aufwendungen ........................ | EUR | -105 707,35 |\n\n\n###### Zusammensetzung der Gewinne/Verluste\t2021 \ndavon:\nErfolgsabhängige Vergütung\naus Leihe-Erträgen .......... EUR\t-1 196,89\nandere .................... EUR\t-104 510,46\n| Summe der Aufwendungen ........................ | EUR | -4 871 749,14 |\n| --- | --- | --- |\n| III. Ordentlicher Nettoertrag ....................... | EUR | 7 408 819,82 |\n| IV. Veräußerungsgeschäfte Realisierte Gewinne/Verluste ........................ | EUR | 11 614 902,45 |\n| Ergebnis aus Veräußerungsgeschäften .............. | EUR | 11 614 902,45 |\n| V. Ergebnis des Geschäftsjahres ................... | EUR | 19 023 722,27 |\n\n1) \nEnthalten sind im Wesentlichen die Erträge aus der Auflösung überhöhter Abgrenzungen der Prüfungskosten in Höhe von EUR 42 576,33.\nGesamtkostenquote (BVI – Total Expense Ratio (TER))\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\nKlasse CHF LDH (P) 1,61% p.a.,\tKlasse FC 0,82% p.a., Klasse FD 0,83% p.a.,\tKlasse LC 1,58% p.a.,\nKlasse LD 1,58% p.a.,\tKlasse LDH (P) 1,59% p.a.,\nKlasse NC 2,28% p.a.,\tKlasse ND 2,29% p.a.,\nKlasse TFC 0,84% p.a.,\tKlasse TFD 0,83% p.a.,\nKlasse XC 0,38% p.a.,\tKlasse XD 0,36% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktionskosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Geschäftsjahres aus.\nZudem fiel aufgrund der Zusatzerträge aus Wertpapierleihegeschäften eine erfolgsab- hängige Vergütung in Höhe von:\nKlasse CHF LDH (P) <0,001% p.a., Klasse FC <0,001% p.a.,\nKlasse FD <0,001% p.a.,\tKlasse LC <0,001% p.a., Klasse LD <0,001% p.a.,\tKlasse LDH (P) <0,001% p.a., Klasse NC <0,001% p.a.,\tKlasse ND <0,001% p.a., Klasse TFC <0,001% p.a.,\tKlasse TFD <0,001% p.a., Klasse XC <0,001% p.a.,\tKlasse XD <0,001% p.a.\ndes durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse an.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 183 030,44.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t11 614 902,45\naus:\nWertpapiergeschäften .......................... EUR\t11 118 875,98\nDevisen(termin)geschäften ...................... EUR\t496 026,47\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n\n###### Angaben zur Ertragsverwendung *\t\nKlasse CHF LDH (P)\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tCHF\t3,65\n| | 2021 | Klasse CHF LDH (P) ...................... | CHF | 110,92 |\n| --- | --- | --- | --- | --- |\n| Das Ergebnis des Geschäftsjahres wird thesauriert. | | Klasse FC ............................... | EUR | 130,70 |\n| | | Klasse FD .............................. | EUR | 110,41 |\n\nKlasse FC\nFondsvermögen am Ende des Geschäftsjahres\n2021 ........................................... EUR\t339 878 382,55\n2020 ........................................... EUR\t300 394 665,07\n2019 ........................................... EUR\t446 907 349,79\nAnteilwert am Ende des Geschäftsjahres\n| Klasse FD | |\n| --- | --- |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | EUR | 3,57 |\n| Klasse LC | | | |\n\n| | Klasse LC ............................... | EUR | 197,10 |\n| --- | --- | --- | --- |\n| Klasse LD .............................. | EUR | 152,48 |\n| Klasse LDH (P) .......................... | EUR | 114,08 |\n| Klasse NC .............................. | EUR | 184,03 |\n| Klasse ND .............................. | EUR | 145,01 |\n| Klasse TFC .............................. | EUR | 121,30 |\n| Klasse TFD ............................. | EUR | 108,98 |\n| | Klasse XC .............................. | EUR | 219,87 |\n\nKlasse LD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t4,95\nKlasse LDH (P)\nArt\tper\tWährung\tJe Anteil\nKlasse FD .............................. EUR\t97,27\n| | Klasse XD .............................. | EUR | 132,81 |\n| --- | --- | --- | --- |\n| Das Ergebnis des Geschäftsjahres wird thesauriert. | 2020 | Klasse CHF LDH (P) ...................... | CHF | 101,68 |\n| | | Klasse FC ............................... | EUR | 111,48 |\n\nKlasse LC ............................... EUR\t169,38\nKlasse LD .............................. EUR\t135,37\nKlasse LDH (P) .......................... EUR\t104,36\nKlasse NC .............................. EUR\t159,26\nKlasse ND .............................. EUR\t129,67\nKlasse TFC .............................. EUR\t103,47\nKlasse TFD ............................. EUR\t96,63\nKlasse XC .............................. EUR\t186,70\nKlasse XD .............................. EUR\t115,82\n| Endausschüttung | 4.3.2022 | EUR | 3,75 | 2019\tKlasse CHF LDH (P) ...................... Klasse FC ............................... | CHF EUR | 107,05 114,25 |\n| --- | --- | --- | --- | --- | --- | --- |\n| | | | | Klasse FD .............................. | EUR | 103,18 |\n| | | Klasse LC ............................... | EUR | 174,90 |\n| | | Klasse LD .............................. | EUR | 144,72 |\n| Das Ergebnis des Geschäftsjahres wird thesauriert. | | Klasse LDH (P) .......................... | EUR | 109,30 |\n| | | Klasse NC .............................. | EUR | 165,60 |\n| | | Klasse ND .............................. | EUR | 139,63 |\n| Klasse ND | | | | Klasse TFC .............................. | EUR | 106,04 |\n| | | | | Klasse TFD ............................. | EUR | 102,53 |\n| Art | per | Währung | Je Anteil | Klasse XC .............................. | EUR | 190,44 |\n\nKlasse NC\nEndausschüttung\t4.3.2022\tEUR\t4,73\nKlasse TFC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n| Klasse TFD | |\n| --- | --- |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | EUR | 3,53 |\n| Klasse XC | | | |\n| Das Ergebnis des Geschäftsjahres wird thesauriert. |\n| Klasse XD | | | |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | EUR | 4,28 |\n\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nIm Falle einer Endausschüttung eventuell verbleibende ordentliche Ergebnisse des Geschäftsjahres werden thesauriert.\nKlasse XD .............................. EUR\t122,29\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 0,00% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 0,00.\n\n#\n\n## DWS Invest II Global Equity High Conviction Fund\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nDer Anlagefokus des DWS Invest II Global Equity High Conviction Fund liegt auf Aktien in und ausländischer Unter nehmen, die überdurchschnitt liche Wachstumsperspektiven aufweisen. Das Investment universum umfasst dabei Akti\nDWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND\nWertentwicklung auf 5-Jahres-Sicht\n190\n175\n160\n145\n130\n115\n100\n85\nen von Unternehmen rund um\n12/16*\n12/17\n12/18\t12/19\t12/20\n12/21\nden Globus, deren Wachstums\npotenzial sich aus einer der drei\nDWS Invest II Global Equity High Conviction Fund (Anteilklasse LC)\n* 12/2016 = 100\nAngaben auf Euro-Basis\nKriterien ergibt: Unternehmen mit Geschäftstätigkeit in stark wachsenden Nischenmärkten, Unternehmen mit signifikanter Geschäftstätigkeit in Schwellen ländern und Unternehmen innerhalb der Schwellenländer.\nIm Berichtszeitraum von An fang Januar 2021 bis Ende Dezember 2021 verzeichnete der Teilfonds einen Wertzu wachs von 23,5% je Anteil (Anteilklasse LC; nach BVI Methode). Sein Vergleichsindex MSCI AC World wies im selben Zeitraum ein Plus von 29,0% auf (jeweils in Euro).\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der\nVergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND\nWertentwicklung der Anteilklassen vs. Vergleichsindex (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | 3 Jahre | 5 Jahre |\n| --- | --- | --- | --- | --- |\n| Klasse LC | LU0826452848 | 23,5% | 72,5% | 82,2% |\n| Klasse FC | LU0826453069 | 24,4% | 76,5% | 89,1% |\n| Klasse LD | LU0826452921 | 23,5% | 72,6% | 82,2% |\n| Klasse NC | LU0826453226 | 22,6% | 69,0% | 75,9% |\n| Klasse TFC | LU1663960265 | 24,4% | 76,6% | 68,7% 1) |\n| Klasse TFD | LU1663960349 | 24,4% | 76,7% | 68,8% 1) |\n| MSCI AC World | | 29,0% | 77,3% | 82,5% |\n\n1) \nKlassen TFC und TFD aufgelegt am 15.1.2018\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\n\n### Anlagepolitik im Berichtszeitraum\nEin Anlageschwerpunkt lag im abgelaufenen Geschäftsjahr auf Unternehmen, die sich neben nachhaltigen Wachs tumsperspektiven durch eine gewisse Stabilität hinsichtlich ihres Geschäftsmodells und ihrer Cashflows auszeichneten. Die Anzahl der im Portfolio enthaltenen Werte lag bei maximal 40 Werten. Einzelne Titel konnten damit ein deutlich erhöhtes Gewicht haben (auch zum Ausdruck gebracht durch die Bezeichnung „High Con\nviction“ – hohe Überzeugung). Aktien, die den Ansprüchen des Portfoliomanagements nicht genügten, waren im Gegensatz zur Benchmark gar nicht im Portfolio enthalten.\nNach dem denkwürdigen Geschäftsjahr 2020 entwickel ten sich die Aktienbörsen im aktuellen Berichtszeitraum sehr erfreulich. Das „COVID 19Thema“* blieb weiterhin allgegenwärtig. Allerdings wandelte sich die Stimmung zu einem zunehmend positiven Grundton, da deutliche Fort\nschritte im Kampf gegen die Pandemie erzielt wurden. Nach positiven klinischen Studien ergebnissen im November 2020 konnten die ersten Impfstoffe zum Jahreswechsel verabreicht werden. Die seither global lau fenden Impfkampagnen halfen großen Volkswirtschaften, sich schrittweise wieder der Norma lität zu nähern. Dies spiegelte sich auch in Unternehmens ergebnissen wider. Außerdem verhalfen die beispiellosen Unterstützungsmaßnahmen seitens der Regierungen sowie flankierende Aktionen durch\nZentralbanken den Konsu menten und der Konjunktur\n„unter die Arme zu greifen“. Dies drückte sich in deutlich gestiegenen Aktienkursen aus. Hierbei konnten gerade viele Unternehmen überproportional partizipieren, die zu Beginn der Pandemie besonders abgestraft wurden und über schlechtere Bilanzqualitäten verfügten.\nTrotz dieser insgesamt erfreu lichen Entwicklung gab es auch deutliche Unsicherheitsfaktoren und „Nebenwirkungen“ der Pandemiemaßnahmen. Zum einen ist das Virus nicht ausge rottet und könnte die Welt u.U. vor neue Herausforderungen stellen. Im Berichtszeitraum sorgten mehrere „COVID Wellen“ immer wieder für Rückschläge, z.B. in sensiblen Branchen wie dem Reisesektor. Zum anderen hat die Pande mie deutliche Verwerfungen bei den globalen Lieferket\nten verursacht, welche die Volkswirtschaften weiterhin belasteten. Ein großer Mangel an Frachtkapazitäten auf der Straße, zur See und in der Luft war ebenso evident wie Pro duktionskapazitäten z.B. bei Halbleitern, die für die rapide ansteigende Nachfrage im Rahmen der Konjunkturerho lung nicht ausreichend waren. Deren Folgen zogen sich durch vielen Branchen, besonders anschaulich war dies in der Automobilwirtschaft. Aber auch viele anderen Industrien waren von den Lieferengpässen betroffen. Die Kombination aus den Produktionsausfällen und Werkschließungen und teuren Konjunkturpaketen sowie das\nnahezu gleichzeitige „Öffnen“ der Volkswirtschaften hat zu dem zu deutlichen Preisverwer fungen an vielen Endmärkten geführt. Die Preisexplosionen bei Holz, Baumaterialien oder Frachtcontainern sind weitere Beispiele. Dies hat die Sorgen vor einer „unkontrollierten“ Inflationsdynamik entfacht und die Anleihemärkte bewegt.\nEntsprechend sensitiv reagier ten auch die Aktiennotierungen auf diese Entwicklungen, wenn gleich unterm Strich wie bereits erwähnt deutlich Gewinne verzeichnet werden konnten.\nÜber das gesamte Geschäfts jahr gesehen gab es weniger regionale als sektorale Unter schiede. Gerade die Aktien märkte in den Industrieländern bewegten sich oftmals in ähnlich positiven Größenord nungen. Dagegen hinkten die Schwellenländer aufgrund einer unterdurchschnittlichen Entwicklung in Asien seit dem Sommer deutlich hinterher.\nDiese schwächere Entwick lung in den Schwellenländern bekam das Portfolio durch die Positionierung in chinesischen Aktien deutlich zu spüren.\nInsbesondere die verschärfte staatliche Regulierung von Kommunikations und Internet unternehmen wie Alibaba oder Tencent machte sich negativ bemerkbar. Da diese Firmen aufgrund ihrer starken Markt stellungen, attraktiven Bewer tung und erfolgreichen Digitali sierungsstrategien im Portfolio vertreten waren, war deren Entwicklung ein sehr wesentli cher Grund für die schwächere\nEntwicklung des Teilfonds. Das chinesische Versicherungsun ternehmen Ping An litt eben falls unter Ängsten staatlicher Regulierung, was sich in einer schwachen Kursentwicklung bemerkbar machte. Aber auch andere Technologiewerte aus den Emerging Marktes wie z.B. Samsung Electronics konnten im Berichtszeitraum nicht mit der Wertentwicklung des Index mithalten.\nDer Aktienmarkt präferierte im Jahr 2021 u.a. Unternehmen mit hohen Wachstumsraten und weiter in der Zukunft lie genden Gewinnen und somit hoher Bewertung (z.B. Tesla, Nvidia etc.). Das Portfolio management legte jedoch weiterhin großen Wert auf attraktive Bewertungen und daher hat diese generelle Ent wicklung dem Teilfonds ge schadet. Ferner hat das Über gewicht bei Gesundheit und das Untergewicht bei Energie negativ beigetragen. Positiv für den Teilfonds haben sich das Übergewicht bei Kommunika tionstiteln (z.B. Alphabet) und das Untergewicht bei Versor gern ausgewirkt.\n\n### Informationen zu ökologischen und/oder sozialen Merkmalen\nDer Teilfonds ist ein Produkt im Sinne des Artikels 6 der Verord nung (EU) 2019/2088 (Verord nung über nachhaltigkeitsbezo gene Offenlegungspflichten im Finanzdienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n\n## Jahresabschluss\nDWS Invest II Global Equity High Conviction Fund\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Aktien (Branchen) Informationstechnologie | 37 382 554,83 | 18,42 |\n| Telekommunikationsdienste | 45 254 806,31 | 22,30 |\n| Dauerhafte Konsumgüter | 63 877 232,29 | 31,46 |\n| Hauptverbrauchsgüter | 14 077 065,50 | 6,93 |\n| Finanzsektor | 35 571 434,36 | 17,52 |\n| Summe Aktien | 196 163 093,29 | 96,63 |\n| 2. Bankguthaben | 7 003 672,01 | 3,45 |\n| 3. Sonstige Vermögensgegenstände | 120 542,96 | 0,06 |\n| 4. Forderungen aus Anteilscheingeschäften | 1 644,16 | 0,00 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -275 860,83 | -0,13 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -18 720,93 | -0,01 |\n| III. Fondsvermögen | 202 994 370,66 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Börsengehandelte Wertpapiere | | | | | | | 196 163 093,29 | 96,63 |\n| Aktien Toronto-Dominion Bank/The ........................ | Stück | 63 000 | 63 000 | | CAD | 97,67 | 4 247 676,82 | 2,09 |\n| Nestle SA ....................................... | Stück | 89 500 | 4 000 | | CHF | 127,96 | 11 059 582,94 | 5,45 |\n| Roche Holding AG ................................ | Stück | 10 850 | | 3 200 | CHF | 380,95 | 3 991 528,18 | 1,97 |\n| Allianz SE ....................................... | Stück | 15 100 | | 5 000 | EUR | 207,65 | 3 135 515,00 | 1,54 |\n| Deutsche Boerse AG .............................. | Stück | 27 800 | | | EUR | 147,1 | 4 089 380,00 | 2,01 |\n| Fresenius SE & Co., KGaA .......................... | Stück | 101 100 | | 10 000 | EUR | 35,4 | 3 578 940,00 | 1,76 |\n| Talanx AG ....................................... | Stück | 104 208 | | | EUR | 42,54 | 4 433 008,32 | 2,18 |\n| Unilever PLC .................................... | Stück | 153 000 | 32 000 | | EUR | 47,245 | 7 228 485,00 | 3,56 |\n| Alibaba Group Holding Ltd .......................... | Stück | 338 400 | 338 400 | | HKD | 109,9 | 4 207 056,53 | 2,07 |\n| Ping An Insurance Group Co. of China Ltd ............. | Stück | 330 000 | 330 000 | | HKD | 56,3 | 2 101 709,25 | 1,04 |\n| Tencent Holdings Ltd .............................. | Stück | 136 000 | 7 600 | | HKD | 443,4 | 6 821 578,77 | 3,36 |\n| Toyota Motor Corp. ............................... | Stück | 200 000 | 200 000 | | JPY | 2 105,5 | 3 228 227,21 | 1,59 |\n| Samsung Electronics Co., Ltd ....................... | Stück | 181 150 | | | KRW | 78 300 | 10 527 061,12 | 5,19 |\n| Taiwan Semiconductor Manufacturing Co., Ltd . . . . . . . . . . | Stück | 585 000 | | | TWD | 615 | 11 472 722,41 | 5,65 |\n| Alphabet, Inc. .................................... | Stück | 7 350 | | 2 400 | USD | 2 932,12 | 19 013 700,71 | 9,37 |\n| Amgen, Inc. ..................................... | Stück | 17 578 | | | USD | 228,45 | 3 542 894,31 | 1,74 |\n| Applied Materials, Inc. ............................. | Stück | 12 800 | 12 800 | | USD | 159,66 | 1 803 032,97 | 0,89 |\n| Arista Networks, Inc. .............................. | Stück | 29 000 | 21 750 | | USD | 144,4 | 3 694 560,35 | 1,82 |\n| AutoZone, Inc. ................................... | Stück | 3 324 | 177 | 1 153 | USD | 2 100,31 | 6 159 450,78 | 3,03 |\n| Biogen Idec, Inc. ................................. | Stück | 8 943 | 8 943 | | USD | 241,75 | 1 907 424,20 | 0,94 |\n| Booking Holdings, Inc. ............................. | Stück | 820 | | 400 | USD | 2 406,64 | 1 741 095,36 | 0,86 |\n| Centene Corp. ................................... | Stück | 44 000 | | | USD | 84,32 | 3 273 262,60 | 1,61 |\n| Check Point Software Technologies Ltd ............... | Stück | 27 050 | | | USD | 117,77 | 2 810 603,09 | 1,38 |\n| Clorox Co./The ................................... | Stück | 9 468 | 9 468 | | USD | 171,51 | 1 432 667,04 | 0,71 |\n| eBay, Inc. ....................................... | Stück | 66 500 | | | USD | 67,4 | 3 954 386,51 | 1,95 |\n| Facebook, Inc. ................................... | Stück | 19 100 | | 4 900 | USD | 345,52 | 5 822 428,08 | 2,87 |\n| Gilead Sciences, Inc. .............................. | Stück | 22 300 | | | USD | 73,67 | 1 449 416,19 | 0,71 |\n| Home Depot, Inc./The ............................. | Stück | 12 900 | 6 100 | | USD | 412,03 | 4 689 387,51 | 2,31 |\n| HP, Inc. ......................................... | Stück | 146 300 | | 40 000 | USD | 37,99 | 4 903 556,61 | 2,42 |\n| Intel Corp. ....................................... | Stück | 93 500 | | | USD | 51,95 | 4 285 433,27 | 2,11 |\n| Johnson & Johnson ............................... | Stück | 22 900 | | | USD | 171,96 | 3 474 245,41 | 1,71 |\n| Marsh & McLennan Cos, Inc. ....................... | Stück | 32 750 | | | USD | 174,15 | 5 031 904,12 | 2,48 |\n| Medtronic PLC ................................... | Stück | 52 300 | | | USD | 104,51 | 4 822 332,05 | 2,38 |\n| Merck & Co., Inc. ................................. | Stück | 57 100 | 27 000 | | USD | 77,15 | 3 886 597,91 | 1,91 |\n| Progressive Corp./The ............................. | Stück | 72 000 | 7 000 | | USD | 103,74 | 6 589 861,91 | 3,25 |\n| S&P Global, Inc. .................................. | Stück | 11 000 | | | USD | 474 | 4 600 114,07 | 2,27 |\n| UnitedHealth Group, Inc. ........................... | Stück | 13 800 | | 2 500 | USD | 506,065 | 6 161 450,48 | 3,03 |\n| Vertex Pharmaceuticals, Inc. ........................ | Stück | 17 600 | 8 800 | | USD | 223,36 | 3 468 291,91 | 1,71 |\n| Visa, Inc. * ...................................... | Stück | 30 851 | 6 300 | | USD | 218,32 | 5 942 378,94 | 2,93 |\n| VMware, Inc. .................................... | Stück | 15 200 | | | USD | 117,83 | 1 580 145,36 | 0,78 |\n| Summe Wertpapiervermögen | | | | | | | 196 163 093,29 | 96,63 |\n| Bankguthaben | | | | | | | 7 003 672,01 | 3,45 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | | | | | | 49 247,37 | 0,03 |\n| Guthaben in sonstigen EU/EWR-Währungen | | | | | | | | |\n| Dänische Kronen .................................. | DKK | 6 662 | | | | | 895,85 | 0,00 |\n| Norwegische Kronen ............................... | NOK | 24 857 | | | | | 2 492,15 | 0,00 |\n| Schwedische Kronen ............................... | SEK | 2 262 | | | | | 221,00 | 0,00 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | | | | |\n| Australischer Dollar ................................ | AUD | 4 828 | | | | | 3 096,53 | 0,00 |\n| Brasilianischer Real ................................ | BRL | 6 502 | | | | | 1 029,31 | 0,00 |\n| Britisches Pfund ................................... | GBP | 4 163 | | | | | 4 963,29 | 0,00 |\n| Hongkong Dollar ................................... | HKD | 43 716 | | | | | 4 945,31 | 0,00 |\n| Indonesische Rupie ................................ | IDR | 2 619 630 | | | | | 161,99 | 0,00 |\n| Israelischer Schekel ................................ | ILS | 2 669 | | | | | 757,40 | 0,00 |\n| Japanischer Yen ................................... | JPY | 114 796 | | | | | 880,05 | 0,00 |\n| Kanadischer Dollar ................................. | CAD | 6 988 | | | | | 4 823,60 | 0,00 |\n| Mexikanischer Peso ................................ | MXN | 3 480 | | | | | 149,69 | 0,00 |\n| Neue Taiwan Dollar ................................ | TWD | 3 149 321 | | | | | 100 427,45 | 0,05 |\n| Schweizer Franken ................................. | CHF | 5 129 | | | | | 4 953,14 | 0,00 |\n| Singapur Dollar .................................... | SGD | 4 303 | | | | | 2 807,09 | 0,00 |\n| Südafrikanischer Rand .............................. | ZAR | 4 342 | | | | | 240,23 | 0,00 |\n| Südkoreanischer Won .............................. | KRW | 226 566 767 | | | | | 168 152,47 | 0,09 |\n| Thailändischer Baht ................................ | THB | 79 664 | | | | | 2 104,00 | 0,00 |\n| US-Dollar ........................................ | USD | 7 538 944 | | | | | 6 651 324,09 | 3,28 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Sonstige Vermögensgegenstände | 120 542,96 | 0,06 |\n| Dividenden- / Ausschüttungsansprüche ................. | 120 542,96 | 0,06 |\n| Forderungen aus Anteilscheingeschäften | 1 644,16 | 0,00 |\n| Summe der Vermögensgegenstände | 203 288 952,42 | 100,14 |\n| Sonstige Verbindlichkeiten | -275 860,83 | -0,13 |\n| Verbindlichkeiten aus Kostenpositionen ................ | -275 860,83 | -0,13 |\n| Verbindlichkeiten aus Anteilscheingeschäften | -18 720,93 | -0,01 |\n| Summe der Verbindlichkeiten | -294 581,76 | -0,14 |\n| Fondsvermögen | 202 994 370,66 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse FC ........................................ | EUR | 281,67 |\n| Klasse LC ........................................ | EUR | 262,69 |\n| Klasse LD ........................................ | EUR | 258,16 |\n| Klasse NC ........................................ | EUR | 246,73 |\n| Klasse TFC ....................................... | EUR | 168,69 |\n| Klasse TFD ....................................... | EUR | 166,06 |\n| Umlaufende Anteile Klasse FC ........................................ | Stück | 140 859,664 |\n| Klasse LC ........................................ | Stück | 526 298,125 |\n| Klasse LD ........................................ | Stück | 27 825,438 |\n| Klasse NC ........................................ | Stück | 72 421,417 |\n| Klasse TFC ....................................... | Stück | 40,000 |\n| Klasse TFD ....................................... | Stück | 20,000 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI All Countries World Index (EUR)\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 76,040 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 97,878 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 84,417 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 0,00.\n Erläuterungen zu den Wertpapier-Darlehen\t\nFolgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:\n| Wertpapierbezeichnung | Währung bzw. Nominal in Stück | Nominalbetrag bzw. Bestand | Wertpapier-Darlehen Kurswert in EUR unbefristet | gesamt |\n| --- | --- | --- | --- | --- |\n| Visa, Inc. | Stück | 25 000 | 4 815 386,00 | |\n| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen | | | 4 815 386,00 | 4 815 386,00 |\n| Vertragspartner der Wertpapier-Darlehen Barclays Bank Ireland PLC EQ | | | | |\n| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Aktien | | | EUR EUR | 5 077 831,66 5 077 831,66 |\n\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Australischer Dollar .............. | AUD | 1,559185 | = | EUR | 1 |\n| --- | --- | --- | --- | --- | --- |\n| Brasilianischer Real .............. | BRL | 6,316661 | = | EUR | 1 |\n| Kanadischer Dollar ............... | CAD | 1,448606 | = | EUR | 1 |\n| Schweizer Franken ............... | CHF | 1,035520 | = | EUR | 1 |\n| Dänische Kronen ................ | DKK | 7,436396 | = | EUR | 1 |\n| Britisches Pfund ................. | GBP | 0,838785 | = | EUR | 1 |\n| Hongkong Dollar ................. | HKD | 8,839948 | = | EUR | 1 |\n| Indonesische Rupie .............. | IDR | 16 171,500076 | = | EUR | 1 |\n| Israelischer Schekel .............. | ILS | 3,523386 | = | EUR | 1 |\n| Japanischer Yen ................. | JPY | 130,443111 | = | EUR | 1 |\n| Südkoreanischer Won ............ | KRW | 1 347,388871 | = | EUR | 1 |\n| Mexikanischer Peso .............. | MXN | 23,246213 | = | EUR | 1 |\n| Norwegische Kronen ............. | NOK | 9,974305 | = | EUR | 1 |\n| Schwedische Kronen ............. | SEK | 10,236018 | = | EUR | 1 |\n| Singapur Dollar .................. | SGD | 1,532821 | = | EUR | 1 |\n| Thailändischer Baht .............. | THB | 37,862902 | = | EUR | 1 |\n| Neue Taiwan Dollar .............. | TWD | 31,359165 | = | EUR | 1 |\n| US-Dollar ...................... | USD | 1,133450 | = | EUR | 1 |\n| Südafrikanischer Rand ............ | ZAR | 18,075696 | = | EUR | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\n Fußnote\t\n* Diese Wertpapiere sind ganz oder teilweise verliehen.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 1.1.2021 bis 31.12.2021 | | | | I. | Wert des Fondsvermögens | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | | | | | am Beginn des Geschäftsjahres ................. | EUR | 165 456 076,48 |\n| I. Erträge | | | | 1. | Ausschüttung für das Vorjahr ..................... | EUR | -1 451,67 |\n| 1. Dividenden (vor Quellensteuer) ................... | EUR | 3 685 287,10 | | 2. | Mittelabfluss (netto) ............................ | EUR | -1 466 153,07 |\n| 2. Zinsen aus Liquiditätsanlagen (vor Quellensteuer) . . . . . | EUR | 7 000,40 | | 3. | Ertrags-/Aufwandsausgleich ...................... | EUR | 108 501,24 |\n| 3. Erträge aus Wertpapier-Darlehen .................. | EUR | 3 394,86 | | 4. | Ordentlicher Nettoertrag ........................ | EUR | 91 842,27 |\n| 4. Abzug ausländischer Quellensteuer ............... | EUR | -786 195,98 | | 5. | Realisierte Gewinne/Verluste ..................... | EUR | 10 006 435,73 |\n| | | | | 6. | Nettoveränderung der | | |\n| Summe der Erträge .............................. | EUR | 2 909 486,38 | | | nicht realisierten Gewinne/Verluste ................ | EUR | 28 799 119,68 |\n| | | | | | | | |\n| II. Aufwendungen | | | | II. | Wert des Fondsvermögens | | |\n| 1. Zinsen aus Kreditaufnahmen und | | | | | am Ende des Geschäftsjahres ................... | EUR | 202 994 370,66 |\n| negativen Einlagenverzinsungen .................. | EUR | -975,24 | | | | | |\n| 2. Verwaltungsvergütung .......................... | EUR | -2 620 276,28 | | | | | |\n| davon: | | | | | | | |\n\n| Basis-Verwaltungsvergütung .. EUR -2 596 779,35 | |\n| --- | --- |\n| Administrationsvergütung ..... EUR\t-23 496,93 |\n| 3. Verwahrstellenvergütung ........................ | EUR | -5 722,15 |\n| 4. Prüfungs-, Rechts- und Veröffentlichungskosten ..... | EUR | -8 754,87 |\n| 5. Taxe d‘Abonnement ............................ | EUR | -95 114,53 |\n| 6. Sonstige Aufwendungen ........................ | EUR | -86 801,04 |\n\ndavon:\nErfolgsabhängige Vergütung aus\nLeihe-Erträgen ............. EUR\t-1 131,62\nandere .................... EUR\t-85 669,42\n| Summe der Aufwendungen ....................... | EUR | -2 817 644,11 |\n| --- | --- | --- |\n| III. Ordentlicher Nettoertrag ....................... | EUR | 91 842,27 |\n| IV. Veräußerungsgeschäfte Realisierte Gewinne/Verluste ........................ | EUR | 10 006 435,73 |\n| Ergebnis aus Veräußerungsgeschäften .............. | EUR | 10 006 435,73 |\n| V. Ergebnis des Geschäftsjahres ................... | EUR | 10 098 278,00 |\n| Gesamtkostenquote (BVI - Total Expense Ratio (TER)) | | |\n| Die Gesamtkostenquote der Anteilklassen belief sich auf: | | |\n\nKlasse FC 0,85% p.a.,\tKlasse LC 1,60% p.a.,\nKlasse LD 1,60% p.a.,\tKlasse NC 2,30% p.a.,\nKlasse TFC 0,85% p.a.,\tKlasse TFD 0,80% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktionskosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Geschäftsjahres aus.\nZudem fiel aufgrund der Zusatzerträge aus Wertpapierleihegeschäften eine erfolgsabhän- gige Vergütung in Höhe von:\nKlasse FC 0,001% p.a.,\tKlasse LC 0,001% p.a.,\nKlasse LD 0,001% p.a.,\tKlasse NC 0,001% p.a.,\nKlasse TFC 0,001% p.a.,\tKlasse TFD 0,000% p.a.\ndes durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse an.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 19 784,17.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\n\n###### Zusammensetzung der Gewinne/Verluste\t2021 \nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t10 006 435,73\n| aus: | |\n| --- | --- |\n| Wertpapiergeschäften .......................... | EUR | 9 949 299,41 |\n| Devisen(termin)geschäften ...................... | EUR | 57 136,32 |\n\n\n###### Angaben zur Ertragsverwendung *\t\nKlasse FC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t0,05\nKlasse NC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse TFC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n| Klasse TFD | |\n| --- | --- |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | EUR | 1,14 |\n\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nIm Falle einer Endausschüttung eventuell verbleibende ordentliche Ergebnisse des Geschäftsjahres werden thesauriert.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n| Fondsvermögen am Ende des Geschäftsjahres 2021 .......................................... . | EUR | 202 994 370,66 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 165 456 076,48 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 165 302 616,04 |\n| Anteilwert am Ende des Geschäftsjahres | | |\n| 2021 | Klasse FC .............................. . | EUR | 281,67 |\n| | Klasse LC .............................. . | EUR | 262,69 |\n| | Klasse LD ............................. . | EUR | 258,16 |\n| | Klasse NC ............................. . | EUR | 246,73 |\n| | Klasse TFC ............................. . | EUR | 168,69 |\n| | Klasse TFD ............................ . | EUR | 166,06 |\n| 2020 | Klasse FC .............................. . | EUR | 226,45 |\n| | Klasse LC .............................. . | EUR | 212,78 |\n| | Klasse LD ............................. . | EUR | 209,15 |\n| | Klasse NC ............................. . | EUR | 201,25 |\n| | Klasse TFC ............................. . | EUR | 135,62 |\n| | Klasse TFD ............................ . | EUR | 134,00 |\n| 2019 | Klasse FC .............................. . | EUR | 214,61 |\n| | Klasse LC .............................. . | EUR | 203,20 |\n| | Klasse LD ............................. . | EUR | 199,81 |\n| | Klasse NC ............................. . | EUR | 193,53 |\n| | Klasse TFC ............................. . | EUR | 128,53 |\n| | Klasse TFD ............................ . | EUR | 127,74 |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 0,00% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 0,00.\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nZiel der Anlagepolitik ist die Erwirtschaftung eines positiven Anlageergebnisses. Hierzu investiert der Teilfonds weltweit in unterschiedliche Anlagen\naus dem gesamten Spektrum zulässiger Anlagekategorien und Instrumente sämtlicher\nDWS INVEST II GLOBAL TOTAL RETURN FUND\nWertentwicklung auf 5-Jahres-Sicht\n120\n116\n112\n108\n104\n100\n96\n92\nAnlageklassen. Abhängig von\n12/16*\n12/17\n12/18\t12/19\t12/20\n12/21\nder Auswahl der Anlagen kann\nDWS Invest II Global Total Return Fund (Anteilklasse LD)\n* 12/2016 = 100\nAngaben auf Euro-Basis\ndie Anlagestruktur des Teilfonds\nvon einer eher anleiheorientier ten bis hin zu einer ausschließ lich aktienorientierten Anlage variieren.\nIm Berichtszeitraum von An fang Januar bis Ende Dezember 2021 verzeichnete der Teilfonds einen Wertzuwachs von 6,2% je Anteil (Anteilklasse LD; nach BVIMethode; in Euro).\n\n### Anlagepolitik im Berichtszeitraum\nAuf der Aktienseite engagierte sich das Portfoliomanagement\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDWS INVEST II GLOBAL TOTAL RETURN FUND\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | 3 Jahre | 5 Jahre |\n| --- | --- | --- | --- | --- |\n| Klasse LD | LU1246176181 | 6,2% | 19,6% | 16,2% |\n| Klasse FD | LU1246175704 | 7,0% | 22,4% | 20,7% |\n| Klasse ID | LU1246175969 | 7,3% | 23,4% | 22,4% |\n| Klasse RD | LU1599458475 | 7,6% | 24,4% | 20,2% 1) |\n| Klasse XD | LU1246176009 | 7,3% | 24,3% | 24,1% |\n\n1) \nKlasse RD aufgelegt am 15.5.2017\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nschwerpunktmäßig in den Industrieländern, insbesondere aus Nordamerika und Europa, sowie zu einem geringeren Anteil in Werten aus den Schwellenländern. Hinsichtlich der Branchenallokation war das Aktienportfolio grundsätzlich breit diversifiziert. Im Bereich der Renteninvestments war der Teilfonds im Berichtszeitraum global aufgestellt. Hinsichtlich der Emittentenstruktur inves tierte das Portfoliomanagement\nu.a. in Unternehmensanleihen (Corporate Bonds) und High Yield Bonds (Hochzinsanleihen) aus den Industrieländern sowie Anleihen aus den Emerging Markets. Angesichts des im Berichtszeitraum immer noch\nvorherrschenden Niedrigzins umfeldes erschienen diese Zinspapiere im Hinblick auf ihre Verzinsung deutlich attraktiver als bspw. Staatsanleihen aus den Industrieländern.\nDie Entwicklung an den inter nationalen Kapitalmärkten stand im Jahr 2021 weiterhin unter dem Eindruck der CoronavirusPandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen über unterstützte die – ange sichts der abgeschwächten Weltkonjunktur – extrem locke re Geldpolitik der Zentralbanken der Industrieländer die Kursent wicklung an den Finanzmärk\nten. Seit Jahresanfang 2021 verbesserten sich die Konjunk turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie\ndie einsetzenden Impfkampa gnen. Allerdings kam bei den Investoren auch die Inflations frage auf, hervorgerufen u.a. durch die deutlich gestiegenen Preise an den Rohstoffmärk ten, den Corona bedingten KonsumNachholbedarf sowie partielle Angebotsverknappung\naufgrund von Lieferschwierig keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu tanten sowie damit verbundene neue Beschränkungen die Kon junkturperspektiven.\nDie internationalen Aktienbör sen schlossen das Jahr 2021 mit deutlichen Kurssteige rungen ab, zeichneten aller dings ein differenziertes Bild. Während die Aktienmärkte in den westlichen Industrielän dern – begünstigt insbesondere durch die schnelle Erholung der Unternehmensgewinne – kräftige Kurszuwächse ver\n\n### Informationen zu ökologischen und/oder sozialen Merkmalen\nDer Teilfonds ist ein Produkt im Sinne des Artikels 6 der Verord nung (EU) 2019/2088 (Verord nung über nachhaltigkeitsbezo gene Offenlegungspflichten im Finanzdienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach haltige Wirtschaftsaktivitäten.\nzeichneten, bildeten die Börsen\t\nder Emerging Markets das Schlusslicht. Vor dem Hinter grund global hoher Verschul dung und historisch extrem niedriger Zinsen kam es an den Anleihemärkten im Berichtsjahr bis Ende Dezember 2021 zum längeren Laufzeitende hin unter Schwankungen zu Kursermä ßigungen bei einem Anstieg der Anleiherenditen auf einem immer noch sehr niedrigen, zum Teil negativen Rendite niveau. An den Unternehmens anleihemärkten verbuchten High YieldTitel Kurssteigerun gen bei verringerten Risikoauf schlägen und konnten damit Unternehmensanleihen (Cor porate Bonds) mit Investment GradeStatus, die schwächer notierten, outperformen. Die im Portfolio enthaltenen Titel konn ten vor diesem Hintergrund im Berichtszeitraum insgesamt eine positive Wertentwicklung verzeichnen.\n* Die Coronakrise (COVID19) stellt(e) auch für die Wirtschaft weltweit eine bedeu tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind fürdas Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Aktien (Branchen) Informationstechnologie | 10 355 586,92 | 9,29 |\n| Telekommunikationsdienste | 10 845 680,46 | 9,73 |\n| Dauerhafte Konsumgüter | 17 177 824,62 | 15,41 |\n| Energie | 606 060,00 | 0,54 |\n| Hauptverbrauchsgüter | 3 472 449,29 | 3,11 |\n| Finanzsektor | 4 738 481,27 | 4,25 |\n| Grundstoffe | 4 418 262,68 | 3,97 |\n| Industrien | 4 534 046,92 | 4,06 |\n| Versorger | 4 976 330,00 | 4,48 |\n| Summe Aktien | 61 124 722,16 | 54,84 |\n| 2. Anleihen (Emittenten) Unternehmen | 4 634 197,46 | 4,16 |\n| Zentralregierungen | 4 827 427,90 | 4,33 |\n| Summe Anleihen | 9 461 625,36 | 8,49 |\n| 3. Investmentanteile Rentenfonds | 24 945 410,64 | 22,38 |\n| Aktienfonds | 5 454 430,00 | 4,90 |\n| Summe Investmentanteile | 30 399 840,64 | 27,28 |\n| 4. Derivate | 209 409,07 | 0,19 |\n| 5. Bankguthaben | 10 170 594,94 | 9,12 |\n| 6. Sonstige Vermögensgegenstände | 133 632,25 | 0,12 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -46 641,71 | -0,04 |\n| III. Fondsvermögen | 111 453 182,71 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Börsengehandelte Wertpapiere | | | | | | | 70 586 347,52 | 63,33 |\n| Aktien Lonza Group AG .................................. | Stück | 650 | 650 | | CHF | 761 | 477 682,68 | 0,43 |\n| Nestle SA ....................................... | Stück | 11 500 | | | CHF | 127,96 | 1 421 063,73 | 1,28 |\n| Novartis AG ..................................... | Stück | 9 000 | | | CHF | 80,54 | 699 996,10 | 0,63 |\n| Roche Holding AG ................................ | Stück | 3 300 | | | CHF | 380,95 | 1 214 013,18 | 1,09 |\n| Alstom SA ...................................... | Stück | 30 000 | 30 000 | | EUR | 30,96 | 928 800,00 | 0,83 |\n| ASML Holding NV ................................ | Stück | 875 | 875 | | EUR | 707 | 618 625,00 | 0,56 |\n| AXA SA ......................................... | Stück | 50 000 | 10 000 | | EUR | 26,305 | 1 315 250,00 | 1,18 |\n| BASF SE ........................................ | Stück | 26 000 | | | EUR | 61,78 | 1 606 280,00 | 1,44 |\n| Bayer AG ....................................... | Stück | 28 000 | | | EUR | 47 | 1 316 000,00 | 1,18 |\n| Capgemini SA .................................... | Stück | 1 800 | 1 800 | | EUR | 216,6 | 389 880,00 | 0,35 |\n| Danone SA ...................................... | Stück | 5 800 | 5 800 | | EUR | 54,93 | 318 594,00 | 0,29 |\n| Deutsche Post AG ................................ | Stück | 19 000 | 17 000 | 6 000 | EUR | 56,54 | 1 074 260,00 | 0,96 |\n| Deutsche Telekom AG ............................. | Stück | 100 000 | 30 000 | | EUR | 16,3 | 1 630 000,00 | 1,46 |\n| E.ON SE ........................................ | Stück | 170 000 | 20 000 | | EUR | 12,192 | 2 072 640,00 | 1,86 |\n| Enel SpA ........................................ | Stück | 140 000 | 70 000 | | EUR | 7,056 | 987 840,00 | 0,89 |\n| Essilor International Cie Générale d‘Optique SA ......... | Stück | 4 400 | 4 400 | | EUR | 186,88 | 822 272,00 | 0,74 |\n| Evonik Industries AG .............................. | Stück | 30 000 | | | EUR | 28,47 | 854 100,00 | 0,77 |\n| Fastned BV * ..................................... | Stück | 6 500 | 6 500 | | EUR | 49,25 | 320 125,00 | 0,29 |\n| Infineon Technologies AG .......................... | Stück | 38 000 | 8 000 | 10 000 | EUR | 40,76 | 1 548 880,00 | 1,39 |\n| Koninklijke Philips NV .............................. | Stück | 24 000 | 24 000 | | EUR | 32,945 | 790 680,00 | 0,71 |\n| LANXESS AG .................................... | Stück | 12 000 | | | EUR | 54,5 | 654 000,00 | 0,59 |\n| Linde PLC ....................................... | Stück | 2 700 | 2 700 | | EUR | 306 | 826 200,00 | 0,74 |\n| LVMH Moet Hennessy Louis Vuitton SE ............... | Stück | 1 100 | 450 | 950 | EUR | 728,6 | 801 460,00 | 0,72 |\n| Merck KGaA ..................................... | Stück | 7 000 | | | EUR | 227 | 1 589 000,00 | 1,43 |\n| Neste Oyj ....................................... | Stück | 14 000 | 14 000 | | EUR | 43,29 | 606 060,00 | 0,54 |\n| Red Electrica Corp., SA ............................ | Stück | 50 000 | 60 000 | 30 000 | EUR | 19,045 | 952 250,00 | 0,86 |\n| Sanofi .......................................... | Stück | 10 000 | 1 600 | | EUR | 89,35 | 893 500,00 | 0,80 |\n| Talanx AG ....................................... | Stück | 16 000 | | 3 000 | EUR | 42,54 | 680 640,00 | 0,61 |\n| Teleperformance ................................. | Stück | 2 600 | | 600 | EUR | 397,6 | 1 033 760,00 | 0,93 |\n| Va-Q-tec AG ..................................... | Stück | 15 000 | 7 000 | | EUR | 25,25 | 378 750,00 | 0,34 |\n| Veolia Environnement SA .......................... | Stück | 30 000 | | | EUR | 32,12 | 963 600,00 | 0,87 |\n| Vinci SA ........................................ | Stück | 8 000 | 8 000 | | EUR | 91,94 | 735 520,00 | 0,66 |\n| Volkswagen AG -Pref- ............................. | Stück | 10 000 | | | EUR | 177,48 | 1 774 800,00 | 1,59 |\n| Vonovia SE ...................................... | Stück | 13 500 | 6 000 | 21 500 | EUR | 48,5 | 654 750,00 | 0,59 |\n| Compass Group PLC .............................. | Stück | 36 000 | | 6 000 | GBP | 16,36 | 702 158,60 | 0,63 |\n| JD Sports Fashion PLC ............................ | Stück | 75 000 | 75 000 | | GBP | 2,17 | 194 030,69 | 0,17 |\n| Ocado Group PLC ................................ | Stück | 12 000 | | | GBP | 16,65 | 238 201,73 | 0,21 |\n| Reckitt Benckiser Group PLC ........................ | Stück | 6 500 | 6 500 | | GBP | 63,41 | 491 383,46 | 0,44 |\n| Vodafone Group PLC .............................. | Stück | 590 000 | | | GBP | 1,125 | 791 604,66 | 0,71 |\n| AIA Group Ltd ................................... | Stück | 72 000 | | | HKD | 79,15 | 644 664,44 | 0,58 |\n| Samsung Electronics Co., Ltd ....................... | Stück | 2 000 | 2 000 | | KRW | 78 300 | 116 224,80 | 0,10 |\n| Tomra Systems ASA .............................. | Stück | 10 000 | | | NOK | 630,8 | 632 425,04 | 0,57 |\n| Activision Blizzard, Inc. ............................. | Stück | 8 500 | | | USD | 67,22 | 504 098,04 | 0,45 |\n| Alibaba Group Holding Ltd -ADR- ..................... | Stück | 6 200 | | | USD | 118,76 | 649 620,10 | 0,58 |\n| Alphabet, Inc. .................................... | Stück | 1 700 | | 100 | USD | 2 931,53 | 4 396 841,79 | 3,95 |\n| Amazon.com, Inc. ................................ | Stück | 400 | | | USD | 3 382,74 | 1 193 785,18 | 1,07 |\n| Amgen, Inc. ..................................... | Stück | 2 400 | 2 400 | 1 200 | USD | 228,45 | 483 726,61 | 0,43 |\n| AT&T, Inc. ...................................... | Stück | 50 000 | | | USD | 24,905 | 1 098 636,76 | 0,99 |\n| Autodesk, Inc. ................................... | Stück | 2 200 | 2 200 | | USD | 283,17 | 549 626,29 | 0,49 |\n| BioNTech SE -ADR- ............................... | Stück | 3 500 | 3 500 | | USD | 248,5 | 767 347,37 | 0,69 |\n| Estee Lauder Cos, Inc./The ......................... | Stück | 1 600 | 1 600 | | USD | 370,52 | 523 033,15 | 0,47 |\n| Etsy, Inc. ....................................... | Stück | 2 600 | 2 600 | | USD | 224,11 | 514 081,72 | 0,46 |\n| Horizon Therapeutics Plc ........................... | Stück | 8 000 | | | USD | 109,46 | 772 579,19 | 0,69 |\n| Johnson & Johnson ............................... | Stück | 8 000 | | 1 800 | USD | 171,96 | 1 213 710,19 | 1,09 |\n| MasterCard, Inc. .................................. | Stück | 2 100 | | 300 | USD | 363,09 | 672 715,07 | 0,60 |\n| Medtronic PLC ................................... | Stück | 2 200 | 2 200 | | USD | 104,51 | 202 851,44 | 0,18 |\n| Merck & Co., Inc. ................................. | Stück | 6 400 | 6 400 | | USD | 77,15 | 435 625,69 | 0,39 |\n| Microsoft Corp. .................................. | Stück | 8 500 | | 2 500 | USD | 341,12 | 2 558 136,31 | 2,30 |\n| NVIDIA Corp. .................................... | Stück | 2 623 | 3 600 | 977 | USD | 300,64 | 695 733,04 | 0,62 |\n| Paypal Holdings, Inc. .............................. | Stück | 4 000 | 4 000 | 3 000 | USD | 190,68 | 672 918,87 | 0,60 |\n| Pfizer, Inc. ...................................... | Stück | 23 500 | 7 000 | 3 500 | USD | 58,21 | 1 206 877,07 | 1,08 |\n| Pinterest, Inc. .................................... | Stück | 17 500 | 17 500 | 11 000 | USD | 36,99 | 571 110,25 | 0,51 |\n| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- .... | Stück | 22 000 | | 4 000 | USD | 120,59 | 2 340 623,44 | 2,10 |\n| TE Connectivity Ltd ............................... | Stück | 3 500 | 3 500 | | USD | 162,64 | 502 218,82 | 0,45 |\n| Teladoc Health Inc. ............................... | Stück | 5 000 | 3 200 | | USD | 91,94 | 405 575,84 | 0,36 |\n| Union Pacific Corp. ................................ | Stück | 3 000 | 3 000 | | USD | 249,67 | 660 823,06 | 0,59 |\n| Visa, Inc. ........................................ | Stück | 4 000 | 4 000 | | USD | 218,32 | 770 461,76 | 0,69 |\n\nVerzinsliche Wertpapiere\n4,375 % Argentum Netherlands BV 2015/perpetual ** ...\tEUR\t1 200 000\t%\t111,16\t1 333 920,00\t1,20\n1,75 % Norway Government Bond -144A- (MTN) 2015/2025 NOK\t14 000 000\t%\t100,713\t1 413 614,33\t1,27\n0,25 % Kreditanstalt fuer Wiederaufbau 2020/2023 ....\tUSD\t1 400 000\t1 400 000\t%\t99,155\t1 224 729,64\t1,10\n0,125 % Kreditanstalt fuer Wiederaufbau 2021/2023 ....\tUSD\t1 400 000\t1 400 000\t%\t99,365\t1 227 323,49\t1,10 3,15 % Teva Pharmaceutical Finance Netherlands III BV\n(MTN) 2016/2026 .........................\tUSD\t1 000 000\t%\t96,142\t848 224,33\t0,76\n0,125 % United States Treasury Note/Bond 2020/2023 ..\tUSD\t1 300 000\t1 300 000\t%\t99,172\t1 137 442,50\t1,02\n0,125 % United States Treasury Note/Bond 2020/2022 ..\tUSD\t1 300 000\t1 300 000\t%\t99,798\t1 144 618,48\t1,03\n0,125 % United States Treasury Note/Bond 2021/2024 ..\tUSD\t1 300 000\t1 300 000\t%\t98,676\t1 131 752,59\t1,01\nInvestmentanteile\t30 399 840,64\t27,28\nGruppeneigene Investmentanteile\nDWS Invest SICAV - DWS Invest ESG Global Corporate\nBonds -ID- EUR - (0,400%) ..........................\tAnteile\t16 000\tEUR\t101,13\t1 618 080,00\t1,45\nDWS Invest SICAV - DWS Invest Euro High Yield Corporates\n-RC- EUR - (0,350%) ................................\tAnteile\t44 000\t6 000\tEUR\t123,19\t5 420 360,00\t4,86\nDWS Invest SICAV - Financial Hybrid Bonds -FC- EUR -\n(0,600%) .........................................\tAnteile\t40 000\tEUR\t129,12\t5 164 800,00\t4,63\nXtrackers (IE) plc - Xtrackers Artificial Intelligence and\nBig Data UCITS ETF -1C- EUR - (0,250%) ...............\tAnteile\t14 000\t14 000\tEUR\t89,77\t1 256 780,00\t1,13\nXtrackers (IE) plc - Xtrackers MSCI World Financials UCITS\nETF -1C- EUR - (0,100%) ............................\tAnteile\t185 000\t85 000\tEUR\t22,69\t4 197 650,00\t3,77\nXtrackers IE Physical Gold ETC Securities EUR - (0,150%) ..\tAnteile\t426 315\t426 316\t1\tEUR\t24,59\t10 483 085,85\t9,41\nDWS Invest SICAV - ESG Asian Bonds -IC500- USD - (0,150%) Anteile\t24 000\t24 000\tUSD\t106,69\t2 259 084,79\t2,03\nSumme Wertpapiervermögen\t100 986 188,16\t90,61\nDerivate\n(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)\nAktienindex-Derivate\t-158 227,19\t-0,14\nForderungen/Verbindlichkeiten\nAktienindex-Terminkontrakte\nDax Index 03/2022 (MS) .............................\tStück\t-4\t4\t-29 800,00\t-0,03\nS & P MINI 500 Futures 03/2022 (MS) .................\tStück\t-22\t22\t-128 427,19\t-0,11\nZins-Derivate\t-117 485,63\t-0,10\nForderungen/Verbindlichkeiten\nZinsterminkontrakte\nUS Treasury Notes 10 year Futures 03/2022 (MS) ........\tStück\t-73\t73\t-81 009,61\t-0,07\nUS Treasury Notes 30 year Futures 03/2022 (MS) ........\tStück\t-27\t27\t-36 476,02\t-0,03\nDevisen-Derivate\t3 601,33\t0,00\nForderungen/Verbindlichkeiten Devisentermingeschäfte Devisentermingeschäfte (Verkauf)\nOffene Positionen\nEUR/GBP 2,0 Mio. .................................\t-30 029,71\t-0,03\nEUR/USD 15,7 Mio. ................................\t74 239,17\t0,07\nGeschlossene Positionen\nEUR/GBP 2,7 Mio. .................................\t-31,22\t0,00\nEUR/USD 15,7 Mio. ................................\t-40 576,91\t-0,04\nSwaps\t481 520,56\t0,43\nForderungen/Verbindlichkeiten\nCredit Default Swaps Protection Seller\niTraxx Europe / 1% / 20/06/2025 (OTC) (CIT) .............\tStück\t10 000 000\t230 119,00\t0,21\niTraxx Europe / 1% / 20/12/2024 (OTC) (CIT) .............\tStück\t12 000 000\t251 401,56\t0,22\nBankguthaben\t10 170 594,94\t9,12\nVerwahrstelle (täglich fällig)\nEUR-Guthaben ....................................\tEUR\t7 861 950,01\t7,05\nGuthaben in sonstigen EU/EWR-Währungen\nDänische Kronen ..................................\tDKK\t369 669\t49 710,77\t0,05\nNorwegische Kronen ...............................\tNOK\t50 696\t5 082,69\t0,00\nSchwedische Kronen ...............................\tSEK\t25 866\t2 526,96\t0,00\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | |\n| Brasilianischer Real ................................ | BRL | 234 726 | | 37 159,90 | 0,03 |\n| Britisches Pfund ................................... | GBP | 42 282 | | 50 408,43 | 0,05 |\n| Hongkong Dollar ................................... | HKD | 482 408 | | 54 571,37 | 0,05 |\n| Indonesische Rupie ................................ | IDR | 18 125 417 200 | | 1 120 824,73 | 1,01 |\n| Japanischer Yen ................................... | JPY | 6 319 454 | | 48 446,05 | 0,04 |\n| Mexikanischer Peso ................................ | MXN | 126 573 | | 5 444,88 | 0,00 |\n| Russischer Rubel .................................. | RUB | 4 159 352 | | 49 134,88 | 0,04 |\n| Schweizer Franken ................................. | CHF | 98 282 | | 94 911,03 | 0,09 |\n| Südkoreanischer Won .............................. | KRW | 133 574 | | 99,14 | 0,00 |\n| Türkische Lira ..................................... | TRY | 46 460 | | 3 125,53 | 0,00 |\n| US-Dollar ........................................ | USD | 892 250 | | 787 198,57 | 0,71 |\n| Sonstige Vermögensgegenstände | | | | 133 632,25 | 0,12 |\n| Dividenden- / Ausschüttungsansprüche ................. | | | | 63 361,33 | 0,06 |\n| Zinsansprüche ..................................... | | | | 67 389,02 | 0,06 |\n| Forderungen aus der Überschreitung des „Expense Cap“ .. | | | | 2 881,90 | 0,00 |\n| Summe der Vermögensgegenstände *** | | | | 111 846 175,08 | 100,35 |\n| Sonstige Verbindlichkeiten | | | | -46 641,71 | -0,04 |\n| Verbindlichkeiten aus Kostenpositionen ................ | | | | -46 641,71 | -0,04 |\n| Summe der Verbindlichkeiten | -392 992,37 | -0,35 |\n| Fondsvermögen | 111 453 182,71 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse FD ........................................ | EUR | 109,45 |\n| Klasse ID ........................................ | EUR | 109,87 |\n| Klasse LD ........................................ | EUR | 108,12 |\n| Klasse RD ........................................ | EUR | 111,45 |\n| Klasse XD ........................................ | EUR | 111,78 |\n| Umlaufende Anteile Klasse FD ........................................ | Stück | 14 980,000 |\n| Klasse ID ........................................ | Stück | 116 402,000 |\n| Klasse LD ........................................ | Stück | 587,434 |\n| Klasse RD ........................................ | Stück | 870 000,000 |\n| Klasse XD ........................................ | Stück | 1,000 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)\n25% MSCI AC World NR, 25% MSCI AC World NR (hedged in EUR), 25% Barclays Global Aggregate Bond, 25% Barclays Global Aggregate Bond (hedged in EUR)\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 65,759 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 121,866 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 91,766 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,7, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 87 470 804,24.\n Marktschlüssel\t Terminbörsen\nMS = Morgan Stanley Bank AG\nVertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)\nCIT = Citibank AG\nVertragspartner der Devisentermingeschäfte\nMorgan Stanley Europe SE, State Street Bank International GmbH und UBS AG.\n| Erläuterungen zu den Wertpapier-Darlehen | |\n| --- | --- |\n| Folgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen: | | | | |\n| Wertpapierbezeichnung | Währung bzw. Nominal in Stück | Nominalbetrag bzw. Bestand | Wertpapier-Darlehen Kurswert in EUR unbefristet | gesamt |\n| Fastned BV | Stück | 5 500 | 270 875,00 | |\n| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen | | | 270 875,00 | 270 875,00 |\n| Vertragspartner der Wertpapier-Darlehen Barclays Bank Ireland PLC EQ | | | | |\n| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Aktien | | | EUR EUR | 288 925,30 288 925,30 |\n| Devisenkurse (in Mengennotiz) | | | | |\n| per 30.12.2021 | | | | |\n\n| Brasilianischer Real .............. | BRL | 6,316661 | = | EUR | 1 |\n| --- | --- | --- | --- | --- | --- |\n| Schweizer Franken ............... | CHF | 1,035520 | = | EUR | 1 |\n| Dänische Kronen ................ | DKK | 7,436396 | = | EUR | 1 |\n| Britisches Pfund ................. | GBP | 0,838785 | = | EUR | 1 |\n| Hongkong Dollar ................. | HKD | 8,839948 | = | EUR | 1 |\n| Indonesische Rupie .............. | IDR | 16 171,500076 | = | EUR | 1 |\n| Japanischer Yen ................. | JPY | 130,443111 | = | EUR | 1 |\n| Südkoreanischer Won ............ | KRW | 1 347,388871 | = | EUR | 1 |\n| Mexikanischer Peso .............. | MXN | 23,246213 | = | EUR | 1 |\n| Norwegische Kronen ............. | NOK | 9,974305 | = | EUR | 1 |\n| Russischer Rubel ................ | RUB | 84,651725 | = | EUR | 1 |\n| Schwedische Kronen ............. | SEK | 10,236018 | = | EUR | 1 |\n| Türkische Lira ................... | TRY | 14,864632 | = | EUR | 1 |\n| US-Dollar ...................... | USD | 1,133450 | = | EUR | 1 |\n| Erläuterungen zur Bewertung | | | | | |\n\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\nFußnoten\n* Diese Wertpapiere sind ganz oder teilweise verliehen.\n** Variabler Zinssatz.\n*** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 1.1.2021 bis 31.12.2021\n- Erträge\n\t- Dividenden (vor Quellensteuer) ................... EUR\t1 233 593,04\n\t- Zinsen aus Wertpapieren (vor Quellensteuer) ........ EUR\t702 895,10\n\t- Erträge aus Investmentanteilen ................... EUR\t34 338,51\n\t- Erträge aus Wertpapier-Darlehen .................. EUR\t4 355,10\n\t- Abzug ausländischer Quellensteuer ............... EUR\t-179 819,12Summe der Erträge .............................. EUR\t1 795 362,63\n\n- Aufwendungen\n\t- Zinsen aus Kreditaufnahmen undnegativen Einlagenverzinsungen .................. EUR\t-34 599,68\n\n- Verwaltungsvergütung .......................... EUR\t-237 409,75 davon:\n\n\n###### Entwicklung des Fondsvermögens\t2021 \n- Wert des Fondsvermögensam Beginn des Geschäftsjahres ................. EUR\t106 413 822,57\n- Ausschüttung für das Vorjahr ..................... EUR\t-1 729 796,15\n- Mittelabfluss (netto) ............................ EUR\t-1 162 142,97\n- Ertrags-/Aufwandsausgleich ...................... EUR\t97 478,77\n- Ordentlicher Nettoertrag ........................ EUR\t1 497 627,06\n- Realisierte Gewinne/Verluste ..................... EUR\t706 049,18\n- Nettoveränderung der nichtrealisierten Gewinne/Verluste .................... EUR\t5 630 144,25\n- Wert des Fondsvermögens am Endeam Ende des Geschäftsjahres ................... EUR\t111 453 182,71\n\n\n###### Zusammensetzung der Gewinne/Verluste\t2021 \nBasis-Verwaltungsvergütung .. EUR\t-215 431,23\t Erträge aus dem Expense Cap . EUR\t\t3 039,62\nAdministrationsvergütung ..... EUR\t-25 018,14\n- Prüfungs-, Rechts- und Veröffentlichungskosten ..... EUR\t7 930,32\n- Taxe d‘Abonnement ............................ EUR\t-9 416,01\n- Sonstige Aufwendungen ........................ EUR\t-24 240,45 davon:Erfolgsabhängige Vergütungaus Leihe-Erträgen .......... EUR\t-1 451,70andere .................... EUR\t-22 788,75\n\n| Summe der Aufwendungen ....................... | EUR | -297 735,57 |\n| --- | --- | --- |\n| III. Ordentlicher Nettoertrag ....................... | EUR | 1 497 627,06 |\n| IV. Veräußerungsgeschäfte Realisierte Gewinne/Verluste ........................ | EUR | 706 049,18 |\n| Ergebnis aus Veräußerungsgeschäften .............. | EUR | 706 049,18 |\n| V. Ergebnis des Geschäftsjahres ................... | EUR | 2 203 676,24 |\n| Gesamtkostenquote (BVI - Total Expense Ratio (TER)) | | |\n| Die Gesamtkostenquote der Anteilklassen belief sich auf: | | |\n\nKlasse FD 0,73% p.a.,\tKlasse ID 0,45% p.a.,\nKlasse LD 1,49% p.a.,\tKlasse RD 0,20% p.a., Klasse XD 0,15% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Trans- aktionskosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen ange- fallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berück- sichtigt (synthetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse FD 0,82% p.a.,\tKlasse ID 0,54% p.a.,\nKlasse LD 1,57% p.a.,\tKlasse RD 0,28% p.a., Klasse XD 0,23% p.a.\nZudem fiel aufgrund der Zusatzerträge aus Wertpapierleihegeschäften eine erfolgsab- hängige Vergütung in Höhe von:\nKlasse FD 0,001% p.a.,\tKlasse ID 0,001% p.a.,\nKlasse LD 0,001% p.a.,\tKlasse RD 0,001% p.a., Klasse XD 0,001% p.a.\ndes durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse an.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 37 488,03.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t706 049,18\naus:\nWertpapiergeschäften .......................... EUR\t7 166 593,23\nDevisen(termin)geschäften ...................... EUR\t-1 184 209,69\nDerivaten und sonstigen Finanztermingeschäften \n1) \n... EUR\t-5 276 334,36\n1) \nDiese Position kann Optionsgeschäfte bzw. Swapgeschäfte und/oder Geschäfte aus Optionsscheinen bzw. Kreditderivaten enthalten.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n\n###### Angaben zur Ertragsverwendung *\t\nKlasse FD\n| Art | per | Währung | Je Anteil | Fondsvermögen am Ende des Geschäftsjahres 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 111 453 182,71 |\n| --- | --- | --- | --- | --- | --- | --- |\n| Endausschüttung | 4.3.2022 | EUR | 1,00 | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 106 413 822,57 |\n| | | | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 163 537 500,73 |\n| Klasse ID | | | | Anteilwert am Ende des Geschäftsjahres | | |\n| Art | per | Währung | Je Anteil | 2021\tKlasse FD .............................. Klasse ID ............................... | EUR EUR | 109,45 109,87 |\n\nEndausschüttung\t4.3.2022\tEUR\t1,29\nKlasse LD\nArt\tper\tWährung\tJe Anteil\nKlasse LD .............................. EUR\t108,12\nKlasse RD .............................. EUR\t111,45\nKlasse XD .............................. EUR\t111,78\n2020\tKlasse FD .............................. EUR\t103,45\nKlasse ID ............................... EUR\t103,83\nKlasse LD .............................. EUR\t102,25\n| Endausschüttung | 4.3.2022 | EUR | 0,19 | | Klasse RD .............................. Klasse XD .............................. | EUR EUR | 105,35 104,18 |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | | | | 2019 | Klasse FD .............................. | EUR | 102,71 |\n\nKlasse RD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t1,58\nKlasse XD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t0,00\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nIm Falle einer Endausschüttung eventuell verbleibende ordentliche Ergebnisse des Geschäftsjahres werden thesauriert.\n| | Klasse ID ............................... | EUR | 103,10 |\n| --- | --- | --- | --- |\n| Klasse LD .............................. | EUR | 101,52 |\n| | Klasse RD .............................. | EUR | 104,59 |\n\nKlasse XD .............................. EUR\t103,42\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 0,33% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 4 344 256,20.\n\n## DWS Invest II Spanish Equities (in Liquidation)\nAnlageziel und Anlage- ergebnis im Berichtszeitraum \nZiel der Anlagepolitik war die Erwirtschaftung einer über- durchschnittlichen Rendite.\nHierzu investierte der Teilfonds vorwiegend in Aktien von Emit- tenten mit Sitz oder Geschäfts- schwerpunkt in Spanien, um durch eine breite Diversifizie-\nDWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)\nWertentwicklung seit Auflegung\n120\n110\n100\n90\n80\n70\n60\n50\nrung die Wertentwicklung der\n23.1.20*\n6/20\n12/20\t6/21\n7.12.21\nspanischen Aktienindizes nach\nDWS Invest II Spanish Equities (in Liquidation) (Anteilklasse NC)\n* aufgelegt am 23.1.2020= 100 Angaben auf Euro-Basis\nMöglichkeit zu übertreffen.\nZusätzlich zur Diversifizierung des Portfolios konnte das Teilfondsvermögen in festver- zinslichen Finanzinstrumen- ten, Geldmarktinstrumenten und Derivaten von Emittenten angelegt werden, die in einem Mitgliedstaat der Organisation für wirtschaftliche Zusammen- arbeit und Entwicklung (OECD) ansässig waren.\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 7.12.2021 (Liquidationsstichtag)\nDWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)\nWertentwicklung der Anteilklassen (in Euro)\nAnteilklasse\tISIN\tseit Beginn des Rumpfgeschäftsjahres\nKlasse NC\tLU2006279116\t11,0%\nKlasse TFC\tLU2006279389\t12,6%\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\nStand: 7.12.2021 (Auflösungsstichtag)\nDer Teilfonds verzeichnete im Rumpfgeschäftsjahr vom\n1. Januar 2021 bis zum 7. De- zember 2021 (Tag der letzten Anteilpreisberechnung) einen Wertzuwachs von 11,0% je Anteil (Anteilklasse NC; nach BVI-Methode; in Euro).\n\n### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter- nationalen Kapitalmärkten stand im Jahr 2021 insbeson- dere unter dem Eindruck der Coronavirus-Pandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange- sichts der abgeschwächten Weltkonjunktur – extrem lockere Geldpolitik der Zentral- banken der Industrieländer die\nKursentwicklung an den Finanz- märkten. Seit Jahresanfang 2021 verbesserten sich die Konjunkturaussichten, aller- dings kam bei den Investoren auch die Inflationsfrage auf.\nZudem dämpften die dynami- sche Ausbreitung des Corona- virus und dessen Mutanten sowie damit verbundene neue Beschränkungen die Konjunk- turperspektiven. Insgesamt konnten spanische Aktien im Berichtszeitraum Kurssteigerun- gen verzeichnen.\nDie Positionierung im Industrie- bereich half der Performance des Teilfonds am meisten, insbesondere dank der Posi- tion im Großsortimenter für Schwimmbadtechnik und Wasseraufbereitung Fluidra, dessen Aktienkurs stark an-\nstieg. Gleichzeitig wurden keine Aktien von Siemens Gamesa gehalten, die ca. ein Drittel ih- res Wertes verloren. Die spani- sche Tochter von Otis, Zardoya Otis, wurde von Ihrer Mut- tergesellschaft übernommen und verzeichnete vor diesem Hintergrund einen deutlichen Kurszuwachs. Im Gesundheits- sektor stiegen die Aktien der Pharma-Firma „Laboratorios Farmaceuticos Rovi“ erneut stark, nachdem sie bereits im Vorjahr kräftig im Wert gestie- gen waren. Was den Versor- gungssektor betrifft, konnte\nder Teilfonds vom Kursanstieg von Acciona Energía und Red Eléctrica profitieren. Im Gegen- satz dazu belasteten die Positi- onen in Soltec Power Holdings, einem in Spanien ansässigen Unternehmen, das im Bereich\nder erneuerbaren Energien tätig\nist, und in Grifols, einem multi- nationalen Pharma- und Che- mieunternehmen, die Wertent- wicklung des Teilfonds.\n\n### Liquidation des Teilfonds\nDer Teilfonds DWS Invest II Spanish Equities (in Liquidation) wurde durch Beschluss des Verwaltungsrats der Deutsche Invest II, SICAV und Genehmi- gung der Luxemburger Auf- sichtsbehörde CSSF zum\n7. Dezember 2021 aufgelöst. Die Ausgabe neuer Anteile des Teilfonds wurde zum\n25. Oktober 2021 eingestellt.\nAnleger konnten bis zum\n25. Oktober 2021 Anteile des\nTeilfonds zurückgeben.\n\n### Informationen zu ökologischen und/oder sozialen Merkmalen\nDer Teilfonds war ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltig- keitsbezogene Offenlegungs- pflichten im Finanzdienstleis- tungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigten nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\nDWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)\nLiquidationserlös der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | Liquidationserlös je Anteil |\n| --- | --- | --- |\n| Klasse NC | LU2006279116 | 38,63 |\n| Klasse TFC | LU2006279389 | 100,53 |\n\nDWS Invest II Spanish Equities \n(in Liquidation)\n| Vermögensübersicht zum 7.12.2021 (Liquidationsstichtag) | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Bankguthaben | 26 345 131,34 | 128,73 |\n| 2. Sonstige Vermögensgegenstände | 166 482,34 | 0,81 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -106 334,63 | -0,52 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -26 405 279,05 | -129,02 |\n| III. Fondsvermögen | 0,00 | 0,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nDWS Invest II Spanish Equities \n(in Liquidation)\n\n###### Vermögensaufstellung zum 7.12.2021 (Liquidationsstichtag)\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |\n| Bankguthaben | | | | 9 303 503,51 | 98,64 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | | | 9 303 503,51 | 98,64 |\n| Sonstige Vermögensgegenstände | | | | 166 297,23 | 1,76 |\n| Dividenden- / Ausschüttungsansprüche ................. | | | | 166 297,23 | 1,76 |\n| Summe der Vermögensgegenstände | | | | 9 469 800,74 | 100,40 |\n| Sonstige Verbindlichkeiten | | | | -38 067,58 | -0,40 |\n| Verbindlichkeiten aus Kostenpositionen ................ | | | | -38 067,58 | -0,40 |\n| Verbindlichkeiten aus Anteilscheingeschäften | | | | -9 431 733,16 | -100,00 |\n| Summe der Verbindlichkeiten | | | | -9 469 800,74 | -100,40 |\n| Fondsvermögen | | | | 0,00 | 0,00 |\n\nDurch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse NC ........................................ | EUR | 0,00 |\n| Klasse TFC ....................................... | EUR | 0,00 |\n| Umlaufende Anteile Klasse NC ........................................ | Stück | 0,000 |\n| Klasse TFC ....................................... | Stück | 0,000 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) IBEX 35 Net Return Index\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 0,000 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 97,751 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 79,217 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 7.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 0,00.\n Erläuterungen zur Bewertung\t\nVor dem Hintergrund des Beschlusses des Verwaltungsrats der SICAV, den Fonds mit Wirkung zum 7. Dezember 2021 zu liquidieren, wurde der Abschluss unter Aufgabe der Prämisse der Unternehmensfortführung auf der Grundlage von Liquidationswerten erstellt. Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nDWS Invest II Spanish Equities \n(in Liquidation)\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 1.1.2021 bis 7.12.2021 | | | | | | I. | Wert des Fondsvermögens am Beginn des Rumpfgeschäftsjahres ............ | EUR | 31 876 075,17 | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| I. Erträge | | | | | | 1. | Mittelabfluss (netto) ............................ | EUR | -35 086 220,73 | |\n| 1. Dividenden (vor Quellensteuer) ................... | EUR | 645 255,50 | | | | 2. | Ertrags-/Aufwandsausgleich ...................... | EUR | 7 282 107,25 | |\n| 2. Abzug ausländischer Quellensteuer ................ | EUR | -7 348,54 | | | | 3. | Ordentlicher Nettoertrag ........................ | EUR | 0,00 | |\n| 3. Ertragsausgleich ............................... | EUR | -637 906,96 | | | | 4. | Realisierte Gewinne/Verluste ..................... | EUR | 0,00 | |\n| Summe der Erträge .............................. | EUR | 0,00 | | | | 5. | Nettoveränderung der nicht realisierten Gewinne/Verluste .................... | EUR | -4 071 961,69 | |\n| | | | | | | | | | | |\n| - Aufwendungen\n\t- Zinsen aus Kreditaufnahmen und\n\n | | | | | | II. | Wert des Fondsvermögens am Ende des Rumpfgeschäftsjahres .............. | EUR | 0,00 | |\n| negativen Einlagenverzinsungen .................. davon: Bereitstellungszinsen ........ EUR\t-242,02 2. Verwaltungsvergütung .......................... | EUR EUR | -4 814,51 -612 998,55 | | | | | | | | |\n\ndavon:\nBasis-Verwaltungsvergütung .. EUR\t-596 357,35\nAdministrationsvergütung ..... EUR\t-16 641,20\n\n###### Zusammensetzung der Gewinne/Verluste\t2021 \n- Verwahrstellenvergütung ........................ EUR\t-932,57\t\n- Prüfungs-, Rechts- und Veröffentlichungskosten ...... EUR\t-5 410,38\n- Taxe d‘Abonnement ............................ EUR\t-11 531,53\n- Sonstige Aufwendungen ........................ EUR\t-17 187,83\n- Aufwandsausgleich ............................ EUR\t652 875,37Summe der Aufwendungen ....................... EUR\t0,00\n- Ordentlicher Nettoertrag ....................... EUR\t0,00Realisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t0,00\n\n| aus: | |\n| --- | --- |\n| Wertpapiergeschäften\tEUR | 7 296 185,35 |\n| Devisen(termin)geschäften\tEUR | 890,31 |\n| Ertrags-/Aufwandsausgleich\tEUR | -7 297 075,66 |\n\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n- Veräußerungsgeschäfte\n\t- Realisierte Gewinne/Verluste ..................... EUR\t7 297 075,66\n\t- Ertrags-/Aufwandsausgleich ...................... EUR\t-7 297 075,66Ergebnis aus Veräußerungsgeschäften .............. EUR\t0,00\t\n\n- Ergebnis des Rumpfgeschäftsjahres ............. EUR\t0,00Gesamtkostenquote (BVI - Total Expense Ratio (TER)) Die Gesamtkostenquote der Anteilklassen belief sich auf: Klasse NC 2,15%1),\tKlasse TFC 0,68%1)Fondsvermögen am Ende des (Rumpf-)Geschäftsjahres7.12.2021 (Liquidationsstichtag) ...................... EUR\t0,002020 ........................................... EUR\t31 876 075,172019 ........................................... EUR\t0,00Anteilwert am Ende des (Rumpf-)Geschäftsjahres 7.12.2021 (Liquidationsstichtag)Klasse NC .............................. EUR\t-Die Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktionskosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Rumpfgeschäftsjahres aus.\n\n1) \nBei unterjährig aufgelegten Anteilklassen wird von einer Annualisierung abgesehen.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 17 167,11.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\n2020\n2019\nKlasse TFC .............................. EUR\t-\nKlasse NC .............................. EUR\t34,80\nKlasse TFC .............................. EUR\t89,28\nKlasse NC .............................. EUR\t-\nKlasse TFC .............................. EUR\t-\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 0,00% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 0,00.\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nDWS Invest II US Top Dividend zielt auf die Erwirtschaftung eines nachhaltigen Wertzu wachses ab. Um dies zu errei chen, investiert der Teilfonds hauptsächlich in Aktien von Emittenten aus den Vereinigten Staaten, von denen eine über\nDWS INVEST II US TOP DIVIDEND\nWertentwicklung auf 5-Jahres-Sicht\n150\n140\n130\n120\n110\n100\n90\n80\ndurchschnittliche Dividenden\n12/16*\n12/17\n12/18\t12/19\t12/20\n12/21\nrendite erwartet wird. Bei der\nDWS Invest II US Top Dividend (Anteilklasse LC)\n* 12/2016 = 100\nAngaben auf Euro-Basis\nAktienauswahl ist die Höhe der\nDividendenrendite ein wichtiges Kriterium. Allerdings müssen die Dividendenrenditen nicht in jedem Fall größer als im Markt durchschnitt sein. In diesem Rahmen obliegt die Auswahl der einzelnen Investments dem Portfoliomanagement.\nDer Teilfonds verzeichnete im Geschäftsjahr von Anfang\nJanuar 2021 bis Ende Dezem ber 2021 einen Wertzuwachs von 32,5% je Anteil (Anteilklas se LC; nach BVIMethode; in Euro).\n\n### Anlagepolitik im Berichtszeitraum\nNach einem durchaus denk würdigen Vorjahr entwickelten sich die Aktienbörsen in 2021\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDWS INVEST II US TOP DIVIDEND\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | 3 Jahre | 5 Jahre |\n| --- | --- | --- | --- | --- |\n| Klasse LC | LU0781238778 | 32,5% | 45,4% | 42,7% |\n| Klasse FC | LU0781239156 | 33,5% | 48,7% | 48,2% |\n| Klasse FD | LU0781239230 | 33,5% | 48,7% | 48,2% |\n| Klasse LCH (P) | LU0781239586 | 21,2% | 36,0% | 38,2% |\n| Klasse LD | LU0781238851 | 32,5% | 45,4% | 42,7% |\n| Klasse NC | LU0781238935 | 31,6% | 42,4% | 37,8% |\n| Klasse NCH (P) | LU0781239743 | 20,4% | 33,3% | 33,4% |\n| Klasse TFC | LU1663960422 | 33,5% | 48,8% | 46,4% 1) |\n| Klasse TFD | LU1663960695 | 33,5% | 48,9% | 46,6% 1) |\n| Klasse USD LC 2) | LU0781240089 | 22,1% | 43,9% | 53,4% |\n\n1) \nKlassen TFC und TFD aufgelegt am 15.1.2018 (erste Anteilpreisberechnung am 16.1.2018)\n2) \nin USD\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nsehr erfreulich. Zwar war das\n„COVID19Thema“* weiter hin allgegenwärtig, allerdings konnten deutliche Fortschritte im Kampf gegen die Pandemie erzielt werden. Nach positiven klinischen Studienergebnissen im November 2020 konnten die ersten Impfstoffe zum Jahreswechsel 2020/2021 verabreicht werden. Die seit her global laufenden Impf kampagnen verhalfen großen Volkswirtschaften sich schritt weise wieder der Normalität\nzu nähern. Dies spiegelte sich auch in den Unternehmens ergebnissen wider. Außerdem verhalfen die beispiellosen Unterstützungsmaßnahmen seitens der Regierungen sowie flankierende Aktionen durch Zentralbanken den Konsumen ten und der Konjunktur „unter die Arme zu greifen“. All dies drückte sich auch in spürbar gestiegenen Aktienkursen aus. Vor diesem Hintergrund konn ten USamerikanische Aktien im Berichtszeitraum insgesamt\ndeutliche Kursgewinne ver zeichnen.\nDer Anlageschwerpunkt des Teilfonds lag auf dividenden starken Titeln u.a. aus den Segmenten Konsumgüter, Gesundheitswesen und Finan zen. Mit dieser Ausrichtung konnte der Teilfonds an der ins gesamt sehr positiven Kursent wicklung USamerikanischer Aktien im Berichtszeitraum profitieren.\nAuf Einzeltitelebene betrachtet zählten die Aktien der Pharma unternehmen Pfizer und Eli Lilly zu den Portfoliopositionen mit der besten Wertentwick lung. Auch das Engagement\nin Motorola Solutions, einem Anbieter von Kommunikations und AnalyseLösungen, konnte sich sehr erfreulich entwickeln. Überdurchschnittliche Per formancebeiträge steuerten zudem u.a. auch Marsh & Mc Lennan, ein im Beratungs und Versicherungsdienstleistungs bereich tätiges Unternehmen, sowie der Konsumgüterprodu zent Procter & Gamble bei.\nUnterdurchschnittlich ent wickelten sich hingegen u.a. die Aktien des Goldproduzenten Agnico Eagle Mines und des Zahlungsdienstleisters Fidelity National Information Services sowie des Personalvermittlers Manpower.\n\n### Informationen zu ökologischen und/oder sozialen Merkmalen\nDer Teilfonds ist ein Produkt im Sinne des Artikels 6 der Verord nung (EU) 2019/2088 (Verord nung über nachhaltigkeitsbezo gene Offenlegungspflichten im Finanzdienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu grunde liegenden Investitionen berücksichtigen nicht die EU Kriterien für ökologisch nach haltige Wirtschaftsaktivitäten.\n* Die Coronakrise (COVID19) stellt(e) auch für die Wirtschaft weltweit eine bedeu tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Aktien (Branchen) Informationstechnologie | 36 125 095,59 | 8,97 |\n| Telekommunikationsdienste | 44 199 381,32 | 10,99 |\n| Dauerhafte Konsumgüter | 125 336 499,23 | 31,16 |\n| Energie | 13 173 461,90 | 3,28 |\n| Hauptverbrauchsgüter | 50 569 783,14 | 12,57 |\n| Finanzsektor | 62 395 893,21 | 15,51 |\n| Grundstoffe | 15 355 156,62 | 3,82 |\n| Industrien | 27 804 878,89 | 6,92 |\n| Versorger | 9 845 050,12 | 2,45 |\n| Summe Aktien | 384 805 200,02 | 95,67 |\n| 2. Investmentanteile Sonstige Fonds | 128,56 | 0,00 |\n| Summe Investmentanteile | 128,56 | 0,00 |\n| 3. Derivate | 70 135,16 | 0,01 |\n| 4. Bankguthaben | 18 093 348,15 | 4,50 |\n| 5. Sonstige Vermögensgegenstände | 471 695,21 | 0,12 |\n| 6. Forderungen aus Anteilscheingeschäften | 45 108,61 | 0,01 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -491 194,00 | -0,12 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -766 770,97 | -0,19 |\n| III. Fondsvermögen | 402 227 650,74 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Börsengehandelte Wertpapiere | | | | | | | 384 805 200,02 | 95,67 |\n| Aktien Agnico Eagle Mines Ltd ............................ | Stück | 90 932 | 91 641 | 709 | CAD | 65,94 | 4 139 190,51 | 1,03 |\n| BCE, Inc. ....................................... | Stück | 80 968 | 80 968 | | CAD | 65,77 | 3 676 131,03 | 0,91 |\n| Canadian Imperial Bank of Commerce/Canada .......... | Stück | 42 334 | 419 | 1 643 | CAD | 148,24 | 4 332 159,53 | 1,08 |\n| Canadian National Railway Co. ....................... | Stück | 50 759 | 11 200 | 1 550 | CAD | 156,45 | 5 481 991,46 | 1,36 |\n| Metro .......................................... | Stück | 83 315 | 83 315 | | CAD | 67,49 | 3 881 614,09 | 0,97 |\n| National Bank of Canada ........................... | Stück | 20 465 | 203 | 793 | CAD | 97,51 | 1 377 560,35 | 0,34 |\n| Toronto-Dominion Bank/The ........................ | Stück | 81 310 | 31 085 | 1 968 | CAD | 97,67 | 5 482 200,04 | 1,36 |\n| 3M Co. ......................................... | Stück | 15 034 | 295 | 15 939 | USD | 178,78 | 2 371 324,85 | 0,59 |\n| AbbVie, Inc. ..................................... | Stück | 72 918 | 722 | 2 828 | USD | 136,15 | 8 758 908,07 | 2,18 |\n| Air Products & Chemicals, Inc. ...................... | Stück | 9 840 | 3 337 | 5 446 | USD | 305,72 | 2 654 095,36 | 0,66 |\n| Allstate Corp./The ................................. | Stück | 31 553 | 313 | 1 224 | USD | 118,66 | 3 303 258,61 | 0,82 |\n| American Water Works Co., Inc. ..................... | Stück | 29 891 | 3 135 | 1 049 | USD | 187,7 | 4 949 966,86 | 1,23 |\n| AmerisourceBergen Corp. .......................... | Stück | 13 318 | 132 | 9 144 | USD | 133,55 | 1 569 207,87 | 0,39 |\n| Amgen, Inc. ..................................... | Stück | 28 702 | 284 | 3 555 | USD | 228,45 | 5 784 967,14 | 1,44 |\n| AT&T, Inc. ...................................... | Stück | 308 584 | 29 356 | 90 471 | USD | 24,905 | 6 780 434,49 | 1,69 |\n| Automatic Data Processing, Inc. ..................... | Stück | 10 460 | 10 460 | | USD | 247,09 | 2 280 260,31 | 0,57 |\n| Baker Hughes Co. ................................ | Stück | 138 538 | 1 372 | 5 374 | USD | 24,265 | 2 965 833,62 | 0,74 |\n| Bank of America Corp. ............................. | Stück | 130 863 | 1 296 | 12 163 | USD | 44,88 | 5 181 640,69 | 1,29 |\n| Bristol-Myers Squibb Co. ........................... | Stück | 109 378 | 1 083 | 7 581 | USD | 62,86 | 6 065 993,34 | 1,51 |\n| Broadcom, Inc. ................................... | Stück | 5 722 | 57 | 223 | USD | 670,76 | 3 386 199,83 | 0,84 |\n| Broadridge Financial Solutions, Inc. ................... | Stück | 30 603 | 303 | 8 770 | USD | 183,1 | 4 943 675,10 | 1,23 |\n| Carnival Corp. .................................... | Stück | 111 317 | 1 103 | 4 317 | USD | 21,37 | 2 098 763,92 | 0,52 |\n| Charles Schwab Corp./The .......................... | Stück | 17 551 | 8 465 | 356 | USD | 85,47 | 1 323 467,08 | 0,33 |\n| Chevron Corp. ................................... | Stück | 20 098 | 334 | 14 953 | USD | 118,15 | 2 095 000,55 | 0,52 |\n| Chubb Ltd ....................................... | Stück | 36 517 | 362 | 1 417 | USD | 194,5 | 6 266 315,70 | 1,56 |\n| Cisco Systems, Inc. ............................... | Stück | 144 779 | 71 102 | 2 887 | USD | 63,73 | 8 140 424,74 | 2,02 |\n| Citigroup, Inc. .................................... | Stück | 45 859 | 454 | 1 778 | USD | 60,9 | 2 463 992,87 | 0,61 |\n| Citizens Financial Group, Inc. ........................ | Stück | 35 276 | 349 | 25 385 | USD | 47,58 | 1 480 816,84 | 0,37 |\n| Clorox Co./The ................................... | Stück | 14 739 | 3 381 | 2 004 | USD | 171,51 | 2 230 257,66 | 0,55 |\n| CME Group, Inc. ................................. | Stück | 15 329 | 152 | 594 | USD | 229,37 | 3 102 044,42 | 0,77 |\n| Coca-Cola Co./The ................................ | Stück | 137 458 | 1 361 | 5 332 | USD | 59,1 | 7 167 291,63 | 1,78 |\n| Comcast Corp. ................................... | Stück | 154 291 | 63 256 | 4 803 | USD | 51,08 | 6 953 269,41 | 1,73 |\n| Corning, Inc. ..................................... | Stück | 65 075 | 645 | 2 524 | USD | 37,59 | 2 158 162,18 | 0,54 |\n| Dow, Inc. ....................................... | Stück | 38 651 | 23 480 | 1 499 | USD | 57,64 | 1 965 541,79 | 0,49 |\n| DT Midstream, Inc. ............................... | Stück | 9 858 | 9 858 | | USD | 48,18 | 419 037,78 | 0,10 |\n| Eastman Chemical Co. ............................. | Stück | 19 203 | 19 203 | | USD | 120,84 | 2 047 280,61 | 0,51 |\n| Eaton Corp., PLC ................................. | Stück | 18 602 | 18 602 | | USD | 171,91 | 2 821 359,02 | 0,70 |\n| Eli Lilly & Co. .................................... | Stück | 26 022 | 4 743 | 20 327 | USD | 277,04 | 6 360 345,76 | 1,58 |\n| Equity Residential ................................. | Stück | 30 729 | 30 729 | | USD | 90,65 | 2 457 614,78 | 0,61 |\n| Eversource Energy ................................ | Stück | 61 294 | 22 631 | 1 514 | USD | 90,52 | 4 895 083,26 | 1,22 |\n| Exxon Mobil Corp. ................................ | Stück | 83 118 | 1 209 | 53 560 | USD | 61,24 | 4 490 842,67 | 1,12 |\n| Fidelity National Information Services, Inc. ............. | Stück | 33 665 | 23 418 | 402 | USD | 110,14 | 3 271 306,72 | 0,81 |\n| Genuine Parts Co. ................................ | Stück | 32 941 | 25 059 | 4 590 | USD | 140,08 | 4 071 087,96 | 1,01 |\n| Gilead Sciences, Inc. .............................. | Stück | 68 212 | 676 | 13 817 | USD | 73,67 | 4 433 523,63 | 1,10 |\n| Hasbro, Inc. ..................................... | Stück | 99 933 | 43 899 | 2 844 | USD | 100,37 | 8 849 330,67 | 2,20 |\n| Home Depot, Inc./The ............................. | Stück | 25 076 | 12 796 | 481 | USD | 412,03 | 9 115 587,70 | 2,27 |\n| Intel Corp. ....................................... | Stück | 152 967 | 52 594 | 22 546 | USD | 51,95 | 7 011 014,66 | 1,74 |\n| Interpublic Group of Cos, Inc./The .................... | Stück | 34 471 | 34 471 | | USD | 38,07 | 1 157 802,10 | 0,29 |\n| Johnson & Johnson ............................... | Stück | 76 109 | 5 700 | 2 758 | USD | 171,96 | 11 546 783,59 | 2,87 |\n| JPMorgan Chase & Co. ............................ | Stück | 37 529 | 372 | 1 456 | USD | 159,49 | 5 280 779,39 | 1,31 |\n| Kimberly-Clark Corp. ............................... | Stück | 39 569 | 39 569 | | USD | 141,52 | 4 940 495,05 | 1,23 |\n| ManpowerGroup, Inc. ............................. | Stück | 17 739 | 17 739 | | USD | 98,77 | 1 545 794,51 | 0,38 |\n| Marsh & McLennan Cos, Inc. ....................... | Stück | 56 901 | 564 | 2 207 | USD | 174,15 | 8 742 606,91 | 2,17 |\n| McDonald‘s Corp. ................................ | Stück | 34 745 | 35 914 | 1 169 | USD | 268,27 | 8 223 600,41 | 2,05 |\n| Medtronic PLC ................................... | Stück | 43 495 | 431 | 1 688 | USD | 104,51 | 4 010 465,25 | 1,00 |\n| Merck & Co., Inc. ................................. | Stück | 113 044 | 1 120 | 36 913 | USD | 77,15 | 7 694 510,93 | 1,91 |\n| Microsoft Corp. .................................. | Stück | 20 351 | 202 | 790 | USD | 341,12 | 6 124 780,25 | 1,52 |\n| Mondelez International, Inc. ......................... | Stück | 62 344 | 617 | 2 419 | USD | 66,05 | 3 632 997,17 | 0,90 |\n| Motorola Solutions, Inc. ............................ | Stück | 34 224 | 339 | 1 328 | USD | 271,93 | 8 210 799,82 | 2,04 |\n| National Instruments Corp. ......................... | Stück | 56 333 | 558 | 2 185 | USD | 44,31 | 2 202 227,62 | 0,55 |\n| Newmont Mining Corp. ............................ | Stück | 84 485 | 61 161 | 1 403 | USD | 61,03 | 4 549 048,35 | 1,13 |\n| nVent Electric PLC ................................ | Stück | 81 572 | 81 572 | | USD | 38,29 | 2 755 649,97 | 0,69 |\n| Organon & Co. ................................... | Stück | 11 304 | 11 305 | 1 | USD | 30,36 | 302 783,00 | 0,08 |\n| PepsiCo, Inc. .................................... | Stück | 81 006 | 18 816 | 18 975 | USD | 172,84 | 12 352 618,23 | 3,07 |\n| Pfizer, Inc. ...................................... | Stück | 237 154 | 2 354 | 35 715 | USD | 58,21 | 12 179 392,53 | 3,03 |\n| Procter & Gamble Co. ............................. | Stück | 101 046 | 16 845 | 13 232 | USD | 163,06 | 14 536 643,45 | 3,61 |\n| Prologis, Inc. ..................................... | Stück | 18 966 | 18 966 | | USD | 166,9 | 2 792 734,54 | 0,69 |\n| Prudential Financial, Inc. ........................... | Stück | 20 620 | 204 | 7 386 | USD | 109,64 | 1 994 597,46 | 0,50 |\n| QUALCOMM, Inc. ................................ | Stück | 52 794 | 45 972 | 627 | USD | 185,49 | 8 639 779,20 | 2,15 |\n| Regions Financial Corp. ............................ | Stück | 66 183 | 655 | 59 180 | USD | 22,12 | 1 291 603,30 | 0,32 |\n| Republic Services, Inc. ............................. | Stück | 32 320 | 320 | 9 380 | USD | 139,62 | 3 981 223,51 | 0,99 |\n| Rockwell Automation, Inc. .......................... | Stück | 4 799 | 48 | 186 | USD | 349,63 | 1 480 324,80 | 0,37 |\n| Royal Caribbean Cruises Ltd ........................ | Stück | 17 321 | 172 | 672 | USD | 79,7 | 1 217 948,31 | 0,30 |\n| Schlumberger Ltd ................................. | Stück | 74 838 | 18 305 | 2 903 | USD | 29,91 | 1 974 859,30 | 0,49 |\n| TE Connectivity Ltd ............................... | Stück | 20 258 | 201 | 786 | USD | 162,64 | 2 906 842,54 | 0,72 |\n\n| Texas Instruments, Inc. ............................ | Stück | 16 318 | 162 | 633 | USD | 190,9 | 2 748 339,83 | 0,68 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| TJX Cos, Inc./The ................................. | Stück | 60 848 | 60 848 | | USD | 76 | 4 079 974,74 | 1,01 |\n| Tractor Supply Co. ................................ | Stück | 17 281 | 171 | 7 155 | USD | 238,12 | 3 630 465,54 | 0,90 |\n| Travelers Cos, Inc./The ............................ | Stück | 16 771 | 166 | 651 | USD | 157,82 | 2 335 170,37 | 0,58 |\n| Truist Financial Corp. .............................. | Stück | 19 661 | 195 | 763 | USD | 59,15 | 1 026 024,96 | 0,26 |\n| UnitedHealth Group, Inc. ........................... | Stück | 9 097 | 9 450 | 353 | USD | 506,065 | 4 061 646,02 | 1,01 |\n| Valero Energy Corp. ............................... | Stück | 18 574 | 184 | 721 | USD | 74,93 | 1 227 887,98 | 0,31 |\n| Verizon Communications, Inc. ....................... | Stück | 154 003 | 36 627 | 4 599 | USD | 52,42 | 7 122 357,55 | 1,77 |\n| VF Corp. ........................................ | Stück | 71 934 | 55 688 | 1 099 | USD | 73,33 | 4 653 861,66 | 1,16 |\n| Waste Management, Inc. .......................... | Stück | 25 841 | 256 | 11 048 | USD | 166,85 | 3 803 935,12 | 0,95 |\n| Welltower, Inc. ................................... | Stück | 28 545 | 28 545 | | USD | 85,82 | 2 161 305,37 | 0,54 |\n| WW Grainger, Inc. ................................ | Stück | 10 001 | 10 079 | 78 | USD | 524,64 | 4 629 162,23 | 1,15 |\n| Investmentanteile | | | | | | | 128,56 | 0,00 |\n| Gruppeneigene Investmentanteile Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0,100%) ....................... | Anteile | 0 | 2 799 | 3 452 | USD | 10 408,589 | 128,56 | 0,00 |\n| Summe Wertpapiervermögen | | | | | | | 384 805 328,58 | 95,67 |\n\nDerivate\n(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)\n| Devisen-Derivate Forderungen/Verbindlichkeiten | | | 70 135,16 | 0,01 |\n| --- | --- | --- | --- | --- |\n| Devisentermingeschäfte | | | | |\n| Devisentermingeschäfte (Verkauf) | | | | |\n| Offene Positionen EUR/CAD 0,7 Mio. ................................. | | | -3 685,29 | 0,00 |\n| EUR/USD 7,5 Mio. ................................. | | | 12 786,40 | 0,00 |\n| Geschlossene Positionen EUR/CAD 0,8 Mio. ................................. | | | 11 819,59 | 0,00 |\n| EUR/USD 7,4 Mio. ................................. | | | 49 214,46 | 0,01 |\n| Bankguthaben | | | 18 093 348,15 | 4,50 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | | 1 754 021,79 | 0,44 |\n| Guthaben in sonstigen EU/EWR-Währungen | | | | |\n| Norwegische Kronen ............................... | NOK | 1 | 0,09 | 0,00 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | |\n| Kanadischer Dollar ................................. | CAD | 242 504 | 167 405,14 | 0,04 |\n| US-Dollar ........................................ | USD | 18 330 066 | 16 171 921,13 | 4,02 |\n| Sonstige Vermögensgegenstände | | | 471 695,21 | 0,12 |\n| Dividenden- / Ausschüttungsansprüche ................. | | | 471 695,21 | 0,12 |\n| Forderungen aus Anteilscheingeschäften | | | 45 108,61 | 0,01 |\n| Summe der Vermögensgegenstände | | | 403 489 301,00 | 100,31 |\n| Sonstige Verbindlichkeiten | | | -491 194,00 | -0,12 |\n| Verbindlichkeiten aus Kostenpositionen ................. | | | -491 194,00 | -0,12 |\n| Verbindlichkeiten aus Anteilscheingeschäften | | | -766 770,97 | -0,19 |\n| Summe der Verbindlichkeiten | | | -1 261 650,26 | -0,31 |\n| Fondsvermögen | | | 402 227 650,74 | 100,00 |\n\nDurch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse FC ........................................ | EUR | 283,71 |\n| Klasse FD ........................................ | EUR | 201,39 |\n| Klasse LC ........................................ | EUR | 263,46 |\n| Klasse LCH(P) ..................................... | EUR | 163,36 |\n| Klasse LD ........................................ | EUR | 220,07 |\n| Klasse NC ........................................ | EUR | 246,38 |\n| Klasse NCH(P) .................................... | EUR | 154,04 |\n| Klasse TFC ....................................... | EUR | 146,39 |\n| Klasse TFD ....................................... | EUR | 136,96 |\n| Klasse USD LC .................................... | USD | 182,49 |\n| Umlaufende Anteile Klasse FC ........................................ | Stück | 464 456,557 |\n| Klasse FD ........................................ | Stück | 12 040,262 |\n| Klasse LC ........................................ | Stück | 43 937,995 |\n| Klasse LCH(P) ..................................... | Stück | 42 471,402 |\n| Klasse LD ........................................ | Stück | 708 769,993 |\n| Klasse NC ........................................ | Stück | 35 300,995 |\n| Klasse NCH(P) .................................... | Stück | 1 652,899 |\n| Klasse TFC ....................................... | Stück | 756,012 |\n| Klasse TFD ....................................... | Stück | 20,000 |\n| Klasse USD LC .................................... | Stück | 524 656,177 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI USA High Dividend Yield in EUR\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 88,180 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 112,111 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 99,079 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 0,00.\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Kanadischer Dollar\tCAD | 1,448606 | = EUR | 1 |\n| --- | --- | --- | --- |\n| Norwegische Kronen\tNOK | 9,974305 | = EUR | 1 |\n| US-Dollar\tUSD | 1,133450 | = EUR | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 1.1.2021 bis 31.12.2021\n- Erträge\n\t- Dividenden (vor Quellensteuer) ................... EUR\t9 606 111,14\n\t- Zinsen aus Liquiditätsanlagen (vor Quellensteuer) . . . . . EUR\t5 613,12\n\t- Abzug ausländischer Quellensteuer ............... EUR\t-2 649 172,12Summe der Erträge .............................. EUR\t6 962 552,14\n\n- Aufwendungen\n\t- Zinsen aus Kreditaufnahmen undnegativen Einlagenverzinsungen .................. EUR\t-9 303,16\n\n- Verwaltungsvergütung .......................... EUR\t-4 486 130,99 davon:Basis-Verwaltungsvergütung .. EUR -4 450 562,07Administrationsvergütung ..... EUR\t-35 568,92\n\n| 3. Verwahrstellenvergütung ........................ | EUR | -1 458,76 |\n| --- | --- | --- |\n| 4. Prüfungs-, Rechts- und Veröffentlichungskosten ..... | EUR | -6 475,80 |\n| 5. Taxe d‘Abonnement ............................ | EUR | -182 159,03 |\n| 6. Sonstige Aufwendungen ........................ | EUR | -105 307,80 |\n| Summe der Aufwendungen ....................... | EUR | -4 790 835,54 |\n| III. Ordentlicher Nettoertrag ....................... | EUR | 2 171 716,60 |\n| IV. Veräußerungsgeschäfte Realisierte Gewinne/Verluste ........................ | EUR | 14 530 822,95 |\n| Ergebnis aus Veräußerungsgeschäften .............. | EUR | 14 530 822,95 |\n| V. Ergebnis des Geschäftsjahres ................... | EUR | 16 702 539,55 |\n| Gesamtkostenquote (BVI - Total Expense Ratio (TER)) | | |\n| Die Gesamtkostenquote der Anteilklassen belief sich auf: | | |\n\nKlasse FC 0,84% p.a.,\tKlasse FD 0,84% p.a.,\nKlasse LC 1,59% p.a.,\tKlasse LCH(P) 1,62% p.a.,\nKlasse LD 1,59% p.a.,\tKlasse NC 2,29% p.a., Klasse NCH(P) 2,32% p.a.,\tKlasse TFC 0,81% p.a., Klasse TFD 0,80% p.a.,\tKlasse USD LC 1,59% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktions- kosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Geschäftsjahres aus.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 25 325,43.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\n\n###### Entwicklung des Fondsvermögens\t2021 \n- Wert des Fondsvermögensam Beginn des Geschäftsjahres ................. EUR\t316 400 378,68\n- Ausschüttung für das Vorjahr ..................... EUR\t-3 117 955,35\n- Mittelabfluss (netto) ............................ EUR\t-9 819 144,40\n- Ertrags-/Aufwandsausgleich ...................... EUR\t-9 744,76\n- Ordentlicher Nettoertrag ........................ EUR\t2 171 716,60\n- Realisierte Gewinne/Verluste ..................... EUR\t14 530 822,95\n- Nettoveränderung der nichtrealisierten Gewinne/Verluste .................... EUR\t82 071 577,02\n- Wert des Fondsvermögensam Ende des Geschäftsjahres ................... EUR\t402 227 650,74\n\n\n###### Zusammensetzung der Gewinne/Verluste\t2021 \n| Realisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR | 14 530 822,95 |\n| --- | --- |\n| aus: Wertpapiergeschäften\tEUR | 14 731 987,96 |\n| Devisen(termin)geschäften\tEUR | -201 165,01 |\n\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n\n###### Angaben zur Ertragsverwendung *\t\nKlasse FC\n| Das Ergebnis des | Geschäftsjahres wird thesauriert. | | | Fondsvermögen am Ende des Geschäftsjahres 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 402 227 650,74 |\n| --- | --- | --- | --- | --- | --- | --- |\n| | | | | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 316 400 378,68 |\n| Klasse FD | | | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 422 019 677,57 |\n| Art | per | Währung | Je Anteil | Anteilwert am Ende des Geschäftsjahres | | |\n| Endausschüttung | 4.3.2022 | EUR | 4,12 | 2021\tKlasse FC ............................... Klasse FD .............................. | EUR EUR | 283,71 201,39 |\n| | | | | Klasse LC ............................... | EUR | 263,46 |\n\nKlasse LC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LCH (P)\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t4,51\nKlasse NC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse NCH (P)\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse TFC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n| Klasse TFD | |\n| --- | --- |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | EUR | 2,80 |\n| Klasse USD LC | | | |\n\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nIm Falle einer Endausschüttung eventuell verbleibende ordentliche Ergebnisse des Geschäftsjahres werden thesauriert.\nKlasse LCH(P) ........................... EUR\t163,36\nKlasse LD .............................. EUR\t220,07\nKlasse NC .............................. EUR\t246,38\nKlasse NCH(P) ........................... EUR\t154,04\nKlasse TFC .............................. EUR\t146,39\nKlasse TFD ............................. EUR\t136,96\nKlasse USD LC .......................... USD\t182,49\n2020\tKlasse FC ............................... EUR\t212,51\nKlasse FD .............................. EUR\t154,34\nKlasse LC ............................... EUR\t198,82\nKlasse LCH(P) ........................... EUR\t134,79\nKlasse LD .............................. EUR\t169,93\nKlasse NC .............................. EUR\t187,23\nKlasse NCH(P) ........................... EUR\t127,96\nKlasse TFC .............................. EUR\t109,64\nKlasse TFD ............................. EUR\t104,93\nKlasse USD LC .......................... USD\t149,41\n2019\tKlasse FC ............................... EUR\t237,31\nKlasse FD .............................. EUR\t176,40\nKlasse LC ............................... EUR\t223,72\nKlasse LCH(P) ........................... EUR\t140,94\nKlasse LD .............................. EUR\t195,72\nKlasse NC .............................. EUR\t212,15\nKlasse NCH(P) ........................... EUR\t134,89\nKlasse TFC .............................. EUR\t122,37\nKlasse TFD ............................. EUR\t119,87\nKlasse USD LC .......................... USD\t153,14\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 0,00% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 0,00.\n Konsolidierte Zusammensetzung des Fondsvermögens zum 31. Dezember 2021\t\n| Vermögenswerte | DWS Invest II, SICAV EUR * % Anteil Konsolidiert\tam Fonds- vermögen | DWS Invest II Euro Bonds Conservative EUR | DWS Invest II European Top Dividend EUR |\n| --- | --- | --- | --- |\n| Summe Wertpapiervermögen | 1 082 520 723,81 | 94,94 | 73 471 006,24 | 327 095 107,54 |\n| Devisen-Derivate | 78 431,96 | 0,01 | 0,00 | 4 695,47 |\n| Swaps | 481 520,56 | 0,04 | 0,00 | 0,00 |\n| Bankguthaben | 58 207 156,33 | 5,11 | 10 419 438,35 | 12 520 102,88 |\n| Sonstige Vermögensgegenstände | 2 689 609,62 | 0,23 | 137 878,88 | 1 825 860,32 |\n| Forderungen aus Anteilscheingeschäften | 139 067,82 | 0,01 | 0,00 | 92 315,05 |\n| Summe der Vermögenswerte ** | 1 144 116 510,10 | 100,34 | 84 028 323,47 | 341 538 081,26 |\n| Verbindlichkeiten | | | |\n| Aktienindex-Derivate | -158 227,19 | -0,01 | 0,00 | 0,00 |\n| Zins-Derivate | -117 485,63 | -0,01 | 0,00 | 0,00 |\n| Devisen-Derivate | -157 046,78 | -0,01 | -157 046,78 | 0,00 |\n| Sonstige Verbindlichkeiten | -2 129 133,75 | -0,19 | -30 369,97 | -1 285 067,24 |\n| Verbindlichkeiten aus Anteilscheingeschäften | -1 371 554,69 | -0,12 | -211 431,32 | -374 631,47 |\n| Summe der Verbindlichkeiten ** | -3 933 448,04 | -0,34 | -398 848,07 | -1 659 698,71 |\n| | | | |\n| Fondsvermögen | 1 140 183 062,06 | 100,00 | 83 629 475,40 | 339 878 382,55 |\n\n* Das konsolidierte Fondsvermögen, die konsolidierte Ertrags- und Aufwandsrechnung sowie die konsolidierte Entwicklung des Fondsvermögens entsprechen der Summe der Ergebnisse der einzelnen Teilfonds. Im Falle von Anlagen zwischen Teilfonds (bei denen ein Teilfonds in einen anderen Teilfonds desselben Umbrellafonds investiert) waren die entsprechenden Konten des Fonds nicht Gegenstand einer Eliminierung für Zwecke der jeweiligen konsolidierten Darstellung.\n** Im Falle von Derivaten bzw. Termingeschäften enthält der als Summe der Vermögenswerte ausgewiesene Betrag den positiven Nettoüberhang der saldierten Einzel- positionen innerhalb der gleichen Produktkategorie, während negative Überhänge unter der Summe der Verbindlichkeiten subsumiert werden.\n| |\n| --- |\n| DWS Invest II Global Equity High Conviction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II US Top Dividend EUR |\n| 196 163 093,29 | 100 986 188,16 | 384 805 328,58 |\n| 0,00 | 3 601,33 | 70 135,16 |\n| 0,00 | 481 520,56 | 0,00 |\n| 7 003 672,01 | 10 170 594,94 | 18 093 348,15 |\n| 120 542,96 | 133 632,25 | 471 695,21 |\n| 1 644,16 | 0,00 | 45 108,61 |\n| 203 288 952,42 | 111 775 537,24 | 403 485 615,71 |\n| | | |\n| 0,00 | -158 227,19 | 0,00 |\n| 0,00 | -117 485,63 | 0,00 |\n| 0,00 | 0,00 | 0,00 |\n| -275 860,83 | -46 641,71 | -491 194,00 |\n| -18 720,93 | 0,00 | -766 770,97 |\n| -294 581,76 | -322 354,53 | -1 257 964,97 |\n| | | |\n| 202 994 370,66 | 111 453 182,71 | 402 227 650,74 |\n\n Konsolidierte Ertrags- und Aufwandsrechnung für den Zeitraum vom 1. Januar 2021 bis 31. Dezember 2021 (inkl. Ertragsausgleich) \n| Erträge | DWS Invest II, SICAV EUR * Konsolidiert | DWS Invest II Euro Bonds Conservative EUR | DWS Invest II European Equity Focussed Alpha (in Liquidation) 1) EUR |\n| --- | --- | --- | --- |\n| Dividenden (vor Quellensteuer) | 27 430 920,43 | 0,00 | 0,00 |\n| Zinsen aus Wertpapieren (vor Quellensteuer) | 634 557,50 | -68 337,60 | 0,00 |\n| Zinsen aus Liquiditätsanlagen (vor Quellensteuer) | 13 383,90 | 0,00 | 0,00 |\n| Erträge aus Investmentanteilen | 34 338,51 | 0,00 | 0,00 |\n| Erträge aus Wertpapier-Darlehen | 11 340,62 | 0,00 | 0,00 |\n| Abzug ausländischer Quellensteuer | -4 245 006,26 | -97,81 | 0,00 |\n| Summe der Erträge | 23 879 534,70 | -68 435,41 | 0,00 |\n| | | | |\n| Aufwendungen | | | |\n| Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen | -173 998,43 | -68 373,65 | 0,00 |\n| Verwaltungsvergütung | -12 136 614,01 | -223 749,15 | 0,00 |\n| Verwahrstellenvergütung | -16 868,45 | -1 116,61 | 0,00 |\n| Prüfungs-, Rechts- und Veröffentlichungskosten | 19 624,70 | -7 132,49 | 0,00 |\n| Taxe d'Abonnement | -488 864,51 | -40 441,08 | 0,00 |\n| Sonstige Aufwendungen | -329 112,65 | -7 056,01 | 0,00 |\n| Summe der Aufwendungen | -13 125 833,35 | -347 868,99 | 0,00 |\n| Ordentlicher Nettoertrag | 10 753 701,35 | -416 304,40 | 0,00 |\n| Veräußerungsgeschäfte | | | |\n| Realisierte Gewinne/Verluste | 36 344 118,75 | -514 091,56 | 0,00 |\n| Ergebnis aus Veräußerungsgeschäften | 36 344 118,75 | -514 091,56 | 0,00 |\n| | | | |\n| Ergebnis des Geschäftsjahres | 47 097 820,10 | -930 395,96 | 0,00 |\n\n* Das konsolidierte Fondsvermögen, die konsolidierte Ertrags- und Aufwandsrechnung sowie die konsolidierte Entwicklung des Fondsvermögens entsprechen der Summe der Ergebnisse der einzelnen Teilfonds. Im Falle von Anlagen zwischen Teilfonds (bei denen ein Teilfonds in einen anderen Teilfonds desselben Umbrellafonds investiert) waren die entsprechenden Konten des Fonds nicht Gegenstand einer Eliminierung für Zwecke der jeweiligen konsolidierten Darstellung.\nFür Zwecke der Konsolidierung des liquidierten Teilfonds wurde der Ausweis der auf die einzelnen Ertrags- und Aufwandsposten entfallenden Ertrags- bzw. Aufwandsaus- gleichsbeträge aus Gründen der Vergleichbarkeit – abweichend zur Einzeldarstellung der Ertrags- und Aufwandsrechnung in Form eines separaten Ausweises des Gesamt- betrages – zu Gunsten einer Zuordnung der jeweiligen Ertrags-/Aufwandsausgleichskomponenten auf die jeweiligen Ertrags- bzw. Aufwandsposten geändert.\n1) \nDer Teilfonds wurde am 24.3.2021 liquidiert.\n2) \nDer Teilfonds wurde am 7.12.2021 liquidiert.\n| |\n| --- |\n| DWS Invest II European Top Dividend EUR | DWS Invest II Global Equity High Conviction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II Spanish Equities (in Liquidation) 2) EUR | DWS Invest II US Top Dividend EUR |\n| 12 905 929,15 | 3 685 287,10 | 1 233 593,04 | 0,00 | 9 606 111,14 |\n| 0,00 | 0,00 | 702 895,10 | 0,00 | 0,00 |\n| 770,38 | 7 000,40 | 0,00 | 0,00 | 5 613,12 |\n| 0,00 | 0,00 | 34 338,51 | 0,00 | 0,00 |\n| 3 590,66 | 3 394,86 | 4 355,10 | 0,00 | 0,00 |\n| -629 721,23 | -786 195,98 | -179 819,12 | 0,00 | -2 649 172,12 |\n| 12 280 568,96 | 2 909 486,38 | 1 795 362,63 | 0,00 | 6 962 552,14 |\n| | | | | |\n| | | | | |\n| -60 746,70 | -975,24 | -34 599,68 | 0,00 | -9 303,16 |\n| -4 569 047,84 | -2 620 276,28 | -237 409,75 | 0,00 | -4 486 130,99 |\n| -8 570,93 | -5 722,15 | 0,00 | 0,00 | -1 458,76 |\n| 34 057,54 | -8 754,87 | 7 930,32 | 0,00 | -6 475,80 |\n| -161 733,86 | -95 114,53 | -9 416,01 | 0,00 | -182 159,03 |\n| -105 707,35 | -86 801,04 | -24 240,45 | 0,00 | -105 307,80 |\n| -4 871 749,14 | -2 817 644,11 | -297 735,57 | 0,00 | -4 790 835,54 |\n| 7 408 819,82 | 91 842,27 | 1 497 627,06 | 0,00 | 2 171 716,60 |\n| | | | | |\n| 11 614 902,45 | 10 006 435,73 | 706 049,18 | 0,00 | 14 530 822,95 |\n| 11 614 902,45 | 10 006 435,73 | 706 049,18 | 0,00 | 14 530 822,95 |\n| | | | | |\n| 19 023 722,27 | 10 098 278,00 | 2 203 676,24 | 0,00 | 16 702 539,55 |\n\n Konsolidierte Entwicklung des Fondsvermögens für den Zeitraum vom 1. Januar 2021 bis 31. Dezember 2021\t\n| Wert des Fondsvermögens am Beginn des Geschäftsjahres | Deutsche Invest II, SICAV EUR * Konsolidiert 1 099 899 876,11 | DWS Invest II Euro Bonds Conservative EUR 112 797 089,62 | DWS Invest II European Equity Focussed Alpha (in Liquidation) 1) EUR 66 561 768,52 |\n| --- | --- | --- | --- |\n| Ausschüttung für das Vorjahr / Zwischenausschüttung | -12 343 136,53 | 0,00 | -11 010,60 |\n| Mittelzufluss /-abfluss (netto) | -144 937 157,36 | -28 654 847,73 | -68 281 919,64 |\n| Ertrags-/Aufwandsausgleich | 20 349 841,98 | -89 925,74 | 13 117 078,88 |\n| Ordentlicher Nettoertrag | 10 753 701,35 | -416 304,40 | 0,00 |\n| Realisierte Gewinne/Verluste | 36 344 118,75 | -514 091,56 | 0,00 |\n| Nettoveränderung der nicht realisierten Gewinne/Verluste | 130 115 817,76 | 507 555,21 | -11 385 917,16 |\n| Wert des Fondsvermögens am Ende des Geschäftsjahres | 1 140 183 062,06 | 83 629 475,40 | 0,00 |\n\n* Das konsolidierte Fondsvermögen, die konsolidierte Ertrags- und Aufwandsrechnung sowie die konsolidierte Entwicklung des Fondsvermögens entsprechen der Summe der Ergebnisse der einzelnen Teilfonds. Im Falle von Anlagen zwischen Teilfonds (bei denen ein Teilfonds in einen anderen Teilfonds desselben Umbrellafonds investiert) waren die entsprechenden Konten des Fonds nicht Gegenstand einer Eliminierung für Zwecke der jeweiligen konsolidierten Darstellung.\n1) \nDer Teilfonds wurde am 24.3.2021 liquidiert.\n2) \nDer Teilfonds wurde am 7.12.2021 liquidiert.\n| |\n| --- |\n| DWS Invest II European Top Dividend EUR 300 394 665,07 | DWS Invest II Global Equity High Conviction Fund EUR 165 456 076,48 | DWS Invest II Global Total Return Fund EUR 106 413 822,57 | DWS Invest II Spanish Equities (in Liquidation) 2) EUR 31 876 075,17 | DWS Invest II US Top Dividend EUR 316 400 378,68 |\n| -7 482 922,76 | -1 451,67 | -1 729 796,15 | 0,00 | -3 117 955,35 |\n| -466 728,82 | -1 466 153,07 | -1 162 142,97 | -35 086 220,73 | -9 819 144,40 |\n| -155 653,66 | 108 501,24 | 97 478,77 | 7 282 107,25 | -9 744,76 |\n| 7 408 819,82 | 91 842,27 | 1 497 627,06 | 0,00 | 2 171 716,60 |\n| 11 614 902,45 | 10 006 435,73 | 706 049,18 | 0,00 | 14 530 822,95 |\n| 28 565 300,45 | 28 799 119,68 | 5 630 144,25 | -4 071 961,69 | 82 071 577,02 |\n| 339 878 382,55 | 202 994 370,66 | 111 453 182,71 | 0,00 | 402 227 650,74 |\n\nKPMG Luxembourg, Société anonyme\tTel: +352 22 51 51 1\n39, Avenue John F. Kennedy\tFax: +352 22 51 71\nL-1855 Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\n\n### An die Aktionäre der DWS Invest II, SICAV\n2, Boulevard Konrad Adenauer L-1115 Luxemburg\nBERICHT DES „REVISEUR D’ENTREPRISES AGREE“\n\n#### Bericht über die Jahresabschlussprüfung Prüfungsurteil\nWir haben den Jahresabschluss der DWS Invest II, SICAV und ihrer jeweiligen Teilfonds („der Fonds“), beste-\nhend aus der Vermögensaufstellung einschließlich des Wertpapierbestands und der sonstigen Vermögens- werte zum 31. Dezember 2021, der Ertrags- und Aufwandsrechnung und der Entwicklung des Fondsvermö- gens für das an diesem Datum endende Geschäftsjahr sowie erläuternden Angaben, einschließlich einer Zusammenfassung bedeutsamer Rechnungslegungsmethoden, geprüft.\nNach unserer Beurteilung vermittelt der beigefügte Jahresabschluss in Übereinstimmung mit den in Luxem- burg geltenden gesetzlichen Bestimmungen und Verordnungen betreffend die Aufstellung und Darstellung des Jahresabschlusses ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens- und Finanzlage der DWS Invest II, SICAV und ihrer jeweiligen Teilfonds zum 31. Dezember 2021 sowie der Er- tragslage und der Entwicklung des Fondsvermögens für das an diesem Datum endende Geschäftsjahr.\n\n#### Grundlage für das Prüfungsurteil\nWir führten unsere Abschlussprüfung in Übereinstimmung mit dem Gesetz über die Prüfungstätigkeit („Gesetz vom 23. Juli 2016“) und nach den für Luxemburg von der „Commission de Surveillance du Secteur Financier“ („CSSF“) angenommenen internationalen Prüfungsstandards („ISA“) durch. Unsere Verantwor- tung gemäß dem Gesetz vom 23. Juli 2016 und den ISA-Standards, wie sie in Luxemburg von der CSSF angenommen wurden, wird im Abschnitt „Verantwortung des „réviseur d’entreprises agréé“ für die Jahres- abschlussprüfung“ weitergehend beschrieben. Wir sind auch unabhängig von dem Fonds in Übereinstim- mung mit dem für Luxemburg von der CSSF angenommenen „International Code of Ethics for Professional Accountants, including International Independence Standards“, herausgegeben vom „International Ethics Standards Board for Accountants“ („IESBA Code“), zusammen mit den beruflichen Verhaltensanforderun- gen, welche wir im Rahmen der Jahresabschlussprüfung einzuhalten haben, und haben alle sonstigen Be- rufspflichten in Übereinstimmung mit diesen Verhaltensanforderungen erfüllt. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen\n\n#### Sonstige Informationen\nDer Verwaltungsrat des Fonds ist verantwortlich für die sonstigen Informationen. Die sonstigen Informatio- nen beinhalten die Informationen, welche im Jahresbericht enthalten sind, jedoch beinhalten sie nicht den Jahresabschluss oder unseren Bericht des „réviseur d’entreprises agréé“ zu diesem Jahresabschluss.\n© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518\na member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\nguarantee. All rights reserved.\nUnser Prüfungsurteil zum Jahresabschluss deckt nicht die sonstigen Informationen ab und wir geben kei- nerlei Sicherheit jedweder Art auf diese Informationen.\nIm Zusammenhang mit der Prüfung des Jahresabschlusses besteht unsere Verantwortung darin, die sons- tigen Informationen zu lesen und dabei zu beurteilen, ob eine wesentliche Unstimmigkeit zwischen diesen und dem Jahresabschluss oder mit den bei der Abschlussprüfung gewonnenen Erkenntnissen besteht oder auch ansonsten die sonstigen Informationen wesentlich falsch dargestellt erscheinen. Sollten wir auf Basis der von uns durchgeführten Arbeiten schlussfolgern, dass sonstige Informationen wesentliche falsche Dar- stellungen enthalten, sind wir verpflichtet, diesen Sachverhalt zu berichten. Wir haben diesbezüglich nichts zu berichten.\n\n#### Verantwortung des Verwaltungsrats des Fonds für den Jahresabschluss\nDer Verwaltungsrat des Fonds ist verantwortlich für die Aufstellung und sachgerechte Gesamtdarstellung des Jahresabschlusses in Übereinstimmung mit den in Luxemburg geltenden gesetzlichen Bestimmungen und Verordnungen zur Aufstellung und Darstellung des Jahresabschlusses und für die internen Kontrollen, die der Verwaltungsrat als notwendig erachtet, um die Aufstellung des Jahresabschlusses zu ermöglichen, der frei von wesentlichen - beabsichtigten oder unbeabsichtigten - falschen Darstellungen ist.\nBei der Aufstellung des Jahresabschlusses ist der Verwaltungsrat des Fonds verantwortlich für die Beurtei- lung der Fähigkeit des Fonds und seiner jeweiligen Teilfonds zur Fortführung der Unternehmenstätigkeit und, sofern einschlägig, Angaben zu Sachverhalten zu machen, die im Zusammenhang mit der Fortführung der Unternehmenstätigkeit stehen, und die Annahme der Unternehmensfortführung als Rechnungslegungs- grundsatz zu nutzen, sofern nicht der Verwaltungsrat des Fonds beabsichtigt, den Fonds zu liquidieren oder einzelne seiner Teilfonds zu schließen, die Geschäftstätigkeit einzustellen oder keine andere realistische Al- ternative mehr hat, als so zu handeln.\n\n#### Verantwortung des „réviseur d’entreprises agréé“ für die Jahresabschlussprüfung\nDie Zielsetzung unserer Prüfung ist es, eine hinreichende Sicherheit zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen, beabsichtigten oder unbeabsichtigten, falschen Darstellungen ist und darü- ber einen Bericht des „réviseur d’entreprises agréé“, welcher unser Prüfungsurteil enthält, zu erteilen. Hin- reichende Sicherheit entspricht einem hohen Grad an Sicherheit, ist aber keine Garantie dafür, dass eine Prüfung in Übereinstimmung mit dem Gesetz vom 23. Juli 2016 und nach den für Luxemburg von der CSSF angenommenen ISAs stets eine wesentliche falsche Darstellung, falls vorhanden, aufdeckt. Falsche Darstel- lungen können entweder aus Unrichtigkeiten oder aus Verstößen resultieren und werden als wesentlich angesehen, wenn vernünftigerweise davon ausgegangen werden kann, dass diese individuell oder insge- samt, die auf der Grundlage dieses Jahresabschlusses getroffenen wirtschaftlichen Entscheidungen von Adressaten beeinflussen.\nIm Rahmen einer Abschlussprüfung in Übereinstimmung mit dem Gesetz vom 23. Juli 2016 und nach den für Luxemburg von der CSSF angenommenen ISAs üben wir unser pflichtgemäßes Ermessen aus und be- wahren eine kritische Grundhaltung\nDarüber hinaus:\n- Identifizieren und beurteilen wir das Risiko von wesentlichen falschen Darstellungen im Jahresabschluss aus Unrichtigkeiten oder Verstößen, planen und führen Prüfungshandlungen durch als Antwort auf diese Risiken und erlangen Prüfungsnachweise, die ausreichend und angemessen sind, um als Grundlage für das Prüfungsurteil zu dienen. Das Risiko, dass wesentliche falsche Darstellungen nicht aufgedeckt wer- den, ist bei Verstößen höher als bei Unrichtigkeiten, da Verstöße betrügerisches Zusammenwirken, Fäl- schungen, beabsichtigte Unvollständigkeiten, irreführende Angaben bzw. das Außerkraftsetzen interner Kontrollen beinhalten können.\n- Gewinnen wir ein Verständnis von dem für die Abschlussprüfung relevanten internen Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des internen Kontrollsystems des Fonds abzugeben.\n- Beurteilen wir die Angemessenheit der vom Verwaltungsrat des Fonds angewandten Bilanzierungsmetho- den, der rechnungslegungsrelevanten Schätzungen und der entsprechenden Anhangangaben.\n- Schlussfolgern wir über die Angemessenheit der Anwendung des Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit durch den Verwaltungsrat des Fonds sowie auf der Grundlage der erlangten Prüfungsnachweise, ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die bedeutsame Zweifel an der Fähigkeit des Fonds oder einzelner seiner Teil- fonds zur Fortführung der Unternehmenstätigkeit aufwerfen könnten. Sollten wir schlussfolgern, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet, im Bericht des „réviseur d’entreprises agréé“ auf die dazugehörigen Anhangangaben zum Jahresabschluss hinzuweisen oder, falls die Angaben unan- gemessen sind, das Prüfungsurteil zu modifizieren. Diese Schlussfolgerungen basieren auf der Grundlage der bis zum Datum des Berichts des „réviseur d’entreprises agréé“ erlangten Prüfungsnachweise. Zukünf- tige Ereignisse oder Gegebenheiten können jedoch dazu führen, dass der Fonds oder einzelne seiner Teilfonds die Unternehmenstätigkeit nicht mehr fortführen können.\n- Beurteilen wir die Gesamtdarstellung, den Aufbau und den Inhalt des Jahresabschlusses einschließlich der Anhangangaben und beurteilen, ob dieser die zugrundeliegenden Geschäftsvorfälle und Ereignisse sachgerecht darstellt.\n\nWir kommunizieren mit den für die Überwachung Verantwortlichen unter anderem den geplanten Prüfungs- umfang und Zeitraum sowie wesentliche Prüfungsfeststellungen einschließlich wesentlicher Schwächen im internen Kontrollsystem, welche wir im Rahmen der Prüfung identifizieren.\nLuxemburg, 22. April 2022\tKPMG Luxembourg Société anonyme Cabinet de révision agréé\nPia Schanz"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Annual report\nand annual financial statements\n\n#### Investment objective and performance in the reporting period\nThe sub-fund seeks to generate the highest possible return in the short term while taking the opportunities and risks of the worldwide capital markets into account. In order to achieve the investment objective, it invests\nDWS INVEST II EURO BONDS CONSERVATIVE\nPerformance since inception\n100.30\n100.1 5\n100.00\n99.85\n99.70\n99.55\n99.40\n99.25\nprimarily in interest-bearing\n11/25/20*\n3/21\t6/21\t9/21\n12/21\nfinancial instruments of gov- ernment and/or private issuers,\nDWS Invest II Euro Bonds Conservative (NC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on November 25, 2020= 100\nData on euro basis\nmoney market instruments,\ntime deposits, bank balances and derivatives. At least 70% of its asset are invested in inter- est-bearing securities of issuers whose ultimate parent com- pany is domiciled in a member country of the Organisation for Economic Co-operation and Development (OECD) or of the G20, in Singapore or in the EU.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDWS INVEST II EURO BONDS CONSERVATIVE\nPerformance of share class (in EUR)\n| Share class | ISIN | 1 year | Since inception 1 |\n| --- | --- | --- | --- |\n| Class NC | LU2023375111 | -0.6% | -0.6% |\n\n1 \nClass NC launched on November 25, 2020\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nThe investment climate in the reporting period was char- acterized by the COVID-19 pandemic*, high levels of debt worldwide, still very low (and in some cases negative) interest rates in the industrial countries, as well as uncer- tainty regarding the monetary policies of the central banks.\nAgainst this backdrop, the\nsub-fund recorded a decline of 0.6% per share (NC share class; BVI method; in euro) in 2021.\n\n#### Investment policy in the reporting period\nAs part of the sub-fund’s investment policy, the portfolio management invested predom- inantly in floating rate notes whose coupons are usually adjusted to the current mar- ket interest rate every three months. The sub-fund had also\ninvested in fixed-coupon bonds with short to medium resid- ual maturities. Time deposit investments rounded out the portfolio. Because floating rate notes are issued predominantly by financial institutions, the\ninvestment focus was on issues from the financial sector. The portfolio also included corpo- rate bonds. The interest-bearing instruments held in the portfo- lio had investment-grade status (ratings of BBB- or better from the leading rating agencies) as of the end of December 2021. In terms of its regional alloca- tion, the sub-fund was globally positioned, with investments in Europe and the United States forming the main focus of investment.\nThe sub-fund was exposed to a maturity segment that was\nstill adversely affected by neg- ative interest rates during the reporting period. Despite the rise in inflation in the euro area in 2021, the European Central Bank (ECB) left the key interest rate unchanged at 0.0% p.a.\nThe deposit rate for banks was\n-0.5% p.a. The credit spreads of the corporate bonds and\nfinancials with short to medium maturities held in the portfolio acted as a buffer against nega- tive interest rates in the money market segment.\nInformation on the environmental and/or social characteristics \nThe sub-fund qualifies as a\nproduct in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\nStatement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\n* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\nUncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements. Addi- tional details are provided in the explana- tions in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Bonds (issuers) Companies | 73 471 006.24 | 87.85 |\n| Total bonds | 73 471 006.24 | 87.85 |\n| 2. Derivatives | -157 046.78 | -0.19 |\n| 3. Cash at bank | 10 419 438.35 | 12.46 |\n| 4. Other assets | 137 878.88 | 0.16 |\n| II. Liabilities | | |\n| 1. Other liabilities | -30 369.97 | -0.03 |\n| 2. Liabilities from share certificate transactions | -211 431.32 | -0.25 |\n| III. Net assets | 83 629 475.40 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\n\n###### Investment portfolio – December 31, 2021\n| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| currency | amount\tin the reporting period\tEUR |\n| Securities traded on an exchange | | | | | | 72 543 534.48 | 86.74 |\n| Interest-bearing securities 0.875 % ABN AMRO Bank NV (MTN) 2019/2024 ........ | EUR | 400 000 | 400 000 | % | 102.141 | 408 564.00 | 0.49 |\n| 0.00 % Akelius Residential Property Financing BV 2021/2023 * .............................. | EUR | 200 000 | 200 000 | % | 100.13 | 200 260.00 | 0.24 |\n| 3.50 % Allianz Finance II BV (MTN) 2012/2022 ......... | EUR | 500 000 | 500 000 | % | 100.483 | 502 415.00 | 0.60 |\n| 0.436 % Allianz Finance II BV 2021/2024 * ............. | EUR | 100 000 | 100 000 | % | 102.586 | 102 586.00 | 0.12 |\n| 0.35 % American Honda Finance Corp. 2019/2022 ..... | EUR | 500 000 | 500 000 | % | 100.455 | 502 275.00 | 0.60 |\n| 0.155 % Asahi Group Holdings Ltd 2020/2024 .......... | EUR | 1 000 000 | | % | 100.309 | 1 003 090.00 | 1.20 |\n| 0.01 % Asahi Group Holdings Ltd 2021/2024 .......... | EUR | 150 000 | 150 000 | % | 100.05 | 150 075.00 | 0.18 |\n| 0.52 % AT&T, Inc. (MTN) 2018/2023 * ............... 0.035 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2018/2023 * .............................. | EUR EUR | 900 000 1 200 000 | | % % | 101.039 100.545 | 909 351.00 1 206 540.00 | 1.09 1.44 |\n| 0.375 % Banco Bilbao Vizcaya Argentaria SA (MTN) | | | | | | | | |\n| 2019/2024 ............................... | EUR | 400 000 | 400 000 | % | 100.766 | 403 064.00 | 0.48 |\n| 0.435 % Banco Bilbao Vizcaya Argentaria SA 2021/2023 * . | EUR | 100 000 | 100 000 | % | 101.5 | 101 500.00 | 0.12 |\n| 0.163 % Banco Santander SA (MTN) 2017/2023 * ....... | EUR | 500 000 | | % | 100.78 | 503 900.00 | 0.60 |\n| 0.124 % Banco Santander SA (MTN) 2021/2026 * ....... | EUR | 400 000 | 400 000 | % | 100.969 | 403 876.00 | 0.48 |\n| 0.00 % Bank Julius Baer & Co. AG 2021/2024 ......... | EUR | 160 000 | 160 000 | % | 99.992 | 159 987.20 | 0.19 |\n| 0.213 % Bank of America Corp. (MTN) 2017/2023 * ...... | EUR | 700 000 | | % | 100.223 | 701 561.00 | 0.84 |\n| 0.152 % Bank of America Corp. (MTN) 2018/2024 * ...... | EUR | 1 200 000 | | % | 100.545 | 1 206 540.00 | 1.44 |\n| 0.436 % Bank of America Corp. 2021/2025 * ........... | EUR | 400 000 | 400 000 | % | 101.605 | 406 420.00 | 0.49 |\n| 0.412 % Bank of America Corp. (MTN) 2021/2026 * ...... 1.25 % Banque Federative du Credit Mutuel SA (MTN) 2015/2025 ............................... | EUR EUR | 340 000 200 000 | 340 000 200 000 | % % | 101.754 103.65 | 345 963.60 207 300.00 | 0.41 0.25 |\n| 0.75 % Banque Federative du Credit Mutuel SA -Reg- | | | | | | | | |\n| (MTN) 2018/2025 ......................... | EUR | 100 000 | 100 000 | % | 102.171 | 102 171.00 | 0.12 |\n| 1.50 % Barclays PLC (MTN) 2018/2023 .............. | EUR | 1 200 000 | | % | 102.798 | 1 233 576.00 | 1.48 |\n| 3.375 % Barclays PLC (MTN) 2020/2025 * ............. | EUR | 200 000 | 200 000 | % | 107.305 | 214 610.00 | 0.26 |\n| 0.431 % Barclays PLC (MTN) 2021/2026 * ............. | EUR | 220 000 | 220 000 | % | 102.037 | 224 481.40 | 0.27 |\n| 0.101 % BASF SE 2020/2023 ....................... | EUR | 200 000 | 200 000 | % | 100.497 | 200 994.00 | 0.24 |\n| 0.05 % Bayer AG 2021/2025 ....................... | EUR | 500 000 | 500 000 | % | 99.79 | 498 950.00 | 0.60 |\n| 0.632 % Becton Dickinson Euro Finance Sarl 2019/2023 .. | EUR | 200 000 | 200 000 | % | 100.972 | 201 944.00 | 0.24 |\n| 0.625 % BMW Finance NV 2019/2023 ................ | EUR | 800 000 | | % | 101.538 | 812 304.00 | 0.97 |\n| 0.00 % BMW Finance NV 2020/2022 * ............... | EUR | 1 000 000 | | % | 100.056 | 1 000 560.00 | 1.20 |\n| 0.187 % BNP Paribas SA (MTN) 2017/2024 * ........... | EUR | 1 200 000 | | % | 101.417 | 1 217 004.00 | 1.46 |\n| 0.056 % BNP Paribas SA (MTN) 2018/2023 * ........... 0.50 % BNZ International Funding Ltd/London (MTN) 2017/2023 ............................... | EUR EUR | 600 000 400 000 | 400 000 | % % | 100.721 100.952 | 604 326.00 403 808.00 | 0.72 0.48 |\n| 0.00 % BPCE SA (MTN) 2018/2023 * ................ | EUR | 500 000 | | % | 100.454 | 502 270.00 | 0.60 |\n| 0.00 % BPCE SA (MTN) 2018/2023 * ................ | EUR | 1 200 000 | | % | 100.548 | 1 206 576.00 | 1.44 |\n| 1.00 % BPCE SA (MTN) 2019/2025 ................. 0.375 % Canadian Imperial Bank of Commerce (MTN) 2019/2024 ............................... | EUR EUR | 200 000 200 000 | 200 000 200 000 | % % | 102.733 100.958 | 205 466.00 201 916.00 | 0.25 0.24 |\n| 0.299 % Carrefour Banque SA 2019/2023 * ............ | EUR | 600 000 | 600 000 | % | 100.594 | 603 564.00 | 0.72 |\n| 0.00 % CCEP Finance Ireland DAC 2021/2025 ......... | EUR | 190 000 | 190 000 | % | 99.262 | 188 597.80 | 0.23 |\n| 1.75 % Citigroup, Inc. (MTN) 2015/2025 .............. | EUR | 200 000 | 200 000 | % | 105.069 | 210 138.00 | 0.25 |\n| 0.00 % Citigroup, Inc. (MTN) 2018/2023 * ............. | EUR | 300 000 | | % | 100.539 | 301 617.00 | 0.36 |\n| 0.50 % Commerzbank AG (MTN) 2018/2023 .......... | EUR | 1 200 000 | | % | 101.06 | 1 212 720.00 | 1.45 |\n| 0.436 % Commerzbank AG 2021/2023 * ............... | EUR | 200 000 | 200 000 | % | 101.582 | 203 164.00 | 0.24 |\n| 0.035 % Credit Agricole SA/London (MTN) 2018/2023 * ... | EUR | 800 000 | | % | 100.578 | 804 624.00 | 0.96 |\n| 0.392 % Credit Suisse AG/London 2020/2022 * ......... | EUR | 880 000 | | % | 100.346 | 883 044.80 | 1.06 |\n| 0.43 % Credit Suisse AG/London 2021/2023 * ......... | EUR | 300 000 | 300 000 | % | 101.43 | 304 290.00 | 0.36 |\n| 0.449 % Credit Suisse Group AG (MTN) 2021/2026 * ..... | EUR | 650 000 | 650 000 | % | 101.39 | 659 035.00 | 0.79 |\n| 0.875 % CRH Finland Services Oyj 2020/2023 .......... | EUR | 300 000 | | % | 101.762 | 305 286.00 | 0.37 |\n| 0.00 % Daimler AG (MTN) 2017/2024 * ............... | EUR | 800 000 | | % | 100.867 | 806 936.00 | 0.97 |\n| 1.625 % Daimler AG 2020/2023 ..................... | EUR | 1 200 000 | | % | 103.136 | 1 237 632.00 | 1.48 |\n| 0.00 % Danone SA 2021/2025 ..................... | EUR | 100 000 | 100 000 | % | 99.951 | 99 951.00 | 0.12 |\n| 0.238 % Deutsche Bank AG (MTN) 2017/2022 * ........ | EUR | 500 000 | 500 000 | % | 100.232 | 501 160.00 | 0.60 |\n| 0.35 % Deutsche Pfandbriefbank AG 2020/2023 * ...... | EUR | 300 000 | 300 000 | % | 100.958 | 302 874.00 | 0.36 |\n| 0.25 % Deutsche Pfandbriefbank AG 2021/2025 ....... 0.875 % Deutsche Telekom International Finance BV (MTN) 2017/2024 ......................... | EUR EUR | 100 000 200 000 | 100 000 200 000 | % % | 99.778 102.135 | 99 778.00 204 270.00 | 0.12 0.24 |\n| 0.25 % DNB Bank ASA (MTN) 2019/2024 ............ | EUR | 400 000 | | % | 100.931 | 403 724.00 | 0.48 |\n| 0.375 % E.ON SE 2020/2023 ....................... | EUR | 600 000 | | % | 100.809 | 604 854.00 | 0.72 |\n| 0.25 % EssilorLuxottica SA 2020/2024 ............... | EUR | 500 000 | | % | 101.006 | 505 030.00 | 0.60 |\n| 1.25 % FCA Bank SpA/Ireland 2019/2022 ............. | EUR | 300 000 | 300 000 | % | 100.577 | 301 731.00 | 0.36 |\n| 0.25 % FCA Bank SpA/Ireland 2020/2023 ............. | EUR | 100 000 | 100 000 | % | 100.437 | 100 437.00 | 0.12 |\n| 0.125 % FCA Bank SpA/Ireland 2020/2023 ............. | EUR | 500 000 | | % | 100.182 | 500 910.00 | 0.60 |\n| 0.00 % FCA Bank SpA/Ireland 2021/2024 ............. 0.75 % Fidelity National Information Services, Inc. 2019/2023 ................................ | EUR EUR | 120 000 400 000 | 120 000 | % % | 99.786 101.136 | 119 743.20 404 544.00 | 0.14 0.48 |\n| 0.125 % General Mills, Inc. 2021/2025 ................ | EUR | 100 000 | 100 000 | % | 99.714 | 99 714.00 | 0.12 |\n| 0.03 % Goldman Sachs Group, Inc./The (MTN) 2017/2023 * | EUR | 1 100 000 | | % | 100.28 | 1 103 080.00 | 1.32 |\n| 0.002 % Goldman Sachs Group, Inc./The 2020/2023 * .... | EUR | 700 000 | | % | 100.131 | 700 917.00 | 0.84 |\n| 0.411 % Goldman Sachs Group, Inc./The (MTN) 2021/2026 * | EUR | 260 000 | 260 000 | % | 101.669 | 264 339.40 | 0.32 |\n| 0.00 % Goldman Sachs Group, Inc./The 2021/2024 * .... | EUR | 160 000 | 160 000 | % | 100.137 | 160 219.20 | 0.19 |\n| 0.444 % Goldman Sachs Group, Inc./The 2021/2024 * .... | EUR | 170 000 | 170 000 | % | 100.902 | 171 533.40 | 0.21 |\n| 0.052 % Heimstaden Bostad Treasury BV 2021/2023 * ... | EUR | 323 000 | 323 000 | % | 100.023 | 323 074.29 | 0.39 |\n\n| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| currency\tamount\tin the reporting period\tEUR |\n| 0.25 % Heimstaden Bostad Treasury BV 2021/2024 .... | EUR | 160 000 | 160 000 | | % | 100.19 | 160 304.00 | 0.19 |\n| 0.912 % HSBC Bank PLC 2020/2022 * ................ | EUR | 500 000 | | 1 500 000 | % | 101.036 | 505 180.00 | 0.60 |\n| 0.438 % HSBC Bank PLC 2021/2023 * ................ | EUR | 300 000 | 300 000 | | % | 101.101 | 303 303.00 | 0.36 |\n| 0.00 % HSBC Holdings PLC (MTN) 2017/2023 * ........ | EUR | 900 000 | | | % | 100.319 | 902 871.00 | 1.08 |\n| 0.409 % HSBC Holdings PLC (MTN) 2021/2026 * ........ | EUR | 240 000 | 240 000 | | % | 102.289 | 245 493.60 | 0.29 |\n| 0.261 % ING Groep NV (MTN) 2018/2023 * ............ | EUR | 600 000 | | | % | 101.259 | 607 554.00 | 0.73 |\n| 0.125 % ING Groep NV 2021/2025 * .................. | EUR | 200 000 | 200 000 | | % | 99.985 | 199 970.00 | 0.24 |\n| 0.402 % Intesa Sanpaolo SpA (MTN) 2017/2022 * ....... | EUR | 500 000 | | | % | 100.251 | 501 255.00 | 0.60 |\n| 0.148 % Intesa Sanpaolo SpA 2019/2022 * ............. | EUR | 500 000 | 500 000 | | % | 100.431 | 502 155.00 | 0.60 |\n| 0.875 % KBC Group NV (MTN) 2018/2023 ............. | EUR | 400 000 | 400 000 | | % | 101.728 | 406 912.00 | 0.49 |\n| 0.06 % KBC Group NV 2021/2024 * ................. | EUR | 400 000 | 400 000 | | % | 100.414 | 401 656.00 | 0.48 |\n| 0.50 % Koninklijke Philips NV -Reg- (MTN) 2017/2023 ... | EUR | 100 000 | 100 000 | | % | 101.047 | 101 047.00 | 0.12 |\n| 0.082 % Landesbank Baden-Wuerttemberg 2020/2022 * .. | EUR | 1 500 000 | | | % | 100.05 | 1 500 750.00 | 1.80 |\n| 0.75 % LeasePlan Corp., NV (MTN) 2017/2022 ........ | EUR | 400 000 | | | % | 100.778 | 403 112.00 | 0.48 |\n| 1.00 % Lloyds Banking Group PLC (MTN) 2016/2023 ... | EUR | 400 000 | | | % | 102.118 | 408 472.00 | 0.49 |\n| 0.199 % Lloyds Banking Group PLC (MTN) 2017/2024 * .. | EUR | 1 200 000 | | | % | 101.52 | 1 218 240.00 | 1.46 |\n| 0.50 % Lloyds Banking Group PLC (MTN) 2019/2025 * .. | EUR | 300 000 | 300 000 | | % | 101.099 | 303 297.00 | 0.36 |\n| 0.00 % Lseg Netherlands BV 2021/2025 ............. | EUR | 160 000 | 160 000 | | % | 99.82 | 159 712.00 | 0.19 |\n| 0.00 % LVMH Moet Hennessy Louis Vuitton SE 2020/2022 * | EUR | 900 000 | | | % | 100.059 | 900 531.00 | 1.08 |\n| 0.352 % Macquarie Bank Ltd 2021/2023 * ............. | EUR | 140 000 | 140 000 | | % | 101.414 | 141 979.60 | 0.17 |\n| 1.00 % McDonald‘s Corp. (MTN) 2016/2023 .......... | EUR | 200 000 | 200 000 | | % | 102.274 | 204 548.00 | 0.25 |\n| 0.00 % Mizuho Financial Group, Inc. (MTN) 2018/2023 * . | EUR | 1 200 000 | | | % | 100.566 | 1 206 792.00 | 1.44 |\n| 0.637 % Morgan Stanley (MTN) 2019/2024 * ........... | EUR | 400 000 | 400 000 | | % | 101.182 | 404 728.00 | 0.48 |\n| 2.50 % Natwest Group PLC (MTN) 2016/2023 ......... | EUR | 400 000 | | | % | 103.283 | 413 132.00 | 0.49 |\n| 2.00 % Natwest Group PLC (MTN) 2017/2023 * ........ | EUR | 1 200 000 | | | % | 100.421 | 1 205 052.00 | 1.44 |\n| 1.125 % NatWest Markets PLC (MTN) 2018/2023 ....... | EUR | 200 000 | 200 000 | | % | 101.909 | 203 818.00 | 0.24 |\n| 0.00 % OMV AG 2020/2023 ....................... | EUR | 400 000 | | | % | 100.414 | 401 656.00 | 0.48 |\n| 0.125 % OP Corporate Bank plc 2020/2024 ............ | EUR | 1 200 000 | | | % | 100.632 | 1 207 584.00 | 1.44 |\n| 0.449 % OP Corporate Bank Plc 2021/2024 * ........... | EUR | 500 000 | 500 000 | | % | 101.729 | 508 645.00 | 0.61 |\n| 1.125 % Orange SA (MTN) 2019/2024 ................ | EUR | 200 000 | 200 000 | | % | 102.882 | 205 764.00 | 0.25 |\n| 0.00 % Orange SA (MTN) 2021/2026 ................ | EUR | 100 000 | 100 000 | | % | 99.29 | 99 290.00 | 0.12 |\n| 2.00 % Procter & Gamble Co./The (MTN) 2012/2022 .... | EUR | 410 000 | 410 000 | | % | 101.56 | 416 396.00 | 0.50 |\n| 0.00 % RCI Banque SA (MTN) 2018/2023 * ........... | EUR | 200 000 | 200 000 | | % | 100.201 | 200 402.00 | 0.24 |\n| 0.262 % Santander UK Group Holdings PLC (MTN) 2018/2024 * | EUR | 700 000 | | | % | 100.739 | 705 173.00 | 0.84 |\n| 0.093 % SBB Treasury Oyj 2021/2023 * ............... | EUR | 200 000 | 200 000 | | % | 100.034 | 200 068.00 | 0.24 |\n| 0.05 % Skandinaviska Enskilda Banken AB (MTN) | | | | | | | | |\n| 2019/2024 ................................ | EUR | 400 000 | 400 000 | | % | 100.459 | 401 836.00 | 0.48 |\n| 0.25 % Skandinaviska Enskilda Banken AB 2020/2023 . . . | EUR | 500 000 | | | % | 100.75 | 503 750.00 | 0.60 |\n| 0.236 % Société Générale SA (MTN) 2017/2024 * ....... | EUR | 1 000 000 | | | % | 101.343 | 1 013 430.00 | 1.21 |\n| 0.00 % Société Générale SA (MTN) 2018/2023 * ....... | EUR | 700 000 | | | % | 100.514 | 703 598.00 | 0.84 |\n| 0.75 % Standard Chartered PLC (MTN) 2017/2023 * .... | EUR | 800 000 | | | % | 100.641 | 805 128.00 | 0.96 |\n| 0.436 % Toyota Motor Finance Netherlands BV 2021/2024 * | EUR | 600 000 | 600 000 | | % | 101.589 | 609 534.00 | 0.73 |\n| 0.00 % Traton Finance Luxembourg SA 2021/2024 ..... | EUR | 100 000 | 100 000 | | % | 99.791 | 99 791.00 | 0.12 |\n| 0.175 % Traton Finance Luxembourg SA 2021/2023 * .... | EUR | 200 000 | 200 000 | | % | 100.691 | 201 382.00 | 0.24 |\n| 0.125 % Traton Finance Luxembourg SA 2021/2024 ..... | EUR | 100 000 | 100 000 | | % | 99.887 | 99 887.00 | 0.12 |\n| 1.25 % UBS Group Funding Switzerland AG (MTN) | | | | | | | | |\n| 2018/2025 * .............................. | EUR | 300 000 | 300 000 | | % | 102.693 | 308 079.00 | 0.37 |\n| 2.00 % UniCredit SpA (MTN) 2016/2023 ............. | EUR | 280 000 | | | % | 102.527 | 287 075.60 | 0.34 |\n| 0.129 % UniCredit SpA (MTN) 2016/2023 * ............ | EUR | 1 200 000 | | | % | 100.633 | 1 207 596.00 | 1.44 |\n| 0.816 % Upjohn Finance BV 2020/2022 ............... | EUR | 200 000 | 200 000 | | % | 100.553 | 201 106.00 | 0.24 |\n| 0.375 % Volkswagen Bank GmbH 2019/2022 .......... | EUR | 400 000 | | | % | 100.373 | 401 492.00 | 0.48 |\n| 0.988 % Volkswagen International Finance NV (MTN) | | | | | | | | |\n| 2018/2024 * .............................. | EUR | 400 000 | 400 000 | | % | 103.582 | 414 328.00 | 0.50 |\n| 1.00 % Volkswagen Leasing GmbH (MTN) 2018/2023 ... | EUR | 500 000 | 500 000 | | % | 101.38 | 506 900.00 | 0.61 |\n| 0.00 % Volkswagen Leasing GmbH 2021/2023 ........ | EUR | 450 000 | 450 000 | | % | 100.167 | 450 751.50 | 0.54 |\n| 0.00 % Volvo Treasury AB 2020/2023 ................ | EUR | 600 000 | | | % | 100.304 | 601 824.00 | 0.72 |\n| 0.125 % Volvo Treasury AB 2020/2024 ................ | EUR | 1 000 000 | | | % | 100.439 | 1 004 390.00 | 1.20 |\n| 0.75 % Vonovia Finance BV (MTN) 2017/2022 ......... | EUR | 500 000 | 500 000 | | % | 100.078 | 500 390.00 | 0.60 |\n| 0.00 % Vonovia SE 2021/2023 ..................... | EUR | 100 000 | 100 000 | | % | 100.314 | 100 314.00 | 0.12 |\n| 0.00 % Vonovia SE 2021/2025 ..................... | EUR | 100 000 | 100 000 | | % | 98.998 | 98 998.00 | 0.12 |\n| 0.625 % Westpac Banking Corp. (MTN) 2017/2024 ...... | EUR | 200 000 | 200 000 | | % | 101.852 | 203 704.00 | 0.24 |\n| 0.70 % American Express Co. (MTN) 2021/2026 * ...... | USD | 200 000 | 200 000 | | % | 100.11 | 176 646.50 | 0.21 |\n| 1.381 % AT&T, Inc. (MTN) 2018/2024 * ............... | USD | 500 000 | 500 000 | | % | 101.689 | 448 579.50 | 0.54 |\n| 0.739 % Bank of America Corp. 2021/2025 * ........... | USD | 300 000 | 300 000 | | % | 100.638 | 266 367.25 | 0.32 |\n| 0.369 % Bank of Montreal 2021/2024 * ............... | USD | 300 000 | 300 000 | | % | 99.842 | 264 260.41 | 0.32 |\n| 0.67 % Bank of Montreal (MTN) 2021/2026 * .......... | USD | 300 000 | 300 000 | | % | 99.94 | 264 519.79 | 0.32 |\n| 0.595 % Bank of Nova Scotia/The (MTN) 2021/2026 * .... | USD | 495 000 | 495 000 | | % | 99.953 | 436 514.43 | 0.52 |\n| 0.494 % Bank of Nova Scotia/The 2021/2024 * .......... | USD | 100 000 | 100 000 | | % | 100.1 | 88 314.43 | 0.11 |\n| 0.66 % Bank of Nova Scotia/The (MTN) 2021/2026 * .... | USD | 360 000 | 360 000 | | % | 99.849 | 317 134.72 | 0.38 |\n| 0.49 % Baxter International, Inc. -Reg- 2021/2024 * ..... | USD | 80 000 | 80 000 | | % | 99.858 | 70 480.74 | 0.08 |\n| 0.58 % BMW US Capital LLC -Reg- 2021/2024 * ....... | USD | 100 000 | 100 000 | | % | 100.507 | 88 673.51 | 0.11 |\n| 0.469 % Canadian Imperial Bank of Commerce 2021/2024 * | USD | 150 000 | 150 000 | | % | 99.789 | 132 060.06 | 0.16 |\n| 0.32 % Caterpillar Financial Services Corp. 2021/2024 * .. | USD | 190 000 | 190 000 | | % | 100.067 | 167 742.09 | 0.20 |\n| 0.55 % Charles Schwab Corp./The 2021/2024 * ........ | USD | 200 000 | 200 000 | | % | 100.322 | 177 020.58 | 0.21 |\n| 1.258 % Citigroup, Inc. (MTN) 2017/2024 * ............. | USD | 600 000 | 600 000 | | % | 101.075 | 535 047.79 | 0.64 |\n| 0.719 % Citigroup, Inc. 2021/2025 * .................. | USD | 400 000 | 400 000 | | % | 100.466 | 354 549.34 | 0.42 |\n| 0.349 % Cooperatieve Rabobank UA/NY 2021/2024 * .... | USD | 500 000 | 800 000 | 300 000 | % | 100.103 | 441 585.37 | 0.53 |\n| 0.65 % Daimler Trucks Finance North America LLC -Reg- | | | | | | | | |\n| 2021/2023 * .............................. | USD | 150 000 | 150 000 | | % | 100.111 | 132 486.20 | 0.16 |\n| 0.80 % Daimler Trucks Finance North America LLC -Reg- | | | | | | | | |\n| 2021/2024 * .............................. | USD | 300 000 | 300 000 | % | 100.157 | 265 094.15 | 0.32 |\n| 0.48 % Federation des Caisses Desjardins du Quebec | | | | | | | | |\n| -Reg- 2021/2024 * ......................... | USD | 200 000 | 200 000 | % | 100.193 | 176 792.95 | 0.21 |\n\n| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| currency\tamount\tin the reporting period\tEUR |\n| 0.669 % General Motors Financial Co, Inc. 2021/2024 * ... | USD | 120 000 | 120 000 | | % | 99.932 | 105 799.45 | 0.13 |\n| 0.63 % Goldman Sachs Group, Inc./The 2021/2024 * .... | USD | 400 000 | 400 000 | | % | 100.044 | 353 060.08 | 0.42 |\n| 0.63 % HSBC Holdings PLC 2021/2024 * ............. | USD | 200 000 | 200 000 | | % | 100.032 | 176 508.86 | 0.21 |\n| 0.249 % John Deere Capital Corp. 2021/2024 * ......... | USD | 70 000 | 70 000 | | % | 99.773 | 61 618.15 | 0.07 |\n| 0.63 % JPMorgan Chase & Co. 2021/2024 * .......... | USD | 400 000 | 400 000 | | % | 100.144 | 353 412.98 | 0.42 |\n| 0.63 % JPMorgan Chase & Co. 2021/2025 * .......... | USD | 300 000 | 300 000 | | % | 100.003 | 264 686.54 | 0.32 |\n| 0.65 % JPMorgan Chase & Co. 2021/2025 * .......... | USD | 400 000 | 400 000 | | % | 100.085 | 353 204.77 | 0.42 |\n| 0.759 % Macquarie Group Ltd -Reg- 2021/2025 * ........ | USD | 180 000 | 180 000 | | % | 100.124 | 159 004.08 | 0.19 |\n| 0.54 % National Bank of Canada 2021/2024 * .......... | USD | 250 000 | 250 000 | | % | 100.106 | 220 799.30 | 0.26 |\n| 0.81 % NatWest Markets PLC -Reg- (MTN) 2021/2026 * . | USD | 200 000 | 200 000 | | % | 100.122 | 176 667.67 | 0.21 |\n| 0.349 % Royal Bank of Canada 2021/2024 * ............ | USD | 400 000 | 600 000 | 200 000 | % | 99.916 | 352 608.36 | 0.42 |\n| 0.574 % Royal Bank of Canada (MTN) 2021/2026 * ...... | USD | 600 000 | 600 000 | | % | 99.945 | 529 066.05 | 0.63 |\n| 0.41 % Royal Bank of Canada 2021/2024 * ............ | USD | 200 000 | 200 000 | | % | 99.992 | 176 438.28 | 0.21 |\n| 0.389 % Royal Bank of Canada 2021/2024 * ............ | USD | 200 000 | 200 000 | | % | 99.917 | 176 305.94 | 0.21 |\n| 0.639 % Royal Bank of Canada (MTN) 2021/2026 * ...... 0.48 % Siemens Financieringsmaatschappij NV -Reg- 2021/2024 * .............................. | USD USD | 100 000 250 000 | 100 000 250 000 | | % % | 99.858 100.31 | 88 100.92 221 249.25 | 0.11 0.27 |\n| 1.299 % Standard Chartered PLC -Reg- 2020/2023 * ..... | USD | 500 000 | 500 000 | | % | 100.652 | 444 007.17 | 0.53 |\n| 0.98 % Standard Chartered PLC 2021/2025 * .......... | USD | 200 000 | 200 000 | | % | 100.214 | 176 830.01 | 0.21 |\n| 0.49 % Sumitomo Mitsui Trust Bank Ltd -Reg- 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.951 | 176 365.94 | 0.21 |\n| 0.579 % Thermo Fisher Scientific, Inc. 2021/2024 * ...... | USD | 60 000 | 60 000 | | % | 100.103 | 52 990.24 | 0.06 |\n| 0.405 % Toronto-Dominion Bank/The 2021/2024 * ....... | USD | 245 000 | 245 000 | | % | 99.993 | 216 139.06 | 0.26 |\n| 0.40 % Toronto-Dominion Bank/The 2021/2024 * ....... | USD | 400 000 | 400 000 | | % | 99.861 | 352 414.26 | 0.42 |\n| 0.379 % Toyota Motor Credit Corp. 2021/2024 * ........ | USD | 700 000 | 700 000 | | % | 99.921 | 617 095.51 | 0.74 |\n| 0.34 % Toyota Motor Credit Corp. 2021/2024 * ........ | USD | 180 000 | 180 000 | | % | 99.719 | 158 360.91 | 0.19 |\n| 0.41 % UBS AG/London -144A- 2021/2024 * .......... | USD | 200 000 | 200 000 | | % | 99.934 | 176 335.94 | 0.21 |\n| 0.50 % UBS AG/London 2021/2024 * ................ | USD | 200 000 | 200 000 | | % | 100.177 | 176 764.72 | 0.21 |\n| 0.55 % Verizon Communications, Inc. 2021/2024 * ..... | USD | 205 000 | 205 000 | | % | 100.366 | 181 525.67 | 0.22 |\n| 0.84 % Verizon Communications, Inc. (MTN) 2021/2026 * | USD | 125 000 | 125 000 | | % | 101.033 | 111 421.97 | 0.13 |\n| Securities admitted to or included in organized markets | | | | | | | 927 471.76 | 1.11 |\n| Interest-bearing securities 0.69 % AT&T, Inc. 2021/2024 * .................... | USD | 100 000 | 100 000 | | % | 100.079 | 88 295.90 | 0.10 |\n| 0.459 % Banque Federative du Credit Mutuel SA 2021/2025 * .............................. | USD | 300 000 | 300 000 | | % | 99.848 | 264 276.29 | 0.32 |\n| 0.43 % BMW US Capital LLC -144A- 2021/2024 * ...... 0.57 % Commonwealth Bank of Australia -144A- (MTN) 2021/2026 * .............................. | USD USD | 150 000 200 000 | 150 000 200 000 | | % % | 100.138 100.252 | 132 521.93 176 897.06 | 0.16 0.21 |\n| 0.57 % Westpac Banking Corp. (MTN) 2021/2026 * ..... | USD | 300 000 | 300 000 | | % | 100.303 | 265 480.58 | 0.32 |\n| Total securities portfolio | | | | | | | 73 471 006.24 | 87.85 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Currency derivatives Receivables/payables | | | | | | | -157 046.78 | -0.19 |\n| Forward currency transactions | | | | | | | | |\n| Forward currency transactions (short) | | | | | | | | |\n| Open positions EUR/USD 14.1 million ............................... | | | | | | | -157 046.78 | -0.19 |\n| Cash at bank | | | | | | | 10 419 438.35 | 12.46 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | | | | 10 367 148.60 | 12.40 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| U.S. dollar ........................................ | USD | 59 268 | | | | | 52 289.75 | 0.06 |\n| Other assets | 137 878.88 | 0.16 |\n| Interest receivable ................................. | 137 878.88 | 0.16 |\n| Total assets ** | 84 028 323.47 | 100.47 |\n| Other liabilities | -30 369.97 | -0.03 |\n| Liabilities from cost items ............................ | -30 369.97 | -0.03 |\n| Liabilities from share certificate transactions | -211 431.32 | -0.25 |\n| Total liabilities | -398 848.07 | -0.47 |\n| Net assets | 83 629 475.40 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class NC ......................................... | EUR | 99.39 |\n| Number of shares outstanding Class NC ......................................... | Count | 841 441.148 |\n\nPresentation of the maximum limit (according to CSSF circular 11/512) 1.4% of portfolio value (January 1, 2021 – March 9, 2021)\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 0.137 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 0.446 |\n| Average market risk exposure ........................ | % | 0.377 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through March 9, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.\nPresentation of the maximum limit (according to CSSF circular 11/512) 14.14% of portfolio value (March 10, 2021 – December 31, 2021)\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 0.049 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 0.132 |\n| Average market risk exposure ........................ | % | 0.089 |\n\nThe values-at-risk were calculated for the period from March 10, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 12 399 222.94 as of the reporting date.\nMarket abbreviations\nContracting parties for forward currency transactions\nBarclays Bank Ireland PLC, Deutsche Bank AG, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank and UBS AG.\n| Exchange rates (indirect quotes) | |\n| --- | --- |\n| U.S. dollar\tUSD | 1.133450 | = EUR | As of December 30, 2021 1 |\n| Notes on valuation | | | |\n\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nFootnotes\n* Floating interest rate.\n** Does not include positions with a negative balance, if such exist.\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from January 1, 2021, through December 31, 2021\n\n###### Statement of changes in net assets\t2021 \n- Value of the fund‘s net assets\n\n| - Income\n\t- Interest from securities (before withholding tax) \n\t- 1 \n\t- ..... \n\n | EUR | -68 337.60 | at the beginning of the fiscal year. . . . . . . . . . . . . . . . - Net inflows ................................... \n- Income adjustment ............................. \n | EUR EUR EUR | 112 797 089.62 -28 654 847.73 -89 925.74 |\n| --- | --- | --- | --- | --- | --- |\n| 2. Deduction for foreign withholding tax .............. | EUR | -97.81 | 3. Net investment income.......................... | EUR | -416 304.40 |\n| Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -68 435.41 | | - Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . .\n- Net change in unrealized appreciation/depreciation .... \n | EUR EUR | -514 091.56 507 555.21 |\n| II. Expenses | | | | II. Value of the fund‘s net assets . . . . . . . . . . . . . . . . . . . | | |\n\n- Interest on borrowings andnegative interest on deposits ..................... EUR\t-68 373.65\n- Management fee ............................... EUR\t-223 749.15thereof:\n\n| 3. Depositary fee ................................. | EUR | -1 116.61 | |\n| --- | --- | --- | --- |\n| 4. Auditing, legal and publication costs ............... | EUR | -7 132.49 | | | |\n| 5. Taxe d‘abonnement............................. | EUR | -40 441.08 | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | -514 091.56 |\n| 6. Other expenses ................................ | EUR | -7 056.01 | from: | | |\n\nBasic management fee ....... EUR\t-209 756.66 Administration fee ........... EUR\t\t-13 992.49\nat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . EUR\t83 629 475.40\n| | Securities transactions.......................... | EUR | 9 945.28 |\n| --- | --- | --- | --- |\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -347 868.99 | (Forward) currency transactions .................. | EUR | -524 036.84 |\n| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . IV. Sale transactions | EUR | -416 304.40 | | | |\n\nSummary of gains/losses\t2021\nRealized gains/losses .............................. EUR\t-514 091.56\n\n###### Details on the distribution policy*\t\nCapital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-514 091.56\t\nV. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . EUR\t-930 395.96\n1 \nThis item includes discounts of EUR 425 250.92.\nBVI total expense ratio (TER)\nThe total expense ratio for the share classes was:\nClass NC 0.33% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 2 180.57.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nClass NC\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\nChanges in net assets and in the net asset value per share over the last three years\nNet assets at the end of the fiscal year\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t83 629 475.40\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t112 797 089.62\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-\nNet asset value per share at the end of the fiscal year\n2021\tClass NC................................ EUR\t99.39\n2020\tClass NC................................ EUR\t99.94\n2019\tClass NC................................ EUR\t-\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.09% of all transactions. The total volume was EUR 2 607 950.83.\n\n## DWS Invest II European Equity Focussed Alpha (in liquidation)\n\n#### Investment objective and performance in the reporting period\nThe objective of the sub-fund DWS Invest II European Equity Focussed Alpha (in liquidation) was to generate sustained cap- ital appreciation that exceeds the benchmark, the MSCI Europe. To achieve this objec-\nDWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)\nFive-year performance\n150\n140\n130\n120\n110\n100\n90\n80\ntive, it invested in selected\n3/24/16*\n3/17\n3/18\t3/19\t3/20\n24.3.21\nequities of European issuers in a concentrated portfolio based\nDWS Invest II European Equity Focussed Alpha (in liquidation) (LC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* 3/24/2016 = 100\nData on euro basis\non fundamental bottom-up\nresearch. In addition to major international blue-chip com- panies with large market cap- italizations and corresponding liquidity, a smaller selection of small- and mid-cap companies was also included in the port- folio. Bottom-up factors such as stock valuations and share- price and earnings trends, as well as the quality of the bal- ance sheet and the business model, were crucial to the selection of stocks. Depending on the capital market situation, the sub-fund’s level of invest- ment could also be flexibly controlled through the use of derivatives.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)\nPerformance of share classes vs. benchmark (in EUR)\n| Share class | ISIN | Since the beginning of the shortened fiscal year |\n| --- | --- | --- |\n| Class LC | LU0781236566 | 2.4% |\n| Class FC | LU0781237028 | 2.6% |\n| Class FD | LU0781237291 | 2.6% |\n| Class LD | LU0781236640 | 2.4% |\n| Class NC 1 | LU0781236723 | – |\n| Class ND 1 | LU0781236996 | – |\n| Class XC | LU1697911474 | 2.7% |\n| MSCI Europe | | 6.4% |\n\n1 \nLast share price calculation on June 11, 2014.\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: March 24, 2021 (liquidation date)\nIn addition to still very low interest rates and volatility in the capital markets, the invest- ment climate in the reporting period was characterized in particular by the COVID-19* crisis. Against this backdrop, the sub-fund appreciated by 2.4% per share (LC share class; BVI method) in the shortened fiscal year from January 1, 2021, through March 24, 2021. It thus fell short of its bench- mark, the MSCI Europe (NR), which posted a gain of 6.4%\n(both percentages in euro terms).\n\n#### Investment policy in the reporting period\nUntil its liquidation, the sub- fund was invested in European equities. The global social and economic consequences of the coronavirus continued to exert a firm grip on the inter- national capital markets. The virus restrictions, some of which remain in place, caused significant disruptions to the\nglobal supply chains amid a simultaneous surge in demand as a result of the global eco- nomic recovery. This led to rising raw material prices and logistics costs, as well as to shortages of many important precursors such as semicon- ductors. Companies with good control of their own value chain and considerable pricing power had an advantage in such an environment.\n\n#### Liquidation\nThe sub-fund DWS Invest II European Equity Focussed Alpha (in liquidation) was liqui- dated effective March 24, 2021. The issue of new shares was discontinued effective March 3, 2021; the last redemption of shares occurred up to the order acceptance deadline on March 3, 2021.\n\n#### Information on the environmental and/or social characteristics\nThe investment fund qualifies as a product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\nStatement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\n* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\nUncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements. Addi- tional details are provided in the explana- tions in the “General information” section.\nDWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)\nLiquidation proceeds for the share classes (in EUR)\n| Share class | ISIN | Liquidation proceeds per share |\n| --- | --- | --- |\n| Class XC | LU1697911474 | 114.26 |\n| Class LC | LU0781236566 | 191.14 |\n| Class LD | LU0781236640 | 183.48 |\n| Class FC | LU0781237028 | 205.26 |\n| Class FD | LU0781237291 | 138.30 |\n\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\nDWS Invest II European Equity Focussed Alpha \n(in liquidation)\n| Overview of net assets as of March 24, 2021 (liquidation date) | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets 1. Cash at bank | 68 171 593.93 | 99.96 |\n| 2. Other assets | 85 435.43 | 0.13 |\n| II. Liabilities 1. Loan liabilities | -0.54 | 0.00 |\n| 2. Other liabilities | -63 819.15 | -0.09 |\n| 3. Liabilities from share certificate transactions | -68 193 209.67 | -100.00 |\n| III. Net assets | 0.00 | 0.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\n\n###### Investment portfolio – March 24, 2021 (liquidation date)\n| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | currency | amount | in the reporting period | EUR | |\n| Securities traded on an exchange | | | | 68 171 593.93 | 99.96 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | 68 166 211.49 | 99.95 |\n| Deposits in non-EU/EEA currencies | | | | | |\n| British pound ..................................... | GBP | 6 | | 6.47 | 0.00 |\n| Swiss franc ....................................... | CHF | 5 | | 4.62 | 0.00 |\n| U.S. dollar ........................................ | USD | 6 354 | | 5 371.35 | 0.01 |\n| Other assets | | | | 85 435.43 | 0.13 |\n| Dividends/Distributions receivable ..................... | | | | 72 953.46 | 0.11 |\n| Receivables from exceeding the expense cap ............ | | | | 12 481.97 | 0.02 |\n| Total assets | | | | 68 257 029.36 | 100.09 |\n| Short-term liabilities | | | | -0.54 | 0.00 |\n| Other liabilities | | | | -63 819.15 | -0.09 |\n| Liabilities from cost items ............................ | | | | -63 819.15 | -0.09 |\n| Liabilities from share certificate transactions | | | | -68 193 209.67 | -100.00 |\n| Total liabilities | | | | -68 257 029.36 | -100.09 |\n| Net assets | | | | 0.00 | 0.00 |\n\nNegligible rounding errors may have arisen due to the rounding of calculated percentages.\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class FC ......................................... | EUR | 0.00 |\n| Class FD ......................................... | EUR | 0.00 |\n| Class LC ......................................... | EUR | 0.00 |\n| Class LD ......................................... | EUR | 0.00 |\n| Class XC ......................................... | EUR | 0.00 |\n| Number of shares outstanding Class FC ......................................... | Count | 0.000 |\n| Class FD ......................................... | Count | 0.000 |\n| Class LC ......................................... | Count | 0.000 |\n| Class LD ......................................... | Count | 0.000 |\n| Class XC ......................................... | Count | 0.000 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe in EUR\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 0.026 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 134.872 |\n| Average market risk exposure ........................ | % | 97.941 |\n\nThe values-at-risk were calculated for the period from January 1, 2021 through March 24, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\n Exchange rates (indirect quotes)\t\nAs of March 24, 2021 (liquidation date)\n| Swiss franc\tCHF | 1.107347 | = EUR | 1 |\n| --- | --- | --- | --- |\n| British pound\tGBP | 0.862276 | = EUR | 1 |\n| U.S. dollar\tUSD | 1.182999 | = EUR | 1 |\n\n Notes on valuation\t\nAgainst the backdrop of the resolution of the Board of Directors of the SICAV to put the fund into liquidation effective March 24, 2021, the going-concern basis was relinquished and the financial statements were prepared on the basis of liquidation values. Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from January 1, 2020, through March 24, 2021 (liquidation date)\n\n###### Statement of changes in net assets\t2021 \nI. Value of the fund‘s net assets\n| | at the beginning of the shortened fiscal year . . . . . . | EUR | 66 561 768.52 |\n| --- | --- | --- | --- |\n| I. Income | | | | 1. | Distribution for the previous year .................. | EUR | -11 010.60 |\n| 1. Dividends (before withholding tax) ................. | EUR | 77 943.74 | | 2. | Net outflows .................................. | EUR | -68 281 919.64 |\n| 2. Deduction for foreign withholding tax 1 ............. | EUR | 407.60 | | 3. | Income adjustment ............................. | EUR | 13 117 078.88 |\n| 3. Income adjustment ............................ | EUR | -78 351.34 | | 4. | Net investment income.......................... | EUR | 0.00 |\n| | | | | 5. | Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 0.00 |\n| Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 0.00 | | 6. | Net change in unrealized appreciation/depreciation .... | EUR | -11 385 917.16 |\n| | | | | | | | |\n| - Expenses\n\t- Interest on borrowings and\n\n | | | | II. | Value of the fund‘s net assets at the end of the shortened fiscal year . . . . . . . . . . . . | EUR | 0.00 |\n| negative interest on deposits ..................... | EUR | -2 298.66 | | | | | |\n| 2. Management fee ............................... | EUR | -107 192.29 | | | | | |\n\nthereof:\n| Summary of gains/losses | | 2021 |\n| --- | --- | --- |\n| | | |\n| Realized gains/losses (incl. income adjustment). . . . . . . | EUR | 0.00 |\n| from: Securities transactions.......................... | EUR | 13 118 151.60 |\n| (Forward) currency transactions .................. | EUR | 33 675.68 |\n| Income adjustment ............................ | EUR | -13 151 827.28 |\n\nBasic management fee ....... EUR\t-100 623.11 Income from expense cap..... EUR\t2 075.93\nAdministration fee ........... EUR\t-8 645.11\n| 3. Depositary fee ................................. | EUR | -584.69 |\n| --- | --- | --- |\n| 4. Auditing, legal and publication costs 2 .............. | EUR | 7 988.01 |\n| 5. Other expenses ................................ | EUR | -11 012.11 |\n| 6. Reimbursed expenses........................... | EUR | 113 099.74 |\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 0.00 |\n| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 0.00 |\n| IV. Sale transactions 1. Realized gains/losses ............................ | EUR | 13 151 827.28 |\n| 2. Income adjustment .............................. | EUR | -13 151 827.28 |\n| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 0.00 |\n| V. Realized net gain/loss for the shortened fiscal year . . | EUR | 0.00 |\n\n1 \nThis includes primarily income from the release of excess accruals in the amount of EUR 407.60.\n2 \nThis includes primarily income from the release of excess accruals in the amount of EUR 11 065.82.\nBVI total expense ratio (TER)\nThe total expense ratio for the share classes was:\nClass FC 0.19%\n2\n,\tClass FD 0.19%\n2\n,\nClass LC 0.36%\n2\n,\tClass LD 0.36%\n2\n,\nClass XC 0.06%\n2\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given short- ened fiscal year.\n2 \nAnnualization has not been performed for share classes liquidated during the year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 25 304.70.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nChanges in net assets and in the net asset value per share over the last three years\nNet assets at the end of the (shortened) fiscal year\nMarch 24, 2021 (liquidation date) .................... . EUR\t0.00\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t66 561 768.52\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t85 358 054.25\nNet asset value per share at the end of the (shortened) fiscal year March 24, 2021 (liquidation date)\n| | Class FC ............................... . | EUR | - |\n| --- | --- | --- | --- |\n| Class FD ............................... . | EUR | - |\n| Class LC ............................... . | EUR | - |\n| Class LD ............................... . | EUR | - |\n| Class XC ............................... . | EUR | - |\n| 2020 | Class FC ............................... . | EUR | 200.10 |\n| | Class FD ............................... . | EUR | 135.93 |\n| | Class LC ............................... . | EUR | 186.65 |\n| | Class LD ............................... . | EUR | 179.45 |\n| | Class XC ............................... . | EUR | 111.25 |\n| 2019 | Class FC ............................... . | EUR | 204.99 |\n| | Class FD ............................... . | EUR | 141.87 |\n| | Class LC ............................... . | EUR | 192.65 |\n| | Class LD ............................... . | EUR | 187.22 |\n| | Class XC ............................... . | EUR | 113.34 |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00 % of all transactions. The total volume was EUR 0.00.\n\n#### Investment objective and performance in the reporting period\nDWS Invest II European Top Dividend invests primarily in equities of highly capitalized European companies that in addition to above-average dividend yields also have pro- jections of dividend growth\nDWS INVEST II EUROPEAN TOP DIVIDEND\nFive-year performance\n140\n130\n120\n110\n100\n90\n80\n70\nand reasonable payout ratios\n12/16*\n12/17\n12/18\t12/19\t12/20\n12/21\n(dividend distribution as a per- centage of net income for the\nDWS Invest II European Top Dividend (LC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* 12/2016 = 100\nData on euro basis\nyear). In addition, they must\nhave excellent fundamentals such as balance sheet quality and business model.\nThe sub-fund recorded an appreciation of 16.4% per share (LC share class; BVI method) in the fiscal year through Decem- ber 31, 2021.\n\n#### Investment policy in the reporting period\nThe performance of the interna- tional capital markets in 2021 continued to be affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy. In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in\nlight of the weakened global economy – supported price\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDWS INVEST II EUROPEAN TOP DIVIDEND\nPerformance of share classes (in EUR)\n| Share class | ISIN | 1 year | 3 years | 5 years |\n| --- | --- | --- | --- | --- |\n| Class LC | LU0781237614 | 16.4% | 33.8% | 29.6% |\n| Class FC | LU1241941308 | 17.2% | 36.9% | 34.4% |\n| Class FD | LU1242509609 | 17.2% | 36.9% | 34.6% |\n| Class LD | LU0781237705 | 16.4% | 33.8% | 29.6% |\n| Class LDH (P) | LU1322113884 | 13.0% | 29.6% | 28.7% |\n| Class NC | LU0781237887 | 15.6% | 31.0% | 25.1% |\n| Class ND | LU0781237960 | 15.5% | 31.1% | 25.2% |\n| Class TFC | LU1663960000 | 17.2% | 36.9% | 21.3% 1 |\n| Class TFD | LU1663960182 | 17.2% | 36.9% | 21.0% 1 |\n| Class XC | LU0781238000 | 17.8% | 38.8% | 37.7% |\n| Class XD | LU0781238182 | 17.8% | 38.8% | 37.7% |\n| Class CHF LDH (P) 2 | LU1322113702 | 12.7% | 28.1% | 25.8% |\n\n1 \nClasses TFC and TFD launched on January 15, 2018\n2 \nin CHF\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nperformance in the financial markets. The economic outlook improved since the beginning of 2021, but concerns about inflation also arose among investors. In addition, the rapid spread of the coronavirus and its mutations, as well as the associated new restrictions, dampened economic pros- pects. Against this backdrop, European equities still posted\nnoticeable price gains overall in the reporting period.\nThe portfolio management main- tained its generally conservative positioning on the whole, but\nit did increase the weighting of industrials and financials in favor of a slightly more cyclical posi- tioning, while non-cyclical sec- tors such as consumer staples and health care were reduced.\nIn the basic materials sector, the Anglo-Australian company BHP posted impressive results and recorded a significant increase in free cash flow due to the increased demand for commodities.\nThe Danish company Novo Nordisk benefited from a significantly expanded valua- tion in 2021 and contributed\nstrong appreciation within the portfolio.\nIn the energy sector, Norway’s Equinor gained significantly amid rising demand for renew- able energies.\nShares of Neste, in contrast, performed comparatively weakly as the Finnish compa- ny’s earnings receded.\nInformation on the environmental and/or social characteristics \nThe sub-fund qualifies as a\nproduct in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\nStatement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\n* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\nUncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements. Addi- tional details are provided in the explana- tions in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Equities (sectors) Information Technology | 1 878 578.36 | 0.55 |\n| Telecommunication Services | 15 094 754.07 | 4.44 |\n| Consumer Discretionaries | 76 829 065.39 | 22.63 |\n| Energy | 29 369 181.55 | 8.65 |\n| Consumer Staples | 15 373 352.13 | 4.52 |\n| Financials | 66 458 631.99 | 19.54 |\n| Basic Materials | 61 513 436.45 | 18.10 |\n| Industrials | 36 713 032.55 | 10.79 |\n| Utilities | 23 865 075.05 | 7.02 |\n| Total equities | 327 095 107.54 | 96.24 |\n| 2. Derivatives | 4 695.47 | 0.00 |\n| 3. Cash at bank | 12 520 102.88 | 3.68 |\n| 4. Other assets | 1 825 860.32 | 0.54 |\n| 5. Receivables from share certificate transactions | 92 315.05 | 0.03 |\n| II. Liabilities | | |\n| 1. Other liabilities | -1 285 067.24 | -0.38 |\n| 2. Liabilities from share certificate transactions | -374 631.47 | -0.11 |\n| III. Net assets | 339 878 382.55 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\n\n###### Investment portfolio – December 31, 2021\n| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| currency\tamount\tin the reporting period\tEUR |\n| Securities traded on an exchange | | | | | | | 327 095 107.54 | 96.24 |\n| Equities Galenica AG ...................................... | Count | 80 238 | | 28 900 | CHF | 68.9 | 5 338 764.94 | 1.57 |\n| Nestle SA ....................................... | Count | 65 681 | 13 800 | 14 500 | CHF | 127.96 | 8 116 251.03 | 2.39 |\n| Novartis AG ...................................... | Count | 71 973 | 28 400 | 800 | CHF | 80.54 | 5 597 868.78 | 1.65 |\n| Roche Holding AG ................................. | Count | 22 922 | 2 600 | 1 600 | CHF | 380.95 | 8 432 609.11 | 2.48 |\n| Moneta Money Bank AS ............................ | Count | 678 817 | | 189 500 | CZK | 94 | 2 560 856.55 | 0.75 |\n| AP Moller - Maersk A/S ............................. | Count | 1 700 | 1 700 | | DKK | 23 540 | 5 381 369.90 | 1.58 |\n| Carlsberg A/S .................................... | Count | 21 500 | 21 500 | | DKK | 1 135 | 3 281 495.30 | 0.97 |\n| Novo Nordisk A/S ................................. | Count | 77 704 | 4 100 | 2 200 | DKK | 733.6 | 7 665 494.28 | 2.26 |\n| Allianz SE ........................................ | Count | 17 287 | | 4 900 | EUR | 207.65 | 3 589 645.55 | 1.06 |\n| APERAM ........................................ | Count | 45 800 | 47 400 | 1 600 | EUR | 48 | 2 198 400.00 | 0.65 |\n| AXA SA ......................................... | Count | 133 073 | 21 200 | 36 200 | EUR | 26.305 | 3 500 485.27 | 1.03 |\n| Azelis Group NV .................................. | Count | 39 408 | 60 008 | 20 600 | EUR | 25.74 | 1 014 361.92 | 0.30 |\n| Bankinter SA ..................................... | Count | 632 500 | 235 800 | 180 500 | EUR | 4.517 | 2 857 002.50 | 0.84 |\n| BASF SE ........................................ | Count | 77 600 | 86 300 | 8 700 | EUR | 61.78 | 4 794 128.00 | 1.41 |\n| Bayerische Motoren Werke AG -Pref- ................. | Count | 59 100 | 63 000 | 3 900 | EUR | 73.3 | 4 332 030.00 | 1.27 |\n| BNP Paribas SA ................................... | Count | 52 034 | 30 500 | 20 400 | EUR | 60.71 | 3 158 984.14 | 0.93 |\n| Cie Générale des Etablissements Michelin SCA ......... | Count | 33 814 | 7 500 | 4 000 | EUR | 144.8 | 4 896 267.20 | 1.44 |\n| Coface SA ....................................... | Count | 231 500 | | 52 500 | EUR | 12.53 | 2 900 695.00 | 0.85 |\n| Covestro AG ..................................... | Count | 56 194 | 25 000 | 15 600 | EUR | 54.2 | 3 045 714.80 | 0.90 |\n| Danone SA ...................................... | Count | 68 316 | 42 900 | 43 300 | EUR | 54.93 | 3 752 597.88 | 1.10 |\n| Deutsche Pfandbriefbank AG ........................ | Count | 77 946 | | 163 800 | EUR | 10.57 | 823 889.22 | 0.24 |\n| Deutsche Post AG ................................. | Count | 118 750 | 18 500 | 5 000 | EUR | 56.54 | 6 714 125.00 | 1.98 |\n| Deutsche Telekom AG ............................. | Count | 538 926 | | 59 400 | EUR | 16.3 | 8 784 493.80 | 2.58 |\n| E.ON SE ........................................ | Count | 453 930 | | 74 700 | EUR | 12.192 | 5 534 314.56 | 1.63 |\n| EDP Renovaveis SA ............................... | Count | 123 400 | 123 400 | | EUR | 21.68 | 2 675 312.00 | 0.79 |\n| Elisa Oyj ........................................ | Count | 56 701 | | 3 100 | EUR | 54.38 | 3 083 400.38 | 0.91 |\n| Enel SpA ........................................ | Count | 1 059 161 | 14 800 | 121 300 | EUR | 7.056 | 7 473 440.02 | 2.20 |\n| Essilor International Cie Générale d‘Optique SA . . . . . . . . . . | Count | 32 331 | 9 300 | 1 900 | EUR | 186.88 | 6 042 017.28 | 1.78 |\n| Euronext NV ..................................... | Count | 88 762 | 26 074 | 8 400 | EUR | 89.9 | 7 979 703.80 | 2.35 |\n| Friedrich Vorwerk Group SE ......................... | Count | 17 131 | 37 731 | 20 600 | EUR | 28.56 | 489 261.36 | 0.14 |\n| Gaztransport Et Technigaz SA ........................ | Count | 36 300 | 36 300 | 17 088 | EUR | 82.05 | 2 978 415.00 | 0.88 |\n| Infrastrutture Wireless Italiane SpA ................... | Count | 357 150 | 17 600 | | EUR | 10.68 | 3 814 362.00 | 1.12 |\n| Instone Real Estate Group AG ....................... | Count | 69 500 | | 1 400 | EUR | 16.64 | 1 156 480.00 | 0.34 |\n| JDE Peet‘s BV .................................... | Count | 63 534 | 32 000 | 28 700 | EUR | 27.19 | 1 727 489.46 | 0.51 |\n| Kone Oyj ........................................ | Count | 53 300 | 53 300 | | EUR | 63.16 | 3 366 428.00 | 0.99 |\n| Koninklijke DSM NV ............................... | Count | 17 229 | 2 400 | 1 900 | EUR | 198.75 | 3 424 263.75 | 1.01 |\n| Koninklijke Philips NV .............................. | Count | 86 737 | | 15 800 | EUR | 32.945 | 2 857 550.47 | 0.84 |\n| LANXESS AG .................................... | Count | 25 531 | | 9 700 | EUR | 54.5 | 1 391 439.50 | 0.41 |\n| Mayr Melnhof Karton AG ........................... | Count | 13 059 | | 1 600 | EUR | 176.6 | 2 306 219.40 | 0.68 |\n| Neste Oyj ....................................... | Count | 119 515 | 48 700 | 48 500 | EUR | 43.29 | 5 173 804.35 | 1.52 |\n| Sampo Oyj ....................................... | Count | 110 439 | | 8 200 | EUR | 44.23 | 4 884 716.97 | 1.44 |\n| Sanofi .......................................... | Count | 55 400 | 55 400 | | EUR | 89.35 | 4 949 990.00 | 1.46 |\n| Siemens Healthineers AG ........................... | Count | 33 931 | 1 100 | 4 200 | EUR | 65.82 | 2 233 338.42 | 0.66 |\n| Stellantis NV ..................................... | Count | 206 800 | 206 800 | | EUR | 16.73 | 3 459 764.00 | 1.02 |\n| Talanx AG ....................................... | Count | 149 781 | | 40 000 | EUR | 42.54 | 6 371 683.74 | 1.87 |\n| Total SA ......................................... | Count | 127 643 | 55 900 | 68 900 | EUR | 44.89 | 5 729 894.27 | 1.69 |\n| Unilever PLC ..................................... | Count | 148 109 | 55 700 | 29 100 | EUR | 47.245 | 6 997 409.71 | 2.06 |\n| Vantage Towers AG ............................... | Count | 155 238 | 160 438 | 5 200 | EUR | 32.2 | 4 998 663.60 | 1.47 |\n| Vinci SA ......................................... | Count | 17 467 | 1 600 | 3 700 | EUR | 91.94 | 1 605 915.98 | 0.47 |\n| Vonovia SE ...................................... | Count | 178 222 | 25 300 | 3 300 | EUR | 48.5 | 8 643 767.00 | 2.54 |\n| Anglo American PLC ............................... | Count | 37 600 | 159 700 | 122 100 | GBP | 30.32 | 1 359 147.10 | 0.40 |\n| Antofagasta PLC .................................. | Count | 320 352 | 92 100 | 86 300 | GBP | 13.435 | 5 131 147.89 | 1.51 |\n| BHP Group PLC ................................... | Count | 419 926 | | 262 200 | GBP | 22.13 | 11 079 077.51 | 3.26 |\n| Fresnillo PLC ..................................... | Count | 160 312 | 29 100 | 24 500 | GBP | 8.73 | 1 668 513.40 | 0.49 |\n| HSBC Holdings PLC ............................... | Count | 484 700 | 484 700 | | GBP | 4.504 | 2 602 680.29 | 0.77 |\n| National Grid PLC ................................. | Count | 597 017 | | 79 100 | GBP | 10.808 | 7 692 747.11 | 2.26 |\n| Polymetal International PLC ......................... | Count | 434 761 | 61 800 | 34 400 | GBP | 12.99 | 6 733 008.33 | 1.98 |\n| Reckitt Benckiser Group PLC ........................ | Count | 109 147 | 28 200 | 7 800 | GBP | 63.41 | 8 251 235.42 | 2.43 |\n| Rio Tinto PLC .................................... | Count | 29 039 | 2 900 | 58 000 | GBP | 49.27 | 1 705 743.17 | 0.50 |\n| Royal Dutch Shell PLC ............................. | Count | 191 352 | | 156 500 | GBP | 16.226 | 3 701 637.61 | 1.09 |\n| Royal Dutch Shell PLC ............................. | Count | 191 496 | | 170 300 | GBP | 16.238 | 3 707 162.86 | 1.09 |\n| DNB Bank ASA ................................... | Count | 279 754 | 284 954 | 5 200 | NOK | 202.2 | 5 671 198.20 | 1.67 |\n| Equinor ASA ..................................... | Count | 281 059 | 92 000 | 119 900 | NOK | 236.2 | 6 655 715.65 | 1.96 |\n| Gjensidige Forsikring BA ............................ | Count | 109 719 | | 4 400 | NOK | 214.2 | 2 356 235.40 | 0.69 |\n| Mowi ASA ....................................... | Count | 75 858 | 8 700 | 64 300 | NOK | 208.4 | 1 584 953.31 | 0.47 |\n| Norsk Hydro ASA ................................. | Count | 739 800 | 739 800 | | NOK | 69.4 | 5 147 438.51 | 1.51 |\n| Telenor ASA ..................................... | Count | 111 692 | 7 900 | | NOK | 139.35 | 1 560 437.61 | 0.46 |\n| TGS NOPEC Geophysical Co., ASA ................... | Count | 166 459 | 212 800 | 197 300 | NOK | 85.24 | 1 422 551.81 | 0.42 |\n| CD Projekt SA .................................... | Count | 44 900 | 47 200 | 2 300 | PLN | 192.32 | 1 878 578.36 | 0.55 |\n| Warsaw Stock Exchange ........................... | Count | 154 981 | | | PLN | 41.6 | 1 402 588.62 | 0.41 |\n| Boliden AB ...................................... | Count | 135 461 | 142 361 | 6 900 | SEK | 351.1 | 4 646 372.80 | 1.37 |\n| Epiroc AB ....................................... | Count | 180 128 | 209 428 | 29 300 | SEK | 230.6 | 4 057 976.01 | 1.19 |\n| Lundin Mining Corp. ............................... | Count | 389 900 | 231 800 | 66 900 | SEK | 70.35 | 2 679 700.65 | 0.79 |\n| Rugvista Group AB ................................ | Count | 135 100 | 150 000 | 14 900 | SEK | 126.6 | 1 670 929.01 | 0.49 |\n\n| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| currency\tamount\tin the reporting period\tEUR |\n| Sandvik AB ...................................... | Count | 180 625 | 23 400 | 11 000 | SEK | 253.2 | 4 467 972.66 | 1.31 |\n| Swedbank AB .................................... | Count | 336 600 | 336 600 | | SEK | 182.4 | 5 998 019.74 | 1.76 |\n| Telefonaktiebolaget LM Ericsson ..................... | Count | 170 900 | 28 700 | 6 700 | SEK | 99.81 | 1 666 422.28 | 0.49 |\n| Polyus PJSC -GDR- ................................ | Count | 84 272 | 23 700 | 4 400 | USD | 87.55 | 6 509 341.04 | 1.91 |\n| Total securities portfolio | | | | | | | 327 095 107.54 | 96.24 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Currency derivatives Receivables/payables | | | | | | | 4 695.47 | 0.00 |\n| Forward currency transactions | | | | | | | | |\n| Forward currency transactions (long) | | | | | | | | |\n| Open positions CHF/EUR 0.2 million ................................ | | | | | | | 1 673.93 | 0.00 |\n| CHF/GBP 0.1 million ................................ | | | | | | | -479.94 | 0.00 |\n| Closed positions CHF/EUR 0.3 million ................................ | | | | | | | 1 503.27 | 0.00 |\n| CHF/GBP 0.1 million ................................ | | | | | | | 1 586.08 | 0.00 |\n| Forward currency transactions (short) | | | | | | | | |\n| Open positions CHF/CZK 0.1 million ................................ | | | | | | | -25.37 | 0.00 |\n| CHF/DKK 0.2 million ................................ | | | | | | | 158.51 | 0.00 |\n| CHF/NOK 0.4 million ................................ | | | | | | | -81.05 | 0.00 |\n| CHF/PLN 0.1 million ................................ | | | | | | | 2.52 | 0.00 |\n| CHF/RUB 0.8 million ................................ | | | | | | | 163.24 | 0.00 |\n| CHF/SEK 0.4 million ................................ | | | | | | | 16.41 | 0.00 |\n| EUR/CZK 0.1 million ................................ | | | | | | | -13.22 | 0.00 |\n| EUR/DKK 0.1 million ................................ | | | | | | | -1.38 | 0.00 |\n| EUR/GBP 0.1 million ................................ | | | | | | | -243.13 | 0.00 |\n| EUR/NOK 0.1 million ................................ | | | | | | | -75.30 | 0.00 |\n| EUR/PLN 0.1 million ................................ | | | | | | | -7.15 | 0.00 |\n| EUR/RUB 0.2 million ................................ | | | | | | | 22.12 | 0.00 |\n| EUR/SEK 0.1 million ................................ | | | | | | | -51.81 | 0.00 |\n| Closed positions CHF/CZK 0.2 million ................................ | | | | | | | -36.42 | 0.00 |\n| CHF/NOK 0.4 million ................................ | | | | | | | 400.46 | 0.00 |\n| CHF/PLN 0.1 million ................................ | | | | | | | -41.94 | 0.00 |\n| EUR/CZK 0.1 million ................................ | | | | | | | -13.63 | 0.00 |\n| EUR/GBP 0.1 million ................................ | | | | | | | 219.02 | 0.00 |\n| EUR/NOK 0.1 million ................................ | | | | | | | 36.33 | 0.00 |\n| EUR/PLN 0.1 million ................................ | | | | | | | -16.08 | 0.00 |\n| Cash at bank | | | | | | | 12 520 102.88 | 3.68 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | | | | 321 525.14 | 0.09 |\n| Deposits in other EU/EEA currencies | | | | | | | | |\n| Danish krone ...................................... | DKK | 954 582 | | | | | 128 366.19 | 0.04 |\n| Norwegian krone ................................... | NOK | 14 428 415 | | | | | 1 446 558.52 | 0.42 |\n| Polish zloty ....................................... | PLN | 1 400 586 | | | | | 304 697.03 | 0.09 |\n| Swedish krona..................................... | SEK | 3 379 578 | | | | | 330 165.31 | 0.10 |\n| Czech koruna...................................... | CZK | 20 213 215 | | | | | 811 222.69 | 0.24 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 6 255 205 | | | | | 7 457 460.17 | 2.19 |\n| Canadian dollar .................................... | CAD | 870 | | | | | 600.67 | 0.00 |\n| Swiss franc ....................................... | CHF | 1 438 070 | | | | | 1 388 741.89 | 0.41 |\n| U.S. dollar ........................................ | USD | 374 906 | | | | | 330 765.27 | 0.10 |\n| Other assets | | | | | | | 1 825 860.32 | 0.54 |\n| Dividends/Distributions receivable ..................... | | | | | | | 439 562.40 | 0.13 |\n| Other receivables .................................. | | | | | | | 1 386 297.92 | 0.41 |\n| Receivables from share certificate transactions | | | | | | | 92 315.05 | 0.03 |\n| Total assets * | | | | | | | 341 539 167.68 | 100.49 |\n\n| Other liabilities | -1 285 067.24 | -0.38 |\n| --- | --- | --- |\n| Liabilities from cost items ............................ | -465 910.80 | -0.14 |\n| Additional other liabilities............................. | -819 156.44 | -0.24 |\n| Liabilities from share certificate transactions | -374 631.47 | -0.11 |\n| Total liabilities | -1 660 785.13 | -0.49 |\n| Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages. | 339 878 382.55 | 100.00 |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class CHF LDH (P) ................................. | CHF | 110.92 |\n| Class FC ......................................... | EUR | 130.70 |\n| Class FD ......................................... | EUR | 110.41 |\n| Class LC ......................................... | EUR | 197.10 |\n| Class LD ......................................... | EUR | 152.48 |\n| Class LDH (P) ..................................... | EUR | 114.08 |\n| Class NC ......................................... | EUR | 184.03 |\n| Class ND ......................................... | EUR | 145.01 |\n| Class TFC ........................................ | EUR | 121.30 |\n| Class TFD ........................................ | EUR | 108.98 |\n| Class XC ......................................... | EUR | 219.87 |\n| Class XD ......................................... | EUR | 132.81 |\n| Number of shares outstanding Class CHF LDH (P) ................................. | Count | 4 666.000 |\n| Class FC ......................................... | Count | 275 205.628 |\n| Class FD ......................................... | Count | 41 170.000 |\n| Class LC ......................................... | Count | 244 309.681 |\n| Class LD ......................................... | Count | 1 594 420.084 |\n| Class LDH (P) ..................................... | Count | 935.161 |\n| Class NC ......................................... | Count | 22 305.672 |\n| Class ND ......................................... | Count | 711.769 |\n| Class TFC ........................................ | Count | 5 815.395 |\n| Class TFD ........................................ | Count | 5 308.458 |\n| Class XC ......................................... | Count | 9 015.302 |\n| Class XD ......................................... | Count | 88.207 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe High Dividend Yield net TR\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 82.725 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 120.918 |\n| Average market risk exposure ........................ | % | 99.156 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\n Market abbreviations\t Contracting parties for forward currency transactions\nBarclays Bank Ireland PLC, BNP Paribas S.A., Bofa Securities Europe S.A., Goldman Sachs Bank Europe SE, HSBC France, J.P. Morgan AG, Morgan Stanley Bank AG, Morgan Stanley Europe SE, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank and UBS AG.\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| Canadian dollar\tCAD | 1.448606 | = EUR | 1 |\n| --- | --- | --- | --- |\n| Swiss franc\tCHF | 1.035520 | = EUR | 1 |\n| Czech koruna\tCZK | 24.916975 | = EUR | 1 |\n| Danish krone\tDKK | 7.436396 | = EUR | 1 |\n| British pound\tGBP | 0.838785 | = EUR | 1 |\n| Norwegian krone\tNOK | 9.974305 | = EUR | 1 |\n| Polish zloty\tPLN | 4.596650 | = EUR | 1 |\n| Swedish krona\tSEK | 10.236018 | = EUR | 1 |\n| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\n Footnote\t\n* Does not include positions with a negative balance, if such exist.\n Statement of income and expenses \n(incl. income adjustment)\t \n Statement of changes in net assets\t2021 \n| for the period from January 1, 2021, through December 31, | 2021 | | | I. | Value of the fund‘s net assets | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | | | | | at the beginning of the fiscal year. . . . . . . . . . . . . . . . | EUR | 300 394 665.07 |\n| I. Income | | | | 1. | Distribution for the previous year .................. | EUR | -7 482 922.76 |\n| 1. Dividends (before withholding tax) ................. | EUR | 12 905 929.15 | | 2. | Net outflows .................................. | EUR | -466 728.82 |\n| 2. Interest from investments of liquid assets | | | | 3. | Income adjustment ............................. | EUR | -155 653.66 |\n| (before withholding tax).......................... | EUR | 770.38 | | 4. | Net investment income.......................... | EUR | 7 408 819.82 |\n| 3. Income from securities lending.................... | EUR | 3 590.66 | | 5. | Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 11 614 902.45 |\n| 4. Deduction for foreign withholding tax .............. | EUR | -629 721.23 | | 6. | Net change in unrealized appreciation/depreciation .... | EUR | 28 565 300.45 |\n| Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 12 280 568.96 | | II. | Value of the fund‘s net assets . . . . . . . . . . . . . . . . . . . | | |\n| | | | | | at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . | EUR | 339 878 382.55 |\n| II. Expenses | | | | | | | |\n| 1. Interest on borrowings and | | | | | | | |\n\nnegative interest on deposits ..................... EUR\t-60 746.70\n- Management fee ............................... EUR\t-4 569 047.84thereof:Basic management fee ....... EUR -4 531 669.76Administration fee ........... EUR\t-37 378.08\n- Depositary fee ................................. EUR\t-8 570.93\n- Auditing, legal and publication costs\n- 1 \n- ............... EUR 34\t057.54\n- Taxe d‘abonnement............................. EUR\t-161 733.86\n- Other expenses ................................ EUR\t-105 707.35thereof:Performance-based feefrom securities lending income . EUR\t\t-1 196.89 Other ..................... EUR\t-104 510.46\n\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -4 871 749.14 |\n| --- | --- | --- |\n| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 7 408 819.82 |\n| IV. Sale transactions Realized gains/losses .............................. | EUR | 11 614 902.45 |\n| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 11 614 902.45 |\n| V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . | EUR | 19 023 722.27 |\n\n1 \nThis largely includes income from the release of excess accruals for auditing costs in the amount of EUR 42 576.33.\nBVI total expense ratio (TER)\nThe total expense ratio for the share classes was:\nClass CHF LDH (P) 1.61% p.a.,\tClass FC 0.82% p.a.,\nClass FD 0.83% p.a.,\tClass LC 1.58% p.a.,\nClass LD 1.58% p.a.,\tClass LDH (P) 1.59% p.a.,\nClass NC 2.28% p.a.,\tClass ND 2.29% p.a.,\nClass TFC 0.84% p.a.,\tClass TFD 0.83% p.a.,\nClass XC 0.38% p.a.,\tClass XD 0.36% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given fiscal year.\nAs well, the additional income from securities lending resulted in a performance-based fee of\nClass CHF LDH (P) <0.001% p.a.,\tClass FC <0.001% p.a.,\nClass FD <0.001% p.a.,\tClass LC <0.001% p.a.,\nClass LD <0.001% p.a.,\tClass LDH (P) <0.001% p.a.,\nClass NC <0.001% p.a.,\tClass ND <0.001% p.a.,\nClass TFC <0.001% p.a.,\tClass TFD <0.001% p.a.,\nClass XC <0.001% p.a.,\tClass XD <0.001% p.a.\nof the fund’s average net assets in relation to the respective share class.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 183 030.44.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nRealized gains/losses (incl. income adjustment). . . . . . . EUR\t11 614 902.45\n| from: | |\n| --- | --- |\n| Securities transactions.......................... | EUR | 11 118 875.98 |\n| (Forward) currency transactions .................. | EUR | 496 026.47 |\n\nChanges in net assets and in the net asset value per share over the last three years\n\n###### Details on the distribution policy*\t\nClass CHF LDH (P)\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tCHF\t3.65\n| | 2021 | Class CHF LDH (P) ........................ | CHF | 110.92 |\n| --- | --- | --- | --- | --- |\n| The income for the fiscal year is reinvested. | | Class FC ................................ | EUR | 130.70 |\n| | | Class FD ................................ | EUR | 110.41 |\n\nClass FC\nNet assets at the end of the fiscal year\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t339 878 382.55\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t300 394 665.07\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t446 907 349.79\nNet asset value per share at the end of the fiscal year\n| Class FD | |\n| --- | --- |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | EUR | 3.57 |\n| Class LC | | | |\n\nClass LD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t4.95\nClass LDH (P)\nType\tAs of\tCurrency\tPer share\n| | Class LC ................................ | EUR | 197.10 |\n| --- | --- | --- | --- |\n| Class LD ................................ | EUR | 152.48 |\n| Class LDH (P) ............................ | EUR | 114.08 |\n| Class NC................................ | EUR | 184.03 |\n| Class ND................................ | EUR | 145.01 |\n| Class TFC ............................... | EUR | 121.30 |\n| Class TFD ............................... | EUR | 108.98 |\n| | Class XC ................................ | EUR | 219.87 |\n\nClass FD ................................ EUR\t97.27\n| | Class XD ................................ | EUR | 132.81 |\n| --- | --- | --- | --- |\n| The income for the fiscal year is reinvested. | 2020 | Class CHF LDH (P) ........................ | CHF | 101.68 |\n| | | Class FC ................................ | EUR | 111.48 |\n\nClass LC ................................ EUR\t169.38\nClass LD ................................ EUR\t135.37\nClass LDH (P) ............................ EUR\t104.36\nClass NC................................ EUR\t159.26\nClass ND................................ EUR\t129.67\nClass TFC ............................... EUR\t103.47\nClass TFD ............................... EUR\t96.63\nClass XC ................................ EUR\t186.70\nClass XD ................................ EUR\t115.82\n| Final distribution | March 4, 2022 | EUR | 3.75 | 2019\tClass CHF LDH (P) ........................ Class FC ................................ | CHF EUR | 107.05 114.25 |\n| --- | --- | --- | --- | --- | --- | --- |\n| | | | | Class FD ................................ | EUR | 103.18 |\n| | | Class LC ................................ | EUR | 174.90 |\n| | | Class LD ................................ | EUR | 144.72 |\n| The income for the fiscal year is reinvested. | | Class LDH (P) ............................ | EUR | 109.30 |\n| | | Class NC................................ | EUR | 165.60 |\n| | | Class ND................................ | EUR | 139.63 |\n| Class ND | | | | Class TFC ............................... | EUR | 106.04 |\n| | | | | Class TFD ............................... | EUR | 102.53 |\n| Type | As of | Currency | Per share | Class XC ................................ | EUR | 190.44 |\n\nClass NC\nFinal distribution\tMarch 4, 2022\tEUR\t4.73\nClass TFC\nThe income for the fiscal year is reinvested.\n| Class TFD | |\n| --- | --- |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | EUR | 3.53 |\n| Class XC | | | |\n| The income for the fiscal year is reinvested. |\n| Class XD | | | |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | EUR | 4.28 |\n\n* Additional information is provided in the sales prospectus.\nIn the case of a final distribution, any remaining net income for the fiscal year is reinvested.\nClass XD ................................ EUR\t122.29\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00.\n\n#### Investment objective and performance in the reporting period\nThe investment focus of DWS Invest II Global Equity High Conviction Fund is on equi- ties of domestic and foreign companies that have above- average growth prospects. Its investment universe encom-\nDWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND\nFive-year performance\n190\n175\n160\n145\n130\n115\n100\n85\npasses shares of companies\n12/16*\n12/17\n12/18\t12/19\t12/20\n12/21\nfrom around the world whose growth potential arises from\nDWS Invest II Global Equity High Conviction Fund (LC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* 12/2016 = 100\nData on euro basis\none of the following three\ncriteria: companies with busi- ness activity in strongly grow- ing niche markets, companies with significant business activity in emerging markets, and companies located within emerging-market countries.\nIn the reporting period from the beginning of January 2021 through the end of December 2021, the sub-fund recorded an\nappreciation of 23.5% per share (LC share class; BVI method).\nIts benchmark, the MSCI AC World, recorded a gain of 29.0% in the same period (both percentages in euro terms).\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND\nPerformance of share classes vs. benchmark (in EUR)\n| Share class | ISIN | 1 year | 3 years | 5 years |\n| --- | --- | --- | --- | --- |\n| Class LC | LU0826452848 | 23.5% | 72.5% | 82.2% |\n| Class FC | LU0826453069 | 24.4% | 76.5% | 89.1% |\n| Class LD | LU0826452921 | 23.5% | 72.6% | 82.2% |\n| Class NC | LU0826453226 | 22.6% | 69.0% | 75.9% |\n| Class TFC | LU1663960265 | 24.4% | 76.6% | 68.7% 1 |\n| Class TFD | LU1663960349 | 24.4% | 76.7% | 68.8% 1 |\n| MSCI AC World | | 29.0% | 77.3% | 82.5% |\n\n1 \nClasses TFC and TFD launched on January 15, 2018\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\n\n#### Investment policy in the reporting period\nOne investment focus in the past fiscal year was on com- panies that, in addition to sustainable growth prospects, were characterized by a cer- tain stability regarding their business model and their cash flows. The total number of stocks held in the portfolio was limited to 40. Individual names could thus have a significantly higher weight (as expressed by the words “high conviction”\nin the sub-fund name). In con-\ntrast to the benchmark, stocks that did not meet the portfolio management’s requirements were left out of the portfolio altogether.\nFollowing the memorable 2020 fiscal year, the stock exchanges developed very solidly in the reporting period. The “COVID-19 issue”* remained ubiquitous.\nHowever, the mood increas- ingly brightened as significant progress was made in the fight against the pandemic. After publication of positive trial results in November 2020, the\nfirst vaccines were administered at the turn of the year. Global vaccination campaigns since then have helped major econo- mies gradually return to normal. This was also reflected in cor- porate results. In addition, the unprecedented level of support by governments and accompa- nying actions by central banks provided important assistance for consumers and the econ- omy, which in turn translated into significantly higher share prices. Many companies that were particularly badly hit at the beginning of the pandemic and\nhad less healthy balance sheets benefited disproportionately from this aid.\nDespite this solid performance overall, the pandemic also gave rise to considerable fac- tors causing uncertainty and “side effects”. For one thing, the virus has not gone away and could still present the world with fresh challenges.\nIn the reporting period, several waves of COVID repeatedly caused setbacks, for instance in sensitive industries such as the travel sector. For another, the pandemic caused signifi- cant distortion in global sup- ply chains that continued to weigh on national economies. A major shortage of road, sea and air freight capacity was observed. Another problem was production capacity for semiconductors, for example, which was inadequate to meet rapidly rising demand as the economy recovered. The conse- quences of this could be seen in many sectors, particularly\nin the automotive industry, but supply chain constraints left their mark on many other industries as well. The combi-\nnation of production stoppages and plant closures plus expen- sive stimulus packages, as well\nalso showed sensitivity to these developments, even though, as mentioned earlier, significant gains were recorded on the bottom line.\nOver the fiscal year as a whole, fewer regional differences than sectoral differences could be observed. The equity markets in the industrial countries, in particular, often moved in sim- ilarly positive orders of magni- tude. The emerging markets, in contrast, lagged significantly behind since the summer due to underperformance in Asia.\nThis relative weakness in the emerging markets was clearly felt by the portfolio through the positioning in Chinese equities. Particularly the tighter govern- ment regulation of communi- cations and internet companies such as Alibaba or Tencent had a negative impact. As these companies are prominently represented in the portfolio due to their strong market posi- tions, attractive valuations and successful digitalization strat- egies, their performance was one of the main reasons for the sub-fund’s weaker overall per- formance. The Chinese insurer Ping An was another company beset by fears of government\nhigh growth rates and greater future earnings prospects, with the associated high valuations (e.g., Tesla, NVIDIA, etc.). But the portfolio management continued to attach great importance to attractive valua- tions; accordingly, this general development was detrimental to the sub-fund. Furthermore, the overweight in health care and the underweight in energy also contributed negatively to performance. The overweight in communications stocks (e.g., Alphabet) and the underweight in utilities both had a positive effect on the sub-fund.\nInformation on the environmental and/or social characteristics \nThe sub-fund qualifies as a\nproduct in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\nStatement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\nas the almost simultaneous\nregulation, which weakened the\t\nopening up of economies, also led to significant price distor- tions in many end markets.\nSnowballing prices for timber, construction materials, and freight containers are further examples. This sparked con- cerns about runaway inflation and generated movement in the bond markets. Share prices\nperformance of its share price. Other technology stocks from the emerging markets such\nas Samsung Electronics, how- ever, were similarly unable to keep pace with the index in the reporting period.\nIn 2021, the equity markets preferred companies exhibiting\n* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ-omy worldwide, and is therefore a signif- icant event during the reporting period.\nUncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements. Addi- tional details are provided in the explana- tions in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Equities (sectors) Information Technology | 37 382 554.83 | 18.42 |\n| Telecommunication Services | 45 254 806.31 | 22.30 |\n| Consumer Discretionaries | 63 877 232.29 | 31.46 |\n| Consumer Staples | 14 077 065.50 | 6.93 |\n| Financials | 35 571 434.36 | 17.52 |\n| Total equities | 196 163 093.29 | 96.63 |\n| 2. Cash at bank | 7 003 672.01 | 3.45 |\n| 3. Other assets | 120 542.96 | 0.06 |\n| 4. Receivables from share certificate transactions | 1 644.16 | 0.00 |\n| II. Liabilities | | |\n| 1. Other liabilities | -275 860.83 | -0.13 |\n| 2. Liabilities from share certificate transactions | -18 720.93 | -0.01 |\n| III. Net assets | 202 994 370.66 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\n\n###### Investment portfolio – December 31, 2021\n| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| currency\tamount\tin the reporting period\tEUR |\n| Securities traded on an exchange | | | | | | | 196 163 093.29 | 96.63 |\n| Equities Toronto-Dominion Bank/The ......................... | Count | 63 000 | 63 000 | | CAD | 97.67 | 4 247 676.82 | 2.09 |\n| Nestle SA ....................................... | Count | 89 500 | 4 000 | | CHF | 127.96 | 11 059 582.94 | 5.45 |\n| Roche Holding AG ................................. | Count | 10 850 | | 3 200 | CHF | 380.95 | 3 991 528.18 | 1.97 |\n| Allianz SE ........................................ | Count | 15 100 | | 5 000 | EUR | 207.65 | 3 135 515.00 | 1.54 |\n| Deutsche Boerse AG .............................. | Count | 27 800 | | | EUR | 147.1 | 4 089 380.00 | 2.01 |\n| Fresenius SE & Co., KGaA .......................... | Count | 101 100 | | 10 000 | EUR | 35.4 | 3 578 940.00 | 1.76 |\n| Talanx AG ....................................... | Count | 104 208 | | | EUR | 42.54 | 4 433 008.32 | 2.18 |\n| Unilever PLC ..................................... | Count | 153 000 | 32 000 | | EUR | 47.245 | 7 228 485.00 | 3.56 |\n| Alibaba Group Holding Ltd .......................... | Count | 338 400 | 338 400 | | HKD | 109.9 | 4 207 056.53 | 2.07 |\n| Ping An Insurance Group Co. of China Ltd .............. | Count | 330 000 | 330 000 | | HKD | 56.3 | 2 101 709.25 | 1.04 |\n| Tencent Holdings Ltd .............................. | Count | 136 000 | 7 600 | | HKD | 443.4 | 6 821 578.77 | 3.36 |\n| Toyota Motor Corp. ................................ | Count | 200 000 | 200 000 | | JPY | 2 105.5 | 3 228 227.21 | 1.59 |\n| Samsung Electronics Co., Ltd ........................ | Count | 181 150 | | | KRW | 78 300 | 10 527 061.12 | 5.19 |\n| Taiwan Semiconductor Manufacturing Co., Ltd .......... | Count | 585 000 | | | TWD | 615 | 11 472 722.41 | 5.65 |\n| Alphabet, Inc. .................................... | Count | 7 350 | | 2 400 | USD | 2 932.12 | 19 013 700.71 | 9.37 |\n| Amgen, Inc. ...................................... | Count | 17 578 | | | USD | 228.45 | 3 542 894.31 | 1.74 |\n| Applied Materials, Inc. .............................. | Count | 12 800 | 12 800 | | USD | 159.66 | 1 803 032.97 | 0.89 |\n| Arista Networks, Inc. ............................... | Count | 29 000 | 21 750 | | USD | 144.4 | 3 694 560.35 | 1.82 |\n| AutoZone, Inc. .................................... | Count | 3 324 | 177 | 1 153 | USD | 2 100.31 | 6 159 450.78 | 3.03 |\n| Biogen Idec, Inc. .................................. | Count | 8 943 | 8 943 | | USD | 241.75 | 1 907 424.20 | 0.94 |\n| Booking Holdings, Inc. ............................. | Count | 820 | | 400 | USD | 2 406.64 | 1 741 095.36 | 0.86 |\n| Centene Corp. .................................... | Count | 44 000 | | | USD | 84.32 | 3 273 262.60 | 1.61 |\n| Check Point Software Technologies Ltd ................ | Count | 27 050 | | | USD | 117.77 | 2 810 603.09 | 1.38 |\n| Clorox Co./The .................................... | Count | 9 468 | 9 468 | | USD | 171.51 | 1 432 667.04 | 0.71 |\n| eBay, Inc. ....................................... | Count | 66 500 | | | USD | 67.4 | 3 954 386.51 | 1.95 |\n| Facebook, Inc. .................................... | Count | 19 100 | | 4 900 | USD | 345.52 | 5 822 428.08 | 2.87 |\n| Gilead Sciences, Inc. ............................... | Count | 22 300 | | | USD | 73.67 | 1 449 416.19 | 0.71 |\n| Home Depot, Inc./The .............................. | Count | 12 900 | 6 100 | | USD | 412.03 | 4 689 387.51 | 2.31 |\n| HP, Inc. ......................................... | Count | 146 300 | | 40 000 | USD | 37.99 | 4 903 556.61 | 2.42 |\n| Intel Corp. ....................................... | Count | 93 500 | | | USD | 51.95 | 4 285 433.27 | 2.11 |\n| Johnson & Johnson ............................... | Count | 22 900 | | | USD | 171.96 | 3 474 245.41 | 1.71 |\n| Marsh & McLennan Cos, Inc. ........................ | Count | 32 750 | | | USD | 174.15 | 5 031 904.12 | 2.48 |\n| Medtronic PLC ................................... | Count | 52 300 | | | USD | 104.51 | 4 822 332.05 | 2.38 |\n| Merck & Co., Inc. ................................. | Count | 57 100 | 27 000 | | USD | 77.15 | 3 886 597.91 | 1.91 |\n| Progressive Corp./The .............................. | Count | 72 000 | 7 000 | | USD | 103.74 | 6 589 861.91 | 3.25 |\n| S&P Global, Inc. .................................. | Count | 11 000 | | | USD | 474 | 4 600 114.07 | 2.27 |\n| UnitedHealth Group, Inc. ............................ | Count | 13 800 | | 2 500 | USD | 506.065 | 6 161 450.48 | 3.03 |\n| Vertex Pharmaceuticals, Inc. ......................... | Count | 17 600 | 8 800 | | USD | 223.36 | 3 468 291.91 | 1.71 |\n| Visa, Inc. *....................................... | Count | 30 851 | 6 300 | | USD | 218.32 | 5 942 378.94 | 2.93 |\n| VMware, Inc. ..................................... | Count | 15 200 | | | USD | 117.83 | 1 580 145.36 | 0.78 |\n| Total securities portfolio | | | | | | | 196 163 093.29 | 96.63 |\n| Cash at bank | | | | | | | 7 003 672.01 | 3.45 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | | | | 49 247.37 | 0.03 |\n| Deposits in other EU/EEA currencies | | | | | | | | |\n| Danish krone ...................................... | DKK | 6 662 | | | | | 895.85 | 0.00 |\n| Norwegian krone ................................... | NOK | 24 857 | | | | | 2 492.15 | 0.00 |\n| Swedish krona..................................... | SEK | 2 262 | | | | | 221.00 | 0.00 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| Australian dollar .................................... | AUD | 4 828 | | | | | 3 096.53 | 0.00 |\n| Brazilian real ...................................... | BRL | 6 502 | | | | | 1 029.31 | 0.00 |\n| British pound ..................................... | GBP | 4 163 | | | | | 4 963.29 | 0.00 |\n| Hong Kong dollar .................................. | HKD | 43 716 | | | | | 4 945.31 | 0.00 |\n| Indonesian rupiah .................................. | IDR | 2 619 630 | | | | | 161.99 | 0.00 |\n| Israeli shekel ...................................... | ILS | 2 669 | | | | | 757.40 | 0.00 |\n| Japanese yen ..................................... | JPY | 114 796 | | | | | 880.05 | 0.00 |\n| Canadian dollar .................................... | CAD | 6 988 | | | | | 4 823.60 | 0.00 |\n| Mexican peso ..................................... | MXN | 3 480 | | | | | 149.69 | 0.00 |\n| New Taiwan dollar.................................. | TWD | 3 149 321 | | | | | 100 427.45 | 0.05 |\n| Swiss franc ....................................... | CHF | 5 129 | | | | | 4 953.14 | 0.00 |\n| Singapore dollar ................................... | SGD | 4 303 | | | | | 2 807.09 | 0.00 |\n| South African rand.................................. | ZAR | 4 342 | | | | | 240.23 | 0.00 |\n| South Korean won.................................. | KRW | 226 566 767 | | | | | 168 152.47 | 0.09 |\n| Thai baht ......................................... | THB | 79 664 | | | | | 2 104.00 | 0.00 |\n| U.S. dollar ........................................ | USD | 7 538 944 | | | | | 6 651 324.09 | 3.28 |\n\n| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| currency\tamount\tin the reporting period\tEUR |\n| Other assets | 120 542.96 | 0.06 |\n| Dividends/Distributions receivable ..................... | 120 542.96 | 0.06 |\n| Receivables from share certificate transactions | 1 644.16 | 0.00 |\n| Total assets | 203 288 952.42 | 100.14 |\n| Other liabilities | -275 860.83 | -0.13 |\n| Liabilities from cost items ............................ | -275 860.83 | -0.13 |\n| Liabilities from share certificate transactions | -18 720.93 | -0.01 |\n| Total liabilities | -294 581.76 | -0.14 |\n| Net assets | 202 994 370.66 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class FC ......................................... | EUR | 281.67 |\n| Class LC ......................................... | EUR | 262.69 |\n| Class LD ......................................... | EUR | 258.16 |\n| Class NC ......................................... | EUR | 246.73 |\n| Class TFC ........................................ | EUR | 168.69 |\n| Class TFD ........................................ | EUR | 166.06 |\n| Number of shares outstanding Class FC ......................................... | Count | 140 859.664 |\n| Class LC ......................................... | Count | 526 298.125 |\n| Class LD ......................................... | Count | 27 825.438 |\n| Class NC ......................................... | Count | 72 421.417 |\n| Class TFC ........................................ | Count | 40.000 |\n| Class TFD ........................................ | Count | 20.000 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) MSCI All Countries World Index (EUR)\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 76.040 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 97.878 |\n| Average market risk exposure ........................ | % | 84.417 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\n Securities lending\t\nThe following securities were transferred under securities loans at the reporting date:\n| Security name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |\n| --- | --- | --- | --- | --- |\n| Visa, Inc. | Count | 25 000 | | 4 815 386.00 |\n| Total receivables from securities loans | | | 4 815 386.00 | 4 815 386.00 |\n| Contracting party for securities loans Barclays Bank Ireland PLC EQ | | | | |\n| Total collateral pledged by third parties for securities loans thereof: Equities | | EUR EUR | | 5 077 831.66 5 077 831.66 |\n\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| Australian dollar ................. . | AUD | 1.559185 | = | EUR | 1 |\n| --- | --- | --- | --- | --- | --- |\n| Brazilian real ................... . | BRL | 6.316661 | = | EUR | 1 |\n| Canadian dollar ................. . | CAD | 1.448606 | = | EUR | 1 |\n| Swiss franc .................... . | CHF | 1.035520 | = | EUR | 1 |\n| Danish krone ................... . | DKK | 7.436396 | = | EUR | 1 |\n| British pound .................. . | GBP | 0.838785 | = | EUR | 1 |\n| Hong Kong dollar ............... . | HKD | 8.839948 | = | EUR | 1 |\n| Indonesian rupiah ............... . | IDR | 16 171.500076 | = | EUR | 1 |\n| Israeli shekel ................... . | ILS | 3.523386 | = | EUR | 1 |\n| Japanese yen .................. . | JPY | 130.443111 | = | EUR | 1 |\n| South Korean won............... . | KRW | 1 347.388871 | = | EUR | 1 |\n| Mexican peso .................. . | MXN | 23.246213 | = | EUR | 1 |\n| Norwegian krone ................ . | NOK | 9.974305 | = | EUR | 1 |\n| Swedish krona.................. . | SEK | 10.236018 | = | EUR | 1 |\n| Singapore dollar ................ . | SGD | 1.532821 | = | EUR | 1 |\n| Thai baht ...................... . | THB | 37.862902 | = | EUR | 1 |\n| New Taiwan dollar............... . | TWD | 31.359165 | = | EUR | 1 |\n| U.S. dollar ..................... . | USD | 1.133450 | = | EUR | 1 |\n| South African rand............... . | ZAR | 18.075696 | = | EUR | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\n Footnote\t\n* Some or all of these securities are lent.\n Statement of income and expenses \n(incl. income adjustment)\t \n Statement of changes in net assets\t2021 \n| for the period from January 1, 2021, through December 31, | 2021 | | | I. | Value of the fund‘s net assets | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | | | | | at the beginning of the fiscal year................ | EUR | 165 456 076.48 |\n| I. Income | | | | 1. | Distribution for the previous year .................. | EUR | -1 451.67 |\n| 1. Dividends (before withholding tax) ................. | EUR | 3 685 287.10 | | 2. | Net outflows .................................. | EUR | -1 466 153.07 |\n| 2. Interest from investments of liquid assets | | | | 3. | Income adjustment ............................. | EUR | 108 501.24 |\n| (before withholding tax).......................... | EUR | 7 000.40 | | 4. | Net investment income.......................... | EUR | 91 842.27 |\n| 3. Income from securities lending.................... | EUR | 3 394.86 | | 5. | Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 10 006 435.73 |\n| 4. Deduction for foreign withholding tax .............. | EUR | -786 195.98 | | 6. | Net change in unrealized appreciation/depreciation .... | EUR | 28 799 119.68 |\n| | | | | | | | |\n| Total income .................................... | EUR | 2 909 486.38 | | II. | Value of the fund‘s net assets ................... | | |\n| | | | | | at the end of the fiscal year ..................... | EUR | 202 994 370.66 |\n| II. Expenses | | | | | | | |\n| 1. Interest on borrowings and | | | | | | | |\n\nnegative interest on deposits ..................... EUR\t-975.24\n- Management fee ............................... EUR\t-2 620 276.28thereof:Basic management fee ....... EUR -2 596 779.35Administration fee ........... EUR\t-23 496.93\n- Depositary fee ................................. EUR\t-5 722.15\n- Auditing, legal and publication costs ............... EUR\t-8 754.87\n- Taxe d‘abonnement............................. EUR\t-95 114.53\n- Other expenses ................................ EUR\t-86 801.04thereof:Performance-based feefrom securities lending income . EUR\t\t-1 131.62 Other ..................... EUR\t-85 669.42Realized gains/losses (incl. income adjustment)....... EUR\t10 006 435.73\n\n| from: | |\n| --- | --- |\n| Securities transactions.......................... | EUR | 9 949 299.41 |\n| (Forward) currency transactions .................. | EUR | 57 136.32 |\n\n| Total expenses................................... | EUR | -2 817 644.11 | |\n| --- | --- | --- | --- |\n| III. Net investment income ........................ | EUR | 91 842.27 | | | Class FC | |\n| | | | | | | |\n| IV. Sale transactions Realized gains/losses .............................. | EUR | 10 006 435.73 | | | The income for the fiscal year is reinvested. | |\n| | | | | | | |\n| Capital gains/losses .............................. | EUR | 10 006 435.73 | | | Class LC | |\n| | | | | | | |\n\n\n###### Details on the distribution policy*\t\nV. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . EUR\t10 098 278.00\nBVI total expense ratio (TER)\nThe total expense ratio for the share classes was:\nClass FC 0.85% p.a.,\tClass LC 1.60% p.a.,\nClass LD 1.60% p.a.,\tClass NC 2.30% p.a.,\nClass TFC 0.85% p.a.,\tClass TFD 0.80% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\nAs well, the additional income from securities lending resulted in a performance-based fee of\nClass FC 0.001% p.a.,\tClass LC 0.001% p.a.,\nClass LD 0.001% p.a.,\tClass NC 0.001% p.a.,\nClass TFC 0.001% p.a.,\tClass TFD 0.000% p.a.\nof the fund’s average net assets in relation to the respective share class.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 19 784.17.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nThe income for the fiscal year is reinvested.\nClass LD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.05\nClass NC\nThe income for the fiscal year is reinvested.\nClass TFC\nThe income for the fiscal year is reinvested.\n| Class TFD | |\n| --- | --- |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | EUR | 1.14 |\n\n* Additional information is provided in the sales prospectus.\nIn the case of a final distribution, any remaining net income for the fiscal year is reinvested.\nChanges in net assets and in the net asset value per share over the last three years\n| Net assets at the end of the fiscal year 2021\tEUR | 202 994 370.66 |\n| --- | --- |\n| 2020\tEUR | 165 456 076.48 |\n| 2019\tEUR | 165 302 616.04 |\n| Net asset value per share at the end of the fiscal year | |\n| 2021 | Class FC ................................ | EUR | 281.67 |\n| | Class LC ................................ | EUR | 262.69 |\n| | Class LD ................................ | EUR | 258.16 |\n| | Class NC................................ | EUR | 246.73 |\n| | Class TFC ............................... | EUR | 168.69 |\n| | Class TFD ............................... | EUR | 166.06 |\n| 2020 | Class FC ................................ | EUR | 226.45 |\n| | Class LC ................................ | EUR | 212.78 |\n| | Class LD ................................ | EUR | 209.15 |\n| | Class NC................................ | EUR | 201.25 |\n| | Class TFC ............................... | EUR | 135.62 |\n| | Class TFD ............................... | EUR | 134.00 |\n| 2019 | Class FC ................................ | EUR | 214.61 |\n| | Class LC ................................ | EUR | 203.20 |\n| | Class LD ................................ | EUR | 199.81 |\n| | Class NC................................ | EUR | 193.53 |\n| | Class TFC ............................... | EUR | 128.53 |\n| | Class TFD ............................... | EUR | 127.74 |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00.\n\n#### Investment objective and performance in the reporting period\nThe objective of the investment policy is to generate a positive investment result. To this end, the sub-fund invests worldwide in a variety of assets from the entire range of permissible investment categories and\nDWS INVEST II GLOBAL TOTAL RETURN FUND\nFive-year performance\n120\n116\n112\n108\n104\n100\n96\n92\ninstruments of all asset classes.\n12/16*\n12/17\n12/18\t12/19\t12/20\n12/21\nDepending on the selection of assets, the sub-fund’s portfolio\nDWS Invest II Global Total Return Fund (LD share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* 12/2016 = 100\nData on euro basis\ncomposition can vary from a\nmore bond-oriented invest- ment through to an exclusively equity-oriented investment.\nIn the reporting period from the beginning of January through the end of December 2021, the sub-fund recorded an apprecia- tion of 6.2% per share (LD share class; BVI method; in euro).\n\n#### Investment policy in the reporting period\nOn the equity side, the port- folio management focused its\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDWS INVEST II GLOBAL TOTAL RETURN FUND\nPerformance of share classes (in EUR)\n| Share class | ISIN | 1 year | 3 years | 5 years |\n| --- | --- | --- | --- | --- |\n| Class LD | LU1246176181 | 6.2% | 19.6% | 16.2% |\n| Class FD | LU1246175704 | 7.0% | 22.4% | 20.7% |\n| Class ID | LU1246175969 | 7.3% | 23.4% | 22.4% |\n| Class RD | LU1599458475 | 7.6% | 24.4% | 20.2% 1 |\n| Class XD | LU1246176009 | 7.3% | 24.3% | 24.1% |\n\n1 \nClass RD launched on May 15, 2017\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\ninvestments on the industrial countries, particularly those in North America and Europe,\nand invested to a lesser extent in stocks from the emerging markets. In terms of sector allo- cation, the equity portfolio was generally broadly diversified. In its bond investments, the sub- fund was globally positioned in the reporting period. In terms of issuer allocation, the port- folio management invested\nin corporate bonds and high- yield bonds from the industrial countries and in bonds from the emerging markets, among others. In light of the low inter- est environment that still dom- inated in the reporting period, these interest-bearing securities\nappeared significantly more attractive in terms of their inter- est rates than, for example, government bonds from the industrial countries.\nThe performance of the inter- national capital markets in 2021 continued to be affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy. In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in\nlight of the weakened global economy – supported price performance in the financial markets. Since the beginning of 2021, the economic outlook\nhas improved in view of the efforts undertaken by the inter- national community of nations and the packages of measures introduced with the objective of tackling the economic con- sequences of the COVID-19 crisis, as well as the approval applications for COVID-19 vaccines and the vaccination campaigns taking effect. How- ever, the question of inflation also arose among investors\non account of the signifi- cantly increased prices in the commodity markets, pent-up demand from consumers due to the COVID-19 pandemic and partial supply shortages due to delivery difficulties. In addition, the rapid spread of the corona-\nvirus and its mutations, as well as the associated new restric- tions, dampened economic prospects.\nThe international stock exchanges finished 2021 with significant price increases, but share price performance was\nStatement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\nmixed. While equity markets\t\nin Western industrial countries registered considerable price gains boosted in particular by the rapid recovery in corporate earnings, stock exchanges in the emerging markets brought up the rear. Against the back- drop of high levels of debt globally and extremely low interest rates by historical comparison, the bond markets saw price declines amid fluc- tuations for longer maturities in the reporting year through the end of December 2021 as bond yields rose at still very low, and in some cases neg- ative, levels. In the corporate\nbond markets, high-yield bonds recorded price rises amid lower risk premiums and thus outper- formed corporate bonds with investment-grade status, which traded weaker. Against this backdrop, the securities held in the portfolio delivered a posi- tive performance overall in the reporting period.\n\n#### Information on the environmental and/or social characteristics\nThe sub-fund qualifies as a prod- uct in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustainability-related disclosures in the financial services sector.\n* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\nUncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements. Addi- tional details are provided in the explana- tions in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Equities (sectors) Information Technology | 10 355 586.92 | 9.29 |\n| Telecommunication Services | 10 845 680.46 | 9.73 |\n| Consumer Discretionaries | 17 177 824.62 | 15.41 |\n| Energy | 606 060.00 | 0.54 |\n| Consumer Staples | 3 472 449.29 | 3.11 |\n| Financials | 4 738 481.27 | 4.25 |\n| Basic Materials | 4 418 262.68 | 3.97 |\n| Industrials | 4 534 046.92 | 4.06 |\n| Utilities | 4 976 330.00 | 4.48 |\n| Total equities | 61 124 722.16 | 54.84 |\n| 2. Bonds (issuers) Companies | 4 634 197.46 | 4.16 |\n| Central governments | 4 827 427.90 | 4.33 |\n| Total bonds | 9 461 625.36 | 8.49 |\n| 3. Investment fund units Bond funds | 24 945 410.64 | 22.38 |\n| Equity funds | 5 454 430.00 | 4.90 |\n| Total investment fund units | 30 399 840.64 | 27.28 |\n| 4. Derivatives | 209 409.07 | 0.19 |\n| 5. Cash at bank | 10 170 594.94 | 9.12 |\n| 6. Other assets | 133 632.25 | 0.12 |\n| II. Liabilities | | |\n| 1. Other liabilities | -46 641.71 | -0.04 |\n| III. Net assets | 111 453 182.71 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\n\n###### Investment portfolio – December 31, 2021\n| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| currency\tamount\tin the reporting period\tEUR |\n| Securities traded on an exchange | | | | | | | 70 586 347.52 | 63.33 |\n| Equities Lonza Group AG .................................. | Count | 650 | 650 | | CHF | 761 | 477 682.68 | 0.43 |\n| Nestle SA ....................................... | Count | 11 500 | | | CHF | 127.96 | 1 421 063.73 | 1.28 |\n| Novartis AG ...................................... | Count | 9 000 | | | CHF | 80.54 | 699 996.10 | 0.63 |\n| Roche Holding AG ................................. | Count | 3 300 | | | CHF | 380.95 | 1 214 013.18 | 1.09 |\n| Alstom SA ....................................... | Count | 30 000 | 30 000 | | EUR | 30.96 | 928 800.00 | 0.83 |\n| ASML Holding NV ................................. | Count | 875 | 875 | | EUR | 707 | 618 625.00 | 0.56 |\n| AXA SA ......................................... | Count | 50 000 | 10 000 | | EUR | 26.305 | 1 315 250.00 | 1.18 |\n| BASF SE ........................................ | Count | 26 000 | | | EUR | 61.78 | 1 606 280.00 | 1.44 |\n| Bayer AG ........................................ | Count | 28 000 | | | EUR | 47 | 1 316 000.00 | 1.18 |\n| Capgemini SA .................................... | Count | 1 800 | 1 800 | | EUR | 216.6 | 389 880.00 | 0.35 |\n| Danone SA ...................................... | Count | 5 800 | 5 800 | | EUR | 54.93 | 318 594.00 | 0.29 |\n| Deutsche Post AG ................................. | Count | 19 000 | 17 000 | 6 000 | EUR | 56.54 | 1 074 260.00 | 0.96 |\n| Deutsche Telekom AG ............................. | Count | 100 000 | 30 000 | | EUR | 16.3 | 1 630 000.00 | 1.46 |\n| E.ON SE ........................................ | Count | 170 000 | 20 000 | | EUR | 12.192 | 2 072 640.00 | 1.86 |\n| Enel SpA ........................................ | Count | 140 000 | 70 000 | | EUR | 7.056 | 987 840.00 | 0.89 |\n| Essilor International Cie Générale d‘Optique SA . . . . . . . . . . | Count | 4 400 | 4 400 | | EUR | 186.88 | 822 272.00 | 0.74 |\n| Evonik Industries AG ............................... | Count | 30 000 | | | EUR | 28.47 | 854 100.00 | 0.77 |\n| Fastned BV * ...................................... | Count | 6 500 | 6 500 | | EUR | 49.25 | 320 125.00 | 0.29 |\n| Infineon Technologies AG ........................... | Count | 38 000 | 8 000 | 10 000 | EUR | 40.76 | 1 548 880.00 | 1.39 |\n| Koninklijke Philips NV .............................. | Count | 24 000 | 24 000 | | EUR | 32.945 | 790 680.00 | 0.71 |\n| LANXESS AG .................................... | Count | 12 000 | | | EUR | 54.5 | 654 000.00 | 0.59 |\n| Linde PLC ....................................... | Count | 2 700 | 2 700 | | EUR | 306 | 826 200.00 | 0.74 |\n| LVMH Moet Hennessy Louis Vuitton SE ............... | Count | 1 100 | 450 | 950 | EUR | 728.6 | 801 460.00 | 0.72 |\n| Merck KGaA ..................................... | Count | 7 000 | | | EUR | 227 | 1 589 000.00 | 1.43 |\n| Neste Oyj ....................................... | Count | 14 000 | 14 000 | | EUR | 43.29 | 606 060.00 | 0.54 |\n| Red Electrica Corp., SA ............................. | Count | 50 000 | 60 000 | 30 000 | EUR | 19.045 | 952 250.00 | 0.86 |\n| Sanofi .......................................... | Count | 10 000 | 1 600 | | EUR | 89.35 | 893 500.00 | 0.80 |\n| Talanx AG ....................................... | Count | 16 000 | | 3 000 | EUR | 42.54 | 680 640.00 | 0.61 |\n| Teleperformance .................................. | Count | 2 600 | | 600 | EUR | 397.6 | 1 033 760.00 | 0.93 |\n| Va-Q-tec AG ..................................... | Count | 15 000 | 7 000 | | EUR | 25.25 | 378 750.00 | 0.34 |\n| Veolia Environnement SA ........................... | Count | 30 000 | | | EUR | 32.12 | 963 600.00 | 0.87 |\n| Vinci SA ......................................... | Count | 8 000 | 8 000 | | EUR | 91.94 | 735 520.00 | 0.66 |\n| Volkswagen AG -Pref- .............................. | Count | 10 000 | | | EUR | 177.48 | 1 774 800.00 | 1.59 |\n| Vonovia SE ...................................... | Count | 13 500 | 6 000 | 21 500 | EUR | 48.5 | 654 750.00 | 0.59 |\n| Compass Group PLC ............................... | Count | 36 000 | | 6 000 | GBP | 16.36 | 702 158.60 | 0.63 |\n| JD Sports Fashion PLC ............................. | Count | 75 000 | 75 000 | | GBP | 2.17 | 194 030.69 | 0.17 |\n| Ocado Group PLC ................................. | Count | 12 000 | | | GBP | 16.65 | 238 201.73 | 0.21 |\n| Reckitt Benckiser Group PLC ........................ | Count | 6 500 | 6 500 | | GBP | 63.41 | 491 383.46 | 0.44 |\n| Vodafone Group PLC ............................... | Count | 590 000 | | | GBP | 1.125 | 791 604.66 | 0.71 |\n| AIA Group Ltd .................................... | Count | 72 000 | | | HKD | 79.15 | 644 664.44 | 0.58 |\n| Samsung Electronics Co., Ltd ........................ | Count | 2 000 | 2 000 | | KRW | 78 300 | 116 224.80 | 0.10 |\n| Tomra Systems ASA ............................... | Count | 10 000 | | | NOK | 630.8 | 632 425.04 | 0.57 |\n| Activision Blizzard, Inc. ............................. | Count | 8 500 | | | USD | 67.22 | 504 098.04 | 0.45 |\n| Alibaba Group Holding Ltd -ADR- ..................... | Count | 6 200 | | | USD | 118.76 | 649 620.10 | 0.58 |\n| Alphabet, Inc. .................................... | Count | 1 700 | | 100 | USD | 2 931.53 | 4 396 841.79 | 3.95 |\n| Amazon.com, Inc. ................................. | Count | 400 | | | USD | 3 382.74 | 1 193 785.18 | 1.07 |\n| Amgen, Inc. ...................................... | Count | 2 400 | 2 400 | 1 200 | USD | 228.45 | 483 726.61 | 0.43 |\n| AT&T, Inc. ....................................... | Count | 50 000 | | | USD | 24.905 | 1 098 636.76 | 0.99 |\n| Autodesk, Inc. .................................... | Count | 2 200 | 2 200 | | USD | 283.17 | 549 626.29 | 0.49 |\n| BioNTech SE -ADR- ................................ | Count | 3 500 | 3 500 | | USD | 248.5 | 767 347.37 | 0.69 |\n| Estee Lauder Cos, Inc./The .......................... | Count | 1 600 | 1 600 | | USD | 370.52 | 523 033.15 | 0.47 |\n| Etsy, Inc. ........................................ | Count | 2 600 | 2 600 | | USD | 224.11 | 514 081.72 | 0.46 |\n| Horizon Therapeutics Plc ............................ | Count | 8 000 | | | USD | 109.46 | 772 579.19 | 0.69 |\n| Johnson & Johnson ............................... | Count | 8 000 | | 1 800 | USD | 171.96 | 1 213 710.19 | 1.09 |\n| MasterCard, Inc. .................................. | Count | 2 100 | | 300 | USD | 363.09 | 672 715.07 | 0.60 |\n| Medtronic PLC ................................... | Count | 2 200 | 2 200 | | USD | 104.51 | 202 851.44 | 0.18 |\n| Merck & Co., Inc. ................................. | Count | 6 400 | 6 400 | | USD | 77.15 | 435 625.69 | 0.39 |\n| Microsoft Corp. ................................... | Count | 8 500 | | 2 500 | USD | 341.12 | 2 558 136.31 | 2.30 |\n| NVIDIA Corp. ..................................... | Count | 2 623 | 3 600 | 977 | USD | 300.64 | 695 733.04 | 0.62 |\n| Paypal Holdings, Inc. ............................... | Count | 4 000 | 4 000 | 3 000 | USD | 190.68 | 672 918.87 | 0.60 |\n| Pfizer, Inc. ....................................... | Count | 23 500 | 7 000 | 3 500 | USD | 58.21 | 1 206 877.07 | 1.08 |\n| Pinterest, Inc. .................................... | Count | 17 500 | 17 500 | 11 000 | USD | 36.99 | 571 110.25 | 0.51 |\n| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- ..... | Count | 22 000 | | 4 000 | USD | 120.59 | 2 340 623.44 | 2.10 |\n| TE Connectivity Ltd ................................ | Count | 3 500 | 3 500 | | USD | 162.64 | 502 218.82 | 0.45 |\n| Teladoc Health Inc. ................................ | Count | 5 000 | 3 200 | | USD | 91.94 | 405 575.84 | 0.36 |\n| Union Pacific Corp. ................................ | Count | 3 000 | 3 000 | | USD | 249.67 | 660 823.06 | 0.59 |\n| Visa, Inc. ........................................ | Count | 4 000 | 4 000 | | USD | 218.32 | 770 461.76 | 0.69 |\n\nInterest-bearing securities\n4.375 % Argentum Netherlands BV 2015/perpetual ** ....\tEUR\t1 200 000\t%\t111.16\t1 333 920.00\t1.20\n1.75 % Norway Government Bond -144A- (MTN) 2015/2025 NOK\t14 000 000\t%\t100.713\t1 413 614.33\t1.27\n0.25 % Kreditanstalt fuer Wiederaufbau 2020/2023 .....\tUSD\t1 400 000\t1 400 000\t%\t99.155\t1 224 729.64\t1.10\n0.125 % Kreditanstalt fuer Wiederaufbau 2021/2023 .....\tUSD\t1 400 000\t1 400 000\t%\t99.365\t1 227 323.49\t1.10\n3.15 % Teva Pharmaceutical Finance Netherlands III BV\n(MTN) 2016/2026 .........................\tUSD\t1 000 000\t%\t96.142\t848 224.33\t0.76\n0.125 % United States Treasury Note/Bond 2020/2023 ...\tUSD\t1 300 000\t1 300 000\t%\t99.172\t1 137 442.50\t1.02\n0.125 % United States Treasury Note/Bond 2020/2022 ...\tUSD\t1 300 000\t1 300 000\t%\t99.798\t1 144 618.48\t1.03\n0.125 % United States Treasury Note/Bond 2021/2024 ...\tUSD\t1 300 000\t1 300 000\t%\t98.676\t1 131 752.59\t1.01\nInvestment fund units\t30 399 840.64\t27.28\nIn-group fund units\nDWS Invest SICAV - DWS Invest ESG Global Corporate\nBonds -ID- EUR - (0.400%) ...........................\tUnits\t16 000\tEUR\t101.13\t1 618 080.00\t1.45\nDWS Invest SICAV - DWS Invest Euro High Yield Corporates\n-RC- EUR - (0.350%) ................................\tUnits\t44 000\t6 000\tEUR\t123.19\t5 420 360.00\t4.86\nDWS Invest SICAV - Financial Hybrid Bonds -FC- EUR -\n(0.600%) .........................................\tUnits\t40 000\tEUR\t129.12\t5 164 800.00\t4.63\nXtrackers (IE) plc - Xtrackers Artificial Intelligence and\nBig Data UCITS ETF -1C- EUR - (0.250%)................\tUnits\t14 000\t14 000\tEUR\t89.77\t1 256 780.00\t1.13\nXtrackers (IE) plc - Xtrackers MSCI World Financials UCITS\nETF -1C- EUR - (0.100%).............................\tUnits\t185 000\t85 000\tEUR\t22.69\t4 197 650.00\t3.77\nXtrackers IE Physical Gold ETC Securities EUR - (0.150%) ..\tUnits\t426 315\t426 316\t1\tEUR\t24.59\t10 483 085.85\t9.41\nDWS Invest SICAV - ESG Asian Bonds -IC500- USD - (0.150%) Units\t24 000\t24 000\tUSD\t106.69\t2 259 084.79\t2.03\nTotal securities portfolio\t100 986 188.16\t90.61\nDerivatives\n(Minus signs denote short positions)\nEquity index derivatives\t-158 227.19\t-0.14\nReceivables/payables\nEquity index futures\nDax Index 03/2022 (MS) .............................\tCount\t-4\t4\t-29 800.00\t-0.03\nS & P MINI 500 Futures 03/2022 (MS) ..................\tCount\t-22\t22\t-128 427.19\t-0.11\nInterest rate derivatives\t-117 485.63\t-0.10\nReceivables/payables\nInterest rate futures\nUS Treasury Notes 10 year Futures 03/2022 (MS) .........\tCount\t-73\t73\t-81 009.61\t-0.07\nUS Treasury Notes 30 year Futures 03/2022 (MS) .........\tCount\t-27\t27\t-36 476.02\t-0.03\nCurrency derivatives\t3 601.33\t0.00\nReceivables/payables\nForward currency transactions Forward currency transactions (short) Open positions\nEUR/GBP 2.0 million ................................\t-30 029.71\t-0.03\nEUR/USD 15.7 million ...............................\t74 239.17\t0.07\nClosed positions\nEUR/GBP 2.7 million ................................\t-31.22\t0.00\nEUR/USD 15.7 million ...............................\t-40 576.91\t-0.04\nSwaps\t481 520.56\t0.43\nReceivables/payables\nCredit default swaps Protection seller\niTraxx Europe / 1% / 20/06/2025 (OTC) (CIT) .............\tCount\t10 000 000\t230 119.00\t0.21\niTraxx Europe / 1% / 20/12/2024 (OTC) (CIT) .............\tCount\t12 000 000\t251 401.56\t0.22\nCash at bank\t10 170 594.94\t9.12\nDemand deposits at Depositary\nEUR deposits......................................\tEUR\t7 861 950.01\t7.05\nDeposits in other EU/EEA currencies\nDanish krone ......................................\tDKK\t369 669\t49 710.77\t0.05\nNorwegian krone ...................................\tNOK\t50 696\t5 082.69\t0.00\nSwedish krona.....................................\tSEK\t25 866\t2 526.96\t0.00\n| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | currency | amount | in the reporting period | EUR | |\n| Deposits in non-EU/EEA currencies | | | | | |\n| Brazilian real ...................................... | BRL | 234 726 | | 37 159.90 | 0.03 |\n| British pound ..................................... | GBP | 42 282 | | 50 408.43 | 0.05 |\n| Hong Kong dollar .................................. | HKD | 482 408 | | 54 571.37 | 0.05 |\n| Indonesian rupiah .................................. | IDR | 18 125 417 200 | | 1 120 824.73 | 1.01 |\n| Japanese yen ..................................... | JPY | 6 319 454 | | 48 446.05 | 0.04 |\n| Mexican peso ..................................... | MXN | 126 573 | | 5 444.88 | 0.00 |\n| Russian rouble..................................... | RUB | 4 159 352 | | 49 134.88 | 0.04 |\n| Swiss franc ....................................... | CHF | 98 282 | | 94 911.03 | 0.09 |\n| South Korean won.................................. | KRW | 133 574 | | 99.14 | 0.00 |\n| Turkish lira ........................................ | TRY | 46 460 | | 3 125.53 | 0.00 |\n| U.S. dollar ........................................ | USD | 892 250 | | 787 198.57 | 0.71 |\n| Other assets | | | | 133 632.25 | 0.12 |\n| Dividends/Distributions receivable ..................... | | | | 63 361.33 | 0.06 |\n| Interest receivable ................................. | | | | 67 389.02 | 0.06 |\n| Receivables from exceeding the expense cap ............ | | | | 2 881.90 | 0.00 |\n| Total assets *** | | | | 111 846 175.08 | 100.35 |\n| Other liabilities | | | | -46 641.71 | -0.04 |\n| Liabilities from cost items ............................ | | | | -46 641.71 | -0.04 |\n| Total liabilities | | | | -392 992.37 | -0.35 |\n| Net assets | | | | 111 453 182.71 | 100.00 |\n\nNegligible rounding errors may have arisen due to the rounding of calculated percentages.\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Klasse FD ........................................ | EUR | 109.45 |\n| Klasse ID ......................................... | EUR | 109.87 |\n| Klasse LD ........................................ | EUR | 108.12 |\n| Klasse RD ........................................ | EUR | 111.45 |\n| Klasse XD ........................................ | EUR | 111.78 |\n| Number of shares outstanding Klasse FD ........................................ | Count | 14 980.000 |\n| Klasse ID ......................................... | Count | 116 402.000 |\n| Klasse LD ........................................ | Count | 587.434 |\n| Klasse RD ........................................ | Count | 870 000.000 |\n| Klasse XD ........................................ | Count | 1.000 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512)\n25% MSCI AC World NR, 25% MSCI AC World NR (hedged in EUR), 25% Barclays Global Aggregate Bond, 25% Barclays Global Aggregate Bond (hedged in EUR)\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 65.759 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 121.866 |\n| Average market risk exposure ........................ | % | 91.766 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.7, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 87 470 804.24 as of the reporting date.\n Market abbreviations\t Futures exchanges\nMS = Morgan Stanley Bank AG\nContracting parties for derivatives (with the exception of forward currency transactions)\nCIT = Citibank AG\nContracting parties for forward currency transactions\nMorgan Stanley Europe SE, State Street Bank International GmbH and UBS AG.\nSecurities lending\nThe following securities were transferred under securities loans at the reporting date:\nSecurity name\tCurrency/\tQuantity/\tSecurities loans\tTotal quantity/\tprincipal amount\tTotal market value in EUR\nprincipal amount\tNo fixed maturity\nFastned BV\tCount\t5 500\t270 875.00\nTotal receivables from securities loans\t270 875.00\t270 875.00\nContracting parties for securities loans\nBarclays Bank Ireland PLC EQ\nTotal collateral pledged by third parties for securities loans\tEUR\t288 925.30\nthereof:\nEquities\tEUR\t288 925.30\nExchange rates (indirect quotes)\nAs of December 30, 2021\n| Brazilian real .................... | BRL | 6.316661 | = | EUR | 1 |\n| --- | --- | --- | --- | --- | --- |\n| Swiss franc ..................... | CHF | 1.035520 | = | EUR | 1 |\n| Danish krone .................... | DKK | 7.436396 | = | EUR | 1 |\n| British pound ................... | GBP | 0.838785 | = | EUR | 1 |\n| Hong Kong dollar ................ | HKD | 8.839948 | = | EUR | 1 |\n| Indonesian rupiah ................ | IDR | 16 171.500076 | = | EUR | 1 |\n| Japanese yen ................... | JPY | 130.443111 | = | EUR | 1 |\n| South Korean won................ | KRW | 1 347.388871 | = | EUR | 1 |\n| Mexican peso ................... | MXN | 23.246213 | = | EUR | 1 |\n| Norwegian krone ................. | NOK | 9.974305 | = | EUR | 1 |\n| Russian rouble................... | RUB | 84.651725 | = | EUR | 1 |\n| Swedish krona................... | SEK | 10.236018 | = | EUR | 1 |\n| Turkish lira ...................... | TRY | 14.864632 | = | EUR | 1 |\n| U.S. dollar ...................... | USD | 1.133450 | = | EUR | 1 |\n| Notes on valuation | | | | | |\n\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\nFootnotes\n* Some or all of these securities are lent.\n** Floating interest rate.\n*** Does not include positions with a negative balance, if such exist.\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from January 1, 2021, through December 31, 2021\n\n###### Statement of changes in net assets\t2021 \n- Value of the fund‘s net assets\n\n| | at the beginning of the fiscal year................ | EUR | 106 413 822.57 |\n| --- | --- | --- | --- |\n| I. Income | | | | 1. | Distribution for the previous year .................. | EUR | -1 729 796.15 |\n| 1. Dividends (before withholding tax) ................. | EUR | 1 233 593.04 | | 2. | Net outflows .................................. | EUR | -1 162 142.97 |\n| 2. Interest from securities (before withholding tax) ...... | EUR | 702 895.10 | | 3. | Income adjustment ............................. | EUR | 97 478.77 |\n| 3. Income from investment fund units . . . . . . . . . . . . . . . . | EUR | 34 338.51 | | 4. | Net investment income.......................... | EUR | 1 497 627.06 |\n| 4. Income from securities lending.................... | EUR | 4 355.10 | | 5. | Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 706 049.18 |\n| 5. Deduction for foreign withholding tax .............. | EUR | -179 819.12 | | 6. | Net change in unrealized appreciation/depreciation .... | EUR | 5 630 144.25 |\n| | | | | | | | |\n| Total income .................................... II. Expenses | EUR | 1 795 362.63 | | II. | Value of the fund‘s net assets at the end of the fiscal year ..................... | EUR | 111 453 182.71 |\n| 1. Interest on borrowings and | | | | | | | |\n\nnegative interest on deposits ..................... EUR\t-34 599.68\n- Management fee ............................... EUR\t-237 409.75thereof:Basic management fee ....... EUR\t-215 431.23 Income from expense cap..... EUR\t\t3 039.62Administration fee ........... EUR\t-25 018.14\n- Auditing, legal and publication costs ............... EUR\t7 930.32\n- Taxe d‘abonnement............................. EUR\t-9 416.01\n- Other expenses ................................ EUR\t-24 240.45thereof:Summary of gains/losses\t2021Realized gains/losses (incl. income adjustment)....... EUR\t706 049.18from:Securities transactions.......................... EUR\t7 166 593.23(Forward) currency transactions .................. EUR\t-1 184 209.69Derivatives and other financial futures transactions 1 .. EUR\t-5 276 334.36\n\n| Performance-based fee from securities lending income . EUR | -1 451.70 | 1 This item may include options transactions or swap transactions and/or transactions |\n| --- | --- | --- |\n| Other\tEUR | -22 788.75 | from warrants and credit derivatives. |\n| Total expenses................................... | EUR | -297 735.57 | |\n| III. Net investment income ........................ | EUR | 1 497 627.06 | |\n| IV. Sale transactions Realized gains/losses .............................. | EUR | 706 049.18 | |\n| Capital gains/losses .............................. | EUR | 706 049.18 | |\n| V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . | EUR | 2 203 676.24 | |\n| BVI total expense ratio (TER) | | | |\n| The total expense ratio for the share classes was: | | | |\n\nClass FD 0.73% p.a.,\tClass ID 0.45% p.a.,\nClass LD 1.49% p.a.,\tClass RD 0.20% p.a., Class XD 0.15% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee / management fee will be used for the calcula- tion. The synthetic TER was:\nClass FD 0.82% p.a.,\tClass ID 0.54% p.a.,\nClass LD 1.57% p.a.,\tClass RD 0.28% p.a., Class XD 0.23% p.a.\nAs well, the additional income from securities lending resulted in a performance-based fee of\nClass FD 0.001% p.a.,\tClass ID 0.001% p.a.,\nClass LD 0.001% p.a.,\tClass RD 0.001% p.a., Class XD 0.001% p.a.\nof the fund’s average net assets in relation to the respective share class.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 37 488.03.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nChanges in net assets and in the net asset value per share over the last three years\n\n###### Details on the distribution policy*\t\nClass FD\n| Type | As of | Currency | Per share | Net assets at the end of the fiscal year 2021\tEUR | 111 453 182.71 |\n| --- | --- | --- | --- | --- | --- |\n| Final distribution | March 4, 2022 | EUR | 1.00 | 2020\tEUR | 106 413 822.57 |\n| | | | | 2019\tEUR | 163 537 500.73 |\n| Class ID | | | | Net asset value per share at the end of the fiscal year | |\n| Type | As of | Currency | Per share | 2021\tClass FD\tEUR Class ID\tEUR | 109.45 109.87 |\n\nFinal distribution\tMarch 4, 2022\tEUR\t1.29\nClass LD\n| Final distribution | March 4, 2022 | EUR | 0.19 | | Class RD................................ Class XD ................................ | EUR EUR | 105.35 104.18 |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | | | | 2019 | Class FD ................................ | EUR | 102.71 |\n\n| | Class ID ................................ | EUR | 103.10 |\n| --- | --- | --- | --- |\n| Class LD ................................ | EUR | 101.52 |\n| | Class RD................................ | EUR | 104.59 |\n\nType\tAs of\tCurrency\tPer share\nClass LD ................................ EUR\t108.12\nClass RD................................ EUR\t111.45\nClass XD ................................ EUR\t111.78\n2020\tClass FD ................................ EUR\t103.45\nClass ID ................................ EUR\t103.83\nClass LD ................................ EUR\t102.25\nClass RD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t1.58\nClass XD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.00\n* Additional information is provided in the sales prospectus.\nIn the case of a final distribution, any remaining net income for the fiscal year is reinvested.\nClass XD ................................ EUR\t103.42\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.33% of all transactions. The total volume was EUR 4 344 256.20.\n\n## DWS Invest II Spanish Equities (in liquidation)\n\n#### Investment objective and performance in the reporting period\nThe objective of the invest- ment policy was to generate above-average returns. To this end, the sub-fund invested predominantly in equities of issuers having their registered office or principal business\nDWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)\nPerformance since inception\n120\n110\n100\n90\n80\n70\n60\n50\nactivity in Spain with the aim\n1/23/20*\n6/20\n12/20\t6/21\n7.12.21\nof exceeding, where possible, the performance of the Spanish\nDWS Invest II Spanish Equities (in liquidation) (NC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on January 23, 2020= 100\nData on euro basis\nequity indices through broad diversification. For the purposes of portfolio diversification, the sub-fund could also invest in fixed rate financial instruments, money market instruments and derivatives of issuers domi- ciled in a member country of the Organisation for Economic Co-operation and Development (OECD).\nPast performance is no guide to future results.\tAs of: December 7, 2021 (liquidation date)\nDWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)\nPerformance of share classes (in EUR)\n| Share class | ISIN | Since the beginning of the shortened fiscal year |\n| --- | --- | --- |\n| Class NC | LU2006279116 | 11.0% |\n| Class TFC | LU2006279389 | 12.6% |\n\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 7, 2021 (liquidation date)\nThe sub-fund recorded an appreciation of 11.0% per share (NC share class; BVI method; in euro) in the short-\nened fiscal year from January 1, 2021, through December 7, 2021 (date of last share price calculation).\n\n#### Investment policy in the reporting period\nThe performance of the inter- national capital markets in 2021 was particularly affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy. In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in\nlight of the weakened global economy – supported price performance in the financial markets. The economic outlook\nimproved since the beginning of 2021, but the question of inflation also arose among investors. In addition, the rapid spread of the coronavirus and its mutations, as well as the associated new restrictions, dampened economic pros- pects. Overall, Spanish equities posted price gains in the report- ing period.\nIts positioning in the industrial sector helped the sub-fund’s performance the most – espe- cially the position in Fluidra, a major specialist for swimming pool technology and water treatment, whose stock price rose sharply. At the same time, no shares of Siemens Gamesa, which lost roughly one-third\nof their value, were held. The Spanish subsidiary of Otis, Zardoya Otis, was acquired by\nits parent company and posted a significant price gain in the process. In the health care sector, the stock of pharma- ceutical company Laborato- rios Farmaceuticos Rovi again rose sharply, even after having already gained substantially\nin the previous year. Looking at the utilities sector, the sub-\nfund benefited from price gains by Acciona Energía and Red Eléctrica. In contrast, the posi- tions in Soltec Power Holdings, a Spanish-domiciled company active in the renewable ener- gies space, and in Grifols, a multinational pharmaceuti-\ncal and chemical company, weighed on the performance of the sub-fund.\nLiquidation of the sub-fund \nThe sub-fund DWS Invest II Spanish Equities (in liquidation)\nwas liquidated effective Decem-\nber 7, 2021, following a reso- lution to that effect adopted by the Board of Directors of Deutsche Invest II, SICAV, and\nthe approval of the Luxembourg supervisory authority CSSF. The issue of new shares of the sub- fund was discontinued effective October 25, 2021. Investors could redeem sub-fund shares until October 25, 2021.\nInformation on the environmental and/or social characteristics \nThe sub-fund qualified as a\nproduct in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\nStatement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\nThe investments underlying this financial product did not take into account the EU criteria for environmentally sustainable economic activities.\n* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\nUncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements. Addi- tional details are provided in the explana- tions in the “General information” section.\nDWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)\nLiquidation proceeds for the share classes (in EUR)\n| Share class | ISIN | Liquidation proceeds per share |\n| --- | --- | --- |\n| Class NC | LU2006279116 | 38.63 |\n| Class TFC | LU2006279389 | 100.53 |\n\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\nDWS Invest II Spanish Equities \n(in liquidation)\n| Statement of net assets as of December 7, 2021 (liquidation date) | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets 1. Cash at bank | 26 345 131.34 | 128.73 |\n| 2. Other assets | 166 482.34 | 0.81 |\n| II. Liabilities 1. Other liabilities | -106 334.63 | -0.52 |\n| 2. Liabilities from share certificate transactions | -26 405 279.05 | -129.02 |\n| III. Net assets | 0.00 | 0.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nDWS Invest II Spanish Equities \n(in liquidation)\n| | Count/ | Quantity/ | Purchases/ | Sales/ | | | Total market | % of |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Security name | units/ | principal | additions | disposals | Currency | Market price | value in | net assets |\n| currency\tamount\tin the reporting period\tEUR |\n\n\n###### Investment portfolio – December 7, 2021 (liquidation date)\nCash at bank\t9 303 503.51\t98.64\nDemand deposits at Depositary\nEUR deposits...................................... EUR\t9 303 503.51 98.64\n| Other assets | 166 297.23 | 1.76 |\n| --- | --- | --- |\n| Dividends/Distributions receivable ..................... | 166 297.23 | 1.76 |\n| Total assets | 9 469 800.74 | 100.40 |\n| Other liabilities | -38 067.58 | -0.40 |\n| Liabilities from cost items ............................ | -38 067.58 | -0.40 |\n| Liabilities from share certificate transactions | -9 431 733.16 | -100.00 |\n| Total liabilities | -9 469 800.74 | -100.40 |\n| Net assets | 0.00 | 0.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class NC ......................................... | EUR | 0.00 |\n| Class TFC ........................................ | EUR | 0.00 |\n| Number of shares outstanding Class NC ......................................... | Count | 0.000 |\n| Class TFC ........................................ | Count | 0.000 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) IBEX 35 Net Return Index\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 0.000 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 97.751 |\n| Average market risk exposure ........................ | % | 79.217 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 7, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\n Notes on valuation\t\nAgainst the backdrop of the resolution of the Board of Directors of the SICAV to put the fund into liquidation effective December 7, 2021, the going-concern basis was relinquished and the financial statements were prepared on the basis of liquidation values. Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nDWS Invest II Spanish Equities \n(in liquidation)\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from January 1, 2021, through December 7, 2021\n- Income\n\t- Dividends (before withholding tax) ................. EUR 645\t255.50\n\t- Deduction for foreign withholding tax............... EUR\t-7 348.54\n\t- Income adjustment ............................ EUR\t-637 906.96Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t0.00\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... EUR\t-4 814.51 thereof:Commitment fees ........... EUR\t-242.02\n\n- Management fee ............................... EUR\t-612 998.55thereof:Basic management fee ....... EUR\t-596 357.35 Administration fee ........... EUR\t\t-16 641.20\n\n\n###### Statement of changes in net assets\t2021 \n- Value of the fund‘s net assetsat the beginning of the shortened fiscal year . . . . . . EUR\t31 876 075.17\n- Net outflows .................................. EUR\t-35 086 220.73\n- Income adjustment ............................. EUR 7 282\t107.25\n- Net investment income.......................... EUR\t0.00\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t0.00\n- Net change in unrealized appreciation/depreciation .... EUR\t-4 071 961.69\n- Value of the fund‘s net assetsat the end of the shortened fiscal year . . . . . . . . . . . . EUR\t0.00Summary of gains/losses\t2021Realized gains/losses (incl. income adjustment). . . . . . . EUR\t0.00\n\n| 3. Depositary fee ................................. | EUR | -932.57 |\n| --- | --- | --- |\n| 4. Auditing, legal and publication costs ................ | EUR | -5 410.38 |\n| 5. Taxe d‘abonnement............................. | EUR | -11 531.53 |\n| 6. Other expenses ................................ | EUR | -17 187.83 |\n| 7. Reimbursed expenses........................... | EUR | 652 875.37 |\n\n| from: | |\n| --- | --- |\n| Securities transactions.......................... | EUR | 7 296 185.35 |\n| (Forward) currency transactions .................. | EUR | 890.31 |\n| Income adjustment ............................ | EUR | -7 297 075.66 |\n\nChanges in net assets and in the net asset value per share over the last three years\nTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t0.00\n- Net investment income . . . . . . . . . . . . . . . . . . . . . . . . EUR\t0.00\n- Sale transactions\n\t- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t7 297 075.66\t\n\t- Income adjustment ............................. EUR\t-7 297 075.66Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t0.00\n\n- Realized net gain/loss for the shortened fiscal year . EUR\t0.00BVI total expense ratio (TER)The total expense ratio for the share classes was:Class NC 2.15%1,\tClass TFC 0.68%1The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given short- ened fiscal year.\n\n1 \nAnnualization has not been performed for share classes launched during the year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 17 167.11.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nNet assets at the end of the (shortened) fiscal year\nDecember 7, 2021 (liquidation date) ................... EUR\t0.00\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t31 876 075.17\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t0.00\nNet asset value per share at the end of the (shortened) fiscal year December 7, 2021 (liquidation date)\nClass NC................................ EUR\t-\nClass TFC ............................... EUR\t-\n2020\tClass NC................................ EUR\t34.80\nClass TFC ............................... EUR\t89.28\n2019\tClass NC................................ EUR\t-\nClass TFC ............................... EUR\t-\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00.\n\n#### Investment objective and performance in the reporting period\nDWS Invest II US Top Dividend aims to generate sustained cap- ital appreciation. To achieve this objective, the sub-fund invests mainly in equities of issuers from the United States expected to return above-average divi-\nDWS INVEST II US TOP DIVIDEND\nFive-year performance\n150\n140\n130\n120\n110\n100\n90\n80\ndend yields. Dividend yield is a\n12/16*\n12/17\n12/18\t12/19\t12/20\n12/21\nkey criterion in the selection of individual stocks. However, divi-\nDWS Invest II US Top Dividend (LC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* 12/2016 = 100\nData on euro basis\ndend yields need not exclusively\nbe greater than the market aver- age. In this context, the selec- tion of individual investments is the responsibility of the portfolio management.\nThe sub-fund recorded an appreciation of 32.5% per share (LC share class; BVI method) in the fiscal year from the begin- ning of January 2021 through the end of December 2021.\nInvestment policy in the reporting period \nFollowing a very memora- ble previous year, the stock exchanges developed very\nsolidly in 2021. Although the “COVID-19 issue”* remained ubiquitous, significant prog-\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDWS INVEST II US TOP DIVIDEND\nPerformance of share classes (in EUR)\n| Share class | ISIN | 1 year | 3 years | 5 years |\n| --- | --- | --- | --- | --- |\n| Class LC | LU0781238778 | 32.5% | 45.4% | 42.7% |\n| Class FC | LU0781239156 | 33.5% | 48.7% | 48.2% |\n| Class FD | LU0781239230 | 33.5% | 48.7% | 48.2% |\n| Class LCH (P) | LU0781239586 | 21.2% | 36.0% | 38.2% |\n| Class LD | LU0781238851 | 32.5% | 45.4% | 42.7% |\n| Class NC | LU0781238935 | 31.6% | 42.4% | 37.8% |\n| Class NCH (P) | LU0781239743 | 20.4% | 33.3% | 33.4% |\n| Class TFC | LU1663960422 | 33.5% | 48.8% | 46.4% 1 |\n| Class TFD | LU1663960695 | 33.5% | 48.9% | 46.6% 1 |\n| Class USD LC 2 | LU0781240089 | 22.1% | 43.9% | 53.4% |\n\n1 \nClasses TFC and TFD launched on January 15, 2018 (first share price calculation on January 16, 2018)\n2 \nin USD\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nress was made in the fight against the pandemic. After publication of positive trial results in November 2020, the first vaccines were adminis- tered as 2020 turned to 2021. Global vaccination campaigns since then have helped major economies gradually return to normal. This was also reflected in corporate results. In addi- tion, the unprecedented level of support by governments and accompanying actions by cen- tral banks provided important\nassistance for consumers and the economy. All of this trans- lated into noticeably higher share prices. Against this backdrop, U.S. equities posted significant price gains overall in the reporting period.\nThe sub-fund’s investment focus was on high-dividend names from the consumer, health care and financial sectors, among others. With this orientation,\nthe sub-fund benefited from the overall very positive price\nperformance of U.S. stocks in the reporting period.\nLooking at individual stocks, the pharmaceutical companies Pfizer and Eli Lilly were among the best-performing portfolio positions. The investment in Motorola Solutions, a provider\nof communication and analytical solutions, also turned in a very solid performance. Above-av- erage contributions to perfor- mance additionally came from Marsh & McLennan, a company\nactive in the consulting and insurance services space, and the consumer-goods manufac- turer Procter & Gamble.\nThe stocks of gold producer Agnico Eagle Mines, payment services provider Fidelity National Information Services and employment services com- pany ManpowerGroup, in con- trast, delivered below-average performance.\nInformation on the environmental and/or social characteristics \nThe sub-fund qualifies as a\nproduct in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\nStatement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\n* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\nUncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements. Addi- tional details are provided in the explana- tions in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Equities (sectors) Information Technology | 36 125 095.59 | 8.97 |\n| Telecommunication Services | 44 199 381.32 | 10.99 |\n| Consumer Discretionaries | 125 336 499.23 | 31.16 |\n| Energy | 13 173 461.90 | 3.28 |\n| Consumer Staples | 50 569 783.14 | 12.57 |\n| Financials | 62 395 893.21 | 15.51 |\n| Basic Materials | 15 355 156.62 | 3.82 |\n| Industrials | 27 804 878.89 | 6.92 |\n| Utilities | 9 845 050.12 | 2.45 |\n| Total equities | 384 805 200.02 | 95.67 |\n| 2. Investment fund units Other funds | 128.56 | 0.00 |\n| Total investment fund units | 128.56 | 0.00 |\n| 3. Derivatives | 70 135.16 | 0.01 |\n| 4. Cash at bank | 18 093 348.15 | 4.50 |\n| 5. Other assets | 471 695.21 | 0.12 |\n| 6. Receivables from share certificate transactions | 45 108.61 | 0.01 |\n| II. Liabilities | | |\n| 1. Other liabilities | -491 194.00 | -0.12 |\n| 2. Liabilities from share certificate transactions | -766 770.97 | -0.19 |\n| | | |\n| III. Net assets | 402 227 650.74 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\n\n###### Investment portfolio – December 31, 2021\n| Securities traded on an exchange | | | | | | | 384 805 200.02 | 95.67 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Equities | | | | | | | | |\n| Agnico Eagle Mines Ltd ............................ | Count | 90 932 | 91 641 | 709 | CAD | 65.94 | 4 139 190.51 | 1.03 |\n| BCE, Inc. ........................................ | Count | 80 968 | 80 968 | | CAD | 65.77 | 3 676 131.03 | 0.91 |\n| Canadian Imperial Bank of Commerce/Canada ........... | Count | 42 334 | 419 | 1 643 | CAD | 148.24 | 4 332 159.53 | 1.08 |\n| Canadian National Railway Co. ....................... | Count | 50 759 | 11 200 | 1 550 | CAD | 156.45 | 5 481 991.46 | 1.36 |\n| Metro ........................................... | Count | 83 315 | 83 315 | | CAD | 67.49 | 3 881 614.09 | 0.97 |\n| National Bank of Canada ............................ | Count | 20 465 | 203 | 793 | CAD | 97.51 | 1 377 560.35 | 0.34 |\n| Toronto-Dominion Bank/The ......................... | Count | 81 310 | 31 085 | 1 968 | CAD | 97.67 | 5 482 200.04 | 1.36 |\n| 3M Co. ......................................... | Count | 15 034 | 295 | 15 939 | USD | 178.78 | 2 371 324.85 | 0.59 |\n| AbbVie, Inc. ...................................... | Count | 72 918 | 722 | 2 828 | USD | 136.15 | 8 758 908.07 | 2.18 |\n| Air Products & Chemicals, Inc. ....................... | Count | 9 840 | 3 337 | 5 446 | USD | 305.72 | 2 654 095.36 | 0.66 |\n| Allstate Corp./The ................................. | Count | 31 553 | 313 | 1 224 | USD | 118.66 | 3 303 258.61 | 0.82 |\n| American Water Works Co., Inc. ..................... | Count | 29 891 | 3 135 | 1 049 | USD | 187.7 | 4 949 966.86 | 1.23 |\n| AmerisourceBergen Corp. ........................... | Count | 13 318 | 132 | 9 144 | USD | 133.55 | 1 569 207.87 | 0.39 |\n| Amgen, Inc. ...................................... | Count | 28 702 | 284 | 3 555 | USD | 228.45 | 5 784 967.14 | 1.44 |\n| AT&T, Inc. ....................................... | Count | 308 584 | 29 356 | 90 471 | USD | 24.905 | 6 780 434.49 | 1.69 |\n| Automatic Data Processing, Inc. ...................... | Count | 10 460 | 10 460 | | USD | 247.09 | 2 280 260.31 | 0.57 |\n| Baker Hughes Co. ................................. | Count | 138 538 | 1 372 | 5 374 | USD | 24.265 | 2 965 833.62 | 0.74 |\n| Bank of America Corp. ............................. | Count | 130 863 | 1 296 | 12 163 | USD | 44.88 | 5 181 640.69 | 1.29 |\n| Bristol-Myers Squibb Co. ........................... | Count | 109 378 | 1 083 | 7 581 | USD | 62.86 | 6 065 993.34 | 1.51 |\n| Broadcom, Inc. ................................... | Count | 5 722 | 57 | 223 | USD | 670.76 | 3 386 199.83 | 0.84 |\n| Broadridge Financial Solutions, Inc. ................... | Count | 30 603 | 303 | 8 770 | USD | 183.1 | 4 943 675.10 | 1.23 |\n| Carnival Corp. .................................... | Count | 111 317 | 1 103 | 4 317 | USD | 21.37 | 2 098 763.92 | 0.52 |\n| Charles Schwab Corp./The .......................... | Count | 17 551 | 8 465 | 356 | USD | 85.47 | 1 323 467.08 | 0.33 |\n| Chevron Corp. .................................... | Count | 20 098 | 334 | 14 953 | USD | 118.15 | 2 095 000.55 | 0.52 |\n| Chubb Ltd ....................................... | Count | 36 517 | 362 | 1 417 | USD | 194.5 | 6 266 315.70 | 1.56 |\n| Cisco Systems, Inc. ................................ | Count | 144 779 | 71 102 | 2 887 | USD | 63.73 | 8 140 424.74 | 2.02 |\n| Citigroup, Inc. .................................... | Count | 45 859 | 454 | 1 778 | USD | 60.9 | 2 463 992.87 | 0.61 |\n| Citizens Financial Group, Inc. ........................ | Count | 35 276 | 349 | 25 385 | USD | 47.58 | 1 480 816.84 | 0.37 |\n| Clorox Co./The .................................... | Count | 14 739 | 3 381 | 2 004 | USD | 171.51 | 2 230 257.66 | 0.55 |\n| CME Group, Inc. .................................. | Count | 15 329 | 152 | 594 | USD | 229.37 | 3 102 044.42 | 0.77 |\n| Coca-Cola Co./The ................................. | Count | 137 458 | 1 361 | 5 332 | USD | 59.1 | 7 167 291.63 | 1.78 |\n| Comcast Corp. ................................... | Count | 154 291 | 63 256 | 4 803 | USD | 51.08 | 6 953 269.41 | 1.73 |\n| Corning, Inc. ..................................... | Count | 65 075 | 645 | 2 524 | USD | 37.59 | 2 158 162.18 | 0.54 |\n| Dow, Inc. ........................................ | Count | 38 651 | 23 480 | 1 499 | USD | 57.64 | 1 965 541.79 | 0.49 |\n| DT Midstream, Inc. ................................ | Count | 9 858 | 9 858 | | USD | 48.18 | 419 037.78 | 0.10 |\n| Eastman Chemical Co. ............................. | Count | 19 203 | 19 203 | | USD | 120.84 | 2 047 280.61 | 0.51 |\n| Eaton Corp., PLC .................................. | Count | 18 602 | 18 602 | | USD | 171.91 | 2 821 359.02 | 0.70 |\n| Eli Lilly & Co. ..................................... | Count | 26 022 | 4 743 | 20 327 | USD | 277.04 | 6 360 345.76 | 1.58 |\n| Equity Residential ................................. | Count | 30 729 | 30 729 | | USD | 90.65 | 2 457 614.78 | 0.61 |\n| Eversource Energy ................................ | Count | 61 294 | 22 631 | 1 514 | USD | 90.52 | 4 895 083.26 | 1.22 |\n| Exxon Mobil Corp. ................................. | Count | 83 118 | 1 209 | 53 560 | USD | 61.24 | 4 490 842.67 | 1.12 |\n| Fidelity National Information Services, Inc. .............. | Count | 33 665 | 23 418 | 402 | USD | 110.14 | 3 271 306.72 | 0.81 |\n| Genuine Parts Co. ................................. | Count | 32 941 | 25 059 | 4 590 | USD | 140.08 | 4 071 087.96 | 1.01 |\n| Gilead Sciences, Inc. ............................... | Count | 68 212 | 676 | 13 817 | USD | 73.67 | 4 433 523.63 | 1.10 |\n| Hasbro, Inc. ...................................... | Count | 99 933 | 43 899 | 2 844 | USD | 100.37 | 8 849 330.67 | 2.20 |\n| Home Depot, Inc./The .............................. | Count | 25 076 | 12 796 | 481 | USD | 412.03 | 9 115 587.70 | 2.27 |\n| Intel Corp. ....................................... | Count | 152 967 | 52 594 | 22 546 | USD | 51.95 | 7 011 014.66 | 1.74 |\n| Interpublic Group of Cos, Inc./The .................... | Count | 34 471 | 34 471 | | USD | 38.07 | 1 157 802.10 | 0.29 |\n| Johnson & Johnson ............................... | Count | 76 109 | 5 700 | 2 758 | USD | 171.96 | 11 546 783.59 | 2.87 |\n| JPMorgan Chase & Co. ............................. | Count | 37 529 | 372 | 1 456 | USD | 159.49 | 5 280 779.39 | 1.31 |\n| Kimberly-Clark Corp. ............................... | Count | 39 569 | 39 569 | | USD | 141.52 | 4 940 495.05 | 1.23 |\n| ManpowerGroup, Inc. .............................. | Count | 17 739 | 17 739 | | USD | 98.77 | 1 545 794.51 | 0.38 |\n| Marsh & McLennan Cos, Inc. ........................ | Count | 56 901 | 564 | 2 207 | USD | 174.15 | 8 742 606.91 | 2.17 |\n| McDonald‘s Corp. ................................. | Count | 34 745 | 35 914 | 1 169 | USD | 268.27 | 8 223 600.41 | 2.05 |\n| Medtronic PLC ................................... | Count | 43 495 | 431 | 1 688 | USD | 104.51 | 4 010 465.25 | 1.00 |\n| Merck & Co., Inc. ................................. | Count | 113 044 | 1 120 | 36 913 | USD | 77.15 | 7 694 510.93 | 1.91 |\n| Microsoft Corp. ................................... | Count | 20 351 | 202 | 790 | USD | 341.12 | 6 124 780.25 | 1.52 |\n| Mondelez International, Inc. ......................... | Count | 62 344 | 617 | 2 419 | USD | 66.05 | 3 632 997.17 | 0.90 |\n| Motorola Solutions, Inc. ............................ | Count | 34 224 | 339 | 1 328 | USD | 271.93 | 8 210 799.82 | 2.04 |\n| National Instruments Corp. .......................... | Count | 56 333 | 558 | 2 185 | USD | 44.31 | 2 202 227.62 | 0.55 |\n| Newmont Mining Corp. ............................. | Count | 84 485 | 61 161 | 1 403 | USD | 61.03 | 4 549 048.35 | 1.13 |\n| nVent Electric PLC ................................ | Count | 81 572 | 81 572 | | USD | 38.29 | 2 755 649.97 | 0.69 |\n| Organon & Co. ................................... | Count | 11 304 | 11 305 | 1 | USD | 30.36 | 302 783.00 | 0.08 |\n| PepsiCo, Inc. ..................................... | Count | 81 006 | 18 816 | 18 975 | USD | 172.84 | 12 352 618.23 | 3.07 |\n| Pfizer, Inc. ....................................... | Count | 237 154 | 2 354 | 35 715 | USD | 58.21 | 12 179 392.53 | 3.03 |\n| Procter & Gamble Co. .............................. | Count | 101 046 | 16 845 | 13 232 | USD | 163.06 | 14 536 643.45 | 3.61 |\n| Prologis, Inc. ..................................... | Count | 18 966 | 18 966 | | USD | 166.9 | 2 792 734.54 | 0.69 |\n| Prudential Financial, Inc. ............................ | Count | 20 620 | 204 | 7 386 | USD | 109.64 | 1 994 597.46 | 0.50 |\n| QUALCOMM, Inc. ................................. | Count | 52 794 | 45 972 | 627 | USD | 185.49 | 8 639 779.20 | 2.15 |\n| Regions Financial Corp. ............................. | Count | 66 183 | 655 | 59 180 | USD | 22.12 | 1 291 603.30 | 0.32 |\n| Republic Services, Inc. ............................. | Count | 32 320 | 320 | 9 380 | USD | 139.62 | 3 981 223.51 | 0.99 |\n| Rockwell Automation, Inc. .......................... | Count | 4 799 | 48 | 186 | USD | 349.63 | 1 480 324.80 | 0.37 |\n| Royal Caribbean Cruises Ltd ......................... | Count | 17 321 | 172 | 672 | USD | 79.7 | 1 217 948.31 | 0.30 |\n| Schlumberger Ltd ................................. | Count | 74 838 | 18 305 | 2 903 | USD | 29.91 | 1 974 859.30 | 0.49 |\n| TE Connectivity Ltd ................................ | Count | 20 258 | 201 | 786 | USD | 162.64 | 2 906 842.54 | 0.72 |\n\n| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| currency\tamount\tin the reporting period\tEUR |\n| Texas Instruments, Inc. ............................. | Count | 16 318 | 162 | 633 | USD | 190.9 | 2 748 339.83 | 0.68 |\n| TJX Cos, Inc./The ................................. | Count | 60 848 | 60 848 | | USD | 76 | 4 079 974.74 | 1.01 |\n| Tractor Supply Co. ................................. | Count | 17 281 | 171 | 7 155 | USD | 238.12 | 3 630 465.54 | 0.90 |\n| Travelers Cos, Inc./The ............................. | Count | 16 771 | 166 | 651 | USD | 157.82 | 2 335 170.37 | 0.58 |\n| Truist Financial Corp. ............................... | Count | 19 661 | 195 | 763 | USD | 59.15 | 1 026 024.96 | 0.26 |\n| UnitedHealth Group, Inc. ............................ | Count | 9 097 | 9 450 | 353 | USD | 506.065 | 4 061 646.02 | 1.01 |\n| Valero Energy Corp. ............................... | Count | 18 574 | 184 | 721 | USD | 74.93 | 1 227 887.98 | 0.31 |\n| Verizon Communications, Inc. ........................ | Count | 154 003 | 36 627 | 4 599 | USD | 52.42 | 7 122 357.55 | 1.77 |\n| VF Corp. ........................................ | Count | 71 934 | 55 688 | 1 099 | USD | 73.33 | 4 653 861.66 | 1.16 |\n| Waste Management, Inc. ........................... | Count | 25 841 | 256 | 11 048 | USD | 166.85 | 3 803 935.12 | 0.95 |\n| Welltower, Inc. ................................... | Count | 28 545 | 28 545 | | USD | 85.82 | 2 161 305.37 | 0.54 |\n| WW Grainger, Inc. ................................. | Count | 10 001 | 10 079 | 78 | USD | 524.64 | 4 629 162.23 | 1.15 |\n| Investment fund units | | | | | | | 128.56 | 0.00 |\n| In-group fund units Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.100%)........................ | Units | 0 | 2 799 | 3 452 | USD | 10 408.589 | 128.56 | 0.00 |\n| Total securities portfolio | | | | | | | 384 805 328.58 | 95.67 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Currency derivatives Receivables/payables | | | | | | | 70 135.16 | 0.01 |\n| Forward currency transactions | | | | | | | | |\n| Forward currency transactions (short) | | | | | | | | |\n| Open positions EUR/CAD 0.7 million ................................ | | | | | | | -3 685.29 | 0.00 |\n| EUR/USD 7.5 million ................................ | | | | | | | 12 786.40 | 0.00 |\n| Closed positions EUR/CAD 0.8 million ................................ | | | | | | | 11 819.59 | 0.00 |\n| EUR/USD 7.4 million ................................ | | | | | | | 49 214.46 | 0.01 |\n| Cash at bank | | | | | | | 18 093 348.15 | 4.50 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | | | | 1 754 021.79 | 0.44 |\n| Deposits in other EU/EEA currencies | | | | | | | | |\n| Norwegian krone ................................... | NOK | 1 | | | | | 0.09 | 0.00 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| Canadian dollar .................................... | CAD | 242 504 | | | | | 167 405.14 | 0.04 |\n| U.S. dollar ........................................ | USD | 18 330 066 | | | | | 16 171 921.13 | 4.02 |\n| Other assets | 471 695.21 | 0.12 |\n| Dividends/Distributions receivable ..................... | 471 695.21 | 0.12 |\n| Receivables from share certificate transactions | 45 108.61 | 0.01 |\n| Total assets | 403 489 301.00 | 100.31 |\n| Other liabilities | -491 194.00 | -0.12 |\n| Liabilities from cost items ............................ | -491 194.00 | -0.12 |\n| Liabilities from share certificate transactions | -766 770.97 | -0.19 |\n| Total liabilities | -1 261 650.26 | -0.31 |\n| Net assets | 402 227 650.74 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class FC ......................................... | EUR | 283.71 |\n| Class FD ......................................... | EUR | 201.39 |\n| Class LC ......................................... | EUR | 263.46 |\n| Class LCH(P) ...................................... | EUR | 163.36 |\n| Class LD ......................................... | EUR | 220.07 |\n| Class NC ......................................... | EUR | 246.38 |\n| Class NCH(P) ...................................... | EUR | 154.04 |\n| Class TFC ........................................ | EUR | 146.39 |\n| Class TFD ........................................ | EUR | 136.96 |\n| Class USD LC ..................................... | USD | 182.49 |\n| Number of shares outstanding Class FC ......................................... | Count | 464 456.557 |\n| Class FD ......................................... | Count | 12 040.262 |\n| Class LC ......................................... | Count | 43 937.995 |\n| Class LCH(P) ...................................... | Count | 42 471.402 |\n| Class LD ......................................... | Count | 708 769.993 |\n| Class NC ......................................... | Count | 35 300.995 |\n| Class NCH(P) ...................................... | Count | 1 652.899 |\n| Class TFC ........................................ | Count | 756.012 |\n| Class TFD ........................................ | Count | 20.000 |\n| Class USD LC ..................................... | Count | 524 656.177 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) MSCI USA High Dividend Yield in EUR\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 88.180 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 112.111 |\n| Average market risk exposure ........................ | % | 99.079 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| Canadian dollar\tCAD | 1.448606 | = EUR | 1 |\n| --- | --- | --- | --- |\n| Norwegian krone\tNOK | 9.974305 | = EUR | 1 |\n| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Statement of income and expenses \n(incl. income adjustment) \nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Dividends (before withholding tax) ................. EUR 9 606\t111.14\n\t- Interest from investments of liquid assets(before withholding tax).......................... EUR\t5 613.12\n\n- Deduction for foreign withholding tax .............. EUR\t-2 649 172.12Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t6 962 552.14\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... EUR\t-9 303.16\n\n- Management fee ............................... EUR\t-4 486 130.99thereof:Basic management fee ....... EUR -4 450 562.07Administration fee ........... EUR\t-35 568.92\n\n| 3. Depositary fee ................................. | EUR | -1 458.76 |\n| --- | --- | --- |\n| 4. Auditing, legal and publication costs ............... | EUR | -6 475.80 |\n| 5. Taxe d‘abonnement............................. | EUR | -182 159.03 |\n| 6. Other expenses ................................ | EUR | -105 307.80 |\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -4 790 835.54 |\n| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 2 171 716.60 |\n| IV. Sale transactions Realized gains/losses .............................. | EUR | 14 530 822.95 |\n| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 14 530 822.95 |\n| V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . | EUR | 16 702 539.55 |\n| BVI total expense ratio (TER) | | |\n| The total expense ratio for the share classes was: | | |\n\nClass FC 0.84% p.a.,\tClass FD 0.84% p.a.,\nClass LC 1.59% p.a.,\tClass LCH(P) 1.62% p.a.,\nClass LD 1.59% p.a.,\tClass NC 2.29% p.a.,\nClass NCH(P) 2.32% p.a.,\tClass TFC 0.81% p.a.,\nClass TFD 0.80% p.a.,\tClass USD LC 1.59% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 25 325.43.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\n\n###### Statement of changes in net assets\t2021 \n- Value of the fund‘s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\t316 400 378.68\n- Distribution for the previous year .................. EUR\t-3 117 955.35\n- Net outflows .................................. EUR\t-9 819 144.40\n- Income adjustment ............................. EUR\t-9 744.76\n- Net investment income.......................... EUR 2 171\t716.60\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 14 530\t822.95\n- Net change in unrealized appreciation/depreciation .... EUR 82 071\t577.02\n- Value of the fund‘s net assets . . . . . . . . . . . . . . . . . . . \n\nat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . EUR\t402 227 650.74\n| Summary of gains/losses | | 2021 |\n| --- | --- | --- |\n| | | |\n| Realized gains/losses (incl. income adjustment). . . . . . . | EUR | 14 530 822.95 |\n| from: Securities transactions.......................... | EUR | 14 731 987.96 |\n| (Forward) currency transactions .................. | EUR | -201 165.01 |\n\nChanges in net assets and in the net asset value per share over the last three years\n\n###### Details on the distribution policy*\t\nClass FC\nThe income for the fiscal year is reinvested.\nClass FD\nType\tAs of\tCurrency\tPer share\nNet assets at the end of the fiscal year\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t402 227 650.74\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t316 400 378.68\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t422 019 677.57\nNet asset value per share at the end of the fiscal year\nClass LC\nThe income for the fiscal year is reinvested.\nClass LCH (P)\nThe income for the fiscal year is reinvested.\nClass LD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t4.51\nClass NC\nThe income for the fiscal year is reinvested.\nClass NCH (P)\nThe income for the fiscal year is reinvested.\nClass TFC\nThe income for the fiscal year is reinvested.\n| Class TFD | |\n| --- | --- |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | EUR | 2.80 |\n| Klasse USD LC | | | |\n\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\nIn the case of a final distribution, any remaining net income for the fiscal year is reinvested.\nClass LCH(P)............................. EUR\t163.36\n| Final distribution | March 4, 2022 | EUR | 4.12 | 2021\tClass FC ................................ Class FD ................................ | EUR EUR | 283.71 201.39 |\n| --- | --- | --- | --- | --- | --- | --- |\n| | | | | Class LC ................................ | EUR | 263.46 |\n\nClass LD ................................ EUR\t220.07\nClass NC................................ EUR\t246.38\nClass NCH(P) ............................ EUR\t154.04\nClass TFC ............................... EUR\t146.39\nClass TFD ............................... EUR\t136.96\nClass USD LC ............................ USD\t182.49\n2020\tClass FC ................................ EUR\t212.51\nClass FD ................................ EUR\t154.34\nClass LC ................................ EUR\t198.82\nClass LCH(P)............................. EUR\t134.79\nClass LD ................................ EUR\t169.93\nClass NC................................ EUR\t187.23\nClass NCH(P) ............................ EUR\t127.96\nClass TFC ............................... EUR\t109.64\nClass TFD ............................... EUR\t104.93\nClass USD LC ............................ USD\t149.41\n2019\tClass FC ................................ EUR\t237.31\nClass FD ................................ EUR\t176.40\nClass LC ................................ EUR\t223.72\nClass LCH(P)............................. EUR\t140.94\nClass LD ................................ EUR\t195.72\nClass NC................................ EUR\t212.15\nClass NCH(P) ............................ EUR\t134.89\nClass TFC ............................... EUR\t122.37\nClass TFD ............................... EUR\t119.87\nClass USD LC ............................ USD\t153.14\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00.\n Statement of net assets as of December 31, 2021\t\n| Assets | DWS Invest II, SICAV EUR * Consolidated\t% of net assets | DWS Invest II Euro Bonds Conservative EUR | DWS Invest II European Top Dividend EUR |\n| --- | --- | --- | --- |\n| Total securities portfolio | 1 082 520 723.81 | 94.94 | 73 471 006.24 | 327 095 107.54 |\n| Currency derivatives | 78 431.96 | 0.01 | 0.00 | 4 695.47 |\n| Swaps | 481 520.56 | 0.04 | 0.00 | 0.00 |\n| Cash at bank | 58 207 156.33 | 5.11 | 10 419 438.35 | 12 520 102.88 |\n| Other assets | 2 689 609.62 | 0.23 | 137 878.88 | 1 825 860.32 |\n| Receivables from share certificate transactions | 139 067.82 | 0.01 | 0.00 | 92 315.05 |\n| Total Assets ** | 1 144 116 510.10 | 100.34 | 84 028 323.47 | 341 538 081.26 |\n| Liabilities | | | |\n| Equity index derivatives | -158 227.19 | -0.01 | 0.00 | 0.00 |\n| Interest rate derivatives | -117 485.63 | -0.01 | 0.00 | 0.00 |\n| Currency derivatives | -157 046.78 | -0.01 | -157 046.78 | 0.00 |\n| Other liabilities | -2 129 133.75 | -0.19 | -30 369.97 | -1 285 067.24 |\n| Liabilities from share certificate transactions | -1 371 554.69 | -0.12 | -211 431.32 | -374 631.47 |\n| Total liabilities ** | -3 933 448.04 | -0.34 | -398 848.07 | -1 659 698.71 |\n| | | | |\n| Net assets | 1 140 183 062.06 | 100.00 | 83 629 475.40 | 339 878 382.55 |\n\n* The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.\n** In the case of derivatives and forward transactions, the amount reported as “total assets” comprises the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.”\n| |\n| --- |\n| DWS Invest II Global Equity High Conviction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II US Top Dividend EUR |\n| 196 163 093.29 | 100 986 188.16 | 384 805 328.58 |\n| 0.00 | 3 601.33 | 70 135.16 |\n| 0.00 | 481 520.56 | 0.00 |\n| 7 003 672.01 | 10 170 594.94 | 18 093 348.15 |\n| 120 542.96 | 133 632.25 | 471 695.21 |\n| 1 644.16 | 0.00 | 45 108.61 |\n| 203 288 952.42 | 111 775 537.24 | 403 485 615.71 |\n| | | |\n| 0.00 | -158 227.19 | 0.00 |\n| 0.00 | -117 485.63 | 0.00 |\n| 0.00 | 0.00 | 0.00 |\n| -275 860.83 | -46 641.71 | -491 194.00 |\n| -18 720.93 | 0.00 | -766 770.97 |\n| -294 581.76 | -322 354.53 | -1 257 964.97 |\n| | | |\n| 202 994 370.66 | 111 453 182.71 | 402 227 650.74 |\n\n Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment)\t\n| Income | DWS Invest II, SICAV EUR * Consolidated | DWS Invest II Euro Bonds Conservative EUR | DWS Invest II European Equity Focussed Alpha (in liquidation) 1 EUR |\n| --- | --- | --- | --- |\n| Dividends (before withholding tax) | 27 430 920.43 | 0.00 | 0.00 |\n| Interest from securities (before withholding tax) | 634 557.50 | -68 337.60 | 0.00 |\n| Interest from investments of liquid assets (before withholding tax) | 13 383.90 | 0.00 | 0.00 |\n| Income from investment fund units | 34 338.51 | 0.00 | 0.00 |\n| Income from securities lending | 11 340.62 | 0.00 | 0.00 |\n| Deduction for foreign withholding tax | -4 245 006.26 | -97.81 | 0.00 |\n| Total income | 23 879 534.70 | -68 435.41 | 0.00 |\n| | | | |\n| Expenses | | | |\n| Interest on borrowings and negative interest on deposits | -173 998.43 | -68 373.65 | 0.00 |\n| Management fee | -12 136 614.01 | -223 749.15 | 0.00 |\n| Depositary fee | -16 868.45 | -1 116.61 | 0.00 |\n| Auditing, legal and publication costs | 19 624.70 | -7 132.49 | 0.00 |\n| Taxe d'abonnement | -488 864.51 | -40 441.08 | 0.00 |\n| Other expenses | -329 112.65 | -7 056.01 | 0.00 |\n| Total expenses | -13 125 833.35 | -347 868.99 | 0.00 |\n| Net investment income | 10 753 701.35 | -416 304.40 | 0.00 |\n| Sale transactions | | | |\n| Realized gains/losses | 36 344 118.75 | -514 091.56 | 0.00 |\n| Capital gains/losses | 36 344 118.75 | -514 091.56 | 0.00 |\n| | | | |\n| Net gain/loss for the fiscal year | 47 097 820.10 | -930 395.96 | 0.00 |\n\n* The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.\nFor the purpose of consolidation of the liquidated sub-fund and for reasons of comparability, the disclosure of the income adjustment and reimbursed expense amounts attributable to the individual income adjustment and reimbursed expense items was changed (in contrast to the individual presentation of the income adjustment and reimbursed expenses in the form of a separate presentation of the total amount) in favor of attributing the individual income adjustment and reimbursed expense compo- nents to the respective income adjustment and reimbursed expense items.\n1 \nThe sub-fund was liquidated March 24, 2021.\n2 \nThe sub-fund was liquidated December 7, 2021.\n| |\n| --- |\n| DWS Invest II European Top Dividend EUR | DWS Invest II Global Equity High Con- viction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II Spanish Equities (in liquidation) 2 EUR | DWS Invest II US Top Dividend EUR |\n| 12 905 929.15 | 3 685 287.10 | 1 233 593.04 | 0.00 | 9 606 111.14 |\n| 0.00 | 0.00 | 702 895.10 | 0.00 | 0.00 |\n| 770.38 | 7 000.40 | 0.00 | 0.00 | 5 613.12 |\n| 0.00 | 0.00 | 34 338.51 | 0.00 | 0.00 |\n| 3 590.66 | 3 394.86 | 4 355.10 | 0.00 | 0.00 |\n| -629 721.23 | -786 195.98 | -179 819.12 | 0.00 | -2 649 172.12 |\n| 12 280 568.96 | 2 909 486.38 | 1 795 362.63 | 0.00 | 6 962 552.14 |\n| | | | | |\n| | | | | |\n| -60 746.70 | -975.24 | -34 599.68 | 0.00 | -9 303.16 |\n| -4 569 047.84 | -2 620 276.28 | -237 409.75 | 0.00 | -4 486 130.99 |\n| -8 570.93 | -5 722.15 | 0.00 | 0.00 | -1 458.76 |\n| 34 057.54 | -8 754.87 | 7 930.32 | 0.00 | -6 475.80 |\n| -161 733.86 | -95 114.53 | -9 416.01 | 0.00 | -182 159.03 |\n| -105 707.35 | -86 801.04 | -24 240.45 | 0.00 | -105 307.80 |\n| -4 871 749.14 | -2 817 644.11 | -297 735.57 | 0.00 | -4 790 835.54 |\n| 7 408 819.82 | 91 842.27 | 1 497 627.06 | 0.00 | 2 171 716.60 |\n| | | | | |\n| 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 |\n| 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 |\n| | | | | |\n| 19 023 722.27 | 10 098 278.00 | 2 203 676.24 | 0.00 | 16 702 539.55 |\n\n Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021\t\n| Value of the fund‘s net assets at the beginning of the fiscal year | Deutsche Invest II, SICAV EUR * Consolidated 1 099 899 876.11 | DWS Invest II Euro Bonds Conservative EUR 112 797 089.62 | DWS Invest II European Equity Focussed Alpha (in Liquidation) 1 EUR 66 561 768.52 |\n| --- | --- | --- | --- |\n| Distribution for the previous year / Interim distribution | -12 343 136.53 | 0.00 | -11 010.60 |\n| Net inflows/outflows | -144 937 157.36 | -28 654 847.73 | -68 281 919.64 |\n| Income adjustment | 20 349 841.98 | -89 925.74 | 13 117 078.88 |\n| Net investment income | 10 753 701.35 | -416 304.40 | 0.00 |\n| Realized gains/losses | 36 344 118.75 | -514 091.56 | 0.00 |\n| Net change in unrealized appreciation/depreciation | 130 115 817.76 | 507 555.21 | -11 385 917.16 |\n| Value of the fund‘s net assets at the end of the fiscal year | 1 140 183 062.06 | 83 629 475.40 | 0.00 |\n\n* The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.\n1 \nThe sub-fund was liquidated March 24, 2021.\n2 \nThe sub-fund was liquidated December 7, 2021.\n| |\n| --- |\n| DWS Invest II European Top Dividend EUR 300 394 665.07 | DWS Invest II Global Equity High Con- viction Fund EUR 165 456 076.48 | DWS Invest II Global Total Return Fund EUR 106 413 822.57 | DWS Invest II Spanish Equities (in Liquidation) 2 EUR 31 876 075.17 | DWS Invest II US Top Dividend EUR 316 400 378.68 |\n| -7 482 922.76 | -1 451.67 | -1 729 796.15 | 0.00 | -3 117 955.35 |\n| -466 728.82 | -1 466 153.07 | -1 162 142.97 | -35 086 220.73 | -9 819 144.40 |\n| -155 653.66 | 108 501.24 | 97 478.77 | 7 282 107.25 | -9 744.76 |\n| 7 408 819.82 | 91 842.27 | 1 497 627.06 | 0.00 | 2 171 716.60 |\n| 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 |\n| 28 565 300.45 | 28 799 119.68 | 5 630 144.25 | -4 071 961.69 | 82 071 577.02 |\n| 339 878 382.55 | 202 994 370.66 | 111 453 182.71 | 0.00 | 402 227 650.74 |\n\nKPM\nKPMG issued an unqualified audit opinion for the\nfull annual report of this SICAV (Société\nd’Investissement à Capital Variable). The translation\nof the report of the Réviseur d’Entreprises agréé\n(the independent auditor’s opinion) is as follows:\nG Luxembourg, Société anonyme\tTel: +352 22 51 51 1\n39, Avenue John F. Kennedy\tFax: +352 22 51 71\n1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\n\n#### To the shareholders of DWS Invest II, SICAV\n2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\nREPORT OF THE REVISEUR D’ENTREPRISES AGREE\n\n##### Report on the audit of the financial statements Audit opinion\nWe have audited the financial statements of DWS Invest II, SICAV, and its respective sub-funds (“the Fund”),\nwhich comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as notes to the financial statements, including a summary of significant accounting policies.\nIn our opinion, the accompanying financial statements give a true and fair view of the financial position of DWS Invest II, SICAV, and its respective sub-funds as of December 31, 2021, and of the results of its opera- tions and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements.\n\n##### Basis for the audit opinion\nWe conducted our audit in accordance with the Law of July 23, 2016, on the audit profession (“Law of July 23, 2016”) and with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (“CSSF”). Our responsibilities under the Law of July 23, 2016, and the ISAs as adopted in Luxembourg by the CSSF are further described in the “Responsibilities of the réviseur d’entreprises agréé for the audit of the financial statements” section. We are also independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants, including International Independence Standards, (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the finan- cial statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.\n\n##### Other information\nThe Board of Directors of the Fund is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our report of the réviseur d’entreprises agréé thereon.\n© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518\na member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\nguarantee. All rights reserved.\nOur audit opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.\nIn connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial state- ments or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.\n\n##### Responsibilities of the Board of Directors of the Fund for the financial statements\nThe Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.\nIn preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the ability of the Fund and of its respective sub-funds to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Direc- tors of the Fund intends either to liquidate the Fund or close any of its individual sub-funds or to cease operations, or has no realistic alternative but to do so.\n\n##### Responsibilities of the réviseur d’entreprises agréé for the audit of the financial statements\nThe objective of our audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the réviseur d’entreprises agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstate- ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.\nAs part of an audit in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit.\nWe also:\n- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis- statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.\n- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the Fund’s internal control.\n- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the notes to the financial statements made by the Board of Directors of the Fund.\n- Conclude on the appropriateness of the use by the Board of Directors of the Fund of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Fund or of any its indi- vidual sub-funds to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the report of the réviseur d’entreprises agréé to the related disclosures in the notes to the financial statements or, if such disclosures are inadequate, to modify our opinion. Our con- clusions are based on the audit evidence obtained up to the date of the report of the réviseur d’entreprises agréé. However, future events or conditions may cause the Fund or any of its individual sub-funds to cease to continue as a going concern.\n- Evaluate the overall presentation, structure and content of the financial statements, including the disclo- sures in the notes to the financial statements, and whether the financial statements represent the under- lying transactions and events in a manner that achieves fair presentation.\n\nWe communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.\nLuxembourg, April 22, 2022\tKPMG Luxembourg Société anonyme Cabinet de révision agréé\nPia Schanz"},"unique id":{"kind":"number","value":108284,"string":"108,284"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Annual report","and annual financial statements","#### Investment objective and performance in the reporting period","The sub-fund seeks to generate the highest possible return in the short term while taking the opportunities and risks of the worldwide capital markets into account.","In order to achieve the investment objective, it invests","DWS INVEST II EURO BONDS CONSERVATIVE","Performance since inception","100.30","100.1 5","100.00","99.85","99.70","99.55","99.40","99.25","primarily in interest-bearing","11/25/20*","3/21\t6/21\t9/21","12/21","financial instruments of gov- ernment and/or private issuers,","DWS Invest II Euro Bonds Conservative (NC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on November 25, 2020= 100","Data on euro basis","money market instruments,","time deposits, bank balances and derivatives.","At least 70% of its asset are invested in inter- est-bearing securities of issuers whose ultimate parent com- pany is domiciled in a member country of the Organisation for Economic Co-operation and Development (OECD) or of the G20, in Singapore or in the EU.","Past performance is no guide to future results.","As of: December 31, 2021","DWS INVEST II EURO BONDS CONSERVATIVE","Performance of share class (in EUR)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class NC | LU2023375111 | -0.6% | -0.6% |","1","Class NC launched on November 25, 2020","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","The investment climate in the reporting period was char- acterized by the COVID-19 pandemic*, high levels of debt worldwide, still very low (and in some cases negative) interest rates in the industrial countries, as well as uncer- tainty regarding the monetary policies of the central banks.","Against this backdrop, the","sub-fund recorded a decline of 0.6% per share (NC share class; BVI method; in euro) in 2021.","#### Investment policy in the reporting period","As part of the sub-fund’s investment policy, the portfolio management invested predom- inantly in floating rate notes whose coupons are usually adjusted to the current mar- ket interest rate every three months.","The sub-fund had also","invested in fixed-coupon bonds with short to medium resid- ual maturities.","Time deposit investments rounded out the portfolio.","Because floating rate notes are issued predominantly by financial institutions, the","investment focus was on issues from the financial sector.","The portfolio also included corpo- rate bonds.","The interest-bearing instruments held in the portfo- lio had investment-grade status (ratings of BBB- or better from the leading rating agencies) as of the end of December 2021.","In terms of its regional alloca- tion, the sub-fund was globally positioned, with investments in Europe and the United States forming the main focus of investment.","The sub-fund was exposed to a maturity segment that was","still adversely affected by neg- ative interest rates during the reporting period.","Despite the rise in inflation in the euro area in 2021, the European Central Bank (ECB) left the key interest rate unchanged at 0.0% p.a.","The deposit rate for banks was","-0.5% p.a. The credit spreads of the corporate bonds and","financials with short to medium maturities held in the portfolio acted as a buffer against nega- tive interest rates in the money market segment.","Information on the environmental and/or social characteristics","The sub-fund qualifies as a","product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Bonds (issuers) Companies | 73 471 006.24 | 87.85 |","| Total bonds | 73 471 006.24 | 87.85 |","| 2. Derivatives | -157 046.78 | -0.19 |","| 3. Cash at bank | 10 419 438.35 | 12.46 |","| 4. Other assets | 137 878.88 | 0.16 |","| II.","Liabilities | | |","| 1. Other liabilities | -30 369.97 | -0.03 |","| 2. Liabilities from share certificate transactions | -211 431.32 | -0.25 |","| III.","Net assets | 83 629 475.40 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – December 31, 2021","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency | amount\tin the reporting period\tEUR |","| Securities traded on an exchange | | | | | | 72 543 534.48 | 86.74 |","| Interest-bearing securities 0.875 % ABN AMRO Bank NV (MTN) 2019/2024 | EUR | 400 000 | 400 000 | % | 102.141 | 408 564.00 | 0.49 |","| 0.00 % Akelius Residential Property Financing BV 2021/2023 * | EUR | 200 000 | 200 000 | % | 100.13 | 200 260.00 | 0.24 |","| 3.50 % Allianz Finance II BV (MTN) 2012/2022 | EUR | 500 000 | 500 000 | % | 100.483 | 502 415.00 | 0.60 |","| 0.436 % Allianz Finance II BV 2021/2024 * | EUR | 100 000 | 100 000 | % | 102.586 | 102 586.00 | 0.12 |","| 0.35 % American Honda Finance Corp. 2019/2022 | EUR | 500 000 | 500 000 | % | 100.455 | 502 275.00 | 0.60 |","| 0.155 % Asahi Group Holdings Ltd 2020/2024 | EUR | 1 000 000 | | % | 100.309 | 1 003 090.00 | 1.20 |","| 0.01 % Asahi Group Holdings Ltd 2021/2024 | EUR | 150 000 | 150 000 | % | 100.05 | 150 075.00 | 0.18 |","| 0.52 % AT&T, Inc. (MTN) 2018/2023 *",".035 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2018/2023 * | EUR EUR | 900 000 1 200 000 | | % % | 101.039 100.545 | 909 351.00 1 206 540.00 | 1.09 1.44 |","| 0.375 % Banco Bilbao Vizcaya Argentaria SA (MTN) | | | | | | | | |","| 2019/2024 | EUR | 400 000 | 400 000 | % | 100.766 | 403 064.00 | 0.48 |","| 0.435 % Banco Bilbao Vizcaya Argentaria SA 2021/2023 * .","| EUR | 100 000 | 100 000 | % | 101.5 | 101 500.00 | 0.12 |","| 0.163 % Banco Santander SA (MTN) 2017/2023 * | EUR | 500 000 | | % | 100.78 | 503 900.00 | 0.60 |","| 0.124 % Banco Santander SA (MTN) 2021/2026 * | EUR | 400 000 | 400 000 | % | 100.969 | 403 876.00 | 0.48 |","| 0.00 % Bank Julius Baer & Co.","AG 2021/2024 | EUR | 160 000 | 160 000 | % | 99.992 | 159 987.20 | 0.19 |","| 0.213 % Bank of America Corp. (MTN) 2017/2023 * | EUR | 700 000 | | % | 100.223 | 701 561.00 | 0.84 |","| 0.152 % Bank of America Corp. (MTN) 2018/2024 * | EUR | 1 200 000 | | % | 100.545 | 1 206 540.00 | 1.44 |","| 0.436 % Bank of America Corp. 2021/2025 * | EUR | 400 000 | 400 000 | % | 101.605 | 406 420.00 | 0.49 |","| 0.412 % Bank of America Corp. (MTN) 2021/2026 *",".25 % Banque Federative du Credit Mutuel SA (MTN) 2015/2025 | EUR EUR | 340 000 200 000 | 340 000 200 000 | % % | 101.754 103.65 | 345 963.60 207 300.00 | 0.41 0.25 |","| 0.75 % Banque Federative du Credit Mutuel SA -Reg- | | | | | | | | |","| (MTN) 2018/2025 | EUR | 100 000 | 100 000 | % | 102.171 | 102 171.00 | 0.12 |","| 1.50 % Barclays PLC (MTN) 2018/2023 | EUR | 1 200 000 | | % | 102.798 | 1 233 576.00 | 1.48 |","| 3.375 % Barclays PLC (MTN) 2020/2025 * | EUR | 200 000 | 200 000 | % | 107.305 | 214 610.00 | 0.26 |","| 0.431 % Barclays PLC (MTN) 2021/2026 * | EUR | 220 000 | 220 000 | % | 102.037 | 224 481.40 | 0.27 |","| 0.101 % BASF SE 2020/2023 | EUR | 200 000 | 200 000 | % | 100.497 | 200 994.00 | 0.24 |","| 0.05 % Bayer AG 2021/2025 | EUR | 500 000 | 500 000 | % | 99.79 | 498 950.00 | 0.60 |","| 0.632 % Becton Dickinson Euro Finance Sarl 2019/2023 .","| EUR | 200 000 | 200 000 | % | 100.972 | 201 944.00 | 0.24 |","| 0.625 % BMW Finance NV 2019/2023 | EUR | 800 000 | | % | 101.538 | 812 304.00 | 0.97 |","| 0.00 % BMW Finance NV 2020/2022 * | EUR | 1 000 000 | | % | 100.056 | 1 000 560.00 | 1.20 |","| 0.187 % BNP Paribas SA (MTN) 2017/2024 * | EUR | 1 200 000 | | % | 101.417 | 1 217 004.00 | 1.46 |","| 0.056 % BNP Paribas SA (MTN) 2018/2023 *",".50 % BNZ International Funding Ltd/London (MTN) 2017/2023 | EUR EUR | 600 000 400 000 | 400 000 | % % | 100.721 100.952 | 604 326.00 403 808.00 | 0.72 0.48 |","| 0.00 % BPCE SA (MTN) 2018/2023 * | EUR | 500 000 | | % | 100.454 | 502 270.00 | 0.60 |","| 0.00 % BPCE SA (MTN) 2018/2023 * | EUR | 1 200 000 | | % | 100.548 | 1 206 576.00 | 1.44 |","| 1.00 % BPCE SA (MTN) 2019/2025",".375 % Canadian Imperial Bank of Commerce (MTN) 2019/2024 | EUR EUR | 200 000 200 000 | 200 000 200 000 | % % | 102.733 100.958 | 205 466.00 201 916.00 | 0.25 0.24 |","| 0.299 % Carrefour Banque SA 2019/2023 * | EUR | 600 000 | 600 000 | % | 100.594 | 603 564.00 | 0.72 |","| 0.00 % CCEP Finance Ireland DAC 2021/2025 | EUR | 190 000 | 190 000 | % | 99.262 | 188 597.80 | 0.23 |","| 1.75 % Citigroup, Inc. (MTN) 2015/2025 | EUR | 200 000 | 200 000 | % | 105.069 | 210 138.00 | 0.25 |","| 0.00 % Citigroup, Inc. (MTN) 2018/2023 * | EUR | 300 000 | | % | 100.539 | 301 617.00 | 0.36 |","| 0.50 % Commerzbank AG (MTN) 2018/2023 | EUR | 1 200 000 | | % | 101.06 | 1 212 720.00 | 1.45 |","| 0.436 % Commerzbank AG 2021/2023 * | EUR | 200 000 | 200 000 | % | 101.582 | 203 164.00 | 0.24 |","| 0.035 % Credit Agricole SA/London (MTN) 2018/2023 * ... | EUR | 800 000 | | % | 100.578 | 804 624.00 | 0.96 |","| 0.392 % Credit Suisse AG/London 2020/2022 * | EUR | 880 000 | | % | 100.346 | 883 044.80 | 1.06 |","| 0.43 % Credit Suisse AG/London 2021/2023 * | EUR | 300 000 | 300 000 | % | 101.43 | 304 290.00 | 0.36 |","| 0.449 % Credit Suisse Group AG (MTN) 2021/2026 * | EUR | 650 000 | 650 000 | % | 101.39 | 659 035.00 | 0.79 |","| 0.875 % CRH Finland Services Oyj 2020/2023 | EUR | 300 000 | | % | 101.762 | 305 286.00 | 0.37 |","| 0.00 % Daimler AG (MTN) 2017/2024 * | EUR | 800 000 | | % | 100.867 | 806 936.00 | 0.97 |","| 1.625 % Daimler AG 2020/2023 | EUR | 1 200 000 | | % | 103.136 | 1 237 632.00 | 1.48 |","| 0.00 % Danone SA 2021/2025 | EUR | 100 000 | 100 000 | % | 99.951 | 99 951.00 | 0.12 |","| 0.238 % Deutsche Bank AG (MTN) 2017/2022 * | EUR | 500 000 | 500 000 | % | 100.232 | 501 160.00 | 0.60 |","| 0.35 % Deutsche Pfandbriefbank AG 2020/2023 * | EUR | 300 000 | 300 000 | % | 100.958 | 302 874.00 | 0.36 |","| 0.25 % Deutsche Pfandbriefbank AG 2021/2025",".875 % Deutsche Telekom International Finance BV (MTN) 2017/2024 | EUR EUR | 100 000 200 000 | 100 000 200 000 | % % | 99.778 102.135 | 99 778.00 204 270.00 | 0.12 0.24 |","| 0.25 % DNB Bank ASA (MTN) 2019/2024 | EUR | 400 000 | | % | 100.931 | 403 724.00 | 0.48 |","| 0.375 % E.ON SE 2020/2023 | EUR | 600 000 | | % | 100.809 | 604 854.00 | 0.72 |","| 0.25 % EssilorLuxottica SA 2020/2024 | EUR | 500 000 | | % | 101.006 | 505 030.00 | 0.60 |","| 1.25 % FCA Bank SpA/Ireland 2019/2022 | EUR | 300 000 | 300 000 | % | 100.577 | 301 731.00 | 0.36 |","| 0.25 % FCA Bank SpA/Ireland 2020/2023 | EUR | 100 000 | 100 000 | % | 100.437 | 100 437.00 | 0.12 |","| 0.125 % FCA Bank SpA/Ireland 2020/2023 | EUR | 500 000 | | % | 100.182 | 500 910.00 | 0.60 |","| 0.00 % FCA Bank SpA/Ireland 2021/2024",".75 % Fidelity National Information Services, Inc. 2019/2023 | EUR EUR | 120 000 400 000 | 120 000 | % % | 99.786 101.136 | 119 743.20 404 544.00 | 0.14 0.48 |","| 0.125 % General Mills, Inc. 2021/2025 | EUR | 100 000 | 100 000 | % | 99.714 | 99 714.00 | 0.12 |","| 0.03 % Goldman Sachs Group, Inc.","/The (MTN) 2017/2023 * | EUR | 1 100 000 | | % | 100.28 | 1 103 080.00 | 1.32 |","| 0.002 % Goldman Sachs Group, Inc.","/The 2020/2023 * ....","| EUR | 700 000 | | % | 100.131 | 700 917.00 | 0.84 |","| 0.411 % Goldman Sachs Group, Inc.","/The (MTN) 2021/2026 * | EUR | 260 000 | 260 000 | % | 101.669 | 264 339.40 | 0.32 |","| 0.00 % Goldman Sachs Group, Inc.","/The 2021/2024 * ....","| EUR | 160 000 | 160 000 | % | 100.137 | 160 219.20 | 0.19 |","| 0.444 % Goldman Sachs Group, Inc.","/The 2021/2024 * ....","| EUR | 170 000 | 170 000 | % | 100.902 | 171 533.40 | 0.21 |","| 0.052 % Heimstaden Bostad Treasury BV 2021/2023 * ... | EUR | 323 000 | 323 000 | % | 100.023 | 323 074.29 | 0.39 |","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| 0.25 % Heimstaden Bostad Treasury BV 2021/2024 ....","| EUR | 160 000 | 160 000 | | % | 100.19 | 160 304.00 | 0.19 |","| 0.912 % HSBC Bank PLC 2020/2022 * | EUR | 500 000 | | 1 500 000 | % | 101.036 | 505 180.00 | 0.60 |","| 0.438 % HSBC Bank PLC 2021/2023 * | EUR | 300 000 | 300 000 | | % | 101.101 | 303 303.00 | 0.36 |","| 0.00 % HSBC Holdings PLC (MTN) 2017/2023 * | EUR | 900 000 | | | % | 100.319 | 902 871.00 | 1.08 |","| 0.409 % HSBC Holdings PLC (MTN) 2021/2026 * | EUR | 240 000 | 240 000 | | % | 102.289 | 245 493.60 | 0.29 |","| 0.261 % ING Groep NV (MTN) 2018/2023 * | EUR | 600 000 | | | % | 101.259 | 607 554.00 | 0.73 |","| 0.125 % ING Groep NV 2021/2025 * | EUR | 200 000 | 200 000 | | % | 99.985 | 199 970.00 | 0.24 |","| 0.402 % Intesa Sanpaolo SpA (MTN) 2017/2022 * | EUR | 500 000 | | | % | 100.251 | 501 255.00 | 0.60 |","| 0.148 % Intesa Sanpaolo SpA 2019/2022 * | EUR | 500 000 | 500 000 | | % | 100.431 | 502 155.00 | 0.60 |","| 0.875 % KBC Group NV (MTN) 2018/2023 | EUR | 400 000 | 400 000 | | % | 101.728 | 406 912.00 | 0.49 |","| 0.06 % KBC Group NV 2021/2024 * | EUR | 400 000 | 400 000 | | % | 100.414 | 401 656.00 | 0.48 |","| 0.50 % Koninklijke Philips NV -Reg- (MTN) 2017/2023 ... | EUR | 100 000 | 100 000 | | % | 101.047 | 101 047.00 | 0.12 |","| 0.082 % Landesbank Baden-Wuerttemberg 2020/2022 * .","| EUR | 1 500 000 | | | % | 100.05 | 1 500 750.00 | 1.80 |","| 0.75 % LeasePlan Corp., NV (MTN) 2017/2022 | EUR | 400 000 | | | % | 100.778 | 403 112.00 | 0.48 |","| 1.00 % Lloyds Banking Group PLC (MTN) 2016/2023 ... | EUR | 400 000 | | | % | 102.118 | 408 472.00 | 0.49 |","| 0.199 % Lloyds Banking Group PLC (MTN) 2017/2024 * .","| EUR | 1 200 000 | | | % | 101.52 | 1 218 240.00 | 1.46 |","| 0.50 % Lloyds Banking Group PLC (MTN) 2019/2025 * .","| EUR | 300 000 | 300 000 | | % | 101.099 | 303 297.00 | 0.36 |","| 0.00 % Lseg Netherlands BV 2021/2025 | EUR | 160 000 | 160 000 | | % | 99.82 | 159 712.00 | 0.19 |","| 0.00 % LVMH Moet Hennessy Louis Vuitton SE 2020/2022 * | EUR | 900 000 | | | % | 100.059 | 900 531.00 | 1.08 |","| 0.352 % Macquarie Bank Ltd 2021/2023 * | EUR | 140 000 | 140 000 | | % | 101.414 | 141 979.60 | 0.17 |","| 1.00 % McDonald‘s Corp. (MTN) 2016/2023 | EUR | 200 000 | 200 000 | | % | 102.274 | 204 548.00 | 0.25 |","| 0.00 % Mizuho Financial Group, Inc. (MTN) 2018/2023 * .","| EUR | 1 200 000 | | | % | 100.566 | 1 206 792.00 | 1.44 |","| 0.637 % Morgan Stanley (MTN) 2019/2024 * | EUR | 400 000 | 400 000 | | % | 101.182 | 404 728.00 | 0.48 |","| 2.50 % Natwest Group PLC (MTN) 2016/2023 | EUR | 400 000 | | | % | 103.283 | 413 132.00 | 0.49 |","| 2.00 % Natwest Group PLC (MTN) 2017/2023 * | EUR | 1 200 000 | | | % | 100.421 | 1 205 052.00 | 1.44 |","| 1.125 % NatWest Markets PLC (MTN) 2018/2023 | EUR | 200 000 | 200 000 | | % | 101.909 | 203 818.00 | 0.24 |","| 0.00 % OMV AG 2020/2023 | EUR | 400 000 | | | % | 100.414 | 401 656.00 | 0.48 |","| 0.125 % OP Corporate Bank plc 2020/2024 | EUR | 1 200 000 | | | % | 100.632 | 1 207 584.00 | 1.44 |","| 0.449 % OP Corporate Bank Plc 2021/2024 * | EUR | 500 000 | 500 000 | | % | 101.729 | 508 645.00 | 0.61 |","| 1.125 % Orange SA (MTN) 2019/2024 | EUR | 200 000 | 200 000 | | % | 102.882 | 205 764.00 | 0.25 |","| 0.00 % Orange SA (MTN) 2021/2026 | EUR | 100 000 | 100 000 | | % | 99.29 | 99 290.00 | 0.12 |","| 2.00 % Procter & Gamble Co.","/The (MTN) 2012/2022 ....","| EUR | 410 000 | 410 000 | | % | 101.56 | 416 396.00 | 0.50 |","| 0.00 % RCI Banque SA (MTN) 2018/2023 * | EUR | 200 000 | 200 000 | | % | 100.201 | 200 402.00 | 0.24 |","| 0.262 % Santander UK Group Holdings PLC (MTN) 2018/2024 * | EUR | 700 000 | | | % | 100.739 | 705 173.00 | 0.84 |","| 0.093 % SBB Treasury Oyj 2021/2023 * | EUR | 200 000 | 200 000 | | % | 100.034 | 200 068.00 | 0.24 |","| 0.05 % Skandinaviska Enskilda Banken AB (MTN) | | | | | | | | |","| 2019/2024 | EUR | 400 000 | 400 000 | | % | 100.459 | 401 836.00 | 0.48 |","| 0.25 % Skandinaviska Enskilda Banken AB 2020/2023 . . . | EUR | 500 000 | | | % | 100.75 | 503 750.00 | 0.60 |","| 0.236 % Société Générale SA (MTN) 2017/2024 * | EUR | 1 000 000 | | | % | 101.343 | 1 013 430.00 | 1.21 |","| 0.00 % Société Générale SA (MTN) 2018/2023 * | EUR | 700 000 | | | % | 100.514 | 703 598.00 | 0.84 |","| 0.75 % Standard Chartered PLC (MTN) 2017/2023 * ....","| EUR | 800 000 | | | % | 100.641 | 805 128.00 | 0.96 |","| 0.436 % Toyota Motor Finance Netherlands BV 2021/2024 * | EUR | 600 000 | 600 000 | | % | 101.589 | 609 534.00 | 0.73 |","| 0.00 % Traton Finance Luxembourg SA 2021/2024 | EUR | 100 000 | 100 000 | | % | 99.791 | 99 791.00 | 0.12 |","| 0.175 % Traton Finance Luxembourg SA 2021/2023 * ....","| EUR | 200 000 | 200 000 | | % | 100.691 | 201 382.00 | 0.24 |","| 0.125 % Traton Finance Luxembourg SA 2021/2024 | EUR | 100 000 | 100 000 | | % | 99.887 | 99 887.00 | 0.12 |","| 1.25 % UBS Group Funding Switzerland AG (MTN) | | | | | | | | |","| 2018/2025 * | EUR | 300 000 | 300 000 | | % | 102.693 | 308 079.00 | 0.37 |","| 2.00 % UniCredit SpA (MTN) 2016/2023 | EUR | 280 000 | | | % | 102.527 | 287 075.60 | 0.34 |","| 0.129 % UniCredit SpA (MTN) 2016/2023 * | EUR | 1 200 000 | | | % | 100.633 | 1 207 596.00 | 1.44 |","| 0.816 % Upjohn Finance BV 2020/2022 | EUR | 200 000 | 200 000 | | % | 100.553 | 201 106.00 | 0.24 |","| 0.375 % Volkswagen Bank GmbH 2019/2022 | EUR | 400 000 | | | % | 100.373 | 401 492.00 | 0.48 |","| 0.988 % Volkswagen International Finance NV (MTN) | | | | | | | | |","| 2018/2024 * | EUR | 400 000 | 400 000 | | % | 103.582 | 414 328.00 | 0.50 |","| 1.00 % Volkswagen Leasing GmbH (MTN) 2018/2023 ... | EUR | 500 000 | 500 000 | | % | 101.38 | 506 900.00 | 0.61 |","| 0.00 % Volkswagen Leasing GmbH 2021/2023 | EUR | 450 000 | 450 000 | | % | 100.167 | 450 751.50 | 0.54 |","| 0.00 % Volvo Treasury AB 2020/2023 | EUR | 600 000 | | | % | 100.304 | 601 824.00 | 0.72 |","| 0.125 % Volvo Treasury AB 2020/2024 | EUR | 1 000 000 | | | % | 100.439 | 1 004 390.00 | 1.20 |","| 0.75 % Vonovia Finance BV (MTN) 2017/2022 | EUR | 500 000 | 500 000 | | % | 100.078 | 500 390.00 | 0.60 |","| 0.00 % Vonovia SE 2021/2023 | EUR | 100 000 | 100 000 | | % | 100.314 | 100 314.00 | 0.12 |","| 0.00 % Vonovia SE 2021/2025 | EUR | 100 000 | 100 000 | | % | 98.998 | 98 998.00 | 0.12 |","| 0.625 % Westpac Banking Corp. (MTN) 2017/2024 | EUR | 200 000 | 200 000 | | % | 101.852 | 203 704.00 | 0.24 |","| 0.70 % American Express Co. (MTN) 2021/2026 * | USD | 200 000 | 200 000 | | % | 100.11 | 176 646.50 | 0.21 |","| 1.381 % AT&T, Inc. (MTN) 2018/2024 * | USD | 500 000 | 500 000 | | % | 101.689 | 448 579.50 | 0.54 |","| 0.739 % Bank of America Corp. 2021/2025 * | USD | 300 000 | 300 000 | | % | 100.638 | 266 367.25 | 0.32 |","| 0.369 % Bank of Montreal 2021/2024 * | USD | 300 000 | 300 000 | | % | 99.842 | 264 260.41 | 0.32 |","| 0.67 % Bank of Montreal (MTN) 2021/2026 * | USD | 300 000 | 300 000 | | % | 99.94 | 264 519.79 | 0.32 |","| 0.595 % Bank of Nova Scotia/The (MTN) 2021/2026 * ....","| USD | 495 000 | 495 000 | | % | 99.953 | 436 514.43 | 0.52 |","| 0.494 % Bank of Nova Scotia/The 2021/2024 * | USD | 100 000 | 100 000 | | % | 100.1 | 88 314.43 | 0.11 |","| 0.66 % Bank of Nova Scotia/The (MTN) 2021/2026 * ....","| USD | 360 000 | 360 000 | | % | 99.849 | 317 134.72 | 0.38 |","| 0.49 % Baxter International, Inc.","-Reg- 2021/2024 * | USD | 80 000 | 80 000 | | % | 99.858 | 70 480.74 | 0.08 |","| 0.58 % BMW US Capital LLC -Reg- 2021/2024 * | USD | 100 000 | 100 000 | | % | 100.507 | 88 673.51 | 0.11 |","| 0.469 % Canadian Imperial Bank of Commerce 2021/2024 * | USD | 150 000 | 150 000 | | % | 99.789 | 132 060.06 | 0.16 |","| 0.32 % Caterpillar Financial Services Corp. 2021/2024 * .","| USD | 190 000 | 190 000 | | % | 100.067 | 167 742.09 | 0.20 |","| 0.55 % Charles Schwab Corp.","/The 2021/2024 * | USD | 200 000 | 200 000 | | % | 100.322 | 177 020.58 | 0.21 |","| 1.258 % Citigroup, Inc. (MTN) 2017/2024 * | USD | 600 000 | 600 000 | | % | 101.075 | 535 047.79 | 0.64 |","| 0.719 % Citigroup, Inc. 2021/2025 * | USD | 400 000 | 400 000 | | % | 100.466 | 354 549.34 | 0.42 |","| 0.349 % Cooperatieve Rabobank UA/NY 2021/2024 * ....","| USD | 500 000 | 800 000 | 300 000 | % | 100.103 | 441 585.37 | 0.53 |","| 0.65 % Daimler Trucks Finance North America LLC -Reg- | | | | | | | | |","| 2021/2023 * | USD | 150 000 | 150 000 | | % | 100.111 | 132 486.20 | 0.16 |","| 0.80 % Daimler Trucks Finance North America LLC -Reg- | | | | | | | | |","| 2021/2024 * | USD | 300 000 | 300 000 | % | 100.157 | 265 094.15 | 0.32 |","| 0.48 % Federation des Caisses Desjardins du Quebec | | | | | | | | |","| -Reg- 2021/2024 * | USD | 200 000 | 200 000 | % | 100.193 | 176 792.95 | 0.21 |","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| 0.669 % General Motors Financial Co, Inc. 2021/2024 * ... | USD | 120 000 | 120 000 | | % | 99.932 | 105 799.45 | 0.13 |","| 0.63 % Goldman Sachs Group, Inc.","/The 2021/2024 * ....","| USD | 400 000 | 400 000 | | % | 100.044 | 353 060.08 | 0.42 |","| 0.63 % HSBC Holdings PLC 2021/2024 * | USD | 200 000 | 200 000 | | % | 100.032 | 176 508.86 | 0.21 |","| 0.249 % John Deere Capital Corp. 2021/2024 * | USD | 70 000 | 70 000 | | % | 99.773 | 61 618.15 | 0.07 |","| 0.63 % JPMorgan Chase & Co. 2021/2024 * | USD | 400 000 | 400 000 | | % | 100.144 | 353 412.98 | 0.42 |","| 0.63 % JPMorgan Chase & Co. 2021/2025 * | USD | 300 000 | 300 000 | | % | 100.003 | 264 686.54 | 0.32 |","| 0.65 % JPMorgan Chase & Co. 2021/2025 * | USD | 400 000 | 400 000 | | % | 100.085 | 353 204.77 | 0.42 |","| 0.759 % Macquarie Group Ltd -Reg- 2021/2025 * | USD | 180 000 | 180 000 | | % | 100.124 | 159 004.08 | 0.19 |","| 0.54 % National Bank of Canada 2021/2024 * | USD | 250 000 | 250 000 | | % | 100.106 | 220 799.30 | 0.26 |","| 0.81 % NatWest Markets PLC -Reg- (MTN) 2021/2026 * .","| USD | 200 000 | 200 000 | | % | 100.122 | 176 667.67 | 0.21 |","| 0.349 % Royal Bank of Canada 2021/2024 * | USD | 400 000 | 600 000 | 200 000 | % | 99.916 | 352 608.36 | 0.42 |","| 0.574 % Royal Bank of Canada (MTN) 2021/2026 * | USD | 600 000 | 600 000 | | % | 99.945 | 529 066.05 | 0.63 |","| 0.41 % Royal Bank of Canada 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.992 | 176 438.28 | 0.21 |","| 0.389 % Royal Bank of Canada 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.917 | 176 305.94 | 0.21 |","| 0.639 % Royal Bank of Canada (MTN) 2021/2026 *",".48 % Siemens Financieringsmaatschappij NV -Reg- 2021/2024 * | USD USD | 100 000 250 000 | 100 000 250 000 | | % % | 99.858 100.31 | 88 100.92 221 249.25 | 0.11 0.27 |","| 1.299 % Standard Chartered PLC -Reg- 2020/2023 * | USD | 500 000 | 500 000 | | % | 100.652 | 444 007.17 | 0.53 |","| 0.98 % Standard Chartered PLC 2021/2025 * | USD | 200 000 | 200 000 | | % | 100.214 | 176 830.01 | 0.21 |","| 0.49 % Sumitomo Mitsui Trust Bank Ltd -Reg- 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.951 | 176 365.94 | 0.21 |","| 0.579 % Thermo Fisher Scientific, Inc. 2021/2024 * | USD | 60 000 | 60 000 | | % | 100.103 | 52 990.24 | 0.06 |","| 0.405 % Toronto-Dominion Bank/The 2021/2024 * | USD | 245 000 | 245 000 | | % | 99.993 | 216 139.06 | 0.26 |","| 0.40 % Toronto-Dominion Bank/The 2021/2024 * | USD | 400 000 | 400 000 | | % | 99.861 | 352 414.26 | 0.42 |","| 0.379 % Toyota Motor Credit Corp. 2021/2024 * | USD | 700 000 | 700 000 | | % | 99.921 | 617 095.51 | 0.74 |","| 0.34 % Toyota Motor Credit Corp. 2021/2024 * | USD | 180 000 | 180 000 | | % | 99.719 | 158 360.91 | 0.19 |","| 0.41 % UBS AG/London -144A- 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.934 | 176 335.94 | 0.21 |","| 0.50 % UBS AG/London 2021/2024 * | USD | 200 000 | 200 000 | | % | 100.177 | 176 764.72 | 0.21 |","| 0.55 % Verizon Communications, Inc. 2021/2024 * | USD | 205 000 | 205 000 | | % | 100.366 | 181 525.67 | 0.22 |","| 0.84 % Verizon Communications, Inc. (MTN) 2021/2026 * | USD | 125 000 | 125 000 | | % | 101.033 | 111 421.97 | 0.13 |","| Securities admitted to or included in organized markets | | | | | | | 927 471.76 | 1.11 |","| Interest-bearing securities 0.69 % AT&T, Inc. 2021/2024 * | USD | 100 000 | 100 000 | | % | 100.079 | 88 295.90 | 0.10 |","| 0.459 % Banque Federative du Credit Mutuel SA 2021/2025 * | USD | 300 000 | 300 000 | | % | 99.848 | 264 276.29 | 0.32 |","| 0.43 % BMW US Capital LLC -144A- 2021/2024 *",".57 % Commonwealth Bank of Australia -144A- (MTN) 2021/2026 * | USD USD | 150 000 200 000 | 150 000 200 000 | | % % | 100.138 100.252 | 132 521.93 176 897.06 | 0.16 0.21 |","| 0.57 % Westpac Banking Corp. (MTN) 2021/2026 * | USD | 300 000 | 300 000 | | % | 100.303 | 265 480.58 | 0.32 |","| Total securities portfolio | | | | | | | 73 471 006.24 | 87.85 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Currency derivatives Receivables/payables | | | | | | | -157 046.78 | -0.19 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (short) | | | | | | | | |","| Open positions EUR/USD 14.1 million | | | | | | | -157 046.78 | -0.19 |","| Cash at bank | | | | | | | 10 419 438.35 | 12.46 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 10 367 148.60 | 12.40 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| U.S. dollar | USD | 59 268 | | | | | 52 289.75 | 0.06 |","| Other assets | 137 878.88 | 0.16 |","| Interest receivable | 137 878.88 | 0.16 |","| Total assets ** | 84 028 323.47 | 100.47 |","| Other liabilities | -30 369.97 | -0.03 |","| Liabilities from cost items | -30 369.97 | -0.03 |","| Liabilities from share certificate transactions | -211 431.32 | -0.25 |","| Total liabilities | -398 848.07 | -0.47 |","| Net assets | 83 629 475.40 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class NC | EUR | 99.39 |","| Number of shares outstanding Class NC | Count | 841 441.148 |","Presentation of the maximum limit (according to CSSF circular 11/512) 1.4% of portfolio value (January 1, 2021 – March 9, 2021)","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 0.137 |","| --- | --- | --- |","| Highest market risk exposure | % | 0.446 |","| Average market risk exposure | % | 0.377 |","The values-at-risk were calculated for the period from January 1, 2021, through March 9, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.","Presentation of the maximum limit (according to CSSF circular 11/512) 14.14% of portfolio value (March 10, 2021 – December 31, 2021)","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 0.049 |","| --- | --- | --- |","| Highest market risk exposure | % | 0.132 |","| Average market risk exposure | % | 0.089 |","The values-at-risk were calculated for the period from March 10, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 12 399 222.94 as of the reporting date.","Market abbreviations","Contracting parties for forward currency transactions","Barclays Bank Ireland PLC, Deutsche Bank AG, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank and UBS AG.","| Exchange rates (indirect quotes) | |","| --- | --- |","| U.S. dollar\tUSD | 1.133450 | = EUR | As of December 30, 2021 1 |","| Notes on valuation | | | |","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","Footnotes","* Floating interest rate.","** Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","###### Statement of changes in net assets\t2021","- Value of the fund‘s net assets","| - Income","- Interest from securities (before withholding tax)","- 1","| EUR | -68 337.60 | at the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . - Net inflows","- Income adjustment","| EUR EUR EUR | 112 797 089.62 -28 654 847.73 -89 925.74 |","| --- | --- | --- | --- | --- | --- |","| 2. Deduction for foreign withholding tax | EUR | -97.81 | 3. Net investment income | EUR | -416 304.40 |","| Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | -68 435.41 | | - Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . .","- Net change in unrealized appreciation/depreciation ....","| EUR EUR | -514 091.56 507 555.21 |","| II.","Expenses | | | | II.","Value of the fund‘s net assets . . . .",". . . .",". . . .",". . . .",". . . | | |","- Interest on borrowings andnegative interest on deposits EUR\t-68 373.65","- Management fee EUR\t-223 749.15thereof:","| 3. Depositary fee | EUR | -1 116.61 | |","| --- | --- | --- | --- |","| 4. Auditing, legal and publication costs | EUR | -7 132.49 | | | |","| 5. Taxe d‘abonnement | EUR | -40 441.08 | Realized gains/losses (incl. income adjustment).",". . . .",". .","| EUR | -514 091.56 |","| 6. Other expenses | EUR | -7 056.01 | from: | | |","Basic management fee EUR\t-209 756.66 Administration fee EUR\t\t-13 992.49","at the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","EUR\t83 629 475.40","| | Securities transactions | EUR | 9 945.28 |","| --- | --- | --- | --- |","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -347 868.99 | (Forward) currency transactions | EUR | -524 036.84 |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","IV.","Sale transactions | EUR | -416 304.40 | | | |","Summary of gains/losses\t2021","Realized gains/losses EUR\t-514 091.56","###### Details on the distribution policy*","Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-514 091.56","V. Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR\t-930 395.96","1","This item includes discounts of EUR 425 250.92.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class NC 0.33% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 2 180.57.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Class NC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the fiscal year","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t83 629 475.40","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t112 797 089.62","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-","Net asset value per share at the end of the fiscal year","2021\tClass NC EUR\t99.39","2020\tClass NC EUR\t99.94","2019\tClass NC EUR\t-","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.09% of all transactions.","The total volume was EUR 2 607 950.83.","## DWS Invest II European Equity Focussed Alpha (in liquidation)","#### Investment objective and performance in the reporting period","The objective of the sub-fund DWS Invest II European Equity Focussed Alpha (in liquidation) was to generate sustained cap- ital appreciation that exceeds the benchmark, the MSCI Europe.","To achieve this objec-","DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)","Five-year performance","150","140","130","120","110","100","90","80","tive, it invested in selected","3/24/16*","3/17","3/18\t3/19\t3/20","24.3.21","equities of European issuers in a concentrated portfolio based","DWS Invest II European Equity Focussed Alpha (in liquidation) (LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 3/24/2016 = 100","Data on euro basis","on fundamental bottom-up","research.","In addition to major international blue-chip com- panies with large market cap- italizations and corresponding liquidity, a smaller selection of small- and mid-cap companies was also included in the port- folio.","Bottom-up factors such as stock valuations and share- price and earnings trends, as well as the quality of the bal- ance sheet and the business model, were crucial to the selection of stocks.","Depending on the capital market situation, the sub-fund’s level of invest- ment could also be flexibly controlled through the use of derivatives.","Past performance is no guide to future results.","As of: December 31, 2021","DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)","Performance of share classes vs. benchmark (in EUR)","| Share class | ISIN | Since the beginning of the shortened fiscal year |","| --- | --- | --- |","| Class LC | LU0781236566 | 2.4% |","| Class FC | LU0781237028 | 2.6% |","| Class FD | LU0781237291 | 2.6% |","| Class LD | LU0781236640 | 2.4% |","| Class NC 1 | LU0781236723 | – |","| Class ND 1 | LU0781236996 | – |","| Class XC | LU1697911474 | 2.7% |","| MSCI Europe | | 6.4% |","1","Last share price calculation on June 11, 2014.","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: March 24, 2021 (liquidation date)","In addition to still very low interest rates and volatility in the capital markets, the invest- ment climate in the reporting period was characterized in particular by the COVID-19* crisis.","Against this backdrop, the sub-fund appreciated by 2.4% per share (LC share class; BVI method) in the shortened fiscal year from January 1, 2021, through March 24, 2021.","It thus fell short of its bench- mark, the MSCI Europe (NR), which posted a gain of 6.4%","(both percentages in euro terms).","#### Investment policy in the reporting period","Until its liquidation, the sub- fund was invested in European equities.","The global social and economic consequences of the coronavirus continued to exert a firm grip on the inter- national capital markets.","The virus restrictions, some of which remain in place, caused significant disruptions to the","global supply chains amid a simultaneous surge in demand as a result of the global eco- nomic recovery.","This led to rising raw material prices and logistics costs, as well as to shortages of many important precursors such as semicon- ductors.","Companies with good control of their own value chain and considerable pricing power had an advantage in such an environment.","#### Liquidation","The sub-fund DWS Invest II European Equity Focussed Alpha (in liquidation) was liqui- dated effective March 24, 2021.","The issue of new shares was discontinued effective March 3, 2021; the last redemption of shares occurred up to the order acceptance deadline on March 3, 2021.","#### Information on the environmental and/or social characteristics","The investment fund qualifies as a product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)","Liquidation proceeds for the share classes (in EUR)","| Share class | ISIN | Liquidation proceeds per share |","| --- | --- | --- |","| Class XC | LU1697911474 | 114.26 |","| Class LC | LU0781236566 | 191.14 |","| Class LD | LU0781236640 | 183.48 |","| Class FC | LU0781237028 | 205.26 |","| Class FD | LU0781237291 | 138.30 |","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","DWS Invest II European Equity Focussed Alpha (in liquidation)","| Overview of net assets as of March 24, 2021 (liquidation date) | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets 1. Cash at bank | 68 171 593.93 | 99.96 |","| 2. Other assets | 85 435.43 | 0.13 |","| II.","Liabilities 1. Loan liabilities | -0.54 | 0.00 |","| 2. Other liabilities | -63 819.15 | -0.09 |","| 3. Liabilities from share certificate transactions | -68 193 209.67 | -100.00 |","| III.","Net assets | 0.00 | 0.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – March 24, 2021 (liquidation date)","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| | currency | amount | in the reporting period | EUR | |","| Securities traded on an exchange | | | | 68 171 593.93 | 99.96 |","| Demand deposits at Depositary EUR deposits | EUR | | | 68 166 211.49 | 99.95 |","| Deposits in non-EU/EEA currencies | | | | | |","| British pound | GBP | 6 | | 6.47 | 0.00 |","| Swiss franc | CHF | 5 | | 4.62 | 0.00 |","| U.S. dollar | USD | 6 354 | | 5 371.35 | 0.01 |","| Other assets | | | | 85 435.43 | 0.13 |","| Dividends/Distributions receivable | | | | 72 953.46 | 0.11 |","| Receivables from exceeding the expense cap | | | | 12 481.97 | 0.02 |","| Total assets | | | | 68 257 029.36 | 100.09 |","| Short-term liabilities | | | | -0.54 | 0.00 |","| Other liabilities | | | | -63 819.15 | -0.09 |","| Liabilities from cost items | | | | -63 819.15 | -0.09 |","| Liabilities from share certificate transactions | | | | -68 193 209.67 | -100.00 |","| Total liabilities | | | | -68 257 029.36 | -100.09 |","| Net assets | | | | 0.00 | 0.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class FC | EUR | 0.00 |","| Class FD | EUR | 0.00 |","| Class LC | EUR | 0.00 |","| Class LD | EUR | 0.00 |","| Class XC | EUR | 0.00 |","| Number of shares outstanding Class FC | Count | 0.000 |","| Class FD | Count | 0.000 |","| Class LC | Count | 0.000 |","| Class LD | Count | 0.000 |","| Class XC | Count | 0.000 |","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe in EUR","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 0.026 |","| --- | --- | --- |","| Highest market risk exposure | % | 134.872 |","| Average market risk exposure | % | 97.941 |","The values-at-risk were calculated for the period from January 1, 2021 through March 24, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of March 24, 2021 (liquidation date)","| Swiss franc\tCHF | 1.107347 | = EUR | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.862276 | = EUR | 1 |","| U.S. dollar\tUSD | 1.182999 | = EUR | 1 |","Notes on valuation","Against the backdrop of the resolution of the Board of Directors of the SICAV to put the fund into liquidation effective March 24, 2021, the going-concern basis was relinquished and the financial statements were prepared on the basis of liquidation values.","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2020, through March 24, 2021 (liquidation date)","###### Statement of changes in net assets\t2021","I. Value of the fund‘s net assets","| | at the beginning of the shortened fiscal year . . . .",". .","| EUR | 66 561 768.52 |","| --- | --- | --- | --- |","| I. Income | | | | 1. | Distribution for the previous year | EUR | -11 010.60 |","| 1. Dividends (before withholding tax) | EUR | 77 943.74 | | 2. | Net outflows | EUR | -68 281 919.64 |","| 2. Deduction for foreign withholding tax 1 | EUR | 407.60 | | 3. | Income adjustment | EUR | 13 117 078.88 |","| 3. Income adjustment | EUR | -78 351.34 | | 4. | Net investment income | EUR | 0.00 |","| | | | | 5. | Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 0.00 |","| Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 0.00 | | 6. | Net change in unrealized appreciation/depreciation ....","| EUR | -11 385 917.16 |","| | | | | | | | |","| - Expenses","- Interest on borrowings and","| | | | II.","| Value of the fund‘s net assets at the end of the shortened fiscal year . . . .",". . . .",". . . .","| EUR | 0.00 |","| negative interest on deposits | EUR | -2 298.66 | | | | | |","| 2. Management fee | EUR | -107 192.29 | | | | | |","thereof:","| Summary of gains/losses | | 2021 |","| --- | --- | --- |","| | | |","| Realized gains/losses (incl. income adjustment).",". . . .",". .","| EUR | 0.00 |","| from: Securities transactions | EUR | 13 118 151.60 |","| (Forward) currency transactions | EUR | 33 675.68 |","| Income adjustment | EUR | -13 151 827.28 |","Basic management fee EUR\t-100 623.11 Income from expense cap EUR\t2 075.93","Administration fee EUR\t-8 645.11","| 3. Depositary fee | EUR | -584.69 |","| --- | --- | --- |","| 4. Auditing, legal and publication costs 2 | EUR | 7 988.01 |","| 5. Other expenses | EUR | -11 012.11 |","| 6. Reimbursed expenses | EUR | 113 099.74 |","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 0.00 |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 0.00 |","| IV.","Sale transactions 1. Realized gains/losses | EUR | 13 151 827.28 |","| 2. Income adjustment | EUR | -13 151 827.28 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 0.00 |","| V. Realized net gain/loss for the shortened fiscal year .","| EUR | 0.00 |","1","This includes primarily income from the release of excess accruals in the amount of EUR 407.60.","2","This includes primarily income from the release of excess accruals in the amount of EUR 11 065.82.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class FC 0.19%","2",",\tClass FD 0.19%","2","Class LC 0.36%","2",",\tClass LD 0.36%","2","Class XC 0.06%","2","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given short- ened fiscal year.","2","Annualization has not been performed for share classes liquidated during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 25 304.70.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the (shortened) fiscal year","March 24, 2021 (liquidation date) .","EUR\t0.00","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t66 561 768.52","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t85 358 054.25","Net asset value per share at the end of the (shortened) fiscal year March 24, 2021 (liquidation date)","| | Class FC .","| EUR | - |","| --- | --- | --- | --- |","| Class FD .","| EUR | - |","| Class LC .","| EUR | - |","| Class LD .","| EUR | - |","| Class XC .","| EUR | - |","| 2020 | Class FC .","| EUR | 200.10 |","| | Class FD .","| EUR | 135.93 |","| | Class LC .","| EUR | 186.65 |","| | Class LD .","| EUR | 179.45 |","| | Class XC .","| EUR | 111.25 |","| 2019 | Class FC .","| EUR | 204.99 |","| | Class FD .","| EUR | 141.87 |","| | Class LC .","| EUR | 192.65 |","| | Class LD .","| EUR | 187.22 |","| | Class XC .","| EUR | 113.34 |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00 % of all transactions.","The total volume was EUR 0.00.","#### Investment objective and performance in the reporting period","DWS Invest II European Top Dividend invests primarily in equities of highly capitalized European companies that in addition to above-average dividend yields also have pro- jections of dividend growth","DWS INVEST II EUROPEAN TOP DIVIDEND","Five-year performance","140","130","120","110","100","90","80","70","and reasonable payout ratios","12/16*","12/17","12/18\t12/19\t12/20","12/21","(dividend distribution as a per- centage of net income for the","DWS Invest II European Top Dividend (LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 12/2016 = 100","Data on euro basis","year).","In addition, they must","have excellent fundamentals such as balance sheet quality and business model.","The sub-fund recorded an appreciation of 16.4% per share (LC share class; BVI method) in the fiscal year through Decem- ber 31, 2021.","#### Investment policy in the reporting period","The performance of the interna- tional capital markets in 2021 continued to be affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy.","In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in","light of the weakened global economy – supported price","Past performance is no guide to future results.","As of: December 31, 2021","DWS INVEST II EUROPEAN TOP DIVIDEND","Performance of share classes (in EUR)","| Share class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LC | LU0781237614 | 16.4% | 33.8% | 29.6% |","| Class FC | LU1241941308 | 17.2% | 36.9% | 34.4% |","| Class FD | LU1242509609 | 17.2% | 36.9% | 34.6% |","| Class LD | LU0781237705 | 16.4% | 33.8% | 29.6% |","| Class LDH (P) | LU1322113884 | 13.0% | 29.6% | 28.7% |","| Class NC | LU0781237887 | 15.6% | 31.0% | 25.1% |","| Class ND | LU0781237960 | 15.5% | 31.1% | 25.2% |","| Class TFC | LU1663960000 | 17.2% | 36.9% | 21.3% 1 |","| Class TFD | LU1663960182 | 17.2% | 36.9% | 21.0% 1 |","| Class XC | LU0781238000 | 17.8% | 38.8% | 37.7% |","| Class XD | LU0781238182 | 17.8% | 38.8% | 37.7% |","| Class CHF LDH (P) 2 | LU1322113702 | 12.7% | 28.1% | 25.8% |","1","Classes TFC and TFD launched on January 15, 2018","2 in CHF","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","performance in the financial markets.","The economic outlook improved since the beginning of 2021, but concerns about inflation also arose among investors.","In addition, the rapid spread of the coronavirus and its mutations, as well as the associated new restrictions, dampened economic pros- pects.","Against this backdrop, European equities still posted","noticeable price gains overall in the reporting period.","The portfolio management main- tained its generally conservative positioning on the whole, but","it did increase the weighting of industrials and financials in favor of a slightly more cyclical posi- tioning, while non-cyclical sec- tors such as consumer staples and health care were reduced.","In the basic materials sector, the Anglo-Australian company BHP posted impressive results and recorded a significant increase in free cash flow due to the increased demand for commodities.","The Danish company Novo Nordisk benefited from a significantly expanded valua- tion in 2021 and contributed","strong appreciation within the portfolio.","In the energy sector, Norway’s Equinor gained significantly amid rising demand for renew- able energies.","Shares of Neste, in contrast, performed comparatively weakly as the Finnish compa- ny’s earnings receded.","Information on the environmental and/or social characteristics","The sub-fund qualifies as a","product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors) Information Technology | 1 878 578.36 | 0.55 |","| Telecommunication Services | 15 094 754.07 | 4.44 |","| Consumer Discretionaries | 76 829 065.39 | 22.63 |","| Energy | 29 369 181.55 | 8.65 |","| Consumer Staples | 15 373 352.13 | 4.52 |","| Financials | 66 458 631.99 | 19.54 |","| Basic Materials | 61 513 436.45 | 18.10 |","| Industrials | 36 713 032.55 | 10.79 |","| Utilities | 23 865 075.05 | 7.02 |","| Total equities | 327 095 107.54 | 96.24 |","| 2. Derivatives | 4 695.47 | 0.00 |","| 3. Cash at bank | 12 520 102.88 | 3.68 |","| 4. Other assets | 1 825 860.32 | 0.54 |","| 5. Receivables from share certificate transactions | 92 315.05 | 0.03 |","| II.","Liabilities | | |","| 1. Other liabilities | -1 285 067.24 | -0.38 |","| 2. Liabilities from share certificate transactions | -374 631.47 | -0.11 |","| III.","Net assets | 339 878 382.55 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – December 31, 2021","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| Securities traded on an exchange | | | | | | | 327 095 107.54 | 96.24 |","| Equities Galenica AG | Count | 80 238 | | 28 900 | CHF | 68.9 | 5 338 764.94 | 1.57 |","| Nestle SA | Count | 65 681 | 13 800 | 14 500 | CHF | 127.96 | 8 116 251.03 | 2.39 |","| Novartis AG | Count | 71 973 | 28 400 | 800 | CHF | 80.54 | 5 597 868.78 | 1.65 |","| Roche Holding AG | Count | 22 922 | 2 600 | 1 600 | CHF | 380.95 | 8 432 609.11 | 2.48 |","| Moneta Money Bank AS | Count | 678 817 | | 189 500 | CZK | 94 | 2 560 856.55 | 0.75 |","| AP Moller - Maersk A/S | Count | 1 700 | 1 700 | | DKK | 23 540 | 5 381 369.90 | 1.58 |","| Carlsberg A/S | Count | 21 500 | 21 500 | | DKK | 1 135 | 3 281 495.30 | 0.97 |","| Novo Nordisk A/S | Count | 77 704 | 4 100 | 2 200 | DKK | 733.6 | 7 665 494.28 | 2.26 |","| Allianz SE | Count | 17 287 | | 4 900 | EUR | 207.65 | 3 589 645.55 | 1.06 |","| APERAM | Count | 45 800 | 47 400 | 1 600 | EUR | 48 | 2 198 400.00 | 0.65 |","| AXA SA | Count | 133 073 | 21 200 | 36 200 | EUR | 26.305 | 3 500 485.27 | 1.03 |","| Azelis Group NV | Count | 39 408 | 60 008 | 20 600 | EUR | 25.74 | 1 014 361.92 | 0.30 |","| Bankinter SA | Count | 632 500 | 235 800 | 180 500 | EUR | 4.517 | 2 857 002.50 | 0.84 |","| BASF SE | Count | 77 600 | 86 300 | 8 700 | EUR | 61.78 | 4 794 128.00 | 1.41 |","| Bayerische Motoren Werke AG -Pref- | Count | 59 100 | 63 000 | 3 900 | EUR | 73.3 | 4 332 030.00 | 1.27 |","| BNP Paribas SA | Count | 52 034 | 30 500 | 20 400 | EUR | 60.71 | 3 158 984.14 | 0.93 |","| Cie Générale des Etablissements Michelin SCA | Count | 33 814 | 7 500 | 4 000 | EUR | 144.8 | 4 896 267.20 | 1.44 |","| Coface SA | Count | 231 500 | | 52 500 | EUR | 12.53 | 2 900 695.00 | 0.85 |","| Covestro AG | Count | 56 194 | 25 000 | 15 600 | EUR | 54.2 | 3 045 714.80 | 0.90 |","| Danone SA | Count | 68 316 | 42 900 | 43 300 | EUR | 54.93 | 3 752 597.88 | 1.10 |","| Deutsche Pfandbriefbank AG | Count | 77 946 | | 163 800 | EUR | 10.57 | 823 889.22 | 0.24 |","| Deutsche Post AG | Count | 118 750 | 18 500 | 5 000 | EUR | 56.54 | 6 714 125.00 | 1.98 |","| Deutsche Telekom AG | Count | 538 926 | | 59 400 | EUR | 16.3 | 8 784 493.80 | 2.58 |","| E.ON SE | Count | 453 930 | | 74 700 | EUR | 12.192 | 5 534 314.56 | 1.63 |","| EDP Renovaveis SA | Count | 123 400 | 123 400 | | EUR | 21.68 | 2 675 312.00 | 0.79 |","| Elisa Oyj | Count | 56 701 | | 3 100 | EUR | 54.38 | 3 083 400.38 | 0.91 |","| Enel SpA | Count | 1 059 161 | 14 800 | 121 300 | EUR | 7.056 | 7 473 440.02 | 2.20 |","| Essilor International Cie Générale d‘Optique SA . . . .",". . . .",". .","| Count | 32 331 | 9 300 | 1 900 | EUR | 186.88 | 6 042 017.28 | 1.78 |","| Euronext NV | Count | 88 762 | 26 074 | 8 400 | EUR | 89.9 | 7 979 703.80 | 2.35 |","| Friedrich Vorwerk Group SE | Count | 17 131 | 37 731 | 20 600 | EUR | 28.56 | 489 261.36 | 0.14 |","| Gaztransport Et Technigaz SA | Count | 36 300 | 36 300 | 17 088 | EUR | 82.05 | 2 978 415.00 | 0.88 |","| Infrastrutture Wireless Italiane SpA | Count | 357 150 | 17 600 | | EUR | 10.68 | 3 814 362.00 | 1.12 |","| Instone Real Estate Group AG | Count | 69 500 | | 1 400 | EUR | 16.64 | 1 156 480.00 | 0.34 |","| JDE Peet‘s BV | Count | 63 534 | 32 000 | 28 700 | EUR | 27.19 | 1 727 489.46 | 0.51 |","| Kone Oyj | Count | 53 300 | 53 300 | | EUR | 63.16 | 3 366 428.00 | 0.99 |","| Koninklijke DSM NV | Count | 17 229 | 2 400 | 1 900 | EUR | 198.75 | 3 424 263.75 | 1.01 |","| Koninklijke Philips NV | Count | 86 737 | | 15 800 | EUR | 32.945 | 2 857 550.47 | 0.84 |","| LANXESS AG | Count | 25 531 | | 9 700 | EUR | 54.5 | 1 391 439.50 | 0.41 |","| Mayr Melnhof Karton AG | Count | 13 059 | | 1 600 | EUR | 176.6 | 2 306 219.40 | 0.68 |","| Neste Oyj | Count | 119 515 | 48 700 | 48 500 | EUR | 43.29 | 5 173 804.35 | 1.52 |","| Sampo Oyj | Count | 110 439 | | 8 200 | EUR | 44.23 | 4 884 716.97 | 1.44 |","| Sanofi | Count | 55 400 | 55 400 | | EUR | 89.35 | 4 949 990.00 | 1.46 |","| Siemens Healthineers AG | Count | 33 931 | 1 100 | 4 200 | EUR | 65.82 | 2 233 338.42 | 0.66 |","| Stellantis NV | Count | 206 800 | 206 800 | | EUR | 16.73 | 3 459 764.00 | 1.02 |","| Talanx AG | Count | 149 781 | | 40 000 | EUR | 42.54 | 6 371 683.74 | 1.87 |","| Total SA | Count | 127 643 | 55 900 | 68 900 | EUR | 44.89 | 5 729 894.27 | 1.69 |","| Unilever PLC | Count | 148 109 | 55 700 | 29 100 | EUR | 47.245 | 6 997 409.71 | 2.06 |","| Vantage Towers AG | Count | 155 238 | 160 438 | 5 200 | EUR | 32.2 | 4 998 663.60 | 1.47 |","| Vinci SA | Count | 17 467 | 1 600 | 3 700 | EUR | 91.94 | 1 605 915.98 | 0.47 |","| Vonovia SE | Count | 178 222 | 25 300 | 3 300 | EUR | 48.5 | 8 643 767.00 | 2.54 |","| Anglo American PLC | Count | 37 600 | 159 700 | 122 100 | GBP | 30.32 | 1 359 147.10 | 0.40 |","| Antofagasta PLC | Count | 320 352 | 92 100 | 86 300 | GBP | 13.435 | 5 131 147.89 | 1.51 |","| BHP Group PLC | Count | 419 926 | | 262 200 | GBP | 22.13 | 11 079 077.51 | 3.26 |","| Fresnillo PLC | Count | 160 312 | 29 100 | 24 500 | GBP | 8.73 | 1 668 513.40 | 0.49 |","| HSBC Holdings PLC | Count | 484 700 | 484 700 | | GBP | 4.504 | 2 602 680.29 | 0.77 |","| National Grid PLC | Count | 597 017 | | 79 100 | GBP | 10.808 | 7 692 747.11 | 2.26 |","| Polymetal International PLC | Count | 434 761 | 61 800 | 34 400 | GBP | 12.99 | 6 733 008.33 | 1.98 |","| Reckitt Benckiser Group PLC | Count | 109 147 | 28 200 | 7 800 | GBP | 63.41 | 8 251 235.42 | 2.43 |","| Rio Tinto PLC | Count | 29 039 | 2 900 | 58 000 | GBP | 49.27 | 1 705 743.17 | 0.50 |","| Royal Dutch Shell PLC | Count | 191 352 | | 156 500 | GBP | 16.226 | 3 701 637.61 | 1.09 |","| Royal Dutch Shell PLC | Count | 191 496 | | 170 300 | GBP | 16.238 | 3 707 162.86 | 1.09 |","| DNB Bank ASA | Count | 279 754 | 284 954 | 5 200 | NOK | 202.2 | 5 671 198.20 | 1.67 |","| Equinor ASA | Count | 281 059 | 92 000 | 119 900 | NOK | 236.2 | 6 655 715.65 | 1.96 |","| Gjensidige Forsikring BA | Count | 109 719 | | 4 400 | NOK | 214.2 | 2 356 235.40 | 0.69 |","| Mowi ASA | Count | 75 858 | 8 700 | 64 300 | NOK | 208.4 | 1 584 953.31 | 0.47 |","| Norsk Hydro ASA | Count | 739 800 | 739 800 | | NOK | 69.4 | 5 147 438.51 | 1.51 |","| Telenor ASA | Count | 111 692 | 7 900 | | NOK | 139.35 | 1 560 437.61 | 0.46 |","| TGS NOPEC Geophysical Co., ASA | Count | 166 459 | 212 800 | 197 300 | NOK | 85.24 | 1 422 551.81 | 0.42 |","| CD Projekt SA | Count | 44 900 | 47 200 | 2 300 | PLN | 192.32 | 1 878 578.36 | 0.55 |","| Warsaw Stock Exchange | Count | 154 981 | | | PLN | 41.6 | 1 402 588.62 | 0.41 |","| Boliden AB | Count | 135 461 | 142 361 | 6 900 | SEK | 351.1 | 4 646 372.80 | 1.37 |","| Epiroc AB | Count | 180 128 | 209 428 | 29 300 | SEK | 230.6 | 4 057 976.01 | 1.19 |","| Lundin Mining Corp.","| Count | 389 900 | 231 800 | 66 900 | SEK | 70.35 | 2 679 700.65 | 0.79 |","| Rugvista Group AB | Count | 135 100 | 150 000 | 14 900 | SEK | 126.6 | 1 670 929.01 | 0.49 |","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| Sandvik AB | Count | 180 625 | 23 400 | 11 000 | SEK | 253.2 | 4 467 972.66 | 1.31 |","| Swedbank AB | Count | 336 600 | 336 600 | | SEK | 182.4 | 5 998 019.74 | 1.76 |","| Telefonaktiebolaget LM Ericsson | Count | 170 900 | 28 700 | 6 700 | SEK | 99.81 | 1 666 422.28 | 0.49 |","| Polyus PJSC -GDR- | Count | 84 272 | 23 700 | 4 400 | USD | 87.55 | 6 509 341.04 | 1.91 |","| Total securities portfolio | | | | | | | 327 095 107.54 | 96.24 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Currency derivatives Receivables/payables | | | | | | | 4 695.47 | 0.00 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (long) | | | | | | | | |","| Open positions CHF/EUR 0.2 million | | | | | | | 1 673.93 | 0.00 |","| CHF/GBP 0.1 million | | | | | | | -479.94 | 0.00 |","| Closed positions CHF/EUR 0.3 million | | | | | | | 1 503.27 | 0.00 |","| CHF/GBP 0.1 million | | | | | | | 1 586.08 | 0.00 |","| Forward currency transactions (short) | | | | | | | | |","| Open positions CHF/CZK 0.1 million | | | | | | | -25.37 | 0.00 |","| CHF/DKK 0.2 million | | | | | | | 158.51 | 0.00 |","| CHF/NOK 0.4 million | | | | | | | -81.05 | 0.00 |","| CHF/PLN 0.1 million | | | | | | | 2.52 | 0.00 |","| CHF/RUB 0.8 million | | | | | | | 163.24 | 0.00 |","| CHF/SEK 0.4 million | | | | | | | 16.41 | 0.00 |","| EUR/CZK 0.1 million | | | | | | | -13.22 | 0.00 |","| EUR/DKK 0.1 million | | | | | | | -1.38 | 0.00 |","| EUR/GBP 0.1 million | | | | | | | -243.13 | 0.00 |","| EUR/NOK 0.1 million | | | | | | | -75.30 | 0.00 |","| EUR/PLN 0.1 million | | | | | | | -7.15 | 0.00 |","| EUR/RUB 0.2 million | | | | | | | 22.12 | 0.00 |","| EUR/SEK 0.1 million | | | | | | | -51.81 | 0.00 |","| Closed positions CHF/CZK 0.2 million | | | | | | | -36.42 | 0.00 |","| CHF/NOK 0.4 million | | | | | | | 400.46 | 0.00 |","| CHF/PLN 0.1 million | | | | | | | -41.94 | 0.00 |","| EUR/CZK 0.1 million | | | | | | | -13.63 | 0.00 |","| EUR/GBP 0.1 million | | | | | | | 219.02 | 0.00 |","| EUR/NOK 0.1 million | | | | | | | 36.33 | 0.00 |","| EUR/PLN 0.1 million | | | | | | | -16.08 | 0.00 |","| Cash at bank | | | | | | | 12 520 102.88 | 3.68 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 321 525.14 | 0.09 |","| Deposits in other EU/EEA currencies | | | | | | | | |","| Danish krone | DKK | 954 582 | | | | | 128 366.19 | 0.04 |","| Norwegian krone | NOK | 14 428 415 | | | | | 1 446 558.52 | 0.42 |","| Polish zloty | PLN | 1 400 586 | | | | | 304 697.03 | 0.09 |","| Swedish krona | SEK | 3 379 578 | | | | | 330 165.31 | 0.10 |","| Czech koruna | CZK | 20 213 215 | | | | | 811 222.69 | 0.24 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 6 255 205 | | | | | 7 457 460.17 | 2.19 |","| Canadian dollar | CAD | 870 | | | | | 600.67 | 0.00 |","| Swiss franc | CHF | 1 438 070 | | | | | 1 388 741.89 | 0.41 |","| U.S. dollar | USD | 374 906 | | | | | 330 765.27 | 0.10 |","| Other assets | | | | | | | 1 825 860.32 | 0.54 |","| Dividends/Distributions receivable | | | | | | | 439 562.40 | 0.13 |","| Other receivables | | | | | | | 1 386 297.92 | 0.41 |","| Receivables from share certificate transactions | | | | | | | 92 315.05 | 0.03 |","| Total assets * | | | | | | | 341 539 167.68 | 100.49 |","| Other liabilities | -1 285 067.24 | -0.38 |","| --- | --- | --- |","| Liabilities from cost items | -465 910.80 | -0.14 |","| Additional other liabilities | -819 156.44 | -0.24 |","| Liabilities from share certificate transactions | -374 631.47 | -0.11 |","| Total liabilities | -1 660 785.13 | -0.49 |","| Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| 339 878 382.55 | 100.00 |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class CHF LDH (P) | CHF | 110.92 |","| Class FC | EUR | 130.70 |","| Class FD | EUR | 110.41 |","| Class LC | EUR | 197.10 |","| Class LD | EUR | 152.48 |","| Class LDH (P) | EUR | 114.08 |","| Class NC | EUR | 184.03 |","| Class ND | EUR | 145.01 |","| Class TFC | EUR | 121.30 |","| Class TFD | EUR | 108.98 |","| Class XC | EUR | 219.87 |","| Class XD | EUR | 132.81 |","| Number of shares outstanding Class CHF LDH (P) | Count | 4 666.000 |","| Class FC | Count | 275 205.628 |","| Class FD | Count | 41 170.000 |","| Class LC | Count | 244 309.681 |","| Class LD | Count | 1 594 420.084 |","| Class LDH (P) | Count | 935.161 |","| Class NC | Count | 22 305.672 |","| Class ND | Count | 711.769 |","| Class TFC | Count | 5 815.395 |","| Class TFD | Count | 5 308.458 |","| Class XC | Count | 9 015.302 |","| Class XD | Count | 88.207 |","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe High Dividend Yield net TR","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 82.725 |","| --- | --- | --- |","| Highest market risk exposure | % | 120.918 |","| Average market risk exposure | % | 99.156 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Market abbreviations\t Contracting parties for forward currency transactions","Barclays Bank Ireland PLC, BNP Paribas S.A., Bofa Securities Europe S.A., Goldman Sachs Bank Europe SE, HSBC France, J.P. Morgan AG, Morgan Stanley Bank AG, Morgan Stanley Europe SE, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank and UBS AG.","Exchange rates (indirect quotes)","As of December 30, 2021","| Canadian dollar\tCAD | 1.448606 | = EUR | 1 |","| --- | --- | --- | --- |","| Swiss franc\tCHF | 1.035520 | = EUR | 1 |","| Czech koruna\tCZK | 24.916975 | = EUR | 1 |","| Danish krone\tDKK | 7.436396 | = EUR | 1 |","| British pound\tGBP | 0.838785 | = EUR | 1 |","| Norwegian krone\tNOK | 9.974305 | = EUR | 1 |","| Polish zloty\tPLN | 4.596650 | = EUR | 1 |","| Swedish krona\tSEK | 10.236018 | = EUR | 1 |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","Footnote","* Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)","Statement of changes in net assets\t2021","| for the period from January 1, 2021, through December 31, | 2021 | | | I. | Value of the fund‘s net assets | |","| --- | --- | --- | --- | --- | --- | --- |","| | | | | | at the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . | EUR | 300 394 665.07 |","| I. Income | | | | 1. | Distribution for the previous year | EUR | -7 482 922.76 |","| 1. Dividends (before withholding tax) | EUR | 12 905 929.15 | | 2. | Net outflows | EUR | -466 728.82 |","| 2. Interest from investments of liquid assets | | | | 3. | Income adjustment | EUR | -155 653.66 |","| (before withholding tax) | EUR | 770.38 | | 4. | Net investment income | EUR | 7 408 819.82 |","| 3. Income from securities lending | EUR | 3 590.66 | | 5. | Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 11 614 902.45 |","| 4. Deduction for foreign withholding tax | EUR | -629 721.23 | | 6. | Net change in unrealized appreciation/depreciation ....","| EUR | 28 565 300.45 |","| Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 12 280 568.96 | | II.","| Value of the fund‘s net assets . . . .",". . . .",". . . .",". . . .",". . . | | |","| | | | | | at the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 339 878 382.55 |","| II.","Expenses | | | | | | | |","| 1. Interest on borrowings and | | | | | | | |","negative interest on deposits EUR\t-60 746.70","- Management fee EUR\t-4 569 047.84thereof:Basic management fee EUR -4 531 669.76Administration fee EUR\t-37 378.08","- Depositary fee EUR\t-8 570.93","- Auditing, legal and publication costs","- 1","- EUR 34\t057.54","- Taxe d‘abonnement EUR\t-161 733.86","- Other expenses EUR\t-105 707.35thereof:Performance-based feefrom securities lending income .","EUR\t\t-1 196.89 Other EUR\t-104 510.46","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -4 871 749.14 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 7 408 819.82 |","| IV.","Sale transactions Realized gains/losses | EUR | 11 614 902.45 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 11 614 902.45 |","| V. Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","| EUR | 19 023 722.27 |","1","This largely includes income from the release of excess accruals for auditing costs in the amount of EUR 42 576.33.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class CHF LDH (P) 1.61% p.a.,\tClass FC 0.82% p.a.,","Class FD 0.83% p.a.,\tClass LC 1.58% p.a.,","Class LD 1.58% p.a.,\tClass LDH (P) 1.59% p.a.,","Class NC 2.28% p.a.,\tClass ND 2.29% p.a.,","Class TFC 0.84% p.a.,\tClass TFD 0.83% p.a.,","Class XC 0.38% p.a.,\tClass XD 0.36% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given fiscal year.","As well, the additional income from securities lending resulted in a performance-based fee of","Class CHF LDH (P) <0.001% p.a.,\tClass FC <0.001% p.a.,","Class FD <0.001% p.a.,\tClass LC <0.001% p.a.,","Class LD <0.001% p.a.,\tClass LDH (P) <0.001% p.a.,","Class NC <0.001% p.a.,\tClass ND <0.001% p.a.,","Class TFC <0.001% p.a.,\tClass TFD <0.001% p.a.,","Class XC <0.001% p.a.,\tClass XD <0.001% p.a.","of the fund’s average net assets in relation to the respective share class.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 183 030.44.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t11 614 902.45","| from: | |","| --- | --- |","| Securities transactions | EUR | 11 118 875.98 |","| (Forward) currency transactions | EUR | 496 026.47 |","Changes in net assets and in the net asset value per share over the last three years","###### Details on the distribution policy*","Class CHF LDH (P)","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tCHF\t3.65","| | 2021 | Class CHF LDH (P) | CHF | 110.92 |","| --- | --- | --- | --- | --- |","| The income for the fiscal year is reinvested.","| | Class FC | EUR | 130.70 |","| | | Class FD | EUR | 110.41 |","Class FC","Net assets at the end of the fiscal year","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t339 878 382.55","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t300 394 665.07","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t446 907 349.79","Net asset value per share at the end of the fiscal year","| Class FD | |","| --- | --- |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | EUR | 3.57 |","| Class LC | | | |","Class LD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t4.95","Class LDH (P)","Type\tAs of\tCurrency\tPer share","| | Class LC | EUR | 197.10 |","| --- | --- | --- | --- |","| Class LD | EUR | 152.48 |","| Class LDH (P) | EUR | 114.08 |","| Class NC | EUR | 184.03 |","| Class ND | EUR | 145.01 |","| Class TFC | EUR | 121.30 |","| Class TFD | EUR | 108.98 |","| | Class XC | EUR | 219.87 |","Class FD EUR\t97.27","| | Class XD | EUR | 132.81 |","| --- | --- | --- | --- |","| The income for the fiscal year is reinvested.","| 2020 | Class CHF LDH (P) | CHF | 101.68 |","| | | Class FC | EUR | 111.48 |","Class LC EUR\t169.38","Class LD EUR\t135.37","Class LDH (P) EUR\t104.36","Class NC EUR\t159.26","Class ND EUR\t129.67","Class TFC EUR\t103.47","Class TFD EUR\t96.63","Class XC EUR\t186.70","Class XD EUR\t115.82","| Final distribution | March 4, 2022 | EUR | 3.75 | 2019\tClass CHF LDH (P) Class FC | CHF EUR | 107.05 114.25 |","| --- | --- | --- | --- | --- | --- | --- |","| | | | | Class FD | EUR | 103.18 |","| | | Class LC | EUR | 174.90 |","| | | Class LD | EUR | 144.72 |","| The income for the fiscal year is reinvested.","| | Class LDH (P) | EUR | 109.30 |","| | | Class NC | EUR | 165.60 |","| | | Class ND | EUR | 139.63 |","| Class ND | | | | Class TFC | EUR | 106.04 |","| | | | | Class TFD | EUR | 102.53 |","| Type | As of | Currency | Per share | Class XC | EUR | 190.44 |","Class NC","Final distribution\tMarch 4, 2022\tEUR\t4.73","Class TFC","The income for the fiscal year is reinvested.","| Class TFD | |","| --- | --- |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | EUR | 3.53 |","| Class XC | | | |","| The income for the fiscal year is reinvested.","| Class XD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | EUR | 4.28 |","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the fiscal year is reinvested.","Class XD EUR\t122.29","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.","The total volume was EUR 0.00.","#### Investment objective and performance in the reporting period","The investment focus of DWS Invest II Global Equity High Conviction Fund is on equi- ties of domestic and foreign companies that have above- average growth prospects.","Its investment universe encom-","DWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND","Five-year performance","190","175","160","145","130","115","100","85","passes shares of companies","12/16*","12/17","12/18\t12/19\t12/20","12/21","from around the world whose growth potential arises from","DWS Invest II Global Equity High Conviction Fund (LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 12/2016 = 100","Data on euro basis","one of the following three","criteria: companies with busi- ness activity in strongly grow- ing niche markets, companies with significant business activity in emerging markets, and companies located within emerging-market countries.","In the reporting period from the beginning of January 2021 through the end of December 2021, the sub-fund recorded an","appreciation of 23.5% per share (LC share class; BVI method).","Its benchmark, the MSCI AC World, recorded a gain of 29.0% in the same period (both percentages in euro terms).","Past performance is no guide to future results.","As of: December 31, 2021","DWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND","Performance of share classes vs. benchmark (in EUR)","| Share class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LC | LU0826452848 | 23.5% | 72.5% | 82.2% |","| Class FC | LU0826453069 | 24.4% | 76.5% | 89.1% |","| Class LD | LU0826452921 | 23.5% | 72.6% | 82.2% |","| Class NC | LU0826453226 | 22.6% | 69.0% | 75.9% |","| Class TFC | LU1663960265 | 24.4% | 76.6% | 68.7% 1 |","| Class TFD | LU1663960349 | 24.4% | 76.7% | 68.8% 1 |","| MSCI AC World | | 29.0% | 77.3% | 82.5% |","1","Classes TFC and TFD launched on January 15, 2018","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","#### Investment policy in the reporting period","One investment focus in the past fiscal year was on com- panies that, in addition to sustainable growth prospects, were characterized by a cer- tain stability regarding their business model and their cash flows.","The total number of stocks held in the portfolio was limited to 40.","Individual names could thus have a significantly higher weight (as expressed by the words “high conviction”","in the sub-fund name).","In con-","trast to the benchmark, stocks that did not meet the portfolio management’s requirements were left out of the portfolio altogether.","Following the memorable 2020 fiscal year, the stock exchanges developed very solidly in the reporting period.","The “COVID-19 issue”* remained ubiquitous.","However, the mood increas- ingly brightened as significant progress was made in the fight against the pandemic.","After publication of positive trial results in November 2020, the","first vaccines were administered at the turn of the year.","Global vaccination campaigns since then have helped major econo- mies gradually return to normal.","This was also reflected in cor- porate results.","In addition, the unprecedented level of support by governments and accompa- nying actions by central banks provided important assistance for consumers and the econ- omy, which in turn translated into significantly higher share prices.","Many companies that were particularly badly hit at the beginning of the pandemic and","had less healthy balance sheets benefited disproportionately from this aid.","Despite this solid performance overall, the pandemic also gave rise to considerable fac- tors causing uncertainty and “side effects”.","For one thing, the virus has not gone away and could still present the world with fresh challenges.","In the reporting period, several waves of COVID repeatedly caused setbacks, for instance in sensitive industries such as the travel sector.","For another, the pandemic caused signifi- cant distortion in global sup- ply chains that continued to weigh on national economies.","A major shortage of road, sea and air freight capacity was observed.","Another problem was production capacity for semiconductors, for example, which was inadequate to meet rapidly rising demand as the economy recovered.","The conse- quences of this could be seen in many sectors, particularly","in the automotive industry, but supply chain constraints left their mark on many other industries as well.","The combi-","nation of production stoppages and plant closures plus expen- sive stimulus packages, as well","also showed sensitivity to these developments, even though, as mentioned earlier, significant gains were recorded on the bottom line.","Over the fiscal year as a whole, fewer regional differences than sectoral differences could be observed.","The equity markets in the industrial countries, in particular, often moved in sim- ilarly positive orders of magni- tude.","The emerging markets, in contrast, lagged significantly behind since the summer due to underperformance in Asia.","This relative weakness in the emerging markets was clearly felt by the portfolio through the positioning in Chinese equities.","Particularly the tighter govern- ment regulation of communi- cations and internet companies such as Alibaba or Tencent had a negative impact.","As these companies are prominently represented in the portfolio due to their strong market posi- tions, attractive valuations and successful digitalization strat- egies, their performance was one of the main reasons for the sub-fund’s weaker overall per- formance.","The Chinese insurer Ping An was another company beset by fears of government","high growth rates and greater future earnings prospects, with the associated high valuations (e.g., Tesla, NVIDIA, etc.).","But the portfolio management continued to attach great importance to attractive valua- tions; accordingly, this general development was detrimental to the sub-fund.","Furthermore, the overweight in health care and the underweight in energy also contributed negatively to performance.","The overweight in communications stocks (e.g., Alphabet) and the underweight in utilities both had a positive effect on the sub-fund.","Information on the environmental and/or social characteristics","The sub-fund qualifies as a","product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","as the almost simultaneous","regulation, which weakened the\topening up of economies, also led to significant price distor- tions in many end markets.","Snowballing prices for timber, construction materials, and freight containers are further examples.","This sparked con- cerns about runaway inflation and generated movement in the bond markets.","Share prices","performance of its share price.","Other technology stocks from the emerging markets such","as Samsung Electronics, how- ever, were similarly unable to keep pace with the index in the reporting period.","In 2021, the equity markets preferred companies exhibiting","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ-omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors) Information Technology | 37 382 554.83 | 18.42 |","| Telecommunication Services | 45 254 806.31 | 22.30 |","| Consumer Discretionaries | 63 877 232.29 | 31.46 |","| Consumer Staples | 14 077 065.50 | 6.93 |","| Financials | 35 571 434.36 | 17.52 |","| Total equities | 196 163 093.29 | 96.63 |","| 2. Cash at bank | 7 003 672.01 | 3.45 |","| 3. Other assets | 120 542.96 | 0.06 |","| 4. Receivables from share certificate transactions | 1 644.16 | 0.00 |","| II.","Liabilities | | |","| 1. Other liabilities | -275 860.83 | -0.13 |","| 2. Liabilities from share certificate transactions | -18 720.93 | -0.01 |","| III.","Net assets | 202 994 370.66 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – December 31, 2021","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| Securities traded on an exchange | | | | | | | 196 163 093.29 | 96.63 |","| Equities Toronto-Dominion Bank/The | Count | 63 000 | 63 000 | | CAD | 97.67 | 4 247 676.82 | 2.09 |","| Nestle SA | Count | 89 500 | 4 000 | | CHF | 127.96 | 11 059 582.94 | 5.45 |","| Roche Holding AG | Count | 10 850 | | 3 200 | CHF | 380.95 | 3 991 528.18 | 1.97 |","| Allianz SE | Count | 15 100 | | 5 000 | EUR | 207.65 | 3 135 515.00 | 1.54 |","| Deutsche Boerse AG | Count | 27 800 | | | EUR | 147.1 | 4 089 380.00 | 2.01 |","| Fresenius SE & Co., KGaA | Count | 101 100 | | 10 000 | EUR | 35.4 | 3 578 940.00 | 1.76 |","| Talanx AG | Count | 104 208 | | | EUR | 42.54 | 4 433 008.32 | 2.18 |","| Unilever PLC | Count | 153 000 | 32 000 | | EUR | 47.245 | 7 228 485.00 | 3.56 |","| Alibaba Group Holding Ltd | Count | 338 400 | 338 400 | | HKD | 109.9 | 4 207 056.53 | 2.07 |","| Ping An Insurance Group Co. of China Ltd | Count | 330 000 | 330 000 | | HKD | 56.3 | 2 101 709.25 | 1.04 |","| Tencent Holdings Ltd | Count | 136 000 | 7 600 | | HKD | 443.4 | 6 821 578.77 | 3.36 |","| Toyota Motor Corp.","| Count | 200 000 | 200 000 | | JPY | 2 105.5 | 3 228 227.21 | 1.59 |","| Samsung Electronics Co., Ltd | Count | 181 150 | | | KRW | 78 300 | 10 527 061.12 | 5.19 |","| Taiwan Semiconductor Manufacturing Co., Ltd | Count | 585 000 | | | TWD | 615 | 11 472 722.41 | 5.65 |","| Alphabet, Inc.","| Count | 7 350 | | 2 400 | USD | 2 932.12 | 19 013 700.71 | 9.37 |","| Amgen, Inc.","| Count | 17 578 | | | USD | 228.45 | 3 542 894.31 | 1.74 |","| Applied Materials, Inc.","| Count | 12 800 | 12 800 | | USD | 159.66 | 1 803 032.97 | 0.89 |","| Arista Networks, Inc.","| Count | 29 000 | 21 750 | | USD | 144.4 | 3 694 560.35 | 1.82 |","| AutoZone, Inc.","| Count | 3 324 | 177 | 1 153 | USD | 2 100.31 | 6 159 450.78 | 3.03 |","| Biogen Idec, Inc.","| Count | 8 943 | 8 943 | | USD | 241.75 | 1 907 424.20 | 0.94 |","| Booking Holdings, Inc.","| Count | 820 | | 400 | USD | 2 406.64 | 1 741 095.36 | 0.86 |","| Centene Corp.","| Count | 44 000 | | | USD | 84.32 | 3 273 262.60 | 1.61 |","| Check Point Software Technologies Ltd | Count | 27 050 | | | USD | 117.77 | 2 810 603.09 | 1.38 |","| Clorox Co.","/The | Count | 9 468 | 9 468 | | USD | 171.51 | 1 432 667.04 | 0.71 |","| eBay, Inc.","| Count | 66 500 | | | USD | 67.4 | 3 954 386.51 | 1.95 |","| Facebook, Inc.","| Count | 19 100 | | 4 900 | USD | 345.52 | 5 822 428.08 | 2.87 |","| Gilead Sciences, Inc.","| Count | 22 300 | | | USD | 73.67 | 1 449 416.19 | 0.71 |","| Home Depot, Inc.","/The | Count | 12 900 | 6 100 | | USD | 412.03 | 4 689 387.51 | 2.31 |","| HP, Inc.","| Count | 146 300 | | 40 000 | USD | 37.99 | 4 903 556.61 | 2.42 |","| Intel Corp.","| Count | 93 500 | | | USD | 51.95 | 4 285 433.27 | 2.11 |","| Johnson & Johnson | Count | 22 900 | | | USD | 171.96 | 3 474 245.41 | 1.71 |","| Marsh & McLennan Cos, Inc.","| Count | 32 750 | | | USD | 174.15 | 5 031 904.12 | 2.48 |","| Medtronic PLC | Count | 52 300 | | | USD | 104.51 | 4 822 332.05 | 2.38 |","| Merck & Co., Inc.","| Count | 57 100 | 27 000 | | USD | 77.15 | 3 886 597.91 | 1.91 |","| Progressive Corp.","/The | Count | 72 000 | 7 000 | | USD | 103.74 | 6 589 861.91 | 3.25 |","| S&P Global, Inc.","| Count | 11 000 | | | USD | 474 | 4 600 114.07 | 2.27 |","| UnitedHealth Group, Inc.","| Count | 13 800 | | 2 500 | USD | 506.065 | 6 161 450.48 | 3.03 |","| Vertex Pharmaceuticals, Inc.","| Count | 17 600 | 8 800 | | USD | 223.36 | 3 468 291.91 | 1.71 |","| Visa, Inc.","* | Count | 30 851 | 6 300 | | USD | 218.32 | 5 942 378.94 | 2.93 |","| VMware, Inc.","| Count | 15 200 | | | USD | 117.83 | 1 580 145.36 | 0.78 |","| Total securities portfolio | | | | | | | 196 163 093.29 | 96.63 |","| Cash at bank | | | | | | | 7 003 672.01 | 3.45 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 49 247.37 | 0.03 |","| Deposits in other EU/EEA currencies | | | | | | | | |","| Danish krone | DKK | 6 662 | | | | | 895.85 | 0.00 |","| Norwegian krone | NOK | 24 857 | | | | | 2 492.15 | 0.00 |","| Swedish krona | SEK | 2 262 | | | | | 221.00 | 0.00 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| Australian dollar | AUD | 4 828 | | | | | 3 096.53 | 0.00 |","| Brazilian real | BRL | 6 502 | | | | | 1 029.31 | 0.00 |","| British pound | GBP | 4 163 | | | | | 4 963.29 | 0.00 |","| Hong Kong dollar | HKD | 43 716 | | | | | 4 945.31 | 0.00 |","| Indonesian rupiah | IDR | 2 619 630 | | | | | 161.99 | 0.00 |","| Israeli shekel | ILS | 2 669 | | | | | 757.40 | 0.00 |","| Japanese yen | JPY | 114 796 | | | | | 880.05 | 0.00 |","| Canadian dollar | CAD | 6 988 | | | | | 4 823.60 | 0.00 |","| Mexican peso | MXN | 3 480 | | | | | 149.69 | 0.00 |","| New Taiwan dollar | TWD | 3 149 321 | | | | | 100 427.45 | 0.05 |","| Swiss franc | CHF | 5 129 | | | | | 4 953.14 | 0.00 |","| Singapore dollar | SGD | 4 303 | | | | | 2 807.09 | 0.00 |","| South African rand | ZAR | 4 342 | | | | | 240.23 | 0.00 |","| South Korean won | KRW | 226 566 767 | | | | | 168 152.47 | 0.09 |","| Thai baht | THB | 79 664 | | | | | 2 104.00 | 0.00 |","| U.S. dollar | USD | 7 538 944 | | | | | 6 651 324.09 | 3.28 |","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| Other assets | 120 542.96 | 0.06 |","| Dividends/Distributions receivable | 120 542.96 | 0.06 |","| Receivables from share certificate transactions | 1 644.16 | 0.00 |","| Total assets | 203 288 952.42 | 100.14 |","| Other liabilities | -275 860.83 | -0.13 |","| Liabilities from cost items | -275 860.83 | -0.13 |","| Liabilities from share certificate transactions | -18 720.93 | -0.01 |","| Total liabilities | -294 581.76 | -0.14 |","| Net assets | 202 994 370.66 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class FC | EUR | 281.67 |","| Class LC | EUR | 262.69 |","| Class LD | EUR | 258.16 |","| Class NC | EUR | 246.73 |","| Class TFC | EUR | 168.69 |","| Class TFD | EUR | 166.06 |","| Number of shares outstanding Class FC | Count | 140 859.664 |","| Class LC | Count | 526 298.125 |","| Class LD | Count | 27 825.438 |","| Class NC | Count | 72 421.417 |","| Class TFC | Count | 40.000 |","| Class TFD | Count | 20.000 |","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI All Countries World Index (EUR)","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 76.040 |","| --- | --- | --- |","| Highest market risk exposure | % | 97.878 |","| Average market risk exposure | % | 84.417 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Securities lending","The following securities were transferred under securities loans at the reporting date:","| Security name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |","| --- | --- | --- | --- | --- |","| Visa, Inc.","| Count | 25 000 | | 4 815 386.00 |","| Total receivables from securities loans | | | 4 815 386.00 | 4 815 386.00 |","| Contracting party for securities loans Barclays Bank Ireland PLC EQ | | | | |","| Total collateral pledged by third parties for securities loans thereof: Equities | | EUR EUR | | 5 077 831.66 5 077 831.66 |","Exchange rates (indirect quotes)","As of December 30, 2021","| Australian dollar .","| AUD | 1.559185 | = | EUR | 1 |","| --- | --- | --- | --- | --- | --- |","| Brazilian real .","| BRL | 6.316661 | = | EUR | 1 |","| Canadian dollar .","| CAD | 1.448606 | = | EUR | 1 |","| Swiss franc .","| CHF | 1.035520 | = | EUR | 1 |","| Danish krone .","| DKK | 7.436396 | = | EUR | 1 |","| British pound .","| GBP | 0.838785 | = | EUR | 1 |","| Hong Kong dollar .","| HKD | 8.839948 | = | EUR | 1 |","| Indonesian rupiah .","| IDR | 16 171.500076 | = | EUR | 1 |","| Israeli shekel .","| ILS | 3.523386 | = | EUR | 1 |","| Japanese yen .","| JPY | 130.443111 | = | EUR | 1 |","| South Korean won .","| KRW | 1 347.388871 | = | EUR | 1 |","| Mexican peso .","| MXN | 23.246213 | = | EUR | 1 |","| Norwegian krone .","| NOK | 9.974305 | = | EUR | 1 |","| Swedish krona .","| SEK | 10.236018 | = | EUR | 1 |","| Singapore dollar .","| SGD | 1.532821 | = | EUR | 1 |","| Thai baht .","| THB | 37.862902 | = | EUR | 1 |","| New Taiwan dollar .","| TWD | 31.359165 | = | EUR | 1 |","| U.S. dollar .","| USD | 1.133450 | = | EUR | 1 |","| South African rand .","| ZAR | 18.075696 | = | EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","Footnote","* Some or all of these securities are lent.","Statement of income and expenses (incl. income adjustment)","Statement of changes in net assets\t2021","| for the period from January 1, 2021, through December 31, | 2021 | | | I. | Value of the fund‘s net assets | |","| --- | --- | --- | --- | --- | --- | --- |","| | | | | | at the beginning of the fiscal year | EUR | 165 456 076.48 |","| I. Income | | | | 1. | Distribution for the previous year | EUR | -1 451.67 |","| 1. Dividends (before withholding tax) | EUR | 3 685 287.10 | | 2. | Net outflows | EUR | -1 466 153.07 |","| 2. Interest from investments of liquid assets | | | | 3. | Income adjustment | EUR | 108 501.24 |","| (before withholding tax) | EUR | 7 000.40 | | 4. | Net investment income | EUR | 91 842.27 |","| 3. Income from securities lending | EUR | 3 394.86 | | 5. | Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 10 006 435.73 |","| 4. Deduction for foreign withholding tax | EUR | -786 195.98 | | 6. | Net change in unrealized appreciation/depreciation ....","| EUR | 28 799 119.68 |","| | | | | | | | |","| Total income | EUR | 2 909 486.38 | | II.","| Value of the fund‘s net assets | | |","| | | | | | at the end of the fiscal year | EUR | 202 994 370.66 |","| II.","Expenses | | | | | | | |","| 1. Interest on borrowings and | | | | | | | |","negative interest on deposits EUR\t-975.24","- Management fee EUR\t-2 620 276.28thereof:Basic management fee EUR -2 596 779.35Administration fee EUR\t-23 496.93","- Depositary fee EUR\t-5 722.15","- Auditing, legal and publication costs EUR\t-8 754.87","- Taxe d‘abonnement EUR\t-95 114.53","- Other expenses EUR\t-86 801.04thereof:Performance-based feefrom securities lending income .","EUR\t\t-1 131.62 Other EUR\t-85 669.42Realized gains/losses (incl. income adjustment) EUR\t10 006 435.73","| from: | |","| --- | --- |","| Securities transactions | EUR | 9 949 299.41 |","| (Forward) currency transactions | EUR | 57 136.32 |","| Total expenses | EUR | -2 817 644.11 | |","| --- | --- | --- | --- |","| III.","Net investment income | EUR | 91 842.27 | | | Class FC | |","| | | | | | | |","| IV.","Sale transactions Realized gains/losses | EUR | 10 006 435.73 | | | The income for the fiscal year is reinvested.","| |","| | | | | | | |","| Capital gains/losses | EUR | 10 006 435.73 | | | Class LC | |","| | | | | | | |","###### Details on the distribution policy*","V. Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR\t10 098 278.00","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class FC 0.85% p.a.,\tClass LC 1.60% p.a.,","Class LD 1.60% p.a.,\tClass NC 2.30% p.a.,","Class TFC 0.85% p.a.,\tClass TFD 0.80% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","As well, the additional income from securities lending resulted in a performance-based fee of","Class FC 0.001% p.a.,\tClass LC 0.001% p.a.,","Class LD 0.001% p.a.,\tClass NC 0.001% p.a.,","Class TFC 0.001% p.a.,\tClass TFD 0.000% p.a.","of the fund’s average net assets in relation to the respective share class.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 19 784.17.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","The income for the fiscal year is reinvested.","Class LD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.05","Class NC","The income for the fiscal year is reinvested.","Class TFC","The income for the fiscal year is reinvested.","| Class TFD | |","| --- | --- |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | EUR | 1.14 |","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the fiscal year is reinvested.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021\tEUR | 202 994 370.66 |","| --- | --- |","| 2020\tEUR | 165 456 076.48 |","| 2019\tEUR | 165 302 616.04 |","| Net asset value per share at the end of the fiscal year | |","| 2021 | Class FC | EUR | 281.67 |","| | Class LC | EUR | 262.69 |","| | Class LD | EUR | 258.16 |","| | Class NC | EUR | 246.73 |","| | Class TFC | EUR | 168.69 |","| | Class TFD | EUR | 166.06 |","| 2020 | Class FC | EUR | 226.45 |","| | Class LC | EUR | 212.78 |","| | Class LD | EUR | 209.15 |","| | Class NC | EUR | 201.25 |","| | Class TFC | EUR | 135.62 |","| | Class TFD | EUR | 134.00 |","| 2019 | Class FC | EUR | 214.61 |","| | Class LC | EUR | 203.20 |","| | Class LD | EUR | 199.81 |","| | Class NC | EUR | 193.53 |","| | Class TFC | EUR | 128.53 |","| | Class TFD | EUR | 127.74 |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.","The total volume was EUR 0.00.","#### Investment objective and performance in the reporting period","The objective of the investment policy is to generate a positive investment result.","To this end, the sub-fund invests worldwide in a variety of assets from the entire range of permissible investment categories and","DWS INVEST II GLOBAL TOTAL RETURN FUND","Five-year performance","120","116","112","108","104","100","96","92","instruments of all asset classes.","12/16*","12/17","12/18\t12/19\t12/20","12/21","Depending on the selection of assets, the sub-fund’s portfolio","DWS Invest II Global Total Return Fund (LD share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 12/2016 = 100","Data on euro basis","composition can vary from a","more bond-oriented invest- ment through to an exclusively equity-oriented investment.","In the reporting period from the beginning of January through the end of December 2021, the sub-fund recorded an apprecia- tion of 6.2% per share (LD share class; BVI method; in euro).","#### Investment policy in the reporting period","On the equity side, the port- folio management focused its","Past performance is no guide to future results.","As of: December 31, 2021","DWS INVEST II GLOBAL TOTAL RETURN FUND","Performance of share classes (in EUR)","| Share class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LD | LU1246176181 | 6.2% | 19.6% | 16.2% |","| Class FD | LU1246175704 | 7.0% | 22.4% | 20.7% |","| Class ID | LU1246175969 | 7.3% | 23.4% | 22.4% |","| Class RD | LU1599458475 | 7.6% | 24.4% | 20.2% 1 |","| Class XD | LU1246176009 | 7.3% | 24.3% | 24.1% |","1","Class RD launched on May 15, 2017","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","investments on the industrial countries, particularly those in North America and Europe,","and invested to a lesser extent in stocks from the emerging markets.","In terms of sector allo- cation, the equity portfolio was generally broadly diversified.","In its bond investments, the sub- fund was globally positioned in the reporting period.","In terms of issuer allocation, the port- folio management invested","in corporate bonds and high- yield bonds from the industrial countries and in bonds from the emerging markets, among others.","In light of the low inter- est environment that still dom- inated in the reporting period, these interest-bearing securities","appeared significantly more attractive in terms of their inter- est rates than, for example, government bonds from the industrial countries.","The performance of the inter- national capital markets in 2021 continued to be affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy.","In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in","light of the weakened global economy – supported price performance in the financial markets.","Since the beginning of 2021, the economic outlook","has improved in view of the efforts undertaken by the inter- national community of nations and the packages of measures introduced with the objective of tackling the economic con- sequences of the COVID-19 crisis, as well as the approval applications for COVID-19 vaccines and the vaccination campaigns taking effect.","How- ever, the question of inflation also arose among investors","on account of the signifi- cantly increased prices in the commodity markets, pent-up demand from consumers due to the COVID-19 pandemic and partial supply shortages due to delivery difficulties.","In addition, the rapid spread of the corona-","virus and its mutations, as well as the associated new restric- tions, dampened economic prospects.","The international stock exchanges finished 2021 with significant price increases, but share price performance was","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","mixed.","While equity markets\tin Western industrial countries registered considerable price gains boosted in particular by the rapid recovery in corporate earnings, stock exchanges in the emerging markets brought up the rear.","Against the back- drop of high levels of debt globally and extremely low interest rates by historical comparison, the bond markets saw price declines amid fluc- tuations for longer maturities in the reporting year through the end of December 2021 as bond yields rose at still very low, and in some cases neg- ative, levels.","In the corporate","bond markets, high-yield bonds recorded price rises amid lower risk premiums and thus outper- formed corporate bonds with investment-grade status, which traded weaker.","Against this backdrop, the securities held in the portfolio delivered a posi- tive performance overall in the reporting period.","#### Information on the environmental and/or social characteristics","The sub-fund qualifies as a prod- uct in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustainability-related disclosures in the financial services sector.","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors) Information Technology | 10 355 586.92 | 9.29 |","| Telecommunication Services | 10 845 680.46 | 9.73 |","| Consumer Discretionaries | 17 177 824.62 | 15.41 |","| Energy | 606 060.00 | 0.54 |","| Consumer Staples | 3 472 449.29 | 3.11 |","| Financials | 4 738 481.27 | 4.25 |","| Basic Materials | 4 418 262.68 | 3.97 |","| Industrials | 4 534 046.92 | 4.06 |","| Utilities | 4 976 330.00 | 4.48 |","| Total equities | 61 124 722.16 | 54.84 |","| 2. Bonds (issuers) Companies | 4 634 197.46 | 4.16 |","| Central governments | 4 827 427.90 | 4.33 |","| Total bonds | 9 461 625.36 | 8.49 |","| 3. Investment fund units Bond funds | 24 945 410.64 | 22.38 |","| Equity funds | 5 454 430.00 | 4.90 |","| Total investment fund units | 30 399 840.64 | 27.28 |","| 4. Derivatives | 209 409.07 | 0.19 |","| 5. Cash at bank | 10 170 594.94 | 9.12 |","| 6. Other assets | 133 632.25 | 0.12 |","| II.","Liabilities | | |","| 1. Other liabilities | -46 641.71 | -0.04 |","| III.","Net assets | 111 453 182.71 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – December 31, 2021","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| Securities traded on an exchange | | | | | | | 70 586 347.52 | 63.33 |","| Equities Lonza Group AG | Count | 650 | 650 | | CHF | 761 | 477 682.68 | 0.43 |","| Nestle SA | Count | 11 500 | | | CHF | 127.96 | 1 421 063.73 | 1.28 |","| Novartis AG | Count | 9 000 | | | CHF | 80.54 | 699 996.10 | 0.63 |","| Roche Holding AG | Count | 3 300 | | | CHF | 380.95 | 1 214 013.18 | 1.09 |","| Alstom SA | Count | 30 000 | 30 000 | | EUR | 30.96 | 928 800.00 | 0.83 |","| ASML Holding NV | Count | 875 | 875 | | EUR | 707 | 618 625.00 | 0.56 |","| AXA SA | Count | 50 000 | 10 000 | | EUR | 26.305 | 1 315 250.00 | 1.18 |","| BASF SE | Count | 26 000 | | | EUR | 61.78 | 1 606 280.00 | 1.44 |","| Bayer AG | Count | 28 000 | | | EUR | 47 | 1 316 000.00 | 1.18 |","| Capgemini SA | Count | 1 800 | 1 800 | | EUR | 216.6 | 389 880.00 | 0.35 |","| Danone SA | Count | 5 800 | 5 800 | | EUR | 54.93 | 318 594.00 | 0.29 |","| Deutsche Post AG | Count | 19 000 | 17 000 | 6 000 | EUR | 56.54 | 1 074 260.00 | 0.96 |","| Deutsche Telekom AG | Count | 100 000 | 30 000 | | EUR | 16.3 | 1 630 000.00 | 1.46 |","| E.ON SE | Count | 170 000 | 20 000 | | EUR | 12.192 | 2 072 640.00 | 1.86 |","| Enel SpA | Count | 140 000 | 70 000 | | EUR | 7.056 | 987 840.00 | 0.89 |","| Essilor International Cie Générale d‘Optique SA . . . .",". . . .",". .","| Count | 4 400 | 4 400 | | EUR | 186.88 | 822 272.00 | 0.74 |","| Evonik Industries AG | Count | 30 000 | | | EUR | 28.47 | 854 100.00 | 0.77 |","| Fastned BV * | Count | 6 500 | 6 500 | | EUR | 49.25 | 320 125.00 | 0.29 |","| Infineon Technologies AG | Count | 38 000 | 8 000 | 10 000 | EUR | 40.76 | 1 548 880.00 | 1.39 |","| Koninklijke Philips NV | Count | 24 000 | 24 000 | | EUR | 32.945 | 790 680.00 | 0.71 |","| LANXESS AG | Count | 12 000 | | | EUR | 54.5 | 654 000.00 | 0.59 |","| Linde PLC | Count | 2 700 | 2 700 | | EUR | 306 | 826 200.00 | 0.74 |","| LVMH Moet Hennessy Louis Vuitton SE | Count | 1 100 | 450 | 950 | EUR | 728.6 | 801 460.00 | 0.72 |","| Merck KGaA | Count | 7 000 | | | EUR | 227 | 1 589 000.00 | 1.43 |","| Neste Oyj | Count | 14 000 | 14 000 | | EUR | 43.29 | 606 060.00 | 0.54 |","| Red Electrica Corp., SA | Count | 50 000 | 60 000 | 30 000 | EUR | 19.045 | 952 250.00 | 0.86 |","| Sanofi | Count | 10 000 | 1 600 | | EUR | 89.35 | 893 500.00 | 0.80 |","| Talanx AG | Count | 16 000 | | 3 000 | EUR | 42.54 | 680 640.00 | 0.61 |","| Teleperformance | Count | 2 600 | | 600 | EUR | 397.6 | 1 033 760.00 | 0.93 |","| Va-Q-tec AG | Count | 15 000 | 7 000 | | EUR | 25.25 | 378 750.00 | 0.34 |","| Veolia Environnement SA | Count | 30 000 | | | EUR | 32.12 | 963 600.00 | 0.87 |","| Vinci SA | Count | 8 000 | 8 000 | | EUR | 91.94 | 735 520.00 | 0.66 |","| Volkswagen AG -Pref- | Count | 10 000 | | | EUR | 177.48 | 1 774 800.00 | 1.59 |","| Vonovia SE | Count | 13 500 | 6 000 | 21 500 | EUR | 48.5 | 654 750.00 | 0.59 |","| Compass Group PLC | Count | 36 000 | | 6 000 | GBP | 16.36 | 702 158.60 | 0.63 |","| JD Sports Fashion PLC | Count | 75 000 | 75 000 | | GBP | 2.17 | 194 030.69 | 0.17 |","| Ocado Group PLC | Count | 12 000 | | | GBP | 16.65 | 238 201.73 | 0.21 |","| Reckitt Benckiser Group PLC | Count | 6 500 | 6 500 | | GBP | 63.41 | 491 383.46 | 0.44 |","| Vodafone Group PLC | Count | 590 000 | | | GBP | 1.125 | 791 604.66 | 0.71 |","| AIA Group Ltd | Count | 72 000 | | | HKD | 79.15 | 644 664.44 | 0.58 |","| Samsung Electronics Co., Ltd | Count | 2 000 | 2 000 | | KRW | 78 300 | 116 224.80 | 0.10 |","| Tomra Systems ASA | Count | 10 000 | | | NOK | 630.8 | 632 425.04 | 0.57 |","| Activision Blizzard, Inc.","| Count | 8 500 | | | USD | 67.22 | 504 098.04 | 0.45 |","| Alibaba Group Holding Ltd -ADR- | Count | 6 200 | | | USD | 118.76 | 649 620.10 | 0.58 |","| Alphabet, Inc.","| Count | 1 700 | | 100 | USD | 2 931.53 | 4 396 841.79 | 3.95 |","| Amazon.com, Inc.","| Count | 400 | | | USD | 3 382.74 | 1 193 785.18 | 1.07 |","| Amgen, Inc.","| Count | 2 400 | 2 400 | 1 200 | USD | 228.45 | 483 726.61 | 0.43 |","| AT&T, Inc.","| Count | 50 000 | | | USD | 24.905 | 1 098 636.76 | 0.99 |","| Autodesk, Inc.","| Count | 2 200 | 2 200 | | USD | 283.17 | 549 626.29 | 0.49 |","| BioNTech SE -ADR- | Count | 3 500 | 3 500 | | USD | 248.5 | 767 347.37 | 0.69 |","| Estee Lauder Cos, Inc.","/The | Count | 1 600 | 1 600 | | USD | 370.52 | 523 033.15 | 0.47 |","| Etsy, Inc.","| Count | 2 600 | 2 600 | | USD | 224.11 | 514 081.72 | 0.46 |","| Horizon Therapeutics Plc | Count | 8 000 | | | USD | 109.46 | 772 579.19 | 0.69 |","| Johnson & Johnson | Count | 8 000 | | 1 800 | USD | 171.96 | 1 213 710.19 | 1.09 |","| MasterCard, Inc.","| Count | 2 100 | | 300 | USD | 363.09 | 672 715.07 | 0.60 |","| Medtronic PLC | Count | 2 200 | 2 200 | | USD | 104.51 | 202 851.44 | 0.18 |","| Merck & Co., Inc.","| Count | 6 400 | 6 400 | | USD | 77.15 | 435 625.69 | 0.39 |","| Microsoft Corp.","| Count | 8 500 | | 2 500 | USD | 341.12 | 2 558 136.31 | 2.30 |","| NVIDIA Corp.","| Count | 2 623 | 3 600 | 977 | USD | 300.64 | 695 733.04 | 0.62 |","| Paypal Holdings, Inc.","| Count | 4 000 | 4 000 | 3 000 | USD | 190.68 | 672 918.87 | 0.60 |","| Pfizer, Inc.","| Count | 23 500 | 7 000 | 3 500 | USD | 58.21 | 1 206 877.07 | 1.08 |","| Pinterest, Inc.","| Count | 17 500 | 17 500 | 11 000 | USD | 36.99 | 571 110.25 | 0.51 |","| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- | Count | 22 000 | | 4 000 | USD | 120.59 | 2 340 623.44 | 2.10 |","| TE Connectivity Ltd | Count | 3 500 | 3 500 | | USD | 162.64 | 502 218.82 | 0.45 |","| Teladoc Health Inc.","| Count | 5 000 | 3 200 | | USD | 91.94 | 405 575.84 | 0.36 |","| Union Pacific Corp.","| Count | 3 000 | 3 000 | | USD | 249.67 | 660 823.06 | 0.59 |","| Visa, Inc.","| Count | 4 000 | 4 000 | | USD | 218.32 | 770 461.76 | 0.69 |","Interest-bearing securities","4.375 % Argentum Netherlands BV 2015/perpetual ** .","EUR\t1 200 000\t%\t111.16\t1 333 920.00\t1.20","1.75 % Norway Government Bond -144A- (MTN) 2015/2025 NOK\t14 000 000\t%\t100.713\t1 413 614.33\t1.27","0.25 % Kreditanstalt fuer Wiederaufbau 2020/2023 \tUSD\t1 400 000\t1 400 000\t%\t99.155\t1 224 729.64\t1.10","0.125 % Kreditanstalt fuer Wiederaufbau 2021/2023 \tUSD\t1 400 000\t1 400 000\t%\t99.365\t1 227 323.49\t1.10","3.15 % Teva Pharmaceutical Finance Netherlands III BV","(MTN) 2016/2026 \tUSD\t1 000 000\t%\t96.142\t848 224.33\t0.76","0.125 % United States Treasury Note/Bond 2020/2023 ...","USD\t1 300 000\t1 300 000\t%\t99.172\t1 137 442.50\t1.02","0.125 % United States Treasury Note/Bond 2020/2022 ...","USD\t1 300 000\t1 300 000\t%\t99.798\t1 144 618.48\t1.03","0.125 % United States Treasury Note/Bond 2021/2024 ...","USD\t1 300 000\t1 300 000\t%\t98.676\t1 131 752.59\t1.01","Investment fund units\t30 399 840.64\t27.28","In-group fund units","DWS Invest SICAV - DWS Invest ESG Global Corporate","Bonds -ID- EUR - (0.400%) \tUnits\t16 000\tEUR\t101.13\t1 618 080.00\t1.45","DWS Invest SICAV - DWS Invest Euro High Yield Corporates","-RC- EUR - (0.350%) \tUnits\t44 000\t6 000\tEUR\t123.19\t5 420 360.00\t4.86","DWS Invest SICAV - Financial Hybrid Bonds -FC- EUR -","(0.600%) \tUnits\t40 000\tEUR\t129.12\t5 164 800.00\t4.63","Xtrackers (IE) plc - Xtrackers Artificial Intelligence and","Big Data UCITS ETF -1C- EUR - (0.250%) \tUnits\t14 000\t14 000\tEUR\t89.77\t1 256 780.00\t1.13","Xtrackers (IE) plc - Xtrackers MSCI World Financials UCITS","ETF -1C- EUR - (0.100%) \tUnits\t185 000\t85 000\tEUR\t22.69\t4 197 650.00\t3.77","Xtrackers IE Physical Gold ETC Securities EUR - (0.150%) .",".\tUnits\t426 315\t426 316\t1\tEUR\t24.59\t10 483 085.85\t9.41","DWS Invest SICAV - ESG Asian Bonds -IC500- USD - (0.150%) Units\t24 000\t24 000\tUSD\t106.69\t2 259 084.79\t2.03","Total securities portfolio\t100 986 188.16\t90.61","Derivatives","(Minus signs denote short positions)","Equity index derivatives\t-158 227.19\t-0.14","Receivables/payables","Equity index futures","Dax Index 03/2022 (MS) \tCount\t-4\t4\t-29 800.00\t-0.03","S & P MINI 500 Futures 03/2022 (MS) \tCount\t-22\t22\t-128 427.19\t-0.11","Interest rate derivatives\t-117 485.63\t-0.10","Receivables/payables","Interest rate futures","US Treasury Notes 10 year Futures 03/2022 (MS) \tCount\t-73\t73\t-81 009.61\t-0.07","US Treasury Notes 30 year Futures 03/2022 (MS) \tCount\t-27\t27\t-36 476.02\t-0.03","Currency derivatives\t3 601.33\t0.00","Receivables/payables","Forward currency transactions Forward currency transactions (short) Open positions","EUR/GBP 2.0 million \t-30 029.71\t-0.03","EUR/USD 15.7 million","239.17\t0.07","Closed positions","EUR/GBP 2.7 million \t-31.22\t0.00","EUR/USD 15.7 million \t-40 576.91\t-0.04","Swaps\t481 520.56\t0.43","Receivables/payables","Credit default swaps Protection seller","iTraxx Europe / 1% / 20/06/2025 (OTC) (CIT) \tCount\t10 000 000\t230 119.00\t0.21","iTraxx Europe / 1% / 20/12/2024 (OTC) (CIT) \tCount\t12 000 000\t251 401.56\t0.22","Cash at bank\t10 170 594.94\t9.12","Demand deposits at Depositary","EUR deposits \tEUR\t7 861 950.01\t7.05","Deposits in other EU/EEA currencies","Danish krone \tDKK\t369 669\t49 710.77\t0.05","Norwegian krone \tNOK\t50 696\t5 082.69\t0.00","Swedish krona \tSEK\t25 866\t2 526.96\t0.00","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| | currency | amount | in the reporting period | EUR | |","| Deposits in non-EU/EEA currencies | | | | | |","| Brazilian real | BRL | 234 726 | | 37 159.90 | 0.03 |","| British pound | GBP | 42 282 | | 50 408.43 | 0.05 |","| Hong Kong dollar | HKD | 482 408 | | 54 571.37 | 0.05 |","| Indonesian rupiah | IDR | 18 125 417 200 | | 1 120 824.73 | 1.01 |","| Japanese yen | JPY | 6 319 454 | | 48 446.05 | 0.04 |","| Mexican peso | MXN | 126 573 | | 5 444.88 | 0.00 |","| Russian rouble | RUB | 4 159 352 | | 49 134.88 | 0.04 |","| Swiss franc | CHF | 98 282 | | 94 911.03 | 0.09 |","| South Korean won | KRW | 133 574 | | 99.14 | 0.00 |","| Turkish lira | TRY | 46 460 | | 3 125.53 | 0.00 |","| U.S. dollar | USD | 892 250 | | 787 198.57 | 0.71 |","| Other assets | | | | 133 632.25 | 0.12 |","| Dividends/Distributions receivable | | | | 63 361.33 | 0.06 |","| Interest receivable | | | | 67 389.02 | 0.06 |","| Receivables from exceeding the expense cap | | | | 2 881.90 | 0.00 |","| Total assets *** | | | | 111 846 175.08 | 100.35 |","| Other liabilities | | | | -46 641.71 | -0.04 |","| Liabilities from cost items | | | | -46 641.71 | -0.04 |","| Total liabilities | | | | -392 992.37 | -0.35 |","| Net assets | | | | 111 453 182.71 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Klasse FD | EUR | 109.45 |","| Klasse ID | EUR | 109.87 |","| Klasse LD | EUR | 108.12 |","| Klasse RD | EUR | 111.45 |","| Klasse XD | EUR | 111.78 |","| Number of shares outstanding Klasse FD | Count | 14 980.000 |","| Klasse ID | Count | 116 402.000 |","| Klasse LD | Count | 587.434 |","| Klasse RD | Count | 870 000.000 |","| Klasse XD | Count | 1.000 |","Composition of the reference portfolio (according to CSSF circular 11/512)","25% MSCI AC World NR, 25% MSCI AC World NR (hedged in EUR), 25% Barclays Global Aggregate Bond, 25% Barclays Global Aggregate Bond (hedged in EUR)","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 65.759 |","| --- | --- | --- |","| Highest market risk exposure | % | 121.866 |","| Average market risk exposure | % | 91.766 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.7, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 87 470 804.24 as of the reporting date.","Market abbreviations\t Futures exchanges","MS = Morgan Stanley Bank AG","Contracting parties for derivatives (with the exception of forward currency transactions)","CIT = Citibank AG","Contracting parties for forward currency transactions","Morgan Stanley Europe SE, State Street Bank International GmbH and UBS AG.","Securities lending","The following securities were transferred under securities loans at the reporting date:","Security name\tCurrency/\tQuantity/\tSecurities loans\tTotal quantity/\tprincipal amount\tTotal market value in EUR","principal amount\tNo fixed maturity","Fastned BV\tCount\t5 500\t270 875.00","Total receivables from securities loans\t270 875.00\t270 875.00","Contracting parties for securities loans","Barclays Bank Ireland PLC EQ","Total collateral pledged by third parties for securities loans\tEUR\t288 925.30","thereof:","Equities\tEUR\t288 925.30","Exchange rates (indirect quotes)","As of December 30, 2021","| Brazilian real | BRL | 6.316661 | = | EUR | 1 |","| --- | --- | --- | --- | --- | --- |","| Swiss franc | CHF | 1.035520 | = | EUR | 1 |","| Danish krone | DKK | 7.436396 | = | EUR | 1 |","| British pound | GBP | 0.838785 | = | EUR | 1 |","| Hong Kong dollar | HKD | 8.839948 | = | EUR | 1 |","| Indonesian rupiah | IDR | 16 171.500076 | = | EUR | 1 |","| Japanese yen | JPY | 130.443111 | = | EUR | 1 |","| South Korean won | KRW | 1 347.388871 | = | EUR | 1 |","| Mexican peso | MXN | 23.246213 | = | EUR | 1 |","| Norwegian krone | NOK | 9.974305 | = | EUR | 1 |","| Russian rouble | RUB | 84.651725 | = | EUR | 1 |","| Swedish krona | SEK | 10.236018 | = | EUR | 1 |","| Turkish lira | TRY | 14.864632 | = | EUR | 1 |","| U.S. dollar | USD | 1.133450 | = | EUR | 1 |","| Notes on valuation | | | | | |","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnotes","* Some or all of these securities are lent.","** Floating interest rate.","*** Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","###### Statement of changes in net assets\t2021","- Value of the fund‘s net assets","| | at the beginning of the fiscal year | EUR | 106 413 822.57 |","| --- | --- | --- | --- |","| I. Income | | | | 1. | Distribution for the previous year | EUR | -1 729 796.15 |","| 1. Dividends (before withholding tax) | EUR | 1 233 593.04 | | 2. | Net outflows | EUR | -1 162 142.97 |","| 2. Interest from securities (before withholding tax) | EUR | 702 895.10 | | 3. | Income adjustment | EUR | 97 478.77 |","| 3. Income from investment fund units . . . .",". . . .",". . . .",". . . .","| EUR | 34 338.51 | | 4. | Net investment income | EUR | 1 497 627.06 |","| 4. Income from securities lending | EUR | 4 355.10 | | 5. | Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 706 049.18 |","| 5. Deduction for foreign withholding tax | EUR | -179 819.12 | | 6. | Net change in unrealized appreciation/depreciation ....","| EUR | 5 630 144.25 |","| | | | | | | | |","| Total income II.","Expenses | EUR | 1 795 362.63 | | II.","| Value of the fund‘s net assets at the end of the fiscal year | EUR | 111 453 182.71 |","| 1. Interest on borrowings and | | | | | | | |","negative interest on deposits EUR\t-34 599.68","- Management fee EUR\t-237 409.75thereof:Basic management fee EUR\t-215 431.23 Income from expense cap EUR\t\t3 039.62Administration fee EUR\t-25 018.14","- Auditing, legal and publication costs EUR\t7 930.32","- Taxe d‘abonnement EUR\t-9 416.01","- Other expenses EUR\t-24 240.45thereof:Summary of gains/losses\t2021Realized gains/losses (incl. income adjustment) EUR\t706 049.18from:Securities transactions EUR\t7 166 593.23(Forward) currency transactions EUR\t-1 184 209.69Derivatives and other financial futures transactions 1 .","EUR\t-5 276 334.36","| Performance-based fee from securities lending income .","EUR | -1 451.70 | 1 This item may include options transactions or swap transactions and/or transactions |","| --- | --- | --- |","| Other\tEUR | -22 788.75 | from warrants and credit derivatives.","| Total expenses | EUR | -297 735.57 | |","| III.","Net investment income | EUR | 1 497 627.06 | |","| IV.","Sale transactions Realized gains/losses | EUR | 706 049.18 | |","| Capital gains/losses | EUR | 706 049.18 | |","| V. Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","| EUR | 2 203 676.24 | |","| BVI total expense ratio (TER) | | | |","| The total expense ratio for the share classes was: | | | |","Class FD 0.73% p.a.,\tClass ID 0.45% p.a.,","Class LD 1.49% p.a.,\tClass RD 0.20% p.a., Class XD 0.15% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee / management fee will be used for the calcula- tion.","The synthetic TER was:","Class FD 0.82% p.a.,\tClass ID 0.54% p.a.,","Class LD 1.57% p.a.,\tClass RD 0.28% p.a., Class XD 0.23% p.a.","As well, the additional income from securities lending resulted in a performance-based fee of","Class FD 0.001% p.a.,\tClass ID 0.001% p.a.,","Class LD 0.001% p.a.,\tClass RD 0.001% p.a., Class XD 0.001% p.a.","of the fund’s average net assets in relation to the respective share class.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 37 488.03.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Changes in net assets and in the net asset value per share over the last three years","###### Details on the distribution policy*","Class FD","| Type | As of | Currency | Per share | Net assets at the end of the fiscal year 2021\tEUR | 111 453 182.71 |","| --- | --- | --- | --- | --- | --- |","| Final distribution | March 4, 2022 | EUR | 1.00 | 2020\tEUR | 106 413 822.57 |","| | | | | 2019\tEUR | 163 537 500.73 |","| Class ID | | | | Net asset value per share at the end of the fiscal year | |","| Type | As of | Currency | Per share | 2021\tClass FD\tEUR Class ID\tEUR | 109.45 109.87 |","Final distribution\tMarch 4, 2022\tEUR\t1.29","Class LD","| Final distribution | March 4, 2022 | EUR | 0.19 | | Class RD Class XD | EUR EUR | 105.35 104.18 |","| --- | --- | --- | --- | --- | --- | --- | --- |","| | | | | 2019 | Class FD | EUR | 102.71 |","| | Class ID | EUR | 103.10 |","| --- | --- | --- | --- |","| Class LD | EUR | 101.52 |","| | Class RD | EUR | 104.59 |","Type\tAs of\tCurrency\tPer share","Class LD EUR\t108.12","Class RD EUR\t111.45","Class XD EUR\t111.78","2020\tClass FD EUR\t103.45","Class ID EUR\t103.83","Class LD EUR\t102.25","Class RD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t1.58","Class XD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the fiscal year is reinvested.","Class XD EUR\t103.42","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.33% of all transactions.","The total volume was EUR 4 344 256.20.","## DWS Invest II Spanish Equities (in liquidation)","#### Investment objective and performance in the reporting period","The objective of the invest- ment policy was to generate above-average returns.","To this end, the sub-fund invested predominantly in equities of issuers having their registered office or principal business","DWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)","Performance since inception","120","110","100","90","80","70","60","50","activity in Spain with the aim","1/23/20*","6/20","12/20\t6/21","7.12.21","of exceeding, where possible, the performance of the Spanish","DWS Invest II Spanish Equities (in liquidation) (NC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on January 23, 2020= 100","Data on euro basis","equity indices through broad diversification.","For the purposes of portfolio diversification, the sub-fund could also invest in fixed rate financial instruments, money market instruments and derivatives of issuers domi- ciled in a member country of the Organisation for Economic Co-operation and Development (OECD).","Past performance is no guide to future results.","As of: December 7, 2021 (liquidation date)","DWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)","Performance of share classes (in EUR)","| Share class | ISIN | Since the beginning of the shortened fiscal year |","| --- | --- | --- |","| Class NC | LU2006279116 | 11.0% |","| Class TFC | LU2006279389 | 12.6% |","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 7, 2021 (liquidation date)","The sub-fund recorded an appreciation of 11.0% per share (NC share class; BVI method; in euro) in the short-","ened fiscal year from January 1, 2021, through December 7, 2021 (date of last share price calculation).","#### Investment policy in the reporting period","The performance of the inter- national capital markets in 2021 was particularly affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy.","In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in","light of the weakened global economy – supported price performance in the financial markets.","The economic outlook","improved since the beginning of 2021, but the question of inflation also arose among investors.","In addition, the rapid spread of the coronavirus and its mutations, as well as the associated new restrictions, dampened economic pros- pects.","Overall, Spanish equities posted price gains in the report- ing period.","Its positioning in the industrial sector helped the sub-fund’s performance the most – espe- cially the position in Fluidra, a major specialist for swimming pool technology and water treatment, whose stock price rose sharply.","At the same time, no shares of Siemens Gamesa, which lost roughly one-third","of their value, were held.","The Spanish subsidiary of Otis, Zardoya Otis, was acquired by","its parent company and posted a significant price gain in the process.","In the health care sector, the stock of pharma- ceutical company Laborato- rios Farmaceuticos Rovi again rose sharply, even after having already gained substantially","in the previous year.","Looking at the utilities sector, the sub-","fund benefited from price gains by Acciona Energía and Red Eléctrica.","In contrast, the posi- tions in Soltec Power Holdings, a Spanish-domiciled company active in the renewable ener- gies space, and in Grifols, a multinational pharmaceuti-","cal and chemical company, weighed on the performance of the sub-fund.","Liquidation of the sub-fund","The sub-fund DWS Invest II Spanish Equities (in liquidation)","was liquidated effective Decem-","ber 7, 2021, following a reso- lution to that effect adopted by the Board of Directors of Deutsche Invest II, SICAV, and","the approval of the Luxembourg supervisory authority CSSF.","The issue of new shares of the sub- fund was discontinued effective October 25, 2021.","Investors could redeem sub-fund shares until October 25, 2021.","Information on the environmental and/or social characteristics","The sub-fund qualified as a","product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product did not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","DWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)","Liquidation proceeds for the share classes (in EUR)","| Share class | ISIN | Liquidation proceeds per share |","| --- | --- | --- |","| Class NC | LU2006279116 | 38.63 |","| Class TFC | LU2006279389 | 100.53 |","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","DWS Invest II Spanish Equities (in liquidation)","| Statement of net assets as of December 7, 2021 (liquidation date) | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets 1. Cash at bank | 26 345 131.34 | 128.73 |","| 2. Other assets | 166 482.34 | 0.81 |","| II.","Liabilities 1. Other liabilities | -106 334.63 | -0.52 |","| 2. Liabilities from share certificate transactions | -26 405 279.05 | -129.02 |","| III.","Net assets | 0.00 | 0.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","DWS Invest II Spanish Equities (in liquidation)","| | Count/ | Quantity/ | Purchases/ | Sales/ | | | Total market | % of |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Security name | units/ | principal | additions | disposals | Currency | Market price | value in | net assets |","| currency\tamount\tin the reporting period\tEUR |","###### Investment portfolio – December 7, 2021 (liquidation date)","Cash at bank\t9 303 503.51\t98.64","Demand deposits at Depositary","EUR deposits EUR\t9 303 503.51 98.64","| Other assets | 166 297.23 | 1.76 |","| --- | --- | --- |","| Dividends/Distributions receivable | 166 297.23 | 1.76 |","| Total assets | 9 469 800.74 | 100.40 |","| Other liabilities | -38 067.58 | -0.40 |","| Liabilities from cost items | -38 067.58 | -0.40 |","| Liabilities from share certificate transactions | -9 431 733.16 | -100.00 |","| Total liabilities | -9 469 800.74 | -100.40 |","| Net assets | 0.00 | 0.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class NC | EUR | 0.00 |","| Class TFC | EUR | 0.00 |","| Number of shares outstanding Class NC | Count | 0.000 |","| Class TFC | Count | 0.000 |","Composition of the reference portfolio (according to CSSF circular 11/512) IBEX 35 Net Return Index","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 0.000 |","| --- | --- | --- |","| Highest market risk exposure | % | 97.751 |","| Average market risk exposure | % | 79.217 |","The values-at-risk were calculated for the period from January 1, 2021, through December 7, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Notes on valuation","Against the backdrop of the resolution of the Board of Directors of the SICAV to put the fund into liquidation effective December 7, 2021, the going-concern basis was relinquished and the financial statements were prepared on the basis of liquidation values.","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","DWS Invest II Spanish Equities (in liquidation)","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 7, 2021","- Income","- Dividends (before withholding tax) EUR 645\t255.50","- Deduction for foreign withholding tax EUR\t-7 348.54","- Income adjustment EUR\t-637 906.96Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t0.00","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-4 814.51 thereof:Commitment fees EUR\t-242.02","- Management fee EUR\t-612 998.55thereof:Basic management fee EUR\t-596 357.35 Administration fee EUR\t\t-16 641.20","###### Statement of changes in net assets\t2021","- Value of the fund‘s net assetsat the beginning of the shortened fiscal year . . . .",". .","EUR\t31 876 075.17","- Net outflows EUR\t-35 086 220.73","- Income adjustment EUR 7 282\t107.25","- Net investment income EUR\t0.00","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t0.00","- Net change in unrealized appreciation/depreciation .","EUR\t-4 071 961.69","- Value of the fund‘s net assetsat the end of the shortened fiscal year . . . .",". . . .",". . . .","EUR\t0.00Summary of gains/losses\t2021Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t0.00","| 3. Depositary fee | EUR | -932.57 |","| --- | --- | --- |","| 4. Auditing, legal and publication costs | EUR | -5 410.38 |","| 5. Taxe d‘abonnement | EUR | -11 531.53 |","| 6. Other expenses | EUR | -17 187.83 |","| 7. Reimbursed expenses | EUR | 652 875.37 |","| from: | |","| --- | --- |","| Securities transactions | EUR | 7 296 185.35 |","| (Forward) currency transactions | EUR | 890.31 |","| Income adjustment | EUR | -7 297 075.66 |","Changes in net assets and in the net asset value per share over the last three years","Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t0.00","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t0.00","- Sale transactions","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t7 297 075.66","- Income adjustment EUR\t-7 297 075.66Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t0.00","- Realized net gain/loss for the shortened fiscal year .","EUR\t0.00BVI total expense ratio (TER)The total expense ratio for the share classes was:Class NC 2.15%1,\tClass TFC 0.68%1The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given short- ened fiscal year.","1","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 17 167.11.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Net assets at the end of the (shortened) fiscal year","December 7, 2021 (liquidation date) EUR\t0.00","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t31 876 075.17","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t0.00","Net asset value per share at the end of the (shortened) fiscal year December 7, 2021 (liquidation date)","Class NC EUR\t-","Class TFC EUR\t-","2020\tClass NC EUR\t34.80","Class TFC EUR\t89.28","2019\tClass NC EUR\t-","Class TFC EUR\t-","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.","The total volume was EUR 0.00.","#### Investment objective and performance in the reporting period","DWS Invest II US Top Dividend aims to generate sustained cap- ital appreciation.","To achieve this objective, the sub-fund invests mainly in equities of issuers from the United States expected to return above-average divi-","DWS INVEST II US TOP DIVIDEND","Five-year performance","150","140","130","120","110","100","90","80","dend yields.","Dividend yield is a","12/16*","12/17","12/18\t12/19\t12/20","12/21","key criterion in the selection of individual stocks.","However, divi-","DWS Invest II US Top Dividend (LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 12/2016 = 100","Data on euro basis","dend yields need not exclusively","be greater than the market aver- age.","In this context, the selec- tion of individual investments is the responsibility of the portfolio management.","The sub-fund recorded an appreciation of 32.5% per share (LC share class; BVI method) in the fiscal year from the begin- ning of January 2021 through the end of December 2021.","Investment policy in the reporting period","Following a very memora- ble previous year, the stock exchanges developed very","solidly in 2021.","Although the “COVID-19 issue”* remained ubiquitous, significant prog-","Past performance is no guide to future results.","As of: December 31, 2021","DWS INVEST II US TOP DIVIDEND","Performance of share classes (in EUR)","| Share class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LC | LU0781238778 | 32.5% | 45.4% | 42.7% |","| Class FC | LU0781239156 | 33.5% | 48.7% | 48.2% |","| Class FD | LU0781239230 | 33.5% | 48.7% | 48.2% |","| Class LCH (P) | LU0781239586 | 21.2% | 36.0% | 38.2% |","| Class LD | LU0781238851 | 32.5% | 45.4% | 42.7% |","| Class NC | LU0781238935 | 31.6% | 42.4% | 37.8% |","| Class NCH (P) | LU0781239743 | 20.4% | 33.3% | 33.4% |","| Class TFC | LU1663960422 | 33.5% | 48.8% | 46.4% 1 |","| Class TFD | LU1663960695 | 33.5% | 48.9% | 46.6% 1 |","| Class USD LC 2 | LU0781240089 | 22.1% | 43.9% | 53.4% |","1","Classes TFC and TFD launched on January 15, 2018 (first share price calculation on January 16, 2018)","2 in USD","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","ress was made in the fight against the pandemic.","After publication of positive trial results in November 2020, the first vaccines were adminis- tered as 2020 turned to 2021.","Global vaccination campaigns since then have helped major economies gradually return to normal.","This was also reflected in corporate results.","In addi- tion, the unprecedented level of support by governments and accompanying actions by cen- tral banks provided important","assistance for consumers and the economy.","All of this trans- lated into noticeably higher share prices.","Against this backdrop, U.S. equities posted significant price gains overall in the reporting period.","The sub-fund’s investment focus was on high-dividend names from the consumer, health care and financial sectors, among others.","With this orientation,","the sub-fund benefited from the overall very positive price","performance of U.S. stocks in the reporting period.","Looking at individual stocks, the pharmaceutical companies Pfizer and Eli Lilly were among the best-performing portfolio positions.","The investment in Motorola Solutions, a provider","of communication and analytical solutions, also turned in a very solid performance.","Above-av- erage contributions to perfor- mance additionally came from Marsh & McLennan, a company","active in the consulting and insurance services space, and the consumer-goods manufac- turer Procter & Gamble.","The stocks of gold producer Agnico Eagle Mines, payment services provider Fidelity National Information Services and employment services com- pany ManpowerGroup, in con- trast, delivered below-average performance.","Information on the environmental and/or social characteristics","The sub-fund qualifies as a","product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors) Information Technology | 36 125 095.59 | 8.97 |","| Telecommunication Services | 44 199 381.32 | 10.99 |","| Consumer Discretionaries | 125 336 499.23 | 31.16 |","| Energy | 13 173 461.90 | 3.28 |","| Consumer Staples | 50 569 783.14 | 12.57 |","| Financials | 62 395 893.21 | 15.51 |","| Basic Materials | 15 355 156.62 | 3.82 |","| Industrials | 27 804 878.89 | 6.92 |","| Utilities | 9 845 050.12 | 2.45 |","| Total equities | 384 805 200.02 | 95.67 |","| 2. Investment fund units Other funds | 128.56 | 0.00 |","| Total investment fund units | 128.56 | 0.00 |","| 3. Derivatives | 70 135.16 | 0.01 |","| 4. Cash at bank | 18 093 348.15 | 4.50 |","| 5. Other assets | 471 695.21 | 0.12 |","| 6. Receivables from share certificate transactions | 45 108.61 | 0.01 |","| II.","Liabilities | | |","| 1. Other liabilities | -491 194.00 | -0.12 |","| 2. Liabilities from share certificate transactions | -766 770.97 | -0.19 |","| | | |","| III.","Net assets | 402 227 650.74 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – December 31, 2021","| Securities traded on an exchange | | | | | | | 384 805 200.02 | 95.67 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Equities | | | | | | | | |","| Agnico Eagle Mines Ltd | Count | 90 932 | 91 641 | 709 | CAD | 65.94 | 4 139 190.51 | 1.03 |","| BCE, Inc.","| Count | 80 968 | 80 968 | | CAD | 65.77 | 3 676 131.03 | 0.91 |","| Canadian Imperial Bank of Commerce/Canada | Count | 42 334 | 419 | 1 643 | CAD | 148.24 | 4 332 159.53 | 1.08 |","| Canadian National Railway Co.","| Count | 50 759 | 11 200 | 1 550 | CAD | 156.45 | 5 481 991.46 | 1.36 |","| Metro | Count | 83 315 | 83 315 | | CAD | 67.49 | 3 881 614.09 | 0.97 |","| National Bank of Canada | Count | 20 465 | 203 | 793 | CAD | 97.51 | 1 377 560.35 | 0.34 |","| Toronto-Dominion Bank/The | Count | 81 310 | 31 085 | 1 968 | CAD | 97.67 | 5 482 200.04 | 1.36 |","| 3M Co.","| Count | 15 034 | 295 | 15 939 | USD | 178.78 | 2 371 324.85 | 0.59 |","| AbbVie, Inc.","| Count | 72 918 | 722 | 2 828 | USD | 136.15 | 8 758 908.07 | 2.18 |","| Air Products & Chemicals, Inc.","| Count | 9 840 | 3 337 | 5 446 | USD | 305.72 | 2 654 095.36 | 0.66 |","| Allstate Corp.","/The | Count | 31 553 | 313 | 1 224 | USD | 118.66 | 3 303 258.61 | 0.82 |","| American Water Works Co., Inc.","| Count | 29 891 | 3 135 | 1 049 | USD | 187.7 | 4 949 966.86 | 1.23 |","| AmerisourceBergen Corp.","| Count | 13 318 | 132 | 9 144 | USD | 133.55 | 1 569 207.87 | 0.39 |","| Amgen, Inc.","| Count | 28 702 | 284 | 3 555 | USD | 228.45 | 5 784 967.14 | 1.44 |","| AT&T, Inc.","| Count | 308 584 | 29 356 | 90 471 | USD | 24.905 | 6 780 434.49 | 1.69 |","| Automatic Data Processing, Inc.","| Count | 10 460 | 10 460 | | USD | 247.09 | 2 280 260.31 | 0.57 |","| Baker Hughes Co.","| Count | 138 538 | 1 372 | 5 374 | USD | 24.265 | 2 965 833.62 | 0.74 |","| Bank of America Corp.","| Count | 130 863 | 1 296 | 12 163 | USD | 44.88 | 5 181 640.69 | 1.29 |","| Bristol-Myers Squibb Co.","| Count | 109 378 | 1 083 | 7 581 | USD | 62.86 | 6 065 993.34 | 1.51 |","| Broadcom, Inc.","| Count | 5 722 | 57 | 223 | USD | 670.76 | 3 386 199.83 | 0.84 |","| Broadridge Financial Solutions, Inc.","| Count | 30 603 | 303 | 8 770 | USD | 183.1 | 4 943 675.10 | 1.23 |","| Carnival Corp.","| Count | 111 317 | 1 103 | 4 317 | USD | 21.37 | 2 098 763.92 | 0.52 |","| Charles Schwab Corp.","/The | Count | 17 551 | 8 465 | 356 | USD | 85.47 | 1 323 467.08 | 0.33 |","| Chevron Corp.","| Count | 20 098 | 334 | 14 953 | USD | 118.15 | 2 095 000.55 | 0.52 |","| Chubb Ltd | Count | 36 517 | 362 | 1 417 | USD | 194.5 | 6 266 315.70 | 1.56 |","| Cisco Systems, Inc.","| Count | 144 779 | 71 102 | 2 887 | USD | 63.73 | 8 140 424.74 | 2.02 |","| Citigroup, Inc.","| Count | 45 859 | 454 | 1 778 | USD | 60.9 | 2 463 992.87 | 0.61 |","| Citizens Financial Group, Inc.","| Count | 35 276 | 349 | 25 385 | USD | 47.58 | 1 480 816.84 | 0.37 |","| Clorox Co.","/The | Count | 14 739 | 3 381 | 2 004 | USD | 171.51 | 2 230 257.66 | 0.55 |","| CME Group, Inc.","| Count | 15 329 | 152 | 594 | USD | 229.37 | 3 102 044.42 | 0.77 |","| Coca-Cola Co.","/The | Count | 137 458 | 1 361 | 5 332 | USD | 59.1 | 7 167 291.63 | 1.78 |","| Comcast Corp.","| Count | 154 291 | 63 256 | 4 803 | USD | 51.08 | 6 953 269.41 | 1.73 |","| Corning, Inc.","| Count | 65 075 | 645 | 2 524 | USD | 37.59 | 2 158 162.18 | 0.54 |","| Dow, Inc.","| Count | 38 651 | 23 480 | 1 499 | USD | 57.64 | 1 965 541.79 | 0.49 |","| DT Midstream, Inc.","| Count | 9 858 | 9 858 | | USD | 48.18 | 419 037.78 | 0.10 |","| Eastman Chemical Co.","| Count | 19 203 | 19 203 | | USD | 120.84 | 2 047 280.61 | 0.51 |","| Eaton Corp., PLC | Count | 18 602 | 18 602 | | USD | 171.91 | 2 821 359.02 | 0.70 |","| Eli Lilly & Co.","| Count | 26 022 | 4 743 | 20 327 | USD | 277.04 | 6 360 345.76 | 1.58 |","| Equity Residential | Count | 30 729 | 30 729 | | USD | 90.65 | 2 457 614.78 | 0.61 |","| Eversource Energy | Count | 61 294 | 22 631 | 1 514 | USD | 90.52 | 4 895 083.26 | 1.22 |","| Exxon Mobil Corp.","| Count | 83 118 | 1 209 | 53 560 | USD | 61.24 | 4 490 842.67 | 1.12 |","| Fidelity National Information Services, Inc.","| Count | 33 665 | 23 418 | 402 | USD | 110.14 | 3 271 306.72 | 0.81 |","| Genuine Parts Co.","| Count | 32 941 | 25 059 | 4 590 | USD | 140.08 | 4 071 087.96 | 1.01 |","| Gilead Sciences, Inc.","| Count | 68 212 | 676 | 13 817 | USD | 73.67 | 4 433 523.63 | 1.10 |","| Hasbro, Inc.","| Count | 99 933 | 43 899 | 2 844 | USD | 100.37 | 8 849 330.67 | 2.20 |","| Home Depot, Inc.","/The | Count | 25 076 | 12 796 | 481 | USD | 412.03 | 9 115 587.70 | 2.27 |","| Intel Corp.","| Count | 152 967 | 52 594 | 22 546 | USD | 51.95 | 7 011 014.66 | 1.74 |","| Interpublic Group of Cos, Inc.","/The | Count | 34 471 | 34 471 | | USD | 38.07 | 1 157 802.10 | 0.29 |","| Johnson & Johnson | Count | 76 109 | 5 700 | 2 758 | USD | 171.96 | 11 546 783.59 | 2.87 |","| JPMorgan Chase & Co.","| Count | 37 529 | 372 | 1 456 | USD | 159.49 | 5 280 779.39 | 1.31 |","| Kimberly-Clark Corp.","| Count | 39 569 | 39 569 | | USD | 141.52 | 4 940 495.05 | 1.23 |","| ManpowerGroup, Inc.","| Count | 17 739 | 17 739 | | USD | 98.77 | 1 545 794.51 | 0.38 |","| Marsh & McLennan Cos, Inc.","| Count | 56 901 | 564 | 2 207 | USD | 174.15 | 8 742 606.91 | 2.17 |","| McDonald‘s Corp.","| Count | 34 745 | 35 914 | 1 169 | USD | 268.27 | 8 223 600.41 | 2.05 |","| Medtronic PLC | Count | 43 495 | 431 | 1 688 | USD | 104.51 | 4 010 465.25 | 1.00 |","| Merck & Co., Inc.","| Count | 113 044 | 1 120 | 36 913 | USD | 77.15 | 7 694 510.93 | 1.91 |","| Microsoft Corp.","| Count | 20 351 | 202 | 790 | USD | 341.12 | 6 124 780.25 | 1.52 |","| Mondelez International, Inc.","| Count | 62 344 | 617 | 2 419 | USD | 66.05 | 3 632 997.17 | 0.90 |","| Motorola Solutions, Inc.","| Count | 34 224 | 339 | 1 328 | USD | 271.93 | 8 210 799.82 | 2.04 |","| National Instruments Corp.","| Count | 56 333 | 558 | 2 185 | USD | 44.31 | 2 202 227.62 | 0.55 |","| Newmont Mining Corp.","| Count | 84 485 | 61 161 | 1 403 | USD | 61.03 | 4 549 048.35 | 1.13 |","| nVent Electric PLC | Count | 81 572 | 81 572 | | USD | 38.29 | 2 755 649.97 | 0.69 |","| Organon & Co.","| Count | 11 304 | 11 305 | 1 | USD | 30.36 | 302 783.00 | 0.08 |","| PepsiCo, Inc.","| Count | 81 006 | 18 816 | 18 975 | USD | 172.84 | 12 352 618.23 | 3.07 |","| Pfizer, Inc.","| Count | 237 154 | 2 354 | 35 715 | USD | 58.21 | 12 179 392.53 | 3.03 |","| Procter & Gamble Co.","| Count | 101 046 | 16 845 | 13 232 | USD | 163.06 | 14 536 643.45 | 3.61 |","| Prologis, Inc.","| Count | 18 966 | 18 966 | | USD | 166.9 | 2 792 734.54 | 0.69 |","| Prudential Financial, Inc.","| Count | 20 620 | 204 | 7 386 | USD | 109.64 | 1 994 597.46 | 0.50 |","| QUALCOMM, Inc.","| Count | 52 794 | 45 972 | 627 | USD | 185.49 | 8 639 779.20 | 2.15 |","| Regions Financial Corp.","| Count | 66 183 | 655 | 59 180 | USD | 22.12 | 1 291 603.30 | 0.32 |","| Republic Services, Inc.","| Count | 32 320 | 320 | 9 380 | USD | 139.62 | 3 981 223.51 | 0.99 |","| Rockwell Automation, Inc.","| Count | 4 799 | 48 | 186 | USD | 349.63 | 1 480 324.80 | 0.37 |","| Royal Caribbean Cruises Ltd | Count | 17 321 | 172 | 672 | USD | 79.7 | 1 217 948.31 | 0.30 |","| Schlumberger Ltd | Count | 74 838 | 18 305 | 2 903 | USD | 29.91 | 1 974 859.30 | 0.49 |","| TE Connectivity Ltd | Count | 20 258 | 201 | 786 | USD | 162.64 | 2 906 842.54 | 0.72 |","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| Texas Instruments, Inc.","| Count | 16 318 | 162 | 633 | USD | 190.9 | 2 748 339.83 | 0.68 |","| TJX Cos, Inc.","/The | Count | 60 848 | 60 848 | | USD | 76 | 4 079 974.74 | 1.01 |","| Tractor Supply Co.","| Count | 17 281 | 171 | 7 155 | USD | 238.12 | 3 630 465.54 | 0.90 |","| Travelers Cos, Inc.","/The | Count | 16 771 | 166 | 651 | USD | 157.82 | 2 335 170.37 | 0.58 |","| Truist Financial Corp.","| Count | 19 661 | 195 | 763 | USD | 59.15 | 1 026 024.96 | 0.26 |","| UnitedHealth Group, Inc.","| Count | 9 097 | 9 450 | 353 | USD | 506.065 | 4 061 646.02 | 1.01 |","| Valero Energy Corp.","| Count | 18 574 | 184 | 721 | USD | 74.93 | 1 227 887.98 | 0.31 |","| Verizon Communications, Inc.","| Count | 154 003 | 36 627 | 4 599 | USD | 52.42 | 7 122 357.55 | 1.77 |","| VF Corp.","| Count | 71 934 | 55 688 | 1 099 | USD | 73.33 | 4 653 861.66 | 1.16 |","| Waste Management, Inc.","| Count | 25 841 | 256 | 11 048 | USD | 166.85 | 3 803 935.12 | 0.95 |","| Welltower, Inc.","| Count | 28 545 | 28 545 | | USD | 85.82 | 2 161 305.37 | 0.54 |","| WW Grainger, Inc.","| Count | 10 001 | 10 079 | 78 | USD | 524.64 | 4 629 162.23 | 1.15 |","| Investment fund units | | | | | | | 128.56 | 0.00 |","| In-group fund units Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.100%) | Units | 0 | 2 799 | 3 452 | USD | 10 408.589 | 128.56 | 0.00 |","| Total securities portfolio | | | | | | | 384 805 328.58 | 95.67 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Currency derivatives Receivables/payables | | | | | | | 70 135.16 | 0.01 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (short) | | | | | | | | |","| Open positions EUR/CAD 0.7 million | | | | | | | -3 685.29 | 0.00 |","| EUR/USD 7.5 million | | | | | | | 12 786.40 | 0.00 |","| Closed positions EUR/CAD 0.8 million | | | | | | | 11 819.59 | 0.00 |","| EUR/USD 7.4 million | | | | | | | 49 214.46 | 0.01 |","| Cash at bank | | | | | | | 18 093 348.15 | 4.50 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 1 754 021.79 | 0.44 |","| Deposits in other EU/EEA currencies | | | | | | | | |","| Norwegian krone | NOK | 1 | | | | | 0.09 | 0.00 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| Canadian dollar | CAD | 242 504 | | | | | 167 405.14 | 0.04 |","| U.S. dollar | USD | 18 330 066 | | | | | 16 171 921.13 | 4.02 |","| Other assets | 471 695.21 | 0.12 |","| Dividends/Distributions receivable | 471 695.21 | 0.12 |","| Receivables from share certificate transactions | 45 108.61 | 0.01 |","| Total assets | 403 489 301.00 | 100.31 |","| Other liabilities | -491 194.00 | -0.12 |","| Liabilities from cost items | -491 194.00 | -0.12 |","| Liabilities from share certificate transactions | -766 770.97 | -0.19 |","| Total liabilities | -1 261 650.26 | -0.31 |","| Net assets | 402 227 650.74 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class FC | EUR | 283.71 |","| Class FD | EUR | 201.39 |","| Class LC | EUR | 263.46 |","| Class LCH(P) | EUR | 163.36 |","| Class LD | EUR | 220.07 |","| Class NC | EUR | 246.38 |","| Class NCH(P) | EUR | 154.04 |","| Class TFC | EUR | 146.39 |","| Class TFD | EUR | 136.96 |","| Class USD LC | USD | 182.49 |","| Number of shares outstanding Class FC | Count | 464 456.557 |","| Class FD | Count | 12 040.262 |","| Class LC | Count | 43 937.995 |","| Class LCH(P) | Count | 42 471.402 |","| Class LD | Count | 708 769.993 |","| Class NC | Count | 35 300.995 |","| Class NCH(P) | Count | 1 652.899 |","| Class TFC | Count | 756.012 |","| Class TFD | Count | 20.000 |","| Class USD LC | Count | 524 656.177 |","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI USA High Dividend Yield in EUR","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 88.180 |","| --- | --- | --- |","| Highest market risk exposure | % | 112.111 |","| Average market risk exposure | % | 99.079 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date. Exchange rates (indirect quotes) As of December 30, 2021 | Canadian dollar\tCAD | 1.448606 | = EUR | 1 | | --- | --- | --- | --- | | Norwegian krone\tNOK | 9.974305 | = EUR | 1 | | U.S. dollar\tUSD | 1.133450 | = EUR | 1 | Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds. Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021 - Income - Dividends (before withholding tax) EUR 9 606\t111.14 - Interest from investments of liquid assets(before withholding tax) EUR\t5 613.12 - Deduction for foreign withholding tax EUR\t-2 649 172.12Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t6 962 552.14 - Expenses - Interest on borrowings andnegative interest on deposits EUR\t-9 303.16 - Management fee EUR\t-4 486 130.99thereof:Basic management fee EUR -4 450 562.07Administration fee EUR\t-35 568.92 | 3. Depositary fee | EUR | -1 458.76 | | --- | --- | --- | | 4. Auditing, legal and publication costs | EUR | -6 475.80 | | 5. Taxe d‘abonnement | EUR | -182 159.03 | | 6. Other expenses | EUR | -105 307.80 | | Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -4 790 835.54 | | III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 2 171 716.60 | | IV. Sale transactions Realized gains/losses | EUR | 14 530 822.95 | | Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 14 530 822.95 | | V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . | EUR | 16 702 539.55 | | BVI total expense ratio (TER) | | | | The total expense ratio for the share classes was: | | | Class FC 0.84% p.a.,\tClass FD 0.84% p.a., Class LC 1.59% p.a.,\tClass LCH(P) 1.62% p.a., Class LD 1.59% p.a.,\tClass NC 2.29% p.a., Class NCH(P) 2.32% p.a.,\tClass TFC 0.81% p.a., Class TFD 0.80% p.a.,\tClass USD LC 1.59% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year. Transaction costs The transaction costs paid in the reporting period amounted to EUR 25 325.43. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. ###### Statement of changes in net assets\t2021 - Value of the fund‘s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\t316 400 378.68 - Distribution for the previous year EUR\t-3 117 955.35 - Net outflows EUR\t-9 819 144.40 - Income adjustment EUR\t-9 744.76 - Net investment income EUR 2 171\t716.60 - Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 14 530\t822.95 - Net change in unrealized appreciation/depreciation . EUR 82 071\t577.02 - Value of the fund‘s net assets . . . . . . . . . . . . . . . . . . . at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . EUR\t402 227 650.74 | Summary of gains/losses | | 2021 | | --- | --- | --- | | | | | | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | 14 530 822.95 | | from: Securities transactions | EUR | 14 731 987.96 | | (Forward) currency transactions | EUR | -201 165.01 | Changes in net assets and in the net asset value per share over the last three years ###### Details on the distribution policy* Class FC The income for the fiscal year is reinvested. Class FD Type\tAs of\tCurrency\tPer share Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t402 227 650.74 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t316 400 378.68 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t422 019 677.57 Net asset value per share at the end of the fiscal year Class LC The income for the fiscal year is reinvested. Class LCH (P) The income for the fiscal year is reinvested. Class LD Type\tAs of\tCurrency\tPer share Final distribution\tMarch 4, 2022\tEUR\t4.51 Class NC The income for the fiscal year is reinvested. Class NCH (P) The income for the fiscal year is reinvested. Class TFC The income for the fiscal year is reinvested. | Class TFD | | | --- | --- | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 2.80 | | Klasse USD LC | | | | The income for the fiscal year is reinvested. * Additional information is provided in the sales prospectus. In the case of a final distribution, any remaining net income for the fiscal year is reinvested. Class LCH(P) EUR\t163.36 | Final distribution | March 4, 2022 | EUR | 4.12 | 2021\tClass FC Class FD | EUR EUR | 283.71 201.39 | | --- | --- | --- | --- | --- | --- | --- | | | | | | Class LC | EUR | 263.46 | Class LD EUR\t220.07 Class NC EUR\t246.38 Class NCH(P) EUR\t154.04 Class TFC EUR\t146.39 Class TFD EUR\t136.96 Class USD LC USD\t182.49 2020\tClass FC EUR\t212.51 Class FD EUR\t154.34 Class LC EUR\t198.82 Class LCH(P) EUR\t134.79 Class LD EUR\t169.93 Class NC EUR\t187.23 Class NCH(P) EUR\t127.96 Class TFC EUR\t109.64 Class TFD EUR\t104.93 Class USD LC USD\t149.41 2019\tClass FC EUR\t237.31 Class FD EUR\t176.40 Class LC EUR\t223.72 Class LCH(P) EUR\t140.94 Class LD EUR\t195.72 Class NC EUR\t212.15 Class NCH(P) EUR\t134.89 Class TFC EUR\t122.37 Class TFD EUR\t119.87 Class USD LC USD\t153.14 Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00. Statement of net assets as of December 31, 2021 | Assets | DWS Invest II, SICAV EUR * Consolidated\t% of net assets | DWS Invest II Euro Bonds Conservative EUR | DWS Invest II European Top Dividend EUR | | --- | --- | --- | --- | | Total securities portfolio | 1 082 520 723.81 | 94.94 | 73 471 006.24 | 327 095 107.54 | | Currency derivatives | 78 431.96 | 0.01 | 0.00 | 4 695.47 | | Swaps | 481 520.56 | 0.04 | 0.00 | 0.00 | | Cash at bank | 58 207 156.33 | 5.11 | 10 419 438.35 | 12 520 102.88 | | Other assets | 2 689 609.62 | 0.23 | 137 878.88 | 1 825 860.32 | | Receivables from share certificate transactions | 139 067.82 | 0.01 | 0.00 | 92 315.05 | | Total Assets ** | 1 144 116 510.10 | 100.34 | 84 028 323.47 | 341 538 081.26 | | Liabilities | | | | | Equity index derivatives | -158 227.19 | -0.01 | 0.00 | 0.00 | | Interest rate derivatives | -117 485.63 | -0.01 | 0.00 | 0.00 | | Currency derivatives | -157 046.78 | -0.01 | -157 046.78 | 0.00 | | Other liabilities | -2 129 133.75 | -0.19 | -30 369.97 | -1 285 067.24 | | Liabilities from share certificate transactions | -1 371 554.69 | -0.12 | -211 431.32 | -374 631.47 | | Total liabilities ** | -3 933 448.04 | -0.34 | -398 848.07 | -1 659 698.71 | | | | | | | Net assets | 1 140 183 062.06 | 100.00 | 83 629 475.40 | 339 878 382.55 | * The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. ** In the case of derivatives and forward transactions, the amount reported as “total assets” comprises the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” | | | --- | | DWS Invest II Global Equity High Conviction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II US Top Dividend EUR | | 196 163 093.29 | 100 986 188.16 | 384 805 328.58 | | 0.00 | 3 601.33 | 70 135.16 | | 0.00 | 481 520.56 | 0.00 | | 7 003 672.01 | 10 170 594.94 | 18 093 348.15 | | 120 542.96 | 133 632.25 | 471 695.21 | | 1 644.16 | 0.00 | 45 108.61 | | 203 288 952.42 | 111 775 537.24 | 403 485 615.71 | | | | | | 0.00 | -158 227.19 | 0.00 | | 0.00 | -117 485.63 | 0.00 | | 0.00 | 0.00 | 0.00 | | -275 860.83 | -46 641.71 | -491 194.00 | | -18 720.93 | 0.00 | -766 770.97 | | -294 581.76 | -322 354.53 | -1 257 964.97 | | | | | | 202 994 370.66 | 111 453 182.71 | 402 227 650.74 | Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DWS Invest II, SICAV EUR * Consolidated | DWS Invest II Euro Bonds Conservative EUR | DWS Invest II European Equity Focussed Alpha (in liquidation) 1 EUR | | --- | --- | --- | --- | | Dividends (before withholding tax) | 27 430 920.43 | 0.00 | 0.00 | | Interest from securities (before withholding tax) | 634 557.50 | -68 337.60 | 0.00 | | Interest from investments of liquid assets (before withholding tax) | 13 383.90 | 0.00 | 0.00 | | Income from investment fund units | 34 338.51 | 0.00 | 0.00 | | Income from securities lending | 11 340.62 | 0.00 | 0.00 | | Deduction for foreign withholding tax | -4 245 006.26 | -97.81 | 0.00 | | Total income | 23 879 534.70 | -68 435.41 | 0.00 | | | | | | | Expenses | | | | | Interest on borrowings and negative interest on deposits | -173 998.43 | -68 373.65 | 0.00 | | Management fee | -12 136 614.01 | -223 749.15 | 0.00 | | Depositary fee | -16 868.45 | -1 116.61 | 0.00 | | Auditing, legal and publication costs | 19 624.70 | -7 132.49 | 0.00 | | Taxe d'abonnement | -488 864.51 | -40 441.08 | 0.00 | | Other expenses | -329 112.65 | -7 056.01 | 0.00 | | Total expenses | -13 125 833.35 | -347 868.99 | 0.00 | | Net investment income | 10 753 701.35 | -416 304.40 | 0.00 | | Sale transactions | | | | | Realized gains/losses | 36 344 118.75 | -514 091.56 | 0.00 | | Capital gains/losses | 36 344 118.75 | -514 091.56 | 0.00 | | | | | | | Net gain/loss for the fiscal year | 47 097 820.10 | -930 395.96 | 0.00 | * The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. For the purpose of consolidation of the liquidated sub-fund and for reasons of comparability, the disclosure of the income adjustment and reimbursed expense amounts attributable to the individual income adjustment and reimbursed expense items was changed (in contrast to the individual presentation of the income adjustment and reimbursed expenses in the form of a separate presentation of the total amount) in favor of attributing the individual income adjustment and reimbursed expense compo- nents to the respective income adjustment and reimbursed expense items. 1 The sub-fund was liquidated March 24, 2021. 2 The sub-fund was liquidated December 7, 2021. | | | --- | | DWS Invest II European Top Dividend EUR | DWS Invest II Global Equity High Con- viction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II Spanish Equities (in liquidation) 2 EUR | DWS Invest II US Top Dividend EUR | | 12 905 929.15 | 3 685 287.10 | 1 233 593.04 | 0.00 | 9 606 111.14 | | 0.00 | 0.00 | 702 895.10 | 0.00 | 0.00 | | 770.38 | 7 000.40 | 0.00 | 0.00 | 5 613.12 | | 0.00 | 0.00 | 34 338.51 | 0.00 | 0.00 | | 3 590.66 | 3 394.86 | 4 355.10 | 0.00 | 0.00 | | -629 721.23 | -786 195.98 | -179 819.12 | 0.00 | -2 649 172.12 | | 12 280 568.96 | 2 909 486.38 | 1 795 362.63 | 0.00 | 6 962 552.14 | | | | | | | | | | | | | | -60 746.70 | -975.24 | -34 599.68 | 0.00 | -9 303.16 | | -4 569 047.84 | -2 620 276.28 | -237 409.75 | 0.00 | -4 486 130.99 | | -8 570.93 | -5 722.15 | 0.00 | 0.00 | -1 458.76 | | 34 057.54 | -8 754.87 | 7 930.32 | 0.00 | -6 475.80 | | -161 733.86 | -95 114.53 | -9 416.01 | 0.00 | -182 159.03 | | -105 707.35 | -86 801.04 | -24 240.45 | 0.00 | -105 307.80 | | -4 871 749.14 | -2 817 644.11 | -297 735.57 | 0.00 | -4 790 835.54 | | 7 408 819.82 | 91 842.27 | 1 497 627.06 | 0.00 | 2 171 716.60 | | | | | | | | 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 | | 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 | | | | | | | | 19 023 722.27 | 10 098 278.00 | 2 203 676.24 | 0.00 | 16 702 539.55 | Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | Deutsche Invest II, SICAV EUR * Consolidated 1 099 899 876.11 | DWS Invest II Euro Bonds Conservative EUR 112 797 089.62 | DWS Invest II European Equity Focussed Alpha (in Liquidation) 1 EUR 66 561 768.52 | | --- | --- | --- | --- | | Distribution for the previous year / Interim distribution | -12 343 136.53 | 0.00 | -11 010.60 | | Net inflows/outflows | -144 937 157.36 | -28 654 847.73 | -68 281 919.64 | | Income adjustment | 20 349 841.98 | -89 925.74 | 13 117 078.88 | | Net investment income | 10 753 701.35 | -416 304.40 | 0.00 | | Realized gains/losses | 36 344 118.75 | -514 091.56 | 0.00 | | Net change in unrealized appreciation/depreciation | 130 115 817.76 | 507 555.21 | -11 385 917.16 | | Value of the fund‘s net assets at the end of the fiscal year | 1 140 183 062.06 | 83 629 475.40 | 0.00 | * The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was liquidated March 24, 2021. 2 The sub-fund was liquidated December 7, 2021. | | | --- | | DWS Invest II European Top Dividend EUR 300 394 665.07 | DWS Invest II Global Equity High Con- viction Fund EUR 165 456 076.48 | DWS Invest II Global Total Return Fund EUR 106 413 822.57 | DWS Invest II Spanish Equities (in Liquidation) 2 EUR 31 876 075.17 | DWS Invest II US Top Dividend EUR 316 400 378.68 | | -7 482 922.76 | -1 451.67 | -1 729 796.15 | 0.00 | -3 117 955.35 | | -466 728.82 | -1 466 153.07 | -1 162 142.97 | -35 086 220.73 | -9 819 144.40 | | -155 653.66 | 108 501.24 | 97 478.77 | 7 282 107.25 | -9 744.76 | | 7 408 819.82 | 91 842.27 | 1 497 627.06 | 0.00 | 2 171 716.60 | | 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 | | 28 565 300.45 | 28 799 119.68 | 5 630 144.25 | -4 071 961.69 | 82 071 577.02 | | 339 878 382.55 | 202 994 370.66 | 111 453 182.71 | 0.00 | 402 227 650.74 | KPM KPMG issued an unqualified audit opinion for the full annual report of this SICAV (Société d’Investissement à Capital Variable). The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: G Luxembourg, Société anonyme\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu #### To the shareholders of DWS Invest II, SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE REVISEUR D’ENTREPRISES AGREE ##### Report on the audit of the financial statements Audit opinion We have audited the financial statements of DWS Invest II, SICAV, and its respective sub-funds (“the Fund”), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements give a true and fair view of the financial position of DWS Invest II, SICAV, and its respective sub-funds as of December 31, 2021, and of the results of its opera- tions and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements. ##### Basis for the audit opinion We conducted our audit in accordance with the Law of July 23, 2016, on the audit profession (“Law of July 23, 2016”) and with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (“CSSF”). Our responsibilities under the Law of July 23, 2016, and the ISAs as adopted in Luxembourg by the CSSF are further described in the “Responsibilities of the réviseur d’entreprises agréé for the audit of the financial statements” section. We are also independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants, including International Independence Standards, (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the finan- cial statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. ##### Other information The Board of Directors of the Fund is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our report of the réviseur d’entreprises agréé thereon. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Our audit opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial state- ments or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard. ##### Responsibilities of the Board of Directors of the Fund for the financial statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the ability of the Fund and of its respective sub-funds to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Direc- tors of the Fund intends either to liquidate the Fund or close any of its individual sub-funds or to cease operations, or has no realistic alternative but to do so. ##### Responsibilities of the réviseur d’entreprises agréé for the audit of the financial statements The objective of our audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the réviseur d’entreprises agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstate- ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis- statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the Fund’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the notes to the financial statements made by the Board of Directors of the Fund. - Conclude on the appropriateness of the use by the Board of Directors of the Fund of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Fund or of any its indi- vidual sub-funds to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the report of the réviseur d’entreprises agréé to the related disclosures in the notes to the financial statements or, if such disclosures are inadequate, to modify our opinion. Our con- clusions are based on the audit evidence obtained up to the date of the report of the réviseur d’entreprises agréé. However, future events or conditions may cause the Fund or any of its individual sub-funds to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclo- sures in the notes to the financial statements, and whether the financial statements represent the under- lying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Luxembourg, April 22, 2022\tKPMG Luxembourg Société anonyme Cabinet de révision agréé Pia Schanz"],"string":"[\n \"# Annual report\",\n \"and annual financial statements\",\n \"#### Investment objective and performance in the reporting period\",\n \"The sub-fund seeks to generate the highest possible return in the short term while taking the opportunities and risks of the worldwide capital markets into account.\",\n \"In order to achieve the investment objective, it invests\",\n \"DWS INVEST II EURO BONDS CONSERVATIVE\",\n \"Performance since inception\",\n \"100.30\",\n \"100.1 5\",\n \"100.00\",\n \"99.85\",\n \"99.70\",\n \"99.55\",\n \"99.40\",\n \"99.25\",\n \"primarily in interest-bearing\",\n \"11/25/20*\",\n \"3/21\\t6/21\\t9/21\",\n \"12/21\",\n \"financial instruments of gov- ernment and/or private issuers,\",\n \"DWS Invest II Euro Bonds Conservative (NC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on November 25, 2020= 100\",\n \"Data on euro basis\",\n \"money market instruments,\",\n \"time deposits, bank balances and derivatives.\",\n \"At least 70% of its asset are invested in inter- est-bearing securities of issuers whose ultimate parent com- pany is domiciled in a member country of the Organisation for Economic Co-operation and Development (OECD) or of the G20, in Singapore or in the EU.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INVEST II EURO BONDS CONSERVATIVE\",\n \"Performance of share class (in EUR)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class NC | LU2023375111 | -0.6% | -0.6% |\",\n \"1\",\n \"Class NC launched on November 25, 2020\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"The investment climate in the reporting period was char- acterized by the COVID-19 pandemic*, high levels of debt worldwide, still very low (and in some cases negative) interest rates in the industrial countries, as well as uncer- tainty regarding the monetary policies of the central banks.\",\n \"Against this backdrop, the\",\n \"sub-fund recorded a decline of 0.6% per share (NC share class; BVI method; in euro) in 2021.\",\n \"#### Investment policy in the reporting period\",\n \"As part of the sub-fund’s investment policy, the portfolio management invested predom- inantly in floating rate notes whose coupons are usually adjusted to the current mar- ket interest rate every three months.\",\n \"The sub-fund had also\",\n \"invested in fixed-coupon bonds with short to medium resid- ual maturities.\",\n \"Time deposit investments rounded out the portfolio.\",\n \"Because floating rate notes are issued predominantly by financial institutions, the\",\n \"investment focus was on issues from the financial sector.\",\n \"The portfolio also included corpo- rate bonds.\",\n \"The interest-bearing instruments held in the portfo- lio had investment-grade status (ratings of BBB- or better from the leading rating agencies) as of the end of December 2021.\",\n \"In terms of its regional alloca- tion, the sub-fund was globally positioned, with investments in Europe and the United States forming the main focus of investment.\",\n \"The sub-fund was exposed to a maturity segment that was\",\n \"still adversely affected by neg- ative interest rates during the reporting period.\",\n \"Despite the rise in inflation in the euro area in 2021, the European Central Bank (ECB) left the key interest rate unchanged at 0.0% p.a.\",\n \"The deposit rate for banks was\",\n \"-0.5% p.a. The credit spreads of the corporate bonds and\",\n \"financials with short to medium maturities held in the portfolio acted as a buffer against nega- tive interest rates in the money market segment.\",\n \"Information on the environmental and/or social characteristics\",\n \"The sub-fund qualifies as a\",\n \"product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Bonds (issuers) Companies | 73 471 006.24 | 87.85 |\",\n \"| Total bonds | 73 471 006.24 | 87.85 |\",\n \"| 2. Derivatives | -157 046.78 | -0.19 |\",\n \"| 3. Cash at bank | 10 419 438.35 | 12.46 |\",\n \"| 4. Other assets | 137 878.88 | 0.16 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -30 369.97 | -0.03 |\",\n \"| 2. Liabilities from share certificate transactions | -211 431.32 | -0.25 |\",\n \"| III.\",\n \"Net assets | 83 629 475.40 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency | amount\\tin the reporting period\\tEUR |\",\n \"| Securities traded on an exchange | | | | | | 72 543 534.48 | 86.74 |\",\n \"| Interest-bearing securities 0.875 % ABN AMRO Bank NV (MTN) 2019/2024 | EUR | 400 000 | 400 000 | % | 102.141 | 408 564.00 | 0.49 |\",\n \"| 0.00 % Akelius Residential Property Financing BV 2021/2023 * | EUR | 200 000 | 200 000 | % | 100.13 | 200 260.00 | 0.24 |\",\n \"| 3.50 % Allianz Finance II BV (MTN) 2012/2022 | EUR | 500 000 | 500 000 | % | 100.483 | 502 415.00 | 0.60 |\",\n \"| 0.436 % Allianz Finance II BV 2021/2024 * | EUR | 100 000 | 100 000 | % | 102.586 | 102 586.00 | 0.12 |\",\n \"| 0.35 % American Honda Finance Corp. 2019/2022 | EUR | 500 000 | 500 000 | % | 100.455 | 502 275.00 | 0.60 |\",\n \"| 0.155 % Asahi Group Holdings Ltd 2020/2024 | EUR | 1 000 000 | | % | 100.309 | 1 003 090.00 | 1.20 |\",\n \"| 0.01 % Asahi Group Holdings Ltd 2021/2024 | EUR | 150 000 | 150 000 | % | 100.05 | 150 075.00 | 0.18 |\",\n \"| 0.52 % AT&T, Inc. (MTN) 2018/2023 *\",\n \".035 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2018/2023 * | EUR EUR | 900 000 1 200 000 | | % % | 101.039 100.545 | 909 351.00 1 206 540.00 | 1.09 1.44 |\",\n \"| 0.375 % Banco Bilbao Vizcaya Argentaria SA (MTN) | | | | | | | | |\",\n \"| 2019/2024 | EUR | 400 000 | 400 000 | % | 100.766 | 403 064.00 | 0.48 |\",\n \"| 0.435 % Banco Bilbao Vizcaya Argentaria SA 2021/2023 * .\",\n \"| EUR | 100 000 | 100 000 | % | 101.5 | 101 500.00 | 0.12 |\",\n \"| 0.163 % Banco Santander SA (MTN) 2017/2023 * | EUR | 500 000 | | % | 100.78 | 503 900.00 | 0.60 |\",\n \"| 0.124 % Banco Santander SA (MTN) 2021/2026 * | EUR | 400 000 | 400 000 | % | 100.969 | 403 876.00 | 0.48 |\",\n \"| 0.00 % Bank Julius Baer & Co.\",\n \"AG 2021/2024 | EUR | 160 000 | 160 000 | % | 99.992 | 159 987.20 | 0.19 |\",\n \"| 0.213 % Bank of America Corp. (MTN) 2017/2023 * | EUR | 700 000 | | % | 100.223 | 701 561.00 | 0.84 |\",\n \"| 0.152 % Bank of America Corp. (MTN) 2018/2024 * | EUR | 1 200 000 | | % | 100.545 | 1 206 540.00 | 1.44 |\",\n \"| 0.436 % Bank of America Corp. 2021/2025 * | EUR | 400 000 | 400 000 | % | 101.605 | 406 420.00 | 0.49 |\",\n \"| 0.412 % Bank of America Corp. (MTN) 2021/2026 *\",\n \".25 % Banque Federative du Credit Mutuel SA (MTN) 2015/2025 | EUR EUR | 340 000 200 000 | 340 000 200 000 | % % | 101.754 103.65 | 345 963.60 207 300.00 | 0.41 0.25 |\",\n \"| 0.75 % Banque Federative du Credit Mutuel SA -Reg- | | | | | | | | |\",\n \"| (MTN) 2018/2025 | EUR | 100 000 | 100 000 | % | 102.171 | 102 171.00 | 0.12 |\",\n \"| 1.50 % Barclays PLC (MTN) 2018/2023 | EUR | 1 200 000 | | % | 102.798 | 1 233 576.00 | 1.48 |\",\n \"| 3.375 % Barclays PLC (MTN) 2020/2025 * | EUR | 200 000 | 200 000 | % | 107.305 | 214 610.00 | 0.26 |\",\n \"| 0.431 % Barclays PLC (MTN) 2021/2026 * | EUR | 220 000 | 220 000 | % | 102.037 | 224 481.40 | 0.27 |\",\n \"| 0.101 % BASF SE 2020/2023 | EUR | 200 000 | 200 000 | % | 100.497 | 200 994.00 | 0.24 |\",\n \"| 0.05 % Bayer AG 2021/2025 | EUR | 500 000 | 500 000 | % | 99.79 | 498 950.00 | 0.60 |\",\n \"| 0.632 % Becton Dickinson Euro Finance Sarl 2019/2023 .\",\n \"| EUR | 200 000 | 200 000 | % | 100.972 | 201 944.00 | 0.24 |\",\n \"| 0.625 % BMW Finance NV 2019/2023 | EUR | 800 000 | | % | 101.538 | 812 304.00 | 0.97 |\",\n \"| 0.00 % BMW Finance NV 2020/2022 * | EUR | 1 000 000 | | % | 100.056 | 1 000 560.00 | 1.20 |\",\n \"| 0.187 % BNP Paribas SA (MTN) 2017/2024 * | EUR | 1 200 000 | | % | 101.417 | 1 217 004.00 | 1.46 |\",\n \"| 0.056 % BNP Paribas SA (MTN) 2018/2023 *\",\n \".50 % BNZ International Funding Ltd/London (MTN) 2017/2023 | EUR EUR | 600 000 400 000 | 400 000 | % % | 100.721 100.952 | 604 326.00 403 808.00 | 0.72 0.48 |\",\n \"| 0.00 % BPCE SA (MTN) 2018/2023 * | EUR | 500 000 | | % | 100.454 | 502 270.00 | 0.60 |\",\n \"| 0.00 % BPCE SA (MTN) 2018/2023 * | EUR | 1 200 000 | | % | 100.548 | 1 206 576.00 | 1.44 |\",\n \"| 1.00 % BPCE SA (MTN) 2019/2025\",\n \".375 % Canadian Imperial Bank of Commerce (MTN) 2019/2024 | EUR EUR | 200 000 200 000 | 200 000 200 000 | % % | 102.733 100.958 | 205 466.00 201 916.00 | 0.25 0.24 |\",\n \"| 0.299 % Carrefour Banque SA 2019/2023 * | EUR | 600 000 | 600 000 | % | 100.594 | 603 564.00 | 0.72 |\",\n \"| 0.00 % CCEP Finance Ireland DAC 2021/2025 | EUR | 190 000 | 190 000 | % | 99.262 | 188 597.80 | 0.23 |\",\n \"| 1.75 % Citigroup, Inc. (MTN) 2015/2025 | EUR | 200 000 | 200 000 | % | 105.069 | 210 138.00 | 0.25 |\",\n \"| 0.00 % Citigroup, Inc. (MTN) 2018/2023 * | EUR | 300 000 | | % | 100.539 | 301 617.00 | 0.36 |\",\n \"| 0.50 % Commerzbank AG (MTN) 2018/2023 | EUR | 1 200 000 | | % | 101.06 | 1 212 720.00 | 1.45 |\",\n \"| 0.436 % Commerzbank AG 2021/2023 * | EUR | 200 000 | 200 000 | % | 101.582 | 203 164.00 | 0.24 |\",\n \"| 0.035 % Credit Agricole SA/London (MTN) 2018/2023 * ... | EUR | 800 000 | | % | 100.578 | 804 624.00 | 0.96 |\",\n \"| 0.392 % Credit Suisse AG/London 2020/2022 * | EUR | 880 000 | | % | 100.346 | 883 044.80 | 1.06 |\",\n \"| 0.43 % Credit Suisse AG/London 2021/2023 * | EUR | 300 000 | 300 000 | % | 101.43 | 304 290.00 | 0.36 |\",\n \"| 0.449 % Credit Suisse Group AG (MTN) 2021/2026 * | EUR | 650 000 | 650 000 | % | 101.39 | 659 035.00 | 0.79 |\",\n \"| 0.875 % CRH Finland Services Oyj 2020/2023 | EUR | 300 000 | | % | 101.762 | 305 286.00 | 0.37 |\",\n \"| 0.00 % Daimler AG (MTN) 2017/2024 * | EUR | 800 000 | | % | 100.867 | 806 936.00 | 0.97 |\",\n \"| 1.625 % Daimler AG 2020/2023 | EUR | 1 200 000 | | % | 103.136 | 1 237 632.00 | 1.48 |\",\n \"| 0.00 % Danone SA 2021/2025 | EUR | 100 000 | 100 000 | % | 99.951 | 99 951.00 | 0.12 |\",\n \"| 0.238 % Deutsche Bank AG (MTN) 2017/2022 * | EUR | 500 000 | 500 000 | % | 100.232 | 501 160.00 | 0.60 |\",\n \"| 0.35 % Deutsche Pfandbriefbank AG 2020/2023 * | EUR | 300 000 | 300 000 | % | 100.958 | 302 874.00 | 0.36 |\",\n \"| 0.25 % Deutsche Pfandbriefbank AG 2021/2025\",\n \".875 % Deutsche Telekom International Finance BV (MTN) 2017/2024 | EUR EUR | 100 000 200 000 | 100 000 200 000 | % % | 99.778 102.135 | 99 778.00 204 270.00 | 0.12 0.24 |\",\n \"| 0.25 % DNB Bank ASA (MTN) 2019/2024 | EUR | 400 000 | | % | 100.931 | 403 724.00 | 0.48 |\",\n \"| 0.375 % E.ON SE 2020/2023 | EUR | 600 000 | | % | 100.809 | 604 854.00 | 0.72 |\",\n \"| 0.25 % EssilorLuxottica SA 2020/2024 | EUR | 500 000 | | % | 101.006 | 505 030.00 | 0.60 |\",\n \"| 1.25 % FCA Bank SpA/Ireland 2019/2022 | EUR | 300 000 | 300 000 | % | 100.577 | 301 731.00 | 0.36 |\",\n \"| 0.25 % FCA Bank SpA/Ireland 2020/2023 | EUR | 100 000 | 100 000 | % | 100.437 | 100 437.00 | 0.12 |\",\n \"| 0.125 % FCA Bank SpA/Ireland 2020/2023 | EUR | 500 000 | | % | 100.182 | 500 910.00 | 0.60 |\",\n \"| 0.00 % FCA Bank SpA/Ireland 2021/2024\",\n \".75 % Fidelity National Information Services, Inc. 2019/2023 | EUR EUR | 120 000 400 000 | 120 000 | % % | 99.786 101.136 | 119 743.20 404 544.00 | 0.14 0.48 |\",\n \"| 0.125 % General Mills, Inc. 2021/2025 | EUR | 100 000 | 100 000 | % | 99.714 | 99 714.00 | 0.12 |\",\n \"| 0.03 % Goldman Sachs Group, Inc.\",\n \"/The (MTN) 2017/2023 * | EUR | 1 100 000 | | % | 100.28 | 1 103 080.00 | 1.32 |\",\n \"| 0.002 % Goldman Sachs Group, Inc.\",\n \"/The 2020/2023 * ....\",\n \"| EUR | 700 000 | | % | 100.131 | 700 917.00 | 0.84 |\",\n \"| 0.411 % Goldman Sachs Group, Inc.\",\n \"/The (MTN) 2021/2026 * | EUR | 260 000 | 260 000 | % | 101.669 | 264 339.40 | 0.32 |\",\n \"| 0.00 % Goldman Sachs Group, Inc.\",\n \"/The 2021/2024 * ....\",\n \"| EUR | 160 000 | 160 000 | % | 100.137 | 160 219.20 | 0.19 |\",\n \"| 0.444 % Goldman Sachs Group, Inc.\",\n \"/The 2021/2024 * ....\",\n \"| EUR | 170 000 | 170 000 | % | 100.902 | 171 533.40 | 0.21 |\",\n \"| 0.052 % Heimstaden Bostad Treasury BV 2021/2023 * ... | EUR | 323 000 | 323 000 | % | 100.023 | 323 074.29 | 0.39 |\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| 0.25 % Heimstaden Bostad Treasury BV 2021/2024 ....\",\n \"| EUR | 160 000 | 160 000 | | % | 100.19 | 160 304.00 | 0.19 |\",\n \"| 0.912 % HSBC Bank PLC 2020/2022 * | EUR | 500 000 | | 1 500 000 | % | 101.036 | 505 180.00 | 0.60 |\",\n \"| 0.438 % HSBC Bank PLC 2021/2023 * | EUR | 300 000 | 300 000 | | % | 101.101 | 303 303.00 | 0.36 |\",\n \"| 0.00 % HSBC Holdings PLC (MTN) 2017/2023 * | EUR | 900 000 | | | % | 100.319 | 902 871.00 | 1.08 |\",\n \"| 0.409 % HSBC Holdings PLC (MTN) 2021/2026 * | EUR | 240 000 | 240 000 | | % | 102.289 | 245 493.60 | 0.29 |\",\n \"| 0.261 % ING Groep NV (MTN) 2018/2023 * | EUR | 600 000 | | | % | 101.259 | 607 554.00 | 0.73 |\",\n \"| 0.125 % ING Groep NV 2021/2025 * | EUR | 200 000 | 200 000 | | % | 99.985 | 199 970.00 | 0.24 |\",\n \"| 0.402 % Intesa Sanpaolo SpA (MTN) 2017/2022 * | EUR | 500 000 | | | % | 100.251 | 501 255.00 | 0.60 |\",\n \"| 0.148 % Intesa Sanpaolo SpA 2019/2022 * | EUR | 500 000 | 500 000 | | % | 100.431 | 502 155.00 | 0.60 |\",\n \"| 0.875 % KBC Group NV (MTN) 2018/2023 | EUR | 400 000 | 400 000 | | % | 101.728 | 406 912.00 | 0.49 |\",\n \"| 0.06 % KBC Group NV 2021/2024 * | EUR | 400 000 | 400 000 | | % | 100.414 | 401 656.00 | 0.48 |\",\n \"| 0.50 % Koninklijke Philips NV -Reg- (MTN) 2017/2023 ... | EUR | 100 000 | 100 000 | | % | 101.047 | 101 047.00 | 0.12 |\",\n \"| 0.082 % Landesbank Baden-Wuerttemberg 2020/2022 * .\",\n \"| EUR | 1 500 000 | | | % | 100.05 | 1 500 750.00 | 1.80 |\",\n \"| 0.75 % LeasePlan Corp., NV (MTN) 2017/2022 | EUR | 400 000 | | | % | 100.778 | 403 112.00 | 0.48 |\",\n \"| 1.00 % Lloyds Banking Group PLC (MTN) 2016/2023 ... | EUR | 400 000 | | | % | 102.118 | 408 472.00 | 0.49 |\",\n \"| 0.199 % Lloyds Banking Group PLC (MTN) 2017/2024 * .\",\n \"| EUR | 1 200 000 | | | % | 101.52 | 1 218 240.00 | 1.46 |\",\n \"| 0.50 % Lloyds Banking Group PLC (MTN) 2019/2025 * .\",\n \"| EUR | 300 000 | 300 000 | | % | 101.099 | 303 297.00 | 0.36 |\",\n \"| 0.00 % Lseg Netherlands BV 2021/2025 | EUR | 160 000 | 160 000 | | % | 99.82 | 159 712.00 | 0.19 |\",\n \"| 0.00 % LVMH Moet Hennessy Louis Vuitton SE 2020/2022 * | EUR | 900 000 | | | % | 100.059 | 900 531.00 | 1.08 |\",\n \"| 0.352 % Macquarie Bank Ltd 2021/2023 * | EUR | 140 000 | 140 000 | | % | 101.414 | 141 979.60 | 0.17 |\",\n \"| 1.00 % McDonald‘s Corp. (MTN) 2016/2023 | EUR | 200 000 | 200 000 | | % | 102.274 | 204 548.00 | 0.25 |\",\n \"| 0.00 % Mizuho Financial Group, Inc. (MTN) 2018/2023 * .\",\n \"| EUR | 1 200 000 | | | % | 100.566 | 1 206 792.00 | 1.44 |\",\n \"| 0.637 % Morgan Stanley (MTN) 2019/2024 * | EUR | 400 000 | 400 000 | | % | 101.182 | 404 728.00 | 0.48 |\",\n \"| 2.50 % Natwest Group PLC (MTN) 2016/2023 | EUR | 400 000 | | | % | 103.283 | 413 132.00 | 0.49 |\",\n \"| 2.00 % Natwest Group PLC (MTN) 2017/2023 * | EUR | 1 200 000 | | | % | 100.421 | 1 205 052.00 | 1.44 |\",\n \"| 1.125 % NatWest Markets PLC (MTN) 2018/2023 | EUR | 200 000 | 200 000 | | % | 101.909 | 203 818.00 | 0.24 |\",\n \"| 0.00 % OMV AG 2020/2023 | EUR | 400 000 | | | % | 100.414 | 401 656.00 | 0.48 |\",\n \"| 0.125 % OP Corporate Bank plc 2020/2024 | EUR | 1 200 000 | | | % | 100.632 | 1 207 584.00 | 1.44 |\",\n \"| 0.449 % OP Corporate Bank Plc 2021/2024 * | EUR | 500 000 | 500 000 | | % | 101.729 | 508 645.00 | 0.61 |\",\n \"| 1.125 % Orange SA (MTN) 2019/2024 | EUR | 200 000 | 200 000 | | % | 102.882 | 205 764.00 | 0.25 |\",\n \"| 0.00 % Orange SA (MTN) 2021/2026 | EUR | 100 000 | 100 000 | | % | 99.29 | 99 290.00 | 0.12 |\",\n \"| 2.00 % Procter & Gamble Co.\",\n \"/The (MTN) 2012/2022 ....\",\n \"| EUR | 410 000 | 410 000 | | % | 101.56 | 416 396.00 | 0.50 |\",\n \"| 0.00 % RCI Banque SA (MTN) 2018/2023 * | EUR | 200 000 | 200 000 | | % | 100.201 | 200 402.00 | 0.24 |\",\n \"| 0.262 % Santander UK Group Holdings PLC (MTN) 2018/2024 * | EUR | 700 000 | | | % | 100.739 | 705 173.00 | 0.84 |\",\n \"| 0.093 % SBB Treasury Oyj 2021/2023 * | EUR | 200 000 | 200 000 | | % | 100.034 | 200 068.00 | 0.24 |\",\n \"| 0.05 % Skandinaviska Enskilda Banken AB (MTN) | | | | | | | | |\",\n \"| 2019/2024 | EUR | 400 000 | 400 000 | | % | 100.459 | 401 836.00 | 0.48 |\",\n \"| 0.25 % Skandinaviska Enskilda Banken AB 2020/2023 . . . | EUR | 500 000 | | | % | 100.75 | 503 750.00 | 0.60 |\",\n \"| 0.236 % Société Générale SA (MTN) 2017/2024 * | EUR | 1 000 000 | | | % | 101.343 | 1 013 430.00 | 1.21 |\",\n \"| 0.00 % Société Générale SA (MTN) 2018/2023 * | EUR | 700 000 | | | % | 100.514 | 703 598.00 | 0.84 |\",\n \"| 0.75 % Standard Chartered PLC (MTN) 2017/2023 * ....\",\n \"| EUR | 800 000 | | | % | 100.641 | 805 128.00 | 0.96 |\",\n \"| 0.436 % Toyota Motor Finance Netherlands BV 2021/2024 * | EUR | 600 000 | 600 000 | | % | 101.589 | 609 534.00 | 0.73 |\",\n \"| 0.00 % Traton Finance Luxembourg SA 2021/2024 | EUR | 100 000 | 100 000 | | % | 99.791 | 99 791.00 | 0.12 |\",\n \"| 0.175 % Traton Finance Luxembourg SA 2021/2023 * ....\",\n \"| EUR | 200 000 | 200 000 | | % | 100.691 | 201 382.00 | 0.24 |\",\n \"| 0.125 % Traton Finance Luxembourg SA 2021/2024 | EUR | 100 000 | 100 000 | | % | 99.887 | 99 887.00 | 0.12 |\",\n \"| 1.25 % UBS Group Funding Switzerland AG (MTN) | | | | | | | | |\",\n \"| 2018/2025 * | EUR | 300 000 | 300 000 | | % | 102.693 | 308 079.00 | 0.37 |\",\n \"| 2.00 % UniCredit SpA (MTN) 2016/2023 | EUR | 280 000 | | | % | 102.527 | 287 075.60 | 0.34 |\",\n \"| 0.129 % UniCredit SpA (MTN) 2016/2023 * | EUR | 1 200 000 | | | % | 100.633 | 1 207 596.00 | 1.44 |\",\n \"| 0.816 % Upjohn Finance BV 2020/2022 | EUR | 200 000 | 200 000 | | % | 100.553 | 201 106.00 | 0.24 |\",\n \"| 0.375 % Volkswagen Bank GmbH 2019/2022 | EUR | 400 000 | | | % | 100.373 | 401 492.00 | 0.48 |\",\n \"| 0.988 % Volkswagen International Finance NV (MTN) | | | | | | | | |\",\n \"| 2018/2024 * | EUR | 400 000 | 400 000 | | % | 103.582 | 414 328.00 | 0.50 |\",\n \"| 1.00 % Volkswagen Leasing GmbH (MTN) 2018/2023 ... | EUR | 500 000 | 500 000 | | % | 101.38 | 506 900.00 | 0.61 |\",\n \"| 0.00 % Volkswagen Leasing GmbH 2021/2023 | EUR | 450 000 | 450 000 | | % | 100.167 | 450 751.50 | 0.54 |\",\n \"| 0.00 % Volvo Treasury AB 2020/2023 | EUR | 600 000 | | | % | 100.304 | 601 824.00 | 0.72 |\",\n \"| 0.125 % Volvo Treasury AB 2020/2024 | EUR | 1 000 000 | | | % | 100.439 | 1 004 390.00 | 1.20 |\",\n \"| 0.75 % Vonovia Finance BV (MTN) 2017/2022 | EUR | 500 000 | 500 000 | | % | 100.078 | 500 390.00 | 0.60 |\",\n \"| 0.00 % Vonovia SE 2021/2023 | EUR | 100 000 | 100 000 | | % | 100.314 | 100 314.00 | 0.12 |\",\n \"| 0.00 % Vonovia SE 2021/2025 | EUR | 100 000 | 100 000 | | % | 98.998 | 98 998.00 | 0.12 |\",\n \"| 0.625 % Westpac Banking Corp. (MTN) 2017/2024 | EUR | 200 000 | 200 000 | | % | 101.852 | 203 704.00 | 0.24 |\",\n \"| 0.70 % American Express Co. (MTN) 2021/2026 * | USD | 200 000 | 200 000 | | % | 100.11 | 176 646.50 | 0.21 |\",\n \"| 1.381 % AT&T, Inc. (MTN) 2018/2024 * | USD | 500 000 | 500 000 | | % | 101.689 | 448 579.50 | 0.54 |\",\n \"| 0.739 % Bank of America Corp. 2021/2025 * | USD | 300 000 | 300 000 | | % | 100.638 | 266 367.25 | 0.32 |\",\n \"| 0.369 % Bank of Montreal 2021/2024 * | USD | 300 000 | 300 000 | | % | 99.842 | 264 260.41 | 0.32 |\",\n \"| 0.67 % Bank of Montreal (MTN) 2021/2026 * | USD | 300 000 | 300 000 | | % | 99.94 | 264 519.79 | 0.32 |\",\n \"| 0.595 % Bank of Nova Scotia/The (MTN) 2021/2026 * ....\",\n \"| USD | 495 000 | 495 000 | | % | 99.953 | 436 514.43 | 0.52 |\",\n \"| 0.494 % Bank of Nova Scotia/The 2021/2024 * | USD | 100 000 | 100 000 | | % | 100.1 | 88 314.43 | 0.11 |\",\n \"| 0.66 % Bank of Nova Scotia/The (MTN) 2021/2026 * ....\",\n \"| USD | 360 000 | 360 000 | | % | 99.849 | 317 134.72 | 0.38 |\",\n \"| 0.49 % Baxter International, Inc.\",\n \"-Reg- 2021/2024 * | USD | 80 000 | 80 000 | | % | 99.858 | 70 480.74 | 0.08 |\",\n \"| 0.58 % BMW US Capital LLC -Reg- 2021/2024 * | USD | 100 000 | 100 000 | | % | 100.507 | 88 673.51 | 0.11 |\",\n \"| 0.469 % Canadian Imperial Bank of Commerce 2021/2024 * | USD | 150 000 | 150 000 | | % | 99.789 | 132 060.06 | 0.16 |\",\n \"| 0.32 % Caterpillar Financial Services Corp. 2021/2024 * .\",\n \"| USD | 190 000 | 190 000 | | % | 100.067 | 167 742.09 | 0.20 |\",\n \"| 0.55 % Charles Schwab Corp.\",\n \"/The 2021/2024 * | USD | 200 000 | 200 000 | | % | 100.322 | 177 020.58 | 0.21 |\",\n \"| 1.258 % Citigroup, Inc. (MTN) 2017/2024 * | USD | 600 000 | 600 000 | | % | 101.075 | 535 047.79 | 0.64 |\",\n \"| 0.719 % Citigroup, Inc. 2021/2025 * | USD | 400 000 | 400 000 | | % | 100.466 | 354 549.34 | 0.42 |\",\n \"| 0.349 % Cooperatieve Rabobank UA/NY 2021/2024 * ....\",\n \"| USD | 500 000 | 800 000 | 300 000 | % | 100.103 | 441 585.37 | 0.53 |\",\n \"| 0.65 % Daimler Trucks Finance North America LLC -Reg- | | | | | | | | |\",\n \"| 2021/2023 * | USD | 150 000 | 150 000 | | % | 100.111 | 132 486.20 | 0.16 |\",\n \"| 0.80 % Daimler Trucks Finance North America LLC -Reg- | | | | | | | | |\",\n \"| 2021/2024 * | USD | 300 000 | 300 000 | % | 100.157 | 265 094.15 | 0.32 |\",\n \"| 0.48 % Federation des Caisses Desjardins du Quebec | | | | | | | | |\",\n \"| -Reg- 2021/2024 * | USD | 200 000 | 200 000 | % | 100.193 | 176 792.95 | 0.21 |\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| 0.669 % General Motors Financial Co, Inc. 2021/2024 * ... | USD | 120 000 | 120 000 | | % | 99.932 | 105 799.45 | 0.13 |\",\n \"| 0.63 % Goldman Sachs Group, Inc.\",\n \"/The 2021/2024 * ....\",\n \"| USD | 400 000 | 400 000 | | % | 100.044 | 353 060.08 | 0.42 |\",\n \"| 0.63 % HSBC Holdings PLC 2021/2024 * | USD | 200 000 | 200 000 | | % | 100.032 | 176 508.86 | 0.21 |\",\n \"| 0.249 % John Deere Capital Corp. 2021/2024 * | USD | 70 000 | 70 000 | | % | 99.773 | 61 618.15 | 0.07 |\",\n \"| 0.63 % JPMorgan Chase & Co. 2021/2024 * | USD | 400 000 | 400 000 | | % | 100.144 | 353 412.98 | 0.42 |\",\n \"| 0.63 % JPMorgan Chase & Co. 2021/2025 * | USD | 300 000 | 300 000 | | % | 100.003 | 264 686.54 | 0.32 |\",\n \"| 0.65 % JPMorgan Chase & Co. 2021/2025 * | USD | 400 000 | 400 000 | | % | 100.085 | 353 204.77 | 0.42 |\",\n \"| 0.759 % Macquarie Group Ltd -Reg- 2021/2025 * | USD | 180 000 | 180 000 | | % | 100.124 | 159 004.08 | 0.19 |\",\n \"| 0.54 % National Bank of Canada 2021/2024 * | USD | 250 000 | 250 000 | | % | 100.106 | 220 799.30 | 0.26 |\",\n \"| 0.81 % NatWest Markets PLC -Reg- (MTN) 2021/2026 * .\",\n \"| USD | 200 000 | 200 000 | | % | 100.122 | 176 667.67 | 0.21 |\",\n \"| 0.349 % Royal Bank of Canada 2021/2024 * | USD | 400 000 | 600 000 | 200 000 | % | 99.916 | 352 608.36 | 0.42 |\",\n \"| 0.574 % Royal Bank of Canada (MTN) 2021/2026 * | USD | 600 000 | 600 000 | | % | 99.945 | 529 066.05 | 0.63 |\",\n \"| 0.41 % Royal Bank of Canada 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.992 | 176 438.28 | 0.21 |\",\n \"| 0.389 % Royal Bank of Canada 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.917 | 176 305.94 | 0.21 |\",\n \"| 0.639 % Royal Bank of Canada (MTN) 2021/2026 *\",\n \".48 % Siemens Financieringsmaatschappij NV -Reg- 2021/2024 * | USD USD | 100 000 250 000 | 100 000 250 000 | | % % | 99.858 100.31 | 88 100.92 221 249.25 | 0.11 0.27 |\",\n \"| 1.299 % Standard Chartered PLC -Reg- 2020/2023 * | USD | 500 000 | 500 000 | | % | 100.652 | 444 007.17 | 0.53 |\",\n \"| 0.98 % Standard Chartered PLC 2021/2025 * | USD | 200 000 | 200 000 | | % | 100.214 | 176 830.01 | 0.21 |\",\n \"| 0.49 % Sumitomo Mitsui Trust Bank Ltd -Reg- 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.951 | 176 365.94 | 0.21 |\",\n \"| 0.579 % Thermo Fisher Scientific, Inc. 2021/2024 * | USD | 60 000 | 60 000 | | % | 100.103 | 52 990.24 | 0.06 |\",\n \"| 0.405 % Toronto-Dominion Bank/The 2021/2024 * | USD | 245 000 | 245 000 | | % | 99.993 | 216 139.06 | 0.26 |\",\n \"| 0.40 % Toronto-Dominion Bank/The 2021/2024 * | USD | 400 000 | 400 000 | | % | 99.861 | 352 414.26 | 0.42 |\",\n \"| 0.379 % Toyota Motor Credit Corp. 2021/2024 * | USD | 700 000 | 700 000 | | % | 99.921 | 617 095.51 | 0.74 |\",\n \"| 0.34 % Toyota Motor Credit Corp. 2021/2024 * | USD | 180 000 | 180 000 | | % | 99.719 | 158 360.91 | 0.19 |\",\n \"| 0.41 % UBS AG/London -144A- 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.934 | 176 335.94 | 0.21 |\",\n \"| 0.50 % UBS AG/London 2021/2024 * | USD | 200 000 | 200 000 | | % | 100.177 | 176 764.72 | 0.21 |\",\n \"| 0.55 % Verizon Communications, Inc. 2021/2024 * | USD | 205 000 | 205 000 | | % | 100.366 | 181 525.67 | 0.22 |\",\n \"| 0.84 % Verizon Communications, Inc. (MTN) 2021/2026 * | USD | 125 000 | 125 000 | | % | 101.033 | 111 421.97 | 0.13 |\",\n \"| Securities admitted to or included in organized markets | | | | | | | 927 471.76 | 1.11 |\",\n \"| Interest-bearing securities 0.69 % AT&T, Inc. 2021/2024 * | USD | 100 000 | 100 000 | | % | 100.079 | 88 295.90 | 0.10 |\",\n \"| 0.459 % Banque Federative du Credit Mutuel SA 2021/2025 * | USD | 300 000 | 300 000 | | % | 99.848 | 264 276.29 | 0.32 |\",\n \"| 0.43 % BMW US Capital LLC -144A- 2021/2024 *\",\n \".57 % Commonwealth Bank of Australia -144A- (MTN) 2021/2026 * | USD USD | 150 000 200 000 | 150 000 200 000 | | % % | 100.138 100.252 | 132 521.93 176 897.06 | 0.16 0.21 |\",\n \"| 0.57 % Westpac Banking Corp. (MTN) 2021/2026 * | USD | 300 000 | 300 000 | | % | 100.303 | 265 480.58 | 0.32 |\",\n \"| Total securities portfolio | | | | | | | 73 471 006.24 | 87.85 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Currency derivatives Receivables/payables | | | | | | | -157 046.78 | -0.19 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (short) | | | | | | | | |\",\n \"| Open positions EUR/USD 14.1 million | | | | | | | -157 046.78 | -0.19 |\",\n \"| Cash at bank | | | | | | | 10 419 438.35 | 12.46 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 10 367 148.60 | 12.40 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| U.S. dollar | USD | 59 268 | | | | | 52 289.75 | 0.06 |\",\n \"| Other assets | 137 878.88 | 0.16 |\",\n \"| Interest receivable | 137 878.88 | 0.16 |\",\n \"| Total assets ** | 84 028 323.47 | 100.47 |\",\n \"| Other liabilities | -30 369.97 | -0.03 |\",\n \"| Liabilities from cost items | -30 369.97 | -0.03 |\",\n \"| Liabilities from share certificate transactions | -211 431.32 | -0.25 |\",\n \"| Total liabilities | -398 848.07 | -0.47 |\",\n \"| Net assets | 83 629 475.40 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class NC | EUR | 99.39 |\",\n \"| Number of shares outstanding Class NC | Count | 841 441.148 |\",\n \"Presentation of the maximum limit (according to CSSF circular 11/512) 1.4% of portfolio value (January 1, 2021 – March 9, 2021)\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 0.137 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 0.446 |\",\n \"| Average market risk exposure | % | 0.377 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through March 9, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.\",\n \"Presentation of the maximum limit (according to CSSF circular 11/512) 14.14% of portfolio value (March 10, 2021 – December 31, 2021)\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 0.049 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 0.132 |\",\n \"| Average market risk exposure | % | 0.089 |\",\n \"The values-at-risk were calculated for the period from March 10, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 12 399 222.94 as of the reporting date.\",\n \"Market abbreviations\",\n \"Contracting parties for forward currency transactions\",\n \"Barclays Bank Ireland PLC, Deutsche Bank AG, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank and UBS AG.\",\n \"| Exchange rates (indirect quotes) | |\",\n \"| --- | --- |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | As of December 30, 2021 1 |\",\n \"| Notes on valuation | | | |\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"Footnotes\",\n \"* Floating interest rate.\",\n \"** Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"###### Statement of changes in net assets\\t2021\",\n \"- Value of the fund‘s net assets\",\n \"| - Income\",\n \"- Interest from securities (before withholding tax)\",\n \"- 1\",\n \"| EUR | -68 337.60 | at the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . - Net inflows\",\n \"- Income adjustment\",\n \"| EUR EUR EUR | 112 797 089.62 -28 654 847.73 -89 925.74 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| 2. Deduction for foreign withholding tax | EUR | -97.81 | 3. Net investment income | EUR | -416 304.40 |\",\n \"| Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | -68 435.41 | | - Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . .\",\n \"- Net change in unrealized appreciation/depreciation ....\",\n \"| EUR EUR | -514 091.56 507 555.21 |\",\n \"| II.\",\n \"Expenses | | | | II.\",\n \"Value of the fund‘s net assets . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | | |\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-68 373.65\",\n \"- Management fee EUR\\t-223 749.15thereof:\",\n \"| 3. Depositary fee | EUR | -1 116.61 | |\",\n \"| --- | --- | --- | --- |\",\n \"| 4. Auditing, legal and publication costs | EUR | -7 132.49 | | | |\",\n \"| 5. Taxe d‘abonnement | EUR | -40 441.08 | Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"| EUR | -514 091.56 |\",\n \"| 6. Other expenses | EUR | -7 056.01 | from: | | |\",\n \"Basic management fee EUR\\t-209 756.66 Administration fee EUR\\t\\t-13 992.49\",\n \"at the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t83 629 475.40\",\n \"| | Securities transactions | EUR | 9 945.28 |\",\n \"| --- | --- | --- | --- |\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -347 868.99 | (Forward) currency transactions | EUR | -524 036.84 |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"IV.\",\n \"Sale transactions | EUR | -416 304.40 | | | |\",\n \"Summary of gains/losses\\t2021\",\n \"Realized gains/losses EUR\\t-514 091.56\",\n \"###### Details on the distribution policy*\",\n \"Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-514 091.56\",\n \"V. Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-930 395.96\",\n \"1\",\n \"This item includes discounts of EUR 425 250.92.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class NC 0.33% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 2 180.57.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Class NC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the fiscal year\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t83 629 475.40\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t112 797 089.62\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-\",\n \"Net asset value per share at the end of the fiscal year\",\n \"2021\\tClass NC EUR\\t99.39\",\n \"2020\\tClass NC EUR\\t99.94\",\n \"2019\\tClass NC EUR\\t-\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.09% of all transactions.\",\n \"The total volume was EUR 2 607 950.83.\",\n \"## DWS Invest II European Equity Focussed Alpha (in liquidation)\",\n \"#### Investment objective and performance in the reporting period\",\n \"The objective of the sub-fund DWS Invest II European Equity Focussed Alpha (in liquidation) was to generate sustained cap- ital appreciation that exceeds the benchmark, the MSCI Europe.\",\n \"To achieve this objec-\",\n \"DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)\",\n \"Five-year performance\",\n \"150\",\n \"140\",\n \"130\",\n \"120\",\n \"110\",\n \"100\",\n \"90\",\n \"80\",\n \"tive, it invested in selected\",\n \"3/24/16*\",\n \"3/17\",\n \"3/18\\t3/19\\t3/20\",\n \"24.3.21\",\n \"equities of European issuers in a concentrated portfolio based\",\n \"DWS Invest II European Equity Focussed Alpha (in liquidation) (LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 3/24/2016 = 100\",\n \"Data on euro basis\",\n \"on fundamental bottom-up\",\n \"research.\",\n \"In addition to major international blue-chip com- panies with large market cap- italizations and corresponding liquidity, a smaller selection of small- and mid-cap companies was also included in the port- folio.\",\n \"Bottom-up factors such as stock valuations and share- price and earnings trends, as well as the quality of the bal- ance sheet and the business model, were crucial to the selection of stocks.\",\n \"Depending on the capital market situation, the sub-fund’s level of invest- ment could also be flexibly controlled through the use of derivatives.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)\",\n \"Performance of share classes vs. benchmark (in EUR)\",\n \"| Share class | ISIN | Since the beginning of the shortened fiscal year |\",\n \"| --- | --- | --- |\",\n \"| Class LC | LU0781236566 | 2.4% |\",\n \"| Class FC | LU0781237028 | 2.6% |\",\n \"| Class FD | LU0781237291 | 2.6% |\",\n \"| Class LD | LU0781236640 | 2.4% |\",\n \"| Class NC 1 | LU0781236723 | – |\",\n \"| Class ND 1 | LU0781236996 | – |\",\n \"| Class XC | LU1697911474 | 2.7% |\",\n \"| MSCI Europe | | 6.4% |\",\n \"1\",\n \"Last share price calculation on June 11, 2014.\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: March 24, 2021 (liquidation date)\",\n \"In addition to still very low interest rates and volatility in the capital markets, the invest- ment climate in the reporting period was characterized in particular by the COVID-19* crisis.\",\n \"Against this backdrop, the sub-fund appreciated by 2.4% per share (LC share class; BVI method) in the shortened fiscal year from January 1, 2021, through March 24, 2021.\",\n \"It thus fell short of its bench- mark, the MSCI Europe (NR), which posted a gain of 6.4%\",\n \"(both percentages in euro terms).\",\n \"#### Investment policy in the reporting period\",\n \"Until its liquidation, the sub- fund was invested in European equities.\",\n \"The global social and economic consequences of the coronavirus continued to exert a firm grip on the inter- national capital markets.\",\n \"The virus restrictions, some of which remain in place, caused significant disruptions to the\",\n \"global supply chains amid a simultaneous surge in demand as a result of the global eco- nomic recovery.\",\n \"This led to rising raw material prices and logistics costs, as well as to shortages of many important precursors such as semicon- ductors.\",\n \"Companies with good control of their own value chain and considerable pricing power had an advantage in such an environment.\",\n \"#### Liquidation\",\n \"The sub-fund DWS Invest II European Equity Focussed Alpha (in liquidation) was liqui- dated effective March 24, 2021.\",\n \"The issue of new shares was discontinued effective March 3, 2021; the last redemption of shares occurred up to the order acceptance deadline on March 3, 2021.\",\n \"#### Information on the environmental and/or social characteristics\",\n \"The investment fund qualifies as a product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)\",\n \"Liquidation proceeds for the share classes (in EUR)\",\n \"| Share class | ISIN | Liquidation proceeds per share |\",\n \"| --- | --- | --- |\",\n \"| Class XC | LU1697911474 | 114.26 |\",\n \"| Class LC | LU0781236566 | 191.14 |\",\n \"| Class LD | LU0781236640 | 183.48 |\",\n \"| Class FC | LU0781237028 | 205.26 |\",\n \"| Class FD | LU0781237291 | 138.30 |\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"DWS Invest II European Equity Focussed Alpha (in liquidation)\",\n \"| Overview of net assets as of March 24, 2021 (liquidation date) | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets 1. Cash at bank | 68 171 593.93 | 99.96 |\",\n \"| 2. Other assets | 85 435.43 | 0.13 |\",\n \"| II.\",\n \"Liabilities 1. Loan liabilities | -0.54 | 0.00 |\",\n \"| 2. Other liabilities | -63 819.15 | -0.09 |\",\n \"| 3. Liabilities from share certificate transactions | -68 193 209.67 | -100.00 |\",\n \"| III.\",\n \"Net assets | 0.00 | 0.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – March 24, 2021 (liquidation date)\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| | currency | amount | in the reporting period | EUR | |\",\n \"| Securities traded on an exchange | | | | 68 171 593.93 | 99.96 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | 68 166 211.49 | 99.95 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | |\",\n \"| British pound | GBP | 6 | | 6.47 | 0.00 |\",\n \"| Swiss franc | CHF | 5 | | 4.62 | 0.00 |\",\n \"| U.S. dollar | USD | 6 354 | | 5 371.35 | 0.01 |\",\n \"| Other assets | | | | 85 435.43 | 0.13 |\",\n \"| Dividends/Distributions receivable | | | | 72 953.46 | 0.11 |\",\n \"| Receivables from exceeding the expense cap | | | | 12 481.97 | 0.02 |\",\n \"| Total assets | | | | 68 257 029.36 | 100.09 |\",\n \"| Short-term liabilities | | | | -0.54 | 0.00 |\",\n \"| Other liabilities | | | | -63 819.15 | -0.09 |\",\n \"| Liabilities from cost items | | | | -63 819.15 | -0.09 |\",\n \"| Liabilities from share certificate transactions | | | | -68 193 209.67 | -100.00 |\",\n \"| Total liabilities | | | | -68 257 029.36 | -100.09 |\",\n \"| Net assets | | | | 0.00 | 0.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class FC | EUR | 0.00 |\",\n \"| Class FD | EUR | 0.00 |\",\n \"| Class LC | EUR | 0.00 |\",\n \"| Class LD | EUR | 0.00 |\",\n \"| Class XC | EUR | 0.00 |\",\n \"| Number of shares outstanding Class FC | Count | 0.000 |\",\n \"| Class FD | Count | 0.000 |\",\n \"| Class LC | Count | 0.000 |\",\n \"| Class LD | Count | 0.000 |\",\n \"| Class XC | Count | 0.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe in EUR\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 0.026 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 134.872 |\",\n \"| Average market risk exposure | % | 97.941 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021 through March 24, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of March 24, 2021 (liquidation date)\",\n \"| Swiss franc\\tCHF | 1.107347 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.862276 | = EUR | 1 |\",\n \"| U.S. dollar\\tUSD | 1.182999 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Against the backdrop of the resolution of the Board of Directors of the SICAV to put the fund into liquidation effective March 24, 2021, the going-concern basis was relinquished and the financial statements were prepared on the basis of liquidation values.\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2020, through March 24, 2021 (liquidation date)\",\n \"###### Statement of changes in net assets\\t2021\",\n \"I. Value of the fund‘s net assets\",\n \"| | at the beginning of the shortened fiscal year . . . .\",\n \". .\",\n \"| EUR | 66 561 768.52 |\",\n \"| --- | --- | --- | --- |\",\n \"| I. Income | | | | 1. | Distribution for the previous year | EUR | -11 010.60 |\",\n \"| 1. Dividends (before withholding tax) | EUR | 77 943.74 | | 2. | Net outflows | EUR | -68 281 919.64 |\",\n \"| 2. Deduction for foreign withholding tax 1 | EUR | 407.60 | | 3. | Income adjustment | EUR | 13 117 078.88 |\",\n \"| 3. Income adjustment | EUR | -78 351.34 | | 4. | Net investment income | EUR | 0.00 |\",\n \"| | | | | 5. | Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 0.00 |\",\n \"| Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 0.00 | | 6. | Net change in unrealized appreciation/depreciation ....\",\n \"| EUR | -11 385 917.16 |\",\n \"| | | | | | | | |\",\n \"| - Expenses\",\n \"- Interest on borrowings and\",\n \"| | | | II.\",\n \"| Value of the fund‘s net assets at the end of the shortened fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 0.00 |\",\n \"| negative interest on deposits | EUR | -2 298.66 | | | | | |\",\n \"| 2. Management fee | EUR | -107 192.29 | | | | | |\",\n \"thereof:\",\n \"| Summary of gains/losses | | 2021 |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"| EUR | 0.00 |\",\n \"| from: Securities transactions | EUR | 13 118 151.60 |\",\n \"| (Forward) currency transactions | EUR | 33 675.68 |\",\n \"| Income adjustment | EUR | -13 151 827.28 |\",\n \"Basic management fee EUR\\t-100 623.11 Income from expense cap EUR\\t2 075.93\",\n \"Administration fee EUR\\t-8 645.11\",\n \"| 3. Depositary fee | EUR | -584.69 |\",\n \"| --- | --- | --- |\",\n \"| 4. Auditing, legal and publication costs 2 | EUR | 7 988.01 |\",\n \"| 5. Other expenses | EUR | -11 012.11 |\",\n \"| 6. Reimbursed expenses | EUR | 113 099.74 |\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 0.00 |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 0.00 |\",\n \"| IV.\",\n \"Sale transactions 1. Realized gains/losses | EUR | 13 151 827.28 |\",\n \"| 2. Income adjustment | EUR | -13 151 827.28 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 0.00 |\",\n \"| V. Realized net gain/loss for the shortened fiscal year .\",\n \"| EUR | 0.00 |\",\n \"1\",\n \"This includes primarily income from the release of excess accruals in the amount of EUR 407.60.\",\n \"2\",\n \"This includes primarily income from the release of excess accruals in the amount of EUR 11 065.82.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class FC 0.19%\",\n \"2\",\n \",\\tClass FD 0.19%\",\n \"2\",\n \"Class LC 0.36%\",\n \"2\",\n \",\\tClass LD 0.36%\",\n \"2\",\n \"Class XC 0.06%\",\n \"2\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given short- ened fiscal year.\",\n \"2\",\n \"Annualization has not been performed for share classes liquidated during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 25 304.70.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the (shortened) fiscal year\",\n \"March 24, 2021 (liquidation date) .\",\n \"EUR\\t0.00\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t66 561 768.52\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t85 358 054.25\",\n \"Net asset value per share at the end of the (shortened) fiscal year March 24, 2021 (liquidation date)\",\n \"| | Class FC .\",\n \"| EUR | - |\",\n \"| --- | --- | --- | --- |\",\n \"| Class FD .\",\n \"| EUR | - |\",\n \"| Class LC .\",\n \"| EUR | - |\",\n \"| Class LD .\",\n \"| EUR | - |\",\n \"| Class XC .\",\n \"| EUR | - |\",\n \"| 2020 | Class FC .\",\n \"| EUR | 200.10 |\",\n \"| | Class FD .\",\n \"| EUR | 135.93 |\",\n \"| | Class LC .\",\n \"| EUR | 186.65 |\",\n \"| | Class LD .\",\n \"| EUR | 179.45 |\",\n \"| | Class XC .\",\n \"| EUR | 111.25 |\",\n \"| 2019 | Class FC .\",\n \"| EUR | 204.99 |\",\n \"| | Class FD .\",\n \"| EUR | 141.87 |\",\n \"| | Class LC .\",\n \"| EUR | 192.65 |\",\n \"| | Class LD .\",\n \"| EUR | 187.22 |\",\n \"| | Class XC .\",\n \"| EUR | 113.34 |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00 % of all transactions.\",\n \"The total volume was EUR 0.00.\",\n \"#### Investment objective and performance in the reporting period\",\n \"DWS Invest II European Top Dividend invests primarily in equities of highly capitalized European companies that in addition to above-average dividend yields also have pro- jections of dividend growth\",\n \"DWS INVEST II EUROPEAN TOP DIVIDEND\",\n \"Five-year performance\",\n \"140\",\n \"130\",\n \"120\",\n \"110\",\n \"100\",\n \"90\",\n \"80\",\n \"70\",\n \"and reasonable payout ratios\",\n \"12/16*\",\n \"12/17\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"(dividend distribution as a per- centage of net income for the\",\n \"DWS Invest II European Top Dividend (LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 12/2016 = 100\",\n \"Data on euro basis\",\n \"year).\",\n \"In addition, they must\",\n \"have excellent fundamentals such as balance sheet quality and business model.\",\n \"The sub-fund recorded an appreciation of 16.4% per share (LC share class; BVI method) in the fiscal year through Decem- ber 31, 2021.\",\n \"#### Investment policy in the reporting period\",\n \"The performance of the interna- tional capital markets in 2021 continued to be affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy.\",\n \"In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in\",\n \"light of the weakened global economy – supported price\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INVEST II EUROPEAN TOP DIVIDEND\",\n \"Performance of share classes (in EUR)\",\n \"| Share class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LC | LU0781237614 | 16.4% | 33.8% | 29.6% |\",\n \"| Class FC | LU1241941308 | 17.2% | 36.9% | 34.4% |\",\n \"| Class FD | LU1242509609 | 17.2% | 36.9% | 34.6% |\",\n \"| Class LD | LU0781237705 | 16.4% | 33.8% | 29.6% |\",\n \"| Class LDH (P) | LU1322113884 | 13.0% | 29.6% | 28.7% |\",\n \"| Class NC | LU0781237887 | 15.6% | 31.0% | 25.1% |\",\n \"| Class ND | LU0781237960 | 15.5% | 31.1% | 25.2% |\",\n \"| Class TFC | LU1663960000 | 17.2% | 36.9% | 21.3% 1 |\",\n \"| Class TFD | LU1663960182 | 17.2% | 36.9% | 21.0% 1 |\",\n \"| Class XC | LU0781238000 | 17.8% | 38.8% | 37.7% |\",\n \"| Class XD | LU0781238182 | 17.8% | 38.8% | 37.7% |\",\n \"| Class CHF LDH (P) 2 | LU1322113702 | 12.7% | 28.1% | 25.8% |\",\n \"1\",\n \"Classes TFC and TFD launched on January 15, 2018\",\n \"2 in CHF\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"performance in the financial markets.\",\n \"The economic outlook improved since the beginning of 2021, but concerns about inflation also arose among investors.\",\n \"In addition, the rapid spread of the coronavirus and its mutations, as well as the associated new restrictions, dampened economic pros- pects.\",\n \"Against this backdrop, European equities still posted\",\n \"noticeable price gains overall in the reporting period.\",\n \"The portfolio management main- tained its generally conservative positioning on the whole, but\",\n \"it did increase the weighting of industrials and financials in favor of a slightly more cyclical posi- tioning, while non-cyclical sec- tors such as consumer staples and health care were reduced.\",\n \"In the basic materials sector, the Anglo-Australian company BHP posted impressive results and recorded a significant increase in free cash flow due to the increased demand for commodities.\",\n \"The Danish company Novo Nordisk benefited from a significantly expanded valua- tion in 2021 and contributed\",\n \"strong appreciation within the portfolio.\",\n \"In the energy sector, Norway’s Equinor gained significantly amid rising demand for renew- able energies.\",\n \"Shares of Neste, in contrast, performed comparatively weakly as the Finnish compa- ny’s earnings receded.\",\n \"Information on the environmental and/or social characteristics\",\n \"The sub-fund qualifies as a\",\n \"product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors) Information Technology | 1 878 578.36 | 0.55 |\",\n \"| Telecommunication Services | 15 094 754.07 | 4.44 |\",\n \"| Consumer Discretionaries | 76 829 065.39 | 22.63 |\",\n \"| Energy | 29 369 181.55 | 8.65 |\",\n \"| Consumer Staples | 15 373 352.13 | 4.52 |\",\n \"| Financials | 66 458 631.99 | 19.54 |\",\n \"| Basic Materials | 61 513 436.45 | 18.10 |\",\n \"| Industrials | 36 713 032.55 | 10.79 |\",\n \"| Utilities | 23 865 075.05 | 7.02 |\",\n \"| Total equities | 327 095 107.54 | 96.24 |\",\n \"| 2. Derivatives | 4 695.47 | 0.00 |\",\n \"| 3. Cash at bank | 12 520 102.88 | 3.68 |\",\n \"| 4. Other assets | 1 825 860.32 | 0.54 |\",\n \"| 5. Receivables from share certificate transactions | 92 315.05 | 0.03 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -1 285 067.24 | -0.38 |\",\n \"| 2. Liabilities from share certificate transactions | -374 631.47 | -0.11 |\",\n \"| III.\",\n \"Net assets | 339 878 382.55 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| Securities traded on an exchange | | | | | | | 327 095 107.54 | 96.24 |\",\n \"| Equities Galenica AG | Count | 80 238 | | 28 900 | CHF | 68.9 | 5 338 764.94 | 1.57 |\",\n \"| Nestle SA | Count | 65 681 | 13 800 | 14 500 | CHF | 127.96 | 8 116 251.03 | 2.39 |\",\n \"| Novartis AG | Count | 71 973 | 28 400 | 800 | CHF | 80.54 | 5 597 868.78 | 1.65 |\",\n \"| Roche Holding AG | Count | 22 922 | 2 600 | 1 600 | CHF | 380.95 | 8 432 609.11 | 2.48 |\",\n \"| Moneta Money Bank AS | Count | 678 817 | | 189 500 | CZK | 94 | 2 560 856.55 | 0.75 |\",\n \"| AP Moller - Maersk A/S | Count | 1 700 | 1 700 | | DKK | 23 540 | 5 381 369.90 | 1.58 |\",\n \"| Carlsberg A/S | Count | 21 500 | 21 500 | | DKK | 1 135 | 3 281 495.30 | 0.97 |\",\n \"| Novo Nordisk A/S | Count | 77 704 | 4 100 | 2 200 | DKK | 733.6 | 7 665 494.28 | 2.26 |\",\n \"| Allianz SE | Count | 17 287 | | 4 900 | EUR | 207.65 | 3 589 645.55 | 1.06 |\",\n \"| APERAM | Count | 45 800 | 47 400 | 1 600 | EUR | 48 | 2 198 400.00 | 0.65 |\",\n \"| AXA SA | Count | 133 073 | 21 200 | 36 200 | EUR | 26.305 | 3 500 485.27 | 1.03 |\",\n \"| Azelis Group NV | Count | 39 408 | 60 008 | 20 600 | EUR | 25.74 | 1 014 361.92 | 0.30 |\",\n \"| Bankinter SA | Count | 632 500 | 235 800 | 180 500 | EUR | 4.517 | 2 857 002.50 | 0.84 |\",\n \"| BASF SE | Count | 77 600 | 86 300 | 8 700 | EUR | 61.78 | 4 794 128.00 | 1.41 |\",\n \"| Bayerische Motoren Werke AG -Pref- | Count | 59 100 | 63 000 | 3 900 | EUR | 73.3 | 4 332 030.00 | 1.27 |\",\n \"| BNP Paribas SA | Count | 52 034 | 30 500 | 20 400 | EUR | 60.71 | 3 158 984.14 | 0.93 |\",\n \"| Cie Générale des Etablissements Michelin SCA | Count | 33 814 | 7 500 | 4 000 | EUR | 144.8 | 4 896 267.20 | 1.44 |\",\n \"| Coface SA | Count | 231 500 | | 52 500 | EUR | 12.53 | 2 900 695.00 | 0.85 |\",\n \"| Covestro AG | Count | 56 194 | 25 000 | 15 600 | EUR | 54.2 | 3 045 714.80 | 0.90 |\",\n \"| Danone SA | Count | 68 316 | 42 900 | 43 300 | EUR | 54.93 | 3 752 597.88 | 1.10 |\",\n \"| Deutsche Pfandbriefbank AG | Count | 77 946 | | 163 800 | EUR | 10.57 | 823 889.22 | 0.24 |\",\n \"| Deutsche Post AG | Count | 118 750 | 18 500 | 5 000 | EUR | 56.54 | 6 714 125.00 | 1.98 |\",\n \"| Deutsche Telekom AG | Count | 538 926 | | 59 400 | EUR | 16.3 | 8 784 493.80 | 2.58 |\",\n \"| E.ON SE | Count | 453 930 | | 74 700 | EUR | 12.192 | 5 534 314.56 | 1.63 |\",\n \"| EDP Renovaveis SA | Count | 123 400 | 123 400 | | EUR | 21.68 | 2 675 312.00 | 0.79 |\",\n \"| Elisa Oyj | Count | 56 701 | | 3 100 | EUR | 54.38 | 3 083 400.38 | 0.91 |\",\n \"| Enel SpA | Count | 1 059 161 | 14 800 | 121 300 | EUR | 7.056 | 7 473 440.02 | 2.20 |\",\n \"| Essilor International Cie Générale d‘Optique SA . . . .\",\n \". . . .\",\n \". .\",\n \"| Count | 32 331 | 9 300 | 1 900 | EUR | 186.88 | 6 042 017.28 | 1.78 |\",\n \"| Euronext NV | Count | 88 762 | 26 074 | 8 400 | EUR | 89.9 | 7 979 703.80 | 2.35 |\",\n \"| Friedrich Vorwerk Group SE | Count | 17 131 | 37 731 | 20 600 | EUR | 28.56 | 489 261.36 | 0.14 |\",\n \"| Gaztransport Et Technigaz SA | Count | 36 300 | 36 300 | 17 088 | EUR | 82.05 | 2 978 415.00 | 0.88 |\",\n \"| Infrastrutture Wireless Italiane SpA | Count | 357 150 | 17 600 | | EUR | 10.68 | 3 814 362.00 | 1.12 |\",\n \"| Instone Real Estate Group AG | Count | 69 500 | | 1 400 | EUR | 16.64 | 1 156 480.00 | 0.34 |\",\n \"| JDE Peet‘s BV | Count | 63 534 | 32 000 | 28 700 | EUR | 27.19 | 1 727 489.46 | 0.51 |\",\n \"| Kone Oyj | Count | 53 300 | 53 300 | | EUR | 63.16 | 3 366 428.00 | 0.99 |\",\n \"| Koninklijke DSM NV | Count | 17 229 | 2 400 | 1 900 | EUR | 198.75 | 3 424 263.75 | 1.01 |\",\n \"| Koninklijke Philips NV | Count | 86 737 | | 15 800 | EUR | 32.945 | 2 857 550.47 | 0.84 |\",\n \"| LANXESS AG | Count | 25 531 | | 9 700 | EUR | 54.5 | 1 391 439.50 | 0.41 |\",\n \"| Mayr Melnhof Karton AG | Count | 13 059 | | 1 600 | EUR | 176.6 | 2 306 219.40 | 0.68 |\",\n \"| Neste Oyj | Count | 119 515 | 48 700 | 48 500 | EUR | 43.29 | 5 173 804.35 | 1.52 |\",\n \"| Sampo Oyj | Count | 110 439 | | 8 200 | EUR | 44.23 | 4 884 716.97 | 1.44 |\",\n \"| Sanofi | Count | 55 400 | 55 400 | | EUR | 89.35 | 4 949 990.00 | 1.46 |\",\n \"| Siemens Healthineers AG | Count | 33 931 | 1 100 | 4 200 | EUR | 65.82 | 2 233 338.42 | 0.66 |\",\n \"| Stellantis NV | Count | 206 800 | 206 800 | | EUR | 16.73 | 3 459 764.00 | 1.02 |\",\n \"| Talanx AG | Count | 149 781 | | 40 000 | EUR | 42.54 | 6 371 683.74 | 1.87 |\",\n \"| Total SA | Count | 127 643 | 55 900 | 68 900 | EUR | 44.89 | 5 729 894.27 | 1.69 |\",\n \"| Unilever PLC | Count | 148 109 | 55 700 | 29 100 | EUR | 47.245 | 6 997 409.71 | 2.06 |\",\n \"| Vantage Towers AG | Count | 155 238 | 160 438 | 5 200 | EUR | 32.2 | 4 998 663.60 | 1.47 |\",\n \"| Vinci SA | Count | 17 467 | 1 600 | 3 700 | EUR | 91.94 | 1 605 915.98 | 0.47 |\",\n \"| Vonovia SE | Count | 178 222 | 25 300 | 3 300 | EUR | 48.5 | 8 643 767.00 | 2.54 |\",\n \"| Anglo American PLC | Count | 37 600 | 159 700 | 122 100 | GBP | 30.32 | 1 359 147.10 | 0.40 |\",\n \"| Antofagasta PLC | Count | 320 352 | 92 100 | 86 300 | GBP | 13.435 | 5 131 147.89 | 1.51 |\",\n \"| BHP Group PLC | Count | 419 926 | | 262 200 | GBP | 22.13 | 11 079 077.51 | 3.26 |\",\n \"| Fresnillo PLC | Count | 160 312 | 29 100 | 24 500 | GBP | 8.73 | 1 668 513.40 | 0.49 |\",\n \"| HSBC Holdings PLC | Count | 484 700 | 484 700 | | GBP | 4.504 | 2 602 680.29 | 0.77 |\",\n \"| National Grid PLC | Count | 597 017 | | 79 100 | GBP | 10.808 | 7 692 747.11 | 2.26 |\",\n \"| Polymetal International PLC | Count | 434 761 | 61 800 | 34 400 | GBP | 12.99 | 6 733 008.33 | 1.98 |\",\n \"| Reckitt Benckiser Group PLC | Count | 109 147 | 28 200 | 7 800 | GBP | 63.41 | 8 251 235.42 | 2.43 |\",\n \"| Rio Tinto PLC | Count | 29 039 | 2 900 | 58 000 | GBP | 49.27 | 1 705 743.17 | 0.50 |\",\n \"| Royal Dutch Shell PLC | Count | 191 352 | | 156 500 | GBP | 16.226 | 3 701 637.61 | 1.09 |\",\n \"| Royal Dutch Shell PLC | Count | 191 496 | | 170 300 | GBP | 16.238 | 3 707 162.86 | 1.09 |\",\n \"| DNB Bank ASA | Count | 279 754 | 284 954 | 5 200 | NOK | 202.2 | 5 671 198.20 | 1.67 |\",\n \"| Equinor ASA | Count | 281 059 | 92 000 | 119 900 | NOK | 236.2 | 6 655 715.65 | 1.96 |\",\n \"| Gjensidige Forsikring BA | Count | 109 719 | | 4 400 | NOK | 214.2 | 2 356 235.40 | 0.69 |\",\n \"| Mowi ASA | Count | 75 858 | 8 700 | 64 300 | NOK | 208.4 | 1 584 953.31 | 0.47 |\",\n \"| Norsk Hydro ASA | Count | 739 800 | 739 800 | | NOK | 69.4 | 5 147 438.51 | 1.51 |\",\n \"| Telenor ASA | Count | 111 692 | 7 900 | | NOK | 139.35 | 1 560 437.61 | 0.46 |\",\n \"| TGS NOPEC Geophysical Co., ASA | Count | 166 459 | 212 800 | 197 300 | NOK | 85.24 | 1 422 551.81 | 0.42 |\",\n \"| CD Projekt SA | Count | 44 900 | 47 200 | 2 300 | PLN | 192.32 | 1 878 578.36 | 0.55 |\",\n \"| Warsaw Stock Exchange | Count | 154 981 | | | PLN | 41.6 | 1 402 588.62 | 0.41 |\",\n \"| Boliden AB | Count | 135 461 | 142 361 | 6 900 | SEK | 351.1 | 4 646 372.80 | 1.37 |\",\n \"| Epiroc AB | Count | 180 128 | 209 428 | 29 300 | SEK | 230.6 | 4 057 976.01 | 1.19 |\",\n \"| Lundin Mining Corp.\",\n \"| Count | 389 900 | 231 800 | 66 900 | SEK | 70.35 | 2 679 700.65 | 0.79 |\",\n \"| Rugvista Group AB | Count | 135 100 | 150 000 | 14 900 | SEK | 126.6 | 1 670 929.01 | 0.49 |\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| Sandvik AB | Count | 180 625 | 23 400 | 11 000 | SEK | 253.2 | 4 467 972.66 | 1.31 |\",\n \"| Swedbank AB | Count | 336 600 | 336 600 | | SEK | 182.4 | 5 998 019.74 | 1.76 |\",\n \"| Telefonaktiebolaget LM Ericsson | Count | 170 900 | 28 700 | 6 700 | SEK | 99.81 | 1 666 422.28 | 0.49 |\",\n \"| Polyus PJSC -GDR- | Count | 84 272 | 23 700 | 4 400 | USD | 87.55 | 6 509 341.04 | 1.91 |\",\n \"| Total securities portfolio | | | | | | | 327 095 107.54 | 96.24 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 4 695.47 | 0.00 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (long) | | | | | | | | |\",\n \"| Open positions CHF/EUR 0.2 million | | | | | | | 1 673.93 | 0.00 |\",\n \"| CHF/GBP 0.1 million | | | | | | | -479.94 | 0.00 |\",\n \"| Closed positions CHF/EUR 0.3 million | | | | | | | 1 503.27 | 0.00 |\",\n \"| CHF/GBP 0.1 million | | | | | | | 1 586.08 | 0.00 |\",\n \"| Forward currency transactions (short) | | | | | | | | |\",\n \"| Open positions CHF/CZK 0.1 million | | | | | | | -25.37 | 0.00 |\",\n \"| CHF/DKK 0.2 million | | | | | | | 158.51 | 0.00 |\",\n \"| CHF/NOK 0.4 million | | | | | | | -81.05 | 0.00 |\",\n \"| CHF/PLN 0.1 million | | | | | | | 2.52 | 0.00 |\",\n \"| CHF/RUB 0.8 million | | | | | | | 163.24 | 0.00 |\",\n \"| CHF/SEK 0.4 million | | | | | | | 16.41 | 0.00 |\",\n \"| EUR/CZK 0.1 million | | | | | | | -13.22 | 0.00 |\",\n \"| EUR/DKK 0.1 million | | | | | | | -1.38 | 0.00 |\",\n \"| EUR/GBP 0.1 million | | | | | | | -243.13 | 0.00 |\",\n \"| EUR/NOK 0.1 million | | | | | | | -75.30 | 0.00 |\",\n \"| EUR/PLN 0.1 million | | | | | | | -7.15 | 0.00 |\",\n \"| EUR/RUB 0.2 million | | | | | | | 22.12 | 0.00 |\",\n \"| EUR/SEK 0.1 million | | | | | | | -51.81 | 0.00 |\",\n \"| Closed positions CHF/CZK 0.2 million | | | | | | | -36.42 | 0.00 |\",\n \"| CHF/NOK 0.4 million | | | | | | | 400.46 | 0.00 |\",\n \"| CHF/PLN 0.1 million | | | | | | | -41.94 | 0.00 |\",\n \"| EUR/CZK 0.1 million | | | | | | | -13.63 | 0.00 |\",\n \"| EUR/GBP 0.1 million | | | | | | | 219.02 | 0.00 |\",\n \"| EUR/NOK 0.1 million | | | | | | | 36.33 | 0.00 |\",\n \"| EUR/PLN 0.1 million | | | | | | | -16.08 | 0.00 |\",\n \"| Cash at bank | | | | | | | 12 520 102.88 | 3.68 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 321 525.14 | 0.09 |\",\n \"| Deposits in other EU/EEA currencies | | | | | | | | |\",\n \"| Danish krone | DKK | 954 582 | | | | | 128 366.19 | 0.04 |\",\n \"| Norwegian krone | NOK | 14 428 415 | | | | | 1 446 558.52 | 0.42 |\",\n \"| Polish zloty | PLN | 1 400 586 | | | | | 304 697.03 | 0.09 |\",\n \"| Swedish krona | SEK | 3 379 578 | | | | | 330 165.31 | 0.10 |\",\n \"| Czech koruna | CZK | 20 213 215 | | | | | 811 222.69 | 0.24 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 6 255 205 | | | | | 7 457 460.17 | 2.19 |\",\n \"| Canadian dollar | CAD | 870 | | | | | 600.67 | 0.00 |\",\n \"| Swiss franc | CHF | 1 438 070 | | | | | 1 388 741.89 | 0.41 |\",\n \"| U.S. dollar | USD | 374 906 | | | | | 330 765.27 | 0.10 |\",\n \"| Other assets | | | | | | | 1 825 860.32 | 0.54 |\",\n \"| Dividends/Distributions receivable | | | | | | | 439 562.40 | 0.13 |\",\n \"| Other receivables | | | | | | | 1 386 297.92 | 0.41 |\",\n \"| Receivables from share certificate transactions | | | | | | | 92 315.05 | 0.03 |\",\n \"| Total assets * | | | | | | | 341 539 167.68 | 100.49 |\",\n \"| Other liabilities | -1 285 067.24 | -0.38 |\",\n \"| --- | --- | --- |\",\n \"| Liabilities from cost items | -465 910.80 | -0.14 |\",\n \"| Additional other liabilities | -819 156.44 | -0.24 |\",\n \"| Liabilities from share certificate transactions | -374 631.47 | -0.11 |\",\n \"| Total liabilities | -1 660 785.13 | -0.49 |\",\n \"| Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| 339 878 382.55 | 100.00 |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class CHF LDH (P) | CHF | 110.92 |\",\n \"| Class FC | EUR | 130.70 |\",\n \"| Class FD | EUR | 110.41 |\",\n \"| Class LC | EUR | 197.10 |\",\n \"| Class LD | EUR | 152.48 |\",\n \"| Class LDH (P) | EUR | 114.08 |\",\n \"| Class NC | EUR | 184.03 |\",\n \"| Class ND | EUR | 145.01 |\",\n \"| Class TFC | EUR | 121.30 |\",\n \"| Class TFD | EUR | 108.98 |\",\n \"| Class XC | EUR | 219.87 |\",\n \"| Class XD | EUR | 132.81 |\",\n \"| Number of shares outstanding Class CHF LDH (P) | Count | 4 666.000 |\",\n \"| Class FC | Count | 275 205.628 |\",\n \"| Class FD | Count | 41 170.000 |\",\n \"| Class LC | Count | 244 309.681 |\",\n \"| Class LD | Count | 1 594 420.084 |\",\n \"| Class LDH (P) | Count | 935.161 |\",\n \"| Class NC | Count | 22 305.672 |\",\n \"| Class ND | Count | 711.769 |\",\n \"| Class TFC | Count | 5 815.395 |\",\n \"| Class TFD | Count | 5 308.458 |\",\n \"| Class XC | Count | 9 015.302 |\",\n \"| Class XD | Count | 88.207 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe High Dividend Yield net TR\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 82.725 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 120.918 |\",\n \"| Average market risk exposure | % | 99.156 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for forward currency transactions\",\n \"Barclays Bank Ireland PLC, BNP Paribas S.A., Bofa Securities Europe S.A., Goldman Sachs Bank Europe SE, HSBC France, J.P. Morgan AG, Morgan Stanley Bank AG, Morgan Stanley Europe SE, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank and UBS AG.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Canadian dollar\\tCAD | 1.448606 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Swiss franc\\tCHF | 1.035520 | = EUR | 1 |\",\n \"| Czech koruna\\tCZK | 24.916975 | = EUR | 1 |\",\n \"| Danish krone\\tDKK | 7.436396 | = EUR | 1 |\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| Norwegian krone\\tNOK | 9.974305 | = EUR | 1 |\",\n \"| Polish zloty\\tPLN | 4.596650 | = EUR | 1 |\",\n \"| Swedish krona\\tSEK | 10.236018 | = EUR | 1 |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"Footnote\",\n \"* Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\",\n \"Statement of changes in net assets\\t2021\",\n \"| for the period from January 1, 2021, through December 31, | 2021 | | | I. | Value of the fund‘s net assets | |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| | | | | | at the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 300 394 665.07 |\",\n \"| I. Income | | | | 1. | Distribution for the previous year | EUR | -7 482 922.76 |\",\n \"| 1. Dividends (before withholding tax) | EUR | 12 905 929.15 | | 2. | Net outflows | EUR | -466 728.82 |\",\n \"| 2. Interest from investments of liquid assets | | | | 3. | Income adjustment | EUR | -155 653.66 |\",\n \"| (before withholding tax) | EUR | 770.38 | | 4. | Net investment income | EUR | 7 408 819.82 |\",\n \"| 3. Income from securities lending | EUR | 3 590.66 | | 5. | Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 11 614 902.45 |\",\n \"| 4. Deduction for foreign withholding tax | EUR | -629 721.23 | | 6. | Net change in unrealized appreciation/depreciation ....\",\n \"| EUR | 28 565 300.45 |\",\n \"| Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 12 280 568.96 | | II.\",\n \"| Value of the fund‘s net assets . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | | |\",\n \"| | | | | | at the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 339 878 382.55 |\",\n \"| II.\",\n \"Expenses | | | | | | | |\",\n \"| 1. Interest on borrowings and | | | | | | | |\",\n \"negative interest on deposits EUR\\t-60 746.70\",\n \"- Management fee EUR\\t-4 569 047.84thereof:Basic management fee EUR -4 531 669.76Administration fee EUR\\t-37 378.08\",\n \"- Depositary fee EUR\\t-8 570.93\",\n \"- Auditing, legal and publication costs\",\n \"- 1\",\n \"- EUR 34\\t057.54\",\n \"- Taxe d‘abonnement EUR\\t-161 733.86\",\n \"- Other expenses EUR\\t-105 707.35thereof:Performance-based feefrom securities lending income .\",\n \"EUR\\t\\t-1 196.89 Other EUR\\t-104 510.46\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -4 871 749.14 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 7 408 819.82 |\",\n \"| IV.\",\n \"Sale transactions Realized gains/losses | EUR | 11 614 902.45 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 11 614 902.45 |\",\n \"| V. Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 19 023 722.27 |\",\n \"1\",\n \"This largely includes income from the release of excess accruals for auditing costs in the amount of EUR 42 576.33.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class CHF LDH (P) 1.61% p.a.,\\tClass FC 0.82% p.a.,\",\n \"Class FD 0.83% p.a.,\\tClass LC 1.58% p.a.,\",\n \"Class LD 1.58% p.a.,\\tClass LDH (P) 1.59% p.a.,\",\n \"Class NC 2.28% p.a.,\\tClass ND 2.29% p.a.,\",\n \"Class TFC 0.84% p.a.,\\tClass TFD 0.83% p.a.,\",\n \"Class XC 0.38% p.a.,\\tClass XD 0.36% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"As well, the additional income from securities lending resulted in a performance-based fee of\",\n \"Class CHF LDH (P) <0.001% p.a.,\\tClass FC <0.001% p.a.,\",\n \"Class FD <0.001% p.a.,\\tClass LC <0.001% p.a.,\",\n \"Class LD <0.001% p.a.,\\tClass LDH (P) <0.001% p.a.,\",\n \"Class NC <0.001% p.a.,\\tClass ND <0.001% p.a.,\",\n \"Class TFC <0.001% p.a.,\\tClass TFD <0.001% p.a.,\",\n \"Class XC <0.001% p.a.,\\tClass XD <0.001% p.a.\",\n \"of the fund’s average net assets in relation to the respective share class.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 183 030.44.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t11 614 902.45\",\n \"| from: | |\",\n \"| --- | --- |\",\n \"| Securities transactions | EUR | 11 118 875.98 |\",\n \"| (Forward) currency transactions | EUR | 496 026.47 |\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"###### Details on the distribution policy*\",\n \"Class CHF LDH (P)\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tCHF\\t3.65\",\n \"| | 2021 | Class CHF LDH (P) | CHF | 110.92 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| The income for the fiscal year is reinvested.\",\n \"| | Class FC | EUR | 130.70 |\",\n \"| | | Class FD | EUR | 110.41 |\",\n \"Class FC\",\n \"Net assets at the end of the fiscal year\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t339 878 382.55\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t300 394 665.07\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t446 907 349.79\",\n \"Net asset value per share at the end of the fiscal year\",\n \"| Class FD | |\",\n \"| --- | --- |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | EUR | 3.57 |\",\n \"| Class LC | | | |\",\n \"Class LD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t4.95\",\n \"Class LDH (P)\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"| | Class LC | EUR | 197.10 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class LD | EUR | 152.48 |\",\n \"| Class LDH (P) | EUR | 114.08 |\",\n \"| Class NC | EUR | 184.03 |\",\n \"| Class ND | EUR | 145.01 |\",\n \"| Class TFC | EUR | 121.30 |\",\n \"| Class TFD | EUR | 108.98 |\",\n \"| | Class XC | EUR | 219.87 |\",\n \"Class FD EUR\\t97.27\",\n \"| | Class XD | EUR | 132.81 |\",\n \"| --- | --- | --- | --- |\",\n \"| The income for the fiscal year is reinvested.\",\n \"| 2020 | Class CHF LDH (P) | CHF | 101.68 |\",\n \"| | | Class FC | EUR | 111.48 |\",\n \"Class LC EUR\\t169.38\",\n \"Class LD EUR\\t135.37\",\n \"Class LDH (P) EUR\\t104.36\",\n \"Class NC EUR\\t159.26\",\n \"Class ND EUR\\t129.67\",\n \"Class TFC EUR\\t103.47\",\n \"Class TFD EUR\\t96.63\",\n \"Class XC EUR\\t186.70\",\n \"Class XD EUR\\t115.82\",\n \"| Final distribution | March 4, 2022 | EUR | 3.75 | 2019\\tClass CHF LDH (P) Class FC | CHF EUR | 107.05 114.25 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| | | | | Class FD | EUR | 103.18 |\",\n \"| | | Class LC | EUR | 174.90 |\",\n \"| | | Class LD | EUR | 144.72 |\",\n \"| The income for the fiscal year is reinvested.\",\n \"| | Class LDH (P) | EUR | 109.30 |\",\n \"| | | Class NC | EUR | 165.60 |\",\n \"| | | Class ND | EUR | 139.63 |\",\n \"| Class ND | | | | Class TFC | EUR | 106.04 |\",\n \"| | | | | Class TFD | EUR | 102.53 |\",\n \"| Type | As of | Currency | Per share | Class XC | EUR | 190.44 |\",\n \"Class NC\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t4.73\",\n \"Class TFC\",\n \"The income for the fiscal year is reinvested.\",\n \"| Class TFD | |\",\n \"| --- | --- |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | EUR | 3.53 |\",\n \"| Class XC | | | |\",\n \"| The income for the fiscal year is reinvested.\",\n \"| Class XD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | EUR | 4.28 |\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the fiscal year is reinvested.\",\n \"Class XD EUR\\t122.29\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.\",\n \"The total volume was EUR 0.00.\",\n \"#### Investment objective and performance in the reporting period\",\n \"The investment focus of DWS Invest II Global Equity High Conviction Fund is on equi- ties of domestic and foreign companies that have above- average growth prospects.\",\n \"Its investment universe encom-\",\n \"DWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND\",\n \"Five-year performance\",\n \"190\",\n \"175\",\n \"160\",\n \"145\",\n \"130\",\n \"115\",\n \"100\",\n \"85\",\n \"passes shares of companies\",\n \"12/16*\",\n \"12/17\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"from around the world whose growth potential arises from\",\n \"DWS Invest II Global Equity High Conviction Fund (LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 12/2016 = 100\",\n \"Data on euro basis\",\n \"one of the following three\",\n \"criteria: companies with busi- ness activity in strongly grow- ing niche markets, companies with significant business activity in emerging markets, and companies located within emerging-market countries.\",\n \"In the reporting period from the beginning of January 2021 through the end of December 2021, the sub-fund recorded an\",\n \"appreciation of 23.5% per share (LC share class; BVI method).\",\n \"Its benchmark, the MSCI AC World, recorded a gain of 29.0% in the same period (both percentages in euro terms).\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND\",\n \"Performance of share classes vs. benchmark (in EUR)\",\n \"| Share class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LC | LU0826452848 | 23.5% | 72.5% | 82.2% |\",\n \"| Class FC | LU0826453069 | 24.4% | 76.5% | 89.1% |\",\n \"| Class LD | LU0826452921 | 23.5% | 72.6% | 82.2% |\",\n \"| Class NC | LU0826453226 | 22.6% | 69.0% | 75.9% |\",\n \"| Class TFC | LU1663960265 | 24.4% | 76.6% | 68.7% 1 |\",\n \"| Class TFD | LU1663960349 | 24.4% | 76.7% | 68.8% 1 |\",\n \"| MSCI AC World | | 29.0% | 77.3% | 82.5% |\",\n \"1\",\n \"Classes TFC and TFD launched on January 15, 2018\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"#### Investment policy in the reporting period\",\n \"One investment focus in the past fiscal year was on com- panies that, in addition to sustainable growth prospects, were characterized by a cer- tain stability regarding their business model and their cash flows.\",\n \"The total number of stocks held in the portfolio was limited to 40.\",\n \"Individual names could thus have a significantly higher weight (as expressed by the words “high conviction”\",\n \"in the sub-fund name).\",\n \"In con-\",\n \"trast to the benchmark, stocks that did not meet the portfolio management’s requirements were left out of the portfolio altogether.\",\n \"Following the memorable 2020 fiscal year, the stock exchanges developed very solidly in the reporting period.\",\n \"The “COVID-19 issue”* remained ubiquitous.\",\n \"However, the mood increas- ingly brightened as significant progress was made in the fight against the pandemic.\",\n \"After publication of positive trial results in November 2020, the\",\n \"first vaccines were administered at the turn of the year.\",\n \"Global vaccination campaigns since then have helped major econo- mies gradually return to normal.\",\n \"This was also reflected in cor- porate results.\",\n \"In addition, the unprecedented level of support by governments and accompa- nying actions by central banks provided important assistance for consumers and the econ- omy, which in turn translated into significantly higher share prices.\",\n \"Many companies that were particularly badly hit at the beginning of the pandemic and\",\n \"had less healthy balance sheets benefited disproportionately from this aid.\",\n \"Despite this solid performance overall, the pandemic also gave rise to considerable fac- tors causing uncertainty and “side effects”.\",\n \"For one thing, the virus has not gone away and could still present the world with fresh challenges.\",\n \"In the reporting period, several waves of COVID repeatedly caused setbacks, for instance in sensitive industries such as the travel sector.\",\n \"For another, the pandemic caused signifi- cant distortion in global sup- ply chains that continued to weigh on national economies.\",\n \"A major shortage of road, sea and air freight capacity was observed.\",\n \"Another problem was production capacity for semiconductors, for example, which was inadequate to meet rapidly rising demand as the economy recovered.\",\n \"The conse- quences of this could be seen in many sectors, particularly\",\n \"in the automotive industry, but supply chain constraints left their mark on many other industries as well.\",\n \"The combi-\",\n \"nation of production stoppages and plant closures plus expen- sive stimulus packages, as well\",\n \"also showed sensitivity to these developments, even though, as mentioned earlier, significant gains were recorded on the bottom line.\",\n \"Over the fiscal year as a whole, fewer regional differences than sectoral differences could be observed.\",\n \"The equity markets in the industrial countries, in particular, often moved in sim- ilarly positive orders of magni- tude.\",\n \"The emerging markets, in contrast, lagged significantly behind since the summer due to underperformance in Asia.\",\n \"This relative weakness in the emerging markets was clearly felt by the portfolio through the positioning in Chinese equities.\",\n \"Particularly the tighter govern- ment regulation of communi- cations and internet companies such as Alibaba or Tencent had a negative impact.\",\n \"As these companies are prominently represented in the portfolio due to their strong market posi- tions, attractive valuations and successful digitalization strat- egies, their performance was one of the main reasons for the sub-fund’s weaker overall per- formance.\",\n \"The Chinese insurer Ping An was another company beset by fears of government\",\n \"high growth rates and greater future earnings prospects, with the associated high valuations (e.g., Tesla, NVIDIA, etc.).\",\n \"But the portfolio management continued to attach great importance to attractive valua- tions; accordingly, this general development was detrimental to the sub-fund.\",\n \"Furthermore, the overweight in health care and the underweight in energy also contributed negatively to performance.\",\n \"The overweight in communications stocks (e.g., Alphabet) and the underweight in utilities both had a positive effect on the sub-fund.\",\n \"Information on the environmental and/or social characteristics\",\n \"The sub-fund qualifies as a\",\n \"product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"as the almost simultaneous\",\n \"regulation, which weakened the\\topening up of economies, also led to significant price distor- tions in many end markets.\",\n \"Snowballing prices for timber, construction materials, and freight containers are further examples.\",\n \"This sparked con- cerns about runaway inflation and generated movement in the bond markets.\",\n \"Share prices\",\n \"performance of its share price.\",\n \"Other technology stocks from the emerging markets such\",\n \"as Samsung Electronics, how- ever, were similarly unable to keep pace with the index in the reporting period.\",\n \"In 2021, the equity markets preferred companies exhibiting\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ-omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors) Information Technology | 37 382 554.83 | 18.42 |\",\n \"| Telecommunication Services | 45 254 806.31 | 22.30 |\",\n \"| Consumer Discretionaries | 63 877 232.29 | 31.46 |\",\n \"| Consumer Staples | 14 077 065.50 | 6.93 |\",\n \"| Financials | 35 571 434.36 | 17.52 |\",\n \"| Total equities | 196 163 093.29 | 96.63 |\",\n \"| 2. Cash at bank | 7 003 672.01 | 3.45 |\",\n \"| 3. Other assets | 120 542.96 | 0.06 |\",\n \"| 4. Receivables from share certificate transactions | 1 644.16 | 0.00 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -275 860.83 | -0.13 |\",\n \"| 2. Liabilities from share certificate transactions | -18 720.93 | -0.01 |\",\n \"| III.\",\n \"Net assets | 202 994 370.66 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| Securities traded on an exchange | | | | | | | 196 163 093.29 | 96.63 |\",\n \"| Equities Toronto-Dominion Bank/The | Count | 63 000 | 63 000 | | CAD | 97.67 | 4 247 676.82 | 2.09 |\",\n \"| Nestle SA | Count | 89 500 | 4 000 | | CHF | 127.96 | 11 059 582.94 | 5.45 |\",\n \"| Roche Holding AG | Count | 10 850 | | 3 200 | CHF | 380.95 | 3 991 528.18 | 1.97 |\",\n \"| Allianz SE | Count | 15 100 | | 5 000 | EUR | 207.65 | 3 135 515.00 | 1.54 |\",\n \"| Deutsche Boerse AG | Count | 27 800 | | | EUR | 147.1 | 4 089 380.00 | 2.01 |\",\n \"| Fresenius SE & Co., KGaA | Count | 101 100 | | 10 000 | EUR | 35.4 | 3 578 940.00 | 1.76 |\",\n \"| Talanx AG | Count | 104 208 | | | EUR | 42.54 | 4 433 008.32 | 2.18 |\",\n \"| Unilever PLC | Count | 153 000 | 32 000 | | EUR | 47.245 | 7 228 485.00 | 3.56 |\",\n \"| Alibaba Group Holding Ltd | Count | 338 400 | 338 400 | | HKD | 109.9 | 4 207 056.53 | 2.07 |\",\n \"| Ping An Insurance Group Co. of China Ltd | Count | 330 000 | 330 000 | | HKD | 56.3 | 2 101 709.25 | 1.04 |\",\n \"| Tencent Holdings Ltd | Count | 136 000 | 7 600 | | HKD | 443.4 | 6 821 578.77 | 3.36 |\",\n \"| Toyota Motor Corp.\",\n \"| Count | 200 000 | 200 000 | | JPY | 2 105.5 | 3 228 227.21 | 1.59 |\",\n \"| Samsung Electronics Co., Ltd | Count | 181 150 | | | KRW | 78 300 | 10 527 061.12 | 5.19 |\",\n \"| Taiwan Semiconductor Manufacturing Co., Ltd | Count | 585 000 | | | TWD | 615 | 11 472 722.41 | 5.65 |\",\n \"| Alphabet, Inc.\",\n \"| Count | 7 350 | | 2 400 | USD | 2 932.12 | 19 013 700.71 | 9.37 |\",\n \"| Amgen, Inc.\",\n \"| Count | 17 578 | | | USD | 228.45 | 3 542 894.31 | 1.74 |\",\n \"| Applied Materials, Inc.\",\n \"| Count | 12 800 | 12 800 | | USD | 159.66 | 1 803 032.97 | 0.89 |\",\n \"| Arista Networks, Inc.\",\n \"| Count | 29 000 | 21 750 | | USD | 144.4 | 3 694 560.35 | 1.82 |\",\n \"| AutoZone, Inc.\",\n \"| Count | 3 324 | 177 | 1 153 | USD | 2 100.31 | 6 159 450.78 | 3.03 |\",\n \"| Biogen Idec, Inc.\",\n \"| Count | 8 943 | 8 943 | | USD | 241.75 | 1 907 424.20 | 0.94 |\",\n \"| Booking Holdings, Inc.\",\n \"| Count | 820 | | 400 | USD | 2 406.64 | 1 741 095.36 | 0.86 |\",\n \"| Centene Corp.\",\n \"| Count | 44 000 | | | USD | 84.32 | 3 273 262.60 | 1.61 |\",\n \"| Check Point Software Technologies Ltd | Count | 27 050 | | | USD | 117.77 | 2 810 603.09 | 1.38 |\",\n \"| Clorox Co.\",\n \"/The | Count | 9 468 | 9 468 | | USD | 171.51 | 1 432 667.04 | 0.71 |\",\n \"| eBay, Inc.\",\n \"| Count | 66 500 | | | USD | 67.4 | 3 954 386.51 | 1.95 |\",\n \"| Facebook, Inc.\",\n \"| Count | 19 100 | | 4 900 | USD | 345.52 | 5 822 428.08 | 2.87 |\",\n \"| Gilead Sciences, Inc.\",\n \"| Count | 22 300 | | | USD | 73.67 | 1 449 416.19 | 0.71 |\",\n \"| Home Depot, Inc.\",\n \"/The | Count | 12 900 | 6 100 | | USD | 412.03 | 4 689 387.51 | 2.31 |\",\n \"| HP, Inc.\",\n \"| Count | 146 300 | | 40 000 | USD | 37.99 | 4 903 556.61 | 2.42 |\",\n \"| Intel Corp.\",\n \"| Count | 93 500 | | | USD | 51.95 | 4 285 433.27 | 2.11 |\",\n \"| Johnson & Johnson | Count | 22 900 | | | USD | 171.96 | 3 474 245.41 | 1.71 |\",\n \"| Marsh & McLennan Cos, Inc.\",\n \"| Count | 32 750 | | | USD | 174.15 | 5 031 904.12 | 2.48 |\",\n \"| Medtronic PLC | Count | 52 300 | | | USD | 104.51 | 4 822 332.05 | 2.38 |\",\n \"| Merck & Co., Inc.\",\n \"| Count | 57 100 | 27 000 | | USD | 77.15 | 3 886 597.91 | 1.91 |\",\n \"| Progressive Corp.\",\n \"/The | Count | 72 000 | 7 000 | | USD | 103.74 | 6 589 861.91 | 3.25 |\",\n \"| S&P Global, Inc.\",\n \"| Count | 11 000 | | | USD | 474 | 4 600 114.07 | 2.27 |\",\n \"| UnitedHealth Group, Inc.\",\n \"| Count | 13 800 | | 2 500 | USD | 506.065 | 6 161 450.48 | 3.03 |\",\n \"| Vertex Pharmaceuticals, Inc.\",\n \"| Count | 17 600 | 8 800 | | USD | 223.36 | 3 468 291.91 | 1.71 |\",\n \"| Visa, Inc.\",\n \"* | Count | 30 851 | 6 300 | | USD | 218.32 | 5 942 378.94 | 2.93 |\",\n \"| VMware, Inc.\",\n \"| Count | 15 200 | | | USD | 117.83 | 1 580 145.36 | 0.78 |\",\n \"| Total securities portfolio | | | | | | | 196 163 093.29 | 96.63 |\",\n \"| Cash at bank | | | | | | | 7 003 672.01 | 3.45 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 49 247.37 | 0.03 |\",\n \"| Deposits in other EU/EEA currencies | | | | | | | | |\",\n \"| Danish krone | DKK | 6 662 | | | | | 895.85 | 0.00 |\",\n \"| Norwegian krone | NOK | 24 857 | | | | | 2 492.15 | 0.00 |\",\n \"| Swedish krona | SEK | 2 262 | | | | | 221.00 | 0.00 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| Australian dollar | AUD | 4 828 | | | | | 3 096.53 | 0.00 |\",\n \"| Brazilian real | BRL | 6 502 | | | | | 1 029.31 | 0.00 |\",\n \"| British pound | GBP | 4 163 | | | | | 4 963.29 | 0.00 |\",\n \"| Hong Kong dollar | HKD | 43 716 | | | | | 4 945.31 | 0.00 |\",\n \"| Indonesian rupiah | IDR | 2 619 630 | | | | | 161.99 | 0.00 |\",\n \"| Israeli shekel | ILS | 2 669 | | | | | 757.40 | 0.00 |\",\n \"| Japanese yen | JPY | 114 796 | | | | | 880.05 | 0.00 |\",\n \"| Canadian dollar | CAD | 6 988 | | | | | 4 823.60 | 0.00 |\",\n \"| Mexican peso | MXN | 3 480 | | | | | 149.69 | 0.00 |\",\n \"| New Taiwan dollar | TWD | 3 149 321 | | | | | 100 427.45 | 0.05 |\",\n \"| Swiss franc | CHF | 5 129 | | | | | 4 953.14 | 0.00 |\",\n \"| Singapore dollar | SGD | 4 303 | | | | | 2 807.09 | 0.00 |\",\n \"| South African rand | ZAR | 4 342 | | | | | 240.23 | 0.00 |\",\n \"| South Korean won | KRW | 226 566 767 | | | | | 168 152.47 | 0.09 |\",\n \"| Thai baht | THB | 79 664 | | | | | 2 104.00 | 0.00 |\",\n \"| U.S. dollar | USD | 7 538 944 | | | | | 6 651 324.09 | 3.28 |\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| Other assets | 120 542.96 | 0.06 |\",\n \"| Dividends/Distributions receivable | 120 542.96 | 0.06 |\",\n \"| Receivables from share certificate transactions | 1 644.16 | 0.00 |\",\n \"| Total assets | 203 288 952.42 | 100.14 |\",\n \"| Other liabilities | -275 860.83 | -0.13 |\",\n \"| Liabilities from cost items | -275 860.83 | -0.13 |\",\n \"| Liabilities from share certificate transactions | -18 720.93 | -0.01 |\",\n \"| Total liabilities | -294 581.76 | -0.14 |\",\n \"| Net assets | 202 994 370.66 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class FC | EUR | 281.67 |\",\n \"| Class LC | EUR | 262.69 |\",\n \"| Class LD | EUR | 258.16 |\",\n \"| Class NC | EUR | 246.73 |\",\n \"| Class TFC | EUR | 168.69 |\",\n \"| Class TFD | EUR | 166.06 |\",\n \"| Number of shares outstanding Class FC | Count | 140 859.664 |\",\n \"| Class LC | Count | 526 298.125 |\",\n \"| Class LD | Count | 27 825.438 |\",\n \"| Class NC | Count | 72 421.417 |\",\n \"| Class TFC | Count | 40.000 |\",\n \"| Class TFD | Count | 20.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI All Countries World Index (EUR)\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 76.040 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 97.878 |\",\n \"| Average market risk exposure | % | 84.417 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Securities lending\",\n \"The following securities were transferred under securities loans at the reporting date:\",\n \"| Security name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Visa, Inc.\",\n \"| Count | 25 000 | | 4 815 386.00 |\",\n \"| Total receivables from securities loans | | | 4 815 386.00 | 4 815 386.00 |\",\n \"| Contracting party for securities loans Barclays Bank Ireland PLC EQ | | | | |\",\n \"| Total collateral pledged by third parties for securities loans thereof: Equities | | EUR EUR | | 5 077 831.66 5 077 831.66 |\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Australian dollar .\",\n \"| AUD | 1.559185 | = | EUR | 1 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| Brazilian real .\",\n \"| BRL | 6.316661 | = | EUR | 1 |\",\n \"| Canadian dollar .\",\n \"| CAD | 1.448606 | = | EUR | 1 |\",\n \"| Swiss franc .\",\n \"| CHF | 1.035520 | = | EUR | 1 |\",\n \"| Danish krone .\",\n \"| DKK | 7.436396 | = | EUR | 1 |\",\n \"| British pound .\",\n \"| GBP | 0.838785 | = | EUR | 1 |\",\n \"| Hong Kong dollar .\",\n \"| HKD | 8.839948 | = | EUR | 1 |\",\n \"| Indonesian rupiah .\",\n \"| IDR | 16 171.500076 | = | EUR | 1 |\",\n \"| Israeli shekel .\",\n \"| ILS | 3.523386 | = | EUR | 1 |\",\n \"| Japanese yen .\",\n \"| JPY | 130.443111 | = | EUR | 1 |\",\n \"| South Korean won .\",\n \"| KRW | 1 347.388871 | = | EUR | 1 |\",\n \"| Mexican peso .\",\n \"| MXN | 23.246213 | = | EUR | 1 |\",\n \"| Norwegian krone .\",\n \"| NOK | 9.974305 | = | EUR | 1 |\",\n \"| Swedish krona .\",\n \"| SEK | 10.236018 | = | EUR | 1 |\",\n \"| Singapore dollar .\",\n \"| SGD | 1.532821 | = | EUR | 1 |\",\n \"| Thai baht .\",\n \"| THB | 37.862902 | = | EUR | 1 |\",\n \"| New Taiwan dollar .\",\n \"| TWD | 31.359165 | = | EUR | 1 |\",\n \"| U.S. dollar .\",\n \"| USD | 1.133450 | = | EUR | 1 |\",\n \"| South African rand .\",\n \"| ZAR | 18.075696 | = | EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"Footnote\",\n \"* Some or all of these securities are lent.\",\n \"Statement of income and expenses (incl. income adjustment)\",\n \"Statement of changes in net assets\\t2021\",\n \"| for the period from January 1, 2021, through December 31, | 2021 | | | I. | Value of the fund‘s net assets | |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| | | | | | at the beginning of the fiscal year | EUR | 165 456 076.48 |\",\n \"| I. Income | | | | 1. | Distribution for the previous year | EUR | -1 451.67 |\",\n \"| 1. Dividends (before withholding tax) | EUR | 3 685 287.10 | | 2. | Net outflows | EUR | -1 466 153.07 |\",\n \"| 2. Interest from investments of liquid assets | | | | 3. | Income adjustment | EUR | 108 501.24 |\",\n \"| (before withholding tax) | EUR | 7 000.40 | | 4. | Net investment income | EUR | 91 842.27 |\",\n \"| 3. Income from securities lending | EUR | 3 394.86 | | 5. | Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 10 006 435.73 |\",\n \"| 4. Deduction for foreign withholding tax | EUR | -786 195.98 | | 6. | Net change in unrealized appreciation/depreciation ....\",\n \"| EUR | 28 799 119.68 |\",\n \"| | | | | | | | |\",\n \"| Total income | EUR | 2 909 486.38 | | II.\",\n \"| Value of the fund‘s net assets | | |\",\n \"| | | | | | at the end of the fiscal year | EUR | 202 994 370.66 |\",\n \"| II.\",\n \"Expenses | | | | | | | |\",\n \"| 1. Interest on borrowings and | | | | | | | |\",\n \"negative interest on deposits EUR\\t-975.24\",\n \"- Management fee EUR\\t-2 620 276.28thereof:Basic management fee EUR -2 596 779.35Administration fee EUR\\t-23 496.93\",\n \"- Depositary fee EUR\\t-5 722.15\",\n \"- Auditing, legal and publication costs EUR\\t-8 754.87\",\n \"- Taxe d‘abonnement EUR\\t-95 114.53\",\n \"- Other expenses EUR\\t-86 801.04thereof:Performance-based feefrom securities lending income .\",\n \"EUR\\t\\t-1 131.62 Other EUR\\t-85 669.42Realized gains/losses (incl. income adjustment) EUR\\t10 006 435.73\",\n \"| from: | |\",\n \"| --- | --- |\",\n \"| Securities transactions | EUR | 9 949 299.41 |\",\n \"| (Forward) currency transactions | EUR | 57 136.32 |\",\n \"| Total expenses | EUR | -2 817 644.11 | |\",\n \"| --- | --- | --- | --- |\",\n \"| III.\",\n \"Net investment income | EUR | 91 842.27 | | | Class FC | |\",\n \"| | | | | | | |\",\n \"| IV.\",\n \"Sale transactions Realized gains/losses | EUR | 10 006 435.73 | | | The income for the fiscal year is reinvested.\",\n \"| |\",\n \"| | | | | | | |\",\n \"| Capital gains/losses | EUR | 10 006 435.73 | | | Class LC | |\",\n \"| | | | | | | |\",\n \"###### Details on the distribution policy*\",\n \"V. Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t10 098 278.00\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class FC 0.85% p.a.,\\tClass LC 1.60% p.a.,\",\n \"Class LD 1.60% p.a.,\\tClass NC 2.30% p.a.,\",\n \"Class TFC 0.85% p.a.,\\tClass TFD 0.80% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"As well, the additional income from securities lending resulted in a performance-based fee of\",\n \"Class FC 0.001% p.a.,\\tClass LC 0.001% p.a.,\",\n \"Class LD 0.001% p.a.,\\tClass NC 0.001% p.a.,\",\n \"Class TFC 0.001% p.a.,\\tClass TFD 0.000% p.a.\",\n \"of the fund’s average net assets in relation to the respective share class.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 19 784.17.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.05\",\n \"Class NC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class TFC\",\n \"The income for the fiscal year is reinvested.\",\n \"| Class TFD | |\",\n \"| --- | --- |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | EUR | 1.14 |\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the fiscal year is reinvested.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021\\tEUR | 202 994 370.66 |\",\n \"| --- | --- |\",\n \"| 2020\\tEUR | 165 456 076.48 |\",\n \"| 2019\\tEUR | 165 302 616.04 |\",\n \"| Net asset value per share at the end of the fiscal year | |\",\n \"| 2021 | Class FC | EUR | 281.67 |\",\n \"| | Class LC | EUR | 262.69 |\",\n \"| | Class LD | EUR | 258.16 |\",\n \"| | Class NC | EUR | 246.73 |\",\n \"| | Class TFC | EUR | 168.69 |\",\n \"| | Class TFD | EUR | 166.06 |\",\n \"| 2020 | Class FC | EUR | 226.45 |\",\n \"| | Class LC | EUR | 212.78 |\",\n \"| | Class LD | EUR | 209.15 |\",\n \"| | Class NC | EUR | 201.25 |\",\n \"| | Class TFC | EUR | 135.62 |\",\n \"| | Class TFD | EUR | 134.00 |\",\n \"| 2019 | Class FC | EUR | 214.61 |\",\n \"| | Class LC | EUR | 203.20 |\",\n \"| | Class LD | EUR | 199.81 |\",\n \"| | Class NC | EUR | 193.53 |\",\n \"| | Class TFC | EUR | 128.53 |\",\n \"| | Class TFD | EUR | 127.74 |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.\",\n \"The total volume was EUR 0.00.\",\n \"#### Investment objective and performance in the reporting period\",\n \"The objective of the investment policy is to generate a positive investment result.\",\n \"To this end, the sub-fund invests worldwide in a variety of assets from the entire range of permissible investment categories and\",\n \"DWS INVEST II GLOBAL TOTAL RETURN FUND\",\n \"Five-year performance\",\n \"120\",\n \"116\",\n \"112\",\n \"108\",\n \"104\",\n \"100\",\n \"96\",\n \"92\",\n \"instruments of all asset classes.\",\n \"12/16*\",\n \"12/17\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"Depending on the selection of assets, the sub-fund’s portfolio\",\n \"DWS Invest II Global Total Return Fund (LD share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 12/2016 = 100\",\n \"Data on euro basis\",\n \"composition can vary from a\",\n \"more bond-oriented invest- ment through to an exclusively equity-oriented investment.\",\n \"In the reporting period from the beginning of January through the end of December 2021, the sub-fund recorded an apprecia- tion of 6.2% per share (LD share class; BVI method; in euro).\",\n \"#### Investment policy in the reporting period\",\n \"On the equity side, the port- folio management focused its\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INVEST II GLOBAL TOTAL RETURN FUND\",\n \"Performance of share classes (in EUR)\",\n \"| Share class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LD | LU1246176181 | 6.2% | 19.6% | 16.2% |\",\n \"| Class FD | LU1246175704 | 7.0% | 22.4% | 20.7% |\",\n \"| Class ID | LU1246175969 | 7.3% | 23.4% | 22.4% |\",\n \"| Class RD | LU1599458475 | 7.6% | 24.4% | 20.2% 1 |\",\n \"| Class XD | LU1246176009 | 7.3% | 24.3% | 24.1% |\",\n \"1\",\n \"Class RD launched on May 15, 2017\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"investments on the industrial countries, particularly those in North America and Europe,\",\n \"and invested to a lesser extent in stocks from the emerging markets.\",\n \"In terms of sector allo- cation, the equity portfolio was generally broadly diversified.\",\n \"In its bond investments, the sub- fund was globally positioned in the reporting period.\",\n \"In terms of issuer allocation, the port- folio management invested\",\n \"in corporate bonds and high- yield bonds from the industrial countries and in bonds from the emerging markets, among others.\",\n \"In light of the low inter- est environment that still dom- inated in the reporting period, these interest-bearing securities\",\n \"appeared significantly more attractive in terms of their inter- est rates than, for example, government bonds from the industrial countries.\",\n \"The performance of the inter- national capital markets in 2021 continued to be affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy.\",\n \"In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in\",\n \"light of the weakened global economy – supported price performance in the financial markets.\",\n \"Since the beginning of 2021, the economic outlook\",\n \"has improved in view of the efforts undertaken by the inter- national community of nations and the packages of measures introduced with the objective of tackling the economic con- sequences of the COVID-19 crisis, as well as the approval applications for COVID-19 vaccines and the vaccination campaigns taking effect.\",\n \"How- ever, the question of inflation also arose among investors\",\n \"on account of the signifi- cantly increased prices in the commodity markets, pent-up demand from consumers due to the COVID-19 pandemic and partial supply shortages due to delivery difficulties.\",\n \"In addition, the rapid spread of the corona-\",\n \"virus and its mutations, as well as the associated new restric- tions, dampened economic prospects.\",\n \"The international stock exchanges finished 2021 with significant price increases, but share price performance was\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"mixed.\",\n \"While equity markets\\tin Western industrial countries registered considerable price gains boosted in particular by the rapid recovery in corporate earnings, stock exchanges in the emerging markets brought up the rear.\",\n \"Against the back- drop of high levels of debt globally and extremely low interest rates by historical comparison, the bond markets saw price declines amid fluc- tuations for longer maturities in the reporting year through the end of December 2021 as bond yields rose at still very low, and in some cases neg- ative, levels.\",\n \"In the corporate\",\n \"bond markets, high-yield bonds recorded price rises amid lower risk premiums and thus outper- formed corporate bonds with investment-grade status, which traded weaker.\",\n \"Against this backdrop, the securities held in the portfolio delivered a posi- tive performance overall in the reporting period.\",\n \"#### Information on the environmental and/or social characteristics\",\n \"The sub-fund qualifies as a prod- uct in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustainability-related disclosures in the financial services sector.\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors) Information Technology | 10 355 586.92 | 9.29 |\",\n \"| Telecommunication Services | 10 845 680.46 | 9.73 |\",\n \"| Consumer Discretionaries | 17 177 824.62 | 15.41 |\",\n \"| Energy | 606 060.00 | 0.54 |\",\n \"| Consumer Staples | 3 472 449.29 | 3.11 |\",\n \"| Financials | 4 738 481.27 | 4.25 |\",\n \"| Basic Materials | 4 418 262.68 | 3.97 |\",\n \"| Industrials | 4 534 046.92 | 4.06 |\",\n \"| Utilities | 4 976 330.00 | 4.48 |\",\n \"| Total equities | 61 124 722.16 | 54.84 |\",\n \"| 2. Bonds (issuers) Companies | 4 634 197.46 | 4.16 |\",\n \"| Central governments | 4 827 427.90 | 4.33 |\",\n \"| Total bonds | 9 461 625.36 | 8.49 |\",\n \"| 3. Investment fund units Bond funds | 24 945 410.64 | 22.38 |\",\n \"| Equity funds | 5 454 430.00 | 4.90 |\",\n \"| Total investment fund units | 30 399 840.64 | 27.28 |\",\n \"| 4. Derivatives | 209 409.07 | 0.19 |\",\n \"| 5. Cash at bank | 10 170 594.94 | 9.12 |\",\n \"| 6. Other assets | 133 632.25 | 0.12 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -46 641.71 | -0.04 |\",\n \"| III.\",\n \"Net assets | 111 453 182.71 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – December 31, 2021\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| Securities traded on an exchange | | | | | | | 70 586 347.52 | 63.33 |\",\n \"| Equities Lonza Group AG | Count | 650 | 650 | | CHF | 761 | 477 682.68 | 0.43 |\",\n \"| Nestle SA | Count | 11 500 | | | CHF | 127.96 | 1 421 063.73 | 1.28 |\",\n \"| Novartis AG | Count | 9 000 | | | CHF | 80.54 | 699 996.10 | 0.63 |\",\n \"| Roche Holding AG | Count | 3 300 | | | CHF | 380.95 | 1 214 013.18 | 1.09 |\",\n \"| Alstom SA | Count | 30 000 | 30 000 | | EUR | 30.96 | 928 800.00 | 0.83 |\",\n \"| ASML Holding NV | Count | 875 | 875 | | EUR | 707 | 618 625.00 | 0.56 |\",\n \"| AXA SA | Count | 50 000 | 10 000 | | EUR | 26.305 | 1 315 250.00 | 1.18 |\",\n \"| BASF SE | Count | 26 000 | | | EUR | 61.78 | 1 606 280.00 | 1.44 |\",\n \"| Bayer AG | Count | 28 000 | | | EUR | 47 | 1 316 000.00 | 1.18 |\",\n \"| Capgemini SA | Count | 1 800 | 1 800 | | EUR | 216.6 | 389 880.00 | 0.35 |\",\n \"| Danone SA | Count | 5 800 | 5 800 | | EUR | 54.93 | 318 594.00 | 0.29 |\",\n \"| Deutsche Post AG | Count | 19 000 | 17 000 | 6 000 | EUR | 56.54 | 1 074 260.00 | 0.96 |\",\n \"| Deutsche Telekom AG | Count | 100 000 | 30 000 | | EUR | 16.3 | 1 630 000.00 | 1.46 |\",\n \"| E.ON SE | Count | 170 000 | 20 000 | | EUR | 12.192 | 2 072 640.00 | 1.86 |\",\n \"| Enel SpA | Count | 140 000 | 70 000 | | EUR | 7.056 | 987 840.00 | 0.89 |\",\n \"| Essilor International Cie Générale d‘Optique SA . . . .\",\n \". . . .\",\n \". .\",\n \"| Count | 4 400 | 4 400 | | EUR | 186.88 | 822 272.00 | 0.74 |\",\n \"| Evonik Industries AG | Count | 30 000 | | | EUR | 28.47 | 854 100.00 | 0.77 |\",\n \"| Fastned BV * | Count | 6 500 | 6 500 | | EUR | 49.25 | 320 125.00 | 0.29 |\",\n \"| Infineon Technologies AG | Count | 38 000 | 8 000 | 10 000 | EUR | 40.76 | 1 548 880.00 | 1.39 |\",\n \"| Koninklijke Philips NV | Count | 24 000 | 24 000 | | EUR | 32.945 | 790 680.00 | 0.71 |\",\n \"| LANXESS AG | Count | 12 000 | | | EUR | 54.5 | 654 000.00 | 0.59 |\",\n \"| Linde PLC | Count | 2 700 | 2 700 | | EUR | 306 | 826 200.00 | 0.74 |\",\n \"| LVMH Moet Hennessy Louis Vuitton SE | Count | 1 100 | 450 | 950 | EUR | 728.6 | 801 460.00 | 0.72 |\",\n \"| Merck KGaA | Count | 7 000 | | | EUR | 227 | 1 589 000.00 | 1.43 |\",\n \"| Neste Oyj | Count | 14 000 | 14 000 | | EUR | 43.29 | 606 060.00 | 0.54 |\",\n \"| Red Electrica Corp., SA | Count | 50 000 | 60 000 | 30 000 | EUR | 19.045 | 952 250.00 | 0.86 |\",\n \"| Sanofi | Count | 10 000 | 1 600 | | EUR | 89.35 | 893 500.00 | 0.80 |\",\n \"| Talanx AG | Count | 16 000 | | 3 000 | EUR | 42.54 | 680 640.00 | 0.61 |\",\n \"| Teleperformance | Count | 2 600 | | 600 | EUR | 397.6 | 1 033 760.00 | 0.93 |\",\n \"| Va-Q-tec AG | Count | 15 000 | 7 000 | | EUR | 25.25 | 378 750.00 | 0.34 |\",\n \"| Veolia Environnement SA | Count | 30 000 | | | EUR | 32.12 | 963 600.00 | 0.87 |\",\n \"| Vinci SA | Count | 8 000 | 8 000 | | EUR | 91.94 | 735 520.00 | 0.66 |\",\n \"| Volkswagen AG -Pref- | Count | 10 000 | | | EUR | 177.48 | 1 774 800.00 | 1.59 |\",\n \"| Vonovia SE | Count | 13 500 | 6 000 | 21 500 | EUR | 48.5 | 654 750.00 | 0.59 |\",\n \"| Compass Group PLC | Count | 36 000 | | 6 000 | GBP | 16.36 | 702 158.60 | 0.63 |\",\n \"| JD Sports Fashion PLC | Count | 75 000 | 75 000 | | GBP | 2.17 | 194 030.69 | 0.17 |\",\n \"| Ocado Group PLC | Count | 12 000 | | | GBP | 16.65 | 238 201.73 | 0.21 |\",\n \"| Reckitt Benckiser Group PLC | Count | 6 500 | 6 500 | | GBP | 63.41 | 491 383.46 | 0.44 |\",\n \"| Vodafone Group PLC | Count | 590 000 | | | GBP | 1.125 | 791 604.66 | 0.71 |\",\n \"| AIA Group Ltd | Count | 72 000 | | | HKD | 79.15 | 644 664.44 | 0.58 |\",\n \"| Samsung Electronics Co., Ltd | Count | 2 000 | 2 000 | | KRW | 78 300 | 116 224.80 | 0.10 |\",\n \"| Tomra Systems ASA | Count | 10 000 | | | NOK | 630.8 | 632 425.04 | 0.57 |\",\n \"| Activision Blizzard, Inc.\",\n \"| Count | 8 500 | | | USD | 67.22 | 504 098.04 | 0.45 |\",\n \"| Alibaba Group Holding Ltd -ADR- | Count | 6 200 | | | USD | 118.76 | 649 620.10 | 0.58 |\",\n \"| Alphabet, Inc.\",\n \"| Count | 1 700 | | 100 | USD | 2 931.53 | 4 396 841.79 | 3.95 |\",\n \"| Amazon.com, Inc.\",\n \"| Count | 400 | | | USD | 3 382.74 | 1 193 785.18 | 1.07 |\",\n \"| Amgen, Inc.\",\n \"| Count | 2 400 | 2 400 | 1 200 | USD | 228.45 | 483 726.61 | 0.43 |\",\n \"| AT&T, Inc.\",\n \"| Count | 50 000 | | | USD | 24.905 | 1 098 636.76 | 0.99 |\",\n \"| Autodesk, Inc.\",\n \"| Count | 2 200 | 2 200 | | USD | 283.17 | 549 626.29 | 0.49 |\",\n \"| BioNTech SE -ADR- | Count | 3 500 | 3 500 | | USD | 248.5 | 767 347.37 | 0.69 |\",\n \"| Estee Lauder Cos, Inc.\",\n \"/The | Count | 1 600 | 1 600 | | USD | 370.52 | 523 033.15 | 0.47 |\",\n \"| Etsy, Inc.\",\n \"| Count | 2 600 | 2 600 | | USD | 224.11 | 514 081.72 | 0.46 |\",\n \"| Horizon Therapeutics Plc | Count | 8 000 | | | USD | 109.46 | 772 579.19 | 0.69 |\",\n \"| Johnson & Johnson | Count | 8 000 | | 1 800 | USD | 171.96 | 1 213 710.19 | 1.09 |\",\n \"| MasterCard, Inc.\",\n \"| Count | 2 100 | | 300 | USD | 363.09 | 672 715.07 | 0.60 |\",\n \"| Medtronic PLC | Count | 2 200 | 2 200 | | USD | 104.51 | 202 851.44 | 0.18 |\",\n \"| Merck & Co., Inc.\",\n \"| Count | 6 400 | 6 400 | | USD | 77.15 | 435 625.69 | 0.39 |\",\n \"| Microsoft Corp.\",\n \"| Count | 8 500 | | 2 500 | USD | 341.12 | 2 558 136.31 | 2.30 |\",\n \"| NVIDIA Corp.\",\n \"| Count | 2 623 | 3 600 | 977 | USD | 300.64 | 695 733.04 | 0.62 |\",\n \"| Paypal Holdings, Inc.\",\n \"| Count | 4 000 | 4 000 | 3 000 | USD | 190.68 | 672 918.87 | 0.60 |\",\n \"| Pfizer, Inc.\",\n \"| Count | 23 500 | 7 000 | 3 500 | USD | 58.21 | 1 206 877.07 | 1.08 |\",\n \"| Pinterest, Inc.\",\n \"| Count | 17 500 | 17 500 | 11 000 | USD | 36.99 | 571 110.25 | 0.51 |\",\n \"| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- | Count | 22 000 | | 4 000 | USD | 120.59 | 2 340 623.44 | 2.10 |\",\n \"| TE Connectivity Ltd | Count | 3 500 | 3 500 | | USD | 162.64 | 502 218.82 | 0.45 |\",\n \"| Teladoc Health Inc.\",\n \"| Count | 5 000 | 3 200 | | USD | 91.94 | 405 575.84 | 0.36 |\",\n \"| Union Pacific Corp.\",\n \"| Count | 3 000 | 3 000 | | USD | 249.67 | 660 823.06 | 0.59 |\",\n \"| Visa, Inc.\",\n \"| Count | 4 000 | 4 000 | | USD | 218.32 | 770 461.76 | 0.69 |\",\n \"Interest-bearing securities\",\n \"4.375 % Argentum Netherlands BV 2015/perpetual ** .\",\n \"EUR\\t1 200 000\\t%\\t111.16\\t1 333 920.00\\t1.20\",\n \"1.75 % Norway Government Bond -144A- (MTN) 2015/2025 NOK\\t14 000 000\\t%\\t100.713\\t1 413 614.33\\t1.27\",\n \"0.25 % Kreditanstalt fuer Wiederaufbau 2020/2023 \\tUSD\\t1 400 000\\t1 400 000\\t%\\t99.155\\t1 224 729.64\\t1.10\",\n \"0.125 % Kreditanstalt fuer Wiederaufbau 2021/2023 \\tUSD\\t1 400 000\\t1 400 000\\t%\\t99.365\\t1 227 323.49\\t1.10\",\n \"3.15 % Teva Pharmaceutical Finance Netherlands III BV\",\n \"(MTN) 2016/2026 \\tUSD\\t1 000 000\\t%\\t96.142\\t848 224.33\\t0.76\",\n \"0.125 % United States Treasury Note/Bond 2020/2023 ...\",\n \"USD\\t1 300 000\\t1 300 000\\t%\\t99.172\\t1 137 442.50\\t1.02\",\n \"0.125 % United States Treasury Note/Bond 2020/2022 ...\",\n \"USD\\t1 300 000\\t1 300 000\\t%\\t99.798\\t1 144 618.48\\t1.03\",\n \"0.125 % United States Treasury Note/Bond 2021/2024 ...\",\n \"USD\\t1 300 000\\t1 300 000\\t%\\t98.676\\t1 131 752.59\\t1.01\",\n \"Investment fund units\\t30 399 840.64\\t27.28\",\n \"In-group fund units\",\n \"DWS Invest SICAV - DWS Invest ESG Global Corporate\",\n \"Bonds -ID- EUR - (0.400%) \\tUnits\\t16 000\\tEUR\\t101.13\\t1 618 080.00\\t1.45\",\n \"DWS Invest SICAV - DWS Invest Euro High Yield Corporates\",\n \"-RC- EUR - (0.350%) \\tUnits\\t44 000\\t6 000\\tEUR\\t123.19\\t5 420 360.00\\t4.86\",\n \"DWS Invest SICAV - Financial Hybrid Bonds -FC- EUR -\",\n \"(0.600%) \\tUnits\\t40 000\\tEUR\\t129.12\\t5 164 800.00\\t4.63\",\n \"Xtrackers (IE) plc - Xtrackers Artificial Intelligence and\",\n \"Big Data UCITS ETF -1C- EUR - (0.250%) \\tUnits\\t14 000\\t14 000\\tEUR\\t89.77\\t1 256 780.00\\t1.13\",\n \"Xtrackers (IE) plc - Xtrackers MSCI World Financials UCITS\",\n \"ETF -1C- EUR - (0.100%) \\tUnits\\t185 000\\t85 000\\tEUR\\t22.69\\t4 197 650.00\\t3.77\",\n \"Xtrackers IE Physical Gold ETC Securities EUR - (0.150%) .\",\n \".\\tUnits\\t426 315\\t426 316\\t1\\tEUR\\t24.59\\t10 483 085.85\\t9.41\",\n \"DWS Invest SICAV - ESG Asian Bonds -IC500- USD - (0.150%) Units\\t24 000\\t24 000\\tUSD\\t106.69\\t2 259 084.79\\t2.03\",\n \"Total securities portfolio\\t100 986 188.16\\t90.61\",\n \"Derivatives\",\n \"(Minus signs denote short positions)\",\n \"Equity index derivatives\\t-158 227.19\\t-0.14\",\n \"Receivables/payables\",\n \"Equity index futures\",\n \"Dax Index 03/2022 (MS) \\tCount\\t-4\\t4\\t-29 800.00\\t-0.03\",\n \"S & P MINI 500 Futures 03/2022 (MS) \\tCount\\t-22\\t22\\t-128 427.19\\t-0.11\",\n \"Interest rate derivatives\\t-117 485.63\\t-0.10\",\n \"Receivables/payables\",\n \"Interest rate futures\",\n \"US Treasury Notes 10 year Futures 03/2022 (MS) \\tCount\\t-73\\t73\\t-81 009.61\\t-0.07\",\n \"US Treasury Notes 30 year Futures 03/2022 (MS) \\tCount\\t-27\\t27\\t-36 476.02\\t-0.03\",\n \"Currency derivatives\\t3 601.33\\t0.00\",\n \"Receivables/payables\",\n \"Forward currency transactions Forward currency transactions (short) Open positions\",\n \"EUR/GBP 2.0 million \\t-30 029.71\\t-0.03\",\n \"EUR/USD 15.7 million\",\n \"239.17\\t0.07\",\n \"Closed positions\",\n \"EUR/GBP 2.7 million \\t-31.22\\t0.00\",\n \"EUR/USD 15.7 million \\t-40 576.91\\t-0.04\",\n \"Swaps\\t481 520.56\\t0.43\",\n \"Receivables/payables\",\n \"Credit default swaps Protection seller\",\n \"iTraxx Europe / 1% / 20/06/2025 (OTC) (CIT) \\tCount\\t10 000 000\\t230 119.00\\t0.21\",\n \"iTraxx Europe / 1% / 20/12/2024 (OTC) (CIT) \\tCount\\t12 000 000\\t251 401.56\\t0.22\",\n \"Cash at bank\\t10 170 594.94\\t9.12\",\n \"Demand deposits at Depositary\",\n \"EUR deposits \\tEUR\\t7 861 950.01\\t7.05\",\n \"Deposits in other EU/EEA currencies\",\n \"Danish krone \\tDKK\\t369 669\\t49 710.77\\t0.05\",\n \"Norwegian krone \\tNOK\\t50 696\\t5 082.69\\t0.00\",\n \"Swedish krona \\tSEK\\t25 866\\t2 526.96\\t0.00\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| | currency | amount | in the reporting period | EUR | |\",\n \"| Deposits in non-EU/EEA currencies | | | | | |\",\n \"| Brazilian real | BRL | 234 726 | | 37 159.90 | 0.03 |\",\n \"| British pound | GBP | 42 282 | | 50 408.43 | 0.05 |\",\n \"| Hong Kong dollar | HKD | 482 408 | | 54 571.37 | 0.05 |\",\n \"| Indonesian rupiah | IDR | 18 125 417 200 | | 1 120 824.73 | 1.01 |\",\n \"| Japanese yen | JPY | 6 319 454 | | 48 446.05 | 0.04 |\",\n \"| Mexican peso | MXN | 126 573 | | 5 444.88 | 0.00 |\",\n \"| Russian rouble | RUB | 4 159 352 | | 49 134.88 | 0.04 |\",\n \"| Swiss franc | CHF | 98 282 | | 94 911.03 | 0.09 |\",\n \"| South Korean won | KRW | 133 574 | | 99.14 | 0.00 |\",\n \"| Turkish lira | TRY | 46 460 | | 3 125.53 | 0.00 |\",\n \"| U.S. dollar | USD | 892 250 | | 787 198.57 | 0.71 |\",\n \"| Other assets | | | | 133 632.25 | 0.12 |\",\n \"| Dividends/Distributions receivable | | | | 63 361.33 | 0.06 |\",\n \"| Interest receivable | | | | 67 389.02 | 0.06 |\",\n \"| Receivables from exceeding the expense cap | | | | 2 881.90 | 0.00 |\",\n \"| Total assets *** | | | | 111 846 175.08 | 100.35 |\",\n \"| Other liabilities | | | | -46 641.71 | -0.04 |\",\n \"| Liabilities from cost items | | | | -46 641.71 | -0.04 |\",\n \"| Total liabilities | | | | -392 992.37 | -0.35 |\",\n \"| Net assets | | | | 111 453 182.71 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Klasse FD | EUR | 109.45 |\",\n \"| Klasse ID | EUR | 109.87 |\",\n \"| Klasse LD | EUR | 108.12 |\",\n \"| Klasse RD | EUR | 111.45 |\",\n \"| Klasse XD | EUR | 111.78 |\",\n \"| Number of shares outstanding Klasse FD | Count | 14 980.000 |\",\n \"| Klasse ID | Count | 116 402.000 |\",\n \"| Klasse LD | Count | 587.434 |\",\n \"| Klasse RD | Count | 870 000.000 |\",\n \"| Klasse XD | Count | 1.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512)\",\n \"25% MSCI AC World NR, 25% MSCI AC World NR (hedged in EUR), 25% Barclays Global Aggregate Bond, 25% Barclays Global Aggregate Bond (hedged in EUR)\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 65.759 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 121.866 |\",\n \"| Average market risk exposure | % | 91.766 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.7, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 87 470 804.24 as of the reporting date.\",\n \"Market abbreviations\\t Futures exchanges\",\n \"MS = Morgan Stanley Bank AG\",\n \"Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"CIT = Citibank AG\",\n \"Contracting parties for forward currency transactions\",\n \"Morgan Stanley Europe SE, State Street Bank International GmbH and UBS AG.\",\n \"Securities lending\",\n \"The following securities were transferred under securities loans at the reporting date:\",\n \"Security name\\tCurrency/\\tQuantity/\\tSecurities loans\\tTotal quantity/\\tprincipal amount\\tTotal market value in EUR\",\n \"principal amount\\tNo fixed maturity\",\n \"Fastned BV\\tCount\\t5 500\\t270 875.00\",\n \"Total receivables from securities loans\\t270 875.00\\t270 875.00\",\n \"Contracting parties for securities loans\",\n \"Barclays Bank Ireland PLC EQ\",\n \"Total collateral pledged by third parties for securities loans\\tEUR\\t288 925.30\",\n \"thereof:\",\n \"Equities\\tEUR\\t288 925.30\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Brazilian real | BRL | 6.316661 | = | EUR | 1 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| Swiss franc | CHF | 1.035520 | = | EUR | 1 |\",\n \"| Danish krone | DKK | 7.436396 | = | EUR | 1 |\",\n \"| British pound | GBP | 0.838785 | = | EUR | 1 |\",\n \"| Hong Kong dollar | HKD | 8.839948 | = | EUR | 1 |\",\n \"| Indonesian rupiah | IDR | 16 171.500076 | = | EUR | 1 |\",\n \"| Japanese yen | JPY | 130.443111 | = | EUR | 1 |\",\n \"| South Korean won | KRW | 1 347.388871 | = | EUR | 1 |\",\n \"| Mexican peso | MXN | 23.246213 | = | EUR | 1 |\",\n \"| Norwegian krone | NOK | 9.974305 | = | EUR | 1 |\",\n \"| Russian rouble | RUB | 84.651725 | = | EUR | 1 |\",\n \"| Swedish krona | SEK | 10.236018 | = | EUR | 1 |\",\n \"| Turkish lira | TRY | 14.864632 | = | EUR | 1 |\",\n \"| U.S. dollar | USD | 1.133450 | = | EUR | 1 |\",\n \"| Notes on valuation | | | | | |\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnotes\",\n \"* Some or all of these securities are lent.\",\n \"** Floating interest rate.\",\n \"*** Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"###### Statement of changes in net assets\\t2021\",\n \"- Value of the fund‘s net assets\",\n \"| | at the beginning of the fiscal year | EUR | 106 413 822.57 |\",\n \"| --- | --- | --- | --- |\",\n \"| I. Income | | | | 1. | Distribution for the previous year | EUR | -1 729 796.15 |\",\n \"| 1. Dividends (before withholding tax) | EUR | 1 233 593.04 | | 2. | Net outflows | EUR | -1 162 142.97 |\",\n \"| 2. Interest from securities (before withholding tax) | EUR | 702 895.10 | | 3. | Income adjustment | EUR | 97 478.77 |\",\n \"| 3. Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 34 338.51 | | 4. | Net investment income | EUR | 1 497 627.06 |\",\n \"| 4. Income from securities lending | EUR | 4 355.10 | | 5. | Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 706 049.18 |\",\n \"| 5. Deduction for foreign withholding tax | EUR | -179 819.12 | | 6. | Net change in unrealized appreciation/depreciation ....\",\n \"| EUR | 5 630 144.25 |\",\n \"| | | | | | | | |\",\n \"| Total income II.\",\n \"Expenses | EUR | 1 795 362.63 | | II.\",\n \"| Value of the fund‘s net assets at the end of the fiscal year | EUR | 111 453 182.71 |\",\n \"| 1. Interest on borrowings and | | | | | | | |\",\n \"negative interest on deposits EUR\\t-34 599.68\",\n \"- Management fee EUR\\t-237 409.75thereof:Basic management fee EUR\\t-215 431.23 Income from expense cap EUR\\t\\t3 039.62Administration fee EUR\\t-25 018.14\",\n \"- Auditing, legal and publication costs EUR\\t7 930.32\",\n \"- Taxe d‘abonnement EUR\\t-9 416.01\",\n \"- Other expenses EUR\\t-24 240.45thereof:Summary of gains/losses\\t2021Realized gains/losses (incl. income adjustment) EUR\\t706 049.18from:Securities transactions EUR\\t7 166 593.23(Forward) currency transactions EUR\\t-1 184 209.69Derivatives and other financial futures transactions 1 .\",\n \"EUR\\t-5 276 334.36\",\n \"| Performance-based fee from securities lending income .\",\n \"EUR | -1 451.70 | 1 This item may include options transactions or swap transactions and/or transactions |\",\n \"| --- | --- | --- |\",\n \"| Other\\tEUR | -22 788.75 | from warrants and credit derivatives.\",\n \"| Total expenses | EUR | -297 735.57 | |\",\n \"| III.\",\n \"Net investment income | EUR | 1 497 627.06 | |\",\n \"| IV.\",\n \"Sale transactions Realized gains/losses | EUR | 706 049.18 | |\",\n \"| Capital gains/losses | EUR | 706 049.18 | |\",\n \"| V. Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 2 203 676.24 | |\",\n \"| BVI total expense ratio (TER) | | | |\",\n \"| The total expense ratio for the share classes was: | | | |\",\n \"Class FD 0.73% p.a.,\\tClass ID 0.45% p.a.,\",\n \"Class LD 1.49% p.a.,\\tClass RD 0.20% p.a., Class XD 0.15% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee / management fee will be used for the calcula- tion.\",\n \"The synthetic TER was:\",\n \"Class FD 0.82% p.a.,\\tClass ID 0.54% p.a.,\",\n \"Class LD 1.57% p.a.,\\tClass RD 0.28% p.a., Class XD 0.23% p.a.\",\n \"As well, the additional income from securities lending resulted in a performance-based fee of\",\n \"Class FD 0.001% p.a.,\\tClass ID 0.001% p.a.,\",\n \"Class LD 0.001% p.a.,\\tClass RD 0.001% p.a., Class XD 0.001% p.a.\",\n \"of the fund’s average net assets in relation to the respective share class.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 37 488.03.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"###### Details on the distribution policy*\",\n \"Class FD\",\n \"| Type | As of | Currency | Per share | Net assets at the end of the fiscal year 2021\\tEUR | 111 453 182.71 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| Final distribution | March 4, 2022 | EUR | 1.00 | 2020\\tEUR | 106 413 822.57 |\",\n \"| | | | | 2019\\tEUR | 163 537 500.73 |\",\n \"| Class ID | | | | Net asset value per share at the end of the fiscal year | |\",\n \"| Type | As of | Currency | Per share | 2021\\tClass FD\\tEUR Class ID\\tEUR | 109.45 109.87 |\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t1.29\",\n \"Class LD\",\n \"| Final distribution | March 4, 2022 | EUR | 0.19 | | Class RD Class XD | EUR EUR | 105.35 104.18 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| | | | | 2019 | Class FD | EUR | 102.71 |\",\n \"| | Class ID | EUR | 103.10 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class LD | EUR | 101.52 |\",\n \"| | Class RD | EUR | 104.59 |\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Class LD EUR\\t108.12\",\n \"Class RD EUR\\t111.45\",\n \"Class XD EUR\\t111.78\",\n \"2020\\tClass FD EUR\\t103.45\",\n \"Class ID EUR\\t103.83\",\n \"Class LD EUR\\t102.25\",\n \"Class RD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t1.58\",\n \"Class XD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the fiscal year is reinvested.\",\n \"Class XD EUR\\t103.42\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.33% of all transactions.\",\n \"The total volume was EUR 4 344 256.20.\",\n \"## DWS Invest II Spanish Equities (in liquidation)\",\n \"#### Investment objective and performance in the reporting period\",\n \"The objective of the invest- ment policy was to generate above-average returns.\",\n \"To this end, the sub-fund invested predominantly in equities of issuers having their registered office or principal business\",\n \"DWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)\",\n \"Performance since inception\",\n \"120\",\n \"110\",\n \"100\",\n \"90\",\n \"80\",\n \"70\",\n \"60\",\n \"50\",\n \"activity in Spain with the aim\",\n \"1/23/20*\",\n \"6/20\",\n \"12/20\\t6/21\",\n \"7.12.21\",\n \"of exceeding, where possible, the performance of the Spanish\",\n \"DWS Invest II Spanish Equities (in liquidation) (NC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on January 23, 2020= 100\",\n \"Data on euro basis\",\n \"equity indices through broad diversification.\",\n \"For the purposes of portfolio diversification, the sub-fund could also invest in fixed rate financial instruments, money market instruments and derivatives of issuers domi- ciled in a member country of the Organisation for Economic Co-operation and Development (OECD).\",\n \"Past performance is no guide to future results.\",\n \"As of: December 7, 2021 (liquidation date)\",\n \"DWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)\",\n \"Performance of share classes (in EUR)\",\n \"| Share class | ISIN | Since the beginning of the shortened fiscal year |\",\n \"| --- | --- | --- |\",\n \"| Class NC | LU2006279116 | 11.0% |\",\n \"| Class TFC | LU2006279389 | 12.6% |\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 7, 2021 (liquidation date)\",\n \"The sub-fund recorded an appreciation of 11.0% per share (NC share class; BVI method; in euro) in the short-\",\n \"ened fiscal year from January 1, 2021, through December 7, 2021 (date of last share price calculation).\",\n \"#### Investment policy in the reporting period\",\n \"The performance of the inter- national capital markets in 2021 was particularly affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy.\",\n \"In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in\",\n \"light of the weakened global economy – supported price performance in the financial markets.\",\n \"The economic outlook\",\n \"improved since the beginning of 2021, but the question of inflation also arose among investors.\",\n \"In addition, the rapid spread of the coronavirus and its mutations, as well as the associated new restrictions, dampened economic pros- pects.\",\n \"Overall, Spanish equities posted price gains in the report- ing period.\",\n \"Its positioning in the industrial sector helped the sub-fund’s performance the most – espe- cially the position in Fluidra, a major specialist for swimming pool technology and water treatment, whose stock price rose sharply.\",\n \"At the same time, no shares of Siemens Gamesa, which lost roughly one-third\",\n \"of their value, were held.\",\n \"The Spanish subsidiary of Otis, Zardoya Otis, was acquired by\",\n \"its parent company and posted a significant price gain in the process.\",\n \"In the health care sector, the stock of pharma- ceutical company Laborato- rios Farmaceuticos Rovi again rose sharply, even after having already gained substantially\",\n \"in the previous year.\",\n \"Looking at the utilities sector, the sub-\",\n \"fund benefited from price gains by Acciona Energía and Red Eléctrica.\",\n \"In contrast, the posi- tions in Soltec Power Holdings, a Spanish-domiciled company active in the renewable ener- gies space, and in Grifols, a multinational pharmaceuti-\",\n \"cal and chemical company, weighed on the performance of the sub-fund.\",\n \"Liquidation of the sub-fund\",\n \"The sub-fund DWS Invest II Spanish Equities (in liquidation)\",\n \"was liquidated effective Decem-\",\n \"ber 7, 2021, following a reso- lution to that effect adopted by the Board of Directors of Deutsche Invest II, SICAV, and\",\n \"the approval of the Luxembourg supervisory authority CSSF.\",\n \"The issue of new shares of the sub- fund was discontinued effective October 25, 2021.\",\n \"Investors could redeem sub-fund shares until October 25, 2021.\",\n \"Information on the environmental and/or social characteristics\",\n \"The sub-fund qualified as a\",\n \"product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product did not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"DWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)\",\n \"Liquidation proceeds for the share classes (in EUR)\",\n \"| Share class | ISIN | Liquidation proceeds per share |\",\n \"| --- | --- | --- |\",\n \"| Class NC | LU2006279116 | 38.63 |\",\n \"| Class TFC | LU2006279389 | 100.53 |\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"DWS Invest II Spanish Equities (in liquidation)\",\n \"| Statement of net assets as of December 7, 2021 (liquidation date) | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets 1. Cash at bank | 26 345 131.34 | 128.73 |\",\n \"| 2. Other assets | 166 482.34 | 0.81 |\",\n \"| II.\",\n \"Liabilities 1. Other liabilities | -106 334.63 | -0.52 |\",\n \"| 2. Liabilities from share certificate transactions | -26 405 279.05 | -129.02 |\",\n \"| III.\",\n \"Net assets | 0.00 | 0.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"DWS Invest II Spanish Equities (in liquidation)\",\n \"| | Count/ | Quantity/ | Purchases/ | Sales/ | | | Total market | % of |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Security name | units/ | principal | additions | disposals | Currency | Market price | value in | net assets |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"###### Investment portfolio – December 7, 2021 (liquidation date)\",\n \"Cash at bank\\t9 303 503.51\\t98.64\",\n \"Demand deposits at Depositary\",\n \"EUR deposits EUR\\t9 303 503.51 98.64\",\n \"| Other assets | 166 297.23 | 1.76 |\",\n \"| --- | --- | --- |\",\n \"| Dividends/Distributions receivable | 166 297.23 | 1.76 |\",\n \"| Total assets | 9 469 800.74 | 100.40 |\",\n \"| Other liabilities | -38 067.58 | -0.40 |\",\n \"| Liabilities from cost items | -38 067.58 | -0.40 |\",\n \"| Liabilities from share certificate transactions | -9 431 733.16 | -100.00 |\",\n \"| Total liabilities | -9 469 800.74 | -100.40 |\",\n \"| Net assets | 0.00 | 0.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class NC | EUR | 0.00 |\",\n \"| Class TFC | EUR | 0.00 |\",\n \"| Number of shares outstanding Class NC | Count | 0.000 |\",\n \"| Class TFC | Count | 0.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) IBEX 35 Net Return Index\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 0.000 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 97.751 |\",\n \"| Average market risk exposure | % | 79.217 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 7, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Notes on valuation\",\n \"Against the backdrop of the resolution of the Board of Directors of the SICAV to put the fund into liquidation effective December 7, 2021, the going-concern basis was relinquished and the financial statements were prepared on the basis of liquidation values.\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"DWS Invest II Spanish Equities (in liquidation)\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 7, 2021\",\n \"- Income\",\n \"- Dividends (before withholding tax) EUR 645\\t255.50\",\n \"- Deduction for foreign withholding tax EUR\\t-7 348.54\",\n \"- Income adjustment EUR\\t-637 906.96Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t0.00\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-4 814.51 thereof:Commitment fees EUR\\t-242.02\",\n \"- Management fee EUR\\t-612 998.55thereof:Basic management fee EUR\\t-596 357.35 Administration fee EUR\\t\\t-16 641.20\",\n \"###### Statement of changes in net assets\\t2021\",\n \"- Value of the fund‘s net assetsat the beginning of the shortened fiscal year . . . .\",\n \". .\",\n \"EUR\\t31 876 075.17\",\n \"- Net outflows EUR\\t-35 086 220.73\",\n \"- Income adjustment EUR 7 282\\t107.25\",\n \"- Net investment income EUR\\t0.00\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t0.00\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR\\t-4 071 961.69\",\n \"- Value of the fund‘s net assetsat the end of the shortened fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t0.00Summary of gains/losses\\t2021Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t0.00\",\n \"| 3. Depositary fee | EUR | -932.57 |\",\n \"| --- | --- | --- |\",\n \"| 4. Auditing, legal and publication costs | EUR | -5 410.38 |\",\n \"| 5. Taxe d‘abonnement | EUR | -11 531.53 |\",\n \"| 6. Other expenses | EUR | -17 187.83 |\",\n \"| 7. Reimbursed expenses | EUR | 652 875.37 |\",\n \"| from: | |\",\n \"| --- | --- |\",\n \"| Securities transactions | EUR | 7 296 185.35 |\",\n \"| (Forward) currency transactions | EUR | 890.31 |\",\n \"| Income adjustment | EUR | -7 297 075.66 |\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t0.00\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t0.00\",\n \"- Sale transactions\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t7 297 075.66\",\n \"- Income adjustment EUR\\t-7 297 075.66Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t0.00\",\n \"- Realized net gain/loss for the shortened fiscal year .\",\n \"EUR\\t0.00BVI total expense ratio (TER)The total expense ratio for the share classes was:Class NC 2.15%1,\\tClass TFC 0.68%1The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given short- ened fiscal year.\",\n \"1\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 17 167.11.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Net assets at the end of the (shortened) fiscal year\",\n \"December 7, 2021 (liquidation date) EUR\\t0.00\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t31 876 075.17\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t0.00\",\n \"Net asset value per share at the end of the (shortened) fiscal year December 7, 2021 (liquidation date)\",\n \"Class NC EUR\\t-\",\n \"Class TFC EUR\\t-\",\n \"2020\\tClass NC EUR\\t34.80\",\n \"Class TFC EUR\\t89.28\",\n \"2019\\tClass NC EUR\\t-\",\n \"Class TFC EUR\\t-\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.\",\n \"The total volume was EUR 0.00.\",\n \"#### Investment objective and performance in the reporting period\",\n \"DWS Invest II US Top Dividend aims to generate sustained cap- ital appreciation.\",\n \"To achieve this objective, the sub-fund invests mainly in equities of issuers from the United States expected to return above-average divi-\",\n \"DWS INVEST II US TOP DIVIDEND\",\n \"Five-year performance\",\n \"150\",\n \"140\",\n \"130\",\n \"120\",\n \"110\",\n \"100\",\n \"90\",\n \"80\",\n \"dend yields.\",\n \"Dividend yield is a\",\n \"12/16*\",\n \"12/17\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"key criterion in the selection of individual stocks.\",\n \"However, divi-\",\n \"DWS Invest II US Top Dividend (LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 12/2016 = 100\",\n \"Data on euro basis\",\n \"dend yields need not exclusively\",\n \"be greater than the market aver- age.\",\n \"In this context, the selec- tion of individual investments is the responsibility of the portfolio management.\",\n \"The sub-fund recorded an appreciation of 32.5% per share (LC share class; BVI method) in the fiscal year from the begin- ning of January 2021 through the end of December 2021.\",\n \"Investment policy in the reporting period\",\n \"Following a very memora- ble previous year, the stock exchanges developed very\",\n \"solidly in 2021.\",\n \"Although the “COVID-19 issue”* remained ubiquitous, significant prog-\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INVEST II US TOP DIVIDEND\",\n \"Performance of share classes (in EUR)\",\n \"| Share class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LC | LU0781238778 | 32.5% | 45.4% | 42.7% |\",\n \"| Class FC | LU0781239156 | 33.5% | 48.7% | 48.2% |\",\n \"| Class FD | LU0781239230 | 33.5% | 48.7% | 48.2% |\",\n \"| Class LCH (P) | LU0781239586 | 21.2% | 36.0% | 38.2% |\",\n \"| Class LD | LU0781238851 | 32.5% | 45.4% | 42.7% |\",\n \"| Class NC | LU0781238935 | 31.6% | 42.4% | 37.8% |\",\n \"| Class NCH (P) | LU0781239743 | 20.4% | 33.3% | 33.4% |\",\n \"| Class TFC | LU1663960422 | 33.5% | 48.8% | 46.4% 1 |\",\n \"| Class TFD | LU1663960695 | 33.5% | 48.9% | 46.6% 1 |\",\n \"| Class USD LC 2 | LU0781240089 | 22.1% | 43.9% | 53.4% |\",\n \"1\",\n \"Classes TFC and TFD launched on January 15, 2018 (first share price calculation on January 16, 2018)\",\n \"2 in USD\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"ress was made in the fight against the pandemic.\",\n \"After publication of positive trial results in November 2020, the first vaccines were adminis- tered as 2020 turned to 2021.\",\n \"Global vaccination campaigns since then have helped major economies gradually return to normal.\",\n \"This was also reflected in corporate results.\",\n \"In addi- tion, the unprecedented level of support by governments and accompanying actions by cen- tral banks provided important\",\n \"assistance for consumers and the economy.\",\n \"All of this trans- lated into noticeably higher share prices.\",\n \"Against this backdrop, U.S. equities posted significant price gains overall in the reporting period.\",\n \"The sub-fund’s investment focus was on high-dividend names from the consumer, health care and financial sectors, among others.\",\n \"With this orientation,\",\n \"the sub-fund benefited from the overall very positive price\",\n \"performance of U.S. stocks in the reporting period.\",\n \"Looking at individual stocks, the pharmaceutical companies Pfizer and Eli Lilly were among the best-performing portfolio positions.\",\n \"The investment in Motorola Solutions, a provider\",\n \"of communication and analytical solutions, also turned in a very solid performance.\",\n \"Above-av- erage contributions to perfor- mance additionally came from Marsh & McLennan, a company\",\n \"active in the consulting and insurance services space, and the consumer-goods manufac- turer Procter & Gamble.\",\n \"The stocks of gold producer Agnico Eagle Mines, payment services provider Fidelity National Information Services and employment services com- pany ManpowerGroup, in con- trast, delivered below-average performance.\",\n \"Information on the environmental and/or social characteristics\",\n \"The sub-fund qualifies as a\",\n \"product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors) Information Technology | 36 125 095.59 | 8.97 |\",\n \"| Telecommunication Services | 44 199 381.32 | 10.99 |\",\n \"| Consumer Discretionaries | 125 336 499.23 | 31.16 |\",\n \"| Energy | 13 173 461.90 | 3.28 |\",\n \"| Consumer Staples | 50 569 783.14 | 12.57 |\",\n \"| Financials | 62 395 893.21 | 15.51 |\",\n \"| Basic Materials | 15 355 156.62 | 3.82 |\",\n \"| Industrials | 27 804 878.89 | 6.92 |\",\n \"| Utilities | 9 845 050.12 | 2.45 |\",\n \"| Total equities | 384 805 200.02 | 95.67 |\",\n \"| 2. Investment fund units Other funds | 128.56 | 0.00 |\",\n \"| Total investment fund units | 128.56 | 0.00 |\",\n \"| 3. Derivatives | 70 135.16 | 0.01 |\",\n \"| 4. Cash at bank | 18 093 348.15 | 4.50 |\",\n \"| 5. Other assets | 471 695.21 | 0.12 |\",\n \"| 6. Receivables from share certificate transactions | 45 108.61 | 0.01 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -491 194.00 | -0.12 |\",\n \"| 2. Liabilities from share certificate transactions | -766 770.97 | -0.19 |\",\n \"| | | |\",\n \"| III.\",\n \"Net assets | 402 227 650.74 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – December 31, 2021\",\n \"| Securities traded on an exchange | | | | | | | 384 805 200.02 | 95.67 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Equities | | | | | | | | |\",\n \"| Agnico Eagle Mines Ltd | Count | 90 932 | 91 641 | 709 | CAD | 65.94 | 4 139 190.51 | 1.03 |\",\n \"| BCE, Inc.\",\n \"| Count | 80 968 | 80 968 | | CAD | 65.77 | 3 676 131.03 | 0.91 |\",\n \"| Canadian Imperial Bank of Commerce/Canada | Count | 42 334 | 419 | 1 643 | CAD | 148.24 | 4 332 159.53 | 1.08 |\",\n \"| Canadian National Railway Co.\",\n \"| Count | 50 759 | 11 200 | 1 550 | CAD | 156.45 | 5 481 991.46 | 1.36 |\",\n \"| Metro | Count | 83 315 | 83 315 | | CAD | 67.49 | 3 881 614.09 | 0.97 |\",\n \"| National Bank of Canada | Count | 20 465 | 203 | 793 | CAD | 97.51 | 1 377 560.35 | 0.34 |\",\n \"| Toronto-Dominion Bank/The | Count | 81 310 | 31 085 | 1 968 | CAD | 97.67 | 5 482 200.04 | 1.36 |\",\n \"| 3M Co.\",\n \"| Count | 15 034 | 295 | 15 939 | USD | 178.78 | 2 371 324.85 | 0.59 |\",\n \"| AbbVie, Inc.\",\n \"| Count | 72 918 | 722 | 2 828 | USD | 136.15 | 8 758 908.07 | 2.18 |\",\n \"| Air Products & Chemicals, Inc.\",\n \"| Count | 9 840 | 3 337 | 5 446 | USD | 305.72 | 2 654 095.36 | 0.66 |\",\n \"| Allstate Corp.\",\n \"/The | Count | 31 553 | 313 | 1 224 | USD | 118.66 | 3 303 258.61 | 0.82 |\",\n \"| American Water Works Co., Inc.\",\n \"| Count | 29 891 | 3 135 | 1 049 | USD | 187.7 | 4 949 966.86 | 1.23 |\",\n \"| AmerisourceBergen Corp.\",\n \"| Count | 13 318 | 132 | 9 144 | USD | 133.55 | 1 569 207.87 | 0.39 |\",\n \"| Amgen, Inc.\",\n \"| Count | 28 702 | 284 | 3 555 | USD | 228.45 | 5 784 967.14 | 1.44 |\",\n \"| AT&T, Inc.\",\n \"| Count | 308 584 | 29 356 | 90 471 | USD | 24.905 | 6 780 434.49 | 1.69 |\",\n \"| Automatic Data Processing, Inc.\",\n \"| Count | 10 460 | 10 460 | | USD | 247.09 | 2 280 260.31 | 0.57 |\",\n \"| Baker Hughes Co.\",\n \"| Count | 138 538 | 1 372 | 5 374 | USD | 24.265 | 2 965 833.62 | 0.74 |\",\n \"| Bank of America Corp.\",\n \"| Count | 130 863 | 1 296 | 12 163 | USD | 44.88 | 5 181 640.69 | 1.29 |\",\n \"| Bristol-Myers Squibb Co.\",\n \"| Count | 109 378 | 1 083 | 7 581 | USD | 62.86 | 6 065 993.34 | 1.51 |\",\n \"| Broadcom, Inc.\",\n \"| Count | 5 722 | 57 | 223 | USD | 670.76 | 3 386 199.83 | 0.84 |\",\n \"| Broadridge Financial Solutions, Inc.\",\n \"| Count | 30 603 | 303 | 8 770 | USD | 183.1 | 4 943 675.10 | 1.23 |\",\n \"| Carnival Corp.\",\n \"| Count | 111 317 | 1 103 | 4 317 | USD | 21.37 | 2 098 763.92 | 0.52 |\",\n \"| Charles Schwab Corp.\",\n \"/The | Count | 17 551 | 8 465 | 356 | USD | 85.47 | 1 323 467.08 | 0.33 |\",\n \"| Chevron Corp.\",\n \"| Count | 20 098 | 334 | 14 953 | USD | 118.15 | 2 095 000.55 | 0.52 |\",\n \"| Chubb Ltd | Count | 36 517 | 362 | 1 417 | USD | 194.5 | 6 266 315.70 | 1.56 |\",\n \"| Cisco Systems, Inc.\",\n \"| Count | 144 779 | 71 102 | 2 887 | USD | 63.73 | 8 140 424.74 | 2.02 |\",\n \"| Citigroup, Inc.\",\n \"| Count | 45 859 | 454 | 1 778 | USD | 60.9 | 2 463 992.87 | 0.61 |\",\n \"| Citizens Financial Group, Inc.\",\n \"| Count | 35 276 | 349 | 25 385 | USD | 47.58 | 1 480 816.84 | 0.37 |\",\n \"| Clorox Co.\",\n \"/The | Count | 14 739 | 3 381 | 2 004 | USD | 171.51 | 2 230 257.66 | 0.55 |\",\n \"| CME Group, Inc.\",\n \"| Count | 15 329 | 152 | 594 | USD | 229.37 | 3 102 044.42 | 0.77 |\",\n \"| Coca-Cola Co.\",\n \"/The | Count | 137 458 | 1 361 | 5 332 | USD | 59.1 | 7 167 291.63 | 1.78 |\",\n \"| Comcast Corp.\",\n \"| Count | 154 291 | 63 256 | 4 803 | USD | 51.08 | 6 953 269.41 | 1.73 |\",\n \"| Corning, Inc.\",\n \"| Count | 65 075 | 645 | 2 524 | USD | 37.59 | 2 158 162.18 | 0.54 |\",\n \"| Dow, Inc.\",\n \"| Count | 38 651 | 23 480 | 1 499 | USD | 57.64 | 1 965 541.79 | 0.49 |\",\n \"| DT Midstream, Inc.\",\n \"| Count | 9 858 | 9 858 | | USD | 48.18 | 419 037.78 | 0.10 |\",\n \"| Eastman Chemical Co.\",\n \"| Count | 19 203 | 19 203 | | USD | 120.84 | 2 047 280.61 | 0.51 |\",\n \"| Eaton Corp., PLC | Count | 18 602 | 18 602 | | USD | 171.91 | 2 821 359.02 | 0.70 |\",\n \"| Eli Lilly & Co.\",\n \"| Count | 26 022 | 4 743 | 20 327 | USD | 277.04 | 6 360 345.76 | 1.58 |\",\n \"| Equity Residential | Count | 30 729 | 30 729 | | USD | 90.65 | 2 457 614.78 | 0.61 |\",\n \"| Eversource Energy | Count | 61 294 | 22 631 | 1 514 | USD | 90.52 | 4 895 083.26 | 1.22 |\",\n \"| Exxon Mobil Corp.\",\n \"| Count | 83 118 | 1 209 | 53 560 | USD | 61.24 | 4 490 842.67 | 1.12 |\",\n \"| Fidelity National Information Services, Inc.\",\n \"| Count | 33 665 | 23 418 | 402 | USD | 110.14 | 3 271 306.72 | 0.81 |\",\n \"| Genuine Parts Co.\",\n \"| Count | 32 941 | 25 059 | 4 590 | USD | 140.08 | 4 071 087.96 | 1.01 |\",\n \"| Gilead Sciences, Inc.\",\n \"| Count | 68 212 | 676 | 13 817 | USD | 73.67 | 4 433 523.63 | 1.10 |\",\n \"| Hasbro, Inc.\",\n \"| Count | 99 933 | 43 899 | 2 844 | USD | 100.37 | 8 849 330.67 | 2.20 |\",\n \"| Home Depot, Inc.\",\n \"/The | Count | 25 076 | 12 796 | 481 | USD | 412.03 | 9 115 587.70 | 2.27 |\",\n \"| Intel Corp.\",\n \"| Count | 152 967 | 52 594 | 22 546 | USD | 51.95 | 7 011 014.66 | 1.74 |\",\n \"| Interpublic Group of Cos, Inc.\",\n \"/The | Count | 34 471 | 34 471 | | USD | 38.07 | 1 157 802.10 | 0.29 |\",\n \"| Johnson & Johnson | Count | 76 109 | 5 700 | 2 758 | USD | 171.96 | 11 546 783.59 | 2.87 |\",\n \"| JPMorgan Chase & Co.\",\n \"| Count | 37 529 | 372 | 1 456 | USD | 159.49 | 5 280 779.39 | 1.31 |\",\n \"| Kimberly-Clark Corp.\",\n \"| Count | 39 569 | 39 569 | | USD | 141.52 | 4 940 495.05 | 1.23 |\",\n \"| ManpowerGroup, Inc.\",\n \"| Count | 17 739 | 17 739 | | USD | 98.77 | 1 545 794.51 | 0.38 |\",\n \"| Marsh & McLennan Cos, Inc.\",\n \"| Count | 56 901 | 564 | 2 207 | USD | 174.15 | 8 742 606.91 | 2.17 |\",\n \"| McDonald‘s Corp.\",\n \"| Count | 34 745 | 35 914 | 1 169 | USD | 268.27 | 8 223 600.41 | 2.05 |\",\n \"| Medtronic PLC | Count | 43 495 | 431 | 1 688 | USD | 104.51 | 4 010 465.25 | 1.00 |\",\n \"| Merck & Co., Inc.\",\n \"| Count | 113 044 | 1 120 | 36 913 | USD | 77.15 | 7 694 510.93 | 1.91 |\",\n \"| Microsoft Corp.\",\n \"| Count | 20 351 | 202 | 790 | USD | 341.12 | 6 124 780.25 | 1.52 |\",\n \"| Mondelez International, Inc.\",\n \"| Count | 62 344 | 617 | 2 419 | USD | 66.05 | 3 632 997.17 | 0.90 |\",\n \"| Motorola Solutions, Inc.\",\n \"| Count | 34 224 | 339 | 1 328 | USD | 271.93 | 8 210 799.82 | 2.04 |\",\n \"| National Instruments Corp.\",\n \"| Count | 56 333 | 558 | 2 185 | USD | 44.31 | 2 202 227.62 | 0.55 |\",\n \"| Newmont Mining Corp.\",\n \"| Count | 84 485 | 61 161 | 1 403 | USD | 61.03 | 4 549 048.35 | 1.13 |\",\n \"| nVent Electric PLC | Count | 81 572 | 81 572 | | USD | 38.29 | 2 755 649.97 | 0.69 |\",\n \"| Organon & Co.\",\n \"| Count | 11 304 | 11 305 | 1 | USD | 30.36 | 302 783.00 | 0.08 |\",\n \"| PepsiCo, Inc.\",\n \"| Count | 81 006 | 18 816 | 18 975 | USD | 172.84 | 12 352 618.23 | 3.07 |\",\n \"| Pfizer, Inc.\",\n \"| Count | 237 154 | 2 354 | 35 715 | USD | 58.21 | 12 179 392.53 | 3.03 |\",\n \"| Procter & Gamble Co.\",\n \"| Count | 101 046 | 16 845 | 13 232 | USD | 163.06 | 14 536 643.45 | 3.61 |\",\n \"| Prologis, Inc.\",\n \"| Count | 18 966 | 18 966 | | USD | 166.9 | 2 792 734.54 | 0.69 |\",\n \"| Prudential Financial, Inc.\",\n \"| Count | 20 620 | 204 | 7 386 | USD | 109.64 | 1 994 597.46 | 0.50 |\",\n \"| QUALCOMM, Inc.\",\n \"| Count | 52 794 | 45 972 | 627 | USD | 185.49 | 8 639 779.20 | 2.15 |\",\n \"| Regions Financial Corp.\",\n \"| Count | 66 183 | 655 | 59 180 | USD | 22.12 | 1 291 603.30 | 0.32 |\",\n \"| Republic Services, Inc.\",\n \"| Count | 32 320 | 320 | 9 380 | USD | 139.62 | 3 981 223.51 | 0.99 |\",\n \"| Rockwell Automation, Inc.\",\n \"| Count | 4 799 | 48 | 186 | USD | 349.63 | 1 480 324.80 | 0.37 |\",\n \"| Royal Caribbean Cruises Ltd | Count | 17 321 | 172 | 672 | USD | 79.7 | 1 217 948.31 | 0.30 |\",\n \"| Schlumberger Ltd | Count | 74 838 | 18 305 | 2 903 | USD | 29.91 | 1 974 859.30 | 0.49 |\",\n \"| TE Connectivity Ltd | Count | 20 258 | 201 | 786 | USD | 162.64 | 2 906 842.54 | 0.72 |\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| Texas Instruments, Inc.\",\n \"| Count | 16 318 | 162 | 633 | USD | 190.9 | 2 748 339.83 | 0.68 |\",\n \"| TJX Cos, Inc.\",\n \"/The | Count | 60 848 | 60 848 | | USD | 76 | 4 079 974.74 | 1.01 |\",\n \"| Tractor Supply Co.\",\n \"| Count | 17 281 | 171 | 7 155 | USD | 238.12 | 3 630 465.54 | 0.90 |\",\n \"| Travelers Cos, Inc.\",\n \"/The | Count | 16 771 | 166 | 651 | USD | 157.82 | 2 335 170.37 | 0.58 |\",\n \"| Truist Financial Corp.\",\n \"| Count | 19 661 | 195 | 763 | USD | 59.15 | 1 026 024.96 | 0.26 |\",\n \"| UnitedHealth Group, Inc.\",\n \"| Count | 9 097 | 9 450 | 353 | USD | 506.065 | 4 061 646.02 | 1.01 |\",\n \"| Valero Energy Corp.\",\n \"| Count | 18 574 | 184 | 721 | USD | 74.93 | 1 227 887.98 | 0.31 |\",\n \"| Verizon Communications, Inc.\",\n \"| Count | 154 003 | 36 627 | 4 599 | USD | 52.42 | 7 122 357.55 | 1.77 |\",\n \"| VF Corp.\",\n \"| Count | 71 934 | 55 688 | 1 099 | USD | 73.33 | 4 653 861.66 | 1.16 |\",\n \"| Waste Management, Inc.\",\n \"| Count | 25 841 | 256 | 11 048 | USD | 166.85 | 3 803 935.12 | 0.95 |\",\n \"| Welltower, Inc.\",\n \"| Count | 28 545 | 28 545 | | USD | 85.82 | 2 161 305.37 | 0.54 |\",\n \"| WW Grainger, Inc.\",\n \"| Count | 10 001 | 10 079 | 78 | USD | 524.64 | 4 629 162.23 | 1.15 |\",\n \"| Investment fund units | | | | | | | 128.56 | 0.00 |\",\n \"| In-group fund units Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.100%) | Units | 0 | 2 799 | 3 452 | USD | 10 408.589 | 128.56 | 0.00 |\",\n \"| Total securities portfolio | | | | | | | 384 805 328.58 | 95.67 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 70 135.16 | 0.01 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (short) | | | | | | | | |\",\n \"| Open positions EUR/CAD 0.7 million | | | | | | | -3 685.29 | 0.00 |\",\n \"| EUR/USD 7.5 million | | | | | | | 12 786.40 | 0.00 |\",\n \"| Closed positions EUR/CAD 0.8 million | | | | | | | 11 819.59 | 0.00 |\",\n \"| EUR/USD 7.4 million | | | | | | | 49 214.46 | 0.01 |\",\n \"| Cash at bank | | | | | | | 18 093 348.15 | 4.50 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 1 754 021.79 | 0.44 |\",\n \"| Deposits in other EU/EEA currencies | | | | | | | | |\",\n \"| Norwegian krone | NOK | 1 | | | | | 0.09 | 0.00 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| Canadian dollar | CAD | 242 504 | | | | | 167 405.14 | 0.04 |\",\n \"| U.S. dollar | USD | 18 330 066 | | | | | 16 171 921.13 | 4.02 |\",\n \"| Other assets | 471 695.21 | 0.12 |\",\n \"| Dividends/Distributions receivable | 471 695.21 | 0.12 |\",\n \"| Receivables from share certificate transactions | 45 108.61 | 0.01 |\",\n \"| Total assets | 403 489 301.00 | 100.31 |\",\n \"| Other liabilities | -491 194.00 | -0.12 |\",\n \"| Liabilities from cost items | -491 194.00 | -0.12 |\",\n \"| Liabilities from share certificate transactions | -766 770.97 | -0.19 |\",\n \"| Total liabilities | -1 261 650.26 | -0.31 |\",\n \"| Net assets | 402 227 650.74 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class FC | EUR | 283.71 |\",\n \"| Class FD | EUR | 201.39 |\",\n \"| Class LC | EUR | 263.46 |\",\n \"| Class LCH(P) | EUR | 163.36 |\",\n \"| Class LD | EUR | 220.07 |\",\n \"| Class NC | EUR | 246.38 |\",\n \"| Class NCH(P) | EUR | 154.04 |\",\n \"| Class TFC | EUR | 146.39 |\",\n \"| Class TFD | EUR | 136.96 |\",\n \"| Class USD LC | USD | 182.49 |\",\n \"| Number of shares outstanding Class FC | Count | 464 456.557 |\",\n \"| Class FD | Count | 12 040.262 |\",\n \"| Class LC | Count | 43 937.995 |\",\n \"| Class LCH(P) | Count | 42 471.402 |\",\n \"| Class LD | Count | 708 769.993 |\",\n \"| Class NC | Count | 35 300.995 |\",\n \"| Class NCH(P) | Count | 1 652.899 |\",\n \"| Class TFC | Count | 756.012 |\",\n \"| Class TFD | Count | 20.000 |\",\n \"| Class USD LC | Count | 524 656.177 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI USA High Dividend Yield in EUR\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 88.180 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 112.111 |\",\n \"| Average market risk exposure | % | 99.079 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date. Exchange rates (indirect quotes) As of December 30, 2021 | Canadian dollar\\tCAD | 1.448606 | = EUR | 1 | | --- | --- | --- | --- | | Norwegian krone\\tNOK | 9.974305 | = EUR | 1 | | U.S. dollar\\tUSD | 1.133450 | = EUR | 1 | Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds. Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021 - Income - Dividends (before withholding tax) EUR 9 606\\t111.14 - Interest from investments of liquid assets(before withholding tax) EUR\\t5 613.12 - Deduction for foreign withholding tax EUR\\t-2 649 172.12Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t6 962 552.14 - Expenses - Interest on borrowings andnegative interest on deposits EUR\\t-9 303.16 - Management fee EUR\\t-4 486 130.99thereof:Basic management fee EUR -4 450 562.07Administration fee EUR\\t-35 568.92 | 3. Depositary fee | EUR | -1 458.76 | | --- | --- | --- | | 4. Auditing, legal and publication costs | EUR | -6 475.80 | | 5. Taxe d‘abonnement | EUR | -182 159.03 | | 6. Other expenses | EUR | -105 307.80 | | Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -4 790 835.54 | | III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 2 171 716.60 | | IV. Sale transactions Realized gains/losses | EUR | 14 530 822.95 | | Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 14 530 822.95 | | V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . | EUR | 16 702 539.55 | | BVI total expense ratio (TER) | | | | The total expense ratio for the share classes was: | | | Class FC 0.84% p.a.,\\tClass FD 0.84% p.a., Class LC 1.59% p.a.,\\tClass LCH(P) 1.62% p.a., Class LD 1.59% p.a.,\\tClass NC 2.29% p.a., Class NCH(P) 2.32% p.a.,\\tClass TFC 0.81% p.a., Class TFD 0.80% p.a.,\\tClass USD LC 1.59% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year. Transaction costs The transaction costs paid in the reporting period amounted to EUR 25 325.43. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. ###### Statement of changes in net assets\\t2021 - Value of the fund‘s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\\t316 400 378.68 - Distribution for the previous year EUR\\t-3 117 955.35 - Net outflows EUR\\t-9 819 144.40 - Income adjustment EUR\\t-9 744.76 - Net investment income EUR 2 171\\t716.60 - Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 14 530\\t822.95 - Net change in unrealized appreciation/depreciation . EUR 82 071\\t577.02 - Value of the fund‘s net assets . . . . . . . . . . . . . . . . . . . at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . EUR\\t402 227 650.74 | Summary of gains/losses | | 2021 | | --- | --- | --- | | | | | | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | 14 530 822.95 | | from: Securities transactions | EUR | 14 731 987.96 | | (Forward) currency transactions | EUR | -201 165.01 | Changes in net assets and in the net asset value per share over the last three years ###### Details on the distribution policy* Class FC The income for the fiscal year is reinvested. Class FD Type\\tAs of\\tCurrency\\tPer share Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t402 227 650.74 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t316 400 378.68 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t422 019 677.57 Net asset value per share at the end of the fiscal year Class LC The income for the fiscal year is reinvested. Class LCH (P) The income for the fiscal year is reinvested. Class LD Type\\tAs of\\tCurrency\\tPer share Final distribution\\tMarch 4, 2022\\tEUR\\t4.51 Class NC The income for the fiscal year is reinvested. Class NCH (P) The income for the fiscal year is reinvested. Class TFC The income for the fiscal year is reinvested. | Class TFD | | | --- | --- | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 2.80 | | Klasse USD LC | | | | The income for the fiscal year is reinvested. * Additional information is provided in the sales prospectus. In the case of a final distribution, any remaining net income for the fiscal year is reinvested. Class LCH(P) EUR\\t163.36 | Final distribution | March 4, 2022 | EUR | 4.12 | 2021\\tClass FC Class FD | EUR EUR | 283.71 201.39 | | --- | --- | --- | --- | --- | --- | --- | | | | | | Class LC | EUR | 263.46 | Class LD EUR\\t220.07 Class NC EUR\\t246.38 Class NCH(P) EUR\\t154.04 Class TFC EUR\\t146.39 Class TFD EUR\\t136.96 Class USD LC USD\\t182.49 2020\\tClass FC EUR\\t212.51 Class FD EUR\\t154.34 Class LC EUR\\t198.82 Class LCH(P) EUR\\t134.79 Class LD EUR\\t169.93 Class NC EUR\\t187.23 Class NCH(P) EUR\\t127.96 Class TFC EUR\\t109.64 Class TFD EUR\\t104.93 Class USD LC USD\\t149.41 2019\\tClass FC EUR\\t237.31 Class FD EUR\\t176.40 Class LC EUR\\t223.72 Class LCH(P) EUR\\t140.94 Class LD EUR\\t195.72 Class NC EUR\\t212.15 Class NCH(P) EUR\\t134.89 Class TFC EUR\\t122.37 Class TFD EUR\\t119.87 Class USD LC USD\\t153.14 Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00. Statement of net assets as of December 31, 2021 | Assets | DWS Invest II, SICAV EUR * Consolidated\\t% of net assets | DWS Invest II Euro Bonds Conservative EUR | DWS Invest II European Top Dividend EUR | | --- | --- | --- | --- | | Total securities portfolio | 1 082 520 723.81 | 94.94 | 73 471 006.24 | 327 095 107.54 | | Currency derivatives | 78 431.96 | 0.01 | 0.00 | 4 695.47 | | Swaps | 481 520.56 | 0.04 | 0.00 | 0.00 | | Cash at bank | 58 207 156.33 | 5.11 | 10 419 438.35 | 12 520 102.88 | | Other assets | 2 689 609.62 | 0.23 | 137 878.88 | 1 825 860.32 | | Receivables from share certificate transactions | 139 067.82 | 0.01 | 0.00 | 92 315.05 | | Total Assets ** | 1 144 116 510.10 | 100.34 | 84 028 323.47 | 341 538 081.26 | | Liabilities | | | | | Equity index derivatives | -158 227.19 | -0.01 | 0.00 | 0.00 | | Interest rate derivatives | -117 485.63 | -0.01 | 0.00 | 0.00 | | Currency derivatives | -157 046.78 | -0.01 | -157 046.78 | 0.00 | | Other liabilities | -2 129 133.75 | -0.19 | -30 369.97 | -1 285 067.24 | | Liabilities from share certificate transactions | -1 371 554.69 | -0.12 | -211 431.32 | -374 631.47 | | Total liabilities ** | -3 933 448.04 | -0.34 | -398 848.07 | -1 659 698.71 | | | | | | | Net assets | 1 140 183 062.06 | 100.00 | 83 629 475.40 | 339 878 382.55 | * The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. ** In the case of derivatives and forward transactions, the amount reported as “total assets” comprises the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” | | | --- | | DWS Invest II Global Equity High Conviction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II US Top Dividend EUR | | 196 163 093.29 | 100 986 188.16 | 384 805 328.58 | | 0.00 | 3 601.33 | 70 135.16 | | 0.00 | 481 520.56 | 0.00 | | 7 003 672.01 | 10 170 594.94 | 18 093 348.15 | | 120 542.96 | 133 632.25 | 471 695.21 | | 1 644.16 | 0.00 | 45 108.61 | | 203 288 952.42 | 111 775 537.24 | 403 485 615.71 | | | | | | 0.00 | -158 227.19 | 0.00 | | 0.00 | -117 485.63 | 0.00 | | 0.00 | 0.00 | 0.00 | | -275 860.83 | -46 641.71 | -491 194.00 | | -18 720.93 | 0.00 | -766 770.97 | | -294 581.76 | -322 354.53 | -1 257 964.97 | | | | | | 202 994 370.66 | 111 453 182.71 | 402 227 650.74 | Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DWS Invest II, SICAV EUR * Consolidated | DWS Invest II Euro Bonds Conservative EUR | DWS Invest II European Equity Focussed Alpha (in liquidation) 1 EUR | | --- | --- | --- | --- | | Dividends (before withholding tax) | 27 430 920.43 | 0.00 | 0.00 | | Interest from securities (before withholding tax) | 634 557.50 | -68 337.60 | 0.00 | | Interest from investments of liquid assets (before withholding tax) | 13 383.90 | 0.00 | 0.00 | | Income from investment fund units | 34 338.51 | 0.00 | 0.00 | | Income from securities lending | 11 340.62 | 0.00 | 0.00 | | Deduction for foreign withholding tax | -4 245 006.26 | -97.81 | 0.00 | | Total income | 23 879 534.70 | -68 435.41 | 0.00 | | | | | | | Expenses | | | | | Interest on borrowings and negative interest on deposits | -173 998.43 | -68 373.65 | 0.00 | | Management fee | -12 136 614.01 | -223 749.15 | 0.00 | | Depositary fee | -16 868.45 | -1 116.61 | 0.00 | | Auditing, legal and publication costs | 19 624.70 | -7 132.49 | 0.00 | | Taxe d'abonnement | -488 864.51 | -40 441.08 | 0.00 | | Other expenses | -329 112.65 | -7 056.01 | 0.00 | | Total expenses | -13 125 833.35 | -347 868.99 | 0.00 | | Net investment income | 10 753 701.35 | -416 304.40 | 0.00 | | Sale transactions | | | | | Realized gains/losses | 36 344 118.75 | -514 091.56 | 0.00 | | Capital gains/losses | 36 344 118.75 | -514 091.56 | 0.00 | | | | | | | Net gain/loss for the fiscal year | 47 097 820.10 | -930 395.96 | 0.00 | * The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. For the purpose of consolidation of the liquidated sub-fund and for reasons of comparability, the disclosure of the income adjustment and reimbursed expense amounts attributable to the individual income adjustment and reimbursed expense items was changed (in contrast to the individual presentation of the income adjustment and reimbursed expenses in the form of a separate presentation of the total amount) in favor of attributing the individual income adjustment and reimbursed expense compo- nents to the respective income adjustment and reimbursed expense items. 1 The sub-fund was liquidated March 24, 2021. 2 The sub-fund was liquidated December 7, 2021. | | | --- | | DWS Invest II European Top Dividend EUR | DWS Invest II Global Equity High Con- viction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II Spanish Equities (in liquidation) 2 EUR | DWS Invest II US Top Dividend EUR | | 12 905 929.15 | 3 685 287.10 | 1 233 593.04 | 0.00 | 9 606 111.14 | | 0.00 | 0.00 | 702 895.10 | 0.00 | 0.00 | | 770.38 | 7 000.40 | 0.00 | 0.00 | 5 613.12 | | 0.00 | 0.00 | 34 338.51 | 0.00 | 0.00 | | 3 590.66 | 3 394.86 | 4 355.10 | 0.00 | 0.00 | | -629 721.23 | -786 195.98 | -179 819.12 | 0.00 | -2 649 172.12 | | 12 280 568.96 | 2 909 486.38 | 1 795 362.63 | 0.00 | 6 962 552.14 | | | | | | | | | | | | | | -60 746.70 | -975.24 | -34 599.68 | 0.00 | -9 303.16 | | -4 569 047.84 | -2 620 276.28 | -237 409.75 | 0.00 | -4 486 130.99 | | -8 570.93 | -5 722.15 | 0.00 | 0.00 | -1 458.76 | | 34 057.54 | -8 754.87 | 7 930.32 | 0.00 | -6 475.80 | | -161 733.86 | -95 114.53 | -9 416.01 | 0.00 | -182 159.03 | | -105 707.35 | -86 801.04 | -24 240.45 | 0.00 | -105 307.80 | | -4 871 749.14 | -2 817 644.11 | -297 735.57 | 0.00 | -4 790 835.54 | | 7 408 819.82 | 91 842.27 | 1 497 627.06 | 0.00 | 2 171 716.60 | | | | | | | | 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 | | 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 | | | | | | | | 19 023 722.27 | 10 098 278.00 | 2 203 676.24 | 0.00 | 16 702 539.55 | Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | Deutsche Invest II, SICAV EUR * Consolidated 1 099 899 876.11 | DWS Invest II Euro Bonds Conservative EUR 112 797 089.62 | DWS Invest II European Equity Focussed Alpha (in Liquidation) 1 EUR 66 561 768.52 | | --- | --- | --- | --- | | Distribution for the previous year / Interim distribution | -12 343 136.53 | 0.00 | -11 010.60 | | Net inflows/outflows | -144 937 157.36 | -28 654 847.73 | -68 281 919.64 | | Income adjustment | 20 349 841.98 | -89 925.74 | 13 117 078.88 | | Net investment income | 10 753 701.35 | -416 304.40 | 0.00 | | Realized gains/losses | 36 344 118.75 | -514 091.56 | 0.00 | | Net change in unrealized appreciation/depreciation | 130 115 817.76 | 507 555.21 | -11 385 917.16 | | Value of the fund‘s net assets at the end of the fiscal year | 1 140 183 062.06 | 83 629 475.40 | 0.00 | * The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was liquidated March 24, 2021. 2 The sub-fund was liquidated December 7, 2021. | | | --- | | DWS Invest II European Top Dividend EUR 300 394 665.07 | DWS Invest II Global Equity High Con- viction Fund EUR 165 456 076.48 | DWS Invest II Global Total Return Fund EUR 106 413 822.57 | DWS Invest II Spanish Equities (in Liquidation) 2 EUR 31 876 075.17 | DWS Invest II US Top Dividend EUR 316 400 378.68 | | -7 482 922.76 | -1 451.67 | -1 729 796.15 | 0.00 | -3 117 955.35 | | -466 728.82 | -1 466 153.07 | -1 162 142.97 | -35 086 220.73 | -9 819 144.40 | | -155 653.66 | 108 501.24 | 97 478.77 | 7 282 107.25 | -9 744.76 | | 7 408 819.82 | 91 842.27 | 1 497 627.06 | 0.00 | 2 171 716.60 | | 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 | | 28 565 300.45 | 28 799 119.68 | 5 630 144.25 | -4 071 961.69 | 82 071 577.02 | | 339 878 382.55 | 202 994 370.66 | 111 453 182.71 | 0.00 | 402 227 650.74 | KPM KPMG issued an unqualified audit opinion for the full annual report of this SICAV (Société d’Investissement à Capital Variable). The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: G Luxembourg, Société anonyme\\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\\tE-mail: info@kpmg.lu Internet: www.kpmg.lu #### To the shareholders of DWS Invest II, SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE REVISEUR D’ENTREPRISES AGREE ##### Report on the audit of the financial statements Audit opinion We have audited the financial statements of DWS Invest II, SICAV, and its respective sub-funds (“the Fund”), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements give a true and fair view of the financial position of DWS Invest II, SICAV, and its respective sub-funds as of December 31, 2021, and of the results of its opera- tions and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements. ##### Basis for the audit opinion We conducted our audit in accordance with the Law of July 23, 2016, on the audit profession (“Law of July 23, 2016”) and with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (“CSSF”). Our responsibilities under the Law of July 23, 2016, and the ISAs as adopted in Luxembourg by the CSSF are further described in the “Responsibilities of the réviseur d’entreprises agréé for the audit of the financial statements” section. We are also independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants, including International Independence Standards, (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the finan- cial statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. ##### Other information The Board of Directors of the Fund is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our report of the réviseur d’entreprises agréé thereon. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Our audit opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial state- ments or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard. ##### Responsibilities of the Board of Directors of the Fund for the financial statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the ability of the Fund and of its respective sub-funds to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Direc- tors of the Fund intends either to liquidate the Fund or close any of its individual sub-funds or to cease operations, or has no realistic alternative but to do so. ##### Responsibilities of the réviseur d’entreprises agréé for the audit of the financial statements The objective of our audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the réviseur d’entreprises agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstate- ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis- statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the Fund’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the notes to the financial statements made by the Board of Directors of the Fund. - Conclude on the appropriateness of the use by the Board of Directors of the Fund of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Fund or of any its indi- vidual sub-funds to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the report of the réviseur d’entreprises agréé to the related disclosures in the notes to the financial statements or, if such disclosures are inadequate, to modify our opinion. Our con- clusions are based on the audit evidence obtained up to the date of the report of the réviseur d’entreprises agréé. However, future events or conditions may cause the Fund or any of its individual sub-funds to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclo- sures in the notes to the financial statements, and whether the financial statements represent the under- lying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Luxembourg, April 22, 2022\\tKPMG Luxembourg Société anonyme Cabinet de révision agréé Pia Schanz\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Annual report","and annual financial statements","#### Investment objective and performance in the reporting period","The sub-fund seeks to generate the highest possible return in the short term while taking the opportunities and risks of the worldwide capital markets into account.","In order to achieve the investment objective, it invests","DWS INVEST II EURO BONDS CONSERVATIVE","Performance since inception","100.30","100.1 5","100.00","99.85","99.70","99.55","99.40","99.25","primarily in interest-bearing","11/25/20*","3/21\t6/21\t9/21","12/21","financial instruments of gov- ernment and/or private issuers,","DWS Invest II Euro Bonds Conservative (NC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on November 25, 2020= 100","Data on euro basis","money market instruments,","time deposits, bank balances and derivatives.","At least 70% of its asset are invested in inter- est-bearing securities of issuers whose ultimate parent com- pany is domiciled in a member country of the Organisation for Economic Co-operation and Development (OECD) or of the G20, in Singapore or in the EU.","Past performance is no guide to future results.","As of: December 31, 2021","DWS INVEST II EURO BONDS CONSERVATIVE","Performance of share class (in EUR)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class NC | LU2023375111 | -0.6% | -0.6% |","1","Class NC launched on November 25, 2020","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","The investment climate in the reporting period was char- acterized by the COVID-19 pandemic*, high levels of debt worldwide, still very low (and in some cases negative) interest rates in the industrial countries, as well as uncer- tainty regarding the monetary policies of the central banks.","Against this backdrop, the","sub-fund recorded a decline of 0.6% per share (NC share class; BVI method; in euro) in 2021.","#### Investment policy in the reporting period","As part of the sub-fund’s investment policy, the portfolio management invested predom- inantly in floating rate notes whose coupons are usually adjusted to the current mar- ket interest rate every three months.","The sub-fund had also","invested in fixed-coupon bonds with short to medium resid- ual maturities.","Time deposit investments rounded out the portfolio.","Because floating rate notes are issued predominantly by financial institutions, the","investment focus was on issues from the financial sector.","The portfolio also included corpo- rate bonds.","The interest-bearing instruments held in the portfo- lio had investment-grade status (ratings of BBB- or better from the leading rating agencies) as of the end of December 2021.","In terms of its regional alloca- tion, the sub-fund was globally positioned, with investments in Europe and the United States forming the main focus of investment.","The sub-fund was exposed to a maturity segment that was","still adversely affected by neg- ative interest rates during the reporting period.","Despite the rise in inflation in the euro area in 2021, the European Central Bank (ECB) left the key interest rate unchanged at 0.0% p.a.","The deposit rate for banks was","-0.5% p.a. The credit spreads of the corporate bonds and","financials with short to medium maturities held in the portfolio acted as a buffer against nega- tive interest rates in the money market segment.","Information on the environmental and/or social characteristics","The sub-fund qualifies as a","product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Bonds (issuers) Companies | 73 471 006.24 | 87.85 |","| Total bonds | 73 471 006.24 | 87.85 |","| 2. Derivatives | -157 046.78 | -0.19 |","| 3. Cash at bank | 10 419 438.35 | 12.46 |","| 4. Other assets | 137 878.88 | 0.16 |","| II.","Liabilities | | |","| 1. Other liabilities | -30 369.97 | -0.03 |","| 2. Liabilities from share certificate transactions | -211 431.32 | -0.25 |","| III.","Net assets | 83 629 475.40 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – December 31, 2021","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency | amount\tin the reporting period\tEUR |","| Securities traded on an exchange | | | | | | 72 543 534.48 | 86.74 |","| Interest-bearing securities 0.875 % ABN AMRO Bank NV (MTN) 2019/2024 | EUR | 400 000 | 400 000 | % | 102.141 | 408 564.00 | 0.49 |","| 0.00 % Akelius Residential Property Financing BV 2021/2023 * | EUR | 200 000 | 200 000 | % | 100.13 | 200 260.00 | 0.24 |","| 3.50 % Allianz Finance II BV (MTN) 2012/2022 | EUR | 500 000 | 500 000 | % | 100.483 | 502 415.00 | 0.60 |","| 0.436 % Allianz Finance II BV 2021/2024 * | EUR | 100 000 | 100 000 | % | 102.586 | 102 586.00 | 0.12 |","| 0.35 % American Honda Finance Corp. 2019/2022 | EUR | 500 000 | 500 000 | % | 100.455 | 502 275.00 | 0.60 |","| 0.155 % Asahi Group Holdings Ltd 2020/2024 | EUR | 1 000 000 | | % | 100.309 | 1 003 090.00 | 1.20 |","| 0.01 % Asahi Group Holdings Ltd 2021/2024 | EUR | 150 000 | 150 000 | % | 100.05 | 150 075.00 | 0.18 |","| 0.52 % AT&T, Inc. (MTN) 2018/2023 *",".035 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2018/2023 * | EUR EUR | 900 000 1 200 000 | | % % | 101.039 100.545 | 909 351.00 1 206 540.00 | 1.09 1.44 |","| 0.375 % Banco Bilbao Vizcaya Argentaria SA (MTN) | | | | | | | | |","| 2019/2024 | EUR | 400 000 | 400 000 | % | 100.766 | 403 064.00 | 0.48 |","| 0.435 % Banco Bilbao Vizcaya Argentaria SA 2021/2023 * .","| EUR | 100 000 | 100 000 | % | 101.5 | 101 500.00 | 0.12 |","| 0.163 % Banco Santander SA (MTN) 2017/2023 * | EUR | 500 000 | | % | 100.78 | 503 900.00 | 0.60 |","| 0.124 % Banco Santander SA (MTN) 2021/2026 * | EUR | 400 000 | 400 000 | % | 100.969 | 403 876.00 | 0.48 |","| 0.00 % Bank Julius Baer & Co.","AG 2021/2024 | EUR | 160 000 | 160 000 | % | 99.992 | 159 987.20 | 0.19 |","| 0.213 % Bank of America Corp. (MTN) 2017/2023 * | EUR | 700 000 | | % | 100.223 | 701 561.00 | 0.84 |","| 0.152 % Bank of America Corp. (MTN) 2018/2024 * | EUR | 1 200 000 | | % | 100.545 | 1 206 540.00 | 1.44 |","| 0.436 % Bank of America Corp. 2021/2025 * | EUR | 400 000 | 400 000 | % | 101.605 | 406 420.00 | 0.49 |","| 0.412 % Bank of America Corp. (MTN) 2021/2026 *",".25 % Banque Federative du Credit Mutuel SA (MTN) 2015/2025 | EUR EUR | 340 000 200 000 | 340 000 200 000 | % % | 101.754 103.65 | 345 963.60 207 300.00 | 0.41 0.25 |","| 0.75 % Banque Federative du Credit Mutuel SA -Reg- | | | | | | | | |","| (MTN) 2018/2025 | EUR | 100 000 | 100 000 | % | 102.171 | 102 171.00 | 0.12 |","| 1.50 % Barclays PLC (MTN) 2018/2023 | EUR | 1 200 000 | | % | 102.798 | 1 233 576.00 | 1.48 |","| 3.375 % Barclays PLC (MTN) 2020/2025 * | EUR | 200 000 | 200 000 | % | 107.305 | 214 610.00 | 0.26 |","| 0.431 % Barclays PLC (MTN) 2021/2026 * | EUR | 220 000 | 220 000 | % | 102.037 | 224 481.40 | 0.27 |","| 0.101 % BASF SE 2020/2023 | EUR | 200 000 | 200 000 | % | 100.497 | 200 994.00 | 0.24 |","| 0.05 % Bayer AG 2021/2025 | EUR | 500 000 | 500 000 | % | 99.79 | 498 950.00 | 0.60 |","| 0.632 % Becton Dickinson Euro Finance Sarl 2019/2023 .","| EUR | 200 000 | 200 000 | % | 100.972 | 201 944.00 | 0.24 |","| 0.625 % BMW Finance NV 2019/2023 | EUR | 800 000 | | % | 101.538 | 812 304.00 | 0.97 |","| 0.00 % BMW Finance NV 2020/2022 * | EUR | 1 000 000 | | % | 100.056 | 1 000 560.00 | 1.20 |","| 0.187 % BNP Paribas SA (MTN) 2017/2024 * | EUR | 1 200 000 | | % | 101.417 | 1 217 004.00 | 1.46 |","| 0.056 % BNP Paribas SA (MTN) 2018/2023 *",".50 % BNZ International Funding Ltd/London (MTN) 2017/2023 | EUR EUR | 600 000 400 000 | 400 000 | % % | 100.721 100.952 | 604 326.00 403 808.00 | 0.72 0.48 |","| 0.00 % BPCE SA (MTN) 2018/2023 * | EUR | 500 000 | | % | 100.454 | 502 270.00 | 0.60 |","| 0.00 % BPCE SA (MTN) 2018/2023 * | EUR | 1 200 000 | | % | 100.548 | 1 206 576.00 | 1.44 |","| 1.00 % BPCE SA (MTN) 2019/2025",".375 % Canadian Imperial Bank of Commerce (MTN) 2019/2024 | EUR EUR | 200 000 200 000 | 200 000 200 000 | % % | 102.733 100.958 | 205 466.00 201 916.00 | 0.25 0.24 |","| 0.299 % Carrefour Banque SA 2019/2023 * | EUR | 600 000 | 600 000 | % | 100.594 | 603 564.00 | 0.72 |","| 0.00 % CCEP Finance Ireland DAC 2021/2025 | EUR | 190 000 | 190 000 | % | 99.262 | 188 597.80 | 0.23 |","| 1.75 % Citigroup, Inc. (MTN) 2015/2025 | EUR | 200 000 | 200 000 | % | 105.069 | 210 138.00 | 0.25 |","| 0.00 % Citigroup, Inc. (MTN) 2018/2023 * | EUR | 300 000 | | % | 100.539 | 301 617.00 | 0.36 |","| 0.50 % Commerzbank AG (MTN) 2018/2023 | EUR | 1 200 000 | | % | 101.06 | 1 212 720.00 | 1.45 |","| 0.436 % Commerzbank AG 2021/2023 * | EUR | 200 000 | 200 000 | % | 101.582 | 203 164.00 | 0.24 |","| 0.035 % Credit Agricole SA/London (MTN) 2018/2023 * ... | EUR | 800 000 | | % | 100.578 | 804 624.00 | 0.96 |","| 0.392 % Credit Suisse AG/London 2020/2022 * | EUR | 880 000 | | % | 100.346 | 883 044.80 | 1.06 |","| 0.43 % Credit Suisse AG/London 2021/2023 * | EUR | 300 000 | 300 000 | % | 101.43 | 304 290.00 | 0.36 |","| 0.449 % Credit Suisse Group AG (MTN) 2021/2026 * | EUR | 650 000 | 650 000 | % | 101.39 | 659 035.00 | 0.79 |","| 0.875 % CRH Finland Services Oyj 2020/2023 | EUR | 300 000 | | % | 101.762 | 305 286.00 | 0.37 |","| 0.00 % Daimler AG (MTN) 2017/2024 * | EUR | 800 000 | | % | 100.867 | 806 936.00 | 0.97 |","| 1.625 % Daimler AG 2020/2023 | EUR | 1 200 000 | | % | 103.136 | 1 237 632.00 | 1.48 |","| 0.00 % Danone SA 2021/2025 | EUR | 100 000 | 100 000 | % | 99.951 | 99 951.00 | 0.12 |","| 0.238 % Deutsche Bank AG (MTN) 2017/2022 * | EUR | 500 000 | 500 000 | % | 100.232 | 501 160.00 | 0.60 |","| 0.35 % Deutsche Pfandbriefbank AG 2020/2023 * | EUR | 300 000 | 300 000 | % | 100.958 | 302 874.00 | 0.36 |","| 0.25 % Deutsche Pfandbriefbank AG 2021/2025",".875 % Deutsche Telekom International Finance BV (MTN) 2017/2024 | EUR EUR | 100 000 200 000 | 100 000 200 000 | % % | 99.778 102.135 | 99 778.00 204 270.00 | 0.12 0.24 |","| 0.25 % DNB Bank ASA (MTN) 2019/2024 | EUR | 400 000 | | % | 100.931 | 403 724.00 | 0.48 |","| 0.375 % E.ON SE 2020/2023 | EUR | 600 000 | | % | 100.809 | 604 854.00 | 0.72 |","| 0.25 % EssilorLuxottica SA 2020/2024 | EUR | 500 000 | | % | 101.006 | 505 030.00 | 0.60 |","| 1.25 % FCA Bank SpA/Ireland 2019/2022 | EUR | 300 000 | 300 000 | % | 100.577 | 301 731.00 | 0.36 |","| 0.25 % FCA Bank SpA/Ireland 2020/2023 | EUR | 100 000 | 100 000 | % | 100.437 | 100 437.00 | 0.12 |","| 0.125 % FCA Bank SpA/Ireland 2020/2023 | EUR | 500 000 | | % | 100.182 | 500 910.00 | 0.60 |","| 0.00 % FCA Bank SpA/Ireland 2021/2024",".75 % Fidelity National Information Services, Inc. 2019/2023 | EUR EUR | 120 000 400 000 | 120 000 | % % | 99.786 101.136 | 119 743.20 404 544.00 | 0.14 0.48 |","| 0.125 % General Mills, Inc. 2021/2025 | EUR | 100 000 | 100 000 | % | 99.714 | 99 714.00 | 0.12 |","| 0.03 % Goldman Sachs Group, Inc.","/The (MTN) 2017/2023 * | EUR | 1 100 000 | | % | 100.28 | 1 103 080.00 | 1.32 |","| 0.002 % Goldman Sachs Group, Inc.","/The 2020/2023 * ....","| EUR | 700 000 | | % | 100.131 | 700 917.00 | 0.84 |","| 0.411 % Goldman Sachs Group, Inc.","/The (MTN) 2021/2026 * | EUR | 260 000 | 260 000 | % | 101.669 | 264 339.40 | 0.32 |","| 0.00 % Goldman Sachs Group, Inc.","/The 2021/2024 * ....","| EUR | 160 000 | 160 000 | % | 100.137 | 160 219.20 | 0.19 |","| 0.444 % Goldman Sachs Group, Inc.","/The 2021/2024 * ....","| EUR | 170 000 | 170 000 | % | 100.902 | 171 533.40 | 0.21 |","| 0.052 % Heimstaden Bostad Treasury BV 2021/2023 * ... | EUR | 323 000 | 323 000 | % | 100.023 | 323 074.29 | 0.39 |","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| 0.25 % Heimstaden Bostad Treasury BV 2021/2024 ....","| EUR | 160 000 | 160 000 | | % | 100.19 | 160 304.00 | 0.19 |","| 0.912 % HSBC Bank PLC 2020/2022 * | EUR | 500 000 | | 1 500 000 | % | 101.036 | 505 180.00 | 0.60 |","| 0.438 % HSBC Bank PLC 2021/2023 * | EUR | 300 000 | 300 000 | | % | 101.101 | 303 303.00 | 0.36 |","| 0.00 % HSBC Holdings PLC (MTN) 2017/2023 * | EUR | 900 000 | | | % | 100.319 | 902 871.00 | 1.08 |","| 0.409 % HSBC Holdings PLC (MTN) 2021/2026 * | EUR | 240 000 | 240 000 | | % | 102.289 | 245 493.60 | 0.29 |","| 0.261 % ING Groep NV (MTN) 2018/2023 * | EUR | 600 000 | | | % | 101.259 | 607 554.00 | 0.73 |","| 0.125 % ING Groep NV 2021/2025 * | EUR | 200 000 | 200 000 | | % | 99.985 | 199 970.00 | 0.24 |","| 0.402 % Intesa Sanpaolo SpA (MTN) 2017/2022 * | EUR | 500 000 | | | % | 100.251 | 501 255.00 | 0.60 |","| 0.148 % Intesa Sanpaolo SpA 2019/2022 * | EUR | 500 000 | 500 000 | | % | 100.431 | 502 155.00 | 0.60 |","| 0.875 % KBC Group NV (MTN) 2018/2023 | EUR | 400 000 | 400 000 | | % | 101.728 | 406 912.00 | 0.49 |","| 0.06 % KBC Group NV 2021/2024 * | EUR | 400 000 | 400 000 | | % | 100.414 | 401 656.00 | 0.48 |","| 0.50 % Koninklijke Philips NV -Reg- (MTN) 2017/2023 ... | EUR | 100 000 | 100 000 | | % | 101.047 | 101 047.00 | 0.12 |","| 0.082 % Landesbank Baden-Wuerttemberg 2020/2022 * .","| EUR | 1 500 000 | | | % | 100.05 | 1 500 750.00 | 1.80 |","| 0.75 % LeasePlan Corp., NV (MTN) 2017/2022 | EUR | 400 000 | | | % | 100.778 | 403 112.00 | 0.48 |","| 1.00 % Lloyds Banking Group PLC (MTN) 2016/2023 ... | EUR | 400 000 | | | % | 102.118 | 408 472.00 | 0.49 |","| 0.199 % Lloyds Banking Group PLC (MTN) 2017/2024 * .","| EUR | 1 200 000 | | | % | 101.52 | 1 218 240.00 | 1.46 |","| 0.50 % Lloyds Banking Group PLC (MTN) 2019/2025 * .","| EUR | 300 000 | 300 000 | | % | 101.099 | 303 297.00 | 0.36 |","| 0.00 % Lseg Netherlands BV 2021/2025 | EUR | 160 000 | 160 000 | | % | 99.82 | 159 712.00 | 0.19 |","| 0.00 % LVMH Moet Hennessy Louis Vuitton SE 2020/2022 * | EUR | 900 000 | | | % | 100.059 | 900 531.00 | 1.08 |","| 0.352 % Macquarie Bank Ltd 2021/2023 * | EUR | 140 000 | 140 000 | | % | 101.414 | 141 979.60 | 0.17 |","| 1.00 % McDonald‘s Corp. (MTN) 2016/2023 | EUR | 200 000 | 200 000 | | % | 102.274 | 204 548.00 | 0.25 |","| 0.00 % Mizuho Financial Group, Inc. (MTN) 2018/2023 * .","| EUR | 1 200 000 | | | % | 100.566 | 1 206 792.00 | 1.44 |","| 0.637 % Morgan Stanley (MTN) 2019/2024 * | EUR | 400 000 | 400 000 | | % | 101.182 | 404 728.00 | 0.48 |","| 2.50 % Natwest Group PLC (MTN) 2016/2023 | EUR | 400 000 | | | % | 103.283 | 413 132.00 | 0.49 |","| 2.00 % Natwest Group PLC (MTN) 2017/2023 * | EUR | 1 200 000 | | | % | 100.421 | 1 205 052.00 | 1.44 |","| 1.125 % NatWest Markets PLC (MTN) 2018/2023 | EUR | 200 000 | 200 000 | | % | 101.909 | 203 818.00 | 0.24 |","| 0.00 % OMV AG 2020/2023 | EUR | 400 000 | | | % | 100.414 | 401 656.00 | 0.48 |","| 0.125 % OP Corporate Bank plc 2020/2024 | EUR | 1 200 000 | | | % | 100.632 | 1 207 584.00 | 1.44 |","| 0.449 % OP Corporate Bank Plc 2021/2024 * | EUR | 500 000 | 500 000 | | % | 101.729 | 508 645.00 | 0.61 |","| 1.125 % Orange SA (MTN) 2019/2024 | EUR | 200 000 | 200 000 | | % | 102.882 | 205 764.00 | 0.25 |","| 0.00 % Orange SA (MTN) 2021/2026 | EUR | 100 000 | 100 000 | | % | 99.29 | 99 290.00 | 0.12 |","| 2.00 % Procter & Gamble Co.","/The (MTN) 2012/2022 ....","| EUR | 410 000 | 410 000 | | % | 101.56 | 416 396.00 | 0.50 |","| 0.00 % RCI Banque SA (MTN) 2018/2023 * | EUR | 200 000 | 200 000 | | % | 100.201 | 200 402.00 | 0.24 |","| 0.262 % Santander UK Group Holdings PLC (MTN) 2018/2024 * | EUR | 700 000 | | | % | 100.739 | 705 173.00 | 0.84 |","| 0.093 % SBB Treasury Oyj 2021/2023 * | EUR | 200 000 | 200 000 | | % | 100.034 | 200 068.00 | 0.24 |","| 0.05 % Skandinaviska Enskilda Banken AB (MTN) | | | | | | | | |","| 2019/2024 | EUR | 400 000 | 400 000 | | % | 100.459 | 401 836.00 | 0.48 |","| 0.25 % Skandinaviska Enskilda Banken AB 2020/2023 . . . | EUR | 500 000 | | | % | 100.75 | 503 750.00 | 0.60 |","| 0.236 % Société Générale SA (MTN) 2017/2024 * | EUR | 1 000 000 | | | % | 101.343 | 1 013 430.00 | 1.21 |","| 0.00 % Société Générale SA (MTN) 2018/2023 * | EUR | 700 000 | | | % | 100.514 | 703 598.00 | 0.84 |","| 0.75 % Standard Chartered PLC (MTN) 2017/2023 * ....","| EUR | 800 000 | | | % | 100.641 | 805 128.00 | 0.96 |","| 0.436 % Toyota Motor Finance Netherlands BV 2021/2024 * | EUR | 600 000 | 600 000 | | % | 101.589 | 609 534.00 | 0.73 |","| 0.00 % Traton Finance Luxembourg SA 2021/2024 | EUR | 100 000 | 100 000 | | % | 99.791 | 99 791.00 | 0.12 |","| 0.175 % Traton Finance Luxembourg SA 2021/2023 * ....","| EUR | 200 000 | 200 000 | | % | 100.691 | 201 382.00 | 0.24 |","| 0.125 % Traton Finance Luxembourg SA 2021/2024 | EUR | 100 000 | 100 000 | | % | 99.887 | 99 887.00 | 0.12 |","| 1.25 % UBS Group Funding Switzerland AG (MTN) | | | | | | | | |","| 2018/2025 * | EUR | 300 000 | 300 000 | | % | 102.693 | 308 079.00 | 0.37 |","| 2.00 % UniCredit SpA (MTN) 2016/2023 | EUR | 280 000 | | | % | 102.527 | 287 075.60 | 0.34 |","| 0.129 % UniCredit SpA (MTN) 2016/2023 * | EUR | 1 200 000 | | | % | 100.633 | 1 207 596.00 | 1.44 |","| 0.816 % Upjohn Finance BV 2020/2022 | EUR | 200 000 | 200 000 | | % | 100.553 | 201 106.00 | 0.24 |","| 0.375 % Volkswagen Bank GmbH 2019/2022 | EUR | 400 000 | | | % | 100.373 | 401 492.00 | 0.48 |","| 0.988 % Volkswagen International Finance NV (MTN) | | | | | | | | |","| 2018/2024 * | EUR | 400 000 | 400 000 | | % | 103.582 | 414 328.00 | 0.50 |","| 1.00 % Volkswagen Leasing GmbH (MTN) 2018/2023 ... | EUR | 500 000 | 500 000 | | % | 101.38 | 506 900.00 | 0.61 |","| 0.00 % Volkswagen Leasing GmbH 2021/2023 | EUR | 450 000 | 450 000 | | % | 100.167 | 450 751.50 | 0.54 |","| 0.00 % Volvo Treasury AB 2020/2023 | EUR | 600 000 | | | % | 100.304 | 601 824.00 | 0.72 |","| 0.125 % Volvo Treasury AB 2020/2024 | EUR | 1 000 000 | | | % | 100.439 | 1 004 390.00 | 1.20 |","| 0.75 % Vonovia Finance BV (MTN) 2017/2022 | EUR | 500 000 | 500 000 | | % | 100.078 | 500 390.00 | 0.60 |","| 0.00 % Vonovia SE 2021/2023 | EUR | 100 000 | 100 000 | | % | 100.314 | 100 314.00 | 0.12 |","| 0.00 % Vonovia SE 2021/2025 | EUR | 100 000 | 100 000 | | % | 98.998 | 98 998.00 | 0.12 |","| 0.625 % Westpac Banking Corp. (MTN) 2017/2024 | EUR | 200 000 | 200 000 | | % | 101.852 | 203 704.00 | 0.24 |","| 0.70 % American Express Co. (MTN) 2021/2026 * | USD | 200 000 | 200 000 | | % | 100.11 | 176 646.50 | 0.21 |","| 1.381 % AT&T, Inc. (MTN) 2018/2024 * | USD | 500 000 | 500 000 | | % | 101.689 | 448 579.50 | 0.54 |","| 0.739 % Bank of America Corp. 2021/2025 * | USD | 300 000 | 300 000 | | % | 100.638 | 266 367.25 | 0.32 |","| 0.369 % Bank of Montreal 2021/2024 * | USD | 300 000 | 300 000 | | % | 99.842 | 264 260.41 | 0.32 |","| 0.67 % Bank of Montreal (MTN) 2021/2026 * | USD | 300 000 | 300 000 | | % | 99.94 | 264 519.79 | 0.32 |","| 0.595 % Bank of Nova Scotia/The (MTN) 2021/2026 * ....","| USD | 495 000 | 495 000 | | % | 99.953 | 436 514.43 | 0.52 |","| 0.494 % Bank of Nova Scotia/The 2021/2024 * | USD | 100 000 | 100 000 | | % | 100.1 | 88 314.43 | 0.11 |","| 0.66 % Bank of Nova Scotia/The (MTN) 2021/2026 * ....","| USD | 360 000 | 360 000 | | % | 99.849 | 317 134.72 | 0.38 |","| 0.49 % Baxter International, Inc.","-Reg- 2021/2024 * | USD | 80 000 | 80 000 | | % | 99.858 | 70 480.74 | 0.08 |","| 0.58 % BMW US Capital LLC -Reg- 2021/2024 * | USD | 100 000 | 100 000 | | % | 100.507 | 88 673.51 | 0.11 |","| 0.469 % Canadian Imperial Bank of Commerce 2021/2024 * | USD | 150 000 | 150 000 | | % | 99.789 | 132 060.06 | 0.16 |","| 0.32 % Caterpillar Financial Services Corp. 2021/2024 * .","| USD | 190 000 | 190 000 | | % | 100.067 | 167 742.09 | 0.20 |","| 0.55 % Charles Schwab Corp.","/The 2021/2024 * | USD | 200 000 | 200 000 | | % | 100.322 | 177 020.58 | 0.21 |","| 1.258 % Citigroup, Inc. (MTN) 2017/2024 * | USD | 600 000 | 600 000 | | % | 101.075 | 535 047.79 | 0.64 |","| 0.719 % Citigroup, Inc. 2021/2025 * | USD | 400 000 | 400 000 | | % | 100.466 | 354 549.34 | 0.42 |","| 0.349 % Cooperatieve Rabobank UA/NY 2021/2024 * ....","| USD | 500 000 | 800 000 | 300 000 | % | 100.103 | 441 585.37 | 0.53 |","| 0.65 % Daimler Trucks Finance North America LLC -Reg- | | | | | | | | |","| 2021/2023 * | USD | 150 000 | 150 000 | | % | 100.111 | 132 486.20 | 0.16 |","| 0.80 % Daimler Trucks Finance North America LLC -Reg- | | | | | | | | |","| 2021/2024 * | USD | 300 000 | 300 000 | % | 100.157 | 265 094.15 | 0.32 |","| 0.48 % Federation des Caisses Desjardins du Quebec | | | | | | | | |","| -Reg- 2021/2024 * | USD | 200 000 | 200 000 | % | 100.193 | 176 792.95 | 0.21 |","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| 0.669 % General Motors Financial Co, Inc. 2021/2024 * ... | USD | 120 000 | 120 000 | | % | 99.932 | 105 799.45 | 0.13 |","| 0.63 % Goldman Sachs Group, Inc.","/The 2021/2024 * ....","| USD | 400 000 | 400 000 | | % | 100.044 | 353 060.08 | 0.42 |","| 0.63 % HSBC Holdings PLC 2021/2024 * | USD | 200 000 | 200 000 | | % | 100.032 | 176 508.86 | 0.21 |","| 0.249 % John Deere Capital Corp. 2021/2024 * | USD | 70 000 | 70 000 | | % | 99.773 | 61 618.15 | 0.07 |","| 0.63 % JPMorgan Chase & Co. 2021/2024 * | USD | 400 000 | 400 000 | | % | 100.144 | 353 412.98 | 0.42 |","| 0.63 % JPMorgan Chase & Co. 2021/2025 * | USD | 300 000 | 300 000 | | % | 100.003 | 264 686.54 | 0.32 |","| 0.65 % JPMorgan Chase & Co. 2021/2025 * | USD | 400 000 | 400 000 | | % | 100.085 | 353 204.77 | 0.42 |","| 0.759 % Macquarie Group Ltd -Reg- 2021/2025 * | USD | 180 000 | 180 000 | | % | 100.124 | 159 004.08 | 0.19 |","| 0.54 % National Bank of Canada 2021/2024 * | USD | 250 000 | 250 000 | | % | 100.106 | 220 799.30 | 0.26 |","| 0.81 % NatWest Markets PLC -Reg- (MTN) 2021/2026 * .","| USD | 200 000 | 200 000 | | % | 100.122 | 176 667.67 | 0.21 |","| 0.349 % Royal Bank of Canada 2021/2024 * | USD | 400 000 | 600 000 | 200 000 | % | 99.916 | 352 608.36 | 0.42 |","| 0.574 % Royal Bank of Canada (MTN) 2021/2026 * | USD | 600 000 | 600 000 | | % | 99.945 | 529 066.05 | 0.63 |","| 0.41 % Royal Bank of Canada 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.992 | 176 438.28 | 0.21 |","| 0.389 % Royal Bank of Canada 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.917 | 176 305.94 | 0.21 |","| 0.639 % Royal Bank of Canada (MTN) 2021/2026 *",".48 % Siemens Financieringsmaatschappij NV -Reg- 2021/2024 * | USD USD | 100 000 250 000 | 100 000 250 000 | | % % | 99.858 100.31 | 88 100.92 221 249.25 | 0.11 0.27 |","| 1.299 % Standard Chartered PLC -Reg- 2020/2023 * | USD | 500 000 | 500 000 | | % | 100.652 | 444 007.17 | 0.53 |","| 0.98 % Standard Chartered PLC 2021/2025 * | USD | 200 000 | 200 000 | | % | 100.214 | 176 830.01 | 0.21 |","| 0.49 % Sumitomo Mitsui Trust Bank Ltd -Reg- 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.951 | 176 365.94 | 0.21 |","| 0.579 % Thermo Fisher Scientific, Inc. 2021/2024 * | USD | 60 000 | 60 000 | | % | 100.103 | 52 990.24 | 0.06 |","| 0.405 % Toronto-Dominion Bank/The 2021/2024 * | USD | 245 000 | 245 000 | | % | 99.993 | 216 139.06 | 0.26 |","| 0.40 % Toronto-Dominion Bank/The 2021/2024 * | USD | 400 000 | 400 000 | | % | 99.861 | 352 414.26 | 0.42 |","| 0.379 % Toyota Motor Credit Corp. 2021/2024 * | USD | 700 000 | 700 000 | | % | 99.921 | 617 095.51 | 0.74 |","| 0.34 % Toyota Motor Credit Corp. 2021/2024 * | USD | 180 000 | 180 000 | | % | 99.719 | 158 360.91 | 0.19 |","| 0.41 % UBS AG/London -144A- 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.934 | 176 335.94 | 0.21 |","| 0.50 % UBS AG/London 2021/2024 * | USD | 200 000 | 200 000 | | % | 100.177 | 176 764.72 | 0.21 |","| 0.55 % Verizon Communications, Inc. 2021/2024 * | USD | 205 000 | 205 000 | | % | 100.366 | 181 525.67 | 0.22 |","| 0.84 % Verizon Communications, Inc. (MTN) 2021/2026 * | USD | 125 000 | 125 000 | | % | 101.033 | 111 421.97 | 0.13 |","| Securities admitted to or included in organized markets | | | | | | | 927 471.76 | 1.11 |","| Interest-bearing securities 0.69 % AT&T, Inc. 2021/2024 * | USD | 100 000 | 100 000 | | % | 100.079 | 88 295.90 | 0.10 |","| 0.459 % Banque Federative du Credit Mutuel SA 2021/2025 * | USD | 300 000 | 300 000 | | % | 99.848 | 264 276.29 | 0.32 |","| 0.43 % BMW US Capital LLC -144A- 2021/2024 *",".57 % Commonwealth Bank of Australia -144A- (MTN) 2021/2026 * | USD USD | 150 000 200 000 | 150 000 200 000 | | % % | 100.138 100.252 | 132 521.93 176 897.06 | 0.16 0.21 |","| 0.57 % Westpac Banking Corp. (MTN) 2021/2026 * | USD | 300 000 | 300 000 | | % | 100.303 | 265 480.58 | 0.32 |","| Total securities portfolio | | | | | | | 73 471 006.24 | 87.85 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Currency derivatives Receivables/payables | | | | | | | -157 046.78 | -0.19 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (short) | | | | | | | | |","| Open positions EUR/USD 14.1 million | | | | | | | -157 046.78 | -0.19 |","| Cash at bank | | | | | | | 10 419 438.35 | 12.46 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 10 367 148.60 | 12.40 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| U.S. dollar | USD | 59 268 | | | | | 52 289.75 | 0.06 |","| Other assets | 137 878.88 | 0.16 |","| Interest receivable | 137 878.88 | 0.16 |","| Total assets ** | 84 028 323.47 | 100.47 |","| Other liabilities | -30 369.97 | -0.03 |","| Liabilities from cost items | -30 369.97 | -0.03 |","| Liabilities from share certificate transactions | -211 431.32 | -0.25 |","| Total liabilities | -398 848.07 | -0.47 |","| Net assets | 83 629 475.40 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class NC | EUR | 99.39 |","| Number of shares outstanding Class NC | Count | 841 441.148 |","Presentation of the maximum limit (according to CSSF circular 11/512) 1.4% of portfolio value (January 1, 2021 – March 9, 2021)","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 0.137 |","| --- | --- | --- |","| Highest market risk exposure | % | 0.446 |","| Average market risk exposure | % | 0.377 |","The values-at-risk were calculated for the period from January 1, 2021, through March 9, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.","Presentation of the maximum limit (according to CSSF circular 11/512) 14.14% of portfolio value (March 10, 2021 – December 31, 2021)","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 0.049 |","| --- | --- | --- |","| Highest market risk exposure | % | 0.132 |","| Average market risk exposure | % | 0.089 |","The values-at-risk were calculated for the period from March 10, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 12 399 222.94 as of the reporting date.","Market abbreviations","Contracting parties for forward currency transactions","Barclays Bank Ireland PLC, Deutsche Bank AG, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank and UBS AG.","| Exchange rates (indirect quotes) | |","| --- | --- |","| U.S. dollar\tUSD | 1.133450 | = EUR | As of December 30, 2021 1 |","| Notes on valuation | | | |","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","Footnotes","* Floating interest rate.","** Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","###### Statement of changes in net assets\t2021","- Value of the fund‘s net assets","| - Income","- Interest from securities (before withholding tax)","- 1","| EUR | -68 337.60 | at the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . - Net inflows","- Income adjustment","| EUR EUR EUR | 112 797 089.62 -28 654 847.73 -89 925.74 |","| --- | --- | --- | --- | --- | --- |","| 2. Deduction for foreign withholding tax | EUR | -97.81 | 3. Net investment income | EUR | -416 304.40 |","| Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | -68 435.41 | | - Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . .","- Net change in unrealized appreciation/depreciation ....","| EUR EUR | -514 091.56 507 555.21 |","| II.","Expenses | | | | II.","Value of the fund‘s net assets . . . .",". . . .",". . . .",". . . .",". . . | | |","- Interest on borrowings andnegative interest on deposits EUR\t-68 373.65","- Management fee EUR\t-223 749.15thereof:","| 3. Depositary fee | EUR | -1 116.61 | |","| --- | --- | --- | --- |","| 4. Auditing, legal and publication costs | EUR | -7 132.49 | | | |","| 5. Taxe d‘abonnement | EUR | -40 441.08 | Realized gains/losses (incl. income adjustment).",". . . .",". .","| EUR | -514 091.56 |","| 6. Other expenses | EUR | -7 056.01 | from: | | |","Basic management fee EUR\t-209 756.66 Administration fee EUR\t\t-13 992.49","at the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","EUR\t83 629 475.40","| | Securities transactions | EUR | 9 945.28 |","| --- | --- | --- | --- |","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -347 868.99 | (Forward) currency transactions | EUR | -524 036.84 |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","IV.","Sale transactions | EUR | -416 304.40 | | | |","Summary of gains/losses\t2021","Realized gains/losses EUR\t-514 091.56","###### Details on the distribution policy*","Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-514 091.56","V. Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR\t-930 395.96","1","This item includes discounts of EUR 425 250.92.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class NC 0.33% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 2 180.57.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Class NC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the fiscal year","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t83 629 475.40","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t112 797 089.62","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-","Net asset value per share at the end of the fiscal year","2021\tClass NC EUR\t99.39","2020\tClass NC EUR\t99.94","2019\tClass NC EUR\t-","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.09% of all transactions.","The total volume was EUR 2 607 950.83.","## DWS Invest II European Equity Focussed Alpha (in liquidation)","#### Investment objective and performance in the reporting period","The objective of the sub-fund DWS Invest II European Equity Focussed Alpha (in liquidation) was to generate sustained cap- ital appreciation that exceeds the benchmark, the MSCI Europe.","To achieve this objec-","DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)","Five-year performance","150","140","130","120","110","100","90","80","tive, it invested in selected","3/24/16*","3/17","3/18\t3/19\t3/20","24.3.21","equities of European issuers in a concentrated portfolio based","DWS Invest II European Equity Focussed Alpha (in liquidation) (LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 3/24/2016 = 100","Data on euro basis","on fundamental bottom-up","research.","In addition to major international blue-chip com- panies with large market cap- italizations and corresponding liquidity, a smaller selection of small- and mid-cap companies was also included in the port- folio.","Bottom-up factors such as stock valuations and share- price and earnings trends, as well as the quality of the bal- ance sheet and the business model, were crucial to the selection of stocks.","Depending on the capital market situation, the sub-fund’s level of invest- ment could also be flexibly controlled through the use of derivatives.","Past performance is no guide to future results.","As of: December 31, 2021","DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)","Performance of share classes vs. benchmark (in EUR)","| Share class | ISIN | Since the beginning of the shortened fiscal year |","| --- | --- | --- |","| Class LC | LU0781236566 | 2.4% |","| Class FC | LU0781237028 | 2.6% |","| Class FD | LU0781237291 | 2.6% |","| Class LD | LU0781236640 | 2.4% |","| Class NC 1 | LU0781236723 | – |","| Class ND 1 | LU0781236996 | – |","| Class XC | LU1697911474 | 2.7% |","| MSCI Europe | | 6.4% |","1","Last share price calculation on June 11, 2014.","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: March 24, 2021 (liquidation date)","In addition to still very low interest rates and volatility in the capital markets, the invest- ment climate in the reporting period was characterized in particular by the COVID-19* crisis.","Against this backdrop, the sub-fund appreciated by 2.4% per share (LC share class; BVI method) in the shortened fiscal year from January 1, 2021, through March 24, 2021.","It thus fell short of its bench- mark, the MSCI Europe (NR), which posted a gain of 6.4%","(both percentages in euro terms).","#### Investment policy in the reporting period","Until its liquidation, the sub- fund was invested in European equities.","The global social and economic consequences of the coronavirus continued to exert a firm grip on the inter- national capital markets.","The virus restrictions, some of which remain in place, caused significant disruptions to the","global supply chains amid a simultaneous surge in demand as a result of the global eco- nomic recovery.","This led to rising raw material prices and logistics costs, as well as to shortages of many important precursors such as semicon- ductors.","Companies with good control of their own value chain and considerable pricing power had an advantage in such an environment.","#### Liquidation","The sub-fund DWS Invest II European Equity Focussed Alpha (in liquidation) was liqui- dated effective March 24, 2021.","The issue of new shares was discontinued effective March 3, 2021; the last redemption of shares occurred up to the order acceptance deadline on March 3, 2021.","#### Information on the environmental and/or social characteristics","The investment fund qualifies as a product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)","Liquidation proceeds for the share classes (in EUR)","| Share class | ISIN | Liquidation proceeds per share |","| --- | --- | --- |","| Class XC | LU1697911474 | 114.26 |","| Class LC | LU0781236566 | 191.14 |","| Class LD | LU0781236640 | 183.48 |","| Class FC | LU0781237028 | 205.26 |","| Class FD | LU0781237291 | 138.30 |","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","DWS Invest II European Equity Focussed Alpha (in liquidation)","| Overview of net assets as of March 24, 2021 (liquidation date) | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets 1. Cash at bank | 68 171 593.93 | 99.96 |","| 2. Other assets | 85 435.43 | 0.13 |","| II.","Liabilities 1. Loan liabilities | -0.54 | 0.00 |","| 2. Other liabilities | -63 819.15 | -0.09 |","| 3. Liabilities from share certificate transactions | -68 193 209.67 | -100.00 |","| III.","Net assets | 0.00 | 0.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – March 24, 2021 (liquidation date)","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| | currency | amount | in the reporting period | EUR | |","| Securities traded on an exchange | | | | 68 171 593.93 | 99.96 |","| Demand deposits at Depositary EUR deposits | EUR | | | 68 166 211.49 | 99.95 |","| Deposits in non-EU/EEA currencies | | | | | |","| British pound | GBP | 6 | | 6.47 | 0.00 |","| Swiss franc | CHF | 5 | | 4.62 | 0.00 |","| U.S. dollar | USD | 6 354 | | 5 371.35 | 0.01 |","| Other assets | | | | 85 435.43 | 0.13 |","| Dividends/Distributions receivable | | | | 72 953.46 | 0.11 |","| Receivables from exceeding the expense cap | | | | 12 481.97 | 0.02 |","| Total assets | | | | 68 257 029.36 | 100.09 |","| Short-term liabilities | | | | -0.54 | 0.00 |","| Other liabilities | | | | -63 819.15 | -0.09 |","| Liabilities from cost items | | | | -63 819.15 | -0.09 |","| Liabilities from share certificate transactions | | | | -68 193 209.67 | -100.00 |","| Total liabilities | | | | -68 257 029.36 | -100.09 |","| Net assets | | | | 0.00 | 0.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class FC | EUR | 0.00 |","| Class FD | EUR | 0.00 |","| Class LC | EUR | 0.00 |","| Class LD | EUR | 0.00 |","| Class XC | EUR | 0.00 |","| Number of shares outstanding Class FC | Count | 0.000 |","| Class FD | Count | 0.000 |","| Class LC | Count | 0.000 |","| Class LD | Count | 0.000 |","| Class XC | Count | 0.000 |","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe in EUR","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 0.026 |","| --- | --- | --- |","| Highest market risk exposure | % | 134.872 |","| Average market risk exposure | % | 97.941 |","The values-at-risk were calculated for the period from January 1, 2021 through March 24, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of March 24, 2021 (liquidation date)","| Swiss franc\tCHF | 1.107347 | = EUR | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.862276 | = EUR | 1 |","| U.S. dollar\tUSD | 1.182999 | = EUR | 1 |","Notes on valuation","Against the backdrop of the resolution of the Board of Directors of the SICAV to put the fund into liquidation effective March 24, 2021, the going-concern basis was relinquished and the financial statements were prepared on the basis of liquidation values.","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2020, through March 24, 2021 (liquidation date)","###### Statement of changes in net assets\t2021","I. Value of the fund‘s net assets","| | at the beginning of the shortened fiscal year . . . .",". .","| EUR | 66 561 768.52 |","| --- | --- | --- | --- |","| I. Income | | | | 1. | Distribution for the previous year | EUR | -11 010.60 |","| 1. Dividends (before withholding tax) | EUR | 77 943.74 | | 2. | Net outflows | EUR | -68 281 919.64 |","| 2. Deduction for foreign withholding tax 1 | EUR | 407.60 | | 3. | Income adjustment | EUR | 13 117 078.88 |","| 3. Income adjustment | EUR | -78 351.34 | | 4. | Net investment income | EUR | 0.00 |","| | | | | 5. | Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 0.00 |","| Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 0.00 | | 6. | Net change in unrealized appreciation/depreciation ....","| EUR | -11 385 917.16 |","| | | | | | | | |","| - Expenses","- Interest on borrowings and","| | | | II.","| Value of the fund‘s net assets at the end of the shortened fiscal year . . . .",". . . .",". . . .","| EUR | 0.00 |","| negative interest on deposits | EUR | -2 298.66 | | | | | |","| 2. Management fee | EUR | -107 192.29 | | | | | |","thereof:","| Summary of gains/losses | | 2021 |","| --- | --- | --- |","| | | |","| Realized gains/losses (incl. income adjustment).",". . . .",". .","| EUR | 0.00 |","| from: Securities transactions | EUR | 13 118 151.60 |","| (Forward) currency transactions | EUR | 33 675.68 |","| Income adjustment | EUR | -13 151 827.28 |","Basic management fee EUR\t-100 623.11 Income from expense cap EUR\t2 075.93","Administration fee EUR\t-8 645.11","| 3. Depositary fee | EUR | -584.69 |","| --- | --- | --- |","| 4. Auditing, legal and publication costs 2 | EUR | 7 988.01 |","| 5. Other expenses | EUR | -11 012.11 |","| 6. Reimbursed expenses | EUR | 113 099.74 |","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 0.00 |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 0.00 |","| IV.","Sale transactions 1. Realized gains/losses | EUR | 13 151 827.28 |","| 2. Income adjustment | EUR | -13 151 827.28 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 0.00 |","| V. Realized net gain/loss for the shortened fiscal year .","| EUR | 0.00 |","1","This includes primarily income from the release of excess accruals in the amount of EUR 407.60.","2","This includes primarily income from the release of excess accruals in the amount of EUR 11 065.82.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class FC 0.19%","2",",\tClass FD 0.19%","2","Class LC 0.36%","2",",\tClass LD 0.36%","2","Class XC 0.06%","2","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given short- ened fiscal year.","2","Annualization has not been performed for share classes liquidated during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 25 304.70.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the (shortened) fiscal year","March 24, 2021 (liquidation date) .","EUR\t0.00","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t66 561 768.52","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t85 358 054.25","Net asset value per share at the end of the (shortened) fiscal year March 24, 2021 (liquidation date)","| | Class FC .","| EUR | - |","| --- | --- | --- | --- |","| Class FD .","| EUR | - |","| Class LC .","| EUR | - |","| Class LD .","| EUR | - |","| Class XC .","| EUR | - |","| 2020 | Class FC .","| EUR | 200.10 |","| | Class FD .","| EUR | 135.93 |","| | Class LC .","| EUR | 186.65 |","| | Class LD .","| EUR | 179.45 |","| | Class XC .","| EUR | 111.25 |","| 2019 | Class FC .","| EUR | 204.99 |","| | Class FD .","| EUR | 141.87 |","| | Class LC .","| EUR | 192.65 |","| | Class LD .","| EUR | 187.22 |","| | Class XC .","| EUR | 113.34 |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00 % of all transactions.","The total volume was EUR 0.00.","#### Investment objective and performance in the reporting period","DWS Invest II European Top Dividend invests primarily in equities of highly capitalized European companies that in addition to above-average dividend yields also have pro- jections of dividend growth","DWS INVEST II EUROPEAN TOP DIVIDEND","Five-year performance","140","130","120","110","100","90","80","70","and reasonable payout ratios","12/16*","12/17","12/18\t12/19\t12/20","12/21","(dividend distribution as a per- centage of net income for the","DWS Invest II European Top Dividend (LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 12/2016 = 100","Data on euro basis","year).","In addition, they must","have excellent fundamentals such as balance sheet quality and business model.","The sub-fund recorded an appreciation of 16.4% per share (LC share class; BVI method) in the fiscal year through Decem- ber 31, 2021.","#### Investment policy in the reporting period","The performance of the interna- tional capital markets in 2021 continued to be affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy.","In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in","light of the weakened global economy – supported price","Past performance is no guide to future results.","As of: December 31, 2021","DWS INVEST II EUROPEAN TOP DIVIDEND","Performance of share classes (in EUR)","| Share class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LC | LU0781237614 | 16.4% | 33.8% | 29.6% |","| Class FC | LU1241941308 | 17.2% | 36.9% | 34.4% |","| Class FD | LU1242509609 | 17.2% | 36.9% | 34.6% |","| Class LD | LU0781237705 | 16.4% | 33.8% | 29.6% |","| Class LDH (P) | LU1322113884 | 13.0% | 29.6% | 28.7% |","| Class NC | LU0781237887 | 15.6% | 31.0% | 25.1% |","| Class ND | LU0781237960 | 15.5% | 31.1% | 25.2% |","| Class TFC | LU1663960000 | 17.2% | 36.9% | 21.3% 1 |","| Class TFD | LU1663960182 | 17.2% | 36.9% | 21.0% 1 |","| Class XC | LU0781238000 | 17.8% | 38.8% | 37.7% |","| Class XD | LU0781238182 | 17.8% | 38.8% | 37.7% |","| Class CHF LDH (P) 2 | LU1322113702 | 12.7% | 28.1% | 25.8% |","1","Classes TFC and TFD launched on January 15, 2018","2 in CHF","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","performance in the financial markets.","The economic outlook improved since the beginning of 2021, but concerns about inflation also arose among investors.","In addition, the rapid spread of the coronavirus and its mutations, as well as the associated new restrictions, dampened economic pros- pects.","Against this backdrop, European equities still posted","noticeable price gains overall in the reporting period.","The portfolio management main- tained its generally conservative positioning on the whole, but","it did increase the weighting of industrials and financials in favor of a slightly more cyclical posi- tioning, while non-cyclical sec- tors such as consumer staples and health care were reduced.","In the basic materials sector, the Anglo-Australian company BHP posted impressive results and recorded a significant increase in free cash flow due to the increased demand for commodities.","The Danish company Novo Nordisk benefited from a significantly expanded valua- tion in 2021 and contributed","strong appreciation within the portfolio.","In the energy sector, Norway’s Equinor gained significantly amid rising demand for renew- able energies.","Shares of Neste, in contrast, performed comparatively weakly as the Finnish compa- ny’s earnings receded.","Information on the environmental and/or social characteristics","The sub-fund qualifies as a","product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors) Information Technology | 1 878 578.36 | 0.55 |","| Telecommunication Services | 15 094 754.07 | 4.44 |","| Consumer Discretionaries | 76 829 065.39 | 22.63 |","| Energy | 29 369 181.55 | 8.65 |","| Consumer Staples | 15 373 352.13 | 4.52 |","| Financials | 66 458 631.99 | 19.54 |","| Basic Materials | 61 513 436.45 | 18.10 |","| Industrials | 36 713 032.55 | 10.79 |","| Utilities | 23 865 075.05 | 7.02 |","| Total equities | 327 095 107.54 | 96.24 |","| 2. Derivatives | 4 695.47 | 0.00 |","| 3. Cash at bank | 12 520 102.88 | 3.68 |","| 4. Other assets | 1 825 860.32 | 0.54 |","| 5. Receivables from share certificate transactions | 92 315.05 | 0.03 |","| II.","Liabilities | | |","| 1. Other liabilities | -1 285 067.24 | -0.38 |","| 2. Liabilities from share certificate transactions | -374 631.47 | -0.11 |","| III.","Net assets | 339 878 382.55 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – December 31, 2021","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| Securities traded on an exchange | | | | | | | 327 095 107.54 | 96.24 |","| Equities Galenica AG | Count | 80 238 | | 28 900 | CHF | 68.9 | 5 338 764.94 | 1.57 |","| Nestle SA | Count | 65 681 | 13 800 | 14 500 | CHF | 127.96 | 8 116 251.03 | 2.39 |","| Novartis AG | Count | 71 973 | 28 400 | 800 | CHF | 80.54 | 5 597 868.78 | 1.65 |","| Roche Holding AG | Count | 22 922 | 2 600 | 1 600 | CHF | 380.95 | 8 432 609.11 | 2.48 |","| Moneta Money Bank AS | Count | 678 817 | | 189 500 | CZK | 94 | 2 560 856.55 | 0.75 |","| AP Moller - Maersk A/S | Count | 1 700 | 1 700 | | DKK | 23 540 | 5 381 369.90 | 1.58 |","| Carlsberg A/S | Count | 21 500 | 21 500 | | DKK | 1 135 | 3 281 495.30 | 0.97 |","| Novo Nordisk A/S | Count | 77 704 | 4 100 | 2 200 | DKK | 733.6 | 7 665 494.28 | 2.26 |","| Allianz SE | Count | 17 287 | | 4 900 | EUR | 207.65 | 3 589 645.55 | 1.06 |","| APERAM | Count | 45 800 | 47 400 | 1 600 | EUR | 48 | 2 198 400.00 | 0.65 |","| AXA SA | Count | 133 073 | 21 200 | 36 200 | EUR | 26.305 | 3 500 485.27 | 1.03 |","| Azelis Group NV | Count | 39 408 | 60 008 | 20 600 | EUR | 25.74 | 1 014 361.92 | 0.30 |","| Bankinter SA | Count | 632 500 | 235 800 | 180 500 | EUR | 4.517 | 2 857 002.50 | 0.84 |","| BASF SE | Count | 77 600 | 86 300 | 8 700 | EUR | 61.78 | 4 794 128.00 | 1.41 |","| Bayerische Motoren Werke AG -Pref- | Count | 59 100 | 63 000 | 3 900 | EUR | 73.3 | 4 332 030.00 | 1.27 |","| BNP Paribas SA | Count | 52 034 | 30 500 | 20 400 | EUR | 60.71 | 3 158 984.14 | 0.93 |","| Cie Générale des Etablissements Michelin SCA | Count | 33 814 | 7 500 | 4 000 | EUR | 144.8 | 4 896 267.20 | 1.44 |","| Coface SA | Count | 231 500 | | 52 500 | EUR | 12.53 | 2 900 695.00 | 0.85 |","| Covestro AG | Count | 56 194 | 25 000 | 15 600 | EUR | 54.2 | 3 045 714.80 | 0.90 |","| Danone SA | Count | 68 316 | 42 900 | 43 300 | EUR | 54.93 | 3 752 597.88 | 1.10 |","| Deutsche Pfandbriefbank AG | Count | 77 946 | | 163 800 | EUR | 10.57 | 823 889.22 | 0.24 |","| Deutsche Post AG | Count | 118 750 | 18 500 | 5 000 | EUR | 56.54 | 6 714 125.00 | 1.98 |","| Deutsche Telekom AG | Count | 538 926 | | 59 400 | EUR | 16.3 | 8 784 493.80 | 2.58 |","| E.ON SE | Count | 453 930 | | 74 700 | EUR | 12.192 | 5 534 314.56 | 1.63 |","| EDP Renovaveis SA | Count | 123 400 | 123 400 | | EUR | 21.68 | 2 675 312.00 | 0.79 |","| Elisa Oyj | Count | 56 701 | | 3 100 | EUR | 54.38 | 3 083 400.38 | 0.91 |","| Enel SpA | Count | 1 059 161 | 14 800 | 121 300 | EUR | 7.056 | 7 473 440.02 | 2.20 |","| Essilor International Cie Générale d‘Optique SA . . . .",". . . .",". .","| Count | 32 331 | 9 300 | 1 900 | EUR | 186.88 | 6 042 017.28 | 1.78 |","| Euronext NV | Count | 88 762 | 26 074 | 8 400 | EUR | 89.9 | 7 979 703.80 | 2.35 |","| Friedrich Vorwerk Group SE | Count | 17 131 | 37 731 | 20 600 | EUR | 28.56 | 489 261.36 | 0.14 |","| Gaztransport Et Technigaz SA | Count | 36 300 | 36 300 | 17 088 | EUR | 82.05 | 2 978 415.00 | 0.88 |","| Infrastrutture Wireless Italiane SpA | Count | 357 150 | 17 600 | | EUR | 10.68 | 3 814 362.00 | 1.12 |","| Instone Real Estate Group AG | Count | 69 500 | | 1 400 | EUR | 16.64 | 1 156 480.00 | 0.34 |","| JDE Peet‘s BV | Count | 63 534 | 32 000 | 28 700 | EUR | 27.19 | 1 727 489.46 | 0.51 |","| Kone Oyj | Count | 53 300 | 53 300 | | EUR | 63.16 | 3 366 428.00 | 0.99 |","| Koninklijke DSM NV | Count | 17 229 | 2 400 | 1 900 | EUR | 198.75 | 3 424 263.75 | 1.01 |","| Koninklijke Philips NV | Count | 86 737 | | 15 800 | EUR | 32.945 | 2 857 550.47 | 0.84 |","| LANXESS AG | Count | 25 531 | | 9 700 | EUR | 54.5 | 1 391 439.50 | 0.41 |","| Mayr Melnhof Karton AG | Count | 13 059 | | 1 600 | EUR | 176.6 | 2 306 219.40 | 0.68 |","| Neste Oyj | Count | 119 515 | 48 700 | 48 500 | EUR | 43.29 | 5 173 804.35 | 1.52 |","| Sampo Oyj | Count | 110 439 | | 8 200 | EUR | 44.23 | 4 884 716.97 | 1.44 |","| Sanofi | Count | 55 400 | 55 400 | | EUR | 89.35 | 4 949 990.00 | 1.46 |","| Siemens Healthineers AG | Count | 33 931 | 1 100 | 4 200 | EUR | 65.82 | 2 233 338.42 | 0.66 |","| Stellantis NV | Count | 206 800 | 206 800 | | EUR | 16.73 | 3 459 764.00 | 1.02 |","| Talanx AG | Count | 149 781 | | 40 000 | EUR | 42.54 | 6 371 683.74 | 1.87 |","| Total SA | Count | 127 643 | 55 900 | 68 900 | EUR | 44.89 | 5 729 894.27 | 1.69 |","| Unilever PLC | Count | 148 109 | 55 700 | 29 100 | EUR | 47.245 | 6 997 409.71 | 2.06 |","| Vantage Towers AG | Count | 155 238 | 160 438 | 5 200 | EUR | 32.2 | 4 998 663.60 | 1.47 |","| Vinci SA | Count | 17 467 | 1 600 | 3 700 | EUR | 91.94 | 1 605 915.98 | 0.47 |","| Vonovia SE | Count | 178 222 | 25 300 | 3 300 | EUR | 48.5 | 8 643 767.00 | 2.54 |","| Anglo American PLC | Count | 37 600 | 159 700 | 122 100 | GBP | 30.32 | 1 359 147.10 | 0.40 |","| Antofagasta PLC | Count | 320 352 | 92 100 | 86 300 | GBP | 13.435 | 5 131 147.89 | 1.51 |","| BHP Group PLC | Count | 419 926 | | 262 200 | GBP | 22.13 | 11 079 077.51 | 3.26 |","| Fresnillo PLC | Count | 160 312 | 29 100 | 24 500 | GBP | 8.73 | 1 668 513.40 | 0.49 |","| HSBC Holdings PLC | Count | 484 700 | 484 700 | | GBP | 4.504 | 2 602 680.29 | 0.77 |","| National Grid PLC | Count | 597 017 | | 79 100 | GBP | 10.808 | 7 692 747.11 | 2.26 |","| Polymetal International PLC | Count | 434 761 | 61 800 | 34 400 | GBP | 12.99 | 6 733 008.33 | 1.98 |","| Reckitt Benckiser Group PLC | Count | 109 147 | 28 200 | 7 800 | GBP | 63.41 | 8 251 235.42 | 2.43 |","| Rio Tinto PLC | Count | 29 039 | 2 900 | 58 000 | GBP | 49.27 | 1 705 743.17 | 0.50 |","| Royal Dutch Shell PLC | Count | 191 352 | | 156 500 | GBP | 16.226 | 3 701 637.61 | 1.09 |","| Royal Dutch Shell PLC | Count | 191 496 | | 170 300 | GBP | 16.238 | 3 707 162.86 | 1.09 |","| DNB Bank ASA | Count | 279 754 | 284 954 | 5 200 | NOK | 202.2 | 5 671 198.20 | 1.67 |","| Equinor ASA | Count | 281 059 | 92 000 | 119 900 | NOK | 236.2 | 6 655 715.65 | 1.96 |","| Gjensidige Forsikring BA | Count | 109 719 | | 4 400 | NOK | 214.2 | 2 356 235.40 | 0.69 |","| Mowi ASA | Count | 75 858 | 8 700 | 64 300 | NOK | 208.4 | 1 584 953.31 | 0.47 |","| Norsk Hydro ASA | Count | 739 800 | 739 800 | | NOK | 69.4 | 5 147 438.51 | 1.51 |","| Telenor ASA | Count | 111 692 | 7 900 | | NOK | 139.35 | 1 560 437.61 | 0.46 |","| TGS NOPEC Geophysical Co., ASA | Count | 166 459 | 212 800 | 197 300 | NOK | 85.24 | 1 422 551.81 | 0.42 |","| CD Projekt SA | Count | 44 900 | 47 200 | 2 300 | PLN | 192.32 | 1 878 578.36 | 0.55 |","| Warsaw Stock Exchange | Count | 154 981 | | | PLN | 41.6 | 1 402 588.62 | 0.41 |","| Boliden AB | Count | 135 461 | 142 361 | 6 900 | SEK | 351.1 | 4 646 372.80 | 1.37 |","| Epiroc AB | Count | 180 128 | 209 428 | 29 300 | SEK | 230.6 | 4 057 976.01 | 1.19 |","| Lundin Mining Corp.","| Count | 389 900 | 231 800 | 66 900 | SEK | 70.35 | 2 679 700.65 | 0.79 |","| Rugvista Group AB | Count | 135 100 | 150 000 | 14 900 | SEK | 126.6 | 1 670 929.01 | 0.49 |","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| Sandvik AB | Count | 180 625 | 23 400 | 11 000 | SEK | 253.2 | 4 467 972.66 | 1.31 |","| Swedbank AB | Count | 336 600 | 336 600 | | SEK | 182.4 | 5 998 019.74 | 1.76 |","| Telefonaktiebolaget LM Ericsson | Count | 170 900 | 28 700 | 6 700 | SEK | 99.81 | 1 666 422.28 | 0.49 |","| Polyus PJSC -GDR- | Count | 84 272 | 23 700 | 4 400 | USD | 87.55 | 6 509 341.04 | 1.91 |","| Total securities portfolio | | | | | | | 327 095 107.54 | 96.24 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Currency derivatives Receivables/payables | | | | | | | 4 695.47 | 0.00 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (long) | | | | | | | | |","| Open positions CHF/EUR 0.2 million | | | | | | | 1 673.93 | 0.00 |","| CHF/GBP 0.1 million | | | | | | | -479.94 | 0.00 |","| Closed positions CHF/EUR 0.3 million | | | | | | | 1 503.27 | 0.00 |","| CHF/GBP 0.1 million | | | | | | | 1 586.08 | 0.00 |","| Forward currency transactions (short) | | | | | | | | |","| Open positions CHF/CZK 0.1 million | | | | | | | -25.37 | 0.00 |","| CHF/DKK 0.2 million | | | | | | | 158.51 | 0.00 |","| CHF/NOK 0.4 million | | | | | | | -81.05 | 0.00 |","| CHF/PLN 0.1 million | | | | | | | 2.52 | 0.00 |","| CHF/RUB 0.8 million | | | | | | | 163.24 | 0.00 |","| CHF/SEK 0.4 million | | | | | | | 16.41 | 0.00 |","| EUR/CZK 0.1 million | | | | | | | -13.22 | 0.00 |","| EUR/DKK 0.1 million | | | | | | | -1.38 | 0.00 |","| EUR/GBP 0.1 million | | | | | | | -243.13 | 0.00 |","| EUR/NOK 0.1 million | | | | | | | -75.30 | 0.00 |","| EUR/PLN 0.1 million | | | | | | | -7.15 | 0.00 |","| EUR/RUB 0.2 million | | | | | | | 22.12 | 0.00 |","| EUR/SEK 0.1 million | | | | | | | -51.81 | 0.00 |","| Closed positions CHF/CZK 0.2 million | | | | | | | -36.42 | 0.00 |","| CHF/NOK 0.4 million | | | | | | | 400.46 | 0.00 |","| CHF/PLN 0.1 million | | | | | | | -41.94 | 0.00 |","| EUR/CZK 0.1 million | | | | | | | -13.63 | 0.00 |","| EUR/GBP 0.1 million | | | | | | | 219.02 | 0.00 |","| EUR/NOK 0.1 million | | | | | | | 36.33 | 0.00 |","| EUR/PLN 0.1 million | | | | | | | -16.08 | 0.00 |","| Cash at bank | | | | | | | 12 520 102.88 | 3.68 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 321 525.14 | 0.09 |","| Deposits in other EU/EEA currencies | | | | | | | | |","| Danish krone | DKK | 954 582 | | | | | 128 366.19 | 0.04 |","| Norwegian krone | NOK | 14 428 415 | | | | | 1 446 558.52 | 0.42 |","| Polish zloty | PLN | 1 400 586 | | | | | 304 697.03 | 0.09 |","| Swedish krona | SEK | 3 379 578 | | | | | 330 165.31 | 0.10 |","| Czech koruna | CZK | 20 213 215 | | | | | 811 222.69 | 0.24 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 6 255 205 | | | | | 7 457 460.17 | 2.19 |","| Canadian dollar | CAD | 870 | | | | | 600.67 | 0.00 |","| Swiss franc | CHF | 1 438 070 | | | | | 1 388 741.89 | 0.41 |","| U.S. dollar | USD | 374 906 | | | | | 330 765.27 | 0.10 |","| Other assets | | | | | | | 1 825 860.32 | 0.54 |","| Dividends/Distributions receivable | | | | | | | 439 562.40 | 0.13 |","| Other receivables | | | | | | | 1 386 297.92 | 0.41 |","| Receivables from share certificate transactions | | | | | | | 92 315.05 | 0.03 |","| Total assets * | | | | | | | 341 539 167.68 | 100.49 |","| Other liabilities | -1 285 067.24 | -0.38 |","| --- | --- | --- |","| Liabilities from cost items | -465 910.80 | -0.14 |","| Additional other liabilities | -819 156.44 | -0.24 |","| Liabilities from share certificate transactions | -374 631.47 | -0.11 |","| Total liabilities | -1 660 785.13 | -0.49 |","| Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| 339 878 382.55 | 100.00 |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class CHF LDH (P) | CHF | 110.92 |","| Class FC | EUR | 130.70 |","| Class FD | EUR | 110.41 |","| Class LC | EUR | 197.10 |","| Class LD | EUR | 152.48 |","| Class LDH (P) | EUR | 114.08 |","| Class NC | EUR | 184.03 |","| Class ND | EUR | 145.01 |","| Class TFC | EUR | 121.30 |","| Class TFD | EUR | 108.98 |","| Class XC | EUR | 219.87 |","| Class XD | EUR | 132.81 |","| Number of shares outstanding Class CHF LDH (P) | Count | 4 666.000 |","| Class FC | Count | 275 205.628 |","| Class FD | Count | 41 170.000 |","| Class LC | Count | 244 309.681 |","| Class LD | Count | 1 594 420.084 |","| Class LDH (P) | Count | 935.161 |","| Class NC | Count | 22 305.672 |","| Class ND | Count | 711.769 |","| Class TFC | Count | 5 815.395 |","| Class TFD | Count | 5 308.458 |","| Class XC | Count | 9 015.302 |","| Class XD | Count | 88.207 |","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe High Dividend Yield net TR","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 82.725 |","| --- | --- | --- |","| Highest market risk exposure | % | 120.918 |","| Average market risk exposure | % | 99.156 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Market abbreviations\t Contracting parties for forward currency transactions","Barclays Bank Ireland PLC, BNP Paribas S.A., Bofa Securities Europe S.A., Goldman Sachs Bank Europe SE, HSBC France, J.P. Morgan AG, Morgan Stanley Bank AG, Morgan Stanley Europe SE, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank and UBS AG.","Exchange rates (indirect quotes)","As of December 30, 2021","| Canadian dollar\tCAD | 1.448606 | = EUR | 1 |","| --- | --- | --- | --- |","| Swiss franc\tCHF | 1.035520 | = EUR | 1 |","| Czech koruna\tCZK | 24.916975 | = EUR | 1 |","| Danish krone\tDKK | 7.436396 | = EUR | 1 |","| British pound\tGBP | 0.838785 | = EUR | 1 |","| Norwegian krone\tNOK | 9.974305 | = EUR | 1 |","| Polish zloty\tPLN | 4.596650 | = EUR | 1 |","| Swedish krona\tSEK | 10.236018 | = EUR | 1 |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","Footnote","* Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)","Statement of changes in net assets\t2021","| for the period from January 1, 2021, through December 31, | 2021 | | | I. | Value of the fund‘s net assets | |","| --- | --- | --- | --- | --- | --- | --- |","| | | | | | at the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . | EUR | 300 394 665.07 |","| I. Income | | | | 1. | Distribution for the previous year | EUR | -7 482 922.76 |","| 1. Dividends (before withholding tax) | EUR | 12 905 929.15 | | 2. | Net outflows | EUR | -466 728.82 |","| 2. Interest from investments of liquid assets | | | | 3. | Income adjustment | EUR | -155 653.66 |","| (before withholding tax) | EUR | 770.38 | | 4. | Net investment income | EUR | 7 408 819.82 |","| 3. Income from securities lending | EUR | 3 590.66 | | 5. | Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 11 614 902.45 |","| 4. Deduction for foreign withholding tax | EUR | -629 721.23 | | 6. | Net change in unrealized appreciation/depreciation ....","| EUR | 28 565 300.45 |","| Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 12 280 568.96 | | II.","| Value of the fund‘s net assets . . . .",". . . .",". . . .",". . . .",". . . | | |","| | | | | | at the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 339 878 382.55 |","| II.","Expenses | | | | | | | |","| 1. Interest on borrowings and | | | | | | | |","negative interest on deposits EUR\t-60 746.70","- Management fee EUR\t-4 569 047.84thereof:Basic management fee EUR -4 531 669.76Administration fee EUR\t-37 378.08","- Depositary fee EUR\t-8 570.93","- Auditing, legal and publication costs","- 1","- EUR 34\t057.54","- Taxe d‘abonnement EUR\t-161 733.86","- Other expenses EUR\t-105 707.35thereof:Performance-based feefrom securities lending income .","EUR\t\t-1 196.89 Other EUR\t-104 510.46","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -4 871 749.14 |","| --- | --- | --- |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 7 408 819.82 |","| IV.","Sale transactions Realized gains/losses | EUR | 11 614 902.45 |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 11 614 902.45 |","| V. Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","| EUR | 19 023 722.27 |","1","This largely includes income from the release of excess accruals for auditing costs in the amount of EUR 42 576.33.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class CHF LDH (P) 1.61% p.a.,\tClass FC 0.82% p.a.,","Class FD 0.83% p.a.,\tClass LC 1.58% p.a.,","Class LD 1.58% p.a.,\tClass LDH (P) 1.59% p.a.,","Class NC 2.28% p.a.,\tClass ND 2.29% p.a.,","Class TFC 0.84% p.a.,\tClass TFD 0.83% p.a.,","Class XC 0.38% p.a.,\tClass XD 0.36% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given fiscal year.","As well, the additional income from securities lending resulted in a performance-based fee of","Class CHF LDH (P) <0.001% p.a.,\tClass FC <0.001% p.a.,","Class FD <0.001% p.a.,\tClass LC <0.001% p.a.,","Class LD <0.001% p.a.,\tClass LDH (P) <0.001% p.a.,","Class NC <0.001% p.a.,\tClass ND <0.001% p.a.,","Class TFC <0.001% p.a.,\tClass TFD <0.001% p.a.,","Class XC <0.001% p.a.,\tClass XD <0.001% p.a.","of the fund’s average net assets in relation to the respective share class.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 183 030.44.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t11 614 902.45","| from: | |","| --- | --- |","| Securities transactions | EUR | 11 118 875.98 |","| (Forward) currency transactions | EUR | 496 026.47 |","Changes in net assets and in the net asset value per share over the last three years","###### Details on the distribution policy*","Class CHF LDH (P)","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tCHF\t3.65","| | 2021 | Class CHF LDH (P) | CHF | 110.92 |","| --- | --- | --- | --- | --- |","| The income for the fiscal year is reinvested.","| | Class FC | EUR | 130.70 |","| | | Class FD | EUR | 110.41 |","Class FC","Net assets at the end of the fiscal year","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t339 878 382.55","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t300 394 665.07","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t446 907 349.79","Net asset value per share at the end of the fiscal year","| Class FD | |","| --- | --- |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | EUR | 3.57 |","| Class LC | | | |","Class LD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t4.95","Class LDH (P)","Type\tAs of\tCurrency\tPer share","| | Class LC | EUR | 197.10 |","| --- | --- | --- | --- |","| Class LD | EUR | 152.48 |","| Class LDH (P) | EUR | 114.08 |","| Class NC | EUR | 184.03 |","| Class ND | EUR | 145.01 |","| Class TFC | EUR | 121.30 |","| Class TFD | EUR | 108.98 |","| | Class XC | EUR | 219.87 |","Class FD EUR\t97.27","| | Class XD | EUR | 132.81 |","| --- | --- | --- | --- |","| The income for the fiscal year is reinvested.","| 2020 | Class CHF LDH (P) | CHF | 101.68 |","| | | Class FC | EUR | 111.48 |","Class LC EUR\t169.38","Class LD EUR\t135.37","Class LDH (P) EUR\t104.36","Class NC EUR\t159.26","Class ND EUR\t129.67","Class TFC EUR\t103.47","Class TFD EUR\t96.63","Class XC EUR\t186.70","Class XD EUR\t115.82","| Final distribution | March 4, 2022 | EUR | 3.75 | 2019\tClass CHF LDH (P) Class FC | CHF EUR | 107.05 114.25 |","| --- | --- | --- | --- | --- | --- | --- |","| | | | | Class FD | EUR | 103.18 |","| | | Class LC | EUR | 174.90 |","| | | Class LD | EUR | 144.72 |","| The income for the fiscal year is reinvested.","| | Class LDH (P) | EUR | 109.30 |","| | | Class NC | EUR | 165.60 |","| | | Class ND | EUR | 139.63 |","| Class ND | | | | Class TFC | EUR | 106.04 |","| | | | | Class TFD | EUR | 102.53 |","| Type | As of | Currency | Per share | Class XC | EUR | 190.44 |","Class NC","Final distribution\tMarch 4, 2022\tEUR\t4.73","Class TFC","The income for the fiscal year is reinvested.","| Class TFD | |","| --- | --- |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | EUR | 3.53 |","| Class XC | | | |","| The income for the fiscal year is reinvested.","| Class XD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | EUR | 4.28 |","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the fiscal year is reinvested.","Class XD EUR\t122.29","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.","The total volume was EUR 0.00.","#### Investment objective and performance in the reporting period","The investment focus of DWS Invest II Global Equity High Conviction Fund is on equi- ties of domestic and foreign companies that have above- average growth prospects.","Its investment universe encom-","DWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND","Five-year performance","190","175","160","145","130","115","100","85","passes shares of companies","12/16*","12/17","12/18\t12/19\t12/20","12/21","from around the world whose growth potential arises from","DWS Invest II Global Equity High Conviction Fund (LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 12/2016 = 100","Data on euro basis","one of the following three","criteria: companies with busi- ness activity in strongly grow- ing niche markets, companies with significant business activity in emerging markets, and companies located within emerging-market countries.","In the reporting period from the beginning of January 2021 through the end of December 2021, the sub-fund recorded an","appreciation of 23.5% per share (LC share class; BVI method).","Its benchmark, the MSCI AC World, recorded a gain of 29.0% in the same period (both percentages in euro terms).","Past performance is no guide to future results.","As of: December 31, 2021","DWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND","Performance of share classes vs. benchmark (in EUR)","| Share class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LC | LU0826452848 | 23.5% | 72.5% | 82.2% |","| Class FC | LU0826453069 | 24.4% | 76.5% | 89.1% |","| Class LD | LU0826452921 | 23.5% | 72.6% | 82.2% |","| Class NC | LU0826453226 | 22.6% | 69.0% | 75.9% |","| Class TFC | LU1663960265 | 24.4% | 76.6% | 68.7% 1 |","| Class TFD | LU1663960349 | 24.4% | 76.7% | 68.8% 1 |","| MSCI AC World | | 29.0% | 77.3% | 82.5% |","1","Classes TFC and TFD launched on January 15, 2018","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","#### Investment policy in the reporting period","One investment focus in the past fiscal year was on com- panies that, in addition to sustainable growth prospects, were characterized by a cer- tain stability regarding their business model and their cash flows.","The total number of stocks held in the portfolio was limited to 40.","Individual names could thus have a significantly higher weight (as expressed by the words “high conviction”","in the sub-fund name).","In con-","trast to the benchmark, stocks that did not meet the portfolio management’s requirements were left out of the portfolio altogether.","Following the memorable 2020 fiscal year, the stock exchanges developed very solidly in the reporting period.","The “COVID-19 issue”* remained ubiquitous.","However, the mood increas- ingly brightened as significant progress was made in the fight against the pandemic.","After publication of positive trial results in November 2020, the","first vaccines were administered at the turn of the year.","Global vaccination campaigns since then have helped major econo- mies gradually return to normal.","This was also reflected in cor- porate results.","In addition, the unprecedented level of support by governments and accompa- nying actions by central banks provided important assistance for consumers and the econ- omy, which in turn translated into significantly higher share prices.","Many companies that were particularly badly hit at the beginning of the pandemic and","had less healthy balance sheets benefited disproportionately from this aid.","Despite this solid performance overall, the pandemic also gave rise to considerable fac- tors causing uncertainty and “side effects”.","For one thing, the virus has not gone away and could still present the world with fresh challenges.","In the reporting period, several waves of COVID repeatedly caused setbacks, for instance in sensitive industries such as the travel sector.","For another, the pandemic caused signifi- cant distortion in global sup- ply chains that continued to weigh on national economies.","A major shortage of road, sea and air freight capacity was observed.","Another problem was production capacity for semiconductors, for example, which was inadequate to meet rapidly rising demand as the economy recovered.","The conse- quences of this could be seen in many sectors, particularly","in the automotive industry, but supply chain constraints left their mark on many other industries as well.","The combi-","nation of production stoppages and plant closures plus expen- sive stimulus packages, as well","also showed sensitivity to these developments, even though, as mentioned earlier, significant gains were recorded on the bottom line.","Over the fiscal year as a whole, fewer regional differences than sectoral differences could be observed.","The equity markets in the industrial countries, in particular, often moved in sim- ilarly positive orders of magni- tude.","The emerging markets, in contrast, lagged significantly behind since the summer due to underperformance in Asia.","This relative weakness in the emerging markets was clearly felt by the portfolio through the positioning in Chinese equities.","Particularly the tighter govern- ment regulation of communi- cations and internet companies such as Alibaba or Tencent had a negative impact.","As these companies are prominently represented in the portfolio due to their strong market posi- tions, attractive valuations and successful digitalization strat- egies, their performance was one of the main reasons for the sub-fund’s weaker overall per- formance.","The Chinese insurer Ping An was another company beset by fears of government","high growth rates and greater future earnings prospects, with the associated high valuations (e.g., Tesla, NVIDIA, etc.).","But the portfolio management continued to attach great importance to attractive valua- tions; accordingly, this general development was detrimental to the sub-fund.","Furthermore, the overweight in health care and the underweight in energy also contributed negatively to performance.","The overweight in communications stocks (e.g., Alphabet) and the underweight in utilities both had a positive effect on the sub-fund.","Information on the environmental and/or social characteristics","The sub-fund qualifies as a","product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","as the almost simultaneous","regulation, which weakened the\topening up of economies, also led to significant price distor- tions in many end markets.","Snowballing prices for timber, construction materials, and freight containers are further examples.","This sparked con- cerns about runaway inflation and generated movement in the bond markets.","Share prices","performance of its share price.","Other technology stocks from the emerging markets such","as Samsung Electronics, how- ever, were similarly unable to keep pace with the index in the reporting period.","In 2021, the equity markets preferred companies exhibiting","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ-omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors) Information Technology | 37 382 554.83 | 18.42 |","| Telecommunication Services | 45 254 806.31 | 22.30 |","| Consumer Discretionaries | 63 877 232.29 | 31.46 |","| Consumer Staples | 14 077 065.50 | 6.93 |","| Financials | 35 571 434.36 | 17.52 |","| Total equities | 196 163 093.29 | 96.63 |","| 2. Cash at bank | 7 003 672.01 | 3.45 |","| 3. Other assets | 120 542.96 | 0.06 |","| 4. Receivables from share certificate transactions | 1 644.16 | 0.00 |","| II.","Liabilities | | |","| 1. Other liabilities | -275 860.83 | -0.13 |","| 2. Liabilities from share certificate transactions | -18 720.93 | -0.01 |","| III.","Net assets | 202 994 370.66 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – December 31, 2021","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| Securities traded on an exchange | | | | | | | 196 163 093.29 | 96.63 |","| Equities Toronto-Dominion Bank/The | Count | 63 000 | 63 000 | | CAD | 97.67 | 4 247 676.82 | 2.09 |","| Nestle SA | Count | 89 500 | 4 000 | | CHF | 127.96 | 11 059 582.94 | 5.45 |","| Roche Holding AG | Count | 10 850 | | 3 200 | CHF | 380.95 | 3 991 528.18 | 1.97 |","| Allianz SE | Count | 15 100 | | 5 000 | EUR | 207.65 | 3 135 515.00 | 1.54 |","| Deutsche Boerse AG | Count | 27 800 | | | EUR | 147.1 | 4 089 380.00 | 2.01 |","| Fresenius SE & Co., KGaA | Count | 101 100 | | 10 000 | EUR | 35.4 | 3 578 940.00 | 1.76 |","| Talanx AG | Count | 104 208 | | | EUR | 42.54 | 4 433 008.32 | 2.18 |","| Unilever PLC | Count | 153 000 | 32 000 | | EUR | 47.245 | 7 228 485.00 | 3.56 |","| Alibaba Group Holding Ltd | Count | 338 400 | 338 400 | | HKD | 109.9 | 4 207 056.53 | 2.07 |","| Ping An Insurance Group Co. of China Ltd | Count | 330 000 | 330 000 | | HKD | 56.3 | 2 101 709.25 | 1.04 |","| Tencent Holdings Ltd | Count | 136 000 | 7 600 | | HKD | 443.4 | 6 821 578.77 | 3.36 |","| Toyota Motor Corp.","| Count | 200 000 | 200 000 | | JPY | 2 105.5 | 3 228 227.21 | 1.59 |","| Samsung Electronics Co., Ltd | Count | 181 150 | | | KRW | 78 300 | 10 527 061.12 | 5.19 |","| Taiwan Semiconductor Manufacturing Co., Ltd | Count | 585 000 | | | TWD | 615 | 11 472 722.41 | 5.65 |","| Alphabet, Inc.","| Count | 7 350 | | 2 400 | USD | 2 932.12 | 19 013 700.71 | 9.37 |","| Amgen, Inc.","| Count | 17 578 | | | USD | 228.45 | 3 542 894.31 | 1.74 |","| Applied Materials, Inc.","| Count | 12 800 | 12 800 | | USD | 159.66 | 1 803 032.97 | 0.89 |","| Arista Networks, Inc.","| Count | 29 000 | 21 750 | | USD | 144.4 | 3 694 560.35 | 1.82 |","| AutoZone, Inc.","| Count | 3 324 | 177 | 1 153 | USD | 2 100.31 | 6 159 450.78 | 3.03 |","| Biogen Idec, Inc.","| Count | 8 943 | 8 943 | | USD | 241.75 | 1 907 424.20 | 0.94 |","| Booking Holdings, Inc.","| Count | 820 | | 400 | USD | 2 406.64 | 1 741 095.36 | 0.86 |","| Centene Corp.","| Count | 44 000 | | | USD | 84.32 | 3 273 262.60 | 1.61 |","| Check Point Software Technologies Ltd | Count | 27 050 | | | USD | 117.77 | 2 810 603.09 | 1.38 |","| Clorox Co.","/The | Count | 9 468 | 9 468 | | USD | 171.51 | 1 432 667.04 | 0.71 |","| eBay, Inc.","| Count | 66 500 | | | USD | 67.4 | 3 954 386.51 | 1.95 |","| Facebook, Inc.","| Count | 19 100 | | 4 900 | USD | 345.52 | 5 822 428.08 | 2.87 |","| Gilead Sciences, Inc.","| Count | 22 300 | | | USD | 73.67 | 1 449 416.19 | 0.71 |","| Home Depot, Inc.","/The | Count | 12 900 | 6 100 | | USD | 412.03 | 4 689 387.51 | 2.31 |","| HP, Inc.","| Count | 146 300 | | 40 000 | USD | 37.99 | 4 903 556.61 | 2.42 |","| Intel Corp.","| Count | 93 500 | | | USD | 51.95 | 4 285 433.27 | 2.11 |","| Johnson & Johnson | Count | 22 900 | | | USD | 171.96 | 3 474 245.41 | 1.71 |","| Marsh & McLennan Cos, Inc.","| Count | 32 750 | | | USD | 174.15 | 5 031 904.12 | 2.48 |","| Medtronic PLC | Count | 52 300 | | | USD | 104.51 | 4 822 332.05 | 2.38 |","| Merck & Co., Inc.","| Count | 57 100 | 27 000 | | USD | 77.15 | 3 886 597.91 | 1.91 |","| Progressive Corp.","/The | Count | 72 000 | 7 000 | | USD | 103.74 | 6 589 861.91 | 3.25 |","| S&P Global, Inc.","| Count | 11 000 | | | USD | 474 | 4 600 114.07 | 2.27 |","| UnitedHealth Group, Inc.","| Count | 13 800 | | 2 500 | USD | 506.065 | 6 161 450.48 | 3.03 |","| Vertex Pharmaceuticals, Inc.","| Count | 17 600 | 8 800 | | USD | 223.36 | 3 468 291.91 | 1.71 |","| Visa, Inc.","* | Count | 30 851 | 6 300 | | USD | 218.32 | 5 942 378.94 | 2.93 |","| VMware, Inc.","| Count | 15 200 | | | USD | 117.83 | 1 580 145.36 | 0.78 |","| Total securities portfolio | | | | | | | 196 163 093.29 | 96.63 |","| Cash at bank | | | | | | | 7 003 672.01 | 3.45 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 49 247.37 | 0.03 |","| Deposits in other EU/EEA currencies | | | | | | | | |","| Danish krone | DKK | 6 662 | | | | | 895.85 | 0.00 |","| Norwegian krone | NOK | 24 857 | | | | | 2 492.15 | 0.00 |","| Swedish krona | SEK | 2 262 | | | | | 221.00 | 0.00 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| Australian dollar | AUD | 4 828 | | | | | 3 096.53 | 0.00 |","| Brazilian real | BRL | 6 502 | | | | | 1 029.31 | 0.00 |","| British pound | GBP | 4 163 | | | | | 4 963.29 | 0.00 |","| Hong Kong dollar | HKD | 43 716 | | | | | 4 945.31 | 0.00 |","| Indonesian rupiah | IDR | 2 619 630 | | | | | 161.99 | 0.00 |","| Israeli shekel | ILS | 2 669 | | | | | 757.40 | 0.00 |","| Japanese yen | JPY | 114 796 | | | | | 880.05 | 0.00 |","| Canadian dollar | CAD | 6 988 | | | | | 4 823.60 | 0.00 |","| Mexican peso | MXN | 3 480 | | | | | 149.69 | 0.00 |","| New Taiwan dollar | TWD | 3 149 321 | | | | | 100 427.45 | 0.05 |","| Swiss franc | CHF | 5 129 | | | | | 4 953.14 | 0.00 |","| Singapore dollar | SGD | 4 303 | | | | | 2 807.09 | 0.00 |","| South African rand | ZAR | 4 342 | | | | | 240.23 | 0.00 |","| South Korean won | KRW | 226 566 767 | | | | | 168 152.47 | 0.09 |","| Thai baht | THB | 79 664 | | | | | 2 104.00 | 0.00 |","| U.S. dollar | USD | 7 538 944 | | | | | 6 651 324.09 | 3.28 |","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| Other assets | 120 542.96 | 0.06 |","| Dividends/Distributions receivable | 120 542.96 | 0.06 |","| Receivables from share certificate transactions | 1 644.16 | 0.00 |","| Total assets | 203 288 952.42 | 100.14 |","| Other liabilities | -275 860.83 | -0.13 |","| Liabilities from cost items | -275 860.83 | -0.13 |","| Liabilities from share certificate transactions | -18 720.93 | -0.01 |","| Total liabilities | -294 581.76 | -0.14 |","| Net assets | 202 994 370.66 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class FC | EUR | 281.67 |","| Class LC | EUR | 262.69 |","| Class LD | EUR | 258.16 |","| Class NC | EUR | 246.73 |","| Class TFC | EUR | 168.69 |","| Class TFD | EUR | 166.06 |","| Number of shares outstanding Class FC | Count | 140 859.664 |","| Class LC | Count | 526 298.125 |","| Class LD | Count | 27 825.438 |","| Class NC | Count | 72 421.417 |","| Class TFC | Count | 40.000 |","| Class TFD | Count | 20.000 |","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI All Countries World Index (EUR)","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 76.040 |","| --- | --- | --- |","| Highest market risk exposure | % | 97.878 |","| Average market risk exposure | % | 84.417 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Securities lending","The following securities were transferred under securities loans at the reporting date:","| Security name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |","| --- | --- | --- | --- | --- |","| Visa, Inc.","| Count | 25 000 | | 4 815 386.00 |","| Total receivables from securities loans | | | 4 815 386.00 | 4 815 386.00 |","| Contracting party for securities loans Barclays Bank Ireland PLC EQ | | | | |","| Total collateral pledged by third parties for securities loans thereof: Equities | | EUR EUR | | 5 077 831.66 5 077 831.66 |","Exchange rates (indirect quotes)","As of December 30, 2021","| Australian dollar .","| AUD | 1.559185 | = | EUR | 1 |","| --- | --- | --- | --- | --- | --- |","| Brazilian real .","| BRL | 6.316661 | = | EUR | 1 |","| Canadian dollar .","| CAD | 1.448606 | = | EUR | 1 |","| Swiss franc .","| CHF | 1.035520 | = | EUR | 1 |","| Danish krone .","| DKK | 7.436396 | = | EUR | 1 |","| British pound .","| GBP | 0.838785 | = | EUR | 1 |","| Hong Kong dollar .","| HKD | 8.839948 | = | EUR | 1 |","| Indonesian rupiah .","| IDR | 16 171.500076 | = | EUR | 1 |","| Israeli shekel .","| ILS | 3.523386 | = | EUR | 1 |","| Japanese yen .","| JPY | 130.443111 | = | EUR | 1 |","| South Korean won .","| KRW | 1 347.388871 | = | EUR | 1 |","| Mexican peso .","| MXN | 23.246213 | = | EUR | 1 |","| Norwegian krone .","| NOK | 9.974305 | = | EUR | 1 |","| Swedish krona .","| SEK | 10.236018 | = | EUR | 1 |","| Singapore dollar .","| SGD | 1.532821 | = | EUR | 1 |","| Thai baht .","| THB | 37.862902 | = | EUR | 1 |","| New Taiwan dollar .","| TWD | 31.359165 | = | EUR | 1 |","| U.S. dollar .","| USD | 1.133450 | = | EUR | 1 |","| South African rand .","| ZAR | 18.075696 | = | EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","Footnote","* Some or all of these securities are lent.","Statement of income and expenses (incl. income adjustment)","Statement of changes in net assets\t2021","| for the period from January 1, 2021, through December 31, | 2021 | | | I. | Value of the fund‘s net assets | |","| --- | --- | --- | --- | --- | --- | --- |","| | | | | | at the beginning of the fiscal year | EUR | 165 456 076.48 |","| I. Income | | | | 1. | Distribution for the previous year | EUR | -1 451.67 |","| 1. Dividends (before withholding tax) | EUR | 3 685 287.10 | | 2. | Net outflows | EUR | -1 466 153.07 |","| 2. Interest from investments of liquid assets | | | | 3. | Income adjustment | EUR | 108 501.24 |","| (before withholding tax) | EUR | 7 000.40 | | 4. | Net investment income | EUR | 91 842.27 |","| 3. Income from securities lending | EUR | 3 394.86 | | 5. | Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 10 006 435.73 |","| 4. Deduction for foreign withholding tax | EUR | -786 195.98 | | 6. | Net change in unrealized appreciation/depreciation ....","| EUR | 28 799 119.68 |","| | | | | | | | |","| Total income | EUR | 2 909 486.38 | | II.","| Value of the fund‘s net assets | | |","| | | | | | at the end of the fiscal year | EUR | 202 994 370.66 |","| II.","Expenses | | | | | | | |","| 1. Interest on borrowings and | | | | | | | |","negative interest on deposits EUR\t-975.24","- Management fee EUR\t-2 620 276.28thereof:Basic management fee EUR -2 596 779.35Administration fee EUR\t-23 496.93","- Depositary fee EUR\t-5 722.15","- Auditing, legal and publication costs EUR\t-8 754.87","- Taxe d‘abonnement EUR\t-95 114.53","- Other expenses EUR\t-86 801.04thereof:Performance-based feefrom securities lending income .","EUR\t\t-1 131.62 Other EUR\t-85 669.42Realized gains/losses (incl. income adjustment) EUR\t10 006 435.73","| from: | |","| --- | --- |","| Securities transactions | EUR | 9 949 299.41 |","| (Forward) currency transactions | EUR | 57 136.32 |","| Total expenses | EUR | -2 817 644.11 | |","| --- | --- | --- | --- |","| III.","Net investment income | EUR | 91 842.27 | | | Class FC | |","| | | | | | | |","| IV.","Sale transactions Realized gains/losses | EUR | 10 006 435.73 | | | The income for the fiscal year is reinvested.","| |","| | | | | | | |","| Capital gains/losses | EUR | 10 006 435.73 | | | Class LC | |","| | | | | | | |","###### Details on the distribution policy*","V. Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR\t10 098 278.00","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class FC 0.85% p.a.,\tClass LC 1.60% p.a.,","Class LD 1.60% p.a.,\tClass NC 2.30% p.a.,","Class TFC 0.85% p.a.,\tClass TFD 0.80% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","As well, the additional income from securities lending resulted in a performance-based fee of","Class FC 0.001% p.a.,\tClass LC 0.001% p.a.,","Class LD 0.001% p.a.,\tClass NC 0.001% p.a.,","Class TFC 0.001% p.a.,\tClass TFD 0.000% p.a.","of the fund’s average net assets in relation to the respective share class.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 19 784.17.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","The income for the fiscal year is reinvested.","Class LD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.05","Class NC","The income for the fiscal year is reinvested.","Class TFC","The income for the fiscal year is reinvested.","| Class TFD | |","| --- | --- |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | EUR | 1.14 |","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the fiscal year is reinvested.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021\tEUR | 202 994 370.66 |","| --- | --- |","| 2020\tEUR | 165 456 076.48 |","| 2019\tEUR | 165 302 616.04 |","| Net asset value per share at the end of the fiscal year | |","| 2021 | Class FC | EUR | 281.67 |","| | Class LC | EUR | 262.69 |","| | Class LD | EUR | 258.16 |","| | Class NC | EUR | 246.73 |","| | Class TFC | EUR | 168.69 |","| | Class TFD | EUR | 166.06 |","| 2020 | Class FC | EUR | 226.45 |","| | Class LC | EUR | 212.78 |","| | Class LD | EUR | 209.15 |","| | Class NC | EUR | 201.25 |","| | Class TFC | EUR | 135.62 |","| | Class TFD | EUR | 134.00 |","| 2019 | Class FC | EUR | 214.61 |","| | Class LC | EUR | 203.20 |","| | Class LD | EUR | 199.81 |","| | Class NC | EUR | 193.53 |","| | Class TFC | EUR | 128.53 |","| | Class TFD | EUR | 127.74 |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.","The total volume was EUR 0.00.","#### Investment objective and performance in the reporting period","The objective of the investment policy is to generate a positive investment result.","To this end, the sub-fund invests worldwide in a variety of assets from the entire range of permissible investment categories and","DWS INVEST II GLOBAL TOTAL RETURN FUND","Five-year performance","120","116","112","108","104","100","96","92","instruments of all asset classes.","12/16*","12/17","12/18\t12/19\t12/20","12/21","Depending on the selection of assets, the sub-fund’s portfolio","DWS Invest II Global Total Return Fund (LD share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 12/2016 = 100","Data on euro basis","composition can vary from a","more bond-oriented invest- ment through to an exclusively equity-oriented investment.","In the reporting period from the beginning of January through the end of December 2021, the sub-fund recorded an apprecia- tion of 6.2% per share (LD share class; BVI method; in euro).","#### Investment policy in the reporting period","On the equity side, the port- folio management focused its","Past performance is no guide to future results.","As of: December 31, 2021","DWS INVEST II GLOBAL TOTAL RETURN FUND","Performance of share classes (in EUR)","| Share class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LD | LU1246176181 | 6.2% | 19.6% | 16.2% |","| Class FD | LU1246175704 | 7.0% | 22.4% | 20.7% |","| Class ID | LU1246175969 | 7.3% | 23.4% | 22.4% |","| Class RD | LU1599458475 | 7.6% | 24.4% | 20.2% 1 |","| Class XD | LU1246176009 | 7.3% | 24.3% | 24.1% |","1","Class RD launched on May 15, 2017","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","investments on the industrial countries, particularly those in North America and Europe,","and invested to a lesser extent in stocks from the emerging markets.","In terms of sector allo- cation, the equity portfolio was generally broadly diversified.","In its bond investments, the sub- fund was globally positioned in the reporting period.","In terms of issuer allocation, the port- folio management invested","in corporate bonds and high- yield bonds from the industrial countries and in bonds from the emerging markets, among others.","In light of the low inter- est environment that still dom- inated in the reporting period, these interest-bearing securities","appeared significantly more attractive in terms of their inter- est rates than, for example, government bonds from the industrial countries.","The performance of the inter- national capital markets in 2021 continued to be affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy.","In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in","light of the weakened global economy – supported price performance in the financial markets.","Since the beginning of 2021, the economic outlook","has improved in view of the efforts undertaken by the inter- national community of nations and the packages of measures introduced with the objective of tackling the economic con- sequences of the COVID-19 crisis, as well as the approval applications for COVID-19 vaccines and the vaccination campaigns taking effect.","How- ever, the question of inflation also arose among investors","on account of the signifi- cantly increased prices in the commodity markets, pent-up demand from consumers due to the COVID-19 pandemic and partial supply shortages due to delivery difficulties.","In addition, the rapid spread of the corona-","virus and its mutations, as well as the associated new restric- tions, dampened economic prospects.","The international stock exchanges finished 2021 with significant price increases, but share price performance was","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","mixed.","While equity markets\tin Western industrial countries registered considerable price gains boosted in particular by the rapid recovery in corporate earnings, stock exchanges in the emerging markets brought up the rear.","Against the back- drop of high levels of debt globally and extremely low interest rates by historical comparison, the bond markets saw price declines amid fluc- tuations for longer maturities in the reporting year through the end of December 2021 as bond yields rose at still very low, and in some cases neg- ative, levels.","In the corporate","bond markets, high-yield bonds recorded price rises amid lower risk premiums and thus outper- formed corporate bonds with investment-grade status, which traded weaker.","Against this backdrop, the securities held in the portfolio delivered a posi- tive performance overall in the reporting period.","#### Information on the environmental and/or social characteristics","The sub-fund qualifies as a prod- uct in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustainability-related disclosures in the financial services sector.","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors) Information Technology | 10 355 586.92 | 9.29 |","| Telecommunication Services | 10 845 680.46 | 9.73 |","| Consumer Discretionaries | 17 177 824.62 | 15.41 |","| Energy | 606 060.00 | 0.54 |","| Consumer Staples | 3 472 449.29 | 3.11 |","| Financials | 4 738 481.27 | 4.25 |","| Basic Materials | 4 418 262.68 | 3.97 |","| Industrials | 4 534 046.92 | 4.06 |","| Utilities | 4 976 330.00 | 4.48 |","| Total equities | 61 124 722.16 | 54.84 |","| 2. Bonds (issuers) Companies | 4 634 197.46 | 4.16 |","| Central governments | 4 827 427.90 | 4.33 |","| Total bonds | 9 461 625.36 | 8.49 |","| 3. Investment fund units Bond funds | 24 945 410.64 | 22.38 |","| Equity funds | 5 454 430.00 | 4.90 |","| Total investment fund units | 30 399 840.64 | 27.28 |","| 4. Derivatives | 209 409.07 | 0.19 |","| 5. Cash at bank | 10 170 594.94 | 9.12 |","| 6. Other assets | 133 632.25 | 0.12 |","| II.","Liabilities | | |","| 1. Other liabilities | -46 641.71 | -0.04 |","| III.","Net assets | 111 453 182.71 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – December 31, 2021","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| Securities traded on an exchange | | | | | | | 70 586 347.52 | 63.33 |","| Equities Lonza Group AG | Count | 650 | 650 | | CHF | 761 | 477 682.68 | 0.43 |","| Nestle SA | Count | 11 500 | | | CHF | 127.96 | 1 421 063.73 | 1.28 |","| Novartis AG | Count | 9 000 | | | CHF | 80.54 | 699 996.10 | 0.63 |","| Roche Holding AG | Count | 3 300 | | | CHF | 380.95 | 1 214 013.18 | 1.09 |","| Alstom SA | Count | 30 000 | 30 000 | | EUR | 30.96 | 928 800.00 | 0.83 |","| ASML Holding NV | Count | 875 | 875 | | EUR | 707 | 618 625.00 | 0.56 |","| AXA SA | Count | 50 000 | 10 000 | | EUR | 26.305 | 1 315 250.00 | 1.18 |","| BASF SE | Count | 26 000 | | | EUR | 61.78 | 1 606 280.00 | 1.44 |","| Bayer AG | Count | 28 000 | | | EUR | 47 | 1 316 000.00 | 1.18 |","| Capgemini SA | Count | 1 800 | 1 800 | | EUR | 216.6 | 389 880.00 | 0.35 |","| Danone SA | Count | 5 800 | 5 800 | | EUR | 54.93 | 318 594.00 | 0.29 |","| Deutsche Post AG | Count | 19 000 | 17 000 | 6 000 | EUR | 56.54 | 1 074 260.00 | 0.96 |","| Deutsche Telekom AG | Count | 100 000 | 30 000 | | EUR | 16.3 | 1 630 000.00 | 1.46 |","| E.ON SE | Count | 170 000 | 20 000 | | EUR | 12.192 | 2 072 640.00 | 1.86 |","| Enel SpA | Count | 140 000 | 70 000 | | EUR | 7.056 | 987 840.00 | 0.89 |","| Essilor International Cie Générale d‘Optique SA . . . .",". . . .",". .","| Count | 4 400 | 4 400 | | EUR | 186.88 | 822 272.00 | 0.74 |","| Evonik Industries AG | Count | 30 000 | | | EUR | 28.47 | 854 100.00 | 0.77 |","| Fastned BV * | Count | 6 500 | 6 500 | | EUR | 49.25 | 320 125.00 | 0.29 |","| Infineon Technologies AG | Count | 38 000 | 8 000 | 10 000 | EUR | 40.76 | 1 548 880.00 | 1.39 |","| Koninklijke Philips NV | Count | 24 000 | 24 000 | | EUR | 32.945 | 790 680.00 | 0.71 |","| LANXESS AG | Count | 12 000 | | | EUR | 54.5 | 654 000.00 | 0.59 |","| Linde PLC | Count | 2 700 | 2 700 | | EUR | 306 | 826 200.00 | 0.74 |","| LVMH Moet Hennessy Louis Vuitton SE | Count | 1 100 | 450 | 950 | EUR | 728.6 | 801 460.00 | 0.72 |","| Merck KGaA | Count | 7 000 | | | EUR | 227 | 1 589 000.00 | 1.43 |","| Neste Oyj | Count | 14 000 | 14 000 | | EUR | 43.29 | 606 060.00 | 0.54 |","| Red Electrica Corp., SA | Count | 50 000 | 60 000 | 30 000 | EUR | 19.045 | 952 250.00 | 0.86 |","| Sanofi | Count | 10 000 | 1 600 | | EUR | 89.35 | 893 500.00 | 0.80 |","| Talanx AG | Count | 16 000 | | 3 000 | EUR | 42.54 | 680 640.00 | 0.61 |","| Teleperformance | Count | 2 600 | | 600 | EUR | 397.6 | 1 033 760.00 | 0.93 |","| Va-Q-tec AG | Count | 15 000 | 7 000 | | EUR | 25.25 | 378 750.00 | 0.34 |","| Veolia Environnement SA | Count | 30 000 | | | EUR | 32.12 | 963 600.00 | 0.87 |","| Vinci SA | Count | 8 000 | 8 000 | | EUR | 91.94 | 735 520.00 | 0.66 |","| Volkswagen AG -Pref- | Count | 10 000 | | | EUR | 177.48 | 1 774 800.00 | 1.59 |","| Vonovia SE | Count | 13 500 | 6 000 | 21 500 | EUR | 48.5 | 654 750.00 | 0.59 |","| Compass Group PLC | Count | 36 000 | | 6 000 | GBP | 16.36 | 702 158.60 | 0.63 |","| JD Sports Fashion PLC | Count | 75 000 | 75 000 | | GBP | 2.17 | 194 030.69 | 0.17 |","| Ocado Group PLC | Count | 12 000 | | | GBP | 16.65 | 238 201.73 | 0.21 |","| Reckitt Benckiser Group PLC | Count | 6 500 | 6 500 | | GBP | 63.41 | 491 383.46 | 0.44 |","| Vodafone Group PLC | Count | 590 000 | | | GBP | 1.125 | 791 604.66 | 0.71 |","| AIA Group Ltd | Count | 72 000 | | | HKD | 79.15 | 644 664.44 | 0.58 |","| Samsung Electronics Co., Ltd | Count | 2 000 | 2 000 | | KRW | 78 300 | 116 224.80 | 0.10 |","| Tomra Systems ASA | Count | 10 000 | | | NOK | 630.8 | 632 425.04 | 0.57 |","| Activision Blizzard, Inc.","| Count | 8 500 | | | USD | 67.22 | 504 098.04 | 0.45 |","| Alibaba Group Holding Ltd -ADR- | Count | 6 200 | | | USD | 118.76 | 649 620.10 | 0.58 |","| Alphabet, Inc.","| Count | 1 700 | | 100 | USD | 2 931.53 | 4 396 841.79 | 3.95 |","| Amazon.com, Inc.","| Count | 400 | | | USD | 3 382.74 | 1 193 785.18 | 1.07 |","| Amgen, Inc.","| Count | 2 400 | 2 400 | 1 200 | USD | 228.45 | 483 726.61 | 0.43 |","| AT&T, Inc.","| Count | 50 000 | | | USD | 24.905 | 1 098 636.76 | 0.99 |","| Autodesk, Inc.","| Count | 2 200 | 2 200 | | USD | 283.17 | 549 626.29 | 0.49 |","| BioNTech SE -ADR- | Count | 3 500 | 3 500 | | USD | 248.5 | 767 347.37 | 0.69 |","| Estee Lauder Cos, Inc.","/The | Count | 1 600 | 1 600 | | USD | 370.52 | 523 033.15 | 0.47 |","| Etsy, Inc.","| Count | 2 600 | 2 600 | | USD | 224.11 | 514 081.72 | 0.46 |","| Horizon Therapeutics Plc | Count | 8 000 | | | USD | 109.46 | 772 579.19 | 0.69 |","| Johnson & Johnson | Count | 8 000 | | 1 800 | USD | 171.96 | 1 213 710.19 | 1.09 |","| MasterCard, Inc.","| Count | 2 100 | | 300 | USD | 363.09 | 672 715.07 | 0.60 |","| Medtronic PLC | Count | 2 200 | 2 200 | | USD | 104.51 | 202 851.44 | 0.18 |","| Merck & Co., Inc.","| Count | 6 400 | 6 400 | | USD | 77.15 | 435 625.69 | 0.39 |","| Microsoft Corp.","| Count | 8 500 | | 2 500 | USD | 341.12 | 2 558 136.31 | 2.30 |","| NVIDIA Corp.","| Count | 2 623 | 3 600 | 977 | USD | 300.64 | 695 733.04 | 0.62 |","| Paypal Holdings, Inc.","| Count | 4 000 | 4 000 | 3 000 | USD | 190.68 | 672 918.87 | 0.60 |","| Pfizer, Inc.","| Count | 23 500 | 7 000 | 3 500 | USD | 58.21 | 1 206 877.07 | 1.08 |","| Pinterest, Inc.","| Count | 17 500 | 17 500 | 11 000 | USD | 36.99 | 571 110.25 | 0.51 |","| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- | Count | 22 000 | | 4 000 | USD | 120.59 | 2 340 623.44 | 2.10 |","| TE Connectivity Ltd | Count | 3 500 | 3 500 | | USD | 162.64 | 502 218.82 | 0.45 |","| Teladoc Health Inc.","| Count | 5 000 | 3 200 | | USD | 91.94 | 405 575.84 | 0.36 |","| Union Pacific Corp.","| Count | 3 000 | 3 000 | | USD | 249.67 | 660 823.06 | 0.59 |","| Visa, Inc.","| Count | 4 000 | 4 000 | | USD | 218.32 | 770 461.76 | 0.69 |","Interest-bearing securities","4.375 % Argentum Netherlands BV 2015/perpetual ** .","EUR\t1 200 000\t%\t111.16\t1 333 920.00\t1.20","1.75 % Norway Government Bond -144A- (MTN) 2015/2025 NOK\t14 000 000\t%\t100.713\t1 413 614.33\t1.27","0.25 % Kreditanstalt fuer Wiederaufbau 2020/2023 \tUSD\t1 400 000\t1 400 000\t%\t99.155\t1 224 729.64\t1.10","0.125 % Kreditanstalt fuer Wiederaufbau 2021/2023 \tUSD\t1 400 000\t1 400 000\t%\t99.365\t1 227 323.49\t1.10","3.15 % Teva Pharmaceutical Finance Netherlands III BV","(MTN) 2016/2026 \tUSD\t1 000 000\t%\t96.142\t848 224.33\t0.76","0.125 % United States Treasury Note/Bond 2020/2023 ...","USD\t1 300 000\t1 300 000\t%\t99.172\t1 137 442.50\t1.02","0.125 % United States Treasury Note/Bond 2020/2022 ...","USD\t1 300 000\t1 300 000\t%\t99.798\t1 144 618.48\t1.03","0.125 % United States Treasury Note/Bond 2021/2024 ...","USD\t1 300 000\t1 300 000\t%\t98.676\t1 131 752.59\t1.01","Investment fund units\t30 399 840.64\t27.28","In-group fund units","DWS Invest SICAV - DWS Invest ESG Global Corporate","Bonds -ID- EUR - (0.400%) \tUnits\t16 000\tEUR\t101.13\t1 618 080.00\t1.45","DWS Invest SICAV - DWS Invest Euro High Yield Corporates","-RC- EUR - (0.350%) \tUnits\t44 000\t6 000\tEUR\t123.19\t5 420 360.00\t4.86","DWS Invest SICAV - Financial Hybrid Bonds -FC- EUR -","(0.600%) \tUnits\t40 000\tEUR\t129.12\t5 164 800.00\t4.63","Xtrackers (IE) plc - Xtrackers Artificial Intelligence and","Big Data UCITS ETF -1C- EUR - (0.250%) \tUnits\t14 000\t14 000\tEUR\t89.77\t1 256 780.00\t1.13","Xtrackers (IE) plc - Xtrackers MSCI World Financials UCITS","ETF -1C- EUR - (0.100%) \tUnits\t185 000\t85 000\tEUR\t22.69\t4 197 650.00\t3.77","Xtrackers IE Physical Gold ETC Securities EUR - (0.150%) .",".\tUnits\t426 315\t426 316\t1\tEUR\t24.59\t10 483 085.85\t9.41","DWS Invest SICAV - ESG Asian Bonds -IC500- USD - (0.150%) Units\t24 000\t24 000\tUSD\t106.69\t2 259 084.79\t2.03","Total securities portfolio\t100 986 188.16\t90.61","Derivatives","(Minus signs denote short positions)","Equity index derivatives\t-158 227.19\t-0.14","Receivables/payables","Equity index futures","Dax Index 03/2022 (MS) \tCount\t-4\t4\t-29 800.00\t-0.03","S & P MINI 500 Futures 03/2022 (MS) \tCount\t-22\t22\t-128 427.19\t-0.11","Interest rate derivatives\t-117 485.63\t-0.10","Receivables/payables","Interest rate futures","US Treasury Notes 10 year Futures 03/2022 (MS) \tCount\t-73\t73\t-81 009.61\t-0.07","US Treasury Notes 30 year Futures 03/2022 (MS) \tCount\t-27\t27\t-36 476.02\t-0.03","Currency derivatives\t3 601.33\t0.00","Receivables/payables","Forward currency transactions Forward currency transactions (short) Open positions","EUR/GBP 2.0 million \t-30 029.71\t-0.03","EUR/USD 15.7 million","239.17\t0.07","Closed positions","EUR/GBP 2.7 million \t-31.22\t0.00","EUR/USD 15.7 million \t-40 576.91\t-0.04","Swaps\t481 520.56\t0.43","Receivables/payables","Credit default swaps Protection seller","iTraxx Europe / 1% / 20/06/2025 (OTC) (CIT) \tCount\t10 000 000\t230 119.00\t0.21","iTraxx Europe / 1% / 20/12/2024 (OTC) (CIT) \tCount\t12 000 000\t251 401.56\t0.22","Cash at bank\t10 170 594.94\t9.12","Demand deposits at Depositary","EUR deposits \tEUR\t7 861 950.01\t7.05","Deposits in other EU/EEA currencies","Danish krone \tDKK\t369 669\t49 710.77\t0.05","Norwegian krone \tNOK\t50 696\t5 082.69\t0.00","Swedish krona \tSEK\t25 866\t2 526.96\t0.00","| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| | currency | amount | in the reporting period | EUR | |","| Deposits in non-EU/EEA currencies | | | | | |","| Brazilian real | BRL | 234 726 | | 37 159.90 | 0.03 |","| British pound | GBP | 42 282 | | 50 408.43 | 0.05 |","| Hong Kong dollar | HKD | 482 408 | | 54 571.37 | 0.05 |","| Indonesian rupiah | IDR | 18 125 417 200 | | 1 120 824.73 | 1.01 |","| Japanese yen | JPY | 6 319 454 | | 48 446.05 | 0.04 |","| Mexican peso | MXN | 126 573 | | 5 444.88 | 0.00 |","| Russian rouble | RUB | 4 159 352 | | 49 134.88 | 0.04 |","| Swiss franc | CHF | 98 282 | | 94 911.03 | 0.09 |","| South Korean won | KRW | 133 574 | | 99.14 | 0.00 |","| Turkish lira | TRY | 46 460 | | 3 125.53 | 0.00 |","| U.S. dollar | USD | 892 250 | | 787 198.57 | 0.71 |","| Other assets | | | | 133 632.25 | 0.12 |","| Dividends/Distributions receivable | | | | 63 361.33 | 0.06 |","| Interest receivable | | | | 67 389.02 | 0.06 |","| Receivables from exceeding the expense cap | | | | 2 881.90 | 0.00 |","| Total assets *** | | | | 111 846 175.08 | 100.35 |","| Other liabilities | | | | -46 641.71 | -0.04 |","| Liabilities from cost items | | | | -46 641.71 | -0.04 |","| Total liabilities | | | | -392 992.37 | -0.35 |","| Net assets | | | | 111 453 182.71 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Klasse FD | EUR | 109.45 |","| Klasse ID | EUR | 109.87 |","| Klasse LD | EUR | 108.12 |","| Klasse RD | EUR | 111.45 |","| Klasse XD | EUR | 111.78 |","| Number of shares outstanding Klasse FD | Count | 14 980.000 |","| Klasse ID | Count | 116 402.000 |","| Klasse LD | Count | 587.434 |","| Klasse RD | Count | 870 000.000 |","| Klasse XD | Count | 1.000 |","Composition of the reference portfolio (according to CSSF circular 11/512)","25% MSCI AC World NR, 25% MSCI AC World NR (hedged in EUR), 25% Barclays Global Aggregate Bond, 25% Barclays Global Aggregate Bond (hedged in EUR)","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 65.759 |","| --- | --- | --- |","| Highest market risk exposure | % | 121.866 |","| Average market risk exposure | % | 91.766 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.7, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 87 470 804.24 as of the reporting date.","Market abbreviations\t Futures exchanges","MS = Morgan Stanley Bank AG","Contracting parties for derivatives (with the exception of forward currency transactions)","CIT = Citibank AG","Contracting parties for forward currency transactions","Morgan Stanley Europe SE, State Street Bank International GmbH and UBS AG.","Securities lending","The following securities were transferred under securities loans at the reporting date:","Security name\tCurrency/\tQuantity/\tSecurities loans\tTotal quantity/\tprincipal amount\tTotal market value in EUR","principal amount\tNo fixed maturity","Fastned BV\tCount\t5 500\t270 875.00","Total receivables from securities loans\t270 875.00\t270 875.00","Contracting parties for securities loans","Barclays Bank Ireland PLC EQ","Total collateral pledged by third parties for securities loans\tEUR\t288 925.30","thereof:","Equities\tEUR\t288 925.30","Exchange rates (indirect quotes)","As of December 30, 2021","| Brazilian real | BRL | 6.316661 | = | EUR | 1 |","| --- | --- | --- | --- | --- | --- |","| Swiss franc | CHF | 1.035520 | = | EUR | 1 |","| Danish krone | DKK | 7.436396 | = | EUR | 1 |","| British pound | GBP | 0.838785 | = | EUR | 1 |","| Hong Kong dollar | HKD | 8.839948 | = | EUR | 1 |","| Indonesian rupiah | IDR | 16 171.500076 | = | EUR | 1 |","| Japanese yen | JPY | 130.443111 | = | EUR | 1 |","| South Korean won | KRW | 1 347.388871 | = | EUR | 1 |","| Mexican peso | MXN | 23.246213 | = | EUR | 1 |","| Norwegian krone | NOK | 9.974305 | = | EUR | 1 |","| Russian rouble | RUB | 84.651725 | = | EUR | 1 |","| Swedish krona | SEK | 10.236018 | = | EUR | 1 |","| Turkish lira | TRY | 14.864632 | = | EUR | 1 |","| U.S. dollar | USD | 1.133450 | = | EUR | 1 |","| Notes on valuation | | | | | |","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnotes","* Some or all of these securities are lent.","** Floating interest rate.","*** Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","###### Statement of changes in net assets\t2021","- Value of the fund‘s net assets","| | at the beginning of the fiscal year | EUR | 106 413 822.57 |","| --- | --- | --- | --- |","| I. Income | | | | 1. | Distribution for the previous year | EUR | -1 729 796.15 |","| 1. Dividends (before withholding tax) | EUR | 1 233 593.04 | | 2. | Net outflows | EUR | -1 162 142.97 |","| 2. Interest from securities (before withholding tax) | EUR | 702 895.10 | | 3. | Income adjustment | EUR | 97 478.77 |","| 3. Income from investment fund units . . . .",". . . .",". . . .",". . . .","| EUR | 34 338.51 | | 4. | Net investment income | EUR | 1 497 627.06 |","| 4. Income from securities lending | EUR | 4 355.10 | | 5. | Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 706 049.18 |","| 5. Deduction for foreign withholding tax | EUR | -179 819.12 | | 6. | Net change in unrealized appreciation/depreciation ....","| EUR | 5 630 144.25 |","| | | | | | | | |","| Total income II.","Expenses | EUR | 1 795 362.63 | | II.","| Value of the fund‘s net assets at the end of the fiscal year | EUR | 111 453 182.71 |","| 1. Interest on borrowings and | | | | | | | |","negative interest on deposits EUR\t-34 599.68","- Management fee EUR\t-237 409.75thereof:Basic management fee EUR\t-215 431.23 Income from expense cap EUR\t\t3 039.62Administration fee EUR\t-25 018.14","- Auditing, legal and publication costs EUR\t7 930.32","- Taxe d‘abonnement EUR\t-9 416.01","- Other expenses EUR\t-24 240.45thereof:Summary of gains/losses\t2021Realized gains/losses (incl. income adjustment) EUR\t706 049.18from:Securities transactions EUR\t7 166 593.23(Forward) currency transactions EUR\t-1 184 209.69Derivatives and other financial futures transactions 1 .","EUR\t-5 276 334.36","| Performance-based fee from securities lending income .","EUR | -1 451.70 | 1 This item may include options transactions or swap transactions and/or transactions |","| --- | --- | --- |","| Other\tEUR | -22 788.75 | from warrants and credit derivatives.","| Total expenses | EUR | -297 735.57 | |","| III.","Net investment income | EUR | 1 497 627.06 | |","| IV.","Sale transactions Realized gains/losses | EUR | 706 049.18 | |","| Capital gains/losses | EUR | 706 049.18 | |","| V. Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","| EUR | 2 203 676.24 | |","| BVI total expense ratio (TER) | | | |","| The total expense ratio for the share classes was: | | | |","Class FD 0.73% p.a.,\tClass ID 0.45% p.a.,","Class LD 1.49% p.a.,\tClass RD 0.20% p.a., Class XD 0.15% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee / management fee will be used for the calcula- tion.","The synthetic TER was:","Class FD 0.82% p.a.,\tClass ID 0.54% p.a.,","Class LD 1.57% p.a.,\tClass RD 0.28% p.a., Class XD 0.23% p.a.","As well, the additional income from securities lending resulted in a performance-based fee of","Class FD 0.001% p.a.,\tClass ID 0.001% p.a.,","Class LD 0.001% p.a.,\tClass RD 0.001% p.a., Class XD 0.001% p.a.","of the fund’s average net assets in relation to the respective share class.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 37 488.03.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Changes in net assets and in the net asset value per share over the last three years","###### Details on the distribution policy*","Class FD","| Type | As of | Currency | Per share | Net assets at the end of the fiscal year 2021\tEUR | 111 453 182.71 |","| --- | --- | --- | --- | --- | --- |","| Final distribution | March 4, 2022 | EUR | 1.00 | 2020\tEUR | 106 413 822.57 |","| | | | | 2019\tEUR | 163 537 500.73 |","| Class ID | | | | Net asset value per share at the end of the fiscal year | |","| Type | As of | Currency | Per share | 2021\tClass FD\tEUR Class ID\tEUR | 109.45 109.87 |","Final distribution\tMarch 4, 2022\tEUR\t1.29","Class LD","| Final distribution | March 4, 2022 | EUR | 0.19 | | Class RD Class XD | EUR EUR | 105.35 104.18 |","| --- | --- | --- | --- | --- | --- | --- | --- |","| | | | | 2019 | Class FD | EUR | 102.71 |","| | Class ID | EUR | 103.10 |","| --- | --- | --- | --- |","| Class LD | EUR | 101.52 |","| | Class RD | EUR | 104.59 |","Type\tAs of\tCurrency\tPer share","Class LD EUR\t108.12","Class RD EUR\t111.45","Class XD EUR\t111.78","2020\tClass FD EUR\t103.45","Class ID EUR\t103.83","Class LD EUR\t102.25","Class RD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t1.58","Class XD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the fiscal year is reinvested.","Class XD EUR\t103.42","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.33% of all transactions.","The total volume was EUR 4 344 256.20.","## DWS Invest II Spanish Equities (in liquidation)","#### Investment objective and performance in the reporting period","The objective of the invest- ment policy was to generate above-average returns.","To this end, the sub-fund invested predominantly in equities of issuers having their registered office or principal business","DWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)","Performance since inception","120","110","100","90","80","70","60","50","activity in Spain with the aim","1/23/20*","6/20","12/20\t6/21","7.12.21","of exceeding, where possible, the performance of the Spanish","DWS Invest II Spanish Equities (in liquidation) (NC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on January 23, 2020= 100","Data on euro basis","equity indices through broad diversification.","For the purposes of portfolio diversification, the sub-fund could also invest in fixed rate financial instruments, money market instruments and derivatives of issuers domi- ciled in a member country of the Organisation for Economic Co-operation and Development (OECD).","Past performance is no guide to future results.","As of: December 7, 2021 (liquidation date)","DWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)","Performance of share classes (in EUR)","| Share class | ISIN | Since the beginning of the shortened fiscal year |","| --- | --- | --- |","| Class NC | LU2006279116 | 11.0% |","| Class TFC | LU2006279389 | 12.6% |","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 7, 2021 (liquidation date)","The sub-fund recorded an appreciation of 11.0% per share (NC share class; BVI method; in euro) in the short-","ened fiscal year from January 1, 2021, through December 7, 2021 (date of last share price calculation).","#### Investment policy in the reporting period","The performance of the inter- national capital markets in 2021 was particularly affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy.","In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in","light of the weakened global economy – supported price performance in the financial markets.","The economic outlook","improved since the beginning of 2021, but the question of inflation also arose among investors.","In addition, the rapid spread of the coronavirus and its mutations, as well as the associated new restrictions, dampened economic pros- pects.","Overall, Spanish equities posted price gains in the report- ing period.","Its positioning in the industrial sector helped the sub-fund’s performance the most – espe- cially the position in Fluidra, a major specialist for swimming pool technology and water treatment, whose stock price rose sharply.","At the same time, no shares of Siemens Gamesa, which lost roughly one-third","of their value, were held.","The Spanish subsidiary of Otis, Zardoya Otis, was acquired by","its parent company and posted a significant price gain in the process.","In the health care sector, the stock of pharma- ceutical company Laborato- rios Farmaceuticos Rovi again rose sharply, even after having already gained substantially","in the previous year.","Looking at the utilities sector, the sub-","fund benefited from price gains by Acciona Energía and Red Eléctrica.","In contrast, the posi- tions in Soltec Power Holdings, a Spanish-domiciled company active in the renewable ener- gies space, and in Grifols, a multinational pharmaceuti-","cal and chemical company, weighed on the performance of the sub-fund.","Liquidation of the sub-fund","The sub-fund DWS Invest II Spanish Equities (in liquidation)","was liquidated effective Decem-","ber 7, 2021, following a reso- lution to that effect adopted by the Board of Directors of Deutsche Invest II, SICAV, and","the approval of the Luxembourg supervisory authority CSSF.","The issue of new shares of the sub- fund was discontinued effective October 25, 2021.","Investors could redeem sub-fund shares until October 25, 2021.","Information on the environmental and/or social characteristics","The sub-fund qualified as a","product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product did not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","DWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)","Liquidation proceeds for the share classes (in EUR)","| Share class | ISIN | Liquidation proceeds per share |","| --- | --- | --- |","| Class NC | LU2006279116 | 38.63 |","| Class TFC | LU2006279389 | 100.53 |","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","DWS Invest II Spanish Equities (in liquidation)","| Statement of net assets as of December 7, 2021 (liquidation date) | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets 1. Cash at bank | 26 345 131.34 | 128.73 |","| 2. Other assets | 166 482.34 | 0.81 |","| II.","Liabilities 1. Other liabilities | -106 334.63 | -0.52 |","| 2. Liabilities from share certificate transactions | -26 405 279.05 | -129.02 |","| III.","Net assets | 0.00 | 0.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","DWS Invest II Spanish Equities (in liquidation)","| | Count/ | Quantity/ | Purchases/ | Sales/ | | | Total market | % of |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Security name | units/ | principal | additions | disposals | Currency | Market price | value in | net assets |","| currency\tamount\tin the reporting period\tEUR |","###### Investment portfolio – December 7, 2021 (liquidation date)","Cash at bank\t9 303 503.51\t98.64","Demand deposits at Depositary","EUR deposits EUR\t9 303 503.51 98.64","| Other assets | 166 297.23 | 1.76 |","| --- | --- | --- |","| Dividends/Distributions receivable | 166 297.23 | 1.76 |","| Total assets | 9 469 800.74 | 100.40 |","| Other liabilities | -38 067.58 | -0.40 |","| Liabilities from cost items | -38 067.58 | -0.40 |","| Liabilities from share certificate transactions | -9 431 733.16 | -100.00 |","| Total liabilities | -9 469 800.74 | -100.40 |","| Net assets | 0.00 | 0.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class NC | EUR | 0.00 |","| Class TFC | EUR | 0.00 |","| Number of shares outstanding Class NC | Count | 0.000 |","| Class TFC | Count | 0.000 |","Composition of the reference portfolio (according to CSSF circular 11/512) IBEX 35 Net Return Index","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 0.000 |","| --- | --- | --- |","| Highest market risk exposure | % | 97.751 |","| Average market risk exposure | % | 79.217 |","The values-at-risk were calculated for the period from January 1, 2021, through December 7, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Notes on valuation","Against the backdrop of the resolution of the Board of Directors of the SICAV to put the fund into liquidation effective December 7, 2021, the going-concern basis was relinquished and the financial statements were prepared on the basis of liquidation values.","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","DWS Invest II Spanish Equities (in liquidation)","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 7, 2021","- Income","- Dividends (before withholding tax) EUR 645\t255.50","- Deduction for foreign withholding tax EUR\t-7 348.54","- Income adjustment EUR\t-637 906.96Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t0.00","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-4 814.51 thereof:Commitment fees EUR\t-242.02","- Management fee EUR\t-612 998.55thereof:Basic management fee EUR\t-596 357.35 Administration fee EUR\t\t-16 641.20","###### Statement of changes in net assets\t2021","- Value of the fund‘s net assetsat the beginning of the shortened fiscal year . . . .",". .","EUR\t31 876 075.17","- Net outflows EUR\t-35 086 220.73","- Income adjustment EUR 7 282\t107.25","- Net investment income EUR\t0.00","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t0.00","- Net change in unrealized appreciation/depreciation .","EUR\t-4 071 961.69","- Value of the fund‘s net assetsat the end of the shortened fiscal year . . . .",". . . .",". . . .","EUR\t0.00Summary of gains/losses\t2021Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t0.00","| 3. Depositary fee | EUR | -932.57 |","| --- | --- | --- |","| 4. Auditing, legal and publication costs | EUR | -5 410.38 |","| 5. Taxe d‘abonnement | EUR | -11 531.53 |","| 6. Other expenses | EUR | -17 187.83 |","| 7. Reimbursed expenses | EUR | 652 875.37 |","| from: | |","| --- | --- |","| Securities transactions | EUR | 7 296 185.35 |","| (Forward) currency transactions | EUR | 890.31 |","| Income adjustment | EUR | -7 297 075.66 |","Changes in net assets and in the net asset value per share over the last three years","Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t0.00","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t0.00","- Sale transactions","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t7 297 075.66","- Income adjustment EUR\t-7 297 075.66Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t0.00","- Realized net gain/loss for the shortened fiscal year .","EUR\t0.00BVI total expense ratio (TER)The total expense ratio for the share classes was:Class NC 2.15%1,\tClass TFC 0.68%1The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given short- ened fiscal year.","1","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 17 167.11.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Net assets at the end of the (shortened) fiscal year","December 7, 2021 (liquidation date) EUR\t0.00","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t31 876 075.17","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t0.00","Net asset value per share at the end of the (shortened) fiscal year December 7, 2021 (liquidation date)","Class NC EUR\t-","Class TFC EUR\t-","2020\tClass NC EUR\t34.80","Class TFC EUR\t89.28","2019\tClass NC EUR\t-","Class TFC EUR\t-","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.","The total volume was EUR 0.00.","#### Investment objective and performance in the reporting period","DWS Invest II US Top Dividend aims to generate sustained cap- ital appreciation.","To achieve this objective, the sub-fund invests mainly in equities of issuers from the United States expected to return above-average divi-","DWS INVEST II US TOP DIVIDEND","Five-year performance","150","140","130","120","110","100","90","80","dend yields.","Dividend yield is a","12/16*","12/17","12/18\t12/19\t12/20","12/21","key criterion in the selection of individual stocks.","However, divi-","DWS Invest II US Top Dividend (LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* 12/2016 = 100","Data on euro basis","dend yields need not exclusively","be greater than the market aver- age.","In this context, the selec- tion of individual investments is the responsibility of the portfolio management.","The sub-fund recorded an appreciation of 32.5% per share (LC share class; BVI method) in the fiscal year from the begin- ning of January 2021 through the end of December 2021.","Investment policy in the reporting period","Following a very memora- ble previous year, the stock exchanges developed very","solidly in 2021.","Although the “COVID-19 issue”* remained ubiquitous, significant prog-","Past performance is no guide to future results.","As of: December 31, 2021","DWS INVEST II US TOP DIVIDEND","Performance of share classes (in EUR)","| Share class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LC | LU0781238778 | 32.5% | 45.4% | 42.7% |","| Class FC | LU0781239156 | 33.5% | 48.7% | 48.2% |","| Class FD | LU0781239230 | 33.5% | 48.7% | 48.2% |","| Class LCH (P) | LU0781239586 | 21.2% | 36.0% | 38.2% |","| Class LD | LU0781238851 | 32.5% | 45.4% | 42.7% |","| Class NC | LU0781238935 | 31.6% | 42.4% | 37.8% |","| Class NCH (P) | LU0781239743 | 20.4% | 33.3% | 33.4% |","| Class TFC | LU1663960422 | 33.5% | 48.8% | 46.4% 1 |","| Class TFD | LU1663960695 | 33.5% | 48.9% | 46.6% 1 |","| Class USD LC 2 | LU0781240089 | 22.1% | 43.9% | 53.4% |","1","Classes TFC and TFD launched on January 15, 2018 (first share price calculation on January 16, 2018)","2 in USD","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","ress was made in the fight against the pandemic.","After publication of positive trial results in November 2020, the first vaccines were adminis- tered as 2020 turned to 2021.","Global vaccination campaigns since then have helped major economies gradually return to normal.","This was also reflected in corporate results.","In addi- tion, the unprecedented level of support by governments and accompanying actions by cen- tral banks provided important","assistance for consumers and the economy.","All of this trans- lated into noticeably higher share prices.","Against this backdrop, U.S. equities posted significant price gains overall in the reporting period.","The sub-fund’s investment focus was on high-dividend names from the consumer, health care and financial sectors, among others.","With this orientation,","the sub-fund benefited from the overall very positive price","performance of U.S. stocks in the reporting period.","Looking at individual stocks, the pharmaceutical companies Pfizer and Eli Lilly were among the best-performing portfolio positions.","The investment in Motorola Solutions, a provider","of communication and analytical solutions, also turned in a very solid performance.","Above-av- erage contributions to perfor- mance additionally came from Marsh & McLennan, a company","active in the consulting and insurance services space, and the consumer-goods manufac- turer Procter & Gamble.","The stocks of gold producer Agnico Eagle Mines, payment services provider Fidelity National Information Services and employment services com- pany ManpowerGroup, in con- trast, delivered below-average performance.","Information on the environmental and/or social characteristics","The sub-fund qualifies as a","product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.","Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.","Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.","Addi- tional details are provided in the explana- tions in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors) Information Technology | 36 125 095.59 | 8.97 |","| Telecommunication Services | 44 199 381.32 | 10.99 |","| Consumer Discretionaries | 125 336 499.23 | 31.16 |","| Energy | 13 173 461.90 | 3.28 |","| Consumer Staples | 50 569 783.14 | 12.57 |","| Financials | 62 395 893.21 | 15.51 |","| Basic Materials | 15 355 156.62 | 3.82 |","| Industrials | 27 804 878.89 | 6.92 |","| Utilities | 9 845 050.12 | 2.45 |","| Total equities | 384 805 200.02 | 95.67 |","| 2. Investment fund units Other funds | 128.56 | 0.00 |","| Total investment fund units | 128.56 | 0.00 |","| 3. Derivatives | 70 135.16 | 0.01 |","| 4. Cash at bank | 18 093 348.15 | 4.50 |","| 5. Other assets | 471 695.21 | 0.12 |","| 6. Receivables from share certificate transactions | 45 108.61 | 0.01 |","| II.","Liabilities | | |","| 1. Other liabilities | -491 194.00 | -0.12 |","| 2. Liabilities from share certificate transactions | -766 770.97 | -0.19 |","| | | |","| III.","Net assets | 402 227 650.74 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – December 31, 2021","| Securities traded on an exchange | | | | | | | 384 805 200.02 | 95.67 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Equities | | | | | | | | |","| Agnico Eagle Mines Ltd | Count | 90 932 | 91 641 | 709 | CAD | 65.94 | 4 139 190.51 | 1.03 |","| BCE, Inc.","| Count | 80 968 | 80 968 | | CAD | 65.77 | 3 676 131.03 | 0.91 |","| Canadian Imperial Bank of Commerce/Canada | Count | 42 334 | 419 | 1 643 | CAD | 148.24 | 4 332 159.53 | 1.08 |","| Canadian National Railway Co.","| Count | 50 759 | 11 200 | 1 550 | CAD | 156.45 | 5 481 991.46 | 1.36 |","| Metro | Count | 83 315 | 83 315 | | CAD | 67.49 | 3 881 614.09 | 0.97 |","| National Bank of Canada | Count | 20 465 | 203 | 793 | CAD | 97.51 | 1 377 560.35 | 0.34 |","| Toronto-Dominion Bank/The | Count | 81 310 | 31 085 | 1 968 | CAD | 97.67 | 5 482 200.04 | 1.36 |","| 3M Co.","| Count | 15 034 | 295 | 15 939 | USD | 178.78 | 2 371 324.85 | 0.59 |","| AbbVie, Inc.","| Count | 72 918 | 722 | 2 828 | USD | 136.15 | 8 758 908.07 | 2.18 |","| Air Products & Chemicals, Inc.","| Count | 9 840 | 3 337 | 5 446 | USD | 305.72 | 2 654 095.36 | 0.66 |","| Allstate Corp.","/The | Count | 31 553 | 313 | 1 224 | USD | 118.66 | 3 303 258.61 | 0.82 |","| American Water Works Co., Inc.","| Count | 29 891 | 3 135 | 1 049 | USD | 187.7 | 4 949 966.86 | 1.23 |","| AmerisourceBergen Corp.","| Count | 13 318 | 132 | 9 144 | USD | 133.55 | 1 569 207.87 | 0.39 |","| Amgen, Inc.","| Count | 28 702 | 284 | 3 555 | USD | 228.45 | 5 784 967.14 | 1.44 |","| AT&T, Inc.","| Count | 308 584 | 29 356 | 90 471 | USD | 24.905 | 6 780 434.49 | 1.69 |","| Automatic Data Processing, Inc.","| Count | 10 460 | 10 460 | | USD | 247.09 | 2 280 260.31 | 0.57 |","| Baker Hughes Co.","| Count | 138 538 | 1 372 | 5 374 | USD | 24.265 | 2 965 833.62 | 0.74 |","| Bank of America Corp.","| Count | 130 863 | 1 296 | 12 163 | USD | 44.88 | 5 181 640.69 | 1.29 |","| Bristol-Myers Squibb Co.","| Count | 109 378 | 1 083 | 7 581 | USD | 62.86 | 6 065 993.34 | 1.51 |","| Broadcom, Inc.","| Count | 5 722 | 57 | 223 | USD | 670.76 | 3 386 199.83 | 0.84 |","| Broadridge Financial Solutions, Inc.","| Count | 30 603 | 303 | 8 770 | USD | 183.1 | 4 943 675.10 | 1.23 |","| Carnival Corp.","| Count | 111 317 | 1 103 | 4 317 | USD | 21.37 | 2 098 763.92 | 0.52 |","| Charles Schwab Corp.","/The | Count | 17 551 | 8 465 | 356 | USD | 85.47 | 1 323 467.08 | 0.33 |","| Chevron Corp.","| Count | 20 098 | 334 | 14 953 | USD | 118.15 | 2 095 000.55 | 0.52 |","| Chubb Ltd | Count | 36 517 | 362 | 1 417 | USD | 194.5 | 6 266 315.70 | 1.56 |","| Cisco Systems, Inc.","| Count | 144 779 | 71 102 | 2 887 | USD | 63.73 | 8 140 424.74 | 2.02 |","| Citigroup, Inc.","| Count | 45 859 | 454 | 1 778 | USD | 60.9 | 2 463 992.87 | 0.61 |","| Citizens Financial Group, Inc.","| Count | 35 276 | 349 | 25 385 | USD | 47.58 | 1 480 816.84 | 0.37 |","| Clorox Co.","/The | Count | 14 739 | 3 381 | 2 004 | USD | 171.51 | 2 230 257.66 | 0.55 |","| CME Group, Inc.","| Count | 15 329 | 152 | 594 | USD | 229.37 | 3 102 044.42 | 0.77 |","| Coca-Cola Co.","/The | Count | 137 458 | 1 361 | 5 332 | USD | 59.1 | 7 167 291.63 | 1.78 |","| Comcast Corp.","| Count | 154 291 | 63 256 | 4 803 | USD | 51.08 | 6 953 269.41 | 1.73 |","| Corning, Inc.","| Count | 65 075 | 645 | 2 524 | USD | 37.59 | 2 158 162.18 | 0.54 |","| Dow, Inc.","| Count | 38 651 | 23 480 | 1 499 | USD | 57.64 | 1 965 541.79 | 0.49 |","| DT Midstream, Inc.","| Count | 9 858 | 9 858 | | USD | 48.18 | 419 037.78 | 0.10 |","| Eastman Chemical Co.","| Count | 19 203 | 19 203 | | USD | 120.84 | 2 047 280.61 | 0.51 |","| Eaton Corp., PLC | Count | 18 602 | 18 602 | | USD | 171.91 | 2 821 359.02 | 0.70 |","| Eli Lilly & Co.","| Count | 26 022 | 4 743 | 20 327 | USD | 277.04 | 6 360 345.76 | 1.58 |","| Equity Residential | Count | 30 729 | 30 729 | | USD | 90.65 | 2 457 614.78 | 0.61 |","| Eversource Energy | Count | 61 294 | 22 631 | 1 514 | USD | 90.52 | 4 895 083.26 | 1.22 |","| Exxon Mobil Corp.","| Count | 83 118 | 1 209 | 53 560 | USD | 61.24 | 4 490 842.67 | 1.12 |","| Fidelity National Information Services, Inc.","| Count | 33 665 | 23 418 | 402 | USD | 110.14 | 3 271 306.72 | 0.81 |","| Genuine Parts Co.","| Count | 32 941 | 25 059 | 4 590 | USD | 140.08 | 4 071 087.96 | 1.01 |","| Gilead Sciences, Inc.","| Count | 68 212 | 676 | 13 817 | USD | 73.67 | 4 433 523.63 | 1.10 |","| Hasbro, Inc.","| Count | 99 933 | 43 899 | 2 844 | USD | 100.37 | 8 849 330.67 | 2.20 |","| Home Depot, Inc.","/The | Count | 25 076 | 12 796 | 481 | USD | 412.03 | 9 115 587.70 | 2.27 |","| Intel Corp.","| Count | 152 967 | 52 594 | 22 546 | USD | 51.95 | 7 011 014.66 | 1.74 |","| Interpublic Group of Cos, Inc.","/The | Count | 34 471 | 34 471 | | USD | 38.07 | 1 157 802.10 | 0.29 |","| Johnson & Johnson | Count | 76 109 | 5 700 | 2 758 | USD | 171.96 | 11 546 783.59 | 2.87 |","| JPMorgan Chase & Co.","| Count | 37 529 | 372 | 1 456 | USD | 159.49 | 5 280 779.39 | 1.31 |","| Kimberly-Clark Corp.","| Count | 39 569 | 39 569 | | USD | 141.52 | 4 940 495.05 | 1.23 |","| ManpowerGroup, Inc.","| Count | 17 739 | 17 739 | | USD | 98.77 | 1 545 794.51 | 0.38 |","| Marsh & McLennan Cos, Inc.","| Count | 56 901 | 564 | 2 207 | USD | 174.15 | 8 742 606.91 | 2.17 |","| McDonald‘s Corp.","| Count | 34 745 | 35 914 | 1 169 | USD | 268.27 | 8 223 600.41 | 2.05 |","| Medtronic PLC | Count | 43 495 | 431 | 1 688 | USD | 104.51 | 4 010 465.25 | 1.00 |","| Merck & Co., Inc.","| Count | 113 044 | 1 120 | 36 913 | USD | 77.15 | 7 694 510.93 | 1.91 |","| Microsoft Corp.","| Count | 20 351 | 202 | 790 | USD | 341.12 | 6 124 780.25 | 1.52 |","| Mondelez International, Inc.","| Count | 62 344 | 617 | 2 419 | USD | 66.05 | 3 632 997.17 | 0.90 |","| Motorola Solutions, Inc.","| Count | 34 224 | 339 | 1 328 | USD | 271.93 | 8 210 799.82 | 2.04 |","| National Instruments Corp.","| Count | 56 333 | 558 | 2 185 | USD | 44.31 | 2 202 227.62 | 0.55 |","| Newmont Mining Corp.","| Count | 84 485 | 61 161 | 1 403 | USD | 61.03 | 4 549 048.35 | 1.13 |","| nVent Electric PLC | Count | 81 572 | 81 572 | | USD | 38.29 | 2 755 649.97 | 0.69 |","| Organon & Co.","| Count | 11 304 | 11 305 | 1 | USD | 30.36 | 302 783.00 | 0.08 |","| PepsiCo, Inc.","| Count | 81 006 | 18 816 | 18 975 | USD | 172.84 | 12 352 618.23 | 3.07 |","| Pfizer, Inc.","| Count | 237 154 | 2 354 | 35 715 | USD | 58.21 | 12 179 392.53 | 3.03 |","| Procter & Gamble Co.","| Count | 101 046 | 16 845 | 13 232 | USD | 163.06 | 14 536 643.45 | 3.61 |","| Prologis, Inc.","| Count | 18 966 | 18 966 | | USD | 166.9 | 2 792 734.54 | 0.69 |","| Prudential Financial, Inc.","| Count | 20 620 | 204 | 7 386 | USD | 109.64 | 1 994 597.46 | 0.50 |","| QUALCOMM, Inc.","| Count | 52 794 | 45 972 | 627 | USD | 185.49 | 8 639 779.20 | 2.15 |","| Regions Financial Corp.","| Count | 66 183 | 655 | 59 180 | USD | 22.12 | 1 291 603.30 | 0.32 |","| Republic Services, Inc.","| Count | 32 320 | 320 | 9 380 | USD | 139.62 | 3 981 223.51 | 0.99 |","| Rockwell Automation, Inc.","| Count | 4 799 | 48 | 186 | USD | 349.63 | 1 480 324.80 | 0.37 |","| Royal Caribbean Cruises Ltd | Count | 17 321 | 172 | 672 | USD | 79.7 | 1 217 948.31 | 0.30 |","| Schlumberger Ltd | Count | 74 838 | 18 305 | 2 903 | USD | 29.91 | 1 974 859.30 | 0.49 |","| TE Connectivity Ltd | Count | 20 258 | 201 | 786 | USD | 162.64 | 2 906 842.54 | 0.72 |","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tEUR |","| Texas Instruments, Inc.","| Count | 16 318 | 162 | 633 | USD | 190.9 | 2 748 339.83 | 0.68 |","| TJX Cos, Inc.","/The | Count | 60 848 | 60 848 | | USD | 76 | 4 079 974.74 | 1.01 |","| Tractor Supply Co.","| Count | 17 281 | 171 | 7 155 | USD | 238.12 | 3 630 465.54 | 0.90 |","| Travelers Cos, Inc.","/The | Count | 16 771 | 166 | 651 | USD | 157.82 | 2 335 170.37 | 0.58 |","| Truist Financial Corp.","| Count | 19 661 | 195 | 763 | USD | 59.15 | 1 026 024.96 | 0.26 |","| UnitedHealth Group, Inc.","| Count | 9 097 | 9 450 | 353 | USD | 506.065 | 4 061 646.02 | 1.01 |","| Valero Energy Corp.","| Count | 18 574 | 184 | 721 | USD | 74.93 | 1 227 887.98 | 0.31 |","| Verizon Communications, Inc.","| Count | 154 003 | 36 627 | 4 599 | USD | 52.42 | 7 122 357.55 | 1.77 |","| VF Corp.","| Count | 71 934 | 55 688 | 1 099 | USD | 73.33 | 4 653 861.66 | 1.16 |","| Waste Management, Inc.","| Count | 25 841 | 256 | 11 048 | USD | 166.85 | 3 803 935.12 | 0.95 |","| Welltower, Inc.","| Count | 28 545 | 28 545 | | USD | 85.82 | 2 161 305.37 | 0.54 |","| WW Grainger, Inc.","| Count | 10 001 | 10 079 | 78 | USD | 524.64 | 4 629 162.23 | 1.15 |","| Investment fund units | | | | | | | 128.56 | 0.00 |","| In-group fund units Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.100%) | Units | 0 | 2 799 | 3 452 | USD | 10 408.589 | 128.56 | 0.00 |","| Total securities portfolio | | | | | | | 384 805 328.58 | 95.67 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Currency derivatives Receivables/payables | | | | | | | 70 135.16 | 0.01 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (short) | | | | | | | | |","| Open positions EUR/CAD 0.7 million | | | | | | | -3 685.29 | 0.00 |","| EUR/USD 7.5 million | | | | | | | 12 786.40 | 0.00 |","| Closed positions EUR/CAD 0.8 million | | | | | | | 11 819.59 | 0.00 |","| EUR/USD 7.4 million | | | | | | | 49 214.46 | 0.01 |","| Cash at bank | | | | | | | 18 093 348.15 | 4.50 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 1 754 021.79 | 0.44 |","| Deposits in other EU/EEA currencies | | | | | | | | |","| Norwegian krone | NOK | 1 | | | | | 0.09 | 0.00 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| Canadian dollar | CAD | 242 504 | | | | | 167 405.14 | 0.04 |","| U.S. dollar | USD | 18 330 066 | | | | | 16 171 921.13 | 4.02 |","| Other assets | 471 695.21 | 0.12 |","| Dividends/Distributions receivable | 471 695.21 | 0.12 |","| Receivables from share certificate transactions | 45 108.61 | 0.01 |","| Total assets | 403 489 301.00 | 100.31 |","| Other liabilities | -491 194.00 | -0.12 |","| Liabilities from cost items | -491 194.00 | -0.12 |","| Liabilities from share certificate transactions | -766 770.97 | -0.19 |","| Total liabilities | -1 261 650.26 | -0.31 |","| Net assets | 402 227 650.74 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class FC | EUR | 283.71 |","| Class FD | EUR | 201.39 |","| Class LC | EUR | 263.46 |","| Class LCH(P) | EUR | 163.36 |","| Class LD | EUR | 220.07 |","| Class NC | EUR | 246.38 |","| Class NCH(P) | EUR | 154.04 |","| Class TFC | EUR | 146.39 |","| Class TFD | EUR | 136.96 |","| Class USD LC | USD | 182.49 |","| Number of shares outstanding Class FC | Count | 464 456.557 |","| Class FD | Count | 12 040.262 |","| Class LC | Count | 43 937.995 |","| Class LCH(P) | Count | 42 471.402 |","| Class LD | Count | 708 769.993 |","| Class NC | Count | 35 300.995 |","| Class NCH(P) | Count | 1 652.899 |","| Class TFC | Count | 756.012 |","| Class TFD | Count | 20.000 |","| Class USD LC | Count | 524 656.177 |","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI USA High Dividend Yield in EUR","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 88.180 |","| --- | --- | --- |","| Highest market risk exposure | % | 112.111 |","| Average market risk exposure | % | 99.079 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date. Exchange rates (indirect quotes) As of December 30, 2021 | Canadian dollar\tCAD | 1.448606 | = EUR | 1 | | --- | --- | --- | --- | | Norwegian krone\tNOK | 9.974305 | = EUR | 1 | | U.S. dollar\tUSD | 1.133450 | = EUR | 1 | Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds. Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021 - Income - Dividends (before withholding tax) EUR 9 606\t111.14 - Interest from investments of liquid assets(before withholding tax) EUR\t5 613.12 - Deduction for foreign withholding tax EUR\t-2 649 172.12Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t6 962 552.14 - Expenses - Interest on borrowings andnegative interest on deposits EUR\t-9 303.16 - Management fee EUR\t-4 486 130.99thereof:Basic management fee EUR -4 450 562.07Administration fee EUR\t-35 568.92 | 3. Depositary fee | EUR | -1 458.76 | | --- | --- | --- | | 4. Auditing, legal and publication costs | EUR | -6 475.80 | | 5. Taxe d‘abonnement | EUR | -182 159.03 | | 6. Other expenses | EUR | -105 307.80 | | Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -4 790 835.54 | | III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 2 171 716.60 | | IV. Sale transactions Realized gains/losses | EUR | 14 530 822.95 | | Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 14 530 822.95 | | V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . | EUR | 16 702 539.55 | | BVI total expense ratio (TER) | | | | The total expense ratio for the share classes was: | | | Class FC 0.84% p.a.,\tClass FD 0.84% p.a., Class LC 1.59% p.a.,\tClass LCH(P) 1.62% p.a., Class LD 1.59% p.a.,\tClass NC 2.29% p.a., Class NCH(P) 2.32% p.a.,\tClass TFC 0.81% p.a., Class TFD 0.80% p.a.,\tClass USD LC 1.59% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year. Transaction costs The transaction costs paid in the reporting period amounted to EUR 25 325.43. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. ###### Statement of changes in net assets\t2021 - Value of the fund‘s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\t316 400 378.68 - Distribution for the previous year EUR\t-3 117 955.35 - Net outflows EUR\t-9 819 144.40 - Income adjustment EUR\t-9 744.76 - Net investment income EUR 2 171\t716.60 - Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 14 530\t822.95 - Net change in unrealized appreciation/depreciation . EUR 82 071\t577.02 - Value of the fund‘s net assets . . . . . . . . . . . . . . . . . . . at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . EUR\t402 227 650.74 | Summary of gains/losses | | 2021 | | --- | --- | --- | | | | | | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | 14 530 822.95 | | from: Securities transactions | EUR | 14 731 987.96 | | (Forward) currency transactions | EUR | -201 165.01 | Changes in net assets and in the net asset value per share over the last three years ###### Details on the distribution policy* Class FC The income for the fiscal year is reinvested. Class FD Type\tAs of\tCurrency\tPer share Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t402 227 650.74 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t316 400 378.68 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t422 019 677.57 Net asset value per share at the end of the fiscal year Class LC The income for the fiscal year is reinvested. Class LCH (P) The income for the fiscal year is reinvested. Class LD Type\tAs of\tCurrency\tPer share Final distribution\tMarch 4, 2022\tEUR\t4.51 Class NC The income for the fiscal year is reinvested. Class NCH (P) The income for the fiscal year is reinvested. Class TFC The income for the fiscal year is reinvested. | Class TFD | | | --- | --- | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 2.80 | | Klasse USD LC | | | | The income for the fiscal year is reinvested. * Additional information is provided in the sales prospectus. In the case of a final distribution, any remaining net income for the fiscal year is reinvested. Class LCH(P) EUR\t163.36 | Final distribution | March 4, 2022 | EUR | 4.12 | 2021\tClass FC Class FD | EUR EUR | 283.71 201.39 | | --- | --- | --- | --- | --- | --- | --- | | | | | | Class LC | EUR | 263.46 | Class LD EUR\t220.07 Class NC EUR\t246.38 Class NCH(P) EUR\t154.04 Class TFC EUR\t146.39 Class TFD EUR\t136.96 Class USD LC USD\t182.49 2020\tClass FC EUR\t212.51 Class FD EUR\t154.34 Class LC EUR\t198.82 Class LCH(P) EUR\t134.79 Class LD EUR\t169.93 Class NC EUR\t187.23 Class NCH(P) EUR\t127.96 Class TFC EUR\t109.64 Class TFD EUR\t104.93 Class USD LC USD\t149.41 2019\tClass FC EUR\t237.31 Class FD EUR\t176.40 Class LC EUR\t223.72 Class LCH(P) EUR\t140.94 Class LD EUR\t195.72 Class NC EUR\t212.15 Class NCH(P) EUR\t134.89 Class TFC EUR\t122.37 Class TFD EUR\t119.87 Class USD LC USD\t153.14 Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00. Statement of net assets as of December 31, 2021 | Assets | DWS Invest II, SICAV EUR * Consolidated\t% of net assets | DWS Invest II Euro Bonds Conservative EUR | DWS Invest II European Top Dividend EUR | | --- | --- | --- | --- | | Total securities portfolio | 1 082 520 723.81 | 94.94 | 73 471 006.24 | 327 095 107.54 | | Currency derivatives | 78 431.96 | 0.01 | 0.00 | 4 695.47 | | Swaps | 481 520.56 | 0.04 | 0.00 | 0.00 | | Cash at bank | 58 207 156.33 | 5.11 | 10 419 438.35 | 12 520 102.88 | | Other assets | 2 689 609.62 | 0.23 | 137 878.88 | 1 825 860.32 | | Receivables from share certificate transactions | 139 067.82 | 0.01 | 0.00 | 92 315.05 | | Total Assets ** | 1 144 116 510.10 | 100.34 | 84 028 323.47 | 341 538 081.26 | | Liabilities | | | | | Equity index derivatives | -158 227.19 | -0.01 | 0.00 | 0.00 | | Interest rate derivatives | -117 485.63 | -0.01 | 0.00 | 0.00 | | Currency derivatives | -157 046.78 | -0.01 | -157 046.78 | 0.00 | | Other liabilities | -2 129 133.75 | -0.19 | -30 369.97 | -1 285 067.24 | | Liabilities from share certificate transactions | -1 371 554.69 | -0.12 | -211 431.32 | -374 631.47 | | Total liabilities ** | -3 933 448.04 | -0.34 | -398 848.07 | -1 659 698.71 | | | | | | | Net assets | 1 140 183 062.06 | 100.00 | 83 629 475.40 | 339 878 382.55 | * The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. ** In the case of derivatives and forward transactions, the amount reported as “total assets” comprises the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” | | | --- | | DWS Invest II Global Equity High Conviction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II US Top Dividend EUR | | 196 163 093.29 | 100 986 188.16 | 384 805 328.58 | | 0.00 | 3 601.33 | 70 135.16 | | 0.00 | 481 520.56 | 0.00 | | 7 003 672.01 | 10 170 594.94 | 18 093 348.15 | | 120 542.96 | 133 632.25 | 471 695.21 | | 1 644.16 | 0.00 | 45 108.61 | | 203 288 952.42 | 111 775 537.24 | 403 485 615.71 | | | | | | 0.00 | -158 227.19 | 0.00 | | 0.00 | -117 485.63 | 0.00 | | 0.00 | 0.00 | 0.00 | | -275 860.83 | -46 641.71 | -491 194.00 | | -18 720.93 | 0.00 | -766 770.97 | | -294 581.76 | -322 354.53 | -1 257 964.97 | | | | | | 202 994 370.66 | 111 453 182.71 | 402 227 650.74 | Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DWS Invest II, SICAV EUR * Consolidated | DWS Invest II Euro Bonds Conservative EUR | DWS Invest II European Equity Focussed Alpha (in liquidation) 1 EUR | | --- | --- | --- | --- | | Dividends (before withholding tax) | 27 430 920.43 | 0.00 | 0.00 | | Interest from securities (before withholding tax) | 634 557.50 | -68 337.60 | 0.00 | | Interest from investments of liquid assets (before withholding tax) | 13 383.90 | 0.00 | 0.00 | | Income from investment fund units | 34 338.51 | 0.00 | 0.00 | | Income from securities lending | 11 340.62 | 0.00 | 0.00 | | Deduction for foreign withholding tax | -4 245 006.26 | -97.81 | 0.00 | | Total income | 23 879 534.70 | -68 435.41 | 0.00 | | | | | | | Expenses | | | | | Interest on borrowings and negative interest on deposits | -173 998.43 | -68 373.65 | 0.00 | | Management fee | -12 136 614.01 | -223 749.15 | 0.00 | | Depositary fee | -16 868.45 | -1 116.61 | 0.00 | | Auditing, legal and publication costs | 19 624.70 | -7 132.49 | 0.00 | | Taxe d'abonnement | -488 864.51 | -40 441.08 | 0.00 | | Other expenses | -329 112.65 | -7 056.01 | 0.00 | | Total expenses | -13 125 833.35 | -347 868.99 | 0.00 | | Net investment income | 10 753 701.35 | -416 304.40 | 0.00 | | Sale transactions | | | | | Realized gains/losses | 36 344 118.75 | -514 091.56 | 0.00 | | Capital gains/losses | 36 344 118.75 | -514 091.56 | 0.00 | | | | | | | Net gain/loss for the fiscal year | 47 097 820.10 | -930 395.96 | 0.00 | * The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. For the purpose of consolidation of the liquidated sub-fund and for reasons of comparability, the disclosure of the income adjustment and reimbursed expense amounts attributable to the individual income adjustment and reimbursed expense items was changed (in contrast to the individual presentation of the income adjustment and reimbursed expenses in the form of a separate presentation of the total amount) in favor of attributing the individual income adjustment and reimbursed expense compo- nents to the respective income adjustment and reimbursed expense items. 1 The sub-fund was liquidated March 24, 2021. 2 The sub-fund was liquidated December 7, 2021. | | | --- | | DWS Invest II European Top Dividend EUR | DWS Invest II Global Equity High Con- viction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II Spanish Equities (in liquidation) 2 EUR | DWS Invest II US Top Dividend EUR | | 12 905 929.15 | 3 685 287.10 | 1 233 593.04 | 0.00 | 9 606 111.14 | | 0.00 | 0.00 | 702 895.10 | 0.00 | 0.00 | | 770.38 | 7 000.40 | 0.00 | 0.00 | 5 613.12 | | 0.00 | 0.00 | 34 338.51 | 0.00 | 0.00 | | 3 590.66 | 3 394.86 | 4 355.10 | 0.00 | 0.00 | | -629 721.23 | -786 195.98 | -179 819.12 | 0.00 | -2 649 172.12 | | 12 280 568.96 | 2 909 486.38 | 1 795 362.63 | 0.00 | 6 962 552.14 | | | | | | | | | | | | | | -60 746.70 | -975.24 | -34 599.68 | 0.00 | -9 303.16 | | -4 569 047.84 | -2 620 276.28 | -237 409.75 | 0.00 | -4 486 130.99 | | -8 570.93 | -5 722.15 | 0.00 | 0.00 | -1 458.76 | | 34 057.54 | -8 754.87 | 7 930.32 | 0.00 | -6 475.80 | | -161 733.86 | -95 114.53 | -9 416.01 | 0.00 | -182 159.03 | | -105 707.35 | -86 801.04 | -24 240.45 | 0.00 | -105 307.80 | | -4 871 749.14 | -2 817 644.11 | -297 735.57 | 0.00 | -4 790 835.54 | | 7 408 819.82 | 91 842.27 | 1 497 627.06 | 0.00 | 2 171 716.60 | | | | | | | | 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 | | 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 | | | | | | | | 19 023 722.27 | 10 098 278.00 | 2 203 676.24 | 0.00 | 16 702 539.55 | Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | Deutsche Invest II, SICAV EUR * Consolidated 1 099 899 876.11 | DWS Invest II Euro Bonds Conservative EUR 112 797 089.62 | DWS Invest II European Equity Focussed Alpha (in Liquidation) 1 EUR 66 561 768.52 | | --- | --- | --- | --- | | Distribution for the previous year / Interim distribution | -12 343 136.53 | 0.00 | -11 010.60 | | Net inflows/outflows | -144 937 157.36 | -28 654 847.73 | -68 281 919.64 | | Income adjustment | 20 349 841.98 | -89 925.74 | 13 117 078.88 | | Net investment income | 10 753 701.35 | -416 304.40 | 0.00 | | Realized gains/losses | 36 344 118.75 | -514 091.56 | 0.00 | | Net change in unrealized appreciation/depreciation | 130 115 817.76 | 507 555.21 | -11 385 917.16 | | Value of the fund‘s net assets at the end of the fiscal year | 1 140 183 062.06 | 83 629 475.40 | 0.00 | * The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was liquidated March 24, 2021. 2 The sub-fund was liquidated December 7, 2021. | | | --- | | DWS Invest II European Top Dividend EUR 300 394 665.07 | DWS Invest II Global Equity High Con- viction Fund EUR 165 456 076.48 | DWS Invest II Global Total Return Fund EUR 106 413 822.57 | DWS Invest II Spanish Equities (in Liquidation) 2 EUR 31 876 075.17 | DWS Invest II US Top Dividend EUR 316 400 378.68 | | -7 482 922.76 | -1 451.67 | -1 729 796.15 | 0.00 | -3 117 955.35 | | -466 728.82 | -1 466 153.07 | -1 162 142.97 | -35 086 220.73 | -9 819 144.40 | | -155 653.66 | 108 501.24 | 97 478.77 | 7 282 107.25 | -9 744.76 | | 7 408 819.82 | 91 842.27 | 1 497 627.06 | 0.00 | 2 171 716.60 | | 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 | | 28 565 300.45 | 28 799 119.68 | 5 630 144.25 | -4 071 961.69 | 82 071 577.02 | | 339 878 382.55 | 202 994 370.66 | 111 453 182.71 | 0.00 | 402 227 650.74 | KPM KPMG issued an unqualified audit opinion for the full annual report of this SICAV (Société d’Investissement à Capital Variable). The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: G Luxembourg, Société anonyme\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu #### To the shareholders of DWS Invest II, SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE REVISEUR D’ENTREPRISES AGREE ##### Report on the audit of the financial statements Audit opinion We have audited the financial statements of DWS Invest II, SICAV, and its respective sub-funds (“the Fund”), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements give a true and fair view of the financial position of DWS Invest II, SICAV, and its respective sub-funds as of December 31, 2021, and of the results of its opera- tions and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements. ##### Basis for the audit opinion We conducted our audit in accordance with the Law of July 23, 2016, on the audit profession (“Law of July 23, 2016”) and with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (“CSSF”). Our responsibilities under the Law of July 23, 2016, and the ISAs as adopted in Luxembourg by the CSSF are further described in the “Responsibilities of the réviseur d’entreprises agréé for the audit of the financial statements” section. We are also independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants, including International Independence Standards, (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the finan- cial statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. ##### Other information The Board of Directors of the Fund is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our report of the réviseur d’entreprises agréé thereon. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Our audit opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial state- ments or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard. ##### Responsibilities of the Board of Directors of the Fund for the financial statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the ability of the Fund and of its respective sub-funds to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Direc- tors of the Fund intends either to liquidate the Fund or close any of its individual sub-funds or to cease operations, or has no realistic alternative but to do so. ##### Responsibilities of the réviseur d’entreprises agréé for the audit of the financial statements The objective of our audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the réviseur d’entreprises agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstate- ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis- statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the Fund’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the notes to the financial statements made by the Board of Directors of the Fund. - Conclude on the appropriateness of the use by the Board of Directors of the Fund of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Fund or of any its indi- vidual sub-funds to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the report of the réviseur d’entreprises agréé to the related disclosures in the notes to the financial statements or, if such disclosures are inadequate, to modify our opinion. Our con- clusions are based on the audit evidence obtained up to the date of the report of the réviseur d’entreprises agréé. However, future events or conditions may cause the Fund or any of its individual sub-funds to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclo- sures in the notes to the financial statements, and whether the financial statements represent the under- lying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Luxembourg, April 22, 2022\tKPMG Luxembourg Société anonyme Cabinet de révision agréé Pia Schanz"],"string":"[\n \"# Annual report\",\n \"and annual financial statements\",\n \"#### Investment objective and performance in the reporting period\",\n \"The sub-fund seeks to generate the highest possible return in the short term while taking the opportunities and risks of the worldwide capital markets into account.\",\n \"In order to achieve the investment objective, it invests\",\n \"DWS INVEST II EURO BONDS CONSERVATIVE\",\n \"Performance since inception\",\n \"100.30\",\n \"100.1 5\",\n \"100.00\",\n \"99.85\",\n \"99.70\",\n \"99.55\",\n \"99.40\",\n \"99.25\",\n \"primarily in interest-bearing\",\n \"11/25/20*\",\n \"3/21\\t6/21\\t9/21\",\n \"12/21\",\n \"financial instruments of gov- ernment and/or private issuers,\",\n \"DWS Invest II Euro Bonds Conservative (NC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on November 25, 2020= 100\",\n \"Data on euro basis\",\n \"money market instruments,\",\n \"time deposits, bank balances and derivatives.\",\n \"At least 70% of its asset are invested in inter- est-bearing securities of issuers whose ultimate parent com- pany is domiciled in a member country of the Organisation for Economic Co-operation and Development (OECD) or of the G20, in Singapore or in the EU.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INVEST II EURO BONDS CONSERVATIVE\",\n \"Performance of share class (in EUR)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class NC | LU2023375111 | -0.6% | -0.6% |\",\n \"1\",\n \"Class NC launched on November 25, 2020\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"The investment climate in the reporting period was char- acterized by the COVID-19 pandemic*, high levels of debt worldwide, still very low (and in some cases negative) interest rates in the industrial countries, as well as uncer- tainty regarding the monetary policies of the central banks.\",\n \"Against this backdrop, the\",\n \"sub-fund recorded a decline of 0.6% per share (NC share class; BVI method; in euro) in 2021.\",\n \"#### Investment policy in the reporting period\",\n \"As part of the sub-fund’s investment policy, the portfolio management invested predom- inantly in floating rate notes whose coupons are usually adjusted to the current mar- ket interest rate every three months.\",\n \"The sub-fund had also\",\n \"invested in fixed-coupon bonds with short to medium resid- ual maturities.\",\n \"Time deposit investments rounded out the portfolio.\",\n \"Because floating rate notes are issued predominantly by financial institutions, the\",\n \"investment focus was on issues from the financial sector.\",\n \"The portfolio also included corpo- rate bonds.\",\n \"The interest-bearing instruments held in the portfo- lio had investment-grade status (ratings of BBB- or better from the leading rating agencies) as of the end of December 2021.\",\n \"In terms of its regional alloca- tion, the sub-fund was globally positioned, with investments in Europe and the United States forming the main focus of investment.\",\n \"The sub-fund was exposed to a maturity segment that was\",\n \"still adversely affected by neg- ative interest rates during the reporting period.\",\n \"Despite the rise in inflation in the euro area in 2021, the European Central Bank (ECB) left the key interest rate unchanged at 0.0% p.a.\",\n \"The deposit rate for banks was\",\n \"-0.5% p.a. The credit spreads of the corporate bonds and\",\n \"financials with short to medium maturities held in the portfolio acted as a buffer against nega- tive interest rates in the money market segment.\",\n \"Information on the environmental and/or social characteristics\",\n \"The sub-fund qualifies as a\",\n \"product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Bonds (issuers) Companies | 73 471 006.24 | 87.85 |\",\n \"| Total bonds | 73 471 006.24 | 87.85 |\",\n \"| 2. Derivatives | -157 046.78 | -0.19 |\",\n \"| 3. Cash at bank | 10 419 438.35 | 12.46 |\",\n \"| 4. Other assets | 137 878.88 | 0.16 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -30 369.97 | -0.03 |\",\n \"| 2. Liabilities from share certificate transactions | -211 431.32 | -0.25 |\",\n \"| III.\",\n \"Net assets | 83 629 475.40 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency | amount\\tin the reporting period\\tEUR |\",\n \"| Securities traded on an exchange | | | | | | 72 543 534.48 | 86.74 |\",\n \"| Interest-bearing securities 0.875 % ABN AMRO Bank NV (MTN) 2019/2024 | EUR | 400 000 | 400 000 | % | 102.141 | 408 564.00 | 0.49 |\",\n \"| 0.00 % Akelius Residential Property Financing BV 2021/2023 * | EUR | 200 000 | 200 000 | % | 100.13 | 200 260.00 | 0.24 |\",\n \"| 3.50 % Allianz Finance II BV (MTN) 2012/2022 | EUR | 500 000 | 500 000 | % | 100.483 | 502 415.00 | 0.60 |\",\n \"| 0.436 % Allianz Finance II BV 2021/2024 * | EUR | 100 000 | 100 000 | % | 102.586 | 102 586.00 | 0.12 |\",\n \"| 0.35 % American Honda Finance Corp. 2019/2022 | EUR | 500 000 | 500 000 | % | 100.455 | 502 275.00 | 0.60 |\",\n \"| 0.155 % Asahi Group Holdings Ltd 2020/2024 | EUR | 1 000 000 | | % | 100.309 | 1 003 090.00 | 1.20 |\",\n \"| 0.01 % Asahi Group Holdings Ltd 2021/2024 | EUR | 150 000 | 150 000 | % | 100.05 | 150 075.00 | 0.18 |\",\n \"| 0.52 % AT&T, Inc. (MTN) 2018/2023 *\",\n \".035 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2018/2023 * | EUR EUR | 900 000 1 200 000 | | % % | 101.039 100.545 | 909 351.00 1 206 540.00 | 1.09 1.44 |\",\n \"| 0.375 % Banco Bilbao Vizcaya Argentaria SA (MTN) | | | | | | | | |\",\n \"| 2019/2024 | EUR | 400 000 | 400 000 | % | 100.766 | 403 064.00 | 0.48 |\",\n \"| 0.435 % Banco Bilbao Vizcaya Argentaria SA 2021/2023 * .\",\n \"| EUR | 100 000 | 100 000 | % | 101.5 | 101 500.00 | 0.12 |\",\n \"| 0.163 % Banco Santander SA (MTN) 2017/2023 * | EUR | 500 000 | | % | 100.78 | 503 900.00 | 0.60 |\",\n \"| 0.124 % Banco Santander SA (MTN) 2021/2026 * | EUR | 400 000 | 400 000 | % | 100.969 | 403 876.00 | 0.48 |\",\n \"| 0.00 % Bank Julius Baer & Co.\",\n \"AG 2021/2024 | EUR | 160 000 | 160 000 | % | 99.992 | 159 987.20 | 0.19 |\",\n \"| 0.213 % Bank of America Corp. (MTN) 2017/2023 * | EUR | 700 000 | | % | 100.223 | 701 561.00 | 0.84 |\",\n \"| 0.152 % Bank of America Corp. (MTN) 2018/2024 * | EUR | 1 200 000 | | % | 100.545 | 1 206 540.00 | 1.44 |\",\n \"| 0.436 % Bank of America Corp. 2021/2025 * | EUR | 400 000 | 400 000 | % | 101.605 | 406 420.00 | 0.49 |\",\n \"| 0.412 % Bank of America Corp. (MTN) 2021/2026 *\",\n \".25 % Banque Federative du Credit Mutuel SA (MTN) 2015/2025 | EUR EUR | 340 000 200 000 | 340 000 200 000 | % % | 101.754 103.65 | 345 963.60 207 300.00 | 0.41 0.25 |\",\n \"| 0.75 % Banque Federative du Credit Mutuel SA -Reg- | | | | | | | | |\",\n \"| (MTN) 2018/2025 | EUR | 100 000 | 100 000 | % | 102.171 | 102 171.00 | 0.12 |\",\n \"| 1.50 % Barclays PLC (MTN) 2018/2023 | EUR | 1 200 000 | | % | 102.798 | 1 233 576.00 | 1.48 |\",\n \"| 3.375 % Barclays PLC (MTN) 2020/2025 * | EUR | 200 000 | 200 000 | % | 107.305 | 214 610.00 | 0.26 |\",\n \"| 0.431 % Barclays PLC (MTN) 2021/2026 * | EUR | 220 000 | 220 000 | % | 102.037 | 224 481.40 | 0.27 |\",\n \"| 0.101 % BASF SE 2020/2023 | EUR | 200 000 | 200 000 | % | 100.497 | 200 994.00 | 0.24 |\",\n \"| 0.05 % Bayer AG 2021/2025 | EUR | 500 000 | 500 000 | % | 99.79 | 498 950.00 | 0.60 |\",\n \"| 0.632 % Becton Dickinson Euro Finance Sarl 2019/2023 .\",\n \"| EUR | 200 000 | 200 000 | % | 100.972 | 201 944.00 | 0.24 |\",\n \"| 0.625 % BMW Finance NV 2019/2023 | EUR | 800 000 | | % | 101.538 | 812 304.00 | 0.97 |\",\n \"| 0.00 % BMW Finance NV 2020/2022 * | EUR | 1 000 000 | | % | 100.056 | 1 000 560.00 | 1.20 |\",\n \"| 0.187 % BNP Paribas SA (MTN) 2017/2024 * | EUR | 1 200 000 | | % | 101.417 | 1 217 004.00 | 1.46 |\",\n \"| 0.056 % BNP Paribas SA (MTN) 2018/2023 *\",\n \".50 % BNZ International Funding Ltd/London (MTN) 2017/2023 | EUR EUR | 600 000 400 000 | 400 000 | % % | 100.721 100.952 | 604 326.00 403 808.00 | 0.72 0.48 |\",\n \"| 0.00 % BPCE SA (MTN) 2018/2023 * | EUR | 500 000 | | % | 100.454 | 502 270.00 | 0.60 |\",\n \"| 0.00 % BPCE SA (MTN) 2018/2023 * | EUR | 1 200 000 | | % | 100.548 | 1 206 576.00 | 1.44 |\",\n \"| 1.00 % BPCE SA (MTN) 2019/2025\",\n \".375 % Canadian Imperial Bank of Commerce (MTN) 2019/2024 | EUR EUR | 200 000 200 000 | 200 000 200 000 | % % | 102.733 100.958 | 205 466.00 201 916.00 | 0.25 0.24 |\",\n \"| 0.299 % Carrefour Banque SA 2019/2023 * | EUR | 600 000 | 600 000 | % | 100.594 | 603 564.00 | 0.72 |\",\n \"| 0.00 % CCEP Finance Ireland DAC 2021/2025 | EUR | 190 000 | 190 000 | % | 99.262 | 188 597.80 | 0.23 |\",\n \"| 1.75 % Citigroup, Inc. (MTN) 2015/2025 | EUR | 200 000 | 200 000 | % | 105.069 | 210 138.00 | 0.25 |\",\n \"| 0.00 % Citigroup, Inc. (MTN) 2018/2023 * | EUR | 300 000 | | % | 100.539 | 301 617.00 | 0.36 |\",\n \"| 0.50 % Commerzbank AG (MTN) 2018/2023 | EUR | 1 200 000 | | % | 101.06 | 1 212 720.00 | 1.45 |\",\n \"| 0.436 % Commerzbank AG 2021/2023 * | EUR | 200 000 | 200 000 | % | 101.582 | 203 164.00 | 0.24 |\",\n \"| 0.035 % Credit Agricole SA/London (MTN) 2018/2023 * ... | EUR | 800 000 | | % | 100.578 | 804 624.00 | 0.96 |\",\n \"| 0.392 % Credit Suisse AG/London 2020/2022 * | EUR | 880 000 | | % | 100.346 | 883 044.80 | 1.06 |\",\n \"| 0.43 % Credit Suisse AG/London 2021/2023 * | EUR | 300 000 | 300 000 | % | 101.43 | 304 290.00 | 0.36 |\",\n \"| 0.449 % Credit Suisse Group AG (MTN) 2021/2026 * | EUR | 650 000 | 650 000 | % | 101.39 | 659 035.00 | 0.79 |\",\n \"| 0.875 % CRH Finland Services Oyj 2020/2023 | EUR | 300 000 | | % | 101.762 | 305 286.00 | 0.37 |\",\n \"| 0.00 % Daimler AG (MTN) 2017/2024 * | EUR | 800 000 | | % | 100.867 | 806 936.00 | 0.97 |\",\n \"| 1.625 % Daimler AG 2020/2023 | EUR | 1 200 000 | | % | 103.136 | 1 237 632.00 | 1.48 |\",\n \"| 0.00 % Danone SA 2021/2025 | EUR | 100 000 | 100 000 | % | 99.951 | 99 951.00 | 0.12 |\",\n \"| 0.238 % Deutsche Bank AG (MTN) 2017/2022 * | EUR | 500 000 | 500 000 | % | 100.232 | 501 160.00 | 0.60 |\",\n \"| 0.35 % Deutsche Pfandbriefbank AG 2020/2023 * | EUR | 300 000 | 300 000 | % | 100.958 | 302 874.00 | 0.36 |\",\n \"| 0.25 % Deutsche Pfandbriefbank AG 2021/2025\",\n \".875 % Deutsche Telekom International Finance BV (MTN) 2017/2024 | EUR EUR | 100 000 200 000 | 100 000 200 000 | % % | 99.778 102.135 | 99 778.00 204 270.00 | 0.12 0.24 |\",\n \"| 0.25 % DNB Bank ASA (MTN) 2019/2024 | EUR | 400 000 | | % | 100.931 | 403 724.00 | 0.48 |\",\n \"| 0.375 % E.ON SE 2020/2023 | EUR | 600 000 | | % | 100.809 | 604 854.00 | 0.72 |\",\n \"| 0.25 % EssilorLuxottica SA 2020/2024 | EUR | 500 000 | | % | 101.006 | 505 030.00 | 0.60 |\",\n \"| 1.25 % FCA Bank SpA/Ireland 2019/2022 | EUR | 300 000 | 300 000 | % | 100.577 | 301 731.00 | 0.36 |\",\n \"| 0.25 % FCA Bank SpA/Ireland 2020/2023 | EUR | 100 000 | 100 000 | % | 100.437 | 100 437.00 | 0.12 |\",\n \"| 0.125 % FCA Bank SpA/Ireland 2020/2023 | EUR | 500 000 | | % | 100.182 | 500 910.00 | 0.60 |\",\n \"| 0.00 % FCA Bank SpA/Ireland 2021/2024\",\n \".75 % Fidelity National Information Services, Inc. 2019/2023 | EUR EUR | 120 000 400 000 | 120 000 | % % | 99.786 101.136 | 119 743.20 404 544.00 | 0.14 0.48 |\",\n \"| 0.125 % General Mills, Inc. 2021/2025 | EUR | 100 000 | 100 000 | % | 99.714 | 99 714.00 | 0.12 |\",\n \"| 0.03 % Goldman Sachs Group, Inc.\",\n \"/The (MTN) 2017/2023 * | EUR | 1 100 000 | | % | 100.28 | 1 103 080.00 | 1.32 |\",\n \"| 0.002 % Goldman Sachs Group, Inc.\",\n \"/The 2020/2023 * ....\",\n \"| EUR | 700 000 | | % | 100.131 | 700 917.00 | 0.84 |\",\n \"| 0.411 % Goldman Sachs Group, Inc.\",\n \"/The (MTN) 2021/2026 * | EUR | 260 000 | 260 000 | % | 101.669 | 264 339.40 | 0.32 |\",\n \"| 0.00 % Goldman Sachs Group, Inc.\",\n \"/The 2021/2024 * ....\",\n \"| EUR | 160 000 | 160 000 | % | 100.137 | 160 219.20 | 0.19 |\",\n \"| 0.444 % Goldman Sachs Group, Inc.\",\n \"/The 2021/2024 * ....\",\n \"| EUR | 170 000 | 170 000 | % | 100.902 | 171 533.40 | 0.21 |\",\n \"| 0.052 % Heimstaden Bostad Treasury BV 2021/2023 * ... | EUR | 323 000 | 323 000 | % | 100.023 | 323 074.29 | 0.39 |\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| 0.25 % Heimstaden Bostad Treasury BV 2021/2024 ....\",\n \"| EUR | 160 000 | 160 000 | | % | 100.19 | 160 304.00 | 0.19 |\",\n \"| 0.912 % HSBC Bank PLC 2020/2022 * | EUR | 500 000 | | 1 500 000 | % | 101.036 | 505 180.00 | 0.60 |\",\n \"| 0.438 % HSBC Bank PLC 2021/2023 * | EUR | 300 000 | 300 000 | | % | 101.101 | 303 303.00 | 0.36 |\",\n \"| 0.00 % HSBC Holdings PLC (MTN) 2017/2023 * | EUR | 900 000 | | | % | 100.319 | 902 871.00 | 1.08 |\",\n \"| 0.409 % HSBC Holdings PLC (MTN) 2021/2026 * | EUR | 240 000 | 240 000 | | % | 102.289 | 245 493.60 | 0.29 |\",\n \"| 0.261 % ING Groep NV (MTN) 2018/2023 * | EUR | 600 000 | | | % | 101.259 | 607 554.00 | 0.73 |\",\n \"| 0.125 % ING Groep NV 2021/2025 * | EUR | 200 000 | 200 000 | | % | 99.985 | 199 970.00 | 0.24 |\",\n \"| 0.402 % Intesa Sanpaolo SpA (MTN) 2017/2022 * | EUR | 500 000 | | | % | 100.251 | 501 255.00 | 0.60 |\",\n \"| 0.148 % Intesa Sanpaolo SpA 2019/2022 * | EUR | 500 000 | 500 000 | | % | 100.431 | 502 155.00 | 0.60 |\",\n \"| 0.875 % KBC Group NV (MTN) 2018/2023 | EUR | 400 000 | 400 000 | | % | 101.728 | 406 912.00 | 0.49 |\",\n \"| 0.06 % KBC Group NV 2021/2024 * | EUR | 400 000 | 400 000 | | % | 100.414 | 401 656.00 | 0.48 |\",\n \"| 0.50 % Koninklijke Philips NV -Reg- (MTN) 2017/2023 ... | EUR | 100 000 | 100 000 | | % | 101.047 | 101 047.00 | 0.12 |\",\n \"| 0.082 % Landesbank Baden-Wuerttemberg 2020/2022 * .\",\n \"| EUR | 1 500 000 | | | % | 100.05 | 1 500 750.00 | 1.80 |\",\n \"| 0.75 % LeasePlan Corp., NV (MTN) 2017/2022 | EUR | 400 000 | | | % | 100.778 | 403 112.00 | 0.48 |\",\n \"| 1.00 % Lloyds Banking Group PLC (MTN) 2016/2023 ... | EUR | 400 000 | | | % | 102.118 | 408 472.00 | 0.49 |\",\n \"| 0.199 % Lloyds Banking Group PLC (MTN) 2017/2024 * .\",\n \"| EUR | 1 200 000 | | | % | 101.52 | 1 218 240.00 | 1.46 |\",\n \"| 0.50 % Lloyds Banking Group PLC (MTN) 2019/2025 * .\",\n \"| EUR | 300 000 | 300 000 | | % | 101.099 | 303 297.00 | 0.36 |\",\n \"| 0.00 % Lseg Netherlands BV 2021/2025 | EUR | 160 000 | 160 000 | | % | 99.82 | 159 712.00 | 0.19 |\",\n \"| 0.00 % LVMH Moet Hennessy Louis Vuitton SE 2020/2022 * | EUR | 900 000 | | | % | 100.059 | 900 531.00 | 1.08 |\",\n \"| 0.352 % Macquarie Bank Ltd 2021/2023 * | EUR | 140 000 | 140 000 | | % | 101.414 | 141 979.60 | 0.17 |\",\n \"| 1.00 % McDonald‘s Corp. (MTN) 2016/2023 | EUR | 200 000 | 200 000 | | % | 102.274 | 204 548.00 | 0.25 |\",\n \"| 0.00 % Mizuho Financial Group, Inc. (MTN) 2018/2023 * .\",\n \"| EUR | 1 200 000 | | | % | 100.566 | 1 206 792.00 | 1.44 |\",\n \"| 0.637 % Morgan Stanley (MTN) 2019/2024 * | EUR | 400 000 | 400 000 | | % | 101.182 | 404 728.00 | 0.48 |\",\n \"| 2.50 % Natwest Group PLC (MTN) 2016/2023 | EUR | 400 000 | | | % | 103.283 | 413 132.00 | 0.49 |\",\n \"| 2.00 % Natwest Group PLC (MTN) 2017/2023 * | EUR | 1 200 000 | | | % | 100.421 | 1 205 052.00 | 1.44 |\",\n \"| 1.125 % NatWest Markets PLC (MTN) 2018/2023 | EUR | 200 000 | 200 000 | | % | 101.909 | 203 818.00 | 0.24 |\",\n \"| 0.00 % OMV AG 2020/2023 | EUR | 400 000 | | | % | 100.414 | 401 656.00 | 0.48 |\",\n \"| 0.125 % OP Corporate Bank plc 2020/2024 | EUR | 1 200 000 | | | % | 100.632 | 1 207 584.00 | 1.44 |\",\n \"| 0.449 % OP Corporate Bank Plc 2021/2024 * | EUR | 500 000 | 500 000 | | % | 101.729 | 508 645.00 | 0.61 |\",\n \"| 1.125 % Orange SA (MTN) 2019/2024 | EUR | 200 000 | 200 000 | | % | 102.882 | 205 764.00 | 0.25 |\",\n \"| 0.00 % Orange SA (MTN) 2021/2026 | EUR | 100 000 | 100 000 | | % | 99.29 | 99 290.00 | 0.12 |\",\n \"| 2.00 % Procter & Gamble Co.\",\n \"/The (MTN) 2012/2022 ....\",\n \"| EUR | 410 000 | 410 000 | | % | 101.56 | 416 396.00 | 0.50 |\",\n \"| 0.00 % RCI Banque SA (MTN) 2018/2023 * | EUR | 200 000 | 200 000 | | % | 100.201 | 200 402.00 | 0.24 |\",\n \"| 0.262 % Santander UK Group Holdings PLC (MTN) 2018/2024 * | EUR | 700 000 | | | % | 100.739 | 705 173.00 | 0.84 |\",\n \"| 0.093 % SBB Treasury Oyj 2021/2023 * | EUR | 200 000 | 200 000 | | % | 100.034 | 200 068.00 | 0.24 |\",\n \"| 0.05 % Skandinaviska Enskilda Banken AB (MTN) | | | | | | | | |\",\n \"| 2019/2024 | EUR | 400 000 | 400 000 | | % | 100.459 | 401 836.00 | 0.48 |\",\n \"| 0.25 % Skandinaviska Enskilda Banken AB 2020/2023 . . . | EUR | 500 000 | | | % | 100.75 | 503 750.00 | 0.60 |\",\n \"| 0.236 % Société Générale SA (MTN) 2017/2024 * | EUR | 1 000 000 | | | % | 101.343 | 1 013 430.00 | 1.21 |\",\n \"| 0.00 % Société Générale SA (MTN) 2018/2023 * | EUR | 700 000 | | | % | 100.514 | 703 598.00 | 0.84 |\",\n \"| 0.75 % Standard Chartered PLC (MTN) 2017/2023 * ....\",\n \"| EUR | 800 000 | | | % | 100.641 | 805 128.00 | 0.96 |\",\n \"| 0.436 % Toyota Motor Finance Netherlands BV 2021/2024 * | EUR | 600 000 | 600 000 | | % | 101.589 | 609 534.00 | 0.73 |\",\n \"| 0.00 % Traton Finance Luxembourg SA 2021/2024 | EUR | 100 000 | 100 000 | | % | 99.791 | 99 791.00 | 0.12 |\",\n \"| 0.175 % Traton Finance Luxembourg SA 2021/2023 * ....\",\n \"| EUR | 200 000 | 200 000 | | % | 100.691 | 201 382.00 | 0.24 |\",\n \"| 0.125 % Traton Finance Luxembourg SA 2021/2024 | EUR | 100 000 | 100 000 | | % | 99.887 | 99 887.00 | 0.12 |\",\n \"| 1.25 % UBS Group Funding Switzerland AG (MTN) | | | | | | | | |\",\n \"| 2018/2025 * | EUR | 300 000 | 300 000 | | % | 102.693 | 308 079.00 | 0.37 |\",\n \"| 2.00 % UniCredit SpA (MTN) 2016/2023 | EUR | 280 000 | | | % | 102.527 | 287 075.60 | 0.34 |\",\n \"| 0.129 % UniCredit SpA (MTN) 2016/2023 * | EUR | 1 200 000 | | | % | 100.633 | 1 207 596.00 | 1.44 |\",\n \"| 0.816 % Upjohn Finance BV 2020/2022 | EUR | 200 000 | 200 000 | | % | 100.553 | 201 106.00 | 0.24 |\",\n \"| 0.375 % Volkswagen Bank GmbH 2019/2022 | EUR | 400 000 | | | % | 100.373 | 401 492.00 | 0.48 |\",\n \"| 0.988 % Volkswagen International Finance NV (MTN) | | | | | | | | |\",\n \"| 2018/2024 * | EUR | 400 000 | 400 000 | | % | 103.582 | 414 328.00 | 0.50 |\",\n \"| 1.00 % Volkswagen Leasing GmbH (MTN) 2018/2023 ... | EUR | 500 000 | 500 000 | | % | 101.38 | 506 900.00 | 0.61 |\",\n \"| 0.00 % Volkswagen Leasing GmbH 2021/2023 | EUR | 450 000 | 450 000 | | % | 100.167 | 450 751.50 | 0.54 |\",\n \"| 0.00 % Volvo Treasury AB 2020/2023 | EUR | 600 000 | | | % | 100.304 | 601 824.00 | 0.72 |\",\n \"| 0.125 % Volvo Treasury AB 2020/2024 | EUR | 1 000 000 | | | % | 100.439 | 1 004 390.00 | 1.20 |\",\n \"| 0.75 % Vonovia Finance BV (MTN) 2017/2022 | EUR | 500 000 | 500 000 | | % | 100.078 | 500 390.00 | 0.60 |\",\n \"| 0.00 % Vonovia SE 2021/2023 | EUR | 100 000 | 100 000 | | % | 100.314 | 100 314.00 | 0.12 |\",\n \"| 0.00 % Vonovia SE 2021/2025 | EUR | 100 000 | 100 000 | | % | 98.998 | 98 998.00 | 0.12 |\",\n \"| 0.625 % Westpac Banking Corp. (MTN) 2017/2024 | EUR | 200 000 | 200 000 | | % | 101.852 | 203 704.00 | 0.24 |\",\n \"| 0.70 % American Express Co. (MTN) 2021/2026 * | USD | 200 000 | 200 000 | | % | 100.11 | 176 646.50 | 0.21 |\",\n \"| 1.381 % AT&T, Inc. (MTN) 2018/2024 * | USD | 500 000 | 500 000 | | % | 101.689 | 448 579.50 | 0.54 |\",\n \"| 0.739 % Bank of America Corp. 2021/2025 * | USD | 300 000 | 300 000 | | % | 100.638 | 266 367.25 | 0.32 |\",\n \"| 0.369 % Bank of Montreal 2021/2024 * | USD | 300 000 | 300 000 | | % | 99.842 | 264 260.41 | 0.32 |\",\n \"| 0.67 % Bank of Montreal (MTN) 2021/2026 * | USD | 300 000 | 300 000 | | % | 99.94 | 264 519.79 | 0.32 |\",\n \"| 0.595 % Bank of Nova Scotia/The (MTN) 2021/2026 * ....\",\n \"| USD | 495 000 | 495 000 | | % | 99.953 | 436 514.43 | 0.52 |\",\n \"| 0.494 % Bank of Nova Scotia/The 2021/2024 * | USD | 100 000 | 100 000 | | % | 100.1 | 88 314.43 | 0.11 |\",\n \"| 0.66 % Bank of Nova Scotia/The (MTN) 2021/2026 * ....\",\n \"| USD | 360 000 | 360 000 | | % | 99.849 | 317 134.72 | 0.38 |\",\n \"| 0.49 % Baxter International, Inc.\",\n \"-Reg- 2021/2024 * | USD | 80 000 | 80 000 | | % | 99.858 | 70 480.74 | 0.08 |\",\n \"| 0.58 % BMW US Capital LLC -Reg- 2021/2024 * | USD | 100 000 | 100 000 | | % | 100.507 | 88 673.51 | 0.11 |\",\n \"| 0.469 % Canadian Imperial Bank of Commerce 2021/2024 * | USD | 150 000 | 150 000 | | % | 99.789 | 132 060.06 | 0.16 |\",\n \"| 0.32 % Caterpillar Financial Services Corp. 2021/2024 * .\",\n \"| USD | 190 000 | 190 000 | | % | 100.067 | 167 742.09 | 0.20 |\",\n \"| 0.55 % Charles Schwab Corp.\",\n \"/The 2021/2024 * | USD | 200 000 | 200 000 | | % | 100.322 | 177 020.58 | 0.21 |\",\n \"| 1.258 % Citigroup, Inc. (MTN) 2017/2024 * | USD | 600 000 | 600 000 | | % | 101.075 | 535 047.79 | 0.64 |\",\n \"| 0.719 % Citigroup, Inc. 2021/2025 * | USD | 400 000 | 400 000 | | % | 100.466 | 354 549.34 | 0.42 |\",\n \"| 0.349 % Cooperatieve Rabobank UA/NY 2021/2024 * ....\",\n \"| USD | 500 000 | 800 000 | 300 000 | % | 100.103 | 441 585.37 | 0.53 |\",\n \"| 0.65 % Daimler Trucks Finance North America LLC -Reg- | | | | | | | | |\",\n \"| 2021/2023 * | USD | 150 000 | 150 000 | | % | 100.111 | 132 486.20 | 0.16 |\",\n \"| 0.80 % Daimler Trucks Finance North America LLC -Reg- | | | | | | | | |\",\n \"| 2021/2024 * | USD | 300 000 | 300 000 | % | 100.157 | 265 094.15 | 0.32 |\",\n \"| 0.48 % Federation des Caisses Desjardins du Quebec | | | | | | | | |\",\n \"| -Reg- 2021/2024 * | USD | 200 000 | 200 000 | % | 100.193 | 176 792.95 | 0.21 |\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| 0.669 % General Motors Financial Co, Inc. 2021/2024 * ... | USD | 120 000 | 120 000 | | % | 99.932 | 105 799.45 | 0.13 |\",\n \"| 0.63 % Goldman Sachs Group, Inc.\",\n \"/The 2021/2024 * ....\",\n \"| USD | 400 000 | 400 000 | | % | 100.044 | 353 060.08 | 0.42 |\",\n \"| 0.63 % HSBC Holdings PLC 2021/2024 * | USD | 200 000 | 200 000 | | % | 100.032 | 176 508.86 | 0.21 |\",\n \"| 0.249 % John Deere Capital Corp. 2021/2024 * | USD | 70 000 | 70 000 | | % | 99.773 | 61 618.15 | 0.07 |\",\n \"| 0.63 % JPMorgan Chase & Co. 2021/2024 * | USD | 400 000 | 400 000 | | % | 100.144 | 353 412.98 | 0.42 |\",\n \"| 0.63 % JPMorgan Chase & Co. 2021/2025 * | USD | 300 000 | 300 000 | | % | 100.003 | 264 686.54 | 0.32 |\",\n \"| 0.65 % JPMorgan Chase & Co. 2021/2025 * | USD | 400 000 | 400 000 | | % | 100.085 | 353 204.77 | 0.42 |\",\n \"| 0.759 % Macquarie Group Ltd -Reg- 2021/2025 * | USD | 180 000 | 180 000 | | % | 100.124 | 159 004.08 | 0.19 |\",\n \"| 0.54 % National Bank of Canada 2021/2024 * | USD | 250 000 | 250 000 | | % | 100.106 | 220 799.30 | 0.26 |\",\n \"| 0.81 % NatWest Markets PLC -Reg- (MTN) 2021/2026 * .\",\n \"| USD | 200 000 | 200 000 | | % | 100.122 | 176 667.67 | 0.21 |\",\n \"| 0.349 % Royal Bank of Canada 2021/2024 * | USD | 400 000 | 600 000 | 200 000 | % | 99.916 | 352 608.36 | 0.42 |\",\n \"| 0.574 % Royal Bank of Canada (MTN) 2021/2026 * | USD | 600 000 | 600 000 | | % | 99.945 | 529 066.05 | 0.63 |\",\n \"| 0.41 % Royal Bank of Canada 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.992 | 176 438.28 | 0.21 |\",\n \"| 0.389 % Royal Bank of Canada 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.917 | 176 305.94 | 0.21 |\",\n \"| 0.639 % Royal Bank of Canada (MTN) 2021/2026 *\",\n \".48 % Siemens Financieringsmaatschappij NV -Reg- 2021/2024 * | USD USD | 100 000 250 000 | 100 000 250 000 | | % % | 99.858 100.31 | 88 100.92 221 249.25 | 0.11 0.27 |\",\n \"| 1.299 % Standard Chartered PLC -Reg- 2020/2023 * | USD | 500 000 | 500 000 | | % | 100.652 | 444 007.17 | 0.53 |\",\n \"| 0.98 % Standard Chartered PLC 2021/2025 * | USD | 200 000 | 200 000 | | % | 100.214 | 176 830.01 | 0.21 |\",\n \"| 0.49 % Sumitomo Mitsui Trust Bank Ltd -Reg- 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.951 | 176 365.94 | 0.21 |\",\n \"| 0.579 % Thermo Fisher Scientific, Inc. 2021/2024 * | USD | 60 000 | 60 000 | | % | 100.103 | 52 990.24 | 0.06 |\",\n \"| 0.405 % Toronto-Dominion Bank/The 2021/2024 * | USD | 245 000 | 245 000 | | % | 99.993 | 216 139.06 | 0.26 |\",\n \"| 0.40 % Toronto-Dominion Bank/The 2021/2024 * | USD | 400 000 | 400 000 | | % | 99.861 | 352 414.26 | 0.42 |\",\n \"| 0.379 % Toyota Motor Credit Corp. 2021/2024 * | USD | 700 000 | 700 000 | | % | 99.921 | 617 095.51 | 0.74 |\",\n \"| 0.34 % Toyota Motor Credit Corp. 2021/2024 * | USD | 180 000 | 180 000 | | % | 99.719 | 158 360.91 | 0.19 |\",\n \"| 0.41 % UBS AG/London -144A- 2021/2024 * | USD | 200 000 | 200 000 | | % | 99.934 | 176 335.94 | 0.21 |\",\n \"| 0.50 % UBS AG/London 2021/2024 * | USD | 200 000 | 200 000 | | % | 100.177 | 176 764.72 | 0.21 |\",\n \"| 0.55 % Verizon Communications, Inc. 2021/2024 * | USD | 205 000 | 205 000 | | % | 100.366 | 181 525.67 | 0.22 |\",\n \"| 0.84 % Verizon Communications, Inc. (MTN) 2021/2026 * | USD | 125 000 | 125 000 | | % | 101.033 | 111 421.97 | 0.13 |\",\n \"| Securities admitted to or included in organized markets | | | | | | | 927 471.76 | 1.11 |\",\n \"| Interest-bearing securities 0.69 % AT&T, Inc. 2021/2024 * | USD | 100 000 | 100 000 | | % | 100.079 | 88 295.90 | 0.10 |\",\n \"| 0.459 % Banque Federative du Credit Mutuel SA 2021/2025 * | USD | 300 000 | 300 000 | | % | 99.848 | 264 276.29 | 0.32 |\",\n \"| 0.43 % BMW US Capital LLC -144A- 2021/2024 *\",\n \".57 % Commonwealth Bank of Australia -144A- (MTN) 2021/2026 * | USD USD | 150 000 200 000 | 150 000 200 000 | | % % | 100.138 100.252 | 132 521.93 176 897.06 | 0.16 0.21 |\",\n \"| 0.57 % Westpac Banking Corp. (MTN) 2021/2026 * | USD | 300 000 | 300 000 | | % | 100.303 | 265 480.58 | 0.32 |\",\n \"| Total securities portfolio | | | | | | | 73 471 006.24 | 87.85 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Currency derivatives Receivables/payables | | | | | | | -157 046.78 | -0.19 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (short) | | | | | | | | |\",\n \"| Open positions EUR/USD 14.1 million | | | | | | | -157 046.78 | -0.19 |\",\n \"| Cash at bank | | | | | | | 10 419 438.35 | 12.46 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 10 367 148.60 | 12.40 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| U.S. dollar | USD | 59 268 | | | | | 52 289.75 | 0.06 |\",\n \"| Other assets | 137 878.88 | 0.16 |\",\n \"| Interest receivable | 137 878.88 | 0.16 |\",\n \"| Total assets ** | 84 028 323.47 | 100.47 |\",\n \"| Other liabilities | -30 369.97 | -0.03 |\",\n \"| Liabilities from cost items | -30 369.97 | -0.03 |\",\n \"| Liabilities from share certificate transactions | -211 431.32 | -0.25 |\",\n \"| Total liabilities | -398 848.07 | -0.47 |\",\n \"| Net assets | 83 629 475.40 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class NC | EUR | 99.39 |\",\n \"| Number of shares outstanding Class NC | Count | 841 441.148 |\",\n \"Presentation of the maximum limit (according to CSSF circular 11/512) 1.4% of portfolio value (January 1, 2021 – March 9, 2021)\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 0.137 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 0.446 |\",\n \"| Average market risk exposure | % | 0.377 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through March 9, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.\",\n \"Presentation of the maximum limit (according to CSSF circular 11/512) 14.14% of portfolio value (March 10, 2021 – December 31, 2021)\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 0.049 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 0.132 |\",\n \"| Average market risk exposure | % | 0.089 |\",\n \"The values-at-risk were calculated for the period from March 10, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the absolute value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 12 399 222.94 as of the reporting date.\",\n \"Market abbreviations\",\n \"Contracting parties for forward currency transactions\",\n \"Barclays Bank Ireland PLC, Deutsche Bank AG, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank and UBS AG.\",\n \"| Exchange rates (indirect quotes) | |\",\n \"| --- | --- |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | As of December 30, 2021 1 |\",\n \"| Notes on valuation | | | |\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"Footnotes\",\n \"* Floating interest rate.\",\n \"** Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"###### Statement of changes in net assets\\t2021\",\n \"- Value of the fund‘s net assets\",\n \"| - Income\",\n \"- Interest from securities (before withholding tax)\",\n \"- 1\",\n \"| EUR | -68 337.60 | at the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . - Net inflows\",\n \"- Income adjustment\",\n \"| EUR EUR EUR | 112 797 089.62 -28 654 847.73 -89 925.74 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| 2. Deduction for foreign withholding tax | EUR | -97.81 | 3. Net investment income | EUR | -416 304.40 |\",\n \"| Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | -68 435.41 | | - Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . .\",\n \"- Net change in unrealized appreciation/depreciation ....\",\n \"| EUR EUR | -514 091.56 507 555.21 |\",\n \"| II.\",\n \"Expenses | | | | II.\",\n \"Value of the fund‘s net assets . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | | |\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-68 373.65\",\n \"- Management fee EUR\\t-223 749.15thereof:\",\n \"| 3. Depositary fee | EUR | -1 116.61 | |\",\n \"| --- | --- | --- | --- |\",\n \"| 4. Auditing, legal and publication costs | EUR | -7 132.49 | | | |\",\n \"| 5. Taxe d‘abonnement | EUR | -40 441.08 | Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"| EUR | -514 091.56 |\",\n \"| 6. Other expenses | EUR | -7 056.01 | from: | | |\",\n \"Basic management fee EUR\\t-209 756.66 Administration fee EUR\\t\\t-13 992.49\",\n \"at the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t83 629 475.40\",\n \"| | Securities transactions | EUR | 9 945.28 |\",\n \"| --- | --- | --- | --- |\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -347 868.99 | (Forward) currency transactions | EUR | -524 036.84 |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"IV.\",\n \"Sale transactions | EUR | -416 304.40 | | | |\",\n \"Summary of gains/losses\\t2021\",\n \"Realized gains/losses EUR\\t-514 091.56\",\n \"###### Details on the distribution policy*\",\n \"Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-514 091.56\",\n \"V. Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-930 395.96\",\n \"1\",\n \"This item includes discounts of EUR 425 250.92.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class NC 0.33% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 2 180.57.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Class NC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the fiscal year\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t83 629 475.40\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t112 797 089.62\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-\",\n \"Net asset value per share at the end of the fiscal year\",\n \"2021\\tClass NC EUR\\t99.39\",\n \"2020\\tClass NC EUR\\t99.94\",\n \"2019\\tClass NC EUR\\t-\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.09% of all transactions.\",\n \"The total volume was EUR 2 607 950.83.\",\n \"## DWS Invest II European Equity Focussed Alpha (in liquidation)\",\n \"#### Investment objective and performance in the reporting period\",\n \"The objective of the sub-fund DWS Invest II European Equity Focussed Alpha (in liquidation) was to generate sustained cap- ital appreciation that exceeds the benchmark, the MSCI Europe.\",\n \"To achieve this objec-\",\n \"DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)\",\n \"Five-year performance\",\n \"150\",\n \"140\",\n \"130\",\n \"120\",\n \"110\",\n \"100\",\n \"90\",\n \"80\",\n \"tive, it invested in selected\",\n \"3/24/16*\",\n \"3/17\",\n \"3/18\\t3/19\\t3/20\",\n \"24.3.21\",\n \"equities of European issuers in a concentrated portfolio based\",\n \"DWS Invest II European Equity Focussed Alpha (in liquidation) (LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 3/24/2016 = 100\",\n \"Data on euro basis\",\n \"on fundamental bottom-up\",\n \"research.\",\n \"In addition to major international blue-chip com- panies with large market cap- italizations and corresponding liquidity, a smaller selection of small- and mid-cap companies was also included in the port- folio.\",\n \"Bottom-up factors such as stock valuations and share- price and earnings trends, as well as the quality of the bal- ance sheet and the business model, were crucial to the selection of stocks.\",\n \"Depending on the capital market situation, the sub-fund’s level of invest- ment could also be flexibly controlled through the use of derivatives.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)\",\n \"Performance of share classes vs. benchmark (in EUR)\",\n \"| Share class | ISIN | Since the beginning of the shortened fiscal year |\",\n \"| --- | --- | --- |\",\n \"| Class LC | LU0781236566 | 2.4% |\",\n \"| Class FC | LU0781237028 | 2.6% |\",\n \"| Class FD | LU0781237291 | 2.6% |\",\n \"| Class LD | LU0781236640 | 2.4% |\",\n \"| Class NC 1 | LU0781236723 | – |\",\n \"| Class ND 1 | LU0781236996 | – |\",\n \"| Class XC | LU1697911474 | 2.7% |\",\n \"| MSCI Europe | | 6.4% |\",\n \"1\",\n \"Last share price calculation on June 11, 2014.\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: March 24, 2021 (liquidation date)\",\n \"In addition to still very low interest rates and volatility in the capital markets, the invest- ment climate in the reporting period was characterized in particular by the COVID-19* crisis.\",\n \"Against this backdrop, the sub-fund appreciated by 2.4% per share (LC share class; BVI method) in the shortened fiscal year from January 1, 2021, through March 24, 2021.\",\n \"It thus fell short of its bench- mark, the MSCI Europe (NR), which posted a gain of 6.4%\",\n \"(both percentages in euro terms).\",\n \"#### Investment policy in the reporting period\",\n \"Until its liquidation, the sub- fund was invested in European equities.\",\n \"The global social and economic consequences of the coronavirus continued to exert a firm grip on the inter- national capital markets.\",\n \"The virus restrictions, some of which remain in place, caused significant disruptions to the\",\n \"global supply chains amid a simultaneous surge in demand as a result of the global eco- nomic recovery.\",\n \"This led to rising raw material prices and logistics costs, as well as to shortages of many important precursors such as semicon- ductors.\",\n \"Companies with good control of their own value chain and considerable pricing power had an advantage in such an environment.\",\n \"#### Liquidation\",\n \"The sub-fund DWS Invest II European Equity Focussed Alpha (in liquidation) was liqui- dated effective March 24, 2021.\",\n \"The issue of new shares was discontinued effective March 3, 2021; the last redemption of shares occurred up to the order acceptance deadline on March 3, 2021.\",\n \"#### Information on the environmental and/or social characteristics\",\n \"The investment fund qualifies as a product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"DWS INVEST II EUROPEAN EQUITY FOCUSSED ALPHA (IN LIQUIDATION)\",\n \"Liquidation proceeds for the share classes (in EUR)\",\n \"| Share class | ISIN | Liquidation proceeds per share |\",\n \"| --- | --- | --- |\",\n \"| Class XC | LU1697911474 | 114.26 |\",\n \"| Class LC | LU0781236566 | 191.14 |\",\n \"| Class LD | LU0781236640 | 183.48 |\",\n \"| Class FC | LU0781237028 | 205.26 |\",\n \"| Class FD | LU0781237291 | 138.30 |\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"DWS Invest II European Equity Focussed Alpha (in liquidation)\",\n \"| Overview of net assets as of March 24, 2021 (liquidation date) | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets 1. Cash at bank | 68 171 593.93 | 99.96 |\",\n \"| 2. Other assets | 85 435.43 | 0.13 |\",\n \"| II.\",\n \"Liabilities 1. Loan liabilities | -0.54 | 0.00 |\",\n \"| 2. Other liabilities | -63 819.15 | -0.09 |\",\n \"| 3. Liabilities from share certificate transactions | -68 193 209.67 | -100.00 |\",\n \"| III.\",\n \"Net assets | 0.00 | 0.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – March 24, 2021 (liquidation date)\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| | currency | amount | in the reporting period | EUR | |\",\n \"| Securities traded on an exchange | | | | 68 171 593.93 | 99.96 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | 68 166 211.49 | 99.95 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | |\",\n \"| British pound | GBP | 6 | | 6.47 | 0.00 |\",\n \"| Swiss franc | CHF | 5 | | 4.62 | 0.00 |\",\n \"| U.S. dollar | USD | 6 354 | | 5 371.35 | 0.01 |\",\n \"| Other assets | | | | 85 435.43 | 0.13 |\",\n \"| Dividends/Distributions receivable | | | | 72 953.46 | 0.11 |\",\n \"| Receivables from exceeding the expense cap | | | | 12 481.97 | 0.02 |\",\n \"| Total assets | | | | 68 257 029.36 | 100.09 |\",\n \"| Short-term liabilities | | | | -0.54 | 0.00 |\",\n \"| Other liabilities | | | | -63 819.15 | -0.09 |\",\n \"| Liabilities from cost items | | | | -63 819.15 | -0.09 |\",\n \"| Liabilities from share certificate transactions | | | | -68 193 209.67 | -100.00 |\",\n \"| Total liabilities | | | | -68 257 029.36 | -100.09 |\",\n \"| Net assets | | | | 0.00 | 0.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class FC | EUR | 0.00 |\",\n \"| Class FD | EUR | 0.00 |\",\n \"| Class LC | EUR | 0.00 |\",\n \"| Class LD | EUR | 0.00 |\",\n \"| Class XC | EUR | 0.00 |\",\n \"| Number of shares outstanding Class FC | Count | 0.000 |\",\n \"| Class FD | Count | 0.000 |\",\n \"| Class LC | Count | 0.000 |\",\n \"| Class LD | Count | 0.000 |\",\n \"| Class XC | Count | 0.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe in EUR\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 0.026 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 134.872 |\",\n \"| Average market risk exposure | % | 97.941 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021 through March 24, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of March 24, 2021 (liquidation date)\",\n \"| Swiss franc\\tCHF | 1.107347 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.862276 | = EUR | 1 |\",\n \"| U.S. dollar\\tUSD | 1.182999 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Against the backdrop of the resolution of the Board of Directors of the SICAV to put the fund into liquidation effective March 24, 2021, the going-concern basis was relinquished and the financial statements were prepared on the basis of liquidation values.\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2020, through March 24, 2021 (liquidation date)\",\n \"###### Statement of changes in net assets\\t2021\",\n \"I. Value of the fund‘s net assets\",\n \"| | at the beginning of the shortened fiscal year . . . .\",\n \". .\",\n \"| EUR | 66 561 768.52 |\",\n \"| --- | --- | --- | --- |\",\n \"| I. Income | | | | 1. | Distribution for the previous year | EUR | -11 010.60 |\",\n \"| 1. Dividends (before withholding tax) | EUR | 77 943.74 | | 2. | Net outflows | EUR | -68 281 919.64 |\",\n \"| 2. Deduction for foreign withholding tax 1 | EUR | 407.60 | | 3. | Income adjustment | EUR | 13 117 078.88 |\",\n \"| 3. Income adjustment | EUR | -78 351.34 | | 4. | Net investment income | EUR | 0.00 |\",\n \"| | | | | 5. | Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 0.00 |\",\n \"| Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 0.00 | | 6. | Net change in unrealized appreciation/depreciation ....\",\n \"| EUR | -11 385 917.16 |\",\n \"| | | | | | | | |\",\n \"| - Expenses\",\n \"- Interest on borrowings and\",\n \"| | | | II.\",\n \"| Value of the fund‘s net assets at the end of the shortened fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 0.00 |\",\n \"| negative interest on deposits | EUR | -2 298.66 | | | | | |\",\n \"| 2. Management fee | EUR | -107 192.29 | | | | | |\",\n \"thereof:\",\n \"| Summary of gains/losses | | 2021 |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"| EUR | 0.00 |\",\n \"| from: Securities transactions | EUR | 13 118 151.60 |\",\n \"| (Forward) currency transactions | EUR | 33 675.68 |\",\n \"| Income adjustment | EUR | -13 151 827.28 |\",\n \"Basic management fee EUR\\t-100 623.11 Income from expense cap EUR\\t2 075.93\",\n \"Administration fee EUR\\t-8 645.11\",\n \"| 3. Depositary fee | EUR | -584.69 |\",\n \"| --- | --- | --- |\",\n \"| 4. Auditing, legal and publication costs 2 | EUR | 7 988.01 |\",\n \"| 5. Other expenses | EUR | -11 012.11 |\",\n \"| 6. Reimbursed expenses | EUR | 113 099.74 |\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 0.00 |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 0.00 |\",\n \"| IV.\",\n \"Sale transactions 1. Realized gains/losses | EUR | 13 151 827.28 |\",\n \"| 2. Income adjustment | EUR | -13 151 827.28 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 0.00 |\",\n \"| V. Realized net gain/loss for the shortened fiscal year .\",\n \"| EUR | 0.00 |\",\n \"1\",\n \"This includes primarily income from the release of excess accruals in the amount of EUR 407.60.\",\n \"2\",\n \"This includes primarily income from the release of excess accruals in the amount of EUR 11 065.82.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class FC 0.19%\",\n \"2\",\n \",\\tClass FD 0.19%\",\n \"2\",\n \"Class LC 0.36%\",\n \"2\",\n \",\\tClass LD 0.36%\",\n \"2\",\n \"Class XC 0.06%\",\n \"2\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given short- ened fiscal year.\",\n \"2\",\n \"Annualization has not been performed for share classes liquidated during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 25 304.70.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the (shortened) fiscal year\",\n \"March 24, 2021 (liquidation date) .\",\n \"EUR\\t0.00\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t66 561 768.52\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t85 358 054.25\",\n \"Net asset value per share at the end of the (shortened) fiscal year March 24, 2021 (liquidation date)\",\n \"| | Class FC .\",\n \"| EUR | - |\",\n \"| --- | --- | --- | --- |\",\n \"| Class FD .\",\n \"| EUR | - |\",\n \"| Class LC .\",\n \"| EUR | - |\",\n \"| Class LD .\",\n \"| EUR | - |\",\n \"| Class XC .\",\n \"| EUR | - |\",\n \"| 2020 | Class FC .\",\n \"| EUR | 200.10 |\",\n \"| | Class FD .\",\n \"| EUR | 135.93 |\",\n \"| | Class LC .\",\n \"| EUR | 186.65 |\",\n \"| | Class LD .\",\n \"| EUR | 179.45 |\",\n \"| | Class XC .\",\n \"| EUR | 111.25 |\",\n \"| 2019 | Class FC .\",\n \"| EUR | 204.99 |\",\n \"| | Class FD .\",\n \"| EUR | 141.87 |\",\n \"| | Class LC .\",\n \"| EUR | 192.65 |\",\n \"| | Class LD .\",\n \"| EUR | 187.22 |\",\n \"| | Class XC .\",\n \"| EUR | 113.34 |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00 % of all transactions.\",\n \"The total volume was EUR 0.00.\",\n \"#### Investment objective and performance in the reporting period\",\n \"DWS Invest II European Top Dividend invests primarily in equities of highly capitalized European companies that in addition to above-average dividend yields also have pro- jections of dividend growth\",\n \"DWS INVEST II EUROPEAN TOP DIVIDEND\",\n \"Five-year performance\",\n \"140\",\n \"130\",\n \"120\",\n \"110\",\n \"100\",\n \"90\",\n \"80\",\n \"70\",\n \"and reasonable payout ratios\",\n \"12/16*\",\n \"12/17\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"(dividend distribution as a per- centage of net income for the\",\n \"DWS Invest II European Top Dividend (LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 12/2016 = 100\",\n \"Data on euro basis\",\n \"year).\",\n \"In addition, they must\",\n \"have excellent fundamentals such as balance sheet quality and business model.\",\n \"The sub-fund recorded an appreciation of 16.4% per share (LC share class; BVI method) in the fiscal year through Decem- ber 31, 2021.\",\n \"#### Investment policy in the reporting period\",\n \"The performance of the interna- tional capital markets in 2021 continued to be affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy.\",\n \"In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in\",\n \"light of the weakened global economy – supported price\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INVEST II EUROPEAN TOP DIVIDEND\",\n \"Performance of share classes (in EUR)\",\n \"| Share class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LC | LU0781237614 | 16.4% | 33.8% | 29.6% |\",\n \"| Class FC | LU1241941308 | 17.2% | 36.9% | 34.4% |\",\n \"| Class FD | LU1242509609 | 17.2% | 36.9% | 34.6% |\",\n \"| Class LD | LU0781237705 | 16.4% | 33.8% | 29.6% |\",\n \"| Class LDH (P) | LU1322113884 | 13.0% | 29.6% | 28.7% |\",\n \"| Class NC | LU0781237887 | 15.6% | 31.0% | 25.1% |\",\n \"| Class ND | LU0781237960 | 15.5% | 31.1% | 25.2% |\",\n \"| Class TFC | LU1663960000 | 17.2% | 36.9% | 21.3% 1 |\",\n \"| Class TFD | LU1663960182 | 17.2% | 36.9% | 21.0% 1 |\",\n \"| Class XC | LU0781238000 | 17.8% | 38.8% | 37.7% |\",\n \"| Class XD | LU0781238182 | 17.8% | 38.8% | 37.7% |\",\n \"| Class CHF LDH (P) 2 | LU1322113702 | 12.7% | 28.1% | 25.8% |\",\n \"1\",\n \"Classes TFC and TFD launched on January 15, 2018\",\n \"2 in CHF\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"performance in the financial markets.\",\n \"The economic outlook improved since the beginning of 2021, but concerns about inflation also arose among investors.\",\n \"In addition, the rapid spread of the coronavirus and its mutations, as well as the associated new restrictions, dampened economic pros- pects.\",\n \"Against this backdrop, European equities still posted\",\n \"noticeable price gains overall in the reporting period.\",\n \"The portfolio management main- tained its generally conservative positioning on the whole, but\",\n \"it did increase the weighting of industrials and financials in favor of a slightly more cyclical posi- tioning, while non-cyclical sec- tors such as consumer staples and health care were reduced.\",\n \"In the basic materials sector, the Anglo-Australian company BHP posted impressive results and recorded a significant increase in free cash flow due to the increased demand for commodities.\",\n \"The Danish company Novo Nordisk benefited from a significantly expanded valua- tion in 2021 and contributed\",\n \"strong appreciation within the portfolio.\",\n \"In the energy sector, Norway’s Equinor gained significantly amid rising demand for renew- able energies.\",\n \"Shares of Neste, in contrast, performed comparatively weakly as the Finnish compa- ny’s earnings receded.\",\n \"Information on the environmental and/or social characteristics\",\n \"The sub-fund qualifies as a\",\n \"product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors) Information Technology | 1 878 578.36 | 0.55 |\",\n \"| Telecommunication Services | 15 094 754.07 | 4.44 |\",\n \"| Consumer Discretionaries | 76 829 065.39 | 22.63 |\",\n \"| Energy | 29 369 181.55 | 8.65 |\",\n \"| Consumer Staples | 15 373 352.13 | 4.52 |\",\n \"| Financials | 66 458 631.99 | 19.54 |\",\n \"| Basic Materials | 61 513 436.45 | 18.10 |\",\n \"| Industrials | 36 713 032.55 | 10.79 |\",\n \"| Utilities | 23 865 075.05 | 7.02 |\",\n \"| Total equities | 327 095 107.54 | 96.24 |\",\n \"| 2. Derivatives | 4 695.47 | 0.00 |\",\n \"| 3. Cash at bank | 12 520 102.88 | 3.68 |\",\n \"| 4. Other assets | 1 825 860.32 | 0.54 |\",\n \"| 5. Receivables from share certificate transactions | 92 315.05 | 0.03 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -1 285 067.24 | -0.38 |\",\n \"| 2. Liabilities from share certificate transactions | -374 631.47 | -0.11 |\",\n \"| III.\",\n \"Net assets | 339 878 382.55 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| Securities traded on an exchange | | | | | | | 327 095 107.54 | 96.24 |\",\n \"| Equities Galenica AG | Count | 80 238 | | 28 900 | CHF | 68.9 | 5 338 764.94 | 1.57 |\",\n \"| Nestle SA | Count | 65 681 | 13 800 | 14 500 | CHF | 127.96 | 8 116 251.03 | 2.39 |\",\n \"| Novartis AG | Count | 71 973 | 28 400 | 800 | CHF | 80.54 | 5 597 868.78 | 1.65 |\",\n \"| Roche Holding AG | Count | 22 922 | 2 600 | 1 600 | CHF | 380.95 | 8 432 609.11 | 2.48 |\",\n \"| Moneta Money Bank AS | Count | 678 817 | | 189 500 | CZK | 94 | 2 560 856.55 | 0.75 |\",\n \"| AP Moller - Maersk A/S | Count | 1 700 | 1 700 | | DKK | 23 540 | 5 381 369.90 | 1.58 |\",\n \"| Carlsberg A/S | Count | 21 500 | 21 500 | | DKK | 1 135 | 3 281 495.30 | 0.97 |\",\n \"| Novo Nordisk A/S | Count | 77 704 | 4 100 | 2 200 | DKK | 733.6 | 7 665 494.28 | 2.26 |\",\n \"| Allianz SE | Count | 17 287 | | 4 900 | EUR | 207.65 | 3 589 645.55 | 1.06 |\",\n \"| APERAM | Count | 45 800 | 47 400 | 1 600 | EUR | 48 | 2 198 400.00 | 0.65 |\",\n \"| AXA SA | Count | 133 073 | 21 200 | 36 200 | EUR | 26.305 | 3 500 485.27 | 1.03 |\",\n \"| Azelis Group NV | Count | 39 408 | 60 008 | 20 600 | EUR | 25.74 | 1 014 361.92 | 0.30 |\",\n \"| Bankinter SA | Count | 632 500 | 235 800 | 180 500 | EUR | 4.517 | 2 857 002.50 | 0.84 |\",\n \"| BASF SE | Count | 77 600 | 86 300 | 8 700 | EUR | 61.78 | 4 794 128.00 | 1.41 |\",\n \"| Bayerische Motoren Werke AG -Pref- | Count | 59 100 | 63 000 | 3 900 | EUR | 73.3 | 4 332 030.00 | 1.27 |\",\n \"| BNP Paribas SA | Count | 52 034 | 30 500 | 20 400 | EUR | 60.71 | 3 158 984.14 | 0.93 |\",\n \"| Cie Générale des Etablissements Michelin SCA | Count | 33 814 | 7 500 | 4 000 | EUR | 144.8 | 4 896 267.20 | 1.44 |\",\n \"| Coface SA | Count | 231 500 | | 52 500 | EUR | 12.53 | 2 900 695.00 | 0.85 |\",\n \"| Covestro AG | Count | 56 194 | 25 000 | 15 600 | EUR | 54.2 | 3 045 714.80 | 0.90 |\",\n \"| Danone SA | Count | 68 316 | 42 900 | 43 300 | EUR | 54.93 | 3 752 597.88 | 1.10 |\",\n \"| Deutsche Pfandbriefbank AG | Count | 77 946 | | 163 800 | EUR | 10.57 | 823 889.22 | 0.24 |\",\n \"| Deutsche Post AG | Count | 118 750 | 18 500 | 5 000 | EUR | 56.54 | 6 714 125.00 | 1.98 |\",\n \"| Deutsche Telekom AG | Count | 538 926 | | 59 400 | EUR | 16.3 | 8 784 493.80 | 2.58 |\",\n \"| E.ON SE | Count | 453 930 | | 74 700 | EUR | 12.192 | 5 534 314.56 | 1.63 |\",\n \"| EDP Renovaveis SA | Count | 123 400 | 123 400 | | EUR | 21.68 | 2 675 312.00 | 0.79 |\",\n \"| Elisa Oyj | Count | 56 701 | | 3 100 | EUR | 54.38 | 3 083 400.38 | 0.91 |\",\n \"| Enel SpA | Count | 1 059 161 | 14 800 | 121 300 | EUR | 7.056 | 7 473 440.02 | 2.20 |\",\n \"| Essilor International Cie Générale d‘Optique SA . . . .\",\n \". . . .\",\n \". .\",\n \"| Count | 32 331 | 9 300 | 1 900 | EUR | 186.88 | 6 042 017.28 | 1.78 |\",\n \"| Euronext NV | Count | 88 762 | 26 074 | 8 400 | EUR | 89.9 | 7 979 703.80 | 2.35 |\",\n \"| Friedrich Vorwerk Group SE | Count | 17 131 | 37 731 | 20 600 | EUR | 28.56 | 489 261.36 | 0.14 |\",\n \"| Gaztransport Et Technigaz SA | Count | 36 300 | 36 300 | 17 088 | EUR | 82.05 | 2 978 415.00 | 0.88 |\",\n \"| Infrastrutture Wireless Italiane SpA | Count | 357 150 | 17 600 | | EUR | 10.68 | 3 814 362.00 | 1.12 |\",\n \"| Instone Real Estate Group AG | Count | 69 500 | | 1 400 | EUR | 16.64 | 1 156 480.00 | 0.34 |\",\n \"| JDE Peet‘s BV | Count | 63 534 | 32 000 | 28 700 | EUR | 27.19 | 1 727 489.46 | 0.51 |\",\n \"| Kone Oyj | Count | 53 300 | 53 300 | | EUR | 63.16 | 3 366 428.00 | 0.99 |\",\n \"| Koninklijke DSM NV | Count | 17 229 | 2 400 | 1 900 | EUR | 198.75 | 3 424 263.75 | 1.01 |\",\n \"| Koninklijke Philips NV | Count | 86 737 | | 15 800 | EUR | 32.945 | 2 857 550.47 | 0.84 |\",\n \"| LANXESS AG | Count | 25 531 | | 9 700 | EUR | 54.5 | 1 391 439.50 | 0.41 |\",\n \"| Mayr Melnhof Karton AG | Count | 13 059 | | 1 600 | EUR | 176.6 | 2 306 219.40 | 0.68 |\",\n \"| Neste Oyj | Count | 119 515 | 48 700 | 48 500 | EUR | 43.29 | 5 173 804.35 | 1.52 |\",\n \"| Sampo Oyj | Count | 110 439 | | 8 200 | EUR | 44.23 | 4 884 716.97 | 1.44 |\",\n \"| Sanofi | Count | 55 400 | 55 400 | | EUR | 89.35 | 4 949 990.00 | 1.46 |\",\n \"| Siemens Healthineers AG | Count | 33 931 | 1 100 | 4 200 | EUR | 65.82 | 2 233 338.42 | 0.66 |\",\n \"| Stellantis NV | Count | 206 800 | 206 800 | | EUR | 16.73 | 3 459 764.00 | 1.02 |\",\n \"| Talanx AG | Count | 149 781 | | 40 000 | EUR | 42.54 | 6 371 683.74 | 1.87 |\",\n \"| Total SA | Count | 127 643 | 55 900 | 68 900 | EUR | 44.89 | 5 729 894.27 | 1.69 |\",\n \"| Unilever PLC | Count | 148 109 | 55 700 | 29 100 | EUR | 47.245 | 6 997 409.71 | 2.06 |\",\n \"| Vantage Towers AG | Count | 155 238 | 160 438 | 5 200 | EUR | 32.2 | 4 998 663.60 | 1.47 |\",\n \"| Vinci SA | Count | 17 467 | 1 600 | 3 700 | EUR | 91.94 | 1 605 915.98 | 0.47 |\",\n \"| Vonovia SE | Count | 178 222 | 25 300 | 3 300 | EUR | 48.5 | 8 643 767.00 | 2.54 |\",\n \"| Anglo American PLC | Count | 37 600 | 159 700 | 122 100 | GBP | 30.32 | 1 359 147.10 | 0.40 |\",\n \"| Antofagasta PLC | Count | 320 352 | 92 100 | 86 300 | GBP | 13.435 | 5 131 147.89 | 1.51 |\",\n \"| BHP Group PLC | Count | 419 926 | | 262 200 | GBP | 22.13 | 11 079 077.51 | 3.26 |\",\n \"| Fresnillo PLC | Count | 160 312 | 29 100 | 24 500 | GBP | 8.73 | 1 668 513.40 | 0.49 |\",\n \"| HSBC Holdings PLC | Count | 484 700 | 484 700 | | GBP | 4.504 | 2 602 680.29 | 0.77 |\",\n \"| National Grid PLC | Count | 597 017 | | 79 100 | GBP | 10.808 | 7 692 747.11 | 2.26 |\",\n \"| Polymetal International PLC | Count | 434 761 | 61 800 | 34 400 | GBP | 12.99 | 6 733 008.33 | 1.98 |\",\n \"| Reckitt Benckiser Group PLC | Count | 109 147 | 28 200 | 7 800 | GBP | 63.41 | 8 251 235.42 | 2.43 |\",\n \"| Rio Tinto PLC | Count | 29 039 | 2 900 | 58 000 | GBP | 49.27 | 1 705 743.17 | 0.50 |\",\n \"| Royal Dutch Shell PLC | Count | 191 352 | | 156 500 | GBP | 16.226 | 3 701 637.61 | 1.09 |\",\n \"| Royal Dutch Shell PLC | Count | 191 496 | | 170 300 | GBP | 16.238 | 3 707 162.86 | 1.09 |\",\n \"| DNB Bank ASA | Count | 279 754 | 284 954 | 5 200 | NOK | 202.2 | 5 671 198.20 | 1.67 |\",\n \"| Equinor ASA | Count | 281 059 | 92 000 | 119 900 | NOK | 236.2 | 6 655 715.65 | 1.96 |\",\n \"| Gjensidige Forsikring BA | Count | 109 719 | | 4 400 | NOK | 214.2 | 2 356 235.40 | 0.69 |\",\n \"| Mowi ASA | Count | 75 858 | 8 700 | 64 300 | NOK | 208.4 | 1 584 953.31 | 0.47 |\",\n \"| Norsk Hydro ASA | Count | 739 800 | 739 800 | | NOK | 69.4 | 5 147 438.51 | 1.51 |\",\n \"| Telenor ASA | Count | 111 692 | 7 900 | | NOK | 139.35 | 1 560 437.61 | 0.46 |\",\n \"| TGS NOPEC Geophysical Co., ASA | Count | 166 459 | 212 800 | 197 300 | NOK | 85.24 | 1 422 551.81 | 0.42 |\",\n \"| CD Projekt SA | Count | 44 900 | 47 200 | 2 300 | PLN | 192.32 | 1 878 578.36 | 0.55 |\",\n \"| Warsaw Stock Exchange | Count | 154 981 | | | PLN | 41.6 | 1 402 588.62 | 0.41 |\",\n \"| Boliden AB | Count | 135 461 | 142 361 | 6 900 | SEK | 351.1 | 4 646 372.80 | 1.37 |\",\n \"| Epiroc AB | Count | 180 128 | 209 428 | 29 300 | SEK | 230.6 | 4 057 976.01 | 1.19 |\",\n \"| Lundin Mining Corp.\",\n \"| Count | 389 900 | 231 800 | 66 900 | SEK | 70.35 | 2 679 700.65 | 0.79 |\",\n \"| Rugvista Group AB | Count | 135 100 | 150 000 | 14 900 | SEK | 126.6 | 1 670 929.01 | 0.49 |\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| Sandvik AB | Count | 180 625 | 23 400 | 11 000 | SEK | 253.2 | 4 467 972.66 | 1.31 |\",\n \"| Swedbank AB | Count | 336 600 | 336 600 | | SEK | 182.4 | 5 998 019.74 | 1.76 |\",\n \"| Telefonaktiebolaget LM Ericsson | Count | 170 900 | 28 700 | 6 700 | SEK | 99.81 | 1 666 422.28 | 0.49 |\",\n \"| Polyus PJSC -GDR- | Count | 84 272 | 23 700 | 4 400 | USD | 87.55 | 6 509 341.04 | 1.91 |\",\n \"| Total securities portfolio | | | | | | | 327 095 107.54 | 96.24 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 4 695.47 | 0.00 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (long) | | | | | | | | |\",\n \"| Open positions CHF/EUR 0.2 million | | | | | | | 1 673.93 | 0.00 |\",\n \"| CHF/GBP 0.1 million | | | | | | | -479.94 | 0.00 |\",\n \"| Closed positions CHF/EUR 0.3 million | | | | | | | 1 503.27 | 0.00 |\",\n \"| CHF/GBP 0.1 million | | | | | | | 1 586.08 | 0.00 |\",\n \"| Forward currency transactions (short) | | | | | | | | |\",\n \"| Open positions CHF/CZK 0.1 million | | | | | | | -25.37 | 0.00 |\",\n \"| CHF/DKK 0.2 million | | | | | | | 158.51 | 0.00 |\",\n \"| CHF/NOK 0.4 million | | | | | | | -81.05 | 0.00 |\",\n \"| CHF/PLN 0.1 million | | | | | | | 2.52 | 0.00 |\",\n \"| CHF/RUB 0.8 million | | | | | | | 163.24 | 0.00 |\",\n \"| CHF/SEK 0.4 million | | | | | | | 16.41 | 0.00 |\",\n \"| EUR/CZK 0.1 million | | | | | | | -13.22 | 0.00 |\",\n \"| EUR/DKK 0.1 million | | | | | | | -1.38 | 0.00 |\",\n \"| EUR/GBP 0.1 million | | | | | | | -243.13 | 0.00 |\",\n \"| EUR/NOK 0.1 million | | | | | | | -75.30 | 0.00 |\",\n \"| EUR/PLN 0.1 million | | | | | | | -7.15 | 0.00 |\",\n \"| EUR/RUB 0.2 million | | | | | | | 22.12 | 0.00 |\",\n \"| EUR/SEK 0.1 million | | | | | | | -51.81 | 0.00 |\",\n \"| Closed positions CHF/CZK 0.2 million | | | | | | | -36.42 | 0.00 |\",\n \"| CHF/NOK 0.4 million | | | | | | | 400.46 | 0.00 |\",\n \"| CHF/PLN 0.1 million | | | | | | | -41.94 | 0.00 |\",\n \"| EUR/CZK 0.1 million | | | | | | | -13.63 | 0.00 |\",\n \"| EUR/GBP 0.1 million | | | | | | | 219.02 | 0.00 |\",\n \"| EUR/NOK 0.1 million | | | | | | | 36.33 | 0.00 |\",\n \"| EUR/PLN 0.1 million | | | | | | | -16.08 | 0.00 |\",\n \"| Cash at bank | | | | | | | 12 520 102.88 | 3.68 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 321 525.14 | 0.09 |\",\n \"| Deposits in other EU/EEA currencies | | | | | | | | |\",\n \"| Danish krone | DKK | 954 582 | | | | | 128 366.19 | 0.04 |\",\n \"| Norwegian krone | NOK | 14 428 415 | | | | | 1 446 558.52 | 0.42 |\",\n \"| Polish zloty | PLN | 1 400 586 | | | | | 304 697.03 | 0.09 |\",\n \"| Swedish krona | SEK | 3 379 578 | | | | | 330 165.31 | 0.10 |\",\n \"| Czech koruna | CZK | 20 213 215 | | | | | 811 222.69 | 0.24 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 6 255 205 | | | | | 7 457 460.17 | 2.19 |\",\n \"| Canadian dollar | CAD | 870 | | | | | 600.67 | 0.00 |\",\n \"| Swiss franc | CHF | 1 438 070 | | | | | 1 388 741.89 | 0.41 |\",\n \"| U.S. dollar | USD | 374 906 | | | | | 330 765.27 | 0.10 |\",\n \"| Other assets | | | | | | | 1 825 860.32 | 0.54 |\",\n \"| Dividends/Distributions receivable | | | | | | | 439 562.40 | 0.13 |\",\n \"| Other receivables | | | | | | | 1 386 297.92 | 0.41 |\",\n \"| Receivables from share certificate transactions | | | | | | | 92 315.05 | 0.03 |\",\n \"| Total assets * | | | | | | | 341 539 167.68 | 100.49 |\",\n \"| Other liabilities | -1 285 067.24 | -0.38 |\",\n \"| --- | --- | --- |\",\n \"| Liabilities from cost items | -465 910.80 | -0.14 |\",\n \"| Additional other liabilities | -819 156.44 | -0.24 |\",\n \"| Liabilities from share certificate transactions | -374 631.47 | -0.11 |\",\n \"| Total liabilities | -1 660 785.13 | -0.49 |\",\n \"| Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| 339 878 382.55 | 100.00 |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class CHF LDH (P) | CHF | 110.92 |\",\n \"| Class FC | EUR | 130.70 |\",\n \"| Class FD | EUR | 110.41 |\",\n \"| Class LC | EUR | 197.10 |\",\n \"| Class LD | EUR | 152.48 |\",\n \"| Class LDH (P) | EUR | 114.08 |\",\n \"| Class NC | EUR | 184.03 |\",\n \"| Class ND | EUR | 145.01 |\",\n \"| Class TFC | EUR | 121.30 |\",\n \"| Class TFD | EUR | 108.98 |\",\n \"| Class XC | EUR | 219.87 |\",\n \"| Class XD | EUR | 132.81 |\",\n \"| Number of shares outstanding Class CHF LDH (P) | Count | 4 666.000 |\",\n \"| Class FC | Count | 275 205.628 |\",\n \"| Class FD | Count | 41 170.000 |\",\n \"| Class LC | Count | 244 309.681 |\",\n \"| Class LD | Count | 1 594 420.084 |\",\n \"| Class LDH (P) | Count | 935.161 |\",\n \"| Class NC | Count | 22 305.672 |\",\n \"| Class ND | Count | 711.769 |\",\n \"| Class TFC | Count | 5 815.395 |\",\n \"| Class TFD | Count | 5 308.458 |\",\n \"| Class XC | Count | 9 015.302 |\",\n \"| Class XD | Count | 88.207 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI Europe High Dividend Yield net TR\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 82.725 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 120.918 |\",\n \"| Average market risk exposure | % | 99.156 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for forward currency transactions\",\n \"Barclays Bank Ireland PLC, BNP Paribas S.A., Bofa Securities Europe S.A., Goldman Sachs Bank Europe SE, HSBC France, J.P. Morgan AG, Morgan Stanley Bank AG, Morgan Stanley Europe SE, Royal Bank of Canada (UK), State Street Bank International GmbH, Toronto Dominion Bank and UBS AG.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Canadian dollar\\tCAD | 1.448606 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Swiss franc\\tCHF | 1.035520 | = EUR | 1 |\",\n \"| Czech koruna\\tCZK | 24.916975 | = EUR | 1 |\",\n \"| Danish krone\\tDKK | 7.436396 | = EUR | 1 |\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| Norwegian krone\\tNOK | 9.974305 | = EUR | 1 |\",\n \"| Polish zloty\\tPLN | 4.596650 | = EUR | 1 |\",\n \"| Swedish krona\\tSEK | 10.236018 | = EUR | 1 |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"Footnote\",\n \"* Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\",\n \"Statement of changes in net assets\\t2021\",\n \"| for the period from January 1, 2021, through December 31, | 2021 | | | I. | Value of the fund‘s net assets | |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| | | | | | at the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 300 394 665.07 |\",\n \"| I. Income | | | | 1. | Distribution for the previous year | EUR | -7 482 922.76 |\",\n \"| 1. Dividends (before withholding tax) | EUR | 12 905 929.15 | | 2. | Net outflows | EUR | -466 728.82 |\",\n \"| 2. Interest from investments of liquid assets | | | | 3. | Income adjustment | EUR | -155 653.66 |\",\n \"| (before withholding tax) | EUR | 770.38 | | 4. | Net investment income | EUR | 7 408 819.82 |\",\n \"| 3. Income from securities lending | EUR | 3 590.66 | | 5. | Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 11 614 902.45 |\",\n \"| 4. Deduction for foreign withholding tax | EUR | -629 721.23 | | 6. | Net change in unrealized appreciation/depreciation ....\",\n \"| EUR | 28 565 300.45 |\",\n \"| Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 12 280 568.96 | | II.\",\n \"| Value of the fund‘s net assets . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | | |\",\n \"| | | | | | at the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 339 878 382.55 |\",\n \"| II.\",\n \"Expenses | | | | | | | |\",\n \"| 1. Interest on borrowings and | | | | | | | |\",\n \"negative interest on deposits EUR\\t-60 746.70\",\n \"- Management fee EUR\\t-4 569 047.84thereof:Basic management fee EUR -4 531 669.76Administration fee EUR\\t-37 378.08\",\n \"- Depositary fee EUR\\t-8 570.93\",\n \"- Auditing, legal and publication costs\",\n \"- 1\",\n \"- EUR 34\\t057.54\",\n \"- Taxe d‘abonnement EUR\\t-161 733.86\",\n \"- Other expenses EUR\\t-105 707.35thereof:Performance-based feefrom securities lending income .\",\n \"EUR\\t\\t-1 196.89 Other EUR\\t-104 510.46\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -4 871 749.14 |\",\n \"| --- | --- | --- |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 7 408 819.82 |\",\n \"| IV.\",\n \"Sale transactions Realized gains/losses | EUR | 11 614 902.45 |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 11 614 902.45 |\",\n \"| V. Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 19 023 722.27 |\",\n \"1\",\n \"This largely includes income from the release of excess accruals for auditing costs in the amount of EUR 42 576.33.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class CHF LDH (P) 1.61% p.a.,\\tClass FC 0.82% p.a.,\",\n \"Class FD 0.83% p.a.,\\tClass LC 1.58% p.a.,\",\n \"Class LD 1.58% p.a.,\\tClass LDH (P) 1.59% p.a.,\",\n \"Class NC 2.28% p.a.,\\tClass ND 2.29% p.a.,\",\n \"Class TFC 0.84% p.a.,\\tClass TFD 0.83% p.a.,\",\n \"Class XC 0.38% p.a.,\\tClass XD 0.36% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"As well, the additional income from securities lending resulted in a performance-based fee of\",\n \"Class CHF LDH (P) <0.001% p.a.,\\tClass FC <0.001% p.a.,\",\n \"Class FD <0.001% p.a.,\\tClass LC <0.001% p.a.,\",\n \"Class LD <0.001% p.a.,\\tClass LDH (P) <0.001% p.a.,\",\n \"Class NC <0.001% p.a.,\\tClass ND <0.001% p.a.,\",\n \"Class TFC <0.001% p.a.,\\tClass TFD <0.001% p.a.,\",\n \"Class XC <0.001% p.a.,\\tClass XD <0.001% p.a.\",\n \"of the fund’s average net assets in relation to the respective share class.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 183 030.44.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t11 614 902.45\",\n \"| from: | |\",\n \"| --- | --- |\",\n \"| Securities transactions | EUR | 11 118 875.98 |\",\n \"| (Forward) currency transactions | EUR | 496 026.47 |\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"###### Details on the distribution policy*\",\n \"Class CHF LDH (P)\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tCHF\\t3.65\",\n \"| | 2021 | Class CHF LDH (P) | CHF | 110.92 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| The income for the fiscal year is reinvested.\",\n \"| | Class FC | EUR | 130.70 |\",\n \"| | | Class FD | EUR | 110.41 |\",\n \"Class FC\",\n \"Net assets at the end of the fiscal year\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t339 878 382.55\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t300 394 665.07\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t446 907 349.79\",\n \"Net asset value per share at the end of the fiscal year\",\n \"| Class FD | |\",\n \"| --- | --- |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | EUR | 3.57 |\",\n \"| Class LC | | | |\",\n \"Class LD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t4.95\",\n \"Class LDH (P)\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"| | Class LC | EUR | 197.10 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class LD | EUR | 152.48 |\",\n \"| Class LDH (P) | EUR | 114.08 |\",\n \"| Class NC | EUR | 184.03 |\",\n \"| Class ND | EUR | 145.01 |\",\n \"| Class TFC | EUR | 121.30 |\",\n \"| Class TFD | EUR | 108.98 |\",\n \"| | Class XC | EUR | 219.87 |\",\n \"Class FD EUR\\t97.27\",\n \"| | Class XD | EUR | 132.81 |\",\n \"| --- | --- | --- | --- |\",\n \"| The income for the fiscal year is reinvested.\",\n \"| 2020 | Class CHF LDH (P) | CHF | 101.68 |\",\n \"| | | Class FC | EUR | 111.48 |\",\n \"Class LC EUR\\t169.38\",\n \"Class LD EUR\\t135.37\",\n \"Class LDH (P) EUR\\t104.36\",\n \"Class NC EUR\\t159.26\",\n \"Class ND EUR\\t129.67\",\n \"Class TFC EUR\\t103.47\",\n \"Class TFD EUR\\t96.63\",\n \"Class XC EUR\\t186.70\",\n \"Class XD EUR\\t115.82\",\n \"| Final distribution | March 4, 2022 | EUR | 3.75 | 2019\\tClass CHF LDH (P) Class FC | CHF EUR | 107.05 114.25 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| | | | | Class FD | EUR | 103.18 |\",\n \"| | | Class LC | EUR | 174.90 |\",\n \"| | | Class LD | EUR | 144.72 |\",\n \"| The income for the fiscal year is reinvested.\",\n \"| | Class LDH (P) | EUR | 109.30 |\",\n \"| | | Class NC | EUR | 165.60 |\",\n \"| | | Class ND | EUR | 139.63 |\",\n \"| Class ND | | | | Class TFC | EUR | 106.04 |\",\n \"| | | | | Class TFD | EUR | 102.53 |\",\n \"| Type | As of | Currency | Per share | Class XC | EUR | 190.44 |\",\n \"Class NC\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t4.73\",\n \"Class TFC\",\n \"The income for the fiscal year is reinvested.\",\n \"| Class TFD | |\",\n \"| --- | --- |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | EUR | 3.53 |\",\n \"| Class XC | | | |\",\n \"| The income for the fiscal year is reinvested.\",\n \"| Class XD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | EUR | 4.28 |\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the fiscal year is reinvested.\",\n \"Class XD EUR\\t122.29\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.\",\n \"The total volume was EUR 0.00.\",\n \"#### Investment objective and performance in the reporting period\",\n \"The investment focus of DWS Invest II Global Equity High Conviction Fund is on equi- ties of domestic and foreign companies that have above- average growth prospects.\",\n \"Its investment universe encom-\",\n \"DWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND\",\n \"Five-year performance\",\n \"190\",\n \"175\",\n \"160\",\n \"145\",\n \"130\",\n \"115\",\n \"100\",\n \"85\",\n \"passes shares of companies\",\n \"12/16*\",\n \"12/17\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"from around the world whose growth potential arises from\",\n \"DWS Invest II Global Equity High Conviction Fund (LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 12/2016 = 100\",\n \"Data on euro basis\",\n \"one of the following three\",\n \"criteria: companies with busi- ness activity in strongly grow- ing niche markets, companies with significant business activity in emerging markets, and companies located within emerging-market countries.\",\n \"In the reporting period from the beginning of January 2021 through the end of December 2021, the sub-fund recorded an\",\n \"appreciation of 23.5% per share (LC share class; BVI method).\",\n \"Its benchmark, the MSCI AC World, recorded a gain of 29.0% in the same period (both percentages in euro terms).\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INVEST II GLOBAL EQUITY HIGH CONVICTION FUND\",\n \"Performance of share classes vs. benchmark (in EUR)\",\n \"| Share class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LC | LU0826452848 | 23.5% | 72.5% | 82.2% |\",\n \"| Class FC | LU0826453069 | 24.4% | 76.5% | 89.1% |\",\n \"| Class LD | LU0826452921 | 23.5% | 72.6% | 82.2% |\",\n \"| Class NC | LU0826453226 | 22.6% | 69.0% | 75.9% |\",\n \"| Class TFC | LU1663960265 | 24.4% | 76.6% | 68.7% 1 |\",\n \"| Class TFD | LU1663960349 | 24.4% | 76.7% | 68.8% 1 |\",\n \"| MSCI AC World | | 29.0% | 77.3% | 82.5% |\",\n \"1\",\n \"Classes TFC and TFD launched on January 15, 2018\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"#### Investment policy in the reporting period\",\n \"One investment focus in the past fiscal year was on com- panies that, in addition to sustainable growth prospects, were characterized by a cer- tain stability regarding their business model and their cash flows.\",\n \"The total number of stocks held in the portfolio was limited to 40.\",\n \"Individual names could thus have a significantly higher weight (as expressed by the words “high conviction”\",\n \"in the sub-fund name).\",\n \"In con-\",\n \"trast to the benchmark, stocks that did not meet the portfolio management’s requirements were left out of the portfolio altogether.\",\n \"Following the memorable 2020 fiscal year, the stock exchanges developed very solidly in the reporting period.\",\n \"The “COVID-19 issue”* remained ubiquitous.\",\n \"However, the mood increas- ingly brightened as significant progress was made in the fight against the pandemic.\",\n \"After publication of positive trial results in November 2020, the\",\n \"first vaccines were administered at the turn of the year.\",\n \"Global vaccination campaigns since then have helped major econo- mies gradually return to normal.\",\n \"This was also reflected in cor- porate results.\",\n \"In addition, the unprecedented level of support by governments and accompa- nying actions by central banks provided important assistance for consumers and the econ- omy, which in turn translated into significantly higher share prices.\",\n \"Many companies that were particularly badly hit at the beginning of the pandemic and\",\n \"had less healthy balance sheets benefited disproportionately from this aid.\",\n \"Despite this solid performance overall, the pandemic also gave rise to considerable fac- tors causing uncertainty and “side effects”.\",\n \"For one thing, the virus has not gone away and could still present the world with fresh challenges.\",\n \"In the reporting period, several waves of COVID repeatedly caused setbacks, for instance in sensitive industries such as the travel sector.\",\n \"For another, the pandemic caused signifi- cant distortion in global sup- ply chains that continued to weigh on national economies.\",\n \"A major shortage of road, sea and air freight capacity was observed.\",\n \"Another problem was production capacity for semiconductors, for example, which was inadequate to meet rapidly rising demand as the economy recovered.\",\n \"The conse- quences of this could be seen in many sectors, particularly\",\n \"in the automotive industry, but supply chain constraints left their mark on many other industries as well.\",\n \"The combi-\",\n \"nation of production stoppages and plant closures plus expen- sive stimulus packages, as well\",\n \"also showed sensitivity to these developments, even though, as mentioned earlier, significant gains were recorded on the bottom line.\",\n \"Over the fiscal year as a whole, fewer regional differences than sectoral differences could be observed.\",\n \"The equity markets in the industrial countries, in particular, often moved in sim- ilarly positive orders of magni- tude.\",\n \"The emerging markets, in contrast, lagged significantly behind since the summer due to underperformance in Asia.\",\n \"This relative weakness in the emerging markets was clearly felt by the portfolio through the positioning in Chinese equities.\",\n \"Particularly the tighter govern- ment regulation of communi- cations and internet companies such as Alibaba or Tencent had a negative impact.\",\n \"As these companies are prominently represented in the portfolio due to their strong market posi- tions, attractive valuations and successful digitalization strat- egies, their performance was one of the main reasons for the sub-fund’s weaker overall per- formance.\",\n \"The Chinese insurer Ping An was another company beset by fears of government\",\n \"high growth rates and greater future earnings prospects, with the associated high valuations (e.g., Tesla, NVIDIA, etc.).\",\n \"But the portfolio management continued to attach great importance to attractive valua- tions; accordingly, this general development was detrimental to the sub-fund.\",\n \"Furthermore, the overweight in health care and the underweight in energy also contributed negatively to performance.\",\n \"The overweight in communications stocks (e.g., Alphabet) and the underweight in utilities both had a positive effect on the sub-fund.\",\n \"Information on the environmental and/or social characteristics\",\n \"The sub-fund qualifies as a\",\n \"product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"as the almost simultaneous\",\n \"regulation, which weakened the\\topening up of economies, also led to significant price distor- tions in many end markets.\",\n \"Snowballing prices for timber, construction materials, and freight containers are further examples.\",\n \"This sparked con- cerns about runaway inflation and generated movement in the bond markets.\",\n \"Share prices\",\n \"performance of its share price.\",\n \"Other technology stocks from the emerging markets such\",\n \"as Samsung Electronics, how- ever, were similarly unable to keep pace with the index in the reporting period.\",\n \"In 2021, the equity markets preferred companies exhibiting\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ-omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors) Information Technology | 37 382 554.83 | 18.42 |\",\n \"| Telecommunication Services | 45 254 806.31 | 22.30 |\",\n \"| Consumer Discretionaries | 63 877 232.29 | 31.46 |\",\n \"| Consumer Staples | 14 077 065.50 | 6.93 |\",\n \"| Financials | 35 571 434.36 | 17.52 |\",\n \"| Total equities | 196 163 093.29 | 96.63 |\",\n \"| 2. Cash at bank | 7 003 672.01 | 3.45 |\",\n \"| 3. Other assets | 120 542.96 | 0.06 |\",\n \"| 4. Receivables from share certificate transactions | 1 644.16 | 0.00 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -275 860.83 | -0.13 |\",\n \"| 2. Liabilities from share certificate transactions | -18 720.93 | -0.01 |\",\n \"| III.\",\n \"Net assets | 202 994 370.66 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| Securities traded on an exchange | | | | | | | 196 163 093.29 | 96.63 |\",\n \"| Equities Toronto-Dominion Bank/The | Count | 63 000 | 63 000 | | CAD | 97.67 | 4 247 676.82 | 2.09 |\",\n \"| Nestle SA | Count | 89 500 | 4 000 | | CHF | 127.96 | 11 059 582.94 | 5.45 |\",\n \"| Roche Holding AG | Count | 10 850 | | 3 200 | CHF | 380.95 | 3 991 528.18 | 1.97 |\",\n \"| Allianz SE | Count | 15 100 | | 5 000 | EUR | 207.65 | 3 135 515.00 | 1.54 |\",\n \"| Deutsche Boerse AG | Count | 27 800 | | | EUR | 147.1 | 4 089 380.00 | 2.01 |\",\n \"| Fresenius SE & Co., KGaA | Count | 101 100 | | 10 000 | EUR | 35.4 | 3 578 940.00 | 1.76 |\",\n \"| Talanx AG | Count | 104 208 | | | EUR | 42.54 | 4 433 008.32 | 2.18 |\",\n \"| Unilever PLC | Count | 153 000 | 32 000 | | EUR | 47.245 | 7 228 485.00 | 3.56 |\",\n \"| Alibaba Group Holding Ltd | Count | 338 400 | 338 400 | | HKD | 109.9 | 4 207 056.53 | 2.07 |\",\n \"| Ping An Insurance Group Co. of China Ltd | Count | 330 000 | 330 000 | | HKD | 56.3 | 2 101 709.25 | 1.04 |\",\n \"| Tencent Holdings Ltd | Count | 136 000 | 7 600 | | HKD | 443.4 | 6 821 578.77 | 3.36 |\",\n \"| Toyota Motor Corp.\",\n \"| Count | 200 000 | 200 000 | | JPY | 2 105.5 | 3 228 227.21 | 1.59 |\",\n \"| Samsung Electronics Co., Ltd | Count | 181 150 | | | KRW | 78 300 | 10 527 061.12 | 5.19 |\",\n \"| Taiwan Semiconductor Manufacturing Co., Ltd | Count | 585 000 | | | TWD | 615 | 11 472 722.41 | 5.65 |\",\n \"| Alphabet, Inc.\",\n \"| Count | 7 350 | | 2 400 | USD | 2 932.12 | 19 013 700.71 | 9.37 |\",\n \"| Amgen, Inc.\",\n \"| Count | 17 578 | | | USD | 228.45 | 3 542 894.31 | 1.74 |\",\n \"| Applied Materials, Inc.\",\n \"| Count | 12 800 | 12 800 | | USD | 159.66 | 1 803 032.97 | 0.89 |\",\n \"| Arista Networks, Inc.\",\n \"| Count | 29 000 | 21 750 | | USD | 144.4 | 3 694 560.35 | 1.82 |\",\n \"| AutoZone, Inc.\",\n \"| Count | 3 324 | 177 | 1 153 | USD | 2 100.31 | 6 159 450.78 | 3.03 |\",\n \"| Biogen Idec, Inc.\",\n \"| Count | 8 943 | 8 943 | | USD | 241.75 | 1 907 424.20 | 0.94 |\",\n \"| Booking Holdings, Inc.\",\n \"| Count | 820 | | 400 | USD | 2 406.64 | 1 741 095.36 | 0.86 |\",\n \"| Centene Corp.\",\n \"| Count | 44 000 | | | USD | 84.32 | 3 273 262.60 | 1.61 |\",\n \"| Check Point Software Technologies Ltd | Count | 27 050 | | | USD | 117.77 | 2 810 603.09 | 1.38 |\",\n \"| Clorox Co.\",\n \"/The | Count | 9 468 | 9 468 | | USD | 171.51 | 1 432 667.04 | 0.71 |\",\n \"| eBay, Inc.\",\n \"| Count | 66 500 | | | USD | 67.4 | 3 954 386.51 | 1.95 |\",\n \"| Facebook, Inc.\",\n \"| Count | 19 100 | | 4 900 | USD | 345.52 | 5 822 428.08 | 2.87 |\",\n \"| Gilead Sciences, Inc.\",\n \"| Count | 22 300 | | | USD | 73.67 | 1 449 416.19 | 0.71 |\",\n \"| Home Depot, Inc.\",\n \"/The | Count | 12 900 | 6 100 | | USD | 412.03 | 4 689 387.51 | 2.31 |\",\n \"| HP, Inc.\",\n \"| Count | 146 300 | | 40 000 | USD | 37.99 | 4 903 556.61 | 2.42 |\",\n \"| Intel Corp.\",\n \"| Count | 93 500 | | | USD | 51.95 | 4 285 433.27 | 2.11 |\",\n \"| Johnson & Johnson | Count | 22 900 | | | USD | 171.96 | 3 474 245.41 | 1.71 |\",\n \"| Marsh & McLennan Cos, Inc.\",\n \"| Count | 32 750 | | | USD | 174.15 | 5 031 904.12 | 2.48 |\",\n \"| Medtronic PLC | Count | 52 300 | | | USD | 104.51 | 4 822 332.05 | 2.38 |\",\n \"| Merck & Co., Inc.\",\n \"| Count | 57 100 | 27 000 | | USD | 77.15 | 3 886 597.91 | 1.91 |\",\n \"| Progressive Corp.\",\n \"/The | Count | 72 000 | 7 000 | | USD | 103.74 | 6 589 861.91 | 3.25 |\",\n \"| S&P Global, Inc.\",\n \"| Count | 11 000 | | | USD | 474 | 4 600 114.07 | 2.27 |\",\n \"| UnitedHealth Group, Inc.\",\n \"| Count | 13 800 | | 2 500 | USD | 506.065 | 6 161 450.48 | 3.03 |\",\n \"| Vertex Pharmaceuticals, Inc.\",\n \"| Count | 17 600 | 8 800 | | USD | 223.36 | 3 468 291.91 | 1.71 |\",\n \"| Visa, Inc.\",\n \"* | Count | 30 851 | 6 300 | | USD | 218.32 | 5 942 378.94 | 2.93 |\",\n \"| VMware, Inc.\",\n \"| Count | 15 200 | | | USD | 117.83 | 1 580 145.36 | 0.78 |\",\n \"| Total securities portfolio | | | | | | | 196 163 093.29 | 96.63 |\",\n \"| Cash at bank | | | | | | | 7 003 672.01 | 3.45 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 49 247.37 | 0.03 |\",\n \"| Deposits in other EU/EEA currencies | | | | | | | | |\",\n \"| Danish krone | DKK | 6 662 | | | | | 895.85 | 0.00 |\",\n \"| Norwegian krone | NOK | 24 857 | | | | | 2 492.15 | 0.00 |\",\n \"| Swedish krona | SEK | 2 262 | | | | | 221.00 | 0.00 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| Australian dollar | AUD | 4 828 | | | | | 3 096.53 | 0.00 |\",\n \"| Brazilian real | BRL | 6 502 | | | | | 1 029.31 | 0.00 |\",\n \"| British pound | GBP | 4 163 | | | | | 4 963.29 | 0.00 |\",\n \"| Hong Kong dollar | HKD | 43 716 | | | | | 4 945.31 | 0.00 |\",\n \"| Indonesian rupiah | IDR | 2 619 630 | | | | | 161.99 | 0.00 |\",\n \"| Israeli shekel | ILS | 2 669 | | | | | 757.40 | 0.00 |\",\n \"| Japanese yen | JPY | 114 796 | | | | | 880.05 | 0.00 |\",\n \"| Canadian dollar | CAD | 6 988 | | | | | 4 823.60 | 0.00 |\",\n \"| Mexican peso | MXN | 3 480 | | | | | 149.69 | 0.00 |\",\n \"| New Taiwan dollar | TWD | 3 149 321 | | | | | 100 427.45 | 0.05 |\",\n \"| Swiss franc | CHF | 5 129 | | | | | 4 953.14 | 0.00 |\",\n \"| Singapore dollar | SGD | 4 303 | | | | | 2 807.09 | 0.00 |\",\n \"| South African rand | ZAR | 4 342 | | | | | 240.23 | 0.00 |\",\n \"| South Korean won | KRW | 226 566 767 | | | | | 168 152.47 | 0.09 |\",\n \"| Thai baht | THB | 79 664 | | | | | 2 104.00 | 0.00 |\",\n \"| U.S. dollar | USD | 7 538 944 | | | | | 6 651 324.09 | 3.28 |\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| Other assets | 120 542.96 | 0.06 |\",\n \"| Dividends/Distributions receivable | 120 542.96 | 0.06 |\",\n \"| Receivables from share certificate transactions | 1 644.16 | 0.00 |\",\n \"| Total assets | 203 288 952.42 | 100.14 |\",\n \"| Other liabilities | -275 860.83 | -0.13 |\",\n \"| Liabilities from cost items | -275 860.83 | -0.13 |\",\n \"| Liabilities from share certificate transactions | -18 720.93 | -0.01 |\",\n \"| Total liabilities | -294 581.76 | -0.14 |\",\n \"| Net assets | 202 994 370.66 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class FC | EUR | 281.67 |\",\n \"| Class LC | EUR | 262.69 |\",\n \"| Class LD | EUR | 258.16 |\",\n \"| Class NC | EUR | 246.73 |\",\n \"| Class TFC | EUR | 168.69 |\",\n \"| Class TFD | EUR | 166.06 |\",\n \"| Number of shares outstanding Class FC | Count | 140 859.664 |\",\n \"| Class LC | Count | 526 298.125 |\",\n \"| Class LD | Count | 27 825.438 |\",\n \"| Class NC | Count | 72 421.417 |\",\n \"| Class TFC | Count | 40.000 |\",\n \"| Class TFD | Count | 20.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI All Countries World Index (EUR)\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 76.040 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 97.878 |\",\n \"| Average market risk exposure | % | 84.417 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Securities lending\",\n \"The following securities were transferred under securities loans at the reporting date:\",\n \"| Security name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Visa, Inc.\",\n \"| Count | 25 000 | | 4 815 386.00 |\",\n \"| Total receivables from securities loans | | | 4 815 386.00 | 4 815 386.00 |\",\n \"| Contracting party for securities loans Barclays Bank Ireland PLC EQ | | | | |\",\n \"| Total collateral pledged by third parties for securities loans thereof: Equities | | EUR EUR | | 5 077 831.66 5 077 831.66 |\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Australian dollar .\",\n \"| AUD | 1.559185 | = | EUR | 1 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| Brazilian real .\",\n \"| BRL | 6.316661 | = | EUR | 1 |\",\n \"| Canadian dollar .\",\n \"| CAD | 1.448606 | = | EUR | 1 |\",\n \"| Swiss franc .\",\n \"| CHF | 1.035520 | = | EUR | 1 |\",\n \"| Danish krone .\",\n \"| DKK | 7.436396 | = | EUR | 1 |\",\n \"| British pound .\",\n \"| GBP | 0.838785 | = | EUR | 1 |\",\n \"| Hong Kong dollar .\",\n \"| HKD | 8.839948 | = | EUR | 1 |\",\n \"| Indonesian rupiah .\",\n \"| IDR | 16 171.500076 | = | EUR | 1 |\",\n \"| Israeli shekel .\",\n \"| ILS | 3.523386 | = | EUR | 1 |\",\n \"| Japanese yen .\",\n \"| JPY | 130.443111 | = | EUR | 1 |\",\n \"| South Korean won .\",\n \"| KRW | 1 347.388871 | = | EUR | 1 |\",\n \"| Mexican peso .\",\n \"| MXN | 23.246213 | = | EUR | 1 |\",\n \"| Norwegian krone .\",\n \"| NOK | 9.974305 | = | EUR | 1 |\",\n \"| Swedish krona .\",\n \"| SEK | 10.236018 | = | EUR | 1 |\",\n \"| Singapore dollar .\",\n \"| SGD | 1.532821 | = | EUR | 1 |\",\n \"| Thai baht .\",\n \"| THB | 37.862902 | = | EUR | 1 |\",\n \"| New Taiwan dollar .\",\n \"| TWD | 31.359165 | = | EUR | 1 |\",\n \"| U.S. dollar .\",\n \"| USD | 1.133450 | = | EUR | 1 |\",\n \"| South African rand .\",\n \"| ZAR | 18.075696 | = | EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"Footnote\",\n \"* Some or all of these securities are lent.\",\n \"Statement of income and expenses (incl. income adjustment)\",\n \"Statement of changes in net assets\\t2021\",\n \"| for the period from January 1, 2021, through December 31, | 2021 | | | I. | Value of the fund‘s net assets | |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| | | | | | at the beginning of the fiscal year | EUR | 165 456 076.48 |\",\n \"| I. Income | | | | 1. | Distribution for the previous year | EUR | -1 451.67 |\",\n \"| 1. Dividends (before withholding tax) | EUR | 3 685 287.10 | | 2. | Net outflows | EUR | -1 466 153.07 |\",\n \"| 2. Interest from investments of liquid assets | | | | 3. | Income adjustment | EUR | 108 501.24 |\",\n \"| (before withholding tax) | EUR | 7 000.40 | | 4. | Net investment income | EUR | 91 842.27 |\",\n \"| 3. Income from securities lending | EUR | 3 394.86 | | 5. | Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 10 006 435.73 |\",\n \"| 4. Deduction for foreign withholding tax | EUR | -786 195.98 | | 6. | Net change in unrealized appreciation/depreciation ....\",\n \"| EUR | 28 799 119.68 |\",\n \"| | | | | | | | |\",\n \"| Total income | EUR | 2 909 486.38 | | II.\",\n \"| Value of the fund‘s net assets | | |\",\n \"| | | | | | at the end of the fiscal year | EUR | 202 994 370.66 |\",\n \"| II.\",\n \"Expenses | | | | | | | |\",\n \"| 1. Interest on borrowings and | | | | | | | |\",\n \"negative interest on deposits EUR\\t-975.24\",\n \"- Management fee EUR\\t-2 620 276.28thereof:Basic management fee EUR -2 596 779.35Administration fee EUR\\t-23 496.93\",\n \"- Depositary fee EUR\\t-5 722.15\",\n \"- Auditing, legal and publication costs EUR\\t-8 754.87\",\n \"- Taxe d‘abonnement EUR\\t-95 114.53\",\n \"- Other expenses EUR\\t-86 801.04thereof:Performance-based feefrom securities lending income .\",\n \"EUR\\t\\t-1 131.62 Other EUR\\t-85 669.42Realized gains/losses (incl. income adjustment) EUR\\t10 006 435.73\",\n \"| from: | |\",\n \"| --- | --- |\",\n \"| Securities transactions | EUR | 9 949 299.41 |\",\n \"| (Forward) currency transactions | EUR | 57 136.32 |\",\n \"| Total expenses | EUR | -2 817 644.11 | |\",\n \"| --- | --- | --- | --- |\",\n \"| III.\",\n \"Net investment income | EUR | 91 842.27 | | | Class FC | |\",\n \"| | | | | | | |\",\n \"| IV.\",\n \"Sale transactions Realized gains/losses | EUR | 10 006 435.73 | | | The income for the fiscal year is reinvested.\",\n \"| |\",\n \"| | | | | | | |\",\n \"| Capital gains/losses | EUR | 10 006 435.73 | | | Class LC | |\",\n \"| | | | | | | |\",\n \"###### Details on the distribution policy*\",\n \"V. Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t10 098 278.00\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class FC 0.85% p.a.,\\tClass LC 1.60% p.a.,\",\n \"Class LD 1.60% p.a.,\\tClass NC 2.30% p.a.,\",\n \"Class TFC 0.85% p.a.,\\tClass TFD 0.80% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"As well, the additional income from securities lending resulted in a performance-based fee of\",\n \"Class FC 0.001% p.a.,\\tClass LC 0.001% p.a.,\",\n \"Class LD 0.001% p.a.,\\tClass NC 0.001% p.a.,\",\n \"Class TFC 0.001% p.a.,\\tClass TFD 0.000% p.a.\",\n \"of the fund’s average net assets in relation to the respective share class.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 19 784.17.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.05\",\n \"Class NC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class TFC\",\n \"The income for the fiscal year is reinvested.\",\n \"| Class TFD | |\",\n \"| --- | --- |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | EUR | 1.14 |\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the fiscal year is reinvested.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021\\tEUR | 202 994 370.66 |\",\n \"| --- | --- |\",\n \"| 2020\\tEUR | 165 456 076.48 |\",\n \"| 2019\\tEUR | 165 302 616.04 |\",\n \"| Net asset value per share at the end of the fiscal year | |\",\n \"| 2021 | Class FC | EUR | 281.67 |\",\n \"| | Class LC | EUR | 262.69 |\",\n \"| | Class LD | EUR | 258.16 |\",\n \"| | Class NC | EUR | 246.73 |\",\n \"| | Class TFC | EUR | 168.69 |\",\n \"| | Class TFD | EUR | 166.06 |\",\n \"| 2020 | Class FC | EUR | 226.45 |\",\n \"| | Class LC | EUR | 212.78 |\",\n \"| | Class LD | EUR | 209.15 |\",\n \"| | Class NC | EUR | 201.25 |\",\n \"| | Class TFC | EUR | 135.62 |\",\n \"| | Class TFD | EUR | 134.00 |\",\n \"| 2019 | Class FC | EUR | 214.61 |\",\n \"| | Class LC | EUR | 203.20 |\",\n \"| | Class LD | EUR | 199.81 |\",\n \"| | Class NC | EUR | 193.53 |\",\n \"| | Class TFC | EUR | 128.53 |\",\n \"| | Class TFD | EUR | 127.74 |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.\",\n \"The total volume was EUR 0.00.\",\n \"#### Investment objective and performance in the reporting period\",\n \"The objective of the investment policy is to generate a positive investment result.\",\n \"To this end, the sub-fund invests worldwide in a variety of assets from the entire range of permissible investment categories and\",\n \"DWS INVEST II GLOBAL TOTAL RETURN FUND\",\n \"Five-year performance\",\n \"120\",\n \"116\",\n \"112\",\n \"108\",\n \"104\",\n \"100\",\n \"96\",\n \"92\",\n \"instruments of all asset classes.\",\n \"12/16*\",\n \"12/17\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"Depending on the selection of assets, the sub-fund’s portfolio\",\n \"DWS Invest II Global Total Return Fund (LD share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 12/2016 = 100\",\n \"Data on euro basis\",\n \"composition can vary from a\",\n \"more bond-oriented invest- ment through to an exclusively equity-oriented investment.\",\n \"In the reporting period from the beginning of January through the end of December 2021, the sub-fund recorded an apprecia- tion of 6.2% per share (LD share class; BVI method; in euro).\",\n \"#### Investment policy in the reporting period\",\n \"On the equity side, the port- folio management focused its\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INVEST II GLOBAL TOTAL RETURN FUND\",\n \"Performance of share classes (in EUR)\",\n \"| Share class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LD | LU1246176181 | 6.2% | 19.6% | 16.2% |\",\n \"| Class FD | LU1246175704 | 7.0% | 22.4% | 20.7% |\",\n \"| Class ID | LU1246175969 | 7.3% | 23.4% | 22.4% |\",\n \"| Class RD | LU1599458475 | 7.6% | 24.4% | 20.2% 1 |\",\n \"| Class XD | LU1246176009 | 7.3% | 24.3% | 24.1% |\",\n \"1\",\n \"Class RD launched on May 15, 2017\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"investments on the industrial countries, particularly those in North America and Europe,\",\n \"and invested to a lesser extent in stocks from the emerging markets.\",\n \"In terms of sector allo- cation, the equity portfolio was generally broadly diversified.\",\n \"In its bond investments, the sub- fund was globally positioned in the reporting period.\",\n \"In terms of issuer allocation, the port- folio management invested\",\n \"in corporate bonds and high- yield bonds from the industrial countries and in bonds from the emerging markets, among others.\",\n \"In light of the low inter- est environment that still dom- inated in the reporting period, these interest-bearing securities\",\n \"appeared significantly more attractive in terms of their inter- est rates than, for example, government bonds from the industrial countries.\",\n \"The performance of the inter- national capital markets in 2021 continued to be affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy.\",\n \"In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in\",\n \"light of the weakened global economy – supported price performance in the financial markets.\",\n \"Since the beginning of 2021, the economic outlook\",\n \"has improved in view of the efforts undertaken by the inter- national community of nations and the packages of measures introduced with the objective of tackling the economic con- sequences of the COVID-19 crisis, as well as the approval applications for COVID-19 vaccines and the vaccination campaigns taking effect.\",\n \"How- ever, the question of inflation also arose among investors\",\n \"on account of the signifi- cantly increased prices in the commodity markets, pent-up demand from consumers due to the COVID-19 pandemic and partial supply shortages due to delivery difficulties.\",\n \"In addition, the rapid spread of the corona-\",\n \"virus and its mutations, as well as the associated new restric- tions, dampened economic prospects.\",\n \"The international stock exchanges finished 2021 with significant price increases, but share price performance was\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"mixed.\",\n \"While equity markets\\tin Western industrial countries registered considerable price gains boosted in particular by the rapid recovery in corporate earnings, stock exchanges in the emerging markets brought up the rear.\",\n \"Against the back- drop of high levels of debt globally and extremely low interest rates by historical comparison, the bond markets saw price declines amid fluc- tuations for longer maturities in the reporting year through the end of December 2021 as bond yields rose at still very low, and in some cases neg- ative, levels.\",\n \"In the corporate\",\n \"bond markets, high-yield bonds recorded price rises amid lower risk premiums and thus outper- formed corporate bonds with investment-grade status, which traded weaker.\",\n \"Against this backdrop, the securities held in the portfolio delivered a posi- tive performance overall in the reporting period.\",\n \"#### Information on the environmental and/or social characteristics\",\n \"The sub-fund qualifies as a prod- uct in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustainability-related disclosures in the financial services sector.\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors) Information Technology | 10 355 586.92 | 9.29 |\",\n \"| Telecommunication Services | 10 845 680.46 | 9.73 |\",\n \"| Consumer Discretionaries | 17 177 824.62 | 15.41 |\",\n \"| Energy | 606 060.00 | 0.54 |\",\n \"| Consumer Staples | 3 472 449.29 | 3.11 |\",\n \"| Financials | 4 738 481.27 | 4.25 |\",\n \"| Basic Materials | 4 418 262.68 | 3.97 |\",\n \"| Industrials | 4 534 046.92 | 4.06 |\",\n \"| Utilities | 4 976 330.00 | 4.48 |\",\n \"| Total equities | 61 124 722.16 | 54.84 |\",\n \"| 2. Bonds (issuers) Companies | 4 634 197.46 | 4.16 |\",\n \"| Central governments | 4 827 427.90 | 4.33 |\",\n \"| Total bonds | 9 461 625.36 | 8.49 |\",\n \"| 3. Investment fund units Bond funds | 24 945 410.64 | 22.38 |\",\n \"| Equity funds | 5 454 430.00 | 4.90 |\",\n \"| Total investment fund units | 30 399 840.64 | 27.28 |\",\n \"| 4. Derivatives | 209 409.07 | 0.19 |\",\n \"| 5. Cash at bank | 10 170 594.94 | 9.12 |\",\n \"| 6. Other assets | 133 632.25 | 0.12 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -46 641.71 | -0.04 |\",\n \"| III.\",\n \"Net assets | 111 453 182.71 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – December 31, 2021\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| Securities traded on an exchange | | | | | | | 70 586 347.52 | 63.33 |\",\n \"| Equities Lonza Group AG | Count | 650 | 650 | | CHF | 761 | 477 682.68 | 0.43 |\",\n \"| Nestle SA | Count | 11 500 | | | CHF | 127.96 | 1 421 063.73 | 1.28 |\",\n \"| Novartis AG | Count | 9 000 | | | CHF | 80.54 | 699 996.10 | 0.63 |\",\n \"| Roche Holding AG | Count | 3 300 | | | CHF | 380.95 | 1 214 013.18 | 1.09 |\",\n \"| Alstom SA | Count | 30 000 | 30 000 | | EUR | 30.96 | 928 800.00 | 0.83 |\",\n \"| ASML Holding NV | Count | 875 | 875 | | EUR | 707 | 618 625.00 | 0.56 |\",\n \"| AXA SA | Count | 50 000 | 10 000 | | EUR | 26.305 | 1 315 250.00 | 1.18 |\",\n \"| BASF SE | Count | 26 000 | | | EUR | 61.78 | 1 606 280.00 | 1.44 |\",\n \"| Bayer AG | Count | 28 000 | | | EUR | 47 | 1 316 000.00 | 1.18 |\",\n \"| Capgemini SA | Count | 1 800 | 1 800 | | EUR | 216.6 | 389 880.00 | 0.35 |\",\n \"| Danone SA | Count | 5 800 | 5 800 | | EUR | 54.93 | 318 594.00 | 0.29 |\",\n \"| Deutsche Post AG | Count | 19 000 | 17 000 | 6 000 | EUR | 56.54 | 1 074 260.00 | 0.96 |\",\n \"| Deutsche Telekom AG | Count | 100 000 | 30 000 | | EUR | 16.3 | 1 630 000.00 | 1.46 |\",\n \"| E.ON SE | Count | 170 000 | 20 000 | | EUR | 12.192 | 2 072 640.00 | 1.86 |\",\n \"| Enel SpA | Count | 140 000 | 70 000 | | EUR | 7.056 | 987 840.00 | 0.89 |\",\n \"| Essilor International Cie Générale d‘Optique SA . . . .\",\n \". . . .\",\n \". .\",\n \"| Count | 4 400 | 4 400 | | EUR | 186.88 | 822 272.00 | 0.74 |\",\n \"| Evonik Industries AG | Count | 30 000 | | | EUR | 28.47 | 854 100.00 | 0.77 |\",\n \"| Fastned BV * | Count | 6 500 | 6 500 | | EUR | 49.25 | 320 125.00 | 0.29 |\",\n \"| Infineon Technologies AG | Count | 38 000 | 8 000 | 10 000 | EUR | 40.76 | 1 548 880.00 | 1.39 |\",\n \"| Koninklijke Philips NV | Count | 24 000 | 24 000 | | EUR | 32.945 | 790 680.00 | 0.71 |\",\n \"| LANXESS AG | Count | 12 000 | | | EUR | 54.5 | 654 000.00 | 0.59 |\",\n \"| Linde PLC | Count | 2 700 | 2 700 | | EUR | 306 | 826 200.00 | 0.74 |\",\n \"| LVMH Moet Hennessy Louis Vuitton SE | Count | 1 100 | 450 | 950 | EUR | 728.6 | 801 460.00 | 0.72 |\",\n \"| Merck KGaA | Count | 7 000 | | | EUR | 227 | 1 589 000.00 | 1.43 |\",\n \"| Neste Oyj | Count | 14 000 | 14 000 | | EUR | 43.29 | 606 060.00 | 0.54 |\",\n \"| Red Electrica Corp., SA | Count | 50 000 | 60 000 | 30 000 | EUR | 19.045 | 952 250.00 | 0.86 |\",\n \"| Sanofi | Count | 10 000 | 1 600 | | EUR | 89.35 | 893 500.00 | 0.80 |\",\n \"| Talanx AG | Count | 16 000 | | 3 000 | EUR | 42.54 | 680 640.00 | 0.61 |\",\n \"| Teleperformance | Count | 2 600 | | 600 | EUR | 397.6 | 1 033 760.00 | 0.93 |\",\n \"| Va-Q-tec AG | Count | 15 000 | 7 000 | | EUR | 25.25 | 378 750.00 | 0.34 |\",\n \"| Veolia Environnement SA | Count | 30 000 | | | EUR | 32.12 | 963 600.00 | 0.87 |\",\n \"| Vinci SA | Count | 8 000 | 8 000 | | EUR | 91.94 | 735 520.00 | 0.66 |\",\n \"| Volkswagen AG -Pref- | Count | 10 000 | | | EUR | 177.48 | 1 774 800.00 | 1.59 |\",\n \"| Vonovia SE | Count | 13 500 | 6 000 | 21 500 | EUR | 48.5 | 654 750.00 | 0.59 |\",\n \"| Compass Group PLC | Count | 36 000 | | 6 000 | GBP | 16.36 | 702 158.60 | 0.63 |\",\n \"| JD Sports Fashion PLC | Count | 75 000 | 75 000 | | GBP | 2.17 | 194 030.69 | 0.17 |\",\n \"| Ocado Group PLC | Count | 12 000 | | | GBP | 16.65 | 238 201.73 | 0.21 |\",\n \"| Reckitt Benckiser Group PLC | Count | 6 500 | 6 500 | | GBP | 63.41 | 491 383.46 | 0.44 |\",\n \"| Vodafone Group PLC | Count | 590 000 | | | GBP | 1.125 | 791 604.66 | 0.71 |\",\n \"| AIA Group Ltd | Count | 72 000 | | | HKD | 79.15 | 644 664.44 | 0.58 |\",\n \"| Samsung Electronics Co., Ltd | Count | 2 000 | 2 000 | | KRW | 78 300 | 116 224.80 | 0.10 |\",\n \"| Tomra Systems ASA | Count | 10 000 | | | NOK | 630.8 | 632 425.04 | 0.57 |\",\n \"| Activision Blizzard, Inc.\",\n \"| Count | 8 500 | | | USD | 67.22 | 504 098.04 | 0.45 |\",\n \"| Alibaba Group Holding Ltd -ADR- | Count | 6 200 | | | USD | 118.76 | 649 620.10 | 0.58 |\",\n \"| Alphabet, Inc.\",\n \"| Count | 1 700 | | 100 | USD | 2 931.53 | 4 396 841.79 | 3.95 |\",\n \"| Amazon.com, Inc.\",\n \"| Count | 400 | | | USD | 3 382.74 | 1 193 785.18 | 1.07 |\",\n \"| Amgen, Inc.\",\n \"| Count | 2 400 | 2 400 | 1 200 | USD | 228.45 | 483 726.61 | 0.43 |\",\n \"| AT&T, Inc.\",\n \"| Count | 50 000 | | | USD | 24.905 | 1 098 636.76 | 0.99 |\",\n \"| Autodesk, Inc.\",\n \"| Count | 2 200 | 2 200 | | USD | 283.17 | 549 626.29 | 0.49 |\",\n \"| BioNTech SE -ADR- | Count | 3 500 | 3 500 | | USD | 248.5 | 767 347.37 | 0.69 |\",\n \"| Estee Lauder Cos, Inc.\",\n \"/The | Count | 1 600 | 1 600 | | USD | 370.52 | 523 033.15 | 0.47 |\",\n \"| Etsy, Inc.\",\n \"| Count | 2 600 | 2 600 | | USD | 224.11 | 514 081.72 | 0.46 |\",\n \"| Horizon Therapeutics Plc | Count | 8 000 | | | USD | 109.46 | 772 579.19 | 0.69 |\",\n \"| Johnson & Johnson | Count | 8 000 | | 1 800 | USD | 171.96 | 1 213 710.19 | 1.09 |\",\n \"| MasterCard, Inc.\",\n \"| Count | 2 100 | | 300 | USD | 363.09 | 672 715.07 | 0.60 |\",\n \"| Medtronic PLC | Count | 2 200 | 2 200 | | USD | 104.51 | 202 851.44 | 0.18 |\",\n \"| Merck & Co., Inc.\",\n \"| Count | 6 400 | 6 400 | | USD | 77.15 | 435 625.69 | 0.39 |\",\n \"| Microsoft Corp.\",\n \"| Count | 8 500 | | 2 500 | USD | 341.12 | 2 558 136.31 | 2.30 |\",\n \"| NVIDIA Corp.\",\n \"| Count | 2 623 | 3 600 | 977 | USD | 300.64 | 695 733.04 | 0.62 |\",\n \"| Paypal Holdings, Inc.\",\n \"| Count | 4 000 | 4 000 | 3 000 | USD | 190.68 | 672 918.87 | 0.60 |\",\n \"| Pfizer, Inc.\",\n \"| Count | 23 500 | 7 000 | 3 500 | USD | 58.21 | 1 206 877.07 | 1.08 |\",\n \"| Pinterest, Inc.\",\n \"| Count | 17 500 | 17 500 | 11 000 | USD | 36.99 | 571 110.25 | 0.51 |\",\n \"| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- | Count | 22 000 | | 4 000 | USD | 120.59 | 2 340 623.44 | 2.10 |\",\n \"| TE Connectivity Ltd | Count | 3 500 | 3 500 | | USD | 162.64 | 502 218.82 | 0.45 |\",\n \"| Teladoc Health Inc.\",\n \"| Count | 5 000 | 3 200 | | USD | 91.94 | 405 575.84 | 0.36 |\",\n \"| Union Pacific Corp.\",\n \"| Count | 3 000 | 3 000 | | USD | 249.67 | 660 823.06 | 0.59 |\",\n \"| Visa, Inc.\",\n \"| Count | 4 000 | 4 000 | | USD | 218.32 | 770 461.76 | 0.69 |\",\n \"Interest-bearing securities\",\n \"4.375 % Argentum Netherlands BV 2015/perpetual ** .\",\n \"EUR\\t1 200 000\\t%\\t111.16\\t1 333 920.00\\t1.20\",\n \"1.75 % Norway Government Bond -144A- (MTN) 2015/2025 NOK\\t14 000 000\\t%\\t100.713\\t1 413 614.33\\t1.27\",\n \"0.25 % Kreditanstalt fuer Wiederaufbau 2020/2023 \\tUSD\\t1 400 000\\t1 400 000\\t%\\t99.155\\t1 224 729.64\\t1.10\",\n \"0.125 % Kreditanstalt fuer Wiederaufbau 2021/2023 \\tUSD\\t1 400 000\\t1 400 000\\t%\\t99.365\\t1 227 323.49\\t1.10\",\n \"3.15 % Teva Pharmaceutical Finance Netherlands III BV\",\n \"(MTN) 2016/2026 \\tUSD\\t1 000 000\\t%\\t96.142\\t848 224.33\\t0.76\",\n \"0.125 % United States Treasury Note/Bond 2020/2023 ...\",\n \"USD\\t1 300 000\\t1 300 000\\t%\\t99.172\\t1 137 442.50\\t1.02\",\n \"0.125 % United States Treasury Note/Bond 2020/2022 ...\",\n \"USD\\t1 300 000\\t1 300 000\\t%\\t99.798\\t1 144 618.48\\t1.03\",\n \"0.125 % United States Treasury Note/Bond 2021/2024 ...\",\n \"USD\\t1 300 000\\t1 300 000\\t%\\t98.676\\t1 131 752.59\\t1.01\",\n \"Investment fund units\\t30 399 840.64\\t27.28\",\n \"In-group fund units\",\n \"DWS Invest SICAV - DWS Invest ESG Global Corporate\",\n \"Bonds -ID- EUR - (0.400%) \\tUnits\\t16 000\\tEUR\\t101.13\\t1 618 080.00\\t1.45\",\n \"DWS Invest SICAV - DWS Invest Euro High Yield Corporates\",\n \"-RC- EUR - (0.350%) \\tUnits\\t44 000\\t6 000\\tEUR\\t123.19\\t5 420 360.00\\t4.86\",\n \"DWS Invest SICAV - Financial Hybrid Bonds -FC- EUR -\",\n \"(0.600%) \\tUnits\\t40 000\\tEUR\\t129.12\\t5 164 800.00\\t4.63\",\n \"Xtrackers (IE) plc - Xtrackers Artificial Intelligence and\",\n \"Big Data UCITS ETF -1C- EUR - (0.250%) \\tUnits\\t14 000\\t14 000\\tEUR\\t89.77\\t1 256 780.00\\t1.13\",\n \"Xtrackers (IE) plc - Xtrackers MSCI World Financials UCITS\",\n \"ETF -1C- EUR - (0.100%) \\tUnits\\t185 000\\t85 000\\tEUR\\t22.69\\t4 197 650.00\\t3.77\",\n \"Xtrackers IE Physical Gold ETC Securities EUR - (0.150%) .\",\n \".\\tUnits\\t426 315\\t426 316\\t1\\tEUR\\t24.59\\t10 483 085.85\\t9.41\",\n \"DWS Invest SICAV - ESG Asian Bonds -IC500- USD - (0.150%) Units\\t24 000\\t24 000\\tUSD\\t106.69\\t2 259 084.79\\t2.03\",\n \"Total securities portfolio\\t100 986 188.16\\t90.61\",\n \"Derivatives\",\n \"(Minus signs denote short positions)\",\n \"Equity index derivatives\\t-158 227.19\\t-0.14\",\n \"Receivables/payables\",\n \"Equity index futures\",\n \"Dax Index 03/2022 (MS) \\tCount\\t-4\\t4\\t-29 800.00\\t-0.03\",\n \"S & P MINI 500 Futures 03/2022 (MS) \\tCount\\t-22\\t22\\t-128 427.19\\t-0.11\",\n \"Interest rate derivatives\\t-117 485.63\\t-0.10\",\n \"Receivables/payables\",\n \"Interest rate futures\",\n \"US Treasury Notes 10 year Futures 03/2022 (MS) \\tCount\\t-73\\t73\\t-81 009.61\\t-0.07\",\n \"US Treasury Notes 30 year Futures 03/2022 (MS) \\tCount\\t-27\\t27\\t-36 476.02\\t-0.03\",\n \"Currency derivatives\\t3 601.33\\t0.00\",\n \"Receivables/payables\",\n \"Forward currency transactions Forward currency transactions (short) Open positions\",\n \"EUR/GBP 2.0 million \\t-30 029.71\\t-0.03\",\n \"EUR/USD 15.7 million\",\n \"239.17\\t0.07\",\n \"Closed positions\",\n \"EUR/GBP 2.7 million \\t-31.22\\t0.00\",\n \"EUR/USD 15.7 million \\t-40 576.91\\t-0.04\",\n \"Swaps\\t481 520.56\\t0.43\",\n \"Receivables/payables\",\n \"Credit default swaps Protection seller\",\n \"iTraxx Europe / 1% / 20/06/2025 (OTC) (CIT) \\tCount\\t10 000 000\\t230 119.00\\t0.21\",\n \"iTraxx Europe / 1% / 20/12/2024 (OTC) (CIT) \\tCount\\t12 000 000\\t251 401.56\\t0.22\",\n \"Cash at bank\\t10 170 594.94\\t9.12\",\n \"Demand deposits at Depositary\",\n \"EUR deposits \\tEUR\\t7 861 950.01\\t7.05\",\n \"Deposits in other EU/EEA currencies\",\n \"Danish krone \\tDKK\\t369 669\\t49 710.77\\t0.05\",\n \"Norwegian krone \\tNOK\\t50 696\\t5 082.69\\t0.00\",\n \"Swedish krona \\tSEK\\t25 866\\t2 526.96\\t0.00\",\n \"| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| | currency | amount | in the reporting period | EUR | |\",\n \"| Deposits in non-EU/EEA currencies | | | | | |\",\n \"| Brazilian real | BRL | 234 726 | | 37 159.90 | 0.03 |\",\n \"| British pound | GBP | 42 282 | | 50 408.43 | 0.05 |\",\n \"| Hong Kong dollar | HKD | 482 408 | | 54 571.37 | 0.05 |\",\n \"| Indonesian rupiah | IDR | 18 125 417 200 | | 1 120 824.73 | 1.01 |\",\n \"| Japanese yen | JPY | 6 319 454 | | 48 446.05 | 0.04 |\",\n \"| Mexican peso | MXN | 126 573 | | 5 444.88 | 0.00 |\",\n \"| Russian rouble | RUB | 4 159 352 | | 49 134.88 | 0.04 |\",\n \"| Swiss franc | CHF | 98 282 | | 94 911.03 | 0.09 |\",\n \"| South Korean won | KRW | 133 574 | | 99.14 | 0.00 |\",\n \"| Turkish lira | TRY | 46 460 | | 3 125.53 | 0.00 |\",\n \"| U.S. dollar | USD | 892 250 | | 787 198.57 | 0.71 |\",\n \"| Other assets | | | | 133 632.25 | 0.12 |\",\n \"| Dividends/Distributions receivable | | | | 63 361.33 | 0.06 |\",\n \"| Interest receivable | | | | 67 389.02 | 0.06 |\",\n \"| Receivables from exceeding the expense cap | | | | 2 881.90 | 0.00 |\",\n \"| Total assets *** | | | | 111 846 175.08 | 100.35 |\",\n \"| Other liabilities | | | | -46 641.71 | -0.04 |\",\n \"| Liabilities from cost items | | | | -46 641.71 | -0.04 |\",\n \"| Total liabilities | | | | -392 992.37 | -0.35 |\",\n \"| Net assets | | | | 111 453 182.71 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Klasse FD | EUR | 109.45 |\",\n \"| Klasse ID | EUR | 109.87 |\",\n \"| Klasse LD | EUR | 108.12 |\",\n \"| Klasse RD | EUR | 111.45 |\",\n \"| Klasse XD | EUR | 111.78 |\",\n \"| Number of shares outstanding Klasse FD | Count | 14 980.000 |\",\n \"| Klasse ID | Count | 116 402.000 |\",\n \"| Klasse LD | Count | 587.434 |\",\n \"| Klasse RD | Count | 870 000.000 |\",\n \"| Klasse XD | Count | 1.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512)\",\n \"25% MSCI AC World NR, 25% MSCI AC World NR (hedged in EUR), 25% Barclays Global Aggregate Bond, 25% Barclays Global Aggregate Bond (hedged in EUR)\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 65.759 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 121.866 |\",\n \"| Average market risk exposure | % | 91.766 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.7, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 87 470 804.24 as of the reporting date.\",\n \"Market abbreviations\\t Futures exchanges\",\n \"MS = Morgan Stanley Bank AG\",\n \"Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"CIT = Citibank AG\",\n \"Contracting parties for forward currency transactions\",\n \"Morgan Stanley Europe SE, State Street Bank International GmbH and UBS AG.\",\n \"Securities lending\",\n \"The following securities were transferred under securities loans at the reporting date:\",\n \"Security name\\tCurrency/\\tQuantity/\\tSecurities loans\\tTotal quantity/\\tprincipal amount\\tTotal market value in EUR\",\n \"principal amount\\tNo fixed maturity\",\n \"Fastned BV\\tCount\\t5 500\\t270 875.00\",\n \"Total receivables from securities loans\\t270 875.00\\t270 875.00\",\n \"Contracting parties for securities loans\",\n \"Barclays Bank Ireland PLC EQ\",\n \"Total collateral pledged by third parties for securities loans\\tEUR\\t288 925.30\",\n \"thereof:\",\n \"Equities\\tEUR\\t288 925.30\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Brazilian real | BRL | 6.316661 | = | EUR | 1 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| Swiss franc | CHF | 1.035520 | = | EUR | 1 |\",\n \"| Danish krone | DKK | 7.436396 | = | EUR | 1 |\",\n \"| British pound | GBP | 0.838785 | = | EUR | 1 |\",\n \"| Hong Kong dollar | HKD | 8.839948 | = | EUR | 1 |\",\n \"| Indonesian rupiah | IDR | 16 171.500076 | = | EUR | 1 |\",\n \"| Japanese yen | JPY | 130.443111 | = | EUR | 1 |\",\n \"| South Korean won | KRW | 1 347.388871 | = | EUR | 1 |\",\n \"| Mexican peso | MXN | 23.246213 | = | EUR | 1 |\",\n \"| Norwegian krone | NOK | 9.974305 | = | EUR | 1 |\",\n \"| Russian rouble | RUB | 84.651725 | = | EUR | 1 |\",\n \"| Swedish krona | SEK | 10.236018 | = | EUR | 1 |\",\n \"| Turkish lira | TRY | 14.864632 | = | EUR | 1 |\",\n \"| U.S. dollar | USD | 1.133450 | = | EUR | 1 |\",\n \"| Notes on valuation | | | | | |\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnotes\",\n \"* Some or all of these securities are lent.\",\n \"** Floating interest rate.\",\n \"*** Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"###### Statement of changes in net assets\\t2021\",\n \"- Value of the fund‘s net assets\",\n \"| | at the beginning of the fiscal year | EUR | 106 413 822.57 |\",\n \"| --- | --- | --- | --- |\",\n \"| I. Income | | | | 1. | Distribution for the previous year | EUR | -1 729 796.15 |\",\n \"| 1. Dividends (before withholding tax) | EUR | 1 233 593.04 | | 2. | Net outflows | EUR | -1 162 142.97 |\",\n \"| 2. Interest from securities (before withholding tax) | EUR | 702 895.10 | | 3. | Income adjustment | EUR | 97 478.77 |\",\n \"| 3. Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 34 338.51 | | 4. | Net investment income | EUR | 1 497 627.06 |\",\n \"| 4. Income from securities lending | EUR | 4 355.10 | | 5. | Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 706 049.18 |\",\n \"| 5. Deduction for foreign withholding tax | EUR | -179 819.12 | | 6. | Net change in unrealized appreciation/depreciation ....\",\n \"| EUR | 5 630 144.25 |\",\n \"| | | | | | | | |\",\n \"| Total income II.\",\n \"Expenses | EUR | 1 795 362.63 | | II.\",\n \"| Value of the fund‘s net assets at the end of the fiscal year | EUR | 111 453 182.71 |\",\n \"| 1. Interest on borrowings and | | | | | | | |\",\n \"negative interest on deposits EUR\\t-34 599.68\",\n \"- Management fee EUR\\t-237 409.75thereof:Basic management fee EUR\\t-215 431.23 Income from expense cap EUR\\t\\t3 039.62Administration fee EUR\\t-25 018.14\",\n \"- Auditing, legal and publication costs EUR\\t7 930.32\",\n \"- Taxe d‘abonnement EUR\\t-9 416.01\",\n \"- Other expenses EUR\\t-24 240.45thereof:Summary of gains/losses\\t2021Realized gains/losses (incl. income adjustment) EUR\\t706 049.18from:Securities transactions EUR\\t7 166 593.23(Forward) currency transactions EUR\\t-1 184 209.69Derivatives and other financial futures transactions 1 .\",\n \"EUR\\t-5 276 334.36\",\n \"| Performance-based fee from securities lending income .\",\n \"EUR | -1 451.70 | 1 This item may include options transactions or swap transactions and/or transactions |\",\n \"| --- | --- | --- |\",\n \"| Other\\tEUR | -22 788.75 | from warrants and credit derivatives.\",\n \"| Total expenses | EUR | -297 735.57 | |\",\n \"| III.\",\n \"Net investment income | EUR | 1 497 627.06 | |\",\n \"| IV.\",\n \"Sale transactions Realized gains/losses | EUR | 706 049.18 | |\",\n \"| Capital gains/losses | EUR | 706 049.18 | |\",\n \"| V. Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 2 203 676.24 | |\",\n \"| BVI total expense ratio (TER) | | | |\",\n \"| The total expense ratio for the share classes was: | | | |\",\n \"Class FD 0.73% p.a.,\\tClass ID 0.45% p.a.,\",\n \"Class LD 1.49% p.a.,\\tClass RD 0.20% p.a., Class XD 0.15% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee / management fee will be used for the calcula- tion.\",\n \"The synthetic TER was:\",\n \"Class FD 0.82% p.a.,\\tClass ID 0.54% p.a.,\",\n \"Class LD 1.57% p.a.,\\tClass RD 0.28% p.a., Class XD 0.23% p.a.\",\n \"As well, the additional income from securities lending resulted in a performance-based fee of\",\n \"Class FD 0.001% p.a.,\\tClass ID 0.001% p.a.,\",\n \"Class LD 0.001% p.a.,\\tClass RD 0.001% p.a., Class XD 0.001% p.a.\",\n \"of the fund’s average net assets in relation to the respective share class.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 37 488.03.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"###### Details on the distribution policy*\",\n \"Class FD\",\n \"| Type | As of | Currency | Per share | Net assets at the end of the fiscal year 2021\\tEUR | 111 453 182.71 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| Final distribution | March 4, 2022 | EUR | 1.00 | 2020\\tEUR | 106 413 822.57 |\",\n \"| | | | | 2019\\tEUR | 163 537 500.73 |\",\n \"| Class ID | | | | Net asset value per share at the end of the fiscal year | |\",\n \"| Type | As of | Currency | Per share | 2021\\tClass FD\\tEUR Class ID\\tEUR | 109.45 109.87 |\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t1.29\",\n \"Class LD\",\n \"| Final distribution | March 4, 2022 | EUR | 0.19 | | Class RD Class XD | EUR EUR | 105.35 104.18 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| | | | | 2019 | Class FD | EUR | 102.71 |\",\n \"| | Class ID | EUR | 103.10 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class LD | EUR | 101.52 |\",\n \"| | Class RD | EUR | 104.59 |\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Class LD EUR\\t108.12\",\n \"Class RD EUR\\t111.45\",\n \"Class XD EUR\\t111.78\",\n \"2020\\tClass FD EUR\\t103.45\",\n \"Class ID EUR\\t103.83\",\n \"Class LD EUR\\t102.25\",\n \"Class RD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t1.58\",\n \"Class XD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the fiscal year is reinvested.\",\n \"Class XD EUR\\t103.42\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.33% of all transactions.\",\n \"The total volume was EUR 4 344 256.20.\",\n \"## DWS Invest II Spanish Equities (in liquidation)\",\n \"#### Investment objective and performance in the reporting period\",\n \"The objective of the invest- ment policy was to generate above-average returns.\",\n \"To this end, the sub-fund invested predominantly in equities of issuers having their registered office or principal business\",\n \"DWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)\",\n \"Performance since inception\",\n \"120\",\n \"110\",\n \"100\",\n \"90\",\n \"80\",\n \"70\",\n \"60\",\n \"50\",\n \"activity in Spain with the aim\",\n \"1/23/20*\",\n \"6/20\",\n \"12/20\\t6/21\",\n \"7.12.21\",\n \"of exceeding, where possible, the performance of the Spanish\",\n \"DWS Invest II Spanish Equities (in liquidation) (NC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on January 23, 2020= 100\",\n \"Data on euro basis\",\n \"equity indices through broad diversification.\",\n \"For the purposes of portfolio diversification, the sub-fund could also invest in fixed rate financial instruments, money market instruments and derivatives of issuers domi- ciled in a member country of the Organisation for Economic Co-operation and Development (OECD).\",\n \"Past performance is no guide to future results.\",\n \"As of: December 7, 2021 (liquidation date)\",\n \"DWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)\",\n \"Performance of share classes (in EUR)\",\n \"| Share class | ISIN | Since the beginning of the shortened fiscal year |\",\n \"| --- | --- | --- |\",\n \"| Class NC | LU2006279116 | 11.0% |\",\n \"| Class TFC | LU2006279389 | 12.6% |\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 7, 2021 (liquidation date)\",\n \"The sub-fund recorded an appreciation of 11.0% per share (NC share class; BVI method; in euro) in the short-\",\n \"ened fiscal year from January 1, 2021, through December 7, 2021 (date of last share price calculation).\",\n \"#### Investment policy in the reporting period\",\n \"The performance of the inter- national capital markets in 2021 was particularly affected by the coronavirus pandemic* and its social and economic conse- quences for the global econ- omy.\",\n \"In contrast, the extremely relaxed monetary policies of the central banks of the indus- trial countries – adopted in\",\n \"light of the weakened global economy – supported price performance in the financial markets.\",\n \"The economic outlook\",\n \"improved since the beginning of 2021, but the question of inflation also arose among investors.\",\n \"In addition, the rapid spread of the coronavirus and its mutations, as well as the associated new restrictions, dampened economic pros- pects.\",\n \"Overall, Spanish equities posted price gains in the report- ing period.\",\n \"Its positioning in the industrial sector helped the sub-fund’s performance the most – espe- cially the position in Fluidra, a major specialist for swimming pool technology and water treatment, whose stock price rose sharply.\",\n \"At the same time, no shares of Siemens Gamesa, which lost roughly one-third\",\n \"of their value, were held.\",\n \"The Spanish subsidiary of Otis, Zardoya Otis, was acquired by\",\n \"its parent company and posted a significant price gain in the process.\",\n \"In the health care sector, the stock of pharma- ceutical company Laborato- rios Farmaceuticos Rovi again rose sharply, even after having already gained substantially\",\n \"in the previous year.\",\n \"Looking at the utilities sector, the sub-\",\n \"fund benefited from price gains by Acciona Energía and Red Eléctrica.\",\n \"In contrast, the posi- tions in Soltec Power Holdings, a Spanish-domiciled company active in the renewable ener- gies space, and in Grifols, a multinational pharmaceuti-\",\n \"cal and chemical company, weighed on the performance of the sub-fund.\",\n \"Liquidation of the sub-fund\",\n \"The sub-fund DWS Invest II Spanish Equities (in liquidation)\",\n \"was liquidated effective Decem-\",\n \"ber 7, 2021, following a reso- lution to that effect adopted by the Board of Directors of Deutsche Invest II, SICAV, and\",\n \"the approval of the Luxembourg supervisory authority CSSF.\",\n \"The issue of new shares of the sub- fund was discontinued effective October 25, 2021.\",\n \"Investors could redeem sub-fund shares until October 25, 2021.\",\n \"Information on the environmental and/or social characteristics\",\n \"The sub-fund qualified as a\",\n \"product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product did not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"DWS INVEST II SPANISH EQUITIES (IN LIQUIDATION)\",\n \"Liquidation proceeds for the share classes (in EUR)\",\n \"| Share class | ISIN | Liquidation proceeds per share |\",\n \"| --- | --- | --- |\",\n \"| Class NC | LU2006279116 | 38.63 |\",\n \"| Class TFC | LU2006279389 | 100.53 |\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"DWS Invest II Spanish Equities (in liquidation)\",\n \"| Statement of net assets as of December 7, 2021 (liquidation date) | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets 1. Cash at bank | 26 345 131.34 | 128.73 |\",\n \"| 2. Other assets | 166 482.34 | 0.81 |\",\n \"| II.\",\n \"Liabilities 1. Other liabilities | -106 334.63 | -0.52 |\",\n \"| 2. Liabilities from share certificate transactions | -26 405 279.05 | -129.02 |\",\n \"| III.\",\n \"Net assets | 0.00 | 0.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"DWS Invest II Spanish Equities (in liquidation)\",\n \"| | Count/ | Quantity/ | Purchases/ | Sales/ | | | Total market | % of |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Security name | units/ | principal | additions | disposals | Currency | Market price | value in | net assets |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"###### Investment portfolio – December 7, 2021 (liquidation date)\",\n \"Cash at bank\\t9 303 503.51\\t98.64\",\n \"Demand deposits at Depositary\",\n \"EUR deposits EUR\\t9 303 503.51 98.64\",\n \"| Other assets | 166 297.23 | 1.76 |\",\n \"| --- | --- | --- |\",\n \"| Dividends/Distributions receivable | 166 297.23 | 1.76 |\",\n \"| Total assets | 9 469 800.74 | 100.40 |\",\n \"| Other liabilities | -38 067.58 | -0.40 |\",\n \"| Liabilities from cost items | -38 067.58 | -0.40 |\",\n \"| Liabilities from share certificate transactions | -9 431 733.16 | -100.00 |\",\n \"| Total liabilities | -9 469 800.74 | -100.40 |\",\n \"| Net assets | 0.00 | 0.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class NC | EUR | 0.00 |\",\n \"| Class TFC | EUR | 0.00 |\",\n \"| Number of shares outstanding Class NC | Count | 0.000 |\",\n \"| Class TFC | Count | 0.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) IBEX 35 Net Return Index\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 0.000 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 97.751 |\",\n \"| Average market risk exposure | % | 79.217 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 7, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Notes on valuation\",\n \"Against the backdrop of the resolution of the Board of Directors of the SICAV to put the fund into liquidation effective December 7, 2021, the going-concern basis was relinquished and the financial statements were prepared on the basis of liquidation values.\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"DWS Invest II Spanish Equities (in liquidation)\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 7, 2021\",\n \"- Income\",\n \"- Dividends (before withholding tax) EUR 645\\t255.50\",\n \"- Deduction for foreign withholding tax EUR\\t-7 348.54\",\n \"- Income adjustment EUR\\t-637 906.96Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t0.00\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-4 814.51 thereof:Commitment fees EUR\\t-242.02\",\n \"- Management fee EUR\\t-612 998.55thereof:Basic management fee EUR\\t-596 357.35 Administration fee EUR\\t\\t-16 641.20\",\n \"###### Statement of changes in net assets\\t2021\",\n \"- Value of the fund‘s net assetsat the beginning of the shortened fiscal year . . . .\",\n \". .\",\n \"EUR\\t31 876 075.17\",\n \"- Net outflows EUR\\t-35 086 220.73\",\n \"- Income adjustment EUR 7 282\\t107.25\",\n \"- Net investment income EUR\\t0.00\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t0.00\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR\\t-4 071 961.69\",\n \"- Value of the fund‘s net assetsat the end of the shortened fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t0.00Summary of gains/losses\\t2021Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t0.00\",\n \"| 3. Depositary fee | EUR | -932.57 |\",\n \"| --- | --- | --- |\",\n \"| 4. Auditing, legal and publication costs | EUR | -5 410.38 |\",\n \"| 5. Taxe d‘abonnement | EUR | -11 531.53 |\",\n \"| 6. Other expenses | EUR | -17 187.83 |\",\n \"| 7. Reimbursed expenses | EUR | 652 875.37 |\",\n \"| from: | |\",\n \"| --- | --- |\",\n \"| Securities transactions | EUR | 7 296 185.35 |\",\n \"| (Forward) currency transactions | EUR | 890.31 |\",\n \"| Income adjustment | EUR | -7 297 075.66 |\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t0.00\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t0.00\",\n \"- Sale transactions\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t7 297 075.66\",\n \"- Income adjustment EUR\\t-7 297 075.66Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t0.00\",\n \"- Realized net gain/loss for the shortened fiscal year .\",\n \"EUR\\t0.00BVI total expense ratio (TER)The total expense ratio for the share classes was:Class NC 2.15%1,\\tClass TFC 0.68%1The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given short- ened fiscal year.\",\n \"1\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 17 167.11.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Net assets at the end of the (shortened) fiscal year\",\n \"December 7, 2021 (liquidation date) EUR\\t0.00\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t31 876 075.17\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t0.00\",\n \"Net asset value per share at the end of the (shortened) fiscal year December 7, 2021 (liquidation date)\",\n \"Class NC EUR\\t-\",\n \"Class TFC EUR\\t-\",\n \"2020\\tClass NC EUR\\t34.80\",\n \"Class TFC EUR\\t89.28\",\n \"2019\\tClass NC EUR\\t-\",\n \"Class TFC EUR\\t-\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.\",\n \"The total volume was EUR 0.00.\",\n \"#### Investment objective and performance in the reporting period\",\n \"DWS Invest II US Top Dividend aims to generate sustained cap- ital appreciation.\",\n \"To achieve this objective, the sub-fund invests mainly in equities of issuers from the United States expected to return above-average divi-\",\n \"DWS INVEST II US TOP DIVIDEND\",\n \"Five-year performance\",\n \"150\",\n \"140\",\n \"130\",\n \"120\",\n \"110\",\n \"100\",\n \"90\",\n \"80\",\n \"dend yields.\",\n \"Dividend yield is a\",\n \"12/16*\",\n \"12/17\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"key criterion in the selection of individual stocks.\",\n \"However, divi-\",\n \"DWS Invest II US Top Dividend (LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* 12/2016 = 100\",\n \"Data on euro basis\",\n \"dend yields need not exclusively\",\n \"be greater than the market aver- age.\",\n \"In this context, the selec- tion of individual investments is the responsibility of the portfolio management.\",\n \"The sub-fund recorded an appreciation of 32.5% per share (LC share class; BVI method) in the fiscal year from the begin- ning of January 2021 through the end of December 2021.\",\n \"Investment policy in the reporting period\",\n \"Following a very memora- ble previous year, the stock exchanges developed very\",\n \"solidly in 2021.\",\n \"Although the “COVID-19 issue”* remained ubiquitous, significant prog-\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS INVEST II US TOP DIVIDEND\",\n \"Performance of share classes (in EUR)\",\n \"| Share class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LC | LU0781238778 | 32.5% | 45.4% | 42.7% |\",\n \"| Class FC | LU0781239156 | 33.5% | 48.7% | 48.2% |\",\n \"| Class FD | LU0781239230 | 33.5% | 48.7% | 48.2% |\",\n \"| Class LCH (P) | LU0781239586 | 21.2% | 36.0% | 38.2% |\",\n \"| Class LD | LU0781238851 | 32.5% | 45.4% | 42.7% |\",\n \"| Class NC | LU0781238935 | 31.6% | 42.4% | 37.8% |\",\n \"| Class NCH (P) | LU0781239743 | 20.4% | 33.3% | 33.4% |\",\n \"| Class TFC | LU1663960422 | 33.5% | 48.8% | 46.4% 1 |\",\n \"| Class TFD | LU1663960695 | 33.5% | 48.9% | 46.6% 1 |\",\n \"| Class USD LC 2 | LU0781240089 | 22.1% | 43.9% | 53.4% |\",\n \"1\",\n \"Classes TFC and TFD launched on January 15, 2018 (first share price calculation on January 16, 2018)\",\n \"2 in USD\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"ress was made in the fight against the pandemic.\",\n \"After publication of positive trial results in November 2020, the first vaccines were adminis- tered as 2020 turned to 2021.\",\n \"Global vaccination campaigns since then have helped major economies gradually return to normal.\",\n \"This was also reflected in corporate results.\",\n \"In addi- tion, the unprecedented level of support by governments and accompanying actions by cen- tral banks provided important\",\n \"assistance for consumers and the economy.\",\n \"All of this trans- lated into noticeably higher share prices.\",\n \"Against this backdrop, U.S. equities posted significant price gains overall in the reporting period.\",\n \"The sub-fund’s investment focus was on high-dividend names from the consumer, health care and financial sectors, among others.\",\n \"With this orientation,\",\n \"the sub-fund benefited from the overall very positive price\",\n \"performance of U.S. stocks in the reporting period.\",\n \"Looking at individual stocks, the pharmaceutical companies Pfizer and Eli Lilly were among the best-performing portfolio positions.\",\n \"The investment in Motorola Solutions, a provider\",\n \"of communication and analytical solutions, also turned in a very solid performance.\",\n \"Above-av- erage contributions to perfor- mance additionally came from Marsh & McLennan, a company\",\n \"active in the consulting and insurance services space, and the consumer-goods manufac- turer Procter & Gamble.\",\n \"The stocks of gold producer Agnico Eagle Mines, payment services provider Fidelity National Information Services and employment services com- pany ManpowerGroup, in con- trast, delivered below-average performance.\",\n \"Information on the environmental and/or social characteristics\",\n \"The sub-fund qualifies as a\",\n \"product in accordance with Article 6 of Regulation (EU) 2019/2088 (SFDR) on sustain- ability-related disclosures in the financial services sector.\",\n \"Statement according to Article 7 of Regulation (EU) 2020/852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus (COVID-19) crisis was/is a major challenge, including for the econ- omy worldwide, and is therefore a signif- icant event during the reporting period.\",\n \"Uncertainties regarding the effects of COVID-19 are important for understanding the annual financial statements.\",\n \"Addi- tional details are provided in the explana- tions in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors) Information Technology | 36 125 095.59 | 8.97 |\",\n \"| Telecommunication Services | 44 199 381.32 | 10.99 |\",\n \"| Consumer Discretionaries | 125 336 499.23 | 31.16 |\",\n \"| Energy | 13 173 461.90 | 3.28 |\",\n \"| Consumer Staples | 50 569 783.14 | 12.57 |\",\n \"| Financials | 62 395 893.21 | 15.51 |\",\n \"| Basic Materials | 15 355 156.62 | 3.82 |\",\n \"| Industrials | 27 804 878.89 | 6.92 |\",\n \"| Utilities | 9 845 050.12 | 2.45 |\",\n \"| Total equities | 384 805 200.02 | 95.67 |\",\n \"| 2. Investment fund units Other funds | 128.56 | 0.00 |\",\n \"| Total investment fund units | 128.56 | 0.00 |\",\n \"| 3. Derivatives | 70 135.16 | 0.01 |\",\n \"| 4. Cash at bank | 18 093 348.15 | 4.50 |\",\n \"| 5. Other assets | 471 695.21 | 0.12 |\",\n \"| 6. Receivables from share certificate transactions | 45 108.61 | 0.01 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -491 194.00 | -0.12 |\",\n \"| 2. Liabilities from share certificate transactions | -766 770.97 | -0.19 |\",\n \"| | | |\",\n \"| III.\",\n \"Net assets | 402 227 650.74 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – December 31, 2021\",\n \"| Securities traded on an exchange | | | | | | | 384 805 200.02 | 95.67 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Equities | | | | | | | | |\",\n \"| Agnico Eagle Mines Ltd | Count | 90 932 | 91 641 | 709 | CAD | 65.94 | 4 139 190.51 | 1.03 |\",\n \"| BCE, Inc.\",\n \"| Count | 80 968 | 80 968 | | CAD | 65.77 | 3 676 131.03 | 0.91 |\",\n \"| Canadian Imperial Bank of Commerce/Canada | Count | 42 334 | 419 | 1 643 | CAD | 148.24 | 4 332 159.53 | 1.08 |\",\n \"| Canadian National Railway Co.\",\n \"| Count | 50 759 | 11 200 | 1 550 | CAD | 156.45 | 5 481 991.46 | 1.36 |\",\n \"| Metro | Count | 83 315 | 83 315 | | CAD | 67.49 | 3 881 614.09 | 0.97 |\",\n \"| National Bank of Canada | Count | 20 465 | 203 | 793 | CAD | 97.51 | 1 377 560.35 | 0.34 |\",\n \"| Toronto-Dominion Bank/The | Count | 81 310 | 31 085 | 1 968 | CAD | 97.67 | 5 482 200.04 | 1.36 |\",\n \"| 3M Co.\",\n \"| Count | 15 034 | 295 | 15 939 | USD | 178.78 | 2 371 324.85 | 0.59 |\",\n \"| AbbVie, Inc.\",\n \"| Count | 72 918 | 722 | 2 828 | USD | 136.15 | 8 758 908.07 | 2.18 |\",\n \"| Air Products & Chemicals, Inc.\",\n \"| Count | 9 840 | 3 337 | 5 446 | USD | 305.72 | 2 654 095.36 | 0.66 |\",\n \"| Allstate Corp.\",\n \"/The | Count | 31 553 | 313 | 1 224 | USD | 118.66 | 3 303 258.61 | 0.82 |\",\n \"| American Water Works Co., Inc.\",\n \"| Count | 29 891 | 3 135 | 1 049 | USD | 187.7 | 4 949 966.86 | 1.23 |\",\n \"| AmerisourceBergen Corp.\",\n \"| Count | 13 318 | 132 | 9 144 | USD | 133.55 | 1 569 207.87 | 0.39 |\",\n \"| Amgen, Inc.\",\n \"| Count | 28 702 | 284 | 3 555 | USD | 228.45 | 5 784 967.14 | 1.44 |\",\n \"| AT&T, Inc.\",\n \"| Count | 308 584 | 29 356 | 90 471 | USD | 24.905 | 6 780 434.49 | 1.69 |\",\n \"| Automatic Data Processing, Inc.\",\n \"| Count | 10 460 | 10 460 | | USD | 247.09 | 2 280 260.31 | 0.57 |\",\n \"| Baker Hughes Co.\",\n \"| Count | 138 538 | 1 372 | 5 374 | USD | 24.265 | 2 965 833.62 | 0.74 |\",\n \"| Bank of America Corp.\",\n \"| Count | 130 863 | 1 296 | 12 163 | USD | 44.88 | 5 181 640.69 | 1.29 |\",\n \"| Bristol-Myers Squibb Co.\",\n \"| Count | 109 378 | 1 083 | 7 581 | USD | 62.86 | 6 065 993.34 | 1.51 |\",\n \"| Broadcom, Inc.\",\n \"| Count | 5 722 | 57 | 223 | USD | 670.76 | 3 386 199.83 | 0.84 |\",\n \"| Broadridge Financial Solutions, Inc.\",\n \"| Count | 30 603 | 303 | 8 770 | USD | 183.1 | 4 943 675.10 | 1.23 |\",\n \"| Carnival Corp.\",\n \"| Count | 111 317 | 1 103 | 4 317 | USD | 21.37 | 2 098 763.92 | 0.52 |\",\n \"| Charles Schwab Corp.\",\n \"/The | Count | 17 551 | 8 465 | 356 | USD | 85.47 | 1 323 467.08 | 0.33 |\",\n \"| Chevron Corp.\",\n \"| Count | 20 098 | 334 | 14 953 | USD | 118.15 | 2 095 000.55 | 0.52 |\",\n \"| Chubb Ltd | Count | 36 517 | 362 | 1 417 | USD | 194.5 | 6 266 315.70 | 1.56 |\",\n \"| Cisco Systems, Inc.\",\n \"| Count | 144 779 | 71 102 | 2 887 | USD | 63.73 | 8 140 424.74 | 2.02 |\",\n \"| Citigroup, Inc.\",\n \"| Count | 45 859 | 454 | 1 778 | USD | 60.9 | 2 463 992.87 | 0.61 |\",\n \"| Citizens Financial Group, Inc.\",\n \"| Count | 35 276 | 349 | 25 385 | USD | 47.58 | 1 480 816.84 | 0.37 |\",\n \"| Clorox Co.\",\n \"/The | Count | 14 739 | 3 381 | 2 004 | USD | 171.51 | 2 230 257.66 | 0.55 |\",\n \"| CME Group, Inc.\",\n \"| Count | 15 329 | 152 | 594 | USD | 229.37 | 3 102 044.42 | 0.77 |\",\n \"| Coca-Cola Co.\",\n \"/The | Count | 137 458 | 1 361 | 5 332 | USD | 59.1 | 7 167 291.63 | 1.78 |\",\n \"| Comcast Corp.\",\n \"| Count | 154 291 | 63 256 | 4 803 | USD | 51.08 | 6 953 269.41 | 1.73 |\",\n \"| Corning, Inc.\",\n \"| Count | 65 075 | 645 | 2 524 | USD | 37.59 | 2 158 162.18 | 0.54 |\",\n \"| Dow, Inc.\",\n \"| Count | 38 651 | 23 480 | 1 499 | USD | 57.64 | 1 965 541.79 | 0.49 |\",\n \"| DT Midstream, Inc.\",\n \"| Count | 9 858 | 9 858 | | USD | 48.18 | 419 037.78 | 0.10 |\",\n \"| Eastman Chemical Co.\",\n \"| Count | 19 203 | 19 203 | | USD | 120.84 | 2 047 280.61 | 0.51 |\",\n \"| Eaton Corp., PLC | Count | 18 602 | 18 602 | | USD | 171.91 | 2 821 359.02 | 0.70 |\",\n \"| Eli Lilly & Co.\",\n \"| Count | 26 022 | 4 743 | 20 327 | USD | 277.04 | 6 360 345.76 | 1.58 |\",\n \"| Equity Residential | Count | 30 729 | 30 729 | | USD | 90.65 | 2 457 614.78 | 0.61 |\",\n \"| Eversource Energy | Count | 61 294 | 22 631 | 1 514 | USD | 90.52 | 4 895 083.26 | 1.22 |\",\n \"| Exxon Mobil Corp.\",\n \"| Count | 83 118 | 1 209 | 53 560 | USD | 61.24 | 4 490 842.67 | 1.12 |\",\n \"| Fidelity National Information Services, Inc.\",\n \"| Count | 33 665 | 23 418 | 402 | USD | 110.14 | 3 271 306.72 | 0.81 |\",\n \"| Genuine Parts Co.\",\n \"| Count | 32 941 | 25 059 | 4 590 | USD | 140.08 | 4 071 087.96 | 1.01 |\",\n \"| Gilead Sciences, Inc.\",\n \"| Count | 68 212 | 676 | 13 817 | USD | 73.67 | 4 433 523.63 | 1.10 |\",\n \"| Hasbro, Inc.\",\n \"| Count | 99 933 | 43 899 | 2 844 | USD | 100.37 | 8 849 330.67 | 2.20 |\",\n \"| Home Depot, Inc.\",\n \"/The | Count | 25 076 | 12 796 | 481 | USD | 412.03 | 9 115 587.70 | 2.27 |\",\n \"| Intel Corp.\",\n \"| Count | 152 967 | 52 594 | 22 546 | USD | 51.95 | 7 011 014.66 | 1.74 |\",\n \"| Interpublic Group of Cos, Inc.\",\n \"/The | Count | 34 471 | 34 471 | | USD | 38.07 | 1 157 802.10 | 0.29 |\",\n \"| Johnson & Johnson | Count | 76 109 | 5 700 | 2 758 | USD | 171.96 | 11 546 783.59 | 2.87 |\",\n \"| JPMorgan Chase & Co.\",\n \"| Count | 37 529 | 372 | 1 456 | USD | 159.49 | 5 280 779.39 | 1.31 |\",\n \"| Kimberly-Clark Corp.\",\n \"| Count | 39 569 | 39 569 | | USD | 141.52 | 4 940 495.05 | 1.23 |\",\n \"| ManpowerGroup, Inc.\",\n \"| Count | 17 739 | 17 739 | | USD | 98.77 | 1 545 794.51 | 0.38 |\",\n \"| Marsh & McLennan Cos, Inc.\",\n \"| Count | 56 901 | 564 | 2 207 | USD | 174.15 | 8 742 606.91 | 2.17 |\",\n \"| McDonald‘s Corp.\",\n \"| Count | 34 745 | 35 914 | 1 169 | USD | 268.27 | 8 223 600.41 | 2.05 |\",\n \"| Medtronic PLC | Count | 43 495 | 431 | 1 688 | USD | 104.51 | 4 010 465.25 | 1.00 |\",\n \"| Merck & Co., Inc.\",\n \"| Count | 113 044 | 1 120 | 36 913 | USD | 77.15 | 7 694 510.93 | 1.91 |\",\n \"| Microsoft Corp.\",\n \"| Count | 20 351 | 202 | 790 | USD | 341.12 | 6 124 780.25 | 1.52 |\",\n \"| Mondelez International, Inc.\",\n \"| Count | 62 344 | 617 | 2 419 | USD | 66.05 | 3 632 997.17 | 0.90 |\",\n \"| Motorola Solutions, Inc.\",\n \"| Count | 34 224 | 339 | 1 328 | USD | 271.93 | 8 210 799.82 | 2.04 |\",\n \"| National Instruments Corp.\",\n \"| Count | 56 333 | 558 | 2 185 | USD | 44.31 | 2 202 227.62 | 0.55 |\",\n \"| Newmont Mining Corp.\",\n \"| Count | 84 485 | 61 161 | 1 403 | USD | 61.03 | 4 549 048.35 | 1.13 |\",\n \"| nVent Electric PLC | Count | 81 572 | 81 572 | | USD | 38.29 | 2 755 649.97 | 0.69 |\",\n \"| Organon & Co.\",\n \"| Count | 11 304 | 11 305 | 1 | USD | 30.36 | 302 783.00 | 0.08 |\",\n \"| PepsiCo, Inc.\",\n \"| Count | 81 006 | 18 816 | 18 975 | USD | 172.84 | 12 352 618.23 | 3.07 |\",\n \"| Pfizer, Inc.\",\n \"| Count | 237 154 | 2 354 | 35 715 | USD | 58.21 | 12 179 392.53 | 3.03 |\",\n \"| Procter & Gamble Co.\",\n \"| Count | 101 046 | 16 845 | 13 232 | USD | 163.06 | 14 536 643.45 | 3.61 |\",\n \"| Prologis, Inc.\",\n \"| Count | 18 966 | 18 966 | | USD | 166.9 | 2 792 734.54 | 0.69 |\",\n \"| Prudential Financial, Inc.\",\n \"| Count | 20 620 | 204 | 7 386 | USD | 109.64 | 1 994 597.46 | 0.50 |\",\n \"| QUALCOMM, Inc.\",\n \"| Count | 52 794 | 45 972 | 627 | USD | 185.49 | 8 639 779.20 | 2.15 |\",\n \"| Regions Financial Corp.\",\n \"| Count | 66 183 | 655 | 59 180 | USD | 22.12 | 1 291 603.30 | 0.32 |\",\n \"| Republic Services, Inc.\",\n \"| Count | 32 320 | 320 | 9 380 | USD | 139.62 | 3 981 223.51 | 0.99 |\",\n \"| Rockwell Automation, Inc.\",\n \"| Count | 4 799 | 48 | 186 | USD | 349.63 | 1 480 324.80 | 0.37 |\",\n \"| Royal Caribbean Cruises Ltd | Count | 17 321 | 172 | 672 | USD | 79.7 | 1 217 948.31 | 0.30 |\",\n \"| Schlumberger Ltd | Count | 74 838 | 18 305 | 2 903 | USD | 29.91 | 1 974 859.30 | 0.49 |\",\n \"| TE Connectivity Ltd | Count | 20 258 | 201 | 786 | USD | 162.64 | 2 906 842.54 | 0.72 |\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tEUR |\",\n \"| Texas Instruments, Inc.\",\n \"| Count | 16 318 | 162 | 633 | USD | 190.9 | 2 748 339.83 | 0.68 |\",\n \"| TJX Cos, Inc.\",\n \"/The | Count | 60 848 | 60 848 | | USD | 76 | 4 079 974.74 | 1.01 |\",\n \"| Tractor Supply Co.\",\n \"| Count | 17 281 | 171 | 7 155 | USD | 238.12 | 3 630 465.54 | 0.90 |\",\n \"| Travelers Cos, Inc.\",\n \"/The | Count | 16 771 | 166 | 651 | USD | 157.82 | 2 335 170.37 | 0.58 |\",\n \"| Truist Financial Corp.\",\n \"| Count | 19 661 | 195 | 763 | USD | 59.15 | 1 026 024.96 | 0.26 |\",\n \"| UnitedHealth Group, Inc.\",\n \"| Count | 9 097 | 9 450 | 353 | USD | 506.065 | 4 061 646.02 | 1.01 |\",\n \"| Valero Energy Corp.\",\n \"| Count | 18 574 | 184 | 721 | USD | 74.93 | 1 227 887.98 | 0.31 |\",\n \"| Verizon Communications, Inc.\",\n \"| Count | 154 003 | 36 627 | 4 599 | USD | 52.42 | 7 122 357.55 | 1.77 |\",\n \"| VF Corp.\",\n \"| Count | 71 934 | 55 688 | 1 099 | USD | 73.33 | 4 653 861.66 | 1.16 |\",\n \"| Waste Management, Inc.\",\n \"| Count | 25 841 | 256 | 11 048 | USD | 166.85 | 3 803 935.12 | 0.95 |\",\n \"| Welltower, Inc.\",\n \"| Count | 28 545 | 28 545 | | USD | 85.82 | 2 161 305.37 | 0.54 |\",\n \"| WW Grainger, Inc.\",\n \"| Count | 10 001 | 10 079 | 78 | USD | 524.64 | 4 629 162.23 | 1.15 |\",\n \"| Investment fund units | | | | | | | 128.56 | 0.00 |\",\n \"| In-group fund units Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.100%) | Units | 0 | 2 799 | 3 452 | USD | 10 408.589 | 128.56 | 0.00 |\",\n \"| Total securities portfolio | | | | | | | 384 805 328.58 | 95.67 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 70 135.16 | 0.01 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (short) | | | | | | | | |\",\n \"| Open positions EUR/CAD 0.7 million | | | | | | | -3 685.29 | 0.00 |\",\n \"| EUR/USD 7.5 million | | | | | | | 12 786.40 | 0.00 |\",\n \"| Closed positions EUR/CAD 0.8 million | | | | | | | 11 819.59 | 0.00 |\",\n \"| EUR/USD 7.4 million | | | | | | | 49 214.46 | 0.01 |\",\n \"| Cash at bank | | | | | | | 18 093 348.15 | 4.50 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 1 754 021.79 | 0.44 |\",\n \"| Deposits in other EU/EEA currencies | | | | | | | | |\",\n \"| Norwegian krone | NOK | 1 | | | | | 0.09 | 0.00 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| Canadian dollar | CAD | 242 504 | | | | | 167 405.14 | 0.04 |\",\n \"| U.S. dollar | USD | 18 330 066 | | | | | 16 171 921.13 | 4.02 |\",\n \"| Other assets | 471 695.21 | 0.12 |\",\n \"| Dividends/Distributions receivable | 471 695.21 | 0.12 |\",\n \"| Receivables from share certificate transactions | 45 108.61 | 0.01 |\",\n \"| Total assets | 403 489 301.00 | 100.31 |\",\n \"| Other liabilities | -491 194.00 | -0.12 |\",\n \"| Liabilities from cost items | -491 194.00 | -0.12 |\",\n \"| Liabilities from share certificate transactions | -766 770.97 | -0.19 |\",\n \"| Total liabilities | -1 261 650.26 | -0.31 |\",\n \"| Net assets | 402 227 650.74 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class FC | EUR | 283.71 |\",\n \"| Class FD | EUR | 201.39 |\",\n \"| Class LC | EUR | 263.46 |\",\n \"| Class LCH(P) | EUR | 163.36 |\",\n \"| Class LD | EUR | 220.07 |\",\n \"| Class NC | EUR | 246.38 |\",\n \"| Class NCH(P) | EUR | 154.04 |\",\n \"| Class TFC | EUR | 146.39 |\",\n \"| Class TFD | EUR | 136.96 |\",\n \"| Class USD LC | USD | 182.49 |\",\n \"| Number of shares outstanding Class FC | Count | 464 456.557 |\",\n \"| Class FD | Count | 12 040.262 |\",\n \"| Class LC | Count | 43 937.995 |\",\n \"| Class LCH(P) | Count | 42 471.402 |\",\n \"| Class LD | Count | 708 769.993 |\",\n \"| Class NC | Count | 35 300.995 |\",\n \"| Class NCH(P) | Count | 1 652.899 |\",\n \"| Class TFC | Count | 756.012 |\",\n \"| Class TFD | Count | 20.000 |\",\n \"| Class USD LC | Count | 524 656.177 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI USA High Dividend Yield in EUR\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 88.180 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 112.111 |\",\n \"| Average market risk exposure | % | 99.079 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021 using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date. Exchange rates (indirect quotes) As of December 30, 2021 | Canadian dollar\\tCAD | 1.448606 | = EUR | 1 | | --- | --- | --- | --- | | Norwegian krone\\tNOK | 9.974305 | = EUR | 1 | | U.S. dollar\\tUSD | 1.133450 | = EUR | 1 | Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds. Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021 - Income - Dividends (before withholding tax) EUR 9 606\\t111.14 - Interest from investments of liquid assets(before withholding tax) EUR\\t5 613.12 - Deduction for foreign withholding tax EUR\\t-2 649 172.12Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t6 962 552.14 - Expenses - Interest on borrowings andnegative interest on deposits EUR\\t-9 303.16 - Management fee EUR\\t-4 486 130.99thereof:Basic management fee EUR -4 450 562.07Administration fee EUR\\t-35 568.92 | 3. Depositary fee | EUR | -1 458.76 | | --- | --- | --- | | 4. Auditing, legal and publication costs | EUR | -6 475.80 | | 5. Taxe d‘abonnement | EUR | -182 159.03 | | 6. Other expenses | EUR | -105 307.80 | | Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -4 790 835.54 | | III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 2 171 716.60 | | IV. Sale transactions Realized gains/losses | EUR | 14 530 822.95 | | Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 14 530 822.95 | | V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . | EUR | 16 702 539.55 | | BVI total expense ratio (TER) | | | | The total expense ratio for the share classes was: | | | Class FC 0.84% p.a.,\\tClass FD 0.84% p.a., Class LC 1.59% p.a.,\\tClass LCH(P) 1.62% p.a., Class LD 1.59% p.a.,\\tClass NC 2.29% p.a., Class NCH(P) 2.32% p.a.,\\tClass TFC 0.81% p.a., Class TFD 0.80% p.a.,\\tClass USD LC 1.59% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year. Transaction costs The transaction costs paid in the reporting period amounted to EUR 25 325.43. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. ###### Statement of changes in net assets\\t2021 - Value of the fund‘s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\\t316 400 378.68 - Distribution for the previous year EUR\\t-3 117 955.35 - Net outflows EUR\\t-9 819 144.40 - Income adjustment EUR\\t-9 744.76 - Net investment income EUR 2 171\\t716.60 - Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 14 530\\t822.95 - Net change in unrealized appreciation/depreciation . EUR 82 071\\t577.02 - Value of the fund‘s net assets . . . . . . . . . . . . . . . . . . . at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . EUR\\t402 227 650.74 | Summary of gains/losses | | 2021 | | --- | --- | --- | | | | | | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | 14 530 822.95 | | from: Securities transactions | EUR | 14 731 987.96 | | (Forward) currency transactions | EUR | -201 165.01 | Changes in net assets and in the net asset value per share over the last three years ###### Details on the distribution policy* Class FC The income for the fiscal year is reinvested. Class FD Type\\tAs of\\tCurrency\\tPer share Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t402 227 650.74 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t316 400 378.68 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t422 019 677.57 Net asset value per share at the end of the fiscal year Class LC The income for the fiscal year is reinvested. Class LCH (P) The income for the fiscal year is reinvested. Class LD Type\\tAs of\\tCurrency\\tPer share Final distribution\\tMarch 4, 2022\\tEUR\\t4.51 Class NC The income for the fiscal year is reinvested. Class NCH (P) The income for the fiscal year is reinvested. Class TFC The income for the fiscal year is reinvested. | Class TFD | | | --- | --- | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 2.80 | | Klasse USD LC | | | | The income for the fiscal year is reinvested. * Additional information is provided in the sales prospectus. In the case of a final distribution, any remaining net income for the fiscal year is reinvested. Class LCH(P) EUR\\t163.36 | Final distribution | March 4, 2022 | EUR | 4.12 | 2021\\tClass FC Class FD | EUR EUR | 283.71 201.39 | | --- | --- | --- | --- | --- | --- | --- | | | | | | Class LC | EUR | 263.46 | Class LD EUR\\t220.07 Class NC EUR\\t246.38 Class NCH(P) EUR\\t154.04 Class TFC EUR\\t146.39 Class TFD EUR\\t136.96 Class USD LC USD\\t182.49 2020\\tClass FC EUR\\t212.51 Class FD EUR\\t154.34 Class LC EUR\\t198.82 Class LCH(P) EUR\\t134.79 Class LD EUR\\t169.93 Class NC EUR\\t187.23 Class NCH(P) EUR\\t127.96 Class TFC EUR\\t109.64 Class TFD EUR\\t104.93 Class USD LC USD\\t149.41 2019\\tClass FC EUR\\t237.31 Class FD EUR\\t176.40 Class LC EUR\\t223.72 Class LCH(P) EUR\\t140.94 Class LD EUR\\t195.72 Class NC EUR\\t212.15 Class NCH(P) EUR\\t134.89 Class TFC EUR\\t122.37 Class TFD EUR\\t119.87 Class USD LC USD\\t153.14 Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 0.00. Statement of net assets as of December 31, 2021 | Assets | DWS Invest II, SICAV EUR * Consolidated\\t% of net assets | DWS Invest II Euro Bonds Conservative EUR | DWS Invest II European Top Dividend EUR | | --- | --- | --- | --- | | Total securities portfolio | 1 082 520 723.81 | 94.94 | 73 471 006.24 | 327 095 107.54 | | Currency derivatives | 78 431.96 | 0.01 | 0.00 | 4 695.47 | | Swaps | 481 520.56 | 0.04 | 0.00 | 0.00 | | Cash at bank | 58 207 156.33 | 5.11 | 10 419 438.35 | 12 520 102.88 | | Other assets | 2 689 609.62 | 0.23 | 137 878.88 | 1 825 860.32 | | Receivables from share certificate transactions | 139 067.82 | 0.01 | 0.00 | 92 315.05 | | Total Assets ** | 1 144 116 510.10 | 100.34 | 84 028 323.47 | 341 538 081.26 | | Liabilities | | | | | Equity index derivatives | -158 227.19 | -0.01 | 0.00 | 0.00 | | Interest rate derivatives | -117 485.63 | -0.01 | 0.00 | 0.00 | | Currency derivatives | -157 046.78 | -0.01 | -157 046.78 | 0.00 | | Other liabilities | -2 129 133.75 | -0.19 | -30 369.97 | -1 285 067.24 | | Liabilities from share certificate transactions | -1 371 554.69 | -0.12 | -211 431.32 | -374 631.47 | | Total liabilities ** | -3 933 448.04 | -0.34 | -398 848.07 | -1 659 698.71 | | | | | | | Net assets | 1 140 183 062.06 | 100.00 | 83 629 475.40 | 339 878 382.55 | * The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. ** In the case of derivatives and forward transactions, the amount reported as “total assets” comprises the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” | | | --- | | DWS Invest II Global Equity High Conviction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II US Top Dividend EUR | | 196 163 093.29 | 100 986 188.16 | 384 805 328.58 | | 0.00 | 3 601.33 | 70 135.16 | | 0.00 | 481 520.56 | 0.00 | | 7 003 672.01 | 10 170 594.94 | 18 093 348.15 | | 120 542.96 | 133 632.25 | 471 695.21 | | 1 644.16 | 0.00 | 45 108.61 | | 203 288 952.42 | 111 775 537.24 | 403 485 615.71 | | | | | | 0.00 | -158 227.19 | 0.00 | | 0.00 | -117 485.63 | 0.00 | | 0.00 | 0.00 | 0.00 | | -275 860.83 | -46 641.71 | -491 194.00 | | -18 720.93 | 0.00 | -766 770.97 | | -294 581.76 | -322 354.53 | -1 257 964.97 | | | | | | 202 994 370.66 | 111 453 182.71 | 402 227 650.74 | Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DWS Invest II, SICAV EUR * Consolidated | DWS Invest II Euro Bonds Conservative EUR | DWS Invest II European Equity Focussed Alpha (in liquidation) 1 EUR | | --- | --- | --- | --- | | Dividends (before withholding tax) | 27 430 920.43 | 0.00 | 0.00 | | Interest from securities (before withholding tax) | 634 557.50 | -68 337.60 | 0.00 | | Interest from investments of liquid assets (before withholding tax) | 13 383.90 | 0.00 | 0.00 | | Income from investment fund units | 34 338.51 | 0.00 | 0.00 | | Income from securities lending | 11 340.62 | 0.00 | 0.00 | | Deduction for foreign withholding tax | -4 245 006.26 | -97.81 | 0.00 | | Total income | 23 879 534.70 | -68 435.41 | 0.00 | | | | | | | Expenses | | | | | Interest on borrowings and negative interest on deposits | -173 998.43 | -68 373.65 | 0.00 | | Management fee | -12 136 614.01 | -223 749.15 | 0.00 | | Depositary fee | -16 868.45 | -1 116.61 | 0.00 | | Auditing, legal and publication costs | 19 624.70 | -7 132.49 | 0.00 | | Taxe d'abonnement | -488 864.51 | -40 441.08 | 0.00 | | Other expenses | -329 112.65 | -7 056.01 | 0.00 | | Total expenses | -13 125 833.35 | -347 868.99 | 0.00 | | Net investment income | 10 753 701.35 | -416 304.40 | 0.00 | | Sale transactions | | | | | Realized gains/losses | 36 344 118.75 | -514 091.56 | 0.00 | | Capital gains/losses | 36 344 118.75 | -514 091.56 | 0.00 | | | | | | | Net gain/loss for the fiscal year | 47 097 820.10 | -930 395.96 | 0.00 | * The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. For the purpose of consolidation of the liquidated sub-fund and for reasons of comparability, the disclosure of the income adjustment and reimbursed expense amounts attributable to the individual income adjustment and reimbursed expense items was changed (in contrast to the individual presentation of the income adjustment and reimbursed expenses in the form of a separate presentation of the total amount) in favor of attributing the individual income adjustment and reimbursed expense compo- nents to the respective income adjustment and reimbursed expense items. 1 The sub-fund was liquidated March 24, 2021. 2 The sub-fund was liquidated December 7, 2021. | | | --- | | DWS Invest II European Top Dividend EUR | DWS Invest II Global Equity High Con- viction Fund EUR | DWS Invest II Global Total Return Fund EUR | DWS Invest II Spanish Equities (in liquidation) 2 EUR | DWS Invest II US Top Dividend EUR | | 12 905 929.15 | 3 685 287.10 | 1 233 593.04 | 0.00 | 9 606 111.14 | | 0.00 | 0.00 | 702 895.10 | 0.00 | 0.00 | | 770.38 | 7 000.40 | 0.00 | 0.00 | 5 613.12 | | 0.00 | 0.00 | 34 338.51 | 0.00 | 0.00 | | 3 590.66 | 3 394.86 | 4 355.10 | 0.00 | 0.00 | | -629 721.23 | -786 195.98 | -179 819.12 | 0.00 | -2 649 172.12 | | 12 280 568.96 | 2 909 486.38 | 1 795 362.63 | 0.00 | 6 962 552.14 | | | | | | | | | | | | | | -60 746.70 | -975.24 | -34 599.68 | 0.00 | -9 303.16 | | -4 569 047.84 | -2 620 276.28 | -237 409.75 | 0.00 | -4 486 130.99 | | -8 570.93 | -5 722.15 | 0.00 | 0.00 | -1 458.76 | | 34 057.54 | -8 754.87 | 7 930.32 | 0.00 | -6 475.80 | | -161 733.86 | -95 114.53 | -9 416.01 | 0.00 | -182 159.03 | | -105 707.35 | -86 801.04 | -24 240.45 | 0.00 | -105 307.80 | | -4 871 749.14 | -2 817 644.11 | -297 735.57 | 0.00 | -4 790 835.54 | | 7 408 819.82 | 91 842.27 | 1 497 627.06 | 0.00 | 2 171 716.60 | | | | | | | | 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 | | 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 | | | | | | | | 19 023 722.27 | 10 098 278.00 | 2 203 676.24 | 0.00 | 16 702 539.55 | Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | Deutsche Invest II, SICAV EUR * Consolidated 1 099 899 876.11 | DWS Invest II Euro Bonds Conservative EUR 112 797 089.62 | DWS Invest II European Equity Focussed Alpha (in Liquidation) 1 EUR 66 561 768.52 | | --- | --- | --- | --- | | Distribution for the previous year / Interim distribution | -12 343 136.53 | 0.00 | -11 010.60 | | Net inflows/outflows | -144 937 157.36 | -28 654 847.73 | -68 281 919.64 | | Income adjustment | 20 349 841.98 | -89 925.74 | 13 117 078.88 | | Net investment income | 10 753 701.35 | -416 304.40 | 0.00 | | Realized gains/losses | 36 344 118.75 | -514 091.56 | 0.00 | | Net change in unrealized appreciation/depreciation | 130 115 817.76 | 507 555.21 | -11 385 917.16 | | Value of the fund‘s net assets at the end of the fiscal year | 1 140 183 062.06 | 83 629 475.40 | 0.00 | * The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was liquidated March 24, 2021. 2 The sub-fund was liquidated December 7, 2021. | | | --- | | DWS Invest II European Top Dividend EUR 300 394 665.07 | DWS Invest II Global Equity High Con- viction Fund EUR 165 456 076.48 | DWS Invest II Global Total Return Fund EUR 106 413 822.57 | DWS Invest II Spanish Equities (in Liquidation) 2 EUR 31 876 075.17 | DWS Invest II US Top Dividend EUR 316 400 378.68 | | -7 482 922.76 | -1 451.67 | -1 729 796.15 | 0.00 | -3 117 955.35 | | -466 728.82 | -1 466 153.07 | -1 162 142.97 | -35 086 220.73 | -9 819 144.40 | | -155 653.66 | 108 501.24 | 97 478.77 | 7 282 107.25 | -9 744.76 | | 7 408 819.82 | 91 842.27 | 1 497 627.06 | 0.00 | 2 171 716.60 | | 11 614 902.45 | 10 006 435.73 | 706 049.18 | 0.00 | 14 530 822.95 | | 28 565 300.45 | 28 799 119.68 | 5 630 144.25 | -4 071 961.69 | 82 071 577.02 | | 339 878 382.55 | 202 994 370.66 | 111 453 182.71 | 0.00 | 402 227 650.74 | KPM KPMG issued an unqualified audit opinion for the full annual report of this SICAV (Société d’Investissement à Capital Variable). The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: G Luxembourg, Société anonyme\\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\\tE-mail: info@kpmg.lu Internet: www.kpmg.lu #### To the shareholders of DWS Invest II, SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE REVISEUR D’ENTREPRISES AGREE ##### Report on the audit of the financial statements Audit opinion We have audited the financial statements of DWS Invest II, SICAV, and its respective sub-funds (“the Fund”), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements give a true and fair view of the financial position of DWS Invest II, SICAV, and its respective sub-funds as of December 31, 2021, and of the results of its opera- tions and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements. ##### Basis for the audit opinion We conducted our audit in accordance with the Law of July 23, 2016, on the audit profession (“Law of July 23, 2016”) and with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (“CSSF”). Our responsibilities under the Law of July 23, 2016, and the ISAs as adopted in Luxembourg by the CSSF are further described in the “Responsibilities of the réviseur d’entreprises agréé for the audit of the financial statements” section. We are also independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants, including International Independence Standards, (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the finan- cial statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. ##### Other information The Board of Directors of the Fund is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our report of the réviseur d’entreprises agréé thereon. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. Our audit opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial state- ments or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard. ##### Responsibilities of the Board of Directors of the Fund for the financial statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the ability of the Fund and of its respective sub-funds to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Direc- tors of the Fund intends either to liquidate the Fund or close any of its individual sub-funds or to cease operations, or has no realistic alternative but to do so. ##### Responsibilities of the réviseur d’entreprises agréé for the audit of the financial statements The objective of our audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the réviseur d’entreprises agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstate- ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with the Law of July 23, 2016, and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis- statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the Fund’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the notes to the financial statements made by the Board of Directors of the Fund. - Conclude on the appropriateness of the use by the Board of Directors of the Fund of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Fund or of any its indi- vidual sub-funds to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the report of the réviseur d’entreprises agréé to the related disclosures in the notes to the financial statements or, if such disclosures are inadequate, to modify our opinion. Our con- clusions are based on the audit evidence obtained up to the date of the report of the réviseur d’entreprises agréé. However, future events or conditions may cause the Fund or any of its individual sub-funds to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclo- sures in the notes to the financial statements, and whether the financial statements represent the under- lying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Luxembourg, April 22, 2022\\tKPMG Luxembourg Société anonyme Cabinet de révision agréé Pia Schanz\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98284,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"Klasse LC ............................... EUR\t169,38\nKlasse LD .............................. EUR\t135,37\nKlasse LDH (P) .......................... EUR\t104,36\nKlasse NC .............................. EUR\t159,26\nKlasse ND .............................. EUR\t129,67\nKlasse TFC .............................. EUR\t103,47\nKlasse TFD ............................. EUR\t96,63\nKlasse XC .............................. EUR\t186,70\nKlasse XD .............................. EUR\t115,82"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"Class LC ................................ EUR\t169.38\nClass LD ................................ EUR\t135.37\nClass LDH (P) ............................ EUR\t104.36\nClass NC................................ EUR\t159.26\nClass ND................................ EUR\t129.67\nClass TFC ............................... EUR\t103.47\nClass TFD ............................... EUR\t96.63\nClass XC ................................ EUR\t186.70\nClass XD ................................ EUR\t115.82"},"unique id":{"kind":"number","value":108285,"string":"108,285"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["Class LC EUR\t169.38","Class LD EUR\t135.37","Class LDH (P) EUR\t104.36","Class NC EUR\t159.26","Class ND EUR\t129.67","Class TFC EUR\t103.47","Class TFD EUR\t96.63","Class XC EUR\t186.70","Class XD EUR\t115.82"],"string":"[\n \"Class LC EUR\\t169.38\",\n \"Class LD EUR\\t135.37\",\n \"Class LDH (P) EUR\\t104.36\",\n \"Class NC EUR\\t159.26\",\n \"Class ND EUR\\t129.67\",\n \"Class TFC EUR\\t103.47\",\n \"Class TFD EUR\\t96.63\",\n \"Class XC EUR\\t186.70\",\n \"Class XD EUR\\t115.82\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["Class LC EUR\t169.38","Class LD EUR\t135.37","Class LDH (P) EUR\t104.36","Class NC EUR\t159.26","Class ND EUR\t129.67","Class TFC EUR\t103.47","Class TFD EUR\t96.63","Class XC EUR\t186.70","Class XD EUR\t115.82"],"string":"[\n \"Class LC EUR\\t169.38\",\n \"Class LD EUR\\t135.37\",\n \"Class LDH (P) EUR\\t104.36\",\n \"Class NC EUR\\t159.26\",\n \"Class ND EUR\\t129.67\",\n \"Class TFC EUR\\t103.47\",\n \"Class TFD EUR\\t96.63\",\n \"Class XC EUR\\t186.70\",\n \"Class XD EUR\\t115.82\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98285,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"* Das konsolidierte Fondsvermögen, die konsolidierte Ertrags- und Aufwandsrechnung sowie die konsolidierte Entwicklung des Fondsvermögens entsprechen der Summe der Ergebnisse der einzelnen Teilfonds. Im Falle von Anlagen zwischen Teilfonds (bei denen ein Teilfonds in einen anderen Teilfonds desselben Umbrellafonds investiert) waren die entsprechenden Konten des Fonds nicht Gegenstand einer Eliminierung für Zwecke der jeweiligen konsolidierten Darstellung.\nFür Zwecke der Konsolidierung des liquidierten Teilfonds wurde der Ausweis der auf die einzelnen Ertrags- und Aufwandsposten entfallenden Ertrags- bzw. Aufwandsaus- gleichsbeträge aus Gründen der Vergleichbarkeit – abweichend zur Einzeldarstellung der Ertrags- und Aufwandsrechnung in Form eines separaten Ausweises des Gesamt- betrages – zu Gunsten einer Zuordnung der jeweiligen Ertrags-/Aufwandsausgleichskomponenten auf die jeweiligen Ertrags- bzw. Aufwandsposten geändert.\n1) \nDer Teilfonds wurde am 24.3.2021 liquidiert.\n2) \nDer Teilfonds wurde am 7.12.2021 liquidiert."},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"* The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.\nFor the purpose of consolidation of the liquidated sub-fund and for reasons of comparability, the disclosure of the income adjustment and reimbursed expense amounts attributable to the individual income adjustment and reimbursed expense items was changed (in contrast to the individual presentation of the income adjustment and reimbursed expenses in the form of a separate presentation of the total amount) in favor of attributing the individual income adjustment and reimbursed expense compo- nents to the respective income adjustment and reimbursed expense items.\n1 \nThe sub-fund was liquidated March 24, 2021.\n2 \nThe sub-fund was liquidated December 7, 2021."},"unique id":{"kind":"number","value":108286,"string":"108,286"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["* The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds.","In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.","For the purpose of consolidation of the liquidated sub-fund and for reasons of comparability, the disclosure of the income adjustment and reimbursed expense amounts attributable to the individual income adjustment and reimbursed expense items was changed (in contrast to the individual presentation of the income adjustment and reimbursed expenses in the form of a separate presentation of the total amount) in favor of attributing the individual income adjustment and reimbursed expense compo- nents to the respective income adjustment and reimbursed expense items.","1","The sub-fund was liquidated March 24, 2021.","2","The sub-fund was liquidated December 7, 2021."],"string":"[\n \"* The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds.\",\n \"In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.\",\n \"For the purpose of consolidation of the liquidated sub-fund and for reasons of comparability, the disclosure of the income adjustment and reimbursed expense amounts attributable to the individual income adjustment and reimbursed expense items was changed (in contrast to the individual presentation of the income adjustment and reimbursed expenses in the form of a separate presentation of the total amount) in favor of attributing the individual income adjustment and reimbursed expense compo- nents to the respective income adjustment and reimbursed expense items.\",\n \"1\",\n \"The sub-fund was liquidated March 24, 2021.\",\n \"2\",\n \"The sub-fund was liquidated December 7, 2021.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["* The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds.","In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.","For the purpose of consolidation of the liquidated sub-fund and for reasons of comparability, the disclosure of the income adjustment and reimbursed expense amounts attributable to the individual income adjustment and reimbursed expense items was changed (in contrast to the individual presentation of the income adjustment and reimbursed expenses in the form of a separate presentation of the total amount) in favor of attributing the individual income adjustment and reimbursed expense compo- nents to the respective income adjustment and reimbursed expense items.","1","The sub-fund was liquidated March 24, 2021.","2","The sub-fund was liquidated December 7, 2021."],"string":"[\n \"* The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds.\",\n \"In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.\",\n \"For the purpose of consolidation of the liquidated sub-fund and for reasons of comparability, the disclosure of the income adjustment and reimbursed expense amounts attributable to the individual income adjustment and reimbursed expense items was changed (in contrast to the individual presentation of the income adjustment and reimbursed expenses in the form of a separate presentation of the total amount) in favor of attributing the individual income adjustment and reimbursed expense compo- nents to the respective income adjustment and reimbursed expense items.\",\n \"1\",\n \"The sub-fund was liquidated March 24, 2021.\",\n \"2\",\n \"The sub-fund was liquidated December 7, 2021.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98286,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"#### Bericht über die Jahresabschlussprüfung Prüfungsurteil\nWir haben den Jahresabschluss der DWS Invest II, SICAV und ihrer jeweiligen Teilfonds („der Fonds“), beste-\nhend aus der Vermögensaufstellung einschließlich des Wertpapierbestands und der sonstigen Vermögens- werte zum 31. Dezember 2021, der Ertrags- und Aufwandsrechnung und der Entwicklung des Fondsvermö- gens für das an diesem Datum endende Geschäftsjahr sowie erläuternden Angaben, einschließlich einer Zusammenfassung bedeutsamer Rechnungslegungsmethoden, geprüft.\nNach unserer Beurteilung vermittelt der beigefügte Jahresabschluss in Übereinstimmung mit den in Luxem- burg geltenden gesetzlichen Bestimmungen und Verordnungen betreffend die Aufstellung und Darstellung des Jahresabschlusses ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens- und Finanzlage der DWS Invest II, SICAV und ihrer jeweiligen Teilfonds zum 31. Dezember 2021 sowie der Er- tragslage und der Entwicklung des Fondsvermögens für das an diesem Datum endende Geschäftsjahr."},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"##### Report on the audit of the financial statements Audit opinion\nWe have audited the financial statements of DWS Invest II, SICAV, and its respective sub-funds (“the Fund”),\nwhich comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as notes to the financial statements, including a summary of significant accounting policies.\nIn our opinion, the accompanying financial statements give a true and fair view of the financial position of DWS Invest II, SICAV, and its respective sub-funds as of December 31, 2021, and of the results of its opera- tions and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements."},"unique id":{"kind":"number","value":108287,"string":"108,287"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["##### Report on the audit of the financial statements Audit opinion","We have audited the financial statements of DWS Invest II, SICAV, and its respective sub-funds (“the Fund”),","which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as notes to the financial statements, including a summary of significant accounting policies.","In our opinion, the accompanying financial statements give a true and fair view of the financial position of DWS Invest II, SICAV, and its respective sub-funds as of December 31, 2021, and of the results of its opera- tions and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements."],"string":"[\n \"##### Report on the audit of the financial statements Audit opinion\",\n \"We have audited the financial statements of DWS Invest II, SICAV, and its respective sub-funds (“the Fund”),\",\n \"which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as notes to the financial statements, including a summary of significant accounting policies.\",\n \"In our opinion, the accompanying financial statements give a true and fair view of the financial position of DWS Invest II, SICAV, and its respective sub-funds as of December 31, 2021, and of the results of its opera- tions and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["##### Report on the audit of the financial statements Audit opinion","We have audited the financial statements of DWS Invest II, SICAV, and its respective sub-funds (“the Fund”),","which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as notes to the financial statements, including a summary of significant accounting policies.","In our opinion, the accompanying financial statements give a true and fair view of the financial position of DWS Invest II, SICAV, and its respective sub-funds as of December 31, 2021, and of the results of its opera- tions and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements."],"string":"[\n \"##### Report on the audit of the financial statements Audit opinion\",\n \"We have audited the financial statements of DWS Invest II, SICAV, and its respective sub-funds (“the Fund”),\",\n \"which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as notes to the financial statements, including a summary of significant accounting policies.\",\n \"In our opinion, the accompanying financial statements give a true and fair view of the financial position of DWS Invest II, SICAV, and its respective sub-funds as of December 31, 2021, and of the results of its opera- tions and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of financial statements.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98287,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# DWS Strategic\nJahresbericht 2021\n- \n#### DB Balanced SAA (EUR)\n- \n#### DB Balanced SAA (EUR) Plus\n- \n#### DB Balanced SAA (USD)\n- \n#### DB Balanced SAA (USD) Plus\n- \n#### DB Conservative SAA (EUR)\n- \n#### DB Conservative SAA (EUR) Plus\n- \n#### DB Conservative SAA (USD)\n- \n#### DB Conservative SAA (USD) Plus\n- \n#### DB Growth SAA (EUR)\n- \n#### DB Growth SAA (USD)\n- \n#### DB Strategic Income Allocation EUR (SIA) Balanced Plus\n- \n#### DB Strategic Income Allocation USD (SIA) Balanced Plus\n- \n#### DB Strategic Income Allocation EUR (SIA) Conservative Plus\n- DB Strategic Income Allocation USD (SIA) Conservative Plus\n- DWS Strategic ESG Allocation Balance\n- \n### ESG Allocation Defensive\n- \n### ESG Allocation Dynamic\n\nInvestmentgesellschaft mit variablem Kapital (SICAV) nach Luxemburger Recht\n\n## Hinweise für Anleger in der Bundesrepublik Deutschland\nDie Satzung, der Verkaufsprospekt, die „Wesentlichen Anlegerinformationen“, Halbjahres- und Jahres- berichte, Ausgabe- und Rücknahmepreise sind kostenlos bei der Verwaltungsgesellschaft und der Informationsstelle sowie im Internet unter www.dws.com erhältlich.\nDie Verwaltungsgesellschaft hat keine Zahlstelle in Deutschland benannt, da keine gedruckten Einzel- urkunden ausgegeben wurden.\nAnleger in Deutschland können ihre Kauf-, Verkaufs - und Umtauschaufträge bei ihrer depotführenden Stelle einreichen. Zahlungen an die Anleger wie Rücknahmeerlöse, etwaige Ausschüttungen und sonstige Zahlungen erfolgen durch ihre depotführende Stelle.\nSonstige Mitteilungen an die Anteilinhaber werden im Internet unter www.dws.com veröffentlicht. Sofern in einzelnen Fällen eine Veröffentlichung in einer Tageszeitung in Luxemburg gesetzlich vorge- schrieben ist, erfolgt die Veröffentlichung in Deutschland im Bundesanzeiger.\nInformationsstelle für Deutschland ist:\nDWS Investment GmbH Mainzer Landstraße 11-17 D-60329 Frankfurt am Main\nJahresbericht 2021\nvom 1.1.2021 bis 31.12.2021\nDB Strategic Income Allocation USD (SIA) Conservative Plus\t106\nDWS Strategic ESG Allocation Balance\n(vormals: DWS Strategic Allocation Balance)\t113\nDWS Strategic ESG Allocation Defensive\n(vormals: DWS Strategic Allocation Defensive)\t121\nDWS Strategic ESG Allocation Dynamic\n(vormals: DWS Strategic Allocation Dynamic)\t129\nBericht des Réviseur d‘Entreprises agréé\t154\nErgänzende Angaben\nAngaben zur Mitarbeitervergütung\t158\nAngaben gemäß Verordnung (EU) 2015/2365\t160\nAngaben gemäß Verordnung (EU) 2019/2088\nsowie gemäß Verordnung (EU) 2020/852\t171\nHinweise für Anleger in der Schweiz\t172\n\n##### Die in diesem Bericht genannten Fonds sind Teilfonds einer SICAV (Société d’Investissement à Capital Variable) nach Luxemburger Recht.\nWertentwicklung\nDer Erfolg einer Investment- fondsanlage wird an der Wertentwicklung der Anteile gemessen. Als Basis für die Wertberechnung werden die Anteilwerte (= Rücknahmepreise) herangezogen, unter Hinzu- rechnung zwischenzeitlicher Ausschüttungen, die z.B. im Rahmen der Investmentkonten bei der DWS Investment S.A. kostenfrei reinvestiert werden. Angaben zur bisherigen Wert-\nentwicklung erlauben keine Prognosen für die Zukunft. Darüber hinaus ist in dem Bericht auch der entsprechende Vergleichsindex – soweit vorhan- den – dargestellt. Alle Grafik- und Zahlenangaben geben den Stand vom 31. Dezember 2021 wieder (sofern nichts anderes angegeben ist).\n\n##### Verkaufsprospekte\nDer Kauf von Fondsanteilen erfolgt auf Grundlage des zzt. gültigen Verkaufsprospekts sowie des Dokuments „Wesent- liche Anlegerinformationen“ und der Satzung der SICAV, ergänzt durch den jeweiligen letzten geprüften Jahresbericht und zusätzlich durch den jeweiligen\nHalbjahresbericht, falls ein solcher jüngeren Datums als der letzte Jahresbericht vorliegt.\n\n##### Ausgabe- und Rücknahmepreise\nDie jeweils gültigen Ausgabe- und Rücknahmepreise sowie alle sonstigen Informationen für die Aktionäre können jederzeit am Sitz der Verwaltungsgesellschaft sowie bei den Zahlstellen erfragt werden. Darüber hinaus werden die Ausgabe- und Rücknahme- preise in jedem Vertriebsland in geeigneten Medien (z. B. Inter- net, elektronische Informations- systeme, Zeitungen, etc.) veröffentlicht.\nGesonderter Hinweis für betriebliche Anleger:\nAnpassung des Aktiengewinns wegen des EuGH-Urteils in der Rs. STEKO Industriemontage GmbH und der Rechtsprechung des BFH zu § 40a KAGG\nDer Europäische Gerichtshof (EuGH) hat in der Rs. STEKO Industriemontage GmbH (C-377/07) entschieden, dass die Regelung im KStG für den Übergang vom körperschaftsteuerlichen Anrechnungsverfahren zum Halbeinkünfteverfah- ren in 2001 europarechtswidrig ist. Das Verbot für Körperschaften, Gewinnminderungen im Zusammenhang mit Be- teiligungen an ausländischen Gesellschaften nach § 8b Absatz 3 KStG steuerwirksam geltend zu machen, galt nach\n§ 34 KStG bereits in 2001, während dies für Gewinnminderungen im Zusammenhang mit Beteiligungen an inländi-\nschen Gesellschaften erst in 2002 galt. Dies widerspricht nach Auffassung des EuGH der Kapitalverkehrsfreiheit.\nDer Bundesfinanzhof (BFH) hat mit Urteil vom 28. Oktober 2009 (Az. I R 27/08) entschieden, dass die Rs. STEKO grund- sätzlich Wirkungen auf die Fondsanlage entfaltet. Mit BMF-Schreiben vom 01.02.2011 „Anwendung des BFH-Urteils vom\n28. Oktober 2009 – I R 27/08 beim Aktiengewinn („STEKO-Rechtsprechung“)“ hat die Finanzverwaltung insbesondere dargelegt, unter welchen Voraussetzungen nach ihrer Auffassung eine Anpassung eines Aktiengewinns aufgrund der Rs. STEKO möglich ist.\nDer BFH hat zudem mit den Urteilen vom 25.6.2014 (I R 33/09) und 30.7.2014 (I R 74/12) im Nachgang zum Beschluss des Bundesverfassungsgerichts vom 17. Dezember 2013 (1 BvL 5/08, BGBl I 2014, 255) entschieden, dass Hinzurech- nungen von negativen Aktiengewinnen aufgrund des § 40a KAGG i. d. F. des StSenkG vom 23. Oktober 2000 in den Jahren 2001 und 2002 nicht zu erfolgen hatten und dass steuerfreie positive Aktiengewinne nicht mit negativen Ak- tiengewinnen zu saldieren waren. Soweit also nicht bereits durch die STEKO-Rechtsprechung eine Anpassung des Anleger-Aktiengewinns erfolgt ist, kann ggf. nach der BFH-Rechtsprechung eine entsprechende Anpassung erfolgen. Die Finanzverwaltung hat sich hierzu bislang nicht geäußert.\nIm Hinblick auf mögliche Maßnahmen aufgrund der BFH-Rechtsprechung empfehlen wir Anlegern mit Anteilen im Betriebsvermögen, einen Steuerberater zu konsultieren.\nRussland/Ukraine-Krise\nDer eskalierende Konflikt zwischen Russland und der Ukraine markiert einen dramatischen Wendepunkt in Europa, der unter anderem die Sicherheitsarchitektur und die Energiepolitik Europas nachhaltig beeinflussen und für erhebliche Volatilität sorgen dürfte. Allerdings sind die konkreten bzw. möglichen mittel- bis langfristigen Auswirkungen der Krise auf die Konjunktur, einzelne Märkte und Branchen sowie die sozialen Implikationen angesichts der Unsicherheit zum Zeitpunkt der Aufstellung des vorliegenden Berichts nicht abschließend beurteilbar. Die Verwaltungsgesellschaft setzt deshalb ihre Bemühungen im Rahmen ihres Risikomanagements fort, um diese Unsicherheiten bewerten und ihren möglichen Auswirkungen auf die Aktivitäten, die Liquidität und die Wertentwicklung des jeweiligen Teilfonds begeg- nen zu können. Der Verwaltungsrat der SICAV trägt dafür Sorge, dass die Verwaltungsgesellschaft alle als angemessen erachteten Maßnahmen ergreift, um die Anlegerinteressen bestmöglich zu schützen.\nCoronakrise\nSeit Januar 2020 hat sich das Coronavirus ausgebreitet und in der Folgezeit zu einer ernsten, wirtschaftlichen Krise geführt. Die dynamische Ausbreitung des Virus schlug sich mitunter in erheblichen Marktverwerfungen bei zugleich deutlich gestiegenen Volatilitäten nieder. Beschränkungen der Bewegungsfreiheit, wiederholte Lockdown-Maßnahmen, Produktionsstopps sowie unterbrochene Lieferketten übten großen Druck auf nachgelagerte wirtschaftliche Prozesse aus, so dass sich die weltweiten Konjunkturperspektiven erheblich eintrübten. An den Märkten waren zwischenzeit- lich – u.a. durch Hilfsprogramme im Rahmen der Geld- und Fiskalpolitik sowie umfassende Impf- und Testkampagnen – zwar spürbare Erholungen und teils neue Höchststände zu beobachten. Dennoch sind die konkreten bzw. möglichen mittel- bis langfristigen Auswirkungen der Krise auf die Konjunktur, einzelne Märkte und Branchen sowie die sozialen Implikationen angesichts der Dynamik der globalen Ausbreitung des Virus bzw. des Auftretens diverser Mutationen und des damit einhergehenden hohen Grads an Unsicherheit zum Zeitpunkt der Aufstellung des vorliegenden Berichts nicht verlässlich beurteilbar. Somit kann es weiterhin zu einer wesentlichen Beeinflussung des jeweiligen Teilfondsver- mögens kommen. Ein bedeutendes Maß an Unsicherheit besteht hinsichtlich der finanziellen Auswirkungen der Pandemie, da diese von externen Faktoren wie etwa der Verbreitung des Virus sowie dessen Varianten und den von den einzelnen Regierungen und Zentralbanken ergriffenen Maßnahmen, der erfolgreichen Eindämmung der Entwick- lung der Infektionsraten in Verbindung mit den Impfquoten und dem zügigen und nachhaltigen Wiederanlaufen der Konjunktur abhängig sind.\nDie Verwaltungsgesellschaft setzt deshalb ihre Bemühungen im Rahmen ihres Risikomanagements fort, um diese Unsicherheiten bewerten und ihren möglichen Auswirkungen auf die Aktivitäten, die Liquidität und die Wertentwick- lung des jeweiligen Teilfonds begegnen zu können. Der Verwaltungsrat der SICAV trägt dafür Sorge, dass die Verwal- tungsgesellschaft alle als angemessen erachteten Maßnahmen ergreift, um die Anlegerinteressen bestmöglich zu schützen. In Abstimmung mit den Dienstleistern hat der Verwaltungsrat die Folgen der Coronakrise beobachtet und deren Auswirkungen auf den jeweiligen Teilfonds und die Märkte, in denen dieser investiert, angemessen in seine Entscheidungsfindung einbezogen. Zum Datum des vorliegenden Berichts wurden dem jeweiligen Teilfonds gegen- über keine bedeutenden Rücknahmeanträge gestellt; Auswirkungen auf dessen Anteilscheingeschäft werden von der Verwaltungsgesellschaft kontinuierlich überwacht; die Leistungsfähigkeit der wichtigsten Dienstleister hat keine we- sentlichen Beeinträchtigungen erfahren. In diesem Zusammenhang hat sich der Verwaltungsrat der SICAV im Einklang mit zahlreichen nationalen Leitlinien nach Gesprächen mit den wichtigsten Dienstleistern (insbesondere hinsichtlich Verwahrstelle, Portfoliomanagement und Fondsadministration) davon überzeugt, dass die getroffenen Maßnahmen und Pläne zur Sicherstellung der Fortführung des Geschäftsbetriebs (u.a. umfangreiche Hygienemaßnahmen in den Räumlichkeiten, Einschränkungen bei Geschäftsreisen und Veranstaltungen, Vorkehrungen zur Gewährleistung eines verlässlichen und reibungslosen Ablaufs der Geschäftsprozesse bei Verdachtsfall auf eine Coronavirus-Infektion, Ausweitung der technischen Möglichkeiten zum mobilen Arbeiten) die derzeit absehbaren bzw. laufenden operativen Risiken eindämmen und gewährleisten, dass die Tätigkeiten des jeweiligen Teilfonds nicht unterbrochen werden.\nZum Zeitpunkt der Aufstellung des vorliegenden Berichts liegen nach Auffassung des Verwaltungsrats der SICAV we- der Anzeichen vor, die gegen die Fortführung des jeweiligen Teilfonds sprechen, noch ergaben sich für den jeweiligen Teilfonds Liquiditätsprobleme.\n| Anteilklasse | ISIN | Anteilklasse | ISIN | Umtauschfaktor* |\n| --- | --- | --- | --- | --- |\n| LD | LU0868163691 | LC | LU1922430332 | 1,1788823 |\n\n| Anteilklasse | ISIN | Anteilklasse | ISIN | Umtauschfaktor* |\n| --- | --- | --- | --- | --- |\n| LD | LU0767751091 | LD | LU1922432890 | 1,0068780 |\n\nUmbenennungen von Teilfonds\nDie nachfolgenden Teilfonds der DWS Strategic, SICAV wurden mit Wirkung zum 31. Januar 2021 wie folgt umbenannt: Alter Teilfondsname\tNeuer Teilfondsname\nDB Wealth Management Balanced SAA (EUR)\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\tDB Balanced SAA (USD)\nDB Wealth Management Balanced SAA (EUR) Plus\tDB Balanced SAA (EUR) Plus DB Wealth Management Balanced SAA (USD) Plus\tDB Balanced SAA (USD) Plus DB Wealth Management Conservative SAA (EUR)\tDB Conservative SAA (EUR) DB Wealth Management Conservative SAA (USD)\tDB Conservative SAA (USD)\nDB Wealth Management Conservative SAA (EUR) Plus\tDB Conservative SAA (EUR) Plus DB Wealth Management Conservative SAA (USD) Plus DB Conservative SAA (USD) Plus DB Wealth Management Growth SAA (EUR)\tDB Growth SAA (EUR)\nDB Wealth Management Growth SAA (USD)\tDB Growth SAA (USD)\nUmbenennungen von Anteilklassen\nDie Anteilklassen LC der Teilfonds DB Balanced SAA (EUR), DB Balanced SAA (EUR) Plus, DB Conservative SAA (EUR) und DB Growth SAA (EUR) wurden mit Wirkung zum 31. Januar 2021 jeweils in Anteilklasse SC umbenannt. In den jeweiligen Teilfonds wurde die Anteilklasse LC mit Wirkung zum 1. Februar 2021 neu aufgelegt."},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# DWS Strategic\nAnnual Report 2021\n- \n#### DB Balanced SAA (EUR)\n- \n#### DB Balanced SAA (EUR) Plus\n- \n#### DB Balanced SAA (USD)\n- \n#### DB Balanced SAA (USD) Plus\n- \n#### DB Conservative SAA (EUR)\n- \n#### DB Conservative SAA (EUR) Plus\n- \n#### DB Conservative SAA (USD)\n- \n#### DB Conservative SAA (USD) Plus\n- \n#### DB Growth SAA (EUR)\n- \n#### DB Growth SAA (USD)\n- \n#### DB Strategic Income Allocation EUR (SIA) Balanced Plus\n- \n#### DB Strategic Income Allocation USD (SIA) Balanced Plus\n- \n#### DB Strategic Income Allocation EUR (SIA) Conservative Plus\n- DB Strategic Income Allocation USD (SIA) Conservative Plus\n- DWS Strategic ESG Allocation Balance\n- DWS Strategic ESG Allocation Defensive\n- DWS Strategic ESG Allocation DynamicInvestment Company with Variable Capital (SICAV) Incorporated under Luxembourg LawAnnual report 2021for the period from January 1, 2021, through December 31, 2021DB Strategic Income Allocation USD (SIA) Conservative Plus\t106DWS Strategic ESG Allocation Balance(formerly: DWS Strategic Allocation Balance)\t113DWS Strategic ESG Allocation Defensive(formerly: DWS Strategic Allocation Defensive)\t121DWS Strategic ESG Allocation Dynamic(formerly: DWS Strategic Allocation Dynamic)\t129Report of the Réviseur d‘Entreprises agréé\t154Supplementary informationRemuneration Disclosure\t158Information pursuant to Regulation (EU) 2015/2365\t160Information pursuant to Regulation (EU) 2019/2088and pursuant to Regulation (EU) 2020/852\t171\n\n\n##### The funds described in this report are sub-funds of a SICAV (Société d’Investisse- ment à Capital Variable) incorporated under Luxem- bourg law.\nPerformance\nThe investment return, or per- formance, of a mutual fund investment is measured by the change in value of the fund’s shares. The net asset values per share (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at DWS Investment S.A., are used as the basis for calculating the\nvalue. Past performance is not a guide to future results.\nThe corresponding bench- marks – if available – are also presented in the report. All financial data in this publication is as of December 31, 2021, (unless otherwise stated).\n\n##### Sales prospectuses\nFund shares are purchased on the basis of the current sales prospectus, the key investor information document and the articles of incorporation and\nby-laws of the SICAV, in combi- nation with the latest audited annual report and any semi- annual report that is more recent than the latest annual report.\nIssue and redemption prices \nThe current issue and redemp- tion prices and all other infor- mation for shareholders may be requested at any time at the registered office of the Man- agement Company and from the paying agents. In addition, the issue and redemption prices are published in every country of distribution through appro- priate media (such as the Internet, electronic information systems, newspapers, etc.).\nRussia/Ukraine crisis\nThe escalating conflict between Russia and Ukraine marked a dramatic turning point in Europe, which, among other things, is expected to have a lasting effect on Europe’s security architecture and energy policies and to cause consid- erable volatility. However, the specific or possible medium to long-term effects of the crisis on the economy, individual markets and sectors, as well as the social implications, cannot be conclusively assessed due to the uncertainty at the time of preparing this report. The Management Company is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the respective sub-fund. The Board of Directors of the SICAV is ensuring that the Management Com- pany is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.\nCoronavirus crisis\nThe coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis. The rapid proliferation of the virus was reflected in, among other things, significant price market distortions and substantially increased volatility at the same time. Restrictions on freedom of movement, repeated lockdown measures, production stoppages, as well as disrupted supply chains, are exerting major pressure on downstream economic processes, which caused global economic prospects to deteriorate considerably. In the interim, noticeable recoveries and some new highs were to be observed in the markets – due, among other factors, to monetary and fiscal policy support programs and extensive vaccination and testing campaigns. Nevertheless, the specific or possible medium-to-long- term effects of the crisis on the economy, individual markets and sectors as well as the social implications in respect of the vigorous global spread of the virus or the emergence of various mutations and the associated high level of uncertainty at the time of preparing this report cannot be reliably assessed. There may therefore still be a significant impact on the respective sub-fund assets. A high level of uncertainty exists in relation to the financial implications of the pandemic, as these are dependent on external factors such as the spread of the virus/emerging variants and the measures taken by individual governments and central banks, the successful stemming of the development of infec- tion rates in connection with vaccination rates and the speedy and sustainable restart of the economy.\nThe Management Company is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the respective sub-fund. The Board of Directors of the SICAV is ensuring that the Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent. In coordination with the service providers, the Board of Directors observed the consequences of the coronavirus crisis and adequately included its impact on the respective sub-fund and the markets in which the respective sub-fund invests into its decision-making processes. As of the date of this report, no significant redemption requests had been made in respect of the respec- tive sub-fund; the effects on the respective sub-fund’s share certificate transactions are continuously monitored by the Management Company; the performance capability of the most important service providers did not experience any significant impairment. In this context, the Board of Directors of the SICAV satisfied itself in line with numerous national guidelines and following discussions with the most important service providers (especially the Depositary, the portfolio management and the fund administration) that the measures taken and the business continuity plans put in place (including extensive hygiene measures on the premises, restrictions on business travel and events, precautions to ensure the reliable and smooth running of business processes in the event of a suspected case of coronavirus infection, expansion of the technical options for mobile working) will curb the currently foreseeable or ongoing operational risks and will ensure that the respective sub-fund’s activities will not be disrupted.\nAt the time of preparing this report, the Board of Directors of the SICAV is of the opinion that there are no signs indica- ting any doubt on the ability of the respective sub-fund to continue as a going concern, nor were there any liquidity problems for the respective sub-fund.\n| Share class | ISIN | Share class | ISIN | Exchange factor* |\n| --- | --- | --- | --- | --- |\n| LD | LU0868163691 | LC | LU1922430332 | 1.1788823 |\n\n| Share class | ISIN | Share class | ISIN | Exchange factor* |\n| --- | --- | --- | --- | --- |\n| LD | LU0767751091 | LD | LU1922432890 | 1.0068780 |\n\nRenaming of sub-funds\nThe following sub-funds of DWS Strategic, SICAV, were renamed as follows effective January 31, 2021: Old sub-fund name\tNew sub-fund name\nDB Wealth Management Balanced SAA (EUR)\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\tDB Balanced SAA (USD)\nDB Wealth Management Balanced SAA (EUR) Plus\tDB Balanced SAA (EUR) Plus DB Wealth Management Balanced SAA (USD) Plus\tDB Balanced SAA (USD) Plus DB Wealth Management Conservative SAA (EUR)\tDB Conservative SAA (EUR) DB Wealth Management Conservative SAA (USD)\tDB Conservative SAA (USD)\nDB Wealth Management Conservative SAA (EUR) Plus DB Conservative SAA (EUR) Plus DB Wealth Management Conservative SAA (USD) Plus DB Conservative SAA (USD) Plus DB Wealth Management Growth SAA (EUR)\tDB Growth SAA (EUR)\nDB Wealth Management Growth SAA (USD)\tDB Growth SAA (USD)\nRenaming of share classes\nThe LC share classes of the sub-funds DB Balanced SAA (EUR), DB Balanced SAA (EUR) Plus, DB Conservative SAA (EUR) and DB Growth SAA (EUR) were renamed SC share class effective January 31, 2021. In the respective sub- funds, the LC share class was newly launched effective February 1, 2021."},"unique id":{"kind":"number","value":108288,"string":"108,288"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# DWS Strategic","Annual Report 2021","#### DB Balanced SAA (EUR)","#### DB Balanced SAA (EUR) Plus","#### DB Balanced SAA (USD)","#### DB Balanced SAA (USD) Plus","#### DB Conservative SAA (EUR)","#### DB Conservative SAA (EUR) Plus","#### DB Conservative SAA (USD)","#### DB Conservative SAA (USD) Plus","#### DB Growth SAA (EUR)","#### DB Growth SAA (USD)","#### DB Strategic Income Allocation EUR (SIA) Balanced Plus","#### DB Strategic Income Allocation USD (SIA) Balanced Plus","#### DB Strategic Income Allocation EUR (SIA) Conservative Plus","- DB Strategic Income Allocation USD (SIA) Conservative Plus","- DWS Strategic ESG Allocation Balance","- DWS Strategic ESG Allocation Defensive","- DWS Strategic ESG Allocation DynamicInvestment Company with Variable Capital (SICAV) Incorporated under Luxembourg LawAnnual report 2021for the period from January 1, 2021, through December 31, 2021DB Strategic Income Allocation USD (SIA) Conservative Plus\t106DWS Strategic ESG Allocation Balance(formerly: DWS Strategic Allocation Balance)\t113DWS Strategic ESG Allocation Defensive(formerly: DWS Strategic Allocation Defensive)\t121DWS Strategic ESG Allocation Dynamic(formerly: DWS Strategic Allocation Dynamic)\t129Report of the Réviseur d‘Entreprises agréé\t154Supplementary informationRemuneration Disclosure\t158Information pursuant to Regulation (EU) 2015/2365\t160Information pursuant to Regulation (EU) 2019/2088and pursuant to Regulation (EU) 2020/852\t171","##### The funds described in this report are sub-funds of a SICAV (Société d’Investisse- ment à Capital Variable) incorporated under Luxem- bourg law.","Performance","The investment return, or per- formance, of a mutual fund investment is measured by the change in value of the fund’s shares.","The net asset values per share (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at DWS Investment S.A., are used as the basis for calculating the","value.","Past performance is not a guide to future results.","The corresponding bench- marks – if available – are also presented in the report.","All financial data in this publication is as of December 31, 2021, (unless otherwise stated).","##### Sales prospectuses","Fund shares are purchased on the basis of the current sales prospectus, the key investor information document and the articles of incorporation and","by-laws of the SICAV, in combi- nation with the latest audited annual report and any semi- annual report that is more recent than the latest annual report.","Issue and redemption prices","The current issue and redemp- tion prices and all other infor- mation for shareholders may be requested at any time at the registered office of the Man- agement Company and from the paying agents.","In addition, the issue and redemption prices are published in every country of distribution through appro- priate media (such as the Internet, electronic information systems, newspapers, etc.).","Russia/Ukraine crisis","The escalating conflict between Russia and Ukraine marked a dramatic turning point in Europe, which, among other things, is expected to have a lasting effect on Europe’s security architecture and energy policies and to cause consid- erable volatility.","However, the specific or possible medium to long-term effects of the crisis on the economy, individual markets and sectors, as well as the social implications, cannot be conclusively assessed due to the uncertainty at the time of preparing this report.","The Management Company is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the respective sub-fund.","The Board of Directors of the SICAV is ensuring that the Management Com- pany is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.","Coronavirus crisis","The coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis.","The rapid proliferation of the virus was reflected in, among other things, significant price market distortions and substantially increased volatility at the same time.","Restrictions on freedom of movement, repeated lockdown measures, production stoppages, as well as disrupted supply chains, are exerting major pressure on downstream economic processes, which caused global economic prospects to deteriorate considerably.","In the interim, noticeable recoveries and some new highs were to be observed in the markets – due, among other factors, to monetary and fiscal policy support programs and extensive vaccination and testing campaigns.","Nevertheless, the specific or possible medium-to-long- term effects of the crisis on the economy, individual markets and sectors as well as the social implications in respect of the vigorous global spread of the virus or the emergence of various mutations and the associated high level of uncertainty at the time of preparing this report cannot be reliably assessed.","There may therefore still be a significant impact on the respective sub-fund assets.","A high level of uncertainty exists in relation to the financial implications of the pandemic, as these are dependent on external factors such as the spread of the virus/emerging variants and the measures taken by individual governments and central banks, the successful stemming of the development of infec- tion rates in connection with vaccination rates and the speedy and sustainable restart of the economy.","The Management Company is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the respective sub-fund.","The Board of Directors of the SICAV is ensuring that the Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.","In coordination with the service providers, the Board of Directors observed the consequences of the coronavirus crisis and adequately included its impact on the respective sub-fund and the markets in which the respective sub-fund invests into its decision-making processes.","As of the date of this report, no significant redemption requests had been made in respect of the respec- tive sub-fund; the effects on the respective sub-fund’s share certificate transactions are continuously monitored by the Management Company; the performance capability of the most important service providers did not experience any significant impairment.","In this context, the Board of Directors of the SICAV satisfied itself in line with numerous national guidelines and following discussions with the most important service providers (especially the Depositary, the portfolio management and the fund administration) that the measures taken and the business continuity plans put in place (including extensive hygiene measures on the premises, restrictions on business travel and events, precautions to ensure the reliable and smooth running of business processes in the event of a suspected case of coronavirus infection, expansion of the technical options for mobile working) will curb the currently foreseeable or ongoing operational risks and will ensure that the respective sub-fund’s activities will not be disrupted.","At the time of preparing this report, the Board of Directors of the SICAV is of the opinion that there are no signs indica- ting any doubt on the ability of the respective sub-fund to continue as a going concern, nor were there any liquidity problems for the respective sub-fund.","| Share class | ISIN | Share class | ISIN | Exchange factor* |","| --- | --- | --- | --- | --- |","| LD | LU0868163691 | LC | LU1922430332 | 1.1788823 |","| Share class | ISIN | Share class | ISIN | Exchange factor* |","| --- | --- | --- | --- | --- |","| LD | LU0767751091 | LD | LU1922432890 | 1.0068780 |","Renaming of sub-funds","The following sub-funds of DWS Strategic, SICAV, were renamed as follows effective January 31, 2021: Old sub-fund name\tNew sub-fund name","DB Wealth Management Balanced SAA (EUR)\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\tDB Balanced SAA (USD)","DB Wealth Management Balanced SAA (EUR) Plus\tDB Balanced SAA (EUR) Plus DB Wealth Management Balanced SAA (USD) Plus\tDB Balanced SAA (USD) Plus DB Wealth Management Conservative SAA (EUR)\tDB Conservative SAA (EUR) DB Wealth Management Conservative SAA (USD)\tDB Conservative SAA (USD)","DB Wealth Management Conservative SAA (EUR) Plus DB Conservative SAA (EUR) Plus DB Wealth Management Conservative SAA (USD) Plus DB Conservative SAA (USD) Plus DB Wealth Management Growth SAA (EUR)\tDB Growth SAA (EUR)","DB Wealth Management Growth SAA (USD)\tDB Growth SAA (USD)","Renaming of share classes","The LC share classes of the sub-funds DB Balanced SAA (EUR), DB Balanced SAA (EUR) Plus, DB Conservative SAA (EUR) and DB Growth SAA (EUR) were renamed SC share class effective January 31, 2021.","In the respective sub- funds, the LC share class was newly launched effective February 1, 2021."],"string":"[\n \"# DWS Strategic\",\n \"Annual Report 2021\",\n \"#### DB Balanced SAA (EUR)\",\n \"#### DB Balanced SAA (EUR) Plus\",\n \"#### DB Balanced SAA (USD)\",\n \"#### DB Balanced SAA (USD) Plus\",\n \"#### DB Conservative SAA (EUR)\",\n \"#### DB Conservative SAA (EUR) Plus\",\n \"#### DB Conservative SAA (USD)\",\n \"#### DB Conservative SAA (USD) Plus\",\n \"#### DB Growth SAA (EUR)\",\n \"#### DB Growth SAA (USD)\",\n \"#### DB Strategic Income Allocation EUR (SIA) Balanced Plus\",\n \"#### DB Strategic Income Allocation USD (SIA) Balanced Plus\",\n \"#### DB Strategic Income Allocation EUR (SIA) Conservative Plus\",\n \"- DB Strategic Income Allocation USD (SIA) Conservative Plus\",\n \"- DWS Strategic ESG Allocation Balance\",\n \"- DWS Strategic ESG Allocation Defensive\",\n \"- DWS Strategic ESG Allocation DynamicInvestment Company with Variable Capital (SICAV) Incorporated under Luxembourg LawAnnual report 2021for the period from January 1, 2021, through December 31, 2021DB Strategic Income Allocation USD (SIA) Conservative Plus\\t106DWS Strategic ESG Allocation Balance(formerly: DWS Strategic Allocation Balance)\\t113DWS Strategic ESG Allocation Defensive(formerly: DWS Strategic Allocation Defensive)\\t121DWS Strategic ESG Allocation Dynamic(formerly: DWS Strategic Allocation Dynamic)\\t129Report of the Réviseur d‘Entreprises agréé\\t154Supplementary informationRemuneration Disclosure\\t158Information pursuant to Regulation (EU) 2015/2365\\t160Information pursuant to Regulation (EU) 2019/2088and pursuant to Regulation (EU) 2020/852\\t171\",\n \"##### The funds described in this report are sub-funds of a SICAV (Société d’Investisse- ment à Capital Variable) incorporated under Luxem- bourg law.\",\n \"Performance\",\n \"The investment return, or per- formance, of a mutual fund investment is measured by the change in value of the fund’s shares.\",\n \"The net asset values per share (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at DWS Investment S.A., are used as the basis for calculating the\",\n \"value.\",\n \"Past performance is not a guide to future results.\",\n \"The corresponding bench- marks – if available – are also presented in the report.\",\n \"All financial data in this publication is as of December 31, 2021, (unless otherwise stated).\",\n \"##### Sales prospectuses\",\n \"Fund shares are purchased on the basis of the current sales prospectus, the key investor information document and the articles of incorporation and\",\n \"by-laws of the SICAV, in combi- nation with the latest audited annual report and any semi- annual report that is more recent than the latest annual report.\",\n \"Issue and redemption prices\",\n \"The current issue and redemp- tion prices and all other infor- mation for shareholders may be requested at any time at the registered office of the Man- agement Company and from the paying agents.\",\n \"In addition, the issue and redemption prices are published in every country of distribution through appro- priate media (such as the Internet, electronic information systems, newspapers, etc.).\",\n \"Russia/Ukraine crisis\",\n \"The escalating conflict between Russia and Ukraine marked a dramatic turning point in Europe, which, among other things, is expected to have a lasting effect on Europe’s security architecture and energy policies and to cause consid- erable volatility.\",\n \"However, the specific or possible medium to long-term effects of the crisis on the economy, individual markets and sectors, as well as the social implications, cannot be conclusively assessed due to the uncertainty at the time of preparing this report.\",\n \"The Management Company is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the respective sub-fund.\",\n \"The Board of Directors of the SICAV is ensuring that the Management Com- pany is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.\",\n \"Coronavirus crisis\",\n \"The coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis.\",\n \"The rapid proliferation of the virus was reflected in, among other things, significant price market distortions and substantially increased volatility at the same time.\",\n \"Restrictions on freedom of movement, repeated lockdown measures, production stoppages, as well as disrupted supply chains, are exerting major pressure on downstream economic processes, which caused global economic prospects to deteriorate considerably.\",\n \"In the interim, noticeable recoveries and some new highs were to be observed in the markets – due, among other factors, to monetary and fiscal policy support programs and extensive vaccination and testing campaigns.\",\n \"Nevertheless, the specific or possible medium-to-long- term effects of the crisis on the economy, individual markets and sectors as well as the social implications in respect of the vigorous global spread of the virus or the emergence of various mutations and the associated high level of uncertainty at the time of preparing this report cannot be reliably assessed.\",\n \"There may therefore still be a significant impact on the respective sub-fund assets.\",\n \"A high level of uncertainty exists in relation to the financial implications of the pandemic, as these are dependent on external factors such as the spread of the virus/emerging variants and the measures taken by individual governments and central banks, the successful stemming of the development of infec- tion rates in connection with vaccination rates and the speedy and sustainable restart of the economy.\",\n \"The Management Company is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the respective sub-fund.\",\n \"The Board of Directors of the SICAV is ensuring that the Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.\",\n \"In coordination with the service providers, the Board of Directors observed the consequences of the coronavirus crisis and adequately included its impact on the respective sub-fund and the markets in which the respective sub-fund invests into its decision-making processes.\",\n \"As of the date of this report, no significant redemption requests had been made in respect of the respec- tive sub-fund; the effects on the respective sub-fund’s share certificate transactions are continuously monitored by the Management Company; the performance capability of the most important service providers did not experience any significant impairment.\",\n \"In this context, the Board of Directors of the SICAV satisfied itself in line with numerous national guidelines and following discussions with the most important service providers (especially the Depositary, the portfolio management and the fund administration) that the measures taken and the business continuity plans put in place (including extensive hygiene measures on the premises, restrictions on business travel and events, precautions to ensure the reliable and smooth running of business processes in the event of a suspected case of coronavirus infection, expansion of the technical options for mobile working) will curb the currently foreseeable or ongoing operational risks and will ensure that the respective sub-fund’s activities will not be disrupted.\",\n \"At the time of preparing this report, the Board of Directors of the SICAV is of the opinion that there are no signs indica- ting any doubt on the ability of the respective sub-fund to continue as a going concern, nor were there any liquidity problems for the respective sub-fund.\",\n \"| Share class | ISIN | Share class | ISIN | Exchange factor* |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| LD | LU0868163691 | LC | LU1922430332 | 1.1788823 |\",\n \"| Share class | ISIN | Share class | ISIN | Exchange factor* |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| LD | LU0767751091 | LD | LU1922432890 | 1.0068780 |\",\n \"Renaming of sub-funds\",\n \"The following sub-funds of DWS Strategic, SICAV, were renamed as follows effective January 31, 2021: Old sub-fund name\\tNew sub-fund name\",\n \"DB Wealth Management Balanced SAA (EUR)\\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\\tDB Balanced SAA (USD)\",\n \"DB Wealth Management Balanced SAA (EUR) Plus\\tDB Balanced SAA (EUR) Plus DB Wealth Management Balanced SAA (USD) Plus\\tDB Balanced SAA (USD) Plus DB Wealth Management Conservative SAA (EUR)\\tDB Conservative SAA (EUR) DB Wealth Management Conservative SAA (USD)\\tDB Conservative SAA (USD)\",\n \"DB Wealth Management Conservative SAA (EUR) Plus DB Conservative SAA (EUR) Plus DB Wealth Management Conservative SAA (USD) Plus DB Conservative SAA (USD) Plus DB Wealth Management Growth SAA (EUR)\\tDB Growth SAA (EUR)\",\n \"DB Wealth Management Growth SAA (USD)\\tDB Growth SAA (USD)\",\n \"Renaming of share classes\",\n \"The LC share classes of the sub-funds DB Balanced SAA (EUR), DB Balanced SAA (EUR) Plus, DB Conservative SAA (EUR) and DB Growth SAA (EUR) were renamed SC share class effective January 31, 2021.\",\n \"In the respective sub- funds, the LC share class was newly launched effective February 1, 2021.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# DWS Strategic","Annual Report 2021","#### DB Balanced SAA (EUR)","#### DB Balanced SAA (EUR) Plus","#### DB Balanced SAA (USD)","#### DB Balanced SAA (USD) Plus","#### DB Conservative SAA (EUR)","#### DB Conservative SAA (EUR) Plus","#### DB Conservative SAA (USD)","#### DB Conservative SAA (USD) Plus","#### DB Growth SAA (EUR)","#### DB Growth SAA (USD)","#### DB Strategic Income Allocation EUR (SIA) Balanced Plus","#### DB Strategic Income Allocation USD (SIA) Balanced Plus","#### DB Strategic Income Allocation EUR (SIA) Conservative Plus","- DB Strategic Income Allocation USD (SIA) Conservative Plus","- DWS Strategic ESG Allocation Balance","- DWS Strategic ESG Allocation Defensive","- DWS Strategic ESG Allocation DynamicInvestment Company with Variable Capital (SICAV) Incorporated under Luxembourg LawAnnual report 2021for the period from January 1, 2021, through December 31, 2021DB Strategic Income Allocation USD (SIA) Conservative Plus\t106DWS Strategic ESG Allocation Balance(formerly: DWS Strategic Allocation Balance)\t113DWS Strategic ESG Allocation Defensive(formerly: DWS Strategic Allocation Defensive)\t121DWS Strategic ESG Allocation Dynamic(formerly: DWS Strategic Allocation Dynamic)\t129Report of the Réviseur d‘Entreprises agréé\t154Supplementary informationRemuneration Disclosure\t158Information pursuant to Regulation (EU) 2015/2365\t160Information pursuant to Regulation (EU) 2019/2088and pursuant to Regulation (EU) 2020/852\t171","##### The funds described in this report are sub-funds of a SICAV (Société d’Investisse- ment à Capital Variable) incorporated under Luxem- bourg law.","Performance","The investment return, or per- formance, of a mutual fund investment is measured by the change in value of the fund’s shares.","The net asset values per share (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at DWS Investment S.A., are used as the basis for calculating the","value.","Past performance is not a guide to future results.","The corresponding bench- marks – if available – are also presented in the report.","All financial data in this publication is as of December 31, 2021, (unless otherwise stated).","##### Sales prospectuses","Fund shares are purchased on the basis of the current sales prospectus, the key investor information document and the articles of incorporation and","by-laws of the SICAV, in combi- nation with the latest audited annual report and any semi- annual report that is more recent than the latest annual report.","Issue and redemption prices","The current issue and redemp- tion prices and all other infor- mation for shareholders may be requested at any time at the registered office of the Man- agement Company and from the paying agents.","In addition, the issue and redemption prices are published in every country of distribution through appro- priate media (such as the Internet, electronic information systems, newspapers, etc.).","Russia/Ukraine crisis","The escalating conflict between Russia and Ukraine marked a dramatic turning point in Europe, which, among other things, is expected to have a lasting effect on Europe’s security architecture and energy policies and to cause consid- erable volatility.","However, the specific or possible medium to long-term effects of the crisis on the economy, individual markets and sectors, as well as the social implications, cannot be conclusively assessed due to the uncertainty at the time of preparing this report.","The Management Company is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the respective sub-fund.","The Board of Directors of the SICAV is ensuring that the Management Com- pany is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.","Coronavirus crisis","The coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis.","The rapid proliferation of the virus was reflected in, among other things, significant price market distortions and substantially increased volatility at the same time.","Restrictions on freedom of movement, repeated lockdown measures, production stoppages, as well as disrupted supply chains, are exerting major pressure on downstream economic processes, which caused global economic prospects to deteriorate considerably.","In the interim, noticeable recoveries and some new highs were to be observed in the markets – due, among other factors, to monetary and fiscal policy support programs and extensive vaccination and testing campaigns.","Nevertheless, the specific or possible medium-to-long- term effects of the crisis on the economy, individual markets and sectors as well as the social implications in respect of the vigorous global spread of the virus or the emergence of various mutations and the associated high level of uncertainty at the time of preparing this report cannot be reliably assessed.","There may therefore still be a significant impact on the respective sub-fund assets.","A high level of uncertainty exists in relation to the financial implications of the pandemic, as these are dependent on external factors such as the spread of the virus/emerging variants and the measures taken by individual governments and central banks, the successful stemming of the development of infec- tion rates in connection with vaccination rates and the speedy and sustainable restart of the economy.","The Management Company is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the respective sub-fund.","The Board of Directors of the SICAV is ensuring that the Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.","In coordination with the service providers, the Board of Directors observed the consequences of the coronavirus crisis and adequately included its impact on the respective sub-fund and the markets in which the respective sub-fund invests into its decision-making processes.","As of the date of this report, no significant redemption requests had been made in respect of the respec- tive sub-fund; the effects on the respective sub-fund’s share certificate transactions are continuously monitored by the Management Company; the performance capability of the most important service providers did not experience any significant impairment.","In this context, the Board of Directors of the SICAV satisfied itself in line with numerous national guidelines and following discussions with the most important service providers (especially the Depositary, the portfolio management and the fund administration) that the measures taken and the business continuity plans put in place (including extensive hygiene measures on the premises, restrictions on business travel and events, precautions to ensure the reliable and smooth running of business processes in the event of a suspected case of coronavirus infection, expansion of the technical options for mobile working) will curb the currently foreseeable or ongoing operational risks and will ensure that the respective sub-fund’s activities will not be disrupted.","At the time of preparing this report, the Board of Directors of the SICAV is of the opinion that there are no signs indica- ting any doubt on the ability of the respective sub-fund to continue as a going concern, nor were there any liquidity problems for the respective sub-fund.","| Share class | ISIN | Share class | ISIN | Exchange factor* |","| --- | --- | --- | --- | --- |","| LD | LU0868163691 | LC | LU1922430332 | 1.1788823 |","| Share class | ISIN | Share class | ISIN | Exchange factor* |","| --- | --- | --- | --- | --- |","| LD | LU0767751091 | LD | LU1922432890 | 1.0068780 |","Renaming of sub-funds","The following sub-funds of DWS Strategic, SICAV, were renamed as follows effective January 31, 2021: Old sub-fund name\tNew sub-fund name","DB Wealth Management Balanced SAA (EUR)\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\tDB Balanced SAA (USD)","DB Wealth Management Balanced SAA (EUR) Plus\tDB Balanced SAA (EUR) Plus DB Wealth Management Balanced SAA (USD) Plus\tDB Balanced SAA (USD) Plus DB Wealth Management Conservative SAA (EUR)\tDB Conservative SAA (EUR) DB Wealth Management Conservative SAA (USD)\tDB Conservative SAA (USD)","DB Wealth Management Conservative SAA (EUR) Plus DB Conservative SAA (EUR) Plus DB Wealth Management Conservative SAA (USD) Plus DB Conservative SAA (USD) Plus DB Wealth Management Growth SAA (EUR)\tDB Growth SAA (EUR)","DB Wealth Management Growth SAA (USD)\tDB Growth SAA (USD)","Renaming of share classes","The LC share classes of the sub-funds DB Balanced SAA (EUR), DB Balanced SAA (EUR) Plus, DB Conservative SAA (EUR) and DB Growth SAA (EUR) were renamed SC share class effective January 31, 2021.","In the respective sub- funds, the LC share class was newly launched effective February 1, 2021."],"string":"[\n \"# DWS Strategic\",\n \"Annual Report 2021\",\n \"#### DB Balanced SAA (EUR)\",\n \"#### DB Balanced SAA (EUR) Plus\",\n \"#### DB Balanced SAA (USD)\",\n \"#### DB Balanced SAA (USD) Plus\",\n \"#### DB Conservative SAA (EUR)\",\n \"#### DB Conservative SAA (EUR) Plus\",\n \"#### DB Conservative SAA (USD)\",\n \"#### DB Conservative SAA (USD) Plus\",\n \"#### DB Growth SAA (EUR)\",\n \"#### DB Growth SAA (USD)\",\n \"#### DB Strategic Income Allocation EUR (SIA) Balanced Plus\",\n \"#### DB Strategic Income Allocation USD (SIA) Balanced Plus\",\n \"#### DB Strategic Income Allocation EUR (SIA) Conservative Plus\",\n \"- DB Strategic Income Allocation USD (SIA) Conservative Plus\",\n \"- DWS Strategic ESG Allocation Balance\",\n \"- DWS Strategic ESG Allocation Defensive\",\n \"- DWS Strategic ESG Allocation DynamicInvestment Company with Variable Capital (SICAV) Incorporated under Luxembourg LawAnnual report 2021for the period from January 1, 2021, through December 31, 2021DB Strategic Income Allocation USD (SIA) Conservative Plus\\t106DWS Strategic ESG Allocation Balance(formerly: DWS Strategic Allocation Balance)\\t113DWS Strategic ESG Allocation Defensive(formerly: DWS Strategic Allocation Defensive)\\t121DWS Strategic ESG Allocation Dynamic(formerly: DWS Strategic Allocation Dynamic)\\t129Report of the Réviseur d‘Entreprises agréé\\t154Supplementary informationRemuneration Disclosure\\t158Information pursuant to Regulation (EU) 2015/2365\\t160Information pursuant to Regulation (EU) 2019/2088and pursuant to Regulation (EU) 2020/852\\t171\",\n \"##### The funds described in this report are sub-funds of a SICAV (Société d’Investisse- ment à Capital Variable) incorporated under Luxem- bourg law.\",\n \"Performance\",\n \"The investment return, or per- formance, of a mutual fund investment is measured by the change in value of the fund’s shares.\",\n \"The net asset values per share (= redemption prices) with the addition of intervening distributions, which are, for example, reinvested free of charge within the scope of investment accounts at DWS Investment S.A., are used as the basis for calculating the\",\n \"value.\",\n \"Past performance is not a guide to future results.\",\n \"The corresponding bench- marks – if available – are also presented in the report.\",\n \"All financial data in this publication is as of December 31, 2021, (unless otherwise stated).\",\n \"##### Sales prospectuses\",\n \"Fund shares are purchased on the basis of the current sales prospectus, the key investor information document and the articles of incorporation and\",\n \"by-laws of the SICAV, in combi- nation with the latest audited annual report and any semi- annual report that is more recent than the latest annual report.\",\n \"Issue and redemption prices\",\n \"The current issue and redemp- tion prices and all other infor- mation for shareholders may be requested at any time at the registered office of the Man- agement Company and from the paying agents.\",\n \"In addition, the issue and redemption prices are published in every country of distribution through appro- priate media (such as the Internet, electronic information systems, newspapers, etc.).\",\n \"Russia/Ukraine crisis\",\n \"The escalating conflict between Russia and Ukraine marked a dramatic turning point in Europe, which, among other things, is expected to have a lasting effect on Europe’s security architecture and energy policies and to cause consid- erable volatility.\",\n \"However, the specific or possible medium to long-term effects of the crisis on the economy, individual markets and sectors, as well as the social implications, cannot be conclusively assessed due to the uncertainty at the time of preparing this report.\",\n \"The Management Company is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the respective sub-fund.\",\n \"The Board of Directors of the SICAV is ensuring that the Management Com- pany is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.\",\n \"Coronavirus crisis\",\n \"The coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis.\",\n \"The rapid proliferation of the virus was reflected in, among other things, significant price market distortions and substantially increased volatility at the same time.\",\n \"Restrictions on freedom of movement, repeated lockdown measures, production stoppages, as well as disrupted supply chains, are exerting major pressure on downstream economic processes, which caused global economic prospects to deteriorate considerably.\",\n \"In the interim, noticeable recoveries and some new highs were to be observed in the markets – due, among other factors, to monetary and fiscal policy support programs and extensive vaccination and testing campaigns.\",\n \"Nevertheless, the specific or possible medium-to-long- term effects of the crisis on the economy, individual markets and sectors as well as the social implications in respect of the vigorous global spread of the virus or the emergence of various mutations and the associated high level of uncertainty at the time of preparing this report cannot be reliably assessed.\",\n \"There may therefore still be a significant impact on the respective sub-fund assets.\",\n \"A high level of uncertainty exists in relation to the financial implications of the pandemic, as these are dependent on external factors such as the spread of the virus/emerging variants and the measures taken by individual governments and central banks, the successful stemming of the development of infec- tion rates in connection with vaccination rates and the speedy and sustainable restart of the economy.\",\n \"The Management Company is therefore continuing its efforts, within the framework of its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and performance of the respective sub-fund.\",\n \"The Board of Directors of the SICAV is ensuring that the Management Company is taking all measures deemed appropriate to protect investor interests to the greatest possible extent.\",\n \"In coordination with the service providers, the Board of Directors observed the consequences of the coronavirus crisis and adequately included its impact on the respective sub-fund and the markets in which the respective sub-fund invests into its decision-making processes.\",\n \"As of the date of this report, no significant redemption requests had been made in respect of the respec- tive sub-fund; the effects on the respective sub-fund’s share certificate transactions are continuously monitored by the Management Company; the performance capability of the most important service providers did not experience any significant impairment.\",\n \"In this context, the Board of Directors of the SICAV satisfied itself in line with numerous national guidelines and following discussions with the most important service providers (especially the Depositary, the portfolio management and the fund administration) that the measures taken and the business continuity plans put in place (including extensive hygiene measures on the premises, restrictions on business travel and events, precautions to ensure the reliable and smooth running of business processes in the event of a suspected case of coronavirus infection, expansion of the technical options for mobile working) will curb the currently foreseeable or ongoing operational risks and will ensure that the respective sub-fund’s activities will not be disrupted.\",\n \"At the time of preparing this report, the Board of Directors of the SICAV is of the opinion that there are no signs indica- ting any doubt on the ability of the respective sub-fund to continue as a going concern, nor were there any liquidity problems for the respective sub-fund.\",\n \"| Share class | ISIN | Share class | ISIN | Exchange factor* |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| LD | LU0868163691 | LC | LU1922430332 | 1.1788823 |\",\n \"| Share class | ISIN | Share class | ISIN | Exchange factor* |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| LD | LU0767751091 | LD | LU1922432890 | 1.0068780 |\",\n \"Renaming of sub-funds\",\n \"The following sub-funds of DWS Strategic, SICAV, were renamed as follows effective January 31, 2021: Old sub-fund name\\tNew sub-fund name\",\n \"DB Wealth Management Balanced SAA (EUR)\\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\\tDB Balanced SAA (USD)\",\n \"DB Wealth Management Balanced SAA (EUR) Plus\\tDB Balanced SAA (EUR) Plus DB Wealth Management Balanced SAA (USD) Plus\\tDB Balanced SAA (USD) Plus DB Wealth Management Conservative SAA (EUR)\\tDB Conservative SAA (EUR) DB Wealth Management Conservative SAA (USD)\\tDB Conservative SAA (USD)\",\n \"DB Wealth Management Conservative SAA (EUR) Plus DB Conservative SAA (EUR) Plus DB Wealth Management Conservative SAA (USD) Plus DB Conservative SAA (USD) Plus DB Wealth Management Growth SAA (EUR)\\tDB Growth SAA (EUR)\",\n \"DB Wealth Management Growth SAA (USD)\\tDB Growth SAA (USD)\",\n \"Renaming of share classes\",\n \"The LC share classes of the sub-funds DB Balanced SAA (EUR), DB Balanced SAA (EUR) Plus, DB Conservative SAA (EUR) and DB Growth SAA (EUR) were renamed SC share class effective January 31, 2021.\",\n \"In the respective sub- funds, the LC share class was newly launched effective February 1, 2021.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98288,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Jahresbericht\nund Jahresabschluss\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nDas Anlageziel des Teilfonds besteht darin, einen mittel bis langfristigen Kapitalzuwachs zu erzielen. Um das Anlageziel zu erreichen, strebt er Investments in Portfolios aus drei Haupt anlageklassen an, die unterein ander und in sich diversifiziert\nDB BALANCED SAA (EUR)\nWertentwicklung seit Auflegung\n130\n125\n120\n115\n110\n105\n100\n95\nsind. Dabei handelt es sich um\n30.4.20* 6/20\n9/20\n12/20\t3/21\n6/21\n9/21\n12/21\nein Anleiheportfolio, ein Aktien\nDB Balanced SAA (EUR) (Anteilklasse SC)\n* aufgelegt am 30.4.2020 = 100 Angaben auf Euro-Basis\nportfolio und ein alternatives\nPortfolio. Die Anlagen des Teilfonds werden auf Grundlage der vom Anlageberater, dem Geschäftsbereich Wealth Ma nagement der Deutschen Bank AG, ausgesprochenen Emp fehlungen nach dem Ermessen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt. Zur Bera tung des Teilfondsmanagers verwendet der Anlageberater den Ansatz einer strategischen Asset Allokation, bei dem die erwartete Rendite, Volatilität und Korrelation in jedem Port folio berücksichtigt werden.\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB BALANCED SAA (EUR)\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | seit Auflegung 1) |\n| --- | --- | --- | --- |\n| Klasse SC | LU2132880241 | 10,8% | 24,9% |\n| Klasse DPMC | LU2132880167 | 11,2% | 14,8% |\n| Klasse LC | LU2258442917 | – | 9,0% |\n| Klasse LC10 | LU2132880324 | 11,0% | 25,3% |\n| Klasse PFC | LU2258443055 | – | 4,9% |\n| Klasse WAMC | LU2132880597 | 11,1% | 25,5% |\n\n1) \nKlassen LC10, SC und WAMC aufgelegt am 30.4.2020 / Klasse DPMC aufgelegt am 14.10.2020 / Klasse LC aufgelegt am 1.2.2021 / Klasse PFC aufgelegt am 31.3.2021\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDer Anlageberater ist bestrebt, eine Aufteilung vorzuschlagen, die eine Chance auf einen mittel bis langfristigen Kapital zuwachs bietet. Die erwartete Spanne der Allokation für ein\n„ausgewogenes“ Portfolio liegt bei a) Anleiheportfolio: bis zu 75%; b) Aktienportfolio: 2560% und c) alternatives Portfolio: 015%. Außerdem strebt der Teilfonds an, Vermögenswerte aus dem Euroraum in jedem der Portfolios überzugewichten, damit der Teilfonds einen euro päischen Schwerpunkt hat.\nEin Engagement in den Port folios wird in erster Linie wie folgt eingegangen: durch eine Anlage in einem oder mehreren\nbörsengehandelten Fonds (je weils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzelnen Rohstoffen, über mit der Wertentwicklung der jeweiligen Rohstoffe verknüpfte Schuldtitel wie Exchange Traded Notes oder Zertifikate.\nAlternativ zur Anlage in einem ETF kann der Teilfondsmanager durch den Einsatz derivativer Finanzinstrumente ein Enga gement in einem Finanzindex eingehen.\nDas Anlageumfeld war im Be richtszeitraum von der COVID 19Pandemie, hoher Verschul dung weltweit, immer noch\nsehr niedrigen, teils negativen Zinsen in den Industrieländern sowie der Unsicherheit hin sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erzielte der Teilfonds DB Balanced SAA (EUR) im Jahr 2021 einen Wert zuwachs von 10,8% je Anteil (Anteilklasse SC; nach BVI Methode; in Euro).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter nationalen Kapitalmärkten stand im Jahr 2021 insbeson dere unter dem Eindruck der CoronavirusPandemie* und deren gesellschaftlichen sowie\nökonomischen Folgen für die Weltgemeinschaft. Demgegen über unterstützte die – ange sichts der abgeschwächten Weltkonjunktur – extrem lockere Geldpolitik der Zentral banken der Industrieländer die Kursentwicklung an den Finanz märkten. Seit Jahresanfang\nhoher Verschuldung und histo risch extrem niedriger Zinsen kam es an den Anleihemärk ten im Berichtsjahr bis Ende Dezember 2021 zum längeren Laufzeitende hin unter Schwan kungen zu Kursermäßigungen bei einem Anstieg der Anlei herenditen auf einem immer\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu grunde liegenden Investitionen berücksichtigen nicht die EU Kriterien für ökologisch nach haltige Wirtschaftsaktivitäten.\n2021 verbesserten sich die Kon\tnoch sehr niedrigen, zum Teil\t\njunkturaussichten, begünstigt durch die von der internationa len Staatengemeinschaft unter nommenen Anstrengungen und Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie\ndie einsetzenden Impfkampa gnen. Allerdings kam bei den Investoren auch die Inflations frage auf, hervorgerufen u.a. durch die deutlich gestiegenen Preise an den Rohstoffmärk ten, den Corona bedingten KonsumNachholbedarf sowie partielle Angebotsverknappung aufgrund von Lieferschwierig keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu tanten sowie damit verbunde ne neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichneten allerdings ein differenziertes Bild. Während die Aktienmärkte in den west lichen Industrieländern – be günstigt insbesondere durch die schnelle Erholung der Un ternehmensgewinne – kräftige Kurszuwächse verzeichneten, bildeten die Börsen der Emer ging Markets das Schlusslicht. Vor dem Hintergrund global\nnegativen Renditeniveau. An den Unternehmensanleihe märkten verbuchten High YieldTitel Kurssteigerungen bei verringerten Risikoaufschlägen und konnten damit Unter nehmensanleihen (Corporate Bonds) mit InvestmentGrade Status, die schwächer notier ten, outperformen.\nDas Management des Teilfonds DB Balanced SAA (EUR) enga gierte sich über die Anlage in Zielfonds global überwiegend in Aktien und Anleihen, darunter Staats und Unternehmens anleihen. Das Aktienportefeuille war hinsichtlich der Branchen allokation breit diversifiziert aufgestellt. Mit dieser Ausrich tung partizipierte der Teilfonds insbesondere an den spürba ren Kurssteigerungen an den Aktienmärkten.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen- legungspflichten im Finanz dienstleistungssektor).\n* Die Coronakrise (COVID19) stellt(e) auch für die Wirtschaft weltweit eine bedeu tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Rentenfonds | 93 164 441,98 | 48,50 |\n| Aktienfonds | 86 078 900,32 | 44,81 |\n| Sonstige Fonds | 10 318 546,86 | 5,38 |\n| Summe Investmentanteile | 189 561 889,16 | 98,69 |\n| 2. Bankguthaben | 1 307 289,79 | 0,68 |\n| 3. Sonstige Vermögensgegenstände | 1 868 460,34 | 0,97 |\n| 4. Forderungen aus Anteilscheingeschäften | 245 913,36 | 0,13 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -848 070,66 | -0,44 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -59 194,70 | -0,03 |\n| III. Fondsvermögen | 192 076 287,29 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Investmentanteile | | | | | | | 189 561 889,16 | 98,69 |\n| Gruppeneigene Investmentanteile DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0,100%) ................ | Anteile | 603 | 737 | 134 | EUR | 9 732,971 | 5 868 981,39 | 3,06 |\n| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0,010%) . . | Anteile | 299 005 | 249 668 | 112 793 | EUR | 66,76 | 19 961 573,80 | 10,39 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0,080%) ............................ | Anteile | 328 376 | 249 817 | 39 981 | EUR | 52,738 | 17 317 893,49 | 9,02 |\n| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0,020%) ......................................... | Anteile | 174 886 | 132 902 | 6 460 | EUR | 162,33 | 28 389 244,38 | 14,78 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0,200%) ................................ | Anteile | 420 727 | 315 909 | 15 506 | EUR | 17,079 | 7 185 386,07 | 3,74 |\n| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF - 1C- EUR - (0,050%) ................................ | Anteile | 29 612 | 23 711 | 6 578 | EUR | 167,305 | 4 954 235,66 | 2,58 |\n| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0,050%) ................................ | Anteile | 20 736 | 16 710 | 5 052 | EUR | 207,77 | 4 308 318,72 | 2,24 |\n| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0,050%) ................................ | Anteile | 16 163 | 13 164 | 4 123 | EUR | 282,25 | 4 562 006,75 | 2,37 |\n| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0,050%) ...................... | Anteile | 15 311 | 12 143 | 3 164 | EUR | 247,16 | 3 784 266,76 | 1,97 |\n| Gruppenfremde Investmentanteile Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0,190%) ............... | Anteile | 186 682 | 136 746 | 11 014 | EUR | 23,835 | 4 449 565,47 | 2,32 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0,500%) ............................ | Anteile | 4 103 670 | 4 255 642 | 151 972 | EUR | 5,323 | 21 844 656,14 | 11,37 |\n| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0,200%) ................................... | Anteile | 52 144 | 40 207 | 2 579 | EUR | 133,97 | 6 985 731,68 | 3,64 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0,070%) ................................... | Anteile | 971 | 971 | | EUR | 432,63 | 420 083,73 | 0,22 |\n| MULTI UNITS FRANCE - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0,450%) ................................ | Anteile | 61 340 | 45 598 | 4 079 | EUR | 147,32 | 9 036 608,80 | 4,70 |\n| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0,200%) ................................ | Anteile | 694 | 694 | | GBP | 112,51 | 93 089,35 | 0,05 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0,070%) ................................... | Anteile | 39 694 | 40 962 | 1 268 | GBP | 128,912 | 6 100 530,93 | 3,17 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0,070%) ................................ | Anteile | 7 644 | 6 341 | 167 | USD | 209,84 | 1 415 163,21 | 0,74 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0,070%) ................................... | Anteile | 1 023 272 | 857 031 | 33 315 | USD | 5,383 | 4 859 740,11 | 2,53 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0,070%) ................................... | Anteile | 76 868 | 57 301 | 6 936 | USD | 490,17 | 33 242 209,57 | 17,31 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) ................................ | Anteile | 36 945 | 31 780 | 1 091 | USD | 138,5 | 4 514 430,99 | 2,35 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) ................................ | Anteile | 2 197 | 293 | | USD | 138,352 | 268 172,16 | 0,14 |\n| Summe Wertpapiervermögen | | | | | | | 189 561 889,16 | 98,69 |\n| Bankguthaben | | | | | | | 1 307 289,79 | 0,68 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | | | | | | 1 159 698,08 | 0,60 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | | | | |\n| Britisches Pfund ................................... | GBP | 35 733 | | | | | 42 601,01 | 0,02 |\n| US-Dollar ........................................ | USD | 119 002 | | | | | 104 990,70 | 0,06 |\n| Sonstige Vermögensgegenstände | 1 868 460,34 | 0,97 |\n| Dividenden- / Ausschüttungsansprüche ................. | 99,96 | 0,00 |\n| Abgegrenzte Platzierungsgebühr * .................... | 1 867 999,42 | 0,97 |\n| Sonstige Ansprüche ................................ | 360,96 | 0,00 |\n| Forderungen aus Anteilscheingeschäften | 245 913,36 | 0,13 |\n| Summe der Vermögensgegenstände | 192 983 552,65 | 100,47 |\n| Sonstige Verbindlichkeiten | -848 070,66 | -0,44 |\n| Andere sonstige Verbindlichkeiten ..................... | -848 070,66 | -0,44 |\n| Verbindlichkeiten aus Anteilscheingeschäften | -59 194,70 | -0,03 |\n| Summe der Verbindlichkeiten | -907 265,36 | -0,47 |\n| Fondsvermögen | 192 076 287,29 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse DPMC ..................................... | EUR | 11 480,86 |\n| Klasse LC ........................................ | EUR | 108,96 |\n| Klasse LC10 ...................................... | EUR | 12 526,97 |\n| Klasse PFC ....................................... | EUR | 104,93 |\n| Klasse SC ........................................ | EUR | 12 485,03 |\n| Klasse WAMC .................................... | EUR | 12 552,70 |\n| Umlaufende Anteile Klasse DPMC ..................................... | Stück | 1 023,000 |\n| Klasse LC ........................................ | Stück | 211 578,000 |\n| Klasse LC10 ...................................... | Stück | 1 288,000 |\n| Klasse PFC ....................................... | Stück | 525 600,000 |\n| Klasse SC ........................................ | Stück | 6 184,507 |\n| Klasse WAMC .................................... | Stück | 699,200 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Portfolio ex. Derivatives\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 99,994 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 100,000 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 100,000 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 0,00.\n| Devisenkurse (in Mengennotiz) | |\n| --- | --- |\n| | | per 30.12.2021 |\n| Britisches Pfund\tGBP | 0,838785 | = EUR\t1 |\n| US-Dollar\tUSD | 1,133450 | = EUR\t1 |\n| Erläuterungen zur Bewertung | | |\n\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n* Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \nfür den Zeitraum vom 1.1.2021 bis 31.12.2021\n- Erträge\n\t- Erträge aus Investmentanteilen ................... EUR\t577 575,29Summe der Erträge .............................. EUR\t577 575,29\n\n- Aufwendungen\n\t- Zinsen aus Kreditaufnahmen undnegativen Einlagenverzinsungen .................. EUR\t-42 749,65\n\n- Verwaltungsvergütung .......................... EUR\t-1 017 106,71 davon:Kostenpauschale ............ EUR -1 017 106,71\n- Rechts- und Veröffentlichungskosten .............. EUR\t-613,85\n- Taxe d‘Abonnement ............................ EUR\t-68 648,36\n- Sonstige Aufwendungen ........................ EUR\t-322 577,41 davon:Aufwand aus abgegrenzterPlatzierungsgebühr 1) ........ EUR\t-322 577,41Summe der Aufwendungen ....................... EUR\t-1 451 695,98\n- Ordentlicher Nettoertrag ....................... EUR\t-874 120,69\n- Veräußerungsgeschäfte\n\n| Ergebnis aus Veräußerungsgeschäften .............. | EUR | 2 645 164,71 |\n| --- | --- | --- |\n| V. Ergebnis des Geschäftsjahres ................... | EUR | 1 771 044,02 |\n\nRealisierte Gewinne/Verluste ..................... EUR\t2 645 164,71\n1) \nWeitere Informationen entnehmen Sie bitte den Hinweisen im Anhang.\n- Wert des Fondsvermögensam Beginn des Geschäftsjahres ................. EUR\t52 421 998,20\n- Mittelzufluss (netto). . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t128 315 245,32\n- Ertrags-/Aufwandsausgleich ...................... EUR\t-879 728,98\n- Ordentlicher Nettoertrag ........................ EUR\t-874 120,69\n- Realisierte Gewinne/Verluste ..................... EUR\t2 645 164,71\n- Nettoveränderung dernicht realisierten Gewinne/Verluste ................ EUR\t10 447 728,73\n- Wert des Fondsvermögensam Ende des Geschäftsjahres ................... EUR\t192 076 287,293) Nach Abzug einer Verwässerungsgebühr in Höhe von EUR 33 065,21 zugunsten des Fondsvermögens.\n\n Zusammensetzung der Gewinne/Verluste\t2021 \nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t2 645 164,71\naus:\nWertpapiergeschäften .......................... EUR\t2 555 748,63\nDevisen(termin)geschäften ...................... EUR\t89 416,08\n Angaben zur Ertragsverwendung*\t\nGesamtkostenquote (BVI - Total Expense Ratio (TER))\t\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\nKlasse DPMC 0,12% p.a.,\tKlasse LC 1,26%\n2)\n,\nKlasse LC10 0,27% p.a.,\tKlasse PFC 1,72%\n2)\n,\nKlasse SC 0,47% p.a.,\tKlasse WAMC 0,15% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktionskosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb des Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (syn- thetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/ Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse DPMC 0,30% p.a.,\tKlasse LC 1,43%\n2)\n,\nKlasse LC10 0,44% p.a.,\tKlasse PFC 1,89%\n2)\n,\nKlasse SC 0,64%p.a.,\tKlasse WAMC 0,33% p.a.\n2) \nBei unterjährig aufgelegten Anteilklassen wird von einer Annualisierung abgesehen.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 12 245,14.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nKlasse DPMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LC10\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse PFC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse SC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse WAMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n| Fondsvermögen am Ende des Geschäftsjahres 2021 ........................................... | EUR | 192 076 287,29 |\n| --- | --- | --- |\n| 2020 ........................................... | EUR | 52 421 998,20 |\n| 2019 ........................................... | EUR | - |\n| Anteilwert am Ende des Geschäftsjahres | | |\n| 2021 | Klasse DPMC ........................... | EUR | 11 480,86 |\n| | Klasse LC ............................... | EUR | 108,96 |\n| | Klasse LC10 ............................. | EUR | 12 526,97 |\n| | Klasse PFC ............................. | EUR | 104,93 |\n| | Klasse SC .............................. | EUR | 12 485,03 |\n| | Klasse WAMC ........................... | EUR | 12 552,70 |\n| 2020 | Klasse DPMC ........................... | EUR | 10 326,21 |\n| | Klasse LC ............................... | EUR | - |\n| | Klasse LC10 ............................. | EUR | 11 283,73 |\n| | Klasse PFC ............................. | EUR | - |\n| | Klasse SC .............................. | EUR | 11 268,38 |\n| | Klasse WAMC ........................... | EUR | 11 293,51 |\n| 2019 | Klasse DPMC ........................... | EUR | - |\n| | Klasse LC ............................... | EUR | - |\n| | Klasse LC10 ............................. | EUR | - |\n| | Klasse PFC ............................. | EUR | - |\n| | Klasse SC .............................. | EUR | - |\n| | Klasse WAMC ........................... | EUR | - |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 9,20% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 16 386 500,36.\n Platzierungsgebühr / Verwässerungsausgleich\t\nIm Berichtszeitraum entrichtete der Fonds eine Platzierungsgebühr in Höhe von 2,9% des Netto-Fondsvermögens zugunsten der Vertriebsstelle. Diese wurde zum Tag der Zeichnung berechnet. Die genannte Platzierungsgebühr dient insbesondere als Vertriebsentschädigung. Der Bruttobetrag der Platzierungsgebühr wurde jeweils zum Tag der Zeichnung ausgezahlt und gleichzeitig im Netto-Fondsvermögen als vorausbezahlte Aufwendungen aktiviert. Diese werden über einen Zeitraum von 3 Jahren ab dem Tag der Zeichnung auf täglicher Basis abgeschrieben. Die verbleibende Position vorausbezahlter Aufwendungen pro Anteil zu jedem Bewertungstag wird auf täglicher Basis durch Multiplikation des Netto-Fondsvermögens mit einem Faktor berechnet. Der jeweilige Faktor wird durch lineare Verringerung der Platzierungsgebühr um einen bestimmten Prozentsatz über 3 Jahre ab dem Tag der Zeichnung auf täglicher Basis ermittelt. Während der 3 Jahre ab dem Tag der Zeichnung schwankt die Position der vorausbezahlten Aufwendungen, da sie sowohl vom Netto-Fondsvermögen als auch von dem vorab festgelegten Faktor abhängt.\nAußerdem wurde im Berichtszeitraum ein (vom Anteilinhaber zu tragender) Verwässerungsausgleich von bis zu 3% auf der Grundlage des Bruttorücknahmebetrags zugunsten des Fondsvermögens erhoben.\nWeitere Einzelheiten zur Platzierungsgebühr und zum Verwässerungsausgleich sind dem entsprechenden Abschnitt des Fondsprospekts zu entnehmen.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendun- gen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicherma- ßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\nAnlageziel und Anlage- ergebnis im Berichtszeitraum \nDas Anlageziel des Teilfonds besteht darin, einen mittel- bis langfristigen Kapitalzuwachs zu erzielen. Dabei stellt er auf eine Absicherung gegen Kapital- verluste von mehr als 18% auf annualisierter Basis ab. Um das Anlageziel zu erreichen, strebt der Teilfonds auf Investments in Portfolios aus drei Hauptanlage-\nDB BALANCED SAA (EUR) PLUS\nWertentwicklung seit Auflegung\n130\n125\n120\n115\n110\n105\n100\n95\n30.4.20* 6/20\t12/20\t6/21\nDB Balanced SAA (EUR) Plus (Anteilklasse SC)\n12/21\n* aufgelegt am 30.4.2020 = 100 Angaben auf Euro-Basis\nklassen an, die untereinander\nund in sich diversifiziert sind. Dabei handelt es sich um ein Anleiheportfolio, ein Aktien- portfolio und ein alternatives Portfolio. Die Anlagen des Teilfonds werden auf Grundlage der vom Anlageberater, dem Geschäftsbereich Wealth Ma- nagement der Deutschen Bank AG, ausgesprochenen Emp- fehlungen nach dem Ermessen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt. Zur Bera- tung des Teilfondsmanagers verwendet der Anlageberater den Ansatz einer strategischen\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB BALANCED SAA (EUR) PLUS\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | seit Auflegung 1) |\n| --- | --- | --- | --- |\n| Klasse SC | LU2132879748 | 11,9% | 26,0% |\n| Klasse DPMC | LU2132879664 | 12,4% | 19,5% |\n| Klasse LC | LU2258443139 | – | 9,7% |\n| Klasse LC10 | LU2132879821 | 12,1% | 26,4% |\n| Klasse PFC | LU2258443212 | – | 5,3% |\n| Klasse WAMC | LU2132880084 | 12,4% | 26,8% |\n\n1) \nKlassen LC10, SC und WAMC aufgelegt am 30.4.2020 / Klasse DPMC aufgelegt am 17.6.2020 / Klasse LC aufgelegt am 1.2.2021 / Klasse PFC aufgelegt am 31.3.2021\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nAsset Allokation, bei dem die erwartete Rendite, Volatilität und Korrelation in jedem Port- folio berücksichtigt werden. Der Anlageberater ist bestrebt, eine Aufteilung vorzuschlagen, die eine Chance auf mittel- bis langfristigen Kapitalzuwachs bietet. Die erwartete Spanne der Allokation für ein „ausge- wogenes“ Portfolio liegt bei a) Anleiheportfolio: bis zu 70%;\nb) Aktienportfolio: 30-80% und c) alternatives Portfolio: 0-15%. Außerdem strebt der\nTeilfonds an, Vermögenswerte aus dem Euroraum in jedem der Portfolios überzugewichten, damit er einen europäischen Schwerpunkt hat. Neben der\nVermögensaufteilung auf die Portfolios versucht der Teil- fondsmanager anhand der Empfehlung des Anlageberaters eine Strategie zur Kapitalerhal- tung umzusetzen, in der ange- strebt wird, einen Wertverlust des Teilfondsvermögens auf höchstens 18% auf annualisier- ter Basis zu begrenzen (Risi- kobegrenzungsstrategie). Mit der Risikobegrenzungsstrategie soll der potenzielle Verlust des Teilfonds während eines glei- tenden Zwölfmonatszeitraums begrenzt werden. Die Risikobe- grenzungsstrategie beinhaltet Anlagen in derivativen Finanz- instrumenten. Ein Engagement in den Portfolios wird in erster\nLinie wie folgt eingegangen: durch eine Anlage in einem oder mehreren börsengehan- delten Fonds (jeweils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzelnen Rohstoffen, über mit der Wert entwicklung der jeweiligen Rohstoffe verknüpfte Schuld titel wie Exchange-Traded Notes oder Zertifikate. Alternativ\nzur Anlage in einem ETF kann der Fondsmanager durch den Einsatz derivativer Finanzins- trumente ein Engagement in einem Finanzindex eingehen.\nDas Anlageumfeld war im Be- richtszeitraum von der COVID-\n19-Pandemie, hoher Verschul- dung weltweit, immer noch sehr niedrigen, teils negativen Zinsen in den Industrieländern sowie der Unsicherheit hin- sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erzielte der Teilfonds DB Balanced SAA (EUR) Plus im Jahr 2021 einen Wertzuwachs von 11,9% je Anteil (Anteilklasse SC; nach BVI-Methode; in Euro).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter- nationalen Kapitalmärkten stand im Jahr 2021 insbeson- dere unter dem Eindruck der Coronavirus-Pandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange- sichts der abgeschwächten Weltkonjunktur – extrem locke- re Geldpolitik der Zentralbanken\npartielle Angebotsverknappung aufgrund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu- tanten sowie damit verbundene neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichneten allerdings ein differenziertes Bild. Während die Aktienmärkte in den west- lichen Industrieländern – be- günstigt insbesondere durch die schnelle Erholung der Un- ternehmensgewinne – kräftige Kurszuwächse verzeichneten, bildeten die Börsen der Emer- ging Markets das Schlusslicht. Vor dem Hintergrund global hoher Verschuldung und histo- risch extrem niedriger Zinsen kam es an den Anleihemärk- ten im Berichtsjahr bis Ende Dezember 2021 zum längeren Laufzeitende hin unter Schwan-\nportefeuille war hinsichtlich der Branchenallokation breit diver- sifiziert aufgestellt. Mit dieser Ausrichtung partizipierte der Teilfonds insbesondere an den spürbaren Kurssteigerungen an den Aktienmärkten.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen- legungspflichten im Finanz- dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nder Industrieländer die Kursent-\tkungen zu Kursermäßigungen\t\nwicklung an den Finanzmärk- ten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie\ndie einsetzenden Impfkampa- gnen. Allerdings kam bei den Investoren auch die Inflations- frage auf, hervorgerufen u.a. durch die deutlich gestiegenen Preise an den Rohstoffmärk- ten, den Corona bedingten Konsum-Nachholbedarf sowie\nbei einem Anstieg der Anleihe- renditen auf einem immer noch sehr niedrigen, zum Teil nega- tiven Renditeniveau. An den Unternehmensanleihemärkten verbuchten High Yield-Titel Kurssteigerungen bei verrin- gerten Risikoaufschlägen und konnten damit Unternehmens- anleihen (Corporate Bonds)\nmit Investment-Grade-Status, die schwächer notierten, out- performen.\nDas Management des Teilfonds DB Balanced SAA (EUR) Plus engagierte sich über die Anlage in Zielfonds global überwie- gend in Aktien und Anleihen, darunter Staats- und Unter- nehmensanleihen. Das Aktien-\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Rentenfonds | 565 227 284,89 | 32,02 |\n| Aktienfonds | 1 059 825 069,19 | 60,04 |\n| Sonstige Fonds | 116 410 404,00 | 6,60 |\n| Summe Investmentanteile | 1 741 462 758,08 | 98,66 |\n| 2. Derivate | 9 420 747,79 | 0,53 |\n| 3. Bankguthaben | 3 492 510,30 | 0,20 |\n| 4. Sonstige Vermögensgegenstände | 11 239 344,56 | 0,64 |\n| 5. Forderungen aus Anteilscheingeschäften | 4 407 646,57 | 0,25 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -4 924 435,62 | -0,28 |\n| III. Fondsvermögen | 1 765 098 571,68 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Investmentanteile | | | | | | | 1 741 462 758,08 | 98,66 |\n| Gruppeneigene Investmentanteile DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0,100%) ................ | Anteile | 7 794 | 10 793 | 2 999 | EUR | 9 732,971 | 75 858 774,42 | 4,30 |\n| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0,010%) . . | Anteile | 4 836 908 | 3 976 541 | 12 645 | EUR | 66,76 | 322 911 978,08 | 18,29 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0,080%) ............................ | Anteile | 3 591 239 | 2 981 929 | 13 209 | EUR | 52,738 | 189 394 762,38 | 10,73 |\n| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0,020%) ......................................... | Anteile | 696 671 | 667 401 | 183 424 | EUR | 162,33 | 113 090 603,43 | 6,41 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0,200%) ................................ | Anteile | 2 873 143 | 2 500 611 | 10 309 | EUR | 17,079 | 49 068 972,73 | 2,78 |\n| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0,050%) ................................ | Anteile | 597 586 | 555 099 | 2 015 | EUR | 167,305 | 99 979 125,73 | 5,66 |\n| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0,050%) ................................ | Anteile | 417 225 | 388 567 | 1 299 | EUR | 207,77 | 86 686 838,25 | 4,91 |\n| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0,050%) ............................... | Anteile | 284 371 | 258 206 | 187 | EUR | 282,25 | 80 263 714,75 | 4,55 |\n| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0,050%) ...................... | Anteile | 305 004 | 280 656 | 905 | EUR | 247,16 | 75 384 788,64 | 4,27 |\n| Gruppenfremde Investmentanteile Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0,190%) ............... | Anteile | 1 701 348 | 1 401 670 | 4 498 | EUR | 23,835 | 40 551 629,58 | 2,30 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0,500%) ........................ | Anteile | 9 349 827 | 9 374 547 | 24 720 | EUR | 5,323 | 49 770 999,09 | 2,82 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0,070%) ................................... | Anteile | 808 | 808 | | EUR | 153,76 | 124 238,08 | 0,01 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0,070%) ................................... | Anteile | 19 103 | 19 103 | | EUR | 432,63 | 8 264 530,89 | 0,47 |\n| iShares VII PLC - iShares EUR Govt Bond 7-10yr UCITS ETF EUR (Acc) EUR - (0,200%) ....................... | Anteile | 63 397 | 64 390 | 993 | EUR | 171,27 | 10 858 004,19 | 0,61 |\n| Lyxor Index Fund - Lyxor Core EURO STOXX 50 (DR) EUR - (0,070%) ................................... | Anteile | 20 497 | 78 312 | 112 682 | EUR | 219,35 | 4 496 016,95 | 0,25 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0,450%) ................................... | Anteile | 559 027 | 499 302 | 71 325 | EUR | 147,32 | 82 355 857,64 | 4,67 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0,070%) ................................... | Anteile | 602 115 | 604 634 | 2 519 | GBP | 128,912 | 92 538 448,67 | 5,24 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0,070%) ................................... | Anteile | 793 102 | 648 137 | 9 445 | USD | 490,17 | 342 983 593,91 | 19,43 |\n| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0,070%) .................................. | Anteile | 210 178 | 416 446 | 375 666 | USD | 91,03 | 16 879 880,67 | 0,96 |\n| Summe Wertpapiervermögen | | | | | | | 1 741 462 758,08 | 98,66 |\n| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) | | | | |\n| Aktienindex-Derivate Forderungen/Verbindlichkeiten | | | 9 420 747,79 | 0,53 |\n| Optionsrechte | | | | |\n| Optionsrechte auf Aktienindices Put DJ Euro Stoxx 50 09/2022 3 150 EUR (DB) ..........\tStück\t12 966 | 12 966 | | 7 773 117,00 | 0,44 |\n| Put FTSE MIB Index Futures 09/2022 5 500 GBP (DB) .....\tStück\t400 | 400 | | 382 696,47 | 0,02 |\n| Put S & P 500 Futures 09/2022 3 550 USD (DB) .........\tStück\t196 | 216 | 20 | 1 264 934,32 | 0,07 |\n| Bankguthaben | | | 3 492 510,30 | 0,20 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben\tEUR | | | 2 906 421,75 | 0,17 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | |\n| Britisches Pfund ...................................\tGBP\t466 576 | | | 556 252,88 | 0,03 |\n| US-Dollar ........................................\tUSD\t33 817 | | | 29 835,67 | 0,00 |\n| Sonstige Vermögensgegenstände | | | 11 239 344,56 | 0,64 |\n| Dividenden- / Ausschüttungsansprüche ................. | | | 415,52 | 0,00 |\n| Abgegrenzte Platzierungsgebühr * .................... | | | 9 675 408,57 | 0,55 |\n| Sonstige Ansprüche ................................ | | | 1 563 520,47 | 0,09 |\n| Forderungen aus Anteilscheingeschäften | | | 4 407 646,57 | 0,25 |\n| Summe der Vermögensgegenstände ** | | | 1 770 023 007,30 | 100,28 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |\n| Sonstige Verbindlichkeiten | | | | -4 924 435,62 | -0,28 |\n| Verbindlichkeiten aus Kostenpositionen ................ | | | | -1 640 878,29 | -0,09 |\n| Andere sonstige Verbindlichkeiten ..................... | | | | -3 283 557,33 | -0,19 |\n| Summe der Verbindlichkeiten | | | | -4 924 435,62 | -0,28 |\n\nFondsvermögen\t1 765 098 571,68\t100,00\nDurch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse DPMC ..................................... | EUR | 11 952,50 |\n| Klasse LC ........................................ | EUR | 109,75 |\n| Klasse LC10 ...................................... | EUR | 12 643,49 |\n| Klasse PFC ....................................... | EUR | 105,34 |\n| Klasse SC ........................................ | EUR | 12 601,06 |\n| Klasse WAMC .................................... | EUR | 12 684,35 |\n| Umlaufende Anteile Klasse DPMC ..................................... | Stück | 2 684,800 |\n| Klasse LC ........................................ | Stück | 6 278 495,000 |\n| Klasse LC10 ...................................... | Stück | 11 814,500 |\n| Klasse PFC ....................................... | Stück | 2 723 223,000 |\n| Klasse SC ........................................ | Stück | 45 710,679 |\n| Klasse WAMC .................................... | Stück | 2 499,520 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Portfolio ex. Derivatives\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 61,602 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 96,347 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 82,589 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 69 656 176,14.\n Marktschlüssel\t Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)\nDB = Deutsche Bank AG Frankfurt\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Britisches Pfund\tGBP | 0,838785 | = EUR | 1 |\n| --- | --- | --- | --- |\n| US-Dollar\tUSD | 1,133450 | = EUR | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Fußnoten\t\n* Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).\n** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 1.1.2021 bis 31.12.2021 | | | I. | Wert des Fondsvermögens am Beginn des Geschäftsjahres ................. | EUR | 269 783 999,47 |\n| --- | --- | --- | --- | --- | --- | --- |\n| I. Erträge | | | 1. | Mittelzufluss (netto) 3) .......................... | EUR | 1 404 380 330,55 |\n| 1. Erträge aus Investmentanteilen ................... | EUR | 4 102 549,97 | 2. | Ertrags-/Aufwandsausgleich ...................... | EUR | 3 878 291,17 |\n| | | | 3. | Ordentlicher Nettoertrag ........................ | EUR | -13 376 003,64 |\n| Summe der Erträge .............................. | EUR | 4 102 549,97 | 4. | Realisierte Gewinne/Verluste ..................... | EUR | 60 192,47 |\n| II. Aufwendungen | | | 5. | Nettoveränderung der nicht realisierten Gewinne/Verluste .................... | EUR | 100 371 761,66 |\n| 1. Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen .................. | EUR | -601 119,21 | II. | Wert des Fondsvermögens | | |\n| 2. Verwaltungsvergütung .......................... | EUR | -14 127 975,10 | | am Ende des Geschäftsjahres ................... | EUR | 1 765 098 571,68 |\n| davon: Kostenpauschale ............ EUR -14 127 975,10 3. Rechts- und Veröffentlichungskosten .............. | EUR | -5 490,44 | 3) Nach Abzug einer Verwässerungsgebühr in Höhe von EUR 318 590,00 zugunsten des Fondsvermögens. |\n| 4. Taxe d‘Abonnement ............................ | EUR | -925 211,78 | |\n| 5. Sonstige Aufwendungen ........................ | EUR | -1 818 757,08 | |\n\ndavon:\nAufwand aus abgegrenzter\nPlatzierungsgebühr \n1) \n........ EUR -1 818 757,08 \nSumme der Aufwendungen ....................... EUR\t-17 478 553,61\n- Ordentlicher Nettoertrag ....................... EUR\t-13 376 003,64\n- VeräußerungsgeschäfteRealisierte Gewinne/Verluste ........................ EUR\t60 192,47Ergebnis aus Veräußerungsgeschäften .............. EUR\t60 192,47\n- Ergebnis des Geschäftsjahres ................... EUR\t-13 315 811,171) Weitere Informationen entnehmen Sie bitte den Hinweisen im Anhang.\n\nGesamtkostenquote (BVI - Total Expense Ratio (TER))\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\nKlasse DPMC 0,17% p.a.,\tKlasse LC 1,39%\n2)\n,\nKlasse LC10 0,39% p.a.,\tKlasse PFC 1,85%\n2)\n,\nKlasse SC 0,59% p.a.,\tKlasse WAMC 0,19% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktions- kosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb der Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (syn- thetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/ Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse DPMC 0,30% p.a.,\tKlasse LC 1,53%\n2)\n,\nKlasse LC10 0,53% p.a.,\tKlasse PFC 1,99%\n2)\n,\nKlasse SC 0,73% p.a,\tKlasse WAMC 0,33% p.a.\n2) \nBei unterjährig aufgelegten Anteilklassen wird von einer Annualisierung abgesehen.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 94 528,30.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\n Zusammensetzung der Gewinne/Verluste\t2021 \nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t60 192,47\naus:\nWertpapiergeschäften .......................... EUR\t12 476 928,60\nDevisen(termin)geschäften ...................... EUR\t1 866 468,06\nDerivaten und sonstigen Finanztermingeschäften \n4) \n... EUR\t-14 283 204,19\n4) \nDiese Position kann Optionsgeschäfte bzw. Swapgeschäfte und/oder Geschäfte aus Optionsscheinen bzw. Kreditderivaten enthalten.\n Angaben zur Ertragsverwendung *\t\nKlasse DPMC\nDas Ergebnis der Geschäftsjahres wird thesauriert.\nKlasse LC\nDas Ergebnis der Geschäftsjahres wird thesauriert.\nKlasse LC10\nDas Ergebnis der Geschäftsjahres wird thesauriert.\nKlasse PFC\nDas Ergebnis der Geschäftsjahres wird thesauriert.\nKlasse SC\nDas Ergebnis der Geschäftsjahres wird thesauriert.\nKlasse WAMC\nDas Ergebnis der Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n| Fondsvermögen am Ende der Geschäftsjahres | | | 2020 | Klasse DPMC .......................... . | EUR | 10 635,22 |\n| --- | --- | --- | --- | --- | --- | --- |\n| 2021 .......................................... . | EUR | 1 765 098 571,68 | | Klasse LC .............................. . | EUR | - |\n| 2020 .......................................... . | EUR | 269 783 999,47 | | Klasse LC10 ............................ . | EUR | 11 275,41 |\n\n2019 .......................................... . EUR\t-\nAnteilwert am Ende der Geschäftsjahres\nKlasse PFC ............................ . EUR\t-\nKlasse SC ............................. . EUR\t11 259,91\nKlasse WAMC .......................... . EUR\t11 289,36\n| 2021\tKlasse DPMC .......................... . | EUR | 11 952,50 | 2019 | Klasse DPMC .......................... . | EUR | - |\n| --- | --- | --- | --- | --- | --- | --- |\n| Klasse LC .............................. . | EUR | 109,75 | | Klasse LC .............................. . | EUR | - |\n| Klasse LC10 ............................ . | EUR | 12 643,49 | | Klasse LC10 ............................ . | EUR | - |\n| Klasse PFC ............................ . | EUR | 105,34 | | Klasse PFC ............................ . | EUR | - |\n| Klasse SC ............................. . | EUR | 12 601,06 | | Klasse SC ............................. . | EUR | - |\n| Klasse WAMC .......................... . | EUR | 12 684,35 | | Klasse WAMC .......................... . | EUR | - |\n\nAbwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns)\nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 9,26% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 161 262 729,11.\nPlatzierungsgebühr / Verwässerungsausgleich\nIm Berichtszeitraum entrichtete der Fonds eine Platzierungsgebühr in Höhe von 2,9% des Netto-Fondsvermögens zugunsten der Vertriebsstelle. Diese wurde zum Tag der Zeichnung berechnet. Die genannte Platzierungsgebühr dient insbesondere als Vertriebsentschädigung. Der Bruttobetrag der Platzierungsgebühr wurde jeweils zum Tag der Zeichnung ausgezahlt und gleichzeitig im Netto-Fondsvermögen als vorausbezahlte Aufwendungen aktiviert. Diese werden über einen Zeitraum von 3 Jahren ab dem Tag der Zeichnung auf täglicher Basis abgeschrieben. Die verbleibende Position vorausbezahlter Aufwendungen pro Anteil zu jedem Bewertungstag wird auf täglicher Basis durch Multiplikation des Netto-Fondsvermögens mit einem Faktor berechnet. Der jeweilige Faktor wird durch lineare Verringerung der Platzierungsgebühr um einen bestimmten Prozentsatz über 3 Jahre ab dem Tag der Zeichnung auf täglicher Basis ermittelt. Während der 3 Jahre ab dem Tag der Zeichnung schwankt die Position der vorausbezahlten Aufwendungen, da sie sowohl vom Netto-Fondsvermögen als auch von dem vorab festgelegten Faktor abhängt.\nAußerdem wurde im Berichtszeitraum ein (vom Anteilinhaber zu tragender) Verwässerungsausgleich von bis zu 3% auf der Grundlage des Bruttorücknahmebetrags zugunsten des Fondsvermögens erhoben.\nWeitere Einzelheiten zur Platzierungsgebühr und zum Verwässerungsausgleich sind dem entsprechenden Abschnitt des Fondsprospekts zu entnehmen.\nSwing Pricing\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicherma- ßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nDas Anlageziel des Teilfonds besteht darin, einen mittel bis langfristigen Kapitalzuwachs zu erzielen. Um das Anlageziel zu erreichen, strebt er Investments in Portfolios aus drei Haupt anlageklassen an, die unterein ander und in sich diversifiziert\nDB BALANCED SAA (USD)\nWertentwicklung seit Auflegung\n130\n125\n120\n115\n110\n105\n100\n95\nsind. Dabei handelt es sich um\n26.5.20*\n9/20\n12/20\n3/21\n6/21\n9/21\n12/21\nein Anleiheportfolio, ein Aktien portfolio und ein alternatives\nDB Balanced SAA (USD) (Anteilklasse USD LC)\n* aufgelegt am 26.5.2020 = 100/ Erste Anteilpreisberechung am 27.5.2020\nAngaben auf USD-Basis\nPortfolio. Die Anlagen des Teilfonds werden auf Grund lage der vom Anlageberater, dem Geschäftsbereich Wealth Management der Deutschen Bank AG, ausgesprochenen Empfehlungen nach dem Er messen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt. Zur Beratung des Teilfondsmana gers verwendet der Anlagebe rater den Ansatz einer strategi schen Asset Allokation, bei dem die erwartete Rendite, Volati\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der\nVergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB BALANCED SAA (USD)\nWertentwicklung der Anteilklassen (in USD)\n| Anteilklasse | ISIN | 1 Jahr | seit Auflegung |\n| --- | --- | --- | --- |\n| Klasse USD LC | LU2132882536 | 6,5% | 23,2% 1) |\n| Klasse USD DPMC | LU2132882452 | – | 3,8% 2) |\n| Klasse USD LC10 | LU2132882619 | 6,7% | 23,6% 1) |\n| Klasse USD WAMC | LU2132882700 | 6,9% | 23,9% 1) |\n\n1) \nKlassen USD LC, USD LC10 und USD WAMC aufgelegt am 26.5.2020 / erste Anteilpreisberechnung am 27.5.2020\n2) \nKlasse USD DPMC aufgelegt am 19.4.2021\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nlität und Korrelation in jedem Portfolio berücksichtigt werden. Der Anlageberater ist bestrebt, eine Aufteilung vorzuschlagen, die eine Chance auf einen mittel bis langfristigen Kapital zuwachs bietet. Die erwartete Spanne der Allokation für ein\n„ausgewogenes“ Portfolio liegt bei a) Anleiheportfolio: bis zu 75%; b) Aktienportfolio: 2560% und c) alternatives Portfolio: 015%. Außerdem strebt der Teilfonds an, in jedem der Port folios auf USD lautende Ver mögenswerte überzugewich ten, damit der Teilfonds einen USamerikanischen Schwer punkt hat. Ein Engagement in den Portfolios wird in erster Linie wie folgt eingegangen: durch eine Anlage in einem\noder mehreren börsengehan delten Fonds (jeweils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzel nen Rohstoffen, über mit der\nWertentwicklung der jeweiligen Rohstoffe verknüpfte Schuld titel wie ExchangeTraded Notes oder Zertifikate. Alternativ\nzur Anlage in einem ETF kann der Fondsmanager durch den Einsatz derivativer Finanzins trumente ein Engagement in einem Finanzindex eingehen.\nDas Anlageumfeld war im Be richtszeitraum von der COVID 19Pandemie, hoher Verschul dung weltweit, immer noch sehr niedrigen, teils negativen Zinsen in den Industrieländern\nsowie der Unsicherheit hin sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erzielte der Teilfonds DB Balanced SAA (USD) im Jahr 2021 einen Wert zuwachs von 6,5% je Anteil\n(Anteilklasse USD LC; nach BVI Methode; in USDollar).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter nationalen Kapitalmärkten stand im Jahr 2021 insbeson dere unter dem Eindruck der CoronavirusPandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen über unterstützte die – ange sichts der abgeschwächten\nWeltkonjunktur – extrem locke- re Geldpolitik der Zentralbanken der Industrieländer die Kursent-\nlängeren Laufzeitende hin unter Schwankungen zu Kursermä- ßigungen bei einem Anstieg der\nKriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nwicklung an den Finanzmärk-\tAnleiherenditen auf einem im-\t\nten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie die einsetzenden Impfkampagnen. Allerdings kam bei den Investo- ren auch die Inflationsfrage auf, hervorgerufen u.a. durch die deutlich gestiegenen Preise an den Rohstoffmärkten, den Co- rona bedingten Konsum-Nach- holbedarf sowie partielle Ange- botsverknappung aufgrund von Lieferschwierigkeiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mutanten sowie damit verbundene neue Be- schränkungen die Konjunktur- perspektiven. Die internatio- nalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichne- ten allerdings ein differenziertes Bild. Während die Aktienmärkte in den westlichen Industrie- ländern – begünstigt insbe- sondere durch die schnelle Erholung der Unternehmensge- winne – kräftige Kurszuwächse verzeichneten, bildeten die Börsen der Emerging Markets das Schlusslicht. Vor dem Hin- tergrund global hoher Verschul- dung und historisch extrem niedriger Zinsen kam es an den Anleihemärkten im Berichtsjahr bis Ende Dezember 2021 zum\nmer noch sehr niedrigen, zum Teil negativen Renditeniveau. An den Unternehmensanleihe- märkten verbuchten High\nYield-Titel Kurssteigerungen bei verringerten Risikoaufschlägen und konnten damit Unter- nehmensanleihen (Corporate Bonds) mit Investment-Grade- Status, die schwächer notier- ten, outperformen.\nDas Management des Teilfonds DB Balanced SAA (USD) enga- gierte sich über die Anlage in Zielfonds global überwiegend in Aktien und Anleihen, darunter Staats- und Unternehmensan- leihen. Regional war der Invest- mentfokus auf Nordamerika ge- richtet. Das Aktienportefeuille war hinsichtlich der Branchen- allokation breit diversifiziert aufgestellt. Mit dieser Ausrich- tung profitierte der Teilfonds während des Berichtszeitraums insbesondere von Kurssteige- rungen bei Aktien.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen- legungspflichten im Finanz- dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU-\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in USD | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Aktienfonds | 8 621 509,64 | 44,97 |\n| Sonstige Fonds | 1 027 203,69 | 5,36 |\n| Rentenfonds | 9 568 975,55 | 49,89 |\n| Summe Investmentanteile | 19 217 688,88 | 100,22 |\n| 2. Bankguthaben | 92 509,69 | 0,48 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -133 586,46 | -0,70 |\n| III. Fondsvermögen | 19 176 612,11 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tUSD\tvermögen |\n| Investmentanteile | | | | | | | 19 217 688,88 | 100,22 |\n| Gruppeneigene Investmentanteile Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0,010%) ................................ | Anteile | 10 453 | 13 508 | 13 974 | EUR | 66,76 | 790 969,44 | 4,13 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0,080%) ...................... | Anteile | 28 670 | 20 753 | 2 869 | EUR | 52,738 | 1 713 774,89 | 8,94 |\n| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0,120%) ...................... | Anteile | 198 797 | 145 371 | 4 091 | EUR | 13,994 | 3 153 106,24 | 16,44 |\n| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0,100%) ...................... | Anteile | 50 427 | 35 381 | | EUR | 12,858 | 734 889,58 | 3,83 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0,000%) ....... | Anteile | 56 | 90 | 34 | USD | 10 408,589 | 589 115,73 | 3,07 |\n| Gruppenfremde Investmentanteile Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0,190%) ............... | Anteile | 16 216 | 11 645 | 1 211 | EUR | 23,835 | 438 087,96 | 2,29 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0,070%) .......................... | Anteile | 79 | 79 | | EUR | 432,63 | 38 738,80 | 0,20 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0,450%) .......................... | Anteile | 5 303 | 3 716 | 428 | EUR | 147,32 | 885 494,29 | 4,62 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0,070%) .......................... | Anteile | 3 432 | 3 540 | 108 | GBP | 128,912 | 597 850,32 | 3,12 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0,450%) .......................... | Anteile | 281 110 | 236 581 | 6 973 | USD | 5,955 | 1 674 010,05 | 8,73 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0,070%) .......................... | Anteile | 2 376 | 1 803 | 170 | USD | 209,84 | 498 579,84 | 2,60 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0,070%) .......................... | Anteile | 327 056 | 243 147 | 14 366 | USD | 5,383 | 1 760 542,45 | 9,18 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0,070%) .......................... | Anteile | 6 463 | 4 578 | 437 | USD | 490,17 | 3 167 968,71 | 16,52 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) .......................... | Anteile | 12 467 | 9 132 | 451 | USD | 138,5 | 1 726 679,50 | 9,00 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) .......................... | Anteile | 153 | | | USD | 138,352 | 21 167,89 | 0,11 |\n| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0,070%) ......................... | Anteile | 15 673 | 11 018 | 958 | USD | 91,03 | 1 426 713,19 | 7,44 |\n| Summe Wertpapiervermögen | | | | | | | 19 217 688,88 | 100,22 |\n| Bankguthaben | | | | | | | 92 509,69 | 0,48 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | 38 411 | | | | | 43 536,41 | 0,23 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | | | | |\n| Britisches Pfund ................................... | GBP | 2 784 | | | | | 3 762,36 | 0,02 |\n| US-Dollar ........................................ | USD | | | | | | 45 210,92 | 0,23 |\n| Summe der Vermögensgegenstände | 19 310 198,57 | 100,70 |\n| Sonstige Verbindlichkeiten | -133 586,46 | -0,70 |\n| Andere sonstige Verbindlichkeiten ..................... | -133 586,46 | -0,70 |\n| Summe der Verbindlichkeiten | -133 586,46 | -0,70 |\n| Fondsvermögen | 19 176 612,11 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse USD DPMC ................................. | USD | 10 383,19 |\n| Klasse USD LC .................................... | USD | 12 317,80 |\n| Klasse USD LC10 .................................. | USD | 12 362,39 |\n| Klasse USD WAMC ................................ | USD | 12 382,33 |\n| Umlaufende Anteile Klasse USD DPMC ................................. | Stück | 1,000 |\n| Klasse USD LC .................................... | Stück | 1 310,137 |\n| Klasse USD LC10 .................................. | Stück | 2,000 |\n| Klasse USD WAMC ................................ | Stück | 242,563 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Ex-Derivative Benchmark for Portfolio 07_004\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 100,000 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 100,000 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 100,000 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf USD 0,00.\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Euro\tEUR | 0,882262 | = USD | 1 |\n| --- | --- | --- | --- |\n| Britisches Pfund\tGBP | 0,740028 | = USD | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 1.1.2021 bis 31.12.2021 | | | | | I. | Wert des Fondsvermögens am Beginn des Geschäftsjahres . . . . . . . . . . . . . . . . . | USD | 6 158 045,19 | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| I. Erträge | | | | | 1. | Mittelzufluss (netto) ........................... | USD | 12 212 269,21 | |\n| 1. Erträge aus Investmentanteilen ................... | USD | 282 337,56 | | | 2. | Ertrags-/Aufwandsausgleich ...................... | USD | -141 216,49 | |\n| | | | | | 3. | Ordentlicher Nettoertrag ........................ | USD | 198 570,36 | |\n| Summe der Erträge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 282 337,56 | | | 4. | Realisierte Gewinne/Verluste ..................... | USD | 269 817,23 | |\n| II. Aufwendungen | | | | | 6. | Nettoveränderung der nicht realisierten Gewinne/Verluste ................ | USD | 479 126,61 | |\n| 1. Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen .................. | USD | -530,23 | | | II. | Wert des Fondsvermögens | | | |\n| 2. Verwaltungsvergütung .......................... | USD | -73 542,27 | | | | am Ende des Geschäftsjahres . . . . . . . . . . . . . . . . . . . | USD | 19 176 612,11 | |\n\ndavon:\nKostenpauschale ............ USD\t-73 542,27\n- Verwahrstellenvergütung ........................ USD\t-10,49\n- Rechts- und Veröffentlichungskosten .............. USD\t-61,89\n- Taxe d‘Abonnement ............................ USD\t-9 622,32Summe der Aufwendungen . . . . . . . . . . . . . . . . . . . . . . . USD\t-83 767,20\n- Ordentlicher Nettoertrag . . . . . . . . . . . . . . . . . . . . . . . USD\t198 570,36\n- VeräußerungsgeschäfteRealisierte Gewinne/Verluste ........................ USD\t269 817,23Ergebnis aus Veräußerungsgeschäften . . . . . . . . . . . . . . USD\t269 817,23\n- Ergebnis des Geschäftsjahres . . . . . . . . . . . . . . . . . . . USD\t468 387,59Gesamtkostenquote (BVI – Total Expense Ratio (TER))Die Gesamtkostenquote der Anteilklassen belief sich auf:Klasse USD DPMC 0,14%1),\tKlasse USD LC 0,50% p.a.,Klasse USD LC10 0,29% p.a.,\tKlasse USD WAMC 0,17% p.a.\n\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktions- kosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (syn- thetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/ Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse USD DPMC 0,29%\n1)\n,\tKlasse USD LC 0,64% p.a.,\nKlasse USD LC10 0,44% p.a.,\tKlasse USD WAMC 0,32% p.a.\n1) \nBei unterjährig aufgelegten Anteilklassen wird von einer Annualisierung abgesehen.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf USD 2 222,39.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\n Zusammensetzung der Gewinne/Verluste\t2021 \nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) . . USD\t269 817,23\naus:\nWertpapiergeschäften .......................... USD\t268 698,07\nDevisen(termin)geschäften ...................... USD\t1 119,16\n Angaben zur Ertragsverwendung *\t\nKlasse USD DPMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD LC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD LC10\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD WAMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\nFondsvermögen am Ende des Geschäftsjahres\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t19 176 612,11\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t6 158 045,19\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t–\nAnteilwert am Ende des Geschäftsjahres\n| 2021 | Klasse USD DPMC ....................... | USD | 10 383,19 |\n| --- | --- | --- | --- |\n| | Klasse USD LC .......................... | USD | 12 317,80 |\n| | Klasse USD LC10 ........................ | USD | 12 362,39 |\n| | Klasse USD WAMC ....................... | USD | 12 382,33 |\n| 2020 | Klasse USD DPMC ....................... | USD | – |\n| | Klasse USD LC .......................... | USD | 11 564,33 |\n| | Klasse USD LC10 ........................ | USD | 11 582,29 |\n| | Klasse USD WAMC ....................... | USD | 11 587,22 |\n| 2019 | Klasse USD DPMC ....................... | USD | – |\n| | Klasse USD LC .......................... | USD | – |\n| | Klasse USD LC10 ........................ | USD | – |\n| | Klasse USD WAMC ....................... | USD | – |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 5,75% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt USD 985 594,31.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicherma- ßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\nAnlageziel und Anlage- ergebnis im Berichtszeitraum \nDas Anlageziel des Teilfonds besteht darin, einen mittel- bis langfristigen Kapitalzuwachs zu erzielen. Dabei stellt er auf eine Absicherung gegen Kapital- verluste von mehr als 18% auf annualisierter Basis ab. Um das Anlageziel zu erreichen, strebt\nDB BALANCED SAA (USD) PLUS\nWertentwicklung seit Auflegung\n130\n125\n120\n115\n110\n105\n100\n95\nder Teilfonds Investments in\n30.4.20* 6/20\n12/20\t6/21\n12/21\nPortfolios aus drei Hauptanlage-\nDB Balanced SAA (USD) Plus (Anteilklasse USD LC)\n* aufgelegt am 30.4.2020= 100 Angaben auf USD-Basis\nklassen an, die untereinander\nund in sich diversifiziert sind. Dabei handelt es sich um ein Anleiheportfolio, ein Aktien- portfolio und ein alternatives Portfolio. Die Anlagen des Teilfonds werden auf Grundlage der vom Anlageberater, dem Geschäftsbereich Wealth Ma- nagement der Deutschen Bank AG, ausgesprochenen Emp- fehlungen nach dem Ermessen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt. Zur Bera- tung des Teilfondsmanagers verwendet der Anlageberater den Ansatz einer strategischen\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB BALANCED SAA (USD) PLUS\nWertentwicklung der Anteilklassen (in USD)\n| Anteilklasse | ISIN | 1 Jahr | seit Auflegung 1) |\n| --- | --- | --- | --- |\n| Klasse USD LC | LU2132881561 | 7,0% | 27,7% |\n| Klasse USD DPMC | LU2132881488 | 7,5% | 20,2% |\n| Klasse USD LC10 | LU2132881645 | 7,2% | 28,1% |\n| Klasse USD WAMC | LU2132881728 | 7,4% | 28,6% |\n| Klasse GBP DPMCH 2) | LU2206941788 | 7,1% | 15,6% |\n\n1) \nKlassen USD LC, USD LC10 und USD WAMC aufgelegt am 30.4.2020 / Klasse USD DPMC aufgelegt am 17.6.2020 / Klasse GBP DPMCH aufgelegt am 28.9.2020\n2) \nin GBP\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nAsset Allokation, bei dem die erwartete Rendite, Volatilität und Korrelation in jedem Port- folio berücksichtigt werden. Der Anlageberater ist bestrebt, eine Aufteilung vorzuschlagen, die eine Chance auf mittel- bis langfristigen Kapitalzuwachs bietet. Die erwartete Spanne der Allokation für ein „ausge- wogenes“ Portfolio liegt bei\n- Anleiheportfolio: bis zu 70%;\n- Aktienportfolio: 30-80% und\n- alternatives Portfolio: 0-15%. Außerdem strebt der Teilfonds an, in jedem der Portfolios auf USD lautende Vermögens- werte überzugewichten, damit er einen US-amerikanischen Schwerpunkt hat. Neben derVermögensaufteilung auf die Portfolios versucht der Teil- fondsmanager anhand der Empfehlung des Anlageberaters eine Strategie zur Kapitalerhal- tung umzusetzen, in der ange- strebt wird, einen Wertverlust des Teilfondsvermögens auf höchstens 18% auf annualisier- ter Basis zu begrenzen (Risi- kobegrenzungsstrategie). Mit der Risikobegrenzungsstrategie soll der potenzielle Verlust des Teilfonds während eines glei- tenden Zwölfmonatszeitraums begrenzt werden. Die Risikobe- grenzungsstrategie beinhaltet Anlagen in derivativen Finanz- instrumenten. Ein Engagement in den Portfolios wird in ersterLinie wie folgt eingegangen: durch eine Anlage in einem oder mehreren börsengehan- delten Fonds (jeweils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzel- nen Rohstoffen, über mit derWertentwicklung der jeweiligen Rohstoffe verknüpfte Schuld titel wie Exchange-Traded Notes oder Zertifikate. Alternativzur Anlage in einem ETF kann der Fondsmanager durch den Einsatz derivativer Finanzins- trumente ein Engagement in einem Finanzindex eingehen.\n\nDas Anlageumfeld war im Be- richtszeitraum von der COVID-\n19-Pandemie, hoher Verschul- dung weltweit, immer noch sehr niedrigen, teils negativen Zinsen in den Industrieländern sowie der Unsicherheit hin- sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erzielte der Teilfonds DB Balanced SAA (USD) Plus im Jahr 2021 einen Wertzuwachs von 7,0% je An- teil (Anteilklasse USD LC; nach BVI-Methode; in US-Dollar).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter- nationalen Kapitalmärkten stand im Jahr 2021 insbeson- dere unter dem Eindruck der Coronavirus-Pandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange- sichts der abgeschwächten Weltkonjunktur – extrem locke- re Geldpolitik der Zentralbanken der Industrieländer die Kursent- wicklung an den Finanzmärk- ten. Seit Jahresanfang 2021\npartielle Angebotsverknappung aufgrund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu- tanten sowie damit verbunde- ne neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichneten allerdings ein differenziertes Bild. Während die Aktienmärkte in den west- lichen Industrieländern – be- günstigt insbesondere durch die schnelle Erholung der Un- ternehmensgewinne – kräftige Kurszuwächse verzeichneten, bildeten die Börsen der Emer- ging Markets das Schlusslicht. Vor dem Hintergrund global hoher Verschuldung und histo- risch extrem niedriger Zinsen kam es an den Anleihemärk- ten im Berichtsjahr bis Ende Dezember 2021 zum längeren Laufzeitende hin unter Schwan- kungen zu Kursermäßigungen bei einem Anstieg der Anleihe- renditen auf einem immer noch\nonal war der Investmentfokus auf Nordamerika gerichtet.\nDas Aktienportefeuille war hinsichtlich der Branchen- allokation breit diversifiziert aufgestellt. Mit dieser Ausrich- tung profitierte der Teilfonds während des Berichtszeitraums insbesondere von Kurssteige- rungen bei Aktien.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen- legungspflichten im Finanz- dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nverbesserten sich die Konjunk-\tsehr niedrigen, zum Teil nega-\t\nturaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie\ndie einsetzenden Impfkampa- gnen. Allerdings kam bei den Investoren auch die Inflations- frage auf, hervorgerufen u.a. durch die deutlich gestiegenen Preise an den Rohstoffmärk- ten, den Corona bedingten Konsum-Nachholbedarf sowie\ntiven Renditeniveau. An den Unternehmensanleihemärkten verbuchten High Yield-Titel Kurssteigerungen bei verrin- gerten Risikoaufschlägen und konnten damit Unternehmens- anleihen (Corporate Bonds) mit Investment-Grade-Status, die schwächer notierten, out- performen.\nDas Management des Teil- fonds DB Balanced SAA (USD) Plus engagierte sich über die Anlage in Zielfonds global überwiegend in Aktien und Anleihen, darunter Staats- und Unternehmensanleihen. Regi-\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in USD | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Aktienfonds | 297 643 776,36 | 60,00 |\n| Sonstige Fonds | 30 895 752,60 | 6,22 |\n| Rentenfonds | 161 987 611,33 | 32,66 |\n| Summe Investmentanteile | 490 527 140,29 | 98,88 |\n| 2. Derivate | 3 085 796,99 | 0,62 |\n| 3. Bankguthaben | 1 312 600,85 | 0,27 |\n| 4. Sonstige Vermögensgegenstände | 4 130 344,15 | 0,84 |\n| 5. Forderungen aus Anteilscheingeschäften | 241 619,58 | 0,05 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -1 003 315,97 | -0,21 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -2 215 306,55 | -0,45 |\n| III. Fondsvermögen | 496 078 879,34 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tUSD\tvermögen |\n| Investmentanteile | | | | | | | 490 527 140,29 | 98,88 |\n| Gruppeneigene Investmentanteile Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0,010%) ...................... | Anteile | 394 331 | 375 236 | 511 132 | EUR | 66,76 | 29 838 684,61 | 6,01 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0,080%) ...................... | Anteile | 793 559 | 506 751 | 110 715 | EUR | 52,738 | 47 435 698,85 | 9,56 |\n| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0,120%) ...................... | Anteile | 2 955 027 | 1 772 069 | 451 314 | EUR | 13,994 | 46 869 490,38 | 9,45 |\n| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0,100%) ...................... | Anteile | 638 654 | 446 252 | 286 886 | EUR | 12,858 | 9 307 318,93 | 1,88 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0,000%) ....... | Anteile | 1 903 | 3 011 | 1 108 | USD | 10 408,589 | 19 810 365,78 | 3,99 |\n| Gruppenfremde Investmentanteile Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0,190%) ............... | Anteile | 410 330 | 238 024 | 68 292 | EUR | 23,835 | 11 085 386,82 | 2,23 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0,070%) .......................... | Anteile | 697 | 603 | | EUR | 432,63 | 341 784,08 | 0,07 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF EUR - (0,070%) .......................... | Anteile | 110 | | | EUR | 122,02 | 15 213,39 | 0,00 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0,450%) .......................... | Anteile | 161 791 | 99 826 | 42 074 | EUR | 147,32 | 27 015 841,24 | 5,45 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0,070%) .......................... | Anteile | 116 330 | 126 434 | 10 104 | GBP | 128,912 | 20 264 548,04 | 4,09 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0,450%) .......................... | Anteile | 1 589 194 | 1 123 821 | 918 017 | USD | 5,955 | 9 463 650,27 | 1,91 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0,070%) .......................... | Anteile | 57 907 | 35 424 | 7 544 | USD | 209,84 | 12 151 204,88 | 2,45 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0,070%) .......................... | Anteile | 262 | 262 | | USD | 209,9 | 54 993,80 | 0,01 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0,070%) .......................... | Anteile | 7 846 959 | 4 733 899 | 1 113 053 | USD | 5,383 | 42 240 180,30 | 8,52 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0,070%) .......................... | Anteile | 198 809 | 120 845 | 44 529 | USD | 490,17 | 97 450 207,53 | 19,64 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) .......................... | Anteile | 214 255 | 199 430 | 39 415 | USD | 138,5 | 29 674 317,50 | 5,98 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) .......................... | Anteile | 88 262 | 17 260 | | USD | 138,352 | 12 211 241,88 | 2,46 |\n| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0,070%) ......................... | Anteile | 826 474 | 630 146 | 109 152 | USD | 91,03 | 75 233 928,22 | 15,17 |\n| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0,070%) ......................... | Anteile | 693 | | | USD | 91,03 | 63 083,79 | 0,01 |\n| Summe Wertpapiervermögen | | | | | | | 490 527 140,29 | 98,88 |\n| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte | Positionen) | | | | |\n| Aktienindex-Derivate Forderungen/Verbindlichkeiten | | | | 2 669 126,33 | 0,54 |\n| Optionsrechte | | | | | |\n| Optionsrechte auf Aktienindices Put DJ Euro Stoxx 50 09/2022 3 100 EUR (DB)\tStück | 784 | 879 | 95 | 496 741,33 | 0,10 |\n| Put S & P 500 Futures 06/2022 3 450 USD (DB)\tStück | 87 | 91 | 4 | 308 850,00 | 0,06 |\n| Put S & P 500 Futures 06/2022 3 650 USD (DB)\tStück | 303 | 314 | 11 | 1 398 345,00 | 0,28 |\n| Put S & P 500 Futures 06/2022 3 800 USD (DB)\tStück | 26 | 26 | | 147 030,00 | 0,03 |\n| Put S & P 500 Futures 09/2022 3 600 USD (DB)\tStück | 41 | 41 | | 318 160,00 | 0,07 |\n| Devisen-Derivate Forderungen/Verbindlichkeiten | | | | 416 670,66 | 0,08 |\n| Devisentermingeschäfte | | | | | |\n| Devisentermingeschäfte (Kauf) | | | | | |\n| Offene Positionen GBP/USD 24,8 Mio. ................................ | | | | 577 505,52 | 0,11 |\n| Geschlossene Positionen GBP/USD 25,1 Mio. ................................ | | | | -160 834,86 | -0,03 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | Währung | Bestand | im Berichtszeitraum | USD | vermögen |\n| Bankguthaben | | | | 1 312 600,85 | 0,27 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | 533 390 | | 604 571,11 | 0,12 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | |\n| Britisches Pfund ................................... | GBP | 127 210 | | 171 898,43 | 0,04 |\n| US-Dollar ........................................ | USD | | | 536 131,31 | 0,11 |\n| Sonstige Vermögensgegenstände | | | | 4 130 344,15 | 0,84 |\n| Dividenden- / Ausschüttungsansprüche ................. | | | | 574 897,80 | 0,12 |\n| Sonstige Ansprüche ................................ | | | | 3 555 446,35 | 0,72 |\n| Forderungen aus Anteilscheingeschäften | | | | 241 619,58 | 0,05 |\n| Summe der Vermögensgegenstände * | | | | 499 458 336,72 | 100,69 |\n| Sonstige Verbindlichkeiten | | | | -1 003 315,97 | -0,21 |\n| Verbindlichkeiten aus Kostenpositionen ................ | | | | -254 816,97 | -0,06 |\n| Andere sonstige Verbindlichkeiten ..................... | | | | -748 499,00 | -0,15 |\n| Verbindlichkeiten aus Anteilscheingeschäften | | | | -2 215 306,55 | -0,45 |\n| Summe der Verbindlichkeiten | | | | -3 379 457,38 | -0,69 |\n| Fondsvermögen | | | | 496 078 879,34 | 100,00 |\n\nDurch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse USD LC .................................... | USD | 12 769,80 |\n| Klasse USD LC10 .................................. | USD | 12 812,21 |\n| Klasse USD WAMC ................................ | USD | 12 855,88 |\n| Klasse GBP DPMCH ............................... | GBP | 11 556,23 |\n| Klasse USD DPMC ................................. | USD | 12 024,97 |\n| Umlaufende Anteile Klasse USD LC .................................... | Stück | 27 114,351 |\n| Klasse USD LC10 .................................. | Stück | 4 195,438 |\n| Klasse USD WAMC ................................ | Stück | 3 177,576 |\n| Klasse GBP DPMCH ............................... | Stück | 2 189,057 |\n| Klasse USD DPMC ................................. | Stück | 1 750,226 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Portfolio excl. Derivatives\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 64,376 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 92,097 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 79,426 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,1, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf USD 22 984 324,49.\n Marktschlüssel\t Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)\nDB = Deutsche Bank AG Frankfurt\nVertragspartner der Devisentermingeschäfte\nBarclays Bank Ireland PLC, Royal Bank of Canada (UK) und State Street Bank International GmbH\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Euro\tEUR | 0,882262 | = USD | 1 |\n| --- | --- | --- | --- |\n| Britisches Pfund\tGBP | 0,740028 | = USD | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehens- weise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Fußnote\t\n* Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n| für den Zeitraum vom 1.1.2021 bis 31.12.2021 | | | | | I. | Wert des Fondsvermögens | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | | | | | | am Beginn des Geschäftsjahres . . . . . . . . . . . . . . . . . | USD | 253 779 358,57 | |\n| I. Erträge | | | | | 1. | Mittelzufluss (netto) ........................... | USD | 215 596 829,46 | |\n| 1. Erträge aus Investmentanteilen ................... | USD | 4 838 787,81 | | | 2. | Ertrags-/Aufwandsausgleich ...................... | USD | -1 880 726,23 | |\n| | | | | | 3. | Ordentlicher Nettoertrag ........................ | USD | 2 341 202,00 | |\n| Summe der Erträge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 4 838 787,81 | | | 4. | Realisierte Gewinne/Verluste ..................... | USD | 3 917 639,96 | |\n| | | | | | 6. | Nettoveränderung der | | | |\n| II. Aufwendungen | | | | | | nicht realisierten Gewinne/Verluste ................ | USD | 22 324 575,58 | |\n| 1. Zinsen aus Kreditaufnahmen und | | | | | | | | | |\n| negativen Einlagenverzinsungen .................. | USD | -6 366,23 | | | II. | Wert des Fondsvermögens | | | |\n| 2. Verwaltungsvergütung .......................... | USD | -2 268 760,52 | | | | am Ende des Geschäftsjahres . . . . . . . . . . . . . . . . . . . | USD | 496 078 879,34 | |\n\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| davon: Kostenpauschale ............ USD -2 268 760,52 3. Rechts- und Veröffentlichungskosten .............. | USD | -1 645,80 | |\n| --- | --- | --- | --- |\n| 4. Taxe d‘Abonnement ............................ | USD | -211 506,88 |\n| 5. Sonstige Aufwendungen ........................ | USD | -9 306,38 | Zusammensetzung der Gewinne/Verluste\t2021 |\n| Summe der Aufwendungen . . . . . . . . . . . . . . . . . . . . . . . | USD | -2 497 585,81 | |\n| III. Ordentlicher Nettoertrag . . . . . . . . . . . . . . . . . . . . . . . IV. Veräußerungsgeschäfte | USD | 2 341 202,00 | Realisierte Gewinne/Verluste (inkl. Ertragsausgleich) . . USD\t3 917 639,96 aus: Wertpapiergeschäften .......................... USD\t13 918 917,06 |\n| Realisierte Gewinne/Verluste ........................ | USD | 3 917 639,96 | Devisen(termin)geschäften ...................... | USD | -355 573,69 |\n| | | | Derivaten und sonstigen Finanztermingeschäften 1) ... | USD | -9 645 703,41 |\n| Ergebnis aus Veräußerungsgeschäften . . . . . . . . . . . . . . | USD | 3 917 639,96 | | | |\n| V. Ergebnis des Geschäftsjahres . . . . . . . . . . . . . . . . . . . | USD | 6 258 841,96 | 1) Diese Position kann Optionsgeschäfte bzw. Swapgeschäfte und/oder Geschäfte aus Optionsscheinen bzw. Kreditderivaten enthalten. |\n\nGesamtkostenquote (BVI – Total Expense Ratio (TER))\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\n Angaben zur Ertragsverwendung *\t\nKlasse GBP DPMCH 0,21% p.a.,\tKlasse USD DPMC 0,18% p.a.,\t Klasse USD LC 0,61% p.a.,\tKlasse USD LC10 0,41% p.a.,\nKlasse USD WAMC 0,23% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktions- kosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (syn- thetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/ Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse GBP DPMCH 0,33% p.a.,\tKlasse USD DPMC 0,30% p.a.,\nKlasse USD LC 0,73% p.a.,\tKlasse USD LC10 0,53% p.a., Klasse USD WAMC 0,34% p.a.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf USD 38 385,54.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nKlasse GBP DPMCH\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD DMPC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD LC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD LC10\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD WAMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\nFondsvermögen am Ende des Geschäftsjahres\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t496 078 879,34\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t253 779 358,57\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t−\nAnteilwert am Ende des Geschäftsjahres\n| 2021 | Klasse USD LC .......................... | USD | 12 769,80 |\n| --- | --- | --- | --- |\n| | Klasse USD LC10 ........................ | USD | 12 812,21 |\n| | Klasse USD WAMC ....................... | USD | 12 855,88 |\n| | Klasse GBP DPMCH ...................... | GBP | 11 556,23 |\n| | Klasse USD DPMC ....................... | USD | 12 024,97 |\n| 2020 | Klasse USD LC .......................... | USD | 11 935,76 |\n| | Klasse USD LC10 ........................ | USD | 11 951,26 |\n| | Klasse USD WAMC ....................... | USD | 11 969,51 |\n| | Klasse GBP DPMCH ...................... | GBP | 10 793,15 |\n| | Klasse USD DPMC ....................... | USD | 11 191,13 |\n| 2019 | Klasse USD LC .......................... | USD | – |\n| | Klasse USD LC10 ........................ | USD | – |\n| | Klasse USD WAMC ....................... | USD | – |\n| | Klasse GBP DPMCH ...................... | GBP | – |\n| | Klasse USD DPMC ....................... | USD | – |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 8,03% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt USD 39 652 387,21.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicher- maßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nDas Anlageziel des Teilfonds besteht darin, eine mittel bis langfristige Rendite in Euro zu erzielen. Um das Anlageziel zu erreichen, strebt er Investments in Portfolios aus drei Haupt anlageklassen an, die unterein ander und in sich diversifiziert\nDB CONSERVATIVE SAA (EUR)\nWertentwicklung seit Auflegung\n118\n115\n112\n109\n106\n103\n100\n97\nsind. Dabei handelt es sich um\n30.4.20* 6/20\n12/20\t6/21\n12/21\nein Anleiheportfolio, ein Aktien\nDB Conservative SAA (EUR) (Anteilklasse SC)\n* aufgelegt am 30.4.2020= 100 Angaben auf Euro-Basis\nportfolio und ein alternatives\nPortfolio. Die Anlagen des Teilfonds werden auf Grund lage der vom Anlageberater, dem Geschäftsbereich Wealth Management der Deutschen Bank AG, ausgesprochenen Empfehlungen nach dem Er messen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt. Zur Beratung des Teilfondsmana gers verwendet der Anlagebe rater den Ansatz einer strategi schen Asset Allokation, bei dem die erwartete Rendite, Volati lität und Korrelation in jedem Portfolio berücksichtigt werden. Der Anlageberater ist bestrebt,\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB CONSERVATIVE SAA (EUR)\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | seit Auflegung 1) |\n| --- | --- | --- | --- |\n| Klasse SC | LU2132882023 | 5,3% | 13,6% |\n| Klasse DPMC | LU2132881991 | 5,6% | 10,3% |\n| Klasse LC | LU2258442594 | – | 4,1% |\n| Klasse LC10 | LU2132882296 | 5,5% | 14,0% |\n| Klasse PFC | LU2258442677 | – | 1,9% |\n| Klasse WAMC | LU2132882379 | 5,6% | 14,1% |\n\n1) \nKlassen LC10, SC und WAMC aufgelegt am 30.4.2020 / Klasse DPMC aufgelegt am 29.5.2020 / Klasse LC aufgelegt am 1.2.2021 / Klasse PFC aufgelegt am 31.3.2021\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\neine Aufteilung vorzuschlagen, die eine Chance auf eine mittel bis langfristige Rendite in Euro bietet. Die erwartete Spanne der Allokation für ein\n„konservatives“ Portfolio liegt bei a) Anleiheportfolio: bis zu 100%; b) Aktienportfolio: 040% und c) alternatives Portfolio: 015%. Außerdem strebt der Teilfonds an, Vermögenswerte aus dem Euroraum in jedem der Portfolios überzugewichten, damit der Teilfonds einen euro päischen Schwerpunkt hat.\nEin Engagement in den Port folios wird in erster Linie wie folgt eingegangen: durch eine Anlage in einem oder mehreren\nbörsengehandelten Fonds (je weils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzelnen Rohstoffen, über mit der Wertentwicklung der jeweiligen Rohstoffe verknüpf te Schuldtitel wie Exchange Traded Notes oder Zertifikate.\nAlternativ zur Anlage in einem ETF kann der Teilfondsmanager durch den Einsatz derivativer Finanzinstrumente ein Enga gement in einem Finanzindex eingehen.\nDas Anlageumfeld war im Be richtszeitraum von der COVID 19Pandemie, hoher Verschul\ndung weltweit, immer noch sehr niedrigen, teils negativen Zinsen in den Industrieländern sowie der Unsicherheit hin sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erzielte der Teilfonds DB Conservative SAA (EUR) im Jahr 2021 einen Wertzuwachs von 5,3% je Anteil (Anteilklasse SC; nach BVIMethode; in Euro).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den in ternationalen Kapitalmärkten stand im Jahr 2021 insbeson dere unter dem Eindruck der\nCoronavirus-Pandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange- sichts der abgeschwächten Weltkonjunktur – extrem locke- re Geldpolitik der Zentralbanken der Industrieländer die Kursent- wicklung an den Finanzmärk- ten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die\nging Markets das Schlusslicht. Vor dem Hintergrund global hoher Verschuldung und histo- risch extrem niedriger Zinsen kam es an den Anleihemärk- ten im Berichtsjahr bis Ende Dezember 2021 zum längeren Laufzeitende hin unter Schwan- kungen zu Kursermäßigungen bei einem Anstieg der Anleihe- renditen auf einem immer noch sehr niedrigen, zum Teil nega- tiven Renditeniveau. An den Unternehmensanleihemärkten verbuchten High Yield-Titel Kurssteigerungen bei verrin- gerten Risikoaufschlägen und konnten damit Unternehmens- anleihen (Corporate Bonds)\nmit Investment-Grade-Status,\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen- legungspflichten im Finanz- dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nZulassungsbeantragungen für\tdie schwächer notierten, out-\t\nCOVID-19-Impfstoffe sowie die einsetzenden Impfkampa- gnen. Allerdings kam bei den Investoren auch die Inflations- frage auf, hervorgerufen u.a.\ndurch die deutlich gestiegenen Preise an den Rohstoffmärk- ten, den Corona bedingten Konsum-Nachholbedarf sowie partielle Angebotsverknappung aufgrund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu- tanten sowie damit verbunde- ne neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichneten allerdings ein differenziertes Bild. Während die Aktienmärkte in den west- lichen Industrieländern – be- günstigt insbesondere durch die schnelle Erholung der Un- ternehmensgewinne – kräftige Kurszuwächse verzeichneten, bildeten die Börsen der Emer-\nperformen.\nDas Management des Teilfonds DB Conservative SAA (EUR) en- gagierte sich über die Anlage in Zielfonds global überwiegend in Anleihen, darunter Staats- und Unternehmensanleihen, und in geringerem Umfang in Aktien. Regional war der Investment- fokus auf Europa gerichtet. Das Aktienportefeuille war hinsicht- lich der Branchenallokation breit diversifiziert aufgestellt.\nMit dieser Ausrichtung profi- tierte der Teilfonds im Berichts- zeitraum von positiven Erträgen insbesondere bei Corporate Bonds, darunter auch Kursge- winne bei Hochzinsanleihen mit verringerten Risikoaufschlägen. Auch das Aktienportfolio leiste- te dank erzielter Kursgewinne einen positiven Beitrag zum Gesamtanlageergebnis.\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Rentenfonds | 217 549 115,79 | 71,95 |\n| Aktienfonds | 65 117 651,36 | 21,55 |\n| Sonstige Fonds | 17 108 350,92 | 5,66 |\n| Summe Investmentanteile | 299 775 118,07 | 99,16 |\n| 2. Bankguthaben | 213 342,99 | 0,07 |\n| 3. Sonstige Vermögensgegenstände | 3 792 196,33 | 1,25 |\n| 4. Forderungen aus Anteilscheingeschäften | 294 118,27 | 0,10 |\n| II. Verbindlichkeiten | | |\n| 1. Verbindlichkeiten aus Kreditaufnahme | -476 904,02 | -0,16 |\n| 2. Sonstige Verbindlichkeiten | -1 283 715,45 | -0,42 |\n| III. Fondsvermögen | 302 314 156,19 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Investmentanteile | | | | | | | 299 775 118,07 | 99,16 |\n| Gruppeneigene Investmentanteile DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0,100%) ................ | Anteile | 1 014 | 1 111 | 97 | EUR | 9 732,971 | 9 869 232,39 | 3,27 |\n| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0,010%) . . | Anteile | 243 456 | 158 747 | 135 183 | EUR | 66,76 | 16 253 122,56 | 5,38 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0,080%) ...................... | Anteile | 267 122 | 150 127 | 43 880 | EUR | 52,738 | 14 087 480,04 | 4,66 |\n| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0,020%) ......................................... | Anteile | 311 201 | 171 497 | 4 115 | EUR | 162,33 | 50 517 258,33 | 16,71 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0,200%) ................................ | Anteile | 1 026 740 | 589 347 | 12 132 | EUR | 17,079 | 17 535 179,09 | 5,80 |\n| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0,050%) ................................ | Anteile | 106 679 | 59 100 | 1 185 | EUR | 167,305 | 17 847 930,10 | 5,90 |\n| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0,050%) ................................ | Anteile | 74 481 | 39 728 | 681 | EUR | 207,77 | 15 474 917,37 | 5,12 |\n| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0,050%) ................................ | Anteile | 57 650 | 30 469 | 578 | EUR | 282,25 | 16 271 712,50 | 5,38 |\n| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0,050%) ...................... | Anteile | 54 448 | 30 122 | 440 | EUR | 247,16 | 13 457 367,68 | 4,45 |\n| Gruppenfremde Investmentanteile Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0,190%) ............... | Anteile | 303 718 | 164 785 | 27 392 | EUR | 23,835 | 7 239 118,53 | 2,39 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0,500%) ............................ | Anteile | 6 122 851 | 6 193 328 | 70 477 | EUR | 5,323 | 32 593 160,44 | 10,78 |\n| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0,200%) ................................... | Anteile | 284 494 | 180 727 | 9 520 | EUR | 133,97 | 38 113 661,18 | 12,61 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0,070%) ......................................... | Anteile | 693 | 693 | | EUR | 432,63 | 299 812,59 | 0,10 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0,450%) ................................... | Anteile | 39 918 | 23 583 | 10 577 | EUR | 147,32 | 5 880 719,76 | 1,95 |\n| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0,200%) ................................ | Anteile | 5 633 | 5 633 | | GBP | 112,51 | 755 579,73 | 0,25 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0,070%) ......................................... | Anteile | 21 623 | 21 728 | 105 | GBP | 128,912 | 3 323 217,12 | 1,10 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0,070%) ................................ | Anteile | 9 936 | 5 604 | 1 507 | USD | 209,84 | 1 839 490,01 | 0,61 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0,070%) ................................... | Anteile | 1 382 090 | 770 308 | 215 979 | USD | 5,383 | 6 563 844,42 | 2,17 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0,070%) ......................................... | Anteile | 58 441 | 33 460 | 10 419 | USD | 490,17 | 25 273 299,29 | 8,36 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) ................................ | Anteile | 13 637 | 13 879 | 242 | USD | 138,5 | 1 666 349,86 | 0,55 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) ................................ | Anteile | 40 247 | 16 873 | 9 258 | USD | 138,352 | 4 912 665,08 | 1,62 |\n| Summe Wertpapiervermögen | | | | | | | 299 775 118,07 | 99,16 |\n| Bankguthaben | | | | | | | 213 342,99 | 0,07 |\n| Verwahrstelle (täglich fällig) Guthaben in Nicht-EU/EWR-Währungen | | | | | | | | |\n| Britisches Pfund ................................... | GBP | 50 139 | | | | | 59 776,09 | 0,02 |\n| US-Dollar ........................................ | USD | 174 061 | | | | | 153 566,90 | 0,05 |\n| Sonstige Vermögensgegenstände | | | | | | | 3 792 196,33 | 1,25 |\n| Abgegrenzte Platzierungsgebühr * .................... | | | | | | | 2 121 840,78 | 0,70 |\n| Sonstige Ansprüche ................................ | | | | | | | 1 670 355,55 | 0,55 |\n| Forderungen aus Anteilscheingeschäften | | | | | | | 294 118,27 | 0,10 |\n| Summe der Vermögensgegenstände | | | | | | | 304 074 775,66 | 100,58 |\n| Kurzfristige Verbindlichkeiten | | | | | | | -476 904,02 | -0,16 |\n| EUR-Kredite ...................................... | EUR | | | | | | -476 904,02 | -0,16 |\n| Sonstige Verbindlichkeiten | -1 283 715,45 | -0,42 |\n| Andere sonstige Verbindlichkeiten ..................... | -1 283 715,45 | -0,42 |\n| Summe der Verbindlichkeiten | -1 760 619,47 | -0,58 |\n| Fondsvermögen | 302 314 156,19 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse DPMC ..................................... | EUR | 11 028,35 |\n| Klasse LC ........................................ | EUR | 104,13 |\n| Klasse LC10 ...................................... | EUR | 11 397,39 |\n| Klasse PFC ....................................... | EUR | 101,93 |\n| Klasse SC ........................................ | EUR | 11 356,94 |\n| Klasse WAMC .................................... | EUR | 11 410,88 |\n| Umlaufende Anteile Klasse DPMC ..................................... | Stück | 149,000 |\n| Klasse LC ........................................ | Stück | 402 437,000 |\n| Klasse LC10 ...................................... | Stück | 9 565,000 |\n| Klasse PFC ....................................... | Stück | 616 761,000 |\n| Klasse SC ........................................ | Stück | 7 285,863 |\n| Klasse WAMC .................................... | Stück | 362,500 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Portfolio excl. Derivatives\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 100,000 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ..................... | % | 119,315 |\n| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 100,076 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 0,00.\n| Devisenkurse (in Mengennotiz) | |\n| --- | --- |\n| | | per 30.12.2021 |\n| Britisches Pfund\tGBP | 0,838785 | = EUR\t1 |\n| US-Dollar\tUSD | 1,133450 | = EUR\t1 |\n| Erläuterungen zur Bewertung | | |\n\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n* Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben ((entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 1.1.2021 bis 31.12.2021 | | | | | I. | Wert des Fondsvermögens am Beginn des Geschäftsjahres. . . . . . . . . . . . . . . . . . | EUR | 137 073 970,71 | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| I. Erträge | | | | | 1. | Mittelzufluss (netto) 3) .......................... | EUR | 155 282 516,33 | |\n| 1. Erträge aus Investmentanteilen ................... | EUR | 1 304 060,20 | | | 2. | Ertrags-/Aufwandsausgleich ...................... | EUR | -931 898,16 | |\n| | | | | | 3. | Ordentlicher Nettoaufwand ...................... | EUR | -574 696,64 | |\n| Summe der Erträge .............................. | EUR | 1 304 060,20 | | | 4. | Realisierte Gewinne/Verluste ..................... | EUR | 3 087 398,70 | |\n| II. Aufwendungen | | | | | 5. | Nettoveränderung der nicht realisierten Gewinne/Verluste ................ | EUR | 8 376 865,25 | |\n| 1. Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen .................. | EUR | -83 325,88 | | | II. | Wert des Fondsvermögens | | | |\n| 2. Verwaltungsvergütung .......................... | EUR | -1 244 737,43 | | | | am Ende des Geschäftsjahres ................... | EUR | 302 314 156,19 | |\n\ndavon:\nKostenpauschale ............ EUR -1 244 737,43\n- Rechts- und Veröffentlichungskosten .............. EUR\t-1 003,91\n- Taxe d‘Abonnement ............................ EUR\t-105 389,36\n- Sonstige Aufwendungen ........................ EUR\t-444 300,26 davon:Aufwand aus abgegrenzterPlatzierungsgebühr1) ......... EUR\t-444 300,26Summe der Aufwendungen ....................... EUR\t-1 878 756,84\n- Ordentlicher Nettoaufwand .................... EUR\t-574 696,64\n- VeräußerungsgeschäfteRealisierte Gewinne/Verluste ........................ EUR\t3 087 398,70Ergebnis aus Veräußerungsgeschäften .............. EUR\t3 087 398,70\n- Ergebnis des Geschäftsjahres ................... EUR\t2 512 702,061) Weitere Informationen entnehmen Sie bitte den Hinweisen im Anhang.\n\nGesamtkostenquote (BVI – Total Expense Ratio (TER))\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\nKlasse DPMC 0,12% p.a.,\tKlasse LC 1,05%\n2)\n,\nKlasse LC10 0,21% p.a.,\tKlasse PFC 1,66%\n2)\n,\nKlasse SC 0,41% p.a.,\tKlasse WAMC 0,14% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktions- kosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (syn- thetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/ Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse DPMC 0,30% p.a.,\tKlasse LC 1,23%\n2)\n,\nKlasse LC10 0,39% p.a.,\tKlasse PFC 1,84%\n2)\n,\nKlasse SC 0,59% p.a.,\tKlasse WAMC 0,32% p.a.\n2) \nBei unterjährig aufgelegten Anteilklassen wird von einer Annualisierung abgesehen.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 11 707,29.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\n3) \nNach Abzug einer Verwässerungsgebühr in Höhe von EUR 40 589,56 zugunsten des Fondsvermögens.\n Zusammensetzung der Gewinne/Verluste\t2021 \nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t3 087 398,70\naus:\nWertpapiergeschäften .......................... EUR\t3 028 611,44\nDevisen(termin)geschäften ...................... EUR\t58 787,26\n Angaben zur Ertragsverwendung *\t\nKlasse DPMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LC10\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse PFC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse SC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse WAMC\nDas Ergebnis ddes Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n| Fondsvermögen am Ende des Geschäftsjahres | | 2020 | Klasse DPMC ........................... | EUR | 10 441,01 |\n| --- | --- | --- | --- | --- | --- |\n| 2021\tEUR | 302 314 156,19 | | Klasse LC ............................... | EUR | – |\n| 2020\tEUR | 137 073 970,71 | | Klasse LC10 ............................. | EUR | 10 800,17 |\n\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t–\nAnteilwert am Ende des Geschäftsjahres\nKlasse PFC ............................. EUR\t–\nKlasse SC .............................. EUR\t10 783,91\nKlasse WAMC ........................... EUR\t10 805,64\n| 2021\tKlasse DPMC ........................... | EUR | 11 028,35 | 2019 | Klasse DPMC ........................... | EUR | – |\n| --- | --- | --- | --- | --- | --- | --- |\n| Klasse LC ............................... | EUR | 104,13 | | Klasse LC ............................... | EUR | – |\n| Klasse LC10 ............................. | EUR | 11 397,39 | | Klasse LC10 ............................. | EUR | – |\n| Klasse PFC ............................. | EUR | 101,93 | | Klasse PFC ............................. | EUR | – |\n| Klasse SC .............................. | EUR | 11 356,94 | | Klasse SC .............................. | EUR | – |\n| Klasse WAMC ........................... | EUR | 11 410,88 | | Klasse WAMC ........................... | EUR | – |\n\nAbwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns)\nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 9,41% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 21 297 652,19.\nPlatzierungsgebühr / Verwässerungsausgleich\nIm Berichtszeitraum entrichtete der Fonds eine Platzierungsgebühr in Höhe von 2,9% des Netto-Fondsvermögens zugunsten der Vertriebsstelle. Diese wurde zum Tag der Zeichnung berechnet. Die genannte Platzierungsgebühr dient insbesondere als Vertriebsentschädigung. Der Bruttobetrag der Platzierungsgebühr wurde jeweils zum Tag der Zeichnung ausgezahlt und gleichzeitig im Netto-Fondsvermögen als vorausbezahlte Aufwendungen aktiviert. Diese werden über einen Zeitraum von 3 Jahren ab dem Tag der Zeichnung auf täglicher Basis abgeschrieben. Die verbleibende Position vorausbezahlter Aufwendungen pro Anteil zu jedem Bewertungstag wird auf täglicher Basis durch Multiplikation des Netto-Fondsvermögens mit einem Faktor berechnet. Der jeweilige Faktor wird durch lineare Verringerung der Platzierungsgebühr um einen bestimmten Prozentsatz über 3 Jahre ab dem Tag der Zeichnung auf täglicher Basis ermittelt. Während der 3 Jahre ab dem Tag der Zeichnung schwankt die Position der vorausbezahlten Aufwendungen, da sie sowohl vom Netto-Fondsvermögen als auch von dem vorab festgelegten Faktor abhängt.\nAußerdem wurde im Berichtszeitraum ein (vom Anteilinhaber zu tragender) Verwässerungsausgleich von bis zu 3% auf der Grundlage des Bruttorücknahmebetrags zugunsten des Fondsvermögens erhoben.\nWeitere Einzelheiten zur Platzierungsgebühr und zum Verwässerungsausgleich sind dem entsprechenden Abschnitt des Fondsprospekts zu entnehmen.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicher- maßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\nAnlageziel und Anlage- ergebnis im Berichtszeitraum \nDas Anlageziel des Teilfonds besteht darin, eine mittel- bis langfristige Rendite in Euro zu erzielen. Dabei stellt er auf eine Absicherung gegen Kapital- verluste von mehr als 10% auf annualisierter Basis ab. Um das Anlageziel zu erreichen, strebt\nDB CONSERVATIVE SAA (EUR) PLUS\nWertentwicklung seit Auflegung\n118\n115\n112\n109\n106\n103\n100\n97\nder Teilfonds Investments in\n30.4.20* 6/20\n9/20\n12/20\t3/21\n6/21\n9/21\n12/21\nPortfolios aus drei Hauptanlage-\nDB Conservative SAA (EUR) Plus (Anteilklasse SC)\n* aufgelegt am 30.4.2020 = 100 Angaben auf Euro-Basis\nklassen an, die untereinander\nund in sich diversifiziert sind. Dabei handelt es sich um ein Anleiheportfolio, ein Aktien- portfolio und ein alternatives Portfolio. Die Anlagen des Teilfonds werden auf Grundlage der vom Anlageberater, dem Geschäftsbereich Wealth Ma- nagement der Deutschen Bank AG, ausgesprochenen Emp- fehlungen nach dem Ermessen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt. Zur Bera- tung des Teilfondsmanagers verwendet der Anlageberater den Ansatz einer strategischen Asset Allokation, bei dem die erwartete Rendite, Volatilität\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB CONSERVATIVE SAA (EUR) PLUS\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | seit Auflegung 1) |\n| --- | --- | --- | --- |\n| Klasse SC | LU2132883344 | 4,8% | 12,6% |\n| Klasse DPMC | LU2132883260 | 5,2% | 9,1% |\n| Klasse LC | LU2258442750 | – | 3,3% |\n| Klasse LC10 | LU2132883427 | 5,0% | 12,9% |\n| Klasse LC50 | LU2369020990 | – | 0,2% |\n| Klasse PFC | LU2258442834 | – | 1,3% |\n| Klasse WAMC | LU2132883690 | 5,2% | 13,3% |\n\n1) \nKlassen LC10, SC und WAMC aufgelegt am 30.4.2020 / Klasse DPMC aufgelegt am 17.6.2020 / Klasse LC aufgelegt am 1.2.2021 / Klasse PFC aufgelegt am 31.3.2021 / Klasse LC50 aufgelegt am 7.9.2021\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nund Korrelation in jedem Port- folio berücksichtigt werden. Der Anlageberater ist bestrebt, eine Aufteilung vorzuschla- gen, die eine Chance auf eine mittel- bis langfristige Rendite in Euro bietet. Die erwartete Spanne der Allokation für ein\n„konservatives“ Portfolio liegt bei a) Anleiheportfolio: bis zu 80%; b) Aktienportfolio: 20-60% und c) alternatives Portfolio:\n0-15%. Außerdem strebt der Teilfonds an, Vermögenswerte aus dem Euroraum in jedem der Portfolios überzugewichten, damit er einen europäischen Schwerpunkt hat. Neben der\nVermögensaufteilung auf die Portfolios versucht der Teil- fondsmanager anhand der Empfehlung des Anlageberaters eine Strategie zur Kapitalerhal- tung umzusetzen, in der ange- strebt wird, einen Wertverlust des Teilfondsvermögens auf höchstens 10% auf annualisier- ter Basis zu begrenzen (Risi- kobegrenzungsstrategie). Mit der Risikobegrenzungsstrategie soll der potenzielle Verlust des Teilfonds während eines glei- tenden Zwölfmonatszeitraums begrenzt werden. Die Risikobe- grenzungsstrategie beinhaltet Anlagen in derivativen Finanz-\ninstrumenten. Ein Engagement in den Portfolios wird in erster Linie wie folgt eingegangen: durch eine Anlage in einem oder mehreren börsengehan- delten Fonds (jeweils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzel- nen Rohstoffen, über mit der\nWertentwicklung der jeweiligen Rohstoffe verknüpfte Schuld titel wie Exchange-Traded Notes oder Zertifikate. Alternativ\nzur Anlage in einem ETF kann der Fondsmanager durch den Einsatz derivativer Finanzins- trumente ein Engagement in einem Finanzindex eingehen.\nDas Anlageumfeld war im Be- richtszeitraum von der COVID- 19-Pandemie, hoher Verschul- dung weltweit, immer noch sehr niedrigen, teils negativen Zinsen in den Industrieländern sowie der Unsicherheit hin- sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erzielte der Teilfonds DB Conservative SAA (EUR) Plus im Jahr 2021 einen Wertzuwachs von 4,8% je Anteil (Anteilklasse SC; nach BVI-Methode; in Euro).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter- nationalen Kapitalmärkten stand im Jahr 2021 insbeson- dere unter dem Eindruck der Coronavirus-Pandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange- sichts der abgeschwächten Weltkonjunktur – extrem locke- re Geldpolitik der Zentralbanken der Industrieländer die Kursent- wicklung an den Finanzmärk- ten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen\nPreise an den Rohstoffmärk- ten, den Corona bedingten Konsum-Nachholbedarf sowie partielle Angebotsverknappung aufgrund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu- tanten sowie damit verbunde- ne neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichneten allerdings ein differenziertes Bild. Während die Aktienmärkte in den west- lichen Industrieländern – be- günstigt insbesondere durch die schnelle Erholung der Un- ternehmensgewinne – kräftige Kurszuwächse verzeichneten, bildeten die Börsen der Emer- ging Markets das Schlusslicht. Vor dem Hintergrund global hoher Verschuldung und histo- risch extrem niedriger Zinsen kam es an den Anleihemärk- ten im Berichtsjahr bis Ende Dezember 2021 zum längeren Laufzeitende hin unter Schwan- kungen zu Kursermäßigungen bei einem Anstieg der Anleihe- renditen auf einem immer noch sehr niedrigen, zum Teil nega- tiven Renditeniveau. An den Unternehmensanleihemärkten verbuchten High Yield-Titel Kurssteigerungen bei verrin- gerten Risikoaufschlägen und konnten damit Unternehmens-\nwiegend in Anleihen, darunter Staats- und Unternehmens- anleihen, und in geringerem Umfang in Aktien. Regional war der Investmentfokus auf Europa gerichtet. Das Aktien- portefeuille war hinsichtlich der Branchenallokation breit diversifiziert aufgestellt. Mit dieser Ausrichtung profitierte der Teilfonds im Berichtszeit- raum von positiven Erträgen insbesondere bei Corporate Bonds, darunter auch Kursge-\nwinne bei Hochzinsanleihen mit verringerten Risikoaufschlägen. Auch das Aktienportfolio leiste- te dank erzielter Kursgewinne einen positiven Beitrag zum Gesamtanlageergebnis.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen- legungspflichten im Finanz- dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nAuswirkungen der Coronakrise\tanleihen (Corporate Bonds)\t\nzu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie die einsetzenden Impfkampa- gnen. Allerdings kam bei den Investoren auch die Inflations- frage auf, hervorgerufen u.a.\ndurch die deutlich gestiegenen\nmit Investment-Grade-Status, die schwächer notierten, out- performen.\nDas Management des Teilfonds DB Conservative SAA (EUR) Plus engagierte sich über die Anlage in Zielfonds global über-\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Rentenfonds | 1 253 961 974,04 | 60,91 |\n| Aktienfonds | 633 067 325,27 | 30,75 |\n| Sonstige Fonds | 139 879 937,32 | 6,80 |\n| Summe Investmentanteile | 2 026 909 236,63 | 98,46 |\n| 2. Derivate | 10 453 152,11 | 0,51 |\n| 3. Bankguthaben | 8 555 397,13 | 0,42 |\n| 4. Sonstige Vermögensgegenstände | 13 364 314,16 | 0,64 |\n| 5. Forderungen aus Anteilscheingeschäften | 9 210 097,60 | 0,45 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -9 624 786,49 | -0,46 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -370 748,82 | -0,02 |\n| III. Fondsvermögen | 2 058 496 662,32 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Investmentanteile | | | | | | | 2 026 909 236,63 | 98,46 |\n| Gruppeneigene Investmentanteile DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0,100%) ........ | Anteile | 9 320 | 11 173 | 1 853 | EUR | 9 732,971 | 90 711 287,86 | 4,41 |\n| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0,010%) . . | Anteile | 3 964 880 | 3 173 825 | 181 396 | EUR | 66,76 | 264 695 388,80 | 12,86 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0,080%) ...................... | Anteile | 2 177 180 | 1 764 681 | 158 426 | EUR | 52,738 | 114 820 118,84 | 5,58 |\n| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0,020%) ......................................... | Anteile | 1 929 857 | 1 545 598 | 58 037 | EUR | 162,33 | 313 273 686,81 | 15,22 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0,200%) ................................ | Anteile | 6 962 936 | 5 887 650 | 190 511 | EUR | 17,079 | 118 916 502,48 | 5,78 |\n| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0,050%) ................................ | Anteile | 987 518 | 869 035 | 28 005 | EUR | 167,305 | 165 216 698,99 | 8,02 |\n| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0,050%) ................................ | Anteile | 598 607 | 508 519 | 8 493 | EUR | 207,77 | 124 372 576,39 | 6,04 |\n| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0,050%) ................................ | Anteile | 288 736 | 204 056 | 1 958 | EUR | 282,25 | 81 495 736,00 | 3,96 |\n| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0,050%) ...................... | Anteile | 503 577 | 443 091 | 14 283 | EUR | 247,16 | 124 464 091,32 | 6,04 |\n| Gruppenfremde Investmentanteile Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0,190%) ............... | Anteile | 2 062 876 | 1 667 829 | 140 790 | EUR | 23,835 | 49 168 649,46 | 2,39 |\n| iShares II PLC - iShares Barclays Euro Government Bond 3-5 (IBGX) EUR - (0,200%) ........................... | Anteile | 108 328 | 119 631 | 11 303 | EUR | 172,74 | 18 712 578,72 | 0,91 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0,500%) ............................ | Anteile | 18 894 356 | 19 424 173 | 529 817 | EUR | 5,323 | 100 578 435,86 | 4,89 |\n| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0,200%) ................................... | Anteile | 1 001 251 | 830 580 | 94 883 | EUR | 133,97 | 134 137 596,47 | 6,52 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0,070%) ................................... | Anteile | 1 709 | 1 709 | | EUR | 153,76 | 262 775,84 | 0,01 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0,070%) ................................... | Anteile | 5 638 | 4 923 | | EUR | 432,63 | 2 439 167,94 | 0,12 |\n| iShares VII PLC - iShares EUR Govt Bond 7-10yr UCITS ETF EUR (Acc) EUR - (0,200%) ........................... | Anteile | 161 000 | 164 100 | 3 100 | EUR | 171,27 | 27 574 470,00 | 1,34 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0,450%) ................................... | Anteile | 271 118 | 260 447 | 113 217 | EUR | 147,32 | 39 941 103,76 | 1,94 |\n| Multi Units Luxembourg SICAV - Lyxor Euro Government Bond 7-10Y (DR) UCITS ETF EUR - (0,170%) ............ | Anteile | 224 405 | 245 627 | 21 222 | EUR | 188,07 | 42 203 848,35 | 2,05 |\n| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0,200%) ................................ | Anteile | 20 524 | 20 524 | | GBP | 112,51 | 2 752 976,81 | 0,13 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0,070%) ......................................... | Anteile | 583 125 | 600 516 | 17 391 | GBP | 128,912 | 89 619 894,67 | 4,35 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0,070%) ......................................... | Anteile | 278 458 | 279 214 | 145 500 | USD | 490,17 | 120 421 491,30 | 5,85 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0,070%) ......................................... | Anteile | 2 614 | 2 614 | | USD | 490,046 | 1 130 159,96 | 0,05 |\n| Summe Wertpapiervermögen | | | | | | | 2 026 909 236,63 | 98,46 |\n| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) | | | | |\n| Aktienindex-Derivate Forderungen/Verbindlichkeiten | | | 10 453 152,11 | 0,51 |\n| Optionsrechte | | | | |\n| Optionsrechte auf Aktienindices Put DJ Euro Stoxx 50 09/2022 3 400 EUR (DB) ..........\tStück\t9 785 | 9 939 | 154 | 8 331 927,50 | 0,40 |\n| Put FTSE MIB Index Futures 09/2022 5 700 GBP (DB) .....\tStück\t497 | 497 | | 568 822,86 | 0,03 |\n| Put S & P 500 Futures 09/2022 3 800 USD (DB) .........\tStück\t179 | 186 | 7 | 1 552 401,75 | 0,08 |\n| Bankguthaben | | | 8 555 397,13 | 0,42 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben\tEUR | | | 6 932 646,62 | 0,34 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | |\n| Britisches Pfund ...................................\tGBP\t339 575 | | | 404 841,19 | 0,02 |\n| US-Dollar ........................................\tUSD\t1 380 439 | | | 1 217 909,32 | 0,06 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Sonstige Vermögensgegenstände | 13 364 314,16 | 0,64 |\n| Abgegrenzte Platzierungsgebühr * .................... | 12 658 280,74 | 0,61 |\n| Sonstige Ansprüche ................................ | 706 033,42 | 0,03 |\n| Forderungen aus Anteilscheingeschäften | 9 210 097,60 | 0,45 |\n| Summe der Vermögensgegenstände ** | 2 068 492 197,63 | 100,48 |\n| Sonstige Verbindlichkeiten | -9 624 786,49 | -0,46 |\n| Andere sonstige Verbindlichkeiten ..................... | -9 624 786,49 | -0,46 |\n| Verbindlichkeiten aus Anteilscheingeschäften | -370 748,82 | -0,02 |\n| Summe der Verbindlichkeiten | -9 995 535,31 | -0,48 |\n| Fondsvermögen | 2 058 496 662,32 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse DPMC ..................................... | EUR | 10 907,63 |\n| Klasse LC ........................................ | EUR | 103,34 |\n| Klasse LC10 ...................................... | EUR | 11 294,83 |\n| Klasse LC50 ...................................... | EUR | 10 019,10 |\n| Klasse PFC ....................................... | EUR | 101,26 |\n| Klasse SC ........................................ | EUR | 11 256,76 |\n| Klasse WAMC .................................... | EUR | 11 332,55 |\n| Umlaufende Anteile Klasse DPMC ..................................... | Stück | 8 767,000 |\n| Klasse LC ........................................ | Stück | 4 899 723,000 |\n| Klasse LC10 ...................................... | Stück | 29 689,000 |\n| Klasse LC50 ...................................... | Stück | 7 516,000 |\n| Klasse PFC ....................................... | Stück | 3 735 610,000 |\n| Klasse SC ........................................ | Stück | 54 660,327 |\n| Klasse WAMC .................................... | Stück | 4 617,369 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Portfolio excl. Derivatives\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 52,882 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ..................... | % | 86,818 |\n| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 70,820 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 78 689 282,14.\n Marktschlüssel\t Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)\nDB = Deutsche Bank AG Frankfurt\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Britisches Pfund\tGBP | 0,838785 | = EUR | 1 |\n| --- | --- | --- | --- |\n| US-Dollar\tUSD | 1,133450 | = EUR | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehens- weise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Fußnoten\t\n* Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben ((entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).\n** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 1.1.2021 bis 31.12.2021 | | | | | I. | Wert des Fondsvermögens am Beginn des Geschäftsjahres ................. | EUR | 441 422 189,57 | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| I. Erträge | | | | | 1. | Mittelzufluss (netto) 3) .......................... | EUR | 1 577 497 339,27 | |\n| 1. Erträge aus Investmentanteilen ................... | EUR | 7 855 839,41 | | | 2. | Ertrags-/Aufwandsausgleich ...................... | EUR | 1 170 235,77 | |\n| | | | | | 3. | Ordentlicher Nettoeaufwand ...................... | EUR | -9 410 125,41 | |\n| Summe der Erträge .............................. | EUR | 7 855 839,41 | | | 4. | Realisierte Gewinne/Verluste ..................... | EUR | 1 999 894,15 | |\n| II. Aufwendungen | | | | | 5. | Nettoveränderung der nicht realisierten Gewinne/Verluste ................ | EUR | 45 817 128,97 | |\n| 1. Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen .................. | EUR | -670 659,54 | | | II. | Wert des Fondsvermögens | | | |\n| 2. Verwaltungsvergütung .......................... | EUR | -12 911 217,59 | | | | am Ende des Geschäftsjahres ................... | EUR | 2 058 496 662,32 | |\n\ndavon:\nKostenpauschale ............ EUR -12 911 217,59\n- Rechts- und Veröffentlichungskosten .............. EUR\t-6 574,05\n- Taxe d‘Abonnement ............................ EUR\t-832 543,52\n- Sonstige Aufwendungen ........................ EUR\t-2 844 970,12 davon:Aufwand aus abgegrenzterPlatzierungsgebühr1) ......... EUR -2 844 970,12\n\n| Summe der Aufwendungen ....................... | EUR | -17 265 964,82 |\n| --- | --- | --- |\n| III. Ordentlicher Nettoaufwand .................... | EUR | -9 410 125,41 |\n| IV. Veräußerungsgeschäfte Realisierte Gewinne/Verluste ........................ | EUR | 1 999 894,15 |\n| Ergebnis aus Veräußerungsgeschäften .............. | EUR | 1 999 894,15 |\n| V. Ergebnis des Geschäftsjahres ................... | EUR | -7 410 231,26 |\n\n1) \nWeitere Informationen entnehmen Sie bitte den Hinweisen im Anhang.\nGesamtkostenquote (BVI – Total Expense Ratio (TER))\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\nKlasse DPMC 0,16% p.a.,\tKlasse LC 1,24% p.a.,\nKlasse LC10 0,38% p.a.,\tKlasse LC50 0,28%\n2)\n,\nKlasse PFC 1,89%\n2)\n,\tKlasse SC 0,58%\n2)\n, Klasse WAMC 0,18% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktions- kosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb des Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (syn- thetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/ Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse DPMC 0,32% p.a.,\tKlasse LC 1,39% p.a.,\nKlasse LC10 0,54% p.a.,\tKlasse LC50 0,43%\n2)\n,\nKlasse PFC 2,05%\n2)\n,\tKlasse SC 0,73%\n2)\n, Klasse WAMC 0,33% p.a.\n2) \nBei unterjährig aufgelegten Anteilklassen wird von einer Annualisierung abgesehen.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 117 252,55.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\n3) \nNach Abzug einer Verwässerungsgebühr in Höhe von EUR 282 485,18 zugunsten des Fondsvermögens.\n Zusammensetzung der Gewinne/Verluste\t2021 \nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t1 999 894,15\n| aus: | |\n| --- | --- |\n| Wertpapiergeschäften\tEUR | 18 310 590,80 |\n| Devisen(termin)geschäften\tEUR | 544 396,22 |\n| Derivaten und sonstigen Finanztermingeschäften\tEUR | -16 855 092,87 |\n\n Angaben zur Ertragsverwendung *\t\nKlasse DPMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LC10\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LC50\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse PFC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse SC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse WAMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\n Entwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\t\n| Fondsvermögen am Ende des Geschäftsjahres | | 2020 | Klasse DPMC ........................... | EUR | 10 364,46 |\n| --- | --- | --- | --- | --- | --- |\n| 2021\tEUR | 2 058 496 662,32 | | Klasse LC ............................... | EUR | 10 740,97 |\n| 2020\tEUR | 441 422 189,57 | | Klasse LC10 ............................. | EUR | 10 755,75 |\n\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-\nAnteilwert am Ende des Geschäftsjahres\nKlasse LC50 ............................. EUR\t-\nKlasse PFC ............................. EUR\t-\nKlasse SC .............................. EUR\t-\n| 2021\tKlasse DPMC ........................... | EUR | 10 907,63 | | Klasse WAMC ........................... | EUR | 10 769,93 |\n| --- | --- | --- | --- | --- | --- | --- |\n| Klasse LC ............................... | EUR | 103,34 | 2019 | Klasse DPMC ........................... | EUR | - |\n| Klasse LC10 ............................. | EUR | 11 294,83 | | Klasse LC ............................... | EUR | - |\n| Klasse LC50 ............................. | EUR | 10 019,10 | | Klasse LC10 ............................. | EUR | - |\n| Klasse PFC ............................. | EUR | 101,26 | | Klasse LC50 ............................. | EUR | - |\n| Klasse SC .............................. | EUR | 11 256,76 | | Klasse PFC ............................. | EUR | - |\n| Klasse WAMC ........................... | EUR | 11 332,55 | | Klasse SC .............................. | EUR | - |\n| | | | | Klasse WAMC ........................... | EUR | - |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 13,66% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 291 376 264,65.\n Platzierungsgebühr / Verwässerungsausgleich\t\nIm Berichtszeitraum entrichtete der Fonds eine Platzierungsgebühr in Höhe von 2,9% des Netto-Fondsvermögens zugunsten der Vertriebsstelle. Diese wurde zum Tag der Zeichnung berechnet. Die genannte Platzierungsgebühr dient insbesondere als Vertriebsentschädigung. Der Bruttobetrag der Platzierungsgebühr wurde jeweils zum Tag der Zeichnung ausgezahlt und gleichzeitig im Netto-Fondsvermögen als vorausbezahlte Aufwendungen aktiviert. Diese werden über einen Zeitraum von 3 Jahren ab dem Tag der Zeichnung auf täglicher Basis abgeschrieben. Die verbleibende Position vorausbezahlter Aufwendungen pro Anteil zu jedem Bewertungstag wird auf täglicher Basis durch Multiplikation des Netto-Fondsvermögens mit einem Faktor berechnet. Der jeweilige Faktor wird durch lineare Verringerung der Platzierungsgebühr um einen bestimmten Prozentsatz über 3 Jahre ab dem Tag der Zeichnung auf täglicher Basis ermittelt. Während der 3 Jahre ab dem Tag der Zeichnung schwankt die Position der vorausbezahlten Aufwendungen, da sie sowohl vom Netto-Fondsvermögen als auch von dem vorab festgelegten Faktor abhängt.\nAußerdem wurde im Berichtszeitraum ein (vom Anteilinhaber zu tragender) Verwässerungsausgleich von bis zu 3% auf der Grundlage des Bruttorücknahmebetrags zugunsten des Fondsvermögens erhoben.\nWeitere Einzelheiten zur Platzierungsgebühr und zum Verwässerungsausgleich sind dem entsprechenden Abschnitt des Fondsprospekts zu entnehmen.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicher- maßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nDas Anlageziel des Teilfonds besteht darin, eine mittel bis langfristige Rendite in USDollar zu erzielen. Um das Anlageziel zu erreichen, strebt er Invest ments in Portfolios aus drei Hauptanlageklassen an, die un tereinander und in sich diversifi ziert sind. Dabei handelt es sich um ein Anleiheportfolio, ein\nDB CONSERVATIVE SAA (USD)\nWertentwicklung seit Auflegung\n118\n115\n112\n109\n106\n103\n100\n97\n30.4.20* 6/20\t12/20\t6/21\nDB Conservative SAA (USD) (Anteilklasse USD LC)\n12/21\n* aufgelegt am 30.4.2020 = 100 Angaben auf USD-Basis\nAktienportfolio und ein alterna\ntives Portfolio. Die Anlagen des Teilfonds werden auf Grundlage der vom Anlageberater, dem Geschäftsbereich Wealth Ma nagement der Deutschen Bank AG, ausgesprochenen Emp fehlungen nach dem Ermessen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt. Zur Bera tung des Teilfondsmanagers verwendet der Anlageberater den Ansatz einer strategischen Asset Allokation, bei dem die erwartete Rendite, Volatilität\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB CONSERVATIVE SAA (USD)\nWertentwicklung der Anteilklassen (in USD)\n| Anteilklasse | ISIN | 1 Jahr | seit Auflegung 1) |\n| --- | --- | --- | --- |\n| Klasse USD LC | LU2132880753 | 2,8% | 16,2% |\n| Klasse USD DPMC | LU2132880670 | – | 4,9% |\n| Klasse USD LC10 | LU2132880837 | 3,0% | 16,6% |\n| Klasse USD WAMC | LU2132880910 | 3,0% | 16,7% |\n\n1) \nKlassen USD LC, USD LC10 und WAMC aufgelegt am 30.4.2020 / Klasse USD DPMC aufgelegt am 8.3.2021 Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nund Korrelation in jedem Port folio berücksichtigt werden. Der Anlageberater ist bestrebt, eine Aufteilung vorzuschlagen, die eine Chance auf eine mit tel bis langfristige Rendite in USDollar bietet. Die erwartete Spanne der Allokation für ein\n„konservatives“ Portfolio liegt bei a) Anleiheportfolio: bis zu 100%; b) Aktienportfolio: 040% und c) alternatives Portfolio: 015%. Außerdem strebt der Teilfonds an, in jedem der Port folios auf USD lautende Ver mögenswerte überzugewich ten, damit der Teilfonds einen USamerikanischen Schwer punkt hat. Ein Engagement in den Portfolios wird in erster Linie wie folgt eingegangen: durch eine Anlage in einem\noder mehreren börsengehan delten Fonds (jeweils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzel nen Rohstoffen, über mit der\nWertentwicklung der jeweiligen Rohstoffe verknüpfte Schuld titel wie ExchangeTraded Notes oder Zertifikate. Alternativ zur Anlage in einem ETF kann der Teilfondsmanager durch den Einsatz derivativer Finanzins trumente ein Engagement in einem Finanzindex eingehen.\nDas Anlageumfeld war im Be richtszeitraum von der COVID 19Pandemie, hoher Verschul dung weltweit, immer noch sehr niedrigen, teils negativen Zinsen in den Industrieländern\nsowie der Unsicherheit hin sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erreichte der Teilfonds DB Conservative SAA (USD) im Jahr 2021 einen Wertzuwachs von 2,8% je An teil (Anteilklasse USD LC; nach BVIMethode; in USDollar).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter nationalen Kapitalmärkten stand im Jahr 2021 insbeson dere unter dem Eindruck der CoronavirusPandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen über unterstützte die – ange sichts der abgeschwächten\nWeltkonjunktur – extrem locke- re Geldpolitik der Zentralbanken der Industrieländer die Kursent- wicklung an den Finanzmärk- ten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen\nDezember 2021 zum längeren Laufzeitende hin unter Schwan- kungen zu Kursermäßigungen bei einem Anstieg der Anlei- herenditen auf einem immer noch sehr niedrigen, zum Teil negativen Renditeniveau. An den Unternehmensanleihe- märkten verbuchten High\nYield-Titel Kurssteigerungen bei verringerten Risikoaufschlägen und konnten damit Unter-\nlegungspflichten im Finanz- dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nAuswirkungen der Coronakrise\tnehmensanleihen (Corporate\t\nzu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie die einsetzenden Impfkampa- gnen. Allerdings kam bei den Investoren auch die Inflations- frage auf, hervorgerufen u.a.\ndurch die deutlich gestiegenen Preise an den Rohstoffmärk- ten, den Corona bedingten Konsum-Nachholbedarf sowie partielle Angebotsverknappung aufgrund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu- tanten sowie damit verbunde- ne neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichneten allerdings ein differenziertes Bild. Während die Aktienmärkte in den west- lichen Industrieländern – be- günstigt insbesondere durch die schnelle Erholung der Un- ternehmensgewinne – kräftige Kurszuwächse verzeichneten, bildeten die Börsen der Emer- ging Markets das Schlusslicht. Vor dem Hintergrund global hoher Verschuldung und histo- risch extrem niedriger Zinsen kam es an den Anleihemärk- ten im Berichtsjahr bis Ende\nBonds) mit Investment-Grade- Status, die schwächer notier- ten, outperformen.\nDas Management des Teilfonds DB Conservative SAA (USD) en- gagierte sich über die Anlage in Zielfonds global überwiegend in Anleihen, darunter Staats- und Unternehmensanleihen, und in geringerem Umfang in Aktien. Regional war der Investment- fokus auf Nordamerika gerich- tet. Das Aktienportefeuille war hinsichtlich der Branchenallo- kation breit diversifiziert aufge- stellt. Mit dieser Ausrichtung profitierte der Teilfonds im Berichtszeitraum von positiven Erträgen insbesondere bei Cor- porate Bonds, darunter auch Kursgewinne bei Hochzinsan- leihen mit verringerten Risiko- aufschlägen. Auch das Aktien- portfolio leistete dank erzielter Kursgewinne einen positiven Beitrag zum Gesamtanlage- ergebnis.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen-\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in USD | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Sonstige Fonds | 814 743,49 | 5,41 |\n| Aktienfonds | 3 376 419,24 | 22,43 |\n| Rentenfonds | 10 858 548,55 | 72,09 |\n| Summe Investmentanteile | 15 049 711,28 | 99,93 |\n| 2. Bankguthaben | 107 979,40 | 0,72 |\n| 3. Sonstige Vermögensgegenstände | 348 748,70 | 2,32 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -6 126,96 | -0,04 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -440 795,44 | -2,93 |\n| III. Fondsvermögen | 15 059 516,98 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tUSD\tvermögen |\n| Investmentanteile | | | | | | | 15 049 711,28 | 99,93 |\n| Gruppeneigene Investmentanteile Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0,010%) . . | Anteile | 6 169 | 5 956 | 4 903 | EUR | 66,76 | 466 802,88 | 3,10 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0,080%) ...................... | Anteile | 9 081 | 7 770 | 3 743 | EUR | 52,738 | 542 824,90 | 3,61 |\n| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0,120%) ...................... | Anteile | 144 629 | 109 833 | 19 101 | EUR | 13,994 | 2 293 951,13 | 15,23 |\n| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0,100%) ...................... | Anteile | 60 469 | 47 094 | 6 279 | EUR | 12,858 | 881 235,02 | 5,85 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0,000%) ....................... | Anteile | 44 | 46 | 2 | USD | 10 408,589 | 455 136,38 | 3,02 |\n| Gruppenfremde Investmentanteile Amundi Index Solutions - Amundi Prime US Corporates UCITS ETF DR EUR - (0,030%) ....................... | Anteile | 60 670 | 46 038 | 8 219 | EUR | 18,292 | 1 257 875,37 | 8,35 |\n| Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0,190%) ............... | Anteile | 13 311 | 8 225 | 1 019 | EUR | 23,835 | 359 607,11 | 2,39 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0,450%) .......................... | Anteile | 1 741 | 1 397 | 595 | EUR | 147,32 | 290 711,97 | 1,93 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0,070%) .......................... | Anteile | 1 788 | 1 887 | 99 | GBP | 128,912 | 311 467,49 | 2,07 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0,450%) .......................... | Anteile | 300 936 | 269 001 | 34 551 | USD | 5,955 | 1 792 073,88 | 11,90 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0,070%) .......................... | Anteile | 2 786 | 2 242 | 418 | USD | 209,84 | 584 614,24 | 3,88 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0,070%) .......................... | Anteile | 379 034 | 296 831 | 48 710 | USD | 5,383 | 2 040 340,02 | 13,55 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0,070%) .......................... | Anteile | 3 600 | 2 780 | 770 | USD | 490,17 | 1 764 612,00 | 11,72 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) .......................... | Anteile | 14 517 | 11 182 | 1 874 | USD | 138,352 | 2 008 458,89 | 13,33 |\n| Summe Wertpapiervermögen | | | | | | | 15 049 711,28 | 99,93 |\n| Bankguthaben | | | | | | | 107 979,40 | 0,72 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | 66 108 | | | | | 74 929,68 | 0,50 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | | | | |\n| Britisches Pfund ................................... | GBP | 2 301 | | | | | 3 109,69 | 0,02 |\n| US-Dollar ........................................ | USD | | | | | | 29 940,03 | 0,20 |\n| Sonstige Vermögensgegenstände | | | | | | | 348 748,70 | 2,32 |\n| Sonstige Ansprüche ................................ | | | | | | | 348 748,70 | 2,32 |\n| Summe der Vermögensgegenstände | | | | | | | 15 506 439,38 | 102,97 |\n| Sonstige Verbindlichkeiten | | | | | | | -6 126,96 | -0,04 |\n| Verbindlichkeiten aus Kostenpositionen ................ | | | | | | | -6 126,96 | -0,04 |\n| Verbindlichkeiten aus Anteilscheingeschäften | | | | | | | -440 795,44 | -2,93 |\n| Summe der Verbindlichkeiten | | | | | | | -446 922,40 | -2,97 |\n| Fondsvermögen | | | | | | | 15 059 516,98 | 100,00 |\n\nDurch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse USD DPMC ................................. | USD | 10 490,05 |\n| Klasse USD LC .................................... | USD | 11 619,30 |\n| Klasse USD LC10 .................................. | USD | 11 660,13 |\n| Klasse USD WAMC ................................ | USD | 11 671,85 |\n| Umlaufende Anteile Klasse USD DPMC ................................. | Stück | 144,219 |\n| Klasse USD LC .................................... | Stück | 993,296 |\n| Klasse USD LC10 .................................. | Stück | 2,000 |\n| Klasse USD WAMC ................................ | Stück | 169,804 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Portfolio excl. Derivatives\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 100,000 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 100,000 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 100,000 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf USD 0,00.\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Euro\tEUR | 0,882262 | = USD | 1 |\n| --- | --- | --- | --- |\n| Britisches Pfund\tGBP | 0,740028 | = USD | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 1.1.2021 bis 31.12.2021 | | | | | I. | Wert des Fondsvermögens am Beginn des Geschäftsjahres ................. | USD | 5 473 526,54 | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| I. Erträge | | | | | 1. | Mittelzufluss (netto). . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 9 348 812,21 | |\n| 1. Erträge aus Investmentanteilen ................... | USD | 263 022,07 | | | 2. | Ertrags-/Aufwandsausgleich ...................... | USD | -198 558,41 | |\n| | | | | | 3. | Ordentlicher Nettoertrag ........................ | USD | 206 258,11 | |\n| Summe der Erträge .............................. | USD | 263 022,07 | | | 4. | Realisierte Gewinne/Verluste ..................... | USD | 280 470,94 | |\n| II. Aufwendungen | | | | | 5. | Nettoveränderung der nicht realisierten Gewinne/Verluste ................ | USD | - 50 992,41 | |\n| 1. Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen .................. | USD | -726,16 | | | II. | Wert des Fondsvermögens | | | |\n| 2. Verwaltungsvergütung .......................... | USD | -49 387,70 | | | | am Ende des Geschäftsjahres ................... | USD | 15 059 516,98 | |\n\ndavon:\nKostenpauschale ............ USD\t-49 387,70\n| 3. Rechts- und Veröffentlichungskosten .............. | USD | -51,33 |\n| --- | --- | --- |\n| 4. Taxe d‘Abonnement ............................ | USD | -6 598,77 |\n| Summe der Aufwendungen ....................... | USD | -56 763,96 |\n| III. Ordentlicher Nettoertrag ....................... | USD | 206 258,11 |\n| IV. Veräußerungsgeschäfte Realisierte Gewinne/Verluste ........................ | USD | 280 470,94 |\n| Ergebnis aus Veräußerungsgeschäften .............. | USD | 280 470,94 |\n| V. Ergebnis des Geschäftsjahres ................... | USD | 486 729,05 |\n| Gesamtkostenquote (BVI – Total Expense Ratio (TER)) | | |\n| Die Gesamtkostenquote der Anteilklassen belief sich auf: | | |\n\nKlasse USD DPMC 0,14%\n1)\n,\tKlasse USD LC 0,45% p.a.,\nKlasse USD LC10 0,24% p.a.,\tKlasse USD WAMC 0,17% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Trans- aktionskosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb des Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (syn- thetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/ Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse USD DPMC 0,28%\n1)\n,\tKlasse USD LC 0,59% p.a.,\nKlasse USD LC10 0,38% p.a.,\tKlasse USD WAMC 0,31% p.a.\n1) \nBei unterjährig aufgelegten Anteilklassen wird von einer Annualisierung abgesehen.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf USD 1 383,50.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\n Zusammensetzung der Gewinne/Verluste\t2021 \nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. USD\t280 470,94\naus:\nWertpapiergeschäften .......................... USD\t284 843,48\nDevisen(termin)geschäften ...................... USD\t-4 372,54\n Angaben zur Ertragsverwendung *\t\n Klasse USD DPMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD LC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD LC10\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD WAMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\nFondsvermögen am Ende des Geschäftsjahres\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t15 059 516,98\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t5 473 526,54\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t-\nAnteilwert am Ende des Geschäftsjahres\n| 2021 | Klasse USD DPMC ....................... | USD | 10 490,05 |\n| --- | --- | --- | --- |\n| | Klasse USD LC .......................... | USD | 11 619,30 |\n| | Klasse USD LC10 ........................ | USD | 11 660,13 |\n| | Klasse USD WAMC ....................... | USD | 11 671,85 |\n| 2020 | Klasse USD DPMC ....................... | USD | - |\n| | Klasse USD LC .......................... | USD | 11 308,06 |\n| | Klasse USD LC10 ........................ | USD | 11 323,94 |\n| | Klasse USD WAMC ....................... | USD | 11 327,84 |\n| 2019 | Klasse USD DPMC ....................... | USD | - |\n| | Klasse USD LC .......................... | USD | - |\n| | Klasse USD LC10 ........................ | USD | - |\n| | Klasse USD WAMC ....................... | USD | - |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 5,34% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt USD 777 455,79.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicher- maßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\nAnlageziel und Anlage- ergebnis im Berichtszeitraum \nDas Anlageziel des Teilfonds besteht darin, eine mittel- bis langfristige Rendite in US- Dollar zu erzielen. Dabei stellt er auf eine Absicherung gegen Kapitalverluste von mehr als 10% auf annualisierter Basis ab. Um das Anlageziel zu erreichen,\nDB CONSERVATIVE SAA (USD) PLUS\nWertentwicklung seit Auflegung\n118\n115\n112\n109\n106\n103\n100\n97\nstrebt der Teilfonds Investments\n30.4.20*\n9/20\t12/20\n3/21\n6/21\t9/21\n12/21\nin Portfolios aus drei Hauptan-\nDB Conservative SAA (USD) Plus (Anteilklasse USD LC)\n* aufgelegt am 30.4.2020 = 100 Angaben auf USD-Basis\nlageklassen an, die unterein-\nander und in sich diversifiziert sind. Dabei handelt es sich um ein Anleiheportfolio, ein Akti- enportfolio und ein alternati- ves Portfolio. Die Anlagen des Teilfonds werden auf Grundlage der vom Anlageberater, dem Geschäftsbereich Wealth Ma- nagement der Deutschen Bank AG, ausgesprochenen Emp- fehlungen nach dem Ermessen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt. Zur Bera- tung des Teilfondsmanagers verwendet der Anlageberater den Ansatz einer strategischen\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB CONSERVATIVE SAA (USD) PLUS\nWertentwicklung der Anteilklassen (in USD)\n| Anteilklasse | ISIN | 1 Jahr | seit Auflegung 1) |\n| --- | --- | --- | --- |\n| Klasse USD LC | LU2132879318 | 2,3% | 15,0% |\n| Klasse USD DPMC | LU2132879235 | 2,7% | 8,3% |\n| Klasse USD LC10 | LU2132879409 | 2,5% | 15,4% |\n| Klasse USD WAMC | LU2132879581 | 2,7% | 15,7% |\n| Klasse GBP DPMCH 2) | LU2208050182 | 2,9% | 8,0% |\n\n1) \nKlassen USD LC, USD LC10 und USD WAMC aufgelegt am 30.4.2020 / Klasse USD DPMC aufgelegt am 14.7.2020 / Klasse GBP DPMCH aufgelegt am 28.9.2020\n2) in GBP\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nAsset Allokation, bei dem die erwartete Rendite, Volatilität und Korrelation in jedem Port- folio berücksichtigt werden. Der Anlageberater ist bestrebt, eine Aufteilung vorzuschlagen, die eine Chance auf eine mittel- bis langfristige Rendite in US-Dollar bietet. Die erwartete Spanne der Allokation für ein „kon- servatives“ Portfolio liegt bei\n- Anleiheportfolio: bis zu 80%;\n- Aktienportfolio: 20-60% und\n- alternatives Portfolio: 0-15%. Außerdem strebt der Teilfonds an, in jedem der Portfolios auf USD lautende Vermögenswerte überzugewichten, damit er einen US-amerikanischen Schwerpunkt hat. Neben derVermögensaufteilung auf die Portfolios versucht der Teil- fondsmanager anhand der Empfehlung des Anlageberaters eine Strategie zur Kapitalerhal- tung umzusetzen, in der ange- strebt wird, einen Wertverlust des Teilfondsvermögens auf höchstens 10% auf annualisier- ter Basis zu begrenzen (Risi- kobegrenzungsstrategie). Mit der Risikobegrenzungsstrategie soll der potenzielle Verlust des Teilfonds während eines glei- tenden Zwölfmonatszeitraums begrenzt werden. Die Risikobe- grenzungsstrategie beinhaltet Anlagen in derivativen Finanz- instrumenten. Ein Engagement in den Portfolios wird in ersterLinie wie folgt eingegangen: durch eine Anlage in einem oder mehreren börsengehan- delten Fonds (jeweils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzel- nen Rohstoffen, über mit derWertentwicklung der jeweiligen Rohstoffe verknüpfte Schuld titel wie Exchange-Traded Notes oder Zertifikate. Alternativzur Anlage in einem ETF kann der Fondsmanager durch den Einsatz derivativer Finanzins- trumente ein Engagement in einem Finanzindex eingehen.\n\nDas Anlageumfeld war im Be- richtszeitraum von der COVID-\n19-Pandemie, hoher Verschul- dung weltweit, immer noch sehr niedrigen, teils negativen Zinsen in den Industrieländern sowie der Unsicherheit hin- sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erreichte der Teilfonds DB Conservative SAA (USD) Plus im Jahr 2021 einen Wertanstieg von 2,3% je Anteil (Anteilklasse USD LC; nach BVI-Methode; in US- Dollar).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter- nationalen Kapitalmärkten stand im Jahr 2021 insbeson- dere unter dem Eindruck der Coronavirus-Pandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange- sichts der abgeschwächten Weltkonjunktur – extrem locke- re Geldpolitik der Zentralbanken der Industrieländer die Kursent- wicklung an den Finanzmärk- ten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen\nKonsum-Nachholbedarf sowie partielle Angebotsverknappung aufgrund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu- tanten sowie damit verbunde- ne neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichneten allerdings ein differenziertes Bild. Während die Aktienmärkte in den west- lichen Industrieländern – be- günstigt insbesondere durch die schnelle Erholung der Unternehmensgewinne – kräf- tige Kurszuwächse verzeich- neten, bildeten die Börsen\nder Emerging Markets das Schlusslicht. Vor dem Hinter- grund global hoher Verschul- dung und historisch extrem niedriger Zinsen kam es an den Anleihemärkten im Berichtsjahr bis Ende Dezember 2021 zum längeren Laufzeitende hin unter Schwankungen zu Kursermä- ßigungen bei einem Anstieg der Anleiherenditen auf einem immer noch sehr niedrigen, zum Teil negativen Renditeni- veau. An den Unternehmensan- leihemärkten verbuchten High Yield-Titel Kurssteigerungen bei verringerten Risikoaufschlägen und konnten damit Unter-\nanleihen, und in geringerem Umfang in Aktien. Regional war der Investmentfokus auf Nord- amerika gerichtet. Das Aktien- portefeuille war hinsichtlich\nder Branchenallokation breit diversifiziert aufgestellt. Mit dieser Ausrichtung profitierte der Teilfonds im Berichtszeit- raum von positiven Erträgen insbesondere bei Corporate Bonds, darunter auch Kursge- winne bei Hochzinsanleihen mit verringerten Risikoaufschlägen. Auch das Aktienportfolio leiste- te dank erzielter Kursgewinne einen positiven Beitrag zum Gesamtanlageergebnis.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen- legungspflichten im Finanz- dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nAuswirkungen der Coronakrise\tnehmensanleihen (Corporate\t\nzu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie die einsetzenden Impfkampa- gnen. Allerdings kam bei den Investoren auch die Inflations- frage auf, hervorgerufen u.a.\ndurch die deutlich gestiegenen Preise an den Rohstoffmärk- ten, den Corona bedingten\nBonds) mit Investment-Grade- Status, die schwächer notier- ten, outperformen.\nDas Management des Teilfonds DB Conservative SAA (USD) Plus engagierte sich über die Anlage in Zielfonds global über- wiegend in Anleihen, darunter Staats- und Unternehmens-\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in USD | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Sonstige Fonds | 24 595 136,54 | 6,47 |\n| Aktienfonds | 117 714 140,39 | 30,94 |\n| Rentenfonds | 234 235 576,64 | 61,55 |\n| Summe Investmentanteile | 376 544 853,57 | 98,96 |\n| 2. Derivate | 2 280 671,06 | 0,60 |\n| 3. Bankguthaben | 3 038 150,67 | 0,80 |\n| 4. Sonstige Vermögensgegenstände | 1 557 299,01 | 0,41 |\n| 5. Forderungen aus Anteilscheingeschäften | 45 898,72 | 0,01 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -1 924 832,12 | -0,50 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -1 046 618,36 | -0,28 |\n| III. Fondsvermögen | 380 495 422,55 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tUSD\tvermögen |\n| Investmentanteile | | | | | | | 376 544 853,57 | 98,96 |\n| Gruppeneigene Investmentanteile Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0,010%) . . | Anteile | 155 383 | 119 368 | 295 225 | EUR | 66,76 | 11 757 696,78 | 3,09 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0,080%) ...................... | Anteile | 341 294 | 166 326 | 54 787 | EUR | 52,738 | 20 401 154,04 | 5,36 |\n| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0,120%) ...................... | Anteile | 3 027 913 | 1 578 657 | 467 865 | EUR | 13,994 | 48 025 530,48 | 12,62 |\n| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0,100%) ...................... | Anteile | 1 258 286 | 632 306 | 239 735 | EUR | 12,858 | 18 337 423,86 | 4,82 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0,000%) ....................... | Anteile | 1 524 | 3 166 | 1 642 | USD | 10 408,589 | 15 858 880,24 | 4,17 |\n| Gruppenfremde Investmentanteile Amundi Index Solutions - Amundi Prime US Corporates UCITS ETF DR EUR - (0,030%) ....................... | Anteile | 1 472 000 | 681 559 | 356 083 | EUR | 18,292 | 30 519 079,37 | 8,02 |\n| Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0,190%) ............... | Anteile | 323 376 | 136 401 | 74 426 | EUR | 23,835 | 8 736 256,30 | 2,30 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0,450%) .......................... | Anteile | 42 502 | 25 591 | 43 947 | EUR | 147,32 | 7 096 978,72 | 1,87 |\n| Vanguard Funds PLC - Vanguard USD Corporate Bond UCITS ETF EUR - (0,090%) .......................... | Anteile | 107 558 | 146 792 | 39 234 | EUR | 53,06 | 6 468 631,18 | 1,70 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0,070%) .......................... | Anteile | 45 839 | 51 708 | 5 869 | GBP | 128,912 | 7 985 099,44 | 2,10 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0,450%) .......................... | Anteile | 3 757 268 | 1 751 042 | 565 482 | USD | 5,955 | 22 374 530,94 | 5,88 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0,070%) .......................... | Anteile | 64 086 | 31 413 | 21 226 | USD | 209,84 | 13 447 806,24 | 3,53 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0,070%) .......................... | Anteile | 1 151 | 1 151 | | USD | 209,9 | 241 594,90 | 0,06 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0,070%) .......................... | Anteile | 8 862 711 | 5 163 956 | 1 420 524 | USD | 5,383 | 47 707 973,31 | 12,54 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0,070%) .......................... | Anteile | 143 773 | 73 295 | 38 883 | USD | 490,17 | 70 473 211,41 | 18,52 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) .......................... | Anteile | 195 178 | 155 041 | 72 843 | USD | 138,5 | 27 032 153,00 | 7,10 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) .......................... | Anteile | 145 143 | 5 525 | 628 | USD | 138,352 | 20 080 853,36 | 5,28 |\n| Summe Wertpapiervermögen | | | | | | | 376 544 853,57 | 98,96 |\n| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) | | | | |\n| Aktienindex-Derivate Forderungen/Verbindlichkeiten | | | 2 075 682,47 | 0,55 |\n| Optionsrechte | | | | |\n| Optionsrechte auf Aktienindices Put DJ Euro Stoxx 50 09/2022 3 100 EUR (DB) ..........\tStück\t537 | 537 | | 340 242,47 | 0,09 |\n| Put S & P 500 Futures 06/2022 3 550 USD (DB) .........\tStück\t15 | 15 | | 60 675,00 | 0,02 |\n| Put S & P 500 Futures 06/2022 3 800 USD (DB) .........\tStück\t81 | 81 | | 458 055,00 | 0,12 |\n| Put S & P 500 Futures 06/2022 4 350 USD (DB) .........\tStück\t99 | 102 | 3 | 1 216 710,00 | 0,32 |\n| Devisen-Derivate Forderungen/Verbindlichkeiten | | | 204 988,59 | 0,05 |\n| Devisentermingeschäfte | | | | |\n| Devisentermingeschäfte (Kauf) | | | | |\n| Offene Positionen GBP/USD 12,2 Mio. ................................ | | | 283 755,09 | 0,07 |\n| Geschlossene Positionen GBP/USD 12,2 Mio. ................................ | | | -78 766,50 | -0,02 |\n| Bankguthaben | | | 3 038 150,67 | 0,80 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................\tEUR\t543 721 | | | 616 280,81 | 0,16 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | |\n| Britisches Pfund ...................................\tGBP\t91 216 | | | 123 259,65 | 0,03 |\n| US-Dollar\tUSD | | | 2 298 610,21 | 0,61 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Währung\tBestand\tim Berichtszeitraum\tUSD\tvermögen |\n| Sonstige Vermögensgegenstände | 1 557 299,01 | 0,41 |\n| Sonstige Ansprüche ................................ | 1 557 299,01 | 0,41 |\n| Forderungen aus Anteilscheingeschäften | 45 898,72 | 0,01 |\n| Summe der Vermögensgegenstände* | 383 545 639,53 | 100,80 |\n| Sonstige Verbindlichkeiten | -1 924 832,12 | -0,50 |\n| Andere sonstige Verbindlichkeiten ..................... | -1 924 832,12 | -0,50 |\n| Verbindlichkeiten aus Anteilscheingeschäften | -1 046 618,36 | -0,28 |\n| Summe der Verbindlichkeiten | -3 050 216,98 | -0,80 |\n| Fondsvermögen | 380 495 422,55 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\nAnteilwert\nKlasse GBP DPMCH ...............................\tGBP\t10 797,19\n| Klasse USD DPMC ................................. | USD | 10 830,32 |\n| --- | --- | --- |\n| Klasse USD LC .................................... | USD | 11 497,79 |\n| Klasse USD LC10 .................................. | USD | 11 535,95 |\n| Klasse USD WAMC ................................ | USD | 11 573,11 |\n| Umlaufende Anteile Klasse GBP DPMCH ............................... | Stück | 1 135,948 |\n| Klasse USD DPMC ................................. | Stück | 1 397,000 |\n| Klasse USD LC .................................... | Stück | 17 899,069 |\n| Klasse USD LC10 .................................. | Stück | 2 351,893 |\n| Klasse USD WAMC ................................ | Stück | 10 011,200 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Portfolio excl. Derivatives\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 46,054 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 90,674 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 74,772 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,1, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf USD 19 458 056,89.\n Marktschlüssel\t Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)\nDB = Deutsche Bank AG Frankfurt\nVertragspartner der Devisentermingeschäfte\nRoyal Bank of Canada (UK) und State Street Bank International GmbH.\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Euro\tEUR | 0,882262 | = USD | 1 |\n| --- | --- | --- | --- |\n| Britisches Pfund\tGBP | 0,740028 | = USD | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Ziel- fonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Fußnote\t\n* Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n| für den Zeitraum vom 1.1.2021 bis 31.12.2021 | | | | | I. | Wert des Fondsvermögens | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | | | | | | am Beginn des Geschäftsjahres . . . . . . . . . . . . . . . . . | USD | 263 486 036,69 | |\n| I. Erträge | | | | | 1. | Mittelzufluss (netto) ............................ | USD | 108 462 954,57 | |\n| 1. Erträge aus Investmentanteilen ................... | USD | 5 731 971,95 | | | 2. | Ertrags-/Aufwandsausgleich ...................... | USD | -62 173 160,26 | |\n| | | | | | 3. | Ordentlicher Nettoertrag ........................ | USD | 4 048 985,77 | |\n| Summe der Erträge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 5 731 971,95 | | | 4. | Realisierte Gewinne/Verluste ..................... | USD | 63 236 941,34 | |\n| | | | | | 5. | Nettoveränderung der | | | |\n| II. Aufwendungen | | | | | | nicht realisierten Gewinne/Verluste ................ | USD | 3 433 664,44 | |\n| 1. Zinsen aus Kreditaufnahmen und | | | | | | | | | |\n| negativen Einlagenverzinsungen .................. | USD | -4 217,57 | | | II. | Wert des Fondsvermögens | | | |\n| 2. Verwaltungsvergütung .......................... | USD | -1 510 350,99 | | | | am Ende des Geschäftsjahres . . . . . . . . . . . . . . . . . . . | USD | 380 495 422,55 | |\n\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| davon: Kostenpauschale ............ USD -1 510 350,99 3. Rechts- und Veröffentlichungskosten .............. | USD | -1 295,60 | |\n| --- | --- | --- | --- |\n| 4. Taxe d‘Abonnement ............................ | USD | -109 152,75 |\n| 5. Sonstige Aufwendungen ........................ | USD | -57 969,27 | Zusammensetzung der Gewinne/Verluste\t2021 |\n| Summe der Aufwendungen . . . . . . . . . . . . . . . . . . . . . . . | USD | -1 682 986,18 | |\n| III. Ordentlicher Nettoertrag . . . . . . . . . . . . . . . . . . . . . . . IV. Veräußerungsgeschäfte | USD | 4 048 985,77 | Realisierte Gewinne/Verluste (inkl. Ertragsausgleich) . . USD\t63 236 941,34 aus: Wertpapiergeschäften .......................... USD\t9 060 467,11 |\n| Realisierte Gewinne/Verluste ........................ | USD | 63 236 941,34 | Devisen(termin)geschäften ...................... | USD | 61 374 890,38 |\n| | | | Derivaten und sonstigen Finanztermingeschäften 1) ... | USD | -7 198 416,15 |\n| Ergebnis aus Veräußerungsgeschäften . . . . . . . . . . . . . . | USD | 63 236 941,34 | | | |\n| V. Ergebnis des Geschäftsjahres . . . . . . . . . . . . . . . . . . . | USD | 67 285 927,11 | 1) Diese Position kann Optionsgeschäfte bzw. Swapgeschäfte und/oder Geschäfte aus Optionsscheinen bzw. Kreditderivaten enthalten. |\n\nGesamtkostenquote (BVI – Total Expense Ratio (TER))\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\n Angaben zur Ertragsverwendung *\t\nKlasse GBP DPMCH 0,21% p.a.,\tKlasse USD DPMC 0,18% p.a.,\t Klasse USD LC 0,61% p.a.,\tKlasse USD LC10 0,41% p.a.,\nKlasse USD WAMC 0,22% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Trans- aktionskosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb des Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (syn- thetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/ Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse GBP DPMCH 0,33% p.a.,\tKlasse USD DPMC 0,30% p.a.,\nKlasse USD LC 0,73% p.a.,\tKlasse USD LC10 0,53% p.a., Klasse USD WAMC 0,33% p.a.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf USD 24 410,21.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nKlasse GBP DPMCH\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD DPMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD LC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD LC10\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse USD WAMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\nFondsvermögen am Ende des Geschäftsjahres\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t380 495 422,55\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t263 486 036,69\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t-\nAnteilwert am Ende des Geschäftsjahres\n| 2021 | Klasse GBP DPMCH ...................... | GBP | 10 797,19 |\n| --- | --- | --- | --- |\n| | Klasse USD DPMC ....................... | USD | 10 830,32 |\n| | Klasse USD LC .......................... | USD | 11 497,79 |\n| | Klasse USD LC10 ........................ | USD | 11 535,95 |\n| | Klasse USD WAMC ....................... | USD | 11 573,11 |\n| 2020 | Klasse GBP DPMCH ...................... | GBP | 10 489,23 |\n| | Klasse USD DPMC ....................... | USD | 10 545,18 |\n| | Klasse USD LC .......................... | USD | 11 243,45 |\n| | Klasse USD LC10 ........................ | USD | 11 258,04 |\n| | Klasse USD WAMC ....................... | USD | 11 272,43 |\n| 2019 | Klasse GBP DPMCH ...................... | GBP | - |\n| | Klasse USD DPMC ....................... | USD | - |\n| | Klasse USD LC .......................... | USD | - |\n| | Klasse USD LC10 ........................ | USD | - |\n| | Klasse USD WAMC ....................... | USD | - |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 9,86 % der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt USD 35 088 654,82.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicher- maßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nDas Anlageziel Teilfonds be steht darin, einen langfristigen Kapitalzuwachs zu erzielen. Um das Anlageziel zu erreichen, strebt er Investments in Port folios aus drei Hauptanlage klassen an, die untereinander und in sich diversifiziert sind.\nDabei handelt es sich um ein\nDB GROWTH SAA (EUR)\nWertentwicklung seit Auflegung\n142\n135\n128\n121\n114\n107\n100\n93\n30.4.20* 6/20\n12/20\t6/21\n12/21\nAnleiheportfolio, ein Aktien\nDB Growth SAA (EUR) (Anteilklasse SC)\n* aufgelegt am 30.4.2020= 100 Angaben auf Euro-Basis\nportfolio und ein alternatives\nPortfolio. Die Anlagen des Teilfonds werden auf Grundlage der vom Anlageberater, dem Geschäftsbereich Wealth Ma nagement der Deutschen Bank AG, ausgesprochenen Emp fehlungen nach dem Ermessen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt. Zur Bera tung des Teilfondsmanagers verwendet der Anlageberater den Ansatz einer strategischen Asset Allokation, bei dem die erwartete Rendite, Volatilität und Korrelation in jedem Port folio berücksichtigt werden.\nDer Anlageberater ist bestrebt, eine Aufteilung vorzuschlagen,\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB GROWTH SAA (EUR)\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | seit Auflegung 1) |\n| --- | --- | --- | --- |\n| Klasse SC | LU2132882965 | 15,9% | 36,1% |\n| Klasse DPMC | LU2132882882 | 16,4% | 22,3% |\n| Klasse LC | LU2258449417 | – | 13,4% |\n| Klasse LC10 | LU2132883005 | 16,1% | 36,5% |\n| Klasse PFC | LU2258449508 | – | 7,6% |\n| Klasse WAMC | LU2132883187 | 16,3% | 36,9% |\n\n1) \nKlassen LC10, SC und WAMC aufgelegt am 30.4.2020 / Klasse DPMC aufgelegt am 27.8.2020 / Klasse LC aufgelegt am 1.2.2021 / Klasse PFC aufgelegt am 31.3.2021\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\ndie eine Chance auf langfristi gen Kapitalzuwachs bietet. Die erwartete Spanne der Alloka tion für ein „wachstumsori entiertes“ Portfolio liegt bei a) Anleiheportfolio: bis zu 60%; b) Aktienportfolio: 4080% und c) alternatives Portfolio: 015%.\nAußerdem strebt der Teilfonds an, Vermögenswerte aus dem Euroraum in jedem der Portfo lios überzugewichten, damit er einen europäischen Schwer punkt hat. Ein Engagement in den Portfolios wird in erster Linie wie folgt eingegangen: durch eine Anlage in einem oder mehreren börsengehan\ndelten Fonds (jeweils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzel nen Rohstoffen, über mit der\nWertentwicklung der jeweiligen Rohstoffe verknüpfte Schuld titel wie ExchangeTraded Notes oder Zertifikate. Alternativ zur Anlage in einem ETF kann der Teilfondsmanager durch den Einsatz derivativer Finanzins trumente ein Engagement in einem Finanzindex eingehen.\nDas Anlageumfeld war im Be richtszeitraum von der COVID 19Pandemie, hoher Verschul\ndung weltweit, immer noch sehr niedrigen, teils negativen Zinsen in den Industrieländern sowie der Unsicherheit hin sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erzielte der Teilfonds DB SAA (EUR) im Jahr 2021 einen Wertzuwachs von 15,9% je Anteil (Anteilklasse SC; nach BVIMethode; in Euro).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter nationalen Kapitalmärkten stand im Jahr 2021 insbeson dere unter dem Eindruck der\nCoronavirus-Pandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange- sichts der abgeschwächten Weltkonjunktur – extrem locke- re Geldpolitik der Zentralbanken der Industrieländer die Kursent- wicklung an den Finanzmärk-\nder Emerging Markets das Schlusslicht. Vor dem Hinter- grund global hoher Verschul- dung und historisch extrem niedriger Zinsen kam es an den Anleihemärkten im Berichtsjahr bis Ende Dezember 2021 zum längeren Laufzeitende hin unter Schwankungen zu Kursermäßi- gungen bei einem Anstieg der\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nten. Seit Jahresanfang 2021\tAnleiherenditen auf einem im-\t\nverbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie\ndie einsetzenden Impfkampa- gnen. Allerdings kam bei den Investoren auch die Inflations- frage auf, hervorgerufen u.a. durch die deutlich gestiegenen Preise an den Rohstoffmärk- ten, den Corona bedingten Konsum-Nachholbedarf sowie partielle Angebotsverknappung aufgrund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu- tanten sowie damit verbundene neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichneten allerdings ein differenziertes Bild. Während die Aktienmärkte in den west- lichen Industrieländern – be- günstigt insbesondere durch die schnelle Erholung der Unternehmensgewinne – kräf- tige Kurszuwächse verzeich- neten, bildeten die Börsen\nmer noch sehr niedrigen, zum Teil negativen Renditeniveau. An den Unternehmensanlei- hemärkten verbuchten High Yield-Titel Kurssteigerungen bei verringerten Risikoaufschlägen und konnten damit Unter- nehmensanleihen (Corporate Bonds) mit Investment-Grade- Status, die schwächer notier- ten, outperformen.\nDas Management des Teilfonds DB Growth SAA (EUR) enga- gierte sich über die Anlage in Zielfonds global überwiegend in Aktien und Anleihen, darunter Staats- und Unternehmensan- leihen. Das Aktienportefeuille, das zum Berichtsstichtag den Anlageschwerpunkt darstellte, war hinsichtlich der Branchen- allokation breit diversifiziert aufgestellt. Mit dieser Ausrich- tung profitierte der Teilfonds insbesondere von spürbaren Kurssteigerungen an den Akti- enmärkten.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen- legungspflichten im Finanz- dienstleistungssektor).\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Rentenfonds | 96 112 000,99 | 27,51 |\n| Aktienfonds | 232 821 864,74 | 66,65 |\n| Sonstige Fonds | 18 438 818,57 | 5,28 |\n| Summe Investmentanteile | 347 372 684,30 | 99,44 |\n| 2. Bankguthaben | 664 716,41 | 0,19 |\n| 3. Sonstige Vermögensgegenstände | 2 131 622,44 | 0,61 |\n| 4. Forderungen aus Anteilscheingeschäften | 265 076,28 | 0,08 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -475 497,62 | -0,14 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -623 734,69 | -0,18 |\n| III. Fondsvermögen | 349 334 867,12 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Investmentanteile | | | | | | | 347 372 684,30 | 99,44 |\n| Gruppeneigene Investmentanteile DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0,100%) ................ | Anteile | 1 077 | 1 193 | 116 | EUR | 9 732,971 | 10 482 409,55 | 3,00 |\n| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0,010%) . . | Anteile | 801 294 | 580 327 | 105 848 | EUR | 66,76 | 53 494 387,44 | 15,31 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0,080%) ...................... | Anteile | 880 007 | 635 318 | 62 755 | EUR | 52,738 | 46 409 809,17 | 13,29 |\n| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0,020%) ................................... | Anteile | 214 727 | 160 727 | 3 558 | EUR | 162,33 | 34 856 633,91 | 9,98 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0,200%) ............................ | Anteile | 375 340 | 278 190 | 6 629 | EUR | 17,079 | 6 410 244,19 | 1,83 |\n| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0,050%) ............................ | Anteile | 32 109 | 23 360 | 2 694 | EUR | 167,305 | 5 371 996,25 | 1,54 |\n| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0,050%) ............................ | Anteile | 22 005 | 16 177 | 2 594 | EUR | 207,77 | 4 571 978,85 | 1,31 |\n| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0,050%) ............................ | Anteile | 17 246 | 12 736 | 2 037 | EUR | 282,25 | 4 867 683,50 | 1,39 |\n| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0,050%) ...................... | Anteile | 16 541 | 11 860 | 1 133 | EUR | 247,16 | 4 088 273,56 | 1,17 |\n| Gruppenfremde Investmentanteile Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0,190%) ............... | Anteile | 333 812 | 232 846 | 4 764 | EUR | 23,835 | 7 956 409,02 | 2,28 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0,500%) ............................ | Anteile | 4 277 946 | 4 289 206 | 11 260 | EUR | 5,323 | 22 772 362,15 | 6,52 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0,070%) ......................................... | Anteile | 108 | 108 | | EUR | 153,76 | 16 606,08 | 0,01 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0,070%) ......................................... | Anteile | 3 720 | 3 720 | | EUR | 432,63 | 1 609 383,60 | 0,46 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0,450%) ................................... | Anteile | 153 468 | 111 032 | 8 998 | EUR | 147,32 | 22 608 905,76 | 6,47 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0,070%) ......................................... | Anteile | 118 041 | 118 418 | 377 | GBP | 128,912 | 18 141 602,55 | 5,19 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0,070%) ................................ | Anteile | 9 112 | 7 591 | 86 | USD | 209,84 | 1 686 939,72 | 0,48 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0,070%) ................................... | Anteile | 1 205 669 | 1 016 263 | 15 797 | USD | 5,383 | 5 725 982,93 | 1,64 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0,070%) ......................................... | Anteile | 157 268 | 112 438 | 8 633 | USD | 490,17 | 68 011 862,09 | 19,47 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) ................................ | Anteile | 42 099 | 38 898 | 655 | USD | 138,5 | 5 144 215,19 | 1,47 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) ................................ | Anteile | 4 908 | 307 | | USD | 138,352 | 599 084,66 | 0,17 |\n| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0,070%) ................................... | Anteile | 280 728 | 208 632 | 9 123 | USD | 91,03 | 22 545 914,13 | 6,46 |\n| Summe Wertpapiervermögen | | | | | | | 347 372 684,30 | 99,44 |\n| Bankguthaben | | | | | | | 664 716,41 | 0,19 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | | | | | | 472 681,98 | 0,14 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | | | | |\n| Britisches Pfund ................................... | GBP | 94 865 | | | | | 113 097,43 | 0,03 |\n| US-Dollar ........................................ | USD | 89 471 | | | | | 78 937,00 | 0,02 |\n| Sonstige Vermögensgegenstände | | | | | | | 2 131 622,44 | 0,61 |\n| Dividenden- / Ausschüttungsansprüche ................. | | | | | | | 59 123,63 | 0,02 |\n| Abgegrenzte Platzierungsgebühr * .................... | | | | | | | 1 405 464,33 | 0,40 |\n| Sonstige Ansprüche ................................ | | | | | | | 667 034,48 | 0,19 |\n| Forderungen aus Anteilscheingeschäften | | | | | | | 265 076,28 | 0,08 |\n| Summe der Vermögensgegenstände | | | | | | | 350 434 099,43 | 100,32 |\n| Sonstige Verbindlichkeiten | | | | | | | -475 497,62 | -0,14 |\n| Verbindlichkeiten aus Kostenpositionen ................ | | | | | | | -261 301,65 | -0,08 |\n| Andere sonstige Verbindlichkeiten ..................... | | | | | | | -214 195,97 | -0,06 |\n| Verbindlichkeiten aus Anteilscheingeschäften | | | | | | | -623 734,69 | -0,18 |\n\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |\n| Summe der Verbindlichkeiten | | | | -1 099 232,31 | -0,32 |\n\nFondsvermögen\t349 334 867,12\t100,00\nDurch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse DPMC ..................................... | EUR | 12 231,48 |\n| Klasse LC ........................................ | EUR | 113,41 |\n| Klasse LC10 ...................................... | EUR | 13 651,53 |\n| Klasse PFC ....................................... | EUR | 107,59 |\n| Klasse SC ........................................ | EUR | 13 606,28 |\n| Klasse WAMC .................................... | EUR | 13 690,61 |\n| Umlaufende Anteile Klasse DPMC ..................................... | Stück | 1 130,000 |\n| Klasse LC ........................................ | Stück | 761 197,000 |\n| Klasse LC10 ...................................... | Stück | 2 499,500 |\n| Klasse PFC ....................................... | Stück | 388 019,000 |\n| Klasse SC ........................................ | Stück | 9 977,149 |\n| Klasse WAMC .................................... | Stück | 2 743,900 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Portfolio excl. Derivatives\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 99,964 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 100,017 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 100,000 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 0,00.\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Britisches Pfund\tGBP | 0,838785 | = EUR | 1 |\n| --- | --- | --- | --- |\n| US-Dollar\tUSD | 1,133450 | = EUR | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Fußnote\t\n* Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 1.1.2021 bis 31.12.2021 | | | | | I. | Wert des Fondsvermögens am Beginn des Geschäftsjahres ................. | EUR | 93 770 013,97 | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| I. Erträge | | | | | 1. | Mittelzufluss (netto) 3) .......................... | EUR | 226 147 404,15 | |\n| 1. Erträge aus Investmentanteilen ................... | EUR | 882 997,66 | | | 2. | Ertrags-/Aufwandsausgleich ...................... | EUR | -2 702 272,73 | |\n| | | | | | 3. | Ordentlicher Nettoaufwand ....................... | EUR | -1 800 432,71 | |\n| Summe der Erträge .............................. | EUR | 882 997,66 | | | 4. | Realisierte Gewinne/Verluste ..................... | EUR | 6 641 536,87 | |\n| II. Aufwendungen | | | | | 6. | Nettoveränderung der nicht realisierten Gewinne/Verluste ................ | EUR | 27 278 617,57 | |\n| 1. Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen .................. | EUR | -65 925,84 | | | II. | Wert des Fondsvermögens | | | |\n| 2. Verwaltungsvergütung .......................... | EUR | -2 175 922,51 | | | | am Ende des Geschäftsjahres ................... | EUR | 349 334 867,12 | |\n\ndavon:\nKostenpauschale ............ EUR -2 175 922,51\n- Rechts- und Veröffentlichungskosten .............. EUR\t-1 083,96\n- Taxe d‘Abonnement ............................ EUR\t-156 391,61\n- Sonstige Aufwendungen ........................ EUR\t-284 106,45 davon:Aufwand aus abgegrenzterPlatzierungsgebühr 1) ........ EUR\t-284 106,45Summe der Aufwendungen ....................... EUR\t-2 683 430,37\n- Ordentlicher Nettoaufwand ..................... EUR\t-1 800 432,71\n- VeräußerungsgeschäfteRealisierte Gewinne/Verluste ........................ EUR\t6 641 536,87Ergebnis aus Veräußerungsgeschäften .............. EUR\t6 641 536,87\n- Ergebnis des Geschäftsjahres ................... EUR\t4 841 104,161) Weitere Informationen entnehmen Sie bitte den Hinweisen im Anhang.\n\nGesamtkostenquote (BVI – Total Expense Ratio (TER))\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\nKlasse DPMC 0,12% p.a.,\tKlasse LC 1,46%\n2)\n,\nKlasse LC10 0,33% p.a.,\tKlasse PFC 1,82%\n2)\n,\nKlasse SC 0,53% p.a.,\tKlasse WAMC 0,15% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Trans- aktionskosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb des Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (syn- thetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/ Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse DPMC 0,28% p.a.,\tKlasse LC 1,61%\n2)\n,\nKlasse LC10 0,48% p.a.,\tKlasse PFC 1,97%\n2)\n,\nKlasse SC 0,68% p.a.,\tKlasse WAMC 0,30% p.a.\n2) \nBei unterjährig aufgelegten Anteilklassen wird von einer Annualisierung abgesehen.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 16 089,27.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\n3) \nNach Abzug einer Verwässerungsgebühr in Höhe von EUR 98 135,41 zugunsten des Fondsvermögens.\n Zusammensetzung der Gewinne/Verluste\t2021 \nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t6 641 536,87\naus:\nWertpapiergeschäften .......................... EUR\t6 475 331,90\nDevisen(termin)geschäften ...................... EUR\t166 204,97\n Angaben zur Ertragsverwendung *\t\nKlasse DPMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LC10\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse PFC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse SC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse WAMC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\n Entwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\t\n| Fondsvermögen am Ende des Geschäftsjahres | | 2020 | Klasse DPMC ........................... | EUR | 10 509,91 |\n| --- | --- | --- | --- | --- | --- |\n| 2021\tEUR | 349 334 867,12 | | Klasse LC ............................... | EUR | - |\n| 2020\tEUR | 93 770 013,97 | | Klasse LC10 ............................. | EUR | 11 753,59 |\n\n2019 ........................................... EUR\t-\nAnteilwert am Ende des Geschäftsjahres\nKlasse PFC ............................. EUR\t-\nKlasse SC .............................. EUR\t11 738,14\nKlasse WAMC ........................... EUR\t11 767,00\n| 2021\tKlasse DPMC ........................... | EUR | 12 231,48 | 2019 | Klasse DPMC ........................... | EUR | - |\n| --- | --- | --- | --- | --- | --- | --- |\n| Klasse LC ............................... | EUR | 113,41 | | Klasse LC ............................... | EUR | - |\n| Klasse LC10 ............................. | EUR | 13 651,53 | | Klasse LC10 ............................. | EUR | - |\n| Klasse PFC ............................. | EUR | 107,59 | | Klasse PFC ............................. | EUR | - |\n| Klasse SC .............................. | EUR | 13 606,28 | | Klasse SC .............................. | EUR | - |\n| Klasse WAMC ........................... | EUR | 13 690,61 | | Klasse WAMC ........................... | EUR | - |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 5,28% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 15 297 424,28.\n Platzierungsgebühr / Verwässerungsausgleich\t\nIm Berichtszeitraum entrichtete der Fonds eine Platzierungsgebühr in Höhe von 2,9% des Netto-Fondsvermögens zugunsten der Vertriebsstelle. Diese wurde zum Tag der Zeichnung berechnet. Die genannte Platzierungsgebühr dient insbesondere als Vertriebsentschädigung. Der Bruttobetrag der Platzierungsgebühr wurde jeweils zum Tag der Zeichnung ausgezahlt und gleichzeitig im Netto-Fondsvermögen als vorausbezahlte Aufwendungen aktiviert. Diese werden über einen Zeitraum von 3 Jahren ab dem Tag der Zeichnung auf täglicher Basis abgeschrieben. Die verbleibende Position vorausbezahlter Aufwendungen pro Anteil zu jedem Bewertungstag wird auf täglicher Basis durch Multiplikation des Netto-Fondsvermögens mit einem Faktor berechnet. Der jeweilige Faktor wird durch lineare Verringerung der Platzierungsgebühr um einen bestimmten Prozentsatz über 3 Jahre ab dem Tag der Zeichnung auf täglicher Basis ermittelt. Während der 3 Jahre ab dem Tag der Zeichnung schwankt die Position der vorausbezahlten Aufwendungen, da sie sowohl vom Netto-Fondsvermögen als auch von dem vorab festgelegten Faktor abhängt.\nAußerdem wurde im Berichtszeitraum ein (vom Anteilinhaber zu tragender) Verwässerungsausgleich von bis zu 3% auf der Grundlage des Bruttorücknahmebetrags zugunsten des Fondsvermögens erhoben.\nWeitere Einzelheiten zur Platzierungsgebühr und zum Verwässerungsausgleich sind dem entsprechenden Abschnitt des Fondsprospekts zu entnehmen.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicher- maßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nDas Anlageziel des Teilfonds be steht darin, einen langfristigen Kapitalzuwachs zu erzielen. Um das Anlageziel zu erreichen, strebt er Investments in Port folios aus drei Hauptanlage klassen an, die untereinander und in sich diversifiziert sind.\nDabei handelt es sich um ein\nDB GROWTH SAA (USD)\nWertentwicklung seit Auflegung\n148\n140\n132\n124\n116\n108\n100\n92\n30.4.20* 6/20\n12/20\t6/21\n12/21\nAnleiheportfolio, ein Aktien\nDB Growth SAA (USD) (Anteilklasse USD LC)\n* aufgelegt am 30.4.2020= 100 Angaben auf USD-Basis\nportfolio und ein alternatives\nPortfolio. Die Anlagen des Teilfonds werden auf Grundlage der vom Anlageberater, dem Geschäftsbereich Wealth Ma nagement der Deutschen Bank AG, ausgesprochenen Emp fehlungen nach dem Ermessen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt. Zur Bera tung des Teilfondsmanagers verwendet der Anlageberater den Ansatz einer strategischen Asset Allokation, bei dem die erwartete Rendite, Volatilität\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB GROWTH SAA (USD)\nWertentwicklung der Anteilklassen (in USD)\n| Anteilklasse | ISIN | 1 Jahr | seit Auflegung 1) |\n| --- | --- | --- | --- |\n| Klasse USD LC | LU2132881132 | 10,3% | 40,0% |\n| Klasse USD DPMC | LU2132881058 | 10,8% | 15,7% |\n| Klasse USD LC10 | LU2132881215 | 10,5% | 40,5% |\n| Klasse USD WAMC | LU2132881306 | 10,7% | 40,8% |\n\n1) \nKlassen USD LC, USD LC10 und USD WAMC aufgelegt am 30.4.2020 / Klasse USD DPMC aufgelegt am 17.11.2020 Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nund Korrelation in jedem Port folio berücksichtigt werden. Der Anlageberater ist bestrebt, eine Aufteilung vorzuschlagen, die eine Chance auf langfris tigen Kapitalzuwachs bietet.\nDie erwartete Spanne der Allokation für ein „wachstum sorientiertes“ Portfolio liegt bei\n- Anleiheportfolio: bis zu 60%;\n- Aktienportfolio: 40-80% und\n- alternatives Portfolio: 0-15%. Außerdem strebt der Fonds an, in jedem der Portfolios aufUSD lautende Vermögenswerte überzugewichten, damit der Teilfonds einen USamerikani schen Schwerpunkt hat. Ein Engagement in den Portfolios wird in erster Linie wie folgt eingegangen: durch eine An lage in einem oder mehrerenbörsengehandelten Fonds (je weils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzelnen Rohstoffen, über mit der Wertentwicklung der jeweiligen Rohstoffe verknüpf te Schuldtitel wie Exchange Traded Notes oder Zertifikate.\n\nAlternativ zur Anlage in einem ETF kann der Teilfondsmanager durch den Einsatz derivativer Finanzinstrumente ein Enga gement in einem Finanzindex eingehen.\nDas Anlageumfeld war im Be richtszeitraum von der COVID 19-Pandemie, hoher Verschul dung weltweit, immer noch sehr niedrigen, teils negativen Zinsen in den Industrieländern\nsowie der Unsicherheit hin sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erzielte der Teilfonds DB Growth SAA (USD) in Jahr 2021 einen Wert zuwachs von 10,3% je Anteil\n(Anteilklasse USD LC; nach BVI- Methode; in US-Dollar).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter nationalen Kapitalmärkten stand im Jahr 2021 insbesondere unter dem Eindruck der Corona virusPandemie* und deren gesellschaftlichen sowie ökono mischen Folgen für die Welt gemeinschaft. Demgegenüber unterstützte die – angesichts der abgeschwächten Weltkon\njunktur – extrem lockere Geld- politik der Zentralbanken der Industrieländer die Kursentwick- lung an den Finanzmärkten. Seit\nSchwankungen zu Kursermäßi- gungen bei einem Anstieg der Anleiherenditen auf einem im- mer noch sehr niedrigen, zum\nberücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nJahresanfang 2021 verbesserten\tTeil negativen Renditeniveau.\t\nsich die Konjunkturaussichten, begünstigt durch die von der internationalen Staatenge- meinschaft unternommenen Anstrengungen und Maßnah- menpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbean- tragungen für COVID-19-Impf- stoffe sowie die einsetzenden Impfkampagnen. Allerdings kam bei den Investoren auch die Inflationsfrage auf, hervor- gerufen u.a. durch die deutlich gestiegenen Preise an den Roh- stoffmärkten, den Corona be- dingten Konsum-Nachholbedarf sowie partielle Angebotsver- knappung aufgrund von Liefer- schwierigkeiten. Zudem dämpf- ten die dynamische Ausbreitung des Coronavirus und dessen Mutanten sowie damit verbun- dene neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen\nab, zeichneten allerdings ein dif- ferenziertes Bild. Während die Aktienmärkte in den westlichen Industrieländern – begünstigt insbesondere durch die schnelle Erholung der Unternehmensge- winne – kräftige Kurszuwächse verzeichneten, bildeten die Börsen der Emerging Markets das Schlusslicht. Vor dem Hin- tergrund global hoher Verschul- dung und historisch extrem niedriger Zinsen kam es an den Anleihemärkten im Berichtsjahr bis Ende Dezember 2021 zum längeren Laufzeitende hin unter\nAn den Unternehmensanlei- hemärkten verbuchten High Yield-Titel Kurssteigerungen bei verringerten Risikoaufschlä- gen und konnten damit Unter- nehmensanleihen (Corporate Bonds) mit Investment-Grade-\nStatus, die schwächer notierten, outperformen.\nDas Management des Teilfonds DB Growth SAA (USD) enga- gierte sich über die Anlage in Zielfonds global überwiegend in Aktien und Anleihen, darunter Staats- und Unternehmensan- leihen. Regional war der Invest- mentfokus auf Nordamerika gerichtet. Das Aktienporte- feuille, das zum Berichtsstich- tag den Anlageschwerpunkt darstellte, war hinsichtlich\nder Branchenallokation breit diversifiziert aufgestellt. Mit dieser Ausrichtung profitierte der Teilfonds insbesondere von spürbaren Kurssteigerungen an den Aktienmärkten.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen legungspflichten im Finanz- dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in USD | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Aktienfonds | 81 730 864,15 | 65,63 |\n| Sonstige Fonds | 5 528 510,18 | 4,43 |\n| Rentenfonds | 36 184 418,52 | 29,06 |\n| Summe Investmentanteile | 123 443 792,85 | 99,12 |\n| 2. Bankguthaben | 564 921,68 | 0,45 |\n| 3. Sonstige Vermögensgegenstände | 747 470,99 | 0,60 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -216 775,92 | -0,17 |\n| III. Fondsvermögen | 124 539 409,60 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tUSD\tvermögen |\n| Investmentanteile | | | | | | | 123 443 792,85 | 99,12 |\n| Gruppeneigene Investmentanteile Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0,010%) ...................... | | 82 410 | 167 094 | 165 017 | EUR | 66,76 | 6 235 893,19 | 5,01 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0,080%) ...................... | | 271 725 | 218 822 | 26 447 | EUR | 52,738 | 16 242 604,86 | 13,04 |\n| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0,120%) ...................... | | 741 919 | 615 715 | 51 115 | EUR | 13,994 | 11 767 528,84 | 9,45 |\n| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0,100%) ...................... | | 240 921 | 206 234 | 11 839 | EUR | 12,858 | 3 511 022,53 | 2,82 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0,000%) ....... | | 264 | 530 | 266 | USD | 10 408,589 | 2 746 316,64 | 2,20 |\n| Gruppenfremde Investmentanteile Invesco Markets PLC - Invesco Bloomberg Commodity ex- Agriculture UCITS ETF EUR - (0,190%) ................. | | 102 984 | 82 556 | 9 805 | EUR | 23,835 | 2 782 193,54 | 2,23 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0,070%) .......................... | | 298 | 298 | | EUR | 432,63 | 146 128,63 | 0,12 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0,450%) .......................... | | 47 367 | 40 014 | 7 414 | EUR | 147,32 | 7 909 335,82 | 6,35 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0,070%) .......................... | | 29 256 | 31 022 | 1 766 | GBP | 128,912 | 5 096 360,50 | 4,09 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0,450%) .......................... | | 996 274 | 911 095 | 63 216 | USD | 5,955 | 5 932 811,67 | 4,76 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0,070%) .......................... | | 9 002 | 7 634 | 681 | USD | 209,84 | 1 888 979,68 | 1,52 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0,070%) .......................... | | 1 224 156 | 1 028 329 | 83 940 | USD | 5,383 | 6 589 631,75 | 5,29 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0,070%) .......................... | | 49 792 | 41 742 | 7 282 | USD | 490,17 | 24 406 544,64 | 19,60 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) .......................... | | 42 485 | 38 911 | 3 349 | USD | 138,5 | 5 884 172,50 | 4,73 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0,070%) .......................... | | 4 411 | | | USD | 138,352 | 610 271,55 | 0,49 |\n| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0,070%) ......................... | | 238 317 | 204 824 | 17 582 | USD | 91,03 | 21 693 996,51 | 17,42 |\n| Summe Wertpapiervermögen | | | | | | | 123 443 792,85 | 99,12 |\n| Bankguthaben | | | | | | | 564 921,68 | 0,45 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | 59 871 | | | | | 67 860,76 | 0,05 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | | | | |\n| Britisches Pfund ................................... | GBP | 36 900 | | | | | 49 862,96 | 0,04 |\n| US-Dollar ........................................ | USD | | | | | | 447 197,96 | 0,36 |\n| Sonstige Vermögensgegenstände | 747 470,99 | 0,60 |\n| Sonstige Ansprüche ................................ | 747 470,99 | 0,60 |\n| Summe der Vermögensgegenstände | 124 756 185,52 | 100,17 |\n| Sonstige Verbindlichkeiten | -216 775,92 | -0,17 |\n| Verbindlichkeiten aus Kostenpositionen ................ | -60 511,62 | -0,04 |\n| Andere sonstige Verbindlichkeiten ..................... | -156 264,30 | -0,13 |\n| Summe der Verbindlichkeiten | -216 775,92 | -0,17 |\n| Fondsvermögen | 124 539 409,60 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse USD LC .................................... | USD | 13 995,15 |\n| Klasse USD LC10 .................................. | USD | 14 045,33 |\n| Klasse USD WAMC ................................ | USD | 14 083,43 |\n| Klasse USD DPMC ................................. | USD | 11 574,33 |\n| Umlaufende Anteile Klasse USD LC .................................... | Stück | 7 494,490 |\n| Klasse USD LC10 .................................. | Stück | 2,000 |\n| Klasse USD WAMC ................................ | Stück | 877,354 |\n| Klasse USD DPMC ................................. | Stück | 628,000 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Portfolio ex. Derivatives\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 100,000 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 100,000 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 100,000 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf USD 0,00.\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Euro\tEUR | 0,882262 | = USD | 1 |\n| --- | --- | --- | --- |\n| Britisches Pfund\tGBP | 0,740028 | = USD | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 1.1.2021 bis 31.12.2021 | | | | | I. | Wert des Fondsvermögens am Beginn des Geschäftsjahres ................. | USD | 31 834 794,27 | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| I. Erträge | | | | | 1. | Mittelzufluss (netto) ........................... | USD | 83 907 049,91 | |\n| 1. Erträge aus Investmentanteilen ................... | USD | 1 342 200,23 | | | 2. | Ertrags-/Aufwandsausgleich ...................... | USD | -380 051,64 | |\n| | | | | | 3. | Ordentlicher Nettoertrag ........................ | USD | 755 531,68 | |\n| Summe der Erträge .............................. | USD | 1 342 200,23 | | | 4. | Realisierte Gewinne/Verluste ..................... | USD | 1 938 052,08 | |\n| II. Aufwendungen | | | | | 5. | Nettoveränderung der nicht realisierten Gewinne/Verluste ................ | USD | 6 484 033,30 | |\n| 1. Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen .................. | USD | -2 729,00 | | | II. | Wert des Fondsvermögens | | | |\n| 2. Verwaltungsvergütung .......................... | USD | -519 825,93 | | | | am Ende des Geschäftsjahres ................... | USD | 124 539 409,60 | |\n| davon: Kostenpauschale ............ USD\t-519 825,93 | | | | | | | | | |\n\n| 3. Rechts- und Veröffentlichungskosten .............. | USD | -414,95 |\n| --- | --- | --- |\n| 4. Taxe d‘Abonnement ............................ | USD | -63 698,67 |\n| Summe der Aufwendungen ....................... | USD | -586 668,55 | | | | |\n| III. Ordentlicher Nettoertrag ....................... | USD | 755 531,68 | | Realisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. | USD | 1 938 052,08 |\n| IV. Veräußerungsgeschäfte | | | | aus: | | |\n| Realisierte Gewinne/Verluste ........................ | USD | 1 938 052,08 | Wertpapiergeschäften .......................... | USD | 1 917 049,00 |\n| Ergebnis aus Veräußerungsgeschäften .............. | USD | 1 938 052,08 | Devisen(termin)geschäften ...................... USD\t21 003,08 |\n| V. Ergebnis des Geschäftsjahres ................... | USD | 2 693 583,76 | |\n| Gesamtkostenquote (BVI – Total Expense Ratio (TER)) | | | Angaben zur Ertragsverwendung *\t |\n\n Zusammensetzung der Gewinne/Verluste\t2021 \nDie Gesamtkostenquote der Anteilklassen belief sich auf:\nKlasse USD DPMC 0,13% p.a.,\tKlasse USD LC 0,55% p.a.,\nKlasse USD LC10 0,34% p.a.,\tKlasse USD WAMC 0,17% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktions- kosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (syn- thetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/ Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse USD DPMC 0,27% p.a.,\tKlasse USD LC 0,68% p.a.,\nKlasse USD LC10 0,48% p.a.,\tKlasse USD WAMC 0,30% p.a.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf USD 4 912,61.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nKlasse USD DPMC\nDas Ergebnis der Geschäftsperiode wird thesauriert.\nKlasse USD LC\nDas Ergebnis der Geschäftsperiode wird thesauriert.\nKlasse USD LC10\nDas Ergebnis der Geschäftsperiode wird thesauriert.\nKlasse USD WAMC\nDas Ergebnis der Geschäftsperiode wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\nFondsvermögen am Ende des Geschäftsjahres\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t124 539 409,60\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t31 834 794,27\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t–\nAnteilwert am Ende des Geschäftsjahres\n| 2021 | Klasse USD LC .......................... | EUR | 13 995,15 |\n| --- | --- | --- | --- |\n| | Klasse USD LC10 ........................ | EUR | 14 045,33 |\n| | Klasse USD WAMC ....................... | EUR | 14 083,43 |\n| | Klasse USD DPMC ....................... | USD | 11 574,33 |\n| 2020 | Klasse USD LC .......................... | EUR | 12 687,49 |\n| | Klasse USD LC10 ........................ | EUR | 12 706,22 |\n| | Klasse USD WAMC ....................... | EUR | 12 718,64 |\n| | Klasse USD DPMC ....................... | USD | 10 449,22 |\n| 2019 | Klasse USD LC .......................... | EUR | – |\n| | Klasse USD LC10 ........................ | EUR | – |\n| | Klasse USD WAMC ....................... | EUR | – |\n| | Klasse USD DPMC ....................... | USD | – |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 3,71% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt USD 4 959 745,64.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicher- maßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\nAnlageziel und Anlage- ergebnis im Berichtszeitraum \nDas Anlageziel des Teilfonds besteht darin, einen mittel- bis langfristigen Kapitalzuwachs zu erzielen. Er strebt eine Begren- zung von Kapitalverlusten auf nicht mehr als 20% auf an- nualisierter Basis an. Um das Anlageziel zu erreichen, strebt\nDB STRATEGIC INCOME ALLOCATION EUR (SIA) BALANCED PLUS\nWertentwicklung seit Auflegung\n105\n104\n103\n102\n101\n100\n99\n98\nder Teilfonds Investments in\n19.7.21* 7/21\n8/21\n9/21\t10/21\t11/21\n12/21\nPortfolios aus drei Hauptanlage-\nDB Strategic Income Allocation EUR (SIA) Balanced Plus (Anteilklasse LBD)\n* aufgelegt am 19.7.2021= 100 Angaben auf Euro-Basis\nklassen an, die untereinander\nund in sich diversifiziert sind. Dabei handelt es sich um ein Anleihenportfolio, ein Aktien- portfolio und ein alternatives Portfolio. Die Anlagen des Teilfonds werden auf Grund- lage der vom Anlageberater, dem Geschäftsbereich Wealth Management der Deutschen Bank AG, ausgesprochenen Empfehlungen nach dem Er- messen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt.\nZur Beratung des Teilfondsma- nagers verwendet der Anla-\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB STRATEGIC INCOME ALLOCATION EUR (SIA) BALANCED PLUS\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | seit Auflegung 1) |\n| --- | --- | --- |\n| Klasse LBD | LU2330518965 | 3,6% |\n| Klasse LBD10 | LU2330518882 | 4,1% |\n| Klasse PFBD | LU2330518700 | 3,5% |\n| Klasse SBD | LU2330519773 | 4,0% |\n| Klasse WAMBD | LU2330521084 | 4,2% |\n\n1) \nKlassen LBD, LBD10, PFBD, SBD und WAMBD aufgelegt am 19.7.2021\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\ngeberater den Ansatz einer strategischen Asset Allokation, bei dem die erwartete Rendite, Volatilität und Korrelation in jedem Portfolio berücksichtigt werden. Der Anlageberater ist bestrebt, eine Aufteilung vorzu- schlagen, die eine Chance auf mittel- bis langfristigen Kapital- zuwachs bietet. Die erwartete Spanne der Allokation für ein\n„ausgewogenes“ Portfolio liegt bei a) Anleihenportfolio: bis zu 70%; b) Aktienportfolio: 30-80% und c) alternatives Portfolio:\n0-15%. Außerdem strebt der Teilfonds an, Vermögenswerte aus dem Euroraum in jedem der Portfolios überzugewichten, damit der Teilfonds einen euro- päischen Schwerpunkt hat. Ne-\nben der Vermögensaufteilung auf die Portfolios versucht der Teilfondsmanager anhand der Empfehlung des Anlageberaters eine Strategie zur Kapitalerhal- tung umzusetzen, in der ange- strebt wird, einen Wertverlust des Teilfondsvermögens auf höchstens 20% auf annualisier- ter Basis zu begrenzen (Risiko- begrenzungsstrategie). Mit der Risikobegrenzungsstrategie\nsoll der potenzielle Verlust des Teilfonds während eines glei- tenden Zwölfmonatszeitraums begrenzt werden. Die Risikobe- grenzungsstrategie beinhaltet Anlagen in derivativen Finanz- instrumenten. Ein Engagement in den Portfolios wird in erster Linie wie folgt eingegangen:\ndurch eine Anlage in einem oder mehreren börsengehan- delten Fonds (jeweils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzelnen Rohstoffen, über mit der Wert- entwicklung der jeweiligen Rohstoffe verknüpfte Schuld- titel wie Exchange-Traded Notes oder Zertifikate. Alternativ zur Anlage in einem ETF kann der Teilfondsmanager durch den Einsatz derivativer Finanzins- trumente ein Engagement in einem Finanzindex eingehen.\nZusätzlich zur Risikobegren- zung werden durch den Verkauf verschiedener derivativer Finan- zinstrumente (Call-Optionen)\nStillhalterprämien erzielt. Dabei stehen dem Derivate-Exposure stets Aktien-ETF-Positionen in gleicher Höhe gegenüber. Die vereinnahmten Prämien dienen der Erzielung zusätzlicher Wert- zuwächse im Teilfonds.\nDas Anlageumfeld war im Be- richtszeitraum von der COVID- 19-Pandemie, hoher Verschul- dung weltweit, immer noch sehr niedrigen, teils negativen Zinsen in den Industrieländern sowie der Unsicherheit hin- sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erzielte der Teilfonds im verkürzten\nGeschäftsjahr vom 19. Juli 2021\nbis zum 31. Dezember 2021 einen Wertzuwachs von 3,6% je Anteil (Anteilklasse LBD; nach BVI-Methode; in Euro).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter- nationalen Kapitalmärkten stand im Jahr 2021 insbeson- dere unter dem Eindruck der Coronavirus-Pandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange-\nzu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie die einsetzenden Impfkampa- gnen. Allerdings kam bei den Investoren auch die Inflations- frage auf, hervorgerufen u.a.\ndurch die deutlich gestiegenen Preise an den Rohstoffmärk- ten, den Corona bedingten Konsum-Nachholbedarf sowie partielle Angebotsverknappung aufgrund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu- tanten sowie damit verbunde- ne neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichneten allerdings ein differenziertes Bild. Während die Aktienmärkte in den west- lichen Industrieländern – be- günstigt insbesondere durch die schnelle Erholung der Unternehmensgewinne – kräf- tige Kurszuwächse verzeich- neten, bildeten die Börsen\nder Emerging Markets das Schlusslicht. Vor dem Hinter- grund global hoher Verschul- dung und historisch extrem niedriger Zinsen kam es an den\nBonds) mit Investment- Grade-Status, die schwächer notierten, outperformen.\nDas Management des Teilfonds DB Strategic Income Allocation EUR (SIA) Balanced Plus enga- gierte sich über die Anlage in Zielfonds global überwiegend in Aktien und Anleihen, darunter Staats- und Unternehmensan- leihen. Das Aktienportefeuille war hinsichtlich der Branchen- allokation breit diversifiziert aufgestellt.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen- legungspflichten im Finanz- dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nsichts der abgeschwächten\tAnleihemärkten im Berichtsjahr\t\nWeltkonjunktur – extrem locke- re Geldpolitik der Zentralbanken der Industrieländer die Kursent- wicklung an den Finanzmärk- ten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise\nbis Ende Dezember 2021 zum längeren Laufzeitende hin unter Schwankungen zu Kursermä- ßigungen bei einem Anstieg der Anleiherenditen auf einem immer noch sehr niedrigen, zum Teil negativen Renditeni- veau. An den Unternehmensan- leihemärkten verbuchten High Yield-Titel Kurssteigerungen bei verringerten Risikoaufschlägen und konnten damit Unter- nehmensanleihen (Corporate\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Rentenfonds | 116 461 450,58 | 37,14 |\n| Aktienfonds | 188 617 591,21 | 60,14 |\n| Summe Investmentanteile | 305 079 041,79 | 97,28 |\n| 2. Derivate | 952 759,49 | 0,30 |\n| 3. Bankguthaben | 6 917 142,77 | 2,21 |\n| 4. Sonstige Vermögensgegenstände | 3 402 906,03 | 1,09 |\n| 5. Forderungen aus Anteilscheingeschäften | 230 072,29 | 0,07 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -1 952 843,92 | -0,63 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -1 007 162,64 | -0,32 |\n| III. Fondsvermögen | 313 621 915,81 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Investmentanteile | | | | | | | 305 079 041,79 | 97,28 |\n| Gruppeneigene Investmentanteile Xtrackers - Euro Stoxx Select Dividend 30 UCITS ETF -1D- EUR - (0,200%) ................................... | Anteile | 284 096 | 293 319 | 9 223 | EUR | 21,395 | 6 078 233,92 | 1,94 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0,200%) ................................ | Anteile | 1 751 117 | 1 810 974 | 59 857 | EUR | 17,079 | 29 906 451,68 | 9,54 |\n| Gruppenfremde Investmentanteile Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0,250%) ................................ | Anteile | 4 115 494 | 7 304 517 | 3 189 023 | EUR | 8,218 | 33 821 129,69 | 10,78 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0,190%) ......................................... | Anteile | 1 981 | 4 199 | 2 218 | EUR | 34,51 | 68 364,31 | 0,02 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0,190%) ......................................... | Anteile | 178 980 | 179 857 | 877 | EUR | 34,595 | 6 191 813,10 | 1,97 |\n| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0,300%) ......................................... | Anteile | 1 512 102 | 1 512 102 | | EUR | 19,118 | 28 908 366,04 | 9,22 |\n| iShares PLC - iShares Euro Corporate Bond Large Cap UCITS ETF EUR - (0,200%) .......................... | Anteile | 169 795 | 335 205 | 165 410 | EUR | 139,06 | 23 611 692,70 | 7,53 |\n| iShares VI plc - iShares J.P, Morgan $ EM Bond EUR Hedged UCITS ETF EUR (hedged) - (0,500%) ............ | Anteile | 365 528 | 377 659 | 12 131 | EUR | 87,63 | 32 031 218,64 | 10,21 |\n| SSgA SPDR ETFs Europe I plc - SPDR S&P Euro Dividend Aristocrats UCITS ETF EUR - (0,300%) ................. | Anteile | 1 146 329 | 2 284 247 | 1 137 918 | EUR | 23,35 | 26 766 782,15 | 8,54 |\n| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0,400%) ......................................... | Anteile | 1 072 813 | 1 097 053 | 24 240 | GBP | 7,587 | 9 703 786,75 | 3,09 |\n| HSBC ETFs PLC - HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF USD - (0,400%) ............... | Anteile | 931 370 | 1 842 426 | 911 056 | USD | 27,89 | 22 917 557,70 | 7,31 |\n| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0,650%) ................................... | Anteile | 329 474 | 340 526 | 11 052 | USD | 33,85 | 9 839 598,91 | 3,14 |\n| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0,650%) ................................... | Anteile | 2 366 866 | 2 444 115 | 77 249 | USD | 21,225 | 44 321 958,64 | 14,13 |\n| Multi Units Luxembourg - Lyxor Core US Treasury 10+Y (DR) UCITS ETF EUR - (0,070%) ...................... | Anteile | 63 810 | 66 583 | 2 773 | USD | 158,44 | 8 919 718,58 | 2,84 |\n| SSgA SPDR ETFs Europe I plc - SPDR Bloomberg Barclays 10+ Year U,S, Treasury Bond UCITS ETF USD - (0,150%) .. | Anteile | 222 000 | 327 279 | 105 279 | USD | 33,73 | 6 606 430,79 | 2,11 |\n| Vanguard Funds PLC - Vanguard USD Emerging Markets Government Bond UCITS ETF - USD - (0,250%) .......... | Anteile | 346 497 | 358 342 | 11 845 | USD | 50,33 | 15 385 938,19 | 4,91 |\n| Summe Wertpapiervermögen | | | | | | | 305 079 041,79 | 97,28 |\n| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) | | | | |\n| Aktienindex-Derivate Forderungen/Verbindlichkeiten | | | 952 759,49 | 0,30 |\n| Optionsrechte | | | | |\n| Optionsrechte auf Aktienindices Put DJ Euro Stoxx 50 12/2022 3 400 EUR (DB) ..........\tStück\t2 265 | 2 265 | | 2 672 700,00 | 0,85 |\n| Call DJ Euro Stoxx 50 06/2022 4 450 EUR (DB) ..........\tStück\t-726 | | 726 | -650 859,00 | -0,21 |\n| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) ..........\tStück\t-144 | | 144 | -161 928,00 | -0,05 |\n| Call DJ Euro Stoxx 50 12/2022 4 600 EUR (DB) ..........\tStück\t-58 | | 58 | -65 018,00 | -0,02 |\n| Call FTSE MIB Index Futures 06/2022 7 700 GBP (DB) ....\tStück\t-31 | | 31 | -43 425,92 | -0,02 |\n| Call FTSE MIB Index Futures 09/2022 7 800 GBP (DB) ....\tStück\t-19 | | 19 | -32 901,76 | -0,01 |\n| Call S & P 500 Futures 06/2022 4 800 USD (DB) .........\tStück\t-50 | | 50 | -973 355,55 | -0,31 |\n| Call S & P 500 Futures 09/2022 4 900 USD (DB) .........\tStück\t-9 | | 9 | -183 104,66 | -0,06 |\n| Call S & P 500 Futures 12/2022 5 150 USD (DB) .........\tStück\t-7 | | 7 | -102 487,97 | -0,03 |\n| Put S & P 500 Futures 12/2022 3 950 USD (DB) .........\tStück\t35 | 35 | | 493 140,35 | 0,16 |\n| Bankguthaben | | | 6 917 142,77 | 2,21 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben\tEUR | | | 1 142 548,21 | 0,37 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | |\n| Britisches Pfund ...................................\tGBP\t293 354 | | | 349 736,93 | 0,11 |\n| Japanischer Yen ...................................\tJPY\t169 835 | | | 1 301,99 | 0,00 |\n| US-Dollar ........................................\tUSD\t6 147 330 | | | 5 423 555,64 | 1,73 |\n| Sonstige Vermögensgegenstände | | | 3 402 906,03 | 1,09 |\n| Dividenden- / Ausschüttungsansprüche ................. | | | 676 117,55 | 0,22 |\n| Abgegrenzte Platzierungsgebühr * .................... | | | 1 654 883,16 | 0,53 |\n| Sonstige Ansprüche ................................ | | | 1 071 905,32 | 0,34 |\n| Forderungen aus Anteilscheingeschäften | | | 230 072,29 | 0,07 |\n| Summe der Vermögensgegenstände ** | | | 318 795 003,23 | 101,66 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |\n| Sonstige Verbindlichkeiten | | | | -1 952 843,92 | -0,63 |\n| Andere sonstige Verbindlichkeiten ..................... | | | | -1 952 843,92 | -0,63 |\n| Verbindlichkeiten aus Anteilscheingeschäften | | | | -1 007 162,64 | -0,32 |\n| Summe der Verbindlichkeiten | | | | -5 173 087,42 | -1,66 |\n\nFondsvermögen\t313 621 915,81\t100,00\nDurch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse LBD ....................................... | EUR | 103,63 |\n| Klasse LBD10 ..................................... | EUR | 10 410,72 |\n| Klasse PFBD ...................................... | EUR | 103,46 |\n| Klasse SBD ....................................... | EUR | 10 401,88 |\n| Klasse WAMBD ................................... | EUR | 10 420,84 |\n| Umlaufende Anteile Klasse LBD ....................................... | Stück | 675 889,000 |\n| Klasse LBD10 ..................................... | Stück | 1 301,000 |\n| Klasse PFBD ...................................... | Stück | 447 867,000 |\n| Klasse SBD ....................................... | Stück | 16 976,198 |\n| Klasse WAMBD ................................... | Stück | 682,491 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)\nEx-Derivative Benchmark for Portfolio DB Strategic Income Allocation EUR (SIA) Balanced Plus\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 71,292 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 82,943 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 77,994 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 19.7.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,1, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 46 916 146,37.\n Marktschlüssel\t Vertragspartner der Derivate (mit Ausnahme von Dwevisentermingeschäften)\nDB = Deutsche Bank AG Frankfurt\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Britisches Pfund\tGBP | 0,838785 | = EUR | 1 |\n| --- | --- | --- | --- |\n| Japanischer Yen\tJPY | 130,443111 | = EUR | 1 |\n| US-Dollar\tUSD | 1,133450 | = EUR | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zei- chen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile (“Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Fußnoten\t\n* Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).\n** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \nfür den Zeitraum vom 19.7.2021 bis 31.12.2021\n- Erträge\n\t- Erträge aus Investmentanteilen ................... EUR\t7 634 443,39Summe der Erträge .............................. EUR\t7 634 443,39\n\n- Aufwendungen\n\t- Zinsen aus Kreditaufnahmen undnegativen Einlagenverzinsungen .................. EUR\t-40 994,07\n\n- Verwaltungsvergütung .......................... EUR\t-1 232 917,61 davon:Kostenpauschale ............ EUR -1 232 917,61\n- Rechts- und Veröffentlichungskosten .............. EUR\t-11 701,52\n- Taxe d‘Abonnement ............................ EUR\t-91 925,55\n- Sonstige Aufwendungen ........................ EUR\t-154 341,75 davon:Aufwand aus abgegrenzterPlatzierungsgebühr 1) ........ EUR\t-154 341,75Summe der Aufwendungen ....................... EUR\t-1 531 880,50\n- Ordentlicher Nettoertrag ....................... EUR\t6 102 562,89\n- VeräußerungsgeschäfteRealisierte Gewinne/Verluste ..................... EUR\t972 538,84Ergebnis aus Veräußerungsgeschäften .............. EUR\t972 538,84\n- Ergebnis der Geschäftsperiode .................. EUR\t7 075 101,731) Weitere Informationen entnehmen Sie bitte den Hinweisen im Anhang.\n\nGesamtkostenquote (BVI - Total Expense Ratio (TER))\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\n- Wert des Fondsvermögensam Beginn der Geschäftsperiode ................ EUR\t0,00\n- Mittelzufluss (netto) \n- 3) \n- .......................... EUR\t304 302 879,11\n- Ertrags-/Aufwandsausgleich ...................... EUR\t-926 895,24\n- Ordentlicher Nettoertrag ........................ EUR\t6 102 562,89\n- Realisierte Gewinne/Verluste ..................... EUR\t972 538,84\n- Nettoveränderung dernicht realisierten Gewinne/Verluste ................ EUR\t3 170 830,21\n- Wert des Fondsvermögensam Ende der Geschäftsperiode .................. EUR\t313 621 915,813) Nach Abzug einer Verwässerungsgebühr in Höhe von EUR 23 576,41 zugunsten des Fondsvermögens.\n\n Zusammensetzung der Gewinne/Verluste\t2021 \nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t972 538,84\naus:\nWertpapiergeschäften .......................... EUR\t1 845 683,52\nDevisen(termin)geschäften ...................... EUR\t44 292,93\nDerivaten und sonstigen Finanztermingeschäften \n4) \n.. EUR\t-917 437,61\n4) \nDiese Position kann Optionsgeschäfte bzw. Swapgeschäfte und/oder Geschäfte aus Optionsscheinen bzw. Kreditderivaten enthalten.\n Angaben zur Ertragsverwendung*\t\nKlasse LBD 1,52%\n2)\n,\tKlasse LBD10 0,52%\n2)\n,\t Klasse PFBD 1,92%\n2)\n,\tKlasse SBD 0,71%\n2)\n,\nKlasse WAMBD 0,31%\n2)\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktionskosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Geschäftsperiode aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (syn- thetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/ Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse LBD 1,86%\n2)\n,\tKlasse LBD10 0,87%\n2)\n,\nKlasse PFBD 2,26%\n2)\n,\tKlasse SBD 1,06%\n2)\n,\nKlasse WAMBD 0,65%\n2)\n2) \nBei unterjährig aufgelegten Anteilklassen wird von einer Annualisierung abgesehen.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 18 859,91.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nKlasse LBD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t0,00\nKlasse LBD10\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t0,00\nKlasse PFBD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t0,00\nKlasse SBD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t0,00\nKlasse WAMBD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t0,00\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nIm Falle einer Endausschüttung eventuell verbleibende ordentliche Ergebnisse der Geschäftsperiode werden thesauriert.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\nFondsvermögen am Ende der Geschäftsperiode\n2021 ........................................... EUR\t313 621 915,81\n2020 ........................................... EUR\t-\n2019 ........................................... EUR\t-\nAnteilwert am Ende der Geschäftsperiode\n| 2021 | Klasse LBD ............................. | EUR | 103,63 |\n| --- | --- | --- | --- |\n| | Klasse LBD10 ........................... | EUR | 10 410,72 |\n| | Klasse PFBD ............................ | EUR | 103,46 |\n| | Klasse SBD ............................. | EUR | 10 401,88 |\n| | Klasse WAMBD .......................... | EUR | 10 420,84 |\n| 2020 | Klasse LBD ............................. | EUR | - |\n| | Klasse LBD10 ........................... | EUR | - |\n| | Klasse PFBD ............................ | EUR | - |\n| | Klasse SBD ............................. | EUR | - |\n| | Klasse WAMBD .......................... | EUR | - |\n| 2019 | Klasse LBD ............................. | EUR | - |\n| | Klasse LBD10 ........................... | EUR | - |\n| | Klasse PFBD ............................ | EUR | - |\n| | Klasse SBD ............................. | EUR | - |\n| | Klasse WAMBD .......................... | EUR | - |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 2,67% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 22 738 926,36.\n Platzierungsgebühr / Verwässerungsausgleich\t\nIm Berichtszeitraum entrichtete der Fonds eine Platzierungsgebühr in Höhe von 4% des Netto-Fondsvermögens zugunsten der Vertriebsstelle. Diese wurde zum Tag der Zeichnung berechnet. Die genannte Platzierungsgebühr dient insbesondere als Vertriebsentschädigung. Der Bruttobetrag der Platzierungsgebühr wurde jeweils zum Tag der Zeichnung ausgezahlt und gleichzeitig im Netto-Fondsvermögen als vorausbezahlte Aufwendungen aktiviert. Diese werden über einen Zeitraum von 3 Jahren ab dem Tag der Zeichnung auf täglicher Basis abgeschrieben. Die verbleibende Position vorausbezahlter Aufwendungen pro Anteil zu jedem Bewertungstag wird auf täglicher Basis durch Multiplikation des Netto-Fondsvermögens mit einem Faktor berechnet. Der jeweilige Faktor wird durch lineare Verringerung der Platzierungsgebühr um einen bestimmten Prozentsatz über 3 Jahre ab dem Tag der Zeichnung auf täglicher Basis ermittelt. Während der 3 Jahre ab dem Tag der Zeichnung schwankt die Position der vorausbezahlten Aufwendungen, da sie sowohl vom Netto-Fondsvermögen als auch von dem vorab festgelegten Faktor abhängt.\nAußerdem wurde im Berichtszeitraum ein (vom Anteilinhaber zu tragender) Verwässerungsausgleich von bis zu 4% auf der Grundlage des Bruttorücknahmebetrags zugunsten des Fondsvermögens erhoben.\nWeitere Einzelheiten zur Platzierungsgebühr und zum Verwässerungsausgleich sind dem entsprechenden Abschnitt des Fondsprospekts zu entnehmen.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicherma- ßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\n\n## DB Strategic Income Allocation USD (SIA) Balanced Plus\nAnlageziel und Anlage- ergebnis im Berichtszeitraum \nDas Anlageziel des Teilfonds besteht darin, einen mittel- bis langfristigen Kapitalzuwachs zu erzielen. Er strebt eine Begren- zung von Kapitalverlusten auf nicht mehr als 20% auf an- nualisierter Basis an. Um das Anlageziel zu erreichen, strebt\nDB STRATEGIC INCOME ALLOCATION USD (SIA) BALANCED PLUS\nWertentwicklung seit Auflegung\n101,5\n101,0\n100,5\n100,0\n99,5\n99,0\n98,5\n98,0\nder Teilfonds Investments in\n28.6.21*\n7/21\n8/21\t9/21\t10/21\t11/21\n12/21\nPortfolios aus drei Hauptanlage-\nDB Strategic Income Allocation USD (SIA) Balanced Plus (Anteilklasse USD LBD)\n* aufgelegt am 28.6.2021 = 100 Angaben auf USD-Basis\nklassen an, die untereinander\nund in sich diversifiziert sind. Dabei handelt es sich um ein Anleihenportfolio, ein Aktien- portfolio und ein alternatives Portfolio. Die Anlagen des Teilfonds werden auf Grundlage der vom Anlageberater, dem Geschäftsbereich Wealth Ma- nagement der Deutschen Bank AG, ausgesprochenen Emp- fehlungen nach dem Ermessen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt. Zur Bera- tung des Teilfondsmanagers verwendet der Anlageberater den Ansatz einer strategischen Asset Allokation, bei dem die\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB STRATEGIC INCOME ALLOCATION USD (SIA) BALANCED PLUS\nWertentwicklung der Anteilklassen (in USD)\nAnteilklasse\tISIN\tseit Auflegung\n1)\nKlasse USD LBD\tLU2330520862\t0,5% Klasse USD DPMBD\tLU2330518619\t1,2% Klasse USD LBD10\tLU2330520789\t1,0% Klasse USD SBD\tLU2330520607\t0,9% Klasse USD WAMBD\tLU2330520516\t1,1% Klasse SGD SBDH\n2)\t\nLU2349911755\t0,2%\n1) \nKlassen USD LBD, USD LBD10, USD SBD und USD WAMBD aufgelegt am 28.6.2021 / Klasse SGD SBDH aufgelegt am 20.8.2021 und erste Anteilpreisberechnung am 23.8.2021 / Klasse USD DPMBD aufgelegt am 8.10.2021\n2) \nin SGD\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nerwartete Rendite, Volatilität und Korrelation in jedem Port- folio berücksichtigt werden. Der Anlageberater ist bestrebt, eine Aufteilung vorzuschlagen, die eine Chance auf mittel- bis langfristigen Kapitalzuwachs bietet. Die erwartete Spanne der Allokation für ein „ausge- wogenes“ Portfolio liegt bei\na) Anleihenportfolio: bis zu 70%; b) Aktienportfolio: 30- 80% und c) alternatives Port- folio: 0-15%. Außerdem strebt der Teilfonds an, in jedem der Portfolios auf USD lautende Vermögenswerte überzuge- wichten, damit der Teilfonds einen US-amerikanischen\nSchwerpunkt hat. Neben der Vermögensaufteilung auf die Portfolios versucht der Teil- fondsmanager anhand der Empfehlung des Anlageberaters eine Strategie zur Kapitalerhal- tung umzusetzen, in der ange- strebt wird, einen Wertverlust des Teilfondsvermögens auf höchstens 20% auf annualisier- ter Basis zu begrenzen (Risiko- begrenzungsstrategie). Mit der Risikobegrenzungsstrategie\nsoll der potenzielle Verlust des Teilfonds während eines glei- tenden Zwölfmonatszeitraums begrenzt werden. Die Risikobe- grenzungsstrategie beinhaltet Anlagen in derivativen Finanz-\ninstrumenten. Ein Engagement in den Portfolios wird in erster Linie wie folgt eingegangen: durch eine Anlage in einem oder mehreren börsengehan- delten Fonds (jeweils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzelnen Rohstoffen, über mit der Wert- entwicklung der jeweiligen Rohstoffe verknüpfte Schuld- titel wie Exchange-Traded Notes oder Zertifikate. Alternativ zur Anlage in einem ETF kann der Teilfondsmanager durch den Einsatz derivativer Finanzins- trumente ein Engagement in einem Finanzindex eingehen.\nZusätzlich zur Risikobegren- zung werden durch den Verkauf verschiedener derivativer Finan- zinstrumente (Call-Optionen) Stillhalterprämien erzielt. Dabei stehen dem Derivate-Exposure stets Aktien-ETF-Positionen in gleicher Höhe gegenüber. Die vereinnahmten Prämien dienen der Erzielung zusätzlicher Wert- zuwächse im Teilfonds.\nDas Anlageumfeld war im Be- richtszeitraum von der COVID- 19-Pandemie, hoher Verschul- dung weltweit, immer noch sehr niedrigen, teils negativen Zinsen in den Industrieländern sowie der Unsicherheit hin- sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erzielte der Teilfonds im verkürzten Ge- schäftsjahr vom 28. Juni 2021\nbis zum 31. Dezember 2021 einen Wertzuwachs von 0,5% je Anteil (Anteilklasse USD LBD; nach BVI-Methode; in US- Dollar).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter- nationalen Kapitalmärkten stand im Jahr 2021 insbeson- dere unter dem Eindruck der Coronavirus-Pandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange- sichts der abgeschwächten\nStaatengemeinschaft unter- nommenen Anstrengungen und Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie\ndie einsetzenden Impfkampa- gnen. Allerdings kam bei den Investoren auch die Inflations- frage auf, hervorgerufen u.a. durch die deutlich gestiegenen Preise an den Rohstoffmärk- ten, den Corona bedingten Konsum-Nachholbedarf sowie partielle Angebotsverknappung aufgrund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu- tanten sowie damit verbunde- ne neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichneten allerdings ein differenziertes Bild. Während die Aktienmärkte in den west- lichen Industrieländern – be- günstigt insbesondere durch die schnelle Erholung der Unternehmensgewinne – kräf- tige Kurszuwächse verzeich- neten, bildeten die Börsen\nder Emerging Markets das Schlusslicht. Vor dem Hinter- grund global hoher Verschul- dung und historisch extrem niedriger Zinsen kam es an den Anleihemärkten im Berichtsjahr\nleihemärkten verbuchten High Yield-Titel Kurssteigerungen bei verringerten Risikoaufschlägen und konnten damit Unter- nehmensanleihen (Corporate Bonds) mit Investment-Grade- Status, die schwächer notier- ten, outperformen.\nDas Management des Teilfonds DB Strategic Income Allocation USD (SIA) Balanced Plus enga- gierte sich über die Anlage in Zielfonds global überwiegend in Aktien und Anleihen, darunter Staats- und Unternehmensan- leihen. Regional war der Invest- mentfokus auf USA gerichtet.\nDas Aktienportefeuille war hin- sichtlich der Branchenallokation breit diversifiziert aufgestellt.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen- legungspflichten im Finanz- dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nWeltkonjunktur – extrem locke-\nbis Ende Dezember 2021 zum\t\nre Geldpolitik der Zentralbanken der Industrieländer die Kursent- wicklung an den Finanzmärk- ten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen\nlängeren Laufzeitende hin unter Schwankungen zu Kursermä- ßigungen bei einem Anstieg der Anleiherenditen auf einem immer noch sehr niedrigen, zum Teil negativen Renditeni- veau. An den Unternehmensan-\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n\n## DB Strategic Income Allocation USD (SIA) Balanced Plus\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in USD | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Rentenfonds | 168 426 821,93 | 46,60 |\n| Sonstige Fonds | 6 203,52 | 0,00 |\n| Aktienfonds | 181 669 556,43 | 50,26 |\n| Summe Investmentanteile | 350 102 581,88 | 96,86 |\n| 2. Derivate | -1 542 992,16 | -0,43 |\n| 3. Bankguthaben | 10 968 864,70 | 3,04 |\n| 4. Sonstige Vermögensgegenstände | 11 385 089,72 | 3,15 |\n| II. Verbindlichkeiten | | |\n| 1. Kurzfristige Verbindlichkeiten | -7 554 067,22 | -2,09 |\n| 2. Sonstige Verbindlichkeiten | -1 912 463,59 | -0,53 |\n| III. Fondsvermögen | 361 447 013,33 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tUSD\tvermögen |\n| Investmentanteile | | | | | | | 350 102 581,88 | 96,86 |\n| Gruppeneigene Investmentanteile Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0,120%) ............................ | Anteile | 3 316 174 | 3 724 752 | 408 578 | EUR | 13,994 | 52 597 619,38 | 14,55 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0,000%) ....................... | Anteile | 1 | 366 | 365 | USD | 10 408,589 | 6 203,52 | 0,00 |\n| Xtrackers II - USD Emerging Markets Bond UCITS ETF -2D- USD - (0,250%) ................................... | Anteile | 2 445 410 | 2 727 088 | 281 678 | USD | 14,079 | 34 428 927,39 | 9,53 |\n| Gruppenfremde Investmentanteile Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0,250%) ................................... | Anteile | 5 808 985 | 11 571 119 | 5 762 134 | EUR | 8,218 | 54 108 914,05 | 14,97 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0,190%) ......................................... | Anteile | 178 306 | 178 306 | | EUR | 34,595 | 6 991 682,82 | 1,93 |\n| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- EUR - (0,060%) ..................... | Anteile | 315 815 | 315 815 | | EUR | 38,53 | 13 792 220,39 | 3,82 |\n| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0,300%) ......................................... | Anteile | 1 414 221 | 1 414 221 | | EUR | 19,118 | 30 645 179,19 | 8,48 |\n| iShares II PLC - iShares $ High Yield Corporate Bond UCITS ETF -USD- EUR - (0,500%) ........................... | Anteile | 517 002 | 551 573 | 34 571 | EUR | 90,79 | 53 202 576,54 | 14,72 |\n| SSgA SPDR ETFs Europe I plc - SPDR S&P Euro Dividend Aristocrats UCITS ETF EUR - (0,300%) ................. | Anteile | 282 821 | 1 542 452 | 1 259 631 | EUR | 23,35 | 7 485 157,87 | 2,07 |\n| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0,650%) ................................... | Anteile | 9 011 | 18 022 | 9 011 | GBP | 25,085 | 305 449,17 | 0,08 |\n| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0,400%) ......................................... | Anteile | 703 555 | 791 964 | 88 409 | GBP | 7,587 | 7 213 029,29 | 2,00 |\n| HSBC ETFs PLC - HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF USD - (0,400%) .......................... | Anteile | 404 424 | 846 189 | 441 765 | USD | 27,89 | 11 279 385,36 | 3,12 |\n| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- USD - (0,060%) ..................... | Anteile | 329 758 | 730 705 | 400 947 | USD | 43,685 | 14 405 478,23 | 3,98 |\n| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0,650%) ................................... | Anteile | 322 206 | 384 050 | 61 844 | USD | 33,85 | 10 906 673,10 | 3,02 |\n| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0,650%) ......................................... | Anteile | 2 484 527 | 2 822 235 | 337 708 | USD | 21,225 | 52 734 085,58 | 14,59 |\n| Summe Wertpapiervermögen | | | | | | | 350 102 581,88 | 96,86 |\n| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte | Positionen) | | | | |\n| Aktienindex-Derivate Forderungen/Verbindlichkeiten | | | | -1 722 287,48 | -0,48 |\n| Optionsrechte | | | | | |\n| Optionsrechte auf Aktienindices Put DJ Euro Stoxx 50 12/2022 3 500 EUR (DB)\tStück | 322 | 335 | 13 | 488 148,65 | 0,13 |\n| Call DJ Euro Stoxx 50 06/2022 4 500 EUR (DB)\tStück | -801 | -801 | | -654 591,27 | -0,18 |\n| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB)\tStück | -280 | -280 | | -356 878,12 | -0,10 |\n| Call FTSE MIB Index Futures 06/2022 7 800 GBP (DB)\tStück | -34 | -34 | | -39 741,74 | -0,01 |\n| Put S & P 500 Futures 12/2022 4 000 USD (DB)\tStück | 113 | 120 | 7 | 1 902 355,00 | 0,53 |\n| Call S & P 500 Futures 06/2022 4 675 USD (DB)\tStück | -70 | -70 | | -2 131 850,00 | -0,59 |\n| Call S & P 500 Futures 09/2022 4 900 USD (DB)\tStück | -36 | -36 | | -830 160,00 | -0,23 |\n| Call S & P 500 Futures 12/2022 5 150 USD (DB)\tStück | -6 | -6 | | -99 570,00 | -0,03 |\n| Devisen-Derivate Forderungen/Verbindlichkeiten | | | | 179 295,32 | 0,05 |\n| Devisentermingeschäfte | | | | | |\n| Devisentermingeschäfte (Kauf) | | | | | |\n| Offene Positionen SGD/USD 19,6 Mio. ................................ | | | | 146 267,42 | 0,04 |\n| Geschlossene Positionen SGD/USD 19,5 Mio. ................................ | | | | 33 027,90 | 0,01 |\n| Bankguthaben | | | | 10 968 864,70 | 3,04 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | Währung | Bestand | im Berichtszeitraum | USD | vermögen |\n| Verwahrstelle (täglich fällig) Guthaben in Nicht-EU/EWR-Währungen | | | | | |\n| Britisches Pfund ................................... | GBP | 167 608 | | 226 489,46 | 0,07 |\n| Japanischer Yen ................................... | JPY | 470 000 | | 4 083,94 | 0,00 |\n| Singapur Dollar .................................... | SGD | 4 633 | | 3 425,56 | 0,00 |\n| US-Dollar ........................................ | USD | | | 10 734 865,74 | 2,97 |\n| Sonstige Vermögensgegenstände | | | | 11 385 089,72 | 3,15 |\n| Dividenden- / Ausschüttungsansprüche ................. | | | | 658 297,38 | 0,18 |\n| Sonstige Ansprüche ................................ | | | | 10 726 792,34 | 2,97 |\n| Summe der Vermögensgegenstände * | | | | 375 026 335,27 | 103,76 |\n| Kurzfristige Verbindlichkeiten | | | | -7 554 067,22 | -2,09 |\n| EUR-Kredite ...................................... | EUR | -6 664 667 | | -7 554 067,22 | -2,09 |\n| Sonstige Verbindlichkeiten | | | | -1 912 463,59 | -0,53 |\n| Andere sonstige Verbindlichkeiten ..................... | | | | -1 912 463,59 | -0,53 |\n| Summe der Verbindlichkeiten | | | | -13 579 321,94 | -3,76 |\n| Fondsvermögen | | | | 361 447 013,33 | 100,00 |\n\nDurch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse SGD SBDH ................................. | SGD | 10 066,60 |\n| Klasse USD DPMBD ............................... | USD | 10 117,53 |\n| Klasse USD LBD .................................. | USD | 100,49 |\n| Klasse USD LBD10 ................................ | USD | 10 102,91 |\n| Klasse USD SBD .................................. | USD | 10 091,86 |\n| Klasse USD WAMBD ............................... | USD | 10 111,36 |\n| Umlaufende Anteile Klasse SGD SBDH ................................. | Stück | 1 970,482 |\n| Klasse USD DPMBD ............................... | Stück | 209,591 |\n| Klasse USD LBD .................................. | Stück | 29 705,000 |\n| Klasse USD LBD10 ................................ | Stück | 4 341,551 |\n| Klasse USD SBD .................................. | Stück | 22 774,306 |\n| Klasse USD WAMBD ............................... | Stück | 6 722,725 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)\nEx-Derivative Benchmark for Portfolio DB Strategic Income Allocation USD (SIA) Balanced Plus\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 73,768 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ..................... | % | 100,000 |\n| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 81,054 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 28.6.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,1, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf USD 58 605 066,72.\n Marktschlüssel\t Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)\nDB = Deutsche Bank AG Frankfurt\nVertragspartner der Devisentermingeschäfte\nBNP Paribas S.A., Royal Bank of Canada (UK) und State Street Bank International GmbH.\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Euro\tEUR | 0,882262 | = USD | 1 |\n| --- | --- | --- | --- |\n| Britisches Pfund\tGBP | 0,740028 | = USD | 1 |\n| Japanischer Yen\tJPY | 115,085000 | = USD | 1 |\n| Singapur Dollar\tSGD | 1,352350 | = USD | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Fußnote\t\n* Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 28.6.2021 bis 31.12.2021 | | | | | I. | Wert des Fondsvermögens am Beginn der Geschäftsperiode ................ | USD | 0,00 | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| I. Erträge | | | | | 1. | Mittelzufluss (netto) ........................... | USD | 358 944 475,61 | |\n| 1. Erträge aus Investmentanteilen ................... | USD | 10 309 015,01 | | | 2. | Ertrags-/Aufwandsausgleich ...................... | USD | -658 128,80 | |\n| | | | | | 3. | Ordentlicher Nettoertrag ........................ | USD | 9 173 891,28 | |\n| Summe der Erträge .............................. | USD | 10 309 015,01 | | | 4. | Realisierte Gewinne/Verluste ..................... | USD | -2 214 106,30 | |\n| II. Aufwendungen | | | | | 5. | Nettoveränderung der nicht realisierten Gewinne/Verluste ................ | USD | -3 799 118,46 | |\n| 1. Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen .................. | USD | -24 936,66 | | | II. | Wert des Fondsvermögens | | | |\n| 2. Verwaltungsvergütung .......................... | USD | -967 521,62 | | | | am Ende der Geschäftsperiode .................. | USD | 361 447 013,33 | |\n| davon: Kostenpauschale ............ USD\t-967 521,62 | | | | | | | | | |\n\n| 3. Taxe d‘Abonnement ............................ | USD | -141 231,38 |\n| --- | --- | --- |\n| 4. Sonstige Aufwendungen ........................ | USD | -1 434,07 |\n| Summe der Aufwendungen ....................... | USD | -1 135 123,73 | | | | |\n| III. Ordentlicher Nettoertrag ....................... | USD | 9 173 891,28 | | Realisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. | USD | -2 214 106,30 |\n| IV. Veräußerungsgeschäfte | | | | aus: | | |\n| Realisierte Gewinne/Verluste ........................ | USD | -2 214 106,30 | Wertpapiergeschäften .......................... | USD | -1 048 144,96 |\n| Ergebnis aus Veräußerungsgeschäften .............. | USD | -2 214 106,30 | Devisen(termin)geschäften ...................... Derivaten und sonstigen Finanztermingeschäften 2) .. | USD USD | -73 735,77 -1 092 225,57 |\n\n Zusammensetzung der Gewinne/Verluste\t2021 \nV. Ergebnis der Geschäftsperiode .................. USD\t6 959 784,98\nGesamtkostenquote (BVI – Total Expense Ratio (TER))\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\nKlasse SGD SBDH 0,72%\n1)\n,\tKlasse USD DPMBD 0,24%\n1)\n,\n2) \nDiese Position kann Optionsgeschäfte bzw. Swapgeschäfte und/oder Geschäfte aus Optionsscheinen bzw. Kreditderivaten enthalten.\n Angaben zur Ertragsverwendung *\t\nKlasse USD LBD 1,50%\n1)\n,\tKlasse USD LBD10 0,48%\n1)\n,\t Klasse USD SBD 0,70%\n1)\n,\tKlasse USD WAMBD 0,30%\n1)\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktions- kosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Geschäftsperiode aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (synthetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All- In-Fee/Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse SGD SBDH 1,05%\n1)\n,\tKlasse USD DPMBD 0,57%\n1)\n,\nKlasse USD LBD 1,82%\n1)\n,\tKlasse USD LBD10 0,80%\n1)\n,\nKlasse USD SBD 1,03%\n1)\n,\tKlasse USD WAMBD 0,63%\n1)\n1) \nBei unterjährig aufgelegten Anteilklassen wird von einer Annualisierung abgesehen.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf USD 7 636,42.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nKlasse SGD SBDH\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tSGD\t0,00\nKlasse USD DPMBD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tUSD\t0,00\nKlasse USD LBD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tUSD\t0,00\nKlasse USD LBD10\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tUSD\t0,00\nKlasse USD SBD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tUSD\t0,00\nKlasse USD WAMBD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tUSD\t0,00\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nIm Falle einer Endausschüttung eventuell verbleibende ordentliche Ergebnisse der Geschäftsperiode werden thesauriert.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n| Fondsvermögen am Ende der Geschäftsperiode 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 361 447 013,33 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | - |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | - |\n| Anteilwert am Ende der Geschäftsperiode | | |\n| 2021 | Klasse SGD SBDH ........................ | SGD | 10 066,60 |\n| | Klasse USD DPMBD ...................... | USD | 10 117,53 |\n| | Klasse USD LBD ......................... | USD | 100,49 |\n| | Klasse USD LBD10 ....................... | USD | 10 102,91 |\n| | Klasse USD SBD ......................... | USD | 10 091,86 |\n| | Klasse USD WAMBD ..................... | USD | 10 111,36 |\n| 2020 | Klasse SGD SBDH ........................ | SGD | - |\n| | Klasse USD DPMBD ...................... | USD | - |\n| | Klasse USD LBD ......................... | USD | - |\n| | Klasse USD LBD10 ....................... | USD | - |\n| | Klasse USD SBD ......................... | USD | - |\n| | Klasse USD WAMBD ..................... | USD | - |\n| 2019 | Klasse SGD SBDH ........................ | SGD | - |\n| | Klasse USD DPMBD ...................... | USD | - |\n| | Klasse USD LBD ......................... | USD | - |\n| | Klasse USD LBD10 ....................... | USD | - |\n| | Klasse USD SBD ......................... | USD | - |\n| | Klasse USD WAMBD ..................... | USD | - |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 1,97% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt USD 20 779 509,99.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicher- maßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\n\n## DB Strategic Income Allocation EUR (SIA) Conservative Plus\nAnlageziel und Anlage- ergebnis im Berichtszeitraum \nDas Anlageziel des Teilfonds besteht darin, eine mittel- bis langfristige Rendite zu erzielen. Er strebt eine Begrenzung von Kapitalverlusten auf nicht mehr als 10% auf annualisierter Basis an. Um das Anlageziel zu errei- chen, strebt der Teilfonds In-\nDB STRATEGIC INCOME ALLOCATION EUR (SIA) CONSERVATIVE PLUS\nWertentwicklung seit Auflegung\n100,9\n100,6\n100,3\n100,0\n99,7\n99,4\n99,1\n98,8\nvestments in Portfolios aus drei\n19.7.21* 7/21\n8/21\n9/21\t10/21\t11/21\n12/21\nHauptanlageklassen an, die un-\nDB Strategic Income Allocation EUR (SIA) Conservative Plus (Anteilklasse LBD)\n* aufgelegt am 19.7.2021 = 100 Angaben auf Euro-Basis\ntereinander und in sich diversifi-\nziert sind. Dabei handelt es sich um ein Anleihenportfolio, ein Aktienportfolio und ein alterna- tives Portfolio. Die Anlagen des Teilfonds werden auf Grundlage der vom Anlageberater, dem Geschäftsbereich Wealth Ma- nagement der Deutschen Bank AG, ausgesprochenen Emp- fehlungen nach dem Ermessen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt. Zur Bera- tung des Teilfondsmanagers verwendet der Anlageberater den Ansatz einer strategischen\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB STRATEGIC INCOME ALLOCATION EUR (SIA) CONSERVATIVE PLUS\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | seit Auflegung 1) |\n| --- | --- | --- |\n| Klasse LBD | LU2330520359 | 0,0% |\n| Klasse LBD10 | LU2330520276 | 0,4% |\n| Klasse PFBD | LU2330520193 | -0,3% |\n| Klasse SBD | LU2330519930 | 0,3% |\n| Klasse WAMBD | LU2330520946 | 0,5% |\n\n1) \nKlassen LBD, LBD10, PFBD, SBD und WAMBD aufgelegt am 19.7.2021\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nAsset Allokation, bei dem die erwartete Rendite, Volatilität und Korrelation in jedem Port- folio berücksichtigt werden. Der Anlageberater ist bestrebt, eine Aufteilung vorzuschla- gen, die eine Chance auf eine mittel- bis langfristige Rendite in Euro bietet. Die erwartete Spanne der Allokation für ein\n„konservatives“ Portfolio liegt bei a) Anleihenportfolio: bis zu 100%; b) Aktienportfolio: 0-60% und c) alternatives Portfolio:\n0-15%. Außerdem strebt der Teilfonds an, Vermögenswerte aus dem Euroraum in jedem der Portfolios überzugewichten, damit der Teilfonds einen euro- päischen Schwerpunkt hat. Ne- ben der Vermögensaufteilung\nauf die Portfolios versucht der Teilfondsmanager anhand der Empfehlung des Anlageberaters eine Strategie zur Kapitalerhal- tung umzusetzen, in der ange- strebt wird, einen Wertverlust des Teilfondsvermögens auf höchstens 10% auf annualisier- ter Basis zu begrenzen (Risiko- begrenzungsstrategie). Mit der Risikobegrenzungsstrategie\nsoll der potenzielle Verlust des Teilfonds während eines glei- tenden Zwölfmonatszeitraums begrenzt werden. Die Risikobe- grenzungsstrategie beinhaltet Anlagen in derivativen Finanz- instrumenten. Ein Engagement in den Portfolios wird in erster Linie wie folgt eingegangen: durch eine Anlage in einem\noder mehreren börsengehan- delten Fonds (jeweils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzelnen Rohstoffen, über mit der Wert entwicklung der jeweiligen Rohstoffe verknüpfte Schuld titel wie Exchange-Traded Notes oder Zertifikate. Alternativ\nzur Anlage in einem ETF kann der Fondsmanager durch den Einsatz derivativer Finanzins- trumente ein Engagement in einem Finanzindex eingehen.\nZusätzlich zur Risikobegren- zung werden durch den Verkauf verschiedener derivativer Finan- zinstrumente (Call-Optionen) Stillhalterprämien erzielt. Dabei\nstehen dem Derivate-Exposure stets Aktien-ETF-Positionen in gleicher Höhe gegenüber. Die vereinnahmten Prämien dienen der Erzielung zusätzlicher Wert- zuwächse im Teilfonds.\nDas Anlageumfeld war im Be- richtszeitraum von der COVID- 19-Pandemie, hoher Verschul- dung weltweit, immer noch sehr niedrigen, teils negativen Zinsen in den Industrieländern sowie der Unsicherheit hin- sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund erzielte der Teilfonds DB Strategic Income Allocation EUR (SIA)\nConservative Plus im verkürzten Geschäftsjahr vom 19. Juli 2021\nbis zum 31. Dezember 2021 eine Performance von 0,0% je Anteil (LBD Anteilklasse, nach BVI-Methode; in Euro).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter- nationalen Kapitalmärkten stand im Jahr 2021 insbeson- dere unter dem Eindruck der Coronavirus-Pandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange- sichts der abgeschwächten Weltkonjunktur – extrem locke-\nAuswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie\ndie einsetzenden Impfkampa- gnen. Allerdings kam bei den Investoren auch die Inflations- frage auf, hervorgerufen u.a. durch die deutlich gestiegenen Preise an den Rohstoffmärk- ten, den Corona bedingten Konsum-Nachholbedarf sowie partielle Angebotsverknappung aufgrund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu- tanten sowie damit verbunde- ne neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichneten allerdings ein differenziertes Bild. Während die Aktienmärkte in den west- lichen Industrieländern – be- günstigt insbesondere durch die schnelle Erholung der Unternehmensgewinne – kräf- tige Kurszuwächse verzeich- neten, bildeten die Börsen\nder Emerging Markets das Schlusslicht. Vor dem Hinter- grund global hoher Verschul- dung und historisch extrem niedriger Zinsen kam es an den Anleihemärkten im Berichtsjahr bis Ende Dezember 2021 zum\nnehmensanleihen (Corporate Bonds) mit Investment-Grade- Status, die schwächer notier- ten, outperformen.\nDas Management des Teilfonds DB Strategic Income Allocation EUR (SIA) Conservative Plus engagierte sich über die Anlage in Zielfonds global überwiegend in Anleihen, darunter Staats- und Unternehmensanleihen, und in Aktien. Regional war der Investmentfokus auf Europa ge- richtet. Das Aktienportefeuille war hinsichtlich der Branchen- allokation breit diversifiziert aufgestellt.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen- legungspflichten im Finanz- dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nre Geldpolitik der Zentralbanken\tlängeren Laufzeitende hin unter\t\nder Industrieländer die Kursent- wicklung an den Finanzmärk- ten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen\nSchwankungen zu Kursermä- ßigungen bei einem Anstieg der Anleiherenditen auf einem immer noch sehr niedrigen, zum Teil negativen Renditeni- veau. An den Unternehmensan- leihemärkten verbuchten High Yield-Titel Kurssteigerungen bei verringerten Risikoaufschlägen und konnten damit Unter-\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n\n## DB Strategic Income Allocation EUR (SIA) Conservative Plus\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Rentenfonds | 141 798 482,91 | 69,92 |\n| Sonstige Fonds | 788 370,63 | 0,39 |\n| Aktienfonds | 55 539 875,90 | 27,38 |\n| Summe Investmentanteile | 198 126 729,44 | 97,69 |\n| 2. Derivate | 696 327,69 | 0,34 |\n| 3. Bankguthaben | 2 735 026,07 | 1,35 |\n| 4. Sonstige Vermögensgegenstände | 1 648 520,75 | 0,81 |\n| 5. Forderungen aus Anteilscheingeschäften | 390 875,30 | 0,19 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -780 467,59 | -0,38 |\n| III. Fondsvermögen | 202 817 011,66 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Investmentanteile | | | | | | | 198 126 729,44 | 97,69 |\n| Gruppeneigene Investmentanteile DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0,100%) ........ | Anteile | 81 | 682 | 601 | EUR | 9 732,971 | 788 370,63 | 0,39 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0,200%) ...................... | Anteile | 1 169 245 | 1 190 162 | 20 917 | EUR | 17,079 | 19 968 950,73 | 9,85 |\n| Gruppenfremde Investmentanteile Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0,250%) .......................... | Anteile | 1 376 521 | 2 244 367 | 867 846 | EUR | 8,218 | 11 312 249,58 | 5,58 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0,190%) .......................... | Anteile | 2 616 | 2 616 | 0 | EUR | 34,51 | 90 278,16 | 0,04 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0,190%) .......................... | Anteile | 118 442 | 119 647 | 1 205 | EUR | 34,595 | 4 097 500,99 | 2,02 |\n| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF - EUR (hedged) - (0,100%) .................. | Anteile | 147 889 | 152 499 | 4 610 | EUR | 41,265 | 6 102 639,59 | 3,01 |\n| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF - EUR (hedged) - (0,100%) .................. | Anteile | 137 207 | 137 207 | 0 | EUR | 41,328 | 5 670 490,90 | 2,80 |\n| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0,300%) .......................... | Anteile | 1 084 915 | 1 086 039 | 1 124 | EUR | 19,118 | 20 741 404,97 | 10,23 |\n| iShares PLC - iShares Euro Corporate Bond Large Cap UCITS ETF EUR - (0,200%) .......................... | Anteile | 255 562 | 476 480 | 220 918 | EUR | 139,06 | 35 538 451,72 | 17,52 |\n| iShares VI plc - iShares J.P. Morgan $ EM Bond EUR Hedged UCITS ETF EUR (hedged) - (0,500%) ................... | Anteile | 333 434 | 340 043 | 6 609 | EUR | 87,63 | 29 218 821,42 | 14,41 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF - EUR (hedged) - (0,100%) .................. | Anteile | 3 100 016 | 3 160 224 | 60 208 | EUR | 5,051 | 15 659 420,82 | 7,72 |\n| UBS (Lux) Fund Solutions SICAV - Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF EUR (hedged) - (0,170%) ................... | Anteile | 1 804 596 | 1 841 090 | 36 494 | EUR | 10,946 | 19 753 107,82 | 9,74 |\n| Vanguard Funds PLC - Vanguard EUR Corporate Bond UCITS ETF EUR - (0,090%) .......................... | Anteile | 182 605 | 186 734 | 4 129 | EUR | 54,142 | 9 886 599,91 | 4,87 |\n| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0,400%) .......................... | Anteile | 478 292 | 484 071 | 5 779 | GBP | 7,587 | 4 326 237,25 | 2,13 |\n| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0,650%) .......................... | Anteile | 147 004 | 149 306 | 2 302 | USD | 33,85 | 4 390 211,06 | 2,16 |\n| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0,650%) ..................... | Anteile | 565 096 | 575 465 | 10 369 | USD | 21,225 | 10 581 993,89 | 5,22 |\n| Summe Wertpapiervermögen | | | | | | | 198 126 729,44 | 97,69 |\n| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) | | | |\n| Aktienindex-Derivate Forderungen/Verbindlichkeiten | | 696 327,69 | 0,34 |\n| Optionsrechte | | | |\n| Optionsrechte auf Aktienindices Call DJ Euro Stoxx 50 06/2022 4 450 EUR (DB) ..........\tStück\t-255 | -255 | -228 607,50 | -0,11 |\n| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) ..........\tStück\t-107 | -107 | -120 321,50 | -0,06 |\n| Call DJ Euro Stoxx 50 12/2022 4 600 EUR (DB) ..........\tStück\t-55 | -55 | -61 655,00 | -0,03 |\n| Put DJ Euro Stoxx 50 12/2022 3 750 EUR (DB) ..........\tStück\t748 | 748 | 1 366 596,00 | 0,67 |\n| Call FTSE MIB Index Futures 06/2022 7 700 GBP (DB) ....\tStück\t-18 | -18 | -25 215,05 | -0,01 |\n| Call FTSE MIB Index Futures 12/2022 7 800 GBP (DB) ....\tStück\t-10 | -10 | -24 499,73 | -0,01 |\n| Call S & P 500 Futures 06/2022 4 800 USD (DB) .........\tStück\t-14 | -14 | -272 539,55 | -0,14 |\n| Call S & P 500 Futures 09/2022 4 900 USD (DB) .........\tStück\t-3 | -3 | -61 034,89 | -0,03 |\n| Call S & P 500 Futures 12/2022 5 150 USD (DB) .........\tStück\t-4 | -4 | -58 564,55 | -0,03 |\n| Put S & P 500 Futures 12/2022 3 750 USD (DB) .........\tStück\t16 | 16 | 182 169,46 | 0,09 |\n| Bankguthaben | | 2 735 026,07 | 1,35 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben\tEUR | | 812 752,71 | 0,40 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | |\n| Britisches Pfund ...................................\tGBP\t92 998 | | 110 873,07 | 0,05 |\n| Japanischer Yen ...................................\tJPY\t9 685 806 | | 74 253,10 | 0,04 |\n| US-Dollar ........................................\tUSD\t1 968 970 | | 1 737 147,19 | 0,86 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Sonstige Vermögensgegenstände | 1 648 520,75 | 0,81 |\n| Dividenden- / Ausschüttungsansprüche ................. | 300 940,06 | 0,15 |\n| Abgegrenzte Platzierungsgebühr * ..................... | 1 347 580,69 | 0,66 |\n| Forderungen aus Anteilscheingeschäften | 390 875,30 | 0,19 |\n| Summe der Vermögensgegenstände ** | 204 449 917,02 | 100,80 |\n| Sonstige Verbindlichkeiten | -780 467,59 | -0,38 |\n| Verbindlichkeiten aus Kostenpositionen ................ | -162 603,94 | -0,08 |\n| Andere sonstige Verbindlichkeiten ..................... | -617 863,65 | -0,30 |\n| Summe der Verbindlichkeiten | -1 632 905,36 | -0,80 |\n| Fondsvermögen | 202 817 011,66 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse LBD ....................................... | EUR | 100,02 |\n| Klasse LBD10 ..................................... | EUR | 10 040,72 |\n| Klasse PFBD ...................................... | EUR | 99,70 |\n| Klasse SBD ....................................... | EUR | 10 031,57 |\n| Klasse WAMBD ................................... | EUR | 10 049,31 |\n| Umlaufende Anteile Klasse LBD ....................................... | Stück | 364 751,000 |\n| Klasse LBD10 ..................................... | Stück | 6 355,000 |\n| Klasse PFBD ...................................... | Stück | 379 537,000 |\n| Klasse SBD ....................................... | Stück | 5 539,781 |\n| Klasse WAMBD ................................... | Stück | 907,000 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)\nEx-Derivative Benchmark for Portfolio DB Strategic Income Allocation EUR (SIA) Conservative Plus\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 66,436 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 82,229 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 73,750 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 19.7.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,1, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 20 238 211,55.\n Marktschlüssel\t Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)\nDB = Deutsche Bank AG Frankfurt\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Britisches Pfund\tGBP | 0,838785 | = EUR | 1 |\n| --- | --- | --- | --- |\n| Japanischer Yen\tJPY | 130,443111 | = EUR | 1 |\n| US-Dollar\tUSD | 1,133450 | = EUR | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Fußnoten\t\n* Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben ((entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).\n** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 19.7.2021 bis 31.12.2021 | | | | | I. | Wert des Fondsvermögens am Beginn der Geschäftsperiode ................ | EUR | 0,00 | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| I. Erträge | | | | | 1. | Mittelzufluss (netto) 3) .......................... | EUR | 202 498 439,50 |\n| 1. Erträge aus Investmentanteilen ................... | EUR | 3 624 109,60 | | | 2. | Ertrags-/Aufwandsausgleich ...................... | EUR | -523 820,76 |\n| | | | | | 3. | Ordentlicher Nettoertrag ........................ | EUR | 2 661 093,52 |\n| Summe der Erträge .............................. | EUR | 3 624 109,60 | | | 4. | Realisierte Gewinne/Verluste ..................... | EUR | -870 641,75 |\n| II. Aufwendungen | | | | | 5. | Nettoveränderung der nicht realisierten Gewinne/Verluste ................ | EUR | -948 058,85 |\n| 1. Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen .................. | EUR | -19 613,54 | | | II. | Wert des Fondsvermögens | | |\n| 2. Verwaltungsvergütung .......................... | EUR | -692 287,21 | | | | am Ende der Geschäftsperiode .................. | EUR | 202 817 011,66 |\n| davon: Kostenpauschale ............ EUR\t-692 287,21 3. Rechts- und Veröffentlichungskosten .............. | EUR | -13 138,79 | 3) Nach Abzug einer Verwässerungsgebühr in Höhe von EUR 12 819,27 zugunsten des |\n| 4. Taxe d‘Abonnement ............................ | EUR | -59 155,10 | Fondsvermögens. |\n| 5. Sonstige Aufwendungen ........................ | EUR | -178 821,44 | |\n\ndavon:\nAufwand aus abgegrenzter\nPlatzierungsgebühr \n1) \n........ EUR\t-178 821,44\nSumme der Aufwendungen ....................... EUR\t-963 016,08\n- Ordentlicher Nettoertrag ....................... EUR\t2 661 093,52 Zusammensetzung der Gewinne/Verluste\t2021 Realisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t-870 641,75\n\n| IV. Veräußerungsgeschäfte Realisierte Gewinne/Verluste ........................ | EUR | -870 641,75 | aus: Wertpapiergeschäften .......................... | EUR | -415 983,62 |\n| --- | --- | --- | --- | --- | --- |\n| Ergebnis aus Veräußerungsgeschäften .............. | EUR | -870 641,75 | Devisen(termin)geschäften ...................... Derivaten und sonstigen Finanztermingeschäften 4) ... | EUR EUR | 7 682,79 -462 340,92 |\n\nV. Ergebnis der Geschäftsperiode .................. EUR\t1 790 451,77\n1) \nWeitere Informationen entnehmen Sie bitte den Hinweisen im Anhang.\nGesamtkostenquote (BVI – Total Expense Ratio (TER))\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\n4) \nDiese Position kann Optionsgeschäfte bzw. Swapgeschäfte und/oder Geschäfte aus Optionsscheinen bzw. Kreditderivaten enthalten.\n Angaben zur Ertragsverwendung *\t\nKlasse LBD 1,37%\n2)\n,\tKlasse LBD10 0,52%\n2)\n,\t Klasse PFBD 2,09%\n2)\n,\tKlasse SBD 0,72%\n2)\n,\nKlasse WAMBD 0,32%\n2)\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktions- kosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Geschäftsperiode aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (synthetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All- In-Fee/Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse LBD 1,63%\n2)\n,\tKlasse LBD10 0,78%\n2)\n,\nKlasse PFBD 2,35%\n2)\n,\tKlasse SBD 0,98%\n2)\n,\nKlasse WAMBD 0,58%\n2)\n2) \nBei unterjährig aufgelegten Anteilklassen wird von einer Annualisierung abgesehen.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 7 580,95.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nKlasse LBD\n| Art | per | Währung | Je Anteil |\n| --- | --- | --- | --- |\n| Endausschüttung | 4.3.2022 | EUR | 0,00 |\n| Klasse LBD10 | | | |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | EUR | 0,00 |\n| Klasse PFBD | | | |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | EUR | 0,00 |\n| Klasse SBD | | | |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | EUR | 0,00 |\n| Klasse USD WAMBD | | | |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | EUR | 0,00 |\n\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nIm Falle einer Endausschüttung eventuell verbleibende ordentliche Ergebnisse der Geschäftsperiode werden thesauriert.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n| Fondsvermögen am Ende der Geschäftsperiode 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 202 817 011,66 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | – |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | – |\n| Anteilwert am Ende der Geschäftsperiode | | |\n| 2021 | Klasse LBD ............................. | EUR | 100,02 |\n| | Klasse LBD10 ........................... | EUR | 10 040,72 |\n| | Klasse PFBD ............................ | EUR | 99,70 |\n| | Klasse SBD ............................. | EUR | 10 031,57 |\n| | Klasse WAMBD .......................... | EUR | 10 049,31 |\n| 2020 | Klasse LBD ............................. | EUR | – |\n| | Klasse LBD10 ........................... | EUR | – |\n| | Klasse PFBD ............................ | EUR | – |\n| | Klasse SBD ............................. | EUR | – |\n| | Klasse WAMBD .......................... | EUR | – |\n| 2019 | Klasse LBD ............................. | EUR | – |\n| | Klasse LBD10 ........................... | EUR | – |\n| | Klasse PFBD ............................ | EUR | – |\n| | Klasse SBD ............................. | EUR | – |\n| | Klasse WAMBD .......................... | EUR | – |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 2,06% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 11 452 018,78.\n Platzierungsgebühr / Verwässerungsausgleich\t\nIm Berichtszeitraum entrichtete der Fonds eine Platzierungsgebühr in Höhe von 4% des Netto-Fondsvermögens zugunsten der Vertriebsstelle. Diese wurde zum Tag der Zeichnung berechnet. Die genannte Platzierungsgebühr dient insbesondere als Vertriebsentschädigung. Der Bruttobetrag der Platzierungsgebühr wurde jeweils zum Tag der Zeichnung ausgezahlt und gleichzeitig im Netto-Fondsvermögen als vorausbezahlte Aufwendungen aktiviert. Diese werden über einen Zeitraum von 3 Jahren ab dem Tag der Zeichnung auf täglicher Basis abgeschrieben. Die verbleibende Position vorausbezahlter Aufwendungen pro Anteil zu jedem Bewertungstag wird auf täglicher Basis durch Multiplikation des Netto-Fondsvermögens mit einem Faktor berechnet. Der jeweilige Faktor wird durch lineare Verringerung der Platzierungsgebühr um einen bestimmten Prozentsatz über 3 Jahre ab dem Tag der Zeichnung auf täglicher Basis ermittelt. Während der 3 Jahre ab dem Tag der Zeichnung schwankt die Position der vorausbezahlten Aufwendungen, da sie sowohl vom Netto-Fondsvermögen als auch von dem vorab festgelegten Faktor abhängt.\nAußerdem wurde im Berichtszeitraum ein (vom Anteilinhaber zu tragender) Verwässerungsausgleich von bis zu 4% auf der Grundlage des Bruttorücknahmebetrags zugunsten des Fondsvermögens erhoben.\nWeitere Einzelheiten zur Platzierungsgebühr und zum Verwässerungsausgleich sind dem entsprechenden Abschnitt des Fondsprospekts zu entnehmen.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicher- maßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\n\n## DB Strategic Income Allocation USD (SIA) Conservative Plus\nAnlageziel und Anlage- ergebnis im Berichtszeitraum \nDas Anlageziel des Teilfonds besteht darin, eine mittel- bis langfristige Rendite zu erzielen. Er strebt eine Begrenzung von Kapitalverlusten auf nicht mehr als 10% auf annualisierter Basis an. Um das Anlageziel zu errei- chen, strebt der Teilfonds In-\nDB STRATEGIC INCOME ALLOCATION USD (SIA) CONSERVATIVE PLUS\nWertentwicklung seit Auflegung\n101,5\n101,0\n100,5\n100,0\n99,5\n99,0\n98,5\n98,0\nvestments in Portfolios aus drei\n28.6.21*\n7/21\n8/21\t9/21\t10/21\t11/21\n12/21\nHauptanlageklassen an, die un-\nDB Strategic Income Allocation USD (SIA) Conservative Plus (Anteilklasse USD LBD)\n* aufgelegt am 28.6.2021 = 100 Angaben auf USD-Basis\ntereinander und in sich diversifi-\nziert sind. Dabei handelt es sich um ein Anleihenportfolio, ein Aktienportfolio und ein alterna- tives Portfolio. Die Anlagen des Teilfonds werden auf Grundlage der vom Anlageberater, dem Geschäftsbereich Wealth Ma- nagement der Deutschen Bank AG, ausgesprochenen Emp- fehlungen nach dem Ermessen des Teilfondsmanagers, der DWS Investment GmbH, auf die Portfolios aufgeteilt. Zur Bera- tung des Teilfondsmanagers verwendet der Anlageberater\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDB STRATEGIC INCOME ALLOCATION USD (SIA) CONSERVATIVE PLUS\nWertentwicklung der Anteilklassen (in USD)\n| Anteilklasse | ISIN | seit Auflegung 1) |\n| --- | --- | --- |\n| Klasse USD LBD | LU2330519427 | -0,4% |\n| Klasse USD LBD10 | LU2330519344 | 0,1% |\n| Klasse USD SBD | LU2330519260 | 0,0% |\n| Klasse USD WAMBD | LU2330519187 | 0,2% |\n\n1) \nKlassen USD LBD, USD LBD10, USD SBD und USD WAMBD aufgelegt am 28.6.2021 Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nden Ansatz einer strategischen Asset Allokation, bei dem die erwartete Rendite, Volatilität und Korrelation in jedem Port- folio berücksichtigt werden.\nDer Anlageberater ist bestrebt, eine Aufteilung vorzuschla- gen, die eine Chance auf eine mittel- bis langfristige Rendite in US-Dollar bietet. Die erwar- tete Spanne der Allokation für ein „konservatives“ Portfolio liegt bei a) Anleihenportfolio: bis zu 100%; b) Aktienportfo- lio: 0-60% und c) alternatives Portfolio: 0-15%. Außerdem strebt der Teilfonds an, in jedem der Portfolios auf USD lautende Vermögenswerte überzugewichten, damit der Teilfonds einen US-amerikani- schen Schwerpunkt hat. Ne-\nben der Vermögensaufteilung auf die Portfolios versucht der Teilfondsmanager anhand der Empfehlung des Anlageberaters eine Strategie zur Kapitalerhal- tung umzusetzen, in der ange- strebt wird, einen Wertverlust des Teilfondsvermögens auf höchstens 10% auf annualisier- ter Basis zu begrenzen (Risiko- begrenzungsstrategie). Mit der Risikobegrenzungsstrategie\nsoll der potenzielle Verlust des Teilfonds während eines glei- tenden Zwölfmonatszeitraums begrenzt werden. Die Risikobe- grenzungsstrategie beinhaltet Anlagen in derivativen Finanz- instrumenten. Ein Engagement in den Portfolios wird in erster Linie wie folgt eingegangen: durch eine Anlage in einem\noder mehreren börsengehan- delten Fonds (jeweils ein ETF) oder in anderen Organismen für gemeinsame Anlagen oder, bei Engagements in einzel- nen Rohstoffen, über mit der\nWertentwicklung der jeweiligen Rohstoffe verknüpfte Schuld- titel wie Exchange-Traded Notes oder Zertifikate. Alternativ\nzur Anlage in einem ETF kann der Fondsmanager durch den Einsatz derivativer Finanzins- trumente ein Engagement in einem Finanzindex eingehen.\nZusätzlich zur Risikobegren- zung werden durch den Verkauf verschiedener derivativer Finan- zinstrumente (Call-Optionen) Stillhalterprämien erzielt. Dabei stehen dem Derivate-Exposure\nstets Aktien-ETF-Positionen in gleicher Höhe gegenüber. Die vereinnahmten Prämien dienen der Erzielung zusätzlicher Wert- zuwächse im Teilfonds.\nDas Anlageumfeld war im Be- richtszeitraum von der COVID- 19-Pandemie, hoher Verschul- dung weltweit, immer noch sehr niedrigen, teils negativen Zinsen in den Industrieländern sowie der Unsicherheit hin- sichtlich der Geldpolitik der Zentralbanken geprägt. Vor diesem Hintergrund verzeich- nete der Teilfonds im verkürz- ten Geschäftsjahr vom 19. Juli 2021 bis zum 31. Dezember 2021 einen Wertrückgang von 0,4% je Anteil (Anteilklasse USD LBD; nach BVI-Methode; in US- Dollar).\n\n##### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter- nationalen Kapitalmärkten stand im Jahr 2021 insbeson- dere unter dem Eindruck der Coronavirus-Pandemie* und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange-\nZulassungsbeantragungen für COVID-19-Impfstoffe sowie die einsetzenden Impfkampagnen. Allerdings kam bei den Inves- toren auch die Inflationsfrage auf, hervorgerufen u.a. durch die deutlich gestiegenen Preise an den Rohstoffmärkten, den Corona bedingten Konsum- Nachholbedarf sowie partielle Angebotsverknappung auf- grund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu- tanten sowie damit verbunde- ne neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichneten allerdings ein differenziertes Bild. Während die Aktienmärkte in den west- lichen Industrieländern – be- günstigt insbesondere durch die schnelle Erholung der Unternehmensgewinne – kräf- tige Kurszuwächse verzeich- neten, bildeten die Börsen\nder Emerging Markets das Schlusslicht. Vor dem Hinter- grund global hoher Verschul- dung und historisch extrem niedriger Zinsen kam es an den\nStatus, die schwächer notier- ten, outperformen.\nDas Management des Teilfonds DB Strategic Income Allocation USD (SIA) Conservative Plus engagierte sich über die Anlage in Zielfonds global überwiegend in Anleihen, darunter Staats- und Unternehmensanleihen, und in Aktien. Das Aktien- portefeuille war hinsichtlich\nder Branchenallokation breit\ndiversifiziert aufgestellt.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Teilgesellschaftsvermögen ist ein Produkt im Sinne des Artikels 6 der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offen- legungspflichten im Finanz- dienstleistungssektor).\nHinweis gemäß Artikel 7 der Verordnung (EU) 2020/852 (Taxonomie):\nDie diesem Finanzprodukt zu- grunde liegenden Investitionen berücksichtigen nicht die EU- Kriterien für ökologisch nach- haltige Wirtschaftsaktivitäten.\nsichts der abgeschwächten\tAnleihemärkten im Berichtsjahr\t\nWeltkonjunktur – extrem locke- re Geldpolitik der Zentralbanken der Industrieländer die Kursent- wicklung an den Finanzmärk- ten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die\nbis Ende Dezember 2021 zum längeren Laufzeitende hin unter Schwankungen zu Kursermä- ßigungen bei einem Anstieg der Anleiherenditen auf einem immer noch sehr niedrigen, zum Teil negativen Renditeni- veau. An den Unternehmensan- leihemärkten verbuchten High Yield-Titel Kurssteigerungen bei verringerten Risikoaufschlägen und konnten damit Unter- nehmensanleihen (Corporate Bonds) mit Investment-Grade-\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n\n## DB Strategic Income Allocation USD (SIA) Conservative Plus\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in USD | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Rentenfonds | 14 896 921,26 | 70,32 |\n| Sonstige Fonds | 2 654,19 | 0,01 |\n| Aktienfonds | 5 917 552,16 | 27,94 |\n| Summe Investmentanteile | 20 817 127,61 | 98,27 |\n| 2. Derivate | 75 116,58 | 0,36 |\n| 3. Bankguthaben | 333 394,31 | 1,57 |\n| 4. Sonstige Vermögensgegenstände | 16 310,41 | 0,08 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -58 920,09 | -0,28 |\n| III. Fondsvermögen | 21 183 028,82 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tUSD\tvermögen |\n| Investmentanteile | | | | | | | 20 817 127,61 | 98,27 |\n| Gruppeneigene Investmentanteile Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0,120%) ...................... | Anteile | 238 802 | 250 978 | 12 176 | EUR | 13,994 | 3 787 622,94 | 17,88 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0,000%) ....................... | Anteile | | 26 | 26 | USD | 10 408,589 | 2 654,19 | 0,01 |\n| Xtrackers II - USD Emerging Markets Bond UCITS ETF -2D- USD - (0,250%) ...................... | Anteile | 73 374 | 76 820 | 3 446 | USD | 14,079 | 1 033 032,55 | 4,88 |\n| Gruppenfremde Investmentanteile Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0,250%) .......................... | Anteile | 248 995 | 492 386 | 243 391 | EUR | 8,218 | 2 319 312,08 | 10,95 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0,190%) .......................... | Anteile | 467 | 467 | | EUR | 34,51 | 18 266,88 | 0,09 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0,190%) .......................... | Anteile | 10 517 | 10 517 | | EUR | 34,595 | 412 389,54 | 1,95 |\n| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0,300%) .......................... | Anteile | 76 881 | 76 881 | | EUR | 19,118 | 1 665 957,46 | 7,86 |\n| iShares II PLC - iShares $ High Yield Corporate Bond UCITS ETF -USD- EUR - (0,500%) ..................... | Anteile | 18 558 | 19 489 | 931 | EUR | 90,79 | 1 909 728,43 | 9,01 |\n| iShares PLC - iShares $ Corp Bond UCITS ETF EUR - (0,200%) .......................... | Anteile | 6 693 | 6 693 | | EUR | 111,05 | 842 445,50 | 3,98 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF EUR - (0,070%) .......................... | Anteile | 505 537 | 529 477 | 23 940 | EUR | 4,73 | 2 710 065,49 | 12,79 |\n| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- USD - (0,060%) ..................... | Anteile | 19 370 | 20 272 | 902 | USD | 43,685 | 846 178,45 | 3,99 |\n| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0,650%) .......................... | Anteile | 13 199 | 14 017 | 818 | USD | 33,85 | 446 786,15 | 2,11 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0,070%) .......................... | Anteile | 28 351 | 29 807 | 1 456 | USD | 132,9 | 3 767 847,90 | 17,79 |\n| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0,650%) ..................... | Anteile | 49 698 | 52 067 | 2 369 | USD | 21,225 | 1 054 840,05 | 4,98 |\n| Summe Wertpapiervermögen | | | | | | | 20 817 127,61 | 98,27 |\n| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) | | | | |\n| Aktienindex-Derivate Forderungen/Verbindlichkeiten | | | 75 116,58 | 0,36 |\n| Optionsrechte | | | | |\n| Optionsrechte auf Aktienindices Put DJ Euro Stoxx 50 12/2022 3 450 EUR (DB) ..........\tStück\t38 | 38 | | 54 118,84 | 0,26 |\n| Call DJ Euro Stoxx 50 06/2022 4 500 EUR (DB) ..........\tStück\t-27 | | 27 | -22 064,87 | -0,10 |\n| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) ..........\tStück\t-6 | | 6 | -7 647,39 | -0,04 |\n| Call S & P 500 Futures 06/2022 4 675 USD (DB) .........\tStück\t-2 | | 2 | -60 910,00 | -0,29 |\n| Put S & P 500 Futures 12/2022 4 500 USD (DB) .........\tStück\t4 | 4 | | 111 620,00 | 0,53 |\n| Bankguthaben | | | 333 394,31 | 1,57 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................\tEUR\t81 905 | | | 92 835,19 | 0,44 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | |\n| Japanischer Yen ...................................\tJPY\t1 133 829 | | | 9 852,10 | 0,04 |\n| US-Dollar\tUSD | | | 230 707,02 | 1,09 |\n| Sonstige Vermögensgegenstände | | | 16 310,41 | 0,08 |\n| Dividenden- / Ausschüttungsansprüche ................. | | | 16 310,41 | 0,08 |\n| Summe der Vermögensgegenstände * | | | 21 332 571,17 | 100,71 |\n| Sonstige Verbindlichkeiten | | | -58 920,09 | -0,28 |\n| Verbindlichkeiten aus Kostenpositionen ................ | | | -13 838,48 | -0,07 |\n| Andere sonstige Verbindlichkeiten ..................... | | | -45 081,61 | -0,21 |\n| Summe der Verbindlichkeiten | | | -149 542,35 | -0,71 |\n| Fondsvermögen | | | 21 183 028,82 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen | entstanden sein. | | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert | | |\n| Klasse USD LBD\tUSD | 99,65 |\n| Klasse USD LBD10\tUSD | 10 009,49 |\n| Klasse USD SBD\tUSD | 9 998,49 |\n| Klasse USD WAMBD\tUSD | 10 018,86 |\n| Umlaufende Anteile Klasse USD LBD .................................. | Stück | 9 939,000 |\n| Klasse USD LBD10 ................................ | Stück | 1,000 |\n| Klasse USD SBD .................................. | Stück | 1 831,481 |\n| Klasse USD WAMBD ............................... | Stück | 186,700 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)\nEx-Derivative Benchmark for Portfolio DB Strategic Income Allocation USD (SIA) Conservative Plus\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 67,729 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 100,000 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 74,830 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 28.6.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,1, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf USD 2 033 405,15.\nVertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)\nDB = Deutsche Bank AG Frankfurt\n| Devisenkurse (in Mengennotiz) | |\n| --- | --- |\n| | | per 30.12.2021 |\n| Euro\tEUR | 0,882262 | = USD\t1 |\n| Japanischer Yen\tJPY | 115,085000 | = USD\t1 |\n| Erläuterungen zur Bewertung | | |\n\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n* Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 28.6.2021 bis 31.12.2021 | | | | | I. | Wert des Fondsvermögens am Beginn der Geschäftsperiode ................ | USD | 0,00 | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| I. Erträge | | | | | 1. | Mittelzufluss (netto) ............................ | USD | 21 231 274,18 | |\n| 1. Erträge aus Investmentanteilen ................... | USD | 445 393,59 | | | 2. | Ertrags-/Aufwandsausgleich ...................... | USD | -32 548,15 | |\n| | | | | | 3. | Ordentlicher Nettoertrag ........................ | USD | 368 248,74 | |\n| Summe der Erträge .............................. | USD | 445 393,59 | | | 4. | Realisierte Gewinne/Verluste ..................... | USD | -155 294,29 | |\n| II. Aufwendungen | | | | | 5. | Nettoveränderung der nicht realisierten Gewinne/Verluste ................ | USD | -228 651,66 | |\n| 1. Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen .................. | USD | -450,46 | | | II. | Wert des Fondsvermögens | | | |\n| 2. Verwaltungsvergütung .......................... | USD | -68 374,56 | | | | am Ende der Geschäftsperiode .................. | USD | 21 183 028,82 | |\n| davon: Kostenpauschale ............ USD\t-68 374,56 | | | | | | | | | |\n\n| 3. Taxe d‘Abonnement ............................ | USD | -8 319,83 |\n| --- | --- | --- |\n| Summe der Aufwendungen ....................... | USD | -77 144,85 |\n| III. Ordentlicher Nettoertrag ....................... | USD | 368 248,74 |\n| IV. Veräußerungsgeschäfte Realisierte Gewinne/Verluste ........................ | USD | -155 294,29 |\n\n Zusammensetzung der Gewinne/Verluste\t2021 \nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. USD\t-155 294,29\n| Ergebnis aus Veräußerungsgeschäften .............. | USD | -155 294,29 | aus: Wertpapiergeschäften .......................... | USD | -96 426,10 |\n| --- | --- | --- | --- | --- | --- |\n| V. Ergebnis der Geschäftsperiode .................. | USD | 212 954,45 | Devisen(termin)geschäften ...................... Derivaten und sonstigen Finanztermingeschäften 2) ... | USD USD | 4 532,22 -63 400,41 |\n\nGesamtkostenquote (BVI – Total Expense Ratio (TER))\nDie Gesamtkostenquote der Anteilklassen belief sich auf:\nKlasse USD LBD 1,35%\n1)\n,\tKlasse USD LBD10 0,50%\n1)\n,\nKlasse USD SBD 0,70%\n1)\n,\tKlasse USD WAMBD 0,30%\n1)\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktions-\n2) \nDiese Position kann Optionsgeschäfte bzw. Swapgeschäfte und/oder Geschäfte aus Optionsscheinen bzw. Kreditderivaten enthalten.\n Angaben zur Ertragsverwendung *\t\nkosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige\t Anteilklasse innerhalb eines Geschäftsperiode aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (synthetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All- In-Fee/Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse USD LBD 1,58%\n1)\n,\tKlasse USD LBD10 0,74%\n1)\n,\nKlasse USD SBD 0,93%\n1)\n,\tKlasse USD WAMBD 0,53%\n1)\n1) \nBei unterjährig aufgelegten Anteilklassen wird von einer Annualisierung abgesehen.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf USD 953,61.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nKlasse USD LBD\n| Art | per | Währung | Je Anteil |\n| --- | --- | --- | --- |\n| Endausschüttung | 4.3.2022 | USD | 0,00 |\n| Klasse USD LBD10 | | | |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | USD | 0,00 |\n| Klasse USD SBD | | | |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | USD | 0,00 |\n| Klasse USD WAMBD | | | |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | USD | 0,00 |\n\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nIm Falle einer Endausschüttung eventuell verbleibende ordentliche Ergebnisse der Geschäftsperiode werden thesauriert.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n| Fondsvermögen am Ende der Geschäftsperiode 2021 .......................................... . | USD | 21 183 028,82 |\n| --- | --- | --- |\n| 2020 .......................................... . | USD | - |\n| 2019 .......................................... . | USD | - |\n| Anteilwert am Ende der Geschäftsperiode | | |\n| 2021 | Klasse USD LBD ........................ . | USD | 99,65 |\n| | Klasse USD LBD10 ...................... . | USD | 10 009,49 |\n| | Klasse USD SBD ........................ . | USD | 9 998,49 |\n| | Klasse USD WAMBD .................... . | USD | 10 018,86 |\n| 2020 | Klasse USD LBD ........................ . | USD | - |\n| | Klasse USD LBD10 ...................... . | USD | - |\n| | Klasse USD PFBD ....................... . | USD | - |\n| | Klasse USD SBD ........................ . | USD | - |\n| | Klasse USD WAMBD .................... . | USD | - |\n| 2019 | Klasse USD LBD ........................ . | USD | - |\n| | Klasse USD LBD10 ...................... . | USD | - |\n| | Klasse USD PFBD ....................... . | USD | - |\n| | Klasse USD SBD ........................ . | USD | - |\n| | Klasse USD WAMBD .................... . | USD | - |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 2,76% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt USD 1 432 781,06.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet.\nÜberschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicher- maßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nZiel des Teilfonds DWS Strategic ESG Allocation Balance ist es, unter Berück sichtigung der Chancen und Risiken der internationalen Ka pitalmärkte mittel bis langfris tig ein positives Anlageergebnis zu erzielen. Hierzu investiert\nDWS STRATEGIC ESG ALLOCATION BALANCE\nWertentwicklung seit Auflegung\n140\n130\n120\n110\n100\n90\n80\n70\nder Teilfonds vorwiegend in\n29.1.18*\n12/18\t12/19\t12/20\n12/21\nExchange Traded Funds (ETFs).\nDWS Strategic ESG Allocation Balance (Anteilklasse LC)\n* aufgelegt am 29.1.2018 = 100 Angaben auf Euro-Basis\nDarüber hinaus kann der Teil\nfonds bis zu 49% seines Ver mögens in verzinslichen Wert papieren, Aktien, Zertifikaten, Wandelanleihen, Optionsanlei hen, deren zugrunde liegende Optionsscheine auf Wertpa piere lauten, Optionsscheinen auf Aktien, Partizipations und Genussscheinen, Derivaten, Fonds sowie Geldmarktinstru menten, Einlagen und Barmit teln anlegen. Bis zu 10% des Teilfondsvermögens können in Zertifikate, die auf Rohstoffe, Rohstoffindizes, Edelmetallen und Edelmetallindizes basieren, investiert werden. Der Teilfonds kombiniert zulässige Anlagein\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDWS STRATEGIC ESG ALLOCATION BALANCE\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | 3 Jahre | seit Auflegung 1) |\n| --- | --- | --- | --- | --- |\n| Klasse LC | LU1740984924 | 12,9% | 37,3% | 28,8% |\n| Klasse FC | LU1740984767 | 13,2% | 38,6% | 30,5% |\n| Klasse ID | LU1740984841 | 13,4% | 39,2% | 31,2% |\n| Klasse LD | LU1922430332 | 12,8% | – | 31,7% |\n| Klasse NC | LU1961009468 | 12,6% | – | 24,1% |\n| Klasse RC | LU2001266027 | 12,7% | – | 23,0% |\n\n1) \nKlassen FC, ID und LC aufgelegt am 29.1.2018 / Klasse LD aufgelegt am 31.1.2019 / Klasse NC aufgelegt am 25.4.2019 / Klasse RC aufgelegt am 28.6.2019\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nstrumente aus verschiedenen Anlageklassen um ein aus gewogenes Risiko/Rendite Profil zu erzielen. Er strebt eine annualisierte Volatilität von 5% bis 10% über einen rollierenden Fünfjahreszeitraum an. Es kann jedoch nicht garantiert werden, dass die Volatilitätsspanne je derzeit eingehalten wird.\nDas Anlageumfeld war im Berichtszeitraum neben immer noch sehr niedrigen Zinsen sowie Schwankungen an den Kapitalmärkten vor allem auch von der Coronakrise* geprägt. Trotz der vor allem zum Ende des Berichtszeitraums hin\nsteigenden Inflation blieb ein Zinsanstieg sowohl im Euro raum als auch in den USA aus. Beeinflusst wurde diese Ent wicklung an den Märkten von einem verstärkten Interesse der Investoren auf deren Suche nach Investitionsmöglichkeiten für Liquidität, in einem Umfeld, das weiterhin durch die aus giebige Geldversorgung der Zentralbanken in den Indus\ntriestaaten gekennzeichnet war. Vor diesem Hintergrund erzielte DWS Strategic ESG Allocation Balance im Geschäftsjahr 2021 einen Wertzuwachs von 12,9% (Anteilklasse LC; nach BVIMe thode; in Euro).\n\n##### Anlagepolitik im\nBerichtszeitraum\nInnerhalb des Aktienporte feuilles investierte der Teilfonds global in AktienETFs, wie beispielsweise in den Xtrackers MSCI USA ESG UCITS ETF, den\nXtrackers MSCI Europe ESG UCITS ETF und den Xtrackers MSCI Emerging Markets ESG UCITS ETF. Hinsichtlich seiner Branchenallokation war der Teilfonds somit breit aufgestellt. Die internationalen Aktienbör sen schlossen das Jahr 2021 mit deutlichen Kurssteigerun gen ab, zeichneten allerdings ein differenziertes Bild. Wäh rend die Aktienmärkte in den\nwestlichen Industrieländern – begünstigt insbesondere durch die schnelle Erholung der Un- ternehmensgewinne – kräftige Kurszuwächse verzeichneten, bildeten die Börsen der Emer- ging Markets das Schlusslicht. Auf der Rentenseite war der Teilfonds global in Renten-ETFs sowie in Rentenzielfonds inves- tiert. Die Entwicklung an den internationalen Kapitalmärkten stand im Jahr 2021 insbeson- dere unter dem Eindruck der Coronavirus-Pandemie und deren gesellschaftlichen sowie ökonomischen Folgen für die\ntanten sowie damit verbunde- ne neue Beschränkungen die Konjunkturperspektiven. Vor dem Hintergrund global hoher Verschuldung und historisch extrem niedriger Zinsen kam es an den Anleihemärkten im\nBerichtsjahr bis Ende Dezember 2021 zum längeren Laufzeiten- de hin unter Schwankungen zu Kursermäßigungen bei einem Anstieg der Anleiherenditen\nauf einem immer noch sehr niedrigen, zum Teil negativen Renditeniveau. An den Unter- nehmensanleihemärkten verbuchten High Yield-Titel\nDie Darstellung der offenzule- genden Informationen für re- gelmäßige Berichte für Finanz- produkte im Sinne des Artikels 8(1) gemäß Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Of- fenlegungspflichten im Finanz- dienstleistungssektor) sowie im Sinne des Artikels 6 gemäß Ver- ordnung (EU) 2020/852 (Taxo- nomie Verordnung) können den Angaben gemäß Verordnung (EU) 2019/2088 sowie gemäß Verordnung (EU) 2020/852 im hinteren Teil des Berichts ent- nommen werden.\nWeltgemeinschaft. Demgegen-\tKurssteigerungen bei verrin-\t\nüber unterstützte die – ange- sichts der abgeschwächten Weltkonjunktur – extrem locke- re Geldpolitik der Zentralbanken der Industrieländer die Kursent- wicklung an den Finanzmärk- ten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie\ndie einsetzenden Impfkampa- gnen. Allerdings kam bei den Investoren auch die Inflations- frage auf, hervorgerufen u.a. durch die deutlich gestiegenen Preise an den Rohstoffmärk- ten, den Corona bedingten Konsum-Nachholbedarf sowie partielle Angebotsverknappung aufgrund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu-\ngerten Risikoaufschlägen und konnten damit Unternehmens- anleihen (Corporate Bonds) mit Investment-Grade-Status, die schwächer notierten, out- performen.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Sondervermögen bewirbt ökologische und/oder soziale Merkmale im Sinne des Arti- kels 8(1) der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Of- fenlegungspflichten im Finanz- dienstleistungssektor).\nDie Auswahl der Vermögens- gegenstände erfolgt über- wiegend im Einklang mit den beworbenen ökologischen und/ oder sozialen Kriterien. Die diesem Finanzprodukt zugrun- de liegenden Investitionen berücksichtigen jedoch nicht die EU-Kriterien für ökologisch nachhaltige Wirtschaftsaktivi- täten im Sinne der Taxonomie- Verordnung.\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Aktienfonds | 104 089 943,81 | 55,89 |\n| Rentenfonds | 77 171 740,26 | 41,46 |\n| Sonstige Fonds | 4 042 253,04 | 2,17 |\n| Summe Investmentanteile | 185 303 937,11 | 99,52 |\n| 2. Derivate | 258 898,63 | 0,14 |\n| 3. Bankguthaben | 741 126,51 | 0,40 |\n| 4. Forderungen aus Anteilscheingeschäften | 8 106,86 | 0,00 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -104 732,41 | -0,05 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -16 273,02 | -0,01 |\n| III. Fondsvermögen | 186 191 063,68 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n\nInvestmentanteile\t185 303 937,11\t99,52\nGruppeneigene Investmentanteile\nDWS Institutional - DWS Institutional ESG\n| Euro Money Market Fund -IC- EUR - (0,110%) ........... DWS Invest SICAV - DWS Invest ESG | Anteile | 294 | 1 259 | 1 058 | EUR | 13 749,16 | 4 042 253,04 | 2,17 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Euro High Yield -XC- EUR - (0,200%) ................... | Anteile | 124 385 | 139 397 | 15 012 | EUR | 103,55 | 12 880 066,75 | 6,92 |\n| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0,350%) ........... | Anteile | 12 127 | 13 603 | 1 476 | EUR | 161,63 | 1 960 087,01 | 1,05 |\n| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0,250%) .................. | Anteile | 35 987 | 29 586 | 11 923 | EUR | 50,27 | 1 809 066,49 | 0,97 |\n| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0,200%) ...................... | Anteile | 998 316 | 1 003 819 | 5 503 | EUR | 27,515 | 27 468 664,74 | 14,75 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0,250%) ...................... | Anteile | 50 212 | 50 212 | | EUR | 36,38 | 1 826 712,56 | 0,98 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0,150%) .................. | Anteile | 34 969 | 36 125 | 19 753 | EUR | 52,64 | 1 840 768,16 | 0,99 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0,150%) ...................... | Anteile | 52 812 | 43 123 | 17 651 | EUR | 34,49 | 1 821 485,88 | 0,98 |\n| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0,060%) ...................... | Anteile | 188 867 | 188 867 | | EUR | 155,925 | 29 449 086,98 | 15,82 |\n| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0,010%) ...................... | Anteile | 50 659 | 44 590 | 1 213 | EUR | 210,62 | 10 669 798,58 | 5,73 |\n| Xtrackers - S&P 500 Swap UCITS ETF -1C- USD - (0,050%) ...................... | Anteile | 151 590 | 116 593 | 130 869 | USD | 91,468 | 12 233 063,25 | 6,57 |\n| Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0,060%) ...................... | Anteile | 159 243 | 180 281 | 21 038 | USD | 45,97 | 6 458 511,37 | 3,47 |\n| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0,350%) ... | Anteile | 744 231 | 765 206 | 20 975 | USD | 13,4 | 8 798 530,19 | 4,73 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0,150%) ...................... | Anteile | 261 880 | 261 880 | | USD | 52,57 | 12 146 128,84 | 6,52 |\n| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0,100%) ...................... | Anteile | 278 141 | 325 130 | 46 989 | USD | 22,24 | 5 457 545,55 | 2,93 |\n| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0,050%) ...................... | Anteile | 532 423 | 532 423 | | USD | 50,64 | 23 787 460,46 | 12,78 |\n| Xtrackers IE Physical Gold ETC Securities USD - (0,150%) .. Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0,070%) ...................... | Anteile Anteile | 259 525 44 812 | 197 486 31 729 | 4 083 | USD USD | 27,91 225,51 | 6 390 526,06 8 915 746,39 | 3,43 4,79 |\n| Gruppenfremde Investmentanteile Amundi Index Solutions - Amundi Index MSCI USA SRI UCITS ETF DR EUR - (0,180%) ....................... | Anteile | 56 046 | 56 046 | | EUR | 97,63 | 5 471 770,98 | 2,94 |\n| UBS (Irl) ETF plc - S&P 500 ESG UCITS ETF -A- USD - (0,120%) ....................... | Anteile | 66 234 | 107 910 | 41 676 | USD | 32,115 | 1 876 663,83 | 1,00 |\n| Summe Wertpapiervermögen | | | | | | | 185 303 937,11 | 99,52 |\n\nDerivate\n(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)\n| Devisen-Derivate Forderungen/Verbindlichkeiten | | | 258 898,63 | 0,14 |\n| --- | --- | --- | --- | --- |\n| Devisentermingeschäfte | | | | |\n| Devisentermingeschäfte (Verkauf) | | | | |\n| Offene Positionen EUR/USD 31,2 Mio. ................................ | | | 115 531,07 | 0,06 |\n| Geschlossene Positionen EUR/USD 32,5 Mio. ................................ | | | 143 367,56 | 0,08 |\n| Bankguthaben | | | 741 126,51 | 0,40 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | | 622 834,59 | 0,34 |\n| Guthaben in sonstigen EU/EWR-Währungen | | | | |\n| Dänische Kronen .................................. | DKK | 1 | 0,09 | 0,00 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | |\n| Britisches Pfund ................................... | GBP | 4 916 | 5 860,98 | 0,00 |\n| Japanischer Yen ................................... | JPY | 1 901 055 | 14 573,82 | 0,01 |\n| Schweizer Franken ................................. | CHF | 1 289 | 1 244,88 | 0,00 |\n| US-Dollar ........................................ | USD | 109 505 | 96 612,15 | 0,05 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Forderungen aus Anteilscheingeschäften | 8 106,86 | 0,00 |\n| Summe der Vermögensgegenstände | 186 312 069,11 | 100,06 |\n| Sonstige Verbindlichkeiten | -104 732,41 | -0,05 |\n| Verbindlichkeiten aus Kostenpositionen ................ | -104 732,41 | -0,05 |\n| Verbindlichkeiten aus Anteilscheingeschäften | -16 273,02 | -0,01 |\n| Summe der Verbindlichkeiten | -121 005,43 | -0,06 |\n| Fondsvermögen | 186 191 063,68 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse FC ........................................ | EUR | 130,48 |\n| Klasse ID ........................................ | EUR | 130,20 |\n| Klasse LC ........................................ | EUR | 128,80 |\n| Klasse LD ........................................ | EUR | 131,56 |\n| Klasse NC ........................................ | EUR | 124,08 |\n| Klasse RC ........................................ | EUR | 123,01 |\n| Umlaufende Anteile Klasse FC ........................................ | Stück | 82 622,171 |\n| Klasse ID ........................................ | Stück | 154 175,000 |\n| Klasse LC ........................................ | Stück | 6 592,434 |\n| Klasse LD ........................................ | Stück | 795 160,844 |\n| Klasse NC ........................................ | Stück | 401 851,084 |\n| Klasse RC ........................................ | Stück | 100,000 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI THE WORLD INDEX in EUR (50%) and iBoxx EUR Overall (50%)\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 89,613 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ...................... | % | 112,203 |\n| durchschnittlicher potenzieller Risikobetrag .............. | % | 98,045 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,3, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 30 887 868,30.\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Schweizer Franken\tCHF | 1,035520 | = EUR | 1 |\n| --- | --- | --- | --- |\n| Dänische Kronen\tDKK | 7,436396 | = EUR | 1 |\n| Britisches Pfund\tGBP | 0,838785 | = EUR | 1 |\n| Japanischer Yen\tJPY | 130,443111 | = EUR | 1 |\n| US-Dollar\tUSD | 1,133450 | = EUR | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 1.1.2021 bis 31.12.2021 | | | I. | Wert des Fondsvermögens am Beginn des Geschäftsjahres ................. | EUR | 61 682 269,69 |\n| --- | --- | --- | --- | --- | --- | --- |\n| I. Erträge | | | 1. | Ausschüttung für das Vorjahr ..................... | EUR | -58 719,65 |\n| 1. Erträge aus Investmentanteilen ................... | EUR | 1 732 552,13 | 2. | Mittelzufluss (netto) ........................... | EUR | 114 738 322,52 |\n| 2. Erträge aus Wertpapier-Darlehen .................. | EUR | 2 369,13 | 3. | Ertrags-/Aufwandsausgleich ...................... | EUR | -6 075 318,97 |\n| | | | 4. | Ordentlicher Nettoertrag ........................ | EUR | 611 961,76 |\n| Summe der Erträge .............................. | EUR | 1 734 921,26 | 5. | Realisierte Gewinne/Verluste ..................... | EUR | 340 609,53 |\n| II. Aufwendungen | | | 6. | Nettoveränderung der nicht realisierten Gewinne/Verluste .................... | EUR | 14 951 938,80 |\n| 1. Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen .................. | EUR | -17 873,68 | II. | Wert des Fondsvermögens | | |\n| 2. Verwaltungsvergütung .......................... | EUR | -1 049 662,89 | | am Ende des Geschäftsjahres ................... | EUR | 186 191 063,68 |\n\ndavon:\nKostenpauschale ............ EUR -1 049 662,89\n- Rechts- und Veröffentlichungskosten .............. EUR\t-1 324,86\n- Taxe d‘Abonnement ............................ EUR\t-53 308,36\n- Sonstige Aufwendungen ........................ EUR\t-789,71 davon:Erfolgsabhängige Vergütungaus Leihe-Erträgen .......... EUR\t-789,71Summe der Aufwendungen ....................... EUR\t-1 122 959,50III. Ordentlicher Nettertrag ........................ EUR\t611 961,76IV. Veräußerungsgeschäfte Zusammensetzung der Gewinne/Verluste\t2021 Realisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t340 609,53aus:Wertpapiergeschäften .......................... EUR\t2 973 800,19Devisen(termin)geschäften ...................... EUR\t-2 648 000,98 Derivaten und sonstigen Finanztermingeschäften .... EUR\t\t14 810,32\n\n| Realisierte Gewinne/Verluste ........................ | EUR | 340 609,53 | |\n| --- | --- | --- | --- |\n| Ergebnis aus Veräußerungsgeschäften .............. | EUR | 340 609,53 |\n| V. Ergebnis des Geschäftsjahres ................... | EUR | 952 571,29 | | Angaben zur Ertragsverwendung *\t |\n| | | | | |\n| Gesamtkostenquote (BVI - Total Expense Ratio (TER)) | | | | Klasse FC |\n| Die Gesamtkostenquote der Anteilklassen belief sich auf: | | | | Das Ergebnis des Geschäftsjahres wird thesauriert. |\n\nKlasse FC 0,28% p.a., Klasse ID 0,14% p.a., Klasse LC 0,61% p.a., Klasse LD 0,70% p.a., Klasse NC 0,84% p.a., Klasse RC 0,73% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktions- kosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb eines Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (synthetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse FC 0,47% p.a., Klasse ID 0,32% p.a., Klasse LC 0,79% p.a., Klasse LD 0,89% p.a., Klasse NC 1,02% p.a., Klasse RC 0,91% p.a.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 2 169,99.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nKlasse ID\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t1,.02\nKlasse LC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t0,39\nKlasse NC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse RC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nIm Falle einer Endausschüttung eventuell verbleibende ordentliche Ergebnisse des Geschäftsjahres werden thesauriert.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n| Fondsvermögen am Ende des Geschäftsjahres 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 186 191 063,68 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 61 682 269,69 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 27 570 383,81 |\n| Anteilwert am Ende des Geschäftsjahres | | |\n| 2021 | Klasse FC ............................... | EUR | 130,48 |\n| | Klasse ID ............................... | EUR | 130,20 |\n| | Klasse LC ............................... | EUR | 128,80 |\n| | Klasse LD .............................. | EUR | 131,56 |\n| | Klasse NC .............................. | EUR | 124,08 |\n| | Klasse RC .............................. | EUR | 123,01 |\n| 2020 | Klasse FC ............................... | EUR | 115,28 |\n| | Klasse ID ............................... | EUR | 115,24 |\n| | Klasse LC ............................... | EUR | 114,11 |\n| | Klasse LD .............................. | EUR | 116,71 |\n| | Klasse NC .............................. | EUR | 110,23 |\n| | Klasse RC .............................. | EUR | 109,17 |\n| 2019 | Klasse FC ............................... | EUR | 109,58 |\n| | Klasse ID ............................... | EUR | 109,47 |\n| | Klasse LC ............................... | EUR | 108,86 |\n| | Klasse LD .............................. | EUR | 111,41 |\n| | Klasse NC .............................. | EUR | 105,37 |\n| | Klasse RC .............................. | EUR | 104,26 |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 1,52% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 2 920 680,80.\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nZiel des Teilfonds DWS Strategic ESG Allocation Defensive ist es, unter Berück sichtigung der Chancen und Risiken der internationalen Ka pitalmärkte mittel bis langfris tig ein positives Anlageergebnis zu erzielen. Hierzu investiert\nDWS STRATEGIC ESG ALLOCATION DEFENSIVE\nWertentwicklung seit Auflegung\n115\n112\n109\n106\n103\n100\n97\n94\nder Teilfonds vorwiegend in\n29.1.18*\n12/18\n12/19\t12/20\n12/21\nExchange Traded Funds (ETFs).\nDWS Strategic ESG Allocation Defensive (Anteilklasse LC)\n* aufgelegt am 29.1.2018 = 100 Angaben auf Euro-Basis\nDarüber hinaus kann der Teil\nfonds bis zu 49% seines Ver mögens in verzinslichen Wert papieren, Aktien, Zertifikaten, Wandelanleihen, Optionsanlei hen, deren zugrunde liegende Optionsscheine auf Wertpa piere lauten, Optionsscheinen auf Aktien, Partizipations und Genussscheinen, Derivaten, Fonds sowie Geldmarktinstru menten, Einlagen und Barmit teln anlegen. Bis zu 10% des Teilfondsvermögens können in Zertifikate, die auf Rohstoffe, Rohstoffindizes, Edelmetallen und Edelmetallindizes basieren, investiert werden. Der Teilfonds kombiniert zulässige Anlagein\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDWS STRATEGIC ESG ALLOCATION DEFENSIVE\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | 3 Jahre | seit Auflegung 1) |\n| --- | --- | --- | --- | --- |\n| Klasse LC | LU1740985228 | 5,4% | 19,0% | 14,1% |\n| Klasse FC | LU1740985061 | 5,7% | 20,2% | 15,6% |\n| Klasse ID | LU1740985145 | 5,9% | 20,7% | 16,3% |\n| Klasse LD | LU1922432890 | 5,3% | – | 16,3% |\n| Klasse RC | LU2001265722 | 5,2% | – | 10,6% |\n| Klasse XD | LU1740985491 | 5,9% | 21,0% | 16,6% |\n\n1) \nKlassen FC, ID, LC und XD aufgelegt am 29.1.2018 / Klasse LD aufgelegt am 31.1.2019 / Klasse RC aufgelegt am 28.6.2019\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nstrumente aus verschiedenen Anlageklassen um ein ausge wogenes Risiko/Rendite-Profil zu erzielen. Er strebt eine annualisierte Volatilität von 2% bis 5% über einen rollierenden Fünfjahreszeitraum an. Es kann jedoch nicht garantiert werden, dass die Volatilitätsspanne je derzeit eingehalten wird.\nDas Anlageumfeld war im Berichtszeitraum neben immer noch sehr niedrigen Zinsen sowie Schwankungen an den Kapitalmärkten vor allem auch von der Coronakrise* geprägt. Trotz der vor allem zum Ende des Berichtszeitraums hin\nsteigenden Inflation blieb ein Zinsanstieg sowohl im Euro raum als auch in den USA aus. Beeinflusst wurde diese Ent wicklung an den Märkten von einem verstärkten Interesse der Investoren auf deren Suche nach Investitionsmöglichkeiten für Liquidität, in einem Umfeld, das weiterhin durch die aus giebige Geldversorgung der Zentralbanken in den Indus\ntriestaaten gekennzeichnet war. Vor diesem Hintergrund erzielte DWS Strategic ESG Allocation Defensive im Geschäftsjahr 2021 einen Wertzuwachs von 5,4% (Anteilklasse LC; nach BVIMethode; in Euro).\n\n##### Anlagepolitik im\nBerichtszeitraum\nAuf der Rentenseite war der Teilfonds global in RentenETFs sowie in Rentenzielfonds inves tiert. Die Entwicklung an den internationalen Kapitalmärkten stand im Jahr 2021 insbeson dere unter dem Eindruck der CoronavirusPandemie und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen über unterstützte die – ange sichts der abgeschwächten Weltkonjunktur – extrem locke re Geldpolitik der Zentralbanken der Industrieländer die Kursent wicklung an den Finanzmärk\nten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie\ndie einsetzenden Impfkampa- gnen. Allerdings kam bei den Investoren auch die Inflations- frage auf, hervorgerufen u.a.\nInnerhalb des Aktienporte- feuilles investierte der Teilfonds global in Aktien-ETFs, wie beispielsweise in den Xtrackers MSCI USA ESG UCITS ETF, den\nXtrackers MSCI Europe ESG UCITS ETF und den Xtrackers MSCI Emerging Markets ESG UCITS ETF. Hinsichtlich seiner Branchenallokation war der Teilfonds somit breit aufgestellt. Die internationalen Aktienbör- sen schlossen das Jahr 2021 mit deutlichen Kurssteigerun- gen ab, zeichneten allerdings ein differenziertes Bild. Wäh-\ngenden Informationen für re- gelmäßige Berichte für Finanz- produkte im Sinne des Artikels 8(1) gemäß Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Of- fenlegungspflichten im Finanz- dienstleistungssektor) sowie im Sinne des Artikels 6 gemäß Ver- ordnung (EU) 2020/852 (Taxo- nomie Verordnung) können den Angaben gemäß Verordnung (EU) 2019/2088 sowie gemäß Verordnung (EU) 2020/852 im hinteren Teil des Berichts ent- nommen werden.\ndurch die deutlich gestiegenen\trend die Aktienmärkte in den\t\nPreise an den Rohstoffmärk- ten, den Corona bedingten Konsum-Nachholbedarf sowie partielle Angebotsverknappung aufgrund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu- tanten sowie damit verbunde- ne neue Beschränkungen die Konjunkturperspektiven. Vor dem Hintergrund global hoher Verschuldung und historisch extrem niedriger Zinsen kam es an den Anleihemärkten im\nBerichtsjahr bis Ende Dezember 2021 zum längeren Laufzeiten- de hin unter Schwankungen zu Kursermäßigungen bei einem Anstieg der Anleiherenditen\nauf einem immer noch sehr niedrigen, zum Teil negativen Renditeniveau. An den Unter- nehmensanleihemärkten ver- buchten High Yield-Titel Kurs- steigerungen bei verringerten Risikoaufschlägen und konnten damit Unternehmensanleihen (Corporate Bonds) mit Invest- ment-Grade-Status, die schwä- cher notierten, outperformen.\nwestlichen Industrieländern – begünstigt insbesondere durch die schnelle Erholung der Un- ternehmensgewinne – kräftige Kurszuwächse verzeichneten, bildeten die Börsen der Emer- ging Markets das Schlusslicht.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Sondervermögen bewirbt ökologische und/oder soziale Merkmale im Sinne des Arti- kels 8(1) der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Of- fenlegungspflichten im Finanz- dienstleistungssektor).\nDie Auswahl der Vermögensge- genstände erfolgt überwiegend im Einklang mit den bewor- benen ökologischen und/oder sozialen Kriterien. Die diesem Finanzprodukt zugrunde liegen- den Investitionen berücksichti- gen jedoch nicht die EU-Krite- rien für ökologisch nachhaltige Wirtschaftsaktivitäten im Sinne der Taxonomie-Verordnung.\nDie Darstellung der offenzule-\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Rentenfonds | 113 578 763,94 | 64,24 |\n| Aktienfonds | 52 351 729,08 | 29,61 |\n| Sonstige Fonds | 7 039 569,92 | 3,98 |\n| Summe Investmentanteile | 172 970 062,94 | 97,83 |\n| 2. Derivate | 378 162,27 | 0,21 |\n| 3. Bankguthaben | 3 634 823,17 | 2,06 |\n| 4. Sonstige Vermögensgegenstände | 27 254,90 | 0,02 |\n| 5. Forderungen aus Anteilscheingeschäften | 116,16 | 0,00 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -97 392,16 | -0,06 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -99 781,32 | -0,06 |\n| III. Fondsvermögen | 176 813 245,96 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n\nInvestmentanteile\t172 970 062,94\t97,83\nGruppeneigene Investmentanteile\n| DWS Floating Rate Notes FCP -IC- EUR - (0,100%) ....... | Anteile | 85 819 | 65 670 | 8 674 | EUR | 84,06 | 7 213 945,14 | 4,08 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| DWS Institutional - DWS Institutional ESG Euro Money Market Fund -IC- EUR - (0,100%) ..................... | Anteile | 512 | 616 | 216 | EUR | 13 749,16 | 7 039 569,92 | 3,98 |\n| DWS Invest SICAV - DWS Invest ESG Euro High Yield -XC- EUR - (0,200%) ................................ | Anteile | 110 309 | 114 797 | 4 488 | EUR | 103,55 | 11 422 496,95 | 6,46 |\n| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0,350%) ............................ | Anteile | 5 549 | 5 926 | 377 | EUR | 161,63 | 896 884,87 | 0,51 |\n| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0,250%) .................. | Anteile | 17 241 | 18 054 | 6 895 | EUR | 50,27 | 866 705,07 | 0,49 |\n| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0,200%) ............................ | Anteile | 564 511 | 570 996 | 6 485 | EUR | 27,515 | 15 532 520,17 | 8,78 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0,250%) ............... | Anteile | 24 900 | 27 391 | 2 491 | EUR | 36,38 | 905 862,00 | 0,51 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0,150%) ........................ | Anteile | 16 834 | 19 319 | 8 658 | EUR | 52,64 | 886 141,76 | 0,50 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0,150%) ............................ | Anteile | 26 244 | 25 486 | 8 317 | EUR | 34,49 | 905 155,56 | 0,51 |\n| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0,060%) ................................... | Anteile | 212 868 | 215 869 | 3 001 | EUR | 155,925 | 33 191 442,90 | 18,77 |\n| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0,010%) ................................... | Anteile | 105 930 | 90 314 | 2 265 | EUR | 210,62 | 22 310 976,60 | 12,62 |\n| Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0,060%) ...................... | Anteile | 203 179 | 227 411 | 24 232 | USD | 45,97 | 8 240 449,39 | 4,66 |\n| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0,350%) ... | Anteile | 673 270 | 673 270 | | USD | 13,4 | 7 959 607,19 | 4,50 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0,150%) ...................... | Anteile | 116 648 | 129 951 | 13 303 | USD | 52,57 | 5 410 194,12 | 3,06 |\n| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0,100%) ................................ | Anteile | 111 397 | 174 691 | 63 294 | USD | 22,24 | 2 185 777,00 | 1,24 |\n| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0,050%) ................................ | Anteile | 439 901 | 508 328 | 68 427 | USD | 50,64 | 19 653 785,89 | 11,12 |\n| Xtrackers IE Physical Gold ETC Securities USD - (0,150%) .. | Anteile | 207 469 | 189 231 | 24 181 | USD | 27,91 | 5 108 702,64 | 2,89 |\n| Xtrackers II - US Treasuries 1-3 UCITS ETF -1D- USD - (0,070%) ......................................... | Anteile | 9 599 | 7 514 | 176 | USD | 167,15 | 1 415 565,43 | 0,80 |\n| Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0,070%) | Anteile | 70 980 | 62 933 | 7 846 | USD | 225,51 | 14 122 102,98 | 7,99 |\n| Gruppenfremde Investmentanteile iShares IV plc - iShares $ Short Duration Corporate Bond UCITS ETF USD - (0,200%) .......................... | Anteile | 85 196 | 68 544 | 1 457 | USD | 102,47 | 7 702 177,36 | 4,36 |\n| Summe Wertpapiervermögen | | | | | | | 172 970 062,94 | 97,83 |\n\nDerivate\n(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)\n| Devisen-Derivate Forderungen/Verbindlichkeiten | | | 378 162,27 | 0,21 |\n| --- | --- | --- | --- | --- |\n| Devisentermingeschäfte | | | | |\n| Devisentermingeschäfte (Verkauf) | | | | |\n| Offene Positionen EUR/USD 46,6 Mio. ................................ | | | 166 899,34 | 0,09 |\n| Geschlossene Positionen EUR/USD 47,2 Mio. ................................ | | | 211 262,93 | 0,12 |\n| Bankguthaben | | | 3 634 823,17 | 2,06 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | | 3 533 330,53 | 2,00 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | |\n| Britisches Pfund ................................... | GBP | 7 | 7,53 | 0,00 |\n| Japanischer Yen ................................... | JPY | 473 600 | 3 630,70 | 0,00 |\n| Schweizer Franken ................................. | CHF | 886 | 855,80 | 0,00 |\n| US-Dollar ........................................ | USD | 109 943 | 96 998,61 | 0,06 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Sonstige Vermögensgegenstände | 27 254,90 | 0,02 |\n| Dividenden- / Ausschüttungsansprüche ................. | 27 254,90 | 0,02 |\n| Forderungen aus Anteilscheingeschäften | 116,16 | 0,00 |\n| Summe der Vermögensgegenstände | 177 010 419,44 | 100,12 |\n| Sonstige Verbindlichkeiten | -97 392,16 | -0,06 |\n| Verbindlichkeiten aus Kostenpositionen ................ | -97 352,78 | -0,06 |\n| Andere sonstige Verbindlichkeiten ..................... | -39,38 | 0,00 |\n| Verbindlichkeiten aus Anteilscheingeschäften | -99 781,32 | -0,06 |\n| Summe der Verbindlichkeiten | -197 173,48 | -0,12 |\n| Fondsvermögen | 176 813 245,96 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse FC ........................................ | EUR | 115,61 |\n| Klasse ID ........................................ | EUR | 115,27 |\n| Klasse LC ........................................ | EUR | 114,13 |\n| Klasse LD ........................................ | EUR | 116,19 |\n| Klasse RC ........................................ | EUR | 110,61 |\n| Klasse XD ........................................ | EUR | 115,31 |\n| Umlaufende Anteile Klasse FC ........................................ | Stück | 95 735,282 |\n| Klasse ID ........................................ | Stück | 100,000 |\n| Klasse LC ........................................ | Stück | 144 356,000 |\n| Klasse LD ........................................ | Stück | 1 070 734,434 |\n| Klasse RC ........................................ | Stück | 100,000 |\n| Klasse XD ........................................ | Stück | 215 370,118 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) 70% iBoxx Euro Overall Index, 30% MSCI World Net TR Index in EUR\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 80,943 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ..................... | % | 104,985 |\n| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 88,498 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,3, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 41 167 070,65.\n Marktschlüssel\t Vertragspartner der Devisentermingeschäfte\nToronto Dominion Bank.\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Schweizer Franken\tCHF | 1,035520 | = EUR | 1 |\n| --- | --- | --- | --- |\n| Britisches Pfund\tGBP | 0,838785 | = EUR | 1 |\n| Japanischer Yen\tJPY | 130,443111 | = EUR | 1 |\n| US-Dollar\tUSD | 1,133450 | = EUR | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 1.1.2021 bis 31.12.2021\n- Erträge\n\t- Erträge aus Investmentanteilen ................... EUR\t2 248 116,86\n\t- Erträge aus Wertpapier-Darlehen .................. EUR\t169,06Summe der Erträge .............................. EUR\t2 248 285,92\n\n- Aufwendungen\n\t- Zinsen aus Kreditaufnahmen undnegativen Einlagenverzinsungen .................. EUR\t-22 569,72\n\n- Verwaltungsvergütung .......................... EUR\t-849 270,33 davon:Kostenpauschale ............ EUR\t-849 270,33\n- Rechts- und Veröffentlichungskosten .............. EUR\t-1 300,80\n- Taxe d‘Abonnement ............................ EUR\t-85 365,75\n- Sonstige Aufwendungen ........................ EUR\t-56,36 davon:Erfolgsabhängige Vergütung\n\n| Realisierte Gewinne/Verluste ........................ | EUR | -457 987,16 | |\n| --- | --- | --- | --- |\n| Ergebnis aus Veräußerungsgeschäften .............. | EUR | -457 987,16 |\n| V. Ergebnis des Geschäftsjahres ................... | EUR | 831 735,80 | | Angaben zur Ertragsverwendung *\t |\n| | | | | |\n| Gesamtkostenquote (BVI - Total Expense Ratio (TER)) | | | | Klasse FC |\n| Die Gesamtkostenquote der Anteilklassen belief sich auf: | | | | Das Ergebnis des Geschäftsjahres wird thesauriert. |\n\naus Leihe-Erträgen .......... EUR\t-56,36 \n| Summe der Aufwendungen ....................... | EUR | -958 562,96 |\n| --- | --- | --- |\n| III. Ordentlicher Nettoertrag ....................... | EUR | 1 289 722,96 |\n| IV. Veräußerungsgeschäfte | | |\n\nKlasse FC 0,29% p.a., Klasse ID 0,13% p.a., Klasse LC 0,62% p.a., Klasse LD 0,68% p.a., Klasse RC 0,77% p.a., Klasse XD 0,08% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktions- kosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb des Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (syn- thetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/ Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse FC 0,45% p.a., Klasse ID 0,29% p.a., Klasse LC 0,78% p.a., Klasse LD 0,84% p.a., Klasse RC 0,93% p.a., Klasse XD 0,24% p.a.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 2 174,08.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\n Entwicklung des Fondsvermögens\t2021 \n- Wert des Fondsvermögensam Beginn des Geschäftsjahres ................. EUR\t40 386 302,32\n- Ausschüttung für das Vorjahr ..................... EUR\t-100 031,15\n- Mittelzufluss (netto) ........................... EUR\t133 223 957,92\n- Ertrags-/Aufwandsausgleich ...................... EUR\t-4 566 889,10\n- Ordentlicher Nettoertrag ........................ EUR\t1 289 722,96\n- Realisierte Gewinne/Verluste ..................... EUR\t-457 987,16\n- Nettoveränderung der nichtrealisierten Gewinne/Verluste .................... EUR\t7 038 170,17\n- Wert des Fondsvermögensam Ende des Geschäftsjahres ................... EUR\t176 813 245,96 Zusammensetzung der Gewinne/Verluste\t2021 Realisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t-457 987,16\n\n| aus: | |\n| --- | --- |\n| Wertpapiergeschäften .......................... | EUR | 2 959 306,25 |\n| Devisen(termin)geschäften ...................... | EUR | -3 395 107,44 |\n| Derivaten und sonstigen Finanztermingeschäften .... | EUR | -22 185,97 |\n\n| Klasse ID | |\n| --- | --- |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | EUR | 1,30 |\n| Klasse LC | | | |\n\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t0,73\nKlasse RC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n| Klasse XD | |\n| --- | --- |\n| Art | per | Währung | Je Anteil |\n| Endausschüttung | 4.3.2022 | EUR | 1,35 |\n\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nIm Falle einer Endausschüttung eventuell verbleibende ordentliche Ergebnisse des Geschäftsjahres werden thesauriert.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n| Fondsvermögen am Ende des Geschäftsjahres 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 176 813 245,96 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 40 386 302,32 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 24 709 797,91 |\n| Anteilwert am Ende des Geschäftsjahres | | |\n| 2021 | Klasse FC ............................... | EUR | 115,61 |\n| | Klasse ID ............................... | EUR | 115,27 |\n| | Klasse LC ............................... | EUR | 114,13 |\n| | Klasse LD .............................. | EUR | 116,19 |\n| | Klasse RC .............................. | EUR | 110,61 |\n| | Klasse XD .............................. | EUR | 115,31 |\n| 2020 | Klasse FC ............................... | EUR | 109,35 |\n| | Klasse ID ............................... | EUR | 109,24 |\n| | Klasse LC ............................... | EUR | 108,31 |\n| | Klasse LD .............................. | EUR | 110,34 |\n| | Klasse RC .............................. | EUR | 105,12 |\n| | Klasse XD .............................. | EUR | 109,35 |\n| 2019 | Klasse FC ............................... | EUR | 105,71 |\n| | Klasse ID ............................... | EUR | 105,60 |\n| | Klasse LC ............................... | EUR | 105,05 |\n| | Klasse LD .............................. | EUR | 107,08 |\n| | Klasse RC .............................. | EUR | 102,13 |\n| | Klasse XD .............................. | EUR | 105,67 |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-\t Konzerns)\nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 1,65% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 3 316 783,85.\n Swing Pricing\t\nSwing Pricing ist ein Mechanismus, der Anteilinhaber vor den negativen Auswirkungen von Handelskosten schützen soll, die durch die Zeichnungs- und Rücknahmeaktivitäten entstehen. Umfangreiche Zeichnungen und Rücknahmen innerhalb eines (Teil-)Fonds können zu einer Verwässerung des Anlagevermögens dieses (Teil-)Fonds führen, da der Nettoinventarwert unter Umständen nicht alle Handels- und sonstigen Kosten widerspiegelt, die anfallen, wenn der Portfoliomanager Wertpapiere kaufen oder verkaufen muss, um große (Netto-)Zu- bzw. Abflüsse im (Teil-)Fonds zu bewältigen. Zusätzlich zu diesen Kosten können erhebliche Auftragsvolumina zu Marktpreisen führen, die beträchtlich unter bzw. über den Marktpreisen liegen, die unter gewöhnlichen Umständen gelten.\nUm den Anlegerschutz für die bereits vorhandenen Anteilinhaber zu verbessern, kann ein Swing Pricing-Mechanismus angewendet werden, um Handelskosten und sonstige Aufwendungen zu kompensieren, sollte ein (Teil-)Fonds zu einem Bewertungsdatum von den vorgenannten kumulierten (Netto-)Zu- bzw. Abflüssen wesentlich betroffen sein und eine festgelegte Schwelle überschreiten („teilweises Swing Pricing“); dieser Mechanismus kann auf sämtliche (Teil-)Fonds angewendet werden. Bei der Einführung eines Swing Pricing- Mechanismus für einen bestimmten (Teil-)Fonds wird dies im Verkaufsprospekt – Besonderer Teil veröffentlicht.\nDie Verwaltungsgesellschaft des Fonds wird Grenzwerte für die Anwendung des Swing Pricing-Mechanismus definieren, die unter anderem auf den aktuellen Marktbedingungen, der vorhandenen Marktliquidität und den geschätzten Verwässerungskosten basieren. Die eigentliche Anpassung wird dann im Einklang mit diesen Grenzwerten automatisch eingeleitet. Überschreiten die (Netto-)Zu- bzw. Abflüsse den Swing-Schwellenwert, wird der Nettoinventarwert nach oben korrigiert, wenn es zu großen Nettozuflüssen in den (Teil-)Fonds gekommen ist, und nach unten korrigiert, wenn große Nettoabflüsse verzeichnet wurden. Diese Anpassung findet auf alle Zeichnungen und Rücknahmen des betreffenden Handelstages gleicher- maßen Anwendung. Falls für den (Teil-)Fonds eine erfolgsabhängige Vergütung gilt, basiert die Berechnung auf dem ursprünglichen Nettoinventarwert.\nDie Verwaltungsgesellschaft hat einen Swing Pricing-Ausschuss eingerichtet, der die Swing-Faktoren für jeden einzelnen (Teil-)Fonds festlegt. Diese Swing-Faktoren geben das Ausmaß der Nettoinventarwertanpassung an. Der Swing Pricing-Ausschuss berücksichtigt insbesondere die folgenden Faktoren:\n- Geld-Brief-Spanne (Fixkostenelement),\n- Auswirkungen auf den Markt (Auswirkungen der Transaktionen auf den Preis),\n- zusätzliche Kosten, die durch Handelsaktivitäten für die Anlagen entstehen.\n\nDie Angemessenheit der angewendeten Swing-Faktoren, die betrieblichen Entscheidungen im Zusammenhang mit dem Swing Pricing (einschließlich des Swing-Schwellenwerts), das Ausmaß der Anpassung und die betroffenen (Teil-)Fonds werden in regelmäßigen Abständen überprüft.\nDer Betrag der Swing Pricing-Anpassung kann somit von (Teil-)Fonds zu (Teil-)Fonds variieren und wird im Regelfall 2% des ursprünglichen Nettoinventarwerts pro Anteil nicht übersteigen. Die Nettoinventarwertanpassung ist auf Anfrage bei der Verwaltungsgesellschaft verfügbar. In einem Marktumfeld mit extremer Illiquidität kann die Verwaltungsgesellschaft die Swing Pricing-Anpassung jedoch auf über 2% des ursprünglichen Nettoinventarwerts erhöhen. Eine Mitteilung über eine derartige Erhöhung wird auf der Website der Verwaltungsgesellschaft www.dws.com veröffentlicht.\nDa der Mechanismus nur angewendet werden soll, wenn bedeutende (Netto-)Zu- bzw. Abflüsse erwartet werden und er bei gewöhnlichen Handelsvolumina nicht zum Tragen kommt, ist davon auszugehen, dass die Nettoinventarwertanpassung nur gelegentlich durchgeführt wird.\nDer vorliegende (Teil-)Fonds kann Swing Pricing anwenden, hat dies im Berichtszeitraum jedoch nicht ausgeführt, da dessen (Netto-)Zu- bzw. Abflüsse die vorher festgelegte relevante Schwelle nicht überschritten haben.\nAnlageziel und Anlage ergebnis im Berichtszeitraum \nZiel des Teilfonds DWS Strategic ESG Allocation Dyna mic ist es, unter Berücksichti gung der Chancen und Risiken der internationalen Kapital märkte mittel bis langfristig\nein positives Anlageergebnis zu erzielen. Hierzu investiert\nDWS STRATEGIC ESG ALLOCATION DYNAMIC\nWertentwicklung seit Auflegung\n150\n140\n130\n120\n110\n100\n90\n80\nder Teilfonds vorwiegend in\n29.1.18*\n12/18\t12/19\t12/20\n12/21\nExchange Traded Funds (ETFs).\nDWS Strategic ESG Allocation Dynamic (Anteilklasse LC)\n* aufgelegt am 29.1.2018 = 100 Angaben auf Euro-Basis\nDarüber hinaus kann der Teil\nfonds bis zu 49% seines Ver mögens in verzinslichen Wert papieren, Aktien, Zertifikaten, Wandelanleihen, Optionsanlei hen, deren zugrunde liegende Optionsscheine auf Wertpa piere lauten, Optionsscheinen auf Aktien, Partizipations und Genussscheinen, Derivaten, Fonds sowie Geldmarktinstru menten, Einlagen und Barmit teln anlegen. Bis zu 10% des Teilfondsvermögens können in Zertifikate, die auf Rohstoffe, Rohstoffindizes, Edelmetallen und Edelmetallindizes basieren, investiert werden. Der Teilfonds kombiniert zulässige Anlagein\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDWS STRATEGIC ESG ALLOCATION DYNAMIC\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | 3 Jahre | seit Auflegung 1) |\n| --- | --- | --- | --- | --- |\n| Klasse LC | LU1740985731 | 19,5% | 54,6% | 41,7% |\n| Klasse FC | LU1740985574 | 20,0% | 56,1% | 43,6% |\n| Klasse IC | LU1899149030 | 20,2% | 56,8% | 48,7% |\n| Klasse ID | LU1740985657 | 20,2% | 56,8% | 44,4% |\n| Klasse LD | LU1740985814 | 19,5% | 54,3% | 41,4% |\n| Klasse RC | LU2001265565 | 19,5% | – | 34,6% |\n\n1) \nKlassen FC, ID, LC und LD aufgelegt am 29.1.2018 / Klasse IC aufgelegt am 15.11.2018 / Klasse RC aufgelegt am 28.6.2019\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nstrumente aus verschiedenen Anlageklassen um ein aus gewogenes Risiko/Rendite Profil zu erzielen. Er strebt eine annualisierte Volatilität von 10% bis 15% über einen rollierenden Fünfjahreszeitraum an. Es kann jedoch nicht garantiert werden, dass die Volatilitätsspanne je derzeit eingehalten wird.\nDas Anlageumfeld war im Berichtszeitraum neben immer noch sehr niedrigen Zinsen sowie Schwankungen an den Kapitalmärkten vor allem auch von der Coronakrise* geprägt. Trotz der vor allem zum Ende des Berichtszeitraums hin\nsteigenden Inflation blieb ein Zinsanstieg sowohl im Euro raum als auch in den USA aus. Beeinflusst wurde diese Ent wicklung an den Märkten von einem verstärkten Interesse der Investoren auf deren Suche nach Investitionsmöglichkeiten für Liquidität, in einem Umfeld, das weiterhin durch die aus giebige Geldversorgung der Zentralbanken in den Indus\ntriestaaten gekennzeichnet war. Vor diesem Hintergrund erzielte DWS Strategic ESG Allocation Dynamic im Geschäftsjahr 2021 einen Wertzuwachs von 19,5% (Anteilklasse LC; nach BVIMe thode; in Euro).\n\n##### Anlagepolitik im\nBerichtszeitraum\nInnerhalb des Aktienporte feuilles investierte der Teilfonds global in AktienETFs, wie beispielsweise in den Xtrackers MSCI USA ESG UCITS ETF, den\nXtrackers MSCI Europe ESG UCITS ETF und den Xtrackers MSCI Emerging Markets ESG UCITS ETF. Hinsichtlich seiner Branchenallokation war der Teilfonds somit breit aufgestellt. Die internationalen Aktienbör sen schlossen das Jahr 2021 mit deutlichen Kurssteigerun gen ab, zeichneten allerdings ein differenziertes Bild. Wäh rend die Aktienmärkte in den\nwestlichen Industrieländern – begünstigt insbesondere durch die schnelle Erholung der Un- ternehmensgewinne – kräftige Kurszuwächse verzeichneten, bildeten die Börsen der Emer- ging Markets das Schlusslicht.\nAuf der Rentenseite war der Teilfonds global in Renten-ETFs sowie in Rentenzielfonds inves- tiert. Die Entwicklung an den internationalen Kapitalmärkten stand im Jahr 2021 insbeson- dere unter dem Eindruck der\ntanten sowie damit verbunde- ne neue Beschränkungen die Konjunkturperspektiven. Vor dem Hintergrund global hoher Verschuldung und historisch extrem niedriger Zinsen kam es an den Anleihemärkten im\nBerichtsjahr bis Ende Dezember 2021 zum längeren Laufzeiten- de hin unter Schwankungen zu Kursermäßigungen bei einem Anstieg der Anleiherenditen\nauf einem immer noch sehr niedrigen, zum Teil negativen Renditeniveau. An den Unter-\ngelmäßige Berichte für Finanz- produkte im Sinne des Artikels 8(1) gemäß Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Of- fenlegungspflichten im Finanz- dienstleistungssektor) sowie im Sinne des Artikels 6 gemäß Ver- ordnung (EU) 2020/852 (Taxo- nomie Verordnung) können den Angaben gemäß Verordnung (EU) 2019/2088 sowie gemäß Verordnung (EU) 2020/852 im hinteren Teil des Berichts ent- nommen werden.\nCoronavirus-Pandemie und\tnehmensanleihemärkten ver-\t\nderen gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange- sichts der abgeschwächten Weltkonjunktur – extrem locke- re Geldpolitik der Zentralbanken der Industrieländer die Kursent- wicklung an den Finanzmärk- ten. Seit Jahresanfang 2021 verbesserten sich die Konjunk- turaussichten, begünstigt durch die von der internationalen Staatengemeinschaft unter- nommenen Anstrengungen\nund Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie\ndie einsetzenden Impfkampa- gnen. Allerdings kam bei den Investoren auch die Inflations- frage auf, hervorgerufen u.a. durch die deutlich gestiegenen Preise an den Rohstoffmärk- ten, den Corona bedingten Konsum-Nachholbedarf sowie partielle Angebotsverknappung aufgrund von Lieferschwierig- keiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu-\nbuchten High Yield-Titel Kurs- steigerungen bei verringerten Risikoaufschlägen und konnten damit Unternehmensanleihen (Corporate Bonds) mit Invest- ment-Grade-Status, die schwä- cher notierten, outperformen.\n\n##### Informationen zu ökologischen und/oder sozialen Merkmalen\nDas Sondervermögen bewirbt ökologische und/oder soziale Merkmale im Sinne des Arti- kels 8(1) der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Of- fenlegungspflichten im Finanz- dienstleistungssektor).\nDie Auswahl der Vermögensge- genstände erfolgt überwiegend im Einklang mit den bewor- benen ökologischen und/oder sozialen Kriterien. Die diesem Finanzprodukt zugrunde liegen- den Investitionen berücksichti- gen jedoch nicht die EU-Krite- rien für ökologisch nachhaltige Wirtschaftsaktivitäten im Sinne der Taxonomie-Verordnung.\nDie Darstellung der offenzule- genden Informationen für re-\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Investmentanteile Aktienfonds | 101 609 341,53 | 80,34 |\n| Rentenfonds | 22 696 578,30 | 17,93 |\n| Sonstige Fonds | 1 608 651,72 | 1,27 |\n| Summe Investmentanteile | 125 914 571,55 | 99,54 |\n| 2. Derivate | 51 638,97 | 0,04 |\n| 3. Bankguthaben | 563 206,39 | 0,45 |\n| 4. Sonstige Vermögensgegenstände | 1 603,13 | 0,00 |\n| 5. Forderungen aus Anteilscheingeschäften | 32 501,16 | 0,03 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -67 477,11 | -0,06 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -31,33 | 0,00 |\n| III. Fondsvermögen | 126 496 012,76 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n| Vermögensaufstellung zum 31.12.2021 | |\n| --- | --- |\n| | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |\n| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge | | | in | Fonds- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n\nInvestmentanteile\t125 914 571,55\t99,54\nGruppeneigene Investmentanteile\nDWS Institutional - DWS Institutional ESG Euro Money\n| Market Fund -IC- EUR - (0,110%) ..................... DWS Invest SICAV - DWS Invest ESG Euro High Yield -XC- EUR - (0,200%) ................................... | Anteile Anteile | 117 78 807 | 1 208 78 807 | 1 091 | EUR EUR | 13 749,16 103,55 | 1 608 651,72 8 160 464,85 | 1,27 6,45 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0,350%) ............................ | Anteile | 11 582 | 16 037 | 4 455 | EUR | 161,63 | 1 871 998,66 | 1,48 |\n| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0,250%) .................. | Anteile | 39 414 | 21 499 | 34 604 | EUR | 50,27 | 1 981 341,78 | 1,57 |\n| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0,200%) ............................ | Anteile | 873 399 | 878 848 | 5 449 | EUR | 27,515 | 24 031 573,49 | 19,00 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0,250%) ............... | Anteile | 55 882 | 55 882 | | EUR | 36,38 | 2 032 987,16 | 1,61 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0,150%) ........................ | Anteile | 39 415 | 39 415 | 53 301 | EUR | 52,64 | 2 074 805,60 | 1,64 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0,150%) ............................ | Anteile | 59 104 | 23 223 | 42 477 | EUR | 34,49 | 2 038 496,96 | 1,61 |\n| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0,060%) ................................... | Anteile | 16 808 | 16 808 | | EUR | 155,925 | 2 620 787,40 | 2,07 |\n| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0,010%) ................................... | Anteile | 11 326 | 3 782 | 437 | EUR | 210,62 | 2 385 482,12 | 1,88 |\n| Xtrackers - S&P 500 Swap UCITS ETF -1C- USD - (0,050%) . Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0,060%) ...................... | Anteile Anteile | 103 430 30 482 | 30 482 | 256 654 | USD USD | 91,468 45,97 | 8 346 630,59 1 236 276,28 | 6,60 0,98 |\n| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0,350%) ... | Anteile | 499 182 | 523 745 | 24 563 | USD | 13,4 | 5 901 484,75 | 4,66 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0,150%) .................. | Anteile | 270 235 | 270 235 | | USD | 52,57 | 12 533 638,03 | 9,91 |\n| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0,100%) ............................ | Anteile | 330 576 | 349 392 | 18 816 | USD | 22,24 | 6 486 399,26 | 5,13 |\n| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0,050%) ............................ | Anteile | 561 100 | 630 590 | 69 490 | USD | 50,64 | 25 068 684,23 | 19,82 |\n| Xtrackers IE Physical Gold ETC Securities USD - (0,150%) .. | Anteile | 123 516 | 40 406 | 27 555 | USD | 27,91 | 3 041 449,64 | 2,40 |\n| Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0,070%) | Anteile | 12 023 | 1 820 | 3 211 | USD | 225,51 | 2 392 082,90 | 1,89 |\n| Gruppenfremde Investmentanteile Amundi Index Solutions - Amundi Index MSCI USA SRI UCITS ETF DR EUR - (0,180%) ....................... | Anteile | 123 951 | 123 951 | | EUR | 97,63 | 12 101 336,13 | 9,57 |\n| Summe Wertpapiervermögen | | | | | | | 125 914 571,55 | 99,54 |\n\nDerivate\n(Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen)\n| Devisen-Derivate Forderungen/Verbindlichkeiten | | | 51 638,97 | 0,04 |\n| --- | --- | --- | --- | --- |\n| Devisentermingeschäfte | | | | |\n| Devisentermingeschäfte (Verkauf) | | | | |\n| Offene Positionen EUR/USD 24,3 Mio. ................................ | | | 85 193,64 | 0,07 |\n| Geschlossene Positionen EUR/USD 24,8 Mio. ................................ | | | -33 554,67 | -0,03 |\n| Bankguthaben | | | 563 206,39 | 0,45 |\n| Verwahrstelle (täglich fällig) EUR-Guthaben .................................... | EUR | | 490 731,40 | 0,39 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | |\n| Britisches Pfund | GBP | 3 276 | 3 905,30 | 0,00 |\n| Japanischer Yen ................................... | JPY | 640 273 | 4 908,45 | 0,01 |\n| Schweizer Franken ................................. | CHF | 887 | 856,15 | 0,00 |\n| US-Dollar ........................................ | USD | 71 186 | 62 805,09 | 0,05 |\n| Sonstige Vermögensgegenstände | | | 1 603,13 | 0,00 |\n| Dividenden- / Ausschüttungsansprüche ................. | | | 1 603,13 | 0,00 |\n| Forderungen aus Anteilscheingeschäften | | | 32 501,16 | 0,03 |\n| Summe der Vermögensgegenstände * | | | 126 597 075,87 | 100,09 |\n\n| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Währung\tBestand\tim Berichtszeitraum\tEUR\tvermögen |\n| Sonstige Verbindlichkeiten | -67 477,11 | -0,06 |\n| Verbindlichkeiten aus Kostenpositionen ................ | -67 477,11 | -0,06 |\n| Verbindlichkeiten aus Anteilscheingeschäften | -31,33 | 0,00 |\n| Summe der Verbindlichkeiten | -101 063,11 | -0,09 |\n| Fondsvermögen | 126 496 012,76 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |\n| --- | --- | --- |\n| Anteilwert Klasse FC ........................................ | EUR | 143,64 |\n| Klasse IC ......................................... | EUR | 148,74 |\n| Klasse ID ........................................ | EUR | 143,63 |\n| Klasse LC ........................................ | EUR | 141,70 |\n| Klasse LD ........................................ | EUR | 140,79 |\n| Klasse RC ........................................ | EUR | 134,58 |\n| Umlaufende Anteile Klasse FC ........................................ | Stück | 100,000 |\n| Klasse IC ......................................... | Stück | 100,000 |\n| Klasse ID ........................................ | Stück | 130 474,000 |\n| Klasse LC ........................................ | Stück | 224 332,804 |\n| Klasse LD ........................................ | Stück | 539 269,654 |\n| Klasse RC ........................................ | Stück | 100,000 |\n\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI THE WORLD INDEX in EUR (75%) and iBoxx EUR Overall (25%)\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag ..................... | % | 82,743 |\n| --- | --- | --- |\n| größter potenzieller Risikobetrag ..................... | % | 108,711 |\n| durchschnittlicher potenzieller Risikobetrag . . . . . . . . . . . . . | % | 95,513 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 1.1.2021 bis 31.12.2021 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,3, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrunde liegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 65 268 323,55.\n Marktschlüssel\t Vertragspartner der Devisentermingeschäfte\nBofa Securities Europe S.A., HSBC France und State Street Bank International GmbH.\n Devisenkurse (in Mengennotiz)\t\nper 30.12.2021\n| Schweizer Franken\tCHF | 1,035520 | = EUR | 1 |\n| --- | --- | --- | --- |\n| Britisches Pfund\tGBP | 0,838785 | = EUR | 1 |\n| Japanischer Yen\tJPY | 130,443111 | = EUR | 1 |\n| US-Dollar\tUSD | 1,133450 | = EUR | 1 |\n\n Erläuterungen zur Bewertung\t\nDie Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.\nIn Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.\n Fußnote\t\n* Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t \n Entwicklung des Fondsvermögens\t2021 \n| für den Zeitraum vom 1.1.2021 bis 31.12.2021 | | | I. | Wert des Fondsvermögens | |\n| --- | --- | --- | --- | --- | --- |\n| | | | | am Beginn des Geschäftsjahres ................. | EUR | 104 830 681,73 |\n| I. Erträge | | | 1. | Ausschüttung für das Vorjahr ..................... | EUR | -51 429,53 |\n| 1. Erträge aus Investmentanteilen ................... | EUR | 640 593,23 | 2. | Mittelzufluss (netto) ........................... | EUR | 1 044 036,02 |\n| | | | 3. | Ertrags-/Aufwandsausgleich ...................... | EUR | -53 383,13 |\n| Summe der Erträge .............................. | EUR | 640 593,23 | 4. | Ordentlicher Nettoaufwand ...................... | EUR | -92 169,95 |\n| | | | 5. | Realisierte Gewinne/Verluste ..................... | EUR | 16 918 887,50 |\n| II. Aufwendungen | | | 6. | Nettoveränderung der nicht | | |\n| 1. Zinsen aus Kreditaufnahmen und | | | | realisierten Gewinne/Verluste .................... | EUR | 3 899 390,12 |\n| negativen Einlagenverzinsungen .................. | EUR | -9 820,92 | | | | |\n| 2. Verwaltungsvergütung .......................... | EUR | -690 500,60 | II. | Wert des Fondsvermögens | | |\n| davon: | | | | am Ende des Geschäftsjahres ................... | EUR | 126 496 012,76 |\n| Kostenpauschale ............ EUR\t-690 500,60 | | | | | | |\n\n| 3. Rechts- und Veröffentlichungskosten .............. | EUR | -878,26 |\n| --- | --- | --- |\n| 4. Taxe d‘Abonnement ............................ | EUR | -31 563,40 |\n| Summe der Aufwendungen ....................... | EUR | -732 763,18 |\n| III. Ordentlicher Nettoaufwand .................... | EUR | -92 169,95 |\n\n Zusammensetzung der Gewinne/Verluste\t2021 \n- VeräußerungsgeschäfteRealisierte Gewinne/Verluste ........................ EUR\t16 918 887,50Ergebnis aus Veräußerungsgeschäften .............. EUR\t16 918 887,50\n- Ergebnis des Geschäftsjahres ................... EUR\t16 826 717,55Gesamtkostenquote (BVI - Total Expense Ratio (TER))Die Gesamtkostenquote der Anteilklassen belief sich auf:Klasse FC 0,30% p.a.,\tKlasse IC 0,15% p.a.,Klasse ID 0,15% p.a.,\tKlasse LC 0,70% p.a.,Klasse LD 0,70% p.a.,\tKlasse RC 0,75% p.a.\n\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktions- kosten) als Prozentsatz des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse innerhalb des Geschäftsjahres aus.\nAuf der Ebene der Zielfonds sind weitere Kosten, Gebühren und Vergütungen angefallen. Der Fonds investierte mehr als 20% seines Guthabens in Zielfonds. Soweit die Zielfonds ihrerseits eine TER veröffentlichen, wird diese auf Ebene der Fonds berücksichtigt (syn- thetische TER). Bei Nichtveröffentlichung einer TER auf Zielfondsebene wird die All-In-Fee/ Management-Fee zur Berechnung herangezogen. Die synthetische TER belief sich auf:\nKlasse FC 0,50% p.a.,\tKlasse IC 0,35% p.a.,\nKlasse ID 0,35% p.a.,\tKlasse LC 0,90% p.a.,\nKlasse LD 0,90% p.a.,\tKlasse RC 0,95% p.a.\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 1 871,99.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\nRealisierte Gewinne/Verluste (inkl. Ertragsausgleich) .. EUR\t16 918 887,50\naus:\nWertpapiergeschäften .......................... EUR\t18 477 080,23\nDevisen(termin)geschäften ...................... EUR\t-1 611 835,77 Derivaten und sonstigen Finanztermingeschäften .... EUR\t\t53 643,04\n Angaben zur Ertragsverwendung *\t\nKlasse FC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse IC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse ID\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t0,51\nKlasse LC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\nKlasse LD\nArt\tper\tWährung\tJe Anteil\nEndausschüttung\t4.3.2022\tEUR\t0,05\nKlasse RC\nDas Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nIm Falle einer Endausschüttung eventuell verbleibende ordentliche Ergebnisse des Geschäftsjahres werden thesauriert.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n| Fondsvermögen am Ende des Geschäftsjahres 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 126 496 012,76 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 104 830 681,73 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 81 405 843,80 |\n| Anteilwert am Ende des Geschäftsjahres | | |\n| 2021 | Klasse FC ............................... | EUR | 143,64 |\n| | Klasse IC ............................... | EUR | 148,74 |\n| | Klasse ID ............................... | EUR | 143,63 |\n| | Klasse LC ............................... | EUR | 141,70 |\n| | Klasse LD .............................. | EUR | 140,79 |\n| | Klasse RC .............................. | EUR | 134,58 |\n| 2020 | Klasse FC ............................... | EUR | 119,70 |\n| | Klasse IC ............................... | EUR | 123,76 |\n| | Klasse ID ............................... | EUR | 119,68 |\n| | Klasse LC ............................... | EUR | 118,56 |\n| | Klasse LD .............................. | EUR | 117,84 |\n| | Klasse RC .............................. | EUR | 112,65 |\n| 2019 | Klasse FC ............................... | EUR | 112,53 |\n| | Klasse IC ............................... | EUR | 116,19 |\n| | Klasse ID ............................... | EUR | 112,41 |\n| | Klasse LC ............................... | EUR | 111,90 |\n| | Klasse LD .............................. | EUR | 111,27 |\n| | Klasse RC .............................. | EUR | 106,38 |\n\n Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns) \nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf % und mehr) sind, betrug 0,72% der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt EUR 1 905 331,78.\n Anhang: Platzierungsgebühr\t\n| Aufwand aus abgegrenzter Platzierungsgebühr | DB Balanced SAA (EUR) (vormals: DB Wealth Management Balanced SAA (EUR)) EUR -322 577,41 | DB Balanced SAA (EUR) Plus (vormals: DB Wealth Management Balanced SAA (EUR) Plus) EUR -1 818 757,08 | DB Conservative SAA (EUR) (vormals: DB Wealth Management Conservative SAA (EUR)) EUR -444 300,26 |\n| --- | --- | --- | --- |\n| davon: | | | |\n| Verwässerungsbedingte Anpassungen aufgrund von Anteilscheintransaktionen | -33 065,21 | -318 590,00 | -40 589,56 |\n| Abschreibung der Platzierungsgebühr | -373 502,05 | -1 955 389,22 | -446 937,15 |\n| Anpassungen aufgrund von Schwankungen des Nettofondsvermögens | 164 669,11 | 873 707,31 | 147 877,61 |\n| Ertragsausgleich | -80 679,26 | -418 485,17 | -104 651,16 |\n\n| |\n| --- |\n| DB Conservative SAA (EUR) Plus (vormals: DB Wealth Management Conservative SAA (EUR) Plus) | DB Growth SAA (EUR) (vormals: DB Wealth Management Growth SAA (EUR)) EUR -284 106,45 | DB Strategic Income Allocation EUR (SIA) Balanced Plus | DB Strategic Income Allocation EUR (SIA) Conservative Plus EUR -178 821,44 |\n| EUR | EUR |\n| -2 844 970,12 | -154 341,75 |\n| | | | |\n| -282 485,18 | -98 135,41 | -23 576,40 | -12 819,27 |\n| -2 820 760,73 | -281 888,71 | -207 188,61 | -175 592,06 |\n| 846 025,71 | 146 167,67 | 102 996,40 | 44 193,42 |\n| -587 749,92 | -50 250,00 | -26 573,14 | -34 603,53 |\n\n Konsolidierte Zusammensetzung des Fondsvermögens zum 31. Dezember 2021\t\n| Vermögenswerte | DWS Strategic, SICAV EUR * ** Konsolidiert\t\t%Anteil am Fonds- vermögen | DB Balanced SAA (EUR) (vormals: DB Wealth Management Balanced SAA (EUR)) EUR | DB Balanced SAA (EUR) Plus (vormals: DB Wealth Management Balanced SAA (EUR) Plus) EUR |\n| --- | --- | --- | --- |\n| Summe Wertpapiervermögen | 6 823 851 825,40 | 98,55 | 189 561 889,16 | 1 741 462 758,08 |\n| Aktienindex-Derivate | 25 775 424,66 | 0,37 | 0,00 | 9 420 747,79 |\n| Devisen-Derivate | 1 395 351,75 | 0,02 | 0,00 | 0,00 |\n| Bankguthaben | 43 309 932,72 | 0,63 | 1 307 289,79 | 3 492 510,30 |\n| Sonstige Vermögensgegenstände | 53 520 391,32 | 0,77 | 1 868 460,34 | 11 239 344,56 |\n| Forderungen aus Anteilscheingeschäften | 15 338 190,35 | 0,22 | 245 913,36 | 4 407 646,57 |\n| Summe der Vermögenswerte *** | 6 963 191 116,20 | 100,56 | 192 983 552,65 | 1 770 023 007,30 |\n| | | | |\n| Verbindlichkeiten | | | |\n| Aktienindex-Derivate | - 1 519 509,00 | - 0,02 | 0,00 | 0,00 |\n| Kurzfristige Verbindlichkeiten | - 7 141 571,38 | - 0,10 | 0,00 | 0,00 |\n| Sonstige Verbindlichkeiten | - 24 796 607,35 | - 0,36 | - 848 070,66 | - 4 924 435,62 |\n| Verbindlichkeiten aus Anteilscheingeschäften | - 5 443 696,42 | - 0,08 | - 59 194,70 | 0,00 |\n| Summe der Verbindlichkeiten *** | - 38 901 384,15 | - 0,56 | - 907 265,36 | - 4 924 435,62 |\n| Fondsvermögen | 6 924 289 732,05 | 100,00 | 192 076 287,29 | 1 765 098 571,68 |\n\n* Die Zusammensetzung des Fondsvermögens, der Erträge, Aufwendungen und Entwicklungen des Fondsvermögens von in Fremdwährung geführten Teilfonds wurde zu nachfolgend genannten Devisenkursen in Euro umgerechnet. Die beiliegenden Finanzabschlüsse stellen die Aktiva und Passiva der einzelnen Teilfonds sowie des Fonds insgesamt dar. Der Abschluss des jeweiligen Teilfonds wird in der im Prospekt angegebenen Währung und der Abschluss des Fonds in dessen Basiswährung erstellt. Wenn die Währung eines Teilfonds von der Basiswährung des Fonds abweicht, wird im Rahmen der Konsolidierung der einzelnen Teilfondswährungen in die Basiswährung des Fonds die Differenz zwischen dem Nettovermögen des Teilfonds zu Beginn des Berichtszeitraums, umgerechnet zu Devisenkursen, die zu Beginn des Berichtszeitraums gelten, und dessen Wert, umgerechnet zu Devisenkursen, die zum Ende des Berichtszeitraums gelten, als „Devisenbewertungsdifferenzen auf das Fondsvermögen zu Beginn des Berichtszeitraums“ in der konsolidierten Aufstellung der Entwicklungsrechnung für das Fondsvermögen ausgewiesen.\nGeschäftsjahresende 2021\tUSD 1,133450 = EUR 1\nGeschäftsjahresende 2020\tUSD 1,229649 = EUR 1\n** Das konsolidierte Fondsvermögen, die konsolidierte Ertrags- und Aufwandsrechnung sowie die konsolidierte Entwicklung des Fondsvermögens entsprechen der Summe der Ergebnisse der einzelnen Teilfonds. Im Falle von Anlagen zwischen Teilfonds (bei denen ein Teilfonds in einen anderen Teilfonds desselben Umbrellafonds investiert) waren die entsprechenden Konten des Fonds nicht Gegenstand einer Eliminierung für Zwecke der jeweiligen konsolidierten Darstellung.\n*** Im Falle von Derivaten bzw. Termingeschäften enthält der als Summe der Vermögenswerte ausgewiesene Betrag den positiven Nettoüberhang der saldierten Einzelposi- tionen innerhalb der gleichen Produktkategorie, während negative Überhänge unter der Summe der Verbindlichkeiten subsumiert werden.\n1) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n2) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n3) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\n4) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\n| |\n| --- |\n| DB Balanced SAA (USD) (vormals: DB Wealth Management Balanced SAA (USD)) USD * | DB Balanced SAA (USD) Plus (vormals: DB Wealth Management Balanced SAA (USD) Plus) USD * | DB Conservative SAA (EUR) (vormals: DB Wealth Management Conservative SAA (EUR)) EUR | DB Conservative SAA (EUR) Plus (vormals: DB Wealth Management Conservative SAA (EUR) Plus) EUR | DB Conservative SAA (USD) (vormals: DB Wealth Management Conservative SAA (USD)) USD * |\n| 16 955 038,93 | 432 773 514,75 | 299 775 118,07 | 2 026 909 236,63 | 13 277 790,18 |\n| 0,00 | 2 354 869,05 | 0,00 | 10 453 152,11 | 0,00 |\n| 0,00 | 367 612,74 | 0,00 | 0,00 | 0,00 |\n| 81 617,80 | 1 158 058,01 | 213 342,99 | 8 555 397,13 | 95 266,13 |\n| 0,00 | 3 644 046,19 | 3 792 196,33 | 13 364 314,16 | 307 687,77 |\n| 0,00 | 213 171,80 | 294 118,27 | 9 210 097,60 | 0,00 |\n| 17 036 656,73 | 440 511 272,54 | 304 074 775,66 | 2 068 492 197,63 | 13 680 744,08 |\n| | | | | |\n| | | | | |\n| 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |\n| 0,00 | 0,00 | - 476 904,02 | 0,00 | 0,00 |\n| - 117 858,27 | - 885 187,68 | - 1 283 715,45 | - 9 624 786,49 | - 5 405,58 |\n| 0,00 | - 1 954 481,05 | 0,00 | - 370 748,82 | - 388 897,12 |\n| - 117 858,27 | - 2 839 668,73 | - 1 760 619,47 | - 9 995 535,31 | - 394 302,70 |\n| 16 918 798,46 | 437 671 603,81 | 302 314 156,19 | 2 058 496 662,32 | 13 286 441,38 |\n\n Konsolidierte Zusammensetzung des Fondsvermögens zum 31. Dezember 2021\t\n| Vermögenswerte | DB Conservative SAA (USD) Plus (vormals: DB Wealth Management Conservative SAA (USD) Plus) USD * | DB Growth SAA (EUR) (vormals: DB Wealth Management Growth SAA (EUR)) EUR | DB Growth SAA (USD) (vormals: DB Wealth Management Growth SAA (USD)) USD * |\n| --- | --- | --- | --- |\n| Summe Wertpapiervermögen | 332 211 260,81 | 347 372 684,30 | 108 909 782,39 |\n| Aktienindex-Derivate | 1 831 296,02 | 0,00 | 0,00 |\n| Devisen-Derivate | 180 853,67 | 0,00 | 0,00 |\n| Bankguthaben | 2 680 445,25 | 664 716,41 | 498 409,00 |\n| Sonstige Vermögensgegenstände | 1 373 945,93 | 2 131 622,44 | 659 465,34 |\n| Forderungen aus Anteilscheingeschäften | 40 494,70 | 265 076,28 | 0,00 |\n| Summe der Vermögenswerte *** | 338 318 296,38 | 350 434 099,43 | 110 067 656,73 |\n| | | | |\n| Verbindlichkeiten | | | |\n| Aktienindex-Derivate | 0,00 | 0,00 | 0,00 |\n| Kurzfristige Verbindlichkeiten | 0,00 | 0,00 | 0,00 |\n| Sonstige Verbindlichkeiten | - 1 698 206,47 | - 475 497,62 | - 191 253,18 |\n| Verbindlichkeiten aus Anteilscheingeschäften | - 923 391,73 | - 623 734,69 | 0,00 |\n| Summe der Verbindlichkeiten *** | - 2 621 598,20 | - 1 099 232,31 | - 191 253,18 |\n| Fondsvermögen | 335 696 698,18 | 349 334 867,12 | 109 876 403,55 |\n\n* Die Zusammensetzung des Fondsvermögens, der Erträge, Aufwendungen und Entwicklungen des Fondsvermögens von in Fremdwährung geführten Teilfonds wurde zu nachfolgend genannten Devisenkursen in Euro umgerechnet. Die beiliegenden Finanzabschlüsse stellen die Aktiva und Passiva der einzelnen Teilfonds sowie des Fonds insgesamt dar. Der Abschluss des jeweiligen Teilfonds wird in der im Prospekt angegebenen Währung und der Abschluss des Fonds in dessen Basiswährung erstellt. Wenn die Währung eines Teilfonds von der Basiswährung des Fonds abweicht, wird im Rahmen der Konsolidierung der einzelnen Teilfondswährungen in die Basiswährung des Fonds die Differenz zwischen dem Nettovermögen des Teilfonds zu Beginn des Berichtszeitraums, umgerechnet zu Devisenkursen, die zu Beginn des Berichtszeitraums gelten, und dessen Wert, umgerechnet zu Devisenkursen, die zum Ende des Berichtszeitraums gelten, als „Devisenbewertungsdifferenzen auf das Fondsvermögen zu Beginn des Berichtszeitraums“ in der konsolidierten Aufstellung der Entwicklungsrechnung für das Fondsvermögen ausgewiesen.\nGeschäftsjahresende 2021\tUSD 1,133450 = EUR 1\nGeschäftsjahresende 2020\tUSD 1,229649 = EUR 1\n** Das konsolidierte Fondsvermögen, die konsolidierte Ertrags- und Aufwandsrechnung sowie die konsolidierte Entwicklung des Fondsvermögens entsprechen der Summe der Ergebnisse der einzelnen Teilfonds. Im Falle von Anlagen zwischen Teilfonds (bei denen ein Teilfonds in einen anderen Teilfonds desselben Umbrellafonds investiert) waren die entsprechenden Konten des Fonds nicht Gegenstand einer Eliminierung für Zwecke der jeweiligen konsolidierten Darstellung.\n*** Im Falle von Derivaten bzw. Termingeschäften enthält der als Summe der Vermögenswerte ausgewiesene Betrag den positiven Nettoüberhang der saldierten Einzelposi- tionen innerhalb der gleichen Produktkategorie, während negative Überhänge unter der Summe der Verbindlichkeiten subsumiert werden.\n1) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n2) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n3) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\n4) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\n| |\n| --- |\n| DB Strategic Income Allocation EUR (SIA) Balanced Plus 1) EUR | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2) EUR | DB Strategic Income Allocation USD (SIA) Balanced Plus 3) USD | DB Strategic Income Allocation USD (SIA) Conservative Plus 4) USD | DWS Strategic ESG Allocation Balance (vormals: DWS Strategic Allocation Balance) EUR |\n| 305 079 041,79 | 198 126 729,44 | 308 882 246,13 | 18 366 163,14 | 185 303 937,11 |\n| 952 759,49 | 696 327,69 | 0,00 | 66 272,51 | 0,00 |\n| 0,00 | 0,00 | 158 185,47 | 0,00 | 258 898,63 |\n| 6 917 142,77 | 2 735 026,07 | 9 677 413,83 | 294 141,17 | 741 126,51 |\n| 3 402 906,03 | 1 648 520,75 | 10 044 633,39 | 14 390,06 | 0,00 |\n| 230 072,29 | 390 875,30 | 0,00 | 0,00 | 8 106,86 |\n| 316 581 922,37 | 203 597 479,25 | 328 762 478,82 | 18 740 966,88 | 186 312 069,11 |\n| | | | | |\n| | | | | |\n| 0,00 | 0,00 | - 1 519 509,00 | 0,00 | 0,00 |\n| 0,00 | 0,00 | - 6 664 667,36 | 0,00 | 0,00 |\n| - 1 952 843,92 | - 780 467,59 | - 1 687 294,18 | - 51 982,96 | - 104 732,41 |\n| - 1 007 162,64 | 0,00 | 0,00 | 0,00 | - 16 273,02 |\n| - 2 960 006,56 | - 780 467,59 | - 9 871 470,54 | - 51 982,96 | - 121 005,43 |\n| 313 621 915,81 | 202 817 011,66 | 318 891 008,28 | 18 688 983,92 | 186 191 063,68 |\n\n Konsolidierte Zusammensetzung des Fondsvermögens zum 31. Dezember 2021\t\n| Vermögenswerte | DWS Strategic ESG Allocation Defensive (vormals: DWS Strategic Allocation Defensive) EUR | DWS Strategic ESG Allocation Dynamic (vormals: DWS Strategic Allocation Dynamic) EUR |\n| --- | --- | --- |\n| Summe Wertpapiervermögen | 172 970 062,94 | 125 914 571,55 |\n| Aktienindex-Derivate | 0,00 | 0,00 |\n| Devisen-Derivate | 378 162,27 | 51 638,97 |\n| Bankguthaben | 3 634 823,17 | 563 206,39 |\n| Sonstige Vermögensgegenstände | 27 254,90 | 1 603,13 |\n| Forderungen aus Anteilscheingeschäften | 116,16 | 32 501,16 |\n| Summe der Vermögenswerte *** | 177 010 419,44 | 126 563 521,20 |\n| | | |\n| Verbindlichkeiten | | |\n| Aktienindex-Derivate | 0,00 | 0,00 |\n| Kurzfristige Verbindlichkeiten | 0,00 | 0,00 |\n| Sonstige Verbindlichkeiten | - 97 392,16 | - 67 477,11 |\n| Verbindlichkeiten aus Anteilscheingeschäften | - 99 781,32 | - 31,33 |\n| Summe der Verbindlichkeiten *** | - 197 173,48 | - 67 508,44 |\n| Fondsvermögen | 176 813 245,96 | 126 496 012,76 |\n\n* Die Zusammensetzung des Fondsvermögens, der Erträge, Aufwendungen und Entwicklungen des Fondsvermögens von in Fremdwährung geführten Teilfonds wurde zu nachfolgend genannten Devisenkursen in Euro umgerechnet. Die beiliegenden Finanzabschlüsse stellen die Aktiva und Passiva der einzelnen Teilfonds sowie des Fonds insgesamt dar. Der Abschluss des jeweiligen Teilfonds wird in der im Prospekt angegebenen Währung und der Abschluss des Fonds in dessen Basiswährung erstellt. Wenn die Währung eines Teilfonds von der Basiswährung des Fonds abweicht, wird im Rahmen der Konsolidierung der einzelnen Teilfondswährungen in die Basiswährung des Fonds die Differenz zwischen dem Nettovermögen des Teilfonds zu Beginn des Berichtszeitraums, umgerechnet zu Devisenkursen, die zu Beginn des Berichtszeitraums gelten, und dessen Wert, umgerechnet zu Devisenkursen, die zum Ende des Berichtszeitraums gelten, als „Devisenbewertungsdifferenzen auf das Fondsvermögen zu Beginn des Berichtszeitraums“ in der konsolidierten Aufstellung der Entwicklungsrechnung für das Fondsvermögen ausgewiesen.\nGeschäftsjahresende 2021\tUSD 1,133450 = EUR 1\nGeschäftsjahresende 2020\tUSD 1,229649 = EUR 1\n** Das konsolidierte Fondsvermögen, die konsolidierte Ertrags- und Aufwandsrechnung sowie die konsolidierte Entwicklung des Fondsvermögens entsprechen der Summe der Ergebnisse der einzelnen Teilfonds. Im Falle von Anlagen zwischen Teilfonds (bei denen ein Teilfonds in einen anderen Teilfonds desselben Umbrellafonds investiert) waren die entsprechenden Konten des Fonds nicht Gegenstand einer Eliminierung für Zwecke der jeweiligen konsolidierten Darstellung.\n*** Im Falle von Derivaten bzw. Termingeschäften enthält der als Summe der Vermögenswerte ausgewiesene Betrag den positiven Nettoüberhang der saldierten Einzelposi- tionen innerhalb der gleichen Produktkategorie, während negative Überhänge unter der Summe der Verbindlichkeiten subsumiert werden.\n1) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n2) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n3) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\n4) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\n Konsolidierte Ertrags- und Aufwandsrechnung für den Zeitraum vom 1. Januar 2021 bis 31. Dezember 2021 (inkl. Ertragsausgleich)\t\n| Erträge | DWS Strategic, SICAV EUR * ** Konsolidiert | DB Balanced SAA (EUR) (vormals: DB Wealth Management Balanced SAA (EUR)) EUR | DB Balanced SAA (EUR) Plus (vormals: DB Wealth Management Balanced SAA (EUR) Plus) EUR |\n| --- | --- | --- | --- |\n| Erträge aus Investmentanteilen | 51 082 548,54 | 577 575,29 | 4 102 549,97 |\n| Erträge aus Wertpapier-Darlehen | 2 538,19 | 0,00 | 0,00 |\n| Summe der Erträge | 51 085 086,73 | 577 575,29 | 4 102 549,97 |\n| | | | |\n| Aufwendungen | | | |\n| Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen | - 1 609 903,97 | - 42 749,65 | - 601 119,21 |\n| Verwaltungsvergütung | - 40 806 776,07 | - 1 017 106,71 | - 14 127 975,10 |\n| Verwahrstellenvergütung | - 9,25 | 0,00 | 0,00 |\n| Prüfungs-, Rechts- und Veröffentlichungskosten | - 46 171,51 | - 613,85 | - 5 490,44 |\n| Taxe d‘Abonnement | - 2 894 862,18 | - 68 648,36 | - 925 211,78 |\n| Sonstige Aufwendungen | - 6 109 340,57 | - 322 577,41 | - 1 818 757,08 |\n| Summe der Aufwendungen | - 51 467 063,55 | - 1 451 695,98 | - 17 478 553,61 |\n| Ordentlicher Nettoertrag | - 381 976,82 | - 874 120,69 | - 13 376 003,64 |\n| | | | |\n| Veräußerungsgeschäfte | | | |\n| Realisierte Gewinne/Verluste | 90 690 473,09 | 2 645 164,71 | 60 192,47 |\n| Ergebnis aus Veräußerungsgeschäften | 90 690 473,09 | 2 645 164,71 | 60 192,47 |\n| | | | |\n| Ergebnis des Geschäftsjahres | 90 308 496,27 | 1 771 044,02 | - 13 315 811,17 |\n\n* Die Zusammensetzung des Fondsvermögens, der Erträge, Aufwendungen und Entwicklungen des Fondsvermögens von in Fremdwährung geführten Teilfonds wurde zu nachfolgend genannten Devisenkursen in Euro umgerechnet. Die beiliegenden Finanzabschlüsse stellen die Aktiva und Passiva der einzelnen Teilfonds sowie des Fonds insgesamt dar. Der Abschluss des jeweiligen Teilfonds wird in der im Prospekt angegebenen Währung und der Abschluss des Fonds in dessen Basiswährung erstellt. Wenn die Währung eines Teilfonds von der Basiswährung des Fonds abweicht, wird im Rahmen der Konsolidierung der einzelnen Teilfondswährungen in die Basiswährung des Fonds die Differenz zwischen dem Nettovermögen des Teilfonds zu Beginn des Berichtszeitraums, umgerechnet zu Devisenkursen, die zu Beginn des Berichtszeitraums gelten, und dessen Wert, umgerechnet zu Devisenkursen, die zum Ende des Berichtszeitraums gelten, als „Devisenbewertungsdifferenzen auf das Fondsvermögen zu Beginn des Berichtszeitraums“ in der konsolidierten Aufstellung der Entwicklungsrechnung für das Fondsvermögen ausgewiesen.\nGeschäftsjahresende 2021\tUSD 1,133450 = EUR 1\nGeschäftsjahresende 2020\tUSD 1,229649 = EUR 1\n** Das konsolidierte Fondsvermögen, die konsolidierte Ertrags- und Aufwandsrechnung sowie die konsolidierte Entwicklung des Fondsvermögens entsprechen der Summe der Ergebnisse der einzelnen Teilfonds. Im Falle von Anlagen zwischen Teilfonds (bei denen ein Teilfonds in einen anderen Teilfonds desselben Umbrellafonds investiert) waren die entsprechenden Konten des Fonds nicht Gegenstand einer Eliminierung für Zwecke der jeweiligen konsolidierten Darstellung.\n1) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n2) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n3) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\n4) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\n| |\n| --- |\n| DB Balanced SAA (USD) (vormals: DB Wealth Management Balanced SAA (USD)) USD * | DB Balanced SAA (USD) Plus (vormals: DB Wealth Management Balanced SAA (USD) Plus) USD * | DB Conservative SAA (EUR) (vormals: DB Wealth Management Conservative SAA (EUR)) EUR | DB Conservative SAA (EUR) Plus (vormals: DB Wealth Management Conservative SAA (EUR) Plus) EUR | DB Conservative SAA (USD) (vormals: DB Wealth Management Conservative SAA (USD)) USD * |\n| 249 095,73 | 4 269 079,19 | 1 304 060,20 | 7 855 839,41 | 232 054,41 |\n| 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |\n| 249 095,73 | 4 269 079,19 | 1 304 060,20 | 7 855 839,41 | 232 054,41 |\n| | | | | |\n| | | | | |\n| - 467,80 | - 5 616,68 | - 83 325,88 | - 670 659,54 | - 640,66 |\n| - 64 883,56 | - 2 001 641,47 | - 1 244 737,43 | - 12 911 217,59 | - 43 572,90 |\n| - 9,25 | 0,00 | 0,00 | 0,00 | 0,00 |\n| - 54,60 | - 1 452,03 | - 1 003,91 | - 6 574,05 | - 45,29 |\n| - 8 489,41 | - 186 604,51 | - 105 389,36 | - 832 543,52 | - 5 821,84 |\n| 0,00 | - 8 210,67 | - 444 300,26 | - 2 844 970,12 | 0,00 |\n| - 73 904,62 | - 2 203 525,36 | - 1 878 756,84 | - 17 265 964,82 | - 50 080,69 |\n| 175 191,11 | 2 065 553,83 | - 574 696,64 | - 9 410 125,41 | 181 973,72 |\n| | | | | |\n| | | | | |\n| 238 049,52 | 3 456 385,34 | 3 087 398,70 | 1 999 894,15 | 247 448,89 |\n| 238 049,52 | 3 456 385,34 | 3 087 398,70 | 1 999 894,15 | 247 448,89 |\n| | | | | |\n| 413 240,63 | 5 521 939,17 | 2 512 702,06 | - 7 410 231,26 | 429 422,61 |\n\n Konsolidierte Ertrags- und Aufwandsrechnung für den Zeitraum vom 1. Januar 2021 bis 31. Dezember 2021 (inkl. Ertragsausgleich)\t\n| Erträge | DB Conservative SAA (USD) Plus (vormals: DB Wealth Management Conservative SAA (USD) Plus) USD * | DB Growth SAA (EUR) (vormals: DB Wealth Management Growth SAA (EUR)) EUR | DB Growth SAA (USD) (vormals: DB Wealth Management Growth SAA (USD)) USD * |\n| --- | --- | --- | --- |\n| Erträge aus Investmentanteilen | 5 057 101,72 | 882 997,66 | 1 184 172,42 |\n| Erträge aus Wertpapier-Darlehen | 0,00 | 0,00 | 0,00 |\n| Summe der Erträge | 5 057 101,72 | 882 997,66 | 1 184 172,42 |\n| | | | |\n| Aufwendungen | | | |\n| Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen | - 3 721,00 | - 65 925,84 | - 2 407,69 |\n| Verwaltungsvergütung | - 1 332 525,47 | - 2 175 922,51 | - 458 622,73 |\n| Verwahrstellenvergütung | 0,00 | 0,00 | 0,00 |\n| Prüfungs-, Rechts- und Veröffentlichungskosten | - 1 143,06 | - 1 083,96 | - 366,09 |\n| Taxe d‘Abonnement | - 96 301,34 | - 156 391,61 | - 56 198,92 |\n| Sonstige Aufwendungen | - 51 144,09 | - 284 106,45 | 0,00 |\n| Summe der Aufwendungen | - 1 484 834,96 | - 2 683 430,37 | - 517 595,43 |\n| Ordentlicher Nettoertrag | 3 572 266,76 | - 1 800 432,71 | 666 576,99 |\n| | | | |\n| Veräußerungsgeschäfte | | | |\n| Realisierte Gewinne/Verluste | 55 791 557,93 | 6 641 536,87 | 1 709 869,94 |\n| Ergebnis aus Veräußerungsgeschäften | 55 791 557,93 | 6 641 536,87 | 1 709 869,94 |\n| | | | |\n| Ergebnis des Geschäftsjahres | 59 363 824,69 | 4 841 104,16 | 2 376 446,93 |\n\n* Die Zusammensetzung des Fondsvermögens, der Erträge, Aufwendungen und Entwicklungen des Fondsvermögens von in Fremdwährung geführten Teilfonds wurde zu nachfolgend genannten Devisenkursen in Euro umgerechnet. Die beiliegenden Finanzabschlüsse stellen die Aktiva und Passiva der einzelnen Teilfonds sowie des Fonds insgesamt dar. Der Abschluss des jeweiligen Teilfonds wird in der im Prospekt angegebenen Währung und der Abschluss des Fonds in dessen Basiswährung erstellt. Wenn die Währung eines Teilfonds von der Basiswährung des Fonds abweicht, wird im Rahmen der Konsolidierung der einzelnen Teilfondswährungen in die Basiswährung des Fonds die Differenz zwischen dem Nettovermögen des Teilfonds zu Beginn des Berichtszeitraums, umgerechnet zu Devisenkursen, die zu Beginn des Berichtszeitraums gelten, und dessen Wert, umgerechnet zu Devisenkursen, die zum Ende des Berichtszeitraums gelten, als „Devisenbewertungsdifferenzen auf das Fondsvermögen zu Beginn des Berichtszeitraums“ in der konsolidierten Aufstellung der Entwicklungsrechnung für das Fondsvermögen ausgewiesen.\nGeschäftsjahresende 2021\tUSD 1,133450 = EUR 1\nGeschäftsjahresende 2020\tUSD 1,229649 = EUR 1\n** Das konsolidierte Fondsvermögen, die konsolidierte Ertrags- und Aufwandsrechnung sowie die konsolidierte Entwicklung des Fondsvermögens entsprechen der Summe der Ergebnisse der einzelnen Teilfonds. Im Falle von Anlagen zwischen Teilfonds (bei denen ein Teilfonds in einen anderen Teilfonds desselben Umbrellafonds investiert) waren die entsprechenden Konten des Fonds nicht Gegenstand einer Eliminierung für Zwecke der jeweiligen konsolidierten Darstellung.\n1) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n2) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n3) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\n4) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\n| |\n| --- |\n| DB Strategic Income Allocation EUR (SIA) Balanced Plus 1) EUR | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2) EUR | DB Strategic Income Allocation USD (SIA) Balanced Plus 3) USD | DB Strategic Income Allocation USD (SIA) Conservative Plus 4) USD | DWS Strategic ESG Allocation Balance (vormals: DWS Strategic Allocation Balance) EUR |\n| 7 634 443,39 | 3 624 109,60 | 9 095 253,44 | 392 953,89 | 1 732 552,13 |\n| 0,00 | 0,00 | 0,00 | 0,00 | 2 369,13 |\n| 7 634 443,39 | 3 624 109,60 | 9 095 253,44 | 392 953,89 | 1 734 921,26 |\n| | | | | |\n| | | | | |\n| - 40 994,07 | - 19 613,54 | - 22 000,67 | - 397,42 | - 17 873,68 |\n| - 1 232 917,61 | - 692 287,21 | - 853 607,68 | - 60 324,28 | - 1 049 662,89 |\n| 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |\n| - 11 701,52 | - 13 138,79 | 0,00 | 0,00 | - 1 324,86 |\n| - 91 925,55 | - 59 155,10 | - 124 603,10 | - 7 340,27 | - 53 308,36 |\n| - 154 341,75 | - 178 821,44 | - 1 265,23 | 0,00 | - 789,71 |\n| - 1 531 880,50 | - 963 016,08 | - 1 001 476,68 | - 68 061,97 | - 1 122 959,50 |\n| 6 102 562,89 | 2 661 093,52 | 8 093 776,76 | 324 891,92 | 611 961,76 |\n| | | | | |\n| | | | | |\n| 972 538,84 | - 870 641,75 | - 1 953 422,12 | - 137 010,27 | 340 609,53 |\n| 972 538,84 | - 870 641,75 | - 1 953 422,12 | - 137 010,27 | 340 609,53 |\n| | | | | |\n| 7 075 101,73 | 1 790 451,77 | 6 140 354,64 | 187 881,65 | 952 571,29 |\n\n Konsolidierte Ertrags- und Aufwandsrechnung für den Zeitraum vom 1. Januar 2021 bis 31. Dezember 2021 (inkl. Ertragsausgleich)\t\n| Erträge | DWS Strategic ESG Allocation Defensive (vormals: DWS Strategic Allocation Defensive) EUR Konsolidiert | DWS Strategic ESG Allocation Dynamic (vormals: DWS Strategic Allocation Dynamic) EUR |\n| --- | --- | --- |\n| Erträge aus Investmentanteilen | 2 248 116,86 | 640 593,23 |\n| Erträge aus Wertpapier-Darlehen | 169,06 | 0,00 |\n| Summe der Erträge | 2 248 285,92 | 640 593,23 |\n| | | |\n| Aufwendungen | | |\n| Zinsen aus Kreditaufnahmen und negativen Einlagenverzinsungen | - 22 569,72 | - 9 820,92 |\n| Verwaltungsvergütung | - 849 270,33 | - 690 500,60 |\n| Verwahrstellenvergütung | 0,00 | 0,00 |\n| Prüfungs-, Rechts- und Veröffentlichungskosten | - 1 300,80 | - 878,26 |\n| Taxe d‘Abonnement | - 85 365,75 | - 31 563,40 |\n| Sonstige Aufwendungen | - 56,36 | 0,00 |\n| Summe der Aufwendungen | - 958 562,96 | - 732 763,18 |\n| Ordentlicher Nettoertrag | 1 289 722,96 | - 92 169,95 |\n| | | |\n| Veräußerungsgeschäfte | | |\n| Realisierte Gewinne/Verluste | - 457 987,16 | 16 918 887,50 |\n| Ergebnis aus Veräußerungsgeschäften | - 457 987,16 | 16 918 887,50 |\n| | | |\n| Ergebnis des Geschäftsjahres | 831 735,80 | 16 826 717,55 |\n\n* Die Zusammensetzung des Fondsvermögens, der Erträge, Aufwendungen und Entwicklungen des Fondsvermögens von in Fremdwährung geführten Teilfonds wurde zu nachfolgend genannten Devisenkursen in Euro umgerechnet. Die beiliegenden Finanzabschlüsse stellen die Aktiva und Passiva der einzelnen Teilfonds sowie des Fonds insgesamt dar. Der Abschluss des jeweiligen Teilfonds wird in der im Prospekt angegebenen Währung und der Abschluss des Fonds in dessen Basiswährung erstellt. Wenn die Währung eines Teilfonds von der Basiswährung des Fonds abweicht, wird im Rahmen der Konsolidierung der einzelnen Teilfondswährungen in die Basiswährung des Fonds die Differenz zwischen dem Nettovermögen des Teilfonds zu Beginn des Berichtszeitraums, umgerechnet zu Devisenkursen, die zu Beginn des Berichtszeitraums gelten, und dessen Wert, umgerechnet zu Devisenkursen, die zum Ende des Berichtszeitraums gelten, als „Devisenbewertungsdifferenzen auf das Fondsvermögen zu Beginn des Berichtszeitraums“ in der konsolidierten Aufstellung der Entwicklungsrechnung für das Fondsvermögen ausgewiesen.\nGeschäftsjahresende 2021\tUSD 1,133450 = EUR 1\nGeschäftsjahresende 2020\tUSD 1,229649 = EUR 1\n** Das konsolidierte Fondsvermögen, die konsolidierte Ertrags- und Aufwandsrechnung sowie die konsolidierte Entwicklung des Fondsvermögens entsprechen der Summe der Ergebnisse der einzelnen Teilfonds. Im Falle von Anlagen zwischen Teilfonds (bei denen ein Teilfonds in einen anderen Teilfonds desselben Umbrellafonds investiert) waren die entsprechenden Konten des Fonds nicht Gegenstand einer Eliminierung für Zwecke der jeweiligen konsolidierten Darstellung.\n1) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n2) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n3) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\n4) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\n Konsolidierte Entwicklung des Fondsvermögens für den Zeitraum vom 1. Januar 2021 bis 31. Dezember 2021\t\n| Wert des Fondsvermögens am Beginn des Geschäftsjahres | DWS Strategic, SICAV EUR * ** Konsolidiert 1 657 381 035,93 | DB Balanced SAA (EUR) (vormals: DB Wealth Management Balanced SAA (EUR)) EUR 52 421 998,20 | DB Balanced SAA (EUR) Plus (vormals: DB Wealth Management Balanced SAA (EUR) Plus) EUR 269 783 999,47 |\n| --- | --- | --- | --- |\n| Devisenbewertungsdifferenzen auf das Fondsvermögen zu Beginn des Berichtszeitraums * | 38 702 782,22 | 0,00 | 0,00 |\n| Ausschüttung für das Vorjahr / Zwischenausschüttung | - 210 180,33 | 0,00 | 0,00 |\n| Mittelzufluss /-abfluss (netto) | 4 961 801 342,93 | 128 315 245,32 | 1 404 380 330,55 |\n| Ertrags-/Aufwandsausgleich | - 69 368 431,62 | - 879 728,98 | 3 878 291,17 |\n| Ordentlicher Nettoertrag | - 381 976,82 | - 874 120,69 | - 13 376 003,64 |\n| Realisierte Gewinne/Verluste | 90 690 473,09 | 2 645 164,71 | 60 192,47 |\n| Nettoveränderung der nicht realisierten Gewinne/Verluste | 245 674 686,63 | 10 447 728,73 | 100 371 761,66 |\n| | | | |\n| Wert des Fondsvermögens am Ende des Geschäftsjahres | 6 924 289 732,03 | 192 076 287,29 | 1 765 098 571,68 |\n\n Konsolidierte Entwicklung des Fondsvermögens für den Zeitraum vom 1. Januar 2021 bis 31. Dezember 2021\t\n| Wert des Fondsvermögens am Beginn des Geschäftsjahres | DB Conservative SAA (USD) Plus (vormals: DB Wealth Management Conservative SAA (USD) Plus) USD * 214 277 437,46 | DB Growth SAA (EUR) (vormals: DB Wealth Management Growth SAA (EUR)) EUR 93 770 013,97 | DB Growth SAA (USD) (vormals: DB Wealth Management Growth SAA (USD)) USD * 25 889 334,49 |\n| --- | --- | --- | --- |\n| Devisenbewertungsdifferenzen auf das Fondsvermögen zu Beginn des Berichtszeitraums * | 18 186 311,89 | 0,00 | 2 197 298,59 |\n| Ausschüttung für das Vorjahr / Zwischenausschüttung | 0,00 | 0,00 | 0,00 |\n| Mittelzufluss /-abfluss (netto) | 95 692 756,25 | 226 147 404,15 | 74 028 011,74 |\n| Ertrags-/Aufwandsausgleich | - 54 853 024,18 | - 2 702 272,73 | - 335 305,17 |\n| Ordentlicher Nettoertrag | 3 572 266,76 | - 1 800 432,71 | 666 576,99 |\n| Realisierte Gewinne/Verluste | 55 791 557,93 | 6 641 536,87 | 1 709 869,94 |\n| Nettoveränderung der nicht realisierten Gewinne/Verluste | 3 029 392,07 | 27 278 617,57 | 5 720 616,97 |\n| | | | |\n| Wert des Fondsvermögens am Ende des Geschäftsjahres | 335 696 698,18 | 349 334 867,12 | 109 876 403,55 |\n\n Konsolidierte Entwicklung des Fondsvermögens für den Zeitraum vom 1. Januar 2021 bis 31. Dezember 2021\t\n| Wert des Fondsvermögens am Beginn des Geschäftsjahres | DWS Strategic ESG Allocation Defensive (vormals: DWS Strategic Allocation Defensive) EUR 40 386 302,32 | DWS Strategic ESG Allocation Dynamic (vormals: DWS Strategic Allocation Dynamic) EUR 104 830 681,73 |\n| --- | --- | --- |\n| Devisenbewertungsdifferenzen auf das Fondsvermögen zu Beginn des Berichtszeitraums * | 0,00 | 0,00 |\n| Ausschüttung für das Vorjahr / Zwischenausschüttung | - 100 031,15 | - 51 429,53 |\n| Mittelzufluss /-abfluss (netto) | 133 223 957,92 | 1 044 036,02 |\n| Ertrags-/Aufwandsausgleich | - 4 566 889,10 | - 53 383,13 |\n| Ordentlicher Nettoertrag | 1 289 722,96 | - 92 169,95 |\n| Realisierte Gewinne/Verluste | - 457 987,16 | 16 918 887,50 |\n| Nettoveränderung der nicht realisierten Gewinne/Verluste | 7 038 170,17 | 3 899 390,12 |\n| | | |\n| Wert des Fondsvermögens am Ende des Geschäftsjahres | 176 813 245,96 | 126 496 012,76 |\n\n| |\n| --- |\n| DB Balanced SAA (USD) (vormals: DB Wealth Management Balanced SAA (USD)) USD * 5 007 969,91 | DB Balanced SAA (USD) Plus (vormals: DB Wealth Management Balanced SAA (USD) Plus) USD * 206 383 576,59 | DB Conservative SAA (EUR) (vormals: DB Wealth Management Conservative SAA (EUR)) EUR 137 073 970,71 | DB Conservative SAA (EUR) Plus (vormals: DB Wealth Management Conservative SAA (EUR) Plus) EUR 441 422 189,57 | DB Conservative SAA (USD) (vormals: DB Wealth Management Conservative SAA (USD)) USD * 4 451 291,82 |\n| 425 040,10 | 17 516 338,34 | 0,00 | 0,00 | 377 793,30 |\n| 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |\n| 10 774 422,52 | 190 212 915,84 | 155 282 516,33 | 1 577 497 339,27 | 8 248 102,88 |\n| - 124 589,96 | - 1 659 293,51 | - 931 898,16 | 1 170 235,77 | - 175 180,56 |\n| 175 191,11 | 2 065 553,83 | - 574 696,64 | - 9 410 125,41 | 181 973,72 |\n| 238 049,52 | 3 456 385,34 | 3 087 398,70 | 1 999 894,15 | 247 448,89 |\n| 422 715,26 | 19 696 127,38 | 8 376 865,25 | 45 817 128,97 | - 44 988,67 |\n| | | | | |\n| 16 918 798,46 | 437 671 603,81 | 302 314 156,19 | 2 058 496 662,32 | 13 286 441,38 |\n\n| |\n| --- |\n| DB Strategic Income Allocation EUR (SIA) Balanced Plus 1) EUR 0,00 | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2) EUR 0,00 | DB Strategic Income Allocation USD (SIA) Balanced Plus 3) USD 0,00 | DB Strategic Income Allocation USD (SIA) Conservative Plus 4) USD 0,00 | DWS Strategic ESG Allocation Balance (vormals: DWS Strategic Allocation Balance) EUR 61 682 269,69 |\n| 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |\n| 0,00 | 0,00 | 0,00 | 0,00 | - 58 719,65 |\n| 304 302 879,11 | 202 498 439,50 | 316 683 114,04 | 18 731 548,97 | 114 738 322,52 |\n| - 926 895,24 | - 523 820,76 | - 580 642,11 | - 28 716,00 | - 6 075 318,97 |\n| 6 102 562,89 | 2 661 093,52 | 8 093 776,76 | 324 891,92 | 611 961,76 |\n| 972 538,84 | - 870 641,75 | - 1 953 422,12 | - 137 010,27 | 340 609,53 |\n| 3 170 830,21 | - 948 058,85 | - 3 351 818,31 | - 201 730,70 | 14 951 938,80 |\n| | | | | |\n| 313 621 915,81 | 202 817 011,66 | 318 891 008,26 | 18 688 983,92 | 186 191 063,68 |\n\n* Die Zusammensetzung des Fondsvermögens, der Erträge, Aufwendungen und Entwicklungen des Fondsvermögens von in Fremdwährung geführten Teilfonds wurde zu nachfolgend genannten Devisenkursen in Euro umgerechnet. Die beiliegenden Finanzabschlüsse stellen die Aktiva und Passiva der einzelnen Teilfonds sowie des Fonds insgesamt dar. Der Abschluss des jeweiligen Teilfonds wird in der im Prospekt angegebenen Währung und der Abschluss des Fonds in dessen Basiswährung erstellt. Wenn die Währung eines Teilfonds von der Basiswährung des Fonds abweicht, wird im Rahmen der Konsolidierung der einzelnen Teilfondswährungen in die Basiswährung des Fonds die Differenz zwischen dem Nettovermögen des Teilfonds zu Beginn des Berichtszeitraums, umgerechnet zu Devisenkursen, die zu Beginn des Berichtszeitraums gelten, und dessen Wert, umgerechnet zu Devisenkursen, die zum Ende des Berichtszeitraums gelten, als „Devisenbewertungsdifferenzen auf das Fondsvermögen zu Beginn des Berichtszeitraums“ in der konsolidierten Aufstellung der Entwicklungsrechnung für das Fondsvermögen ausgewiesen.\nGeschäftsjahresende 2021\tUSD 1,133450 = EUR 1\nGeschäftsjahresende 2020\tUSD 1,229649 = EUR 1\n** Das konsolidierte Fondsvermögen, die konsolidierte Ertrags- und Aufwandsrechnung sowie die konsolidierte Entwicklung des Fondsvermögens entsprechen der Summe der Ergebnisse der einzelnen Teilfonds. Im Falle von Anlagen zwischen Teilfonds (bei denen ein Teilfonds in einen anderen Teilfonds desselben Umbrellafonds investiert) waren die entsprechenden Konten des Fonds nicht Gegenstand einer Eliminierung für Zwecke der jeweiligen konsolidierten Darstellung.\n1) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n2) \nDer Teilfonds wurde am 19.7.2021 aufgelegt.\n3) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\n4) \nDer Teilfonds wurde am 28.6.2021 aufgelegt.\nKPMG Luxembourg, Société anonyme\tTel: +352 22 51 51 1\n39, Avenue John F. Kennedy\tFax: +352 22 51 71\nL-1855 Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\n\n##### An die Aktionäre der DWS Strategic, SICAV\n2, Boulevard Konrad Adenauer L-1115 Luxemburg\nBERICHT DES „REVISEUR D’ENTREPRISES AGREE“\n\n###### Bericht über die Jahresabschlussprüfung Prüfungsurteil\nWir haben den Jahresabschluss der DWS Strategic, SICAV und ihrer jeweiligen Teilfonds („der Fonds“),\nbestehend aus der Vermögensaufstellung einschließlich des Wertpapierbestands und der sonstigen Vermö- genswerte zum 31. Dezember 2021, der Ertrags- und Aufwandsrechnung und der Entwicklung des Fonds- vermögens für das an diesem Datum endende Geschäftsjahr sowie erläuternden Angaben, einschließlich einer Zusammenfassung bedeutsamer Rechnungslegungsmethoden, geprüft.\nNach unserer Beurteilung vermittelt der beigefügte Jahresabschluss in Übereinstimmung mit den in Luxem- burg geltenden gesetzlichen Bestimmungen und Verordnungen betreffend die Aufstellung und Darstellung des Jahresabschlusses ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens- und Finanzlage der DWS Strategic, SICAV und ihrer jeweiligen Teilfonds zum 31. Dezember 2021 sowie der Er- tragslage und der Entwicklung des Fondsvermögens für das an diesem Datum endende Geschäftsjahr.\n\n###### Grundlage für das Prüfungsurteil\nWir führten unsere Abschlussprüfung in Übereinstimmung mit dem Gesetz über die Prüfungstätigkeit („Gesetz vom 23. Juli 2016“) und nach den für Luxemburg von der „Commission de Surveillance du Secteur Financier“ („CSSF“) angenommenen internationalen Prüfungsstandards („ISA“) durch. Unsere Verantwor- tung gemäß der dem Gesetz vom 23. Juli 2016 und den ISA-Standards, wie sie in Luxemburg von der CSSF angenommen wurden, wird im Abschnitt „Verantwortung des „réviseur d’entreprises agréé“ für die Jahres- abschlussprüfung“ weitergehend beschrieben. Wir sind auch unabhängig von dem Fonds in Übereinstim- mung mit dem für Luxemburg von der CSSF angenommenen „International Code of Ethics for Professional Accountants, including International Independence Standards“, herausgegeben vom „International Ethics Standards Board for Accountants“ („IESBA Code“), zusammen mit den beruflichen Verhaltensanforderun- gen, welche wir im Rahmen der Jahresabschlussprüfung einzuhalten haben, und haben alle sonstigen Be- rufspflichten in Übereinstimmung mit diesen Verhaltensanforderungen erfüllt. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen.\n\n###### Sonstige Informationen\nDer Verwaltungsrat des Fonds ist verantwortlich für die sonstigen Informationen. Die sonstigen Informatio- nen beinhalten die Informationen, welche im Jahresbericht enthalten sind, jedoch beinhalten sie nicht den Jahresabschluss oder unseren Bericht des „réviseur d’entreprises agréé“ zu diesem Jahresabschluss.\n© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518\na member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\nguarantee. All rights reserved.\nUnser Prüfungsurteil zum Jahresabschluss deckt nicht die sonstigen Informationen ab und wir geben kei- nerlei Sicherheit jedweder Art auf diese Informationen.\nIm Zusammenhang mit der Prüfung des Jahresabschlusses besteht unsere Verantwortung darin, die sons- tigen Informationen zu lesen und dabei zu beurteilen, ob eine wesentliche Unstimmigkeit zwischen diesen und dem Jahresabschluss oder mit den bei der Abschlussprüfung gewonnenen Erkenntnissen besteht oder auch ansonsten die sonstigen Informationen wesentlich falsch dargestellt erscheinen. Sollten wir auf Basis der von uns durchgeführten Arbeiten schlussfolgern, dass sonstige Informationen wesentliche falsche Dar- stellungen enthalten, sind wir verpflichtet, diesen Sachverhalt zu berichten. Wir haben diesbezüglich nichts zu berichten.\n\n###### Verantwortung des Verwaltungsrats des Fonds für den Jahresabschluss\nDer Verwaltungsrat des Fonds ist verantwortlich für die Aufstellung und sachgerechte Gesamtdarstellung des Jahresabschlusses in Übereinstimmung mit den in Luxemburg geltenden gesetzlichen Bestimmungen und Verordnungen zur Aufstellung und Darstellung des Jahresabschlusses und für die internen Kontrollen, die der Verwaltungsrat als notwendig erachtet, um die Aufstellung des Jahresabschlusses zu ermöglichen, der frei von wesentlichen - beabsichtigten oder unbeabsichtigten - falschen Darstellungen ist.\nBei der Aufstellung des Jahresabschlusses ist der Verwaltungsrat des Fonds verantwortlich für die Beurtei- lung der Fähigkeit des Fonds und seiner jeweiligen Teilfonds zur Fortführung der Unternehmenstätigkeit und, sofern einschlägig, Angaben zu Sachverhalten zu machen, die im Zusammenhang mit der Fortführung der Unternehmenstätigkeit stehen, und die Annahme der Unternehmensfortführung als Rechnungslegungs- grundsatz zu nutzen, sofern nicht der Verwaltungsrat des Fonds beabsichtigt, den Fonds zu liquidieren oder einzelne seiner Teilfonds zu schließen, die Geschäftstätigkeit einzustellen oder keine andere realistische Alternative mehr hat, als so zu handeln.\n\n###### Verantwortung des „réviseur d’entreprises agréé“ für die Jahresabschlussprüfung\nDie Zielsetzung unserer Prüfung ist es, eine hinreichende Sicherheit zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen, beabsichtigten oder unbeabsichtigten, falschen Darstellungen ist und darü- ber einen Bericht des „réviseur d’entreprises agréé“, welcher unser Prüfungsurteil enthält, zu erteilen. Hin- reichende Sicherheit entspricht einem hohen Grad an Sicherheit, ist aber keine Garantie dafür, dass eine Prüfung in Übereinstimmung mit dem Gesetz vom 23. Juli 2016 und nach den für Luxemburg von der CSSF angenommenen ISAs stets eine wesentliche falsche Darstellung, falls vorhanden, aufdeckt. Falsche Darstel- lungen können entweder aus Unrichtigkeiten oder aus Verstößen resultieren und werden als wesentlich angesehen, wenn vernünftigerweise davon ausgegangen werden kann, dass diese individuell oder insge- samt, die auf der Grundlage dieses Jahresabschlusses getroffenen wirtschaftlichen Entscheidungen von Adressaten beeinflussen.\nIm Rahmen einer Abschlussprüfung in Übereinstimmung mit dem Gesetz vom 23. Juli 2016 und nach den für Luxemburg von der CSSF angenommenen ISAs üben wir unser pflichtgemäßes Ermessen aus und be- wahren eine kritische Grundhaltung.\nDarüber hinaus:\n- Identifizieren und beurteilen wir das Risiko von wesentlichen falschen Darstellungen im Jahresabschluss aus Unrichtigkeiten oder Verstößen, planen und führen Prüfungshandlungen durch als Antwort auf diese Risiken und erlangen Prüfungsnachweise, die ausreichend und angemessen sind, um als Grundlage für das Prüfungsurteil zu dienen. Das Risiko, dass wesentliche falsche Darstellungen nicht aufgedeckt wer- den, ist bei Verstößen höher als bei Unrichtigkeiten, da Verstöße betrügerisches Zusammenwirken, Fäl- schungen, beabsichtigte Unvollständigkeiten, irreführende Angaben bzw. das Außerkraftsetzen interner Kontrollen beinhalten können.\n- Gewinnen wir ein Verständnis von dem für die Abschlussprüfung relevanten internen Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des internen Kontrollsystems des Fonds abzugeben.\n- Beurteilen wir die Angemessenheit der vom Verwaltungsrat des Fonds angewandten Bilanzierungsmetho- den, der rechnungslegungsrelevanten Schätzungen und der entsprechenden Anhangangaben.\n- Schlussfolgern wir über die Angemessenheit der Anwendung des Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit durch den Verwaltungsrat des Fonds sowie auf der Grundlage der erlangten Prüfungsnachweise, ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die bedeutsame Zweifel an der Fähigkeit des Fonds oder einzelner seiner Teil- fonds zur Fortführung der Unternehmenstätigkeit aufwerfen könnten. Sollten wir schlussfolgern, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet, im Bericht des „réviseur d’entreprises agréé“ auf die dazugehörigen Anhangangaben zum Jahresabschluss hinzuweisen oder, falls die Angaben un angemessen sind, das Prüfungsurteil zu modifizieren. Diese Schlussfolgerungen basieren auf der Grund- lage der bis zum Datum des Berichts des „réviseur d’entreprises agréé“ erlangten Prüfungsnachweise. Zukünftige Ereignisse oder Gegebenheiten können jedoch dazu führen, dass der Fonds oder einzelne seiner Teilfonds die Unternehmenstätigkeit nicht mehr fortführen können.\n- Beurteilen wir die Gesamtdarstellung, den Aufbau und den Inhalt des Jahresabschlusses einschließlich der Anhangangaben und beurteilen, ob dieser die zugrundeliegenden Geschäftsvorfälle und Ereignisse sachgerecht darstellt.\n\nWir kommunizieren mit den für die Überwachung Verantwortlichen unter anderem den geplanten Prüfungs- umfang und Zeitraum sowie wesentliche Prüfungsfeststellungen einschließlich wesentlicher Schwächen im internen Kontrollsystem, welche wir im Rahmen der Prüfung identifizieren.\nLuxemburg, 14. April 2022\tKPMG Luxembourg Société anonyme Cabinet de révision agréé\nPia Schanz"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Annual report\nand annual financial statements\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve medium- to long-term capital appre- ciation. In order to achieve\nthe investment objective, the sub-fund seeks to invest in portfolios of three main asset\nDB BALANCED SAA (EUR)\nPerformance since inception\n130\n125\n120\n115\n110\n105\n100\n95\nclasses that are diversified\n4/30/20* 6/20\n9/20\n12/20\t3/21\n6/21\n9/21\n12/21\nbetween each other and within themselves. These are a bond\nDB Balanced SAA (EUR) (SC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on April 30, 2020 = 100\nData on euro basis\nportfolio, an equity portfolio and an alternative portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each portfolio. The investment advi-\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDB BALANCED SAA (EUR)\nPerformance of share classes (in euro)\n| Share class | ISIN | 1 year | Since inception 1 |\n| --- | --- | --- | --- |\n| Class SC | LU2132880241 | 10.8% | 24.9% |\n| Class DPMC | LU2132880167 | 11.2% | 14.8% |\n| Class LC | LU2258442917 | – | 9.0% |\n| Class LC10 | LU2132880324 | 11.0% | 25.3% |\n| Class PFC | LU2258443055 | – | 4.9% |\n| Class WAMC | LU2132880597 | 11.1% | 25.5% |\n\n1 \nClasses LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on October 14, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nsor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation. The expected range of alloca- tion for a “balanced” portfolio is for a) bond portfolio: up to 75%;\n- equity portfolio: 25-60% and\n- alternative portfolio: 0-15%. In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus. Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\n\nThe investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries\nand uncertainty regarding the monetary policy of the central\nbanks. Against this backdrop, the sub-fund DB Balanced SAA (EUR) achieved an appreciation of 10.8% per share in 2021\n(SC share class; BVI method; in euro).\nInvestment policy in the reporting period \nDevelopments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global\neconomy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by\nthe efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook. The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\nup the rear. Against the back-\nhigh-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\nThe management of the sub- fund DB Balanced SAA (EUR) was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally. In terms of sec- tor allocation, the equity port- folio was broadly diversified.\nWith this orientation, the sub- fund participated in particular in the appreciable price increases in the equity markets.\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\ndrop of high global debt levels\t\nand historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corporate bond markets,\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Bond funds | 93 164 441.98 | 48.50 |\n| Equity funds | 86 078 900.32 | 44.81 |\n| Other funds | 10 318 546.86 | 5.38 |\n| Total investment fund units | 189 561 889.16 | 98.69 |\n| 2. Cash at bank | 1 307 289.79 | 0.68 |\n| 3. Other assets | 1 868 460.34 | 0.97 |\n| 4. Receivables from share certificate transactions | 245 913.36 | 0.13 |\n| II. Liabilities | | |\n| 1. Other liabilities | -848 070.66 | -0.44 |\n| 2. Liabilities from share certificate transactions | -59 194.70 | -0.03 |\n| III. Net assets | 192 076 287.29 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Investment fund units | | | | | | | 189 561 889.16 | 98.69 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%)................. | Units | 603 | 737 | 134 | EUR | 9 732.971 | 5 868 981.39 | 3.06 |\n| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .. | Units | 299 005 | 249 668 | 112 793 | EUR | 66.76 | 19 961 573.80 | 10.39 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%)............................. | Units | 328 376 | 249 817 | 39 981 | EUR | 52.738 | 17 317 893.49 | 9.02 |\n| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) ......................................... | Units | 174 886 | 132 902 | 6 460 | EUR | 162.33 | 28 389 244.38 | 14.78 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) ................................ | Units | 420 727 | 315 909 | 15 506 | EUR | 17.079 | 7 185 386.07 | 3.74 |\n| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF - 1C- EUR - (0.050%) ................................. | Units | 29 612 | 23 711 | 6 578 | EUR | 167.305 | 4 954 235.66 | 2.58 |\n| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) ................................ | Units | 20 736 | 16 710 | 5 052 | EUR | 207.77 | 4 308 318.72 | 2.24 |\n| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) ................................ | Units | 16 163 | 13 164 | 4 123 | EUR | 282.25 | 4 562 006.75 | 2.37 |\n| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) ....................... | Units | 15 311 | 12 143 | 3 164 | EUR | 247.16 | 3 784 266.76 | 1.97 |\n| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) ............... | Units | 186 682 | 136 746 | 11 014 | EUR | 23.835 | 4 449 565.47 | 2.32 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) ............................ | Units | 4 103 670 | 4 255 642 | 151 972 | EUR | 5.323 | 21 844 656.14 | 11.37 |\n| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) .................................... | Units | 52 144 | 40 207 | 2 579 | EUR | 133.97 | 6 985 731.68 | 3.64 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) .................................... | Units | 971 | 971 | | EUR | 432.63 | 420 083.73 | 0.22 |\n| MULTI UNITS FRANCE - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) ................................ | Units | 61 340 | 45 598 | 4 079 | EUR | 147.32 | 9 036 608.80 | 4.70 |\n| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) ................................ | Units | 694 | 694 | | GBP | 112.51 | 93 089.35 | 0.05 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) .................................... | Units | 39 694 | 40 962 | 1 268 | GBP | 128.912 | 6 100 530.93 | 3.17 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) ................................ | Units | 7 644 | 6 341 | 167 | USD | 209.84 | 1 415 163.21 | 0.74 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) .................................... | Units | 1 023 272 | 857 031 | 33 315 | USD | 5.383 | 4 859 740.11 | 2.53 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) .................................... | Units | 76 868 | 57 301 | 6 936 | USD | 490.17 | 33 242 209.57 | 17.31 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) ................................ | Units | 36 945 | 31 780 | 1 091 | USD | 138.5 | 4 514 430.99 | 2.35 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) ................................ | Units | 2 197 | 293 | | USD | 138.352 | 268 172.16 | 0.14 |\n| Total securities portfolio | | | | | | | 189 561 889.16 | 98.69 |\n| Cash at bank | | | | | | | 1 307 289.79 | 0.68 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | | | | 1 159 698.08 | 0.60 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 35 733 | | | | | 42 601.01 | 0.02 |\n| U.S. dollar ........................................ | USD | 119 002 | | | | | 104 990.70 | 0.06 |\n| Other assets | 1 868 460.34 | 0.97 |\n| Dividends/Distributions receivable ..................... | 99.96 | 0.00 |\n| Prepaid placement fee * ............................. | 1 867 999.42 | 0.97 |\n| Other receivables .................................. | 360.96 | 0.00 |\n| Receivables from share certificate transactions | 245 913.36 | 0.13 |\n| Total assets | 192 983 552.65 | 100.47 |\n| Other liabilities | -848 070.66 | -0.44 |\n| Additional other liabilities............................. | -848 070.66 | -0.44 |\n| Liabilities from share certificate transactions | -59 194.70 | -0.03 |\n| Total liabilities | -907 265.36 | -0.47 |\n| Net assets | 192 076 287.29 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class DPMC ...................................... | EUR | 11 480.86 |\n| Class LC ......................................... | EUR | 108.96 |\n| Class LC10 ....................................... | EUR | 12 526.97 |\n| Class PFC ........................................ | EUR | 104.93 |\n| Class SC ......................................... | EUR | 12 485.03 |\n| Class WAMC ...................................... | EUR | 12 552.70 |\n| Number of shares outstanding Class DPMC ...................................... | Count | 1 023.000 |\n| Class LC ......................................... | Count | 211 578.000 |\n| Class LC10 ....................................... | Count | 1 288.000 |\n| Class PFC ........................................ | Count | 525 600.000 |\n| Class SC ......................................... | Count | 6 184.507 |\n| Class WAMC ...................................... | Count | 699.200 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex. derivatives\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 99.994 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 100.000 |\n| Average market risk exposure ........................ | % | 100.000 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\n| Exchange rates (indirect quotes) | |\n| --- | --- |\n| | | As of December 30, 2021 |\n| British pound\tGBP | 0.838785 | = EUR\t1 |\n| U.S. dollar\tUSD | 1.133450 | = EUR\t1 |\n| Notes on valuation | | |\n\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\n Statement of income and expenses \n(incl. income adjustment)\t \n Statement of changes in net assets\t2021 \nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . EUR 577\t575.29Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t577 575.29\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... EUR\t-42 749.65\n\n- Management fee ............................... EUR\t-1 017 106.71thereof:All-in fee................... EUR -1 017 106.71\n- Legal and publication costs ....................... EUR\t-613.85\n- Taxe d‘abonnement............................. EUR\t-68 648.36\n- Other expenses ................................ EUR\t-322 577.41thereof:Expenses from prepaidplacement fee 1 ............. EUR\t-322 577.41 Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-1 451 695.98\n- Net investment income . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-874 120.69\n- Sale transactionsRealized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t2 645 164.71Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t2 645 164.71\n- Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . EUR 1 771\t044.021 For further information, please refer to the notes to the financial statements.\n\nBVI total expense ratio (TER)\nThe total expense ratio for the share classes was:\nClass DPMC 0.12% p.a.,\tClass LC 1.26%\n2\n,\nClass LC10 0.27% p.a.,\tClass PFC 1.72%\n2\n,\nClass SC 0.47% p.a.,\tClass WAMC 0.15% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass DPMC 0.30% p.a.,\tClass LC 1.43%\n2\n,\nClass LC10 0.44% p.a.,\tClass PFC 1.89%\n2\n,\nClass SC 0.64%p.a.,\tClass WAMC 0.33% p.a.\n2 \nAnnualization has not been performed for share classes launched during the year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 12 245.14.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\n- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\t52 421 998.20\n- Net inflows \n- 3 \n- .................................. EUR 128 315\t245.32\n- Income adjustment ............................. EUR\t-879 728.98\n- Net investment income.......................... EUR\t-874 120.69\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 2 645\t164.71\n- Net change in unrealized appreciation/depreciation .... EUR 10 447\t728.73\n- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . EUR\t192 076 287.293 Reduced by a dilution fee in the amount of EUR 33 065.21 for the benefit of the fund’s assets.\n\nSummary of gains/losses\t2021\nRealized gains/losses (incl. income adjustment). . . . . . . EUR\t2 645 164.71\nfrom:\nSecurities transactions.......................... EUR\t2 555 748.63\n(Forward) currency transactions .................. EUR\t89 416.08\n Details on the distribution policy*\t\nClass DPMC\nThe income for the fiscal year is reinvested.\nClass LC\nThe income for the fiscal year is reinvested.\nClass LC10\nThe income for the fiscal year is reinvested.\nClass PFC\nThe income for the fiscal year is reinvested.\nClass SC\nThe income for the fiscal year is reinvested.\nClass WAMC\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\nChanges in net assets and in the net asset value per share over the last three years\n| Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 192 076 287.29 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 52 421 998.20 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | - |\n| Net asset value per share at the end of the fiscal year | | |\n| 2021 | Class DPMC ............................. | EUR | 11 480.86 |\n| | Class LC ................................ | EUR | 108.96 |\n| | Class LC10 .............................. | EUR | 12 526.97 |\n| | Class PFC ............................... | EUR | 104.93 |\n| | Class SC ................................ | EUR | 12 485.03 |\n| | Class WAMC ............................ | EUR | 12 552.70 |\n| 2020 | Class DPMC ............................. | EUR | 10 326.21 |\n| | Class LC ................................ | EUR | - |\n| | Class LC10 .............................. | EUR | 11 283.73 |\n| | Class PFC ............................... | EUR | - |\n| | Class SC ................................ | EUR | 11 268.38 |\n| | Class WAMC ............................ | EUR | 11 293.51 |\n| 2019 | Class DPMC ............................. | EUR | - |\n| | Class LC ................................ | EUR | - |\n| | Class LC10 .............................. | EUR | - |\n| | Class PFC ............................... | EUR | - |\n| | Class SC ................................ | EUR | - |\n| | Class WAMC ............................ | EUR | - |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.20% of all transactions. The total volume was EUR 16 386 500.36.\n Placement fee / dilution adjustment\t\nIn the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor. This fee was calculated on the subscription date. This placement fee serves in particular as compensation for distribution. The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses. These are amortized on a daily basis over a period of three years from the date of subscription. The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor. The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date. The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\nIn addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\nFurther details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve medium- to long-term capital appreci- ation. In order to achieve this objective, it seeks to hedge against capital losses of more than 18% on an annualized basis. In order to achieve the\nDB BALANCED SAA (EUR) PLUS\nPerformance since inception\n130\n125\n120\n115\n110\n105\n100\n95\n4/30/20* 6/20\t12/20\t6/21\n12/21\ninvestment objective, the sub-fund seeks to invest in\nDB Balanced SAA (EUR) Plus (SC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on April 30, 2020 = 100\nData on euro basis\nportfolios of three main asset\nclasses that are diversified between each other and within themselves. These are a bond portfolio, an equity portfolio and an alternative portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDB BALANCED SAA (EUR) PLUS\nPerformance of share classes (in euro)\n| Share class | ISIN | 1 year | Since inception 1 |\n| --- | --- | --- | --- |\n| Class SC | LU2132879748 | 11.9% | 26.0% |\n| Class DPMC | LU2132879664 | 12.4% | 19.5% |\n| Class LC | LU2258443139 | – | 9.7% |\n| Class LC10 | LU2132879821 | 12.1% | 26.4% |\n| Class PFC | LU2258443212 | – | 5.3% |\n| Class WAMC | LU2132880084 | 12.4% | 26.8% |\n\n1 \nClasses LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on June 17, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\ntion approach which takes into account the expected return, volatility and correlation in each portfolio. The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation. The expected range of alloca- tion for a “balanced” portfolio is for a) bond portfolio: up to 70%; b) equity portfolio: 30-80% and c) alternative portfolio:\n0-15%. In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus. In addition to allocating assets across the portfolios,\nthe sub-fund manager seeks\nto implement a capital pres- ervation strategy, based on the advice of the investment\nadvisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 18%\non an annualized basis (risk mitigation strategy). The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period. The risk mitigation strat- egy includes investments in derivative financial instruments. Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\nings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing in an ETF, the fund manager may gain exposure to a financial\nindex through the use of deriva- tive financial instruments.\nThe investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\nworldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary\npolicy of the central banks. Against this backdrop, the sub- fund DB Balanced SAA (EUR) Plus achieved an appreciation of 11.9% per share in 2021\n(SC share class; BVI method; in euro).\n\n##### Investment policy in the\nprice gains, although the pic- ture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\nreporting period\t\nup the rear. Against the back-\t\nDevelopments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by\nthe efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook. The international equity markets closed 2021 with significant\ndrop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\nThe management of the sub- fund DB Balanced SAA (EUR) Plus was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally. In terms of sector allocation, the equity portfolio was broadly diversi- fied. With this orientation, the sub-fund participated in par- ticular in the appreciable price increases in the equity markets.\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a majorevent in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Bond funds | 565 227 284.89 | 32.02 |\n| Equity funds | 1 059 825 069.19 | 60.04 |\n| Other funds | 116 410 404.00 | 6.60 |\n| Total investment fund units | 1 741 462 758.08 | 98.66 |\n| 2. Derivatives | 9 420 747.79 | 0.53 |\n| 3. Cash at bank | 3 492 510.30 | 0.20 |\n| 4. Other assets | 11 239 344.56 | 0.64 |\n| 5. Receivables from share certificate transactions | 4 407 646.57 | 0.25 |\n| II. Liabilities | | |\n| 1. Other liabilities | -4 924 435.62 | -0.28 |\n| III. Net assets | 1 765 098 571.68 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Investment fund units | | | | | | | 1 741 462 758.08 | 98.66 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%)................. | Units | 7 794 | 10 793 | 2 999 | EUR | 9 732.971 | 75 858 774.42 | 4.30 |\n| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .. Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%)............................. | Units Units | 4 836 908 3 591 239 | 3 976 541 2 981 929 | 12 645 13 209 | EUR EUR | 66.76 52.738 | 322 911 978.08 189 394 762.38 | 18.29 10.73 |\n| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) ......................................... | Units | 696 671 | 667 401 | 183 424 | EUR | 162.33 | 113 090 603.43 | 6.41 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) ................................ | Units | 2 873 143 | 2 500 611 | 10 309 | EUR | 17.079 | 49 068 972.73 | 2.78 |\n| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) ................................ | Units | 597 586 | 555 099 | 2 015 | EUR | 167.305 | 99 979 125.73 | 5.66 |\n| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) ................................ | Units | 417 225 | 388 567 | 1 299 | EUR | 207.77 | 86 686 838.25 | 4.91 |\n| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) ................................ | Units | 284 371 | 258 206 | 187 | EUR | 282.25 | 80 263 714.75 | 4.55 |\n| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) ....................... | Units | 305 004 | 280 656 | 905 | EUR | 247.16 | 75 384 788.64 | 4.27 |\n| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) ............... | Units | 1 701 348 | 1 401 670 | 4 498 | EUR | 23.835 | 40 551 629.58 | 2.30 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%)......................... | Units | 9 349 827 | 9 374 547 | 24 720 | EUR | 5.323 | 49 770 999.09 | 2.82 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) .................................... | Units | 808 | 808 | | EUR | 153.76 | 124 238.08 | 0.01 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) .................................... | Units | 19 103 | 19 103 | | EUR | 432.63 | 8 264 530.89 | 0.47 |\n| iShares VII PLC - iShares EUR Govt Bond 7-10yr UCITS ETF EUR (Acc) EUR - (0.200%)........................ | Units | 63 397 | 64 390 | 993 | EUR | 171.27 | 10 858 004.19 | 0.61 |\n| Lyxor Index Fund - Lyxor Core EURO STOXX 50 (DR) EUR - (0.070%) .................................... | Units | 20 497 | 78 312 | 112 682 | EUR | 219.35 | 4 496 016.95 | 0.25 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) ................................... | Units | 559 027 | 499 302 | 71 325 | EUR | 147.32 | 82 355 857.64 | 4.67 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) .................................... | Units | 602 115 | 604 634 | 2 519 | GBP | 128.912 | 92 538 448.67 | 5.24 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) .................................... | Units | 793 102 | 648 137 | 9 445 | USD | 490.17 | 342 983 593.91 | 19.43 |\n| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) ................................... | Units | 210 178 | 416 446 | 375 666 | USD | 91.03 | 16 879 880.67 | 0.96 |\n| Total securities portfolio | | | | | | | 1 741 462 758.08 | 98.66 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Equity index derivatives Receivables/payables | | | | | | | 9 420 747.79 | 0.53 |\n| Option contracts | | | | | | | | |\n| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 150 EUR (DB) ........... | Count | 12 966 | 12 966 | | | | 7 773 117.00 | 0.44 |\n| Put FTSE MIB Index Futures 09/2022 5 500 GBP (DB) ..... | Count | 400 | 400 | | | | 382 696.47 | 0.02 |\n| Put S & P 500 Futures 09/2022 3 550 USD (DB) .......... | Count | 196 | 216 | 20 | | | 1 264 934.32 | 0.07 |\n| Cash at bank | | | | | | | 3 492 510.30 | 0.20 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | | | | 2 906 421.75 | 0.17 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 466 576 | | | | | 556 252.88 | 0.03 |\n| U.S. dollar ........................................ | USD | 33 817 | | | | | 29 835.67 | 0.00 |\n| Other assets | | | | | | | 11 239 344.56 | 0.64 |\n| Dividends/Distributions receivable ..................... | | | | | | | 415.52 | 0.00 |\n| Prepaid placement fee * ............................. | | | | | | | 9 675 408.57 | 0.55 |\n| Other receivables .................................. | | | | | | | 1 563 520.47 | 0.09 |\n| Receivables from share certificate transactions | | | | | | | 4 407 646.57 | 0.25 |\n| Total assets ** | | | | | | | 1 770 023 007.30 | 100.28 |\n\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Other liabilities | | | | | | | -4 924 435.62 | -0.28 |\n| Liabilities from cost items ............................ | | | | | | | -1 640 878.29 | -0.09 |\n| Additional other liabilities............................. | | | | | | | -3 283 557.33 | -0.19 |\n| Total liabilities | | | | | | | -4 924 435.62 | -0.28 |\n| Net assets | | | | | | | 1 765 098 571.68 | 100.00 |\n\nNegligible rounding errors may have arisen due to the rounding of calculated percentages.\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class DPMC ...................................... | EUR | 11 952.50 |\n| Class LC ......................................... | EUR | 109.75 |\n| Class LC10 ....................................... | EUR | 12 643.49 |\n| Class PFC ........................................ | EUR | 105.34 |\n| Class SC ......................................... | EUR | 12 601.06 |\n| Class WAMC ...................................... | EUR | 12 684.35 |\n| Number of shares outstanding Class DPMC ...................................... | Count | 2 684.800 |\n| Class LC ......................................... | Count | 6 278 495.000 |\n| Class LC10 ....................................... | Count | 11 814.500 |\n| Class PFC ........................................ | Count | 2 723 223.000 |\n| Class SC ......................................... | Count | 45 710.679 |\n| Class WAMC ...................................... | Count | 2 499.520 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex. derivatives\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 61.602 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 96.347 |\n| Average market risk exposure ........................ | % | 82.589 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 69 656 176.14 as of the reporting date.\n Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)\nDB = Deutsche Bank AG Frankfurt\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| British pound\tGBP | 0.838785 | = EUR | 1 |\n| --- | --- | --- | --- |\n| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Footnotes\t\n* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\n** Does not include positions with a negative balance, if such exist.\n Statement of income and expenses \n(incl. income adjustment)\t \n Statement of changes in net assets\t2021 \nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . EUR 4 102\t549.97Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t4 102 549.97\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... EUR\t-601 119.21\n\n- Management fee ............................... EUR\t-14 127 975.10thereof:All-in fee................... EUR -14 127 975.10\n- Legal and publication costs ....................... EUR\t-5 490.44\n- Taxe d‘abonnement............................. EUR\t-925 211.78\n- Other expenses ................................ EUR\t-1 818 757.08thereof:Expenses from prepaidplacement fee 1 ................. \n\nEUR -1 818 757.08\nTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-17 478 553.61\n- Net investment income . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-13 376 003.64\n- Sale transactionsRealized gains/losses .............................. EUR\t60 192.47Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t60 192.47\n- Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . EUR\t-13 315 811.171 For further information, please refer to the notes to the financial statements.\n\nBVI total expense ratio (TER)\nThe total expense ratio for the share classes was:\nClass DPMC 0.17% p.a.,\tClass LC 1.39%\n2\n,\nClass LC10 0.39% p.a.,\tClass PFC 1.85%\n2\n,\nClass SC 0.59% p.a.,\tClass WAMC 0.19% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass DPMC 0.30% p.a.,\tClass LC 1.53%\n2\n,\nClass LC10 0.53% p.a.,\tClass PFC 1.99%\n2\n,\nClass SC 0.73% p.a,\tClass WAMC 0.33% p.a.\n2 \nAnnualization has not been performed for share classes launched during the year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 94 528.30.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. ................................... \n- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\t269 783 999.47\n- Net inflows \n- 3 \n- .................................. EUR 1 404 380\t330.55\n- Income adjustment ............................. EUR 3 878\t291.17\n- Net investment income.......................... EUR\t-13 376 003.64\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 60\t192.47\n- Net change in unrealized appreciation/depreciation .... EUR 100 371\t761.66\n- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . EUR\t1 765 098 571.683 Reduced by a dilution fee in the amount of EUR 318 590.00 for the benefit of the fund’s assets.\n\nSummary of gains/losses\t2021\nRealized gains/losses (incl. income adjustment). . . . . . . EUR\t60 192.47\nfrom:\nSecurities transactions.......................... EUR\t12 476 928.60\n(Forward) currency transactions .................. EUR\t1 866 468.06\nDerivatives and other financial futures transactions \n4 \n.. EUR\t-14 283 204.19\n4 \nThis item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\n Details on the distribution policy*\t\nClass DPMC\nThe income for the fiscal year is reinvested.\nClass LC\nThe income for the fiscal year is reinvested.\nClass LC10\nThe income for the fiscal year is reinvested.\nClass PFC\nThe income for the fiscal year is reinvested.\nClass SC\nThe income for the fiscal year is reinvested.\nClass WAMC\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\nChanges in net assets and in the net asset value per share over the last three years\n| Net assets at the end of the fiscal yea | | | 2020 | Class DPMC ............................. | EUR | 10 635.22 |\n| --- | --- | --- | --- | --- | --- | --- |\n| 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 765 098 571.68 | | Class LC ................................ | EUR | - |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 269 783 999.47 | | Class LC10 .............................. | EUR | 11 275.41 |\n\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-\nNet asset value per share at the end of the fiscal year\nClass PFC ............................... EUR\t-\nClass SC ................................ EUR\t11 259.91\nClass WAMC ............................ EUR\t11 289.36\n| 2021\tClass DPMC ............................. | EUR | 11 952.50 | 2019 | Class DPMC ............................. | EUR | - |\n| --- | --- | --- | --- | --- | --- | --- |\n| Class LC ................................ | EUR | 109.75 | | Class LC ................................ | EUR | - |\n| Class LC10 .............................. | EUR | 12 643.49 | | Class LC10 .............................. | EUR | - |\n| Class PFC ............................... | EUR | 105.34 | | Class PFC ............................... | EUR | - |\n| Class SC ................................ | EUR | 12 601.06 | | Class SC ................................ | EUR | - |\n| Class WAMC ............................ | EUR | 12 684.35 | | Class WAMC ............................ | EUR | - |\n\nTransactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.26% of all transactions. The total volume was EUR 161 262 729.11.\nPlacement fee / dilution adjustment\nIn the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor. This fee was calculated on the subscription date. This placement fee serves in particular as compensation for distribution. The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses. These are amortized on a daily basis over a period of three years from the date of subscription. The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor. The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date. The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\nIn addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\nFurther details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\nSwing Pricing\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscriptions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve medium- to long-term capital appre- ciation. In order to achieve\nthe investment objective, the sub-fund seeks to invest in portfolios of three main asset\nDB BALANCED SAA (USD)\nPerformance since inception\n130\n125\n120\n115\n110\n105\n100\n95\nclasses that are diversified\n5/26/20*\n9/20\n12/20\n3/21\n6/21\n9/21\n12/21\nbetween each other and within themselves. These are a bond\nDB Balanced SAA (USD) (USD LC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on May 26, 2020 = 100/ First share price calculation on May 27, 2020\nData on U.S. dollar basis\nportfolio, an equity portfolio\nand an alternative portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return,\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDB BALANCED SAA (USD)\nPerformance of share classes (in USD)\n| Share class | ISIN | 1 year | Since inception |\n| --- | --- | --- | --- |\n| Class USD LC | LU2132882536 | 6.5% | 23.2% 1 |\n| Class USD DPMC | LU2132882452 | – | 3.8% 2 |\n| Class USD LC10 | LU2132882619 | 6.7% | 23.6% 1 |\n| Class USD WAMC | LU2132882700 | 6.9% | 23.9% 1 |\n\n1 \nClasses USD LC, USD LC10 and USD WAMC launched on May 26, 2020 / first share price calculation on May 27, 2020\n2 \nClass USD DPMC launched on April 19, 2021\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nvolatility and correlation in each portfolio. The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation. The expected range of alloca- tion for a “balanced” portfolio is for a) bond portfolio: up\nto 75%; b) equity portfolio:\n25-60% and c) alternative port- folio: 0-15%. In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus. Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\nings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing in an ETF, the fund manager may gain exposure to a financial\nindex through the use of deriva-\ntive financial instruments.\nThe investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\nworldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\nAgainst this backdrop, the sub-\nfund DB Balanced SAA (USD) achieved an appreciation of 6.5% per share in 2021 (USD LC share class; BVI method; in U.S. dollars).\nInvestment policy in the reporting period \nDevelopments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning\nof 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors,\ncaused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook. The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\nup the rear. Against the back- drop of high global debt levels and historically extremely low\ninvestment-grade corporate bonds, which traded lower.\nThe management of the DB Balanced SAA (USD) sub-fund was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally. Regionally, the investment focus was on North America. In terms of sector allocation, the equity portfolio was broadly diversified. With this orientation, the sub-fund benefited in particular from price increases in equities during the reporting period.\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\ninterest rates, bond markets\t\nsaw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in USD | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Equity funds | 8 621 509.64 | 44.97 |\n| Other funds | 1 027 203.69 | 5.36 |\n| Bond funds | 9 568 975.55 | 49.89 |\n| Total investment fund units | 19 217 688.88 | 100.22 |\n| 2. Cash at bank | 92 509.69 | 0.48 |\n| II. Liabilities | | |\n| 1. Other liabilities | -133 586.46 | -0.70 |\n| III. Net assets | 19 176 612.11 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Investment fund units | | | | | | | 19 217 688.88 | 100.22 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) ................................ | Units | 10 453 | 13 508 | 13 974 | EUR | 66.76 | 790 969.44 | 4.13 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) ....................... | Units | 28 670 | 20 753 | 2 869 | EUR | 52.738 | 1 713 774.89 | 8.94 |\n| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) ....................... | Units | 198 797 | 145 371 | 4 091 | EUR | 13.994 | 3 153 106.24 | 16.44 |\n| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) ....................... | Units | 50 427 | 35 381 | | EUR | 12.858 | 734 889.58 | 3.83 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) ....... | Units | 56 | 90 | 34 | USD | 10 408.589 | 589 115.73 | 3.07 |\n| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) ............... | Units | 16 216 | 11 645 | 1 211 | EUR | 23.835 | 438 087.96 | 2.29 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) ........................... | Units | 79 | 79 | | EUR | 432.63 | 38 738.80 | 0.20 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) ........................... | Units | 5 303 | 3 716 | 428 | EUR | 147.32 | 885 494.29 | 4.62 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) ........................... | Units | 3 432 | 3 540 | 108 | GBP | 128.912 | 597 850.32 | 3.12 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%)........................... | Units | 281 110 | 236 581 | 6 973 | USD | 5.955 | 1 674 010.05 | 8.73 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%)........................... | Units | 2 376 | 1 803 | 170 | USD | 209.84 | 498 579.84 | 2.60 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%)........................... | Units | 327 056 | 243 147 | 14 366 | USD | 5.383 | 1 760 542.45 | 9.18 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%)........................... | Units | 6 463 | 4 578 | 437 | USD | 490.17 | 3 167 968.71 | 16.52 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%)........................... | Units | 12 467 | 9 132 | 451 | USD | 138.5 | 1 726 679.50 | 9.00 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%)........................... | Units | 153 | | | USD | 138.352 | 21 167.89 | 0.11 |\n| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%).......................... | Units | 15 673 | 11 018 | 958 | USD | 91.03 | 1 426 713.19 | 7.44 |\n| Total securities portfolio | | | | | | | 19 217 688.88 | 100.22 |\n| Cash at bank | | | | | | | 92 509.69 | 0.48 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | 38 411 | | | | | 43 536.41 | 0.23 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 2 784 | | | | | 3 762.36 | 0.02 |\n| U.S. dollar ........................................ | USD | | | | | | 45 210.92 | 0.23 |\n| Total assets | 19 310 198.57 | 100.70 |\n| Other liabilities | -133 586.46 | -0.70 |\n| Additional other liabilities............................. | -133 586.46 | -0.70 |\n| Total liabilities | -133 586.46 | -0.70 |\n| Net assets | 19 176 612.11 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class USD DPMC .................................. | USD | 10 383.19 |\n| Class USD LC ..................................... | USD | 12 317.80 |\n| Class USD LC10 ................................... | USD | 12 362.39 |\n| Class USD WAMC.................................. | USD | 12 382.33 |\n| Number of shares outstanding Class USD DPMC .................................. | Count | 1.000 |\n| Class USD LC ..................................... | Count | 1 310.137 |\n| Class USD LC10 ................................... | Count | 2.000 |\n| Class USD WAMC.................................. | Count | 242.563 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) Ex-Derivative Benchmark for Portfolio 07_004\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 100.000 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 100.000 |\n| Average market risk exposure ........................ | % | 100.000 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| Euro\tEUR | 0.882262 | = USD | 1 |\n| --- | --- | --- | --- |\n| British pound\tGBP | 0.740028 | = USD | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . USD 282\t337.56Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t282 337.56\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... USD\t-530.23\n\n- Management fee ............................... USD\t-73 542.27thereof:All-in fee................... USD\t-73 542.27\n- Depositary fee ................................. USD\t-10.49\n- Legal and publication costs ....................... USD\t-61.89\n- Taxe d‘abonnement............................. USD\t-9 622.32Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t-83 767.20\n- Net investment income . . . . . . . . . . . . . . . . . . . . . . . . USD\t198 570.36\n- Sale transactionsRealized gains/losses .............................. USD\t269 817.23Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t269 817.23\n- Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . USD\t468 387.59BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.14%1,\tClass USD LC 0.50% p.a.,Class USD LC10 0.29% p.a.,\tClass USD WAMC 0.17% p.a.\n\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass USD DPMC 0.29%\n1\n,\tClass USD LC 0.64% p.a.,\nClass USD LC10 0.44% p.a.,\tClass USD WAMC 0.32% p.a.\n1 \nAnnualization has not been performed for share classes launched during the year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to USD 2 222.39.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\n Statement of changes in net assets\t2021 \n- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . USD\t6 158 045.19\n- Net inflows ................................... USD 12 212\t269.21\n- Income adjustment ............................. USD\t-141 216.49\n- Net investment income.......................... USD 198\t570.36\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 269\t817.236. Net change in unrealized appreciation/depreciation .... USD\t479 126.61\n- Value of the fund’s net assetsSummary of gains/losses\t2021at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . USD\t19 176 612.11Realized gains/losses (incl. income adjustment). . . . . . . USD\t269 817.23from:Securities transactions.......................... USD\t268 698.07(Forward) currency transactions .................. USD\t1 119.16 Details on the distribution policy*\tClass USD DPMCThe income for the fiscal year is reinvested.\n\nClass USD LC\nThe income for the fiscal year is reinvested.\nClass USD LC10\nThe income for the fiscal year is reinvested.\nClass USD WAMC\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\nChanges in net assets and in the net asset value per share over the last three years\nNet assets at the end of the fiscal year\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t19 176 612.11\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t6 158 045.19\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t–\nNet asset value per share at the end of the fiscal year\n| 2021 | Class USD DPMC......................... | USD | 10 383.19 |\n| --- | --- | --- | --- |\n| | Class USD LC ............................ | USD | 12 317.80 |\n| | Class USD LC10 .......................... | USD | 12 362.39 |\n| | Class USD WAMC ........................ | USD | 12 382.33 |\n| 2020 | Class USD DPMC......................... | USD | – |\n| | Class USD LC ............................ | USD | 11 564.33 |\n| | Class USD LC10 .......................... | USD | 11 582.29 |\n| | Class USD WAMC ........................ | USD | 11 587.22 |\n| 2019 | Class USD DPMC......................... | USD | – |\n| | Class USD LC ............................ | USD | – |\n| | Class USD LC10 .......................... | USD | – |\n| | Class USD WAMC ........................ | USD | – |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.75% of all transactions. The total volume was USD 985 594.31.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscriptions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve medium- to long-term capital appreci- ation. In order to achieve this objective, it seeks to hedge against capital losses of more than 18% on an annualized\nDB BALANCED SAA (USD) PLUS\nPerformance since inception\n130\n125\n120\n115\n110\n105\n100\n95\nbasis. In order to achieve the\n4/30/20*6/20\n12/20\t6/21\n12/21\ninvestment objective, the sub-fund seeks to invest in\nDB Balanced SAA (USD) Plus (USD LC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on April 30, 2020 = 100\nData on U.S. dollar basis\nportfolios of three main asset\nclasses that are diversified between each other and within themselves. These are a bond portfolio, an equity portfolio and an alternative portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDB BALANCED SAA (USD) PLUS\nPerformance of share classes (in USD)\n| Share class | ISIN | 1 year | Since inception 1 |\n| --- | --- | --- | --- |\n| Class USD LC | LU2132881561 | 7.0% | 27.7% |\n| Class USD DPMC | LU2132881488 | 7.5% | 20.2% |\n| Class USD LC10 | LU2132881645 | 7.2% | 28.1% |\n| Class USD WAMC | LU2132881728 | 7.4% | 28.6% |\n| Class GBP DPMCH 2 | LU2206941788 | 7.1% | 15.6% |\n\n1 \nClasses USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on June 17, 2020 / Class GBP DPMCH launched on September 28, 2020\n2 \nin GBP\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\ntion approach which takes into account the expected return, volatility and correlation in each portfolio. The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation. The expected range of alloca- tion for a “balanced” portfolio is for a) bond portfolio: up to 70%; b) equity portfolio: 30-80% and c) alternative portfolio:\n0-15%. In addition, the sub- fund aims to overweight USD- denominated assets in each of the portfolios in order for it to have a U.S. focus. In addition to allocating assets across the portfolios, the sub-fund man-\nager seeks to implement a cap- ital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 18%\non an annualized basis (risk mitigation strategy). The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period. The risk mitigation strat- egy includes investments in derivative financial instruments. Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\nings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing in an ETF, the fund manager may gain exposure to a financial\nindex through the use of deriva- tive financial instruments.\nThe investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\nworldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary\npolicy of the central banks. Against this backdrop, the sub- fund DB Balanced SAA (USD) Plus achieved an appreciation of 7.0% per share in 2021 (USD LC share class; BVI method; in\nU.S. dollars).\nInvestment policy in the reporting period \nDevelopments in the interna- tional capital markets in 2021\nprice gains, although the pic- ture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\nup the rear. Against the back- drop of high global debt levels and historically extremely low\nrelated disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\nwere influenced in particular\tinterest rates, bond markets\t\nby the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by\nthe efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook. The international equity markets closed 2021 with significant\nsaw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\nThe management of the DB Balanced SAA (USD) Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally. Region- ally, the investment focus was on North America. In terms of sector allocation, the equity portfolio was broadly diversi- fied. With this orientation, the sub-fund benefited in particular from price increases in equities during the reporting period.\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability-\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in USD | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Equity funds | 297 643 776.36 | 60.00 |\n| Other funds | 30 895 752.60 | 6.22 |\n| Bond funds | 161 987 611.33 | 32.66 |\n| Total investment fund units | 490 527 140.29 | 98.88 |\n| 2. Derivatives | 3 085 796.99 | 0.62 |\n| 3. Cash at bank | 1 312 600.85 | 0.27 |\n| 4. Other assets | 4 130 344.15 | 0.84 |\n| 5. Receivables from share certificate transactions | 241 619.58 | 0.05 |\n| II. Liabilities | | |\n| 1. Other liabilities | -1 003 315.97 | -0.21 |\n| 2. Liabilities from share certificate transactions | -2 215 306.55 | -0.45 |\n| III. Net assets | 496 078 879.34 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Investment fund units | | | | | | | 490 527 140.29 | 98.88 |\n| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) ....................... | Units | 394 331 | 375 236 | 511 132 | EUR | 66.76 | 29 838 684.61 | 6.01 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) ....................... | Units | 793 559 | 506 751 | 110 715 | EUR | 52.738 | 47 435 698.85 | 9.56 |\n| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) ....................... | Units | 2 955 027 | 1 772 069 | 451 314 | EUR | 13.994 | 46 869 490.38 | 9.45 |\n| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) ....................... | Units | 638 654 | 446 252 | 286 886 | EUR | 12.858 | 9 307 318.93 | 1.88 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) ....... | Units | 1 903 | 3 011 | 1 108 | USD | 10 408.589 | 19 810 365.78 | 3.99 |\n| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) ............... | Units | 410 330 | 238 024 | 68 292 | EUR | 23.835 | 11 085 386.82 | 2.23 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) ........................... | Units | 697 | 603 | | EUR | 432.63 | 341 784.08 | 0.07 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF EUR - (0.070%) ........................... | Units | 110 | | | EUR | 122.02 | 15 213.39 | 0.00 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) ........................... | Units | 161 791 | 99 826 | 42 074 | EUR | 147.32 | 27 015 841.24 | 5.45 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) ........................... | Units | 116 330 | 126 434 | 10 104 | GBP | 128.912 | 20 264 548.04 | 4.09 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%)........................... | Units | 1 589 194 | 1 123 821 | 918 017 | USD | 5.955 | 9 463 650.27 | 1.91 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%)........................... | Units | 57 907 | 35 424 | 7 544 | USD | 209.84 | 12 151 204.88 | 2.45 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%)........................... | Units | 262 | 262 | | USD | 209.9 | 54 993.80 | 0.01 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%)........................... | Units | 7 846 959 | 4 733 899 | 1 113 053 | USD | 5.383 | 42 240 180.30 | 8.52 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%)........................... | Units | 198 809 | 120 845 | 44 529 | USD | 490.17 | 97 450 207.53 | 19.64 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%)........................... | Units | 214 255 | 199 430 | 39 415 | USD | 138.5 | 29 674 317.50 | 5.98 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%)........................... | Units | 88 262 | 17 260 | | USD | 138.352 | 12 211 241.88 | 2.46 |\n| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%).......................... | Units | 826 474 | 630 146 | 109 152 | USD | 91.03 | 75 233 928.22 | 15.17 |\n| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%).......................... | Units | 693 | | | USD | 91.03 | 63 083.79 | 0.01 |\n| Total securities portfolio | | | | | | | 490 527 140.29 | 98.88 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Equity index derivatives Receivables/payables | | | | | | | 2 669 126.33 | 0.54 |\n| Option contracts | | | | | | | | |\n| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 100 EUR (DB) ........... | Count | 784 | 879 | 95 | | | 496 741.33 | 0.10 |\n| Put S & P 500 Futures 06/2022 3 450 USD (DB) .......... | Count | 87 | 91 | 4 | | | 308 850.00 | 0.06 |\n| Put S & P 500 Futures 06/2022 3 650 USD (DB) .......... | Count | 303 | 314 | 11 | | | 1 398 345.00 | 0.28 |\n| Put S & P 500 Futures 06/2022 3 800 USD (DB) .......... | Count | 26 | 26 | | | | 147 030.00 | 0.03 |\n| Put S & P 500 Futures 09/2022 3 600 USD (DB) .......... | Count | 41 | 41 | | | | 318 160.00 | 0.07 |\n| Currency derivatives Receivables/payables | | | | | | | 416 670.66 | 0.08 |\n| Forward currency transactions | | | | | | | | |\n| Forward currency transactions (long) | | | | | | | | |\n| Open positions GBP/USD 24.8 million ............................... | | | | | | | 577 505.52 | 0.11 |\n| Closed positions GBP/USD 25.1 million ............................... | | | | | | | -160 834.86 | -0.03 |\n\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Cash at bank | | | | | | | 1 312 600.85 | 0.27 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | 533 390 | | | | | 604 571.11 | 0.12 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 127 210 | | | | | 171 898.43 | 0.04 |\n| U.S. dollar ........................................ | USD | | | | | | 536 131.31 | 0.11 |\n| Other assets | | | | | | | 4 130 344.15 | 0.84 |\n| Dividends/Distributions receivable ..................... | | | | | | | 574 897.80 | 0.12 |\n| Other receivables .................................. | | | | | | | 3 555 446.35 | 0.72 |\n| Receivables from share certificate transactions | | | | | | | 241 619.58 | 0.05 |\n| Total assets * | | | | | | | 499 458 336.72 | 100.69 |\n| Other liabilities | | | | | | | -1 003 315.97 | -0.21 |\n| Liabilities from cost items ............................ | | | | | | | -254 816.97 | -0.06 |\n| Additional other liabilities............................. | | | | | | | -748 499.00 | -0.15 |\n| Liabilities from share certificate transactions | | | | | | | -2 215 306.55 | -0.45 |\n| Total liabilities | | | | | | | -3 379 457.38 | -0.69 |\n| Net assets | | | | | | | 496 078 879.34 | 100.00 |\n\nNegligible rounding errors may have arisen due to the rounding of calculated percentages.\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class USD LC ..................................... | USD | 12 769.80 |\n| Class USD LC10 ................................... | USD | 12 812.21 |\n| Class USD WAMC.................................. | USD | 12 855.88 |\n| Class GBP DPMCH ................................. | GBP | 11 556.23 |\n| Class USD DPMC .................................. | USD | 12 024.97 |\n| Number of shares outstanding Class USD LC ..................................... | Count | 27 114.351 |\n| Class USD LC10 ................................... | Count | 4 195.438 |\n| Class USD WAMC.................................. | Count | 3 177.576 |\n| Class GBP DPMCH ................................. | Count | 2 189.057 |\n| Class USD DPMC .................................. | Count | 1 750.226 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl. derivatives\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 64.376 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 92.097 |\n| Average market risk exposure ........................ | % | 79.426 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 22 984 324.49 as of the reporting date.\n Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)\nDB = Deutsche Bank AG Frankfurt\nContracting parties for forward currency transactions\nBarclays Bank Ireland PLC, Royal Bank of Canada (UK) and State Street Bank International GmbH\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| Euro\tEUR | 0.882262 | = USD | 1 |\n| --- | --- | --- | --- |\n| British pound\tGBP | 0.740028 | = USD | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Footnote\t\n* Does not include positions with a negative balance, if such exist.\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . USD 4 838\t787.81Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t4 838 787.81\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... USD\t-6 366.23\n\n- Management fee ............................... USD\t-2 268 760.52thereof:All-in fee................... USD -2 268 760.52\n- Legal and publication costs ....................... USD\t-1 645.80\n- Taxe d‘abonnement............................. USD\t-211 506.88\n- Other expenses ................................ USD\t-9 306.38Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t-2 497 585.81\n- Net investment income . . . . . . . . . . . . . . . . . . . . . . . . USD\t2 341 202.00\n- Sale transactionsRealized gains/losses .............................. USD\t3 917 639.96Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t3 917 639.96\n- Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . USD\t6 258 841.96BVI total expense ratio (TER)The total expense ratio for the share classes was:Class GBP DPMCH 0.21% p.a.,\tClass USD DPMC 0.18% p.a.,Class USD LC 0.61% p.a.,\tClass USD LC10 0.41% p.a., Class USD WAMC 0.23% p.a.\n\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass GBP DPMCH 0.33% p.a.,\tClass USD DPMC 0.30% p.a.,\nClass USD LC 0.73% p.a.,\tClass USD LC10 0.53% p.a., Class USD WAMC 0.34% p.a.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to USD 38 385.54.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\n Statement of changes in net assets\t2021 \n- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . USD\t253 779 358.57\n- Net inflows ................................... USD 215 596\t829.46\n- Income adjustment ............................. USD\t-1 880 726.23\n- Net investment income.......................... USD\t2 341 202.00\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 3 917\t639.966. Net change in unrealized appreciation/depreciation .... USD\t22 324 575.58\n- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . USD\t496 078 879.34Summary of gains/losses\t2021Realized gains/losses (incl. income adjustment). . . . . . . USD\t3 917 639.96from:Securities transactions.......................... USD\t13 918 917.06(Forward) currency transactions .................. USD\t\t-355 573.69 Derivatives and other financial futures transactions 1 .. USD\t-9 645 703.411 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\n\n Details on the distribution policy*\t\nClass GBP DPMCH\nThe income for the fiscal year is reinvested.\nClass USD DMPC\nThe income for the fiscal year is reinvested.\nClass USD LC\nThe income for the fiscal year is reinvested.\nClass USD LC10\nThe income for the fiscal year is reinvested.\nClass USD WAMC\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\nChanges in net assets and in the net asset value per share over the last three years\n| Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 496 078 879.34 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 253 779 358.57 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | – |\n| Net asset value per share at the end of the fiscal year | | |\n| 2021 | Class USD LC ............................ | USD | 12 769.80 |\n| | Class USD LC10 .......................... | USD | 12 812.21 |\n| | Class USD WAMC ........................ | USD | 12 855.88 |\n| | Class GBP DPMCH ....................... | GBP | 11 556.23 |\n| | Class USD DPMC......................... | USD | 12 024.97 |\n| 2020 | Class USD LC ............................ | USD | 11 935.76 |\n| | Class USD LC10 .......................... | USD | 11 951.26 |\n| | Class USD WAMC ........................ | USD | 11 969.51 |\n| | Class GBP DPMCH ....................... | GBP | 10 793.15 |\n| | Class USD DPMC......................... | USD | 11 191.13 |\n| 2019 | Class USD LC ............................ | USD | – |\n| | Class USD LC10 .......................... | USD | – |\n| | Class USD WAMC ........................ | USD | – |\n| | Class GBP DPMCH ....................... | GBP | – |\n| | Class USD DPMC......................... | USD | – |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 8.03% of all transactions. The total volume was USD 39 652 387.21.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve a medium- to long-term return in euro. In order to achieve the investment objective, the sub-fund seeks to invest in portfolios of three main asset\nDB CONSERVATIVE SAA (EUR)\nPerformance since inception\n118\n115\n112\n109\n106\n103\n100\n97\nclasses that are diversified\n4/30/20* 6/20\n12/20\t6/21\n12/21\nbetween each other and within themselves. These are a bond\nDB Conservative SAA (EUR) (SC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on April 30, 2020= 100\nData on euro basis\nportfolio, an equity portfolio\nand an alternative portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each portfolio. The investment advi- sor endeavors to recommend\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDB CONSERVATIVE SAA (EUR)\nPerformance of share classes (in euro)\n| Share class | ISIN | 1 year | Since inception 1 |\n| --- | --- | --- | --- |\n| Class SC | LU2132882023 | 5.3% | 13.6% |\n| Class DPMC | LU2132881991 | 5.6% | 10.3% |\n| Class LC | LU2258442594 | – | 4.1% |\n| Class LC10 | LU2132882296 | 5.5% | 14.0% |\n| Class PFC | LU2258442677 | – | 1.9% |\n| Class WAMC | LU2132882379 | 5.6% | 14.1% |\n\n1 \nClasses LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on May 29, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nan allocation that provides an opportunity for a medium- to long-term return in euro. The expected range of allocation for a “conservative” portfolio is for\n- bond portfolio: up to 100%;\n- equity portfolio: 0-40% and\n- alternative portfolio: 0-15%. In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus. Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\n\nThe investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\nworldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary\npolicy of the central banks.\nAgainst this backdrop, the\nsub-fund DB Conservative SAA (EUR) achieved an increase in value of 5.3% per share in 2021 (SC share class; BVI method; in euro).\nInvestment policy in the reporting period \nDevelopments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of\nthe industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by\nthe efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook. The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\nup the rear. Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low,\nin some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\nThe management of the sub- fund DB Conservative SAA (EUR) was mainly exposed to bonds, including government and corporate bonds, and to a lesser extent equities, through investments in target funds globally. Regionally, the invest- ment focus was on Europe. In terms of sector allocation, the equity portfolio was broadly diversified. With this orienta- tion, the sub-fund benefited during the reporting period from positive income in cor- porate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums. The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a majorevent in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Bond funds | 217 549 115.79 | 71.95 |\n| Equity funds | 65 117 651.36 | 21.55 |\n| Other funds | 17 108 350.92 | 5.66 |\n| Total investment fund units | 299 775 118.07 | 99.16 |\n| 2. Cash at bank | 213 342.99 | 0.07 |\n| 3. Other assets | 3 792 196.33 | 1.25 |\n| 4. Receivables from share certificate transactions | 294 118.27 | 0.10 |\n| II. Liabilities | | |\n| 1. Loan liabilities | -476 904.02 | -0.16 |\n| 2. Other liabilities | -1 283 715.45 | -0.42 |\n| III. Net assets | 302 314 156.19 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Investment fund units | | | | | | | 299 775 118.07 | 99.16 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%)................. | Units | 1 014 | 1 111 | 97 | EUR | 9 732.971 | 9 869 232.39 | 3.27 |\n| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .. | Units | 243 456 | 158 747 | 135 183 | EUR | 66.76 | 16 253 122.56 | 5.38 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) ....................... | Units | 267 122 | 150 127 | 43 880 | EUR | 52.738 | 14 087 480.04 | 4.66 |\n| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) ......................................... | Units | 311 201 | 171 497 | 4 115 | EUR | 162.33 | 50 517 258.33 | 16.71 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) ................................ | Units | 1 026 740 | 589 347 | 12 132 | EUR | 17.079 | 17 535 179.09 | 5.80 |\n| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) ................................ | Units | 106 679 | 59 100 | 1 185 | EUR | 167.305 | 17 847 930.10 | 5.90 |\n| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) ................................ | Units | 74 481 | 39 728 | 681 | EUR | 207.77 | 15 474 917.37 | 5.12 |\n| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) ................................ | Units | 57 650 | 30 469 | 578 | EUR | 282.25 | 16 271 712.50 | 5.38 |\n| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) ....................... | Units | 54 448 | 30 122 | 440 | EUR | 247.16 | 13 457 367.68 | 4.45 |\n| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) ............... | Units | 303 718 | 164 785 | 27 392 | EUR | 23.835 | 7 239 118.53 | 2.39 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) ............................ | Units | 6 122 851 | 6 193 328 | 70 477 | EUR | 5.323 | 32 593 160.44 | 10.78 |\n| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) .................................... | Units | 284 494 | 180 727 | 9 520 | EUR | 133.97 | 38 113 661.18 | 12.61 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) ......................................... | Units | 693 | 693 | | EUR | 432.63 | 299 812.59 | 0.10 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) .................................... | Units | 39 918 | 23 583 | 10 577 | EUR | 147.32 | 5 880 719.76 | 1.95 |\n| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) ................................ | Units | 5 633 | 5 633 | | GBP | 112.51 | 755 579.73 | 0.25 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) ......................................... | Units | 21 623 | 21 728 | 105 | GBP | 128.912 | 3 323 217.12 | 1.10 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) ................................ | Units | 9 936 | 5 604 | 1 507 | USD | 209.84 | 1 839 490.01 | 0.61 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) .................................... | Units | 1 382 090 | 770 308 | 215 979 | USD | 5.383 | 6 563 844.42 | 2.17 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) ......................................... | Units | 58 441 | 33 460 | 10 419 | USD | 490.17 | 25 273 299.29 | 8.36 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) ................................ | Units | 13 637 | 13 879 | 242 | USD | 138.5 | 1 666 349.86 | 0.55 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) ................................ | Units | 40 247 | 16 873 | 9 258 | USD | 138.352 | 4 912 665.08 | 1.62 |\n| Total securities portfolio | | | | | | | 299 775 118.07 | 99.16 |\n| Cash at bank | | | | | | | 213 342.99 | 0.07 |\n| Demand deposits at Depositary Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 50 139 | | | | | 59 776.09 | 0.02 |\n| U.S. dollar ........................................ | USD | 174 061 | | | | | 153 566.90 | 0.05 |\n| Other assets | | | | | | | 3 792 196.33 | 1.25 |\n| Prepaid placement fee * ............................. | | | | | | | 2 121 840.78 | 0.70 |\n| Other receivables .................................. | | | | | | | 1 670 355.55 | 0.55 |\n| Receivables from share certificate transactions | | | | | | | 294 118.27 | 0.10 |\n| Total assets | | | | | | | 304 074 775.66 | 100.58 |\n| Short-term liabilities | | | | | | | -476 904.02 | -0.16 |\n| EUR loans ........................................ | EUR | | | | | | -476 904.02 | -0.16 |\n| Other liabilities | -1 283 715.45 | -0.42 |\n| Additional other liabilities............................. | -1 283 715.45 | -0.42 |\n| Total liabilities | -1 760 619.47 | -0.58 |\n| Net assets | 302 314 156.19 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class DPMC ...................................... | EUR | 11 028.35 |\n| Class LC ......................................... | EUR | 104.13 |\n| Class LC10 ....................................... | EUR | 11 397.39 |\n| Class PFC ........................................ | EUR | 101.93 |\n| Class SC ......................................... | EUR | 11 356.94 |\n| Class WAMC ...................................... | EUR | 11 410.88 |\n| Number of shares outstanding Class DPMC ...................................... | Count | 149.000 |\n| Class LC ......................................... | Count | 402 437.000 |\n| Class LC10 ....................................... | Count | 9 565.000 |\n| Class PFC ........................................ | Count | 616 761.000 |\n| Class SC ......................................... | Count | 7 285.863 |\n| Class WAMC ...................................... | Count | 362.500 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl. derivatives\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 100.000 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 119.315 |\n| Average market risk exposure ........................ | % | 100.076 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\n| Exchange rates (indirect quotes) | |\n| --- | --- |\n| | | As of December 30, 2021 |\n| British pound\tGBP | 0.838785 | = EUR\t1 |\n| U.S. dollar\tUSD | 1.133450 | = EUR\t1 |\n| Notes on valuation | | |\n\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . EUR 1 304\t060.20Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t1 304 060.20\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... EUR\t-83 325.88\n\n- Management fee ............................... EUR\t-1 244 737.43thereof:All-in fee................... EUR -1 244 737.43\n- Legal and publication costs ....................... EUR\t-1 003.91\n- Taxe d‘abonnement............................. EUR\t-105 389.36\n- Other expenses ................................ EUR\t-444 300.26thereof:Expenses from prepaidplacement fee 1 ............. EUR\t-444 300.26Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-1 878 756.84\n- Net investment expense. . . . . . . . . . . . . . . . . . . . . . . . EUR\t-574 696.64\n- Sale transactionsRealized gains/losses .............................. EUR\t3 087 398.70Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t3 087 398.70\n- Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . EUR 2 512\t702.06 Statement of changes in net assets\t2021 \n- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\t137 073 970.71\n- Net inflows \n- 3 \n- .................................. EUR 155 282\t516.33\n- Income adjustment ............................. EUR\t-931 898.16\n- Net investment expense ......................... EUR\t-574 696.64\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 3 087\t398.70\n- Net change in unrealized appreciation/depreciation .... EUR 8 376\t865.25\n- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . EUR\t302 314 156.193 Reduced by a dilution fee in the amount of EUR 40 589.56 for the benefit of the fund’s assets.\n\nRealized gains/losses (incl. income adjustment). . . . . . . EUR\t3 087 398.70\nfrom:\nSecurities transactions.......................... EUR\t3 028 611.44\n(Forward) currency transactions .................. EUR\t58 787.26\n Details on the distribution policy*\t\n1 \nFor further information, please refer to the notes to the financial statements.\t\nBVI total expense ratio (TER)\nThe total expense ratio for the share classes was:\nClass DPMC 0.12% p.a.,\tClass LC 1.05%\n2\n,\nClass LC10 0.21% p.a.,\tClass PFC 1.66%\n2\n,\nClass SC 0.41% p.a.,\tClass WAMC 0.14% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass DPMC 0.30% p.a.,\tClass LC 1.23%\n2\n,\nClass LC10 0.39% p.a.,\tClass PFC 1.84%\n2\n,\nClass SC 0.59% p.a.,\tClass WAMC 0.32% p.a.\n2 \nAnnualization has not been performed for share classes launched during the year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 11 707.29.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nClass DPMC\nThe income for the fiscal year is reinvested.\nClass LC\nThe income for the fiscal year is reinvested.\nClass LC10\nThe income for the fiscal year is reinvested.\nClass PFC\nThe income for the fiscal year is reinvested.\nClass SC\nThe income for the fiscal year is reinvested.\nClass WAMC\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\n Changes in net assets and in the net asset value per share over the last three years\t\n| Net assets at the end of the fiscal year | | | 2020 | Class DPMC ............................. | EUR | 10 441.01 |\n| --- | --- | --- | --- | --- | --- | --- |\n| 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 302 314 156.19 | | Class LC ................................ | EUR | – |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 137 073 970.71 | | Class LC10 .............................. | EUR | 10 800.17 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | – | | Class PFC ............................... | EUR | – |\n| | | | | Class SC ................................ | EUR | 10 783.91 |\n| Net asset value per share at the end of the fiscal year | | | | Class WAMC ............................ | EUR | 10 805.64 |\n| 2021\tClass DPMC ............................. | EUR | 11 028.35 | 2019 | Class DPMC ............................. | EUR | – |\n| Class LC ................................ | EUR | 104.13 | | Class LC ................................ | EUR | – |\n| Class LC10 .............................. | EUR | 11 397.39 | | Class LC10 .............................. | EUR | – |\n| Class PFC ............................... | EUR | 101.93 | | Class PFC ............................... | EUR | – |\n| Class SC ................................ | EUR | 11 356.94 | | Class SC ................................ | EUR | – |\n| Class WAMC ............................ | EUR | 11 410.88 | | Class WAMC ............................ | EUR | – |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.41% of all transactions. The total volume was EUR 21 297 652.19.\n Placement fee / dilution adjustment\t\nIn the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor. This fee was calculated on the subscription date. This placement fee serves in particular as compensation for distribution. The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses. These are amortized on a daily basis over a period of three years from the date of subscription. The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor. The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date. The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\nIn addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\nFurther details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve a medium- to long-term return in euro. In order to achieve this objective, it seeks to hedge against capital losses of more than 10% on an annualized\nDB CONSERVATIVE SAA (EUR) PLUS\nPerformance since inception\n118\n115\n112\n109\n106\n103\n100\n97\nbasis. In order to achieve the\n4/30/20* 6/20\n9/20\n12/20\t3/21\n6/21\n9/21\n12/21\ninvestment objective, the sub-fund seeks to invest in\nDB Conservative SAA (EUR) Plus (SC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on April 30, 2020 = 100\nData on euro basis\nportfolios of three main asset\nclasses that are diversified between each other and within themselves. These are a bond portfolio, an equity portfolio and an alternative portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return,\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDB CONSERVATIVE SAA (EUR) PLUS\nPerformance of share classes (in euro)\n| Share class | ISIN | 1 year | Since inception 1 |\n| --- | --- | --- | --- |\n| Class SC | LU2132883344 | 4.8% | 12.6% |\n| Class DPMC | LU2132883260 | 5.2% | 9.1% |\n| Class LC | LU2258442750 | – | 3.3% |\n| Class LC10 | LU2132883427 | 5.0% | 12.9% |\n| Class LC50 | LU2369020990 | – | 0.2% |\n| Class PFC | LU2258442834 | – | 1.3% |\n| Class WAMC | LU2132883690 | 5.2% | 13.3% |\n\n1 \nClasses LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on June 17, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021 / Class LC50 launched on September 7, 2021\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nvolatility and correlation in each portfolio. The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in euro. The expected range of allocation for a “conservative” portfolio is for\n- bond portfolio: up to 80%;\n- equity portfolio: 20-60% and\n- alternative portfolio: 0-15%. In addition, the sub-fund aims to overweight euro areaassets in each of the portfolios in order to have a European focus. In addition to allocating assets across the portfolios, the sub-fund manager seeksto implement a capital pres- ervation strategy, based on the advice of the investmentadvisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%on an annualized basis (risk mitigation strategy). The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period. The risk mitigation strat- egy includes investments in derivative financial instruments. Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-tradedfunds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing inan ETF, the fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\n\nThe investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\nworldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\nAgainst this backdrop, the\nsub-fund DB Conservative SAA (EUR) Plus achieved an appreci- ation of 4.8% per share in 2021 (SC share class; BVI method; in euro).\nInvestment policy in the reporting period \nDevelopments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in\nnew restrictions, dampened the economic outlook. The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\nup the rear. Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\nThe equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\nview of the weakened global\tIn the corporate bond markets,\t\neconomy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by\nthe efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated\nhigh-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\nThe management of the sub- fund DB Conservative SAA (EUR) Plus was mainly exposed to bonds, including govern- ment and corporate bonds, and to a lesser extent equities, through investments in target funds globally. Regionally,\nthe investment focus was on Europe. In terms of sector allocation, the equity portfolio was broadly diversified. With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums.\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Bond funds | 1 253 961 974.04 | 60.91 |\n| Equity funds | 633 067 325.27 | 30.75 |\n| Other funds | 139 879 937.32 | 6.80 |\n| Total investment fund units | 2 026 909 236.63 | 98.46 |\n| 2. Derivatives | 10 453 152.11 | 0.51 |\n| 3. Cash at bank | 8 555 397.13 | 0.42 |\n| 4. Other assets | 13 364 314.16 | 0.64 |\n| 5. Receivables from share certificate transactions | 9 210 097.60 | 0.45 |\n| II. Liabilities | | |\n| 1. Other liabilities | -9 624 786.49 | -0.46 |\n| 2. Liabilities from share certificate transactions | -370 748.82 | -0.02 |\n| III. Net assets | 2 058 496 662.32 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Investment fund units | | | | | | | 2 026 909 236.63 | 98.46 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) ........ | Units | 9 320 | 11 173 | 1 853 | EUR | 9 732.971 | 90 711 287.86 | 4.41 |\n| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .. Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) ....................... | Units Units | 3 964 880 2 177 180 | 3 173 825 1 764 681 | 181 396 158 426 | EUR EUR | 66.76 52.738 | 264 695 388.80 114 820 118.84 | 12.86 5.58 |\n| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) ......................................... | Units | 1 929 857 | 1 545 598 | 58 037 | EUR | 162.33 | 313 273 686.81 | 15.22 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) ................................ | Units | 6 962 936 | 5 887 650 | 190 511 | EUR | 17.079 | 118 916 502.48 | 5.78 |\n| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) ................................ | Units | 987 518 | 869 035 | 28 005 | EUR | 167.305 | 165 216 698.99 | 8.02 |\n| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) ................................ | Units | 598 607 | 508 519 | 8 493 | EUR | 207.77 | 124 372 576.39 | 6.04 |\n| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) ................................ | Units | 288 736 | 204 056 | 1 958 | EUR | 282.25 | 81 495 736.00 | 3.96 |\n| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) ....................... | Units | 503 577 | 443 091 | 14 283 | EUR | 247.16 | 124 464 091.32 | 6.04 |\n| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) ............... | Units | 2 062 876 | 1 667 829 | 140 790 | EUR | 23.835 | 49 168 649.46 | 2.39 |\n| iShares II PLC - iShares Barclays Euro Government Bond 3-5 (IBGX) EUR - (0.200%) ........................... | Units | 108 328 | 119 631 | 11 303 | EUR | 172.74 | 18 712 578.72 | 0.91 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) ............................ | Units | 18 894 356 | 19 424 173 | 529 817 | EUR | 5.323 | 100 578 435.86 | 4.89 |\n| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) .................................... | Units | 1 001 251 | 830 580 | 94 883 | EUR | 133.97 | 134 137 596.47 | 6.52 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) .................................... | Units | 1 709 | 1 709 | | EUR | 153.76 | 262 775.84 | 0.01 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) .................................... | Units | 5 638 | 4 923 | | EUR | 432.63 | 2 439 167.94 | 0.12 |\n| iShares VII PLC - iShares EUR Govt Bond 7-10yr UCITS ETF EUR (Acc) EUR - (0.200%) ........................... | Units | 161 000 | 164 100 | 3 100 | EUR | 171.27 | 27 574 470.00 | 1.34 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) .................................... | Units | 271 118 | 260 447 | 113 217 | EUR | 147.32 | 39 941 103.76 | 1.94 |\n| Multi Units Luxembourg SICAV - Lyxor Euro Government Bond 7-10Y (DR) UCITS ETF EUR - (0.170%) ............. | Units | 224 405 | 245 627 | 21 222 | EUR | 188.07 | 42 203 848.35 | 2.05 |\n| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) ................................ | Units | 20 524 | 20 524 | | GBP | 112.51 | 2 752 976.81 | 0.13 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) ......................................... | Units | 583 125 | 600 516 | 17 391 | GBP | 128.912 | 89 619 894.67 | 4.35 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) ......................................... | Units | 278 458 | 279 214 | 145 500 | USD | 490.17 | 120 421 491.30 | 5.85 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) ......................................... | Units | 2 614 | 2 614 | | USD | 490.046 | 1 130 159.96 | 0.05 |\n| Total securities portfolio | | | | | | | 2 026 909 236.63 | 98.46 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Equity index derivatives Receivables/payables | | | | | | | 10 453 152.11 | 0.51 |\n| Option contracts | | | | | | | | |\n| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 400 EUR (DB) ........... | Count | 9 785 | 9 939 | 154 | | | 8 331 927.50 | 0.40 |\n| Put FTSE MIB Index Futures 09/2022 5 700 GBP (DB) ..... | Count | 497 | 497 | | | | 568 822.86 | 0.03 |\n| Put S & P 500 Futures 09/2022 3 800 USD (DB) .......... | Count | 179 | 186 | 7 | | | 1 552 401.75 | 0.08 |\n| Cash at bank | | | | | | | 8 555 397.13 | 0.42 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | | | | 6 932 646.62 | 0.34 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 339 575 | | | | | 404 841.19 | 0.02 |\n| U.S. dollar ........................................ | USD | 1 380 439 | | | | | 1 217 909.32 | 0.06 |\n\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Other assets | 13 364 314.16 | 0.64 |\n| Prepaid placement fee * ............................. | 12 658 280.74 | 0.61 |\n| Other receivables .................................. | 706 033.42 | 0.03 |\n| Receivables from share certificate transactions | 9 210 097.60 | 0.45 |\n| Total assets ** | 2 068 492 197.63 | 100.48 |\n| Other liabilities | -9 624 786.49 | -0.46 |\n| Additional other liabilities............................. | -9 624 786.49 | -0.46 |\n| Liabilities from share certificate transactions | -370 748.82 | -0.02 |\n| Total liabilities | -9 995 535.31 | -0.48 |\n| Net assets | 2 058 496 662.32 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class DPMC ...................................... | EUR | 10 907.63 |\n| Class LC ......................................... | EUR | 103.34 |\n| Class LC10 ....................................... | EUR | 11 294.83 |\n| Class LC50 ....................................... | EUR | 10 019.10 |\n| Class PFC ........................................ | EUR | 101.26 |\n| Class SC ......................................... | EUR | 11 256.76 |\n| Class WAMC ...................................... | EUR | 11 332.55 |\n| Number of shares outstanding Class DPMC ...................................... | Count | 8 767.000 |\n| Class LC ......................................... | Count | 4 899 723.000 |\n| Class LC10 ....................................... | Count | 29 689.000 |\n| Class LC50 ....................................... | Count | 7 516.000 |\n| Class PFC ........................................ | Count | 3 735 610.000 |\n| Class SC ......................................... | Count | 54 660.327 |\n| Class WAMC ...................................... | Count | 4 617.369 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl. derivatives\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 52.882 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 86.818 |\n| Average market risk exposure ........................ | % | 70.820 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 78 689 282.14 as of the reporting date.\n Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)\nDB = Deutsche Bank AG Frankfurt\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| British pound\tGBP | 0.838785 | = EUR | 1 |\n| --- | --- | --- | --- |\n| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Footnotes\t\n* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\n** Does not include positions with a negative balance, if such exist.\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . EUR 7 855\t839.41Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t7 855 839.41\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... EUR\t-670 659.54\n\n- Management fee ............................... EUR\t-12 911 217.59thereof:\n\n| 3. Legal and publication costs ....................... | EUR | -6 574.05 | |\n| --- | --- | --- | --- |\n| 4. Taxe d‘abonnement............................. | EUR | -832 543.52 | | |\n| 5. Other expenses ................................ thereof: | EUR | -2 844 970.12 | Summary of gains/losses | 2021 |\n\nAll-in fee................... EUR -12 911 217.59\n Statement of changes in net assets\t2021 \n- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\t441 422 189.57\n- Net inflows \n- 3 \n- .................................. EUR 1 577 497\t339.27\n- Income adjustment ............................. EUR 1 170\t235.77\n- Ordinary net expense ........................... EUR\t-9 410 125.41\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 1 999\t894.15\n- Net change in unrealized appreciation/depreciation .... EUR 45 817\t128.97\n- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . EUR\t2 058 496 662.323 Reduced by a dilution fee in the amount of EUR 282 485.18 for the benefit of the fund’s assets.\n\nExpenses from prepaid\nplacement fee \n1 \n............. EUR -2 844 970.12\nTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-17 265 964.82\n- Net investment expense. . . . . . . . . . . . . . . . . . . . . . . . EUR\t-9 410 125.41Realized gains/losses (incl. income adjustment). . . . . . . EUR\t1 999 894.15from:Securities transactions.......................... EUR\t18 310 590.80\n\n| IV. Sale transactions Realized gains/losses .............................. | EUR | 1 999 894.15 | Derivatives and other financial futures transactions ... EUR\t-16 855 092.87 |\n| --- | --- | --- | --- |\n| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 999 894.15 | Details on the distribution policy*\t |\n| V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . | EUR | -7 410 231.26 | |\n| 1 For further information, please refer to the notes to the financ | | | Class DPMC |\n\n(Forward) currency transactions .................. EUR\t544 396.22\nBVI total expense ratio (TER)\nThe total expense ratio for the share classes was:\nial statements.\nThe income for the fiscal year is reinvested.\nClass LC\nClass DPMC 0.16% p.a.,\tClass LC 1.24% p.a.,\nClass LC10 0.38% p.a.,\tClass LC50 0.28%\n2\n,\nClass PFC 1.89%\n2\n,\tClass SC 0.58%\n2\n,\nClass WAMC 0.18% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass DPMC 0.32% p.a.,\tClass LC 1.39% p.a.,\nClass LC10 0.54% p.a.,\tClass LC50 0.43%\n2\n,\nClass PFC 2.05%\n2\n,\tClass SC 0.73%\n2\n,\nClass WAMC 0.33% p.a.\n2 \nAnnualization has not been performed for share classes launched during the year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 117 252.55.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nThe income for the fiscal year is reinvested.\nClass LC10\nThe income for the fiscal year is reinvested.\nClass LC50\nThe income for the fiscal year is reinvested.\nClass PFC\nThe income for the fiscal year is reinvested.\nClass SC\nThe income for the fiscal year is reinvested.\nClass WAMC\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\n Changes in net assets and in the net asset value per share over the last three years\t\n| Net assets at the end of the fiscal year | | | 2020 | Class DPMC ............................. | EUR | 10 364.46 |\n| --- | --- | --- | --- | --- | --- | --- |\n| 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 2 058 496 662.32 | | Class LC ................................ | EUR | 10 740.97 |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 441 422 189.57 | | Class LC10 .............................. | EUR | 10 755.75 |\n\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-\nNet asset value per share at the end of the fiscal year\nClass LC50 .............................. EUR\t-\nClass PFC ............................... EUR\t-\nClass SC ................................ EUR\t-\n| 2021\tClass DPMC ............................. | EUR | 10 907.63 | | Class WAMC ............................ | EUR | 10 769.93 |\n| --- | --- | --- | --- | --- | --- | --- |\n| Class LC ................................ | EUR | 103.34 | 2019 | Class DPMC ............................. | EUR | - |\n| Class LC10 .............................. | EUR | 11 294.83 | | Class LC ................................ | EUR | - |\n| Class LC50 .............................. | EUR | 10 019.10 | | Class LC10 .............................. | EUR | - |\n| Class PFC ............................... | EUR | 101.26 | | Class LC50 .............................. | EUR | - |\n| Class SC ................................ | EUR | 11 256.76 | | Class PFC ............................... | EUR | - |\n| Class WAMC ............................ | EUR | 11 332.55 | | Class SC ................................ | EUR | - |\n| | | | | Class WAMC ............................ | EUR | - |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 13.66% of all transactions. The total volume was EUR 291 376 264.65.\n Placement fee / dilution adjustment\t\nIn the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor. This fee was calculated on the subscription date. This placement fee serves in particular as compensation for distribution. The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses. These are amortized on a daily basis over a period of three years from the date of subscription. The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor. The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date. The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\nIn addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\nFurther details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve a medium- to long-term return in\nU.S. dollars. In order to achieve the investment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified\nDB CONSERVATIVE SAA (USD)\nPerformance since inception\n118\n115\n112\n109\n106\n103\n100\n97\n4/30/20* 6/20\t12/20\t6/21\n12/21\nbetween each other and within themselves. These are a bond\nDB Conservative SAA (USD) (USD LC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on April 30, 2020 = 100\nData on U.S. dollar basis\nportfolio, an equity portfolio\nand an alternative portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDB CONSERVATIVE SAA (USD)\nPerformance of share classes (in USD)\n| Share class | ISIN | 1 year | Since inception 1 |\n| --- | --- | --- | --- |\n| Class USD LC | LU2132880753 | 2.8% | 16.2% |\n| Class USD DPMC | LU2132880670 | – | 4.9% |\n| Class USD LC10 | LU2132880837 | 3.0% | 16.6% |\n| Class USD WAMC | LU2132880910 | 3.0% | 16.7% |\n\n1 \nClasses USD LC, USD LC10 and WAMC launched on April 30, 2020 / Class USD DPMC launched on March 8, 2021 “BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nportfolio. The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars. The expected range of alloca- tion for a “conservative” port- folio is for a) bond portfolio: up to 100%; b) equity portfolio:\n0-40% and c) alternative port- folio: 0-15%. In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus. Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\nings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\nThe investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\nworldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\nAgainst this backdrop, the\nsub-fund DB Conservative SAA (USD) achieved an appreciation of 2.8% per share in 2021 (USD LC share class; BVI method; in\nU.S. dollars).\nInvestment policy in the reporting period \nDevelopments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price\ndevelopment in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors,\ncaused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook. The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\nup the rear. Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corporate bond markets,\nhigh-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\nThe management of the DB Conservative SAA (USD) sub- fund was mainly exposed to bonds, including government and corporate bonds, and\nto a lesser extent equities, through investments in target funds globally. Regionally, the investment focus was on North America. In terms of sector allocation, the equity portfolio was broadly diversified. With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums. The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in USD | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Other funds | 814 743.49 | 5.41 |\n| Equity funds | 3 376 419.24 | 22.43 |\n| Bond funds | 10 858 548.55 | 72.09 |\n| Total investment fund units | 15 049 711.28 | 99.93 |\n| 2. Cash at bank | 107 979.40 | 0.72 |\n| 3. Other assets | 348 748.70 | 2.32 |\n| II. Liabilities | | |\n| 1. Other liabilities | -6 126.96 | -0.04 |\n| 2. Liabilities from share certificate transactions | -440 795.44 | -2.93 |\n| III. Net assets | 15 059 516.98 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| currency\tamount\tin the reporting period\tUSD |\n| Investment fund units | | | | | | | 15 049 711.28 | 99.93 |\n| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .. | Units | 6 169 | 5 956 | 4 903 | EUR | 66.76 | 466 802.88 | 3.10 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) ....................... | Units | 9 081 | 7 770 | 3 743 | EUR | 52.738 | 542 824.90 | 3.61 |\n| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) ....................... | Units | 144 629 | 109 833 | 19 101 | EUR | 13.994 | 2 293 951.13 | 15.23 |\n| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) ....................... | Units | 60 469 | 47 094 | 6 279 | EUR | 12.858 | 881 235.02 | 5.85 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%)........................ | Units | 44 | 46 | 2 | USD | 10 408.589 | 455 136.38 | 3.02 |\n| Non-group fund units Amundi Index Solutions - Amundi Prime US Corporates UCITS ETF DR EUR - (0.030%)........................ | Units | 60 670 | 46 038 | 8 219 | EUR | 18.292 | 1 257 875.37 | 8.35 |\n| Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) ............... | Units | 13 311 | 8 225 | 1 019 | EUR | 23.835 | 359 607.11 | 2.39 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) ........................... | Units | 1 741 | 1 397 | 595 | EUR | 147.32 | 290 711.97 | 1.93 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) ........................... | Units | 1 788 | 1 887 | 99 | GBP | 128.912 | 311 467.49 | 2.07 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%)........................... | Units | 300 936 | 269 001 | 34 551 | USD | 5.955 | 1 792 073.88 | 11.90 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%)........................... | Units | 2 786 | 2 242 | 418 | USD | 209.84 | 584 614.24 | 3.88 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%)........................... | Units | 379 034 | 296 831 | 48 710 | USD | 5.383 | 2 040 340.02 | 13.55 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%)........................... | Units | 3 600 | 2 780 | 770 | USD | 490.17 | 1 764 612.00 | 11.72 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%)........................... | Units | 14 517 | 11 182 | 1 874 | USD | 138.352 | 2 008 458.89 | 13.33 |\n| Total securities portfolio | | | | | | | 15 049 711.28 | 99.93 |\n| Cash at bank | | | | | | | 107 979.40 | 0.72 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | 66 108 | | | | | 74 929.68 | 0.50 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 2 301 | | | | | 3 109.69 | 0.02 |\n| U.S. dollar ........................................ | USD | | | | | | 29 940.03 | 0.20 |\n| Other assets | | | | | | | 348 748.70 | 2.32 |\n| Other receivables .................................. | | | | | | | 348 748.70 | 2.32 |\n| Total assets | | | | | | | 15 506 439.38 | 102.97 |\n| Other liabilities | | | | | | | -6 126.96 | -0.04 |\n| Liabilities from cost items ............................ | | | | | | | -6 126.96 | -0.04 |\n| Liabilities from share certificate transactions | | | | | | | -440 795.44 | -2.93 |\n| Total liabilities | | | | | | | -446 922.40 | -2.97 |\n| Net assets | | | | | | | 15 059 516.98 | 100.00 |\n\nNegligible rounding errors may have arisen due to the rounding of calculated percentages.\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class USD DPMC .................................. | USD | 10 490.05 |\n| Class USD LC ..................................... | USD | 11 619.30 |\n| Class USD LC10 ................................... | USD | 11 660.13 |\n| Class USD WAMC.................................. | USD | 11 671.85 |\n| Number of shares outstanding Class USD DPMC .................................. | Count | 144.219 |\n| Class USD LC ..................................... | Count | 993.296 |\n| Class USD LC10 ................................... | Count | 2.000 |\n| Class USD WAMC.................................. | Count | 169.804 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl. derivatives\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 100.000 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 100.000 |\n| Average market risk exposure ........................ | % | 100.000 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| Euro\tEUR | 0.882262 | = USD | 1 |\n| --- | --- | --- | --- |\n| British pound\tGBP | 0.740028 | = USD | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . USD 263\t022.07Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t263 022.07\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... USD\t-726.16\n\n- Management fee ............................... USD\t-49 387.70thereof:All-in fee................... USD\t-49 387.70 Statement of changes in net assets\t2021 \n- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . USD\t5 473 526.54\n- Net inflows ................................... USD 9 348\t812.21\n- Income adjustment ............................. USD\t-198 558.41\n- Net investment income.......................... USD 206\t258.11\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 280\t470.94\n- Net change in unrealized appreciation/depreciation .... USD\t- 50 992.41\n- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . USD\t15 059 516.98\n\n| 3. Legal and publication costs ....................... | USD | -51.33 | |\n| --- | --- | --- | --- |\n| 4. Taxe d‘abonnement............................. | USD | -6 598.77 | Summary of gains/losses | | 2021 |\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | -56 763.96 | Realized gains/losses (incl. income adjustment). . . . . . . | USD | 280 470.94 |\n\n- Net investment income . . . . . . . . . . . . . . . . . . . . . . . . USD 206\t258.11\n- Sale transactionsRealized gains/losses .............................. USD\t280 470.94Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t280 470.94\n- Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . USD 486\t729.05BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.14%1,\tClass USD LC 0.45% p.a.,Class USD LC10 0.24% p.a.,\tClass USD WAMC 0.17% p.a.\n\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass USD DPMC 0.28%\n1\n,\tClass USD LC 0.59% p.a.,\nClass USD LC10 0.38% p.a.,\tClass USD WAMC 0.31% p.a.\n1 \nAnnualization has not been performed for share classes launched during the year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to USD 1 383.50.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nfrom:\nSecurities transactions.......................... USD\t284 843.48\n(Forward) currency transactions .................. USD\t-4 372.54\nDetails on the distribution policy*\nClass USD DPMC\nThe income for the fiscal year is reinvested.\nClass USD LC\nThe income for the fiscal year is reinvested.\nClass USD LC10\nThe income for the fiscal year is reinvested.\nClass USD WAMC\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\nChanges in net assets and in the net asset value per share over the last three years\n| Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 15 059 516.98 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 5 473 526.54 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | - |\n| Net asset value per share at the end of the fiscal year | | |\n| 2021 | Class USD DPMC......................... | USD | 10 490.05 |\n| | Class USD LC ............................ | USD | 11 619.30 |\n| | Class USD LC10 .......................... | USD | 11 660.13 |\n| | Class USD WAMC ........................ | USD | 11 671.85 |\n| 2020 | Class USD DPMC......................... | USD | - |\n| | Class USD LC ............................ | USD | 11 308.06 |\n| | Class USD LC10 .......................... | USD | 11 323.94 |\n| | Class USD WAMC ........................ | USD | 11 327.84 |\n| 2019 | Class USD DPMC......................... | USD | - |\n| | Class USD LC ............................ | USD | - |\n| | Class USD LC10 .......................... | USD | - |\n| | Class USD WAMC ........................ | USD | - |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.34% of all transactions. The total volume was USD 777 455.79.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve a medium- to long-term return in U.S. dollars. In order to achieve this objective, it seeks to hedge against capital losses of more than 10% on an annu-\nDB CONSERVATIVE SAA (USD) PLUS\nPerformance since inception\n118\n115\n112\n109\n106\n103\n100\n97\nalized basis. In order to achieve\n4/30/20*\n9/20\t12/20\n3/21\n6/21\t9/21\n12/21\nthe investment objective, the sub-fund seeks to invest in\nDB Conservative SAA (USD) Plus (USD LC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on April 30, 2020 = 100 Data on U.S. dollar basis\nportfolios of three main asset classes that are diversified between each other and within themselves. These are a bond portfolio, an equity portfolio and an alternative portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDB CONSERVATIVE SAA (USD) PLUS\nPerformance of share classes (in USD)\n| Share class | ISIN | 1 year | Since inception 1 |\n| --- | --- | --- | --- |\n| Class USD LC | LU2132879318 | 2.3% | 15.0% |\n| Class USD DPMC | LU2132879235 | 2.7% | 8.3% |\n| Class USD LC10 | LU2132879409 | 2.5% | 15.4% |\n| Class USD WAMC | LU2132879581 | 2.7% | 15.7% |\n| Class GBP DPMCH 2 | LU2208050182 | 2.9% | 8.0% |\n\n1 \nClasses USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on July 14, 2020 / Class GBP DPMCH launched on September 28, 2020\n2 in GBP\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\ntion approach which takes into account the expected return, volatility and correlation in each portfolio. The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars. The expected range of alloca- tion for a “conservative” port- folio is for a) bond portfolio:\nup to 80%; b) equity portfolio: 20-60% and c) alternative port- folio: 0-15%. In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for it to have a U.S. focus. In addition to allocating assets\nacross the portfolios, the sub- fund manager seeks to imple- ment a capital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10% on an annu- alized basis (risk mitigation strategy). The risk mitigation strategy aims to limit the poten- tial loss of the sub-fund during a rolling 12-month period. The risk mitigation strategy includes investments in derivative finan- cial instruments. Positions\nin the portfolios are primar- ily entered into as follows: Through an investment in one\nor more exchange-traded funds (each an ETF) or other collec- tive investment undertakings or, for exposure to individual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing in\nan ETF, the fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\nThe investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\nworldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\nAgainst this backdrop, the\nsub-fund DB Conservative SAA (USD) Plus achieved an appre- ciation of 2.3% per share in 2021 (USD LC share class; BVI method; in U.S. dollars).\nInvestment policy in the reporting period \nDevelopments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price\nants, as well as associated new restrictions, dampened the economic outlook. The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\nup the rear. Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corporate bond markets,\nbonds, which were accompa- nied by reduced risk premiums. The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\ndevelopment in the financial\thigh-yield securities posted\t\nmarkets. Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors,\ncaused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its vari-\nprice gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\nThe management of the sub- fund DB Conservative SAA (USD) Plus was mainly exposed to bonds, including govern- ment and corporate bonds, and to a lesser extent equities, through investments in target funds globally. Regionally, the investment focus was on North America. In terms of sector allocation, the equity portfolio was broadly diversified. With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in USD | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Other funds | 24 595 136.54 | 6.47 |\n| Equity funds | 117 714 140.39 | 30.94 |\n| Bond funds | 234 235 576.64 | 61.55 |\n| Total investment fund units | 376 544 853.57 | 98.96 |\n| 2. Derivatives | 2 280 671.06 | 0.60 |\n| 3. Cash at bank | 3 038 150.67 | 0.80 |\n| 4. Other assets | 1 557 299.01 | 0.41 |\n| 5. Receivables from share certificate transactions | 45 898.72 | 0.01 |\n| II. Liabilities | | |\n| 1. Other liabilities | -1 924 832.12 | -0.50 |\n| 2. Liabilities from share certificate transactions | -1 046 618.36 | -0.28 |\n| III. Net assets | 380 495 422.55 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Investment fund units | | | | | | | 376 544 853.57 | 98.96 |\n| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .. | Units | 155 383 | 119 368 | 295 225 | EUR | 66.76 | 11 757 696.78 | 3.09 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) ....................... | Units | 341 294 | 166 326 | 54 787 | EUR | 52.738 | 20 401 154.04 | 5.36 |\n| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) ....................... | Units | 3 027 913 | 1 578 657 | 467 865 | EUR | 13.994 | 48 025 530.48 | 12.62 |\n| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) ....................... | Units | 1 258 286 | 632 306 | 239 735 | EUR | 12.858 | 18 337 423.86 | 4.82 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%)........................ | Units | 1 524 | 3 166 | 1 642 | USD | 10 408.589 | 15 858 880.24 | 4.17 |\n| Non-group fund units Amundi Index Solutions - Amundi Prime US Corporates UCITS ETF DR EUR - (0.030%)........................ | Units | 1 472 000 | 681 559 | 356 083 | EUR | 18.292 | 30 519 079.37 | 8.02 |\n| Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) ............... | Units | 323 376 | 136 401 | 74 426 | EUR | 23.835 | 8 736 256.30 | 2.30 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) ........................... | Units | 42 502 | 25 591 | 43 947 | EUR | 147.32 | 7 096 978.72 | 1.87 |\n| Vanguard Funds PLC - Vanguard USD Corporate Bond UCITS ETF EUR - (0.090%) ........................... | Units | 107 558 | 146 792 | 39 234 | EUR | 53.06 | 6 468 631.18 | 1.70 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) ........................... | Units | 45 839 | 51 708 | 5 869 | GBP | 128.912 | 7 985 099.44 | 2.10 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%)........................... | Units | 3 757 268 | 1 751 042 | 565 482 | USD | 5.955 | 22 374 530.94 | 5.88 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%)........................... | Units | 64 086 | 31 413 | 21 226 | USD | 209.84 | 13 447 806.24 | 3.53 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%)........................... | Units | 1 151 | 1 151 | | USD | 209.9 | 241 594.90 | 0.06 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%)........................... | Units | 8 862 711 | 5 163 956 | 1 420 524 | USD | 5.383 | 47 707 973.31 | 12.54 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%)........................... | Units | 143 773 | 73 295 | 38 883 | USD | 490.17 | 70 473 211.41 | 18.52 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%)........................... | Units | 195 178 | 155 041 | 72 843 | USD | 138.5 | 27 032 153.00 | 7.10 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%)........................... | Units | 145 143 | 5 525 | 628 | USD | 138.352 | 20 080 853.36 | 5.28 |\n| Total securities portfolio | | | | | | | 376 544 853.57 | 98.96 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Equity index derivatives Receivables/payables | | | | | | | 2 075 682.47 | 0.55 |\n| Option contracts | | | | | | | | |\n| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 100 EUR (DB) ........... | Count | 537 | 537 | | | | 340 242.47 | 0.09 |\n| Put S & P 500 Futures 06/2022 3 550 USD (DB) .......... | Count | 15 | 15 | | | | 60 675.00 | 0.02 |\n| Put S & P 500 Futures 06/2022 3 800 USD (DB) .......... | Count | 81 | 81 | | | | 458 055.00 | 0.12 |\n| Put S & P 500 Futures 06/2022 4 350 USD (DB) .......... | Count | 99 | 102 | 3 | | | 1 216 710.00 | 0.32 |\n| Currency derivatives Receivables/payables | | | | | | | 204 988.59 | 0.05 |\n| Forward currency transactions | | | | | | | | |\n| Forward currency transactions (long) | | | | | | | | |\n| Open positions GBP/USD 12.2 million ............................... | | | | | | | 283 755.09 | 0.07 |\n| Closed positions GBP/USD 12.2 million ............................... | | | | | | | -78 766.50 | -0.02 |\n| Cash at bank | | | | | | | 3 038 150.67 | 0.80 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | 543 721 | | | | | 616 280.81 | 0.16 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 91 216 | | | | | 123 259.65 | 0.03 |\n| U.S. dollar ........................................ | USD | | | | | | 2 298 610.21 | 0.61 |\n\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Other assets | 1 557 299.01 | 0.41 |\n| Other receivables .................................. | 1 557 299.01 | 0.41 |\n| Receivables from share certificate transactions | 45 898.72 | 0.01 |\n| Total assets* | 383 545 639.53 | 100.80 |\n| Other liabilities | -1 924 832.12 | -0.50 |\n| Additional other liabilities............................. | -1 924 832.12 | -0.50 |\n| Liabilities from share certificate transactions | -1 046 618.36 | -0.28 |\n| Total liabilities | -3 050 216.98 | -0.80 |\n| Net assets | 380 495 422.55 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class GBP DPMCH ................................. | GBP | 10 797.19 |\n| Class USD DPMC .................................. | USD | 10 830.32 |\n| Class USD LC ..................................... | USD | 11 497.79 |\n| Class USD LC10 ................................... | USD | 11 535.95 |\n| Class USD WAMC.................................. | USD | 11 573.11 |\n| Number of shares outstanding Class GBP DPMCH ................................. | Count | 1 135.948 |\n| Class USD DPMC .................................. | Count | 1 397.000 |\n| Class USD LC ..................................... | Count | 17 899.069 |\n| Class USD LC10 ................................... | Count | 2 351.893 |\n| Class USD WAMC.................................. | Count | 10 011.200 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl. derivatives\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 46.054 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 90.674 |\n| Average market risk exposure ........................ | % | 74.772 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 19 458 056.89 as of the reporting date.\n Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)\nDB = Deutsche Bank AG Frankfurt\nContracting parties for forward currency transactions\nRoyal Bank of Canada (UK) and State Street Bank International GmbH.\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| Euro\tEUR | 0.882262 | = USD | 1 |\n| --- | --- | --- | --- |\n| British pound\tGBP | 0.740028 | = USD | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Footnote\t\n* Does not include positions with a negative balance, if such exist.\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . USD 5 731\t971.95Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t5 731 971.95\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... USD\t-4 217.57\n\n- Management fee ............................... USD\t-1 510 350.99thereof:All-in fee................... USD -1 510 350.99\n- Legal and publication costs ....................... USD\t-1 295.60\n- Taxe d‘abonnement............................. USD\t-109 152.75\n- Other expenses ................................ USD\t-57 969.27Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t-1 682 986.18\n- Net investment income . . . . . . . . . . . . . . . . . . . . . . . . USD\t4 048 985.77\n- Sale transactionsRealized gains/losses .............................. USD\t63 236 941.34Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t63 236 941.34\n- Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . USD\t67 285 927.11BVI total expense ratio (TER)The total expense ratio for the share classes was:Class GBP DPMCH 0.21% p.a.,\tClass USD DPMC 0.18% p.a.,Class USD LC 0.61% p.a.,\tClass USD LC10 0.41% p.a., Class USD WAMC 0.22% p.a.\n\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass GBP DPMCH 0.33% p.a.,\tClass USD DPMC 0.30% p.a.,\nClass USD LC 0.73% p.a.,\tClass USD LC10 0.53% p.a., Class USD WAMC 0.33% p.a.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to USD 24 410.21.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\n Statement of changes in net assets\t2021 \n- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . USD\t263 486 036.69\n- Net inflows ................................... USD 108 462\t954.57\n- Income adjustment ............................. USD\t-62 173 160.26\n- Net investment income.......................... USD 4 048\t985.77\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 63 236\t941.34\n- Net change in unrealized appreciation/depreciation .... USD 3 433\t664.44\n- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . USD\t380 495 422.55Summary of gains/losses\t2021Realized gains/losses (incl. income adjustment). . . . . . . USD\t63 236 941.34from:Securities transactions.......................... USD\t9 060 467.11(Forward) currency transactions .................. USD\t61 374 890.38Derivatives and other financial futures transactions 1 .. USD\t-7 198 416.151 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\n\n Details on the distribution policy*\t\nClass GBP DPMCH\nThe income for the fiscal year is reinvested.\nClass USD DPMC\nThe income for the fiscal year is reinvested.\nClass USD LC\nThe income for the fiscal year is reinvested.\nClass USD LC10\nThe income for the fiscal year is reinvested.\nClass USD WAMC\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\nChanges in net assets and in the net asset value per share over the last three years\n| Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 380 495 422.55 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 263 486 036.69 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | - |\n| Net asset value per share at the end of the fiscal year | | |\n| 2021 | Class GBP DPMCH ....................... | GBP | 10 797.19 |\n| | Class USD DPMC......................... | USD | 10 830.32 |\n| | Class USD LC ............................ | USD | 11 497.79 |\n| | Class USD LC10 .......................... | USD | 11 535.95 |\n| | Class USD WAMC ........................ | USD | 11 573.11 |\n| 2020 | Class GBP DPMCH ....................... | GBP | 10 489.23 |\n| | Class USD DPMC......................... | USD | 10 545.18 |\n| | Class USD LC ............................ | USD | 11 243.45 |\n| | Class USD LC10 .......................... | USD | 11 258.04 |\n| | Class USD WAMC ........................ | USD | 11 272.43 |\n| 2019 | Class GBP DPMCH ....................... | GBP | - |\n| | Class USD DPMC......................... | USD | - |\n| | Class USD LC ............................ | USD | - |\n| | Class USD LC10 .......................... | USD | - |\n| | Class USD WAMC ........................ | USD | - |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.86 % of all transactions. The total volume was USD 35 088 654.82.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve long-term capital appreciation. In order to achieve the invest- ment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified between each\nDB GROWTH SAA (EUR)\nPerformance since inception\n142\n135\n128\n121\n114\n107\n100\n93\n4/30/20*6/20\n12/20\t6/21\n12/21\nother and within themselves. These are a bond portfolio, an\nDB Growth SAA (EUR) (SC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on April 30, 2020= 100\nData on euro basis\nequity portfolio and an alterna- tive portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation in each portfolio. The invest- ment advisor endeavors to recommend an allocation that\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDB GROWTH SAA (EUR)\nPerformance of share classes (in euro)\n| Share class | ISIN | 1 year | Since inception 1 |\n| --- | --- | --- | --- |\n| Class SC | LU2132882965 | 15.9% | 36.1% |\n| Class DPMC | LU2132882882 | 16.4% | 22.3% |\n| Class LC | LU2258449417 | – | 13.4% |\n| Class LC10 | LU2132883005 | 16.1% | 36.5% |\n| Class PFC | LU2258449508 | – | 7.6% |\n| Class WAMC | LU2132883187 | 16.3% | 36.9% |\n\n1 \nClasses LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on August 27, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nprovides an opportunity for long-term capital appreciation. The expected range of alloca- tion for a “growth-oriented” portfolio is for a) bond portfolio: up to 60%; b) equity portfolio: 40-80% and c) alternative port- folio: 0-15%. In addition, the sub-fund aims to overweight euro area assets in each of\nthe portfolios in order to have a European focus. Positions in the portfolios are primar- ily entered into as follows:\nThrough an investment in one or more exchange-traded funds (each an ETF) or other collec-\ntive investment undertakings or, for exposure to individual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\nThe investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\nworldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\nAgainst this backdrop, the sub- fund DB SAA (EUR) achieved an appreciation of 15.9% per share in 2021 (SC share class; BVI method; in euro).\nInvestment policy in the reporting period \nDevelopments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic*\nand its social and economic consequences for the global community. In contrast, the extremely loose monetary\nand historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer\ninto account the EU criteria for environmentally sustainable economic activities.\npolicy of the central banks of\tend of maturity in the report-\t\nthe industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by\nthe efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook. The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\nup the rear. Against the back-\ndrop of high global debt levels\ning year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\nThe management of the DB Growth SAA (EUR) sub-fund was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally. The equity portfolio, which represented the investment focus on the reporting date, was broadly diversified in terms of sector allocation. With this orientation, the sub-fund profited in partic- ular from the appreciable price increases in the equity markets.\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Bond funds | 96 112 000.99 | 27.51 |\n| Equity funds | 232 821 864.74 | 66.65 |\n| Other funds | 18 438 818.57 | 5.28 |\n| Total investment fund units | 347 372 684.30 | 99.44 |\n| 2. Cash at bank | 664 716.41 | 0.19 |\n| 3. Other assets | 2 131 622.44 | 0.61 |\n| 4. Receivables from share certificate transactions | 265 076.28 | 0.08 |\n| II. Liabilities | | |\n| 1. Other liabilities | -475 497.62 | -0.14 |\n| 2. Liabilities from share certificate transactions | -623 734.69 | -0.18 |\n| III. Net assets | 349 334 867.12 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Investment fund units | | | | | | | 347 372 684.30 | 99.44 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%)................. | Units | 1 077 | 1 193 | 116 | EUR | 9 732.971 | 10 482 409.55 | 3.00 |\n| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .. | Units | 801 294 | 580 327 | 105 848 | EUR | 66.76 | 53 494 387.44 | 15.31 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) ....................... | Units | 880 007 | 635 318 | 62 755 | EUR | 52.738 | 46 409 809.17 | 13.29 |\n| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) .................................... | Units | 214 727 | 160 727 | 3 558 | EUR | 162.33 | 34 856 633.91 | 9.98 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%)............................. | Units | 375 340 | 278 190 | 6 629 | EUR | 17.079 | 6 410 244.19 | 1.83 |\n| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%)............................. | Units | 32 109 | 23 360 | 2 694 | EUR | 167.305 | 5 371 996.25 | 1.54 |\n| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%)............................. | Units | 22 005 | 16 177 | 2 594 | EUR | 207.77 | 4 571 978.85 | 1.31 |\n| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%)............................. | Units | 17 246 | 12 736 | 2 037 | EUR | 282.25 | 4 867 683.50 | 1.39 |\n| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) ....................... | Units | 16 541 | 11 860 | 1 133 | EUR | 247.16 | 4 088 273.56 | 1.17 |\n| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) ............... | Units | 333 812 | 232 846 | 4 764 | EUR | 23.835 | 7 956 409.02 | 2.28 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) ............................ | Units | 4 277 946 | 4 289 206 | 11 260 | EUR | 5.323 | 22 772 362.15 | 6.52 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) ......................................... | Units | 108 | 108 | | EUR | 153.76 | 16 606.08 | 0.01 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) ......................................... | Units | 3 720 | 3 720 | | EUR | 432.63 | 1 609 383.60 | 0.46 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) .................................... | Units | 153 468 | 111 032 | 8 998 | EUR | 147.32 | 22 608 905.76 | 6.47 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) ......................................... | Units | 118 041 | 118 418 | 377 | GBP | 128.912 | 18 141 602.55 | 5.19 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) ................................ | Units | 9 112 | 7 591 | 86 | USD | 209.84 | 1 686 939.72 | 0.48 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) .................................... | Units | 1 205 669 | 1 016 263 | 15 797 | USD | 5.383 | 5 725 982.93 | 1.64 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) ......................................... | Units | 157 268 | 112 438 | 8 633 | USD | 490.17 | 68 011 862.09 | 19.47 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) ................................ | Units | 42 099 | 38 898 | 655 | USD | 138.5 | 5 144 215.19 | 1.47 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) ................................ | Units | 4 908 | 307 | | USD | 138.352 | 599 084.66 | 0.17 |\n| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) .................................... | Units | 280 728 | 208 632 | 9 123 | USD | 91.03 | 22 545 914.13 | 6.46 |\n| Total securities portfolio | | | | | | | 347 372 684.30 | 99.44 |\n| Cash at bank | | | | | | | 664 716.41 | 0.19 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | | | | 472 681.98 | 0.14 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 94 865 | | | | | 113 097.43 | 0.03 |\n| U.S. dollar ........................................ | USD | 89 471 | | | | | 78 937.00 | 0.02 |\n| Other assets | | | | | | | 2 131 622.44 | 0.61 |\n| Dividends/Distributions receivable ..................... | | | | | | | 59 123.63 | 0.02 |\n| Prepaid placement fee * ............................. | | | | | | | 1 405 464.33 | 0.40 |\n| Other receivables .................................. | | | | | | | 667 034.48 | 0.19 |\n| Receivables from share certificate transactions | | | | | | | 265 076.28 | 0.08 |\n| Total assets | | | | | | | 350 434 099.43 | 100.32 |\n| Other liabilities | | | | | | | -475 497.62 | -0.14 |\n| Liabilities from cost items ............................ | | | | | | | -261 301.65 | -0.08 |\n| Additional other liabilities............................. | | | | | | | -214 195.97 | -0.06 |\n| Liabilities from share certificate transactions | | | | | | | -623 734.69 | -0.18 |\n\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Total liabilities | | | | | | | -1 099 232.31 | -0.32 |\n| Net assets | | | | | | | 349 334 867.12 | 100.00 |\n\nNegligible rounding errors may have arisen due to the rounding of calculated percentages.\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class DPMC ...................................... | EUR | 12 231.48 |\n| Class LC ......................................... | EUR | 113.41 |\n| Class LC10 ....................................... | EUR | 13 651.53 |\n| Class PFC ........................................ | EUR | 107.59 |\n| Class SC ......................................... | EUR | 13 606.28 |\n| Class WAMC ...................................... | EUR | 13 690.61 |\n| Number of shares outstanding Class DPMC ...................................... | Count | 1 130.000 |\n| Class LC ......................................... | Count | 761 197.000 |\n| Class LC10 ....................................... | Count | 2 499.500 |\n| Class PFC ........................................ | Count | 388 019.000 |\n| Class SC ......................................... | Count | 9 977.149 |\n| Class WAMC ...................................... | Count | 2 743.900 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl. derivatives\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 99.964 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 100.017 |\n| Average market risk exposure ........................ | % | 100.000 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| British pound\tGBP | 0.838785 | = EUR | 1 |\n| --- | --- | --- | --- |\n| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Footnote\t\n* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . EUR 882\t997.66Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t882 997.66\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... EUR\t-65 925.84\n\n- Management fee ............................... EUR\t-2 175 922.51thereof:All-in fee................... EUR -2 175 922.51\n- Legal and publication costs ....................... EUR\t-1 083.96\n- Taxe d‘abonnement............................. EUR\t-156 391.61\n- Other expenses ................................ EUR\t-284 106.45thereof:Expenses from prepaidplacement fee 1 ............. EUR\t-284 106.45Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-2 683 430.37\n- Net investment expense. . . . . . . . . . . . . . . . . . . . . . . . EUR\t-1 800 432.71\n- Sale transactionsRealized gains/losses .............................. EUR\t6 641 536.87Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t6 641 536.87\n- Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . EUR 4 841\t104.161 For further information, please refer to the notes to the financial statements.\n\nBVI total expense ratio (TER)\nThe total expense ratio for the share classes was:\nClass DPMC 0.12% p.a.,\tClass LC 1.46%\n2\n,\nClass LC10 0.33% p.a.,\tClass PFC 1.82%\n2\n,\nClass SC 0.53% p.a.,\tClass WAMC 0.15% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass DPMC 0.28% p.a.,\tClass LC 1.61%\n2\n,\nClass LC10 0.48% p.a.,\tClass PFC 1.97%\n2\n,\nClass SC 0.68% p.a.,\tClass WAMC 0.30% p.a.\n2 \nAnnualization has not been performed for share classes launched during the year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 16 089.27.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\n Statement of changes in net assets\t2021 \n- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\t93 770 013.97\n- Net inflows \n- 3 \n- .................................. EUR 226 147\t404.15\n- Income adjustment ............................. EUR\t-2 702 272.73\n- Net investment expense ......................... EUR\t-1 800 432.71\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 6 641\t536.876. Net change in unrealized appreciation/depreciation .... EUR\t27 278 617.57\n- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . EUR\t349 334 867.123 Reduced by a dilution fee in the amount of EUR 98 135.41 for the benefit of the fund’s assets.\n\nSummary of gains/losses\t2021\nRealized gains/losses (incl. income adjustment). . . . . . . EUR\t6 641 536.87\nfrom:\nSecurities transactions.......................... EUR\t6 475 331.90\n(Forward) currency transactions .................. EUR\t166 204.97\n Details on the distribution policy*\t\nClass DPMC\nThe income for the fiscal year is reinvested.\nClass LC\nThe income for the fiscal year is reinvested.\nClass LC10\nThe income for the fiscal year is reinvested.\nClass PFC\nThe income for the fiscal year is reinvested.\nClass SC\nThe income for the fiscal year is reinvested.\nClass WAMC\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\n Changes in net assets and in the net asset value per share over the last three years\t\n| Net assets at the end of the fiscal year | | | 2020 | Class DPMC ............................. | EUR | 10 509.91 |\n| --- | --- | --- | --- | --- | --- | --- |\n| 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 349 334 867.12 | | Class LC ................................ | EUR | - |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 93 770 013.97 | | Class LC10 .............................. | EUR | 11 753.59 |\n\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-\nNet asset value per share at the end of the fiscal year\nClass PFC ............................... EUR\t-\nClass SC ................................ EUR\t11 738.14\nClass WAMC ............................ EUR\t11 767.00\n| 2021\tClass DPMC ............................. | EUR | 12 231.48 | 2019 | Class DPMC ............................. | EUR | - |\n| --- | --- | --- | --- | --- | --- | --- |\n| Class LC ................................ | EUR | 113.41 | | Class LC ................................ | EUR | - |\n| Class LC10 .............................. | EUR | 13 651.53 | | Class LC10 .............................. | EUR | - |\n| Class PFC ............................... | EUR | 107.59 | | Class PFC ............................... | EUR | - |\n| Class SC ................................ | EUR | 13 606.28 | | Class SC ................................ | EUR | - |\n| Class WAMC ............................ | EUR | 13 690.61 | | Class WAMC ............................ | EUR | - |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.28% of all transactions. The total volume was EUR 15 297 424.28.\n Placement fee / dilution adjustment\t\nIn the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor. This fee was calculated on the subscription date. This placement fee serves in particular as compensation for distribution. The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses. These are amortized on a daily basis over a period of three years from the date of subscription. The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor. The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date. The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\nIn addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\nFurther details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve long-term capital appreciation. In order to achieve the invest- ment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified between each\nDB GROWTH SAA (USD)\nPerformance since inception\n148\n140\n132\n124\n116\n108\n100\n92\n4/30/20* 6/20\n12/20\t6/21\n12/21\nother and within themselves. These are a bond portfolio, an\nDB Growth SAA (USD) (USD LC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on April 30, 2020= 100 Data on U.S. dollar basis\nequity portfolio and an alterna- tive portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDB GROWTH SAA (USD)\nPerformance of share classes (in USD)\n| Share class | ISIN | 1 year | Since inception 1 |\n| --- | --- | --- | --- |\n| Class USD LC | LU2132881132 | 10.3% | 40.0% |\n| Class USD DPMC | LU2132881058 | 10.8% | 15.7% |\n| Class USD LC10 | LU2132881215 | 10.5% | 40.5% |\n| Class USD WAMC | LU2132881306 | 10.7% | 40.8% |\n\n1 \nClasses USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on November 17, 2020\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nin each portfolio. The invest- ment advisor endeavors to recommend an allocation that provides an opportunity for long-term capital appreciation. The expected range of alloca- tion for a “growth-oriented” portfolio is for a) bond portfolio: up to 60%; b) equity portfo-\nlio: 40-80% and c) alternative portfolio: 0-15%. In addition, the fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus. Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-\nual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\nThe investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\nworldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\nAgainst this backdrop, the sub- fund DB Growth SAA (USD)\nachieved an appreciation of 10.3% per share in 2021 (USD LC share class; BVI method; in\nU.S. dollars).\nInvestment policy in the reporting period \nDevelopments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary pol- icy of the central banks of the industrial countries – in view of\nthe weakened global economy – supported the price develop- ment in the financial markets.\nSince the beginning of 2021, the economic outlook improved,\nboosted by the efforts and packages of measures under- taken by the international com- munity to address the economic impact of the coronavirus crisis and by the regulatory filings\nfor COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi-\ntion, the dynamic spread of the coronavirus and its variants, as well as associated new restric- tions, dampened the economic outlook. The international equity markets closed 2021 with significant price gains, although the picture was mixed.\nWhile the equity markets in the Western industrial coun- tries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear. Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc-\nThe management of the sub- fund DB Growth SAA (USD) was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally. Regionally, the investment focus was on North America. The equity portfolio, which represented the invest- ment focus on the reporting date, was broadly diversified in terms of sector allocation. With this orientation, the sub-fund profited in particular from the appreciable price increases in the equity markets.\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\ntuations towards the longer\t\nend of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in USD | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Equity funds | 81 730 864.15 | 65.63 |\n| Other funds | 5 528 510.18 | 4.43 |\n| Bond funds | 36 184 418.52 | 29.06 |\n| Total investment fund units | 123 443 792.85 | 99.12 |\n| 2. Cash at bank | 564 921.68 | 0.45 |\n| 3. Other assets | 747 470.99 | 0.60 |\n| II. Liabilities | | |\n| 1. Other liabilities | -216 775.92 | -0.17 |\n| III. Net assets | 124 539 409.60 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Investment fund units | | | | | | | 123 443 792.85 | 99.12 |\n| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) ....................... | | 82 410 | 167 094 | 165 017 | EUR | 66.76 | 6 235 893.19 | 5.01 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) ....................... | | 271 725 | 218 822 | 26 447 | EUR | 52.738 | 16 242 604.86 | 13.04 |\n| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) ....................... | | 741 919 | 615 715 | 51 115 | EUR | 13.994 | 11 767 528.84 | 9.45 |\n| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) ....................... | | 240 921 | 206 234 | 11 839 | EUR | 12.858 | 3 511 022.53 | 2.82 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) ....... | | 264 | 530 | 266 | USD | 10 408.589 | 2 746 316.64 | 2.20 |\n| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex- Agriculture UCITS ETF EUR - (0.190%) ................. | | 102 984 | 82 556 | 9 805 | EUR | 23.835 | 2 782 193.54 | 2.23 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) ........................... | | 298 | 298 | | EUR | 432.63 | 146 128.63 | 0.12 |\n| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) ........................... | | 47 367 | 40 014 | 7 414 | EUR | 147.32 | 7 909 335.82 | 6.35 |\n| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) ........................... | | 29 256 | 31 022 | 1 766 | GBP | 128.912 | 5 096 360.50 | 4.09 |\n| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%)........................... | | 996 274 | 911 095 | 63 216 | USD | 5.955 | 5 932 811.67 | 4.76 |\n| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%)........................... | | 9 002 | 7 634 | 681 | USD | 209.84 | 1 888 979.68 | 1.52 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%)........................... | | 1 224 156 | 1 028 329 | 83 940 | USD | 5.383 | 6 589 631.75 | 5.29 |\n| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%)........................... | | 49 792 | 41 742 | 7 282 | USD | 490.17 | 24 406 544.64 | 19.60 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%)........................... | | 42 485 | 38 911 | 3 349 | USD | 138.5 | 5 884 172.50 | 4.73 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%)........................... | | 4 411 | | | USD | 138.352 | 610 271.55 | 0.49 |\n| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%).......................... | | 238 317 | 204 824 | 17 582 | USD | 91.03 | 21 693 996.51 | 17.42 |\n| Total securities portfolio | | | | | | | 123 443 792.85 | 99.12 |\n| Cash at bank | | | | | | | 564 921.68 | 0.45 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | 59 871 | | | | | 67 860.76 | 0.05 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 36 900 | | | | | 49 862.96 | 0.04 |\n| U.S. dollar ........................................ | USD | | | | | | 447 197.96 | 0.36 |\n| Other assets | 747 470.99 | 0.60 |\n| Other receivables .................................. | 747 470.99 | 0.60 |\n| Total assets | 124 756 185.52 | 100.17 |\n| Other liabilities | -216 775.92 | -0.17 |\n| Liabilities from cost items ............................ | -60 511.62 | -0.04 |\n| Additional other liabilities............................. | -156 264.30 | -0.13 |\n| Total liabilities | -216 775.92 | -0.17 |\n| Net assets | 124 539 409.60 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class USD LC ..................................... | USD | 13 995.15 |\n| Class USD LC10 ................................... | USD | 14 045.33 |\n| Class USD WAMC.................................. | USD | 14 083.43 |\n| Class USD DPMC .................................. | USD | 11 574.33 |\n| Number of shares outstanding Class USD LC ..................................... | Count | 7 494.490 |\n| Class USD LC10 ................................... | Count | 2.000 |\n| Class USD WAMC.................................. | Count | 877.354 |\n| Class USD DPMC .................................. | Count | 628.000 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex. derivatives\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 100.000 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 100.000 |\n| Average market risk exposure ........................ | % | 100.000 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| Euro\tEUR | 0.882262 | = USD | 1 |\n| --- | --- | --- | --- |\n| British pound\tGBP | 0.740028 | = USD | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . USD 1 342\t200.23Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t1 342 200.23\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... USD\t-2 729.00\n\n- Management fee ............................... USD\t-519 825.93thereof:\n\n| 3. Legal and publication costs ....................... | USD | -414.95 | |\n| --- | --- | --- | --- |\n| 4. Taxe d‘abonnement............................. | USD | -63 698.67 | Summary of gains/losses | 2021 |\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | -586 668.55 | | |\n\nAll-in fee................... USD\t-519 825.93\n Statement of changes in net assets\t2021 \n- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . USD\t31 834 794.27\n- Net inflows ................................... USD 83 907\t049.91\n- Income adjustment ............................. USD\t-380 051.64\n- Net investment income.......................... USD 755\t531.68\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 1 938\t052.08\n- Net change in unrealized appreciation/depreciation .... USD 6 484\t033.30\n- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . USD\t124 539 409.60\n- Net investment income . . . . . . . . . . . . . . . . . . . . . . . . USD 755\t531.68\n- Sale transactionsRealized gains/losses .............................. USD\t1 938 052.08Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t1 938 052.08\n- Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . USD 2 693\t583.76BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.13% p.a.,\tClass USD LC 0.55% p.a.,Class USD LC10 0.34% p.a.,\tClass USD WAMC 0.17% p.a.\n\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass USD DPMC 0.27% p.a.,\tClass USD LC 0.68% p.a.,\nClass USD LC10 0.48% p.a.,\tClass USD WAMC 0.30% p.a.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to USD 4 912.61.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nRealized gains/losses (incl. income adjustment). . . . . . . USD\t1 938 052.08\nfrom:\nSecurities transactions.......................... USD\t1 917 049.00\n(Forward) currency transactions .................. USD\t21 003.08\n Details on the distribution policy*\t\nClass USD DPMC\nThe income for the reporting period is reinvested.\nClass USD LC\nThe income for the reporting period is reinvested.\nClass USD LC10\nThe income for the reporting period is reinvested.\nClass USD WAMC\nThe income for the reporting period is reinvested.\n* Additional information is provided in the sales prospectus.\nChanges in net assets and in the net asset value per share over the last three years\n| Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 124 539 409.60 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | 31 834 794.27 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | – |\n| Net asset value per share at the end of the fiscal year | | |\n| 2021 | Class USD LC ............................ | EUR | 13 995.15 |\n| | Class USD LC10 .......................... | EUR | 14 045.33 |\n| | Class USD WAMC ........................ | EUR | 14 083.43 |\n| | Class USD DPMC......................... | USD | 11 574.33 |\n| 2020 | Class USD LC ............................ | EUR | 12 687.49 |\n| | Class USD LC10 .......................... | EUR | 12 706.22 |\n| | Class USD WAMC ........................ | EUR | 12 718.64 |\n| | Class USD DPMC......................... | USD | 10 449.22 |\n| 2019 | Class USD LC ............................ | EUR | – |\n| | Class USD LC10 .......................... | EUR | – |\n| | Class USD WAMC ........................ | EUR | – |\n| | Class USD DPMC......................... | USD | – |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 3.71% of all transactions. The total volume was USD 4 959 745.64.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve medium- to long-term capital appreciation. It seeks to limit capital losses to no more than 20% on an annualized basis. In order to achieve the invest-\nDB STRATEGIC INCOME ALLOCATION EUR (SIA) BALANCED PLUS\nPerformance since inception\n105\n104\n103\n102\n101\n100\n99\n98\nment objective, the sub-fund\n7/19/21* 7/21\n8/21\n9/21\t10/21\t11/21\n12/21\nseeks to invest in portfolios of three main asset classes that\nDB Strategic Income Allocation EUR (SIA) Balanced Plus (LBD share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on July 19, 2021= 100\nData on euro basis\nare diversified between each other and within themselves. These are a bond portfolio, an equity portfolio and an alterna- tive portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which\nPast performance is no guide to future results.\tAs of: December 31, 2021\n| DB STRATEGIC INCOME ALLOCATION | EUR (SIA) BALANCED PLUS |\n| --- | --- |\n| Performance of share classes (in euro) Share class\tISIN | Since inception 1 |\n| Class LBD\tLU2330518965 | 3.6% |\n| Class LBD10\tLU2330518882 | 4.1% |\n| Class PFBD\tLU2330518700 | 3.5% |\n| Class SBD\tLU2330519773 | 4.0% |\n| Class WAMBD\tLU2330521084 | 4.2% |\n\n1 \nClasses LBD, LBD10, PFBD, SBD and WAMBD launched on July 19, 2021. “BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\ntakes into account the expected\nreturn, volatility and correlation in each portfolio. The Invest- ment Advisor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation. The expected range of allocation for a “bal- anced” portfolio is for a) bond portfolio: up to 70%; b) equity portfolio: 30-80% and c) alter- native portfolio: 0-15%. In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus. In addition to allocating assets across the portfolios, the sub- fund manager seeks to imple- ment a capital preservation\nstrategy, based on the advice of\nthe investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 20% on an annu- alized basis (risk mitigation strategy). The risk mitigation strategy aims to limit the poten- tial loss of the sub-fund during a rolling 12-month period.\nThe risk mitigation strategy includes investments in deriv- ative financial instruments.\nPositions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt\ninstruments linked to the per-\nformance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\nIn addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options). The derivatives exposure is always matched by equity ETF positions in the same amount. The premiums collected are used to generate additional value growth in the sub-fund.\nThe investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\nworldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\nAgainst this backdrop, the sub- fund achieved an appreciation of 3.6% per share (LBD share class; BVI method; in euro)\nin the shortened fiscal year from July 19, 2021, through\nDecember 31, 2021.\n\n##### Investment policy in the reporting period\nconsumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook. The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\nDevelopments in the interna-\tup the rear. Against the back-\t\ntional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by\nthe efforts and packages of\nmeasures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up\ndrop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\nThe management of the DB Strategic Income Allocation EUR (SIA) Balanced Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally. In terms of sector allocation, the equity portfolio was broadly diversified.\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Bond funds | 116 461 450.58 | 37.14 |\n| Equity funds | 188 617 591.21 | 60.14 |\n| Total investment fund units | 305 079 041.79 | 97.28 |\n| 2. Derivatives | 952 759.49 | 0.30 |\n| 3. Cash at bank | 6 917 142.77 | 2.21 |\n| 4. Other assets | 3 402 906.03 | 1.09 |\n| 5. Receivables from share certificate transactions | 230 072.29 | 0.07 |\n| II. Liabilities | | |\n| 1. Other liabilities | -1 952 843.92 | -0.63 |\n| 2. Liabilities from share certificate transactions | -1 007 162.64 | -0.32 |\n| III. Net assets | 313 621 915.81 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Investment fund units | | | | | | | 305 079 041.79 | 97.28 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| In-group fund units Xtrackers - Euro Stoxx Select Dividend 30 UCITS ETF -1D- EUR - (0.200%) .................................... | Units | 284 096 | 293 319 | 9 223 | EUR | 21.395 | 6 078 233.92 | 1.94 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) ................................ | Units | 1 751 117 | 1 810 974 | 59 857 | EUR | 17.079 | 29 906 451.68 | 9.54 |\n| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) ................................ | Units | 4 115 494 | 7 304 517 | 3 189 023 | EUR | 8.218 | 33 821 129.69 | 10.78 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) ......................................... | Units | 1 981 | 4 199 | 2 218 | EUR | 34.51 | 68 364.31 | 0.02 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) ......................................... | Units | 178 980 | 179 857 | 877 | EUR | 34.595 | 6 191 813.10 | 1.97 |\n| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) ......................................... | Units | 1 512 102 | 1 512 102 | | EUR | 19.118 | 28 908 366.04 | 9.22 |\n| iShares PLC - iShares Euro Corporate Bond Large Cap UCITS ETF EUR - (0.200%) ........................... | Units | 169 795 | 335 205 | 165 410 | EUR | 139.06 | 23 611 692.70 | 7.53 |\n| iShares VI plc - iShares J.P, Morgan $ EM Bond EUR Hedged UCITS ETF EUR (hedged) - (0.500%) ............ | Units | 365 528 | 377 659 | 12 131 | EUR | 87.63 | 32 031 218.64 | 10.21 |\n| SSgA SPDR ETFs Europe I plc - SPDR S&P Euro Dividend Aristocrats UCITS ETF EUR - (0.300%).................. | Units | 1 146 329 | 2 284 247 | 1 137 918 | EUR | 23.35 | 26 766 782.15 | 8.54 |\n| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) ......................................... | Units | 1 072 813 | 1 097 053 | 24 240 | GBP | 7.587 | 9 703 786.75 | 3.09 |\n| HSBC ETFs PLC - HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF USD - (0.400%)................ | Units | 931 370 | 1 842 426 | 911 056 | USD | 27.89 | 22 917 557.70 | 7.31 |\n| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) .................................... | Units | 329 474 | 340 526 | 11 052 | USD | 33.85 | 9 839 598.91 | 3.14 |\n| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) .................................... | Units | 2 366 866 | 2 444 115 | 77 249 | USD | 21.225 | 44 321 958.64 | 14.13 |\n| Multi Units Luxembourg - Lyxor Core US Treasury 10+Y (DR) UCITS ETF EUR - (0.070%)....................... | Units | 63 810 | 66 583 | 2 773 | USD | 158.44 | 8 919 718.58 | 2.84 |\n| SSgA SPDR ETFs Europe I plc - SPDR Bloomberg Barclays 10+ Year U,S, Treasury Bond UCITS ETF USD - (0.150%)... | Units | 222 000 | 327 279 | 105 279 | USD | 33.73 | 6 606 430.79 | 2.11 |\n| Vanguard Funds PLC - Vanguard USD Emerging Markets Government Bond UCITS ETF - USD - (0.250%) .......... | Units | 346 497 | 358 342 | 11 845 | USD | 50.33 | 15 385 938.19 | 4.91 |\n| Total securities portfolio | | | | | | | 305 079 041.79 | 97.28 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Equity index derivatives Receivables/payables | | | | | | | 952 759.49 | 0.30 |\n| Option contracts | | | | | | | | |\n| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 400 EUR (DB) ........... | Count | 2 265 | 2 265 | | | | 2 672 700.00 | 0.85 |\n| Call DJ Euro Stoxx 50 06/2022 4 450 EUR (DB)........... | Count | -726 | | 726 | | | -650 859.00 | -0.21 |\n| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB)........... | Count | -144 | | 144 | | | -161 928.00 | -0.05 |\n| Call DJ Euro Stoxx 50 12/2022 4 600 EUR (DB)........... | Count | -58 | | 58 | | | -65 018.00 | -0.02 |\n| Call FTSE MIB Index Futures 06/2022 7 700 GBP (DB) ..... | Count | -31 | | 31 | | | -43 425.92 | -0.02 |\n| Call FTSE MIB Index Futures 09/2022 7 800 GBP (DB) ..... | Count | -19 | | 19 | | | -32 901.76 | -0.01 |\n| Call S & P 500 Futures 06/2022 4 800 USD (DB) .......... | Count | -50 | | 50 | | | -973 355.55 | -0.31 |\n| Call S & P 500 Futures 09/2022 4 900 USD (DB) .......... | Count | -9 | | 9 | | | -183 104.66 | -0.06 |\n| Call S & P 500 Futures 12/2022 5 150 USD (DB) .......... | Count | -7 | | 7 | | | -102 487.97 | -0.03 |\n| Put S & P 500 Futures 12/2022 3 950 USD (DB) .......... | Count | 35 | 35 | | | | 493 140.35 | 0.16 |\n| Cash at bank | | | | | | | 6 917 142.77 | 2.21 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | | | | 1 142 548.21 | 0.37 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 293 354 | | | | | 349 736.93 | 0.11 |\n| Japanese yen ..................................... | JPY | 169 835 | | | | | 1 301.99 | 0.00 |\n| U.S. dollar ........................................ | USD | 6 147 330 | | | | | 5 423 555.64 | 1.73 |\n| Other assets | | | | | | | 3 402 906.03 | 1.09 |\n| Dividends/Distributions receivable ..................... | | | | | | | 676 117.55 | 0.22 |\n| Prepaid placement fee * ............................. | | | | | | | 1 654 883.16 | 0.53 |\n| Other receivables .................................. | | | | | | | 1 071 905.32 | 0.34 |\n| Receivables from share certificate transactions | | | | | | | 230 072.29 | 0.07 |\n| Total assets ** | | | | | | | 318 795 003.23 | 101.66 |\n\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Other liabilities | | | | | | | -1 952 843.92 | -0.63 |\n| Additional other liabilities............................. | | | | | | | -1 952 843.92 | -0.63 |\n| Liabilities from share certificate transactions | | | | | | | -1 007 162.64 | -0.32 |\n| Total liabilities | | | | | | | -5 173 087.42 | -1.66 |\n| Net assets | | | | | | | 313 621 915.81 | 100.00 |\n\nNegligible rounding errors may have arisen due to the rounding of calculated percentages.\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class LBD ........................................ | EUR | 103.63 |\n| Class LBD10 ...................................... | EUR | 10 410.72 |\n| Class PFBD ....................................... | EUR | 103.46 |\n| Class SBD ........................................ | EUR | 10 401.88 |\n| Class WAMBD .................................... | EUR | 10 420.84 |\n| Number of shares outstanding Class LBD ........................................ | Count | 675 889.000 |\n| Class LBD10 ...................................... | Count | 1 301.000 |\n| Class PFBD ....................................... | Count | 447 867.000 |\n| Class SBD ........................................ | Count | 16 976.198 |\n| Class WAMBD .................................... | Count | 682.491 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512)\nEx-Derivative Benchmark for Portfolio DB Strategic Income Allocation EUR (SIA) Balanced Plus\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 71.292 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 82.943 |\n| Average market risk exposure ........................ | % | 77.994 |\n\nThe values-at-risk were calculated for the period from July 19, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 46 916 146.37 as of the reporting date.\n Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)\nDB = Deutsche Bank AG Frankfurt\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| British pound\tGBP | 0.838785 | = EUR | 1 |\n| --- | --- | --- | --- |\n| Japanese yen\tJPY | 130.443111 | = EUR | 1 |\n| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Footnotes\t\n* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\n** Does not include positions with a negative balance, if such exist.\n Statement of income and expenses \n(incl. income adjustment)\t \n Statement of changes in net assets\t2021 \nfor the period from July 19, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . EUR 7 634\t443.39Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t7 634 443.39\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... EUR\t-40 994.07\n\n- Management fee ............................... EUR\t-1 232 917.61thereof:All-in fee................... EUR -1 232 917.61\n- Legal and publication costs ....................... EUR\t-11 701.52\n- Taxe d‘abonnement............................. EUR\t-91 925.55\n- Other expenses ................................ EUR\t-154 341.75thereof:Expenses from prepaidplacement fee 1 ............. EUR\t-154 341.75 Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-1 531 880.50\n- Net investment income . . . . . . . . . . . . . . . . . . . . . . . . EUR\t6 102 562.89\n- Sale transactionsRealized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t972 538.84Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t972 538.84\n- Net gain/loss for the reporting period . . . . . . . . . . . . EUR\t7 075 101.731 For further information, please refer to the notes to the financial statements.\n\nBVI total expense ratio (TER)\nThe total expense ratio for the share classes was:\nClass LBD 1.52%\n2\n,\tClass LBD10 0.52%\n2\n,\nClass PFBD 1.92%\n2\n,\tClass SBD 0.71%\n2\n,\nClass WAMBD 0.31%\n2\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass LBD 1.86%\n2\n,\tClass LBD10 0.87%\n2\n,\nClass PFBD 2.26%\n2\n,\tClass SBD 1.06%\n2\n,\nClass WAMBD 0.65%\n2\n2 \nAnnualization has not been performed for share classes launched during the year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 18 859.91.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\n- Value of the fund’s net assetsat the beginning of the reporting period . . . . . . . . . . EUR\t0.00\n- Net inflows \n- 3 \n- .................................. EUR 304 302\t879.11\n- Income adjustment ............................. EUR\t-926 895.24\n- Net investment income.......................... EUR 6 102\t562.89\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 972\t538.84\n- Net change in unrealized appreciation/depreciation .... EUR 3 170\t830.21\n- Value of the fund’s net assetsat the end of the reporting period. . . . . . . . . . . . . . . . EUR\t313 621 915.813 Reduced by a dilution fee in the amount of EUR 23 576.41 for the benefit of the fund’s assets.\n\nSummary of gains/losses\t2021\nRealized gains/losses (incl. income adjustment). . . . . . . EUR\t972 538.84\nfrom:\nSecurities transactions.......................... EUR\t1 845 683.52\n(Forward) currency transactions .................. EUR\t44 292.93\nDerivatives and other financial futures transactions \n4 \n.. EUR\t-917 437.61\n4 \nThis item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\n Details on the distribution policy*\t\nClass LBD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.00\nClass LBD10\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.00\nClass PFBD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.00\nClass SBD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.00\nClass WAMBD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.00\n* Additional information is provided in the sales prospectus.\nIn the case of a final distribution, any remaining net income for the reporting period is reinvested.\nChanges in net assets and in the net asset value per share over the last three years\nNet assets at the end of the reporting period\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t313 621 915.81\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-\nNet asset value per share at the end of the reporting period\n| 2021 | Class LBD............................... | EUR | 103.63 |\n| --- | --- | --- | --- |\n| | Class LBD10 ............................. | EUR | 10 410.72 |\n| | Class PFBD.............................. | EUR | 103.46 |\n| | Class SBD............................... | EUR | 10 401.88 |\n| | Class WAMBD ........................... | EUR | 10 420.84 |\n| 2020 | Class LBD............................... | EUR | - |\n| | Class LBD10 ............................. | EUR | - |\n| | Class PFBD.............................. | EUR | - |\n| | Class SBD............................... | EUR | - |\n| | Class WAMBD ........................... | EUR | - |\n| 2019 | Class LBD............................... | EUR | - |\n| | Class LBD10 ............................. | EUR | - |\n| | Class PFBD.............................. | EUR | - |\n| | Class SBD............................... | EUR | - |\n| | Class WAMBD ........................... | EUR | - |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.67% of all transactions. The total volume was EUR 22 738 926.36.\n Placement fee / dilution adjustment\t\nIn the reporting period, the fund paid a placement fee of 4% of the fund’s net assets to the distributor. This fee was calculated on the subscription date. This placement fee serves in particular as compensation for distribution. The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses. These are amortized on a daily basis over a period of three years from the date of subscription. The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor. The relevant factor is determined through straight-line reduction of the place- ment fee by a certain percentage on a daily basis over three years from the subscription date. The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\nIn addition, a dilution adjustment of up to 4% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\nFurther details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n## DB Strategic Income Allocation USD (SIA) Balanced Plus\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve medium- to long-term capital appreciation. It seeks to limit capital losses to no more than 20% on an annualized basis. In order to achieve the invest-\nDB STRATEGIC INCOME ALLOCATION USD (SIA) BALANCED PLUS\nPerformance since inception\n101.5\n101.0\n100.5\n100.0\n99.5\n99.0\n98.5\n98.0\nment objective, the sub-fund\n6/28/21*\n7/21\n8/21\t9/21\t10/21\t11/21\n12/21\nseeks to invest in portfolios of three main asset classes that\nDB Strategic Income Allocation USD (SIA) Balanced Plus (USD LBD share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on June 28, 2021 = 100 Data on U.S. dollar basis\nare diversified between each\nother and within themselves. These are a bond portfolio, an equity portfolio and an alterna- tive portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDB STRATEGIC INCOME ALLOCATION USD (SIA) BALANCED PLUS\nPerformance of share classes (in USD)\nShare class\tISIN\tSince inception\n1\nClass USD LBD\tLU2330520862\t0.5% Class USD DPMBD\tLU2330518619\t1.2% Class USD LBD10\tLU2330520789\t1.0% Class USD SBD\tLU2330520607\t0.9% Class USD WAMBD\tLU2330520516\t1.1% Class SGD SBDH\n2\t\nLU2349911755\t0.2%\n1 \nClasses USD LBD, USD LBD10, USD SBD and USD WAMBD launched on June 28, 2021 / Class SGD SBDH launched on August 20, 2021 and first share price calculation on August 23, 2021 / Class USD DPMBD launched on October 8, 2021 \n2 \nin SGD\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nin each portfolio. The invest- ment advisor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation. The expected range of allocation for a “bal- anced” portfolio is for a) bond portfolio: up to 70%; b) equity portfolio: 30-80% and c) alter- native portfolio: 0-15%. In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus. In addition to allocating assets across the portfolios, the sub-fund man- ager seeks to implement a cap-\nital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 20%\non an annualized basis (risk mitigation strategy). The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period. The risk mitigation strat- egy includes investments in derivative financial instruments. Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\nings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a finan- cial index through the use of\nderivative financial instruments. In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options). The derivatives exposure is always matched\nby equity ETF positions in the same amount. The premiums\ncollected are used to generate additional value growth in the sub-fund.\nThe investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\nworldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\nAgainst this backdrop, the sub-fund achieved an appreci- ation of 0.5% per share (USD LBD share class; BVI method;\nU.S. dollars) in the shortened\nfiscal year from June 28, 2021,\nthrough December 31, 2021.\n\n##### Investment policy in the reporting period\nthe significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook. The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\nup the rear. Against the back-\nterms of sector allocation, the equity portfolio was broadly diversified.\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\nDevelopments in the interna-\tdrop of high global debt levels\t\ntional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by\nthe efforts and packages of\nmeasures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by\nand historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\nThe management of the DB Strategic Income Allocation USD (SIA) Balanced Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally. Region- ally, the investment focus\nwas on the United States. In\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n\n## DB Strategic Income Allocation USD (SIA) Balanced Plus\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in USD | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Bond funds | 168 426 821.93 | 46.60 |\n| Other funds | 6 203.52 | 0.00 |\n| Equity funds | 181 669 556.43 | 50.26 |\n| Total investment fund units | 350 102 581.88 | 96.86 |\n| 2. Derivatives | -1 542 992.16 | -0.43 |\n| 3. Cash at bank | 10 968 864.70 | 3.04 |\n| 4. Other assets | 11 385 089.72 | 3.15 |\n| II. Liabilities | | |\n| 1. Short-term liabilities | -7 554 067.22 | -2.09 |\n| 2. Other liabilities | -1 912 463.59 | -0.53 |\n| III. Net assets | 361 447 013.33 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| currency\tamount\tin the reporting period\tUSD |\n| Investment fund units | | | | | | | 350 102 581.88 | 96.86 |\n| In-group fund units Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%)............................. | Units | 3 316 174 | 3 724 752 | 408 578 | EUR | 13.994 | 52 597 619.38 | 14.55 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%)........................ | Units | 1 | 366 | 365 | USD | 10 408.589 | 6 203.52 | 0.00 |\n| Xtrackers II - USD Emerging Markets Bond UCITS ETF -2D- USD - (0.250%) .................................... | Units | 2 445 410 | 2 727 088 | 281 678 | USD | 14.079 | 34 428 927.39 | 9.53 |\n| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) .................................... | Units | 5 808 985 | 11 571 119 | 5 762 134 | EUR | 8.218 | 54 108 914.05 | 14.97 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) ......................................... | Units | 178 306 | 178 306 | | EUR | 34.595 | 6 991 682.82 | 1.93 |\n| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- EUR - (0.060%) ...................... | Units | 315 815 | 315 815 | | EUR | 38.53 | 13 792 220.39 | 3.82 |\n| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) ......................................... | Units | 1 414 221 | 1 414 221 | | EUR | 19.118 | 30 645 179.19 | 8.48 |\n| iShares II PLC - iShares $ High Yield Corporate Bond UCITS ETF -USD- EUR - (0.500%) ........................... | Units | 517 002 | 551 573 | 34 571 | EUR | 90.79 | 53 202 576.54 | 14.72 |\n| SSgA SPDR ETFs Europe I plc - SPDR S&P Euro Dividend Aristocrats UCITS ETF EUR - (0.300%).................. | Units | 282 821 | 1 542 452 | 1 259 631 | EUR | 23.35 | 7 485 157.87 | 2.07 |\n| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) .................................... | Units | 9 011 | 18 022 | 9 011 | GBP | 25.085 | 305 449.17 | 0.08 |\n| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) ......................................... | Units | 703 555 | 791 964 | 88 409 | GBP | 7.587 | 7 213 029.29 | 2.00 |\n| HSBC ETFs PLC - HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF USD - (0.400%)........................... | Units | 404 424 | 846 189 | 441 765 | USD | 27.89 | 11 279 385.36 | 3.12 |\n| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- USD - (0.060%) ...................... | Units | 329 758 | 730 705 | 400 947 | USD | 43.685 | 14 405 478.23 | 3.98 |\n| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) .................................... | Units | 322 206 | 384 050 | 61 844 | USD | 33.85 | 10 906 673.10 | 3.02 |\n| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) ......................................... | Units | 2 484 527 | 2 822 235 | 337 708 | USD | 21.225 | 52 734 085.58 | 14.59 |\n| Total securities portfolio | | | | | | | 350 102 581.88 | 96.86 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Equity index derivatives Receivables/payables | | | | | | | -1 722 287.48 | -0.48 |\n| Option contracts | | | | | | | | |\n| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 500 EUR (DB) ........... | Count | 322 | 335 | 13 | | | 488 148.65 | 0.13 |\n| Call DJ Euro Stoxx 50 06/2022 4 500 EUR (DB)........... | Count | -801 | -801 | | | | -654 591.27 | -0.18 |\n| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB)........... | Count | -280 | -280 | | | | -356 878.12 | -0.10 |\n| Call FTSE MIB Index Futures 06/2022 7 800 GBP (DB) ..... | Count | -34 | -34 | | | | -39 741.74 | -0.01 |\n| Put S & P 500 Futures 12/2022 4 000 USD (DB) .......... | Count | 113 | 120 | 7 | | | 1 902 355.00 | 0.53 |\n| Call S & P 500 Futures 06/2022 4 675 USD (DB) .......... | Count | -70 | -70 | | | | -2 131 850.00 | -0.59 |\n| Call S & P 500 Futures 09/2022 4 900 USD (DB) .......... | Count | -36 | -36 | | | | -830 160.00 | -0.23 |\n| Call S & P 500 Futures 12/2022 5 150 USD (DB) .......... | Count | -6 | -6 | | | | -99 570.00 | -0.03 |\n| Currency derivatives Receivables/payables | | | | | | | 179 295.32 | 0.05 |\n| Forward currency transactions | | | | | | | | |\n| Forward currency transactions (long) | | | | | | | | |\n| Open positions SGD/USD 19.6 million ............................... | | | | | | | 146 267.42 | 0.04 |\n| Closed positions SGD/USD 19.5 million ............................... | | | | | | | 33 027.90 | 0.01 |\n| Cash at bank | | | | | | | 10 968 864.70 | 3.04 |\n\n| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | currency | amount | in the reporting period | USD | |\n| Demand deposits at Depositary Deposits in non-EU/EEA currencies | | | | | |\n| British pound ..................................... | GBP | 167 608 | | 226 489.46 | 0.07 |\n| Japanese yen ..................................... | JPY | 470 000 | | 4 083.94 | 0.00 |\n| Singapore dollar ................................... | SGD | 4 633 | | 3 425.56 | 0.00 |\n| U.S. dollar ........................................ | USD | | | 10 734 865.74 | 2.97 |\n| Other assets | | | | 11 385 089.72 | 3.15 |\n| Dividends/Distributions receivable ..................... | | | | 658 297.38 | 0.18 |\n| Other receivables .................................. | | | | 10 726 792.34 | 2.97 |\n| Total assets * | | | | 375 026 335.27 | 103.76 |\n| Short-term liabilities | | | | -7 554 067.22 | -2.09 |\n| EUR loans ........................................ | EUR | -6 664 667 | | -7 554 067.22 | -2.09 |\n| Other liabilities | | | | -1 912 463.59 | -0.53 |\n| Additional other liabilities............................. | | | | -1 912 463.59 | -0.53 |\n| Total liabilities | | | | -13 579 321.94 | -3.76 |\n| Net assets | | | | 361 447 013.33 | 100.00 |\n\nNegligible rounding errors may have arisen due to the rounding of calculated percentages.\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class SGD SBDH................................... | SGD | 10 066.60 |\n| Class USD DPMBD ................................. | USD | 10 117.53 |\n| Class USD LBD .................................... | USD | 100.49 |\n| Class USD LBD10 .................................. | USD | 10 102.91 |\n| Class USD SBD .................................... | USD | 10 091.86 |\n| Class USD WAMBD ................................ | USD | 10 111.36 |\n| Number of shares outstanding Class SGD SBDH................................... | Count | 1 970.482 |\n| Class USD DPMBD ................................. | Count | 209.591 |\n| Class USD LBD .................................... | Count | 29 705.000 |\n| Class USD LBD10 .................................. | Count | 4 341.551 |\n| Class USD SBD .................................... | Count | 22 774.306 |\n| Class USD WAMBD ................................ | Count | 6 722.725 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512)\nEx-Derivative Benchmark for Portfolio DB Strategic Income Allocation USD (SIA) Balanced Plus\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 73.768 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 100.000 |\n| Average market risk exposure ........................ | % | 81.054 |\n\nThe values-at-risk were calculated for the period from June 28, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 58 605 066.72 as of the reporting date.\n Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)\nDB = Deutsche Bank AG Frankfurt\nContracting parties for forward currency transactions\nBNP Paribas S.A., Royal Bank of Canada (UK) and State Street Bank International GmbH.\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| Euro\tEUR | 0.882262 | = USD | 1 |\n| --- | --- | --- | --- |\n| British pound\tGBP | 0.740028 | = USD | 1 |\n| Japanese yen\tJPY | 115.085000 | = USD | 1 |\n| Singapore dollar\tSGD | 1.352350 | = USD | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Footnote\t\n* Does not include positions with a negative balance, if such exist.\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from June 28, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . USD 10 309\t015.01Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t10 309 015.01\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... USD\t-24 936.66\n\n- Management fee ............................... USD\t-967 521.62thereof:\n\n| 3. Taxe d‘abonnement............................. | USD | -141 231.38 | |\n| --- | --- | --- | --- |\n| 4. Other expenses ................................ | USD | -1 434.07 | Summary of gains/losses | 2021 |\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | -1 135 123.73 | | |\n\nAll-in fee................... USD\t-967 521.62\n Statement of changes in net assets\t2021 \n- Value of the fund’s net assetsat the beginning of the reporting period . . . . . . . . . . USD\t0.00\n- Net inflows ................................... USD 358 944\t475.61\n- Income adjustment ............................. USD\t-658 128.80\n- Net investment income.......................... USD 9 173\t891.28\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t-2 214 106.30\n- Net change in unrealized appreciation/depreciation .... USD\t-3 799 118.46\n- Value of the fund’s net assetsat the end of the reporting period. . . . . . . . . . . . . . . . USD\t361 447 013.33\n- Net investment income . . . . . . . . . . . . . . . . . . . . . . . . USD 9 173\t891.28\n- Sale transactionsRealized gains/losses .............................. USD\t-2 214 106.30Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t-2 214 106.30\n- Net gain/loss for the reporting period . . . . . . . . . . . . USD 6 959\t784.98BVI total expense ratio (TER)The total expense ratio for the share classes was:Realized gains/losses (incl. income adjustment). . . . . . . USD\t-2 214 106.30from:Securities transactions.......................... USD\t-1 048 144.96(Forward) currency transactions .................. USD\t\t-73 735.77 Derivatives and other financial futures transactions 2 .. USD\t-1 092 225.572 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\n\n Details on the distribution policy*\t\nClass SGD SBDH 0.72%\n1\n,\tClass USD DPMBD 0.24%\n1\n,\t Class USD LBD 1.50%\n1\n,\tClass USD LBD10 0.48%\n1\n,\nClass USD SBD 0.70%\n1\n,\tClass USD WAMBD 0.30%\n1\nThe TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass SGD SBDH 1.05%\n1\n,\tClass USD DPMBD 0.57%\n1\n,\nClass USD LBD 1.82%\n1\n,\tClass USD LBD10 0.80%\n1\n,\nClass USD SBD 1.03%\n1\n,\tClass USD WAMBD 0.63%\n1\n1 \nAnnualization has not been performed for share classes launched during the year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to USD 7 636.42.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nClass SGD SBDH\n| Type | As of | Currency | Per share |\n| --- | --- | --- | --- |\n| Final distribution | March 4, 2022 | SGD | 0.00 |\n| Class USD DPMBD | | | |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | USD | 0.00 |\n| Class USD LBD | | | |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | USD | 0.00 |\n| Class USD LBD10 | | | |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | USD | 0.00 |\n| Class USD SBD | | | |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | USD | 0.00 |\n| Class USD WAMBD | | | |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | USD | 0.00 |\n\n* Additional information is provided in the sales prospectus.\nIn the case of a final distribution, any remaining net income for the reporting period is reinvested.\nChanges in net assets and in the net asset value per share over the last three years\nNet assets at the end of the reporting period\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t361 447 013.33\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t-\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t-\nNet asset value per share at the end of the reporting period\n| 2021 | Class SGD SBDH ......................... | SGD | 10 066.60 |\n| --- | --- | --- | --- |\n| | Class USD DPMBD ....................... | USD | 10 117.53 |\n| | Class USD LBD .......................... | USD | 100.49 |\n| | Class USD LBD10 ........................ | USD | 10 102.91 |\n| | Class USD SBD .......................... | USD | 10 091.86 |\n| | Class USD WAMBD ....................... | USD | 10 111.36 |\n| 2020 | Class SGD SBDH ......................... | SGD | - |\n| | Class USD DPMBD ....................... | USD | - |\n| | Class USD LBD .......................... | USD | - |\n| | Class USD LBD10 ........................ | USD | - |\n| | Class USD SBD .......................... | USD | - |\n| | Class USD WAMBD ....................... | USD | - |\n| 2019 | Class SGD SBDH ......................... | SGD | - |\n| | Class USD DPMBD ....................... | USD | - |\n| | Class USD LBD .......................... | USD | - |\n| | Class USD LBD10 ........................ | USD | - |\n| | Class USD SBD .......................... | USD | - |\n| | Class USD WAMBD ....................... | USD | - |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.97% of all transactions. The total volume was USD 20 779 509.99.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n## DB Strategic Income Allocation EUR (SIA) Conservative Plus\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve a medium- to long-term return. It seeks to limit capital losses to no more than 10% on an annu-\nalized basis. In order to achieve the investment objective, the\nDB STRATEGIC INCOME ALLOCATION EUR (SIA) CONSERVATIVE PLUS\nPerformance since inception\n100.9\n100.6\n100.3\n100.0\n99.7\n99.4\n99.1\n98.8\nsub-fund seeks to invest in\n7/19/21* 7/21\n8/21\n9/21\t10/21\t11/21\n12/21\nportfolios of three main asset\nclasses that are diversified\nDB Strategic Income Allocation EUR (SIA) Conservative Plus (LBD share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on July 19, 2021 = 100\nData on euro basis\nbetween each other and within themselves. These are a bond portfolio, an equity portfolio and an alternative portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into\nPast performance is no guide to future results.\tAs of: December 31, 2021\n| DB STRATEGIC INCOME ALLOCATION | EUR (SIA) CONSERVATIVE PLUS |\n| --- | --- |\n| Performance of share classes (in euro) Share class\tISIN | Since inception 1 |\n| Class LBD\tLU2330520359 | 0.0% |\n| Class LBD10\tLU2330520276 | 0.4% |\n| Class PFBD\tLU2330520193 | -0.3% |\n| Class SBD\tLU2330519930 | 0.3% |\n| Class WAMBD\tLU2330520946 | 0.5% |\n\n1 \nClasses LBD, LBD10, PFBD, SBD and WAMBD launched on July 19, 2021. “BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\naccount the expected return, volatility and correlation in each portfolio. The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in euro. The expected range of allocation for a “conservative” portfolio is for\n- bond portfolio: up to 100%;\n- equity portfolio: 0-60% and\n- alternative portfolio: 0-15%. In addition, the sub-fund aims to overweight euro areaassets in each of the portfolios in order to have a European focus. In addition to allocating assets across the portfolios, the sub-fund manager seeks to implement a capital pres- ervation strategy, based onthe advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%on an annualized basis (risk mitigation strategy). The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period. The risk mitigation strat- egy includes investments in derivative financial instruments. Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per-formance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing in an ETF, the fund manager may gain exposure to a financialindex through the use of deriva-tive financial instruments.\n\nIn addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options). The derivatives exposure is always matched by equity ETF positions in the same amount. The premiums collected are used to generate additional value growth in the sub-fund.\nThe investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries\nand uncertainty regarding the monetary policy of the central banks. Against this backdrop, the sub-fund DB Strategic Income Allocation EUR (SIA) Conservative Plus achieved a performance of 0.0% per share (LBD share class; BVI method; in euro) in the shortened fiscal year from July 19, 2021, to\nDecember 31, 2021.\nInvestment policy in the reporting period \nDevelopments in the interna- tional capital markets in 2021\nin the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook. The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\nup the rear. Against the back- drop of high global debt levels\nterms of sector allocation, the equity portfolio was broadly diversified.\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\nwere influenced in particular\tand historically extremely low\t\nby the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by\nthe efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases\ninterest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\nThe management of the sub- fund DB Strategic Income Allocation EUR (SIA) Con- servative Plus was mainly exposed to bonds, including government and corporate bonds, through investments in target funds globally, and in\nequities. Regionally, the invest- ment focus was on Europe. In\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n\n## DB Strategic Income Allocation EUR (SIA) Conservative Plus\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Bond funds | 141 798 482.91 | 69.92 |\n| Other funds | 788 370.63 | 0.39 |\n| Equity funds | 55 539 875.90 | 27.38 |\n| Total investment fund units | 198 126 729.44 | 97.69 |\n| 2. Derivatives | 696 327.69 | 0.34 |\n| 3. Cash at bank | 2 735 026.07 | 1.35 |\n| 4. Other assets | 1 648 520.75 | 0.81 |\n| 5. Receivables from share certificate transactions | 390 875.30 | 0.19 |\n| II. Liabilities | | |\n| 1. Other liabilities | -780 467.59 | -0.38 |\n| III. Net assets | 202 817 011.66 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Investment fund units | | | | | | | 198 126 729.44 | 97.69 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) ........ | Units | 81 | 682 | 601 | EUR | 9 732.971 | 788 370.63 | 0.39 |\n| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) ....................... | Units | 1 169 245 | 1 190 162 | 20 917 | EUR | 17.079 | 19 968 950.73 | 9.85 |\n| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) ........................... | Units | 1 376 521 | 2 244 367 | 867 846 | EUR | 8.218 | 11 312 249.58 | 5.58 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) ........................... | Units | 2 616 | 2 616 | 0 | EUR | 34.51 | 90 278.16 | 0.04 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) ........................... | Units | 118 442 | 119 647 | 1 205 | EUR | 34.595 | 4 097 500.99 | 2.02 |\n| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF - EUR (hedged) - (0.100%) .................. | Units | 147 889 | 152 499 | 4 610 | EUR | 41.265 | 6 102 639.59 | 3.01 |\n| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF - EUR (hedged) - (0.100%) .................. | Units | 137 207 | 137 207 | 0 | EUR | 41.328 | 5 670 490.90 | 2.80 |\n| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) ........................... | Units | 1 084 915 | 1 086 039 | 1 124 | EUR | 19.118 | 20 741 404.97 | 10.23 |\n| iShares PLC - iShares Euro Corporate Bond Large Cap UCITS ETF EUR - (0.200%) ........................... | Units | 255 562 | 476 480 | 220 918 | EUR | 139.06 | 35 538 451.72 | 17.52 |\n| iShares VI plc - iShares J.P. Morgan $ EM Bond EUR Hedged UCITS ETF EUR (hedged) - (0.500%) ................... | Units | 333 434 | 340 043 | 6 609 | EUR | 87.63 | 29 218 821.42 | 14.41 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF - EUR (hedged) - (0.100%) .................. | Units | 3 100 016 | 3 160 224 | 60 208 | EUR | 5.051 | 15 659 420.82 | 7.72 |\n| UBS (Lux) Fund Solutions SICAV - Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF EUR (hedged) - (0.170%) ................... | Units | 1 804 596 | 1 841 090 | 36 494 | EUR | 10.946 | 19 753 107.82 | 9.74 |\n| Vanguard Funds PLC - Vanguard EUR Corporate Bond UCITS ETF EUR - (0.090%) ........................... | Units | 182 605 | 186 734 | 4 129 | EUR | 54.142 | 9 886 599.91 | 4.87 |\n| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) ........................... | Units | 478 292 | 484 071 | 5 779 | GBP | 7.587 | 4 326 237.25 | 2.13 |\n| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) ........................... | Units | 147 004 | 149 306 | 2 302 | USD | 33.85 | 4 390 211.06 | 2.16 |\n| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) ...................... | Units | 565 096 | 575 465 | 10 369 | USD | 21.225 | 10 581 993.89 | 5.22 |\n| Total securities portfolio | | | | | | | 198 126 729.44 | 97.69 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Equity index derivatives Receivables/payables | | | | | | | 696 327.69 | 0.34 |\n| Option contracts | | | | | | | | |\n| Options on equity indices Call DJ Euro Stoxx 50 06/2022 4 450 EUR (DB)........... | Count | -255 | -255 | | | | -228 607.50 | -0.11 |\n| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB)........... | Count | -107 | -107 | | | | -120 321.50 | -0.06 |\n| Call DJ Euro Stoxx 50 12/2022 4 600 EUR (DB)........... | Count | -55 | -55 | | | | -61 655.00 | -0.03 |\n| Put DJ Euro Stoxx 50 12/2022 3 750 EUR (DB) ........... | Count | 748 | 748 | | | | 1 366 596.00 | 0.67 |\n| Call FTSE MIB Index Futures 06/2022 7 700 GBP (DB) ..... | Count | -18 | -18 | | | | -25 215.05 | -0.01 |\n| Call FTSE MIB Index Futures 12/2022 7 800 GBP (DB) ..... | Count | -10 | -10 | | | | -24 499.73 | -0.01 |\n| Call S & P 500 Futures 06/2022 4 800 USD (DB) .......... | Count | -14 | -14 | | | | -272 539.55 | -0.14 |\n| Call S & P 500 Futures 09/2022 4 900 USD (DB) .......... | Count | -3 | -3 | | | | -61 034.89 | -0.03 |\n| Call S & P 500 Futures 12/2022 5 150 USD (DB) .......... | Count | -4 | -4 | | | | -58 564.55 | -0.03 |\n| Put S & P 500 Futures 12/2022 3 750 USD (DB) .......... | Count | 16 | 16 | | | | 182 169.46 | 0.09 |\n| Cash at bank | | | | | | | 2 735 026.07 | 1.35 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | | | | 812 752.71 | 0.40 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 92 998 | | | | | 110 873.07 | 0.05 |\n| Japanese yen ..................................... | JPY | 9 685 806 | | | | | 74 253.10 | 0.04 |\n| U.S. dollar ........................................ | USD | 1 968 970 | | | | | 1 737 147.19 | 0.86 |\n\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Other assets | 1 648 520.75 | 0.81 |\n| Dividends/Distributions receivable ..................... | 300 940.06 | 0.15 |\n| Prepaid placement fee* ............................. | 1 347 580.69 | 0.66 |\n| Receivables from share certificate transactions | 390 875.30 | 0.19 |\n| Total assets ** | 204 449 917.02 | 100.80 |\n| Other liabilities | -780 467.59 | -0.38 |\n| Liabilities from cost items ............................ | -162 603.94 | -0.08 |\n| Additional other liabilities............................. | -617 863.65 | -0.30 |\n| Total liabilities | -1 632 905.36 | -0.80 |\n| Net assets | 202 817 011.66 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class LBD ........................................ | EUR | 100.02 |\n| Class LBD10 ...................................... | EUR | 10 040.72 |\n| Class PFBD ....................................... | EUR | 99.70 |\n| Class SBD ........................................ | EUR | 10 031.57 |\n| Class WAMBD .................................... | EUR | 10 049.31 |\n| Number of shares outstanding Class LBD ........................................ | Count | 364 751.000 |\n| Class LBD10 ...................................... | Count | 6 355.000 |\n| Class PFBD ....................................... | Count | 379 537.000 |\n| Class SBD ........................................ | Count | 5 539.781 |\n| Class WAMBD .................................... | Count | 907.000 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512)\nEx-Derivative Benchmark for Portfolio DB Strategic Income Allocation EUR (SIA) Conservative Plus\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 66.436 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 82.229 |\n| Average market risk exposure ........................ | % | 73.750 |\n\nThe values-at-risk were calculated for the period from July 19, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 20 238 211.55 as of the reporting date.\n Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)\nDB = Deutsche Bank AG Frankfurt\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| British pound\tGBP | 0.838785 | = EUR | 1 |\n| --- | --- | --- | --- |\n| Japanese yen\tJPY | 130.443111 | = EUR | 1 |\n| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Footnotes\t\n* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\n** Does not include positions with a negative balance, if such exist.\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from July 19, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . EUR 3 624\t109.60Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t3 624 109.60\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... EUR\t-19 613.54\n\n- Management fee ............................... EUR\t-692 287.21thereof:All-in fee................... EUR\t-692 287.21\n- Legal and publication costs ....................... EUR\t-13 138.79\n- Taxe d‘abonnement............................. EUR\t-59 155.10\n- Other expenses ................................ EUR\t-178 821.44thereof:Expenses from prepaidplacement fee 1 ............. EUR\t-178 821.44Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-963 016.08\n- Net investment income . . . . . . . . . . . . . . . . . . . . . . . . EUR\t2 661 093.52\n- Sale transactionsRealized gains/losses .............................. EUR\t-870 641.75Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-870 641.75\n- Net gain/loss for the reporting period . . . . . . . . . . . . EUR\t1 790 451.771 For further information, please refer to the notes to the financial statements.\n\nBVI total expense ratio (TER)\nThe total expense ratio for the share classes was:\nClass LBD 1.37%\n2\n,\tClass LBD10 0.52%\n2\n,\nClass PFBD 2.09%\n2\n,\tClass SBD 0.72%\n2\n,\nClass WAMBD 0.32%\n2\nThe TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass LBD 1.63%\n2\n,\tClass LBD10 0.78%\n2\n,\nClass PFBD 2.35%\n2\n,\tClass SBD 0.98%\n2\n,\nClass WAMBD 0.58%\n2\n2 \nAnnualization has not been performed for share classes launched during the year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 7 580.95.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\n Statement of changes in net assets\t2021 \n- Value of the fund’s net assetsat the beginning of the reporting period . . . . . . . . . . EUR\t0.00\n- Net inflows \n- 3 \n- .................................. EUR 202 498\t439.50\n- Income adjustment ............................. EUR\t-523 820.76\n- Net investment income.......................... EUR 2 661\t093.52\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-870 641.75\n- Net change in unrealized appreciation/depreciation .... EUR\t-948 058.85\n- Value of the fund’s net assetsat the end of the reporting period. . . . . . . . . . . . . . . . EUR\t202 817 011.663 Reduced by a dilution fee in the amount of EUR 12 819.27 for the benefit of the fund’s assets.\n\nRealized gains/losses (incl. income adjustment). . . . . . . EUR\t-870 641.75\nfrom:\nSecurities transactions.......................... EUR\t-415 983.62\n(Forward) currency transactions .................. EUR\t7 682.79\nDerivatives and other financial futures transactions \n4 \n.. EUR\t-462 340.92\n4 \nThis item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\n Details on the distribution policy*\t\nClass LBD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.00\nClass LBD10\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.00\nClass PFBD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.00\nClass SBD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.00\nClass USD WAMBD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.00\n* Additional information is provided in the sales prospectus.\nIn the case of a final distribution, any remaining net income for the reporting period is reinvested.\nChanges in net assets and in the net asset value per share over the last three years\nNet assets at the end of the reporting period\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t202 817 011.66\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t−\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t−\nNet asset value per share at the end of the reporting period\n| 2021 | Class LBD............................... | EUR | 100.02 |\n| --- | --- | --- | --- |\n| | Class LBD10 ............................. | EUR | 10 040.72 |\n| | Class PFBD.............................. | EUR | 99.70 |\n| | Class SBD............................... | EUR | 10 031.57 |\n| | Class WAMBD ........................... | EUR | 10 049.31 |\n| 2020 | Class LBD............................... | EUR | – |\n| | Class LBD10 ............................. | EUR | – |\n| | Class PFBD.............................. | EUR | – |\n| | Class SBD............................... | EUR | – |\n| | Class WAMBD ........................... | EUR | – |\n| 2019 | Class LBD............................... | EUR | – |\n| | Class LBD10 ............................. | EUR | – |\n| | Class PFBD.............................. | EUR | – |\n| | Class SBD............................... | EUR | – |\n| | Class WAMBD ........................... | EUR | – |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.06% of all transactions. The total volume was EUR 11 452 018.78.\n Placement fee / dilution adjustment\t\nIn the reporting period, the fund paid a placement fee of 4% of the fund’s net assets to the distributor. This fee was calculated on the subscription date. This placement fee serves in particular as compensation for distribution. The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses. These are amortized on a daily basis over a period of three years from the date of subscription. The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor. The relevant factor is determined through straight-line reduction of the place- ment fee by a certain percentage on a daily basis over three years from the subscription date. The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\nIn addition, a dilution adjustment of up to 4% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\nFurther details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n## DB Strategic Income Allocation USD (SIA) Conservative Plus\n\n##### Investment objective and performance in the reporting period\nThe investment objective of the sub-fund is to achieve a medium- to long-term return. It seeks to limit capital losses to no more than 10% on an annu-\nalized basis. In order to achieve the investment objective, the\nDB STRATEGIC INCOME ALLOCATION USD (SIA) CONSERVATIVE PLUS\nPerformance since inception\n101.5\n101.0\n100.5\n100.0\n99.5\n99.0\n98.5\n98.0\nsub-fund seeks to invest in\n6/28/21*\n7/21\n8/21\t9/21\t10/21\t11/21\n12/21\nportfolios of three main asset\nclasses that are diversified\nDB Strategic Income Allocation USD (SIA) Conservative Plus (USD LBD share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on June 28, 2021 = 100 Data on U.S. dollar basis\nbetween each other and within themselves. These are a bond portfolio, an equity portfolio and an alternative portfolio. The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division. In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDB STRATEGIC INCOME ALLOCATION USD (SIA) CONSERVATIVE PLUS\nPerformance of share classes (in USD)\nShare class\tISIN\tSince inception\n1\nClass USD LBD\tLU2330519427\t-0.4% Class USD LBD10\tLU2330519344\t0.1% Class USD SBD\tLU2330519260\t0.0% Class USD WAMBD\tLU2330519187\t0.2%\n1 \nClasses USD LBD, USD LBD10, USD SBD and USD WAMBD launched on June 28, 2021 “BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\ntion approach which takes into account the expected return, volatility and correlation in each portfolio. The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars. The expected range of alloca- tion for a “conservative” port- folio is for a) bond portfolio: up to 100%; b) equity portfolio:\n0-60% and c) alternative port- folio: 0-15%. In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus. In addition to allocating assets across the portfolios, the sub-fund manager seeks to implement a capital pres-\nervation strategy, based on the advice of the investment\nadvisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%\non an annualized basis (risk mitigation strategy). The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period. The risk mitigation strat- egy includes investments in derivative financial instruments. Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per-\nformance of the relevant com- modities such as exchange- traded notes or certificates. As an alternative to investing in an ETF, the fund manager may gain exposure to a financial\nindex through the use of deriva-\ntive financial instruments.\nIn addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options). The derivatives exposure is always matched by equity ETF positions in the same amount. The premiums collected are used to generate additional value growth in the sub-fund.\nThe investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries\nand uncertainty regarding the monetary policy of the central banks. Against this backdrop, the sub-fund recorded a loss of 0.4% per share (USD LBD share class; BVI method; in\nU.S. dollars) in the shortened fiscal year from July 19, 2021,\nthrough December 31, 2021.\n\n##### Investment policy in the reporting period\nconsumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook. The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\nInformation on environmental and / or social characteristics \nThe sub-fund is a product\nwithin the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\nNote pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\nThe investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\nDevelopments in the interna-\tup the rear. Against the back-\t\ntional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by\nthe efforts and packages of\nmeasures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up\ndrop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\nThe management of the sub- fund DB Strategic Income Allo- cation USD (SIA) Conservative Plus was mainly exposed to bonds, including government and corporate bonds, through investments in target funds globally, and in equities. In terms of sector allocation, the equity portfolio was broadly diversified.\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n\n## DB Strategic Income Allocation USD (SIA) Conservative Plus\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in USD | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Bond funds | 14 896 921.26 | 70.32 |\n| Other funds | 2 654.19 | 0.01 |\n| Equity funds | 5 917 552.16 | 27.94 |\n| Total investment fund units | 20 817 127.61 | 98.27 |\n| 2. Derivatives | 75 116.58 | 0.36 |\n| 3. Cash at bank | 333 394.31 | 1.57 |\n| 4. Other assets | 16 310.41 | 0.08 |\n| II. Liabilities | | |\n| 1. Other liabilities | -58 920.09 | -0.28 |\n| III. Net assets | 21 183 028.82 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| currency\tamount\tin the reporting period\tUSD |\n| Investment fund units | | | | | | | 20 817 127.61 | 98.27 |\n| In-group fund units Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) ....................... | Units | 238 802 | 250 978 | 12 176 | EUR | 13.994 | 3 787 622.94 | 17.88 |\n| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%)........................ | Units | | 26 | 26 | USD | 10 408.589 | 2 654.19 | 0.01 |\n| Xtrackers II - USD Emerging Markets Bond UCITS ETF -2D- USD - (0.250%) ....................... | Units | 73 374 | 76 820 | 3 446 | USD | 14.079 | 1 033 032.55 | 4.88 |\n| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) ........................... | Units | 248 995 | 492 386 | 243 391 | EUR | 8.218 | 2 319 312.08 | 10.95 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) ........................... | Units | 467 | 467 | | EUR | 34.51 | 18 266.88 | 0.09 |\n| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) ........................... | Units | 10 517 | 10 517 | | EUR | 34.595 | 412 389.54 | 1.95 |\n| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) ........................... | Units | 76 881 | 76 881 | | EUR | 19.118 | 1 665 957.46 | 7.86 |\n| iShares II PLC - iShares $ High Yield Corporate Bond UCITS ETF -USD- EUR - (0.500%) ..................... | Units | 18 558 | 19 489 | 931 | EUR | 90.79 | 1 909 728.43 | 9.01 |\n| iShares PLC - iShares $ Corp Bond UCITS ETF EUR - (0.200%) ........................... | Units | 6 693 | 6 693 | | EUR | 111.05 | 842 445.50 | 3.98 |\n| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF EUR - (0.070%) ........................... | Units | 505 537 | 529 477 | 23 940 | EUR | 4.73 | 2 710 065.49 | 12.79 |\n| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- USD - (0.060%) ...................... | Units | 19 370 | 20 272 | 902 | USD | 43.685 | 846 178.45 | 3.99 |\n| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) ........................... | Units | 13 199 | 14 017 | 818 | USD | 33.85 | 446 786.15 | 2.11 |\n| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%)........................... | Units | 28 351 | 29 807 | 1 456 | USD | 132.9 | 3 767 847.90 | 17.79 |\n| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) ...................... | Units | 49 698 | 52 067 | 2 369 | USD | 21.225 | 1 054 840.05 | 4.98 |\n| Total securities portfolio | | | | | | | 20 817 127.61 | 98.27 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Equity index derivatives Receivables/payables | | | | | | | 75 116.58 | 0.36 |\n| Option contracts | | | | | | | | |\n| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 450 EUR (DB) ........... | Count | 38 | 38 | | | | 54 118.84 | 0.26 |\n| Call DJ Euro Stoxx 50 06/2022 4 500 EUR (DB)........... | Count | -27 | | 27 | | | -22 064.87 | -0.10 |\n| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB)........... | Count | -6 | | 6 | | | -7 647.39 | -0.04 |\n| Call S & P 500 Futures 06/2022 4 675 USD (DB) .......... | Count | -2 | | 2 | | | -60 910.00 | -0.29 |\n| Put S & P 500 Futures 12/2022 4 500 USD (DB) .......... | Count | 4 | 4 | | | | 111 620.00 | 0.53 |\n| Cash at bank | | | | | | | 333 394.31 | 1.57 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | 81 905 | | | | | 92 835.19 | 0.44 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| Japanese yen ..................................... | JPY | 1 133 829 | | | | | 9 852.10 | 0.04 |\n| U.S. dollar ........................................ | USD | | | | | | 230 707.02 | 1.09 |\n| Other assets | 16 310.41 | 0.08 |\n| Dividends/Distributions receivable ..................... | 16 310.41 | 0.08 |\n| Total assets * | 21 332 571.17 | 100.71 |\n| Other liabilities | -58 920.09 | -0.28 |\n| Liabilities from cost items ............................ | -13 838.48 | -0.07 |\n| Additional other liabilities............................. | -45 081.61 | -0.21 |\n| Total liabilities | -149 542.35 | -0.71 |\n| Net assets | 21 183 028.82 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class USD LBD .................................... | USD | 99.65 |\n| Class USD LBD10 .................................. | USD | 10 009.49 |\n| Class USD SBD .................................... | USD | 9 998.49 |\n| Class USD WAMBD ................................ | USD | 10 018.86 |\n| Number of shares outstanding Class USD LBD .................................... | Count | 9 939.000 |\n| Class USD LBD10 .................................. | Count | 1.000 |\n| Class USD SBD .................................... | Count | 1 831.481 |\n| Class USD WAMBD ................................ | Count | 186.700 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512)\nEx-Derivative Benchmark for Portfolio DB Strategic Income Allocation USD (SIA) Conservative Plus\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 67.729 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 100.000 |\n| Average market risk exposure ........................ | % | 74.830 |\n\nThe values-at-risk were calculated for the period from June 28, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 2 033 405.15 as of the reporting date.\nContracting parties for derivatives (with the exception of forward currency transactions)\nDB = Deutsche Bank AG Frankfurt\n| Exchange rates (indirect quotes) | |\n| --- | --- |\n| | | As of December 30, 2021 |\n| Euro\tEUR | 0.882262 | = USD\t1 |\n| Japanese yen\tJPY | 115.085000 | = USD\t1 |\n| Notes on valuation | | |\n\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n* Does not include positions with a negative balance, if such exist.\n Statement of income and expenses \n(incl. income adjustment)\t\nfor the period from June 28, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . USD 445\t393.59Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t445 393.59\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... USD\t-450.46\n\n- Management fee ............................... USD\t-68 374.56thereof:All-in fee................... USD\t-68 374.56 Statement of changes in net assets\t2021 \n- Value of the fund’s net assetsat the beginning of the reporting period . . . . . . . . . . USD\t0.00\n- Net inflows ................................... USD 21 231\t274.18\n- Income adjustment ............................. USD\t-32 548.15\n- Net investment income.......................... USD 368\t248.74\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t-155 294.29\n- Net change in unrealized appreciation/depreciation .... USD\t-228 651.66\n- Value of the fund’s net assetsat the end of the reporting period. . . . . . . . . . . . . . . . USD\t21 183 028.82\n\n| 3. Taxe d‘abonnement............................. | USD | -8 319.83 | |\n| --- | --- | --- | --- |\n| | | | | |\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | USD | -77 144.85 | Summary of gains/losses | 2021 |\n| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . | USD | 368 248.74 | | |\n\n- Sale transactionsRealized gains/losses .............................. USD\t-155 294.29Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t-155 294.29\n- Net gain/loss for the reporting period . . . . . . . . . . . . USD 212\t954.45BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD LBD 1.35%1,\tClass USD LBD10 0.50%1,Class USD SBD 0.70%1,\tClass USD WAMBD 0.30%1Realized gains/losses (incl. income adjustment). . . . . . . USD\t-155 294.29from:Securities transactions.......................... USD\t-96 426.10(Forward) currency transactions .................. USD\t4 532.22Derivatives and other financial futures transactions 2 .. USD\t-63 400.412 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\n\n Details on the distribution policy*\t\nThe TER expresses total expenses and fees (excluding transaction costs) as a percent-\t age of a fund’s average net assets in relation to the respective share class for a given\nreporting period.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass USD LBD 1.58%\n1\n,\tClass USD LBD10 0.74%\n1\n,\nClass USD SBD 0.93%\n1\n,\tClass USD WAMBD 0.53%\n1\n1 \nAnnualization has not been performed for share classes launched during the year.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to USD 953.61.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nClass USD LBD\n| Type | As of | Currency | Per share |\n| --- | --- | --- | --- |\n| Final distribution | March 4, 2022 | USD | 0.00 |\n| Class USD LBD10 | | | |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | USD | 0.00 |\n| Class USD SBD | | | |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | USD | 0.00 |\n| Class USD WAMBD | | | |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | USD | 0.00 |\n\n* Additional information is provided in the sales prospectus.\nIn the case of a final distribution, any remaining net income for the reporting period is reinvested.\nChanges in net assets and in the net asset value per share over the last three years\nNet assets at the end of the reporting period\n2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t21 183 028.82\n2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t-\n2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD\t-\nNet asset value per share at the end of the reporting period\n| 2021 | Class USD LBD .......................... | USD | 99.65 |\n| --- | --- | --- | --- |\n| | Class USD LBD10 ........................ | USD | 10 009.49 |\n| | Class USD SBD .......................... | USD | 9 998.49 |\n| | Class USD WAMBD ....................... | USD | 10 018.86 |\n| 2020 | Class USD LBD .......................... | USD | - |\n| | Class USD LBD10 ........................ | USD | - |\n| | Class USD PFBD ......................... | USD | - |\n| | Class USD SBD .......................... | USD | - |\n| | Class USD WAMBD ....................... | USD | - |\n| 2019 | Class USD LBD .......................... | USD | - |\n| | Class USD LBD10 ........................ | USD | - |\n| | Class USD PFBD ......................... | USD | - |\n| | Class USD SBD .......................... | USD | - |\n| | Class USD WAMBD ....................... | USD | - |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.76% of all transactions. The total volume was USD 1 432 781.06.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n##### Investment objective and performance in the reporting period\nThe objective of the sub-fund DWS Strategic ESG Allocation Balance is to achieve a medium to long-term positive invest- ment performance, bearing\nin mind the opportunities and risks in the international capital\nDWS STRATEGIC ESG ALLOCATION BALANCE\nPerformance since inception\n140\n130\n120\n110\n100\n90\n80\n70\nmarkets. For this purpose, the\n1/29/18*\n12/18\t12/19\t12/20\n12/21\nsub-fund invests primarily in exchange-traded funds (ETFs).\nDWS Strategic ESG Allocation Balance (LC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on January 29, 2018 = 100\nData on euro basis\nFurthermore, up to 49% of its\nassets may also be invested in interest-bearing securities, equities, certificates, convert- ible bonds, warrant-linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds\nand money-market instruments, deposits and cash. Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices. The\nsub-fund combines permissible\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDWS STRATEGIC ESG ALLOCATION BALANCE\nPerformance of the share classes (in euro)\n| Share class | ISIN | 1 year | 3 years | Since inception 1 |\n| --- | --- | --- | --- | --- |\n| Class LC | LU1740984924 | 12.9% | 37.3% | 28.8% |\n| Class FC | LU1740984767 | 13.2% | 38.6% | 30.5% |\n| Class ID | LU1740984841 | 13.4% | 39.2% | 31.2% |\n| Class LD | LU1922430332 | 12.8% | – | 31.7% |\n| Class NC | LU1961009468 | 12.6% | – | 24.1% |\n| Class RC | LU2001266027 | 12.7% | – | 23.0% |\n\n1 \nClasses FC, ID and LC launched on January 29, 2018 / Class LD launched on January 31, 2019 / Class NC launched on April 25, 2019 / Class RC launched on June 28, 2019\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\ninvestment instruments from different asset classes to create a balanced risk / return profile. Its aim is annualized volatility of 5% to 10% over a rolling five- year period. It cannot however be guaranteed that the volatility margin will be adhered to at all times.\nIn addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac-\nterized primarily by the corona- virus crisis*. Despite rising inflation, especially toward the\nend of the reporting period, interest rates failed to rise in both the euro area and the United States. This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries. Against this backdrop, DWS Strategic ESG Allocation Balance achieved an apprecia- tion of 12.9% per share in the 2021 fiscal year (LC share class, BVI method; in euro).\n\n##### Investment policy in the reporting period\nWithin the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF,\nXtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS ETF. In terms of its sector allo- cation, the sub-fund was thus broadly based. The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed. While the equity mar- kets in the Western industrial countries – boosted in partic-\nular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear. On the bond side, the sub-fund\nkets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low,\nomy Regulation) can be found in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report.\nwas invested globally in bond\nin some cases negative, level.\t\nETFs and in bond target funds. Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by\nthe efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi-\ntion, the dynamic spread of the coronavirus and its variants,\nas well as associated new restrictions, dampened the economic outlook. Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar-\nIn the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\n\n##### Information on environmental and / or social characteristics\nThe investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).\nThe selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria. However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within\nthe meaning of the Taxonomy Regulation.\nThe presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation\n(EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg- ulation (EU) 2020 / 852 (Taxon-\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Equity funds | 104 089 943.81 | 55.89 |\n| Bond funds | 77 171 740.26 | 41.46 |\n| Other funds | 4 042 253.04 | 2.17 |\n| Total investment fund units | 185 303 937.11 | 99.52 |\n| 2. Derivatives | 258 898.63 | 0.14 |\n| 3. Cash at bank | 741 126.51 | 0.40 |\n| 4. Receivables from share certificate transactions | 8 106.86 | 0.00 |\n| II. Liabilities | | |\n| 1. Other liabilities | -104 732.41 | -0.05 |\n| 2. Liabilities from share certificate transactions | -16 273.02 | -0.01 |\n| III. Net assets | 186 191 063.68 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\nInvestment fund units\t185 303 937.11\t99.52\nIn-group fund units\nDWS Institutional - DWS Institutional ESG\n| Euro Money Market Fund -IC- EUR - (0.110%)............ DWS Invest SICAV - DWS Invest ESG | Units | 294 | 1 259 | 1 058 | EUR | 13 749.16 | 4 042 253.04 | 2.17 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Euro High Yield -XC- EUR - (0.200%) ................... | Units | 124 385 | 139 397 | 15 012 | EUR | 103.55 | 12 880 066.75 | 6.92 |\n| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) ............ | Units | 12 127 | 13 603 | 1 476 | EUR | 161.63 | 1 960 087.01 | 1.05 |\n| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) ................... | Units | 35 987 | 29 586 | 11 923 | EUR | 50.27 | 1 809 066.49 | 0.97 |\n| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%) ....................... | Units | 998 316 | 1 003 819 | 5 503 | EUR | 27.515 | 27 468 664.74 | 14.75 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) ....................... | Units | 50 212 | 50 212 | | EUR | 36.38 | 1 826 712.56 | 0.98 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%) ................... | Units | 34 969 | 36 125 | 19 753 | EUR | 52.64 | 1 840 768.16 | 0.99 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) ....................... | Units | 52 812 | 43 123 | 17 651 | EUR | 34.49 | 1 821 485.88 | 0.98 |\n| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) ....................... | Units | 188 867 | 188 867 | | EUR | 155.925 | 29 449 086.98 | 15.82 |\n| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) ....................... | Units | 50 659 | 44 590 | 1 213 | EUR | 210.62 | 10 669 798.58 | 5.73 |\n| Xtrackers - S&P 500 Swap UCITS ETF -1C- USD - (0.050%) ....................... | Units | 151 590 | 116 593 | 130 869 | USD | 91.468 | 12 233 063.25 | 6.57 |\n| Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) ....................... | Units | 159 243 | 180 281 | 21 038 | USD | 45.97 | 6 458 511.37 | 3.47 |\n| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%).... | Units | 744 231 | 765 206 | 20 975 | USD | 13.4 | 8 798 530.19 | 4.73 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) ....................... | Units | 261 880 | 261 880 | | USD | 52.57 | 12 146 128.84 | 6.52 |\n| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) ....................... | Units | 278 141 | 325 130 | 46 989 | USD | 22.24 | 5 457 545.55 | 2.93 |\n| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) ....................... | Units | 532 423 | 532 423 | | USD | 50.64 | 23 787 460.46 | 12.78 |\n| Xtrackers IE Physical Gold ETC Securities USD - (0.150%) .. Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) ....................... | Units Units | 259 525 44 812 | 197 486 31 729 | 4 083 | USD USD | 27.91 225.51 | 6 390 526.06 8 915 746.39 | 3.43 4.79 |\n| Non-group fund units Amundi Index Solutions - Amundi Index MSCI USA SRI UCITS ETF DR EUR - (0.180%)........................ | Units | 56 046 | 56 046 | | EUR | 97.63 | 5 471 770.98 | 2.94 |\n| UBS (Irl) ETF plc - S&P 500 ESG UCITS ETF -A- USD - (0.120%) ........................ | Units | 66 234 | 107 910 | 41 676 | USD | 32.115 | 1 876 663.83 | 1.00 |\n| Total securities portfolio | | | | | | | 185 303 937.11 | 99.52 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Currency derivatives Receivables/payables | | | | | | | 258 898.63 | 0.14 |\n| Forward currency transactions | | | | | | | | |\n| Forward currency transactions (short) | | | | | | | | |\n| Open positions EUR/USD 31.2 million ............................... | | | | | | | 115 531.07 | 0.06 |\n| Closed positions EUR/USD 32.5 million ............................... | | | | | | | 143 367.56 | 0.08 |\n| Cash at bank | | | | | | | 741 126.51 | 0.40 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | | | | 622 834.59 | 0.34 |\n| Deposits in other EU/EEA currencies | | | | | | | | |\n| Danish krone ...................................... | DKK | 1 | | | | | 0.09 | 0.00 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 4 916 | | | | | 5 860.98 | 0.00 |\n| Japanese yen ..................................... | JPY | 1 901 055 | | | | | 14 573.82 | 0.01 |\n| Swiss franc ....................................... | CHF | 1 289 | | | | | 1 244.88 | 0.00 |\n| U.S. dollar ........................................ | USD | 109 505 | | | | | 96 612.15 | 0.05 |\n\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Receivables from share certificate transactions | 8 106.86 | 0.00 |\n| Total assets | 186 312 069.11 | 100.06 |\n| Other liabilities | -104 732.41 | -0.05 |\n| Liabilities from cost items ............................ | -104 732.41 | -0.05 |\n| Liabilities from share certificate transactions | -16 273.02 | -0.01 |\n| Total liabilities | -121 005.43 | -0.06 |\n| Net assets | 186 191 063.68 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class FC ......................................... | EUR | 130.48 |\n| Class ID .......................................... | EUR | 130.20 |\n| Class LC ......................................... | EUR | 128.80 |\n| Class LD ......................................... | EUR | 131.56 |\n| Class NC ......................................... | EUR | 124.08 |\n| Class RC ......................................... | EUR | 123.01 |\n| Number of shares outstanding Class FC ......................................... | Count | 82 622.171 |\n| Class ID .......................................... | Count | 154 175.000 |\n| Class LC ......................................... | Count | 6 592.434 |\n| Class LD ......................................... | Count | 795 160.844 |\n| Class NC ......................................... | Count | 401 851.084 |\n| Class RC ......................................... | Count | 100.000 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR (50%) and iBoxx EUR Overall (50%)\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 89.613 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 112.203 |\n| Average market risk exposure ........................ | % | 98.045 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 30 887 868.30 as of the reporting date.\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| Swiss franc\tCHF | 1.035520 | = EUR | 1 |\n| --- | --- | --- | --- |\n| Danish krone\tDKK | 7.436396 | = EUR | 1 |\n| British pound\tGBP | 0.838785 | = EUR | 1 |\n| Japanese yen\tJPY | 130.443111 | = EUR | 1 |\n| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Statement of income and expenses \n(incl. income adjustment)\t \n Statement of changes in net assets\t2021 \nfor the period from January 1, 2021, through December 31, 2021\tI. Value of the fund’s net assets\n| | at the beginning of the fiscal year. . . . . . . . . . . . . . . . | EUR | 61 682 269.69 |\n| --- | --- | --- | --- |\n| I. Income | | | 1. | Distribution for the previous year .................. | EUR | -58 719.65 |\n| 1. Income from investment fund units . . . . . . . . . . . . . . . . | EUR | 1 732 552.13 | 2. | Net inflows ................................... | EUR | 114 738 322.52 |\n| 2. Income from securities lending.................... | EUR | 2 369.13 | 3. | Income adjustment ............................. | EUR | -6 075 318.97 |\n| | | | 4. | Net investment income.......................... | EUR | 611 961.76 |\n| Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 734 921.26 | 5. | Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 340 609.53 |\n| | | | 6. | Net change in unrealized appreciation/depreciation .... | EUR | 14 951 938.80 |\n| II. Expenses | | | | | | |\n| 1. Interest on borrowings and | | | II. | Value of the fund’s net assets | | |\n| negative interest on deposits ..................... | EUR | -17 873.68 | | at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . | EUR | 186 191 063.68 |\n| 2. Management fee ............................... | EUR | -1 049 662.89 | | | | |\n| thereof: | | | | | | |\n\n| All-in fee................... EUR -1 049 662.89 | |\n| --- | --- |\n| 3. Legal and publication costs ....................... | EUR | -1 324.86 |\n| 4. Taxe d‘abonnement............................. | EUR | -53 308.36 |\n| 5. Other expenses ................................ | EUR | -789.71 |\n\nthereof:\nPerformance-based fee from\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -1 122 959.50 | from: Securities transactions.......................... | EUR | 2 973 800.19 |\n| --- | --- | --- | --- | --- | --- |\n| III. Ordentlicher Nettertrag . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 611 961.76 | (Forward) currency transactions .................. Derivatives and other financial futures transactions ... | EUR EUR | -2 648 000.98 14 810.32 |\n| IV. Sale transactions Realized gains/losses .............................. | EUR | 340 609.53 | | | |\n\nsecurities lending income ..... EUR\t-789.71\nRealized gains/losses (incl. income adjustment). . . . . . . EUR\t340 609.53\nCapital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t340 609.53\n Details on the distribution policy*\t\nV. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . EUR\t952 571.29\t\nClass FC\nBVI total expense ratio (TER)\nThe total expense ratio for the share classes was:\nClass FC 0.28% p.a., Class ID 0.14% p.a., Class LC 0.61% p.a., Class LD 0.70% p.a., Class NC 0.84% p.a., Class RC 0.73% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass FC 0.47% p.a., Class ID 0.32% p.a., Class LC 0.79% p.a., Class LD 0.89% p.a., Class NC 1.02% p.a., Class RC 0.91% p.a.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 2 169.99.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nThe income for the fiscal year is reinvested.\n| Class ID | |\n| --- | --- |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | EUR | 1.02 |\n| Class LC | | | |\n\nThe income for the fiscal year is reinvested.\nClass LD\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.39\nClass NC\nThe income for the fiscal year is reinvested.\nClass RC\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\nIn the case of a final distribution, any remaining net income for the fiscal year is reinvested.\nChanges in net assets and in the net asset value per share over the last three years\n| Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 186 191 063.68 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 61 682 269.69 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 27 570 383.81 |\n| Net asset value per share at the end of the fiscal year | | |\n| 2021 | Class FC ................................ | EUR | 130.48 |\n| | Class ID ................................ | EUR | 130.20 |\n| | Class LC ................................ | EUR | 128.80 |\n| | Class LD ................................ | EUR | 131.56 |\n| | Class NC................................ | EUR | 124.08 |\n| | Class RC ................................ | EUR | 123.01 |\n| 2020 | Class FC ................................ | EUR | 115.28 |\n| | Class ID ................................ | EUR | 115.24 |\n| | Class LC ................................ | EUR | 114.11 |\n| | Class LD ................................ | EUR | 116.71 |\n| | Class NC................................ | EUR | 110.23 |\n| | Class RC ................................ | EUR | 109.17 |\n| 2019 | Class FC ................................ | EUR | 109.58 |\n| | Class ID ................................ | EUR | 109.47 |\n| | Class LC ................................ | EUR | 108.86 |\n| | Class LD ................................ | EUR | 111.41 |\n| | Class NC................................ | EUR | 105.37 |\n| | Class RC ................................ | EUR | 104.26 |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.52% of all transactions. The total volume was EUR 2 920 680.80.\n\n##### Investment objective and performance in the reporting period\nThe objective of the sub-fund DWS Strategic ESG Alloca- tion Defensive is to achieve a medium to long-term positive investment performance, bear- ing in mind the opportunities and risks in the international\nDWS STRATEGIC ESG ALLOCATION DEFENSIVE\nPerformance since inception\n115\n112\n109\n106\n103\n100\n97\n94\ncapital markets. For this pur-\n1/29/18*\n12/18\n12/19\t12/20\n12/21\npose, the sub-fund invests primarily in exchange-traded\nDWS Strategic ESG Allocation Defensive (LC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on January 29, 2018 = 100\nData on euro basis\nfunds (ETFs). Furthermore, up\nto 49% of its assets may also be invested in interest-bearing securities, equities, certificates, convertible bonds, warrant- linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds and money-market instruments, deposits and cash. Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices. The\nsub-fund combines permissible\nPast performance is no guide to future results.\tAs of: December 31, 2021\n| DWS STRATEGIC ESG ALLOCATION | DEFENSIVE | |\n| --- | --- | --- |\n| Performance of share classes (in euro) Share class\tISIN | 1 year | 3 years | Since inception 1 |\n| Class LC\tLU1740985228 | 5.4% | 19.0% | 14.1% |\n| Class FC\tLU1740985061 | 5.7% | 20.2% | 15.6% |\n| Class ID\tLU1740985145 | 5.9% | 20.7% | 16.3% |\n| Class LD\tLU1922432890 | 5.3% | – | 16.3% |\n| Class RC\tLU2001265722 | 5.2% | – | 10.6% |\n| Class XD\tLU1740985491 | 5.9% | 21.0% | 16.6% |\n\n1 \nClasses FC, ID, LC and XD launched on January 29, 2018 / Class LD launched on January 31, 2019 / Class RC launched on June 28, 2019\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\ninvestment instruments from different asset classes to create a balanced risk / return profile. Its aim is annualized volatility of 2% to 5% over a rolling five- year period. It cannot however be guaranteed that the volatility margin will be adhered to at all times.\nIn addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac-\nterized primarily by the corona- virus crisis*. Despite rising inflation, especially toward the\nend of the reporting period, interest rates failed to rise in both the euro area and the United States. This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries. Against this backdrop, DWS Strategic ESG Allocation Defensive achieved an appreci- ation of 5.4% per share in the 2021 fiscal year (LC share class; BVI method; in euro).\n\n##### Investment policy in the reporting period\nOn the bond side, the sub-fund was invested globally in bond ETFs and in bond target funds. Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial\nmarkets. Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact\nETF. In terms of its sector allo- cation, the sub-fund was thus broadly based. The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed. While the equity mar-\nulation (EU) 2020 / 852 (Taxon- omy Regulation) can be found in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report.\nof the coronavirus crisis and\tkets in the Western industrial\t\nby the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi-\ntion, the dynamic spread of the coronavirus and its variants,\nas well as associated new restrictions, dampened the economic outlook. Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar- kets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\nWithin the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF,\nXtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS\ncountries – boosted in partic- ular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.\n\n##### Information on environmental and / or social characteristics\nThe investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).\nThe selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria. However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within\nthe meaning of the Taxonomy Regulation.\nThe presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation\n(EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg-\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Bond funds | 113 578 763.94 | 64.24 |\n| Equity funds | 52 351 729.08 | 29.61 |\n| Other funds | 7 039 569.92 | 3.98 |\n| Total investment fund units | 172 970 062.94 | 97.83 |\n| 2. Derivatives | 378 162.27 | 0.21 |\n| 3. Cash at bank | 3 634 823.17 | 2.06 |\n| 4. Other assets | 27 254.90 | 0.02 |\n| 5. Receivables from share certificate transactions | 116.16 | 0.00 |\n| II. Liabilities | | |\n| 1. Other liabilities | -97 392.16 | -0.06 |\n| 2. Liabilities from share certificate transactions | -99 781.32 | -0.06 |\n| III. Net assets | 176 813 245.96 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\nInvestment fund units\t172 970 062.94\t97.83\nIn-group fund units\n| DWS Floating Rate Notes FCP -IC- EUR - (0.100%) ........ | Units | 85 819 | 65 670 | 8 674 | EUR | 84.06 | 7 213 945.14 | 4.08 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| DWS Institutional - DWS Institutional ESG Euro Money Market Fund -IC- EUR - (0.100%) ...................... | Units | 512 | 616 | 216 | EUR | 13 749.16 | 7 039 569.92 | 3.98 |\n| DWS Invest SICAV - DWS Invest ESG Euro High Yield -XC- EUR - (0.200%) ................................ | Units | 110 309 | 114 797 | 4 488 | EUR | 103.55 | 11 422 496.95 | 6.46 |\n| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%)............................. | Units | 5 549 | 5 926 | 377 | EUR | 161.63 | 896 884.87 | 0.51 |\n| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) ................... | Units | 17 241 | 18 054 | 6 895 | EUR | 50.27 | 866 705.07 | 0.49 |\n| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%)............................. | Units | 564 511 | 570 996 | 6 485 | EUR | 27.515 | 15 532 520.17 | 8.78 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) ................ | Units | 24 900 | 27 391 | 2 491 | EUR | 36.38 | 905 862.00 | 0.51 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%)......................... | Units | 16 834 | 19 319 | 8 658 | EUR | 52.64 | 886 141.76 | 0.50 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%)............................. | Units | 26 244 | 25 486 | 8 317 | EUR | 34.49 | 905 155.56 | 0.51 |\n| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) .................................... | Units | 212 868 | 215 869 | 3 001 | EUR | 155.925 | 33 191 442.90 | 18.77 |\n| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) .................................... | Units | 105 930 | 90 314 | 2 265 | EUR | 210.62 | 22 310 976.60 | 12.62 |\n| Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) ....................... | Units | 203 179 | 227 411 | 24 232 | USD | 45.97 | 8 240 449.39 | 4.66 |\n| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%).... | Units | 673 270 | 673 270 | | USD | 13.4 | 7 959 607.19 | 4.50 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) ....................... | Units | 116 648 | 129 951 | 13 303 | USD | 52.57 | 5 410 194.12 | 3.06 |\n| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) ................................ | Units | 111 397 | 174 691 | 63 294 | USD | 22.24 | 2 185 777.00 | 1.24 |\n| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) ................................ | Units | 439 901 | 508 328 | 68 427 | USD | 50.64 | 19 653 785.89 | 11.12 |\n| Xtrackers IE Physical Gold ETC Securities USD - (0.150%) .. | Units | 207 469 | 189 231 | 24 181 | USD | 27.91 | 5 108 702.64 | 2.89 |\n| Xtrackers II - US Treasuries 1-3 UCITS ETF -1D- USD - (0.070%) ......................................... | Units | 9 599 | 7 514 | 176 | USD | 167.15 | 1 415 565.43 | 0.80 |\n| Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units | 70 980 | 62 933 | 7 846 | USD | 225.51 | 14 122 102.98 | 7.99 |\n| Non-group fund units iShares IV plc - iShares $ Short Duration Corporate Bond UCITS ETF USD - (0.200%)........................... | Units | 85 196 | 68 544 | 1 457 | USD | 102.47 | 7 702 177.36 | 4.36 |\n| Total securities portfolio | | | | | | | 172 970 062.94 | 97.83 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Currency derivatives Receivables/payables | | | | | | | 378 162.27 | 0.21 |\n| Forward currency transactions | | | | | | | | |\n| Forward currency transactions (short) | | | | | | | | |\n| Open positions EUR/USD 46.6 million ............................... | | | | | | | 166 899.34 | 0.09 |\n| Closed positions EUR/USD 47.2 million ............................... | | | | | | | 211 262.93 | 0.12 |\n| Cash at bank | | | | | | | 3 634 823.17 | 2.06 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | | | | 3 533 330.53 | 2.00 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound ..................................... | GBP | 7 | | | | | 7.53 | 0.00 |\n| Japanese yen ..................................... | JPY | 473 600 | | | | | 3 630.70 | 0.00 |\n| Swiss franc ....................................... | CHF | 886 | | | | | 855.80 | 0.00 |\n| U.S. dollar ........................................ | USD | 109 943 | | | | | 96 998.61 | 0.06 |\n\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Other assets | 27 254.90 | 0.02 |\n| Dividends/Distributions receivable ..................... | 27 254.90 | 0.02 |\n| Receivables from share certificate transactions | 116.16 | 0.00 |\n| Total assets | 177 010 419.44 | 100.12 |\n| Other liabilities | -97 392.16 | -0.06 |\n| Liabilities from cost items ............................ | -97 352.78 | -0.06 |\n| Additional other liabilities............................. | -39.38 | 0.00 |\n| Liabilities from share certificate transactions | -99 781.32 | -0.06 |\n| Total liabilities | -197 173.48 | -0.12 |\n| Net assets | 176 813 245.96 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class FC ......................................... | EUR | 115.61 |\n| Class ID .......................................... | EUR | 115.27 |\n| Class LC ......................................... | EUR | 114.13 |\n| Class LD ......................................... | EUR | 116.19 |\n| Class RC ......................................... | EUR | 110.61 |\n| Class XD ......................................... | EUR | 115.31 |\n| Number of shares outstanding Class FC ......................................... | Count | 95 735.282 |\n| Class ID .......................................... | Count | 100.000 |\n| Class LC ......................................... | Count | 144 356.000 |\n| Class LD ......................................... | Count | 1 070 734.434 |\n| Class RC ......................................... | Count | 100.000 |\n| Class XD ......................................... | Count | 215 370.118 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) 70% iBoxx Euro Overall Index, 30% MSCI World Net TR Index in EUR\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 80.943 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 104.985 |\n| Average market risk exposure ........................ | % | 88.498 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 41 167 070.65 as of the reporting date.\n Market abbreviations\t Contracting parties for forward currency transactions\nToronto Dominion Bank.\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| Swiss franc\tCHF | 1.035520 | = EUR | 1 |\n| --- | --- | --- | --- |\n| British pound\tGBP | 0.838785 | = EUR | 1 |\n| Japanese yen\tJPY | 130.443111 | = EUR | 1 |\n| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Statement of income and expenses \n(incl. income adjustment) \nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . . EUR 2 248\t116.86\n\t- Income from securities lending.................... EUR\t169.06Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t2 248 285.92\n\n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... EUR\t-22 569.72\n\n- Management fee ............................... EUR\t-849 270.33thereof:All-in fee................... EUR\t-849 270.33\n- Legal and publication costs ....................... EUR\t-1 300.80\n- Taxe d‘abonnement............................. EUR\t-85 365.75\n- Other expenses ................................ EUR\t-56.36thereof:Performance-based fee fromsecurities lending income ..... EUR\t-56.36\n\n| Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -958 562.96 |\n| --- | --- | --- |\n| III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 289 722.96 |\n| IV. Sale transactions Realized gains/losses .............................. | EUR | -457 987.16 |\n| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -457 987.16 |\n| V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . | EUR | 831 735.80 |\n| BVI total expense ratio (TER) | | |\n| The total expense ratio for the share classes was: | | |\n\nClass FC 0.29% p.a., Class ID 0.13% p.a., Class LC 0.62% p.a., Class LD 0.68% p.a., Class RC 0.77% p.a., Class XD 0.08% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass FC 0.45% p.a., Class ID 0.29% p.a., Class LC 0.78% p.a., Class LD 0.84% p.a., Class RC 0.93% p.a., Class XD 0.24% p.a.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 2 174.08.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\n Statement of changes in net assets\t2021 \n- Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\t40 386 302.32\n- Distribution for the previous year .................. EUR\t-100 031.15\n- Net inflows ................................... EUR 133 223\t957.92\n- Income adjustment ............................. EUR\t-4 566 889.10\n- Net investment income.......................... EUR 1 289\t722.96\n- Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-457 987.16\n- Net change in unrealized appreciation/depreciation .... EUR 7 038\t170.17\n- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . EUR\t176 813 245.96\n\n| Summary of gains/losses | | 2021 |\n| --- | --- | --- |\n| | | |\n| Realized gains/losses (incl. income adjustment). . . . . . . | EUR | -457 987.16 |\n| from: Securities transactions.......................... | EUR | 2 959 306.25 |\n| (Forward) currency transactions .................. | EUR | -3 395 107.44 |\n| Derivatives and other financial futures transactions ... | EUR | -22 185.97 |\n\n Details on the distribution policy*\t\nClass FC\nThe income for the fiscal year is reinvested.\n| Class ID | |\n| --- | --- |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | EUR | 1.30 |\n| Class LC | | | |\n| The income for the fiscal year is reinvested. |\n| Class LD | | | |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | EUR | 0.73 |\n| Class RC | | | |\n| The income for the fiscal year is reinvested. |\n| Class XD | | | |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | EUR | 1.35 |\n\n* Additional information is provided in the sales prospectus.\nIn the case of a final distribution, any remaining net income for the fiscal year is rein- vested.\nChanges in net assets and in the net asset value per share over the last three years\n| Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 176 813 245.96 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 40 386 302.32 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 24 709 797.91 |\n| Net asset value per share at the end of the fiscal year | | |\n| 2021 | Class FC ................................ | EUR | 115.61 |\n| | Class ID ................................ | EUR | 115.27 |\n| | Class LC ................................ | EUR | 114.13 |\n| | Class LD ................................ | EUR | 116.19 |\n| | Class RC ................................ | EUR | 110.61 |\n| | Class XD ................................ | EUR | 115.31 |\n| 2020 | Class FC ................................ | EUR | 109.35 |\n| | Class ID ................................ | EUR | 109.24 |\n| | Class LC ................................ | EUR | 108.31 |\n| | Class LD ................................ | EUR | 110.34 |\n| | Class RC ................................ | EUR | 105.12 |\n| | Class XD ................................ | EUR | 109.35 |\n| 2019 | Class FC ................................ | EUR | 105.71 |\n| | Class ID ................................ | EUR | 105.60 |\n| | Class LC ................................ | EUR | 105.05 |\n| | Class LD ................................ | EUR | 107.08 |\n| | Class RC ................................ | EUR | 102.13 |\n| | Class XD ................................ | EUR | 105.67 |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.65% of all transactions. The total volume was EUR 3 316 783.85.\n Swing Pricing\t\nSwing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\nTo enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\nThe Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\nThe Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular:\n- bid-ask spread (fixed-price element),\n- impacts on the market (impacts of the transactions on the price),\n- additional costs that are incurred as a result of trading activities for the investments.\n\nThe appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\nThe amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com.\nAs the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\nThis (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\n\n##### Investment objective and performance in the reporting period\nThe objective of the sub-fund DWS Strategic ESG Alloca- tion Dynamic is to achieve a medium to long-term positive investment performance, bear- ing in mind the opportunities and risks in the international\nDWS STRATEGIC ESG ALLOCATION DYNAMIC\nPerformance since inception\n150\n140\n130\n120\n110\n100\n90\n80\ncapital markets. For this pur-\n1/29/18*\n12/18\t12/19\t12/20\n12/21\npose, the sub-fund invests primarily in exchange-traded\nDWS Strategic ESG Allocation Dynamic (LC share class)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* Launched on January 29, 2018 = 100\nData on euro basis\nfunds (ETFs). Furthermore, up to 49% of its assets may also be invested in interest-bearing securities, equities, certificates, convertible bonds, warrant- linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds and money-market instruments, deposits and cash. Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices. The\nsub-fund combines permissible\nPast performance is no guide to future results.\tAs of: December 31, 2021\n| DWS STRATEGIC ESG ALLOCATION | DYNAMIC | |\n| --- | --- | --- |\n| Performance of share classes (in euro) Share class\tISIN | 1 year | 3 years | Since inception 1 |\n| Class LC\tLU1740985731 | 19.5% | 54.6% | 41.7% |\n| Class FC\tLU1740985574 | 20.0% | 56.1% | 43.6% |\n| Class IC\tLU1899149030 | 20.2% | 56.8% | 48.7% |\n| Class ID\tLU1740985657 | 20.2% | 56.8% | 44.4% |\n| Class LD\tLU1740985814 | 19.5% | 54.3% | 41.4% |\n| Class RC\tLU2001265565 | 19.5% | – | 34.6% |\n\n1 \nClasses FC, ID, LC and LD launched on January 29, 2018 / Class IC launched on November 15, 2018 / Class RC launched on June 28, 2019\n“BVI method” performance, i.e., excluding the initial sales charge.\nPast performance is no guide to future results.\tAs of: December 31, 2021\ninvestment instruments from different asset classes to create a balanced risk / return profile. Its aim is annualized volatility of 10% to 15% over a rolling five- year period. It cannot however be guaranteed that the volatility margin will be adhered to at all times.\nIn addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac-\nterized primarily by the corona- virus crisis*. Despite rising inflation, especially toward the\nend of the reporting period, interest rates failed to rise in both the euro area and the United States. This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries. Against this backdrop, DWS Strategic ESG Allocation Dynamic achieved an appreci- ation of 19.5% per share in the 2021 fiscal year (LC share class; BVI method; in euro terms).\n\n##### Investment policy in the reporting period\nWithin the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF,\nXtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS ETF. In terms of its sector allo- cation, the sub-fund was thus broadly based. The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed. While the equity mar- kets in the Western industrial countries – boosted in partic-\nular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.\nkets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond\nin the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report.\nyields rising at a still very low,\t\nOn the bond side, the sub-fund was invested globally in bond ETFs and in bond target funds. Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by\nthe efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi-\ntion, the dynamic spread of the coronavirus and its variants,\nas well as associated new restrictions, dampened the economic outlook. Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar-\nin some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\n\n##### Information on environmental and / or social characteristics\nThe investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).\nThe selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria. However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within\nthe meaning of the Taxonomy Regulation.\nThe presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation\n(EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg- ulation (EU) 2020 / 852 (Taxon- omy Regulation) can be found\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\nThe format used for complete dates\nin security names in the investment\nportfolio is “day/month/year”.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Investment fund units Equity funds | 101 609 341.53 | 80.34 |\n| Bond funds | 22 696 578.30 | 17.93 |\n| Other funds | 1 608 651.72 | 1.27 |\n| Total investment fund units | 125 914 571.55 | 99.54 |\n| 2. Derivatives | 51 638.97 | 0.04 |\n| 3. Cash at bank | 563 206.39 | 0.45 |\n| 4. Other assets | 1 603.13 | 0.00 |\n| 5. Receivables from share certificate transactions | 32 501.16 | 0.03 |\n| II. Liabilities | | |\n| 1. Other liabilities | -67 477.11 | -0.06 |\n| 2. Liabilities from share certificate transactions | -31.33 | 0.00 |\n| | | |\n| III. Net assets | 126 496 012.76 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nInvestment portfolio – December 31, 2021\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Investment fund units | | | | | | | 125 914 571.55 | 99.54 |\n| In-group fund units DWS Institutional - DWS Institutional ESG Euro Money | | | | | | | | |\n| Market Fund -IC- EUR - (0.110%) ...................... DWS Invest SICAV - DWS Invest ESG Euro High Yield -XC- EUR - (0.200%) .................................... | Units Units | 117 78 807 | 1 208 78 807 | 1 091 | EUR EUR | 13 749.16 103.55 | 1 608 651.72 8 160 464.85 | 1.27 6.45 |\n| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%)............................. | Units | 11 582 | 16 037 | 4 455 | EUR | 161.63 | 1 871 998.66 | 1.48 |\n| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) ................... | Units | 39 414 | 21 499 | 34 604 | EUR | 50.27 | 1 981 341.78 | 1.57 |\n| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%)............................. | Units | 873 399 | 878 848 | 5 449 | EUR | 27.515 | 24 031 573.49 | 19.00 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) ................ | Units | 55 882 | 55 882 | | EUR | 36.38 | 2 032 987.16 | 1.61 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%)......................... | Units | 39 415 | 39 415 | 53 301 | EUR | 52.64 | 2 074 805.60 | 1.64 |\n| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%)............................. | Units | 59 104 | 23 223 | 42 477 | EUR | 34.49 | 2 038 496.96 | 1.61 |\n| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) .................................... | Units | 16 808 | 16 808 | | EUR | 155.925 | 2 620 787.40 | 2.07 |\n| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) .................................... | Units | 11 326 | 3 782 | 437 | EUR | 210.62 | 2 385 482.12 | 1.88 |\n| Xtrackers - S&P 500 Swap UCITS ETF -1C- USD - (0.050%) . Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) ....................... | Units Units | 103 430 30 482 | 30 482 | 256 654 | USD USD | 91.468 45.97 | 8 346 630.59 1 236 276.28 | 6.60 0.98 |\n| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%).... | Units | 499 182 | 523 745 | 24 563 | USD | 13.4 | 5 901 484.75 | 4.66 |\n| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) ................... | Units | 270 235 | 270 235 | | USD | 52.57 | 12 533 638.03 | 9.91 |\n| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%)............................. | Units | 330 576 | 349 392 | 18 816 | USD | 22.24 | 6 486 399.26 | 5.13 |\n| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%)............................. | Units | 561 100 | 630 590 | 69 490 | USD | 50.64 | 25 068 684.23 | 19.82 |\n| Xtrackers IE Physical Gold ETC Securities USD - (0.150%) .. | Units | 123 516 | 40 406 | 27 555 | USD | 27.91 | 3 041 449.64 | 2.40 |\n| Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units | 12 023 | 1 820 | 3 211 | USD | 225.51 | 2 392 082.90 | 1.89 |\n| Non-group fund units Amundi Index Solutions - Amundi Index MSCI USA SRI UCITS ETF DR EUR - (0.180%)........................ | Units | 123 951 | 123 951 | | EUR | 97.63 | 12 101 336.13 | 9.57 |\n| Total securities portfolio | | | | | | | 125 914 571.55 | 99.54 |\n| Derivatives (Minus signs denote short positions) | | | | | | | | |\n| Currency derivatives Receivables/payables | | | | | | | 51 638.97 | 0.04 |\n| Forward currency transactions | | | | | | | | |\n| Forward currency transactions (short) | | | | | | | | |\n| Open positions EUR/USD 24.3 million ............................... | | | | | | | 85 193.64 | 0.07 |\n| Closed positions EUR/USD 24.8 million ............................... | | | | | | | -33 554.67 | -0.03 |\n| Cash at bank | | | | | | | 563 206.39 | 0.45 |\n| Demand deposits at Depositary EUR deposits...................................... | EUR | | | | | | 490 731.40 | 0.39 |\n| Deposits in non-EU/EEA currencies | | | | | | | | |\n| British pound | GBP | 3 276 | | | | | 3 905.30 | 0.00 |\n| Japanese yen ..................................... | JPY | 640 273 | | | | | 4 908.45 | 0.01 |\n| Swiss franc ....................................... | CHF | 887 | | | | | 856.15 | 0.00 |\n| U.S. dollar ........................................ | USD | 71 186 | | | | | 62 805.09 | 0.05 |\n| Other assets | | | | | | | 1 603.13 | 0.00 |\n| Dividends/Distributions receivable ..................... | | | | | | | 1 603.13 | 0.00 |\n| Receivables from share certificate transactions | | | | | | | 32 501.16 | 0.03 |\n| Total assets * | | | | | | | 126 597 075.87 | 100.09 |\n\n| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Other liabilities | -67 477.11 | -0.06 |\n| Liabilities from cost items ............................ | -67 477.11 | -0.06 |\n| Liabilities from share certificate transactions | -31.33 | 0.00 |\n| Total liabilities | -101 063.11 | -0.09 |\n| Net assets | 126 496 012.76 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\n| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\n| --- | --- | --- |\n| Net asset value per share Class FC ......................................... | EUR | 143.64 |\n| Class IC .......................................... | EUR | 148.74 |\n| Class ID .......................................... | EUR | 143.63 |\n| Class LC ......................................... | EUR | 141.70 |\n| Class LD ......................................... | EUR | 140.79 |\n| Class RC ......................................... | EUR | 134.58 |\n| Number of shares outstanding Class FC ......................................... | Count | 100.000 |\n| Class IC .......................................... | Count | 100.000 |\n| Class ID .......................................... | Count | 130 474.000 |\n| Class LC ......................................... | Count | 224 332.804 |\n| Class LD ......................................... | Count | 539 269.654 |\n| Class RC ......................................... | Count | 100.000 |\n\nComposition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR (75%) and iBoxx EUR Overall (25%)\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ......................... | % | 82.743 |\n| --- | --- | --- |\n| Highest market risk exposure ......................... | % | 108.711 |\n| Average market risk exposure ........................ | % | 95.513 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 65 268 323.55 as of the reporting date.\n Market abbreviations\t Contracting parties for forward currency transactions\nBofa Securities Europe S.A., HSBC France and State Street Bank International GmbH.\n Exchange rates (indirect quotes)\t\nAs of December 30, 2021\n| Swiss franc\tCHF | 1.035520 | = EUR | 1 |\n| --- | --- | --- | --- |\n| British pound\tGBP | 0.838785 | = EUR | 1 |\n| Japanese yen\tJPY | 130.443111 | = EUR | 1 |\n| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |\n\n Notes on valuation\t\nUnder the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nAssets reported in this report are not valued at derived market values.\nThe management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\n Footnote\t\n* Does not include positions with a negative balance, if such exist.\n Statement of income and expenses \n(incl. income adjustment)\t \n Statement of changes in net assets\t2021 \n| | | at the beginning of the fiscal year. . . . . . . . . . . . . . . . | EUR | 104 830 681.73 |\n| --- | --- | --- | --- | --- |\n| 1. | Distribution for the previous year .................. | EUR | -51 429.53 |\n| EUR | 640 593.23 | 2. | Net inflows ................................... | EUR | 1 044 036.02 |\n| | | 3. | Income adjustment ............................. | EUR | -53 383.13 |\n| EUR | 640 593.23 | 4. | Net investment expense ......................... | EUR | -92 169.95 |\n| | | 5. | Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 16 918 887.50 |\n| | | 6. | Net change in unrealized appreciation/depreciation .... | EUR | 3 899 390.12 |\n| EUR | -9 820.92 | II. | Value of the fund’s net assets | | |\n| EUR | -690 500.60 | | at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . | EUR | 126 496 012.76 |\n| EUR | -878.26 | | | | |\n| EUR | -31 563.40 | | | | |\n\nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Income from investment fund units . . . . . . . . . . . . . . . .\n\n\nTotal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \n- Expenses\n\t- Interest on borrowings andnegative interest on deposits ..................... \n\n- Management fee ............................... \n\nthereof:\nAll-in fee................... EUR\t-690 500.60\n- Legal and publication costs ....................... \n- Taxe d‘abonnement............................. \n\nTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-732 763.18\n- Value of the fund’s net assets\n\n| III. Net investment expense. . . . . . . . . . . . . . . . . . . . . . . . | EUR | -92 169.95 | | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | 16 918 887.50 |\n| --- | --- | --- | --- | --- | --- | --- |\n| IV. Sale transactions | | | | from: | | |\n| Realized gains/losses .............................. | EUR | 16 918 887.50 | Securities transactions.......................... | EUR | 18 477 080.23 |\n| Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 16 918 887.50 | (Forward) currency transactions .................. Derivatives and other financial futures transactions ... | EUR EUR | -1 611 835.77 53 643.04 |\n| V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . . | EUR | 16 826 717.55 | | | |\n\nBVI total expense ratio (TER)\n Details on the distribution policy*\t\nThe total expense ratio for the share classes was:\t\nClass FC 0.30% p.a.,\tClass IC 0.15% p.a.,\nClass ID 0.15% p.a.,\tClass LC 0.70% p.a.,\nClass LD 0.70% p.a.,\tClass RC 0.75% p.a.\nThe TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\nFurther costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was:\nClass FC 0.50% p.a.,\tClass IC 0.35% p.a.,\nClass ID 0.35% p.a.,\tClass LC 0.90% p.a.,\nClass LD 0.90% p.a.,\tClass RC 0.95% p.a.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 1 871.99.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\nClass FC\nThe income for the fiscal year is reinvested.\nClass IC\nThe income for the fiscal year is reinvested.\nClass ID\nType\tAs of\tCurrency\tPer share\nFinal distribution\tMarch 4, 2022\tEUR\t0.51\nClass LC\nThe income for the fiscal year is reinvested.\n| Class LD | |\n| --- | --- |\n| Type | As of | Currency | Per share |\n| Final distribution | March 4, 2022 | EUR | 0.05 |\n| Class RC | | | |\n\nThe income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\nIn the case of a final distribution, any remaining net income for the fiscal year is reinvested.\nChanges in net assets and in the net asset value per share over the last three years\n| Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 126 496 012.76 |\n| --- | --- | --- |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 104 830 681.73 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 81 405 843.80 |\n| Net asset value per share at the end of the fiscal year | | |\n| 2021 | Class FC ................................ | EUR | 143.64 |\n| | Class IC ................................ | EUR | 148.74 |\n| | Class ID ................................ | EUR | 143.63 |\n| | Class LC ................................ | EUR | 141.70 |\n| | Class LD ................................ | EUR | 140.79 |\n| | Class RC ................................ | EUR | 134.58 |\n| 2020 | Class FC ................................ | EUR | 119.70 |\n| | Class IC ................................ | EUR | 123.76 |\n| | Class ID ................................ | EUR | 119.68 |\n| | Class LC ................................ | EUR | 118.56 |\n| | Class LD ................................ | EUR | 117.84 |\n| | Class RC ................................ | EUR | 112.65 |\n| 2019 | Class FC ................................ | EUR | 112.53 |\n| | Class IC ................................ | EUR | 116.19 |\n| | Class ID ................................ | EUR | 112.41 |\n| | Class LC ................................ | EUR | 111.90 |\n| | Class LD ................................ | EUR | 111.27 |\n| | Class RC ................................ | EUR | 106.38 |\n\n Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\t\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.72% of all transactions. The total volume was EUR 1 905 331.78.\n Appendix: Placement fee\t\n| Expenses from prepaid placement fee | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR -322 577.41 | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR -1 818 757.08 | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR -444 300.26 |\n| --- | --- | --- | --- |\n| thereof: | | | |\n| Dilution-related adjustments due to share certificate transactions | -33 065.21 | -318 590.00 | -40 589.56 |\n| Amortization of placement fee | -373 502.05 | -1 955 389.22 | -446 937.15 |\n| Adjustments due to fluctuations of the fund’s net assets | 164 669.11 | 873 707.31 | 147 877.61 |\n| Income adjustment | -80 679.26 | -418 485.17 | -104 651.16 |\n\n| |\n| --- |\n| DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR -2 844 970.12 | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR -284 106.45 | DB Strategic Income Allocation EUR (SIA) Balanced Plus EUR -154 341.75 | DB Strategic Income Allocation EUR (SIA) Conservative Plus EUR -178 821.44 |\n| | | | |\n| -282 485.18 | -98 135.41 | -23 576.40 | -12 819.27 |\n| -2 820 760.73 | -281 888.71 | -207 188.61 | -175 592.06 |\n| 846 025.71 | 146 167.67 | 102 996.40 | 44 193.42 |\n| -587 749.92 | -50 250.00 | -26 573.14 | -34 603.53 |\n\n Statement of net assets as of December 31, 2021\t\n| Assets | DWS Strategic, SICAV EUR * ** Consolidated\t% of net assets | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR |\n| --- | --- | --- | --- |\n| Total securities portfolio | 6 823 851 825.40 | 98.55 | 189 561 889.16 | 1 741 462 758.08 |\n| Equity index derivatives | 25 775 424.66 | 0.37 | 0.00 | 9 420 747.79 |\n| Currency derivatives | 1 395 351.75 | 0.02 | 0.00 | 0.00 |\n| Cash at bank | 43 309 932.72 | 0.63 | 1 307 289.79 | 3 492 510.30 |\n| Other assets | 53 520 391.32 | 0.77 | 1 868 460.34 | 11 239 344.56 |\n| Receivables from share certificate transactions | 15 338 190.35 | 0.22 | 245 913.36 | 4 407 646.57 |\n| Total assets *** | 6 963 191 116.20 | 100.56 | 192 983 552.65 | 1 770 023 007.30 |\n| | | | |\n| Verbindlichkeiten | | | |\n| Equity index derivatives | - 1 519 509.00 | - 0.02 | 0.00 | 0.00 |\n| Short-term liabilities | - 7 141 571.38 | - 0.10 | 0.00 | 0.00 |\n| Other liabilities | - 24 796 607.35 | - 0.36 | - 848 070.66 | - 4 924 435.62 |\n| Liabilities from share certificate transactions | - 5 443 696.42 | - 0.08 | - 59 194.70 | 0.00 |\n| Total liabilities *** | - 38 901 384.15 | - 0.56 | - 907 265.36 | - 4 924 435.62 |\n| Net assets | 6 924 289 732.05 | 100.00 | 192 076 287.29 | 1 765 098 571.68 |\n\n* The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1\nFiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1\n** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.\n*** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.”\n1 \nThe sub-fund was launched on July 19, 2021.\n2 \nThe sub-fund was launched on July 19, 2021.\n3 \nThe sub-fund was launched on June 28, 2021.\n4 \nThe sub-fund was launched on June 28, 2021.\n| |\n| --- |\n| DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * |\n| 16 955 038.93 | 432 773 514.75 | 299 775 118.07 | 2 026 909 236.63 | 13 277 790.18 |\n| 0.00 | 2 354 869.05 | 0.00 | 10 453 152.11 | 0.00 |\n| 0.00 | 367 612.74 | 0.00 | 0.00 | 0.00 |\n| 81 617.80 | 1 158 058.01 | 213 342.99 | 8 555 397.13 | 95 266.13 |\n| 0.00 | 3 644 046.19 | 3 792 196.33 | 13 364 314.16 | 307 687.77 |\n| 0.00 | 213 171.80 | 294 118.27 | 9 210 097.60 | 0.00 |\n| 17 036 656.73 | 440 511 272.54 | 304 074 775.66 | 2 068 492 197.63 | 13 680 744.08 |\n| | | | | |\n| | | | | |\n| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |\n| 0.00 | 0.00 | - 476 904.02 | 0.00 | 0.00 |\n| - 117 858.27 | - 885 187.68 | - 1 283 715.45 | - 9 624 786.49 | - 5 405.58 |\n| 0.00 | - 1 954 481.05 | 0.00 | - 370 748.82 | - 388 897.12 |\n| - 117 858.27 | - 2 839 668.73 | - 1 760 619.47 | - 9 995 535.31 | - 394 302.70 |\n| 16 918 798.46 | 437 671 603.81 | 302 314 156.19 | 2 058 496 662.32 | 13 286 441.38 |\n\n Statement of net assets as of December 31, 2021\t\n| Assets | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * |\n| --- | --- | --- | --- |\n| Total securities portfolio | 332 211 260.81 | 347 372 684.30 | 108 909 782.39 |\n| Equity index derivatives | 1 831 296.02 | 0.00 | 0.00 |\n| Currency derivatives | 180 853.67 | 0.00 | 0.00 |\n| Cash at bank | 2 680 445.25 | 664 716.41 | 498 409.00 |\n| Other assets | 1 373 945.93 | 2 131 622.44 | 659 465.34 |\n| Receivables from share certificate transactions | 40 494.70 | 265 076.28 | 0.00 |\n| Total assets *** | 338 318 296.38 | 350 434 099.43 | 110 067 656.73 |\n| | | | |\n| Verbindlichkeiten | | | |\n| Equity index derivatives | 0.00 | 0.00 | 0.00 |\n| Short-term liabilities | 0.00 | 0.00 | 0.00 |\n| Other liabilities | - 1 698 206.47 | - 475 497.62 | - 191 253.18 |\n| Liabilities from share certificate transactions | - 923 391.73 | - 623 734.69 | 0.00 |\n| Total liabilities *** | - 2 621 598.20 | - 1 099 232.31 | - 191 253.18 |\n| Net assets | 335 696 698.18 | 349 334 867.12 | 109 876 403.55 |\n\n* The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1\nFiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1\n** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.\n*** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.”\n1 \nThe sub-fund was launched on July 19, 2021.\n2 \nThe sub-fund was launched on July 19, 2021.\n3 \nThe sub-fund was launched on June 28, 2021.\n4 \nThe sub-fund was launched on June 28, 2021.\n| |\n| --- |\n| DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR |\n| 305 079 041.79 | 198 126 729.44 | 308 882 246.13 | 18 366 163.14 | 185 303 937.11 |\n| 952 759.49 | 696 327.69 | 0.00 | 66 272.51 | 0.00 |\n| 0.00 | 0.00 | 158 185.47 | 0.00 | 258 898.63 |\n| 6 917 142.77 | 2 735 026.07 | 9 677 413.83 | 294 141.17 | 741 126.51 |\n| 3 402 906.03 | 1 648 520.75 | 10 044 633.39 | 14 390.06 | 0.00 |\n| 230 072.29 | 390 875.30 | 0.00 | 0.00 | 8 106.86 |\n| 316 581 922.37 | 203 597 479.25 | 328 762 478.82 | 18 740 966.88 | 186 312 069.11 |\n| | | | | |\n| | | | | |\n| 0.00 | 0.00 | - 1 519 509.00 | 0.00 | 0.00 |\n| 0.00 | 0.00 | - 6 664 667.36 | 0.00 | 0.00 |\n| - 1 952 843.92 | - 780 467.59 | - 1 687 294.18 | - 51 982.96 | - 104 732.41 |\n| - 1 007 162.64 | 0.00 | 0.00 | 0.00 | - 16 273.02 |\n| - 2 960 006.56 | - 780 467.59 | - 9 871 470.54 | - 51 982.96 | - 121 005.43 |\n| 313 621 915.81 | 202 817 011.66 | 318 891 008.28 | 18 688 983.92 | 186 191 063.68 |\n\n Statement of net assets as of December 31, 2021\t\n| Assets | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR |\n| --- | --- | --- |\n| Total securities portfolio | 172 970 062.94 | 125 914 571.55 |\n| Equity index derivatives | 0.00 | 0.00 |\n| Currency derivatives | 378 162.27 | 51 638.97 |\n| Cash at bank | 3 634 823.17 | 563 206.39 |\n| Other assets | 27 254.90 | 1 603.13 |\n| Receivables from share certificate transactions | 116.16 | 32 501.16 |\n| Total assets *** | 177 010 419.44 | 126 563 521.20 |\n| | | |\n| Verbindlichkeiten | | |\n| Equity index derivatives | 0.00 | 0.00 |\n| Short-term liabilities | 0.00 | 0.00 |\n| Other liabilities | - 97 392.16 | - 67 477.11 |\n| Liabilities from share certificate transactions | - 99 781.32 | - 31.33 |\n| Total liabilities *** | - 197 173.48 | - 67 508.44 |\n| Net assets | 176 813 245.96 | 126 496 012.76 |\n\n* The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1\nFiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1\n** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.\n*** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.”\n1 \nThe sub-fund was launched on July 19, 2021.\n2 \nThe sub-fund was launched on July 19, 2021.\n3 \nThe sub-fund was launched on June 28, 2021.\n4 \nThe sub-fund was launched on June 28, 2021.\n Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment)\t\n| Income | DWS Strategic, SICAV EUR * ** Consolidated | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR |\n| --- | --- | --- | --- |\n| Income from investment fund units | 51 082 548.54 | 577 575.29 | 4 102 549.97 |\n| Income from securities lending | 2 538.19 | 0.00 | 0.00 |\n| Total income | 51 085 086.73 | 577 575.29 | 4 102 549.97 |\n| | | | |\n| Expenses | | | |\n| Interest on borrowings and negative interest on deposits | - 1 609 903.97 | - 42 749.65 | - 601 119.21 |\n| Management fee | - 40 806 776.07 | - 1 017 106.71 | - 14 127 975.10 |\n| Depositary fee | - 9.25 | 0.00 | 0.00 |\n| Auditing, legal and publication costs | - 46 171.51 | - 613.85 | - 5 490.44 |\n| Taxe d’abonnement | - 2 894 862.18 | - 68 648.36 | - 925 211.78 |\n| Other expenses | - 6 109 340.57 | - 322 577.41 | - 1 818 757.08 |\n| Total expenses | - 51 467 063.55 | - 1 451 695.98 | - 17 478 553.61 |\n| Net investment income | - 381 976.82 | - 874 120.69 | - 13 376 003.64 |\n| | | | |\n| Sale transactions | | | |\n| Realized gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 |\n| Capital gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 |\n| | | | |\n| Net gain/loss for the fiscal year | 90 308 496.27 | 1 771 044.02 | - 13 315 811.17 |\n\n* The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1\nFiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1\n** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.\n1 \nThe sub-fund was launched on July 19, 2021.\n2 \nThe sub-fund was launched on July 19, 2021.\n3 \nThe sub-fund was launched on June 28, 2021.\n4 \nThe sub-fund was launched on June 28, 2021.\n| |\n| --- |\n| DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * |\n| 249 095.73 | 4 269 079.19 | 1 304 060.20 | 7 855 839.41 | 232 054.41 |\n| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |\n| 249 095.73 | 4 269 079.19 | 1 304 060.20 | 7 855 839.41 | 232 054.41 |\n| | | | | |\n| | | | | |\n| - 467.80 | - 5 616.68 | - 83 325.88 | - 670 659.54 | - 640.66 |\n| - 64 883.56 | - 2 001 641.47 | - 1 244 737.43 | - 12 911 217.59 | - 43 572.90 |\n| - 9.25 | 0.00 | 0.00 | 0.00 | 0.00 |\n| - 54.60 | - 1 452.03 | - 1 003.91 | - 6 574.05 | - 45.29 |\n| - 8 489.41 | - 186 604.51 | - 105 389.36 | - 832 543.52 | - 5 821.84 |\n| 0.00 | - 8 210.67 | - 444 300.26 | - 2 844 970.12 | 0.00 |\n| - 73 904.62 | - 2 203 525.36 | - 1 878 756.84 | - 17 265 964.82 | - 50 080.69 |\n| 175 191.11 | 2 065 553.83 | - 574 696.64 | - 9 410 125.41 | 181 973.72 |\n| | | | | |\n| | | | | |\n| 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 |\n| 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 |\n| | | | | |\n| 413 240.63 | 5 521 939.17 | 2 512 702.06 | - 7 410 231.26 | 429 422.61 |\n\n Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment)\t\n| Income | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * |\n| --- | --- | --- | --- |\n| Income from investment fund units | 5 057 101.72 | 882 997.66 | 1 184 172.42 |\n| Income from securities lending | 0.00 | 0.00 | 0.00 |\n| Total income | 5 057 101.72 | 882 997.66 | 1 184 172.42 |\n| | | | |\n| Expenses | | | |\n| Interest on borrowings and negative interest on deposits | - 3 721.00 | - 65 925.84 | - 2 407.69 |\n| Management fee | - 1 332 525.47 | - 2 175 922.51 | - 458 622.73 |\n| Depositary fee | 0.00 | 0.00 | 0.00 |\n| Auditing, legal and publication costs | - 1 143.06 | - 1 083.96 | - 366.09 |\n| Taxe d’abonnement | - 96 301.34 | - 156 391.61 | - 56 198.92 |\n| Other expenses | - 51 144.09 | - 284 106.45 | 0.00 |\n| Total expenses | - 1 484 834.96 | - 2 683 430.37 | - 517 595.43 |\n| Net investment income | 3 572 266.76 | - 1 800 432.71 | 666 576.99 |\n| | | | |\n| Sale transactions | | | |\n| Realized gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 |\n| Capital gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 |\n| | | | |\n| Net gain/loss for the fiscal year | 59 363 824.69 | 4 841 104.16 | 2 376 446.93 |\n\n* The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1\nFiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1\n** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.\n1 \nThe sub-fund was launched on July 19, 2021.\n2 \nThe sub-fund was launched on July 19, 2021.\n3 \nThe sub-fund was launched on June 28, 2021.\n4 \nThe sub-fund was launched on June 28, 2021.\n| |\n| --- |\n| DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR |\n| 7 634 443.39 | 3 624 109.60 | 9 095 253.44 | 392 953.89 | 1 732 552.13 |\n| 0.00 | 0.00 | 0.00 | 0.00 | 2 369.13 |\n| 7 634 443.39 | 3 624 109.60 | 9 095 253.44 | 392 953.89 | 1 734 921.26 |\n| | | | | |\n| | | | | |\n| - 40 994.07 | - 19 613.54 | - 22 000.67 | - 397.42 | - 17 873.68 |\n| - 1 232 917.61 | - 692 287.21 | - 853 607.68 | - 60 324.28 | - 1 049 662.89 |\n| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |\n| - 11 701.52 | - 13 138.79 | 0.00 | 0.00 | - 1 324.86 |\n| - 91 925.55 | - 59 155.10 | - 124 603.10 | - 7 340.27 | - 53 308.36 |\n| - 154 341.75 | - 178 821.44 | - 1 265.23 | 0.00 | - 789.71 |\n| - 1 531 880.50 | - 963 016.08 | - 1 001 476.68 | - 68 061.97 | - 1 122 959.50 |\n| 6 102 562.89 | 2 661 093.52 | 8 093 776.76 | 324 891.92 | 611 961.76 |\n| | | | | |\n| | | | | |\n| 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 |\n| 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 |\n| | | | | |\n| 7 075 101.73 | 1 790 451.77 | 6 140 354.64 | 187 881.65 | 952 571.29 |\n\n Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment)\t\n| Income | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR Consolidated | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR |\n| --- | --- | --- |\n| Income from investment fund units | 2 248 116.86 | 640 593.23 |\n| Income from securities lending | 169.06 | 0.00 |\n| Total income | 2 248 285.92 | 640 593.23 |\n| | | |\n| Expenses | | |\n| Interest on borrowings and negative interest on deposits | - 22 569.72 | - 9 820.92 |\n| Management fee | - 849 270.33 | - 690 500.60 |\n| Depositary fee | 0.00 | 0.00 |\n| Auditing, legal and publication costs | - 1 300.80 | - 878.26 |\n| Taxe d’abonnement | - 85 365.75 | - 31 563.40 |\n| Other expenses | - 56.36 | 0.00 |\n| Total expenses | - 958 562.96 | - 732 763.18 |\n| Net investment income | 1 289 722.96 | - 92 169.95 |\n| | | |\n| Sale transactions | | |\n| Realized gains/losses | - 457 987.16 | 16 918 887.50 |\n| Capital gains/losses | - 457 987.16 | 16 918 887.50 |\n| | | |\n| Net gain/loss for the fiscal year | 831 735.80 | 16 826 717.55 |\n\n* The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1\nFiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1\n** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.\n1 \nThe sub-fund was launched on July 19, 2021.\n2 \nThe sub-fund was launched on July 19, 2021.\n3 \nThe sub-fund was launched on June 28, 2021.\n4 \nThe sub-fund was launched on June 28, 2021.\n Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021\t\n| Value of the fund‘s net assets at the beginning of the fiscal year | DWS Strategic, SICAV EUR * ** Consolidated 1 657 381 035.93 | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR 52 421 998.20 | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR 269 783 999.47 |\n| --- | --- | --- | --- |\n| Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 38 702 782.22 | 0.00 | 0.00 |\n| Distribution for the previous year / Interim distribution | - 210 180.33 | 0.00 | 0.00 |\n| Net inflows/outflows | 4 961 801 342.93 | 128 315 245.32 | 1 404 380 330.55 |\n| Income adjustment | - 69 368 431.62 | - 879 728.98 | 3 878 291.17 |\n| Net investment income | - 381 976.82 | - 874 120.69 | - 13 376 003.64 |\n| Realized gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 |\n| Net change in unrealized appreciation/depreciation | 245 674 686.63 | 10 447 728.73 | 100 371 761.66 |\n| | | | |\n| Value of the fund‘s net assets at the end of the fiscal year | 6 924 289 732.03 | 192 076 287.29 | 1 765 098 571.68 |\n\n Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021\t\n| Value of the fund‘s net assets at the beginning of the fiscal year | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * 214 277 437.46 | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR 93 770 013.97 | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * 25 889 334.49 |\n| --- | --- | --- | --- |\n| Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 18 186 311.89 | 0.00 | 2 197 298.59 |\n| Distribution for the previous year / Interim distribution | 0.00 | 0.00 | 0.00 |\n| Net inflows/outflows | 95 692 756.25 | 226 147 404.15 | 74 028 011.74 |\n| Income adjustment | - 54 853 024.18 | - 2 702 272.73 | - 335 305.17 |\n| Net investment income | 3 572 266.76 | - 1 800 432.71 | 666 576.99 |\n| Realized gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 |\n| Net change in unrealized appreciation/depreciation | 3 029 392.07 | 27 278 617.57 | 5 720 616.97 |\n| | | | |\n| Value of the fund‘s net assets at the end of the fiscal year | 335 696 698.18 | 349 334 867.12 | 109 876 403.55 |\n\n Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021\t\n| Value of the fund‘s net assets at the beginning of the fiscal year | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR 40 386 302.32 | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR 104 830 681.73 |\n| --- | --- | --- |\n| Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 0.00 | 0.00 |\n| Distribution for the previous year / Interim distribution | - 100 031.15 | - 51 429.53 |\n| Net inflows/outflows | 133 223 957.92 | 1 044 036.02 |\n| Income adjustment | - 4 566 889.10 | - 53 383.13 |\n| Net investment income | 1 289 722.96 | - 92 169.95 |\n| Realized gains/losses | - 457 987.16 | 16 918 887.50 |\n| Net change in unrealized appreciation/depreciation | 7 038 170.17 | 3 899 390.12 |\n| | | |\n| Value of the fund‘s net assets at the end of the fiscal year | 176 813 245.96 | 126 496 012.76 |\n\n| |\n| --- |\n| DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * 5 007 969.91 | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * 206 383 576.59 | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR 137 073 970.71 | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR 441 422 189.57 | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * 4 451 291.82 |\n| 425 040.10 | 17 516 338.34 | 0.00 | 0.00 | 377 793.30 |\n| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |\n| 10 774 422.52 | 190 212 915.84 | 155 282 516.33 | 1 577 497 339.27 | 8 248 102.88 |\n| - 124 589.96 | - 1 659 293.51 | - 931 898.16 | 1 170 235.77 | - 175 180.56 |\n| 175 191.11 | 2 065 553.83 | - 574 696.64 | - 9 410 125.41 | 181 973.72 |\n| 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 |\n| 422 715.26 | 19 696 127.38 | 8 376 865.25 | 45 817 128.97 | - 44 988.67 |\n| | | | | |\n| 16 918 798.46 | 437 671 603.81 | 302 314 156.19 | 2 058 496 662.32 | 13 286 441.38 |\n\n| |\n| --- |\n| DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR 0.00 | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR 0.00 | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD 0.00 | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD 0.00 | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR 61 682 269.69 |\n| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |\n| 0.00 | 0.00 | 0.00 | 0.00 | - 58 719.65 |\n| 304 302 879.11 | 202 498 439.50 | 316 683 114.04 | 18 731 548.97 | 114 738 322.52 |\n| - 926 895.24 | - 523 820.76 | - 580 642.11 | - 28 716.00 | - 6 075 318.97 |\n| 6 102 562.89 | 2 661 093.52 | 8 093 776.76 | 324 891.92 | 611 961.76 |\n| 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 |\n| 3 170 830.21 | - 948 058.85 | - 3 351 818.31 | - 201 730.70 | 14 951 938.80 |\n| | | | | |\n| 313 621 915.81 | 202 817 011.66 | 318 891 008.26 | 18 688 983.92 | 186 191 063.68 |\n\n* The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1\nFiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1\n** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results.\n1 \nThe sub-fund was launched on July 19, 2021.\n2 \nThe sub-fund was launched on July 19, 2021.\n3 \nThe sub-fund was launched on June 28, 2021.\n4 \nThe sub-fund was launched on June 28, 2021.\nKPM\nKPMG issued an unqualified audit opinion for the\nfull annual report of this SICAV (Société\nd’Investissement à Capital Variable). The translation\nof the report of the Réviseur d’Entreprises agréé\n(the independent auditor’s opinion) is as follows:\nG Luxembourg, Société anonyme\tTel: +352 22 51 51 1\n39, Avenue John F. Kennedy\tFax: +352 22 51 71\n1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\n\n##### To the shareholders of DWS Strategic, SICAV\n2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\nREPORT OF THE \"REVISEUR D’ENTREPRISES AGREE\"\n\n###### Report on the audit of the annual financial statements Opinion\nWe have audited the financial statements of the SICAV DWS Strategic and its respective sub-funds (the\n\"fund\"), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as explanatory notes, including a summary of significant accounting policies.\nIn our opinion, the attached financial statements give a true and fair view of the financial position of DWS Strategic SICAV and its respective sub-funds as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regu- latory requirements relating to the preparation and presentation of financial statements.\n\n###### Basis for the audit opinion\nWe conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the sec- tion “Responsibility of the Réviseur d’Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accoun- tants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.\n\n###### Other information\nThe Board of Directors of the fund is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.\nOur audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.\n© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518\na member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\nguarantee. All rights reserved.\nIn connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard.\n\n###### Responsibility of the Board of Directors of the fund for the financial statements\nThe Board of Directors of the fund is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of annual financial statements and for the internal controls that the Board of Directors considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement.\nWhen preparing the annual financial statements, the Board of Directors of the fund is responsible for assess- ing the capability of the fund and of its respective sub-funds of continuing the business activity and, where relevant, for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Board of Directors of the fund intends to liquidate the fund or to close certain of its sub-funds, to cease business activities or no longer has any other realistic alternative than to take such action.\nResponsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements \nThe objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements.\nWhen performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach.\nFurthermore:\n- We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of material misstatements not being discovered is higher for infringements than for inaccuracies, as infringe- ments may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls.\n- We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system.\n- We assess the appropriateness of the accounting methods applied by the Board of Directors of the fund, of the accounting-related estimates and of the corresponding disclosures in the notes.\n- We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Board of Directors of the fund as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund or of one of its sub-funds to continue the busi- ness activity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associated explanatory information provided in the annual accounts in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund or certain of its sub-funds no longer being able to continue their business activity.\n- We assess the overall presentation, the structure and the content of the annual accounts, including the explanatory notes, and assess whether these appropriately present the underlying business transactions and events.\n\nWe communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring.\nLuxembourg, April 14, 2022\tKPMG Luxembourg\nSociété anonyme (stock corporation) Cabinet de révision agréé\nPia Schanz"},"unique id":{"kind":"number","value":108289,"string":"108,289"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Annual report","and annual financial statements","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve medium- to long-term capital appre- ciation.","In order to achieve","the investment objective, the sub-fund seeks to invest in portfolios of three main asset","DB BALANCED SAA (EUR)","Performance since inception","130","125","120","115","110","105","100","95","classes that are diversified","4/30/20* 6/20","9/20","12/20\t3/21","6/21","9/21","12/21","between each other and within themselves.","These are a bond","DB Balanced SAA (EUR) (SC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020 = 100","Data on euro basis","portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each portfolio.","The investment advi-","Past performance is no guide to future results.","As of: December 31, 2021","DB BALANCED SAA (EUR)","Performance of share classes (in euro)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class SC | LU2132880241 | 10.8% | 24.9% |","| Class DPMC | LU2132880167 | 11.2% | 14.8% |","| Class LC | LU2258442917 | – | 9.0% |","| Class LC10 | LU2132880324 | 11.0% | 25.3% |","| Class PFC | LU2258443055 | – | 4.9% |","| Class WAMC | LU2132880597 | 11.1% | 25.5% |","1","Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on October 14, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.","The expected range of alloca- tion for a “balanced” portfolio is for","a) bond portfolio: up to 75%;","- equity portfolio: 25-60% and","- alternative portfolio: 0-15%.","In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries","and uncertainty regarding the monetary policy of the central","banks.","Against this backdrop, the sub-fund DB Balanced SAA (EUR) achieved an appreciation of 10.8% per share in 2021","(SC share class; BVI method; in euro).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global","economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back-","high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Balanced SAA (EUR) was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.","In terms of sec- tor allocation, the equity port- folio was broadly diversified.","With this orientation, the sub- fund participated in particular in the appreciable price increases in the equity markets.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","drop of high global debt levels\tand historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets,","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 93 164 441.98 | 48.50 |","| Equity funds | 86 078 900.32 | 44.81 |","| Other funds | 10 318 546.86 | 5.38 |","| Total investment fund units | 189 561 889.16 | 98.69 |","| 2. Cash at bank | 1 307 289.79 | 0.68 |","| 3. Other assets | 1 868 460.34 | 0.97 |","| 4. Receivables from share certificate transactions | 245 913.36 | 0.13 |","| II.","Liabilities | | |","| 1. Other liabilities | -848 070.66 | -0.44 |","| 2. Liabilities from share certificate transactions | -59 194.70 | -0.03 |","| III.","Net assets | 192 076 287.29 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 189 561 889.16 | 98.69 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 603 | 737 | 134 | EUR | 9 732.971 | 5 868 981.39 | 3.06 |","| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","| Units | 299 005 | 249 668 | 112 793 | EUR | 66.76 | 19 961 573.80 | 10.39 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 328 376 | 249 817 | 39 981 | EUR | 52.738 | 17 317 893.49 | 9.02 |","| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 174 886 | 132 902 | 6 460 | EUR | 162.33 | 28 389 244.38 | 14.78 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 420 727 | 315 909 | 15 506 | EUR | 17.079 | 7 185 386.07 | 3.74 |","| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF - 1C- EUR - (0.050%) | Units | 29 612 | 23 711 | 6 578 | EUR | 167.305 | 4 954 235.66 | 2.58 |","| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 20 736 | 16 710 | 5 052 | EUR | 207.77 | 4 308 318.72 | 2.24 |","| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 16 163 | 13 164 | 4 123 | EUR | 282.25 | 4 562 006.75 | 2.37 |","| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 15 311 | 12 143 | 3 164 | EUR | 247.16 | 3 784 266.76 | 1.97 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 186 682 | 136 746 | 11 014 | EUR | 23.835 | 4 449 565.47 | 2.32 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 4 103 670 | 4 255 642 | 151 972 | EUR | 5.323 | 21 844 656.14 | 11.37 |","| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) | Units | 52 144 | 40 207 | 2 579 | EUR | 133.97 | 6 985 731.68 | 3.64 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 971 | 971 | | EUR | 432.63 | 420 083.73 | 0.22 |","| MULTI UNITS FRANCE - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 61 340 | 45 598 | 4 079 | EUR | 147.32 | 9 036 608.80 | 4.70 |","| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) | Units | 694 | 694 | | GBP | 112.51 | 93 089.35 | 0.05 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 39 694 | 40 962 | 1 268 | GBP | 128.912 | 6 100 530.93 | 3.17 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 7 644 | 6 341 | 167 | USD | 209.84 | 1 415 163.21 | 0.74 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 1 023 272 | 857 031 | 33 315 | USD | 5.383 | 4 859 740.11 | 2.53 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 76 868 | 57 301 | 6 936 | USD | 490.17 | 33 242 209.57 | 17.31 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 36 945 | 31 780 | 1 091 | USD | 138.5 | 4 514 430.99 | 2.35 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 2 197 | 293 | | USD | 138.352 | 268 172.16 | 0.14 |","| Total securities portfolio | | | | | | | 189 561 889.16 | 98.69 |","| Cash at bank | | | | | | | 1 307 289.79 | 0.68 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 1 159 698.08 | 0.60 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 35 733 | | | | | 42 601.01 | 0.02 |","| U.S. dollar | USD | 119 002 | | | | | 104 990.70 | 0.06 |","| Other assets | 1 868 460.34 | 0.97 |","| Dividends/Distributions receivable | 99.96 | 0.00 |","| Prepaid placement fee * | 1 867 999.42 | 0.97 |","| Other receivables | 360.96 | 0.00 |","| Receivables from share certificate transactions | 245 913.36 | 0.13 |","| Total assets | 192 983 552.65 | 100.47 |","| Other liabilities | -848 070.66 | -0.44 |","| Additional other liabilities | -848 070.66 | -0.44 |","| Liabilities from share certificate transactions | -59 194.70 | -0.03 |","| Total liabilities | -907 265.36 | -0.47 |","| Net assets | 192 076 287.29 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class DPMC | EUR | 11 480.86 |","| Class LC | EUR | 108.96 |","| Class LC10 | EUR | 12 526.97 |","| Class PFC | EUR | 104.93 |","| Class SC | EUR | 12 485.03 |","| Class WAMC | EUR | 12 552.70 |","| Number of shares outstanding Class DPMC | Count | 1 023.000 |","| Class LC | Count | 211 578.000 |","| Class LC10 | Count | 1 288.000 |","| Class PFC | Count | 525 600.000 |","| Class SC | Count | 6 184.507 |","| Class WAMC | Count | 699.200 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 99.994 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.000 |","| Average market risk exposure | % | 100.000 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","| Exchange rates (indirect quotes) | |","| --- | --- |","| | | As of December 30, 2021 |","| British pound\tGBP | 0.838785 | = EUR\t1 |","| U.S. dollar\tUSD | 1.133450 | = EUR\t1 |","| Notes on valuation | | |","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","Statement of income and expenses (incl. income adjustment)","Statement of changes in net assets\t2021 for the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 577\t575.29Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t577 575.29","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-42 749.65","- Management fee EUR\t-1 017 106.71thereof:All-in fee EUR -1 017 106.71","- Legal and publication costs EUR\t-613.85","- Taxe d‘abonnement EUR\t-68 648.36","- Other expenses EUR\t-322 577.41thereof:Expenses from prepaidplacement fee 1 EUR\t-322 577.41 Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-1 451 695.98","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t-874 120.69","- Sale transactionsRealized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t2 645 164.71Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t2 645 164.71","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR 1 771\t044.021 For further information, please refer to the notes to the financial statements.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class DPMC 0.12% p.a.,\tClass LC 1.26%","2","Class LC10 0.27% p.a.,\tClass PFC 1.72%","2","Class SC 0.47% p.a.,\tClass WAMC 0.15% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class DPMC 0.30% p.a.,\tClass LC 1.43%","2","Class LC10 0.44% p.a.,\tClass PFC 1.89%","2","Class SC 0.64%p.a.,\tClass WAMC 0.33% p.a.","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 12 245.14.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . EUR\t52 421 998.20","- Net inflows","- 3","- EUR 128 315\t245.32","- Income adjustment EUR\t-879 728.98","- Net investment income EUR\t-874 120.69","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR 2 645\t164.71","- Net change in unrealized appreciation/depreciation .","EUR 10 447\t728.73","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","EUR\t192 076 287.293 Reduced by a dilution fee in the amount of EUR 33 065.21 for the benefit of the fund’s assets.","Summary of gains/losses\t2021","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t2 645 164.71","from:","Securities transactions EUR\t2 555 748.63","(Forward) currency transactions EUR\t89 416.08","Details on the distribution policy*","Class DPMC","The income for the fiscal year is reinvested.","Class LC","The income for the fiscal year is reinvested.","Class LC10","The income for the fiscal year is reinvested.","Class PFC","The income for the fiscal year is reinvested.","Class SC","The income for the fiscal year is reinvested.","Class WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 192 076 287.29 |","| --- | --- | --- |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 52 421 998.20 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | - |","| Net asset value per share at the end of the fiscal year | | |","| 2021 | Class DPMC | EUR | 11 480.86 |","| | Class LC | EUR | 108.96 |","| | Class LC10 | EUR | 12 526.97 |","| | Class PFC | EUR | 104.93 |","| | Class SC | EUR | 12 485.03 |","| | Class WAMC | EUR | 12 552.70 |","| 2020 | Class DPMC | EUR | 10 326.21 |","| | Class LC | EUR | - |","| | Class LC10 | EUR | 11 283.73 |","| | Class PFC | EUR | - |","| | Class SC | EUR | 11 268.38 |","| | Class WAMC | EUR | 11 293.51 |","| 2019 | Class DPMC | EUR | - |","| | Class LC | EUR | - |","| | Class LC10 | EUR | - |","| | Class PFC | EUR | - |","| | Class SC | EUR | - |","| | Class WAMC | EUR | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.20% of all transactions.","The total volume was EUR 16 386 500.36.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve medium- to long-term capital appreci- ation.","In order to achieve this objective, it seeks to hedge against capital losses of more than 18% on an annualized basis.","In order to achieve the","DB BALANCED SAA (EUR) PLUS","Performance since inception","130","125","120","115","110","105","100","95","4/30/20* 6/20\t12/20\t6/21","12/21","investment objective, the sub-fund seeks to invest in","DB Balanced SAA (EUR) Plus (SC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020 = 100","Data on euro basis","portfolios of three main asset","classes that are diversified between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-","Past performance is no guide to future results.","As of: December 31, 2021","DB BALANCED SAA (EUR) PLUS","Performance of share classes (in euro)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class SC | LU2132879748 | 11.9% | 26.0% |","| Class DPMC | LU2132879664 | 12.4% | 19.5% |","| Class LC | LU2258443139 | – | 9.7% |","| Class LC10 | LU2132879821 | 12.1% | 26.4% |","| Class PFC | LU2258443212 | – | 5.3% |","| Class WAMC | LU2132880084 | 12.4% | 26.8% |","1","Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on June 17, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","tion approach which takes into account the expected return, volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.","The expected range of alloca- tion for a “balanced” portfolio is for","a) bond portfolio: up to 70%;","b) equity portfolio: 30-80% and","c) alternative portfolio:","0-15%.","In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.","In addition to allocating assets across the portfolios,","the sub-fund manager seeks","to implement a capital pres- ervation strategy, based on the advice of the investment","advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 18%","on an annualized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.","The risk mitigation strat- egy includes investments in derivative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-","ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the fund manager may gain exposure to a financial","index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary","policy of the central banks.","Against this backdrop, the sub- fund DB Balanced SAA (EUR) Plus achieved an appreciation of 11.9% per share in 2021","(SC share class; BVI method; in euro).","##### Investment policy in the","price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","reporting period\tup the rear.","Against the back-","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant","drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Balanced SAA (EUR) Plus was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.","In terms of sector allocation, the equity portfolio was broadly diversi- fied.","With this orientation, the sub-fund participated in par- ticular in the appreciable price increases in the equity markets.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a majorevent in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 565 227 284.89 | 32.02 |","| Equity funds | 1 059 825 069.19 | 60.04 |","| Other funds | 116 410 404.00 | 6.60 |","| Total investment fund units | 1 741 462 758.08 | 98.66 |","| 2. Derivatives | 9 420 747.79 | 0.53 |","| 3. Cash at bank | 3 492 510.30 | 0.20 |","| 4. Other assets | 11 239 344.56 | 0.64 |","| 5. Receivables from share certificate transactions | 4 407 646.57 | 0.25 |","| II.","Liabilities | | |","| 1. Other liabilities | -4 924 435.62 | -0.28 |","| III.","Net assets | 1 765 098 571.68 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 1 741 462 758.08 | 98.66 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 7 794 | 10 793 | 2 999 | EUR | 9 732.971 | 75 858 774.42 | 4.30 |","| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units Units | 4 836 908 3 591 239 | 3 976 541 2 981 929 | 12 645 13 209 | EUR EUR | 66.76 52.738 | 322 911 978.08 189 394 762.38 | 18.29 10.73 |","| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 696 671 | 667 401 | 183 424 | EUR | 162.33 | 113 090 603.43 | 6.41 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 2 873 143 | 2 500 611 | 10 309 | EUR | 17.079 | 49 068 972.73 | 2.78 |","| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 597 586 | 555 099 | 2 015 | EUR | 167.305 | 99 979 125.73 | 5.66 |","| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 417 225 | 388 567 | 1 299 | EUR | 207.77 | 86 686 838.25 | 4.91 |","| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 284 371 | 258 206 | 187 | EUR | 282.25 | 80 263 714.75 | 4.55 |","| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 305 004 | 280 656 | 905 | EUR | 247.16 | 75 384 788.64 | 4.27 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 1 701 348 | 1 401 670 | 4 498 | EUR | 23.835 | 40 551 629.58 | 2.30 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 9 349 827 | 9 374 547 | 24 720 | EUR | 5.323 | 49 770 999.09 | 2.82 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) | Units | 808 | 808 | | EUR | 153.76 | 124 238.08 | 0.01 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 19 103 | 19 103 | | EUR | 432.63 | 8 264 530.89 | 0.47 |","| iShares VII PLC - iShares EUR Govt Bond 7-10yr UCITS ETF EUR (Acc) EUR - (0.200%) | Units | 63 397 | 64 390 | 993 | EUR | 171.27 | 10 858 004.19 | 0.61 |","| Lyxor Index Fund - Lyxor Core EURO STOXX 50 (DR) EUR - (0.070%) | Units | 20 497 | 78 312 | 112 682 | EUR | 219.35 | 4 496 016.95 | 0.25 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 559 027 | 499 302 | 71 325 | EUR | 147.32 | 82 355 857.64 | 4.67 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 602 115 | 604 634 | 2 519 | GBP | 128.912 | 92 538 448.67 | 5.24 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 793 102 | 648 137 | 9 445 | USD | 490.17 | 342 983 593.91 | 19.43 |","| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 210 178 | 416 446 | 375 666 | USD | 91.03 | 16 879 880.67 | 0.96 |","| Total securities portfolio | | | | | | | 1 741 462 758.08 | 98.66 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 9 420 747.79 | 0.53 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 150 EUR (DB) | Count | 12 966 | 12 966 | | | | 7 773 117.00 | 0.44 |","| Put FTSE MIB Index Futures 09/2022 5 500 GBP (DB) | Count | 400 | 400 | | | | 382 696.47 | 0.02 |","| Put S & P 500 Futures 09/2022 3 550 USD (DB) | Count | 196 | 216 | 20 | | | 1 264 934.32 | 0.07 |","| Cash at bank | | | | | | | 3 492 510.30 | 0.20 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 2 906 421.75 | 0.17 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 466 576 | | | | | 556 252.88 | 0.03 |","| U.S. dollar | USD | 33 817 | | | | | 29 835.67 | 0.00 |","| Other assets | | | | | | | 11 239 344.56 | 0.64 |","| Dividends/Distributions receivable | | | | | | | 415.52 | 0.00 |","| Prepaid placement fee * | | | | | | | 9 675 408.57 | 0.55 |","| Other receivables | | | | | | | 1 563 520.47 | 0.09 |","| Receivables from share certificate transactions | | | | | | | 4 407 646.57 | 0.25 |","| Total assets ** | | | | | | | 1 770 023 007.30 | 100.28 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other liabilities | | | | | | | -4 924 435.62 | -0.28 |","| Liabilities from cost items | | | | | | | -1 640 878.29 | -0.09 |","| Additional other liabilities | | | | | | | -3 283 557.33 | -0.19 |","| Total liabilities | | | | | | | -4 924 435.62 | -0.28 |","| Net assets | | | | | | | 1 765 098 571.68 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class DPMC | EUR | 11 952.50 |","| Class LC | EUR | 109.75 |","| Class LC10 | EUR | 12 643.49 |","| Class PFC | EUR | 105.34 |","| Class SC | EUR | 12 601.06 |","| Class WAMC | EUR | 12 684.35 |","| Number of shares outstanding Class DPMC | Count | 2 684.800 |","| Class LC | Count | 6 278 495.000 |","| Class LC10 | Count | 11 814.500 |","| Class PFC | Count | 2 723 223.000 |","| Class SC | Count | 45 710.679 |","| Class WAMC | Count | 2 499.520 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 61.602 |","| --- | --- | --- |","| Highest market risk exposure | % | 96.347 |","| Average market risk exposure | % | 82.589 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 69 656 176.14 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Exchange rates (indirect quotes)","As of December 30, 2021","| British pound\tGBP | 0.838785 | = EUR | 1 |","| --- | --- | --- | --- |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnotes","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","** Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)","Statement of changes in net assets\t2021 for the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 4 102\t549.97Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t4 102 549.97","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-601 119.21","- Management fee EUR\t-14 127 975.10thereof:All-in fee EUR -14 127 975.10","- Legal and publication costs EUR\t-5 490.44","- Taxe d‘abonnement EUR\t-925 211.78","- Other expenses EUR\t-1 818 757.08thereof:Expenses from prepaidplacement fee 1","EUR -1 818 757.08","Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-17 478 553.61","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t-13 376 003.64","- Sale transactionsRealized gains/losses EUR\t60 192.47Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t60 192.47","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR\t-13 315 811.171 For further information, please refer to the notes to the financial statements.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class DPMC 0.17% p.a.,\tClass LC 1.39%","2","Class LC10 0.39% p.a.,\tClass PFC 1.85%","2","Class SC 0.59% p.a.,\tClass WAMC 0.19% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class DPMC 0.30% p.a.,\tClass LC 1.53%","2","Class LC10 0.53% p.a.,\tClass PFC 1.99%","2","Class SC 0.73% p.a,\tClass WAMC 0.33% p.a.","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 94 528.30.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . EUR\t269 783 999.47","- Net inflows","- 3","- EUR 1 404 380\t330.55","- Income adjustment EUR 3 878\t291.17","- Net investment income EUR\t-13 376 003.64","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR 60\t192.47","- Net change in unrealized appreciation/depreciation .","EUR 100 371\t761.66","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","EUR\t1 765 098 571.683 Reduced by a dilution fee in the amount of EUR 318 590.00 for the benefit of the fund’s assets.","Summary of gains/losses\t2021","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t60 192.47","from:","Securities transactions EUR\t12 476 928.60","(Forward) currency transactions EUR\t1 866 468.06","Derivatives and other financial futures transactions","4","EUR\t-14 283 204.19","4","This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","Class DPMC","The income for the fiscal year is reinvested.","Class LC","The income for the fiscal year is reinvested.","Class LC10","The income for the fiscal year is reinvested.","Class PFC","The income for the fiscal year is reinvested.","Class SC","The income for the fiscal year is reinvested.","Class WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal yea | | | 2020 | Class DPMC | EUR | 10 635.22 |","| --- | --- | --- | --- | --- | --- | --- |","| 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 1 765 098 571.68 | | Class LC | EUR | - |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 269 783 999.47 | | Class LC10 | EUR | 11 275.41 |","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-","Net asset value per share at the end of the fiscal year","Class PFC EUR\t-","Class SC EUR\t11 259.91","Class WAMC EUR\t11 289.36","| 2021\tClass DPMC | EUR | 11 952.50 | 2019 | Class DPMC | EUR | - |","| --- | --- | --- | --- | --- | --- | --- |","| Class LC | EUR | 109.75 | | Class LC | EUR | - |","| Class LC10 | EUR | 12 643.49 | | Class LC10 | EUR | - |","| Class PFC | EUR | 105.34 | | Class PFC | EUR | - |","| Class SC | EUR | 12 601.06 | | Class SC | EUR | - |","| Class WAMC | EUR | 12 684.35 | | Class WAMC | EUR | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.26% of all transactions.","The total volume was EUR 161 262 729.11.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscriptions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve medium- to long-term capital appre- ciation.","In order to achieve","the investment objective, the sub-fund seeks to invest in portfolios of three main asset","DB BALANCED SAA (USD)","Performance since inception","130","125","120","115","110","105","100","95","classes that are diversified","5/26/20*","9/20","12/20","3/21","6/21","9/21","12/21","between each other and within themselves.","These are a bond","DB Balanced SAA (USD) (USD LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on May 26, 2020 = 100/ First share price calculation on May 27, 2020","Data on U.S. dollar basis","portfolio, an equity portfolio","and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return,","Past performance is no guide to future results.","As of: December 31, 2021","DB BALANCED SAA (USD)","Performance of share classes (in USD)","| Share class | ISIN | 1 year | Since inception |","| --- | --- | --- | --- |","| Class USD LC | LU2132882536 | 6.5% | 23.2% 1 |","| Class USD DPMC | LU2132882452 | – | 3.8% 2 |","| Class USD LC10 | LU2132882619 | 6.7% | 23.6% 1 |","| Class USD WAMC | LU2132882700 | 6.9% | 23.9% 1 |","1","Classes USD LC, USD LC10 and USD WAMC launched on May 26, 2020 / first share price calculation on May 27, 2020","2","Class USD DPMC launched on April 19, 2021","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.","The expected range of alloca- tion for a “balanced” portfolio is for","a) bond portfolio: up","to 75%;","b) equity portfolio:","25-60% and","c) alternative port- folio: 0-15%.","In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.","Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-","ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the fund manager may gain exposure to a financial","index through the use of deriva-","tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the sub-","fund DB Balanced SAA (USD) achieved an appreciation of 6.5% per share in 2021 (USD LC share class; BVI method; in U.S. dollars).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning","of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors,","caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels and historically extremely low","investment-grade corporate bonds, which traded lower.","The management of the DB Balanced SAA (USD) sub-fund was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.","Regionally, the investment focus was on North America.","In terms of sector allocation, the equity portfolio was broadly diversified.","With this orientation, the sub-fund benefited in particular from price increases in equities during the reporting period.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","interest rates, bond markets\tsaw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Equity funds | 8 621 509.64 | 44.97 |","| Other funds | 1 027 203.69 | 5.36 |","| Bond funds | 9 568 975.55 | 49.89 |","| Total investment fund units | 19 217 688.88 | 100.22 |","| 2. Cash at bank | 92 509.69 | 0.48 |","| II.","Liabilities | | |","| 1. Other liabilities | -133 586.46 | -0.70 |","| III.","Net assets | 19 176 612.11 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 19 217 688.88 | 100.22 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) | Units | 10 453 | 13 508 | 13 974 | EUR | 66.76 | 790 969.44 | 4.13 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 28 670 | 20 753 | 2 869 | EUR | 52.738 | 1 713 774.89 | 8.94 |","| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 198 797 | 145 371 | 4 091 | EUR | 13.994 | 3 153 106.24 | 16.44 |","| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 50 427 | 35 381 | | EUR | 12.858 | 734 889.58 | 3.83 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 56 | 90 | 34 | USD | 10 408.589 | 589 115.73 | 3.07 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 16 216 | 11 645 | 1 211 | EUR | 23.835 | 438 087.96 | 2.29 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 79 | 79 | | EUR | 432.63 | 38 738.80 | 0.20 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 5 303 | 3 716 | 428 | EUR | 147.32 | 885 494.29 | 4.62 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 3 432 | 3 540 | 108 | GBP | 128.912 | 597 850.32 | 3.12 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 281 110 | 236 581 | 6 973 | USD | 5.955 | 1 674 010.05 | 8.73 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 2 376 | 1 803 | 170 | USD | 209.84 | 498 579.84 | 2.60 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 327 056 | 243 147 | 14 366 | USD | 5.383 | 1 760 542.45 | 9.18 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 6 463 | 4 578 | 437 | USD | 490.17 | 3 167 968.71 | 16.52 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 12 467 | 9 132 | 451 | USD | 138.5 | 1 726 679.50 | 9.00 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 153 | | | USD | 138.352 | 21 167.89 | 0.11 |","| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 15 673 | 11 018 | 958 | USD | 91.03 | 1 426 713.19 | 7.44 |","| Total securities portfolio | | | | | | | 19 217 688.88 | 100.22 |","| Cash at bank | | | | | | | 92 509.69 | 0.48 |","| Demand deposits at Depositary EUR deposits | EUR | 38 411 | | | | | 43 536.41 | 0.23 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 2 784 | | | | | 3 762.36 | 0.02 |","| U.S. dollar | USD | | | | | | 45 210.92 | 0.23 |","| Total assets | 19 310 198.57 | 100.70 |","| Other liabilities | -133 586.46 | -0.70 |","| Additional other liabilities | -133 586.46 | -0.70 |","| Total liabilities | -133 586.46 | -0.70 |","| Net assets | 19 176 612.11 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class USD DPMC | USD | 10 383.19 |","| Class USD LC | USD | 12 317.80 |","| Class USD LC10 | USD | 12 362.39 |","| Class USD WAMC | USD | 12 382.33 |","| Number of shares outstanding Class USD DPMC | Count | 1.000 |","| Class USD LC | Count | 1 310.137 |","| Class USD LC10 | Count | 2.000 |","| Class USD WAMC | Count | 242.563 |","Composition of the reference portfolio (according to CSSF circular 11/512) Ex-Derivative Benchmark for Portfolio 07_004","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 100.000 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.000 |","| Average market risk exposure | % | 100.000 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| Euro\tEUR | 0.882262 | = USD | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.740028 | = USD | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 282\t337.56Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t282 337.56","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-530.23","- Management fee USD\t-73 542.27thereof:All-in fee USD\t-73 542.27","- Depositary fee USD\t-10.49","- Legal and publication costs USD\t-61.89","- Taxe d‘abonnement USD\t-9 622.32Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t-83 767.20","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t198 570.36","- Sale transactionsRealized gains/losses USD\t269 817.23Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t269 817.23","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","USD\t468 387.59BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.14%1,\tClass USD LC 0.50% p.a.,Class USD LC10 0.29% p.a.,\tClass USD WAMC 0.17% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class USD DPMC 0.29%","1",",\tClass USD LC 0.64% p.a.,","Class USD LC10 0.44% p.a.,\tClass USD WAMC 0.32% p.a.","1","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 2 222.39.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . USD\t6 158 045.19","- Net inflows USD 12 212\t269.21","- Income adjustment USD\t-141 216.49","- Net investment income USD 198\t570.36","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD 269\t817.236.","Net change in unrealized appreciation/depreciation .","USD\t479 126.61","- Value of the fund’s net assetsSummary of gains/losses\t2021at the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","USD\t19 176 612.11Realized gains/losses (incl. income adjustment).",". . . .",". .","USD\t269 817.23from:Securities transactions USD\t268 698.07(Forward) currency transactions USD\t1 119.16 Details on the distribution policy*\tClass USD DPMCThe income for the fiscal year is reinvested.","Class USD LC","The income for the fiscal year is reinvested.","Class USD LC10","The income for the fiscal year is reinvested.","Class USD WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the fiscal year","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t19 176 612.11","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t6 158 045.19","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t–","Net asset value per share at the end of the fiscal year","| 2021 | Class USD DPMC | USD | 10 383.19 |","| --- | --- | --- | --- |","| | Class USD LC | USD | 12 317.80 |","| | Class USD LC10 | USD | 12 362.39 |","| | Class USD WAMC | USD | 12 382.33 |","| 2020 | Class USD DPMC | USD | – |","| | Class USD LC | USD | 11 564.33 |","| | Class USD LC10 | USD | 11 582.29 |","| | Class USD WAMC | USD | 11 587.22 |","| 2019 | Class USD DPMC | USD | – |","| | Class USD LC | USD | – |","| | Class USD LC10 | USD | – |","| | Class USD WAMC | USD | – |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.75% of all transactions.","The total volume was USD 985 594.31.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscriptions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve medium- to long-term capital appreci- ation.","In order to achieve this objective, it seeks to hedge against capital losses of more than 18% on an annualized","DB BALANCED SAA (USD) PLUS","Performance since inception","130","125","120","115","110","105","100","95","basis.","In order to achieve the","4/30/20*6/20","12/20\t6/21","12/21","investment objective, the sub-fund seeks to invest in","DB Balanced SAA (USD) Plus (USD LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020 = 100","Data on U.S. dollar basis","portfolios of three main asset","classes that are diversified between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-","Past performance is no guide to future results.","As of: December 31, 2021","DB BALANCED SAA (USD) PLUS","Performance of share classes (in USD)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class USD LC | LU2132881561 | 7.0% | 27.7% |","| Class USD DPMC | LU2132881488 | 7.5% | 20.2% |","| Class USD LC10 | LU2132881645 | 7.2% | 28.1% |","| Class USD WAMC | LU2132881728 | 7.4% | 28.6% |","| Class GBP DPMCH 2 | LU2206941788 | 7.1% | 15.6% |","1","Classes USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on June 17, 2020 / Class GBP DPMCH launched on September 28, 2020","2 in GBP","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","tion approach which takes into account the expected return, volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.","The expected range of alloca- tion for a “balanced” portfolio is for","a) bond portfolio: up to 70%;","b) equity portfolio: 30-80% and","c) alternative portfolio:","0-15%.","In addition, the sub- fund aims to overweight USD- denominated assets in each of the portfolios in order for it to have a U.S. focus.","In addition to allocating assets across the portfolios, the sub-fund man-","ager seeks to implement a cap- ital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 18%","on an annualized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.","The risk mitigation strat- egy includes investments in derivative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-","ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the fund manager may gain exposure to a financial","index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary","policy of the central banks.","Against this backdrop, the sub- fund DB Balanced SAA (USD) Plus achieved an appreciation of 7.0% per share in 2021 (USD LC share class; BVI method; in","U.S. dollars).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021","price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels and historically extremely low","related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","were influenced in particular\tinterest rates, bond markets\tby the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant","saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the DB Balanced SAA (USD) Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.","Region- ally, the investment focus was on North America.","In terms of sector allocation, the equity portfolio was broadly diversi- fied.","With this orientation, the sub-fund benefited in particular from price increases in equities during the reporting period.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability-","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Equity funds | 297 643 776.36 | 60.00 |","| Other funds | 30 895 752.60 | 6.22 |","| Bond funds | 161 987 611.33 | 32.66 |","| Total investment fund units | 490 527 140.29 | 98.88 |","| 2. Derivatives | 3 085 796.99 | 0.62 |","| 3. Cash at bank | 1 312 600.85 | 0.27 |","| 4. Other assets | 4 130 344.15 | 0.84 |","| 5. Receivables from share certificate transactions | 241 619.58 | 0.05 |","| II.","Liabilities | | |","| 1. Other liabilities | -1 003 315.97 | -0.21 |","| 2. Liabilities from share certificate transactions | -2 215 306.55 | -0.45 |","| III.","Net assets | 496 078 879.34 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Investment fund units | | | | | | | 490 527 140.29 | 98.88 |","| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) | Units | 394 331 | 375 236 | 511 132 | EUR | 66.76 | 29 838 684.61 | 6.01 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 793 559 | 506 751 | 110 715 | EUR | 52.738 | 47 435 698.85 | 9.56 |","| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 2 955 027 | 1 772 069 | 451 314 | EUR | 13.994 | 46 869 490.38 | 9.45 |","| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 638 654 | 446 252 | 286 886 | EUR | 12.858 | 9 307 318.93 | 1.88 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 1 903 | 3 011 | 1 108 | USD | 10 408.589 | 19 810 365.78 | 3.99 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 410 330 | 238 024 | 68 292 | EUR | 23.835 | 11 085 386.82 | 2.23 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 697 | 603 | | EUR | 432.63 | 341 784.08 | 0.07 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF EUR - (0.070%) | Units | 110 | | | EUR | 122.02 | 15 213.39 | 0.00 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 161 791 | 99 826 | 42 074 | EUR | 147.32 | 27 015 841.24 | 5.45 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 116 330 | 126 434 | 10 104 | GBP | 128.912 | 20 264 548.04 | 4.09 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 1 589 194 | 1 123 821 | 918 017 | USD | 5.955 | 9 463 650.27 | 1.91 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 57 907 | 35 424 | 7 544 | USD | 209.84 | 12 151 204.88 | 2.45 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 262 | 262 | | USD | 209.9 | 54 993.80 | 0.01 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 7 846 959 | 4 733 899 | 1 113 053 | USD | 5.383 | 42 240 180.30 | 8.52 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 198 809 | 120 845 | 44 529 | USD | 490.17 | 97 450 207.53 | 19.64 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 214 255 | 199 430 | 39 415 | USD | 138.5 | 29 674 317.50 | 5.98 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 88 262 | 17 260 | | USD | 138.352 | 12 211 241.88 | 2.46 |","| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 826 474 | 630 146 | 109 152 | USD | 91.03 | 75 233 928.22 | 15.17 |","| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 693 | | | USD | 91.03 | 63 083.79 | 0.01 |","| Total securities portfolio | | | | | | | 490 527 140.29 | 98.88 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 2 669 126.33 | 0.54 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 100 EUR (DB) | Count | 784 | 879 | 95 | | | 496 741.33 | 0.10 |","| Put S & P 500 Futures 06/2022 3 450 USD (DB) | Count | 87 | 91 | 4 | | | 308 850.00 | 0.06 |","| Put S & P 500 Futures 06/2022 3 650 USD (DB) | Count | 303 | 314 | 11 | | | 1 398 345.00 | 0.28 |","| Put S & P 500 Futures 06/2022 3 800 USD (DB) | Count | 26 | 26 | | | | 147 030.00 | 0.03 |","| Put S & P 500 Futures 09/2022 3 600 USD (DB) | Count | 41 | 41 | | | | 318 160.00 | 0.07 |","| Currency derivatives Receivables/payables | | | | | | | 416 670.66 | 0.08 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (long) | | | | | | | | |","| Open positions GBP/USD 24.8 million | | | | | | | 577 505.52 | 0.11 |","| Closed positions GBP/USD 25.1 million | | | | | | | -160 834.86 | -0.03 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Cash at bank | | | | | | | 1 312 600.85 | 0.27 |","| Demand deposits at Depositary EUR deposits | EUR | 533 390 | | | | | 604 571.11 | 0.12 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 127 210 | | | | | 171 898.43 | 0.04 |","| U.S. dollar | USD | | | | | | 536 131.31 | 0.11 |","| Other assets | | | | | | | 4 130 344.15 | 0.84 |","| Dividends/Distributions receivable | | | | | | | 574 897.80 | 0.12 |","| Other receivables | | | | | | | 3 555 446.35 | 0.72 |","| Receivables from share certificate transactions | | | | | | | 241 619.58 | 0.05 |","| Total assets * | | | | | | | 499 458 336.72 | 100.69 |","| Other liabilities | | | | | | | -1 003 315.97 | -0.21 |","| Liabilities from cost items | | | | | | | -254 816.97 | -0.06 |","| Additional other liabilities | | | | | | | -748 499.00 | -0.15 |","| Liabilities from share certificate transactions | | | | | | | -2 215 306.55 | -0.45 |","| Total liabilities | | | | | | | -3 379 457.38 | -0.69 |","| Net assets | | | | | | | 496 078 879.34 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class USD LC | USD | 12 769.80 |","| Class USD LC10 | USD | 12 812.21 |","| Class USD WAMC | USD | 12 855.88 |","| Class GBP DPMCH | GBP | 11 556.23 |","| Class USD DPMC | USD | 12 024.97 |","| Number of shares outstanding Class USD LC | Count | 27 114.351 |","| Class USD LC10 | Count | 4 195.438 |","| Class USD WAMC | Count | 3 177.576 |","| Class GBP DPMCH | Count | 2 189.057 |","| Class USD DPMC | Count | 1 750.226 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 64.376 |","| --- | --- | --- |","| Highest market risk exposure | % | 92.097 |","| Average market risk exposure | % | 79.426 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 22 984 324.49 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Contracting parties for forward currency transactions","Barclays Bank Ireland PLC, Royal Bank of Canada (UK) and State Street Bank International GmbH","Exchange rates (indirect quotes)","As of December 30, 2021","| Euro\tEUR | 0.882262 | = USD | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.740028 | = USD | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnote","* Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 4 838\t787.81Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t4 838 787.81","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-6 366.23","- Management fee USD\t-2 268 760.52thereof:All-in fee USD -2 268 760.52","- Legal and publication costs USD\t-1 645.80","- Taxe d‘abonnement USD\t-211 506.88","- Other expenses USD\t-9 306.38Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t-2 497 585.81","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t2 341 202.00","- Sale transactionsRealized gains/losses USD\t3 917 639.96Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t3 917 639.96","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","USD\t6 258 841.96BVI total expense ratio (TER)The total expense ratio for the share classes was:Class GBP DPMCH 0.21% p.a.,\tClass USD DPMC 0.18% p.a.,Class USD LC 0.61% p.a.,\tClass USD LC10 0.41% p.a., Class USD WAMC 0.23% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class GBP DPMCH 0.33% p.a.,\tClass USD DPMC 0.30% p.a.,","Class USD LC 0.73% p.a.,\tClass USD LC10 0.53% p.a., Class USD WAMC 0.34% p.a.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 38 385.54.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . USD\t253 779 358.57","- Net inflows USD 215 596\t829.46","- Income adjustment USD\t-1 880 726.23","- Net investment income USD\t2 341 202.00","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD 3 917\t639.966.","Net change in unrealized appreciation/depreciation .","USD\t22 324 575.58","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","USD\t496 078 879.34Summary of gains/losses\t2021Realized gains/losses (incl. income adjustment).",". . . .",". .","USD\t3 917 639.96from:Securities transactions USD\t13 918 917.06(Forward) currency transactions USD\t\t-355 573.69 Derivatives and other financial futures transactions 1 .","USD\t-9 645 703.411 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","Class GBP DPMCH","The income for the fiscal year is reinvested.","Class USD DMPC","The income for the fiscal year is reinvested.","Class USD LC","The income for the fiscal year is reinvested.","Class USD LC10","The income for the fiscal year is reinvested.","Class USD WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 496 078 879.34 |","| --- | --- | --- |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 253 779 358.57 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | – |","| Net asset value per share at the end of the fiscal year | | |","| 2021 | Class USD LC | USD | 12 769.80 |","| | Class USD LC10 | USD | 12 812.21 |","| | Class USD WAMC | USD | 12 855.88 |","| | Class GBP DPMCH | GBP | 11 556.23 |","| | Class USD DPMC | USD | 12 024.97 |","| 2020 | Class USD LC | USD | 11 935.76 |","| | Class USD LC10 | USD | 11 951.26 |","| | Class USD WAMC | USD | 11 969.51 |","| | Class GBP DPMCH | GBP | 10 793.15 |","| | Class USD DPMC | USD | 11 191.13 |","| 2019 | Class USD LC | USD | – |","| | Class USD LC10 | USD | – |","| | Class USD WAMC | USD | – |","| | Class GBP DPMCH | GBP | – |","| | Class USD DPMC | USD | – |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 8.03% of all transactions.","The total volume was USD 39 652 387.21.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve a medium- to long-term return in euro.","In order to achieve the investment objective, the sub-fund seeks to invest in portfolios of three main asset","DB CONSERVATIVE SAA (EUR)","Performance since inception","118","115","112","109","106","103","100","97","classes that are diversified","4/30/20* 6/20","12/20\t6/21","12/21","between each other and within themselves.","These are a bond","DB Conservative SAA (EUR) (SC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020= 100","Data on euro basis","portfolio, an equity portfolio","and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend","Past performance is no guide to future results.","As of: December 31, 2021","DB CONSERVATIVE SAA (EUR)","Performance of share classes (in euro)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class SC | LU2132882023 | 5.3% | 13.6% |","| Class DPMC | LU2132881991 | 5.6% | 10.3% |","| Class LC | LU2258442594 | – | 4.1% |","| Class LC10 | LU2132882296 | 5.5% | 14.0% |","| Class PFC | LU2258442677 | – | 1.9% |","| Class WAMC | LU2132882379 | 5.6% | 14.1% |","1","Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on May 29, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","an allocation that provides an opportunity for a medium- to long-term return in euro.","The expected range of allocation for a “conservative” portfolio is for","- bond portfolio: up to 100%;","- equity portfolio: 0-40% and","- alternative portfolio: 0-15%.","In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary","policy of the central banks.","Against this backdrop, the","sub-fund DB Conservative SAA (EUR) achieved an increase in value of 5.3% per share in 2021 (SC share class; BVI method; in euro).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of","the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low,","in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Conservative SAA (EUR) was mainly exposed to bonds, including government and corporate bonds, and to a lesser extent equities, through investments in target funds globally.","Regionally, the invest- ment focus was on Europe.","In terms of sector allocation, the equity portfolio was broadly diversified.","With this orienta- tion, the sub-fund benefited during the reporting period from positive income in cor- porate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums.","The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a majorevent in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 217 549 115.79 | 71.95 |","| Equity funds | 65 117 651.36 | 21.55 |","| Other funds | 17 108 350.92 | 5.66 |","| Total investment fund units | 299 775 118.07 | 99.16 |","| 2. Cash at bank | 213 342.99 | 0.07 |","| 3. Other assets | 3 792 196.33 | 1.25 |","| 4. Receivables from share certificate transactions | 294 118.27 | 0.10 |","| II.","Liabilities | | |","| 1. Loan liabilities | -476 904.02 | -0.16 |","| 2. Other liabilities | -1 283 715.45 | -0.42 |","| III.","Net assets | 302 314 156.19 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 299 775 118.07 | 99.16 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 1 014 | 1 111 | 97 | EUR | 9 732.971 | 9 869 232.39 | 3.27 |","| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","| Units | 243 456 | 158 747 | 135 183 | EUR | 66.76 | 16 253 122.56 | 5.38 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 267 122 | 150 127 | 43 880 | EUR | 52.738 | 14 087 480.04 | 4.66 |","| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 311 201 | 171 497 | 4 115 | EUR | 162.33 | 50 517 258.33 | 16.71 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 1 026 740 | 589 347 | 12 132 | EUR | 17.079 | 17 535 179.09 | 5.80 |","| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 106 679 | 59 100 | 1 185 | EUR | 167.305 | 17 847 930.10 | 5.90 |","| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 74 481 | 39 728 | 681 | EUR | 207.77 | 15 474 917.37 | 5.12 |","| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 57 650 | 30 469 | 578 | EUR | 282.25 | 16 271 712.50 | 5.38 |","| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 54 448 | 30 122 | 440 | EUR | 247.16 | 13 457 367.68 | 4.45 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 303 718 | 164 785 | 27 392 | EUR | 23.835 | 7 239 118.53 | 2.39 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 6 122 851 | 6 193 328 | 70 477 | EUR | 5.323 | 32 593 160.44 | 10.78 |","| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) | Units | 284 494 | 180 727 | 9 520 | EUR | 133.97 | 38 113 661.18 | 12.61 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 693 | 693 | | EUR | 432.63 | 299 812.59 | 0.10 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 39 918 | 23 583 | 10 577 | EUR | 147.32 | 5 880 719.76 | 1.95 |","| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) | Units | 5 633 | 5 633 | | GBP | 112.51 | 755 579.73 | 0.25 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 21 623 | 21 728 | 105 | GBP | 128.912 | 3 323 217.12 | 1.10 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 9 936 | 5 604 | 1 507 | USD | 209.84 | 1 839 490.01 | 0.61 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 1 382 090 | 770 308 | 215 979 | USD | 5.383 | 6 563 844.42 | 2.17 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 58 441 | 33 460 | 10 419 | USD | 490.17 | 25 273 299.29 | 8.36 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 13 637 | 13 879 | 242 | USD | 138.5 | 1 666 349.86 | 0.55 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 40 247 | 16 873 | 9 258 | USD | 138.352 | 4 912 665.08 | 1.62 |","| Total securities portfolio | | | | | | | 299 775 118.07 | 99.16 |","| Cash at bank | | | | | | | 213 342.99 | 0.07 |","| Demand deposits at Depositary Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 50 139 | | | | | 59 776.09 | 0.02 |","| U.S. dollar | USD | 174 061 | | | | | 153 566.90 | 0.05 |","| Other assets | | | | | | | 3 792 196.33 | 1.25 |","| Prepaid placement fee * | | | | | | | 2 121 840.78 | 0.70 |","| Other receivables | | | | | | | 1 670 355.55 | 0.55 |","| Receivables from share certificate transactions | | | | | | | 294 118.27 | 0.10 |","| Total assets | | | | | | | 304 074 775.66 | 100.58 |","| Short-term liabilities | | | | | | | -476 904.02 | -0.16 |","| EUR loans | EUR | | | | | | -476 904.02 | -0.16 |","| Other liabilities | -1 283 715.45 | -0.42 |","| Additional other liabilities | -1 283 715.45 | -0.42 |","| Total liabilities | -1 760 619.47 | -0.58 |","| Net assets | 302 314 156.19 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class DPMC | EUR | 11 028.35 |","| Class LC | EUR | 104.13 |","| Class LC10 | EUR | 11 397.39 |","| Class PFC | EUR | 101.93 |","| Class SC | EUR | 11 356.94 |","| Class WAMC | EUR | 11 410.88 |","| Number of shares outstanding Class DPMC | Count | 149.000 |","| Class LC | Count | 402 437.000 |","| Class LC10 | Count | 9 565.000 |","| Class PFC | Count | 616 761.000 |","| Class SC | Count | 7 285.863 |","| Class WAMC | Count | 362.500 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 100.000 |","| --- | --- | --- |","| Highest market risk exposure | % | 119.315 |","| Average market risk exposure | % | 100.076 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","| Exchange rates (indirect quotes) | |","| --- | --- |","| | | As of December 30, 2021 |","| British pound\tGBP | 0.838785 | = EUR\t1 |","| U.S. dollar\tUSD | 1.133450 | = EUR\t1 |","| Notes on valuation | | |","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 1 304\t060.20Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t1 304 060.20","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-83 325.88","- Management fee EUR\t-1 244 737.43thereof:All-in fee EUR -1 244 737.43","- Legal and publication costs EUR\t-1 003.91","- Taxe d‘abonnement EUR\t-105 389.36","- Other expenses EUR\t-444 300.26thereof:Expenses from prepaidplacement fee 1 EUR\t-444 300.26Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-1 878 756.84","- Net investment expense.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-574 696.64","- Sale transactionsRealized gains/losses EUR\t3 087 398.70Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t3 087 398.70","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR 2 512\t702.06 Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . EUR\t137 073 970.71","- Net inflows","- 3","- EUR 155 282\t516.33","- Income adjustment EUR\t-931 898.16","- Net investment expense EUR\t-574 696.64","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR 3 087\t398.70","- Net change in unrealized appreciation/depreciation .","EUR 8 376\t865.25","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","EUR\t302 314 156.193 Reduced by a dilution fee in the amount of EUR 40 589.56 for the benefit of the fund’s assets.","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t3 087 398.70","from:","Securities transactions EUR\t3 028 611.44","(Forward) currency transactions EUR\t58 787.26","Details on the distribution policy*","1","For further information, please refer to the notes to the financial statements.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class DPMC 0.12% p.a.,\tClass LC 1.05%","2","Class LC10 0.21% p.a.,\tClass PFC 1.66%","2","Class SC 0.41% p.a.,\tClass WAMC 0.14% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class DPMC 0.30% p.a.,\tClass LC 1.23%","2","Class LC10 0.39% p.a.,\tClass PFC 1.84%","2","Class SC 0.59% p.a.,\tClass WAMC 0.32% p.a.","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 11 707.29.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Class DPMC","The income for the fiscal year is reinvested.","Class LC","The income for the fiscal year is reinvested.","Class LC10","The income for the fiscal year is reinvested.","Class PFC","The income for the fiscal year is reinvested.","Class SC","The income for the fiscal year is reinvested.","Class WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year | | | 2020 | Class DPMC | EUR | 10 441.01 |","| --- | --- | --- | --- | --- | --- | --- |","| 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 302 314 156.19 | | Class LC | EUR | – |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 137 073 970.71 | | Class LC10 | EUR | 10 800.17 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | – | | Class PFC | EUR | – |","| | | | | Class SC | EUR | 10 783.91 |","| Net asset value per share at the end of the fiscal year | | | | Class WAMC | EUR | 10 805.64 |","| 2021\tClass DPMC | EUR | 11 028.35 | 2019 | Class DPMC | EUR | – |","| Class LC | EUR | 104.13 | | Class LC | EUR | – |","| Class LC10 | EUR | 11 397.39 | | Class LC10 | EUR | – |","| Class PFC | EUR | 101.93 | | Class PFC | EUR | – |","| Class SC | EUR | 11 356.94 | | Class SC | EUR | – |","| Class WAMC | EUR | 11 410.88 | | Class WAMC | EUR | – |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.41% of all transactions.","The total volume was EUR 21 297 652.19.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve a medium- to long-term return in euro.","In order to achieve this objective, it seeks to hedge against capital losses of more than 10% on an annualized","DB CONSERVATIVE SAA (EUR) PLUS","Performance since inception","118","115","112","109","106","103","100","97","basis.","In order to achieve the","4/30/20* 6/20","9/20","12/20\t3/21","6/21","9/21","12/21","investment objective, the sub-fund seeks to invest in","DB Conservative SAA (EUR) Plus (SC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020 = 100","Data on euro basis","portfolios of three main asset","classes that are diversified between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return,","Past performance is no guide to future results.","As of: December 31, 2021","DB CONSERVATIVE SAA (EUR) PLUS","Performance of share classes (in euro)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class SC | LU2132883344 | 4.8% | 12.6% |","| Class DPMC | LU2132883260 | 5.2% | 9.1% |","| Class LC | LU2258442750 | – | 3.3% |","| Class LC10 | LU2132883427 | 5.0% | 12.9% |","| Class LC50 | LU2369020990 | – | 0.2% |","| Class PFC | LU2258442834 | – | 1.3% |","| Class WAMC | LU2132883690 | 5.2% | 13.3% |","1","Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on June 17, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021 / Class LC50 launched on September 7, 2021","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in euro.","The expected range of allocation for a “conservative” portfolio is for","- bond portfolio: up to 80%;","- equity portfolio: 20-60% and","- alternative portfolio: 0-15%.","In addition, the sub-fund aims to overweight euro areaassets in each of the portfolios in order to have a European focus.","In addition to allocating assets across the portfolios, the sub-fund manager seeksto implement a capital pres- ervation strategy, based on the advice of the investmentadvisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%on an annualized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.","The risk mitigation strat- egy includes investments in derivative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-tradedfunds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing inan ETF, the fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the","sub-fund DB Conservative SAA (EUR) Plus achieved an appreci- ation of 4.8% per share in 2021 (SC share class; BVI method; in euro).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in","new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","view of the weakened global\tIn the corporate bond markets,\teconomy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated","high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Conservative SAA (EUR) Plus was mainly exposed to bonds, including govern- ment and corporate bonds, and to a lesser extent equities, through investments in target funds globally.","Regionally,","the investment focus was on Europe.","In terms of sector allocation, the equity portfolio was broadly diversified.","With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 1 253 961 974.04 | 60.91 |","| Equity funds | 633 067 325.27 | 30.75 |","| Other funds | 139 879 937.32 | 6.80 |","| Total investment fund units | 2 026 909 236.63 | 98.46 |","| 2. Derivatives | 10 453 152.11 | 0.51 |","| 3. Cash at bank | 8 555 397.13 | 0.42 |","| 4. Other assets | 13 364 314.16 | 0.64 |","| 5. Receivables from share certificate transactions | 9 210 097.60 | 0.45 |","| II.","Liabilities | | |","| 1. Other liabilities | -9 624 786.49 | -0.46 |","| 2. Liabilities from share certificate transactions | -370 748.82 | -0.02 |","| III.","Net assets | 2 058 496 662.32 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 2 026 909 236.63 | 98.46 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 9 320 | 11 173 | 1 853 | EUR | 9 732.971 | 90 711 287.86 | 4.41 |","| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units Units | 3 964 880 2 177 180 | 3 173 825 1 764 681 | 181 396 158 426 | EUR EUR | 66.76 52.738 | 264 695 388.80 114 820 118.84 | 12.86 5.58 |","| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 1 929 857 | 1 545 598 | 58 037 | EUR | 162.33 | 313 273 686.81 | 15.22 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 6 962 936 | 5 887 650 | 190 511 | EUR | 17.079 | 118 916 502.48 | 5.78 |","| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 987 518 | 869 035 | 28 005 | EUR | 167.305 | 165 216 698.99 | 8.02 |","| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 598 607 | 508 519 | 8 493 | EUR | 207.77 | 124 372 576.39 | 6.04 |","| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 288 736 | 204 056 | 1 958 | EUR | 282.25 | 81 495 736.00 | 3.96 |","| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 503 577 | 443 091 | 14 283 | EUR | 247.16 | 124 464 091.32 | 6.04 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 2 062 876 | 1 667 829 | 140 790 | EUR | 23.835 | 49 168 649.46 | 2.39 |","| iShares II PLC - iShares Barclays Euro Government Bond 3-5 (IBGX) EUR - (0.200%) | Units | 108 328 | 119 631 | 11 303 | EUR | 172.74 | 18 712 578.72 | 0.91 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 18 894 356 | 19 424 173 | 529 817 | EUR | 5.323 | 100 578 435.86 | 4.89 |","| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) | Units | 1 001 251 | 830 580 | 94 883 | EUR | 133.97 | 134 137 596.47 | 6.52 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) | Units | 1 709 | 1 709 | | EUR | 153.76 | 262 775.84 | 0.01 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 5 638 | 4 923 | | EUR | 432.63 | 2 439 167.94 | 0.12 |","| iShares VII PLC - iShares EUR Govt Bond 7-10yr UCITS ETF EUR (Acc) EUR - (0.200%) | Units | 161 000 | 164 100 | 3 100 | EUR | 171.27 | 27 574 470.00 | 1.34 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 271 118 | 260 447 | 113 217 | EUR | 147.32 | 39 941 103.76 | 1.94 |","| Multi Units Luxembourg SICAV - Lyxor Euro Government Bond 7-10Y (DR) UCITS ETF EUR - (0.170%) | Units | 224 405 | 245 627 | 21 222 | EUR | 188.07 | 42 203 848.35 | 2.05 |","| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) | Units | 20 524 | 20 524 | | GBP | 112.51 | 2 752 976.81 | 0.13 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 583 125 | 600 516 | 17 391 | GBP | 128.912 | 89 619 894.67 | 4.35 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 278 458 | 279 214 | 145 500 | USD | 490.17 | 120 421 491.30 | 5.85 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 2 614 | 2 614 | | USD | 490.046 | 1 130 159.96 | 0.05 |","| Total securities portfolio | | | | | | | 2 026 909 236.63 | 98.46 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 10 453 152.11 | 0.51 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 400 EUR (DB) | Count | 9 785 | 9 939 | 154 | | | 8 331 927.50 | 0.40 |","| Put FTSE MIB Index Futures 09/2022 5 700 GBP (DB) | Count | 497 | 497 | | | | 568 822.86 | 0.03 |","| Put S & P 500 Futures 09/2022 3 800 USD (DB) | Count | 179 | 186 | 7 | | | 1 552 401.75 | 0.08 |","| Cash at bank | | | | | | | 8 555 397.13 | 0.42 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 6 932 646.62 | 0.34 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 339 575 | | | | | 404 841.19 | 0.02 |","| U.S. dollar | USD | 1 380 439 | | | | | 1 217 909.32 | 0.06 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other assets | 13 364 314.16 | 0.64 |","| Prepaid placement fee * | 12 658 280.74 | 0.61 |","| Other receivables | 706 033.42 | 0.03 |","| Receivables from share certificate transactions | 9 210 097.60 | 0.45 |","| Total assets ** | 2 068 492 197.63 | 100.48 |","| Other liabilities | -9 624 786.49 | -0.46 |","| Additional other liabilities | -9 624 786.49 | -0.46 |","| Liabilities from share certificate transactions | -370 748.82 | -0.02 |","| Total liabilities | -9 995 535.31 | -0.48 |","| Net assets | 2 058 496 662.32 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class DPMC | EUR | 10 907.63 |","| Class LC | EUR | 103.34 |","| Class LC10 | EUR | 11 294.83 |","| Class LC50 | EUR | 10 019.10 |","| Class PFC | EUR | 101.26 |","| Class SC | EUR | 11 256.76 |","| Class WAMC | EUR | 11 332.55 |","| Number of shares outstanding Class DPMC | Count | 8 767.000 |","| Class LC | Count | 4 899 723.000 |","| Class LC10 | Count | 29 689.000 |","| Class LC50 | Count | 7 516.000 |","| Class PFC | Count | 3 735 610.000 |","| Class SC | Count | 54 660.327 |","| Class WAMC | Count | 4 617.369 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 52.882 |","| --- | --- | --- |","| Highest market risk exposure | % | 86.818 |","| Average market risk exposure | % | 70.820 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 78 689 282.14 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Exchange rates (indirect quotes)","As of December 30, 2021","| British pound\tGBP | 0.838785 | = EUR | 1 |","| --- | --- | --- | --- |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnotes","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","** Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 7 855\t839.41Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t7 855 839.41","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-670 659.54","- Management fee EUR\t-12 911 217.59thereof:","| 3. Legal and publication costs | EUR | -6 574.05 | |","| --- | --- | --- | --- |","| 4. Taxe d‘abonnement | EUR | -832 543.52 | | |","| 5. Other expenses thereof: | EUR | -2 844 970.12 | Summary of gains/losses | 2021 |","All-in fee EUR -12 911 217.59","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . EUR\t441 422 189.57","- Net inflows","- 3","- EUR 1 577 497\t339.27","- Income adjustment EUR 1 170\t235.77","- Ordinary net expense EUR\t-9 410 125.41","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR 1 999\t894.15","- Net change in unrealized appreciation/depreciation .","EUR 45 817\t128.97","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","EUR\t2 058 496 662.323 Reduced by a dilution fee in the amount of EUR 282 485.18 for the benefit of the fund’s assets.","Expenses from prepaid","placement fee","1","EUR -2 844 970.12","Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-17 265 964.82","- Net investment expense.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-9 410 125.41Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t1 999 894.15from:Securities transactions EUR\t18 310 590.80","| IV.","Sale transactions Realized gains/losses | EUR | 1 999 894.15 | Derivatives and other financial futures transactions ...","EUR\t-16 855 092.87 |","| --- | --- | --- | --- |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 1 999 894.15 | Details on the distribution policy*\t |","| V. Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","| EUR | -7 410 231.26 | |","| 1 For further information, please refer to the notes to the financ | | | Class DPMC |","(Forward) currency transactions EUR\t544 396.22","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","ial statements.","The income for the fiscal year is reinvested.","Class LC","Class DPMC 0.16% p.a.,\tClass LC 1.24% p.a.,","Class LC10 0.38% p.a.,\tClass LC50 0.28%","2","Class PFC 1.89%","2",",\tClass SC 0.58%","2","Class WAMC 0.18% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class DPMC 0.32% p.a.,\tClass LC 1.39% p.a.,","Class LC10 0.54% p.a.,\tClass LC50 0.43%","2","Class PFC 2.05%","2",",\tClass SC 0.73%","2","Class WAMC 0.33% p.a.","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 117 252.55.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","The income for the fiscal year is reinvested.","Class LC10","The income for the fiscal year is reinvested.","Class LC50","The income for the fiscal year is reinvested.","Class PFC","The income for the fiscal year is reinvested.","Class SC","The income for the fiscal year is reinvested.","Class WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year | | | 2020 | Class DPMC | EUR | 10 364.46 |","| --- | --- | --- | --- | --- | --- | --- |","| 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 2 058 496 662.32 | | Class LC | EUR | 10 740.97 |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 441 422 189.57 | | Class LC10 | EUR | 10 755.75 |","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-","Net asset value per share at the end of the fiscal year","Class LC50 EUR\t-","Class PFC EUR\t-","Class SC EUR\t-","| 2021\tClass DPMC | EUR | 10 907.63 | | Class WAMC | EUR | 10 769.93 |","| --- | --- | --- | --- | --- | --- | --- |","| Class LC | EUR | 103.34 | 2019 | Class DPMC | EUR | - |","| Class LC10 | EUR | 11 294.83 | | Class LC | EUR | - |","| Class LC50 | EUR | 10 019.10 | | Class LC10 | EUR | - |","| Class PFC | EUR | 101.26 | | Class LC50 | EUR | - |","| Class SC | EUR | 11 256.76 | | Class PFC | EUR | - |","| Class WAMC | EUR | 11 332.55 | | Class SC | EUR | - |","| | | | | Class WAMC | EUR | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 13.66% of all transactions.","The total volume was EUR 291 376 264.65.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve a medium- to long-term return in","U.S. dollars.","In order to achieve the investment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified","DB CONSERVATIVE SAA (USD)","Performance since inception","118","115","112","109","106","103","100","97","4/30/20* 6/20\t12/20\t6/21","12/21","between each other and within themselves.","These are a bond","DB Conservative SAA (USD) (USD LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020 = 100","Data on U.S. dollar basis","portfolio, an equity portfolio","and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each","Past performance is no guide to future results.","As of: December 31, 2021","DB CONSERVATIVE SAA (USD)","Performance of share classes (in USD)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class USD LC | LU2132880753 | 2.8% | 16.2% |","| Class USD DPMC | LU2132880670 | – | 4.9% |","| Class USD LC10 | LU2132880837 | 3.0% | 16.6% |","| Class USD WAMC | LU2132880910 | 3.0% | 16.7% |","1","Classes USD LC, USD LC10 and WAMC launched on April 30, 2020 / Class USD DPMC launched on March 8, 2021 “BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars.","The expected range of alloca- tion for a “conservative” port- folio is for","a) bond portfolio: up to 100%;","b) equity portfolio:","0-40% and","c) alternative port- folio: 0-15%.","In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.","Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-","ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the","sub-fund DB Conservative SAA (USD) achieved an appreciation of 2.8% per share in 2021 (USD LC share class; BVI method; in","U.S. dollars).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price","development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors,","caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets,","high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the DB Conservative SAA (USD) sub- fund was mainly exposed to bonds, including government and corporate bonds, and","to a lesser extent equities, through investments in target funds globally.","Regionally, the investment focus was on North America.","In terms of sector allocation, the equity portfolio was broadly diversified.","With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums.","The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Other funds | 814 743.49 | 5.41 |","| Equity funds | 3 376 419.24 | 22.43 |","| Bond funds | 10 858 548.55 | 72.09 |","| Total investment fund units | 15 049 711.28 | 99.93 |","| 2. Cash at bank | 107 979.40 | 0.72 |","| 3. Other assets | 348 748.70 | 2.32 |","| II.","Liabilities | | |","| 1. Other liabilities | -6 126.96 | -0.04 |","| 2. Liabilities from share certificate transactions | -440 795.44 | -2.93 |","| III.","Net assets | 15 059 516.98 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tUSD |","| Investment fund units | | | | | | | 15 049 711.28 | 99.93 |","| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","| Units | 6 169 | 5 956 | 4 903 | EUR | 66.76 | 466 802.88 | 3.10 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 9 081 | 7 770 | 3 743 | EUR | 52.738 | 542 824.90 | 3.61 |","| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 144 629 | 109 833 | 19 101 | EUR | 13.994 | 2 293 951.13 | 15.23 |","| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 60 469 | 47 094 | 6 279 | EUR | 12.858 | 881 235.02 | 5.85 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 44 | 46 | 2 | USD | 10 408.589 | 455 136.38 | 3.02 |","| Non-group fund units Amundi Index Solutions - Amundi Prime US Corporates UCITS ETF DR EUR - (0.030%) | Units | 60 670 | 46 038 | 8 219 | EUR | 18.292 | 1 257 875.37 | 8.35 |","| Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 13 311 | 8 225 | 1 019 | EUR | 23.835 | 359 607.11 | 2.39 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 1 741 | 1 397 | 595 | EUR | 147.32 | 290 711.97 | 1.93 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 1 788 | 1 887 | 99 | GBP | 128.912 | 311 467.49 | 2.07 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 300 936 | 269 001 | 34 551 | USD | 5.955 | 1 792 073.88 | 11.90 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 2 786 | 2 242 | 418 | USD | 209.84 | 584 614.24 | 3.88 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 379 034 | 296 831 | 48 710 | USD | 5.383 | 2 040 340.02 | 13.55 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 3 600 | 2 780 | 770 | USD | 490.17 | 1 764 612.00 | 11.72 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 14 517 | 11 182 | 1 874 | USD | 138.352 | 2 008 458.89 | 13.33 |","| Total securities portfolio | | | | | | | 15 049 711.28 | 99.93 |","| Cash at bank | | | | | | | 107 979.40 | 0.72 |","| Demand deposits at Depositary EUR deposits | EUR | 66 108 | | | | | 74 929.68 | 0.50 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 2 301 | | | | | 3 109.69 | 0.02 |","| U.S. dollar | USD | | | | | | 29 940.03 | 0.20 |","| Other assets | | | | | | | 348 748.70 | 2.32 |","| Other receivables | | | | | | | 348 748.70 | 2.32 |","| Total assets | | | | | | | 15 506 439.38 | 102.97 |","| Other liabilities | | | | | | | -6 126.96 | -0.04 |","| Liabilities from cost items | | | | | | | -6 126.96 | -0.04 |","| Liabilities from share certificate transactions | | | | | | | -440 795.44 | -2.93 |","| Total liabilities | | | | | | | -446 922.40 | -2.97 |","| Net assets | | | | | | | 15 059 516.98 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class USD DPMC | USD | 10 490.05 |","| Class USD LC | USD | 11 619.30 |","| Class USD LC10 | USD | 11 660.13 |","| Class USD WAMC | USD | 11 671.85 |","| Number of shares outstanding Class USD DPMC | Count | 144.219 |","| Class USD LC | Count | 993.296 |","| Class USD LC10 | Count | 2.000 |","| Class USD WAMC | Count | 169.804 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 100.000 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.000 |","| Average market risk exposure | % | 100.000 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| Euro\tEUR | 0.882262 | = USD | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.740028 | = USD | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 263\t022.07Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t263 022.07","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-726.16","- Management fee USD\t-49 387.70thereof:All-in fee USD\t-49 387.70 Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . USD\t5 473 526.54","- Net inflows USD 9 348\t812.21","- Income adjustment USD\t-198 558.41","- Net investment income USD 206\t258.11","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD 280\t470.94","- Net change in unrealized appreciation/depreciation .","USD\t- 50 992.41","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","USD\t15 059 516.98","| 3. Legal and publication costs | USD | -51.33 | |","| --- | --- | --- | --- |","| 4. Taxe d‘abonnement | USD | -6 598.77 | Summary of gains/losses | | 2021 |","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| USD | -56 763.96 | Realized gains/losses (incl. income adjustment).",". . . .",". .","| USD | 280 470.94 |","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD 206\t258.11","- Sale transactionsRealized gains/losses USD\t280 470.94Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t280 470.94","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","USD 486\t729.05BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.14%1,\tClass USD LC 0.45% p.a.,Class USD LC10 0.24% p.a.,\tClass USD WAMC 0.17% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class USD DPMC 0.28%","1",",\tClass USD LC 0.59% p.a.,","Class USD LC10 0.38% p.a.,\tClass USD WAMC 0.31% p.a.","1","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 1 383.50.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","from:","Securities transactions USD\t284 843.48","(Forward) currency transactions USD\t-4 372.54","Details on the distribution policy*","Class USD DPMC","The income for the fiscal year is reinvested.","Class USD LC","The income for the fiscal year is reinvested.","Class USD LC10","The income for the fiscal year is reinvested.","Class USD WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 15 059 516.98 |","| --- | --- | --- |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 5 473 526.54 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | - |","| Net asset value per share at the end of the fiscal year | | |","| 2021 | Class USD DPMC | USD | 10 490.05 |","| | Class USD LC | USD | 11 619.30 |","| | Class USD LC10 | USD | 11 660.13 |","| | Class USD WAMC | USD | 11 671.85 |","| 2020 | Class USD DPMC | USD | - |","| | Class USD LC | USD | 11 308.06 |","| | Class USD LC10 | USD | 11 323.94 |","| | Class USD WAMC | USD | 11 327.84 |","| 2019 | Class USD DPMC | USD | - |","| | Class USD LC | USD | - |","| | Class USD LC10 | USD | - |","| | Class USD WAMC | USD | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.34% of all transactions.","The total volume was USD 777 455.79.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve a medium- to long-term return in U.S. dollars.","In order to achieve this objective, it seeks to hedge against capital losses of more than 10% on an annu-","DB CONSERVATIVE SAA (USD) PLUS","Performance since inception","118","115","112","109","106","103","100","97","alized basis.","In order to achieve","4/30/20*","9/20\t12/20","3/21","6/21\t9/21","12/21","the investment objective, the sub-fund seeks to invest in","DB Conservative SAA (USD) Plus (USD LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020 = 100 Data on U.S. dollar basis","portfolios of three main asset classes that are diversified between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-","Past performance is no guide to future results.","As of: December 31, 2021","DB CONSERVATIVE SAA (USD) PLUS","Performance of share classes (in USD)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class USD LC | LU2132879318 | 2.3% | 15.0% |","| Class USD DPMC | LU2132879235 | 2.7% | 8.3% |","| Class USD LC10 | LU2132879409 | 2.5% | 15.4% |","| Class USD WAMC | LU2132879581 | 2.7% | 15.7% |","| Class GBP DPMCH 2 | LU2208050182 | 2.9% | 8.0% |","1","Classes USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on July 14, 2020 / Class GBP DPMCH launched on September 28, 2020","2 in GBP","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","tion approach which takes into account the expected return, volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars.","The expected range of alloca- tion for a “conservative” port- folio is for","a) bond portfolio:","up to 80%;","b) equity portfolio: 20-60% and","c) alternative port- folio: 0-15%.","In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for it to have a U.S. focus.","In addition to allocating assets","across the portfolios, the sub- fund manager seeks to imple- ment a capital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10% on an annu- alized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the poten- tial loss of the sub-fund during a rolling 12-month period.","The risk mitigation strategy includes investments in derivative finan- cial instruments.","Positions","in the portfolios are primar- ily entered into as follows: Through an investment in one","or more exchange-traded funds (each an ETF) or other collec- tive investment undertakings or, for exposure to individual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in","an ETF, the fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the","sub-fund DB Conservative SAA (USD) Plus achieved an appre- ciation of 2.3% per share in 2021 (USD LC share class; BVI method; in U.S. dollars).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price","ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets,","bonds, which were accompa- nied by reduced risk premiums.","The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","development in the financial\thigh-yield securities posted\tmarkets.","Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors,","caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari-","price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Conservative SAA (USD) Plus was mainly exposed to bonds, including govern- ment and corporate bonds, and to a lesser extent equities, through investments in target funds globally.","Regionally, the investment focus was on North America.","In terms of sector allocation, the equity portfolio was broadly diversified.","With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Other funds | 24 595 136.54 | 6.47 |","| Equity funds | 117 714 140.39 | 30.94 |","| Bond funds | 234 235 576.64 | 61.55 |","| Total investment fund units | 376 544 853.57 | 98.96 |","| 2. Derivatives | 2 280 671.06 | 0.60 |","| 3. Cash at bank | 3 038 150.67 | 0.80 |","| 4. Other assets | 1 557 299.01 | 0.41 |","| 5. Receivables from share certificate transactions | 45 898.72 | 0.01 |","| II.","Liabilities | | |","| 1. Other liabilities | -1 924 832.12 | -0.50 |","| 2. Liabilities from share certificate transactions | -1 046 618.36 | -0.28 |","| III.","Net assets | 380 495 422.55 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Investment fund units | | | | | | | 376 544 853.57 | 98.96 |","| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","| Units | 155 383 | 119 368 | 295 225 | EUR | 66.76 | 11 757 696.78 | 3.09 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 341 294 | 166 326 | 54 787 | EUR | 52.738 | 20 401 154.04 | 5.36 |","| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 3 027 913 | 1 578 657 | 467 865 | EUR | 13.994 | 48 025 530.48 | 12.62 |","| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 1 258 286 | 632 306 | 239 735 | EUR | 12.858 | 18 337 423.86 | 4.82 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 1 524 | 3 166 | 1 642 | USD | 10 408.589 | 15 858 880.24 | 4.17 |","| Non-group fund units Amundi Index Solutions - Amundi Prime US Corporates UCITS ETF DR EUR - (0.030%) | Units | 1 472 000 | 681 559 | 356 083 | EUR | 18.292 | 30 519 079.37 | 8.02 |","| Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 323 376 | 136 401 | 74 426 | EUR | 23.835 | 8 736 256.30 | 2.30 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 42 502 | 25 591 | 43 947 | EUR | 147.32 | 7 096 978.72 | 1.87 |","| Vanguard Funds PLC - Vanguard USD Corporate Bond UCITS ETF EUR - (0.090%) | Units | 107 558 | 146 792 | 39 234 | EUR | 53.06 | 6 468 631.18 | 1.70 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 45 839 | 51 708 | 5 869 | GBP | 128.912 | 7 985 099.44 | 2.10 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 3 757 268 | 1 751 042 | 565 482 | USD | 5.955 | 22 374 530.94 | 5.88 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 64 086 | 31 413 | 21 226 | USD | 209.84 | 13 447 806.24 | 3.53 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 1 151 | 1 151 | | USD | 209.9 | 241 594.90 | 0.06 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 8 862 711 | 5 163 956 | 1 420 524 | USD | 5.383 | 47 707 973.31 | 12.54 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 143 773 | 73 295 | 38 883 | USD | 490.17 | 70 473 211.41 | 18.52 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 195 178 | 155 041 | 72 843 | USD | 138.5 | 27 032 153.00 | 7.10 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 145 143 | 5 525 | 628 | USD | 138.352 | 20 080 853.36 | 5.28 |","| Total securities portfolio | | | | | | | 376 544 853.57 | 98.96 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 2 075 682.47 | 0.55 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 100 EUR (DB) | Count | 537 | 537 | | | | 340 242.47 | 0.09 |","| Put S & P 500 Futures 06/2022 3 550 USD (DB) | Count | 15 | 15 | | | | 60 675.00 | 0.02 |","| Put S & P 500 Futures 06/2022 3 800 USD (DB) | Count | 81 | 81 | | | | 458 055.00 | 0.12 |","| Put S & P 500 Futures 06/2022 4 350 USD (DB) | Count | 99 | 102 | 3 | | | 1 216 710.00 | 0.32 |","| Currency derivatives Receivables/payables | | | | | | | 204 988.59 | 0.05 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (long) | | | | | | | | |","| Open positions GBP/USD 12.2 million | | | | | | | 283 755.09 | 0.07 |","| Closed positions GBP/USD 12.2 million | | | | | | | -78 766.50 | -0.02 |","| Cash at bank | | | | | | | 3 038 150.67 | 0.80 |","| Demand deposits at Depositary EUR deposits | EUR | 543 721 | | | | | 616 280.81 | 0.16 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 91 216 | | | | | 123 259.65 | 0.03 |","| U.S. dollar | USD | | | | | | 2 298 610.21 | 0.61 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other assets | 1 557 299.01 | 0.41 |","| Other receivables | 1 557 299.01 | 0.41 |","| Receivables from share certificate transactions | 45 898.72 | 0.01 |","| Total assets* | 383 545 639.53 | 100.80 |","| Other liabilities | -1 924 832.12 | -0.50 |","| Additional other liabilities | -1 924 832.12 | -0.50 |","| Liabilities from share certificate transactions | -1 046 618.36 | -0.28 |","| Total liabilities | -3 050 216.98 | -0.80 |","| Net assets | 380 495 422.55 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class GBP DPMCH | GBP | 10 797.19 |","| Class USD DPMC | USD | 10 830.32 |","| Class USD LC | USD | 11 497.79 |","| Class USD LC10 | USD | 11 535.95 |","| Class USD WAMC | USD | 11 573.11 |","| Number of shares outstanding Class GBP DPMCH | Count | 1 135.948 |","| Class USD DPMC | Count | 1 397.000 |","| Class USD LC | Count | 17 899.069 |","| Class USD LC10 | Count | 2 351.893 |","| Class USD WAMC | Count | 10 011.200 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 46.054 |","| --- | --- | --- |","| Highest market risk exposure | % | 90.674 |","| Average market risk exposure | % | 74.772 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 19 458 056.89 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Contracting parties for forward currency transactions","Royal Bank of Canada (UK) and State Street Bank International GmbH.","Exchange rates (indirect quotes)","As of December 30, 2021","| Euro\tEUR | 0.882262 | = USD | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.740028 | = USD | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnote","* Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 5 731\t971.95Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t5 731 971.95","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-4 217.57","- Management fee USD\t-1 510 350.99thereof:All-in fee USD -1 510 350.99","- Legal and publication costs USD\t-1 295.60","- Taxe d‘abonnement USD\t-109 152.75","- Other expenses USD\t-57 969.27Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t-1 682 986.18","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t4 048 985.77","- Sale transactionsRealized gains/losses USD\t63 236 941.34Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t63 236 941.34","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","USD\t67 285 927.11BVI total expense ratio (TER)The total expense ratio for the share classes was:Class GBP DPMCH 0.21% p.a.,\tClass USD DPMC 0.18% p.a.,Class USD LC 0.61% p.a.,\tClass USD LC10 0.41% p.a., Class USD WAMC 0.22% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class GBP DPMCH 0.33% p.a.,\tClass USD DPMC 0.30% p.a.,","Class USD LC 0.73% p.a.,\tClass USD LC10 0.53% p.a., Class USD WAMC 0.33% p.a.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 24 410.21.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . USD\t263 486 036.69","- Net inflows USD 108 462\t954.57","- Income adjustment USD\t-62 173 160.26","- Net investment income USD 4 048\t985.77","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD 63 236\t941.34","- Net change in unrealized appreciation/depreciation .","USD 3 433\t664.44","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","USD\t380 495 422.55Summary of gains/losses\t2021Realized gains/losses (incl. income adjustment).",". . . .",". .","USD\t63 236 941.34from:Securities transactions USD\t9 060 467.11(Forward) currency transactions USD\t61 374 890.38Derivatives and other financial futures transactions 1 .","USD\t-7 198 416.151 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","Class GBP DPMCH","The income for the fiscal year is reinvested.","Class USD DPMC","The income for the fiscal year is reinvested.","Class USD LC","The income for the fiscal year is reinvested.","Class USD LC10","The income for the fiscal year is reinvested.","Class USD WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 380 495 422.55 |","| --- | --- | --- |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 263 486 036.69 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | - |","| Net asset value per share at the end of the fiscal year | | |","| 2021 | Class GBP DPMCH | GBP | 10 797.19 |","| | Class USD DPMC | USD | 10 830.32 |","| | Class USD LC | USD | 11 497.79 |","| | Class USD LC10 | USD | 11 535.95 |","| | Class USD WAMC | USD | 11 573.11 |","| 2020 | Class GBP DPMCH | GBP | 10 489.23 |","| | Class USD DPMC | USD | 10 545.18 |","| | Class USD LC | USD | 11 243.45 |","| | Class USD LC10 | USD | 11 258.04 |","| | Class USD WAMC | USD | 11 272.43 |","| 2019 | Class GBP DPMCH | GBP | - |","| | Class USD DPMC | USD | - |","| | Class USD LC | USD | - |","| | Class USD LC10 | USD | - |","| | Class USD WAMC | USD | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.86 % of all transactions.","The total volume was USD 35 088 654.82.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve long-term capital appreciation.","In order to achieve the invest- ment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified between each","DB GROWTH SAA (EUR)","Performance since inception","142","135","128","121","114","107","100","93","4/30/20*6/20","12/20\t6/21","12/21","other and within themselves.","These are a bond portfolio, an","DB Growth SAA (EUR) (SC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020= 100","Data on euro basis","equity portfolio and an alterna- tive portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation in each portfolio.","The invest- ment advisor endeavors to recommend an allocation that","Past performance is no guide to future results.","As of: December 31, 2021","DB GROWTH SAA (EUR)","Performance of share classes (in euro)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class SC | LU2132882965 | 15.9% | 36.1% |","| Class DPMC | LU2132882882 | 16.4% | 22.3% |","| Class LC | LU2258449417 | – | 13.4% |","| Class LC10 | LU2132883005 | 16.1% | 36.5% |","| Class PFC | LU2258449508 | – | 7.6% |","| Class WAMC | LU2132883187 | 16.3% | 36.9% |","1","Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on August 27, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","provides an opportunity for long-term capital appreciation.","The expected range of alloca- tion for a “growth-oriented” portfolio is for","a) bond portfolio: up to 60%;","b) equity portfolio: 40-80% and","c) alternative port- folio: 0-15%.","In addition, the sub-fund aims to overweight euro area assets in each of","the portfolios in order to have a European focus.","Positions in the portfolios are primar- ily entered into as follows:","Through an investment in one or more exchange-traded funds (each an ETF) or other collec-","tive investment undertakings or, for exposure to individual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the sub- fund DB SAA (EUR) achieved an appreciation of 15.9% per share in 2021 (SC share class; BVI method; in euro).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic*","and its social and economic consequences for the global community.","In contrast, the extremely loose monetary","and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer","into account the EU criteria for environmentally sustainable economic activities.","policy of the central banks of\tend of maturity in the report-\tthe industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back-","drop of high global debt levels","ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the DB Growth SAA (EUR) sub-fund was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.","The equity portfolio, which represented the investment focus on the reporting date, was broadly diversified in terms of sector allocation.","With this orientation, the sub-fund profited in partic- ular from the appreciable price increases in the equity markets.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 96 112 000.99 | 27.51 |","| Equity funds | 232 821 864.74 | 66.65 |","| Other funds | 18 438 818.57 | 5.28 |","| Total investment fund units | 347 372 684.30 | 99.44 |","| 2. Cash at bank | 664 716.41 | 0.19 |","| 3. Other assets | 2 131 622.44 | 0.61 |","| 4. Receivables from share certificate transactions | 265 076.28 | 0.08 |","| II.","Liabilities | | |","| 1. Other liabilities | -475 497.62 | -0.14 |","| 2. Liabilities from share certificate transactions | -623 734.69 | -0.18 |","| III.","Net assets | 349 334 867.12 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 347 372 684.30 | 99.44 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 1 077 | 1 193 | 116 | EUR | 9 732.971 | 10 482 409.55 | 3.00 |","| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","| Units | 801 294 | 580 327 | 105 848 | EUR | 66.76 | 53 494 387.44 | 15.31 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 880 007 | 635 318 | 62 755 | EUR | 52.738 | 46 409 809.17 | 13.29 |","| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 214 727 | 160 727 | 3 558 | EUR | 162.33 | 34 856 633.91 | 9.98 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 375 340 | 278 190 | 6 629 | EUR | 17.079 | 6 410 244.19 | 1.83 |","| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 32 109 | 23 360 | 2 694 | EUR | 167.305 | 5 371 996.25 | 1.54 |","| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 22 005 | 16 177 | 2 594 | EUR | 207.77 | 4 571 978.85 | 1.31 |","| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 17 246 | 12 736 | 2 037 | EUR | 282.25 | 4 867 683.50 | 1.39 |","| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 16 541 | 11 860 | 1 133 | EUR | 247.16 | 4 088 273.56 | 1.17 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 333 812 | 232 846 | 4 764 | EUR | 23.835 | 7 956 409.02 | 2.28 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 4 277 946 | 4 289 206 | 11 260 | EUR | 5.323 | 22 772 362.15 | 6.52 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) | Units | 108 | 108 | | EUR | 153.76 | 16 606.08 | 0.01 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 3 720 | 3 720 | | EUR | 432.63 | 1 609 383.60 | 0.46 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 153 468 | 111 032 | 8 998 | EUR | 147.32 | 22 608 905.76 | 6.47 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 118 041 | 118 418 | 377 | GBP | 128.912 | 18 141 602.55 | 5.19 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 9 112 | 7 591 | 86 | USD | 209.84 | 1 686 939.72 | 0.48 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 1 205 669 | 1 016 263 | 15 797 | USD | 5.383 | 5 725 982.93 | 1.64 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 157 268 | 112 438 | 8 633 | USD | 490.17 | 68 011 862.09 | 19.47 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 42 099 | 38 898 | 655 | USD | 138.5 | 5 144 215.19 | 1.47 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 4 908 | 307 | | USD | 138.352 | 599 084.66 | 0.17 |","| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 280 728 | 208 632 | 9 123 | USD | 91.03 | 22 545 914.13 | 6.46 |","| Total securities portfolio | | | | | | | 347 372 684.30 | 99.44 |","| Cash at bank | | | | | | | 664 716.41 | 0.19 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 472 681.98 | 0.14 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 94 865 | | | | | 113 097.43 | 0.03 |","| U.S. dollar | USD | 89 471 | | | | | 78 937.00 | 0.02 |","| Other assets | | | | | | | 2 131 622.44 | 0.61 |","| Dividends/Distributions receivable | | | | | | | 59 123.63 | 0.02 |","| Prepaid placement fee * | | | | | | | 1 405 464.33 | 0.40 |","| Other receivables | | | | | | | 667 034.48 | 0.19 |","| Receivables from share certificate transactions | | | | | | | 265 076.28 | 0.08 |","| Total assets | | | | | | | 350 434 099.43 | 100.32 |","| Other liabilities | | | | | | | -475 497.62 | -0.14 |","| Liabilities from cost items | | | | | | | -261 301.65 | -0.08 |","| Additional other liabilities | | | | | | | -214 195.97 | -0.06 |","| Liabilities from share certificate transactions | | | | | | | -623 734.69 | -0.18 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Total liabilities | | | | | | | -1 099 232.31 | -0.32 |","| Net assets | | | | | | | 349 334 867.12 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class DPMC | EUR | 12 231.48 |","| Class LC | EUR | 113.41 |","| Class LC10 | EUR | 13 651.53 |","| Class PFC | EUR | 107.59 |","| Class SC | EUR | 13 606.28 |","| Class WAMC | EUR | 13 690.61 |","| Number of shares outstanding Class DPMC | Count | 1 130.000 |","| Class LC | Count | 761 197.000 |","| Class LC10 | Count | 2 499.500 |","| Class PFC | Count | 388 019.000 |","| Class SC | Count | 9 977.149 |","| Class WAMC | Count | 2 743.900 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 99.964 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.017 |","| Average market risk exposure | % | 100.000 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| British pound\tGBP | 0.838785 | = EUR | 1 |","| --- | --- | --- | --- |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnote","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 882\t997.66Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t882 997.66","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-65 925.84","- Management fee EUR\t-2 175 922.51thereof:All-in fee EUR -2 175 922.51","- Legal and publication costs EUR\t-1 083.96","- Taxe d‘abonnement EUR\t-156 391.61","- Other expenses EUR\t-284 106.45thereof:Expenses from prepaidplacement fee 1 EUR\t-284 106.45Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-2 683 430.37","- Net investment expense.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-1 800 432.71","- Sale transactionsRealized gains/losses EUR\t6 641 536.87Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t6 641 536.87","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR 4 841\t104.161 For further information, please refer to the notes to the financial statements.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class DPMC 0.12% p.a.,\tClass LC 1.46%","2","Class LC10 0.33% p.a.,\tClass PFC 1.82%","2","Class SC 0.53% p.a.,\tClass WAMC 0.15% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class DPMC 0.28% p.a.,\tClass LC 1.61%","2","Class LC10 0.48% p.a.,\tClass PFC 1.97%","2","Class SC 0.68% p.a.,\tClass WAMC 0.30% p.a.","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 16 089.27.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . EUR\t93 770 013.97","- Net inflows","- 3","- EUR 226 147\t404.15","- Income adjustment EUR\t-2 702 272.73","- Net investment expense EUR\t-1 800 432.71","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR 6 641\t536.876.","Net change in unrealized appreciation/depreciation .","EUR\t27 278 617.57","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","EUR\t349 334 867.123 Reduced by a dilution fee in the amount of EUR 98 135.41 for the benefit of the fund’s assets.","Summary of gains/losses\t2021","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t6 641 536.87","from:","Securities transactions EUR\t6 475 331.90","(Forward) currency transactions EUR\t166 204.97","Details on the distribution policy*","Class DPMC","The income for the fiscal year is reinvested.","Class LC","The income for the fiscal year is reinvested.","Class LC10","The income for the fiscal year is reinvested.","Class PFC","The income for the fiscal year is reinvested.","Class SC","The income for the fiscal year is reinvested.","Class WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year | | | 2020 | Class DPMC | EUR | 10 509.91 |","| --- | --- | --- | --- | --- | --- | --- |","| 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 349 334 867.12 | | Class LC | EUR | - |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 93 770 013.97 | | Class LC10 | EUR | 11 753.59 |","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-","Net asset value per share at the end of the fiscal year","Class PFC EUR\t-","Class SC EUR\t11 738.14","Class WAMC EUR\t11 767.00","| 2021\tClass DPMC | EUR | 12 231.48 | 2019 | Class DPMC | EUR | - |","| --- | --- | --- | --- | --- | --- | --- |","| Class LC | EUR | 113.41 | | Class LC | EUR | - |","| Class LC10 | EUR | 13 651.53 | | Class LC10 | EUR | - |","| Class PFC | EUR | 107.59 | | Class PFC | EUR | - |","| Class SC | EUR | 13 606.28 | | Class SC | EUR | - |","| Class WAMC | EUR | 13 690.61 | | Class WAMC | EUR | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.28% of all transactions.","The total volume was EUR 15 297 424.28.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve long-term capital appreciation.","In order to achieve the invest- ment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified between each","DB GROWTH SAA (USD)","Performance since inception","148","140","132","124","116","108","100","92","4/30/20* 6/20","12/20\t6/21","12/21","other and within themselves.","These are a bond portfolio, an","DB Growth SAA (USD) (USD LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020= 100 Data on U.S. dollar basis","equity portfolio and an alterna- tive portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation","Past performance is no guide to future results.","As of: December 31, 2021","DB GROWTH SAA (USD)","Performance of share classes (in USD)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class USD LC | LU2132881132 | 10.3% | 40.0% |","| Class USD DPMC | LU2132881058 | 10.8% | 15.7% |","| Class USD LC10 | LU2132881215 | 10.5% | 40.5% |","| Class USD WAMC | LU2132881306 | 10.7% | 40.8% |","1","Classes USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on November 17, 2020","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","in each portfolio.","The invest- ment advisor endeavors to recommend an allocation that provides an opportunity for long-term capital appreciation.","The expected range of alloca- tion for a “growth-oriented” portfolio is for","a) bond portfolio: up to 60%;","b) equity portfo-","lio: 40-80% and","c) alternative portfolio: 0-15%.","In addition, the fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.","Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-","ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the sub- fund DB Growth SAA (USD)","achieved an appreciation of 10.3% per share in 2021 (USD LC share class; BVI method; in","U.S. dollars).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary pol- icy of the central banks of the industrial countries – in view of","the weakened global economy – supported the price develop- ment in the financial markets.","Since the beginning of 2021, the economic outlook improved,","boosted by the efforts and packages of measures under- taken by the international com- munity to address the economic impact of the coronavirus crisis and by the regulatory filings","for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi-","tion, the dynamic spread of the coronavirus and its variants, as well as associated new restric- tions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the picture was mixed.","While the equity markets in the Western industrial coun- tries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.","Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc-","The management of the sub- fund DB Growth SAA (USD) was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.","Regionally, the investment focus was on North America.","The equity portfolio, which represented the invest- ment focus on the reporting date, was broadly diversified in terms of sector allocation.","With this orientation, the sub-fund profited in particular from the appreciable price increases in the equity markets.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","tuations towards the longer\tend of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Equity funds | 81 730 864.15 | 65.63 |","| Other funds | 5 528 510.18 | 4.43 |","| Bond funds | 36 184 418.52 | 29.06 |","| Total investment fund units | 123 443 792.85 | 99.12 |","| 2. Cash at bank | 564 921.68 | 0.45 |","| 3. Other assets | 747 470.99 | 0.60 |","| II.","Liabilities | | |","| 1. Other liabilities | -216 775.92 | -0.17 |","| III.","Net assets | 124 539 409.60 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Investment fund units | | | | | | | 123 443 792.85 | 99.12 |","| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) | | 82 410 | 167 094 | 165 017 | EUR | 66.76 | 6 235 893.19 | 5.01 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | | 271 725 | 218 822 | 26 447 | EUR | 52.738 | 16 242 604.86 | 13.04 |","| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | | 741 919 | 615 715 | 51 115 | EUR | 13.994 | 11 767 528.84 | 9.45 |","| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | | 240 921 | 206 234 | 11 839 | EUR | 12.858 | 3 511 022.53 | 2.82 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | | 264 | 530 | 266 | USD | 10 408.589 | 2 746 316.64 | 2.20 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex- Agriculture UCITS ETF EUR - (0.190%) | | 102 984 | 82 556 | 9 805 | EUR | 23.835 | 2 782 193.54 | 2.23 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | | 298 | 298 | | EUR | 432.63 | 146 128.63 | 0.12 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | | 47 367 | 40 014 | 7 414 | EUR | 147.32 | 7 909 335.82 | 6.35 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | | 29 256 | 31 022 | 1 766 | GBP | 128.912 | 5 096 360.50 | 4.09 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | | 996 274 | 911 095 | 63 216 | USD | 5.955 | 5 932 811.67 | 4.76 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | | 9 002 | 7 634 | 681 | USD | 209.84 | 1 888 979.68 | 1.52 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | | 1 224 156 | 1 028 329 | 83 940 | USD | 5.383 | 6 589 631.75 | 5.29 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | | 49 792 | 41 742 | 7 282 | USD | 490.17 | 24 406 544.64 | 19.60 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | | 42 485 | 38 911 | 3 349 | USD | 138.5 | 5 884 172.50 | 4.73 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | | 4 411 | | | USD | 138.352 | 610 271.55 | 0.49 |","| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | | 238 317 | 204 824 | 17 582 | USD | 91.03 | 21 693 996.51 | 17.42 |","| Total securities portfolio | | | | | | | 123 443 792.85 | 99.12 |","| Cash at bank | | | | | | | 564 921.68 | 0.45 |","| Demand deposits at Depositary EUR deposits | EUR | 59 871 | | | | | 67 860.76 | 0.05 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 36 900 | | | | | 49 862.96 | 0.04 |","| U.S. dollar | USD | | | | | | 447 197.96 | 0.36 |","| Other assets | 747 470.99 | 0.60 |","| Other receivables | 747 470.99 | 0.60 |","| Total assets | 124 756 185.52 | 100.17 |","| Other liabilities | -216 775.92 | -0.17 |","| Liabilities from cost items | -60 511.62 | -0.04 |","| Additional other liabilities | -156 264.30 | -0.13 |","| Total liabilities | -216 775.92 | -0.17 |","| Net assets | 124 539 409.60 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class USD LC | USD | 13 995.15 |","| Class USD LC10 | USD | 14 045.33 |","| Class USD WAMC | USD | 14 083.43 |","| Class USD DPMC | USD | 11 574.33 |","| Number of shares outstanding Class USD LC | Count | 7 494.490 |","| Class USD LC10 | Count | 2.000 |","| Class USD WAMC | Count | 877.354 |","| Class USD DPMC | Count | 628.000 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 100.000 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.000 |","| Average market risk exposure | % | 100.000 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| Euro\tEUR | 0.882262 | = USD | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.740028 | = USD | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 1 342\t200.23Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t1 342 200.23","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-2 729.00","- Management fee USD\t-519 825.93thereof:","| 3. Legal and publication costs | USD | -414.95 | |","| --- | --- | --- | --- |","| 4. Taxe d‘abonnement | USD | -63 698.67 | Summary of gains/losses | 2021 |","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| USD | -586 668.55 | | |","All-in fee USD\t-519 825.93","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . USD\t31 834 794.27","- Net inflows USD 83 907\t049.91","- Income adjustment USD\t-380 051.64","- Net investment income USD 755\t531.68","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD 1 938\t052.08","- Net change in unrealized appreciation/depreciation .","USD 6 484\t033.30","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","USD\t124 539 409.60","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD 755\t531.68","- Sale transactionsRealized gains/losses USD\t1 938 052.08Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t1 938 052.08","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","USD 2 693\t583.76BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.13% p.a.,\tClass USD LC 0.55% p.a.,Class USD LC10 0.34% p.a.,\tClass USD WAMC 0.17% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class USD DPMC 0.27% p.a.,\tClass USD LC 0.68% p.a.,","Class USD LC10 0.48% p.a.,\tClass USD WAMC 0.30% p.a.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 4 912.61.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Realized gains/losses (incl. income adjustment).",". . . .",". .","USD\t1 938 052.08","from:","Securities transactions USD\t1 917 049.00","(Forward) currency transactions USD\t21 003.08","Details on the distribution policy*","Class USD DPMC","The income for the reporting period is reinvested.","Class USD LC","The income for the reporting period is reinvested.","Class USD LC10","The income for the reporting period is reinvested.","Class USD WAMC","The income for the reporting period is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 124 539 409.60 |","| --- | --- | --- |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 31 834 794.27 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | – |","| Net asset value per share at the end of the fiscal year | | |","| 2021 | Class USD LC | EUR | 13 995.15 |","| | Class USD LC10 | EUR | 14 045.33 |","| | Class USD WAMC | EUR | 14 083.43 |","| | Class USD DPMC | USD | 11 574.33 |","| 2020 | Class USD LC | EUR | 12 687.49 |","| | Class USD LC10 | EUR | 12 706.22 |","| | Class USD WAMC | EUR | 12 718.64 |","| | Class USD DPMC | USD | 10 449.22 |","| 2019 | Class USD LC | EUR | – |","| | Class USD LC10 | EUR | – |","| | Class USD WAMC | EUR | – |","| | Class USD DPMC | USD | – |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 3.71% of all transactions.","The total volume was USD 4 959 745.64.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve medium- to long-term capital appreciation.","It seeks to limit capital losses to no more than 20% on an annualized basis.","In order to achieve the invest-","DB STRATEGIC INCOME ALLOCATION EUR (SIA) BALANCED PLUS","Performance since inception","105","104","103","102","101","100","99","98","ment objective, the sub-fund","7/19/21* 7/21","8/21","9/21\t10/21\t11/21","12/21","seeks to invest in portfolios of three main asset classes that","DB Strategic Income Allocation EUR (SIA) Balanced Plus (LBD share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on July 19, 2021= 100","Data on euro basis","are diversified between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alterna- tive portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which","Past performance is no guide to future results.","As of: December 31, 2021","| DB STRATEGIC INCOME ALLOCATION | EUR (SIA) BALANCED PLUS |","| --- | --- |","| Performance of share classes (in euro) Share class\tISIN | Since inception 1 |","| Class LBD\tLU2330518965 | 3.6% |","| Class LBD10\tLU2330518882 | 4.1% |","| Class PFBD\tLU2330518700 | 3.5% |","| Class SBD\tLU2330519773 | 4.0% |","| Class WAMBD\tLU2330521084 | 4.2% |","1","Classes LBD, LBD10, PFBD, SBD and WAMBD launched on July 19, 2021.","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","takes into account the expected","return, volatility and correlation in each portfolio.","The Invest- ment Advisor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.","The expected range of allocation for a “bal- anced” portfolio is for","a) bond portfolio: up to 70%;","b) equity portfolio: 30-80% and","c) alter- native portfolio: 0-15%.","In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.","In addition to allocating assets across the portfolios, the sub- fund manager seeks to imple- ment a capital preservation","strategy, based on the advice of","the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 20% on an annu- alized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the poten- tial loss of the sub-fund during a rolling 12-month period.","The risk mitigation strategy includes investments in deriv- ative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt","instruments linked to the per-","formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).","The derivatives exposure is always matched by equity ETF positions in the same amount.","The premiums collected are used to generate additional value growth in the sub-fund.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the sub- fund achieved an appreciation of 3.6% per share (LBD share class; BVI method; in euro)","in the shortened fiscal year from July 19, 2021, through","December 31, 2021.","##### Investment policy in the reporting period","consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","Developments in the interna-\tup the rear.","Against the back-\ttional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of","measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up","drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the DB Strategic Income Allocation EUR (SIA) Balanced Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.","In terms of sector allocation, the equity portfolio was broadly diversified.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 116 461 450.58 | 37.14 |","| Equity funds | 188 617 591.21 | 60.14 |","| Total investment fund units | 305 079 041.79 | 97.28 |","| 2. Derivatives | 952 759.49 | 0.30 |","| 3. Cash at bank | 6 917 142.77 | 2.21 |","| 4. Other assets | 3 402 906.03 | 1.09 |","| 5. Receivables from share certificate transactions | 230 072.29 | 0.07 |","| II.","Liabilities | | |","| 1. Other liabilities | -1 952 843.92 | -0.63 |","| 2. Liabilities from share certificate transactions | -1 007 162.64 | -0.32 |","| III.","Net assets | 313 621 915.81 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 305 079 041.79 | 97.28 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units Xtrackers - Euro Stoxx Select Dividend 30 UCITS ETF -1D- EUR - (0.200%) | Units | 284 096 | 293 319 | 9 223 | EUR | 21.395 | 6 078 233.92 | 1.94 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 1 751 117 | 1 810 974 | 59 857 | EUR | 17.079 | 29 906 451.68 | 9.54 |","| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 4 115 494 | 7 304 517 | 3 189 023 | EUR | 8.218 | 33 821 129.69 | 10.78 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 1 981 | 4 199 | 2 218 | EUR | 34.51 | 68 364.31 | 0.02 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 178 980 | 179 857 | 877 | EUR | 34.595 | 6 191 813.10 | 1.97 |","| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 1 512 102 | 1 512 102 | | EUR | 19.118 | 28 908 366.04 | 9.22 |","| iShares PLC - iShares Euro Corporate Bond Large Cap UCITS ETF EUR - (0.200%) | Units | 169 795 | 335 205 | 165 410 | EUR | 139.06 | 23 611 692.70 | 7.53 |","| iShares VI plc - iShares J.P, Morgan $ EM Bond EUR Hedged UCITS ETF EUR (hedged) - (0.500%) | Units | 365 528 | 377 659 | 12 131 | EUR | 87.63 | 32 031 218.64 | 10.21 |","| SSgA SPDR ETFs Europe I plc - SPDR S&P Euro Dividend Aristocrats UCITS ETF EUR - (0.300%) | Units | 1 146 329 | 2 284 247 | 1 137 918 | EUR | 23.35 | 26 766 782.15 | 8.54 |","| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) | Units | 1 072 813 | 1 097 053 | 24 240 | GBP | 7.587 | 9 703 786.75 | 3.09 |","| HSBC ETFs PLC - HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF USD - (0.400%) | Units | 931 370 | 1 842 426 | 911 056 | USD | 27.89 | 22 917 557.70 | 7.31 |","| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 329 474 | 340 526 | 11 052 | USD | 33.85 | 9 839 598.91 | 3.14 |","| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 2 366 866 | 2 444 115 | 77 249 | USD | 21.225 | 44 321 958.64 | 14.13 |","| Multi Units Luxembourg - Lyxor Core US Treasury 10+Y (DR) UCITS ETF EUR - (0.070%) | Units | 63 810 | 66 583 | 2 773 | USD | 158.44 | 8 919 718.58 | 2.84 |","| SSgA SPDR ETFs Europe I plc - SPDR Bloomberg Barclays 10+ Year U,S, Treasury Bond UCITS ETF USD - (0.150%)... | Units | 222 000 | 327 279 | 105 279 | USD | 33.73 | 6 606 430.79 | 2.11 |","| Vanguard Funds PLC - Vanguard USD Emerging Markets Government Bond UCITS ETF - USD - (0.250%) | Units | 346 497 | 358 342 | 11 845 | USD | 50.33 | 15 385 938.19 | 4.91 |","| Total securities portfolio | | | | | | | 305 079 041.79 | 97.28 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 952 759.49 | 0.30 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 400 EUR (DB) | Count | 2 265 | 2 265 | | | | 2 672 700.00 | 0.85 |","| Call DJ Euro Stoxx 50 06/2022 4 450 EUR (DB) | Count | -726 | | 726 | | | -650 859.00 | -0.21 |","| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -144 | | 144 | | | -161 928.00 | -0.05 |","| Call DJ Euro Stoxx 50 12/2022 4 600 EUR (DB) | Count | -58 | | 58 | | | -65 018.00 | -0.02 |","| Call FTSE MIB Index Futures 06/2022 7 700 GBP (DB) | Count | -31 | | 31 | | | -43 425.92 | -0.02 |","| Call FTSE MIB Index Futures 09/2022 7 800 GBP (DB) | Count | -19 | | 19 | | | -32 901.76 | -0.01 |","| Call S & P 500 Futures 06/2022 4 800 USD (DB) | Count | -50 | | 50 | | | -973 355.55 | -0.31 |","| Call S & P 500 Futures 09/2022 4 900 USD (DB) | Count | -9 | | 9 | | | -183 104.66 | -0.06 |","| Call S & P 500 Futures 12/2022 5 150 USD (DB) | Count | -7 | | 7 | | | -102 487.97 | -0.03 |","| Put S & P 500 Futures 12/2022 3 950 USD (DB) | Count | 35 | 35 | | | | 493 140.35 | 0.16 |","| Cash at bank | | | | | | | 6 917 142.77 | 2.21 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 1 142 548.21 | 0.37 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 293 354 | | | | | 349 736.93 | 0.11 |","| Japanese yen | JPY | 169 835 | | | | | 1 301.99 | 0.00 |","| U.S. dollar | USD | 6 147 330 | | | | | 5 423 555.64 | 1.73 |","| Other assets | | | | | | | 3 402 906.03 | 1.09 |","| Dividends/Distributions receivable | | | | | | | 676 117.55 | 0.22 |","| Prepaid placement fee * | | | | | | | 1 654 883.16 | 0.53 |","| Other receivables | | | | | | | 1 071 905.32 | 0.34 |","| Receivables from share certificate transactions | | | | | | | 230 072.29 | 0.07 |","| Total assets ** | | | | | | | 318 795 003.23 | 101.66 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other liabilities | | | | | | | -1 952 843.92 | -0.63 |","| Additional other liabilities | | | | | | | -1 952 843.92 | -0.63 |","| Liabilities from share certificate transactions | | | | | | | -1 007 162.64 | -0.32 |","| Total liabilities | | | | | | | -5 173 087.42 | -1.66 |","| Net assets | | | | | | | 313 621 915.81 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class LBD | EUR | 103.63 |","| Class LBD10 | EUR | 10 410.72 |","| Class PFBD | EUR | 103.46 |","| Class SBD | EUR | 10 401.88 |","| Class WAMBD | EUR | 10 420.84 |","| Number of shares outstanding Class LBD | Count | 675 889.000 |","| Class LBD10 | Count | 1 301.000 |","| Class PFBD | Count | 447 867.000 |","| Class SBD | Count | 16 976.198 |","| Class WAMBD | Count | 682.491 |","Composition of the reference portfolio (according to CSSF circular 11/512)","Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation EUR (SIA) Balanced Plus","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 71.292 |","| --- | --- | --- |","| Highest market risk exposure | % | 82.943 |","| Average market risk exposure | % | 77.994 |","The values-at-risk were calculated for the period from July 19, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 46 916 146.37 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Exchange rates (indirect quotes)","As of December 30, 2021","| British pound\tGBP | 0.838785 | = EUR | 1 |","| --- | --- | --- | --- |","| Japanese yen\tJPY | 130.443111 | = EUR | 1 |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnotes","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","** Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)","Statement of changes in net assets\t2021 for the period from July 19, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 7 634\t443.39Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t7 634 443.39","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-40 994.07","- Management fee EUR\t-1 232 917.61thereof:All-in fee EUR -1 232 917.61","- Legal and publication costs EUR\t-11 701.52","- Taxe d‘abonnement EUR\t-91 925.55","- Other expenses EUR\t-154 341.75thereof:Expenses from prepaidplacement fee 1 EUR\t-154 341.75 Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-1 531 880.50","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t6 102 562.89","- Sale transactionsRealized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t972 538.84Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t972 538.84","- Net gain/loss for the reporting period . . . .",". . . .",". . . .","EUR\t7 075 101.731 For further information, please refer to the notes to the financial statements.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class LBD 1.52%","2",",\tClass LBD10 0.52%","2","Class PFBD 1.92%","2",",\tClass SBD 0.71%","2","Class WAMBD 0.31%","2","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class LBD 1.86%","2",",\tClass LBD10 0.87%","2","Class PFBD 2.26%","2",",\tClass SBD 1.06%","2","Class WAMBD 0.65%","2","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 18 859.91.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","- Value of the fund’s net assetsat the beginning of the reporting period . . . .",". . . .",". .","EUR\t0.00","- Net inflows","- 3","- EUR 304 302\t879.11","- Income adjustment EUR\t-926 895.24","- Net investment income EUR 6 102\t562.89","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR 972\t538.84","- Net change in unrealized appreciation/depreciation .","EUR 3 170\t830.21","- Value of the fund’s net assetsat the end of the reporting period.",". . . .",". . . .",". . . .",". . . EUR\t313 621 915.813 Reduced by a dilution fee in the amount of EUR 23 576.41 for the benefit of the fund’s assets.","Summary of gains/losses\t2021","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t972 538.84","from:","Securities transactions EUR\t1 845 683.52","(Forward) currency transactions EUR\t44 292.93","Derivatives and other financial futures transactions","4","EUR\t-917 437.61","4","This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","Class LBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class LBD10","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class PFBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class SBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class WAMBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the reporting period is reinvested.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the reporting period","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t313 621 915.81","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-","Net asset value per share at the end of the reporting period","| 2021 | Class LBD | EUR | 103.63 |","| --- | --- | --- | --- |","| | Class LBD10 | EUR | 10 410.72 |","| | Class PFBD | EUR | 103.46 |","| | Class SBD | EUR | 10 401.88 |","| | Class WAMBD | EUR | 10 420.84 |","| 2020 | Class LBD | EUR | - |","| | Class LBD10 | EUR | - |","| | Class PFBD | EUR | - |","| | Class SBD | EUR | - |","| | Class WAMBD | EUR | - |","| 2019 | Class LBD | EUR | - |","| | Class LBD10 | EUR | - |","| | Class PFBD | EUR | - |","| | Class SBD | EUR | - |","| | Class WAMBD | EUR | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.67% of all transactions.","The total volume was EUR 22 738 926.36.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 4% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the place- ment fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 4% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","## DB Strategic Income Allocation USD (SIA) Balanced Plus","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve medium- to long-term capital appreciation.","It seeks to limit capital losses to no more than 20% on an annualized basis.","In order to achieve the invest-","DB STRATEGIC INCOME ALLOCATION USD (SIA) BALANCED PLUS","Performance since inception","101.5","101.0","100.5","100.0","99.5","99.0","98.5","98.0","ment objective, the sub-fund","6/28/21*","7/21","8/21\t9/21\t10/21\t11/21","12/21","seeks to invest in portfolios of three main asset classes that","DB Strategic Income Allocation USD (SIA) Balanced Plus (USD LBD share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on June 28, 2021 = 100 Data on U.S. dollar basis","are diversified between each","other and within themselves.","These are a bond portfolio, an equity portfolio and an alterna- tive portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation","Past performance is no guide to future results.","As of: December 31, 2021","DB STRATEGIC INCOME ALLOCATION USD (SIA) BALANCED PLUS","Performance of share classes (in USD)","Share class\tISIN\tSince inception","1","Class USD LBD\tLU2330520862\t0.5% Class USD DPMBD\tLU2330518619\t1.2% Class USD LBD10\tLU2330520789\t1.0% Class USD SBD\tLU2330520607\t0.9% Class USD WAMBD\tLU2330520516\t1.1% Class SGD SBDH","2","LU2349911755\t0.2%","1","Classes USD LBD, USD LBD10, USD SBD and USD WAMBD launched on June 28, 2021 / Class SGD SBDH launched on August 20, 2021 and first share price calculation on August 23, 2021 / Class USD DPMBD launched on October 8, 2021","2 in SGD","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","in each portfolio.","The invest- ment advisor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.","The expected range of allocation for a “bal- anced” portfolio is for","a) bond portfolio: up to 70%;","b) equity portfolio: 30-80% and","c) alter- native portfolio: 0-15%.","In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.","In addition to allocating assets across the portfolios, the sub-fund man- ager seeks to implement a cap-","ital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 20%","on an annualized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.","The risk mitigation strat- egy includes investments in derivative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-","ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a finan- cial index through the use of","derivative financial instruments.","In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).","The derivatives exposure is always matched","by equity ETF positions in the same amount.","The premiums","collected are used to generate additional value growth in the sub-fund.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the sub-fund achieved an appreci- ation of 0.5% per share (USD LBD share class; BVI method;","U.S. dollars) in the shortened","fiscal year from June 28, 2021,","through December 31, 2021.","##### Investment policy in the reporting period","the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back-","terms of sector allocation, the equity portfolio was broadly diversified.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","Developments in the interna-\tdrop of high global debt levels\ttional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of","measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by","and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the DB Strategic Income Allocation USD (SIA) Balanced Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.","Region- ally, the investment focus","was on the United States.","In","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","## DB Strategic Income Allocation USD (SIA) Balanced Plus","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 168 426 821.93 | 46.60 |","| Other funds | 6 203.52 | 0.00 |","| Equity funds | 181 669 556.43 | 50.26 |","| Total investment fund units | 350 102 581.88 | 96.86 |","| 2. Derivatives | -1 542 992.16 | -0.43 |","| 3. Cash at bank | 10 968 864.70 | 3.04 |","| 4. Other assets | 11 385 089.72 | 3.15 |","| II.","Liabilities | | |","| 1. Short-term liabilities | -7 554 067.22 | -2.09 |","| 2. Other liabilities | -1 912 463.59 | -0.53 |","| III.","Net assets | 361 447 013.33 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tUSD |","| Investment fund units | | | | | | | 350 102 581.88 | 96.86 |","| In-group fund units Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 3 316 174 | 3 724 752 | 408 578 | EUR | 13.994 | 52 597 619.38 | 14.55 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 1 | 366 | 365 | USD | 10 408.589 | 6 203.52 | 0.00 |","| Xtrackers II - USD Emerging Markets Bond UCITS ETF -2D- USD - (0.250%) | Units | 2 445 410 | 2 727 088 | 281 678 | USD | 14.079 | 34 428 927.39 | 9.53 |","| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 5 808 985 | 11 571 119 | 5 762 134 | EUR | 8.218 | 54 108 914.05 | 14.97 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 178 306 | 178 306 | | EUR | 34.595 | 6 991 682.82 | 1.93 |","| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- EUR - (0.060%) | Units | 315 815 | 315 815 | | EUR | 38.53 | 13 792 220.39 | 3.82 |","| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 1 414 221 | 1 414 221 | | EUR | 19.118 | 30 645 179.19 | 8.48 |","| iShares II PLC - iShares $ High Yield Corporate Bond UCITS ETF -USD- EUR - (0.500%) | Units | 517 002 | 551 573 | 34 571 | EUR | 90.79 | 53 202 576.54 | 14.72 |","| SSgA SPDR ETFs Europe I plc - SPDR S&P Euro Dividend Aristocrats UCITS ETF EUR - (0.300%) | Units | 282 821 | 1 542 452 | 1 259 631 | EUR | 23.35 | 7 485 157.87 | 2.07 |","| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 9 011 | 18 022 | 9 011 | GBP | 25.085 | 305 449.17 | 0.08 |","| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) | Units | 703 555 | 791 964 | 88 409 | GBP | 7.587 | 7 213 029.29 | 2.00 |","| HSBC ETFs PLC - HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF USD - (0.400%) | Units | 404 424 | 846 189 | 441 765 | USD | 27.89 | 11 279 385.36 | 3.12 |","| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- USD - (0.060%) | Units | 329 758 | 730 705 | 400 947 | USD | 43.685 | 14 405 478.23 | 3.98 |","| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 322 206 | 384 050 | 61 844 | USD | 33.85 | 10 906 673.10 | 3.02 |","| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 2 484 527 | 2 822 235 | 337 708 | USD | 21.225 | 52 734 085.58 | 14.59 |","| Total securities portfolio | | | | | | | 350 102 581.88 | 96.86 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | -1 722 287.48 | -0.48 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 500 EUR (DB) | Count | 322 | 335 | 13 | | | 488 148.65 | 0.13 |","| Call DJ Euro Stoxx 50 06/2022 4 500 EUR (DB) | Count | -801 | -801 | | | | -654 591.27 | -0.18 |","| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -280 | -280 | | | | -356 878.12 | -0.10 |","| Call FTSE MIB Index Futures 06/2022 7 800 GBP (DB) | Count | -34 | -34 | | | | -39 741.74 | -0.01 |","| Put S & P 500 Futures 12/2022 4 000 USD (DB) | Count | 113 | 120 | 7 | | | 1 902 355.00 | 0.53 |","| Call S & P 500 Futures 06/2022 4 675 USD (DB) | Count | -70 | -70 | | | | -2 131 850.00 | -0.59 |","| Call S & P 500 Futures 09/2022 4 900 USD (DB) | Count | -36 | -36 | | | | -830 160.00 | -0.23 |","| Call S & P 500 Futures 12/2022 5 150 USD (DB) | Count | -6 | -6 | | | | -99 570.00 | -0.03 |","| Currency derivatives Receivables/payables | | | | | | | 179 295.32 | 0.05 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (long) | | | | | | | | |","| Open positions SGD/USD 19.6 million | | | | | | | 146 267.42 | 0.04 |","| Closed positions SGD/USD 19.5 million | | | | | | | 33 027.90 | 0.01 |","| Cash at bank | | | | | | | 10 968 864.70 | 3.04 |","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| | currency | amount | in the reporting period | USD | |","| Demand deposits at Depositary Deposits in non-EU/EEA currencies | | | | | |","| British pound | GBP | 167 608 | | 226 489.46 | 0.07 |","| Japanese yen | JPY | 470 000 | | 4 083.94 | 0.00 |","| Singapore dollar | SGD | 4 633 | | 3 425.56 | 0.00 |","| U.S. dollar | USD | | | 10 734 865.74 | 2.97 |","| Other assets | | | | 11 385 089.72 | 3.15 |","| Dividends/Distributions receivable | | | | 658 297.38 | 0.18 |","| Other receivables | | | | 10 726 792.34 | 2.97 |","| Total assets * | | | | 375 026 335.27 | 103.76 |","| Short-term liabilities | | | | -7 554 067.22 | -2.09 |","| EUR loans | EUR | -6 664 667 | | -7 554 067.22 | -2.09 |","| Other liabilities | | | | -1 912 463.59 | -0.53 |","| Additional other liabilities | | | | -1 912 463.59 | -0.53 |","| Total liabilities | | | | -13 579 321.94 | -3.76 |","| Net assets | | | | 361 447 013.33 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class SGD SBDH | SGD | 10 066.60 |","| Class USD DPMBD | USD | 10 117.53 |","| Class USD LBD | USD | 100.49 |","| Class USD LBD10 | USD | 10 102.91 |","| Class USD SBD | USD | 10 091.86 |","| Class USD WAMBD | USD | 10 111.36 |","| Number of shares outstanding Class SGD SBDH | Count | 1 970.482 |","| Class USD DPMBD | Count | 209.591 |","| Class USD LBD | Count | 29 705.000 |","| Class USD LBD10 | Count | 4 341.551 |","| Class USD SBD | Count | 22 774.306 |","| Class USD WAMBD | Count | 6 722.725 |","Composition of the reference portfolio (according to CSSF circular 11/512)","Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation USD (SIA) Balanced Plus","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 73.768 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.000 |","| Average market risk exposure | % | 81.054 |","The values-at-risk were calculated for the period from June 28, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 58 605 066.72 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Contracting parties for forward currency transactions","BNP Paribas S.A., Royal Bank of Canada (UK) and State Street Bank International GmbH.","Exchange rates (indirect quotes)","As of December 30, 2021","| Euro\tEUR | 0.882262 | = USD | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.740028 | = USD | 1 |","| Japanese yen\tJPY | 115.085000 | = USD | 1 |","| Singapore dollar\tSGD | 1.352350 | = USD | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnote","* Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from June 28, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 10 309\t015.01Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t10 309 015.01","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-24 936.66","- Management fee USD\t-967 521.62thereof:","| 3. Taxe d‘abonnement | USD | -141 231.38 | |","| --- | --- | --- | --- |","| 4. Other expenses | USD | -1 434.07 | Summary of gains/losses | 2021 |","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| USD | -1 135 123.73 | | |","All-in fee USD\t-967 521.62","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the reporting period . . . .",". . . .",". .","USD\t0.00","- Net inflows USD 358 944\t475.61","- Income adjustment USD\t-658 128.80","- Net investment income USD 9 173\t891.28","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t-2 214 106.30","- Net change in unrealized appreciation/depreciation .","USD\t-3 799 118.46","- Value of the fund’s net assetsat the end of the reporting period.",". . . .",". . . .",". . . .",". . . USD\t361 447 013.33","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD 9 173\t891.28","- Sale transactionsRealized gains/losses USD\t-2 214 106.30Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t-2 214 106.30","- Net gain/loss for the reporting period . . . .",". . . .",". . . .","USD 6 959\t784.98BVI total expense ratio (TER)The total expense ratio for the share classes was:Realized gains/losses (incl. income adjustment).",". . . .",". .","USD\t-2 214 106.30from:Securities transactions USD\t-1 048 144.96(Forward) currency transactions USD\t\t-73 735.77 Derivatives and other financial futures transactions 2 .","USD\t-1 092 225.572 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","Class SGD SBDH 0.72%","1",",\tClass USD DPMBD 0.24%","1",",\t Class USD LBD 1.50%","1",",\tClass USD LBD10 0.48%","1","Class USD SBD 0.70%","1",",\tClass USD WAMBD 0.30%","1","The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class SGD SBDH 1.05%","1",",\tClass USD DPMBD 0.57%","1","Class USD LBD 1.82%","1",",\tClass USD LBD10 0.80%","1","Class USD SBD 1.03%","1",",\tClass USD WAMBD 0.63%","1","1","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 7 636.42.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Class SGD SBDH","| Type | As of | Currency | Per share |","| --- | --- | --- | --- |","| Final distribution | March 4, 2022 | SGD | 0.00 |","| Class USD DPMBD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD LBD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD LBD10 | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD SBD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD WAMBD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the reporting period is reinvested.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the reporting period","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t361 447 013.33","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t-","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t-","Net asset value per share at the end of the reporting period","| 2021 | Class SGD SBDH | SGD | 10 066.60 |","| --- | --- | --- | --- |","| | Class USD DPMBD | USD | 10 117.53 |","| | Class USD LBD | USD | 100.49 |","| | Class USD LBD10 | USD | 10 102.91 |","| | Class USD SBD | USD | 10 091.86 |","| | Class USD WAMBD | USD | 10 111.36 |","| 2020 | Class SGD SBDH | SGD | - |","| | Class USD DPMBD | USD | - |","| | Class USD LBD | USD | - |","| | Class USD LBD10 | USD | - |","| | Class USD SBD | USD | - |","| | Class USD WAMBD | USD | - |","| 2019 | Class SGD SBDH | SGD | - |","| | Class USD DPMBD | USD | - |","| | Class USD LBD | USD | - |","| | Class USD LBD10 | USD | - |","| | Class USD SBD | USD | - |","| | Class USD WAMBD | USD | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.97% of all transactions.","The total volume was USD 20 779 509.99.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","## DB Strategic Income Allocation EUR (SIA) Conservative Plus","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve a medium- to long-term return.","It seeks to limit capital losses to no more than 10% on an annu-","alized basis.","In order to achieve the investment objective, the","DB STRATEGIC INCOME ALLOCATION EUR (SIA) CONSERVATIVE PLUS","Performance since inception","100.9","100.6","100.3","100.0","99.7","99.4","99.1","98.8","sub-fund seeks to invest in","7/19/21* 7/21","8/21","9/21\t10/21\t11/21","12/21","portfolios of three main asset","classes that are diversified","DB Strategic Income Allocation EUR (SIA) Conservative Plus (LBD share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on July 19, 2021 = 100","Data on euro basis","between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into","Past performance is no guide to future results.","As of: December 31, 2021","| DB STRATEGIC INCOME ALLOCATION | EUR (SIA) CONSERVATIVE PLUS |","| --- | --- |","| Performance of share classes (in euro) Share class\tISIN | Since inception 1 |","| Class LBD\tLU2330520359 | 0.0% |","| Class LBD10\tLU2330520276 | 0.4% |","| Class PFBD\tLU2330520193 | -0.3% |","| Class SBD\tLU2330519930 | 0.3% |","| Class WAMBD\tLU2330520946 | 0.5% |","1","Classes LBD, LBD10, PFBD, SBD and WAMBD launched on July 19, 2021.","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","account the expected return, volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in euro.","The expected range of allocation for a “conservative” portfolio is for","- bond portfolio: up to 100%;","- equity portfolio: 0-60% and","- alternative portfolio: 0-15%.","In addition, the sub-fund aims to overweight euro areaassets in each of the portfolios in order to have a European focus.","In addition to allocating assets across the portfolios, the sub-fund manager seeks to implement a capital pres- ervation strategy, based onthe advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%on an annualized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.","The risk mitigation strat- egy includes investments in derivative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per-formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the fund manager may gain exposure to a financialindex through the use of deriva-tive financial instruments.","In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).","The derivatives exposure is always matched by equity ETF positions in the same amount.","The premiums collected are used to generate additional value growth in the sub-fund.","The investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries","and uncertainty regarding the monetary policy of the central banks.","Against this backdrop, the sub-fund DB Strategic Income Allocation EUR (SIA) Conservative Plus achieved a performance of 0.0% per share (LBD share class; BVI method; in euro) in the shortened fiscal year from July 19, 2021, to","December 31, 2021.","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021","in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels","terms of sector allocation, the equity portfolio was broadly diversified.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","were influenced in particular\tand historically extremely low\tby the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases","interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Strategic Income Allocation EUR (SIA) Con- servative Plus was mainly exposed to bonds, including government and corporate bonds, through investments in target funds globally, and in","equities.","Regionally, the invest- ment focus was on Europe.","In","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","## DB Strategic Income Allocation EUR (SIA) Conservative Plus","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 141 798 482.91 | 69.92 |","| Other funds | 788 370.63 | 0.39 |","| Equity funds | 55 539 875.90 | 27.38 |","| Total investment fund units | 198 126 729.44 | 97.69 |","| 2. Derivatives | 696 327.69 | 0.34 |","| 3. Cash at bank | 2 735 026.07 | 1.35 |","| 4. Other assets | 1 648 520.75 | 0.81 |","| 5. Receivables from share certificate transactions | 390 875.30 | 0.19 |","| II.","Liabilities | | |","| 1. Other liabilities | -780 467.59 | -0.38 |","| III.","Net assets | 202 817 011.66 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 198 126 729.44 | 97.69 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 81 | 682 | 601 | EUR | 9 732.971 | 788 370.63 | 0.39 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 1 169 245 | 1 190 162 | 20 917 | EUR | 17.079 | 19 968 950.73 | 9.85 |","| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 1 376 521 | 2 244 367 | 867 846 | EUR | 8.218 | 11 312 249.58 | 5.58 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 2 616 | 2 616 | 0 | EUR | 34.51 | 90 278.16 | 0.04 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 118 442 | 119 647 | 1 205 | EUR | 34.595 | 4 097 500.99 | 2.02 |","| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF - EUR (hedged) - (0.100%) | Units | 147 889 | 152 499 | 4 610 | EUR | 41.265 | 6 102 639.59 | 3.01 |","| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF - EUR (hedged) - (0.100%) | Units | 137 207 | 137 207 | 0 | EUR | 41.328 | 5 670 490.90 | 2.80 |","| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 1 084 915 | 1 086 039 | 1 124 | EUR | 19.118 | 20 741 404.97 | 10.23 |","| iShares PLC - iShares Euro Corporate Bond Large Cap UCITS ETF EUR - (0.200%) | Units | 255 562 | 476 480 | 220 918 | EUR | 139.06 | 35 538 451.72 | 17.52 |","| iShares VI plc - iShares J.P. Morgan $ EM Bond EUR Hedged UCITS ETF EUR (hedged) - (0.500%) | Units | 333 434 | 340 043 | 6 609 | EUR | 87.63 | 29 218 821.42 | 14.41 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF - EUR (hedged) - (0.100%) | Units | 3 100 016 | 3 160 224 | 60 208 | EUR | 5.051 | 15 659 420.82 | 7.72 |","| UBS (Lux) Fund Solutions SICAV - Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF EUR (hedged) - (0.170%) | Units | 1 804 596 | 1 841 090 | 36 494 | EUR | 10.946 | 19 753 107.82 | 9.74 |","| Vanguard Funds PLC - Vanguard EUR Corporate Bond UCITS ETF EUR - (0.090%) | Units | 182 605 | 186 734 | 4 129 | EUR | 54.142 | 9 886 599.91 | 4.87 |","| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) | Units | 478 292 | 484 071 | 5 779 | GBP | 7.587 | 4 326 237.25 | 2.13 |","| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 147 004 | 149 306 | 2 302 | USD | 33.85 | 4 390 211.06 | 2.16 |","| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 565 096 | 575 465 | 10 369 | USD | 21.225 | 10 581 993.89 | 5.22 |","| Total securities portfolio | | | | | | | 198 126 729.44 | 97.69 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 696 327.69 | 0.34 |","| Option contracts | | | | | | | | |","| Options on equity indices Call DJ Euro Stoxx 50 06/2022 4 450 EUR (DB) | Count | -255 | -255 | | | | -228 607.50 | -0.11 |","| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -107 | -107 | | | | -120 321.50 | -0.06 |","| Call DJ Euro Stoxx 50 12/2022 4 600 EUR (DB) | Count | -55 | -55 | | | | -61 655.00 | -0.03 |","| Put DJ Euro Stoxx 50 12/2022 3 750 EUR (DB) | Count | 748 | 748 | | | | 1 366 596.00 | 0.67 |","| Call FTSE MIB Index Futures 06/2022 7 700 GBP (DB) | Count | -18 | -18 | | | | -25 215.05 | -0.01 |","| Call FTSE MIB Index Futures 12/2022 7 800 GBP (DB) | Count | -10 | -10 | | | | -24 499.73 | -0.01 |","| Call S & P 500 Futures 06/2022 4 800 USD (DB) | Count | -14 | -14 | | | | -272 539.55 | -0.14 |","| Call S & P 500 Futures 09/2022 4 900 USD (DB) | Count | -3 | -3 | | | | -61 034.89 | -0.03 |","| Call S & P 500 Futures 12/2022 5 150 USD (DB) | Count | -4 | -4 | | | | -58 564.55 | -0.03 |","| Put S & P 500 Futures 12/2022 3 750 USD (DB) | Count | 16 | 16 | | | | 182 169.46 | 0.09 |","| Cash at bank | | | | | | | 2 735 026.07 | 1.35 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 812 752.71 | 0.40 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 92 998 | | | | | 110 873.07 | 0.05 |","| Japanese yen | JPY | 9 685 806 | | | | | 74 253.10 | 0.04 |","| U.S. dollar | USD | 1 968 970 | | | | | 1 737 147.19 | 0.86 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other assets | 1 648 520.75 | 0.81 |","| Dividends/Distributions receivable | 300 940.06 | 0.15 |","| Prepaid placement fee* | 1 347 580.69 | 0.66 |","| Receivables from share certificate transactions | 390 875.30 | 0.19 |","| Total assets ** | 204 449 917.02 | 100.80 |","| Other liabilities | -780 467.59 | -0.38 |","| Liabilities from cost items | -162 603.94 | -0.08 |","| Additional other liabilities | -617 863.65 | -0.30 |","| Total liabilities | -1 632 905.36 | -0.80 |","| Net assets | 202 817 011.66 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class LBD | EUR | 100.02 |","| Class LBD10 | EUR | 10 040.72 |","| Class PFBD | EUR | 99.70 |","| Class SBD | EUR | 10 031.57 |","| Class WAMBD | EUR | 10 049.31 |","| Number of shares outstanding Class LBD | Count | 364 751.000 |","| Class LBD10 | Count | 6 355.000 |","| Class PFBD | Count | 379 537.000 |","| Class SBD | Count | 5 539.781 |","| Class WAMBD | Count | 907.000 |","Composition of the reference portfolio (according to CSSF circular 11/512)","Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation EUR (SIA) Conservative Plus","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 66.436 |","| --- | --- | --- |","| Highest market risk exposure | % | 82.229 |","| Average market risk exposure | % | 73.750 |","The values-at-risk were calculated for the period from July 19, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 20 238 211.55 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Exchange rates (indirect quotes)","As of December 30, 2021","| British pound\tGBP | 0.838785 | = EUR | 1 |","| --- | --- | --- | --- |","| Japanese yen\tJPY | 130.443111 | = EUR | 1 |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnotes","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","** Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from July 19, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 3 624\t109.60Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t3 624 109.60","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-19 613.54","- Management fee EUR\t-692 287.21thereof:All-in fee EUR\t-692 287.21","- Legal and publication costs EUR\t-13 138.79","- Taxe d‘abonnement EUR\t-59 155.10","- Other expenses EUR\t-178 821.44thereof:Expenses from prepaidplacement fee 1 EUR\t-178 821.44Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-963 016.08","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t2 661 093.52","- Sale transactionsRealized gains/losses EUR\t-870 641.75Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-870 641.75","- Net gain/loss for the reporting period . . . .",". . . .",". . . .","EUR\t1 790 451.771 For further information, please refer to the notes to the financial statements.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class LBD 1.37%","2",",\tClass LBD10 0.52%","2","Class PFBD 2.09%","2",",\tClass SBD 0.72%","2","Class WAMBD 0.32%","2","The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class LBD 1.63%","2",",\tClass LBD10 0.78%","2","Class PFBD 2.35%","2",",\tClass SBD 0.98%","2","Class WAMBD 0.58%","2","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 7 580.95.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the reporting period . . . .",". . . .",". .","EUR\t0.00","- Net inflows","- 3","- EUR 202 498\t439.50","- Income adjustment EUR\t-523 820.76","- Net investment income EUR 2 661\t093.52","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-870 641.75","- Net change in unrealized appreciation/depreciation .","EUR\t-948 058.85","- Value of the fund’s net assetsat the end of the reporting period.",". . . .",". . . .",". . . .",". . . EUR\t202 817 011.663 Reduced by a dilution fee in the amount of EUR 12 819.27 for the benefit of the fund’s assets.","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t-870 641.75","from:","Securities transactions EUR\t-415 983.62","(Forward) currency transactions EUR\t7 682.79","Derivatives and other financial futures transactions","4","EUR\t-462 340.92","4","This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","Class LBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class LBD10","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class PFBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class SBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class USD WAMBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the reporting period is reinvested.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the reporting period","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t202 817 011.66","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t−","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t−","Net asset value per share at the end of the reporting period","| 2021 | Class LBD | EUR | 100.02 |","| --- | --- | --- | --- |","| | Class LBD10 | EUR | 10 040.72 |","| | Class PFBD | EUR | 99.70 |","| | Class SBD | EUR | 10 031.57 |","| | Class WAMBD | EUR | 10 049.31 |","| 2020 | Class LBD | EUR | – |","| | Class LBD10 | EUR | – |","| | Class PFBD | EUR | – |","| | Class SBD | EUR | – |","| | Class WAMBD | EUR | – |","| 2019 | Class LBD | EUR | – |","| | Class LBD10 | EUR | – |","| | Class PFBD | EUR | – |","| | Class SBD | EUR | – |","| | Class WAMBD | EUR | – |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.06% of all transactions.","The total volume was EUR 11 452 018.78.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 4% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the place- ment fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 4% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","## DB Strategic Income Allocation USD (SIA) Conservative Plus","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve a medium- to long-term return.","It seeks to limit capital losses to no more than 10% on an annu-","alized basis.","In order to achieve the investment objective, the","DB STRATEGIC INCOME ALLOCATION USD (SIA) CONSERVATIVE PLUS","Performance since inception","101.5","101.0","100.5","100.0","99.5","99.0","98.5","98.0","sub-fund seeks to invest in","6/28/21*","7/21","8/21\t9/21\t10/21\t11/21","12/21","portfolios of three main asset","classes that are diversified","DB Strategic Income Allocation USD (SIA) Conservative Plus (USD LBD share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on June 28, 2021 = 100 Data on U.S. dollar basis","between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-","Past performance is no guide to future results.","As of: December 31, 2021","DB STRATEGIC INCOME ALLOCATION USD (SIA) CONSERVATIVE PLUS","Performance of share classes (in USD)","Share class\tISIN\tSince inception","1","Class USD LBD\tLU2330519427\t-0.4% Class USD LBD10\tLU2330519344\t0.1% Class USD SBD\tLU2330519260\t0.0% Class USD WAMBD\tLU2330519187\t0.2%","1","Classes USD LBD, USD LBD10, USD SBD and USD WAMBD launched on June 28, 2021 “BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","tion approach which takes into account the expected return, volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars.","The expected range of alloca- tion for a “conservative” port- folio is for","a) bond portfolio: up to 100%;","b) equity portfolio:","0-60% and","c) alternative port- folio: 0-15%.","In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.","In addition to allocating assets across the portfolios, the sub-fund manager seeks to implement a capital pres-","ervation strategy, based on the advice of the investment","advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%","on an annualized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.","The risk mitigation strat- egy includes investments in derivative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per-","formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the fund manager may gain exposure to a financial","index through the use of deriva-","tive financial instruments.","In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).","The derivatives exposure is always matched by equity ETF positions in the same amount.","The premiums collected are used to generate additional value growth in the sub-fund.","The investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries","and uncertainty regarding the monetary policy of the central banks.","Against this backdrop, the sub-fund recorded a loss of 0.4% per share (USD LBD share class; BVI method; in","U.S. dollars) in the shortened fiscal year from July 19, 2021,","through December 31, 2021.","##### Investment policy in the reporting period","consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","Developments in the interna-\tup the rear.","Against the back-\ttional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of","measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up","drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Strategic Income Allo- cation USD (SIA) Conservative Plus was mainly exposed to bonds, including government and corporate bonds, through investments in target funds globally, and in equities.","In terms of sector allocation, the equity portfolio was broadly diversified.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","## DB Strategic Income Allocation USD (SIA) Conservative Plus","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 14 896 921.26 | 70.32 |","| Other funds | 2 654.19 | 0.01 |","| Equity funds | 5 917 552.16 | 27.94 |","| Total investment fund units | 20 817 127.61 | 98.27 |","| 2. Derivatives | 75 116.58 | 0.36 |","| 3. Cash at bank | 333 394.31 | 1.57 |","| 4. Other assets | 16 310.41 | 0.08 |","| II.","Liabilities | | |","| 1. Other liabilities | -58 920.09 | -0.28 |","| III.","Net assets | 21 183 028.82 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tUSD |","| Investment fund units | | | | | | | 20 817 127.61 | 98.27 |","| In-group fund units Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 238 802 | 250 978 | 12 176 | EUR | 13.994 | 3 787 622.94 | 17.88 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | | 26 | 26 | USD | 10 408.589 | 2 654.19 | 0.01 |","| Xtrackers II - USD Emerging Markets Bond UCITS ETF -2D- USD - (0.250%) | Units | 73 374 | 76 820 | 3 446 | USD | 14.079 | 1 033 032.55 | 4.88 |","| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 248 995 | 492 386 | 243 391 | EUR | 8.218 | 2 319 312.08 | 10.95 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 467 | 467 | | EUR | 34.51 | 18 266.88 | 0.09 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 10 517 | 10 517 | | EUR | 34.595 | 412 389.54 | 1.95 |","| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 76 881 | 76 881 | | EUR | 19.118 | 1 665 957.46 | 7.86 |","| iShares II PLC - iShares $ High Yield Corporate Bond UCITS ETF -USD- EUR - (0.500%) | Units | 18 558 | 19 489 | 931 | EUR | 90.79 | 1 909 728.43 | 9.01 |","| iShares PLC - iShares $ Corp Bond UCITS ETF EUR - (0.200%) | Units | 6 693 | 6 693 | | EUR | 111.05 | 842 445.50 | 3.98 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF EUR - (0.070%) | Units | 505 537 | 529 477 | 23 940 | EUR | 4.73 | 2 710 065.49 | 12.79 |","| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- USD - (0.060%) | Units | 19 370 | 20 272 | 902 | USD | 43.685 | 846 178.45 | 3.99 |","| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 13 199 | 14 017 | 818 | USD | 33.85 | 446 786.15 | 2.11 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 28 351 | 29 807 | 1 456 | USD | 132.9 | 3 767 847.90 | 17.79 |","| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 49 698 | 52 067 | 2 369 | USD | 21.225 | 1 054 840.05 | 4.98 |","| Total securities portfolio | | | | | | | 20 817 127.61 | 98.27 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 75 116.58 | 0.36 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 450 EUR (DB) | Count | 38 | 38 | | | | 54 118.84 | 0.26 |","| Call DJ Euro Stoxx 50 06/2022 4 500 EUR (DB) | Count | -27 | | 27 | | | -22 064.87 | -0.10 |","| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -6 | | 6 | | | -7 647.39 | -0.04 |","| Call S & P 500 Futures 06/2022 4 675 USD (DB) | Count | -2 | | 2 | | | -60 910.00 | -0.29 |","| Put S & P 500 Futures 12/2022 4 500 USD (DB) | Count | 4 | 4 | | | | 111 620.00 | 0.53 |","| Cash at bank | | | | | | | 333 394.31 | 1.57 |","| Demand deposits at Depositary EUR deposits | EUR | 81 905 | | | | | 92 835.19 | 0.44 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| Japanese yen | JPY | 1 133 829 | | | | | 9 852.10 | 0.04 |","| U.S. dollar | USD | | | | | | 230 707.02 | 1.09 |","| Other assets | 16 310.41 | 0.08 |","| Dividends/Distributions receivable | 16 310.41 | 0.08 |","| Total assets * | 21 332 571.17 | 100.71 |","| Other liabilities | -58 920.09 | -0.28 |","| Liabilities from cost items | -13 838.48 | -0.07 |","| Additional other liabilities | -45 081.61 | -0.21 |","| Total liabilities | -149 542.35 | -0.71 |","| Net assets | 21 183 028.82 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class USD LBD | USD | 99.65 |","| Class USD LBD10 | USD | 10 009.49 |","| Class USD SBD | USD | 9 998.49 |","| Class USD WAMBD | USD | 10 018.86 |","| Number of shares outstanding Class USD LBD | Count | 9 939.000 |","| Class USD LBD10 | Count | 1.000 |","| Class USD SBD | Count | 1 831.481 |","| Class USD WAMBD | Count | 186.700 |","Composition of the reference portfolio (according to CSSF circular 11/512)","Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation USD (SIA) Conservative Plus","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 67.729 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.000 |","| Average market risk exposure | % | 74.830 |","The values-at-risk were calculated for the period from June 28, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 2 033 405.15 as of the reporting date.","Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","| Exchange rates (indirect quotes) | |","| --- | --- |","| | | As of December 30, 2021 |","| Euro\tEUR | 0.882262 | = USD\t1 |","| Japanese yen\tJPY | 115.085000 | = USD\t1 |","| Notes on valuation | | |","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","* Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from June 28, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 445\t393.59Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t445 393.59","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-450.46","- Management fee USD\t-68 374.56thereof:All-in fee USD\t-68 374.56 Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the reporting period . . . .",". . . .",". .","USD\t0.00","- Net inflows USD 21 231\t274.18","- Income adjustment USD\t-32 548.15","- Net investment income USD 368\t248.74","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t-155 294.29","- Net change in unrealized appreciation/depreciation .","USD\t-228 651.66","- Value of the fund’s net assetsat the end of the reporting period.",". . . .",". . . .",". . . .",". . . USD\t21 183 028.82","| 3. Taxe d‘abonnement | USD | -8 319.83 | |","| --- | --- | --- | --- |","| | | | | |","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| USD | -77 144.85 | Summary of gains/losses | 2021 |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| USD | 368 248.74 | | |","- Sale transactionsRealized gains/losses USD\t-155 294.29Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t-155 294.29","- Net gain/loss for the reporting period . . . .",". . . .",". . . .","USD 212\t954.45BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD LBD 1.35%1,\tClass USD LBD10 0.50%1,Class USD SBD 0.70%1,\tClass USD WAMBD 0.30%1Realized gains/losses (incl. income adjustment).",". . . .",". .","USD\t-155 294.29from:Securities transactions USD\t-96 426.10(Forward) currency transactions USD\t4 532.22Derivatives and other financial futures transactions 2 .","USD\t-63 400.412 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","The TER expresses total expenses and fees (excluding transaction costs) as a percent-\t age of a fund’s average net assets in relation to the respective share class for a given","reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class USD LBD 1.58%","1",",\tClass USD LBD10 0.74%","1","Class USD SBD 0.93%","1",",\tClass USD WAMBD 0.53%","1","1","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 953.61.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Class USD LBD","| Type | As of | Currency | Per share |","| --- | --- | --- | --- |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD LBD10 | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD SBD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD WAMBD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the reporting period is reinvested.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the reporting period","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t21 183 028.82","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t-","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t-","Net asset value per share at the end of the reporting period","| 2021 | Class USD LBD | USD | 99.65 |","| --- | --- | --- | --- |","| | Class USD LBD10 | USD | 10 009.49 |","| | Class USD SBD | USD | 9 998.49 |","| | Class USD WAMBD | USD | 10 018.86 |","| 2020 | Class USD LBD | USD | - |","| | Class USD LBD10 | USD | - |","| | Class USD PFBD | USD | - |","| | Class USD SBD | USD | - |","| | Class USD WAMBD | USD | - |","| 2019 | Class USD LBD | USD | - |","| | Class USD LBD10 | USD | - |","| | Class USD PFBD | USD | - |","| | Class USD SBD | USD | - |","| | Class USD WAMBD | USD | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.76% of all transactions.","The total volume was USD 1 432 781.06.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The objective of the sub-fund DWS Strategic ESG Allocation Balance is to achieve a medium to long-term positive invest- ment performance, bearing","in mind the opportunities and risks in the international capital","DWS STRATEGIC ESG ALLOCATION BALANCE","Performance since inception","140","130","120","110","100","90","80","70","markets.","For this purpose, the","1/29/18*","12/18\t12/19\t12/20","12/21","sub-fund invests primarily in exchange-traded funds (ETFs).","DWS Strategic ESG Allocation Balance (LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on January 29, 2018 = 100","Data on euro basis","Furthermore, up to 49% of its","assets may also be invested in interest-bearing securities, equities, certificates, convert- ible bonds, warrant-linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds","and money-market instruments, deposits and cash.","Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices.","The","sub-fund combines permissible","Past performance is no guide to future results.","As of: December 31, 2021","DWS STRATEGIC ESG ALLOCATION BALANCE","Performance of the share classes (in euro)","| Share class | ISIN | 1 year | 3 years | Since inception 1 |","| --- | --- | --- | --- | --- |","| Class LC | LU1740984924 | 12.9% | 37.3% | 28.8% |","| Class FC | LU1740984767 | 13.2% | 38.6% | 30.5% |","| Class ID | LU1740984841 | 13.4% | 39.2% | 31.2% |","| Class LD | LU1922430332 | 12.8% | – | 31.7% |","| Class NC | LU1961009468 | 12.6% | – | 24.1% |","| Class RC | LU2001266027 | 12.7% | – | 23.0% |","1","Classes FC, ID and LC launched on January 29, 2018 / Class LD launched on January 31, 2019 / Class NC launched on April 25, 2019 / Class RC launched on June 28, 2019","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","investment instruments from different asset classes to create a balanced risk / return profile.","Its aim is annualized volatility of 5% to 10% over a rolling five- year period.","It cannot however be guaranteed that the volatility margin will be adhered to at all times.","In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac-","terized primarily by the corona- virus crisis*.","Despite rising inflation, especially toward the","end of the reporting period, interest rates failed to rise in both the euro area and the United States.","This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries.","Against this backdrop, DWS Strategic ESG Allocation Balance achieved an apprecia- tion of 12.9% per share in the 2021 fiscal year (LC share class, BVI method; in euro).","##### Investment policy in the reporting period","Within the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF,","Xtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS ETF.","In terms of its sector allo- cation, the sub-fund was thus broadly based.","The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed.","While the equity mar- kets in the Western industrial countries – boosted in partic-","ular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.","On the bond side, the sub-fund","kets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low,","omy Regulation) can be found in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report.","was invested globally in bond","in some cases negative, level.","ETFs and in bond target funds.","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi-","tion, the dynamic spread of the coronavirus and its variants,","as well as associated new restrictions, dampened the economic outlook.","Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar-","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","##### Information on environmental and / or social characteristics","The investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).","The selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria.","However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within","the meaning of the Taxonomy Regulation.","The presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation","(EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg- ulation (EU) 2020 / 852 (Taxon-","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Equity funds | 104 089 943.81 | 55.89 |","| Bond funds | 77 171 740.26 | 41.46 |","| Other funds | 4 042 253.04 | 2.17 |","| Total investment fund units | 185 303 937.11 | 99.52 |","| 2. Derivatives | 258 898.63 | 0.14 |","| 3. Cash at bank | 741 126.51 | 0.40 |","| 4. Receivables from share certificate transactions | 8 106.86 | 0.00 |","| II.","Liabilities | | |","| 1. Other liabilities | -104 732.41 | -0.05 |","| 2. Liabilities from share certificate transactions | -16 273.02 | -0.01 |","| III.","Net assets | 186 191 063.68 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","Investment fund units\t185 303 937.11\t99.52","In-group fund units","DWS Institutional - DWS Institutional ESG","| Euro Money Market Fund -IC- EUR - (0.110%) DWS Invest SICAV - DWS Invest ESG | Units | 294 | 1 259 | 1 058 | EUR | 13 749.16 | 4 042 253.04 | 2.17 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Euro High Yield -XC- EUR - (0.200%) | Units | 124 385 | 139 397 | 15 012 | EUR | 103.55 | 12 880 066.75 | 6.92 |","| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) | Units | 12 127 | 13 603 | 1 476 | EUR | 161.63 | 1 960 087.01 | 1.05 |","| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) | Units | 35 987 | 29 586 | 11 923 | EUR | 50.27 | 1 809 066.49 | 0.97 |","| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%) | Units | 998 316 | 1 003 819 | 5 503 | EUR | 27.515 | 27 468 664.74 | 14.75 |","| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) | Units | 50 212 | 50 212 | | EUR | 36.38 | 1 826 712.56 | 0.98 |","| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%) | Units | 34 969 | 36 125 | 19 753 | EUR | 52.64 | 1 840 768.16 | 0.99 |","| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) | Units | 52 812 | 43 123 | 17 651 | EUR | 34.49 | 1 821 485.88 | 0.98 |","| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) | Units | 188 867 | 188 867 | | EUR | 155.925 | 29 449 086.98 | 15.82 |","| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) | Units | 50 659 | 44 590 | 1 213 | EUR | 210.62 | 10 669 798.58 | 5.73 |","| Xtrackers - S&P 500 Swap UCITS ETF -1C- USD - (0.050%) | Units | 151 590 | 116 593 | 130 869 | USD | 91.468 | 12 233 063.25 | 6.57 |","| Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) | Units | 159 243 | 180 281 | 21 038 | USD | 45.97 | 6 458 511.37 | 3.47 |","| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%)....","| Units | 744 231 | 765 206 | 20 975 | USD | 13.4 | 8 798 530.19 | 4.73 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) | Units | 261 880 | 261 880 | | USD | 52.57 | 12 146 128.84 | 6.52 |","| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) | Units | 278 141 | 325 130 | 46 989 | USD | 22.24 | 5 457 545.55 | 2.93 |","| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) | Units | 532 423 | 532 423 | | USD | 50.64 | 23 787 460.46 | 12.78 |","| Xtrackers IE Physical Gold ETC Securities USD - (0.150%) .","Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units Units | 259 525 44 812 | 197 486 31 729 | 4 083 | USD USD | 27.91 225.51 | 6 390 526.06 8 915 746.39 | 3.43 4.79 |","| Non-group fund units Amundi Index Solutions - Amundi Index MSCI USA SRI UCITS ETF DR EUR - (0.180%) | Units | 56 046 | 56 046 | | EUR | 97.63 | 5 471 770.98 | 2.94 |","| UBS (Irl) ETF plc - S&P 500 ESG UCITS ETF -A- USD - (0.120%) | Units | 66 234 | 107 910 | 41 676 | USD | 32.115 | 1 876 663.83 | 1.00 |","| Total securities portfolio | | | | | | | 185 303 937.11 | 99.52 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Currency derivatives Receivables/payables | | | | | | | 258 898.63 | 0.14 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (short) | | | | | | | | |","| Open positions EUR/USD 31.2 million | | | | | | | 115 531.07 | 0.06 |","| Closed positions EUR/USD 32.5 million | | | | | | | 143 367.56 | 0.08 |","| Cash at bank | | | | | | | 741 126.51 | 0.40 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 622 834.59 | 0.34 |","| Deposits in other EU/EEA currencies | | | | | | | | |","| Danish krone | DKK | 1 | | | | | 0.09 | 0.00 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 4 916 | | | | | 5 860.98 | 0.00 |","| Japanese yen | JPY | 1 901 055 | | | | | 14 573.82 | 0.01 |","| Swiss franc | CHF | 1 289 | | | | | 1 244.88 | 0.00 |","| U.S. dollar | USD | 109 505 | | | | | 96 612.15 | 0.05 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Receivables from share certificate transactions | 8 106.86 | 0.00 |","| Total assets | 186 312 069.11 | 100.06 |","| Other liabilities | -104 732.41 | -0.05 |","| Liabilities from cost items | -104 732.41 | -0.05 |","| Liabilities from share certificate transactions | -16 273.02 | -0.01 |","| Total liabilities | -121 005.43 | -0.06 |","| Net assets | 186 191 063.68 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class FC | EUR | 130.48 |","| Class ID | EUR | 130.20 |","| Class LC | EUR | 128.80 |","| Class LD | EUR | 131.56 |","| Class NC | EUR | 124.08 |","| Class RC | EUR | 123.01 |","| Number of shares outstanding Class FC | Count | 82 622.171 |","| Class ID | Count | 154 175.000 |","| Class LC | Count | 6 592.434 |","| Class LD | Count | 795 160.844 |","| Class NC | Count | 401 851.084 |","| Class RC | Count | 100.000 |","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR (50%) and iBoxx EUR Overall (50%)","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 89.613 |","| --- | --- | --- |","| Highest market risk exposure | % | 112.203 |","| Average market risk exposure | % | 98.045 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 30 887 868.30 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| Swiss franc\tCHF | 1.035520 | = EUR | 1 |","| --- | --- | --- | --- |","| Danish krone\tDKK | 7.436396 | = EUR | 1 |","| British pound\tGBP | 0.838785 | = EUR | 1 |","| Japanese yen\tJPY | 130.443111 | = EUR | 1 |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Statement of income and expenses (incl. income adjustment)","Statement of changes in net assets\t2021 for the period from January 1, 2021, through December 31, 2021\tI. Value of the fund’s net assets","| | at the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . | EUR | 61 682 269.69 |","| --- | --- | --- | --- |","| I. Income | | | 1. | Distribution for the previous year | EUR | -58 719.65 |","| 1. Income from investment fund units . . . .",". . . .",". . . .",". . . .","| EUR | 1 732 552.13 | 2. | Net inflows | EUR | 114 738 322.52 |","| 2. Income from securities lending | EUR | 2 369.13 | 3. | Income adjustment | EUR | -6 075 318.97 |","| | | | 4. | Net investment income | EUR | 611 961.76 |","| Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 1 734 921.26 | 5. | Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 340 609.53 |","| | | | 6. | Net change in unrealized appreciation/depreciation ....","| EUR | 14 951 938.80 |","| II.","Expenses | | | | | | |","| 1. Interest on borrowings and | | | II.","| Value of the fund’s net assets | | |","| negative interest on deposits | EUR | -17 873.68 | | at the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 186 191 063.68 |","| 2. Management fee | EUR | -1 049 662.89 | | | | |","| thereof: | | | | | | |","| All-in fee EUR -1 049 662.89 | |","| --- | --- |","| 3. Legal and publication costs | EUR | -1 324.86 |","| 4. Taxe d‘abonnement | EUR | -53 308.36 |","| 5. Other expenses | EUR | -789.71 |","thereof:","Performance-based fee from","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -1 122 959.50 | from: Securities transactions | EUR | 2 973 800.19 |","| --- | --- | --- | --- | --- | --- |","| III.","Ordentlicher Nettertrag . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 611 961.76 | (Forward) currency transactions Derivatives and other financial futures transactions ... | EUR EUR | -2 648 000.98 14 810.32 |","| IV.","Sale transactions Realized gains/losses | EUR | 340 609.53 | | | |","securities lending income EUR\t-789.71","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t340 609.53","Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t340 609.53","Details on the distribution policy*","V. Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR\t952 571.29","Class FC","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class FC 0.28% p.a., Class ID 0.14% p.a., Class LC 0.61% p.a., Class LD 0.70% p.a., Class NC 0.84% p.a., Class RC 0.73% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class FC 0.47% p.a., Class ID 0.32% p.a., Class LC 0.79% p.a., Class LD 0.89% p.a., Class NC 1.02% p.a., Class RC 0.91% p.a.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 2 169.99.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","The income for the fiscal year is reinvested.","| Class ID | |","| --- | --- |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | EUR | 1.02 |","| Class LC | | | |","The income for the fiscal year is reinvested.","Class LD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.39","Class NC","The income for the fiscal year is reinvested.","Class RC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the fiscal year is reinvested.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 186 191 063.68 |","| --- | --- | --- |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 61 682 269.69 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 27 570 383.81 |","| Net asset value per share at the end of the fiscal year | | |","| 2021 | Class FC | EUR | 130.48 |","| | Class ID | EUR | 130.20 |","| | Class LC | EUR | 128.80 |","| | Class LD | EUR | 131.56 |","| | Class NC | EUR | 124.08 |","| | Class RC | EUR | 123.01 |","| 2020 | Class FC | EUR | 115.28 |","| | Class ID | EUR | 115.24 |","| | Class LC | EUR | 114.11 |","| | Class LD | EUR | 116.71 |","| | Class NC | EUR | 110.23 |","| | Class RC | EUR | 109.17 |","| 2019 | Class FC | EUR | 109.58 |","| | Class ID | EUR | 109.47 |","| | Class LC | EUR | 108.86 |","| | Class LD | EUR | 111.41 |","| | Class NC | EUR | 105.37 |","| | Class RC | EUR | 104.26 |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.52% of all transactions.","The total volume was EUR 2 920 680.80.","##### Investment objective and performance in the reporting period","The objective of the sub-fund DWS Strategic ESG Alloca- tion Defensive is to achieve a medium to long-term positive investment performance, bear- ing in mind the opportunities and risks in the international","DWS STRATEGIC ESG ALLOCATION DEFENSIVE","Performance since inception","115","112","109","106","103","100","97","94","capital markets.","For this pur-","1/29/18*","12/18","12/19\t12/20","12/21","pose, the sub-fund invests primarily in exchange-traded","DWS Strategic ESG Allocation Defensive (LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on January 29, 2018 = 100","Data on euro basis","funds (ETFs).","Furthermore, up","to 49% of its assets may also be invested in interest-bearing securities, equities, certificates, convertible bonds, warrant- linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds and money-market instruments, deposits and cash.","Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices.","The","sub-fund combines permissible","Past performance is no guide to future results.","As of: December 31, 2021","| DWS STRATEGIC ESG ALLOCATION | DEFENSIVE | |","| --- | --- | --- |","| Performance of share classes (in euro) Share class\tISIN | 1 year | 3 years | Since inception 1 |","| Class LC\tLU1740985228 | 5.4% | 19.0% | 14.1% |","| Class FC\tLU1740985061 | 5.7% | 20.2% | 15.6% |","| Class ID\tLU1740985145 | 5.9% | 20.7% | 16.3% |","| Class LD\tLU1922432890 | 5.3% | – | 16.3% |","| Class RC\tLU2001265722 | 5.2% | – | 10.6% |","| Class XD\tLU1740985491 | 5.9% | 21.0% | 16.6% |","1","Classes FC, ID, LC and XD launched on January 29, 2018 / Class LD launched on January 31, 2019 / Class RC launched on June 28, 2019","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","investment instruments from different asset classes to create a balanced risk / return profile.","Its aim is annualized volatility of 2% to 5% over a rolling five- year period.","It cannot however be guaranteed that the volatility margin will be adhered to at all times.","In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac-","terized primarily by the corona- virus crisis*.","Despite rising inflation, especially toward the","end of the reporting period, interest rates failed to rise in both the euro area and the United States.","This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries.","Against this backdrop, DWS Strategic ESG Allocation Defensive achieved an appreci- ation of 5.4% per share in the 2021 fiscal year (LC share class; BVI method; in euro).","##### Investment policy in the reporting period","On the bond side, the sub-fund was invested globally in bond ETFs and in bond target funds.","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial","markets.","Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact","ETF.","In terms of its sector allo- cation, the sub-fund was thus broadly based.","The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed.","While the equity mar-","ulation (EU) 2020 / 852 (Taxon- omy Regulation) can be found in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report.","of the coronavirus crisis and\tkets in the Western industrial\tby the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi-","tion, the dynamic spread of the coronavirus and its variants,","as well as associated new restrictions, dampened the economic outlook.","Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar- kets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","Within the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF,","Xtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS","countries – boosted in partic- ular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.","##### Information on environmental and / or social characteristics","The investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).","The selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria.","However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within","the meaning of the Taxonomy Regulation.","The presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation","(EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg-","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 113 578 763.94 | 64.24 |","| Equity funds | 52 351 729.08 | 29.61 |","| Other funds | 7 039 569.92 | 3.98 |","| Total investment fund units | 172 970 062.94 | 97.83 |","| 2. Derivatives | 378 162.27 | 0.21 |","| 3. Cash at bank | 3 634 823.17 | 2.06 |","| 4. Other assets | 27 254.90 | 0.02 |","| 5. Receivables from share certificate transactions | 116.16 | 0.00 |","| II.","Liabilities | | |","| 1. Other liabilities | -97 392.16 | -0.06 |","| 2. Liabilities from share certificate transactions | -99 781.32 | -0.06 |","| III.","Net assets | 176 813 245.96 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","Investment fund units\t172 970 062.94\t97.83","In-group fund units","| DWS Floating Rate Notes FCP -IC- EUR - (0.100%) | Units | 85 819 | 65 670 | 8 674 | EUR | 84.06 | 7 213 945.14 | 4.08 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| DWS Institutional - DWS Institutional ESG Euro Money Market Fund -IC- EUR - (0.100%) | Units | 512 | 616 | 216 | EUR | 13 749.16 | 7 039 569.92 | 3.98 |","| DWS Invest SICAV - DWS Invest ESG Euro High Yield -XC- EUR - (0.200%) | Units | 110 309 | 114 797 | 4 488 | EUR | 103.55 | 11 422 496.95 | 6.46 |","| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) | Units | 5 549 | 5 926 | 377 | EUR | 161.63 | 896 884.87 | 0.51 |","| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) | Units | 17 241 | 18 054 | 6 895 | EUR | 50.27 | 866 705.07 | 0.49 |","| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%) | Units | 564 511 | 570 996 | 6 485 | EUR | 27.515 | 15 532 520.17 | 8.78 |","| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) | Units | 24 900 | 27 391 | 2 491 | EUR | 36.38 | 905 862.00 | 0.51 |","| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%) | Units | 16 834 | 19 319 | 8 658 | EUR | 52.64 | 886 141.76 | 0.50 |","| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) | Units | 26 244 | 25 486 | 8 317 | EUR | 34.49 | 905 155.56 | 0.51 |","| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) | Units | 212 868 | 215 869 | 3 001 | EUR | 155.925 | 33 191 442.90 | 18.77 |","| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) | Units | 105 930 | 90 314 | 2 265 | EUR | 210.62 | 22 310 976.60 | 12.62 |","| Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) | Units | 203 179 | 227 411 | 24 232 | USD | 45.97 | 8 240 449.39 | 4.66 |","| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%)....","| Units | 673 270 | 673 270 | | USD | 13.4 | 7 959 607.19 | 4.50 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) | Units | 116 648 | 129 951 | 13 303 | USD | 52.57 | 5 410 194.12 | 3.06 |","| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) | Units | 111 397 | 174 691 | 63 294 | USD | 22.24 | 2 185 777.00 | 1.24 |","| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) | Units | 439 901 | 508 328 | 68 427 | USD | 50.64 | 19 653 785.89 | 11.12 |","| Xtrackers IE Physical Gold ETC Securities USD - (0.150%) .","| Units | 207 469 | 189 231 | 24 181 | USD | 27.91 | 5 108 702.64 | 2.89 |","| Xtrackers II - US Treasuries 1-3 UCITS ETF -1D- USD - (0.070%) | Units | 9 599 | 7 514 | 176 | USD | 167.15 | 1 415 565.43 | 0.80 |","| Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units | 70 980 | 62 933 | 7 846 | USD | 225.51 | 14 122 102.98 | 7.99 |","| Non-group fund units iShares IV plc - iShares $ Short Duration Corporate Bond UCITS ETF USD - (0.200%) | Units | 85 196 | 68 544 | 1 457 | USD | 102.47 | 7 702 177.36 | 4.36 |","| Total securities portfolio | | | | | | | 172 970 062.94 | 97.83 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Currency derivatives Receivables/payables | | | | | | | 378 162.27 | 0.21 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (short) | | | | | | | | |","| Open positions EUR/USD 46.6 million | | | | | | | 166 899.34 | 0.09 |","| Closed positions EUR/USD 47.2 million | | | | | | | 211 262.93 | 0.12 |","| Cash at bank | | | | | | | 3 634 823.17 | 2.06 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 3 533 330.53 | 2.00 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 7 | | | | | 7.53 | 0.00 |","| Japanese yen | JPY | 473 600 | | | | | 3 630.70 | 0.00 |","| Swiss franc | CHF | 886 | | | | | 855.80 | 0.00 |","| U.S. dollar | USD | 109 943 | | | | | 96 998.61 | 0.06 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other assets | 27 254.90 | 0.02 | | Dividends/Distributions receivable | 27 254.90 | 0.02 | | Receivables from share certificate transactions | 116.16 | 0.00 | | Total assets | 177 010 419.44 | 100.12 | | Other liabilities | -97 392.16 | -0.06 | | Liabilities from cost items | -97 352.78 | -0.06 | | Additional other liabilities | -39.38 | 0.00 | | Liabilities from share certificate transactions | -99 781.32 | -0.06 | | Total liabilities | -197 173.48 | -0.12 | | Net assets | 176 813 245.96 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | | A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request. | Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency | | --- | --- | --- | | Net asset value per share Class FC | EUR | 115.61 | | Class ID | EUR | 115.27 | | Class LC | EUR | 114.13 | | Class LD | EUR | 116.19 | | Class RC | EUR | 110.61 | | Class XD | EUR | 115.31 | | Number of shares outstanding Class FC | Count | 95 735.282 | | Class ID | Count | 100.000 | | Class LC | Count | 144 356.000 | | Class LD | Count | 1 070 734.434 | | Class RC | Count | 100.000 | | Class XD | Count | 215 370.118 | Composition of the reference portfolio (according to CSSF circular 11/512) 70% iBoxx Euro Overall Index, 30% MSCI World Net TR Index in EUR Market risk exposure (value-at-risk) (according to CSSF circular 11/512) | Lowest market risk exposure | % | 80.943 | | --- | --- | --- | | Highest market risk exposure | % | 104.985 | | Average market risk exposure | % | 88.498 | The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 41 167 070.65 as of the reporting date. Market abbreviations\t Contracting parties for forward currency transactions Toronto Dominion Bank. Exchange rates (indirect quotes) As of December 30, 2021 | Swiss franc\tCHF | 1.035520 | = EUR | 1 | | --- | --- | --- | --- | | British pound\tGBP | 0.838785 | = EUR | 1 | | Japanese yen\tJPY | 130.443111 | = EUR | 1 | | U.S. dollar\tUSD | 1.133450 | = EUR | 1 | Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds. Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021 - Income - Income from investment fund units . . . . . . . . . . . . . . . . EUR 2 248\t116.86 - Income from securities lending EUR\t169.06Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t2 248 285.92 - Expenses - Interest on borrowings andnegative interest on deposits EUR\t-22 569.72 - Management fee EUR\t-849 270.33thereof:All-in fee EUR\t-849 270.33 - Legal and publication costs EUR\t-1 300.80 - Taxe d‘abonnement EUR\t-85 365.75 - Other expenses EUR\t-56.36thereof:Performance-based fee fromsecurities lending income EUR\t-56.36 | Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -958 562.96 | | --- | --- | --- | | III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 289 722.96 | | IV. Sale transactions Realized gains/losses | EUR | -457 987.16 | | Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -457 987.16 | | V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . | EUR | 831 735.80 | | BVI total expense ratio (TER) | | | | The total expense ratio for the share classes was: | | | Class FC 0.29% p.a., Class ID 0.13% p.a., Class LC 0.62% p.a., Class LD 0.68% p.a., Class RC 0.77% p.a., Class XD 0.08% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period. Further costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was: Class FC 0.45% p.a., Class ID 0.29% p.a., Class LC 0.78% p.a., Class LD 0.84% p.a., Class RC 0.93% p.a., Class XD 0.24% p.a. Transaction costs The transaction costs paid in the reporting period amounted to EUR 2 174.08. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. Statement of changes in net assets\t2021 - Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\t40 386 302.32 - Distribution for the previous year EUR\t-100 031.15 - Net inflows EUR 133 223\t957.92 - Income adjustment EUR\t-4 566 889.10 - Net investment income EUR 1 289\t722.96 - Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-457 987.16 - Net change in unrealized appreciation/depreciation . EUR 7 038\t170.17 - Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . EUR\t176 813 245.96 | Summary of gains/losses | | 2021 | | --- | --- | --- | | | | | | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | -457 987.16 | | from: Securities transactions | EUR | 2 959 306.25 | | (Forward) currency transactions | EUR | -3 395 107.44 | | Derivatives and other financial futures transactions ... | EUR | -22 185.97 | Details on the distribution policy* Class FC The income for the fiscal year is reinvested. | Class ID | | | --- | --- | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 1.30 | | Class LC | | | | | The income for the fiscal year is reinvested. | Class LD | | | | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 0.73 | | Class RC | | | | | The income for the fiscal year is reinvested. | Class XD | | | | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 1.35 | * Additional information is provided in the sales prospectus. In the case of a final distribution, any remaining net income for the fiscal year is rein- vested. Changes in net assets and in the net asset value per share over the last three years | Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 176 813 245.96 | | --- | --- | --- | | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 40 386 302.32 | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 24 709 797.91 | | Net asset value per share at the end of the fiscal year | | | | 2021 | Class FC | EUR | 115.61 | | | Class ID | EUR | 115.27 | | | Class LC | EUR | 114.13 | | | Class LD | EUR | 116.19 | | | Class RC | EUR | 110.61 | | | Class XD | EUR | 115.31 | | 2020 | Class FC | EUR | 109.35 | | | Class ID | EUR | 109.24 | | | Class LC | EUR | 108.31 | | | Class LD | EUR | 110.34 | | | Class RC | EUR | 105.12 | | | Class XD | EUR | 109.35 | | 2019 | Class FC | EUR | 105.71 | | | Class ID | EUR | 105.60 | | | Class LC | EUR | 105.05 | | | Class LD | EUR | 107.08 | | | Class RC | EUR | 102.13 | | | Class XD | EUR | 105.67 | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.65% of all transactions. The total volume was EUR 3 316 783.85. Swing Pricing Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances. To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus. The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value. The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular: - bid-ask spread (fixed-price element), - impacts on the market (impacts of the transactions on the price), - additional costs that are incurred as a result of trading activities for the investments. The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals. The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com. As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally. This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined. ##### Investment objective and performance in the reporting period The objective of the sub-fund DWS Strategic ESG Alloca- tion Dynamic is to achieve a medium to long-term positive investment performance, bear- ing in mind the opportunities and risks in the international DWS STRATEGIC ESG ALLOCATION DYNAMIC Performance since inception 150 140 130 120 110 100 90 80 capital markets. For this pur- 1/29/18* 12/18\t12/19\t12/20 12/21 pose, the sub-fund invests primarily in exchange-traded DWS Strategic ESG Allocation Dynamic (LC share class) “BVI method” performance, i.e., excluding the initial sales charge. * Launched on January 29, 2018 = 100 Data on euro basis funds (ETFs). Furthermore, up to 49% of its assets may also be invested in interest-bearing securities, equities, certificates, convertible bonds, warrant- linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds and money-market instruments, deposits and cash. Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices. The sub-fund combines permissible Past performance is no guide to future results. As of: December 31, 2021 | DWS STRATEGIC ESG ALLOCATION | DYNAMIC | | | --- | --- | --- | | Performance of share classes (in euro) Share class\tISIN | 1 year | 3 years | Since inception 1 | | Class LC\tLU1740985731 | 19.5% | 54.6% | 41.7% | | Class FC\tLU1740985574 | 20.0% | 56.1% | 43.6% | | Class IC\tLU1899149030 | 20.2% | 56.8% | 48.7% | | Class ID\tLU1740985657 | 20.2% | 56.8% | 44.4% | | Class LD\tLU1740985814 | 19.5% | 54.3% | 41.4% | | Class RC\tLU2001265565 | 19.5% | – | 34.6% | 1 Classes FC, ID, LC and LD launched on January 29, 2018 / Class IC launched on November 15, 2018 / Class RC launched on June 28, 2019 “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2021 investment instruments from different asset classes to create a balanced risk / return profile. Its aim is annualized volatility of 10% to 15% over a rolling five- year period. It cannot however be guaranteed that the volatility margin will be adhered to at all times. In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac- terized primarily by the corona- virus crisis*. Despite rising inflation, especially toward the end of the reporting period, interest rates failed to rise in both the euro area and the United States. This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries. Against this backdrop, DWS Strategic ESG Allocation Dynamic achieved an appreci- ation of 19.5% per share in the 2021 fiscal year (LC share class; BVI method; in euro terms). ##### Investment policy in the reporting period Within the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF, Xtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS ETF. In terms of its sector allo- cation, the sub-fund was thus broadly based. The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed. While the equity mar- kets in the Western industrial countries – boosted in partic- ular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear. kets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report. yields rising at a still very low, On the bond side, the sub-fund was invested globally in bond ETFs and in bond target funds. Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its variants, as well as associated new restrictions, dampened the economic outlook. Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar- in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower. ##### Information on environmental and / or social characteristics The investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector). The selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria. However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within the meaning of the Taxonomy Regulation. The presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation (EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg- ulation (EU) 2020 / 852 (Taxon- omy Regulation) can be found * The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19 are of significance for understanding the annual financial statements. Further details in this regard are provided in the explanations in the “General information” section. The format used for complete dates in security names in the investment portfolio is “day/month/year”. | Statement of net assets as of December 31, 2021 | | | --- | --- | | | Amount in EUR | % of net assets | | I. Assets | | | | 1. Investment fund units Equity funds | 101 609 341.53 | 80.34 | | Bond funds | 22 696 578.30 | 17.93 | | Other funds | 1 608 651.72 | 1.27 | | Total investment fund units | 125 914 571.55 | 99.54 | | 2. Derivatives | 51 638.97 | 0.04 | | 3. Cash at bank | 563 206.39 | 0.45 | | 4. Other assets | 1 603.13 | 0.00 | | 5. Receivables from share certificate transactions | 32 501.16 | 0.03 | | II. Liabilities | | | | 1. Other liabilities | -67 477.11 | -0.06 | | 2. Liabilities from share certificate transactions | -31.33 | 0.00 | | | | | | III. Net assets | 126 496 012.76 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | | Investment portfolio – December 31, 2021 | Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Investment fund units | | | | | | | 125 914 571.55 | 99.54 | | In-group fund units DWS Institutional - DWS Institutional ESG Euro Money | | | | | | | | | | Market Fund -IC- EUR - (0.110%) DWS Invest SICAV - DWS Invest ESG Euro High Yield -XC- EUR - (0.200%) | Units Units | 117 78 807 | 1 208 78 807 | 1 091 | EUR EUR | 13 749.16 103.55 | 1 608 651.72 8 160 464.85 | 1.27 6.45 | | DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) | Units | 11 582 | 16 037 | 4 455 | EUR | 161.63 | 1 871 998.66 | 1.48 | | Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) | Units | 39 414 | 21 499 | 34 604 | EUR | 50.27 | 1 981 341.78 | 1.57 | | Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%) | Units | 873 399 | 878 848 | 5 449 | EUR | 27.515 | 24 031 573.49 | 19.00 | | Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) | Units | 55 882 | 55 882 | | EUR | 36.38 | 2 032 987.16 | 1.61 | | Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%) | Units | 39 415 | 39 415 | 53 301 | EUR | 52.64 | 2 074 805.60 | 1.64 | | Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) | Units | 59 104 | 23 223 | 42 477 | EUR | 34.49 | 2 038 496.96 | 1.61 | | Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) | Units | 16 808 | 16 808 | | EUR | 155.925 | 2 620 787.40 | 2.07 | | Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) | Units | 11 326 | 3 782 | 437 | EUR | 210.62 | 2 385 482.12 | 1.88 | | Xtrackers - S&P 500 Swap UCITS ETF -1C- USD - (0.050%) . Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) | Units Units | 103 430 30 482 | 30 482 | 256 654 | USD USD | 91.468 45.97 | 8 346 630.59 1 236 276.28 | 6.60 0.98 | | Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%).... | Units | 499 182 | 523 745 | 24 563 | USD | 13.4 | 5 901 484.75 | 4.66 | | Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) | Units | 270 235 | 270 235 | | USD | 52.57 | 12 533 638.03 | 9.91 | | Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) | Units | 330 576 | 349 392 | 18 816 | USD | 22.24 | 6 486 399.26 | 5.13 | | Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) | Units | 561 100 | 630 590 | 69 490 | USD | 50.64 | 25 068 684.23 | 19.82 | | Xtrackers IE Physical Gold ETC Securities USD - (0.150%) . | Units | 123 516 | 40 406 | 27 555 | USD | 27.91 | 3 041 449.64 | 2.40 | | Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units | 12 023 | 1 820 | 3 211 | USD | 225.51 | 2 392 082.90 | 1.89 | | Non-group fund units Amundi Index Solutions - Amundi Index MSCI USA SRI UCITS ETF DR EUR - (0.180%) | Units | 123 951 | 123 951 | | EUR | 97.63 | 12 101 336.13 | 9.57 | | Total securities portfolio | | | | | | | 125 914 571.55 | 99.54 | | Derivatives (Minus signs denote short positions) | | | | | | | | | | Currency derivatives Receivables/payables | | | | | | | 51 638.97 | 0.04 | | Forward currency transactions | | | | | | | | | | Forward currency transactions (short) | | | | | | | | | | Open positions EUR/USD 24.3 million | | | | | | | 85 193.64 | 0.07 | | Closed positions EUR/USD 24.8 million | | | | | | | -33 554.67 | -0.03 | | Cash at bank | | | | | | | 563 206.39 | 0.45 | | Demand deposits at Depositary EUR deposits | EUR | | | | | | 490 731.40 | 0.39 | | Deposits in non-EU/EEA currencies | | | | | | | | | | British pound | GBP | 3 276 | | | | | 3 905.30 | 0.00 | | Japanese yen | JPY | 640 273 | | | | | 4 908.45 | 0.01 | | Swiss franc | CHF | 887 | | | | | 856.15 | 0.00 | | U.S. dollar | USD | 71 186 | | | | | 62 805.09 | 0.05 | | Other assets | | | | | | | 1 603.13 | 0.00 | | Dividends/Distributions receivable | | | | | | | 1 603.13 | 0.00 | | Receivables from share certificate transactions | | | | | | | 32 501.16 | 0.03 | | Total assets * | | | | | | | 126 597 075.87 | 100.09 | | Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Other liabilities | -67 477.11 | -0.06 | | Liabilities from cost items | -67 477.11 | -0.06 | | Liabilities from share certificate transactions | -31.33 | 0.00 | | Total liabilities | -101 063.11 | -0.09 | | Net assets | 126 496 012.76 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | | A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request. | Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency | | --- | --- | --- | | Net asset value per share Class FC | EUR | 143.64 | | Class IC | EUR | 148.74 | | Class ID | EUR | 143.63 | | Class LC | EUR | 141.70 | | Class LD | EUR | 140.79 | | Class RC | EUR | 134.58 | | Number of shares outstanding Class FC | Count | 100.000 | | Class IC | Count | 100.000 | | Class ID | Count | 130 474.000 | | Class LC | Count | 224 332.804 | | Class LD | Count | 539 269.654 | | Class RC | Count | 100.000 | Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR (75%) and iBoxx EUR Overall (25%) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) | Lowest market risk exposure | % | 82.743 | | --- | --- | --- | | Highest market risk exposure | % | 108.711 | | Average market risk exposure | % | 95.513 | The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 65 268 323.55 as of the reporting date. Market abbreviations\t Contracting parties for forward currency transactions Bofa Securities Europe S.A., HSBC France and State Street Bank International GmbH. Exchange rates (indirect quotes) As of December 30, 2021 | Swiss franc\tCHF | 1.035520 | = EUR | 1 | | --- | --- | --- | --- | | British pound\tGBP | 0.838785 | = EUR | 1 | | Japanese yen\tJPY | 130.443111 | = EUR | 1 | | U.S. dollar\tUSD | 1.133450 | = EUR | 1 | Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds. Footnote * Does not include positions with a negative balance, if such exist. Statement of income and expenses (incl. income adjustment) Statement of changes in net assets\t2021 | | | at the beginning of the fiscal year. . . . . . . . . . . . . . . . | EUR | 104 830 681.73 | | --- | --- | --- | --- | --- | | 1. | Distribution for the previous year | EUR | -51 429.53 | | EUR | 640 593.23 | 2. | Net inflows | EUR | 1 044 036.02 | | | | 3. | Income adjustment | EUR | -53 383.13 | | EUR | 640 593.23 | 4. | Net investment expense | EUR | -92 169.95 | | | | 5. | Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 16 918 887.50 | | | | 6. | Net change in unrealized appreciation/depreciation .... | EUR | 3 899 390.12 | | EUR | -9 820.92 | II. | Value of the fund’s net assets | | | | EUR | -690 500.60 | | at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . | EUR | 126 496 012.76 | | EUR | -878.26 | | | | | | EUR | -31 563.40 | | | | | for the period from January 1, 2021, through December 31, 2021 - Income - Income from investment fund units . . . . . . . . . . . . . . . . Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Expenses - Interest on borrowings andnegative interest on deposits - Management fee thereof: All-in fee EUR\t-690 500.60 - Legal and publication costs - Taxe d‘abonnement Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-732 763.18 - Value of the fund’s net assets | III. Net investment expense. . . . . . . . . . . . . . . . . . . . . . . . | EUR | -92 169.95 | | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | 16 918 887.50 | | --- | --- | --- | --- | --- | --- | --- | | IV. Sale transactions | | | | from: | | | | Realized gains/losses | EUR | 16 918 887.50 | Securities transactions | EUR | 18 477 080.23 | | Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 16 918 887.50 | (Forward) currency transactions Derivatives and other financial futures transactions ... | EUR EUR | -1 611 835.77 53 643.04 | | V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . | EUR | 16 826 717.55 | | | | BVI total expense ratio (TER) Details on the distribution policy* The total expense ratio for the share classes was: Class FC 0.30% p.a.,\tClass IC 0.15% p.a., Class ID 0.15% p.a.,\tClass LC 0.70% p.a., Class LD 0.70% p.a.,\tClass RC 0.75% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period. Further costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was: Class FC 0.50% p.a.,\tClass IC 0.35% p.a., Class ID 0.35% p.a.,\tClass LC 0.90% p.a., Class LD 0.90% p.a.,\tClass RC 0.95% p.a. Transaction costs The transaction costs paid in the reporting period amounted to EUR 1 871.99. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. Class FC The income for the fiscal year is reinvested. Class IC The income for the fiscal year is reinvested. Class ID Type\tAs of\tCurrency\tPer share Final distribution\tMarch 4, 2022\tEUR\t0.51 Class LC The income for the fiscal year is reinvested. | Class LD | | | --- | --- | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 0.05 | | Class RC | | | | The income for the fiscal year is reinvested. * Additional information is provided in the sales prospectus. In the case of a final distribution, any remaining net income for the fiscal year is reinvested. Changes in net assets and in the net asset value per share over the last three years | Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 126 496 012.76 | | --- | --- | --- | | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 104 830 681.73 | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 81 405 843.80 | | Net asset value per share at the end of the fiscal year | | | | 2021 | Class FC | EUR | 143.64 | | | Class IC | EUR | 148.74 | | | Class ID | EUR | 143.63 | | | Class LC | EUR | 141.70 | | | Class LD | EUR | 140.79 | | | Class RC | EUR | 134.58 | | 2020 | Class FC | EUR | 119.70 | | | Class IC | EUR | 123.76 | | | Class ID | EUR | 119.68 | | | Class LC | EUR | 118.56 | | | Class LD | EUR | 117.84 | | | Class RC | EUR | 112.65 | | 2019 | Class FC | EUR | 112.53 | | | Class IC | EUR | 116.19 | | | Class ID | EUR | 112.41 | | | Class LC | EUR | 111.90 | | | Class LD | EUR | 111.27 | | | Class RC | EUR | 106.38 | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.72% of all transactions. The total volume was EUR 1 905 331.78. Appendix: Placement fee | Expenses from prepaid placement fee | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR -322 577.41 | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR -1 818 757.08 | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR -444 300.26 | | --- | --- | --- | --- | | thereof: | | | | | Dilution-related adjustments due to share certificate transactions | -33 065.21 | -318 590.00 | -40 589.56 | | Amortization of placement fee | -373 502.05 | -1 955 389.22 | -446 937.15 | | Adjustments due to fluctuations of the fund’s net assets | 164 669.11 | 873 707.31 | 147 877.61 | | Income adjustment | -80 679.26 | -418 485.17 | -104 651.16 | | | | --- | | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR -2 844 970.12 | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR -284 106.45 | DB Strategic Income Allocation EUR (SIA) Balanced Plus EUR -154 341.75 | DB Strategic Income Allocation EUR (SIA) Conservative Plus EUR -178 821.44 | | | | | | | -282 485.18 | -98 135.41 | -23 576.40 | -12 819.27 | | -2 820 760.73 | -281 888.71 | -207 188.61 | -175 592.06 | | 846 025.71 | 146 167.67 | 102 996.40 | 44 193.42 | | -587 749.92 | -50 250.00 | -26 573.14 | -34 603.53 | Statement of net assets as of December 31, 2021 | Assets | DWS Strategic, SICAV EUR * ** Consolidated\t% of net assets | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR | | --- | --- | --- | --- | | Total securities portfolio | 6 823 851 825.40 | 98.55 | 189 561 889.16 | 1 741 462 758.08 | | Equity index derivatives | 25 775 424.66 | 0.37 | 0.00 | 9 420 747.79 | | Currency derivatives | 1 395 351.75 | 0.02 | 0.00 | 0.00 | | Cash at bank | 43 309 932.72 | 0.63 | 1 307 289.79 | 3 492 510.30 | | Other assets | 53 520 391.32 | 0.77 | 1 868 460.34 | 11 239 344.56 | | Receivables from share certificate transactions | 15 338 190.35 | 0.22 | 245 913.36 | 4 407 646.57 | | Total assets *** | 6 963 191 116.20 | 100.56 | 192 983 552.65 | 1 770 023 007.30 | | | | | | | Verbindlichkeiten | | | | | Equity index derivatives | - 1 519 509.00 | - 0.02 | 0.00 | 0.00 | | Short-term liabilities | - 7 141 571.38 | - 0.10 | 0.00 | 0.00 | | Other liabilities | - 24 796 607.35 | - 0.36 | - 848 070.66 | - 4 924 435.62 | | Liabilities from share certificate transactions | - 5 443 696.42 | - 0.08 | - 59 194.70 | 0.00 | | Total liabilities *** | - 38 901 384.15 | - 0.56 | - 907 265.36 | - 4 924 435.62 | | Net assets | 6 924 289 732.05 | 100.00 | 192 076 287.29 | 1 765 098 571.68 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * | | 16 955 038.93 | 432 773 514.75 | 299 775 118.07 | 2 026 909 236.63 | 13 277 790.18 | | 0.00 | 2 354 869.05 | 0.00 | 10 453 152.11 | 0.00 | | 0.00 | 367 612.74 | 0.00 | 0.00 | 0.00 | | 81 617.80 | 1 158 058.01 | 213 342.99 | 8 555 397.13 | 95 266.13 | | 0.00 | 3 644 046.19 | 3 792 196.33 | 13 364 314.16 | 307 687.77 | | 0.00 | 213 171.80 | 294 118.27 | 9 210 097.60 | 0.00 | | 17 036 656.73 | 440 511 272.54 | 304 074 775.66 | 2 068 492 197.63 | 13 680 744.08 | | | | | | | | | | | | | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 0.00 | 0.00 | - 476 904.02 | 0.00 | 0.00 | | - 117 858.27 | - 885 187.68 | - 1 283 715.45 | - 9 624 786.49 | - 5 405.58 | | 0.00 | - 1 954 481.05 | 0.00 | - 370 748.82 | - 388 897.12 | | - 117 858.27 | - 2 839 668.73 | - 1 760 619.47 | - 9 995 535.31 | - 394 302.70 | | 16 918 798.46 | 437 671 603.81 | 302 314 156.19 | 2 058 496 662.32 | 13 286 441.38 | Statement of net assets as of December 31, 2021 | Assets | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * | | --- | --- | --- | --- | | Total securities portfolio | 332 211 260.81 | 347 372 684.30 | 108 909 782.39 | | Equity index derivatives | 1 831 296.02 | 0.00 | 0.00 | | Currency derivatives | 180 853.67 | 0.00 | 0.00 | | Cash at bank | 2 680 445.25 | 664 716.41 | 498 409.00 | | Other assets | 1 373 945.93 | 2 131 622.44 | 659 465.34 | | Receivables from share certificate transactions | 40 494.70 | 265 076.28 | 0.00 | | Total assets *** | 338 318 296.38 | 350 434 099.43 | 110 067 656.73 | | | | | | | Verbindlichkeiten | | | | | Equity index derivatives | 0.00 | 0.00 | 0.00 | | Short-term liabilities | 0.00 | 0.00 | 0.00 | | Other liabilities | - 1 698 206.47 | - 475 497.62 | - 191 253.18 | | Liabilities from share certificate transactions | - 923 391.73 | - 623 734.69 | 0.00 | | Total liabilities *** | - 2 621 598.20 | - 1 099 232.31 | - 191 253.18 | | Net assets | 335 696 698.18 | 349 334 867.12 | 109 876 403.55 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR | | 305 079 041.79 | 198 126 729.44 | 308 882 246.13 | 18 366 163.14 | 185 303 937.11 | | 952 759.49 | 696 327.69 | 0.00 | 66 272.51 | 0.00 | | 0.00 | 0.00 | 158 185.47 | 0.00 | 258 898.63 | | 6 917 142.77 | 2 735 026.07 | 9 677 413.83 | 294 141.17 | 741 126.51 | | 3 402 906.03 | 1 648 520.75 | 10 044 633.39 | 14 390.06 | 0.00 | | 230 072.29 | 390 875.30 | 0.00 | 0.00 | 8 106.86 | | 316 581 922.37 | 203 597 479.25 | 328 762 478.82 | 18 740 966.88 | 186 312 069.11 | | | | | | | | | | | | | | 0.00 | 0.00 | - 1 519 509.00 | 0.00 | 0.00 | | 0.00 | 0.00 | - 6 664 667.36 | 0.00 | 0.00 | | - 1 952 843.92 | - 780 467.59 | - 1 687 294.18 | - 51 982.96 | - 104 732.41 | | - 1 007 162.64 | 0.00 | 0.00 | 0.00 | - 16 273.02 | | - 2 960 006.56 | - 780 467.59 | - 9 871 470.54 | - 51 982.96 | - 121 005.43 | | 313 621 915.81 | 202 817 011.66 | 318 891 008.28 | 18 688 983.92 | 186 191 063.68 | Statement of net assets as of December 31, 2021 | Assets | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR | | --- | --- | --- | | Total securities portfolio | 172 970 062.94 | 125 914 571.55 | | Equity index derivatives | 0.00 | 0.00 | | Currency derivatives | 378 162.27 | 51 638.97 | | Cash at bank | 3 634 823.17 | 563 206.39 | | Other assets | 27 254.90 | 1 603.13 | | Receivables from share certificate transactions | 116.16 | 32 501.16 | | Total assets *** | 177 010 419.44 | 126 563 521.20 | | | | | | Verbindlichkeiten | | | | Equity index derivatives | 0.00 | 0.00 | | Short-term liabilities | 0.00 | 0.00 | | Other liabilities | - 97 392.16 | - 67 477.11 | | Liabilities from share certificate transactions | - 99 781.32 | - 31.33 | | Total liabilities *** | - 197 173.48 | - 67 508.44 | | Net assets | 176 813 245.96 | 126 496 012.76 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DWS Strategic, SICAV EUR * ** Consolidated | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR | | --- | --- | --- | --- | | Income from investment fund units | 51 082 548.54 | 577 575.29 | 4 102 549.97 | | Income from securities lending | 2 538.19 | 0.00 | 0.00 | | Total income | 51 085 086.73 | 577 575.29 | 4 102 549.97 | | | | | | | Expenses | | | | | Interest on borrowings and negative interest on deposits | - 1 609 903.97 | - 42 749.65 | - 601 119.21 | | Management fee | - 40 806 776.07 | - 1 017 106.71 | - 14 127 975.10 | | Depositary fee | - 9.25 | 0.00 | 0.00 | | Auditing, legal and publication costs | - 46 171.51 | - 613.85 | - 5 490.44 | | Taxe d’abonnement | - 2 894 862.18 | - 68 648.36 | - 925 211.78 | | Other expenses | - 6 109 340.57 | - 322 577.41 | - 1 818 757.08 | | Total expenses | - 51 467 063.55 | - 1 451 695.98 | - 17 478 553.61 | | Net investment income | - 381 976.82 | - 874 120.69 | - 13 376 003.64 | | | | | | | Sale transactions | | | | | Realized gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 | | Capital gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 | | | | | | | Net gain/loss for the fiscal year | 90 308 496.27 | 1 771 044.02 | - 13 315 811.17 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * | | 249 095.73 | 4 269 079.19 | 1 304 060.20 | 7 855 839.41 | 232 054.41 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 249 095.73 | 4 269 079.19 | 1 304 060.20 | 7 855 839.41 | 232 054.41 | | | | | | | | | | | | | | - 467.80 | - 5 616.68 | - 83 325.88 | - 670 659.54 | - 640.66 | | - 64 883.56 | - 2 001 641.47 | - 1 244 737.43 | - 12 911 217.59 | - 43 572.90 | | - 9.25 | 0.00 | 0.00 | 0.00 | 0.00 | | - 54.60 | - 1 452.03 | - 1 003.91 | - 6 574.05 | - 45.29 | | - 8 489.41 | - 186 604.51 | - 105 389.36 | - 832 543.52 | - 5 821.84 | | 0.00 | - 8 210.67 | - 444 300.26 | - 2 844 970.12 | 0.00 | | - 73 904.62 | - 2 203 525.36 | - 1 878 756.84 | - 17 265 964.82 | - 50 080.69 | | 175 191.11 | 2 065 553.83 | - 574 696.64 | - 9 410 125.41 | 181 973.72 | | | | | | | | | | | | | | 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 | | 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 | | | | | | | | 413 240.63 | 5 521 939.17 | 2 512 702.06 | - 7 410 231.26 | 429 422.61 | Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * | | --- | --- | --- | --- | | Income from investment fund units | 5 057 101.72 | 882 997.66 | 1 184 172.42 | | Income from securities lending | 0.00 | 0.00 | 0.00 | | Total income | 5 057 101.72 | 882 997.66 | 1 184 172.42 | | | | | | | Expenses | | | | | Interest on borrowings and negative interest on deposits | - 3 721.00 | - 65 925.84 | - 2 407.69 | | Management fee | - 1 332 525.47 | - 2 175 922.51 | - 458 622.73 | | Depositary fee | 0.00 | 0.00 | 0.00 | | Auditing, legal and publication costs | - 1 143.06 | - 1 083.96 | - 366.09 | | Taxe d’abonnement | - 96 301.34 | - 156 391.61 | - 56 198.92 | | Other expenses | - 51 144.09 | - 284 106.45 | 0.00 | | Total expenses | - 1 484 834.96 | - 2 683 430.37 | - 517 595.43 | | Net investment income | 3 572 266.76 | - 1 800 432.71 | 666 576.99 | | | | | | | Sale transactions | | | | | Realized gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 | | Capital gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 | | | | | | | Net gain/loss for the fiscal year | 59 363 824.69 | 4 841 104.16 | 2 376 446.93 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR | | 7 634 443.39 | 3 624 109.60 | 9 095 253.44 | 392 953.89 | 1 732 552.13 | | 0.00 | 0.00 | 0.00 | 0.00 | 2 369.13 | | 7 634 443.39 | 3 624 109.60 | 9 095 253.44 | 392 953.89 | 1 734 921.26 | | | | | | | | | | | | | | - 40 994.07 | - 19 613.54 | - 22 000.67 | - 397.42 | - 17 873.68 | | - 1 232 917.61 | - 692 287.21 | - 853 607.68 | - 60 324.28 | - 1 049 662.89 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | - 11 701.52 | - 13 138.79 | 0.00 | 0.00 | - 1 324.86 | | - 91 925.55 | - 59 155.10 | - 124 603.10 | - 7 340.27 | - 53 308.36 | | - 154 341.75 | - 178 821.44 | - 1 265.23 | 0.00 | - 789.71 | | - 1 531 880.50 | - 963 016.08 | - 1 001 476.68 | - 68 061.97 | - 1 122 959.50 | | 6 102 562.89 | 2 661 093.52 | 8 093 776.76 | 324 891.92 | 611 961.76 | | | | | | | | | | | | | | 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 | | 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 | | | | | | | | 7 075 101.73 | 1 790 451.77 | 6 140 354.64 | 187 881.65 | 952 571.29 | Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR Consolidated | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR | | --- | --- | --- | | Income from investment fund units | 2 248 116.86 | 640 593.23 | | Income from securities lending | 169.06 | 0.00 | | Total income | 2 248 285.92 | 640 593.23 | | | | | | Expenses | | | | Interest on borrowings and negative interest on deposits | - 22 569.72 | - 9 820.92 | | Management fee | - 849 270.33 | - 690 500.60 | | Depositary fee | 0.00 | 0.00 | | Auditing, legal and publication costs | - 1 300.80 | - 878.26 | | Taxe d’abonnement | - 85 365.75 | - 31 563.40 | | Other expenses | - 56.36 | 0.00 | | Total expenses | - 958 562.96 | - 732 763.18 | | Net investment income | 1 289 722.96 | - 92 169.95 | | | | | | Sale transactions | | | | Realized gains/losses | - 457 987.16 | 16 918 887.50 | | Capital gains/losses | - 457 987.16 | 16 918 887.50 | | | | | | Net gain/loss for the fiscal year | 831 735.80 | 16 826 717.55 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | DWS Strategic, SICAV EUR * ** Consolidated 1 657 381 035.93 | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR 52 421 998.20 | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR 269 783 999.47 | | --- | --- | --- | --- | | Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 38 702 782.22 | 0.00 | 0.00 | | Distribution for the previous year / Interim distribution | - 210 180.33 | 0.00 | 0.00 | | Net inflows/outflows | 4 961 801 342.93 | 128 315 245.32 | 1 404 380 330.55 | | Income adjustment | - 69 368 431.62 | - 879 728.98 | 3 878 291.17 | | Net investment income | - 381 976.82 | - 874 120.69 | - 13 376 003.64 | | Realized gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 | | Net change in unrealized appreciation/depreciation | 245 674 686.63 | 10 447 728.73 | 100 371 761.66 | | | | | | | Value of the fund‘s net assets at the end of the fiscal year | 6 924 289 732.03 | 192 076 287.29 | 1 765 098 571.68 | Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * 214 277 437.46 | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR 93 770 013.97 | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * 25 889 334.49 | | --- | --- | --- | --- | | Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 18 186 311.89 | 0.00 | 2 197 298.59 | | Distribution for the previous year / Interim distribution | 0.00 | 0.00 | 0.00 | | Net inflows/outflows | 95 692 756.25 | 226 147 404.15 | 74 028 011.74 | | Income adjustment | - 54 853 024.18 | - 2 702 272.73 | - 335 305.17 | | Net investment income | 3 572 266.76 | - 1 800 432.71 | 666 576.99 | | Realized gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 | | Net change in unrealized appreciation/depreciation | 3 029 392.07 | 27 278 617.57 | 5 720 616.97 | | | | | | | Value of the fund‘s net assets at the end of the fiscal year | 335 696 698.18 | 349 334 867.12 | 109 876 403.55 | Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR 40 386 302.32 | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR 104 830 681.73 | | --- | --- | --- | | Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 0.00 | 0.00 | | Distribution for the previous year / Interim distribution | - 100 031.15 | - 51 429.53 | | Net inflows/outflows | 133 223 957.92 | 1 044 036.02 | | Income adjustment | - 4 566 889.10 | - 53 383.13 | | Net investment income | 1 289 722.96 | - 92 169.95 | | Realized gains/losses | - 457 987.16 | 16 918 887.50 | | Net change in unrealized appreciation/depreciation | 7 038 170.17 | 3 899 390.12 | | | | | | Value of the fund‘s net assets at the end of the fiscal year | 176 813 245.96 | 126 496 012.76 | | | | --- | | DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * 5 007 969.91 | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * 206 383 576.59 | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR 137 073 970.71 | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR 441 422 189.57 | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * 4 451 291.82 | | 425 040.10 | 17 516 338.34 | 0.00 | 0.00 | 377 793.30 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 10 774 422.52 | 190 212 915.84 | 155 282 516.33 | 1 577 497 339.27 | 8 248 102.88 | | - 124 589.96 | - 1 659 293.51 | - 931 898.16 | 1 170 235.77 | - 175 180.56 | | 175 191.11 | 2 065 553.83 | - 574 696.64 | - 9 410 125.41 | 181 973.72 | | 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 | | 422 715.26 | 19 696 127.38 | 8 376 865.25 | 45 817 128.97 | - 44 988.67 | | | | | | | | 16 918 798.46 | 437 671 603.81 | 302 314 156.19 | 2 058 496 662.32 | 13 286 441.38 | | | | --- | | DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR 0.00 | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR 0.00 | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD 0.00 | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD 0.00 | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR 61 682 269.69 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 0.00 | 0.00 | 0.00 | 0.00 | - 58 719.65 | | 304 302 879.11 | 202 498 439.50 | 316 683 114.04 | 18 731 548.97 | 114 738 322.52 | | - 926 895.24 | - 523 820.76 | - 580 642.11 | - 28 716.00 | - 6 075 318.97 | | 6 102 562.89 | 2 661 093.52 | 8 093 776.76 | 324 891.92 | 611 961.76 | | 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 | | 3 170 830.21 | - 948 058.85 | - 3 351 818.31 | - 201 730.70 | 14 951 938.80 | | | | | | | | 313 621 915.81 | 202 817 011.66 | 318 891 008.26 | 18 688 983.92 | 186 191 063.68 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. KPM KPMG issued an unqualified audit opinion for the full annual report of this SICAV (Société d’Investissement à Capital Variable). The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: G Luxembourg, Société anonyme\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu ##### To the shareholders of DWS Strategic, SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE \"REVISEUR D’ENTREPRISES AGREE\" ###### Report on the audit of the annual financial statements Opinion We have audited the financial statements of the SICAV DWS Strategic and its respective sub-funds (the \"fund\"), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as explanatory notes, including a summary of significant accounting policies. In our opinion, the attached financial statements give a true and fair view of the financial position of DWS Strategic SICAV and its respective sub-funds as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regu- latory requirements relating to the preparation and presentation of financial statements. ###### Basis for the audit opinion We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the sec- tion “Responsibility of the Réviseur d’Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accoun- tants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. ###### Other information The Board of Directors of the fund is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements. Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard. ###### Responsibility of the Board of Directors of the fund for the financial statements The Board of Directors of the fund is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of annual financial statements and for the internal controls that the Board of Directors considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement. When preparing the annual financial statements, the Board of Directors of the fund is responsible for assess- ing the capability of the fund and of its respective sub-funds of continuing the business activity and, where relevant, for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Board of Directors of the fund intends to liquidate the fund or to close certain of its sub-funds, to cease business activities or no longer has any other realistic alternative than to take such action. Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements. When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach. Furthermore: - We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of material misstatements not being discovered is higher for infringements than for inaccuracies, as infringe- ments may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls. - We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system. - We assess the appropriateness of the accounting methods applied by the Board of Directors of the fund, of the accounting-related estimates and of the corresponding disclosures in the notes. - We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Board of Directors of the fund as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund or of one of its sub-funds to continue the busi- ness activity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associated explanatory information provided in the annual accounts in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund or certain of its sub-funds no longer being able to continue their business activity. - We assess the overall presentation, the structure and the content of the annual accounts, including the explanatory notes, and assess whether these appropriately present the underlying business transactions and events. We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring. Luxembourg, April 14, 2022\tKPMG Luxembourg Société anonyme (stock corporation) Cabinet de révision agréé Pia Schanz"],"string":"[\n \"# Annual report\",\n \"and annual financial statements\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve medium- to long-term capital appre- ciation.\",\n \"In order to achieve\",\n \"the investment objective, the sub-fund seeks to invest in portfolios of three main asset\",\n \"DB BALANCED SAA (EUR)\",\n \"Performance since inception\",\n \"130\",\n \"125\",\n \"120\",\n \"115\",\n \"110\",\n \"105\",\n \"100\",\n \"95\",\n \"classes that are diversified\",\n \"4/30/20* 6/20\",\n \"9/20\",\n \"12/20\\t3/21\",\n \"6/21\",\n \"9/21\",\n \"12/21\",\n \"between each other and within themselves.\",\n \"These are a bond\",\n \"DB Balanced SAA (EUR) (SC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020 = 100\",\n \"Data on euro basis\",\n \"portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi-\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB BALANCED SAA (EUR)\",\n \"Performance of share classes (in euro)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class SC | LU2132880241 | 10.8% | 24.9% |\",\n \"| Class DPMC | LU2132880167 | 11.2% | 14.8% |\",\n \"| Class LC | LU2258442917 | – | 9.0% |\",\n \"| Class LC10 | LU2132880324 | 11.0% | 25.3% |\",\n \"| Class PFC | LU2258443055 | – | 4.9% |\",\n \"| Class WAMC | LU2132880597 | 11.1% | 25.5% |\",\n \"1\",\n \"Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on October 14, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.\",\n \"The expected range of alloca- tion for a “balanced” portfolio is for\",\n \"a) bond portfolio: up to 75%;\",\n \"- equity portfolio: 25-60% and\",\n \"- alternative portfolio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries\",\n \"and uncertainty regarding the monetary policy of the central\",\n \"banks.\",\n \"Against this backdrop, the sub-fund DB Balanced SAA (EUR) achieved an appreciation of 10.8% per share in 2021\",\n \"(SC share class; BVI method; in euro).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global\",\n \"economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back-\",\n \"high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Balanced SAA (EUR) was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.\",\n \"In terms of sec- tor allocation, the equity port- folio was broadly diversified.\",\n \"With this orientation, the sub- fund participated in particular in the appreciable price increases in the equity markets.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"drop of high global debt levels\\tand historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets,\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 93 164 441.98 | 48.50 |\",\n \"| Equity funds | 86 078 900.32 | 44.81 |\",\n \"| Other funds | 10 318 546.86 | 5.38 |\",\n \"| Total investment fund units | 189 561 889.16 | 98.69 |\",\n \"| 2. Cash at bank | 1 307 289.79 | 0.68 |\",\n \"| 3. Other assets | 1 868 460.34 | 0.97 |\",\n \"| 4. Receivables from share certificate transactions | 245 913.36 | 0.13 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -848 070.66 | -0.44 |\",\n \"| 2. Liabilities from share certificate transactions | -59 194.70 | -0.03 |\",\n \"| III.\",\n \"Net assets | 192 076 287.29 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 189 561 889.16 | 98.69 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 603 | 737 | 134 | EUR | 9 732.971 | 5 868 981.39 | 3.06 |\",\n \"| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"| Units | 299 005 | 249 668 | 112 793 | EUR | 66.76 | 19 961 573.80 | 10.39 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 328 376 | 249 817 | 39 981 | EUR | 52.738 | 17 317 893.49 | 9.02 |\",\n \"| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 174 886 | 132 902 | 6 460 | EUR | 162.33 | 28 389 244.38 | 14.78 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 420 727 | 315 909 | 15 506 | EUR | 17.079 | 7 185 386.07 | 3.74 |\",\n \"| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF - 1C- EUR - (0.050%) | Units | 29 612 | 23 711 | 6 578 | EUR | 167.305 | 4 954 235.66 | 2.58 |\",\n \"| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 20 736 | 16 710 | 5 052 | EUR | 207.77 | 4 308 318.72 | 2.24 |\",\n \"| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 16 163 | 13 164 | 4 123 | EUR | 282.25 | 4 562 006.75 | 2.37 |\",\n \"| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 15 311 | 12 143 | 3 164 | EUR | 247.16 | 3 784 266.76 | 1.97 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 186 682 | 136 746 | 11 014 | EUR | 23.835 | 4 449 565.47 | 2.32 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 4 103 670 | 4 255 642 | 151 972 | EUR | 5.323 | 21 844 656.14 | 11.37 |\",\n \"| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) | Units | 52 144 | 40 207 | 2 579 | EUR | 133.97 | 6 985 731.68 | 3.64 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 971 | 971 | | EUR | 432.63 | 420 083.73 | 0.22 |\",\n \"| MULTI UNITS FRANCE - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 61 340 | 45 598 | 4 079 | EUR | 147.32 | 9 036 608.80 | 4.70 |\",\n \"| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) | Units | 694 | 694 | | GBP | 112.51 | 93 089.35 | 0.05 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 39 694 | 40 962 | 1 268 | GBP | 128.912 | 6 100 530.93 | 3.17 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 7 644 | 6 341 | 167 | USD | 209.84 | 1 415 163.21 | 0.74 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 1 023 272 | 857 031 | 33 315 | USD | 5.383 | 4 859 740.11 | 2.53 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 76 868 | 57 301 | 6 936 | USD | 490.17 | 33 242 209.57 | 17.31 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 36 945 | 31 780 | 1 091 | USD | 138.5 | 4 514 430.99 | 2.35 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 2 197 | 293 | | USD | 138.352 | 268 172.16 | 0.14 |\",\n \"| Total securities portfolio | | | | | | | 189 561 889.16 | 98.69 |\",\n \"| Cash at bank | | | | | | | 1 307 289.79 | 0.68 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 1 159 698.08 | 0.60 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 35 733 | | | | | 42 601.01 | 0.02 |\",\n \"| U.S. dollar | USD | 119 002 | | | | | 104 990.70 | 0.06 |\",\n \"| Other assets | 1 868 460.34 | 0.97 |\",\n \"| Dividends/Distributions receivable | 99.96 | 0.00 |\",\n \"| Prepaid placement fee * | 1 867 999.42 | 0.97 |\",\n \"| Other receivables | 360.96 | 0.00 |\",\n \"| Receivables from share certificate transactions | 245 913.36 | 0.13 |\",\n \"| Total assets | 192 983 552.65 | 100.47 |\",\n \"| Other liabilities | -848 070.66 | -0.44 |\",\n \"| Additional other liabilities | -848 070.66 | -0.44 |\",\n \"| Liabilities from share certificate transactions | -59 194.70 | -0.03 |\",\n \"| Total liabilities | -907 265.36 | -0.47 |\",\n \"| Net assets | 192 076 287.29 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class DPMC | EUR | 11 480.86 |\",\n \"| Class LC | EUR | 108.96 |\",\n \"| Class LC10 | EUR | 12 526.97 |\",\n \"| Class PFC | EUR | 104.93 |\",\n \"| Class SC | EUR | 12 485.03 |\",\n \"| Class WAMC | EUR | 12 552.70 |\",\n \"| Number of shares outstanding Class DPMC | Count | 1 023.000 |\",\n \"| Class LC | Count | 211 578.000 |\",\n \"| Class LC10 | Count | 1 288.000 |\",\n \"| Class PFC | Count | 525 600.000 |\",\n \"| Class SC | Count | 6 184.507 |\",\n \"| Class WAMC | Count | 699.200 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 99.994 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.000 |\",\n \"| Average market risk exposure | % | 100.000 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"| Exchange rates (indirect quotes) | |\",\n \"| --- | --- |\",\n \"| | | As of December 30, 2021 |\",\n \"| British pound\\tGBP | 0.838785 | = EUR\\t1 |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR\\t1 |\",\n \"| Notes on valuation | | |\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"Statement of income and expenses (incl. income adjustment)\",\n \"Statement of changes in net assets\\t2021 for the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 577\\t575.29Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t577 575.29\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-42 749.65\",\n \"- Management fee EUR\\t-1 017 106.71thereof:All-in fee EUR -1 017 106.71\",\n \"- Legal and publication costs EUR\\t-613.85\",\n \"- Taxe d‘abonnement EUR\\t-68 648.36\",\n \"- Other expenses EUR\\t-322 577.41thereof:Expenses from prepaidplacement fee 1 EUR\\t-322 577.41 Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-1 451 695.98\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-874 120.69\",\n \"- Sale transactionsRealized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t2 645 164.71Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t2 645 164.71\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 1 771\\t044.021 For further information, please refer to the notes to the financial statements.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class DPMC 0.12% p.a.,\\tClass LC 1.26%\",\n \"2\",\n \"Class LC10 0.27% p.a.,\\tClass PFC 1.72%\",\n \"2\",\n \"Class SC 0.47% p.a.,\\tClass WAMC 0.15% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class DPMC 0.30% p.a.,\\tClass LC 1.43%\",\n \"2\",\n \"Class LC10 0.44% p.a.,\\tClass PFC 1.89%\",\n \"2\",\n \"Class SC 0.64%p.a.,\\tClass WAMC 0.33% p.a.\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 12 245.14.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t52 421 998.20\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 128 315\\t245.32\",\n \"- Income adjustment EUR\\t-879 728.98\",\n \"- Net investment income EUR\\t-874 120.69\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR 2 645\\t164.71\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR 10 447\\t728.73\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t192 076 287.293 Reduced by a dilution fee in the amount of EUR 33 065.21 for the benefit of the fund’s assets.\",\n \"Summary of gains/losses\\t2021\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t2 645 164.71\",\n \"from:\",\n \"Securities transactions EUR\\t2 555 748.63\",\n \"(Forward) currency transactions EUR\\t89 416.08\",\n \"Details on the distribution policy*\",\n \"Class DPMC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class PFC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class SC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 192 076 287.29 |\",\n \"| --- | --- | --- |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 52 421 998.20 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | - |\",\n \"| Net asset value per share at the end of the fiscal year | | |\",\n \"| 2021 | Class DPMC | EUR | 11 480.86 |\",\n \"| | Class LC | EUR | 108.96 |\",\n \"| | Class LC10 | EUR | 12 526.97 |\",\n \"| | Class PFC | EUR | 104.93 |\",\n \"| | Class SC | EUR | 12 485.03 |\",\n \"| | Class WAMC | EUR | 12 552.70 |\",\n \"| 2020 | Class DPMC | EUR | 10 326.21 |\",\n \"| | Class LC | EUR | - |\",\n \"| | Class LC10 | EUR | 11 283.73 |\",\n \"| | Class PFC | EUR | - |\",\n \"| | Class SC | EUR | 11 268.38 |\",\n \"| | Class WAMC | EUR | 11 293.51 |\",\n \"| 2019 | Class DPMC | EUR | - |\",\n \"| | Class LC | EUR | - |\",\n \"| | Class LC10 | EUR | - |\",\n \"| | Class PFC | EUR | - |\",\n \"| | Class SC | EUR | - |\",\n \"| | Class WAMC | EUR | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.20% of all transactions.\",\n \"The total volume was EUR 16 386 500.36.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve medium- to long-term capital appreci- ation.\",\n \"In order to achieve this objective, it seeks to hedge against capital losses of more than 18% on an annualized basis.\",\n \"In order to achieve the\",\n \"DB BALANCED SAA (EUR) PLUS\",\n \"Performance since inception\",\n \"130\",\n \"125\",\n \"120\",\n \"115\",\n \"110\",\n \"105\",\n \"100\",\n \"95\",\n \"4/30/20* 6/20\\t12/20\\t6/21\",\n \"12/21\",\n \"investment objective, the sub-fund seeks to invest in\",\n \"DB Balanced SAA (EUR) Plus (SC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020 = 100\",\n \"Data on euro basis\",\n \"portfolios of three main asset\",\n \"classes that are diversified between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB BALANCED SAA (EUR) PLUS\",\n \"Performance of share classes (in euro)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class SC | LU2132879748 | 11.9% | 26.0% |\",\n \"| Class DPMC | LU2132879664 | 12.4% | 19.5% |\",\n \"| Class LC | LU2258443139 | – | 9.7% |\",\n \"| Class LC10 | LU2132879821 | 12.1% | 26.4% |\",\n \"| Class PFC | LU2258443212 | – | 5.3% |\",\n \"| Class WAMC | LU2132880084 | 12.4% | 26.8% |\",\n \"1\",\n \"Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on June 17, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"tion approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.\",\n \"The expected range of alloca- tion for a “balanced” portfolio is for\",\n \"a) bond portfolio: up to 70%;\",\n \"b) equity portfolio: 30-80% and\",\n \"c) alternative portfolio:\",\n \"0-15%.\",\n \"In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.\",\n \"In addition to allocating assets across the portfolios,\",\n \"the sub-fund manager seeks\",\n \"to implement a capital pres- ervation strategy, based on the advice of the investment\",\n \"advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 18%\",\n \"on an annualized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.\",\n \"The risk mitigation strat- egy includes investments in derivative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\",\n \"ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the fund manager may gain exposure to a financial\",\n \"index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary\",\n \"policy of the central banks.\",\n \"Against this backdrop, the sub- fund DB Balanced SAA (EUR) Plus achieved an appreciation of 11.9% per share in 2021\",\n \"(SC share class; BVI method; in euro).\",\n \"##### Investment policy in the\",\n \"price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"reporting period\\tup the rear.\",\n \"Against the back-\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant\",\n \"drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Balanced SAA (EUR) Plus was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversi- fied.\",\n \"With this orientation, the sub-fund participated in par- ticular in the appreciable price increases in the equity markets.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a majorevent in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 565 227 284.89 | 32.02 |\",\n \"| Equity funds | 1 059 825 069.19 | 60.04 |\",\n \"| Other funds | 116 410 404.00 | 6.60 |\",\n \"| Total investment fund units | 1 741 462 758.08 | 98.66 |\",\n \"| 2. Derivatives | 9 420 747.79 | 0.53 |\",\n \"| 3. Cash at bank | 3 492 510.30 | 0.20 |\",\n \"| 4. Other assets | 11 239 344.56 | 0.64 |\",\n \"| 5. Receivables from share certificate transactions | 4 407 646.57 | 0.25 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -4 924 435.62 | -0.28 |\",\n \"| III.\",\n \"Net assets | 1 765 098 571.68 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 1 741 462 758.08 | 98.66 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 7 794 | 10 793 | 2 999 | EUR | 9 732.971 | 75 858 774.42 | 4.30 |\",\n \"| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units Units | 4 836 908 3 591 239 | 3 976 541 2 981 929 | 12 645 13 209 | EUR EUR | 66.76 52.738 | 322 911 978.08 189 394 762.38 | 18.29 10.73 |\",\n \"| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 696 671 | 667 401 | 183 424 | EUR | 162.33 | 113 090 603.43 | 6.41 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 2 873 143 | 2 500 611 | 10 309 | EUR | 17.079 | 49 068 972.73 | 2.78 |\",\n \"| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 597 586 | 555 099 | 2 015 | EUR | 167.305 | 99 979 125.73 | 5.66 |\",\n \"| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 417 225 | 388 567 | 1 299 | EUR | 207.77 | 86 686 838.25 | 4.91 |\",\n \"| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 284 371 | 258 206 | 187 | EUR | 282.25 | 80 263 714.75 | 4.55 |\",\n \"| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 305 004 | 280 656 | 905 | EUR | 247.16 | 75 384 788.64 | 4.27 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 1 701 348 | 1 401 670 | 4 498 | EUR | 23.835 | 40 551 629.58 | 2.30 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 9 349 827 | 9 374 547 | 24 720 | EUR | 5.323 | 49 770 999.09 | 2.82 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) | Units | 808 | 808 | | EUR | 153.76 | 124 238.08 | 0.01 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 19 103 | 19 103 | | EUR | 432.63 | 8 264 530.89 | 0.47 |\",\n \"| iShares VII PLC - iShares EUR Govt Bond 7-10yr UCITS ETF EUR (Acc) EUR - (0.200%) | Units | 63 397 | 64 390 | 993 | EUR | 171.27 | 10 858 004.19 | 0.61 |\",\n \"| Lyxor Index Fund - Lyxor Core EURO STOXX 50 (DR) EUR - (0.070%) | Units | 20 497 | 78 312 | 112 682 | EUR | 219.35 | 4 496 016.95 | 0.25 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 559 027 | 499 302 | 71 325 | EUR | 147.32 | 82 355 857.64 | 4.67 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 602 115 | 604 634 | 2 519 | GBP | 128.912 | 92 538 448.67 | 5.24 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 793 102 | 648 137 | 9 445 | USD | 490.17 | 342 983 593.91 | 19.43 |\",\n \"| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 210 178 | 416 446 | 375 666 | USD | 91.03 | 16 879 880.67 | 0.96 |\",\n \"| Total securities portfolio | | | | | | | 1 741 462 758.08 | 98.66 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 9 420 747.79 | 0.53 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 150 EUR (DB) | Count | 12 966 | 12 966 | | | | 7 773 117.00 | 0.44 |\",\n \"| Put FTSE MIB Index Futures 09/2022 5 500 GBP (DB) | Count | 400 | 400 | | | | 382 696.47 | 0.02 |\",\n \"| Put S & P 500 Futures 09/2022 3 550 USD (DB) | Count | 196 | 216 | 20 | | | 1 264 934.32 | 0.07 |\",\n \"| Cash at bank | | | | | | | 3 492 510.30 | 0.20 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 2 906 421.75 | 0.17 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 466 576 | | | | | 556 252.88 | 0.03 |\",\n \"| U.S. dollar | USD | 33 817 | | | | | 29 835.67 | 0.00 |\",\n \"| Other assets | | | | | | | 11 239 344.56 | 0.64 |\",\n \"| Dividends/Distributions receivable | | | | | | | 415.52 | 0.00 |\",\n \"| Prepaid placement fee * | | | | | | | 9 675 408.57 | 0.55 |\",\n \"| Other receivables | | | | | | | 1 563 520.47 | 0.09 |\",\n \"| Receivables from share certificate transactions | | | | | | | 4 407 646.57 | 0.25 |\",\n \"| Total assets ** | | | | | | | 1 770 023 007.30 | 100.28 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other liabilities | | | | | | | -4 924 435.62 | -0.28 |\",\n \"| Liabilities from cost items | | | | | | | -1 640 878.29 | -0.09 |\",\n \"| Additional other liabilities | | | | | | | -3 283 557.33 | -0.19 |\",\n \"| Total liabilities | | | | | | | -4 924 435.62 | -0.28 |\",\n \"| Net assets | | | | | | | 1 765 098 571.68 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class DPMC | EUR | 11 952.50 |\",\n \"| Class LC | EUR | 109.75 |\",\n \"| Class LC10 | EUR | 12 643.49 |\",\n \"| Class PFC | EUR | 105.34 |\",\n \"| Class SC | EUR | 12 601.06 |\",\n \"| Class WAMC | EUR | 12 684.35 |\",\n \"| Number of shares outstanding Class DPMC | Count | 2 684.800 |\",\n \"| Class LC | Count | 6 278 495.000 |\",\n \"| Class LC10 | Count | 11 814.500 |\",\n \"| Class PFC | Count | 2 723 223.000 |\",\n \"| Class SC | Count | 45 710.679 |\",\n \"| Class WAMC | Count | 2 499.520 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 61.602 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 96.347 |\",\n \"| Average market risk exposure | % | 82.589 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 69 656 176.14 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnotes\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"** Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\",\n \"Statement of changes in net assets\\t2021 for the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 4 102\\t549.97Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t4 102 549.97\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-601 119.21\",\n \"- Management fee EUR\\t-14 127 975.10thereof:All-in fee EUR -14 127 975.10\",\n \"- Legal and publication costs EUR\\t-5 490.44\",\n \"- Taxe d‘abonnement EUR\\t-925 211.78\",\n \"- Other expenses EUR\\t-1 818 757.08thereof:Expenses from prepaidplacement fee 1\",\n \"EUR -1 818 757.08\",\n \"Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-17 478 553.61\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-13 376 003.64\",\n \"- Sale transactionsRealized gains/losses EUR\\t60 192.47Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t60 192.47\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-13 315 811.171 For further information, please refer to the notes to the financial statements.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class DPMC 0.17% p.a.,\\tClass LC 1.39%\",\n \"2\",\n \"Class LC10 0.39% p.a.,\\tClass PFC 1.85%\",\n \"2\",\n \"Class SC 0.59% p.a.,\\tClass WAMC 0.19% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class DPMC 0.30% p.a.,\\tClass LC 1.53%\",\n \"2\",\n \"Class LC10 0.53% p.a.,\\tClass PFC 1.99%\",\n \"2\",\n \"Class SC 0.73% p.a,\\tClass WAMC 0.33% p.a.\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 94 528.30.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t269 783 999.47\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 1 404 380\\t330.55\",\n \"- Income adjustment EUR 3 878\\t291.17\",\n \"- Net investment income EUR\\t-13 376 003.64\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR 60\\t192.47\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR 100 371\\t761.66\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t1 765 098 571.683 Reduced by a dilution fee in the amount of EUR 318 590.00 for the benefit of the fund’s assets.\",\n \"Summary of gains/losses\\t2021\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t60 192.47\",\n \"from:\",\n \"Securities transactions EUR\\t12 476 928.60\",\n \"(Forward) currency transactions EUR\\t1 866 468.06\",\n \"Derivatives and other financial futures transactions\",\n \"4\",\n \"EUR\\t-14 283 204.19\",\n \"4\",\n \"This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"Class DPMC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class PFC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class SC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal yea | | | 2020 | Class DPMC | EUR | 10 635.22 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 1 765 098 571.68 | | Class LC | EUR | - |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 269 783 999.47 | | Class LC10 | EUR | 11 275.41 |\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-\",\n \"Net asset value per share at the end of the fiscal year\",\n \"Class PFC EUR\\t-\",\n \"Class SC EUR\\t11 259.91\",\n \"Class WAMC EUR\\t11 289.36\",\n \"| 2021\\tClass DPMC | EUR | 11 952.50 | 2019 | Class DPMC | EUR | - |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| Class LC | EUR | 109.75 | | Class LC | EUR | - |\",\n \"| Class LC10 | EUR | 12 643.49 | | Class LC10 | EUR | - |\",\n \"| Class PFC | EUR | 105.34 | | Class PFC | EUR | - |\",\n \"| Class SC | EUR | 12 601.06 | | Class SC | EUR | - |\",\n \"| Class WAMC | EUR | 12 684.35 | | Class WAMC | EUR | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.26% of all transactions.\",\n \"The total volume was EUR 161 262 729.11.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscriptions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve medium- to long-term capital appre- ciation.\",\n \"In order to achieve\",\n \"the investment objective, the sub-fund seeks to invest in portfolios of three main asset\",\n \"DB BALANCED SAA (USD)\",\n \"Performance since inception\",\n \"130\",\n \"125\",\n \"120\",\n \"115\",\n \"110\",\n \"105\",\n \"100\",\n \"95\",\n \"classes that are diversified\",\n \"5/26/20*\",\n \"9/20\",\n \"12/20\",\n \"3/21\",\n \"6/21\",\n \"9/21\",\n \"12/21\",\n \"between each other and within themselves.\",\n \"These are a bond\",\n \"DB Balanced SAA (USD) (USD LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on May 26, 2020 = 100/ First share price calculation on May 27, 2020\",\n \"Data on U.S. dollar basis\",\n \"portfolio, an equity portfolio\",\n \"and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return,\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB BALANCED SAA (USD)\",\n \"Performance of share classes (in USD)\",\n \"| Share class | ISIN | 1 year | Since inception |\",\n \"| --- | --- | --- | --- |\",\n \"| Class USD LC | LU2132882536 | 6.5% | 23.2% 1 |\",\n \"| Class USD DPMC | LU2132882452 | – | 3.8% 2 |\",\n \"| Class USD LC10 | LU2132882619 | 6.7% | 23.6% 1 |\",\n \"| Class USD WAMC | LU2132882700 | 6.9% | 23.9% 1 |\",\n \"1\",\n \"Classes USD LC, USD LC10 and USD WAMC launched on May 26, 2020 / first share price calculation on May 27, 2020\",\n \"2\",\n \"Class USD DPMC launched on April 19, 2021\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.\",\n \"The expected range of alloca- tion for a “balanced” portfolio is for\",\n \"a) bond portfolio: up\",\n \"to 75%;\",\n \"b) equity portfolio:\",\n \"25-60% and\",\n \"c) alternative port- folio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.\",\n \"Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\",\n \"ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the fund manager may gain exposure to a financial\",\n \"index through the use of deriva-\",\n \"tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub-\",\n \"fund DB Balanced SAA (USD) achieved an appreciation of 6.5% per share in 2021 (USD LC share class; BVI method; in U.S. dollars).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning\",\n \"of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors,\",\n \"caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low\",\n \"investment-grade corporate bonds, which traded lower.\",\n \"The management of the DB Balanced SAA (USD) sub-fund was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.\",\n \"Regionally, the investment focus was on North America.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"With this orientation, the sub-fund benefited in particular from price increases in equities during the reporting period.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"interest rates, bond markets\\tsaw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Equity funds | 8 621 509.64 | 44.97 |\",\n \"| Other funds | 1 027 203.69 | 5.36 |\",\n \"| Bond funds | 9 568 975.55 | 49.89 |\",\n \"| Total investment fund units | 19 217 688.88 | 100.22 |\",\n \"| 2. Cash at bank | 92 509.69 | 0.48 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -133 586.46 | -0.70 |\",\n \"| III.\",\n \"Net assets | 19 176 612.11 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 19 217 688.88 | 100.22 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) | Units | 10 453 | 13 508 | 13 974 | EUR | 66.76 | 790 969.44 | 4.13 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 28 670 | 20 753 | 2 869 | EUR | 52.738 | 1 713 774.89 | 8.94 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 198 797 | 145 371 | 4 091 | EUR | 13.994 | 3 153 106.24 | 16.44 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 50 427 | 35 381 | | EUR | 12.858 | 734 889.58 | 3.83 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 56 | 90 | 34 | USD | 10 408.589 | 589 115.73 | 3.07 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 16 216 | 11 645 | 1 211 | EUR | 23.835 | 438 087.96 | 2.29 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 79 | 79 | | EUR | 432.63 | 38 738.80 | 0.20 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 5 303 | 3 716 | 428 | EUR | 147.32 | 885 494.29 | 4.62 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 3 432 | 3 540 | 108 | GBP | 128.912 | 597 850.32 | 3.12 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 281 110 | 236 581 | 6 973 | USD | 5.955 | 1 674 010.05 | 8.73 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 2 376 | 1 803 | 170 | USD | 209.84 | 498 579.84 | 2.60 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 327 056 | 243 147 | 14 366 | USD | 5.383 | 1 760 542.45 | 9.18 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 6 463 | 4 578 | 437 | USD | 490.17 | 3 167 968.71 | 16.52 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 12 467 | 9 132 | 451 | USD | 138.5 | 1 726 679.50 | 9.00 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 153 | | | USD | 138.352 | 21 167.89 | 0.11 |\",\n \"| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 15 673 | 11 018 | 958 | USD | 91.03 | 1 426 713.19 | 7.44 |\",\n \"| Total securities portfolio | | | | | | | 19 217 688.88 | 100.22 |\",\n \"| Cash at bank | | | | | | | 92 509.69 | 0.48 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | 38 411 | | | | | 43 536.41 | 0.23 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 2 784 | | | | | 3 762.36 | 0.02 |\",\n \"| U.S. dollar | USD | | | | | | 45 210.92 | 0.23 |\",\n \"| Total assets | 19 310 198.57 | 100.70 |\",\n \"| Other liabilities | -133 586.46 | -0.70 |\",\n \"| Additional other liabilities | -133 586.46 | -0.70 |\",\n \"| Total liabilities | -133 586.46 | -0.70 |\",\n \"| Net assets | 19 176 612.11 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class USD DPMC | USD | 10 383.19 |\",\n \"| Class USD LC | USD | 12 317.80 |\",\n \"| Class USD LC10 | USD | 12 362.39 |\",\n \"| Class USD WAMC | USD | 12 382.33 |\",\n \"| Number of shares outstanding Class USD DPMC | Count | 1.000 |\",\n \"| Class USD LC | Count | 1 310.137 |\",\n \"| Class USD LC10 | Count | 2.000 |\",\n \"| Class USD WAMC | Count | 242.563 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Ex-Derivative Benchmark for Portfolio 07_004\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 100.000 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.000 |\",\n \"| Average market risk exposure | % | 100.000 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Euro\\tEUR | 0.882262 | = USD | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.740028 | = USD | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 282\\t337.56Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t282 337.56\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-530.23\",\n \"- Management fee USD\\t-73 542.27thereof:All-in fee USD\\t-73 542.27\",\n \"- Depositary fee USD\\t-10.49\",\n \"- Legal and publication costs USD\\t-61.89\",\n \"- Taxe d‘abonnement USD\\t-9 622.32Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t-83 767.20\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t198 570.36\",\n \"- Sale transactionsRealized gains/losses USD\\t269 817.23Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t269 817.23\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t468 387.59BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.14%1,\\tClass USD LC 0.50% p.a.,Class USD LC10 0.29% p.a.,\\tClass USD WAMC 0.17% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class USD DPMC 0.29%\",\n \"1\",\n \",\\tClass USD LC 0.64% p.a.,\",\n \"Class USD LC10 0.44% p.a.,\\tClass USD WAMC 0.32% p.a.\",\n \"1\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 2 222.39.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t6 158 045.19\",\n \"- Net inflows USD 12 212\\t269.21\",\n \"- Income adjustment USD\\t-141 216.49\",\n \"- Net investment income USD 198\\t570.36\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD 269\\t817.236.\",\n \"Net change in unrealized appreciation/depreciation .\",\n \"USD\\t479 126.61\",\n \"- Value of the fund’s net assetsSummary of gains/losses\\t2021at the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t19 176 612.11Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"USD\\t269 817.23from:Securities transactions USD\\t268 698.07(Forward) currency transactions USD\\t1 119.16 Details on the distribution policy*\\tClass USD DPMCThe income for the fiscal year is reinvested.\",\n \"Class USD LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the fiscal year\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t19 176 612.11\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t6 158 045.19\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t–\",\n \"Net asset value per share at the end of the fiscal year\",\n \"| 2021 | Class USD DPMC | USD | 10 383.19 |\",\n \"| --- | --- | --- | --- |\",\n \"| | Class USD LC | USD | 12 317.80 |\",\n \"| | Class USD LC10 | USD | 12 362.39 |\",\n \"| | Class USD WAMC | USD | 12 382.33 |\",\n \"| 2020 | Class USD DPMC | USD | – |\",\n \"| | Class USD LC | USD | 11 564.33 |\",\n \"| | Class USD LC10 | USD | 11 582.29 |\",\n \"| | Class USD WAMC | USD | 11 587.22 |\",\n \"| 2019 | Class USD DPMC | USD | – |\",\n \"| | Class USD LC | USD | – |\",\n \"| | Class USD LC10 | USD | – |\",\n \"| | Class USD WAMC | USD | – |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.75% of all transactions.\",\n \"The total volume was USD 985 594.31.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscriptions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve medium- to long-term capital appreci- ation.\",\n \"In order to achieve this objective, it seeks to hedge against capital losses of more than 18% on an annualized\",\n \"DB BALANCED SAA (USD) PLUS\",\n \"Performance since inception\",\n \"130\",\n \"125\",\n \"120\",\n \"115\",\n \"110\",\n \"105\",\n \"100\",\n \"95\",\n \"basis.\",\n \"In order to achieve the\",\n \"4/30/20*6/20\",\n \"12/20\\t6/21\",\n \"12/21\",\n \"investment objective, the sub-fund seeks to invest in\",\n \"DB Balanced SAA (USD) Plus (USD LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020 = 100\",\n \"Data on U.S. dollar basis\",\n \"portfolios of three main asset\",\n \"classes that are diversified between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB BALANCED SAA (USD) PLUS\",\n \"Performance of share classes (in USD)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class USD LC | LU2132881561 | 7.0% | 27.7% |\",\n \"| Class USD DPMC | LU2132881488 | 7.5% | 20.2% |\",\n \"| Class USD LC10 | LU2132881645 | 7.2% | 28.1% |\",\n \"| Class USD WAMC | LU2132881728 | 7.4% | 28.6% |\",\n \"| Class GBP DPMCH 2 | LU2206941788 | 7.1% | 15.6% |\",\n \"1\",\n \"Classes USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on June 17, 2020 / Class GBP DPMCH launched on September 28, 2020\",\n \"2 in GBP\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"tion approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.\",\n \"The expected range of alloca- tion for a “balanced” portfolio is for\",\n \"a) bond portfolio: up to 70%;\",\n \"b) equity portfolio: 30-80% and\",\n \"c) alternative portfolio:\",\n \"0-15%.\",\n \"In addition, the sub- fund aims to overweight USD- denominated assets in each of the portfolios in order for it to have a U.S. focus.\",\n \"In addition to allocating assets across the portfolios, the sub-fund man-\",\n \"ager seeks to implement a cap- ital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 18%\",\n \"on an annualized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.\",\n \"The risk mitigation strat- egy includes investments in derivative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\",\n \"ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the fund manager may gain exposure to a financial\",\n \"index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary\",\n \"policy of the central banks.\",\n \"Against this backdrop, the sub- fund DB Balanced SAA (USD) Plus achieved an appreciation of 7.0% per share in 2021 (USD LC share class; BVI method; in\",\n \"U.S. dollars).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021\",\n \"price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low\",\n \"related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"were influenced in particular\\tinterest rates, bond markets\\tby the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant\",\n \"saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the DB Balanced SAA (USD) Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.\",\n \"Region- ally, the investment focus was on North America.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversi- fied.\",\n \"With this orientation, the sub-fund benefited in particular from price increases in equities during the reporting period.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability-\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Equity funds | 297 643 776.36 | 60.00 |\",\n \"| Other funds | 30 895 752.60 | 6.22 |\",\n \"| Bond funds | 161 987 611.33 | 32.66 |\",\n \"| Total investment fund units | 490 527 140.29 | 98.88 |\",\n \"| 2. Derivatives | 3 085 796.99 | 0.62 |\",\n \"| 3. Cash at bank | 1 312 600.85 | 0.27 |\",\n \"| 4. Other assets | 4 130 344.15 | 0.84 |\",\n \"| 5. Receivables from share certificate transactions | 241 619.58 | 0.05 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -1 003 315.97 | -0.21 |\",\n \"| 2. Liabilities from share certificate transactions | -2 215 306.55 | -0.45 |\",\n \"| III.\",\n \"Net assets | 496 078 879.34 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Investment fund units | | | | | | | 490 527 140.29 | 98.88 |\",\n \"| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) | Units | 394 331 | 375 236 | 511 132 | EUR | 66.76 | 29 838 684.61 | 6.01 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 793 559 | 506 751 | 110 715 | EUR | 52.738 | 47 435 698.85 | 9.56 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 2 955 027 | 1 772 069 | 451 314 | EUR | 13.994 | 46 869 490.38 | 9.45 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 638 654 | 446 252 | 286 886 | EUR | 12.858 | 9 307 318.93 | 1.88 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 1 903 | 3 011 | 1 108 | USD | 10 408.589 | 19 810 365.78 | 3.99 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 410 330 | 238 024 | 68 292 | EUR | 23.835 | 11 085 386.82 | 2.23 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 697 | 603 | | EUR | 432.63 | 341 784.08 | 0.07 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF EUR - (0.070%) | Units | 110 | | | EUR | 122.02 | 15 213.39 | 0.00 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 161 791 | 99 826 | 42 074 | EUR | 147.32 | 27 015 841.24 | 5.45 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 116 330 | 126 434 | 10 104 | GBP | 128.912 | 20 264 548.04 | 4.09 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 1 589 194 | 1 123 821 | 918 017 | USD | 5.955 | 9 463 650.27 | 1.91 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 57 907 | 35 424 | 7 544 | USD | 209.84 | 12 151 204.88 | 2.45 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 262 | 262 | | USD | 209.9 | 54 993.80 | 0.01 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 7 846 959 | 4 733 899 | 1 113 053 | USD | 5.383 | 42 240 180.30 | 8.52 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 198 809 | 120 845 | 44 529 | USD | 490.17 | 97 450 207.53 | 19.64 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 214 255 | 199 430 | 39 415 | USD | 138.5 | 29 674 317.50 | 5.98 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 88 262 | 17 260 | | USD | 138.352 | 12 211 241.88 | 2.46 |\",\n \"| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 826 474 | 630 146 | 109 152 | USD | 91.03 | 75 233 928.22 | 15.17 |\",\n \"| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 693 | | | USD | 91.03 | 63 083.79 | 0.01 |\",\n \"| Total securities portfolio | | | | | | | 490 527 140.29 | 98.88 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 2 669 126.33 | 0.54 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 100 EUR (DB) | Count | 784 | 879 | 95 | | | 496 741.33 | 0.10 |\",\n \"| Put S & P 500 Futures 06/2022 3 450 USD (DB) | Count | 87 | 91 | 4 | | | 308 850.00 | 0.06 |\",\n \"| Put S & P 500 Futures 06/2022 3 650 USD (DB) | Count | 303 | 314 | 11 | | | 1 398 345.00 | 0.28 |\",\n \"| Put S & P 500 Futures 06/2022 3 800 USD (DB) | Count | 26 | 26 | | | | 147 030.00 | 0.03 |\",\n \"| Put S & P 500 Futures 09/2022 3 600 USD (DB) | Count | 41 | 41 | | | | 318 160.00 | 0.07 |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 416 670.66 | 0.08 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (long) | | | | | | | | |\",\n \"| Open positions GBP/USD 24.8 million | | | | | | | 577 505.52 | 0.11 |\",\n \"| Closed positions GBP/USD 25.1 million | | | | | | | -160 834.86 | -0.03 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Cash at bank | | | | | | | 1 312 600.85 | 0.27 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | 533 390 | | | | | 604 571.11 | 0.12 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 127 210 | | | | | 171 898.43 | 0.04 |\",\n \"| U.S. dollar | USD | | | | | | 536 131.31 | 0.11 |\",\n \"| Other assets | | | | | | | 4 130 344.15 | 0.84 |\",\n \"| Dividends/Distributions receivable | | | | | | | 574 897.80 | 0.12 |\",\n \"| Other receivables | | | | | | | 3 555 446.35 | 0.72 |\",\n \"| Receivables from share certificate transactions | | | | | | | 241 619.58 | 0.05 |\",\n \"| Total assets * | | | | | | | 499 458 336.72 | 100.69 |\",\n \"| Other liabilities | | | | | | | -1 003 315.97 | -0.21 |\",\n \"| Liabilities from cost items | | | | | | | -254 816.97 | -0.06 |\",\n \"| Additional other liabilities | | | | | | | -748 499.00 | -0.15 |\",\n \"| Liabilities from share certificate transactions | | | | | | | -2 215 306.55 | -0.45 |\",\n \"| Total liabilities | | | | | | | -3 379 457.38 | -0.69 |\",\n \"| Net assets | | | | | | | 496 078 879.34 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class USD LC | USD | 12 769.80 |\",\n \"| Class USD LC10 | USD | 12 812.21 |\",\n \"| Class USD WAMC | USD | 12 855.88 |\",\n \"| Class GBP DPMCH | GBP | 11 556.23 |\",\n \"| Class USD DPMC | USD | 12 024.97 |\",\n \"| Number of shares outstanding Class USD LC | Count | 27 114.351 |\",\n \"| Class USD LC10 | Count | 4 195.438 |\",\n \"| Class USD WAMC | Count | 3 177.576 |\",\n \"| Class GBP DPMCH | Count | 2 189.057 |\",\n \"| Class USD DPMC | Count | 1 750.226 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 64.376 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 92.097 |\",\n \"| Average market risk exposure | % | 79.426 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 22 984 324.49 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Contracting parties for forward currency transactions\",\n \"Barclays Bank Ireland PLC, Royal Bank of Canada (UK) and State Street Bank International GmbH\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Euro\\tEUR | 0.882262 | = USD | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.740028 | = USD | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnote\",\n \"* Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 4 838\\t787.81Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t4 838 787.81\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-6 366.23\",\n \"- Management fee USD\\t-2 268 760.52thereof:All-in fee USD -2 268 760.52\",\n \"- Legal and publication costs USD\\t-1 645.80\",\n \"- Taxe d‘abonnement USD\\t-211 506.88\",\n \"- Other expenses USD\\t-9 306.38Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t-2 497 585.81\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t2 341 202.00\",\n \"- Sale transactionsRealized gains/losses USD\\t3 917 639.96Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t3 917 639.96\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t6 258 841.96BVI total expense ratio (TER)The total expense ratio for the share classes was:Class GBP DPMCH 0.21% p.a.,\\tClass USD DPMC 0.18% p.a.,Class USD LC 0.61% p.a.,\\tClass USD LC10 0.41% p.a., Class USD WAMC 0.23% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class GBP DPMCH 0.33% p.a.,\\tClass USD DPMC 0.30% p.a.,\",\n \"Class USD LC 0.73% p.a.,\\tClass USD LC10 0.53% p.a., Class USD WAMC 0.34% p.a.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 38 385.54.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t253 779 358.57\",\n \"- Net inflows USD 215 596\\t829.46\",\n \"- Income adjustment USD\\t-1 880 726.23\",\n \"- Net investment income USD\\t2 341 202.00\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD 3 917\\t639.966.\",\n \"Net change in unrealized appreciation/depreciation .\",\n \"USD\\t22 324 575.58\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t496 078 879.34Summary of gains/losses\\t2021Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"USD\\t3 917 639.96from:Securities transactions USD\\t13 918 917.06(Forward) currency transactions USD\\t\\t-355 573.69 Derivatives and other financial futures transactions 1 .\",\n \"USD\\t-9 645 703.411 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"Class GBP DPMCH\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD DMPC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 496 078 879.34 |\",\n \"| --- | --- | --- |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 253 779 358.57 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | – |\",\n \"| Net asset value per share at the end of the fiscal year | | |\",\n \"| 2021 | Class USD LC | USD | 12 769.80 |\",\n \"| | Class USD LC10 | USD | 12 812.21 |\",\n \"| | Class USD WAMC | USD | 12 855.88 |\",\n \"| | Class GBP DPMCH | GBP | 11 556.23 |\",\n \"| | Class USD DPMC | USD | 12 024.97 |\",\n \"| 2020 | Class USD LC | USD | 11 935.76 |\",\n \"| | Class USD LC10 | USD | 11 951.26 |\",\n \"| | Class USD WAMC | USD | 11 969.51 |\",\n \"| | Class GBP DPMCH | GBP | 10 793.15 |\",\n \"| | Class USD DPMC | USD | 11 191.13 |\",\n \"| 2019 | Class USD LC | USD | – |\",\n \"| | Class USD LC10 | USD | – |\",\n \"| | Class USD WAMC | USD | – |\",\n \"| | Class GBP DPMCH | GBP | – |\",\n \"| | Class USD DPMC | USD | – |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 8.03% of all transactions.\",\n \"The total volume was USD 39 652 387.21.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve a medium- to long-term return in euro.\",\n \"In order to achieve the investment objective, the sub-fund seeks to invest in portfolios of three main asset\",\n \"DB CONSERVATIVE SAA (EUR)\",\n \"Performance since inception\",\n \"118\",\n \"115\",\n \"112\",\n \"109\",\n \"106\",\n \"103\",\n \"100\",\n \"97\",\n \"classes that are diversified\",\n \"4/30/20* 6/20\",\n \"12/20\\t6/21\",\n \"12/21\",\n \"between each other and within themselves.\",\n \"These are a bond\",\n \"DB Conservative SAA (EUR) (SC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020= 100\",\n \"Data on euro basis\",\n \"portfolio, an equity portfolio\",\n \"and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB CONSERVATIVE SAA (EUR)\",\n \"Performance of share classes (in euro)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class SC | LU2132882023 | 5.3% | 13.6% |\",\n \"| Class DPMC | LU2132881991 | 5.6% | 10.3% |\",\n \"| Class LC | LU2258442594 | – | 4.1% |\",\n \"| Class LC10 | LU2132882296 | 5.5% | 14.0% |\",\n \"| Class PFC | LU2258442677 | – | 1.9% |\",\n \"| Class WAMC | LU2132882379 | 5.6% | 14.1% |\",\n \"1\",\n \"Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on May 29, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"an allocation that provides an opportunity for a medium- to long-term return in euro.\",\n \"The expected range of allocation for a “conservative” portfolio is for\",\n \"- bond portfolio: up to 100%;\",\n \"- equity portfolio: 0-40% and\",\n \"- alternative portfolio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary\",\n \"policy of the central banks.\",\n \"Against this backdrop, the\",\n \"sub-fund DB Conservative SAA (EUR) achieved an increase in value of 5.3% per share in 2021 (SC share class; BVI method; in euro).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of\",\n \"the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low,\",\n \"in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Conservative SAA (EUR) was mainly exposed to bonds, including government and corporate bonds, and to a lesser extent equities, through investments in target funds globally.\",\n \"Regionally, the invest- ment focus was on Europe.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"With this orienta- tion, the sub-fund benefited during the reporting period from positive income in cor- porate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums.\",\n \"The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a majorevent in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 217 549 115.79 | 71.95 |\",\n \"| Equity funds | 65 117 651.36 | 21.55 |\",\n \"| Other funds | 17 108 350.92 | 5.66 |\",\n \"| Total investment fund units | 299 775 118.07 | 99.16 |\",\n \"| 2. Cash at bank | 213 342.99 | 0.07 |\",\n \"| 3. Other assets | 3 792 196.33 | 1.25 |\",\n \"| 4. Receivables from share certificate transactions | 294 118.27 | 0.10 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Loan liabilities | -476 904.02 | -0.16 |\",\n \"| 2. Other liabilities | -1 283 715.45 | -0.42 |\",\n \"| III.\",\n \"Net assets | 302 314 156.19 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 299 775 118.07 | 99.16 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 1 014 | 1 111 | 97 | EUR | 9 732.971 | 9 869 232.39 | 3.27 |\",\n \"| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"| Units | 243 456 | 158 747 | 135 183 | EUR | 66.76 | 16 253 122.56 | 5.38 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 267 122 | 150 127 | 43 880 | EUR | 52.738 | 14 087 480.04 | 4.66 |\",\n \"| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 311 201 | 171 497 | 4 115 | EUR | 162.33 | 50 517 258.33 | 16.71 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 1 026 740 | 589 347 | 12 132 | EUR | 17.079 | 17 535 179.09 | 5.80 |\",\n \"| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 106 679 | 59 100 | 1 185 | EUR | 167.305 | 17 847 930.10 | 5.90 |\",\n \"| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 74 481 | 39 728 | 681 | EUR | 207.77 | 15 474 917.37 | 5.12 |\",\n \"| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 57 650 | 30 469 | 578 | EUR | 282.25 | 16 271 712.50 | 5.38 |\",\n \"| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 54 448 | 30 122 | 440 | EUR | 247.16 | 13 457 367.68 | 4.45 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 303 718 | 164 785 | 27 392 | EUR | 23.835 | 7 239 118.53 | 2.39 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 6 122 851 | 6 193 328 | 70 477 | EUR | 5.323 | 32 593 160.44 | 10.78 |\",\n \"| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) | Units | 284 494 | 180 727 | 9 520 | EUR | 133.97 | 38 113 661.18 | 12.61 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 693 | 693 | | EUR | 432.63 | 299 812.59 | 0.10 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 39 918 | 23 583 | 10 577 | EUR | 147.32 | 5 880 719.76 | 1.95 |\",\n \"| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) | Units | 5 633 | 5 633 | | GBP | 112.51 | 755 579.73 | 0.25 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 21 623 | 21 728 | 105 | GBP | 128.912 | 3 323 217.12 | 1.10 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 9 936 | 5 604 | 1 507 | USD | 209.84 | 1 839 490.01 | 0.61 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 1 382 090 | 770 308 | 215 979 | USD | 5.383 | 6 563 844.42 | 2.17 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 58 441 | 33 460 | 10 419 | USD | 490.17 | 25 273 299.29 | 8.36 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 13 637 | 13 879 | 242 | USD | 138.5 | 1 666 349.86 | 0.55 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 40 247 | 16 873 | 9 258 | USD | 138.352 | 4 912 665.08 | 1.62 |\",\n \"| Total securities portfolio | | | | | | | 299 775 118.07 | 99.16 |\",\n \"| Cash at bank | | | | | | | 213 342.99 | 0.07 |\",\n \"| Demand deposits at Depositary Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 50 139 | | | | | 59 776.09 | 0.02 |\",\n \"| U.S. dollar | USD | 174 061 | | | | | 153 566.90 | 0.05 |\",\n \"| Other assets | | | | | | | 3 792 196.33 | 1.25 |\",\n \"| Prepaid placement fee * | | | | | | | 2 121 840.78 | 0.70 |\",\n \"| Other receivables | | | | | | | 1 670 355.55 | 0.55 |\",\n \"| Receivables from share certificate transactions | | | | | | | 294 118.27 | 0.10 |\",\n \"| Total assets | | | | | | | 304 074 775.66 | 100.58 |\",\n \"| Short-term liabilities | | | | | | | -476 904.02 | -0.16 |\",\n \"| EUR loans | EUR | | | | | | -476 904.02 | -0.16 |\",\n \"| Other liabilities | -1 283 715.45 | -0.42 |\",\n \"| Additional other liabilities | -1 283 715.45 | -0.42 |\",\n \"| Total liabilities | -1 760 619.47 | -0.58 |\",\n \"| Net assets | 302 314 156.19 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class DPMC | EUR | 11 028.35 |\",\n \"| Class LC | EUR | 104.13 |\",\n \"| Class LC10 | EUR | 11 397.39 |\",\n \"| Class PFC | EUR | 101.93 |\",\n \"| Class SC | EUR | 11 356.94 |\",\n \"| Class WAMC | EUR | 11 410.88 |\",\n \"| Number of shares outstanding Class DPMC | Count | 149.000 |\",\n \"| Class LC | Count | 402 437.000 |\",\n \"| Class LC10 | Count | 9 565.000 |\",\n \"| Class PFC | Count | 616 761.000 |\",\n \"| Class SC | Count | 7 285.863 |\",\n \"| Class WAMC | Count | 362.500 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 100.000 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 119.315 |\",\n \"| Average market risk exposure | % | 100.076 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"| Exchange rates (indirect quotes) | |\",\n \"| --- | --- |\",\n \"| | | As of December 30, 2021 |\",\n \"| British pound\\tGBP | 0.838785 | = EUR\\t1 |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR\\t1 |\",\n \"| Notes on valuation | | |\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 1 304\\t060.20Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t1 304 060.20\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-83 325.88\",\n \"- Management fee EUR\\t-1 244 737.43thereof:All-in fee EUR -1 244 737.43\",\n \"- Legal and publication costs EUR\\t-1 003.91\",\n \"- Taxe d‘abonnement EUR\\t-105 389.36\",\n \"- Other expenses EUR\\t-444 300.26thereof:Expenses from prepaidplacement fee 1 EUR\\t-444 300.26Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-1 878 756.84\",\n \"- Net investment expense.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-574 696.64\",\n \"- Sale transactionsRealized gains/losses EUR\\t3 087 398.70Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t3 087 398.70\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 2 512\\t702.06 Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t137 073 970.71\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 155 282\\t516.33\",\n \"- Income adjustment EUR\\t-931 898.16\",\n \"- Net investment expense EUR\\t-574 696.64\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR 3 087\\t398.70\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR 8 376\\t865.25\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t302 314 156.193 Reduced by a dilution fee in the amount of EUR 40 589.56 for the benefit of the fund’s assets.\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t3 087 398.70\",\n \"from:\",\n \"Securities transactions EUR\\t3 028 611.44\",\n \"(Forward) currency transactions EUR\\t58 787.26\",\n \"Details on the distribution policy*\",\n \"1\",\n \"For further information, please refer to the notes to the financial statements.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class DPMC 0.12% p.a.,\\tClass LC 1.05%\",\n \"2\",\n \"Class LC10 0.21% p.a.,\\tClass PFC 1.66%\",\n \"2\",\n \"Class SC 0.41% p.a.,\\tClass WAMC 0.14% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class DPMC 0.30% p.a.,\\tClass LC 1.23%\",\n \"2\",\n \"Class LC10 0.39% p.a.,\\tClass PFC 1.84%\",\n \"2\",\n \"Class SC 0.59% p.a.,\\tClass WAMC 0.32% p.a.\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 11 707.29.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Class DPMC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class PFC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class SC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year | | | 2020 | Class DPMC | EUR | 10 441.01 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 302 314 156.19 | | Class LC | EUR | – |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 137 073 970.71 | | Class LC10 | EUR | 10 800.17 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | – | | Class PFC | EUR | – |\",\n \"| | | | | Class SC | EUR | 10 783.91 |\",\n \"| Net asset value per share at the end of the fiscal year | | | | Class WAMC | EUR | 10 805.64 |\",\n \"| 2021\\tClass DPMC | EUR | 11 028.35 | 2019 | Class DPMC | EUR | – |\",\n \"| Class LC | EUR | 104.13 | | Class LC | EUR | – |\",\n \"| Class LC10 | EUR | 11 397.39 | | Class LC10 | EUR | – |\",\n \"| Class PFC | EUR | 101.93 | | Class PFC | EUR | – |\",\n \"| Class SC | EUR | 11 356.94 | | Class SC | EUR | – |\",\n \"| Class WAMC | EUR | 11 410.88 | | Class WAMC | EUR | – |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.41% of all transactions.\",\n \"The total volume was EUR 21 297 652.19.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve a medium- to long-term return in euro.\",\n \"In order to achieve this objective, it seeks to hedge against capital losses of more than 10% on an annualized\",\n \"DB CONSERVATIVE SAA (EUR) PLUS\",\n \"Performance since inception\",\n \"118\",\n \"115\",\n \"112\",\n \"109\",\n \"106\",\n \"103\",\n \"100\",\n \"97\",\n \"basis.\",\n \"In order to achieve the\",\n \"4/30/20* 6/20\",\n \"9/20\",\n \"12/20\\t3/21\",\n \"6/21\",\n \"9/21\",\n \"12/21\",\n \"investment objective, the sub-fund seeks to invest in\",\n \"DB Conservative SAA (EUR) Plus (SC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020 = 100\",\n \"Data on euro basis\",\n \"portfolios of three main asset\",\n \"classes that are diversified between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return,\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB CONSERVATIVE SAA (EUR) PLUS\",\n \"Performance of share classes (in euro)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class SC | LU2132883344 | 4.8% | 12.6% |\",\n \"| Class DPMC | LU2132883260 | 5.2% | 9.1% |\",\n \"| Class LC | LU2258442750 | – | 3.3% |\",\n \"| Class LC10 | LU2132883427 | 5.0% | 12.9% |\",\n \"| Class LC50 | LU2369020990 | – | 0.2% |\",\n \"| Class PFC | LU2258442834 | – | 1.3% |\",\n \"| Class WAMC | LU2132883690 | 5.2% | 13.3% |\",\n \"1\",\n \"Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on June 17, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021 / Class LC50 launched on September 7, 2021\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in euro.\",\n \"The expected range of allocation for a “conservative” portfolio is for\",\n \"- bond portfolio: up to 80%;\",\n \"- equity portfolio: 20-60% and\",\n \"- alternative portfolio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight euro areaassets in each of the portfolios in order to have a European focus.\",\n \"In addition to allocating assets across the portfolios, the sub-fund manager seeksto implement a capital pres- ervation strategy, based on the advice of the investmentadvisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%on an annualized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.\",\n \"The risk mitigation strat- egy includes investments in derivative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-tradedfunds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing inan ETF, the fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the\",\n \"sub-fund DB Conservative SAA (EUR) Plus achieved an appreci- ation of 4.8% per share in 2021 (SC share class; BVI method; in euro).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in\",\n \"new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"view of the weakened global\\tIn the corporate bond markets,\\teconomy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated\",\n \"high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Conservative SAA (EUR) Plus was mainly exposed to bonds, including govern- ment and corporate bonds, and to a lesser extent equities, through investments in target funds globally.\",\n \"Regionally,\",\n \"the investment focus was on Europe.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 1 253 961 974.04 | 60.91 |\",\n \"| Equity funds | 633 067 325.27 | 30.75 |\",\n \"| Other funds | 139 879 937.32 | 6.80 |\",\n \"| Total investment fund units | 2 026 909 236.63 | 98.46 |\",\n \"| 2. Derivatives | 10 453 152.11 | 0.51 |\",\n \"| 3. Cash at bank | 8 555 397.13 | 0.42 |\",\n \"| 4. Other assets | 13 364 314.16 | 0.64 |\",\n \"| 5. Receivables from share certificate transactions | 9 210 097.60 | 0.45 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -9 624 786.49 | -0.46 |\",\n \"| 2. Liabilities from share certificate transactions | -370 748.82 | -0.02 |\",\n \"| III.\",\n \"Net assets | 2 058 496 662.32 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 2 026 909 236.63 | 98.46 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 9 320 | 11 173 | 1 853 | EUR | 9 732.971 | 90 711 287.86 | 4.41 |\",\n \"| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units Units | 3 964 880 2 177 180 | 3 173 825 1 764 681 | 181 396 158 426 | EUR EUR | 66.76 52.738 | 264 695 388.80 114 820 118.84 | 12.86 5.58 |\",\n \"| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 1 929 857 | 1 545 598 | 58 037 | EUR | 162.33 | 313 273 686.81 | 15.22 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 6 962 936 | 5 887 650 | 190 511 | EUR | 17.079 | 118 916 502.48 | 5.78 |\",\n \"| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 987 518 | 869 035 | 28 005 | EUR | 167.305 | 165 216 698.99 | 8.02 |\",\n \"| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 598 607 | 508 519 | 8 493 | EUR | 207.77 | 124 372 576.39 | 6.04 |\",\n \"| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 288 736 | 204 056 | 1 958 | EUR | 282.25 | 81 495 736.00 | 3.96 |\",\n \"| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 503 577 | 443 091 | 14 283 | EUR | 247.16 | 124 464 091.32 | 6.04 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 2 062 876 | 1 667 829 | 140 790 | EUR | 23.835 | 49 168 649.46 | 2.39 |\",\n \"| iShares II PLC - iShares Barclays Euro Government Bond 3-5 (IBGX) EUR - (0.200%) | Units | 108 328 | 119 631 | 11 303 | EUR | 172.74 | 18 712 578.72 | 0.91 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 18 894 356 | 19 424 173 | 529 817 | EUR | 5.323 | 100 578 435.86 | 4.89 |\",\n \"| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) | Units | 1 001 251 | 830 580 | 94 883 | EUR | 133.97 | 134 137 596.47 | 6.52 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) | Units | 1 709 | 1 709 | | EUR | 153.76 | 262 775.84 | 0.01 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 5 638 | 4 923 | | EUR | 432.63 | 2 439 167.94 | 0.12 |\",\n \"| iShares VII PLC - iShares EUR Govt Bond 7-10yr UCITS ETF EUR (Acc) EUR - (0.200%) | Units | 161 000 | 164 100 | 3 100 | EUR | 171.27 | 27 574 470.00 | 1.34 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 271 118 | 260 447 | 113 217 | EUR | 147.32 | 39 941 103.76 | 1.94 |\",\n \"| Multi Units Luxembourg SICAV - Lyxor Euro Government Bond 7-10Y (DR) UCITS ETF EUR - (0.170%) | Units | 224 405 | 245 627 | 21 222 | EUR | 188.07 | 42 203 848.35 | 2.05 |\",\n \"| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) | Units | 20 524 | 20 524 | | GBP | 112.51 | 2 752 976.81 | 0.13 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 583 125 | 600 516 | 17 391 | GBP | 128.912 | 89 619 894.67 | 4.35 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 278 458 | 279 214 | 145 500 | USD | 490.17 | 120 421 491.30 | 5.85 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 2 614 | 2 614 | | USD | 490.046 | 1 130 159.96 | 0.05 |\",\n \"| Total securities portfolio | | | | | | | 2 026 909 236.63 | 98.46 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 10 453 152.11 | 0.51 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 400 EUR (DB) | Count | 9 785 | 9 939 | 154 | | | 8 331 927.50 | 0.40 |\",\n \"| Put FTSE MIB Index Futures 09/2022 5 700 GBP (DB) | Count | 497 | 497 | | | | 568 822.86 | 0.03 |\",\n \"| Put S & P 500 Futures 09/2022 3 800 USD (DB) | Count | 179 | 186 | 7 | | | 1 552 401.75 | 0.08 |\",\n \"| Cash at bank | | | | | | | 8 555 397.13 | 0.42 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 6 932 646.62 | 0.34 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 339 575 | | | | | 404 841.19 | 0.02 |\",\n \"| U.S. dollar | USD | 1 380 439 | | | | | 1 217 909.32 | 0.06 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other assets | 13 364 314.16 | 0.64 |\",\n \"| Prepaid placement fee * | 12 658 280.74 | 0.61 |\",\n \"| Other receivables | 706 033.42 | 0.03 |\",\n \"| Receivables from share certificate transactions | 9 210 097.60 | 0.45 |\",\n \"| Total assets ** | 2 068 492 197.63 | 100.48 |\",\n \"| Other liabilities | -9 624 786.49 | -0.46 |\",\n \"| Additional other liabilities | -9 624 786.49 | -0.46 |\",\n \"| Liabilities from share certificate transactions | -370 748.82 | -0.02 |\",\n \"| Total liabilities | -9 995 535.31 | -0.48 |\",\n \"| Net assets | 2 058 496 662.32 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class DPMC | EUR | 10 907.63 |\",\n \"| Class LC | EUR | 103.34 |\",\n \"| Class LC10 | EUR | 11 294.83 |\",\n \"| Class LC50 | EUR | 10 019.10 |\",\n \"| Class PFC | EUR | 101.26 |\",\n \"| Class SC | EUR | 11 256.76 |\",\n \"| Class WAMC | EUR | 11 332.55 |\",\n \"| Number of shares outstanding Class DPMC | Count | 8 767.000 |\",\n \"| Class LC | Count | 4 899 723.000 |\",\n \"| Class LC10 | Count | 29 689.000 |\",\n \"| Class LC50 | Count | 7 516.000 |\",\n \"| Class PFC | Count | 3 735 610.000 |\",\n \"| Class SC | Count | 54 660.327 |\",\n \"| Class WAMC | Count | 4 617.369 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 52.882 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 86.818 |\",\n \"| Average market risk exposure | % | 70.820 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 78 689 282.14 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnotes\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"** Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 7 855\\t839.41Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t7 855 839.41\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-670 659.54\",\n \"- Management fee EUR\\t-12 911 217.59thereof:\",\n \"| 3. Legal and publication costs | EUR | -6 574.05 | |\",\n \"| --- | --- | --- | --- |\",\n \"| 4. Taxe d‘abonnement | EUR | -832 543.52 | | |\",\n \"| 5. Other expenses thereof: | EUR | -2 844 970.12 | Summary of gains/losses | 2021 |\",\n \"All-in fee EUR -12 911 217.59\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t441 422 189.57\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 1 577 497\\t339.27\",\n \"- Income adjustment EUR 1 170\\t235.77\",\n \"- Ordinary net expense EUR\\t-9 410 125.41\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR 1 999\\t894.15\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR 45 817\\t128.97\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t2 058 496 662.323 Reduced by a dilution fee in the amount of EUR 282 485.18 for the benefit of the fund’s assets.\",\n \"Expenses from prepaid\",\n \"placement fee\",\n \"1\",\n \"EUR -2 844 970.12\",\n \"Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-17 265 964.82\",\n \"- Net investment expense.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-9 410 125.41Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t1 999 894.15from:Securities transactions EUR\\t18 310 590.80\",\n \"| IV.\",\n \"Sale transactions Realized gains/losses | EUR | 1 999 894.15 | Derivatives and other financial futures transactions ...\",\n \"EUR\\t-16 855 092.87 |\",\n \"| --- | --- | --- | --- |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 1 999 894.15 | Details on the distribution policy*\\t |\",\n \"| V. Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | -7 410 231.26 | |\",\n \"| 1 For further information, please refer to the notes to the financ | | | Class DPMC |\",\n \"(Forward) currency transactions EUR\\t544 396.22\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"ial statements.\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC\",\n \"Class DPMC 0.16% p.a.,\\tClass LC 1.24% p.a.,\",\n \"Class LC10 0.38% p.a.,\\tClass LC50 0.28%\",\n \"2\",\n \"Class PFC 1.89%\",\n \"2\",\n \",\\tClass SC 0.58%\",\n \"2\",\n \"Class WAMC 0.18% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class DPMC 0.32% p.a.,\\tClass LC 1.39% p.a.,\",\n \"Class LC10 0.54% p.a.,\\tClass LC50 0.43%\",\n \"2\",\n \"Class PFC 2.05%\",\n \"2\",\n \",\\tClass SC 0.73%\",\n \"2\",\n \"Class WAMC 0.33% p.a.\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 117 252.55.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC50\",\n \"The income for the fiscal year is reinvested.\",\n \"Class PFC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class SC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year | | | 2020 | Class DPMC | EUR | 10 364.46 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 2 058 496 662.32 | | Class LC | EUR | 10 740.97 |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 441 422 189.57 | | Class LC10 | EUR | 10 755.75 |\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-\",\n \"Net asset value per share at the end of the fiscal year\",\n \"Class LC50 EUR\\t-\",\n \"Class PFC EUR\\t-\",\n \"Class SC EUR\\t-\",\n \"| 2021\\tClass DPMC | EUR | 10 907.63 | | Class WAMC | EUR | 10 769.93 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| Class LC | EUR | 103.34 | 2019 | Class DPMC | EUR | - |\",\n \"| Class LC10 | EUR | 11 294.83 | | Class LC | EUR | - |\",\n \"| Class LC50 | EUR | 10 019.10 | | Class LC10 | EUR | - |\",\n \"| Class PFC | EUR | 101.26 | | Class LC50 | EUR | - |\",\n \"| Class SC | EUR | 11 256.76 | | Class PFC | EUR | - |\",\n \"| Class WAMC | EUR | 11 332.55 | | Class SC | EUR | - |\",\n \"| | | | | Class WAMC | EUR | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 13.66% of all transactions.\",\n \"The total volume was EUR 291 376 264.65.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve a medium- to long-term return in\",\n \"U.S. dollars.\",\n \"In order to achieve the investment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified\",\n \"DB CONSERVATIVE SAA (USD)\",\n \"Performance since inception\",\n \"118\",\n \"115\",\n \"112\",\n \"109\",\n \"106\",\n \"103\",\n \"100\",\n \"97\",\n \"4/30/20* 6/20\\t12/20\\t6/21\",\n \"12/21\",\n \"between each other and within themselves.\",\n \"These are a bond\",\n \"DB Conservative SAA (USD) (USD LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020 = 100\",\n \"Data on U.S. dollar basis\",\n \"portfolio, an equity portfolio\",\n \"and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB CONSERVATIVE SAA (USD)\",\n \"Performance of share classes (in USD)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class USD LC | LU2132880753 | 2.8% | 16.2% |\",\n \"| Class USD DPMC | LU2132880670 | – | 4.9% |\",\n \"| Class USD LC10 | LU2132880837 | 3.0% | 16.6% |\",\n \"| Class USD WAMC | LU2132880910 | 3.0% | 16.7% |\",\n \"1\",\n \"Classes USD LC, USD LC10 and WAMC launched on April 30, 2020 / Class USD DPMC launched on March 8, 2021 “BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars.\",\n \"The expected range of alloca- tion for a “conservative” port- folio is for\",\n \"a) bond portfolio: up to 100%;\",\n \"b) equity portfolio:\",\n \"0-40% and\",\n \"c) alternative port- folio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.\",\n \"Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\",\n \"ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the\",\n \"sub-fund DB Conservative SAA (USD) achieved an appreciation of 2.8% per share in 2021 (USD LC share class; BVI method; in\",\n \"U.S. dollars).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price\",\n \"development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors,\",\n \"caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets,\",\n \"high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the DB Conservative SAA (USD) sub- fund was mainly exposed to bonds, including government and corporate bonds, and\",\n \"to a lesser extent equities, through investments in target funds globally.\",\n \"Regionally, the investment focus was on North America.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums.\",\n \"The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Other funds | 814 743.49 | 5.41 |\",\n \"| Equity funds | 3 376 419.24 | 22.43 |\",\n \"| Bond funds | 10 858 548.55 | 72.09 |\",\n \"| Total investment fund units | 15 049 711.28 | 99.93 |\",\n \"| 2. Cash at bank | 107 979.40 | 0.72 |\",\n \"| 3. Other assets | 348 748.70 | 2.32 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -6 126.96 | -0.04 |\",\n \"| 2. Liabilities from share certificate transactions | -440 795.44 | -2.93 |\",\n \"| III.\",\n \"Net assets | 15 059 516.98 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tUSD |\",\n \"| Investment fund units | | | | | | | 15 049 711.28 | 99.93 |\",\n \"| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"| Units | 6 169 | 5 956 | 4 903 | EUR | 66.76 | 466 802.88 | 3.10 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 9 081 | 7 770 | 3 743 | EUR | 52.738 | 542 824.90 | 3.61 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 144 629 | 109 833 | 19 101 | EUR | 13.994 | 2 293 951.13 | 15.23 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 60 469 | 47 094 | 6 279 | EUR | 12.858 | 881 235.02 | 5.85 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 44 | 46 | 2 | USD | 10 408.589 | 455 136.38 | 3.02 |\",\n \"| Non-group fund units Amundi Index Solutions - Amundi Prime US Corporates UCITS ETF DR EUR - (0.030%) | Units | 60 670 | 46 038 | 8 219 | EUR | 18.292 | 1 257 875.37 | 8.35 |\",\n \"| Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 13 311 | 8 225 | 1 019 | EUR | 23.835 | 359 607.11 | 2.39 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 1 741 | 1 397 | 595 | EUR | 147.32 | 290 711.97 | 1.93 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 1 788 | 1 887 | 99 | GBP | 128.912 | 311 467.49 | 2.07 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 300 936 | 269 001 | 34 551 | USD | 5.955 | 1 792 073.88 | 11.90 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 2 786 | 2 242 | 418 | USD | 209.84 | 584 614.24 | 3.88 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 379 034 | 296 831 | 48 710 | USD | 5.383 | 2 040 340.02 | 13.55 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 3 600 | 2 780 | 770 | USD | 490.17 | 1 764 612.00 | 11.72 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 14 517 | 11 182 | 1 874 | USD | 138.352 | 2 008 458.89 | 13.33 |\",\n \"| Total securities portfolio | | | | | | | 15 049 711.28 | 99.93 |\",\n \"| Cash at bank | | | | | | | 107 979.40 | 0.72 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | 66 108 | | | | | 74 929.68 | 0.50 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 2 301 | | | | | 3 109.69 | 0.02 |\",\n \"| U.S. dollar | USD | | | | | | 29 940.03 | 0.20 |\",\n \"| Other assets | | | | | | | 348 748.70 | 2.32 |\",\n \"| Other receivables | | | | | | | 348 748.70 | 2.32 |\",\n \"| Total assets | | | | | | | 15 506 439.38 | 102.97 |\",\n \"| Other liabilities | | | | | | | -6 126.96 | -0.04 |\",\n \"| Liabilities from cost items | | | | | | | -6 126.96 | -0.04 |\",\n \"| Liabilities from share certificate transactions | | | | | | | -440 795.44 | -2.93 |\",\n \"| Total liabilities | | | | | | | -446 922.40 | -2.97 |\",\n \"| Net assets | | | | | | | 15 059 516.98 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class USD DPMC | USD | 10 490.05 |\",\n \"| Class USD LC | USD | 11 619.30 |\",\n \"| Class USD LC10 | USD | 11 660.13 |\",\n \"| Class USD WAMC | USD | 11 671.85 |\",\n \"| Number of shares outstanding Class USD DPMC | Count | 144.219 |\",\n \"| Class USD LC | Count | 993.296 |\",\n \"| Class USD LC10 | Count | 2.000 |\",\n \"| Class USD WAMC | Count | 169.804 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 100.000 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.000 |\",\n \"| Average market risk exposure | % | 100.000 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Euro\\tEUR | 0.882262 | = USD | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.740028 | = USD | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 263\\t022.07Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t263 022.07\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-726.16\",\n \"- Management fee USD\\t-49 387.70thereof:All-in fee USD\\t-49 387.70 Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t5 473 526.54\",\n \"- Net inflows USD 9 348\\t812.21\",\n \"- Income adjustment USD\\t-198 558.41\",\n \"- Net investment income USD 206\\t258.11\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD 280\\t470.94\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"USD\\t- 50 992.41\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t15 059 516.98\",\n \"| 3. Legal and publication costs | USD | -51.33 | |\",\n \"| --- | --- | --- | --- |\",\n \"| 4. Taxe d‘abonnement | USD | -6 598.77 | Summary of gains/losses | | 2021 |\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| USD | -56 763.96 | Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"| USD | 280 470.94 |\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 206\\t258.11\",\n \"- Sale transactionsRealized gains/losses USD\\t280 470.94Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t280 470.94\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 486\\t729.05BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.14%1,\\tClass USD LC 0.45% p.a.,Class USD LC10 0.24% p.a.,\\tClass USD WAMC 0.17% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class USD DPMC 0.28%\",\n \"1\",\n \",\\tClass USD LC 0.59% p.a.,\",\n \"Class USD LC10 0.38% p.a.,\\tClass USD WAMC 0.31% p.a.\",\n \"1\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 1 383.50.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"from:\",\n \"Securities transactions USD\\t284 843.48\",\n \"(Forward) currency transactions USD\\t-4 372.54\",\n \"Details on the distribution policy*\",\n \"Class USD DPMC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 15 059 516.98 |\",\n \"| --- | --- | --- |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 5 473 526.54 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | - |\",\n \"| Net asset value per share at the end of the fiscal year | | |\",\n \"| 2021 | Class USD DPMC | USD | 10 490.05 |\",\n \"| | Class USD LC | USD | 11 619.30 |\",\n \"| | Class USD LC10 | USD | 11 660.13 |\",\n \"| | Class USD WAMC | USD | 11 671.85 |\",\n \"| 2020 | Class USD DPMC | USD | - |\",\n \"| | Class USD LC | USD | 11 308.06 |\",\n \"| | Class USD LC10 | USD | 11 323.94 |\",\n \"| | Class USD WAMC | USD | 11 327.84 |\",\n \"| 2019 | Class USD DPMC | USD | - |\",\n \"| | Class USD LC | USD | - |\",\n \"| | Class USD LC10 | USD | - |\",\n \"| | Class USD WAMC | USD | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.34% of all transactions.\",\n \"The total volume was USD 777 455.79.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve a medium- to long-term return in U.S. dollars.\",\n \"In order to achieve this objective, it seeks to hedge against capital losses of more than 10% on an annu-\",\n \"DB CONSERVATIVE SAA (USD) PLUS\",\n \"Performance since inception\",\n \"118\",\n \"115\",\n \"112\",\n \"109\",\n \"106\",\n \"103\",\n \"100\",\n \"97\",\n \"alized basis.\",\n \"In order to achieve\",\n \"4/30/20*\",\n \"9/20\\t12/20\",\n \"3/21\",\n \"6/21\\t9/21\",\n \"12/21\",\n \"the investment objective, the sub-fund seeks to invest in\",\n \"DB Conservative SAA (USD) Plus (USD LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020 = 100 Data on U.S. dollar basis\",\n \"portfolios of three main asset classes that are diversified between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB CONSERVATIVE SAA (USD) PLUS\",\n \"Performance of share classes (in USD)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class USD LC | LU2132879318 | 2.3% | 15.0% |\",\n \"| Class USD DPMC | LU2132879235 | 2.7% | 8.3% |\",\n \"| Class USD LC10 | LU2132879409 | 2.5% | 15.4% |\",\n \"| Class USD WAMC | LU2132879581 | 2.7% | 15.7% |\",\n \"| Class GBP DPMCH 2 | LU2208050182 | 2.9% | 8.0% |\",\n \"1\",\n \"Classes USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on July 14, 2020 / Class GBP DPMCH launched on September 28, 2020\",\n \"2 in GBP\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"tion approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars.\",\n \"The expected range of alloca- tion for a “conservative” port- folio is for\",\n \"a) bond portfolio:\",\n \"up to 80%;\",\n \"b) equity portfolio: 20-60% and\",\n \"c) alternative port- folio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for it to have a U.S. focus.\",\n \"In addition to allocating assets\",\n \"across the portfolios, the sub- fund manager seeks to imple- ment a capital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10% on an annu- alized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the poten- tial loss of the sub-fund during a rolling 12-month period.\",\n \"The risk mitigation strategy includes investments in derivative finan- cial instruments.\",\n \"Positions\",\n \"in the portfolios are primar- ily entered into as follows: Through an investment in one\",\n \"or more exchange-traded funds (each an ETF) or other collec- tive investment undertakings or, for exposure to individual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in\",\n \"an ETF, the fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the\",\n \"sub-fund DB Conservative SAA (USD) Plus achieved an appre- ciation of 2.3% per share in 2021 (USD LC share class; BVI method; in U.S. dollars).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price\",\n \"ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets,\",\n \"bonds, which were accompa- nied by reduced risk premiums.\",\n \"The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"development in the financial\\thigh-yield securities posted\\tmarkets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors,\",\n \"caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari-\",\n \"price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Conservative SAA (USD) Plus was mainly exposed to bonds, including govern- ment and corporate bonds, and to a lesser extent equities, through investments in target funds globally.\",\n \"Regionally, the investment focus was on North America.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Other funds | 24 595 136.54 | 6.47 |\",\n \"| Equity funds | 117 714 140.39 | 30.94 |\",\n \"| Bond funds | 234 235 576.64 | 61.55 |\",\n \"| Total investment fund units | 376 544 853.57 | 98.96 |\",\n \"| 2. Derivatives | 2 280 671.06 | 0.60 |\",\n \"| 3. Cash at bank | 3 038 150.67 | 0.80 |\",\n \"| 4. Other assets | 1 557 299.01 | 0.41 |\",\n \"| 5. Receivables from share certificate transactions | 45 898.72 | 0.01 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -1 924 832.12 | -0.50 |\",\n \"| 2. Liabilities from share certificate transactions | -1 046 618.36 | -0.28 |\",\n \"| III.\",\n \"Net assets | 380 495 422.55 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Investment fund units | | | | | | | 376 544 853.57 | 98.96 |\",\n \"| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"| Units | 155 383 | 119 368 | 295 225 | EUR | 66.76 | 11 757 696.78 | 3.09 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 341 294 | 166 326 | 54 787 | EUR | 52.738 | 20 401 154.04 | 5.36 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 3 027 913 | 1 578 657 | 467 865 | EUR | 13.994 | 48 025 530.48 | 12.62 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 1 258 286 | 632 306 | 239 735 | EUR | 12.858 | 18 337 423.86 | 4.82 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 1 524 | 3 166 | 1 642 | USD | 10 408.589 | 15 858 880.24 | 4.17 |\",\n \"| Non-group fund units Amundi Index Solutions - Amundi Prime US Corporates UCITS ETF DR EUR - (0.030%) | Units | 1 472 000 | 681 559 | 356 083 | EUR | 18.292 | 30 519 079.37 | 8.02 |\",\n \"| Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 323 376 | 136 401 | 74 426 | EUR | 23.835 | 8 736 256.30 | 2.30 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 42 502 | 25 591 | 43 947 | EUR | 147.32 | 7 096 978.72 | 1.87 |\",\n \"| Vanguard Funds PLC - Vanguard USD Corporate Bond UCITS ETF EUR - (0.090%) | Units | 107 558 | 146 792 | 39 234 | EUR | 53.06 | 6 468 631.18 | 1.70 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 45 839 | 51 708 | 5 869 | GBP | 128.912 | 7 985 099.44 | 2.10 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 3 757 268 | 1 751 042 | 565 482 | USD | 5.955 | 22 374 530.94 | 5.88 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 64 086 | 31 413 | 21 226 | USD | 209.84 | 13 447 806.24 | 3.53 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 1 151 | 1 151 | | USD | 209.9 | 241 594.90 | 0.06 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 8 862 711 | 5 163 956 | 1 420 524 | USD | 5.383 | 47 707 973.31 | 12.54 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 143 773 | 73 295 | 38 883 | USD | 490.17 | 70 473 211.41 | 18.52 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 195 178 | 155 041 | 72 843 | USD | 138.5 | 27 032 153.00 | 7.10 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 145 143 | 5 525 | 628 | USD | 138.352 | 20 080 853.36 | 5.28 |\",\n \"| Total securities portfolio | | | | | | | 376 544 853.57 | 98.96 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 2 075 682.47 | 0.55 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 100 EUR (DB) | Count | 537 | 537 | | | | 340 242.47 | 0.09 |\",\n \"| Put S & P 500 Futures 06/2022 3 550 USD (DB) | Count | 15 | 15 | | | | 60 675.00 | 0.02 |\",\n \"| Put S & P 500 Futures 06/2022 3 800 USD (DB) | Count | 81 | 81 | | | | 458 055.00 | 0.12 |\",\n \"| Put S & P 500 Futures 06/2022 4 350 USD (DB) | Count | 99 | 102 | 3 | | | 1 216 710.00 | 0.32 |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 204 988.59 | 0.05 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (long) | | | | | | | | |\",\n \"| Open positions GBP/USD 12.2 million | | | | | | | 283 755.09 | 0.07 |\",\n \"| Closed positions GBP/USD 12.2 million | | | | | | | -78 766.50 | -0.02 |\",\n \"| Cash at bank | | | | | | | 3 038 150.67 | 0.80 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | 543 721 | | | | | 616 280.81 | 0.16 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 91 216 | | | | | 123 259.65 | 0.03 |\",\n \"| U.S. dollar | USD | | | | | | 2 298 610.21 | 0.61 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other assets | 1 557 299.01 | 0.41 |\",\n \"| Other receivables | 1 557 299.01 | 0.41 |\",\n \"| Receivables from share certificate transactions | 45 898.72 | 0.01 |\",\n \"| Total assets* | 383 545 639.53 | 100.80 |\",\n \"| Other liabilities | -1 924 832.12 | -0.50 |\",\n \"| Additional other liabilities | -1 924 832.12 | -0.50 |\",\n \"| Liabilities from share certificate transactions | -1 046 618.36 | -0.28 |\",\n \"| Total liabilities | -3 050 216.98 | -0.80 |\",\n \"| Net assets | 380 495 422.55 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class GBP DPMCH | GBP | 10 797.19 |\",\n \"| Class USD DPMC | USD | 10 830.32 |\",\n \"| Class USD LC | USD | 11 497.79 |\",\n \"| Class USD LC10 | USD | 11 535.95 |\",\n \"| Class USD WAMC | USD | 11 573.11 |\",\n \"| Number of shares outstanding Class GBP DPMCH | Count | 1 135.948 |\",\n \"| Class USD DPMC | Count | 1 397.000 |\",\n \"| Class USD LC | Count | 17 899.069 |\",\n \"| Class USD LC10 | Count | 2 351.893 |\",\n \"| Class USD WAMC | Count | 10 011.200 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 46.054 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 90.674 |\",\n \"| Average market risk exposure | % | 74.772 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 19 458 056.89 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Contracting parties for forward currency transactions\",\n \"Royal Bank of Canada (UK) and State Street Bank International GmbH.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Euro\\tEUR | 0.882262 | = USD | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.740028 | = USD | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnote\",\n \"* Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 5 731\\t971.95Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t5 731 971.95\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-4 217.57\",\n \"- Management fee USD\\t-1 510 350.99thereof:All-in fee USD -1 510 350.99\",\n \"- Legal and publication costs USD\\t-1 295.60\",\n \"- Taxe d‘abonnement USD\\t-109 152.75\",\n \"- Other expenses USD\\t-57 969.27Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t-1 682 986.18\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t4 048 985.77\",\n \"- Sale transactionsRealized gains/losses USD\\t63 236 941.34Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t63 236 941.34\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t67 285 927.11BVI total expense ratio (TER)The total expense ratio for the share classes was:Class GBP DPMCH 0.21% p.a.,\\tClass USD DPMC 0.18% p.a.,Class USD LC 0.61% p.a.,\\tClass USD LC10 0.41% p.a., Class USD WAMC 0.22% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class GBP DPMCH 0.33% p.a.,\\tClass USD DPMC 0.30% p.a.,\",\n \"Class USD LC 0.73% p.a.,\\tClass USD LC10 0.53% p.a., Class USD WAMC 0.33% p.a.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 24 410.21.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t263 486 036.69\",\n \"- Net inflows USD 108 462\\t954.57\",\n \"- Income adjustment USD\\t-62 173 160.26\",\n \"- Net investment income USD 4 048\\t985.77\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD 63 236\\t941.34\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"USD 3 433\\t664.44\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t380 495 422.55Summary of gains/losses\\t2021Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"USD\\t63 236 941.34from:Securities transactions USD\\t9 060 467.11(Forward) currency transactions USD\\t61 374 890.38Derivatives and other financial futures transactions 1 .\",\n \"USD\\t-7 198 416.151 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"Class GBP DPMCH\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD DPMC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 380 495 422.55 |\",\n \"| --- | --- | --- |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 263 486 036.69 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | - |\",\n \"| Net asset value per share at the end of the fiscal year | | |\",\n \"| 2021 | Class GBP DPMCH | GBP | 10 797.19 |\",\n \"| | Class USD DPMC | USD | 10 830.32 |\",\n \"| | Class USD LC | USD | 11 497.79 |\",\n \"| | Class USD LC10 | USD | 11 535.95 |\",\n \"| | Class USD WAMC | USD | 11 573.11 |\",\n \"| 2020 | Class GBP DPMCH | GBP | 10 489.23 |\",\n \"| | Class USD DPMC | USD | 10 545.18 |\",\n \"| | Class USD LC | USD | 11 243.45 |\",\n \"| | Class USD LC10 | USD | 11 258.04 |\",\n \"| | Class USD WAMC | USD | 11 272.43 |\",\n \"| 2019 | Class GBP DPMCH | GBP | - |\",\n \"| | Class USD DPMC | USD | - |\",\n \"| | Class USD LC | USD | - |\",\n \"| | Class USD LC10 | USD | - |\",\n \"| | Class USD WAMC | USD | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.86 % of all transactions.\",\n \"The total volume was USD 35 088 654.82.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve long-term capital appreciation.\",\n \"In order to achieve the invest- ment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified between each\",\n \"DB GROWTH SAA (EUR)\",\n \"Performance since inception\",\n \"142\",\n \"135\",\n \"128\",\n \"121\",\n \"114\",\n \"107\",\n \"100\",\n \"93\",\n \"4/30/20*6/20\",\n \"12/20\\t6/21\",\n \"12/21\",\n \"other and within themselves.\",\n \"These are a bond portfolio, an\",\n \"DB Growth SAA (EUR) (SC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020= 100\",\n \"Data on euro basis\",\n \"equity portfolio and an alterna- tive portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The invest- ment advisor endeavors to recommend an allocation that\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB GROWTH SAA (EUR)\",\n \"Performance of share classes (in euro)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class SC | LU2132882965 | 15.9% | 36.1% |\",\n \"| Class DPMC | LU2132882882 | 16.4% | 22.3% |\",\n \"| Class LC | LU2258449417 | – | 13.4% |\",\n \"| Class LC10 | LU2132883005 | 16.1% | 36.5% |\",\n \"| Class PFC | LU2258449508 | – | 7.6% |\",\n \"| Class WAMC | LU2132883187 | 16.3% | 36.9% |\",\n \"1\",\n \"Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on August 27, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"provides an opportunity for long-term capital appreciation.\",\n \"The expected range of alloca- tion for a “growth-oriented” portfolio is for\",\n \"a) bond portfolio: up to 60%;\",\n \"b) equity portfolio: 40-80% and\",\n \"c) alternative port- folio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight euro area assets in each of\",\n \"the portfolios in order to have a European focus.\",\n \"Positions in the portfolios are primar- ily entered into as follows:\",\n \"Through an investment in one or more exchange-traded funds (each an ETF) or other collec-\",\n \"tive investment undertakings or, for exposure to individual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub- fund DB SAA (EUR) achieved an appreciation of 15.9% per share in 2021 (SC share class; BVI method; in euro).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic*\",\n \"and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary\",\n \"and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer\",\n \"into account the EU criteria for environmentally sustainable economic activities.\",\n \"policy of the central banks of\\tend of maturity in the report-\\tthe industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back-\",\n \"drop of high global debt levels\",\n \"ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the DB Growth SAA (EUR) sub-fund was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.\",\n \"The equity portfolio, which represented the investment focus on the reporting date, was broadly diversified in terms of sector allocation.\",\n \"With this orientation, the sub-fund profited in partic- ular from the appreciable price increases in the equity markets.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 96 112 000.99 | 27.51 |\",\n \"| Equity funds | 232 821 864.74 | 66.65 |\",\n \"| Other funds | 18 438 818.57 | 5.28 |\",\n \"| Total investment fund units | 347 372 684.30 | 99.44 |\",\n \"| 2. Cash at bank | 664 716.41 | 0.19 |\",\n \"| 3. Other assets | 2 131 622.44 | 0.61 |\",\n \"| 4. Receivables from share certificate transactions | 265 076.28 | 0.08 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -475 497.62 | -0.14 |\",\n \"| 2. Liabilities from share certificate transactions | -623 734.69 | -0.18 |\",\n \"| III.\",\n \"Net assets | 349 334 867.12 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 347 372 684.30 | 99.44 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 1 077 | 1 193 | 116 | EUR | 9 732.971 | 10 482 409.55 | 3.00 |\",\n \"| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"| Units | 801 294 | 580 327 | 105 848 | EUR | 66.76 | 53 494 387.44 | 15.31 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 880 007 | 635 318 | 62 755 | EUR | 52.738 | 46 409 809.17 | 13.29 |\",\n \"| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 214 727 | 160 727 | 3 558 | EUR | 162.33 | 34 856 633.91 | 9.98 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 375 340 | 278 190 | 6 629 | EUR | 17.079 | 6 410 244.19 | 1.83 |\",\n \"| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 32 109 | 23 360 | 2 694 | EUR | 167.305 | 5 371 996.25 | 1.54 |\",\n \"| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 22 005 | 16 177 | 2 594 | EUR | 207.77 | 4 571 978.85 | 1.31 |\",\n \"| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 17 246 | 12 736 | 2 037 | EUR | 282.25 | 4 867 683.50 | 1.39 |\",\n \"| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 16 541 | 11 860 | 1 133 | EUR | 247.16 | 4 088 273.56 | 1.17 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 333 812 | 232 846 | 4 764 | EUR | 23.835 | 7 956 409.02 | 2.28 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 4 277 946 | 4 289 206 | 11 260 | EUR | 5.323 | 22 772 362.15 | 6.52 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) | Units | 108 | 108 | | EUR | 153.76 | 16 606.08 | 0.01 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 3 720 | 3 720 | | EUR | 432.63 | 1 609 383.60 | 0.46 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 153 468 | 111 032 | 8 998 | EUR | 147.32 | 22 608 905.76 | 6.47 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 118 041 | 118 418 | 377 | GBP | 128.912 | 18 141 602.55 | 5.19 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 9 112 | 7 591 | 86 | USD | 209.84 | 1 686 939.72 | 0.48 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 1 205 669 | 1 016 263 | 15 797 | USD | 5.383 | 5 725 982.93 | 1.64 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 157 268 | 112 438 | 8 633 | USD | 490.17 | 68 011 862.09 | 19.47 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 42 099 | 38 898 | 655 | USD | 138.5 | 5 144 215.19 | 1.47 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 4 908 | 307 | | USD | 138.352 | 599 084.66 | 0.17 |\",\n \"| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 280 728 | 208 632 | 9 123 | USD | 91.03 | 22 545 914.13 | 6.46 |\",\n \"| Total securities portfolio | | | | | | | 347 372 684.30 | 99.44 |\",\n \"| Cash at bank | | | | | | | 664 716.41 | 0.19 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 472 681.98 | 0.14 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 94 865 | | | | | 113 097.43 | 0.03 |\",\n \"| U.S. dollar | USD | 89 471 | | | | | 78 937.00 | 0.02 |\",\n \"| Other assets | | | | | | | 2 131 622.44 | 0.61 |\",\n \"| Dividends/Distributions receivable | | | | | | | 59 123.63 | 0.02 |\",\n \"| Prepaid placement fee * | | | | | | | 1 405 464.33 | 0.40 |\",\n \"| Other receivables | | | | | | | 667 034.48 | 0.19 |\",\n \"| Receivables from share certificate transactions | | | | | | | 265 076.28 | 0.08 |\",\n \"| Total assets | | | | | | | 350 434 099.43 | 100.32 |\",\n \"| Other liabilities | | | | | | | -475 497.62 | -0.14 |\",\n \"| Liabilities from cost items | | | | | | | -261 301.65 | -0.08 |\",\n \"| Additional other liabilities | | | | | | | -214 195.97 | -0.06 |\",\n \"| Liabilities from share certificate transactions | | | | | | | -623 734.69 | -0.18 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Total liabilities | | | | | | | -1 099 232.31 | -0.32 |\",\n \"| Net assets | | | | | | | 349 334 867.12 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class DPMC | EUR | 12 231.48 |\",\n \"| Class LC | EUR | 113.41 |\",\n \"| Class LC10 | EUR | 13 651.53 |\",\n \"| Class PFC | EUR | 107.59 |\",\n \"| Class SC | EUR | 13 606.28 |\",\n \"| Class WAMC | EUR | 13 690.61 |\",\n \"| Number of shares outstanding Class DPMC | Count | 1 130.000 |\",\n \"| Class LC | Count | 761 197.000 |\",\n \"| Class LC10 | Count | 2 499.500 |\",\n \"| Class PFC | Count | 388 019.000 |\",\n \"| Class SC | Count | 9 977.149 |\",\n \"| Class WAMC | Count | 2 743.900 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 99.964 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.017 |\",\n \"| Average market risk exposure | % | 100.000 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnote\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 882\\t997.66Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t882 997.66\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-65 925.84\",\n \"- Management fee EUR\\t-2 175 922.51thereof:All-in fee EUR -2 175 922.51\",\n \"- Legal and publication costs EUR\\t-1 083.96\",\n \"- Taxe d‘abonnement EUR\\t-156 391.61\",\n \"- Other expenses EUR\\t-284 106.45thereof:Expenses from prepaidplacement fee 1 EUR\\t-284 106.45Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-2 683 430.37\",\n \"- Net investment expense.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-1 800 432.71\",\n \"- Sale transactionsRealized gains/losses EUR\\t6 641 536.87Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t6 641 536.87\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 4 841\\t104.161 For further information, please refer to the notes to the financial statements.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class DPMC 0.12% p.a.,\\tClass LC 1.46%\",\n \"2\",\n \"Class LC10 0.33% p.a.,\\tClass PFC 1.82%\",\n \"2\",\n \"Class SC 0.53% p.a.,\\tClass WAMC 0.15% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class DPMC 0.28% p.a.,\\tClass LC 1.61%\",\n \"2\",\n \"Class LC10 0.48% p.a.,\\tClass PFC 1.97%\",\n \"2\",\n \"Class SC 0.68% p.a.,\\tClass WAMC 0.30% p.a.\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 16 089.27.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t93 770 013.97\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 226 147\\t404.15\",\n \"- Income adjustment EUR\\t-2 702 272.73\",\n \"- Net investment expense EUR\\t-1 800 432.71\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR 6 641\\t536.876.\",\n \"Net change in unrealized appreciation/depreciation .\",\n \"EUR\\t27 278 617.57\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t349 334 867.123 Reduced by a dilution fee in the amount of EUR 98 135.41 for the benefit of the fund’s assets.\",\n \"Summary of gains/losses\\t2021\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t6 641 536.87\",\n \"from:\",\n \"Securities transactions EUR\\t6 475 331.90\",\n \"(Forward) currency transactions EUR\\t166 204.97\",\n \"Details on the distribution policy*\",\n \"Class DPMC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class PFC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class SC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year | | | 2020 | Class DPMC | EUR | 10 509.91 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 349 334 867.12 | | Class LC | EUR | - |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 93 770 013.97 | | Class LC10 | EUR | 11 753.59 |\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-\",\n \"Net asset value per share at the end of the fiscal year\",\n \"Class PFC EUR\\t-\",\n \"Class SC EUR\\t11 738.14\",\n \"Class WAMC EUR\\t11 767.00\",\n \"| 2021\\tClass DPMC | EUR | 12 231.48 | 2019 | Class DPMC | EUR | - |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| Class LC | EUR | 113.41 | | Class LC | EUR | - |\",\n \"| Class LC10 | EUR | 13 651.53 | | Class LC10 | EUR | - |\",\n \"| Class PFC | EUR | 107.59 | | Class PFC | EUR | - |\",\n \"| Class SC | EUR | 13 606.28 | | Class SC | EUR | - |\",\n \"| Class WAMC | EUR | 13 690.61 | | Class WAMC | EUR | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.28% of all transactions.\",\n \"The total volume was EUR 15 297 424.28.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve long-term capital appreciation.\",\n \"In order to achieve the invest- ment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified between each\",\n \"DB GROWTH SAA (USD)\",\n \"Performance since inception\",\n \"148\",\n \"140\",\n \"132\",\n \"124\",\n \"116\",\n \"108\",\n \"100\",\n \"92\",\n \"4/30/20* 6/20\",\n \"12/20\\t6/21\",\n \"12/21\",\n \"other and within themselves.\",\n \"These are a bond portfolio, an\",\n \"DB Growth SAA (USD) (USD LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020= 100 Data on U.S. dollar basis\",\n \"equity portfolio and an alterna- tive portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB GROWTH SAA (USD)\",\n \"Performance of share classes (in USD)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class USD LC | LU2132881132 | 10.3% | 40.0% |\",\n \"| Class USD DPMC | LU2132881058 | 10.8% | 15.7% |\",\n \"| Class USD LC10 | LU2132881215 | 10.5% | 40.5% |\",\n \"| Class USD WAMC | LU2132881306 | 10.7% | 40.8% |\",\n \"1\",\n \"Classes USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on November 17, 2020\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"in each portfolio.\",\n \"The invest- ment advisor endeavors to recommend an allocation that provides an opportunity for long-term capital appreciation.\",\n \"The expected range of alloca- tion for a “growth-oriented” portfolio is for\",\n \"a) bond portfolio: up to 60%;\",\n \"b) equity portfo-\",\n \"lio: 40-80% and\",\n \"c) alternative portfolio: 0-15%.\",\n \"In addition, the fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.\",\n \"Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-\",\n \"ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub- fund DB Growth SAA (USD)\",\n \"achieved an appreciation of 10.3% per share in 2021 (USD LC share class; BVI method; in\",\n \"U.S. dollars).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary pol- icy of the central banks of the industrial countries – in view of\",\n \"the weakened global economy – supported the price develop- ment in the financial markets.\",\n \"Since the beginning of 2021, the economic outlook improved,\",\n \"boosted by the efforts and packages of measures under- taken by the international com- munity to address the economic impact of the coronavirus crisis and by the regulatory filings\",\n \"for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi-\",\n \"tion, the dynamic spread of the coronavirus and its variants, as well as associated new restric- tions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the picture was mixed.\",\n \"While the equity markets in the Western industrial coun- tries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc-\",\n \"The management of the sub- fund DB Growth SAA (USD) was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.\",\n \"Regionally, the investment focus was on North America.\",\n \"The equity portfolio, which represented the invest- ment focus on the reporting date, was broadly diversified in terms of sector allocation.\",\n \"With this orientation, the sub-fund profited in particular from the appreciable price increases in the equity markets.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"tuations towards the longer\\tend of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Equity funds | 81 730 864.15 | 65.63 |\",\n \"| Other funds | 5 528 510.18 | 4.43 |\",\n \"| Bond funds | 36 184 418.52 | 29.06 |\",\n \"| Total investment fund units | 123 443 792.85 | 99.12 |\",\n \"| 2. Cash at bank | 564 921.68 | 0.45 |\",\n \"| 3. Other assets | 747 470.99 | 0.60 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -216 775.92 | -0.17 |\",\n \"| III.\",\n \"Net assets | 124 539 409.60 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Investment fund units | | | | | | | 123 443 792.85 | 99.12 |\",\n \"| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) | | 82 410 | 167 094 | 165 017 | EUR | 66.76 | 6 235 893.19 | 5.01 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | | 271 725 | 218 822 | 26 447 | EUR | 52.738 | 16 242 604.86 | 13.04 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | | 741 919 | 615 715 | 51 115 | EUR | 13.994 | 11 767 528.84 | 9.45 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | | 240 921 | 206 234 | 11 839 | EUR | 12.858 | 3 511 022.53 | 2.82 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | | 264 | 530 | 266 | USD | 10 408.589 | 2 746 316.64 | 2.20 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex- Agriculture UCITS ETF EUR - (0.190%) | | 102 984 | 82 556 | 9 805 | EUR | 23.835 | 2 782 193.54 | 2.23 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | | 298 | 298 | | EUR | 432.63 | 146 128.63 | 0.12 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | | 47 367 | 40 014 | 7 414 | EUR | 147.32 | 7 909 335.82 | 6.35 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | | 29 256 | 31 022 | 1 766 | GBP | 128.912 | 5 096 360.50 | 4.09 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | | 996 274 | 911 095 | 63 216 | USD | 5.955 | 5 932 811.67 | 4.76 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | | 9 002 | 7 634 | 681 | USD | 209.84 | 1 888 979.68 | 1.52 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | | 1 224 156 | 1 028 329 | 83 940 | USD | 5.383 | 6 589 631.75 | 5.29 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | | 49 792 | 41 742 | 7 282 | USD | 490.17 | 24 406 544.64 | 19.60 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | | 42 485 | 38 911 | 3 349 | USD | 138.5 | 5 884 172.50 | 4.73 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | | 4 411 | | | USD | 138.352 | 610 271.55 | 0.49 |\",\n \"| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | | 238 317 | 204 824 | 17 582 | USD | 91.03 | 21 693 996.51 | 17.42 |\",\n \"| Total securities portfolio | | | | | | | 123 443 792.85 | 99.12 |\",\n \"| Cash at bank | | | | | | | 564 921.68 | 0.45 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | 59 871 | | | | | 67 860.76 | 0.05 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 36 900 | | | | | 49 862.96 | 0.04 |\",\n \"| U.S. dollar | USD | | | | | | 447 197.96 | 0.36 |\",\n \"| Other assets | 747 470.99 | 0.60 |\",\n \"| Other receivables | 747 470.99 | 0.60 |\",\n \"| Total assets | 124 756 185.52 | 100.17 |\",\n \"| Other liabilities | -216 775.92 | -0.17 |\",\n \"| Liabilities from cost items | -60 511.62 | -0.04 |\",\n \"| Additional other liabilities | -156 264.30 | -0.13 |\",\n \"| Total liabilities | -216 775.92 | -0.17 |\",\n \"| Net assets | 124 539 409.60 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class USD LC | USD | 13 995.15 |\",\n \"| Class USD LC10 | USD | 14 045.33 |\",\n \"| Class USD WAMC | USD | 14 083.43 |\",\n \"| Class USD DPMC | USD | 11 574.33 |\",\n \"| Number of shares outstanding Class USD LC | Count | 7 494.490 |\",\n \"| Class USD LC10 | Count | 2.000 |\",\n \"| Class USD WAMC | Count | 877.354 |\",\n \"| Class USD DPMC | Count | 628.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 100.000 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.000 |\",\n \"| Average market risk exposure | % | 100.000 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Euro\\tEUR | 0.882262 | = USD | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.740028 | = USD | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 1 342\\t200.23Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t1 342 200.23\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-2 729.00\",\n \"- Management fee USD\\t-519 825.93thereof:\",\n \"| 3. Legal and publication costs | USD | -414.95 | |\",\n \"| --- | --- | --- | --- |\",\n \"| 4. Taxe d‘abonnement | USD | -63 698.67 | Summary of gains/losses | 2021 |\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| USD | -586 668.55 | | |\",\n \"All-in fee USD\\t-519 825.93\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t31 834 794.27\",\n \"- Net inflows USD 83 907\\t049.91\",\n \"- Income adjustment USD\\t-380 051.64\",\n \"- Net investment income USD 755\\t531.68\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD 1 938\\t052.08\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"USD 6 484\\t033.30\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t124 539 409.60\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 755\\t531.68\",\n \"- Sale transactionsRealized gains/losses USD\\t1 938 052.08Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t1 938 052.08\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 2 693\\t583.76BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.13% p.a.,\\tClass USD LC 0.55% p.a.,Class USD LC10 0.34% p.a.,\\tClass USD WAMC 0.17% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class USD DPMC 0.27% p.a.,\\tClass USD LC 0.68% p.a.,\",\n \"Class USD LC10 0.48% p.a.,\\tClass USD WAMC 0.30% p.a.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 4 912.61.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"USD\\t1 938 052.08\",\n \"from:\",\n \"Securities transactions USD\\t1 917 049.00\",\n \"(Forward) currency transactions USD\\t21 003.08\",\n \"Details on the distribution policy*\",\n \"Class USD DPMC\",\n \"The income for the reporting period is reinvested.\",\n \"Class USD LC\",\n \"The income for the reporting period is reinvested.\",\n \"Class USD LC10\",\n \"The income for the reporting period is reinvested.\",\n \"Class USD WAMC\",\n \"The income for the reporting period is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 124 539 409.60 |\",\n \"| --- | --- | --- |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 31 834 794.27 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | – |\",\n \"| Net asset value per share at the end of the fiscal year | | |\",\n \"| 2021 | Class USD LC | EUR | 13 995.15 |\",\n \"| | Class USD LC10 | EUR | 14 045.33 |\",\n \"| | Class USD WAMC | EUR | 14 083.43 |\",\n \"| | Class USD DPMC | USD | 11 574.33 |\",\n \"| 2020 | Class USD LC | EUR | 12 687.49 |\",\n \"| | Class USD LC10 | EUR | 12 706.22 |\",\n \"| | Class USD WAMC | EUR | 12 718.64 |\",\n \"| | Class USD DPMC | USD | 10 449.22 |\",\n \"| 2019 | Class USD LC | EUR | – |\",\n \"| | Class USD LC10 | EUR | – |\",\n \"| | Class USD WAMC | EUR | – |\",\n \"| | Class USD DPMC | USD | – |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 3.71% of all transactions.\",\n \"The total volume was USD 4 959 745.64.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve medium- to long-term capital appreciation.\",\n \"It seeks to limit capital losses to no more than 20% on an annualized basis.\",\n \"In order to achieve the invest-\",\n \"DB STRATEGIC INCOME ALLOCATION EUR (SIA) BALANCED PLUS\",\n \"Performance since inception\",\n \"105\",\n \"104\",\n \"103\",\n \"102\",\n \"101\",\n \"100\",\n \"99\",\n \"98\",\n \"ment objective, the sub-fund\",\n \"7/19/21* 7/21\",\n \"8/21\",\n \"9/21\\t10/21\\t11/21\",\n \"12/21\",\n \"seeks to invest in portfolios of three main asset classes that\",\n \"DB Strategic Income Allocation EUR (SIA) Balanced Plus (LBD share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on July 19, 2021= 100\",\n \"Data on euro basis\",\n \"are diversified between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alterna- tive portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"| DB STRATEGIC INCOME ALLOCATION | EUR (SIA) BALANCED PLUS |\",\n \"| --- | --- |\",\n \"| Performance of share classes (in euro) Share class\\tISIN | Since inception 1 |\",\n \"| Class LBD\\tLU2330518965 | 3.6% |\",\n \"| Class LBD10\\tLU2330518882 | 4.1% |\",\n \"| Class PFBD\\tLU2330518700 | 3.5% |\",\n \"| Class SBD\\tLU2330519773 | 4.0% |\",\n \"| Class WAMBD\\tLU2330521084 | 4.2% |\",\n \"1\",\n \"Classes LBD, LBD10, PFBD, SBD and WAMBD launched on July 19, 2021.\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"takes into account the expected\",\n \"return, volatility and correlation in each portfolio.\",\n \"The Invest- ment Advisor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.\",\n \"The expected range of allocation for a “bal- anced” portfolio is for\",\n \"a) bond portfolio: up to 70%;\",\n \"b) equity portfolio: 30-80% and\",\n \"c) alter- native portfolio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.\",\n \"In addition to allocating assets across the portfolios, the sub- fund manager seeks to imple- ment a capital preservation\",\n \"strategy, based on the advice of\",\n \"the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 20% on an annu- alized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the poten- tial loss of the sub-fund during a rolling 12-month period.\",\n \"The risk mitigation strategy includes investments in deriv- ative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt\",\n \"instruments linked to the per-\",\n \"formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).\",\n \"The derivatives exposure is always matched by equity ETF positions in the same amount.\",\n \"The premiums collected are used to generate additional value growth in the sub-fund.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub- fund achieved an appreciation of 3.6% per share (LBD share class; BVI method; in euro)\",\n \"in the shortened fiscal year from July 19, 2021, through\",\n \"December 31, 2021.\",\n \"##### Investment policy in the reporting period\",\n \"consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"Developments in the interna-\\tup the rear.\",\n \"Against the back-\\ttional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of\",\n \"measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up\",\n \"drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the DB Strategic Income Allocation EUR (SIA) Balanced Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 116 461 450.58 | 37.14 |\",\n \"| Equity funds | 188 617 591.21 | 60.14 |\",\n \"| Total investment fund units | 305 079 041.79 | 97.28 |\",\n \"| 2. Derivatives | 952 759.49 | 0.30 |\",\n \"| 3. Cash at bank | 6 917 142.77 | 2.21 |\",\n \"| 4. Other assets | 3 402 906.03 | 1.09 |\",\n \"| 5. Receivables from share certificate transactions | 230 072.29 | 0.07 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -1 952 843.92 | -0.63 |\",\n \"| 2. Liabilities from share certificate transactions | -1 007 162.64 | -0.32 |\",\n \"| III.\",\n \"Net assets | 313 621 915.81 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 305 079 041.79 | 97.28 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units Xtrackers - Euro Stoxx Select Dividend 30 UCITS ETF -1D- EUR - (0.200%) | Units | 284 096 | 293 319 | 9 223 | EUR | 21.395 | 6 078 233.92 | 1.94 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 1 751 117 | 1 810 974 | 59 857 | EUR | 17.079 | 29 906 451.68 | 9.54 |\",\n \"| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 4 115 494 | 7 304 517 | 3 189 023 | EUR | 8.218 | 33 821 129.69 | 10.78 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 1 981 | 4 199 | 2 218 | EUR | 34.51 | 68 364.31 | 0.02 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 178 980 | 179 857 | 877 | EUR | 34.595 | 6 191 813.10 | 1.97 |\",\n \"| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 1 512 102 | 1 512 102 | | EUR | 19.118 | 28 908 366.04 | 9.22 |\",\n \"| iShares PLC - iShares Euro Corporate Bond Large Cap UCITS ETF EUR - (0.200%) | Units | 169 795 | 335 205 | 165 410 | EUR | 139.06 | 23 611 692.70 | 7.53 |\",\n \"| iShares VI plc - iShares J.P, Morgan $ EM Bond EUR Hedged UCITS ETF EUR (hedged) - (0.500%) | Units | 365 528 | 377 659 | 12 131 | EUR | 87.63 | 32 031 218.64 | 10.21 |\",\n \"| SSgA SPDR ETFs Europe I plc - SPDR S&P Euro Dividend Aristocrats UCITS ETF EUR - (0.300%) | Units | 1 146 329 | 2 284 247 | 1 137 918 | EUR | 23.35 | 26 766 782.15 | 8.54 |\",\n \"| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) | Units | 1 072 813 | 1 097 053 | 24 240 | GBP | 7.587 | 9 703 786.75 | 3.09 |\",\n \"| HSBC ETFs PLC - HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF USD - (0.400%) | Units | 931 370 | 1 842 426 | 911 056 | USD | 27.89 | 22 917 557.70 | 7.31 |\",\n \"| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 329 474 | 340 526 | 11 052 | USD | 33.85 | 9 839 598.91 | 3.14 |\",\n \"| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 2 366 866 | 2 444 115 | 77 249 | USD | 21.225 | 44 321 958.64 | 14.13 |\",\n \"| Multi Units Luxembourg - Lyxor Core US Treasury 10+Y (DR) UCITS ETF EUR - (0.070%) | Units | 63 810 | 66 583 | 2 773 | USD | 158.44 | 8 919 718.58 | 2.84 |\",\n \"| SSgA SPDR ETFs Europe I plc - SPDR Bloomberg Barclays 10+ Year U,S, Treasury Bond UCITS ETF USD - (0.150%)... | Units | 222 000 | 327 279 | 105 279 | USD | 33.73 | 6 606 430.79 | 2.11 |\",\n \"| Vanguard Funds PLC - Vanguard USD Emerging Markets Government Bond UCITS ETF - USD - (0.250%) | Units | 346 497 | 358 342 | 11 845 | USD | 50.33 | 15 385 938.19 | 4.91 |\",\n \"| Total securities portfolio | | | | | | | 305 079 041.79 | 97.28 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 952 759.49 | 0.30 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 400 EUR (DB) | Count | 2 265 | 2 265 | | | | 2 672 700.00 | 0.85 |\",\n \"| Call DJ Euro Stoxx 50 06/2022 4 450 EUR (DB) | Count | -726 | | 726 | | | -650 859.00 | -0.21 |\",\n \"| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -144 | | 144 | | | -161 928.00 | -0.05 |\",\n \"| Call DJ Euro Stoxx 50 12/2022 4 600 EUR (DB) | Count | -58 | | 58 | | | -65 018.00 | -0.02 |\",\n \"| Call FTSE MIB Index Futures 06/2022 7 700 GBP (DB) | Count | -31 | | 31 | | | -43 425.92 | -0.02 |\",\n \"| Call FTSE MIB Index Futures 09/2022 7 800 GBP (DB) | Count | -19 | | 19 | | | -32 901.76 | -0.01 |\",\n \"| Call S & P 500 Futures 06/2022 4 800 USD (DB) | Count | -50 | | 50 | | | -973 355.55 | -0.31 |\",\n \"| Call S & P 500 Futures 09/2022 4 900 USD (DB) | Count | -9 | | 9 | | | -183 104.66 | -0.06 |\",\n \"| Call S & P 500 Futures 12/2022 5 150 USD (DB) | Count | -7 | | 7 | | | -102 487.97 | -0.03 |\",\n \"| Put S & P 500 Futures 12/2022 3 950 USD (DB) | Count | 35 | 35 | | | | 493 140.35 | 0.16 |\",\n \"| Cash at bank | | | | | | | 6 917 142.77 | 2.21 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 1 142 548.21 | 0.37 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 293 354 | | | | | 349 736.93 | 0.11 |\",\n \"| Japanese yen | JPY | 169 835 | | | | | 1 301.99 | 0.00 |\",\n \"| U.S. dollar | USD | 6 147 330 | | | | | 5 423 555.64 | 1.73 |\",\n \"| Other assets | | | | | | | 3 402 906.03 | 1.09 |\",\n \"| Dividends/Distributions receivable | | | | | | | 676 117.55 | 0.22 |\",\n \"| Prepaid placement fee * | | | | | | | 1 654 883.16 | 0.53 |\",\n \"| Other receivables | | | | | | | 1 071 905.32 | 0.34 |\",\n \"| Receivables from share certificate transactions | | | | | | | 230 072.29 | 0.07 |\",\n \"| Total assets ** | | | | | | | 318 795 003.23 | 101.66 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other liabilities | | | | | | | -1 952 843.92 | -0.63 |\",\n \"| Additional other liabilities | | | | | | | -1 952 843.92 | -0.63 |\",\n \"| Liabilities from share certificate transactions | | | | | | | -1 007 162.64 | -0.32 |\",\n \"| Total liabilities | | | | | | | -5 173 087.42 | -1.66 |\",\n \"| Net assets | | | | | | | 313 621 915.81 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class LBD | EUR | 103.63 |\",\n \"| Class LBD10 | EUR | 10 410.72 |\",\n \"| Class PFBD | EUR | 103.46 |\",\n \"| Class SBD | EUR | 10 401.88 |\",\n \"| Class WAMBD | EUR | 10 420.84 |\",\n \"| Number of shares outstanding Class LBD | Count | 675 889.000 |\",\n \"| Class LBD10 | Count | 1 301.000 |\",\n \"| Class PFBD | Count | 447 867.000 |\",\n \"| Class SBD | Count | 16 976.198 |\",\n \"| Class WAMBD | Count | 682.491 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512)\",\n \"Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation EUR (SIA) Balanced Plus\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 71.292 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 82.943 |\",\n \"| Average market risk exposure | % | 77.994 |\",\n \"The values-at-risk were calculated for the period from July 19, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 46 916 146.37 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Japanese yen\\tJPY | 130.443111 | = EUR | 1 |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnotes\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"** Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\",\n \"Statement of changes in net assets\\t2021 for the period from July 19, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 7 634\\t443.39Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t7 634 443.39\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-40 994.07\",\n \"- Management fee EUR\\t-1 232 917.61thereof:All-in fee EUR -1 232 917.61\",\n \"- Legal and publication costs EUR\\t-11 701.52\",\n \"- Taxe d‘abonnement EUR\\t-91 925.55\",\n \"- Other expenses EUR\\t-154 341.75thereof:Expenses from prepaidplacement fee 1 EUR\\t-154 341.75 Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-1 531 880.50\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t6 102 562.89\",\n \"- Sale transactionsRealized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t972 538.84Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t972 538.84\",\n \"- Net gain/loss for the reporting period . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t7 075 101.731 For further information, please refer to the notes to the financial statements.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class LBD 1.52%\",\n \"2\",\n \",\\tClass LBD10 0.52%\",\n \"2\",\n \"Class PFBD 1.92%\",\n \"2\",\n \",\\tClass SBD 0.71%\",\n \"2\",\n \"Class WAMBD 0.31%\",\n \"2\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class LBD 1.86%\",\n \"2\",\n \",\\tClass LBD10 0.87%\",\n \"2\",\n \"Class PFBD 2.26%\",\n \"2\",\n \",\\tClass SBD 1.06%\",\n \"2\",\n \"Class WAMBD 0.65%\",\n \"2\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 18 859.91.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"- Value of the fund’s net assetsat the beginning of the reporting period . . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t0.00\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 304 302\\t879.11\",\n \"- Income adjustment EUR\\t-926 895.24\",\n \"- Net investment income EUR 6 102\\t562.89\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR 972\\t538.84\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR 3 170\\t830.21\",\n \"- Value of the fund’s net assetsat the end of the reporting period.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t313 621 915.813 Reduced by a dilution fee in the amount of EUR 23 576.41 for the benefit of the fund’s assets.\",\n \"Summary of gains/losses\\t2021\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t972 538.84\",\n \"from:\",\n \"Securities transactions EUR\\t1 845 683.52\",\n \"(Forward) currency transactions EUR\\t44 292.93\",\n \"Derivatives and other financial futures transactions\",\n \"4\",\n \"EUR\\t-917 437.61\",\n \"4\",\n \"This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"Class LBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class LBD10\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class PFBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class SBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class WAMBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the reporting period is reinvested.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the reporting period\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t313 621 915.81\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-\",\n \"Net asset value per share at the end of the reporting period\",\n \"| 2021 | Class LBD | EUR | 103.63 |\",\n \"| --- | --- | --- | --- |\",\n \"| | Class LBD10 | EUR | 10 410.72 |\",\n \"| | Class PFBD | EUR | 103.46 |\",\n \"| | Class SBD | EUR | 10 401.88 |\",\n \"| | Class WAMBD | EUR | 10 420.84 |\",\n \"| 2020 | Class LBD | EUR | - |\",\n \"| | Class LBD10 | EUR | - |\",\n \"| | Class PFBD | EUR | - |\",\n \"| | Class SBD | EUR | - |\",\n \"| | Class WAMBD | EUR | - |\",\n \"| 2019 | Class LBD | EUR | - |\",\n \"| | Class LBD10 | EUR | - |\",\n \"| | Class PFBD | EUR | - |\",\n \"| | Class SBD | EUR | - |\",\n \"| | Class WAMBD | EUR | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.67% of all transactions.\",\n \"The total volume was EUR 22 738 926.36.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 4% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the place- ment fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 4% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"## DB Strategic Income Allocation USD (SIA) Balanced Plus\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve medium- to long-term capital appreciation.\",\n \"It seeks to limit capital losses to no more than 20% on an annualized basis.\",\n \"In order to achieve the invest-\",\n \"DB STRATEGIC INCOME ALLOCATION USD (SIA) BALANCED PLUS\",\n \"Performance since inception\",\n \"101.5\",\n \"101.0\",\n \"100.5\",\n \"100.0\",\n \"99.5\",\n \"99.0\",\n \"98.5\",\n \"98.0\",\n \"ment objective, the sub-fund\",\n \"6/28/21*\",\n \"7/21\",\n \"8/21\\t9/21\\t10/21\\t11/21\",\n \"12/21\",\n \"seeks to invest in portfolios of three main asset classes that\",\n \"DB Strategic Income Allocation USD (SIA) Balanced Plus (USD LBD share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on June 28, 2021 = 100 Data on U.S. dollar basis\",\n \"are diversified between each\",\n \"other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alterna- tive portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB STRATEGIC INCOME ALLOCATION USD (SIA) BALANCED PLUS\",\n \"Performance of share classes (in USD)\",\n \"Share class\\tISIN\\tSince inception\",\n \"1\",\n \"Class USD LBD\\tLU2330520862\\t0.5% Class USD DPMBD\\tLU2330518619\\t1.2% Class USD LBD10\\tLU2330520789\\t1.0% Class USD SBD\\tLU2330520607\\t0.9% Class USD WAMBD\\tLU2330520516\\t1.1% Class SGD SBDH\",\n \"2\",\n \"LU2349911755\\t0.2%\",\n \"1\",\n \"Classes USD LBD, USD LBD10, USD SBD and USD WAMBD launched on June 28, 2021 / Class SGD SBDH launched on August 20, 2021 and first share price calculation on August 23, 2021 / Class USD DPMBD launched on October 8, 2021\",\n \"2 in SGD\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"in each portfolio.\",\n \"The invest- ment advisor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.\",\n \"The expected range of allocation for a “bal- anced” portfolio is for\",\n \"a) bond portfolio: up to 70%;\",\n \"b) equity portfolio: 30-80% and\",\n \"c) alter- native portfolio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.\",\n \"In addition to allocating assets across the portfolios, the sub-fund man- ager seeks to implement a cap-\",\n \"ital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 20%\",\n \"on an annualized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.\",\n \"The risk mitigation strat- egy includes investments in derivative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\",\n \"ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a finan- cial index through the use of\",\n \"derivative financial instruments.\",\n \"In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).\",\n \"The derivatives exposure is always matched\",\n \"by equity ETF positions in the same amount.\",\n \"The premiums\",\n \"collected are used to generate additional value growth in the sub-fund.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub-fund achieved an appreci- ation of 0.5% per share (USD LBD share class; BVI method;\",\n \"U.S. dollars) in the shortened\",\n \"fiscal year from June 28, 2021,\",\n \"through December 31, 2021.\",\n \"##### Investment policy in the reporting period\",\n \"the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back-\",\n \"terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"Developments in the interna-\\tdrop of high global debt levels\\ttional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of\",\n \"measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by\",\n \"and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the DB Strategic Income Allocation USD (SIA) Balanced Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.\",\n \"Region- ally, the investment focus\",\n \"was on the United States.\",\n \"In\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"## DB Strategic Income Allocation USD (SIA) Balanced Plus\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 168 426 821.93 | 46.60 |\",\n \"| Other funds | 6 203.52 | 0.00 |\",\n \"| Equity funds | 181 669 556.43 | 50.26 |\",\n \"| Total investment fund units | 350 102 581.88 | 96.86 |\",\n \"| 2. Derivatives | -1 542 992.16 | -0.43 |\",\n \"| 3. Cash at bank | 10 968 864.70 | 3.04 |\",\n \"| 4. Other assets | 11 385 089.72 | 3.15 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Short-term liabilities | -7 554 067.22 | -2.09 |\",\n \"| 2. Other liabilities | -1 912 463.59 | -0.53 |\",\n \"| III.\",\n \"Net assets | 361 447 013.33 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tUSD |\",\n \"| Investment fund units | | | | | | | 350 102 581.88 | 96.86 |\",\n \"| In-group fund units Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 3 316 174 | 3 724 752 | 408 578 | EUR | 13.994 | 52 597 619.38 | 14.55 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 1 | 366 | 365 | USD | 10 408.589 | 6 203.52 | 0.00 |\",\n \"| Xtrackers II - USD Emerging Markets Bond UCITS ETF -2D- USD - (0.250%) | Units | 2 445 410 | 2 727 088 | 281 678 | USD | 14.079 | 34 428 927.39 | 9.53 |\",\n \"| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 5 808 985 | 11 571 119 | 5 762 134 | EUR | 8.218 | 54 108 914.05 | 14.97 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 178 306 | 178 306 | | EUR | 34.595 | 6 991 682.82 | 1.93 |\",\n \"| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- EUR - (0.060%) | Units | 315 815 | 315 815 | | EUR | 38.53 | 13 792 220.39 | 3.82 |\",\n \"| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 1 414 221 | 1 414 221 | | EUR | 19.118 | 30 645 179.19 | 8.48 |\",\n \"| iShares II PLC - iShares $ High Yield Corporate Bond UCITS ETF -USD- EUR - (0.500%) | Units | 517 002 | 551 573 | 34 571 | EUR | 90.79 | 53 202 576.54 | 14.72 |\",\n \"| SSgA SPDR ETFs Europe I plc - SPDR S&P Euro Dividend Aristocrats UCITS ETF EUR - (0.300%) | Units | 282 821 | 1 542 452 | 1 259 631 | EUR | 23.35 | 7 485 157.87 | 2.07 |\",\n \"| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 9 011 | 18 022 | 9 011 | GBP | 25.085 | 305 449.17 | 0.08 |\",\n \"| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) | Units | 703 555 | 791 964 | 88 409 | GBP | 7.587 | 7 213 029.29 | 2.00 |\",\n \"| HSBC ETFs PLC - HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF USD - (0.400%) | Units | 404 424 | 846 189 | 441 765 | USD | 27.89 | 11 279 385.36 | 3.12 |\",\n \"| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- USD - (0.060%) | Units | 329 758 | 730 705 | 400 947 | USD | 43.685 | 14 405 478.23 | 3.98 |\",\n \"| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 322 206 | 384 050 | 61 844 | USD | 33.85 | 10 906 673.10 | 3.02 |\",\n \"| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 2 484 527 | 2 822 235 | 337 708 | USD | 21.225 | 52 734 085.58 | 14.59 |\",\n \"| Total securities portfolio | | | | | | | 350 102 581.88 | 96.86 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | -1 722 287.48 | -0.48 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 500 EUR (DB) | Count | 322 | 335 | 13 | | | 488 148.65 | 0.13 |\",\n \"| Call DJ Euro Stoxx 50 06/2022 4 500 EUR (DB) | Count | -801 | -801 | | | | -654 591.27 | -0.18 |\",\n \"| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -280 | -280 | | | | -356 878.12 | -0.10 |\",\n \"| Call FTSE MIB Index Futures 06/2022 7 800 GBP (DB) | Count | -34 | -34 | | | | -39 741.74 | -0.01 |\",\n \"| Put S & P 500 Futures 12/2022 4 000 USD (DB) | Count | 113 | 120 | 7 | | | 1 902 355.00 | 0.53 |\",\n \"| Call S & P 500 Futures 06/2022 4 675 USD (DB) | Count | -70 | -70 | | | | -2 131 850.00 | -0.59 |\",\n \"| Call S & P 500 Futures 09/2022 4 900 USD (DB) | Count | -36 | -36 | | | | -830 160.00 | -0.23 |\",\n \"| Call S & P 500 Futures 12/2022 5 150 USD (DB) | Count | -6 | -6 | | | | -99 570.00 | -0.03 |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 179 295.32 | 0.05 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (long) | | | | | | | | |\",\n \"| Open positions SGD/USD 19.6 million | | | | | | | 146 267.42 | 0.04 |\",\n \"| Closed positions SGD/USD 19.5 million | | | | | | | 33 027.90 | 0.01 |\",\n \"| Cash at bank | | | | | | | 10 968 864.70 | 3.04 |\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| | currency | amount | in the reporting period | USD | |\",\n \"| Demand deposits at Depositary Deposits in non-EU/EEA currencies | | | | | |\",\n \"| British pound | GBP | 167 608 | | 226 489.46 | 0.07 |\",\n \"| Japanese yen | JPY | 470 000 | | 4 083.94 | 0.00 |\",\n \"| Singapore dollar | SGD | 4 633 | | 3 425.56 | 0.00 |\",\n \"| U.S. dollar | USD | | | 10 734 865.74 | 2.97 |\",\n \"| Other assets | | | | 11 385 089.72 | 3.15 |\",\n \"| Dividends/Distributions receivable | | | | 658 297.38 | 0.18 |\",\n \"| Other receivables | | | | 10 726 792.34 | 2.97 |\",\n \"| Total assets * | | | | 375 026 335.27 | 103.76 |\",\n \"| Short-term liabilities | | | | -7 554 067.22 | -2.09 |\",\n \"| EUR loans | EUR | -6 664 667 | | -7 554 067.22 | -2.09 |\",\n \"| Other liabilities | | | | -1 912 463.59 | -0.53 |\",\n \"| Additional other liabilities | | | | -1 912 463.59 | -0.53 |\",\n \"| Total liabilities | | | | -13 579 321.94 | -3.76 |\",\n \"| Net assets | | | | 361 447 013.33 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class SGD SBDH | SGD | 10 066.60 |\",\n \"| Class USD DPMBD | USD | 10 117.53 |\",\n \"| Class USD LBD | USD | 100.49 |\",\n \"| Class USD LBD10 | USD | 10 102.91 |\",\n \"| Class USD SBD | USD | 10 091.86 |\",\n \"| Class USD WAMBD | USD | 10 111.36 |\",\n \"| Number of shares outstanding Class SGD SBDH | Count | 1 970.482 |\",\n \"| Class USD DPMBD | Count | 209.591 |\",\n \"| Class USD LBD | Count | 29 705.000 |\",\n \"| Class USD LBD10 | Count | 4 341.551 |\",\n \"| Class USD SBD | Count | 22 774.306 |\",\n \"| Class USD WAMBD | Count | 6 722.725 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512)\",\n \"Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation USD (SIA) Balanced Plus\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 73.768 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.000 |\",\n \"| Average market risk exposure | % | 81.054 |\",\n \"The values-at-risk were calculated for the period from June 28, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 58 605 066.72 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Contracting parties for forward currency transactions\",\n \"BNP Paribas S.A., Royal Bank of Canada (UK) and State Street Bank International GmbH.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Euro\\tEUR | 0.882262 | = USD | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.740028 | = USD | 1 |\",\n \"| Japanese yen\\tJPY | 115.085000 | = USD | 1 |\",\n \"| Singapore dollar\\tSGD | 1.352350 | = USD | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnote\",\n \"* Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from June 28, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 10 309\\t015.01Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t10 309 015.01\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-24 936.66\",\n \"- Management fee USD\\t-967 521.62thereof:\",\n \"| 3. Taxe d‘abonnement | USD | -141 231.38 | |\",\n \"| --- | --- | --- | --- |\",\n \"| 4. Other expenses | USD | -1 434.07 | Summary of gains/losses | 2021 |\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| USD | -1 135 123.73 | | |\",\n \"All-in fee USD\\t-967 521.62\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the reporting period . . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t0.00\",\n \"- Net inflows USD 358 944\\t475.61\",\n \"- Income adjustment USD\\t-658 128.80\",\n \"- Net investment income USD 9 173\\t891.28\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t-2 214 106.30\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"USD\\t-3 799 118.46\",\n \"- Value of the fund’s net assetsat the end of the reporting period.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t361 447 013.33\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 9 173\\t891.28\",\n \"- Sale transactionsRealized gains/losses USD\\t-2 214 106.30Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t-2 214 106.30\",\n \"- Net gain/loss for the reporting period . . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 6 959\\t784.98BVI total expense ratio (TER)The total expense ratio for the share classes was:Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"USD\\t-2 214 106.30from:Securities transactions USD\\t-1 048 144.96(Forward) currency transactions USD\\t\\t-73 735.77 Derivatives and other financial futures transactions 2 .\",\n \"USD\\t-1 092 225.572 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"Class SGD SBDH 0.72%\",\n \"1\",\n \",\\tClass USD DPMBD 0.24%\",\n \"1\",\n \",\\t Class USD LBD 1.50%\",\n \"1\",\n \",\\tClass USD LBD10 0.48%\",\n \"1\",\n \"Class USD SBD 0.70%\",\n \"1\",\n \",\\tClass USD WAMBD 0.30%\",\n \"1\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class SGD SBDH 1.05%\",\n \"1\",\n \",\\tClass USD DPMBD 0.57%\",\n \"1\",\n \"Class USD LBD 1.82%\",\n \"1\",\n \",\\tClass USD LBD10 0.80%\",\n \"1\",\n \"Class USD SBD 1.03%\",\n \"1\",\n \",\\tClass USD WAMBD 0.63%\",\n \"1\",\n \"1\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 7 636.42.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Class SGD SBDH\",\n \"| Type | As of | Currency | Per share |\",\n \"| --- | --- | --- | --- |\",\n \"| Final distribution | March 4, 2022 | SGD | 0.00 |\",\n \"| Class USD DPMBD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD LBD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD LBD10 | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD SBD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD WAMBD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the reporting period is reinvested.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the reporting period\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t361 447 013.33\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t-\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t-\",\n \"Net asset value per share at the end of the reporting period\",\n \"| 2021 | Class SGD SBDH | SGD | 10 066.60 |\",\n \"| --- | --- | --- | --- |\",\n \"| | Class USD DPMBD | USD | 10 117.53 |\",\n \"| | Class USD LBD | USD | 100.49 |\",\n \"| | Class USD LBD10 | USD | 10 102.91 |\",\n \"| | Class USD SBD | USD | 10 091.86 |\",\n \"| | Class USD WAMBD | USD | 10 111.36 |\",\n \"| 2020 | Class SGD SBDH | SGD | - |\",\n \"| | Class USD DPMBD | USD | - |\",\n \"| | Class USD LBD | USD | - |\",\n \"| | Class USD LBD10 | USD | - |\",\n \"| | Class USD SBD | USD | - |\",\n \"| | Class USD WAMBD | USD | - |\",\n \"| 2019 | Class SGD SBDH | SGD | - |\",\n \"| | Class USD DPMBD | USD | - |\",\n \"| | Class USD LBD | USD | - |\",\n \"| | Class USD LBD10 | USD | - |\",\n \"| | Class USD SBD | USD | - |\",\n \"| | Class USD WAMBD | USD | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.97% of all transactions.\",\n \"The total volume was USD 20 779 509.99.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"## DB Strategic Income Allocation EUR (SIA) Conservative Plus\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve a medium- to long-term return.\",\n \"It seeks to limit capital losses to no more than 10% on an annu-\",\n \"alized basis.\",\n \"In order to achieve the investment objective, the\",\n \"DB STRATEGIC INCOME ALLOCATION EUR (SIA) CONSERVATIVE PLUS\",\n \"Performance since inception\",\n \"100.9\",\n \"100.6\",\n \"100.3\",\n \"100.0\",\n \"99.7\",\n \"99.4\",\n \"99.1\",\n \"98.8\",\n \"sub-fund seeks to invest in\",\n \"7/19/21* 7/21\",\n \"8/21\",\n \"9/21\\t10/21\\t11/21\",\n \"12/21\",\n \"portfolios of three main asset\",\n \"classes that are diversified\",\n \"DB Strategic Income Allocation EUR (SIA) Conservative Plus (LBD share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on July 19, 2021 = 100\",\n \"Data on euro basis\",\n \"between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"| DB STRATEGIC INCOME ALLOCATION | EUR (SIA) CONSERVATIVE PLUS |\",\n \"| --- | --- |\",\n \"| Performance of share classes (in euro) Share class\\tISIN | Since inception 1 |\",\n \"| Class LBD\\tLU2330520359 | 0.0% |\",\n \"| Class LBD10\\tLU2330520276 | 0.4% |\",\n \"| Class PFBD\\tLU2330520193 | -0.3% |\",\n \"| Class SBD\\tLU2330519930 | 0.3% |\",\n \"| Class WAMBD\\tLU2330520946 | 0.5% |\",\n \"1\",\n \"Classes LBD, LBD10, PFBD, SBD and WAMBD launched on July 19, 2021.\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in euro.\",\n \"The expected range of allocation for a “conservative” portfolio is for\",\n \"- bond portfolio: up to 100%;\",\n \"- equity portfolio: 0-60% and\",\n \"- alternative portfolio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight euro areaassets in each of the portfolios in order to have a European focus.\",\n \"In addition to allocating assets across the portfolios, the sub-fund manager seeks to implement a capital pres- ervation strategy, based onthe advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%on an annualized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.\",\n \"The risk mitigation strat- egy includes investments in derivative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per-formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the fund manager may gain exposure to a financialindex through the use of deriva-tive financial instruments.\",\n \"In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).\",\n \"The derivatives exposure is always matched by equity ETF positions in the same amount.\",\n \"The premiums collected are used to generate additional value growth in the sub-fund.\",\n \"The investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries\",\n \"and uncertainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub-fund DB Strategic Income Allocation EUR (SIA) Conservative Plus achieved a performance of 0.0% per share (LBD share class; BVI method; in euro) in the shortened fiscal year from July 19, 2021, to\",\n \"December 31, 2021.\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021\",\n \"in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels\",\n \"terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"were influenced in particular\\tand historically extremely low\\tby the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases\",\n \"interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Strategic Income Allocation EUR (SIA) Con- servative Plus was mainly exposed to bonds, including government and corporate bonds, through investments in target funds globally, and in\",\n \"equities.\",\n \"Regionally, the invest- ment focus was on Europe.\",\n \"In\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"## DB Strategic Income Allocation EUR (SIA) Conservative Plus\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 141 798 482.91 | 69.92 |\",\n \"| Other funds | 788 370.63 | 0.39 |\",\n \"| Equity funds | 55 539 875.90 | 27.38 |\",\n \"| Total investment fund units | 198 126 729.44 | 97.69 |\",\n \"| 2. Derivatives | 696 327.69 | 0.34 |\",\n \"| 3. Cash at bank | 2 735 026.07 | 1.35 |\",\n \"| 4. Other assets | 1 648 520.75 | 0.81 |\",\n \"| 5. Receivables from share certificate transactions | 390 875.30 | 0.19 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -780 467.59 | -0.38 |\",\n \"| III.\",\n \"Net assets | 202 817 011.66 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 198 126 729.44 | 97.69 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 81 | 682 | 601 | EUR | 9 732.971 | 788 370.63 | 0.39 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 1 169 245 | 1 190 162 | 20 917 | EUR | 17.079 | 19 968 950.73 | 9.85 |\",\n \"| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 1 376 521 | 2 244 367 | 867 846 | EUR | 8.218 | 11 312 249.58 | 5.58 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 2 616 | 2 616 | 0 | EUR | 34.51 | 90 278.16 | 0.04 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 118 442 | 119 647 | 1 205 | EUR | 34.595 | 4 097 500.99 | 2.02 |\",\n \"| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF - EUR (hedged) - (0.100%) | Units | 147 889 | 152 499 | 4 610 | EUR | 41.265 | 6 102 639.59 | 3.01 |\",\n \"| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF - EUR (hedged) - (0.100%) | Units | 137 207 | 137 207 | 0 | EUR | 41.328 | 5 670 490.90 | 2.80 |\",\n \"| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 1 084 915 | 1 086 039 | 1 124 | EUR | 19.118 | 20 741 404.97 | 10.23 |\",\n \"| iShares PLC - iShares Euro Corporate Bond Large Cap UCITS ETF EUR - (0.200%) | Units | 255 562 | 476 480 | 220 918 | EUR | 139.06 | 35 538 451.72 | 17.52 |\",\n \"| iShares VI plc - iShares J.P. Morgan $ EM Bond EUR Hedged UCITS ETF EUR (hedged) - (0.500%) | Units | 333 434 | 340 043 | 6 609 | EUR | 87.63 | 29 218 821.42 | 14.41 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF - EUR (hedged) - (0.100%) | Units | 3 100 016 | 3 160 224 | 60 208 | EUR | 5.051 | 15 659 420.82 | 7.72 |\",\n \"| UBS (Lux) Fund Solutions SICAV - Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF EUR (hedged) - (0.170%) | Units | 1 804 596 | 1 841 090 | 36 494 | EUR | 10.946 | 19 753 107.82 | 9.74 |\",\n \"| Vanguard Funds PLC - Vanguard EUR Corporate Bond UCITS ETF EUR - (0.090%) | Units | 182 605 | 186 734 | 4 129 | EUR | 54.142 | 9 886 599.91 | 4.87 |\",\n \"| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) | Units | 478 292 | 484 071 | 5 779 | GBP | 7.587 | 4 326 237.25 | 2.13 |\",\n \"| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 147 004 | 149 306 | 2 302 | USD | 33.85 | 4 390 211.06 | 2.16 |\",\n \"| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 565 096 | 575 465 | 10 369 | USD | 21.225 | 10 581 993.89 | 5.22 |\",\n \"| Total securities portfolio | | | | | | | 198 126 729.44 | 97.69 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 696 327.69 | 0.34 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Call DJ Euro Stoxx 50 06/2022 4 450 EUR (DB) | Count | -255 | -255 | | | | -228 607.50 | -0.11 |\",\n \"| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -107 | -107 | | | | -120 321.50 | -0.06 |\",\n \"| Call DJ Euro Stoxx 50 12/2022 4 600 EUR (DB) | Count | -55 | -55 | | | | -61 655.00 | -0.03 |\",\n \"| Put DJ Euro Stoxx 50 12/2022 3 750 EUR (DB) | Count | 748 | 748 | | | | 1 366 596.00 | 0.67 |\",\n \"| Call FTSE MIB Index Futures 06/2022 7 700 GBP (DB) | Count | -18 | -18 | | | | -25 215.05 | -0.01 |\",\n \"| Call FTSE MIB Index Futures 12/2022 7 800 GBP (DB) | Count | -10 | -10 | | | | -24 499.73 | -0.01 |\",\n \"| Call S & P 500 Futures 06/2022 4 800 USD (DB) | Count | -14 | -14 | | | | -272 539.55 | -0.14 |\",\n \"| Call S & P 500 Futures 09/2022 4 900 USD (DB) | Count | -3 | -3 | | | | -61 034.89 | -0.03 |\",\n \"| Call S & P 500 Futures 12/2022 5 150 USD (DB) | Count | -4 | -4 | | | | -58 564.55 | -0.03 |\",\n \"| Put S & P 500 Futures 12/2022 3 750 USD (DB) | Count | 16 | 16 | | | | 182 169.46 | 0.09 |\",\n \"| Cash at bank | | | | | | | 2 735 026.07 | 1.35 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 812 752.71 | 0.40 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 92 998 | | | | | 110 873.07 | 0.05 |\",\n \"| Japanese yen | JPY | 9 685 806 | | | | | 74 253.10 | 0.04 |\",\n \"| U.S. dollar | USD | 1 968 970 | | | | | 1 737 147.19 | 0.86 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other assets | 1 648 520.75 | 0.81 |\",\n \"| Dividends/Distributions receivable | 300 940.06 | 0.15 |\",\n \"| Prepaid placement fee* | 1 347 580.69 | 0.66 |\",\n \"| Receivables from share certificate transactions | 390 875.30 | 0.19 |\",\n \"| Total assets ** | 204 449 917.02 | 100.80 |\",\n \"| Other liabilities | -780 467.59 | -0.38 |\",\n \"| Liabilities from cost items | -162 603.94 | -0.08 |\",\n \"| Additional other liabilities | -617 863.65 | -0.30 |\",\n \"| Total liabilities | -1 632 905.36 | -0.80 |\",\n \"| Net assets | 202 817 011.66 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class LBD | EUR | 100.02 |\",\n \"| Class LBD10 | EUR | 10 040.72 |\",\n \"| Class PFBD | EUR | 99.70 |\",\n \"| Class SBD | EUR | 10 031.57 |\",\n \"| Class WAMBD | EUR | 10 049.31 |\",\n \"| Number of shares outstanding Class LBD | Count | 364 751.000 |\",\n \"| Class LBD10 | Count | 6 355.000 |\",\n \"| Class PFBD | Count | 379 537.000 |\",\n \"| Class SBD | Count | 5 539.781 |\",\n \"| Class WAMBD | Count | 907.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512)\",\n \"Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation EUR (SIA) Conservative Plus\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 66.436 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 82.229 |\",\n \"| Average market risk exposure | % | 73.750 |\",\n \"The values-at-risk were calculated for the period from July 19, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 20 238 211.55 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Japanese yen\\tJPY | 130.443111 | = EUR | 1 |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnotes\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"** Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from July 19, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 3 624\\t109.60Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t3 624 109.60\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-19 613.54\",\n \"- Management fee EUR\\t-692 287.21thereof:All-in fee EUR\\t-692 287.21\",\n \"- Legal and publication costs EUR\\t-13 138.79\",\n \"- Taxe d‘abonnement EUR\\t-59 155.10\",\n \"- Other expenses EUR\\t-178 821.44thereof:Expenses from prepaidplacement fee 1 EUR\\t-178 821.44Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-963 016.08\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t2 661 093.52\",\n \"- Sale transactionsRealized gains/losses EUR\\t-870 641.75Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-870 641.75\",\n \"- Net gain/loss for the reporting period . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t1 790 451.771 For further information, please refer to the notes to the financial statements.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class LBD 1.37%\",\n \"2\",\n \",\\tClass LBD10 0.52%\",\n \"2\",\n \"Class PFBD 2.09%\",\n \"2\",\n \",\\tClass SBD 0.72%\",\n \"2\",\n \"Class WAMBD 0.32%\",\n \"2\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class LBD 1.63%\",\n \"2\",\n \",\\tClass LBD10 0.78%\",\n \"2\",\n \"Class PFBD 2.35%\",\n \"2\",\n \",\\tClass SBD 0.98%\",\n \"2\",\n \"Class WAMBD 0.58%\",\n \"2\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 7 580.95.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the reporting period . . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t0.00\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 202 498\\t439.50\",\n \"- Income adjustment EUR\\t-523 820.76\",\n \"- Net investment income EUR 2 661\\t093.52\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-870 641.75\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR\\t-948 058.85\",\n \"- Value of the fund’s net assetsat the end of the reporting period.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t202 817 011.663 Reduced by a dilution fee in the amount of EUR 12 819.27 for the benefit of the fund’s assets.\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t-870 641.75\",\n \"from:\",\n \"Securities transactions EUR\\t-415 983.62\",\n \"(Forward) currency transactions EUR\\t7 682.79\",\n \"Derivatives and other financial futures transactions\",\n \"4\",\n \"EUR\\t-462 340.92\",\n \"4\",\n \"This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"Class LBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class LBD10\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class PFBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class SBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class USD WAMBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the reporting period is reinvested.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the reporting period\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t202 817 011.66\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t−\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t−\",\n \"Net asset value per share at the end of the reporting period\",\n \"| 2021 | Class LBD | EUR | 100.02 |\",\n \"| --- | --- | --- | --- |\",\n \"| | Class LBD10 | EUR | 10 040.72 |\",\n \"| | Class PFBD | EUR | 99.70 |\",\n \"| | Class SBD | EUR | 10 031.57 |\",\n \"| | Class WAMBD | EUR | 10 049.31 |\",\n \"| 2020 | Class LBD | EUR | – |\",\n \"| | Class LBD10 | EUR | – |\",\n \"| | Class PFBD | EUR | – |\",\n \"| | Class SBD | EUR | – |\",\n \"| | Class WAMBD | EUR | – |\",\n \"| 2019 | Class LBD | EUR | – |\",\n \"| | Class LBD10 | EUR | – |\",\n \"| | Class PFBD | EUR | – |\",\n \"| | Class SBD | EUR | – |\",\n \"| | Class WAMBD | EUR | – |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.06% of all transactions.\",\n \"The total volume was EUR 11 452 018.78.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 4% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the place- ment fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 4% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"## DB Strategic Income Allocation USD (SIA) Conservative Plus\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve a medium- to long-term return.\",\n \"It seeks to limit capital losses to no more than 10% on an annu-\",\n \"alized basis.\",\n \"In order to achieve the investment objective, the\",\n \"DB STRATEGIC INCOME ALLOCATION USD (SIA) CONSERVATIVE PLUS\",\n \"Performance since inception\",\n \"101.5\",\n \"101.0\",\n \"100.5\",\n \"100.0\",\n \"99.5\",\n \"99.0\",\n \"98.5\",\n \"98.0\",\n \"sub-fund seeks to invest in\",\n \"6/28/21*\",\n \"7/21\",\n \"8/21\\t9/21\\t10/21\\t11/21\",\n \"12/21\",\n \"portfolios of three main asset\",\n \"classes that are diversified\",\n \"DB Strategic Income Allocation USD (SIA) Conservative Plus (USD LBD share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on June 28, 2021 = 100 Data on U.S. dollar basis\",\n \"between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB STRATEGIC INCOME ALLOCATION USD (SIA) CONSERVATIVE PLUS\",\n \"Performance of share classes (in USD)\",\n \"Share class\\tISIN\\tSince inception\",\n \"1\",\n \"Class USD LBD\\tLU2330519427\\t-0.4% Class USD LBD10\\tLU2330519344\\t0.1% Class USD SBD\\tLU2330519260\\t0.0% Class USD WAMBD\\tLU2330519187\\t0.2%\",\n \"1\",\n \"Classes USD LBD, USD LBD10, USD SBD and USD WAMBD launched on June 28, 2021 “BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"tion approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars.\",\n \"The expected range of alloca- tion for a “conservative” port- folio is for\",\n \"a) bond portfolio: up to 100%;\",\n \"b) equity portfolio:\",\n \"0-60% and\",\n \"c) alternative port- folio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.\",\n \"In addition to allocating assets across the portfolios, the sub-fund manager seeks to implement a capital pres-\",\n \"ervation strategy, based on the advice of the investment\",\n \"advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%\",\n \"on an annualized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.\",\n \"The risk mitigation strat- egy includes investments in derivative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per-\",\n \"formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the fund manager may gain exposure to a financial\",\n \"index through the use of deriva-\",\n \"tive financial instruments.\",\n \"In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).\",\n \"The derivatives exposure is always matched by equity ETF positions in the same amount.\",\n \"The premiums collected are used to generate additional value growth in the sub-fund.\",\n \"The investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries\",\n \"and uncertainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub-fund recorded a loss of 0.4% per share (USD LBD share class; BVI method; in\",\n \"U.S. dollars) in the shortened fiscal year from July 19, 2021,\",\n \"through December 31, 2021.\",\n \"##### Investment policy in the reporting period\",\n \"consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"Developments in the interna-\\tup the rear.\",\n \"Against the back-\\ttional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of\",\n \"measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up\",\n \"drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Strategic Income Allo- cation USD (SIA) Conservative Plus was mainly exposed to bonds, including government and corporate bonds, through investments in target funds globally, and in equities.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"## DB Strategic Income Allocation USD (SIA) Conservative Plus\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 14 896 921.26 | 70.32 |\",\n \"| Other funds | 2 654.19 | 0.01 |\",\n \"| Equity funds | 5 917 552.16 | 27.94 |\",\n \"| Total investment fund units | 20 817 127.61 | 98.27 |\",\n \"| 2. Derivatives | 75 116.58 | 0.36 |\",\n \"| 3. Cash at bank | 333 394.31 | 1.57 |\",\n \"| 4. Other assets | 16 310.41 | 0.08 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -58 920.09 | -0.28 |\",\n \"| III.\",\n \"Net assets | 21 183 028.82 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tUSD |\",\n \"| Investment fund units | | | | | | | 20 817 127.61 | 98.27 |\",\n \"| In-group fund units Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 238 802 | 250 978 | 12 176 | EUR | 13.994 | 3 787 622.94 | 17.88 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | | 26 | 26 | USD | 10 408.589 | 2 654.19 | 0.01 |\",\n \"| Xtrackers II - USD Emerging Markets Bond UCITS ETF -2D- USD - (0.250%) | Units | 73 374 | 76 820 | 3 446 | USD | 14.079 | 1 033 032.55 | 4.88 |\",\n \"| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 248 995 | 492 386 | 243 391 | EUR | 8.218 | 2 319 312.08 | 10.95 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 467 | 467 | | EUR | 34.51 | 18 266.88 | 0.09 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 10 517 | 10 517 | | EUR | 34.595 | 412 389.54 | 1.95 |\",\n \"| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 76 881 | 76 881 | | EUR | 19.118 | 1 665 957.46 | 7.86 |\",\n \"| iShares II PLC - iShares $ High Yield Corporate Bond UCITS ETF -USD- EUR - (0.500%) | Units | 18 558 | 19 489 | 931 | EUR | 90.79 | 1 909 728.43 | 9.01 |\",\n \"| iShares PLC - iShares $ Corp Bond UCITS ETF EUR - (0.200%) | Units | 6 693 | 6 693 | | EUR | 111.05 | 842 445.50 | 3.98 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF EUR - (0.070%) | Units | 505 537 | 529 477 | 23 940 | EUR | 4.73 | 2 710 065.49 | 12.79 |\",\n \"| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- USD - (0.060%) | Units | 19 370 | 20 272 | 902 | USD | 43.685 | 846 178.45 | 3.99 |\",\n \"| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 13 199 | 14 017 | 818 | USD | 33.85 | 446 786.15 | 2.11 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 28 351 | 29 807 | 1 456 | USD | 132.9 | 3 767 847.90 | 17.79 |\",\n \"| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 49 698 | 52 067 | 2 369 | USD | 21.225 | 1 054 840.05 | 4.98 |\",\n \"| Total securities portfolio | | | | | | | 20 817 127.61 | 98.27 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 75 116.58 | 0.36 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 450 EUR (DB) | Count | 38 | 38 | | | | 54 118.84 | 0.26 |\",\n \"| Call DJ Euro Stoxx 50 06/2022 4 500 EUR (DB) | Count | -27 | | 27 | | | -22 064.87 | -0.10 |\",\n \"| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -6 | | 6 | | | -7 647.39 | -0.04 |\",\n \"| Call S & P 500 Futures 06/2022 4 675 USD (DB) | Count | -2 | | 2 | | | -60 910.00 | -0.29 |\",\n \"| Put S & P 500 Futures 12/2022 4 500 USD (DB) | Count | 4 | 4 | | | | 111 620.00 | 0.53 |\",\n \"| Cash at bank | | | | | | | 333 394.31 | 1.57 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | 81 905 | | | | | 92 835.19 | 0.44 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| Japanese yen | JPY | 1 133 829 | | | | | 9 852.10 | 0.04 |\",\n \"| U.S. dollar | USD | | | | | | 230 707.02 | 1.09 |\",\n \"| Other assets | 16 310.41 | 0.08 |\",\n \"| Dividends/Distributions receivable | 16 310.41 | 0.08 |\",\n \"| Total assets * | 21 332 571.17 | 100.71 |\",\n \"| Other liabilities | -58 920.09 | -0.28 |\",\n \"| Liabilities from cost items | -13 838.48 | -0.07 |\",\n \"| Additional other liabilities | -45 081.61 | -0.21 |\",\n \"| Total liabilities | -149 542.35 | -0.71 |\",\n \"| Net assets | 21 183 028.82 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class USD LBD | USD | 99.65 |\",\n \"| Class USD LBD10 | USD | 10 009.49 |\",\n \"| Class USD SBD | USD | 9 998.49 |\",\n \"| Class USD WAMBD | USD | 10 018.86 |\",\n \"| Number of shares outstanding Class USD LBD | Count | 9 939.000 |\",\n \"| Class USD LBD10 | Count | 1.000 |\",\n \"| Class USD SBD | Count | 1 831.481 |\",\n \"| Class USD WAMBD | Count | 186.700 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512)\",\n \"Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation USD (SIA) Conservative Plus\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 67.729 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.000 |\",\n \"| Average market risk exposure | % | 74.830 |\",\n \"The values-at-risk were calculated for the period from June 28, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 2 033 405.15 as of the reporting date.\",\n \"Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"| Exchange rates (indirect quotes) | |\",\n \"| --- | --- |\",\n \"| | | As of December 30, 2021 |\",\n \"| Euro\\tEUR | 0.882262 | = USD\\t1 |\",\n \"| Japanese yen\\tJPY | 115.085000 | = USD\\t1 |\",\n \"| Notes on valuation | | |\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"* Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from June 28, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 445\\t393.59Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t445 393.59\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-450.46\",\n \"- Management fee USD\\t-68 374.56thereof:All-in fee USD\\t-68 374.56 Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the reporting period . . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t0.00\",\n \"- Net inflows USD 21 231\\t274.18\",\n \"- Income adjustment USD\\t-32 548.15\",\n \"- Net investment income USD 368\\t248.74\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t-155 294.29\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"USD\\t-228 651.66\",\n \"- Value of the fund’s net assetsat the end of the reporting period.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t21 183 028.82\",\n \"| 3. Taxe d‘abonnement | USD | -8 319.83 | |\",\n \"| --- | --- | --- | --- |\",\n \"| | | | | |\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| USD | -77 144.85 | Summary of gains/losses | 2021 |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| USD | 368 248.74 | | |\",\n \"- Sale transactionsRealized gains/losses USD\\t-155 294.29Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t-155 294.29\",\n \"- Net gain/loss for the reporting period . . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 212\\t954.45BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD LBD 1.35%1,\\tClass USD LBD10 0.50%1,Class USD SBD 0.70%1,\\tClass USD WAMBD 0.30%1Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"USD\\t-155 294.29from:Securities transactions USD\\t-96 426.10(Forward) currency transactions USD\\t4 532.22Derivatives and other financial futures transactions 2 .\",\n \"USD\\t-63 400.412 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent-\\t age of a fund’s average net assets in relation to the respective share class for a given\",\n \"reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class USD LBD 1.58%\",\n \"1\",\n \",\\tClass USD LBD10 0.74%\",\n \"1\",\n \"Class USD SBD 0.93%\",\n \"1\",\n \",\\tClass USD WAMBD 0.53%\",\n \"1\",\n \"1\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 953.61.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Class USD LBD\",\n \"| Type | As of | Currency | Per share |\",\n \"| --- | --- | --- | --- |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD LBD10 | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD SBD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD WAMBD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the reporting period is reinvested.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the reporting period\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t21 183 028.82\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t-\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t-\",\n \"Net asset value per share at the end of the reporting period\",\n \"| 2021 | Class USD LBD | USD | 99.65 |\",\n \"| --- | --- | --- | --- |\",\n \"| | Class USD LBD10 | USD | 10 009.49 |\",\n \"| | Class USD SBD | USD | 9 998.49 |\",\n \"| | Class USD WAMBD | USD | 10 018.86 |\",\n \"| 2020 | Class USD LBD | USD | - |\",\n \"| | Class USD LBD10 | USD | - |\",\n \"| | Class USD PFBD | USD | - |\",\n \"| | Class USD SBD | USD | - |\",\n \"| | Class USD WAMBD | USD | - |\",\n \"| 2019 | Class USD LBD | USD | - |\",\n \"| | Class USD LBD10 | USD | - |\",\n \"| | Class USD PFBD | USD | - |\",\n \"| | Class USD SBD | USD | - |\",\n \"| | Class USD WAMBD | USD | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.76% of all transactions.\",\n \"The total volume was USD 1 432 781.06.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The objective of the sub-fund DWS Strategic ESG Allocation Balance is to achieve a medium to long-term positive invest- ment performance, bearing\",\n \"in mind the opportunities and risks in the international capital\",\n \"DWS STRATEGIC ESG ALLOCATION BALANCE\",\n \"Performance since inception\",\n \"140\",\n \"130\",\n \"120\",\n \"110\",\n \"100\",\n \"90\",\n \"80\",\n \"70\",\n \"markets.\",\n \"For this purpose, the\",\n \"1/29/18*\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"sub-fund invests primarily in exchange-traded funds (ETFs).\",\n \"DWS Strategic ESG Allocation Balance (LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on January 29, 2018 = 100\",\n \"Data on euro basis\",\n \"Furthermore, up to 49% of its\",\n \"assets may also be invested in interest-bearing securities, equities, certificates, convert- ible bonds, warrant-linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds\",\n \"and money-market instruments, deposits and cash.\",\n \"Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices.\",\n \"The\",\n \"sub-fund combines permissible\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS STRATEGIC ESG ALLOCATION BALANCE\",\n \"Performance of the share classes (in euro)\",\n \"| Share class | ISIN | 1 year | 3 years | Since inception 1 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LC | LU1740984924 | 12.9% | 37.3% | 28.8% |\",\n \"| Class FC | LU1740984767 | 13.2% | 38.6% | 30.5% |\",\n \"| Class ID | LU1740984841 | 13.4% | 39.2% | 31.2% |\",\n \"| Class LD | LU1922430332 | 12.8% | – | 31.7% |\",\n \"| Class NC | LU1961009468 | 12.6% | – | 24.1% |\",\n \"| Class RC | LU2001266027 | 12.7% | – | 23.0% |\",\n \"1\",\n \"Classes FC, ID and LC launched on January 29, 2018 / Class LD launched on January 31, 2019 / Class NC launched on April 25, 2019 / Class RC launched on June 28, 2019\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"investment instruments from different asset classes to create a balanced risk / return profile.\",\n \"Its aim is annualized volatility of 5% to 10% over a rolling five- year period.\",\n \"It cannot however be guaranteed that the volatility margin will be adhered to at all times.\",\n \"In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac-\",\n \"terized primarily by the corona- virus crisis*.\",\n \"Despite rising inflation, especially toward the\",\n \"end of the reporting period, interest rates failed to rise in both the euro area and the United States.\",\n \"This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries.\",\n \"Against this backdrop, DWS Strategic ESG Allocation Balance achieved an apprecia- tion of 12.9% per share in the 2021 fiscal year (LC share class, BVI method; in euro).\",\n \"##### Investment policy in the reporting period\",\n \"Within the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF,\",\n \"Xtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS ETF.\",\n \"In terms of its sector allo- cation, the sub-fund was thus broadly based.\",\n \"The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed.\",\n \"While the equity mar- kets in the Western industrial countries – boosted in partic-\",\n \"ular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.\",\n \"On the bond side, the sub-fund\",\n \"kets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low,\",\n \"omy Regulation) can be found in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report.\",\n \"was invested globally in bond\",\n \"in some cases negative, level.\",\n \"ETFs and in bond target funds.\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi-\",\n \"tion, the dynamic spread of the coronavirus and its variants,\",\n \"as well as associated new restrictions, dampened the economic outlook.\",\n \"Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar-\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"##### Information on environmental and / or social characteristics\",\n \"The investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).\",\n \"The selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria.\",\n \"However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within\",\n \"the meaning of the Taxonomy Regulation.\",\n \"The presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation\",\n \"(EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg- ulation (EU) 2020 / 852 (Taxon-\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Equity funds | 104 089 943.81 | 55.89 |\",\n \"| Bond funds | 77 171 740.26 | 41.46 |\",\n \"| Other funds | 4 042 253.04 | 2.17 |\",\n \"| Total investment fund units | 185 303 937.11 | 99.52 |\",\n \"| 2. Derivatives | 258 898.63 | 0.14 |\",\n \"| 3. Cash at bank | 741 126.51 | 0.40 |\",\n \"| 4. Receivables from share certificate transactions | 8 106.86 | 0.00 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -104 732.41 | -0.05 |\",\n \"| 2. Liabilities from share certificate transactions | -16 273.02 | -0.01 |\",\n \"| III.\",\n \"Net assets | 186 191 063.68 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"Investment fund units\\t185 303 937.11\\t99.52\",\n \"In-group fund units\",\n \"DWS Institutional - DWS Institutional ESG\",\n \"| Euro Money Market Fund -IC- EUR - (0.110%) DWS Invest SICAV - DWS Invest ESG | Units | 294 | 1 259 | 1 058 | EUR | 13 749.16 | 4 042 253.04 | 2.17 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Euro High Yield -XC- EUR - (0.200%) | Units | 124 385 | 139 397 | 15 012 | EUR | 103.55 | 12 880 066.75 | 6.92 |\",\n \"| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) | Units | 12 127 | 13 603 | 1 476 | EUR | 161.63 | 1 960 087.01 | 1.05 |\",\n \"| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) | Units | 35 987 | 29 586 | 11 923 | EUR | 50.27 | 1 809 066.49 | 0.97 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%) | Units | 998 316 | 1 003 819 | 5 503 | EUR | 27.515 | 27 468 664.74 | 14.75 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) | Units | 50 212 | 50 212 | | EUR | 36.38 | 1 826 712.56 | 0.98 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%) | Units | 34 969 | 36 125 | 19 753 | EUR | 52.64 | 1 840 768.16 | 0.99 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) | Units | 52 812 | 43 123 | 17 651 | EUR | 34.49 | 1 821 485.88 | 0.98 |\",\n \"| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) | Units | 188 867 | 188 867 | | EUR | 155.925 | 29 449 086.98 | 15.82 |\",\n \"| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) | Units | 50 659 | 44 590 | 1 213 | EUR | 210.62 | 10 669 798.58 | 5.73 |\",\n \"| Xtrackers - S&P 500 Swap UCITS ETF -1C- USD - (0.050%) | Units | 151 590 | 116 593 | 130 869 | USD | 91.468 | 12 233 063.25 | 6.57 |\",\n \"| Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) | Units | 159 243 | 180 281 | 21 038 | USD | 45.97 | 6 458 511.37 | 3.47 |\",\n \"| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%)....\",\n \"| Units | 744 231 | 765 206 | 20 975 | USD | 13.4 | 8 798 530.19 | 4.73 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) | Units | 261 880 | 261 880 | | USD | 52.57 | 12 146 128.84 | 6.52 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) | Units | 278 141 | 325 130 | 46 989 | USD | 22.24 | 5 457 545.55 | 2.93 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) | Units | 532 423 | 532 423 | | USD | 50.64 | 23 787 460.46 | 12.78 |\",\n \"| Xtrackers IE Physical Gold ETC Securities USD - (0.150%) .\",\n \"Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units Units | 259 525 44 812 | 197 486 31 729 | 4 083 | USD USD | 27.91 225.51 | 6 390 526.06 8 915 746.39 | 3.43 4.79 |\",\n \"| Non-group fund units Amundi Index Solutions - Amundi Index MSCI USA SRI UCITS ETF DR EUR - (0.180%) | Units | 56 046 | 56 046 | | EUR | 97.63 | 5 471 770.98 | 2.94 |\",\n \"| UBS (Irl) ETF plc - S&P 500 ESG UCITS ETF -A- USD - (0.120%) | Units | 66 234 | 107 910 | 41 676 | USD | 32.115 | 1 876 663.83 | 1.00 |\",\n \"| Total securities portfolio | | | | | | | 185 303 937.11 | 99.52 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 258 898.63 | 0.14 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (short) | | | | | | | | |\",\n \"| Open positions EUR/USD 31.2 million | | | | | | | 115 531.07 | 0.06 |\",\n \"| Closed positions EUR/USD 32.5 million | | | | | | | 143 367.56 | 0.08 |\",\n \"| Cash at bank | | | | | | | 741 126.51 | 0.40 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 622 834.59 | 0.34 |\",\n \"| Deposits in other EU/EEA currencies | | | | | | | | |\",\n \"| Danish krone | DKK | 1 | | | | | 0.09 | 0.00 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 4 916 | | | | | 5 860.98 | 0.00 |\",\n \"| Japanese yen | JPY | 1 901 055 | | | | | 14 573.82 | 0.01 |\",\n \"| Swiss franc | CHF | 1 289 | | | | | 1 244.88 | 0.00 |\",\n \"| U.S. dollar | USD | 109 505 | | | | | 96 612.15 | 0.05 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Receivables from share certificate transactions | 8 106.86 | 0.00 |\",\n \"| Total assets | 186 312 069.11 | 100.06 |\",\n \"| Other liabilities | -104 732.41 | -0.05 |\",\n \"| Liabilities from cost items | -104 732.41 | -0.05 |\",\n \"| Liabilities from share certificate transactions | -16 273.02 | -0.01 |\",\n \"| Total liabilities | -121 005.43 | -0.06 |\",\n \"| Net assets | 186 191 063.68 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class FC | EUR | 130.48 |\",\n \"| Class ID | EUR | 130.20 |\",\n \"| Class LC | EUR | 128.80 |\",\n \"| Class LD | EUR | 131.56 |\",\n \"| Class NC | EUR | 124.08 |\",\n \"| Class RC | EUR | 123.01 |\",\n \"| Number of shares outstanding Class FC | Count | 82 622.171 |\",\n \"| Class ID | Count | 154 175.000 |\",\n \"| Class LC | Count | 6 592.434 |\",\n \"| Class LD | Count | 795 160.844 |\",\n \"| Class NC | Count | 401 851.084 |\",\n \"| Class RC | Count | 100.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR (50%) and iBoxx EUR Overall (50%)\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 89.613 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 112.203 |\",\n \"| Average market risk exposure | % | 98.045 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 30 887 868.30 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Swiss franc\\tCHF | 1.035520 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Danish krone\\tDKK | 7.436396 | = EUR | 1 |\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| Japanese yen\\tJPY | 130.443111 | = EUR | 1 |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Statement of income and expenses (incl. income adjustment)\",\n \"Statement of changes in net assets\\t2021 for the period from January 1, 2021, through December 31, 2021\\tI. Value of the fund’s net assets\",\n \"| | at the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 61 682 269.69 |\",\n \"| --- | --- | --- | --- |\",\n \"| I. Income | | | 1. | Distribution for the previous year | EUR | -58 719.65 |\",\n \"| 1. Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 1 732 552.13 | 2. | Net inflows | EUR | 114 738 322.52 |\",\n \"| 2. Income from securities lending | EUR | 2 369.13 | 3. | Income adjustment | EUR | -6 075 318.97 |\",\n \"| | | | 4. | Net investment income | EUR | 611 961.76 |\",\n \"| Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 1 734 921.26 | 5. | Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 340 609.53 |\",\n \"| | | | 6. | Net change in unrealized appreciation/depreciation ....\",\n \"| EUR | 14 951 938.80 |\",\n \"| II.\",\n \"Expenses | | | | | | |\",\n \"| 1. Interest on borrowings and | | | II.\",\n \"| Value of the fund’s net assets | | |\",\n \"| negative interest on deposits | EUR | -17 873.68 | | at the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 186 191 063.68 |\",\n \"| 2. Management fee | EUR | -1 049 662.89 | | | | |\",\n \"| thereof: | | | | | | |\",\n \"| All-in fee EUR -1 049 662.89 | |\",\n \"| --- | --- |\",\n \"| 3. Legal and publication costs | EUR | -1 324.86 |\",\n \"| 4. Taxe d‘abonnement | EUR | -53 308.36 |\",\n \"| 5. Other expenses | EUR | -789.71 |\",\n \"thereof:\",\n \"Performance-based fee from\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -1 122 959.50 | from: Securities transactions | EUR | 2 973 800.19 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| III.\",\n \"Ordentlicher Nettertrag . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 611 961.76 | (Forward) currency transactions Derivatives and other financial futures transactions ... | EUR EUR | -2 648 000.98 14 810.32 |\",\n \"| IV.\",\n \"Sale transactions Realized gains/losses | EUR | 340 609.53 | | | |\",\n \"securities lending income EUR\\t-789.71\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t340 609.53\",\n \"Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t340 609.53\",\n \"Details on the distribution policy*\",\n \"V. Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t952 571.29\",\n \"Class FC\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class FC 0.28% p.a., Class ID 0.14% p.a., Class LC 0.61% p.a., Class LD 0.70% p.a., Class NC 0.84% p.a., Class RC 0.73% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class FC 0.47% p.a., Class ID 0.32% p.a., Class LC 0.79% p.a., Class LD 0.89% p.a., Class NC 1.02% p.a., Class RC 0.91% p.a.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 2 169.99.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"The income for the fiscal year is reinvested.\",\n \"| Class ID | |\",\n \"| --- | --- |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | EUR | 1.02 |\",\n \"| Class LC | | | |\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.39\",\n \"Class NC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class RC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the fiscal year is reinvested.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 186 191 063.68 |\",\n \"| --- | --- | --- |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 61 682 269.69 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 27 570 383.81 |\",\n \"| Net asset value per share at the end of the fiscal year | | |\",\n \"| 2021 | Class FC | EUR | 130.48 |\",\n \"| | Class ID | EUR | 130.20 |\",\n \"| | Class LC | EUR | 128.80 |\",\n \"| | Class LD | EUR | 131.56 |\",\n \"| | Class NC | EUR | 124.08 |\",\n \"| | Class RC | EUR | 123.01 |\",\n \"| 2020 | Class FC | EUR | 115.28 |\",\n \"| | Class ID | EUR | 115.24 |\",\n \"| | Class LC | EUR | 114.11 |\",\n \"| | Class LD | EUR | 116.71 |\",\n \"| | Class NC | EUR | 110.23 |\",\n \"| | Class RC | EUR | 109.17 |\",\n \"| 2019 | Class FC | EUR | 109.58 |\",\n \"| | Class ID | EUR | 109.47 |\",\n \"| | Class LC | EUR | 108.86 |\",\n \"| | Class LD | EUR | 111.41 |\",\n \"| | Class NC | EUR | 105.37 |\",\n \"| | Class RC | EUR | 104.26 |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.52% of all transactions.\",\n \"The total volume was EUR 2 920 680.80.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The objective of the sub-fund DWS Strategic ESG Alloca- tion Defensive is to achieve a medium to long-term positive investment performance, bear- ing in mind the opportunities and risks in the international\",\n \"DWS STRATEGIC ESG ALLOCATION DEFENSIVE\",\n \"Performance since inception\",\n \"115\",\n \"112\",\n \"109\",\n \"106\",\n \"103\",\n \"100\",\n \"97\",\n \"94\",\n \"capital markets.\",\n \"For this pur-\",\n \"1/29/18*\",\n \"12/18\",\n \"12/19\\t12/20\",\n \"12/21\",\n \"pose, the sub-fund invests primarily in exchange-traded\",\n \"DWS Strategic ESG Allocation Defensive (LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on January 29, 2018 = 100\",\n \"Data on euro basis\",\n \"funds (ETFs).\",\n \"Furthermore, up\",\n \"to 49% of its assets may also be invested in interest-bearing securities, equities, certificates, convertible bonds, warrant- linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds and money-market instruments, deposits and cash.\",\n \"Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices.\",\n \"The\",\n \"sub-fund combines permissible\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"| DWS STRATEGIC ESG ALLOCATION | DEFENSIVE | |\",\n \"| --- | --- | --- |\",\n \"| Performance of share classes (in euro) Share class\\tISIN | 1 year | 3 years | Since inception 1 |\",\n \"| Class LC\\tLU1740985228 | 5.4% | 19.0% | 14.1% |\",\n \"| Class FC\\tLU1740985061 | 5.7% | 20.2% | 15.6% |\",\n \"| Class ID\\tLU1740985145 | 5.9% | 20.7% | 16.3% |\",\n \"| Class LD\\tLU1922432890 | 5.3% | – | 16.3% |\",\n \"| Class RC\\tLU2001265722 | 5.2% | – | 10.6% |\",\n \"| Class XD\\tLU1740985491 | 5.9% | 21.0% | 16.6% |\",\n \"1\",\n \"Classes FC, ID, LC and XD launched on January 29, 2018 / Class LD launched on January 31, 2019 / Class RC launched on June 28, 2019\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"investment instruments from different asset classes to create a balanced risk / return profile.\",\n \"Its aim is annualized volatility of 2% to 5% over a rolling five- year period.\",\n \"It cannot however be guaranteed that the volatility margin will be adhered to at all times.\",\n \"In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac-\",\n \"terized primarily by the corona- virus crisis*.\",\n \"Despite rising inflation, especially toward the\",\n \"end of the reporting period, interest rates failed to rise in both the euro area and the United States.\",\n \"This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries.\",\n \"Against this backdrop, DWS Strategic ESG Allocation Defensive achieved an appreci- ation of 5.4% per share in the 2021 fiscal year (LC share class; BVI method; in euro).\",\n \"##### Investment policy in the reporting period\",\n \"On the bond side, the sub-fund was invested globally in bond ETFs and in bond target funds.\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial\",\n \"markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact\",\n \"ETF.\",\n \"In terms of its sector allo- cation, the sub-fund was thus broadly based.\",\n \"The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed.\",\n \"While the equity mar-\",\n \"ulation (EU) 2020 / 852 (Taxon- omy Regulation) can be found in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report.\",\n \"of the coronavirus crisis and\\tkets in the Western industrial\\tby the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi-\",\n \"tion, the dynamic spread of the coronavirus and its variants,\",\n \"as well as associated new restrictions, dampened the economic outlook.\",\n \"Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar- kets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"Within the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF,\",\n \"Xtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS\",\n \"countries – boosted in partic- ular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.\",\n \"##### Information on environmental and / or social characteristics\",\n \"The investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).\",\n \"The selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria.\",\n \"However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within\",\n \"the meaning of the Taxonomy Regulation.\",\n \"The presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation\",\n \"(EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg-\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 113 578 763.94 | 64.24 |\",\n \"| Equity funds | 52 351 729.08 | 29.61 |\",\n \"| Other funds | 7 039 569.92 | 3.98 |\",\n \"| Total investment fund units | 172 970 062.94 | 97.83 |\",\n \"| 2. Derivatives | 378 162.27 | 0.21 |\",\n \"| 3. Cash at bank | 3 634 823.17 | 2.06 |\",\n \"| 4. Other assets | 27 254.90 | 0.02 |\",\n \"| 5. Receivables from share certificate transactions | 116.16 | 0.00 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -97 392.16 | -0.06 |\",\n \"| 2. Liabilities from share certificate transactions | -99 781.32 | -0.06 |\",\n \"| III.\",\n \"Net assets | 176 813 245.96 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"Investment fund units\\t172 970 062.94\\t97.83\",\n \"In-group fund units\",\n \"| DWS Floating Rate Notes FCP -IC- EUR - (0.100%) | Units | 85 819 | 65 670 | 8 674 | EUR | 84.06 | 7 213 945.14 | 4.08 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| DWS Institutional - DWS Institutional ESG Euro Money Market Fund -IC- EUR - (0.100%) | Units | 512 | 616 | 216 | EUR | 13 749.16 | 7 039 569.92 | 3.98 |\",\n \"| DWS Invest SICAV - DWS Invest ESG Euro High Yield -XC- EUR - (0.200%) | Units | 110 309 | 114 797 | 4 488 | EUR | 103.55 | 11 422 496.95 | 6.46 |\",\n \"| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) | Units | 5 549 | 5 926 | 377 | EUR | 161.63 | 896 884.87 | 0.51 |\",\n \"| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) | Units | 17 241 | 18 054 | 6 895 | EUR | 50.27 | 866 705.07 | 0.49 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%) | Units | 564 511 | 570 996 | 6 485 | EUR | 27.515 | 15 532 520.17 | 8.78 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) | Units | 24 900 | 27 391 | 2 491 | EUR | 36.38 | 905 862.00 | 0.51 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%) | Units | 16 834 | 19 319 | 8 658 | EUR | 52.64 | 886 141.76 | 0.50 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) | Units | 26 244 | 25 486 | 8 317 | EUR | 34.49 | 905 155.56 | 0.51 |\",\n \"| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) | Units | 212 868 | 215 869 | 3 001 | EUR | 155.925 | 33 191 442.90 | 18.77 |\",\n \"| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) | Units | 105 930 | 90 314 | 2 265 | EUR | 210.62 | 22 310 976.60 | 12.62 |\",\n \"| Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) | Units | 203 179 | 227 411 | 24 232 | USD | 45.97 | 8 240 449.39 | 4.66 |\",\n \"| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%)....\",\n \"| Units | 673 270 | 673 270 | | USD | 13.4 | 7 959 607.19 | 4.50 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) | Units | 116 648 | 129 951 | 13 303 | USD | 52.57 | 5 410 194.12 | 3.06 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) | Units | 111 397 | 174 691 | 63 294 | USD | 22.24 | 2 185 777.00 | 1.24 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) | Units | 439 901 | 508 328 | 68 427 | USD | 50.64 | 19 653 785.89 | 11.12 |\",\n \"| Xtrackers IE Physical Gold ETC Securities USD - (0.150%) .\",\n \"| Units | 207 469 | 189 231 | 24 181 | USD | 27.91 | 5 108 702.64 | 2.89 |\",\n \"| Xtrackers II - US Treasuries 1-3 UCITS ETF -1D- USD - (0.070%) | Units | 9 599 | 7 514 | 176 | USD | 167.15 | 1 415 565.43 | 0.80 |\",\n \"| Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units | 70 980 | 62 933 | 7 846 | USD | 225.51 | 14 122 102.98 | 7.99 |\",\n \"| Non-group fund units iShares IV plc - iShares $ Short Duration Corporate Bond UCITS ETF USD - (0.200%) | Units | 85 196 | 68 544 | 1 457 | USD | 102.47 | 7 702 177.36 | 4.36 |\",\n \"| Total securities portfolio | | | | | | | 172 970 062.94 | 97.83 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 378 162.27 | 0.21 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (short) | | | | | | | | |\",\n \"| Open positions EUR/USD 46.6 million | | | | | | | 166 899.34 | 0.09 |\",\n \"| Closed positions EUR/USD 47.2 million | | | | | | | 211 262.93 | 0.12 |\",\n \"| Cash at bank | | | | | | | 3 634 823.17 | 2.06 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 3 533 330.53 | 2.00 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 7 | | | | | 7.53 | 0.00 |\",\n \"| Japanese yen | JPY | 473 600 | | | | | 3 630.70 | 0.00 |\",\n \"| Swiss franc | CHF | 886 | | | | | 855.80 | 0.00 |\",\n \"| U.S. dollar | USD | 109 943 | | | | | 96 998.61 | 0.06 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other assets | 27 254.90 | 0.02 | | Dividends/Distributions receivable | 27 254.90 | 0.02 | | Receivables from share certificate transactions | 116.16 | 0.00 | | Total assets | 177 010 419.44 | 100.12 | | Other liabilities | -97 392.16 | -0.06 | | Liabilities from cost items | -97 352.78 | -0.06 | | Additional other liabilities | -39.38 | 0.00 | | Liabilities from share certificate transactions | -99 781.32 | -0.06 | | Total liabilities | -197 173.48 | -0.12 | | Net assets | 176 813 245.96 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | | A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request. | Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency | | --- | --- | --- | | Net asset value per share Class FC | EUR | 115.61 | | Class ID | EUR | 115.27 | | Class LC | EUR | 114.13 | | Class LD | EUR | 116.19 | | Class RC | EUR | 110.61 | | Class XD | EUR | 115.31 | | Number of shares outstanding Class FC | Count | 95 735.282 | | Class ID | Count | 100.000 | | Class LC | Count | 144 356.000 | | Class LD | Count | 1 070 734.434 | | Class RC | Count | 100.000 | | Class XD | Count | 215 370.118 | Composition of the reference portfolio (according to CSSF circular 11/512) 70% iBoxx Euro Overall Index, 30% MSCI World Net TR Index in EUR Market risk exposure (value-at-risk) (according to CSSF circular 11/512) | Lowest market risk exposure | % | 80.943 | | --- | --- | --- | | Highest market risk exposure | % | 104.985 | | Average market risk exposure | % | 88.498 | The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 41 167 070.65 as of the reporting date. Market abbreviations\\t Contracting parties for forward currency transactions Toronto Dominion Bank. Exchange rates (indirect quotes) As of December 30, 2021 | Swiss franc\\tCHF | 1.035520 | = EUR | 1 | | --- | --- | --- | --- | | British pound\\tGBP | 0.838785 | = EUR | 1 | | Japanese yen\\tJPY | 130.443111 | = EUR | 1 | | U.S. dollar\\tUSD | 1.133450 | = EUR | 1 | Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds. Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021 - Income - Income from investment fund units . . . . . . . . . . . . . . . . EUR 2 248\\t116.86 - Income from securities lending EUR\\t169.06Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t2 248 285.92 - Expenses - Interest on borrowings andnegative interest on deposits EUR\\t-22 569.72 - Management fee EUR\\t-849 270.33thereof:All-in fee EUR\\t-849 270.33 - Legal and publication costs EUR\\t-1 300.80 - Taxe d‘abonnement EUR\\t-85 365.75 - Other expenses EUR\\t-56.36thereof:Performance-based fee fromsecurities lending income EUR\\t-56.36 | Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -958 562.96 | | --- | --- | --- | | III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 289 722.96 | | IV. Sale transactions Realized gains/losses | EUR | -457 987.16 | | Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -457 987.16 | | V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . | EUR | 831 735.80 | | BVI total expense ratio (TER) | | | | The total expense ratio for the share classes was: | | | Class FC 0.29% p.a., Class ID 0.13% p.a., Class LC 0.62% p.a., Class LD 0.68% p.a., Class RC 0.77% p.a., Class XD 0.08% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period. Further costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was: Class FC 0.45% p.a., Class ID 0.29% p.a., Class LC 0.78% p.a., Class LD 0.84% p.a., Class RC 0.93% p.a., Class XD 0.24% p.a. Transaction costs The transaction costs paid in the reporting period amounted to EUR 2 174.08. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. Statement of changes in net assets\\t2021 - Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\\t40 386 302.32 - Distribution for the previous year EUR\\t-100 031.15 - Net inflows EUR 133 223\\t957.92 - Income adjustment EUR\\t-4 566 889.10 - Net investment income EUR 1 289\\t722.96 - Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t-457 987.16 - Net change in unrealized appreciation/depreciation . EUR 7 038\\t170.17 - Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . EUR\\t176 813 245.96 | Summary of gains/losses | | 2021 | | --- | --- | --- | | | | | | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | -457 987.16 | | from: Securities transactions | EUR | 2 959 306.25 | | (Forward) currency transactions | EUR | -3 395 107.44 | | Derivatives and other financial futures transactions ... | EUR | -22 185.97 | Details on the distribution policy* Class FC The income for the fiscal year is reinvested. | Class ID | | | --- | --- | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 1.30 | | Class LC | | | | | The income for the fiscal year is reinvested. | Class LD | | | | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 0.73 | | Class RC | | | | | The income for the fiscal year is reinvested. | Class XD | | | | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 1.35 | * Additional information is provided in the sales prospectus. In the case of a final distribution, any remaining net income for the fiscal year is rein- vested. Changes in net assets and in the net asset value per share over the last three years | Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 176 813 245.96 | | --- | --- | --- | | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 40 386 302.32 | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 24 709 797.91 | | Net asset value per share at the end of the fiscal year | | | | 2021 | Class FC | EUR | 115.61 | | | Class ID | EUR | 115.27 | | | Class LC | EUR | 114.13 | | | Class LD | EUR | 116.19 | | | Class RC | EUR | 110.61 | | | Class XD | EUR | 115.31 | | 2020 | Class FC | EUR | 109.35 | | | Class ID | EUR | 109.24 | | | Class LC | EUR | 108.31 | | | Class LD | EUR | 110.34 | | | Class RC | EUR | 105.12 | | | Class XD | EUR | 109.35 | | 2019 | Class FC | EUR | 105.71 | | | Class ID | EUR | 105.60 | | | Class LC | EUR | 105.05 | | | Class LD | EUR | 107.08 | | | Class RC | EUR | 102.13 | | | Class XD | EUR | 105.67 | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.65% of all transactions. The total volume was EUR 3 316 783.85. Swing Pricing Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances. To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus. The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value. The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular: - bid-ask spread (fixed-price element), - impacts on the market (impacts of the transactions on the price), - additional costs that are incurred as a result of trading activities for the investments. The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals. The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com. As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally. This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined. ##### Investment objective and performance in the reporting period The objective of the sub-fund DWS Strategic ESG Alloca- tion Dynamic is to achieve a medium to long-term positive investment performance, bear- ing in mind the opportunities and risks in the international DWS STRATEGIC ESG ALLOCATION DYNAMIC Performance since inception 150 140 130 120 110 100 90 80 capital markets. For this pur- 1/29/18* 12/18\\t12/19\\t12/20 12/21 pose, the sub-fund invests primarily in exchange-traded DWS Strategic ESG Allocation Dynamic (LC share class) “BVI method” performance, i.e., excluding the initial sales charge. * Launched on January 29, 2018 = 100 Data on euro basis funds (ETFs). Furthermore, up to 49% of its assets may also be invested in interest-bearing securities, equities, certificates, convertible bonds, warrant- linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds and money-market instruments, deposits and cash. Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices. The sub-fund combines permissible Past performance is no guide to future results. As of: December 31, 2021 | DWS STRATEGIC ESG ALLOCATION | DYNAMIC | | | --- | --- | --- | | Performance of share classes (in euro) Share class\\tISIN | 1 year | 3 years | Since inception 1 | | Class LC\\tLU1740985731 | 19.5% | 54.6% | 41.7% | | Class FC\\tLU1740985574 | 20.0% | 56.1% | 43.6% | | Class IC\\tLU1899149030 | 20.2% | 56.8% | 48.7% | | Class ID\\tLU1740985657 | 20.2% | 56.8% | 44.4% | | Class LD\\tLU1740985814 | 19.5% | 54.3% | 41.4% | | Class RC\\tLU2001265565 | 19.5% | – | 34.6% | 1 Classes FC, ID, LC and LD launched on January 29, 2018 / Class IC launched on November 15, 2018 / Class RC launched on June 28, 2019 “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2021 investment instruments from different asset classes to create a balanced risk / return profile. Its aim is annualized volatility of 10% to 15% over a rolling five- year period. It cannot however be guaranteed that the volatility margin will be adhered to at all times. In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac- terized primarily by the corona- virus crisis*. Despite rising inflation, especially toward the end of the reporting period, interest rates failed to rise in both the euro area and the United States. This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries. Against this backdrop, DWS Strategic ESG Allocation Dynamic achieved an appreci- ation of 19.5% per share in the 2021 fiscal year (LC share class; BVI method; in euro terms). ##### Investment policy in the reporting period Within the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF, Xtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS ETF. In terms of its sector allo- cation, the sub-fund was thus broadly based. The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed. While the equity mar- kets in the Western industrial countries – boosted in partic- ular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear. kets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report. yields rising at a still very low, On the bond side, the sub-fund was invested globally in bond ETFs and in bond target funds. Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its variants, as well as associated new restrictions, dampened the economic outlook. Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar- in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower. ##### Information on environmental and / or social characteristics The investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector). The selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria. However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within the meaning of the Taxonomy Regulation. The presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation (EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg- ulation (EU) 2020 / 852 (Taxon- omy Regulation) can be found * The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19 are of significance for understanding the annual financial statements. Further details in this regard are provided in the explanations in the “General information” section. The format used for complete dates in security names in the investment portfolio is “day/month/year”. | Statement of net assets as of December 31, 2021 | | | --- | --- | | | Amount in EUR | % of net assets | | I. Assets | | | | 1. Investment fund units Equity funds | 101 609 341.53 | 80.34 | | Bond funds | 22 696 578.30 | 17.93 | | Other funds | 1 608 651.72 | 1.27 | | Total investment fund units | 125 914 571.55 | 99.54 | | 2. Derivatives | 51 638.97 | 0.04 | | 3. Cash at bank | 563 206.39 | 0.45 | | 4. Other assets | 1 603.13 | 0.00 | | 5. Receivables from share certificate transactions | 32 501.16 | 0.03 | | II. Liabilities | | | | 1. Other liabilities | -67 477.11 | -0.06 | | 2. Liabilities from share certificate transactions | -31.33 | 0.00 | | | | | | III. Net assets | 126 496 012.76 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | | Investment portfolio – December 31, 2021 | Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Investment fund units | | | | | | | 125 914 571.55 | 99.54 | | In-group fund units DWS Institutional - DWS Institutional ESG Euro Money | | | | | | | | | | Market Fund -IC- EUR - (0.110%) DWS Invest SICAV - DWS Invest ESG Euro High Yield -XC- EUR - (0.200%) | Units Units | 117 78 807 | 1 208 78 807 | 1 091 | EUR EUR | 13 749.16 103.55 | 1 608 651.72 8 160 464.85 | 1.27 6.45 | | DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) | Units | 11 582 | 16 037 | 4 455 | EUR | 161.63 | 1 871 998.66 | 1.48 | | Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) | Units | 39 414 | 21 499 | 34 604 | EUR | 50.27 | 1 981 341.78 | 1.57 | | Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%) | Units | 873 399 | 878 848 | 5 449 | EUR | 27.515 | 24 031 573.49 | 19.00 | | Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) | Units | 55 882 | 55 882 | | EUR | 36.38 | 2 032 987.16 | 1.61 | | Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%) | Units | 39 415 | 39 415 | 53 301 | EUR | 52.64 | 2 074 805.60 | 1.64 | | Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) | Units | 59 104 | 23 223 | 42 477 | EUR | 34.49 | 2 038 496.96 | 1.61 | | Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) | Units | 16 808 | 16 808 | | EUR | 155.925 | 2 620 787.40 | 2.07 | | Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) | Units | 11 326 | 3 782 | 437 | EUR | 210.62 | 2 385 482.12 | 1.88 | | Xtrackers - S&P 500 Swap UCITS ETF -1C- USD - (0.050%) . Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) | Units Units | 103 430 30 482 | 30 482 | 256 654 | USD USD | 91.468 45.97 | 8 346 630.59 1 236 276.28 | 6.60 0.98 | | Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%).... | Units | 499 182 | 523 745 | 24 563 | USD | 13.4 | 5 901 484.75 | 4.66 | | Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) | Units | 270 235 | 270 235 | | USD | 52.57 | 12 533 638.03 | 9.91 | | Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) | Units | 330 576 | 349 392 | 18 816 | USD | 22.24 | 6 486 399.26 | 5.13 | | Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) | Units | 561 100 | 630 590 | 69 490 | USD | 50.64 | 25 068 684.23 | 19.82 | | Xtrackers IE Physical Gold ETC Securities USD - (0.150%) . | Units | 123 516 | 40 406 | 27 555 | USD | 27.91 | 3 041 449.64 | 2.40 | | Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units | 12 023 | 1 820 | 3 211 | USD | 225.51 | 2 392 082.90 | 1.89 | | Non-group fund units Amundi Index Solutions - Amundi Index MSCI USA SRI UCITS ETF DR EUR - (0.180%) | Units | 123 951 | 123 951 | | EUR | 97.63 | 12 101 336.13 | 9.57 | | Total securities portfolio | | | | | | | 125 914 571.55 | 99.54 | | Derivatives (Minus signs denote short positions) | | | | | | | | | | Currency derivatives Receivables/payables | | | | | | | 51 638.97 | 0.04 | | Forward currency transactions | | | | | | | | | | Forward currency transactions (short) | | | | | | | | | | Open positions EUR/USD 24.3 million | | | | | | | 85 193.64 | 0.07 | | Closed positions EUR/USD 24.8 million | | | | | | | -33 554.67 | -0.03 | | Cash at bank | | | | | | | 563 206.39 | 0.45 | | Demand deposits at Depositary EUR deposits | EUR | | | | | | 490 731.40 | 0.39 | | Deposits in non-EU/EEA currencies | | | | | | | | | | British pound | GBP | 3 276 | | | | | 3 905.30 | 0.00 | | Japanese yen | JPY | 640 273 | | | | | 4 908.45 | 0.01 | | Swiss franc | CHF | 887 | | | | | 856.15 | 0.00 | | U.S. dollar | USD | 71 186 | | | | | 62 805.09 | 0.05 | | Other assets | | | | | | | 1 603.13 | 0.00 | | Dividends/Distributions receivable | | | | | | | 1 603.13 | 0.00 | | Receivables from share certificate transactions | | | | | | | 32 501.16 | 0.03 | | Total assets * | | | | | | | 126 597 075.87 | 100.09 | | Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Other liabilities | -67 477.11 | -0.06 | | Liabilities from cost items | -67 477.11 | -0.06 | | Liabilities from share certificate transactions | -31.33 | 0.00 | | Total liabilities | -101 063.11 | -0.09 | | Net assets | 126 496 012.76 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | | A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request. | Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency | | --- | --- | --- | | Net asset value per share Class FC | EUR | 143.64 | | Class IC | EUR | 148.74 | | Class ID | EUR | 143.63 | | Class LC | EUR | 141.70 | | Class LD | EUR | 140.79 | | Class RC | EUR | 134.58 | | Number of shares outstanding Class FC | Count | 100.000 | | Class IC | Count | 100.000 | | Class ID | Count | 130 474.000 | | Class LC | Count | 224 332.804 | | Class LD | Count | 539 269.654 | | Class RC | Count | 100.000 | Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR (75%) and iBoxx EUR Overall (25%) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) | Lowest market risk exposure | % | 82.743 | | --- | --- | --- | | Highest market risk exposure | % | 108.711 | | Average market risk exposure | % | 95.513 | The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 65 268 323.55 as of the reporting date. Market abbreviations\\t Contracting parties for forward currency transactions Bofa Securities Europe S.A., HSBC France and State Street Bank International GmbH. Exchange rates (indirect quotes) As of December 30, 2021 | Swiss franc\\tCHF | 1.035520 | = EUR | 1 | | --- | --- | --- | --- | | British pound\\tGBP | 0.838785 | = EUR | 1 | | Japanese yen\\tJPY | 130.443111 | = EUR | 1 | | U.S. dollar\\tUSD | 1.133450 | = EUR | 1 | Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds. Footnote * Does not include positions with a negative balance, if such exist. Statement of income and expenses (incl. income adjustment) Statement of changes in net assets\\t2021 | | | at the beginning of the fiscal year. . . . . . . . . . . . . . . . | EUR | 104 830 681.73 | | --- | --- | --- | --- | --- | | 1. | Distribution for the previous year | EUR | -51 429.53 | | EUR | 640 593.23 | 2. | Net inflows | EUR | 1 044 036.02 | | | | 3. | Income adjustment | EUR | -53 383.13 | | EUR | 640 593.23 | 4. | Net investment expense | EUR | -92 169.95 | | | | 5. | Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 16 918 887.50 | | | | 6. | Net change in unrealized appreciation/depreciation .... | EUR | 3 899 390.12 | | EUR | -9 820.92 | II. | Value of the fund’s net assets | | | | EUR | -690 500.60 | | at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . | EUR | 126 496 012.76 | | EUR | -878.26 | | | | | | EUR | -31 563.40 | | | | | for the period from January 1, 2021, through December 31, 2021 - Income - Income from investment fund units . . . . . . . . . . . . . . . . Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Expenses - Interest on borrowings andnegative interest on deposits - Management fee thereof: All-in fee EUR\\t-690 500.60 - Legal and publication costs - Taxe d‘abonnement Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t-732 763.18 - Value of the fund’s net assets | III. Net investment expense. . . . . . . . . . . . . . . . . . . . . . . . | EUR | -92 169.95 | | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | 16 918 887.50 | | --- | --- | --- | --- | --- | --- | --- | | IV. Sale transactions | | | | from: | | | | Realized gains/losses | EUR | 16 918 887.50 | Securities transactions | EUR | 18 477 080.23 | | Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 16 918 887.50 | (Forward) currency transactions Derivatives and other financial futures transactions ... | EUR EUR | -1 611 835.77 53 643.04 | | V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . | EUR | 16 826 717.55 | | | | BVI total expense ratio (TER) Details on the distribution policy* The total expense ratio for the share classes was: Class FC 0.30% p.a.,\\tClass IC 0.15% p.a., Class ID 0.15% p.a.,\\tClass LC 0.70% p.a., Class LD 0.70% p.a.,\\tClass RC 0.75% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period. Further costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was: Class FC 0.50% p.a.,\\tClass IC 0.35% p.a., Class ID 0.35% p.a.,\\tClass LC 0.90% p.a., Class LD 0.90% p.a.,\\tClass RC 0.95% p.a. Transaction costs The transaction costs paid in the reporting period amounted to EUR 1 871.99. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. Class FC The income for the fiscal year is reinvested. Class IC The income for the fiscal year is reinvested. Class ID Type\\tAs of\\tCurrency\\tPer share Final distribution\\tMarch 4, 2022\\tEUR\\t0.51 Class LC The income for the fiscal year is reinvested. | Class LD | | | --- | --- | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 0.05 | | Class RC | | | | The income for the fiscal year is reinvested. * Additional information is provided in the sales prospectus. In the case of a final distribution, any remaining net income for the fiscal year is reinvested. Changes in net assets and in the net asset value per share over the last three years | Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 126 496 012.76 | | --- | --- | --- | | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 104 830 681.73 | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 81 405 843.80 | | Net asset value per share at the end of the fiscal year | | | | 2021 | Class FC | EUR | 143.64 | | | Class IC | EUR | 148.74 | | | Class ID | EUR | 143.63 | | | Class LC | EUR | 141.70 | | | Class LD | EUR | 140.79 | | | Class RC | EUR | 134.58 | | 2020 | Class FC | EUR | 119.70 | | | Class IC | EUR | 123.76 | | | Class ID | EUR | 119.68 | | | Class LC | EUR | 118.56 | | | Class LD | EUR | 117.84 | | | Class RC | EUR | 112.65 | | 2019 | Class FC | EUR | 112.53 | | | Class IC | EUR | 116.19 | | | Class ID | EUR | 112.41 | | | Class LC | EUR | 111.90 | | | Class LD | EUR | 111.27 | | | Class RC | EUR | 106.38 | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.72% of all transactions. The total volume was EUR 1 905 331.78. Appendix: Placement fee | Expenses from prepaid placement fee | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR -322 577.41 | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR -1 818 757.08 | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR -444 300.26 | | --- | --- | --- | --- | | thereof: | | | | | Dilution-related adjustments due to share certificate transactions | -33 065.21 | -318 590.00 | -40 589.56 | | Amortization of placement fee | -373 502.05 | -1 955 389.22 | -446 937.15 | | Adjustments due to fluctuations of the fund’s net assets | 164 669.11 | 873 707.31 | 147 877.61 | | Income adjustment | -80 679.26 | -418 485.17 | -104 651.16 | | | | --- | | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR -2 844 970.12 | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR -284 106.45 | DB Strategic Income Allocation EUR (SIA) Balanced Plus EUR -154 341.75 | DB Strategic Income Allocation EUR (SIA) Conservative Plus EUR -178 821.44 | | | | | | | -282 485.18 | -98 135.41 | -23 576.40 | -12 819.27 | | -2 820 760.73 | -281 888.71 | -207 188.61 | -175 592.06 | | 846 025.71 | 146 167.67 | 102 996.40 | 44 193.42 | | -587 749.92 | -50 250.00 | -26 573.14 | -34 603.53 | Statement of net assets as of December 31, 2021 | Assets | DWS Strategic, SICAV EUR * ** Consolidated\\t% of net assets | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR | | --- | --- | --- | --- | | Total securities portfolio | 6 823 851 825.40 | 98.55 | 189 561 889.16 | 1 741 462 758.08 | | Equity index derivatives | 25 775 424.66 | 0.37 | 0.00 | 9 420 747.79 | | Currency derivatives | 1 395 351.75 | 0.02 | 0.00 | 0.00 | | Cash at bank | 43 309 932.72 | 0.63 | 1 307 289.79 | 3 492 510.30 | | Other assets | 53 520 391.32 | 0.77 | 1 868 460.34 | 11 239 344.56 | | Receivables from share certificate transactions | 15 338 190.35 | 0.22 | 245 913.36 | 4 407 646.57 | | Total assets *** | 6 963 191 116.20 | 100.56 | 192 983 552.65 | 1 770 023 007.30 | | | | | | | Verbindlichkeiten | | | | | Equity index derivatives | - 1 519 509.00 | - 0.02 | 0.00 | 0.00 | | Short-term liabilities | - 7 141 571.38 | - 0.10 | 0.00 | 0.00 | | Other liabilities | - 24 796 607.35 | - 0.36 | - 848 070.66 | - 4 924 435.62 | | Liabilities from share certificate transactions | - 5 443 696.42 | - 0.08 | - 59 194.70 | 0.00 | | Total liabilities *** | - 38 901 384.15 | - 0.56 | - 907 265.36 | - 4 924 435.62 | | Net assets | 6 924 289 732.05 | 100.00 | 192 076 287.29 | 1 765 098 571.68 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * | | 16 955 038.93 | 432 773 514.75 | 299 775 118.07 | 2 026 909 236.63 | 13 277 790.18 | | 0.00 | 2 354 869.05 | 0.00 | 10 453 152.11 | 0.00 | | 0.00 | 367 612.74 | 0.00 | 0.00 | 0.00 | | 81 617.80 | 1 158 058.01 | 213 342.99 | 8 555 397.13 | 95 266.13 | | 0.00 | 3 644 046.19 | 3 792 196.33 | 13 364 314.16 | 307 687.77 | | 0.00 | 213 171.80 | 294 118.27 | 9 210 097.60 | 0.00 | | 17 036 656.73 | 440 511 272.54 | 304 074 775.66 | 2 068 492 197.63 | 13 680 744.08 | | | | | | | | | | | | | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 0.00 | 0.00 | - 476 904.02 | 0.00 | 0.00 | | - 117 858.27 | - 885 187.68 | - 1 283 715.45 | - 9 624 786.49 | - 5 405.58 | | 0.00 | - 1 954 481.05 | 0.00 | - 370 748.82 | - 388 897.12 | | - 117 858.27 | - 2 839 668.73 | - 1 760 619.47 | - 9 995 535.31 | - 394 302.70 | | 16 918 798.46 | 437 671 603.81 | 302 314 156.19 | 2 058 496 662.32 | 13 286 441.38 | Statement of net assets as of December 31, 2021 | Assets | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * | | --- | --- | --- | --- | | Total securities portfolio | 332 211 260.81 | 347 372 684.30 | 108 909 782.39 | | Equity index derivatives | 1 831 296.02 | 0.00 | 0.00 | | Currency derivatives | 180 853.67 | 0.00 | 0.00 | | Cash at bank | 2 680 445.25 | 664 716.41 | 498 409.00 | | Other assets | 1 373 945.93 | 2 131 622.44 | 659 465.34 | | Receivables from share certificate transactions | 40 494.70 | 265 076.28 | 0.00 | | Total assets *** | 338 318 296.38 | 350 434 099.43 | 110 067 656.73 | | | | | | | Verbindlichkeiten | | | | | Equity index derivatives | 0.00 | 0.00 | 0.00 | | Short-term liabilities | 0.00 | 0.00 | 0.00 | | Other liabilities | - 1 698 206.47 | - 475 497.62 | - 191 253.18 | | Liabilities from share certificate transactions | - 923 391.73 | - 623 734.69 | 0.00 | | Total liabilities *** | - 2 621 598.20 | - 1 099 232.31 | - 191 253.18 | | Net assets | 335 696 698.18 | 349 334 867.12 | 109 876 403.55 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR | | 305 079 041.79 | 198 126 729.44 | 308 882 246.13 | 18 366 163.14 | 185 303 937.11 | | 952 759.49 | 696 327.69 | 0.00 | 66 272.51 | 0.00 | | 0.00 | 0.00 | 158 185.47 | 0.00 | 258 898.63 | | 6 917 142.77 | 2 735 026.07 | 9 677 413.83 | 294 141.17 | 741 126.51 | | 3 402 906.03 | 1 648 520.75 | 10 044 633.39 | 14 390.06 | 0.00 | | 230 072.29 | 390 875.30 | 0.00 | 0.00 | 8 106.86 | | 316 581 922.37 | 203 597 479.25 | 328 762 478.82 | 18 740 966.88 | 186 312 069.11 | | | | | | | | | | | | | | 0.00 | 0.00 | - 1 519 509.00 | 0.00 | 0.00 | | 0.00 | 0.00 | - 6 664 667.36 | 0.00 | 0.00 | | - 1 952 843.92 | - 780 467.59 | - 1 687 294.18 | - 51 982.96 | - 104 732.41 | | - 1 007 162.64 | 0.00 | 0.00 | 0.00 | - 16 273.02 | | - 2 960 006.56 | - 780 467.59 | - 9 871 470.54 | - 51 982.96 | - 121 005.43 | | 313 621 915.81 | 202 817 011.66 | 318 891 008.28 | 18 688 983.92 | 186 191 063.68 | Statement of net assets as of December 31, 2021 | Assets | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR | | --- | --- | --- | | Total securities portfolio | 172 970 062.94 | 125 914 571.55 | | Equity index derivatives | 0.00 | 0.00 | | Currency derivatives | 378 162.27 | 51 638.97 | | Cash at bank | 3 634 823.17 | 563 206.39 | | Other assets | 27 254.90 | 1 603.13 | | Receivables from share certificate transactions | 116.16 | 32 501.16 | | Total assets *** | 177 010 419.44 | 126 563 521.20 | | | | | | Verbindlichkeiten | | | | Equity index derivatives | 0.00 | 0.00 | | Short-term liabilities | 0.00 | 0.00 | | Other liabilities | - 97 392.16 | - 67 477.11 | | Liabilities from share certificate transactions | - 99 781.32 | - 31.33 | | Total liabilities *** | - 197 173.48 | - 67 508.44 | | Net assets | 176 813 245.96 | 126 496 012.76 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DWS Strategic, SICAV EUR * ** Consolidated | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR | | --- | --- | --- | --- | | Income from investment fund units | 51 082 548.54 | 577 575.29 | 4 102 549.97 | | Income from securities lending | 2 538.19 | 0.00 | 0.00 | | Total income | 51 085 086.73 | 577 575.29 | 4 102 549.97 | | | | | | | Expenses | | | | | Interest on borrowings and negative interest on deposits | - 1 609 903.97 | - 42 749.65 | - 601 119.21 | | Management fee | - 40 806 776.07 | - 1 017 106.71 | - 14 127 975.10 | | Depositary fee | - 9.25 | 0.00 | 0.00 | | Auditing, legal and publication costs | - 46 171.51 | - 613.85 | - 5 490.44 | | Taxe d’abonnement | - 2 894 862.18 | - 68 648.36 | - 925 211.78 | | Other expenses | - 6 109 340.57 | - 322 577.41 | - 1 818 757.08 | | Total expenses | - 51 467 063.55 | - 1 451 695.98 | - 17 478 553.61 | | Net investment income | - 381 976.82 | - 874 120.69 | - 13 376 003.64 | | | | | | | Sale transactions | | | | | Realized gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 | | Capital gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 | | | | | | | Net gain/loss for the fiscal year | 90 308 496.27 | 1 771 044.02 | - 13 315 811.17 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * | | 249 095.73 | 4 269 079.19 | 1 304 060.20 | 7 855 839.41 | 232 054.41 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 249 095.73 | 4 269 079.19 | 1 304 060.20 | 7 855 839.41 | 232 054.41 | | | | | | | | | | | | | | - 467.80 | - 5 616.68 | - 83 325.88 | - 670 659.54 | - 640.66 | | - 64 883.56 | - 2 001 641.47 | - 1 244 737.43 | - 12 911 217.59 | - 43 572.90 | | - 9.25 | 0.00 | 0.00 | 0.00 | 0.00 | | - 54.60 | - 1 452.03 | - 1 003.91 | - 6 574.05 | - 45.29 | | - 8 489.41 | - 186 604.51 | - 105 389.36 | - 832 543.52 | - 5 821.84 | | 0.00 | - 8 210.67 | - 444 300.26 | - 2 844 970.12 | 0.00 | | - 73 904.62 | - 2 203 525.36 | - 1 878 756.84 | - 17 265 964.82 | - 50 080.69 | | 175 191.11 | 2 065 553.83 | - 574 696.64 | - 9 410 125.41 | 181 973.72 | | | | | | | | | | | | | | 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 | | 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 | | | | | | | | 413 240.63 | 5 521 939.17 | 2 512 702.06 | - 7 410 231.26 | 429 422.61 | Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * | | --- | --- | --- | --- | | Income from investment fund units | 5 057 101.72 | 882 997.66 | 1 184 172.42 | | Income from securities lending | 0.00 | 0.00 | 0.00 | | Total income | 5 057 101.72 | 882 997.66 | 1 184 172.42 | | | | | | | Expenses | | | | | Interest on borrowings and negative interest on deposits | - 3 721.00 | - 65 925.84 | - 2 407.69 | | Management fee | - 1 332 525.47 | - 2 175 922.51 | - 458 622.73 | | Depositary fee | 0.00 | 0.00 | 0.00 | | Auditing, legal and publication costs | - 1 143.06 | - 1 083.96 | - 366.09 | | Taxe d’abonnement | - 96 301.34 | - 156 391.61 | - 56 198.92 | | Other expenses | - 51 144.09 | - 284 106.45 | 0.00 | | Total expenses | - 1 484 834.96 | - 2 683 430.37 | - 517 595.43 | | Net investment income | 3 572 266.76 | - 1 800 432.71 | 666 576.99 | | | | | | | Sale transactions | | | | | Realized gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 | | Capital gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 | | | | | | | Net gain/loss for the fiscal year | 59 363 824.69 | 4 841 104.16 | 2 376 446.93 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR | | 7 634 443.39 | 3 624 109.60 | 9 095 253.44 | 392 953.89 | 1 732 552.13 | | 0.00 | 0.00 | 0.00 | 0.00 | 2 369.13 | | 7 634 443.39 | 3 624 109.60 | 9 095 253.44 | 392 953.89 | 1 734 921.26 | | | | | | | | | | | | | | - 40 994.07 | - 19 613.54 | - 22 000.67 | - 397.42 | - 17 873.68 | | - 1 232 917.61 | - 692 287.21 | - 853 607.68 | - 60 324.28 | - 1 049 662.89 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | - 11 701.52 | - 13 138.79 | 0.00 | 0.00 | - 1 324.86 | | - 91 925.55 | - 59 155.10 | - 124 603.10 | - 7 340.27 | - 53 308.36 | | - 154 341.75 | - 178 821.44 | - 1 265.23 | 0.00 | - 789.71 | | - 1 531 880.50 | - 963 016.08 | - 1 001 476.68 | - 68 061.97 | - 1 122 959.50 | | 6 102 562.89 | 2 661 093.52 | 8 093 776.76 | 324 891.92 | 611 961.76 | | | | | | | | | | | | | | 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 | | 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 | | | | | | | | 7 075 101.73 | 1 790 451.77 | 6 140 354.64 | 187 881.65 | 952 571.29 | Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR Consolidated | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR | | --- | --- | --- | | Income from investment fund units | 2 248 116.86 | 640 593.23 | | Income from securities lending | 169.06 | 0.00 | | Total income | 2 248 285.92 | 640 593.23 | | | | | | Expenses | | | | Interest on borrowings and negative interest on deposits | - 22 569.72 | - 9 820.92 | | Management fee | - 849 270.33 | - 690 500.60 | | Depositary fee | 0.00 | 0.00 | | Auditing, legal and publication costs | - 1 300.80 | - 878.26 | | Taxe d’abonnement | - 85 365.75 | - 31 563.40 | | Other expenses | - 56.36 | 0.00 | | Total expenses | - 958 562.96 | - 732 763.18 | | Net investment income | 1 289 722.96 | - 92 169.95 | | | | | | Sale transactions | | | | Realized gains/losses | - 457 987.16 | 16 918 887.50 | | Capital gains/losses | - 457 987.16 | 16 918 887.50 | | | | | | Net gain/loss for the fiscal year | 831 735.80 | 16 826 717.55 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | DWS Strategic, SICAV EUR * ** Consolidated 1 657 381 035.93 | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR 52 421 998.20 | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR 269 783 999.47 | | --- | --- | --- | --- | | Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 38 702 782.22 | 0.00 | 0.00 | | Distribution for the previous year / Interim distribution | - 210 180.33 | 0.00 | 0.00 | | Net inflows/outflows | 4 961 801 342.93 | 128 315 245.32 | 1 404 380 330.55 | | Income adjustment | - 69 368 431.62 | - 879 728.98 | 3 878 291.17 | | Net investment income | - 381 976.82 | - 874 120.69 | - 13 376 003.64 | | Realized gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 | | Net change in unrealized appreciation/depreciation | 245 674 686.63 | 10 447 728.73 | 100 371 761.66 | | | | | | | Value of the fund‘s net assets at the end of the fiscal year | 6 924 289 732.03 | 192 076 287.29 | 1 765 098 571.68 | Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * 214 277 437.46 | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR 93 770 013.97 | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * 25 889 334.49 | | --- | --- | --- | --- | | Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 18 186 311.89 | 0.00 | 2 197 298.59 | | Distribution for the previous year / Interim distribution | 0.00 | 0.00 | 0.00 | | Net inflows/outflows | 95 692 756.25 | 226 147 404.15 | 74 028 011.74 | | Income adjustment | - 54 853 024.18 | - 2 702 272.73 | - 335 305.17 | | Net investment income | 3 572 266.76 | - 1 800 432.71 | 666 576.99 | | Realized gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 | | Net change in unrealized appreciation/depreciation | 3 029 392.07 | 27 278 617.57 | 5 720 616.97 | | | | | | | Value of the fund‘s net assets at the end of the fiscal year | 335 696 698.18 | 349 334 867.12 | 109 876 403.55 | Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR 40 386 302.32 | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR 104 830 681.73 | | --- | --- | --- | | Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 0.00 | 0.00 | | Distribution for the previous year / Interim distribution | - 100 031.15 | - 51 429.53 | | Net inflows/outflows | 133 223 957.92 | 1 044 036.02 | | Income adjustment | - 4 566 889.10 | - 53 383.13 | | Net investment income | 1 289 722.96 | - 92 169.95 | | Realized gains/losses | - 457 987.16 | 16 918 887.50 | | Net change in unrealized appreciation/depreciation | 7 038 170.17 | 3 899 390.12 | | | | | | Value of the fund‘s net assets at the end of the fiscal year | 176 813 245.96 | 126 496 012.76 | | | | --- | | DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * 5 007 969.91 | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * 206 383 576.59 | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR 137 073 970.71 | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR 441 422 189.57 | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * 4 451 291.82 | | 425 040.10 | 17 516 338.34 | 0.00 | 0.00 | 377 793.30 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 10 774 422.52 | 190 212 915.84 | 155 282 516.33 | 1 577 497 339.27 | 8 248 102.88 | | - 124 589.96 | - 1 659 293.51 | - 931 898.16 | 1 170 235.77 | - 175 180.56 | | 175 191.11 | 2 065 553.83 | - 574 696.64 | - 9 410 125.41 | 181 973.72 | | 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 | | 422 715.26 | 19 696 127.38 | 8 376 865.25 | 45 817 128.97 | - 44 988.67 | | | | | | | | 16 918 798.46 | 437 671 603.81 | 302 314 156.19 | 2 058 496 662.32 | 13 286 441.38 | | | | --- | | DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR 0.00 | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR 0.00 | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD 0.00 | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD 0.00 | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR 61 682 269.69 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 0.00 | 0.00 | 0.00 | 0.00 | - 58 719.65 | | 304 302 879.11 | 202 498 439.50 | 316 683 114.04 | 18 731 548.97 | 114 738 322.52 | | - 926 895.24 | - 523 820.76 | - 580 642.11 | - 28 716.00 | - 6 075 318.97 | | 6 102 562.89 | 2 661 093.52 | 8 093 776.76 | 324 891.92 | 611 961.76 | | 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 | | 3 170 830.21 | - 948 058.85 | - 3 351 818.31 | - 201 730.70 | 14 951 938.80 | | | | | | | | 313 621 915.81 | 202 817 011.66 | 318 891 008.26 | 18 688 983.92 | 186 191 063.68 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. KPM KPMG issued an unqualified audit opinion for the full annual report of this SICAV (Société d’Investissement à Capital Variable). The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: G Luxembourg, Société anonyme\\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\\tE-mail: info@kpmg.lu Internet: www.kpmg.lu ##### To the shareholders of DWS Strategic, SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE \\\"REVISEUR D’ENTREPRISES AGREE\\\" ###### Report on the audit of the annual financial statements Opinion We have audited the financial statements of the SICAV DWS Strategic and its respective sub-funds (the \\\"fund\\\"), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as explanatory notes, including a summary of significant accounting policies. In our opinion, the attached financial statements give a true and fair view of the financial position of DWS Strategic SICAV and its respective sub-funds as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regu- latory requirements relating to the preparation and presentation of financial statements. ###### Basis for the audit opinion We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the sec- tion “Responsibility of the Réviseur d’Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accoun- tants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. ###### Other information The Board of Directors of the fund is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements. Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard. ###### Responsibility of the Board of Directors of the fund for the financial statements The Board of Directors of the fund is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of annual financial statements and for the internal controls that the Board of Directors considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement. When preparing the annual financial statements, the Board of Directors of the fund is responsible for assess- ing the capability of the fund and of its respective sub-funds of continuing the business activity and, where relevant, for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Board of Directors of the fund intends to liquidate the fund or to close certain of its sub-funds, to cease business activities or no longer has any other realistic alternative than to take such action. Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements. When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach. Furthermore: - We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of material misstatements not being discovered is higher for infringements than for inaccuracies, as infringe- ments may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls. - We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system. - We assess the appropriateness of the accounting methods applied by the Board of Directors of the fund, of the accounting-related estimates and of the corresponding disclosures in the notes. - We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Board of Directors of the fund as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund or of one of its sub-funds to continue the busi- ness activity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associated explanatory information provided in the annual accounts in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund or certain of its sub-funds no longer being able to continue their business activity. - We assess the overall presentation, the structure and the content of the annual accounts, including the explanatory notes, and assess whether these appropriately present the underlying business transactions and events. We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring. Luxembourg, April 14, 2022\\tKPMG Luxembourg Société anonyme (stock corporation) Cabinet de révision agréé Pia Schanz\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Annual report","and annual financial statements","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve medium- to long-term capital appre- ciation.","In order to achieve","the investment objective, the sub-fund seeks to invest in portfolios of three main asset","DB BALANCED SAA (EUR)","Performance since inception","130","125","120","115","110","105","100","95","classes that are diversified","4/30/20* 6/20","9/20","12/20\t3/21","6/21","9/21","12/21","between each other and within themselves.","These are a bond","DB Balanced SAA (EUR) (SC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020 = 100","Data on euro basis","portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each portfolio.","The investment advi-","Past performance is no guide to future results.","As of: December 31, 2021","DB BALANCED SAA (EUR)","Performance of share classes (in euro)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class SC | LU2132880241 | 10.8% | 24.9% |","| Class DPMC | LU2132880167 | 11.2% | 14.8% |","| Class LC | LU2258442917 | – | 9.0% |","| Class LC10 | LU2132880324 | 11.0% | 25.3% |","| Class PFC | LU2258443055 | – | 4.9% |","| Class WAMC | LU2132880597 | 11.1% | 25.5% |","1","Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on October 14, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.","The expected range of alloca- tion for a “balanced” portfolio is for","a) bond portfolio: up to 75%;","- equity portfolio: 25-60% and","- alternative portfolio: 0-15%.","In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries","and uncertainty regarding the monetary policy of the central","banks.","Against this backdrop, the sub-fund DB Balanced SAA (EUR) achieved an appreciation of 10.8% per share in 2021","(SC share class; BVI method; in euro).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global","economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back-","high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Balanced SAA (EUR) was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.","In terms of sec- tor allocation, the equity port- folio was broadly diversified.","With this orientation, the sub- fund participated in particular in the appreciable price increases in the equity markets.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","drop of high global debt levels\tand historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets,","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 93 164 441.98 | 48.50 |","| Equity funds | 86 078 900.32 | 44.81 |","| Other funds | 10 318 546.86 | 5.38 |","| Total investment fund units | 189 561 889.16 | 98.69 |","| 2. Cash at bank | 1 307 289.79 | 0.68 |","| 3. Other assets | 1 868 460.34 | 0.97 |","| 4. Receivables from share certificate transactions | 245 913.36 | 0.13 |","| II.","Liabilities | | |","| 1. Other liabilities | -848 070.66 | -0.44 |","| 2. Liabilities from share certificate transactions | -59 194.70 | -0.03 |","| III.","Net assets | 192 076 287.29 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 189 561 889.16 | 98.69 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 603 | 737 | 134 | EUR | 9 732.971 | 5 868 981.39 | 3.06 |","| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","| Units | 299 005 | 249 668 | 112 793 | EUR | 66.76 | 19 961 573.80 | 10.39 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 328 376 | 249 817 | 39 981 | EUR | 52.738 | 17 317 893.49 | 9.02 |","| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 174 886 | 132 902 | 6 460 | EUR | 162.33 | 28 389 244.38 | 14.78 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 420 727 | 315 909 | 15 506 | EUR | 17.079 | 7 185 386.07 | 3.74 |","| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF - 1C- EUR - (0.050%) | Units | 29 612 | 23 711 | 6 578 | EUR | 167.305 | 4 954 235.66 | 2.58 |","| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 20 736 | 16 710 | 5 052 | EUR | 207.77 | 4 308 318.72 | 2.24 |","| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 16 163 | 13 164 | 4 123 | EUR | 282.25 | 4 562 006.75 | 2.37 |","| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 15 311 | 12 143 | 3 164 | EUR | 247.16 | 3 784 266.76 | 1.97 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 186 682 | 136 746 | 11 014 | EUR | 23.835 | 4 449 565.47 | 2.32 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 4 103 670 | 4 255 642 | 151 972 | EUR | 5.323 | 21 844 656.14 | 11.37 |","| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) | Units | 52 144 | 40 207 | 2 579 | EUR | 133.97 | 6 985 731.68 | 3.64 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 971 | 971 | | EUR | 432.63 | 420 083.73 | 0.22 |","| MULTI UNITS FRANCE - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 61 340 | 45 598 | 4 079 | EUR | 147.32 | 9 036 608.80 | 4.70 |","| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) | Units | 694 | 694 | | GBP | 112.51 | 93 089.35 | 0.05 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 39 694 | 40 962 | 1 268 | GBP | 128.912 | 6 100 530.93 | 3.17 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 7 644 | 6 341 | 167 | USD | 209.84 | 1 415 163.21 | 0.74 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 1 023 272 | 857 031 | 33 315 | USD | 5.383 | 4 859 740.11 | 2.53 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 76 868 | 57 301 | 6 936 | USD | 490.17 | 33 242 209.57 | 17.31 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 36 945 | 31 780 | 1 091 | USD | 138.5 | 4 514 430.99 | 2.35 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 2 197 | 293 | | USD | 138.352 | 268 172.16 | 0.14 |","| Total securities portfolio | | | | | | | 189 561 889.16 | 98.69 |","| Cash at bank | | | | | | | 1 307 289.79 | 0.68 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 1 159 698.08 | 0.60 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 35 733 | | | | | 42 601.01 | 0.02 |","| U.S. dollar | USD | 119 002 | | | | | 104 990.70 | 0.06 |","| Other assets | 1 868 460.34 | 0.97 |","| Dividends/Distributions receivable | 99.96 | 0.00 |","| Prepaid placement fee * | 1 867 999.42 | 0.97 |","| Other receivables | 360.96 | 0.00 |","| Receivables from share certificate transactions | 245 913.36 | 0.13 |","| Total assets | 192 983 552.65 | 100.47 |","| Other liabilities | -848 070.66 | -0.44 |","| Additional other liabilities | -848 070.66 | -0.44 |","| Liabilities from share certificate transactions | -59 194.70 | -0.03 |","| Total liabilities | -907 265.36 | -0.47 |","| Net assets | 192 076 287.29 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class DPMC | EUR | 11 480.86 |","| Class LC | EUR | 108.96 |","| Class LC10 | EUR | 12 526.97 |","| Class PFC | EUR | 104.93 |","| Class SC | EUR | 12 485.03 |","| Class WAMC | EUR | 12 552.70 |","| Number of shares outstanding Class DPMC | Count | 1 023.000 |","| Class LC | Count | 211 578.000 |","| Class LC10 | Count | 1 288.000 |","| Class PFC | Count | 525 600.000 |","| Class SC | Count | 6 184.507 |","| Class WAMC | Count | 699.200 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 99.994 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.000 |","| Average market risk exposure | % | 100.000 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","| Exchange rates (indirect quotes) | |","| --- | --- |","| | | As of December 30, 2021 |","| British pound\tGBP | 0.838785 | = EUR\t1 |","| U.S. dollar\tUSD | 1.133450 | = EUR\t1 |","| Notes on valuation | | |","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","Statement of income and expenses (incl. income adjustment)","Statement of changes in net assets\t2021 for the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 577\t575.29Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t577 575.29","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-42 749.65","- Management fee EUR\t-1 017 106.71thereof:All-in fee EUR -1 017 106.71","- Legal and publication costs EUR\t-613.85","- Taxe d‘abonnement EUR\t-68 648.36","- Other expenses EUR\t-322 577.41thereof:Expenses from prepaidplacement fee 1 EUR\t-322 577.41 Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-1 451 695.98","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t-874 120.69","- Sale transactionsRealized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t2 645 164.71Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t2 645 164.71","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR 1 771\t044.021 For further information, please refer to the notes to the financial statements.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class DPMC 0.12% p.a.,\tClass LC 1.26%","2","Class LC10 0.27% p.a.,\tClass PFC 1.72%","2","Class SC 0.47% p.a.,\tClass WAMC 0.15% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class DPMC 0.30% p.a.,\tClass LC 1.43%","2","Class LC10 0.44% p.a.,\tClass PFC 1.89%","2","Class SC 0.64%p.a.,\tClass WAMC 0.33% p.a.","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 12 245.14.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . EUR\t52 421 998.20","- Net inflows","- 3","- EUR 128 315\t245.32","- Income adjustment EUR\t-879 728.98","- Net investment income EUR\t-874 120.69","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR 2 645\t164.71","- Net change in unrealized appreciation/depreciation .","EUR 10 447\t728.73","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","EUR\t192 076 287.293 Reduced by a dilution fee in the amount of EUR 33 065.21 for the benefit of the fund’s assets.","Summary of gains/losses\t2021","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t2 645 164.71","from:","Securities transactions EUR\t2 555 748.63","(Forward) currency transactions EUR\t89 416.08","Details on the distribution policy*","Class DPMC","The income for the fiscal year is reinvested.","Class LC","The income for the fiscal year is reinvested.","Class LC10","The income for the fiscal year is reinvested.","Class PFC","The income for the fiscal year is reinvested.","Class SC","The income for the fiscal year is reinvested.","Class WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 192 076 287.29 |","| --- | --- | --- |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 52 421 998.20 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | - |","| Net asset value per share at the end of the fiscal year | | |","| 2021 | Class DPMC | EUR | 11 480.86 |","| | Class LC | EUR | 108.96 |","| | Class LC10 | EUR | 12 526.97 |","| | Class PFC | EUR | 104.93 |","| | Class SC | EUR | 12 485.03 |","| | Class WAMC | EUR | 12 552.70 |","| 2020 | Class DPMC | EUR | 10 326.21 |","| | Class LC | EUR | - |","| | Class LC10 | EUR | 11 283.73 |","| | Class PFC | EUR | - |","| | Class SC | EUR | 11 268.38 |","| | Class WAMC | EUR | 11 293.51 |","| 2019 | Class DPMC | EUR | - |","| | Class LC | EUR | - |","| | Class LC10 | EUR | - |","| | Class PFC | EUR | - |","| | Class SC | EUR | - |","| | Class WAMC | EUR | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.20% of all transactions.","The total volume was EUR 16 386 500.36.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve medium- to long-term capital appreci- ation.","In order to achieve this objective, it seeks to hedge against capital losses of more than 18% on an annualized basis.","In order to achieve the","DB BALANCED SAA (EUR) PLUS","Performance since inception","130","125","120","115","110","105","100","95","4/30/20* 6/20\t12/20\t6/21","12/21","investment objective, the sub-fund seeks to invest in","DB Balanced SAA (EUR) Plus (SC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020 = 100","Data on euro basis","portfolios of three main asset","classes that are diversified between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-","Past performance is no guide to future results.","As of: December 31, 2021","DB BALANCED SAA (EUR) PLUS","Performance of share classes (in euro)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class SC | LU2132879748 | 11.9% | 26.0% |","| Class DPMC | LU2132879664 | 12.4% | 19.5% |","| Class LC | LU2258443139 | – | 9.7% |","| Class LC10 | LU2132879821 | 12.1% | 26.4% |","| Class PFC | LU2258443212 | – | 5.3% |","| Class WAMC | LU2132880084 | 12.4% | 26.8% |","1","Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on June 17, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","tion approach which takes into account the expected return, volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.","The expected range of alloca- tion for a “balanced” portfolio is for","a) bond portfolio: up to 70%;","b) equity portfolio: 30-80% and","c) alternative portfolio:","0-15%.","In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.","In addition to allocating assets across the portfolios,","the sub-fund manager seeks","to implement a capital pres- ervation strategy, based on the advice of the investment","advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 18%","on an annualized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.","The risk mitigation strat- egy includes investments in derivative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-","ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the fund manager may gain exposure to a financial","index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary","policy of the central banks.","Against this backdrop, the sub- fund DB Balanced SAA (EUR) Plus achieved an appreciation of 11.9% per share in 2021","(SC share class; BVI method; in euro).","##### Investment policy in the","price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","reporting period\tup the rear.","Against the back-","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant","drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Balanced SAA (EUR) Plus was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.","In terms of sector allocation, the equity portfolio was broadly diversi- fied.","With this orientation, the sub-fund participated in par- ticular in the appreciable price increases in the equity markets.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a majorevent in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 565 227 284.89 | 32.02 |","| Equity funds | 1 059 825 069.19 | 60.04 |","| Other funds | 116 410 404.00 | 6.60 |","| Total investment fund units | 1 741 462 758.08 | 98.66 |","| 2. Derivatives | 9 420 747.79 | 0.53 |","| 3. Cash at bank | 3 492 510.30 | 0.20 |","| 4. Other assets | 11 239 344.56 | 0.64 |","| 5. Receivables from share certificate transactions | 4 407 646.57 | 0.25 |","| II.","Liabilities | | |","| 1. Other liabilities | -4 924 435.62 | -0.28 |","| III.","Net assets | 1 765 098 571.68 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 1 741 462 758.08 | 98.66 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 7 794 | 10 793 | 2 999 | EUR | 9 732.971 | 75 858 774.42 | 4.30 |","| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units Units | 4 836 908 3 591 239 | 3 976 541 2 981 929 | 12 645 13 209 | EUR EUR | 66.76 52.738 | 322 911 978.08 189 394 762.38 | 18.29 10.73 |","| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 696 671 | 667 401 | 183 424 | EUR | 162.33 | 113 090 603.43 | 6.41 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 2 873 143 | 2 500 611 | 10 309 | EUR | 17.079 | 49 068 972.73 | 2.78 |","| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 597 586 | 555 099 | 2 015 | EUR | 167.305 | 99 979 125.73 | 5.66 |","| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 417 225 | 388 567 | 1 299 | EUR | 207.77 | 86 686 838.25 | 4.91 |","| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 284 371 | 258 206 | 187 | EUR | 282.25 | 80 263 714.75 | 4.55 |","| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 305 004 | 280 656 | 905 | EUR | 247.16 | 75 384 788.64 | 4.27 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 1 701 348 | 1 401 670 | 4 498 | EUR | 23.835 | 40 551 629.58 | 2.30 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 9 349 827 | 9 374 547 | 24 720 | EUR | 5.323 | 49 770 999.09 | 2.82 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) | Units | 808 | 808 | | EUR | 153.76 | 124 238.08 | 0.01 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 19 103 | 19 103 | | EUR | 432.63 | 8 264 530.89 | 0.47 |","| iShares VII PLC - iShares EUR Govt Bond 7-10yr UCITS ETF EUR (Acc) EUR - (0.200%) | Units | 63 397 | 64 390 | 993 | EUR | 171.27 | 10 858 004.19 | 0.61 |","| Lyxor Index Fund - Lyxor Core EURO STOXX 50 (DR) EUR - (0.070%) | Units | 20 497 | 78 312 | 112 682 | EUR | 219.35 | 4 496 016.95 | 0.25 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 559 027 | 499 302 | 71 325 | EUR | 147.32 | 82 355 857.64 | 4.67 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 602 115 | 604 634 | 2 519 | GBP | 128.912 | 92 538 448.67 | 5.24 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 793 102 | 648 137 | 9 445 | USD | 490.17 | 342 983 593.91 | 19.43 |","| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 210 178 | 416 446 | 375 666 | USD | 91.03 | 16 879 880.67 | 0.96 |","| Total securities portfolio | | | | | | | 1 741 462 758.08 | 98.66 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 9 420 747.79 | 0.53 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 150 EUR (DB) | Count | 12 966 | 12 966 | | | | 7 773 117.00 | 0.44 |","| Put FTSE MIB Index Futures 09/2022 5 500 GBP (DB) | Count | 400 | 400 | | | | 382 696.47 | 0.02 |","| Put S & P 500 Futures 09/2022 3 550 USD (DB) | Count | 196 | 216 | 20 | | | 1 264 934.32 | 0.07 |","| Cash at bank | | | | | | | 3 492 510.30 | 0.20 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 2 906 421.75 | 0.17 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 466 576 | | | | | 556 252.88 | 0.03 |","| U.S. dollar | USD | 33 817 | | | | | 29 835.67 | 0.00 |","| Other assets | | | | | | | 11 239 344.56 | 0.64 |","| Dividends/Distributions receivable | | | | | | | 415.52 | 0.00 |","| Prepaid placement fee * | | | | | | | 9 675 408.57 | 0.55 |","| Other receivables | | | | | | | 1 563 520.47 | 0.09 |","| Receivables from share certificate transactions | | | | | | | 4 407 646.57 | 0.25 |","| Total assets ** | | | | | | | 1 770 023 007.30 | 100.28 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other liabilities | | | | | | | -4 924 435.62 | -0.28 |","| Liabilities from cost items | | | | | | | -1 640 878.29 | -0.09 |","| Additional other liabilities | | | | | | | -3 283 557.33 | -0.19 |","| Total liabilities | | | | | | | -4 924 435.62 | -0.28 |","| Net assets | | | | | | | 1 765 098 571.68 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class DPMC | EUR | 11 952.50 |","| Class LC | EUR | 109.75 |","| Class LC10 | EUR | 12 643.49 |","| Class PFC | EUR | 105.34 |","| Class SC | EUR | 12 601.06 |","| Class WAMC | EUR | 12 684.35 |","| Number of shares outstanding Class DPMC | Count | 2 684.800 |","| Class LC | Count | 6 278 495.000 |","| Class LC10 | Count | 11 814.500 |","| Class PFC | Count | 2 723 223.000 |","| Class SC | Count | 45 710.679 |","| Class WAMC | Count | 2 499.520 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 61.602 |","| --- | --- | --- |","| Highest market risk exposure | % | 96.347 |","| Average market risk exposure | % | 82.589 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 69 656 176.14 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Exchange rates (indirect quotes)","As of December 30, 2021","| British pound\tGBP | 0.838785 | = EUR | 1 |","| --- | --- | --- | --- |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnotes","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","** Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)","Statement of changes in net assets\t2021 for the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 4 102\t549.97Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t4 102 549.97","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-601 119.21","- Management fee EUR\t-14 127 975.10thereof:All-in fee EUR -14 127 975.10","- Legal and publication costs EUR\t-5 490.44","- Taxe d‘abonnement EUR\t-925 211.78","- Other expenses EUR\t-1 818 757.08thereof:Expenses from prepaidplacement fee 1","EUR -1 818 757.08","Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-17 478 553.61","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t-13 376 003.64","- Sale transactionsRealized gains/losses EUR\t60 192.47Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t60 192.47","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR\t-13 315 811.171 For further information, please refer to the notes to the financial statements.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class DPMC 0.17% p.a.,\tClass LC 1.39%","2","Class LC10 0.39% p.a.,\tClass PFC 1.85%","2","Class SC 0.59% p.a.,\tClass WAMC 0.19% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class DPMC 0.30% p.a.,\tClass LC 1.53%","2","Class LC10 0.53% p.a.,\tClass PFC 1.99%","2","Class SC 0.73% p.a,\tClass WAMC 0.33% p.a.","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 94 528.30.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . EUR\t269 783 999.47","- Net inflows","- 3","- EUR 1 404 380\t330.55","- Income adjustment EUR 3 878\t291.17","- Net investment income EUR\t-13 376 003.64","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR 60\t192.47","- Net change in unrealized appreciation/depreciation .","EUR 100 371\t761.66","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","EUR\t1 765 098 571.683 Reduced by a dilution fee in the amount of EUR 318 590.00 for the benefit of the fund’s assets.","Summary of gains/losses\t2021","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t60 192.47","from:","Securities transactions EUR\t12 476 928.60","(Forward) currency transactions EUR\t1 866 468.06","Derivatives and other financial futures transactions","4","EUR\t-14 283 204.19","4","This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","Class DPMC","The income for the fiscal year is reinvested.","Class LC","The income for the fiscal year is reinvested.","Class LC10","The income for the fiscal year is reinvested.","Class PFC","The income for the fiscal year is reinvested.","Class SC","The income for the fiscal year is reinvested.","Class WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal yea | | | 2020 | Class DPMC | EUR | 10 635.22 |","| --- | --- | --- | --- | --- | --- | --- |","| 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 1 765 098 571.68 | | Class LC | EUR | - |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 269 783 999.47 | | Class LC10 | EUR | 11 275.41 |","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-","Net asset value per share at the end of the fiscal year","Class PFC EUR\t-","Class SC EUR\t11 259.91","Class WAMC EUR\t11 289.36","| 2021\tClass DPMC | EUR | 11 952.50 | 2019 | Class DPMC | EUR | - |","| --- | --- | --- | --- | --- | --- | --- |","| Class LC | EUR | 109.75 | | Class LC | EUR | - |","| Class LC10 | EUR | 12 643.49 | | Class LC10 | EUR | - |","| Class PFC | EUR | 105.34 | | Class PFC | EUR | - |","| Class SC | EUR | 12 601.06 | | Class SC | EUR | - |","| Class WAMC | EUR | 12 684.35 | | Class WAMC | EUR | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.26% of all transactions.","The total volume was EUR 161 262 729.11.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscriptions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve medium- to long-term capital appre- ciation.","In order to achieve","the investment objective, the sub-fund seeks to invest in portfolios of three main asset","DB BALANCED SAA (USD)","Performance since inception","130","125","120","115","110","105","100","95","classes that are diversified","5/26/20*","9/20","12/20","3/21","6/21","9/21","12/21","between each other and within themselves.","These are a bond","DB Balanced SAA (USD) (USD LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on May 26, 2020 = 100/ First share price calculation on May 27, 2020","Data on U.S. dollar basis","portfolio, an equity portfolio","and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return,","Past performance is no guide to future results.","As of: December 31, 2021","DB BALANCED SAA (USD)","Performance of share classes (in USD)","| Share class | ISIN | 1 year | Since inception |","| --- | --- | --- | --- |","| Class USD LC | LU2132882536 | 6.5% | 23.2% 1 |","| Class USD DPMC | LU2132882452 | – | 3.8% 2 |","| Class USD LC10 | LU2132882619 | 6.7% | 23.6% 1 |","| Class USD WAMC | LU2132882700 | 6.9% | 23.9% 1 |","1","Classes USD LC, USD LC10 and USD WAMC launched on May 26, 2020 / first share price calculation on May 27, 2020","2","Class USD DPMC launched on April 19, 2021","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.","The expected range of alloca- tion for a “balanced” portfolio is for","a) bond portfolio: up","to 75%;","b) equity portfolio:","25-60% and","c) alternative port- folio: 0-15%.","In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.","Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-","ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the fund manager may gain exposure to a financial","index through the use of deriva-","tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the sub-","fund DB Balanced SAA (USD) achieved an appreciation of 6.5% per share in 2021 (USD LC share class; BVI method; in U.S. dollars).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning","of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors,","caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels and historically extremely low","investment-grade corporate bonds, which traded lower.","The management of the DB Balanced SAA (USD) sub-fund was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.","Regionally, the investment focus was on North America.","In terms of sector allocation, the equity portfolio was broadly diversified.","With this orientation, the sub-fund benefited in particular from price increases in equities during the reporting period.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","interest rates, bond markets\tsaw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Equity funds | 8 621 509.64 | 44.97 |","| Other funds | 1 027 203.69 | 5.36 |","| Bond funds | 9 568 975.55 | 49.89 |","| Total investment fund units | 19 217 688.88 | 100.22 |","| 2. Cash at bank | 92 509.69 | 0.48 |","| II.","Liabilities | | |","| 1. Other liabilities | -133 586.46 | -0.70 |","| III.","Net assets | 19 176 612.11 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 19 217 688.88 | 100.22 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) | Units | 10 453 | 13 508 | 13 974 | EUR | 66.76 | 790 969.44 | 4.13 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 28 670 | 20 753 | 2 869 | EUR | 52.738 | 1 713 774.89 | 8.94 |","| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 198 797 | 145 371 | 4 091 | EUR | 13.994 | 3 153 106.24 | 16.44 |","| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 50 427 | 35 381 | | EUR | 12.858 | 734 889.58 | 3.83 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 56 | 90 | 34 | USD | 10 408.589 | 589 115.73 | 3.07 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 16 216 | 11 645 | 1 211 | EUR | 23.835 | 438 087.96 | 2.29 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 79 | 79 | | EUR | 432.63 | 38 738.80 | 0.20 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 5 303 | 3 716 | 428 | EUR | 147.32 | 885 494.29 | 4.62 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 3 432 | 3 540 | 108 | GBP | 128.912 | 597 850.32 | 3.12 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 281 110 | 236 581 | 6 973 | USD | 5.955 | 1 674 010.05 | 8.73 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 2 376 | 1 803 | 170 | USD | 209.84 | 498 579.84 | 2.60 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 327 056 | 243 147 | 14 366 | USD | 5.383 | 1 760 542.45 | 9.18 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 6 463 | 4 578 | 437 | USD | 490.17 | 3 167 968.71 | 16.52 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 12 467 | 9 132 | 451 | USD | 138.5 | 1 726 679.50 | 9.00 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 153 | | | USD | 138.352 | 21 167.89 | 0.11 |","| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 15 673 | 11 018 | 958 | USD | 91.03 | 1 426 713.19 | 7.44 |","| Total securities portfolio | | | | | | | 19 217 688.88 | 100.22 |","| Cash at bank | | | | | | | 92 509.69 | 0.48 |","| Demand deposits at Depositary EUR deposits | EUR | 38 411 | | | | | 43 536.41 | 0.23 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 2 784 | | | | | 3 762.36 | 0.02 |","| U.S. dollar | USD | | | | | | 45 210.92 | 0.23 |","| Total assets | 19 310 198.57 | 100.70 |","| Other liabilities | -133 586.46 | -0.70 |","| Additional other liabilities | -133 586.46 | -0.70 |","| Total liabilities | -133 586.46 | -0.70 |","| Net assets | 19 176 612.11 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class USD DPMC | USD | 10 383.19 |","| Class USD LC | USD | 12 317.80 |","| Class USD LC10 | USD | 12 362.39 |","| Class USD WAMC | USD | 12 382.33 |","| Number of shares outstanding Class USD DPMC | Count | 1.000 |","| Class USD LC | Count | 1 310.137 |","| Class USD LC10 | Count | 2.000 |","| Class USD WAMC | Count | 242.563 |","Composition of the reference portfolio (according to CSSF circular 11/512) Ex-Derivative Benchmark for Portfolio 07_004","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 100.000 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.000 |","| Average market risk exposure | % | 100.000 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| Euro\tEUR | 0.882262 | = USD | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.740028 | = USD | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 282\t337.56Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t282 337.56","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-530.23","- Management fee USD\t-73 542.27thereof:All-in fee USD\t-73 542.27","- Depositary fee USD\t-10.49","- Legal and publication costs USD\t-61.89","- Taxe d‘abonnement USD\t-9 622.32Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t-83 767.20","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t198 570.36","- Sale transactionsRealized gains/losses USD\t269 817.23Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t269 817.23","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","USD\t468 387.59BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.14%1,\tClass USD LC 0.50% p.a.,Class USD LC10 0.29% p.a.,\tClass USD WAMC 0.17% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class USD DPMC 0.29%","1",",\tClass USD LC 0.64% p.a.,","Class USD LC10 0.44% p.a.,\tClass USD WAMC 0.32% p.a.","1","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 2 222.39.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . USD\t6 158 045.19","- Net inflows USD 12 212\t269.21","- Income adjustment USD\t-141 216.49","- Net investment income USD 198\t570.36","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD 269\t817.236.","Net change in unrealized appreciation/depreciation .","USD\t479 126.61","- Value of the fund’s net assetsSummary of gains/losses\t2021at the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","USD\t19 176 612.11Realized gains/losses (incl. income adjustment).",". . . .",". .","USD\t269 817.23from:Securities transactions USD\t268 698.07(Forward) currency transactions USD\t1 119.16 Details on the distribution policy*\tClass USD DPMCThe income for the fiscal year is reinvested.","Class USD LC","The income for the fiscal year is reinvested.","Class USD LC10","The income for the fiscal year is reinvested.","Class USD WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the fiscal year","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t19 176 612.11","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t6 158 045.19","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t–","Net asset value per share at the end of the fiscal year","| 2021 | Class USD DPMC | USD | 10 383.19 |","| --- | --- | --- | --- |","| | Class USD LC | USD | 12 317.80 |","| | Class USD LC10 | USD | 12 362.39 |","| | Class USD WAMC | USD | 12 382.33 |","| 2020 | Class USD DPMC | USD | – |","| | Class USD LC | USD | 11 564.33 |","| | Class USD LC10 | USD | 11 582.29 |","| | Class USD WAMC | USD | 11 587.22 |","| 2019 | Class USD DPMC | USD | – |","| | Class USD LC | USD | – |","| | Class USD LC10 | USD | – |","| | Class USD WAMC | USD | – |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.75% of all transactions.","The total volume was USD 985 594.31.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscriptions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve medium- to long-term capital appreci- ation.","In order to achieve this objective, it seeks to hedge against capital losses of more than 18% on an annualized","DB BALANCED SAA (USD) PLUS","Performance since inception","130","125","120","115","110","105","100","95","basis.","In order to achieve the","4/30/20*6/20","12/20\t6/21","12/21","investment objective, the sub-fund seeks to invest in","DB Balanced SAA (USD) Plus (USD LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020 = 100","Data on U.S. dollar basis","portfolios of three main asset","classes that are diversified between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-","Past performance is no guide to future results.","As of: December 31, 2021","DB BALANCED SAA (USD) PLUS","Performance of share classes (in USD)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class USD LC | LU2132881561 | 7.0% | 27.7% |","| Class USD DPMC | LU2132881488 | 7.5% | 20.2% |","| Class USD LC10 | LU2132881645 | 7.2% | 28.1% |","| Class USD WAMC | LU2132881728 | 7.4% | 28.6% |","| Class GBP DPMCH 2 | LU2206941788 | 7.1% | 15.6% |","1","Classes USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on June 17, 2020 / Class GBP DPMCH launched on September 28, 2020","2 in GBP","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","tion approach which takes into account the expected return, volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.","The expected range of alloca- tion for a “balanced” portfolio is for","a) bond portfolio: up to 70%;","b) equity portfolio: 30-80% and","c) alternative portfolio:","0-15%.","In addition, the sub- fund aims to overweight USD- denominated assets in each of the portfolios in order for it to have a U.S. focus.","In addition to allocating assets across the portfolios, the sub-fund man-","ager seeks to implement a cap- ital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 18%","on an annualized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.","The risk mitigation strat- egy includes investments in derivative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-","ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the fund manager may gain exposure to a financial","index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary","policy of the central banks.","Against this backdrop, the sub- fund DB Balanced SAA (USD) Plus achieved an appreciation of 7.0% per share in 2021 (USD LC share class; BVI method; in","U.S. dollars).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021","price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels and historically extremely low","related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","were influenced in particular\tinterest rates, bond markets\tby the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant","saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the DB Balanced SAA (USD) Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.","Region- ally, the investment focus was on North America.","In terms of sector allocation, the equity portfolio was broadly diversi- fied.","With this orientation, the sub-fund benefited in particular from price increases in equities during the reporting period.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability-","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Equity funds | 297 643 776.36 | 60.00 |","| Other funds | 30 895 752.60 | 6.22 |","| Bond funds | 161 987 611.33 | 32.66 |","| Total investment fund units | 490 527 140.29 | 98.88 |","| 2. Derivatives | 3 085 796.99 | 0.62 |","| 3. Cash at bank | 1 312 600.85 | 0.27 |","| 4. Other assets | 4 130 344.15 | 0.84 |","| 5. Receivables from share certificate transactions | 241 619.58 | 0.05 |","| II.","Liabilities | | |","| 1. Other liabilities | -1 003 315.97 | -0.21 |","| 2. Liabilities from share certificate transactions | -2 215 306.55 | -0.45 |","| III.","Net assets | 496 078 879.34 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Investment fund units | | | | | | | 490 527 140.29 | 98.88 |","| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) | Units | 394 331 | 375 236 | 511 132 | EUR | 66.76 | 29 838 684.61 | 6.01 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 793 559 | 506 751 | 110 715 | EUR | 52.738 | 47 435 698.85 | 9.56 |","| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 2 955 027 | 1 772 069 | 451 314 | EUR | 13.994 | 46 869 490.38 | 9.45 |","| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 638 654 | 446 252 | 286 886 | EUR | 12.858 | 9 307 318.93 | 1.88 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 1 903 | 3 011 | 1 108 | USD | 10 408.589 | 19 810 365.78 | 3.99 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 410 330 | 238 024 | 68 292 | EUR | 23.835 | 11 085 386.82 | 2.23 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 697 | 603 | | EUR | 432.63 | 341 784.08 | 0.07 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF EUR - (0.070%) | Units | 110 | | | EUR | 122.02 | 15 213.39 | 0.00 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 161 791 | 99 826 | 42 074 | EUR | 147.32 | 27 015 841.24 | 5.45 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 116 330 | 126 434 | 10 104 | GBP | 128.912 | 20 264 548.04 | 4.09 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 1 589 194 | 1 123 821 | 918 017 | USD | 5.955 | 9 463 650.27 | 1.91 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 57 907 | 35 424 | 7 544 | USD | 209.84 | 12 151 204.88 | 2.45 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 262 | 262 | | USD | 209.9 | 54 993.80 | 0.01 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 7 846 959 | 4 733 899 | 1 113 053 | USD | 5.383 | 42 240 180.30 | 8.52 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 198 809 | 120 845 | 44 529 | USD | 490.17 | 97 450 207.53 | 19.64 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 214 255 | 199 430 | 39 415 | USD | 138.5 | 29 674 317.50 | 5.98 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 88 262 | 17 260 | | USD | 138.352 | 12 211 241.88 | 2.46 |","| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 826 474 | 630 146 | 109 152 | USD | 91.03 | 75 233 928.22 | 15.17 |","| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 693 | | | USD | 91.03 | 63 083.79 | 0.01 |","| Total securities portfolio | | | | | | | 490 527 140.29 | 98.88 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 2 669 126.33 | 0.54 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 100 EUR (DB) | Count | 784 | 879 | 95 | | | 496 741.33 | 0.10 |","| Put S & P 500 Futures 06/2022 3 450 USD (DB) | Count | 87 | 91 | 4 | | | 308 850.00 | 0.06 |","| Put S & P 500 Futures 06/2022 3 650 USD (DB) | Count | 303 | 314 | 11 | | | 1 398 345.00 | 0.28 |","| Put S & P 500 Futures 06/2022 3 800 USD (DB) | Count | 26 | 26 | | | | 147 030.00 | 0.03 |","| Put S & P 500 Futures 09/2022 3 600 USD (DB) | Count | 41 | 41 | | | | 318 160.00 | 0.07 |","| Currency derivatives Receivables/payables | | | | | | | 416 670.66 | 0.08 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (long) | | | | | | | | |","| Open positions GBP/USD 24.8 million | | | | | | | 577 505.52 | 0.11 |","| Closed positions GBP/USD 25.1 million | | | | | | | -160 834.86 | -0.03 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Cash at bank | | | | | | | 1 312 600.85 | 0.27 |","| Demand deposits at Depositary EUR deposits | EUR | 533 390 | | | | | 604 571.11 | 0.12 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 127 210 | | | | | 171 898.43 | 0.04 |","| U.S. dollar | USD | | | | | | 536 131.31 | 0.11 |","| Other assets | | | | | | | 4 130 344.15 | 0.84 |","| Dividends/Distributions receivable | | | | | | | 574 897.80 | 0.12 |","| Other receivables | | | | | | | 3 555 446.35 | 0.72 |","| Receivables from share certificate transactions | | | | | | | 241 619.58 | 0.05 |","| Total assets * | | | | | | | 499 458 336.72 | 100.69 |","| Other liabilities | | | | | | | -1 003 315.97 | -0.21 |","| Liabilities from cost items | | | | | | | -254 816.97 | -0.06 |","| Additional other liabilities | | | | | | | -748 499.00 | -0.15 |","| Liabilities from share certificate transactions | | | | | | | -2 215 306.55 | -0.45 |","| Total liabilities | | | | | | | -3 379 457.38 | -0.69 |","| Net assets | | | | | | | 496 078 879.34 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class USD LC | USD | 12 769.80 |","| Class USD LC10 | USD | 12 812.21 |","| Class USD WAMC | USD | 12 855.88 |","| Class GBP DPMCH | GBP | 11 556.23 |","| Class USD DPMC | USD | 12 024.97 |","| Number of shares outstanding Class USD LC | Count | 27 114.351 |","| Class USD LC10 | Count | 4 195.438 |","| Class USD WAMC | Count | 3 177.576 |","| Class GBP DPMCH | Count | 2 189.057 |","| Class USD DPMC | Count | 1 750.226 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 64.376 |","| --- | --- | --- |","| Highest market risk exposure | % | 92.097 |","| Average market risk exposure | % | 79.426 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 22 984 324.49 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Contracting parties for forward currency transactions","Barclays Bank Ireland PLC, Royal Bank of Canada (UK) and State Street Bank International GmbH","Exchange rates (indirect quotes)","As of December 30, 2021","| Euro\tEUR | 0.882262 | = USD | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.740028 | = USD | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnote","* Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 4 838\t787.81Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t4 838 787.81","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-6 366.23","- Management fee USD\t-2 268 760.52thereof:All-in fee USD -2 268 760.52","- Legal and publication costs USD\t-1 645.80","- Taxe d‘abonnement USD\t-211 506.88","- Other expenses USD\t-9 306.38Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t-2 497 585.81","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t2 341 202.00","- Sale transactionsRealized gains/losses USD\t3 917 639.96Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t3 917 639.96","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","USD\t6 258 841.96BVI total expense ratio (TER)The total expense ratio for the share classes was:Class GBP DPMCH 0.21% p.a.,\tClass USD DPMC 0.18% p.a.,Class USD LC 0.61% p.a.,\tClass USD LC10 0.41% p.a., Class USD WAMC 0.23% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class GBP DPMCH 0.33% p.a.,\tClass USD DPMC 0.30% p.a.,","Class USD LC 0.73% p.a.,\tClass USD LC10 0.53% p.a., Class USD WAMC 0.34% p.a.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 38 385.54.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . USD\t253 779 358.57","- Net inflows USD 215 596\t829.46","- Income adjustment USD\t-1 880 726.23","- Net investment income USD\t2 341 202.00","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD 3 917\t639.966.","Net change in unrealized appreciation/depreciation .","USD\t22 324 575.58","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","USD\t496 078 879.34Summary of gains/losses\t2021Realized gains/losses (incl. income adjustment).",". . . .",". .","USD\t3 917 639.96from:Securities transactions USD\t13 918 917.06(Forward) currency transactions USD\t\t-355 573.69 Derivatives and other financial futures transactions 1 .","USD\t-9 645 703.411 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","Class GBP DPMCH","The income for the fiscal year is reinvested.","Class USD DMPC","The income for the fiscal year is reinvested.","Class USD LC","The income for the fiscal year is reinvested.","Class USD LC10","The income for the fiscal year is reinvested.","Class USD WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 496 078 879.34 |","| --- | --- | --- |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 253 779 358.57 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | – |","| Net asset value per share at the end of the fiscal year | | |","| 2021 | Class USD LC | USD | 12 769.80 |","| | Class USD LC10 | USD | 12 812.21 |","| | Class USD WAMC | USD | 12 855.88 |","| | Class GBP DPMCH | GBP | 11 556.23 |","| | Class USD DPMC | USD | 12 024.97 |","| 2020 | Class USD LC | USD | 11 935.76 |","| | Class USD LC10 | USD | 11 951.26 |","| | Class USD WAMC | USD | 11 969.51 |","| | Class GBP DPMCH | GBP | 10 793.15 |","| | Class USD DPMC | USD | 11 191.13 |","| 2019 | Class USD LC | USD | – |","| | Class USD LC10 | USD | – |","| | Class USD WAMC | USD | – |","| | Class GBP DPMCH | GBP | – |","| | Class USD DPMC | USD | – |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 8.03% of all transactions.","The total volume was USD 39 652 387.21.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve a medium- to long-term return in euro.","In order to achieve the investment objective, the sub-fund seeks to invest in portfolios of three main asset","DB CONSERVATIVE SAA (EUR)","Performance since inception","118","115","112","109","106","103","100","97","classes that are diversified","4/30/20* 6/20","12/20\t6/21","12/21","between each other and within themselves.","These are a bond","DB Conservative SAA (EUR) (SC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020= 100","Data on euro basis","portfolio, an equity portfolio","and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend","Past performance is no guide to future results.","As of: December 31, 2021","DB CONSERVATIVE SAA (EUR)","Performance of share classes (in euro)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class SC | LU2132882023 | 5.3% | 13.6% |","| Class DPMC | LU2132881991 | 5.6% | 10.3% |","| Class LC | LU2258442594 | – | 4.1% |","| Class LC10 | LU2132882296 | 5.5% | 14.0% |","| Class PFC | LU2258442677 | – | 1.9% |","| Class WAMC | LU2132882379 | 5.6% | 14.1% |","1","Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on May 29, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","an allocation that provides an opportunity for a medium- to long-term return in euro.","The expected range of allocation for a “conservative” portfolio is for","- bond portfolio: up to 100%;","- equity portfolio: 0-40% and","- alternative portfolio: 0-15%.","In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary","policy of the central banks.","Against this backdrop, the","sub-fund DB Conservative SAA (EUR) achieved an increase in value of 5.3% per share in 2021 (SC share class; BVI method; in euro).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of","the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low,","in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Conservative SAA (EUR) was mainly exposed to bonds, including government and corporate bonds, and to a lesser extent equities, through investments in target funds globally.","Regionally, the invest- ment focus was on Europe.","In terms of sector allocation, the equity portfolio was broadly diversified.","With this orienta- tion, the sub-fund benefited during the reporting period from positive income in cor- porate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums.","The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a majorevent in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 217 549 115.79 | 71.95 |","| Equity funds | 65 117 651.36 | 21.55 |","| Other funds | 17 108 350.92 | 5.66 |","| Total investment fund units | 299 775 118.07 | 99.16 |","| 2. Cash at bank | 213 342.99 | 0.07 |","| 3. Other assets | 3 792 196.33 | 1.25 |","| 4. Receivables from share certificate transactions | 294 118.27 | 0.10 |","| II.","Liabilities | | |","| 1. Loan liabilities | -476 904.02 | -0.16 |","| 2. Other liabilities | -1 283 715.45 | -0.42 |","| III.","Net assets | 302 314 156.19 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 299 775 118.07 | 99.16 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 1 014 | 1 111 | 97 | EUR | 9 732.971 | 9 869 232.39 | 3.27 |","| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","| Units | 243 456 | 158 747 | 135 183 | EUR | 66.76 | 16 253 122.56 | 5.38 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 267 122 | 150 127 | 43 880 | EUR | 52.738 | 14 087 480.04 | 4.66 |","| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 311 201 | 171 497 | 4 115 | EUR | 162.33 | 50 517 258.33 | 16.71 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 1 026 740 | 589 347 | 12 132 | EUR | 17.079 | 17 535 179.09 | 5.80 |","| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 106 679 | 59 100 | 1 185 | EUR | 167.305 | 17 847 930.10 | 5.90 |","| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 74 481 | 39 728 | 681 | EUR | 207.77 | 15 474 917.37 | 5.12 |","| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 57 650 | 30 469 | 578 | EUR | 282.25 | 16 271 712.50 | 5.38 |","| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 54 448 | 30 122 | 440 | EUR | 247.16 | 13 457 367.68 | 4.45 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 303 718 | 164 785 | 27 392 | EUR | 23.835 | 7 239 118.53 | 2.39 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 6 122 851 | 6 193 328 | 70 477 | EUR | 5.323 | 32 593 160.44 | 10.78 |","| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) | Units | 284 494 | 180 727 | 9 520 | EUR | 133.97 | 38 113 661.18 | 12.61 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 693 | 693 | | EUR | 432.63 | 299 812.59 | 0.10 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 39 918 | 23 583 | 10 577 | EUR | 147.32 | 5 880 719.76 | 1.95 |","| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) | Units | 5 633 | 5 633 | | GBP | 112.51 | 755 579.73 | 0.25 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 21 623 | 21 728 | 105 | GBP | 128.912 | 3 323 217.12 | 1.10 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 9 936 | 5 604 | 1 507 | USD | 209.84 | 1 839 490.01 | 0.61 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 1 382 090 | 770 308 | 215 979 | USD | 5.383 | 6 563 844.42 | 2.17 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 58 441 | 33 460 | 10 419 | USD | 490.17 | 25 273 299.29 | 8.36 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 13 637 | 13 879 | 242 | USD | 138.5 | 1 666 349.86 | 0.55 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 40 247 | 16 873 | 9 258 | USD | 138.352 | 4 912 665.08 | 1.62 |","| Total securities portfolio | | | | | | | 299 775 118.07 | 99.16 |","| Cash at bank | | | | | | | 213 342.99 | 0.07 |","| Demand deposits at Depositary Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 50 139 | | | | | 59 776.09 | 0.02 |","| U.S. dollar | USD | 174 061 | | | | | 153 566.90 | 0.05 |","| Other assets | | | | | | | 3 792 196.33 | 1.25 |","| Prepaid placement fee * | | | | | | | 2 121 840.78 | 0.70 |","| Other receivables | | | | | | | 1 670 355.55 | 0.55 |","| Receivables from share certificate transactions | | | | | | | 294 118.27 | 0.10 |","| Total assets | | | | | | | 304 074 775.66 | 100.58 |","| Short-term liabilities | | | | | | | -476 904.02 | -0.16 |","| EUR loans | EUR | | | | | | -476 904.02 | -0.16 |","| Other liabilities | -1 283 715.45 | -0.42 |","| Additional other liabilities | -1 283 715.45 | -0.42 |","| Total liabilities | -1 760 619.47 | -0.58 |","| Net assets | 302 314 156.19 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class DPMC | EUR | 11 028.35 |","| Class LC | EUR | 104.13 |","| Class LC10 | EUR | 11 397.39 |","| Class PFC | EUR | 101.93 |","| Class SC | EUR | 11 356.94 |","| Class WAMC | EUR | 11 410.88 |","| Number of shares outstanding Class DPMC | Count | 149.000 |","| Class LC | Count | 402 437.000 |","| Class LC10 | Count | 9 565.000 |","| Class PFC | Count | 616 761.000 |","| Class SC | Count | 7 285.863 |","| Class WAMC | Count | 362.500 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 100.000 |","| --- | --- | --- |","| Highest market risk exposure | % | 119.315 |","| Average market risk exposure | % | 100.076 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","| Exchange rates (indirect quotes) | |","| --- | --- |","| | | As of December 30, 2021 |","| British pound\tGBP | 0.838785 | = EUR\t1 |","| U.S. dollar\tUSD | 1.133450 | = EUR\t1 |","| Notes on valuation | | |","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 1 304\t060.20Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t1 304 060.20","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-83 325.88","- Management fee EUR\t-1 244 737.43thereof:All-in fee EUR -1 244 737.43","- Legal and publication costs EUR\t-1 003.91","- Taxe d‘abonnement EUR\t-105 389.36","- Other expenses EUR\t-444 300.26thereof:Expenses from prepaidplacement fee 1 EUR\t-444 300.26Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-1 878 756.84","- Net investment expense.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-574 696.64","- Sale transactionsRealized gains/losses EUR\t3 087 398.70Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t3 087 398.70","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR 2 512\t702.06 Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . EUR\t137 073 970.71","- Net inflows","- 3","- EUR 155 282\t516.33","- Income adjustment EUR\t-931 898.16","- Net investment expense EUR\t-574 696.64","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR 3 087\t398.70","- Net change in unrealized appreciation/depreciation .","EUR 8 376\t865.25","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","EUR\t302 314 156.193 Reduced by a dilution fee in the amount of EUR 40 589.56 for the benefit of the fund’s assets.","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t3 087 398.70","from:","Securities transactions EUR\t3 028 611.44","(Forward) currency transactions EUR\t58 787.26","Details on the distribution policy*","1","For further information, please refer to the notes to the financial statements.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class DPMC 0.12% p.a.,\tClass LC 1.05%","2","Class LC10 0.21% p.a.,\tClass PFC 1.66%","2","Class SC 0.41% p.a.,\tClass WAMC 0.14% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class DPMC 0.30% p.a.,\tClass LC 1.23%","2","Class LC10 0.39% p.a.,\tClass PFC 1.84%","2","Class SC 0.59% p.a.,\tClass WAMC 0.32% p.a.","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 11 707.29.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Class DPMC","The income for the fiscal year is reinvested.","Class LC","The income for the fiscal year is reinvested.","Class LC10","The income for the fiscal year is reinvested.","Class PFC","The income for the fiscal year is reinvested.","Class SC","The income for the fiscal year is reinvested.","Class WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year | | | 2020 | Class DPMC | EUR | 10 441.01 |","| --- | --- | --- | --- | --- | --- | --- |","| 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 302 314 156.19 | | Class LC | EUR | – |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 137 073 970.71 | | Class LC10 | EUR | 10 800.17 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | – | | Class PFC | EUR | – |","| | | | | Class SC | EUR | 10 783.91 |","| Net asset value per share at the end of the fiscal year | | | | Class WAMC | EUR | 10 805.64 |","| 2021\tClass DPMC | EUR | 11 028.35 | 2019 | Class DPMC | EUR | – |","| Class LC | EUR | 104.13 | | Class LC | EUR | – |","| Class LC10 | EUR | 11 397.39 | | Class LC10 | EUR | – |","| Class PFC | EUR | 101.93 | | Class PFC | EUR | – |","| Class SC | EUR | 11 356.94 | | Class SC | EUR | – |","| Class WAMC | EUR | 11 410.88 | | Class WAMC | EUR | – |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.41% of all transactions.","The total volume was EUR 21 297 652.19.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve a medium- to long-term return in euro.","In order to achieve this objective, it seeks to hedge against capital losses of more than 10% on an annualized","DB CONSERVATIVE SAA (EUR) PLUS","Performance since inception","118","115","112","109","106","103","100","97","basis.","In order to achieve the","4/30/20* 6/20","9/20","12/20\t3/21","6/21","9/21","12/21","investment objective, the sub-fund seeks to invest in","DB Conservative SAA (EUR) Plus (SC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020 = 100","Data on euro basis","portfolios of three main asset","classes that are diversified between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return,","Past performance is no guide to future results.","As of: December 31, 2021","DB CONSERVATIVE SAA (EUR) PLUS","Performance of share classes (in euro)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class SC | LU2132883344 | 4.8% | 12.6% |","| Class DPMC | LU2132883260 | 5.2% | 9.1% |","| Class LC | LU2258442750 | – | 3.3% |","| Class LC10 | LU2132883427 | 5.0% | 12.9% |","| Class LC50 | LU2369020990 | – | 0.2% |","| Class PFC | LU2258442834 | – | 1.3% |","| Class WAMC | LU2132883690 | 5.2% | 13.3% |","1","Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on June 17, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021 / Class LC50 launched on September 7, 2021","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in euro.","The expected range of allocation for a “conservative” portfolio is for","- bond portfolio: up to 80%;","- equity portfolio: 20-60% and","- alternative portfolio: 0-15%.","In addition, the sub-fund aims to overweight euro areaassets in each of the portfolios in order to have a European focus.","In addition to allocating assets across the portfolios, the sub-fund manager seeksto implement a capital pres- ervation strategy, based on the advice of the investmentadvisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%on an annualized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.","The risk mitigation strat- egy includes investments in derivative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-tradedfunds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing inan ETF, the fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the","sub-fund DB Conservative SAA (EUR) Plus achieved an appreci- ation of 4.8% per share in 2021 (SC share class; BVI method; in euro).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in","new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","view of the weakened global\tIn the corporate bond markets,\teconomy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated","high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Conservative SAA (EUR) Plus was mainly exposed to bonds, including govern- ment and corporate bonds, and to a lesser extent equities, through investments in target funds globally.","Regionally,","the investment focus was on Europe.","In terms of sector allocation, the equity portfolio was broadly diversified.","With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 1 253 961 974.04 | 60.91 |","| Equity funds | 633 067 325.27 | 30.75 |","| Other funds | 139 879 937.32 | 6.80 |","| Total investment fund units | 2 026 909 236.63 | 98.46 |","| 2. Derivatives | 10 453 152.11 | 0.51 |","| 3. Cash at bank | 8 555 397.13 | 0.42 |","| 4. Other assets | 13 364 314.16 | 0.64 |","| 5. Receivables from share certificate transactions | 9 210 097.60 | 0.45 |","| II.","Liabilities | | |","| 1. Other liabilities | -9 624 786.49 | -0.46 |","| 2. Liabilities from share certificate transactions | -370 748.82 | -0.02 |","| III.","Net assets | 2 058 496 662.32 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 2 026 909 236.63 | 98.46 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 9 320 | 11 173 | 1 853 | EUR | 9 732.971 | 90 711 287.86 | 4.41 |","| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units Units | 3 964 880 2 177 180 | 3 173 825 1 764 681 | 181 396 158 426 | EUR EUR | 66.76 52.738 | 264 695 388.80 114 820 118.84 | 12.86 5.58 |","| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 1 929 857 | 1 545 598 | 58 037 | EUR | 162.33 | 313 273 686.81 | 15.22 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 6 962 936 | 5 887 650 | 190 511 | EUR | 17.079 | 118 916 502.48 | 5.78 |","| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 987 518 | 869 035 | 28 005 | EUR | 167.305 | 165 216 698.99 | 8.02 |","| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 598 607 | 508 519 | 8 493 | EUR | 207.77 | 124 372 576.39 | 6.04 |","| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 288 736 | 204 056 | 1 958 | EUR | 282.25 | 81 495 736.00 | 3.96 |","| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 503 577 | 443 091 | 14 283 | EUR | 247.16 | 124 464 091.32 | 6.04 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 2 062 876 | 1 667 829 | 140 790 | EUR | 23.835 | 49 168 649.46 | 2.39 |","| iShares II PLC - iShares Barclays Euro Government Bond 3-5 (IBGX) EUR - (0.200%) | Units | 108 328 | 119 631 | 11 303 | EUR | 172.74 | 18 712 578.72 | 0.91 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 18 894 356 | 19 424 173 | 529 817 | EUR | 5.323 | 100 578 435.86 | 4.89 |","| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) | Units | 1 001 251 | 830 580 | 94 883 | EUR | 133.97 | 134 137 596.47 | 6.52 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) | Units | 1 709 | 1 709 | | EUR | 153.76 | 262 775.84 | 0.01 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 5 638 | 4 923 | | EUR | 432.63 | 2 439 167.94 | 0.12 |","| iShares VII PLC - iShares EUR Govt Bond 7-10yr UCITS ETF EUR (Acc) EUR - (0.200%) | Units | 161 000 | 164 100 | 3 100 | EUR | 171.27 | 27 574 470.00 | 1.34 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 271 118 | 260 447 | 113 217 | EUR | 147.32 | 39 941 103.76 | 1.94 |","| Multi Units Luxembourg SICAV - Lyxor Euro Government Bond 7-10Y (DR) UCITS ETF EUR - (0.170%) | Units | 224 405 | 245 627 | 21 222 | EUR | 188.07 | 42 203 848.35 | 2.05 |","| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) | Units | 20 524 | 20 524 | | GBP | 112.51 | 2 752 976.81 | 0.13 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 583 125 | 600 516 | 17 391 | GBP | 128.912 | 89 619 894.67 | 4.35 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 278 458 | 279 214 | 145 500 | USD | 490.17 | 120 421 491.30 | 5.85 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 2 614 | 2 614 | | USD | 490.046 | 1 130 159.96 | 0.05 |","| Total securities portfolio | | | | | | | 2 026 909 236.63 | 98.46 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 10 453 152.11 | 0.51 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 400 EUR (DB) | Count | 9 785 | 9 939 | 154 | | | 8 331 927.50 | 0.40 |","| Put FTSE MIB Index Futures 09/2022 5 700 GBP (DB) | Count | 497 | 497 | | | | 568 822.86 | 0.03 |","| Put S & P 500 Futures 09/2022 3 800 USD (DB) | Count | 179 | 186 | 7 | | | 1 552 401.75 | 0.08 |","| Cash at bank | | | | | | | 8 555 397.13 | 0.42 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 6 932 646.62 | 0.34 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 339 575 | | | | | 404 841.19 | 0.02 |","| U.S. dollar | USD | 1 380 439 | | | | | 1 217 909.32 | 0.06 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other assets | 13 364 314.16 | 0.64 |","| Prepaid placement fee * | 12 658 280.74 | 0.61 |","| Other receivables | 706 033.42 | 0.03 |","| Receivables from share certificate transactions | 9 210 097.60 | 0.45 |","| Total assets ** | 2 068 492 197.63 | 100.48 |","| Other liabilities | -9 624 786.49 | -0.46 |","| Additional other liabilities | -9 624 786.49 | -0.46 |","| Liabilities from share certificate transactions | -370 748.82 | -0.02 |","| Total liabilities | -9 995 535.31 | -0.48 |","| Net assets | 2 058 496 662.32 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class DPMC | EUR | 10 907.63 |","| Class LC | EUR | 103.34 |","| Class LC10 | EUR | 11 294.83 |","| Class LC50 | EUR | 10 019.10 |","| Class PFC | EUR | 101.26 |","| Class SC | EUR | 11 256.76 |","| Class WAMC | EUR | 11 332.55 |","| Number of shares outstanding Class DPMC | Count | 8 767.000 |","| Class LC | Count | 4 899 723.000 |","| Class LC10 | Count | 29 689.000 |","| Class LC50 | Count | 7 516.000 |","| Class PFC | Count | 3 735 610.000 |","| Class SC | Count | 54 660.327 |","| Class WAMC | Count | 4 617.369 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 52.882 |","| --- | --- | --- |","| Highest market risk exposure | % | 86.818 |","| Average market risk exposure | % | 70.820 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 78 689 282.14 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Exchange rates (indirect quotes)","As of December 30, 2021","| British pound\tGBP | 0.838785 | = EUR | 1 |","| --- | --- | --- | --- |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnotes","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","** Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 7 855\t839.41Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t7 855 839.41","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-670 659.54","- Management fee EUR\t-12 911 217.59thereof:","| 3. Legal and publication costs | EUR | -6 574.05 | |","| --- | --- | --- | --- |","| 4. Taxe d‘abonnement | EUR | -832 543.52 | | |","| 5. Other expenses thereof: | EUR | -2 844 970.12 | Summary of gains/losses | 2021 |","All-in fee EUR -12 911 217.59","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . EUR\t441 422 189.57","- Net inflows","- 3","- EUR 1 577 497\t339.27","- Income adjustment EUR 1 170\t235.77","- Ordinary net expense EUR\t-9 410 125.41","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR 1 999\t894.15","- Net change in unrealized appreciation/depreciation .","EUR 45 817\t128.97","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","EUR\t2 058 496 662.323 Reduced by a dilution fee in the amount of EUR 282 485.18 for the benefit of the fund’s assets.","Expenses from prepaid","placement fee","1","EUR -2 844 970.12","Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-17 265 964.82","- Net investment expense.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-9 410 125.41Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t1 999 894.15from:Securities transactions EUR\t18 310 590.80","| IV.","Sale transactions Realized gains/losses | EUR | 1 999 894.15 | Derivatives and other financial futures transactions ...","EUR\t-16 855 092.87 |","| --- | --- | --- | --- |","| Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | 1 999 894.15 | Details on the distribution policy*\t |","| V. Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","| EUR | -7 410 231.26 | |","| 1 For further information, please refer to the notes to the financ | | | Class DPMC |","(Forward) currency transactions EUR\t544 396.22","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","ial statements.","The income for the fiscal year is reinvested.","Class LC","Class DPMC 0.16% p.a.,\tClass LC 1.24% p.a.,","Class LC10 0.38% p.a.,\tClass LC50 0.28%","2","Class PFC 1.89%","2",",\tClass SC 0.58%","2","Class WAMC 0.18% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class DPMC 0.32% p.a.,\tClass LC 1.39% p.a.,","Class LC10 0.54% p.a.,\tClass LC50 0.43%","2","Class PFC 2.05%","2",",\tClass SC 0.73%","2","Class WAMC 0.33% p.a.","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 117 252.55.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","The income for the fiscal year is reinvested.","Class LC10","The income for the fiscal year is reinvested.","Class LC50","The income for the fiscal year is reinvested.","Class PFC","The income for the fiscal year is reinvested.","Class SC","The income for the fiscal year is reinvested.","Class WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year | | | 2020 | Class DPMC | EUR | 10 364.46 |","| --- | --- | --- | --- | --- | --- | --- |","| 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 2 058 496 662.32 | | Class LC | EUR | 10 740.97 |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 441 422 189.57 | | Class LC10 | EUR | 10 755.75 |","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-","Net asset value per share at the end of the fiscal year","Class LC50 EUR\t-","Class PFC EUR\t-","Class SC EUR\t-","| 2021\tClass DPMC | EUR | 10 907.63 | | Class WAMC | EUR | 10 769.93 |","| --- | --- | --- | --- | --- | --- | --- |","| Class LC | EUR | 103.34 | 2019 | Class DPMC | EUR | - |","| Class LC10 | EUR | 11 294.83 | | Class LC | EUR | - |","| Class LC50 | EUR | 10 019.10 | | Class LC10 | EUR | - |","| Class PFC | EUR | 101.26 | | Class LC50 | EUR | - |","| Class SC | EUR | 11 256.76 | | Class PFC | EUR | - |","| Class WAMC | EUR | 11 332.55 | | Class SC | EUR | - |","| | | | | Class WAMC | EUR | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 13.66% of all transactions.","The total volume was EUR 291 376 264.65.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve a medium- to long-term return in","U.S. dollars.","In order to achieve the investment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified","DB CONSERVATIVE SAA (USD)","Performance since inception","118","115","112","109","106","103","100","97","4/30/20* 6/20\t12/20\t6/21","12/21","between each other and within themselves.","These are a bond","DB Conservative SAA (USD) (USD LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020 = 100","Data on U.S. dollar basis","portfolio, an equity portfolio","and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each","Past performance is no guide to future results.","As of: December 31, 2021","DB CONSERVATIVE SAA (USD)","Performance of share classes (in USD)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class USD LC | LU2132880753 | 2.8% | 16.2% |","| Class USD DPMC | LU2132880670 | – | 4.9% |","| Class USD LC10 | LU2132880837 | 3.0% | 16.6% |","| Class USD WAMC | LU2132880910 | 3.0% | 16.7% |","1","Classes USD LC, USD LC10 and WAMC launched on April 30, 2020 / Class USD DPMC launched on March 8, 2021 “BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars.","The expected range of alloca- tion for a “conservative” port- folio is for","a) bond portfolio: up to 100%;","b) equity portfolio:","0-40% and","c) alternative port- folio: 0-15%.","In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.","Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-","ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the","sub-fund DB Conservative SAA (USD) achieved an appreciation of 2.8% per share in 2021 (USD LC share class; BVI method; in","U.S. dollars).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price","development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors,","caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets,","high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the DB Conservative SAA (USD) sub- fund was mainly exposed to bonds, including government and corporate bonds, and","to a lesser extent equities, through investments in target funds globally.","Regionally, the investment focus was on North America.","In terms of sector allocation, the equity portfolio was broadly diversified.","With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums.","The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Other funds | 814 743.49 | 5.41 |","| Equity funds | 3 376 419.24 | 22.43 |","| Bond funds | 10 858 548.55 | 72.09 |","| Total investment fund units | 15 049 711.28 | 99.93 |","| 2. Cash at bank | 107 979.40 | 0.72 |","| 3. Other assets | 348 748.70 | 2.32 |","| II.","Liabilities | | |","| 1. Other liabilities | -6 126.96 | -0.04 |","| 2. Liabilities from share certificate transactions | -440 795.44 | -2.93 |","| III.","Net assets | 15 059 516.98 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tUSD |","| Investment fund units | | | | | | | 15 049 711.28 | 99.93 |","| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","| Units | 6 169 | 5 956 | 4 903 | EUR | 66.76 | 466 802.88 | 3.10 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 9 081 | 7 770 | 3 743 | EUR | 52.738 | 542 824.90 | 3.61 |","| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 144 629 | 109 833 | 19 101 | EUR | 13.994 | 2 293 951.13 | 15.23 |","| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 60 469 | 47 094 | 6 279 | EUR | 12.858 | 881 235.02 | 5.85 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 44 | 46 | 2 | USD | 10 408.589 | 455 136.38 | 3.02 |","| Non-group fund units Amundi Index Solutions - Amundi Prime US Corporates UCITS ETF DR EUR - (0.030%) | Units | 60 670 | 46 038 | 8 219 | EUR | 18.292 | 1 257 875.37 | 8.35 |","| Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 13 311 | 8 225 | 1 019 | EUR | 23.835 | 359 607.11 | 2.39 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 1 741 | 1 397 | 595 | EUR | 147.32 | 290 711.97 | 1.93 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 1 788 | 1 887 | 99 | GBP | 128.912 | 311 467.49 | 2.07 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 300 936 | 269 001 | 34 551 | USD | 5.955 | 1 792 073.88 | 11.90 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 2 786 | 2 242 | 418 | USD | 209.84 | 584 614.24 | 3.88 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 379 034 | 296 831 | 48 710 | USD | 5.383 | 2 040 340.02 | 13.55 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 3 600 | 2 780 | 770 | USD | 490.17 | 1 764 612.00 | 11.72 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 14 517 | 11 182 | 1 874 | USD | 138.352 | 2 008 458.89 | 13.33 |","| Total securities portfolio | | | | | | | 15 049 711.28 | 99.93 |","| Cash at bank | | | | | | | 107 979.40 | 0.72 |","| Demand deposits at Depositary EUR deposits | EUR | 66 108 | | | | | 74 929.68 | 0.50 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 2 301 | | | | | 3 109.69 | 0.02 |","| U.S. dollar | USD | | | | | | 29 940.03 | 0.20 |","| Other assets | | | | | | | 348 748.70 | 2.32 |","| Other receivables | | | | | | | 348 748.70 | 2.32 |","| Total assets | | | | | | | 15 506 439.38 | 102.97 |","| Other liabilities | | | | | | | -6 126.96 | -0.04 |","| Liabilities from cost items | | | | | | | -6 126.96 | -0.04 |","| Liabilities from share certificate transactions | | | | | | | -440 795.44 | -2.93 |","| Total liabilities | | | | | | | -446 922.40 | -2.97 |","| Net assets | | | | | | | 15 059 516.98 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class USD DPMC | USD | 10 490.05 |","| Class USD LC | USD | 11 619.30 |","| Class USD LC10 | USD | 11 660.13 |","| Class USD WAMC | USD | 11 671.85 |","| Number of shares outstanding Class USD DPMC | Count | 144.219 |","| Class USD LC | Count | 993.296 |","| Class USD LC10 | Count | 2.000 |","| Class USD WAMC | Count | 169.804 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 100.000 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.000 |","| Average market risk exposure | % | 100.000 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| Euro\tEUR | 0.882262 | = USD | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.740028 | = USD | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 263\t022.07Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t263 022.07","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-726.16","- Management fee USD\t-49 387.70thereof:All-in fee USD\t-49 387.70 Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . USD\t5 473 526.54","- Net inflows USD 9 348\t812.21","- Income adjustment USD\t-198 558.41","- Net investment income USD 206\t258.11","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD 280\t470.94","- Net change in unrealized appreciation/depreciation .","USD\t- 50 992.41","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","USD\t15 059 516.98","| 3. Legal and publication costs | USD | -51.33 | |","| --- | --- | --- | --- |","| 4. Taxe d‘abonnement | USD | -6 598.77 | Summary of gains/losses | | 2021 |","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| USD | -56 763.96 | Realized gains/losses (incl. income adjustment).",". . . .",". .","| USD | 280 470.94 |","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD 206\t258.11","- Sale transactionsRealized gains/losses USD\t280 470.94Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t280 470.94","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","USD 486\t729.05BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.14%1,\tClass USD LC 0.45% p.a.,Class USD LC10 0.24% p.a.,\tClass USD WAMC 0.17% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class USD DPMC 0.28%","1",",\tClass USD LC 0.59% p.a.,","Class USD LC10 0.38% p.a.,\tClass USD WAMC 0.31% p.a.","1","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 1 383.50.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","from:","Securities transactions USD\t284 843.48","(Forward) currency transactions USD\t-4 372.54","Details on the distribution policy*","Class USD DPMC","The income for the fiscal year is reinvested.","Class USD LC","The income for the fiscal year is reinvested.","Class USD LC10","The income for the fiscal year is reinvested.","Class USD WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 15 059 516.98 |","| --- | --- | --- |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 5 473 526.54 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | - |","| Net asset value per share at the end of the fiscal year | | |","| 2021 | Class USD DPMC | USD | 10 490.05 |","| | Class USD LC | USD | 11 619.30 |","| | Class USD LC10 | USD | 11 660.13 |","| | Class USD WAMC | USD | 11 671.85 |","| 2020 | Class USD DPMC | USD | - |","| | Class USD LC | USD | 11 308.06 |","| | Class USD LC10 | USD | 11 323.94 |","| | Class USD WAMC | USD | 11 327.84 |","| 2019 | Class USD DPMC | USD | - |","| | Class USD LC | USD | - |","| | Class USD LC10 | USD | - |","| | Class USD WAMC | USD | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.34% of all transactions.","The total volume was USD 777 455.79.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve a medium- to long-term return in U.S. dollars.","In order to achieve this objective, it seeks to hedge against capital losses of more than 10% on an annu-","DB CONSERVATIVE SAA (USD) PLUS","Performance since inception","118","115","112","109","106","103","100","97","alized basis.","In order to achieve","4/30/20*","9/20\t12/20","3/21","6/21\t9/21","12/21","the investment objective, the sub-fund seeks to invest in","DB Conservative SAA (USD) Plus (USD LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020 = 100 Data on U.S. dollar basis","portfolios of three main asset classes that are diversified between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-","Past performance is no guide to future results.","As of: December 31, 2021","DB CONSERVATIVE SAA (USD) PLUS","Performance of share classes (in USD)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class USD LC | LU2132879318 | 2.3% | 15.0% |","| Class USD DPMC | LU2132879235 | 2.7% | 8.3% |","| Class USD LC10 | LU2132879409 | 2.5% | 15.4% |","| Class USD WAMC | LU2132879581 | 2.7% | 15.7% |","| Class GBP DPMCH 2 | LU2208050182 | 2.9% | 8.0% |","1","Classes USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on July 14, 2020 / Class GBP DPMCH launched on September 28, 2020","2 in GBP","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","tion approach which takes into account the expected return, volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars.","The expected range of alloca- tion for a “conservative” port- folio is for","a) bond portfolio:","up to 80%;","b) equity portfolio: 20-60% and","c) alternative port- folio: 0-15%.","In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for it to have a U.S. focus.","In addition to allocating assets","across the portfolios, the sub- fund manager seeks to imple- ment a capital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10% on an annu- alized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the poten- tial loss of the sub-fund during a rolling 12-month period.","The risk mitigation strategy includes investments in derivative finan- cial instruments.","Positions","in the portfolios are primar- ily entered into as follows: Through an investment in one","or more exchange-traded funds (each an ETF) or other collec- tive investment undertakings or, for exposure to individual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in","an ETF, the fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the","sub-fund DB Conservative SAA (USD) Plus achieved an appre- ciation of 2.3% per share in 2021 (USD LC share class; BVI method; in U.S. dollars).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price","ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets,","bonds, which were accompa- nied by reduced risk premiums.","The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","development in the financial\thigh-yield securities posted\tmarkets.","Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors,","caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari-","price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Conservative SAA (USD) Plus was mainly exposed to bonds, including govern- ment and corporate bonds, and to a lesser extent equities, through investments in target funds globally.","Regionally, the investment focus was on North America.","In terms of sector allocation, the equity portfolio was broadly diversified.","With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Other funds | 24 595 136.54 | 6.47 |","| Equity funds | 117 714 140.39 | 30.94 |","| Bond funds | 234 235 576.64 | 61.55 |","| Total investment fund units | 376 544 853.57 | 98.96 |","| 2. Derivatives | 2 280 671.06 | 0.60 |","| 3. Cash at bank | 3 038 150.67 | 0.80 |","| 4. Other assets | 1 557 299.01 | 0.41 |","| 5. Receivables from share certificate transactions | 45 898.72 | 0.01 |","| II.","Liabilities | | |","| 1. Other liabilities | -1 924 832.12 | -0.50 |","| 2. Liabilities from share certificate transactions | -1 046 618.36 | -0.28 |","| III.","Net assets | 380 495 422.55 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Investment fund units | | | | | | | 376 544 853.57 | 98.96 |","| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","| Units | 155 383 | 119 368 | 295 225 | EUR | 66.76 | 11 757 696.78 | 3.09 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 341 294 | 166 326 | 54 787 | EUR | 52.738 | 20 401 154.04 | 5.36 |","| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 3 027 913 | 1 578 657 | 467 865 | EUR | 13.994 | 48 025 530.48 | 12.62 |","| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 1 258 286 | 632 306 | 239 735 | EUR | 12.858 | 18 337 423.86 | 4.82 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 1 524 | 3 166 | 1 642 | USD | 10 408.589 | 15 858 880.24 | 4.17 |","| Non-group fund units Amundi Index Solutions - Amundi Prime US Corporates UCITS ETF DR EUR - (0.030%) | Units | 1 472 000 | 681 559 | 356 083 | EUR | 18.292 | 30 519 079.37 | 8.02 |","| Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 323 376 | 136 401 | 74 426 | EUR | 23.835 | 8 736 256.30 | 2.30 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 42 502 | 25 591 | 43 947 | EUR | 147.32 | 7 096 978.72 | 1.87 |","| Vanguard Funds PLC - Vanguard USD Corporate Bond UCITS ETF EUR - (0.090%) | Units | 107 558 | 146 792 | 39 234 | EUR | 53.06 | 6 468 631.18 | 1.70 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 45 839 | 51 708 | 5 869 | GBP | 128.912 | 7 985 099.44 | 2.10 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 3 757 268 | 1 751 042 | 565 482 | USD | 5.955 | 22 374 530.94 | 5.88 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 64 086 | 31 413 | 21 226 | USD | 209.84 | 13 447 806.24 | 3.53 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 1 151 | 1 151 | | USD | 209.9 | 241 594.90 | 0.06 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 8 862 711 | 5 163 956 | 1 420 524 | USD | 5.383 | 47 707 973.31 | 12.54 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 143 773 | 73 295 | 38 883 | USD | 490.17 | 70 473 211.41 | 18.52 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 195 178 | 155 041 | 72 843 | USD | 138.5 | 27 032 153.00 | 7.10 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 145 143 | 5 525 | 628 | USD | 138.352 | 20 080 853.36 | 5.28 |","| Total securities portfolio | | | | | | | 376 544 853.57 | 98.96 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 2 075 682.47 | 0.55 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 100 EUR (DB) | Count | 537 | 537 | | | | 340 242.47 | 0.09 |","| Put S & P 500 Futures 06/2022 3 550 USD (DB) | Count | 15 | 15 | | | | 60 675.00 | 0.02 |","| Put S & P 500 Futures 06/2022 3 800 USD (DB) | Count | 81 | 81 | | | | 458 055.00 | 0.12 |","| Put S & P 500 Futures 06/2022 4 350 USD (DB) | Count | 99 | 102 | 3 | | | 1 216 710.00 | 0.32 |","| Currency derivatives Receivables/payables | | | | | | | 204 988.59 | 0.05 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (long) | | | | | | | | |","| Open positions GBP/USD 12.2 million | | | | | | | 283 755.09 | 0.07 |","| Closed positions GBP/USD 12.2 million | | | | | | | -78 766.50 | -0.02 |","| Cash at bank | | | | | | | 3 038 150.67 | 0.80 |","| Demand deposits at Depositary EUR deposits | EUR | 543 721 | | | | | 616 280.81 | 0.16 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 91 216 | | | | | 123 259.65 | 0.03 |","| U.S. dollar | USD | | | | | | 2 298 610.21 | 0.61 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other assets | 1 557 299.01 | 0.41 |","| Other receivables | 1 557 299.01 | 0.41 |","| Receivables from share certificate transactions | 45 898.72 | 0.01 |","| Total assets* | 383 545 639.53 | 100.80 |","| Other liabilities | -1 924 832.12 | -0.50 |","| Additional other liabilities | -1 924 832.12 | -0.50 |","| Liabilities from share certificate transactions | -1 046 618.36 | -0.28 |","| Total liabilities | -3 050 216.98 | -0.80 |","| Net assets | 380 495 422.55 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class GBP DPMCH | GBP | 10 797.19 |","| Class USD DPMC | USD | 10 830.32 |","| Class USD LC | USD | 11 497.79 |","| Class USD LC10 | USD | 11 535.95 |","| Class USD WAMC | USD | 11 573.11 |","| Number of shares outstanding Class GBP DPMCH | Count | 1 135.948 |","| Class USD DPMC | Count | 1 397.000 |","| Class USD LC | Count | 17 899.069 |","| Class USD LC10 | Count | 2 351.893 |","| Class USD WAMC | Count | 10 011.200 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 46.054 |","| --- | --- | --- |","| Highest market risk exposure | % | 90.674 |","| Average market risk exposure | % | 74.772 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 19 458 056.89 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Contracting parties for forward currency transactions","Royal Bank of Canada (UK) and State Street Bank International GmbH.","Exchange rates (indirect quotes)","As of December 30, 2021","| Euro\tEUR | 0.882262 | = USD | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.740028 | = USD | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnote","* Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 5 731\t971.95Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t5 731 971.95","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-4 217.57","- Management fee USD\t-1 510 350.99thereof:All-in fee USD -1 510 350.99","- Legal and publication costs USD\t-1 295.60","- Taxe d‘abonnement USD\t-109 152.75","- Other expenses USD\t-57 969.27Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t-1 682 986.18","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t4 048 985.77","- Sale transactionsRealized gains/losses USD\t63 236 941.34Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t63 236 941.34","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","USD\t67 285 927.11BVI total expense ratio (TER)The total expense ratio for the share classes was:Class GBP DPMCH 0.21% p.a.,\tClass USD DPMC 0.18% p.a.,Class USD LC 0.61% p.a.,\tClass USD LC10 0.41% p.a., Class USD WAMC 0.22% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class GBP DPMCH 0.33% p.a.,\tClass USD DPMC 0.30% p.a.,","Class USD LC 0.73% p.a.,\tClass USD LC10 0.53% p.a., Class USD WAMC 0.33% p.a.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 24 410.21.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . USD\t263 486 036.69","- Net inflows USD 108 462\t954.57","- Income adjustment USD\t-62 173 160.26","- Net investment income USD 4 048\t985.77","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD 63 236\t941.34","- Net change in unrealized appreciation/depreciation .","USD 3 433\t664.44","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","USD\t380 495 422.55Summary of gains/losses\t2021Realized gains/losses (incl. income adjustment).",". . . .",". .","USD\t63 236 941.34from:Securities transactions USD\t9 060 467.11(Forward) currency transactions USD\t61 374 890.38Derivatives and other financial futures transactions 1 .","USD\t-7 198 416.151 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","Class GBP DPMCH","The income for the fiscal year is reinvested.","Class USD DPMC","The income for the fiscal year is reinvested.","Class USD LC","The income for the fiscal year is reinvested.","Class USD LC10","The income for the fiscal year is reinvested.","Class USD WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 380 495 422.55 |","| --- | --- | --- |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 263 486 036.69 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | - |","| Net asset value per share at the end of the fiscal year | | |","| 2021 | Class GBP DPMCH | GBP | 10 797.19 |","| | Class USD DPMC | USD | 10 830.32 |","| | Class USD LC | USD | 11 497.79 |","| | Class USD LC10 | USD | 11 535.95 |","| | Class USD WAMC | USD | 11 573.11 |","| 2020 | Class GBP DPMCH | GBP | 10 489.23 |","| | Class USD DPMC | USD | 10 545.18 |","| | Class USD LC | USD | 11 243.45 |","| | Class USD LC10 | USD | 11 258.04 |","| | Class USD WAMC | USD | 11 272.43 |","| 2019 | Class GBP DPMCH | GBP | - |","| | Class USD DPMC | USD | - |","| | Class USD LC | USD | - |","| | Class USD LC10 | USD | - |","| | Class USD WAMC | USD | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.86 % of all transactions.","The total volume was USD 35 088 654.82.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve long-term capital appreciation.","In order to achieve the invest- ment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified between each","DB GROWTH SAA (EUR)","Performance since inception","142","135","128","121","114","107","100","93","4/30/20*6/20","12/20\t6/21","12/21","other and within themselves.","These are a bond portfolio, an","DB Growth SAA (EUR) (SC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020= 100","Data on euro basis","equity portfolio and an alterna- tive portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation in each portfolio.","The invest- ment advisor endeavors to recommend an allocation that","Past performance is no guide to future results.","As of: December 31, 2021","DB GROWTH SAA (EUR)","Performance of share classes (in euro)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class SC | LU2132882965 | 15.9% | 36.1% |","| Class DPMC | LU2132882882 | 16.4% | 22.3% |","| Class LC | LU2258449417 | – | 13.4% |","| Class LC10 | LU2132883005 | 16.1% | 36.5% |","| Class PFC | LU2258449508 | – | 7.6% |","| Class WAMC | LU2132883187 | 16.3% | 36.9% |","1","Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on August 27, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","provides an opportunity for long-term capital appreciation.","The expected range of alloca- tion for a “growth-oriented” portfolio is for","a) bond portfolio: up to 60%;","b) equity portfolio: 40-80% and","c) alternative port- folio: 0-15%.","In addition, the sub-fund aims to overweight euro area assets in each of","the portfolios in order to have a European focus.","Positions in the portfolios are primar- ily entered into as follows:","Through an investment in one or more exchange-traded funds (each an ETF) or other collec-","tive investment undertakings or, for exposure to individual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the sub- fund DB SAA (EUR) achieved an appreciation of 15.9% per share in 2021 (SC share class; BVI method; in euro).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic*","and its social and economic consequences for the global community.","In contrast, the extremely loose monetary","and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer","into account the EU criteria for environmentally sustainable economic activities.","policy of the central banks of\tend of maturity in the report-\tthe industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back-","drop of high global debt levels","ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the DB Growth SAA (EUR) sub-fund was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.","The equity portfolio, which represented the investment focus on the reporting date, was broadly diversified in terms of sector allocation.","With this orientation, the sub-fund profited in partic- ular from the appreciable price increases in the equity markets.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 96 112 000.99 | 27.51 |","| Equity funds | 232 821 864.74 | 66.65 |","| Other funds | 18 438 818.57 | 5.28 |","| Total investment fund units | 347 372 684.30 | 99.44 |","| 2. Cash at bank | 664 716.41 | 0.19 |","| 3. Other assets | 2 131 622.44 | 0.61 |","| 4. Receivables from share certificate transactions | 265 076.28 | 0.08 |","| II.","Liabilities | | |","| 1. Other liabilities | -475 497.62 | -0.14 |","| 2. Liabilities from share certificate transactions | -623 734.69 | -0.18 |","| III.","Net assets | 349 334 867.12 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 347 372 684.30 | 99.44 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 1 077 | 1 193 | 116 | EUR | 9 732.971 | 10 482 409.55 | 3.00 |","| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .","| Units | 801 294 | 580 327 | 105 848 | EUR | 66.76 | 53 494 387.44 | 15.31 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 880 007 | 635 318 | 62 755 | EUR | 52.738 | 46 409 809.17 | 13.29 |","| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 214 727 | 160 727 | 3 558 | EUR | 162.33 | 34 856 633.91 | 9.98 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 375 340 | 278 190 | 6 629 | EUR | 17.079 | 6 410 244.19 | 1.83 |","| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 32 109 | 23 360 | 2 694 | EUR | 167.305 | 5 371 996.25 | 1.54 |","| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 22 005 | 16 177 | 2 594 | EUR | 207.77 | 4 571 978.85 | 1.31 |","| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 17 246 | 12 736 | 2 037 | EUR | 282.25 | 4 867 683.50 | 1.39 |","| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 16 541 | 11 860 | 1 133 | EUR | 247.16 | 4 088 273.56 | 1.17 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 333 812 | 232 846 | 4 764 | EUR | 23.835 | 7 956 409.02 | 2.28 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 4 277 946 | 4 289 206 | 11 260 | EUR | 5.323 | 22 772 362.15 | 6.52 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) | Units | 108 | 108 | | EUR | 153.76 | 16 606.08 | 0.01 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 3 720 | 3 720 | | EUR | 432.63 | 1 609 383.60 | 0.46 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 153 468 | 111 032 | 8 998 | EUR | 147.32 | 22 608 905.76 | 6.47 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 118 041 | 118 418 | 377 | GBP | 128.912 | 18 141 602.55 | 5.19 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 9 112 | 7 591 | 86 | USD | 209.84 | 1 686 939.72 | 0.48 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 1 205 669 | 1 016 263 | 15 797 | USD | 5.383 | 5 725 982.93 | 1.64 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 157 268 | 112 438 | 8 633 | USD | 490.17 | 68 011 862.09 | 19.47 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 42 099 | 38 898 | 655 | USD | 138.5 | 5 144 215.19 | 1.47 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 4 908 | 307 | | USD | 138.352 | 599 084.66 | 0.17 |","| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 280 728 | 208 632 | 9 123 | USD | 91.03 | 22 545 914.13 | 6.46 |","| Total securities portfolio | | | | | | | 347 372 684.30 | 99.44 |","| Cash at bank | | | | | | | 664 716.41 | 0.19 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 472 681.98 | 0.14 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 94 865 | | | | | 113 097.43 | 0.03 |","| U.S. dollar | USD | 89 471 | | | | | 78 937.00 | 0.02 |","| Other assets | | | | | | | 2 131 622.44 | 0.61 |","| Dividends/Distributions receivable | | | | | | | 59 123.63 | 0.02 |","| Prepaid placement fee * | | | | | | | 1 405 464.33 | 0.40 |","| Other receivables | | | | | | | 667 034.48 | 0.19 |","| Receivables from share certificate transactions | | | | | | | 265 076.28 | 0.08 |","| Total assets | | | | | | | 350 434 099.43 | 100.32 |","| Other liabilities | | | | | | | -475 497.62 | -0.14 |","| Liabilities from cost items | | | | | | | -261 301.65 | -0.08 |","| Additional other liabilities | | | | | | | -214 195.97 | -0.06 |","| Liabilities from share certificate transactions | | | | | | | -623 734.69 | -0.18 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Total liabilities | | | | | | | -1 099 232.31 | -0.32 |","| Net assets | | | | | | | 349 334 867.12 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class DPMC | EUR | 12 231.48 |","| Class LC | EUR | 113.41 |","| Class LC10 | EUR | 13 651.53 |","| Class PFC | EUR | 107.59 |","| Class SC | EUR | 13 606.28 |","| Class WAMC | EUR | 13 690.61 |","| Number of shares outstanding Class DPMC | Count | 1 130.000 |","| Class LC | Count | 761 197.000 |","| Class LC10 | Count | 2 499.500 |","| Class PFC | Count | 388 019.000 |","| Class SC | Count | 9 977.149 |","| Class WAMC | Count | 2 743.900 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 99.964 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.017 |","| Average market risk exposure | % | 100.000 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| British pound\tGBP | 0.838785 | = EUR | 1 |","| --- | --- | --- | --- |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnote","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 882\t997.66Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t882 997.66","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-65 925.84","- Management fee EUR\t-2 175 922.51thereof:All-in fee EUR -2 175 922.51","- Legal and publication costs EUR\t-1 083.96","- Taxe d‘abonnement EUR\t-156 391.61","- Other expenses EUR\t-284 106.45thereof:Expenses from prepaidplacement fee 1 EUR\t-284 106.45Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-2 683 430.37","- Net investment expense.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-1 800 432.71","- Sale transactionsRealized gains/losses EUR\t6 641 536.87Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t6 641 536.87","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR 4 841\t104.161 For further information, please refer to the notes to the financial statements.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class DPMC 0.12% p.a.,\tClass LC 1.46%","2","Class LC10 0.33% p.a.,\tClass PFC 1.82%","2","Class SC 0.53% p.a.,\tClass WAMC 0.15% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class DPMC 0.28% p.a.,\tClass LC 1.61%","2","Class LC10 0.48% p.a.,\tClass PFC 1.97%","2","Class SC 0.68% p.a.,\tClass WAMC 0.30% p.a.","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 16 089.27.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . EUR\t93 770 013.97","- Net inflows","- 3","- EUR 226 147\t404.15","- Income adjustment EUR\t-2 702 272.73","- Net investment expense EUR\t-1 800 432.71","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR 6 641\t536.876.","Net change in unrealized appreciation/depreciation .","EUR\t27 278 617.57","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","EUR\t349 334 867.123 Reduced by a dilution fee in the amount of EUR 98 135.41 for the benefit of the fund’s assets.","Summary of gains/losses\t2021","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t6 641 536.87","from:","Securities transactions EUR\t6 475 331.90","(Forward) currency transactions EUR\t166 204.97","Details on the distribution policy*","Class DPMC","The income for the fiscal year is reinvested.","Class LC","The income for the fiscal year is reinvested.","Class LC10","The income for the fiscal year is reinvested.","Class PFC","The income for the fiscal year is reinvested.","Class SC","The income for the fiscal year is reinvested.","Class WAMC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year | | | 2020 | Class DPMC | EUR | 10 509.91 |","| --- | --- | --- | --- | --- | --- | --- |","| 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 349 334 867.12 | | Class LC | EUR | - |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 93 770 013.97 | | Class LC10 | EUR | 11 753.59 |","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-","Net asset value per share at the end of the fiscal year","Class PFC EUR\t-","Class SC EUR\t11 738.14","Class WAMC EUR\t11 767.00","| 2021\tClass DPMC | EUR | 12 231.48 | 2019 | Class DPMC | EUR | - |","| --- | --- | --- | --- | --- | --- | --- |","| Class LC | EUR | 113.41 | | Class LC | EUR | - |","| Class LC10 | EUR | 13 651.53 | | Class LC10 | EUR | - |","| Class PFC | EUR | 107.59 | | Class PFC | EUR | - |","| Class SC | EUR | 13 606.28 | | Class SC | EUR | - |","| Class WAMC | EUR | 13 690.61 | | Class WAMC | EUR | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.28% of all transactions.","The total volume was EUR 15 297 424.28.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve long-term capital appreciation.","In order to achieve the invest- ment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified between each","DB GROWTH SAA (USD)","Performance since inception","148","140","132","124","116","108","100","92","4/30/20* 6/20","12/20\t6/21","12/21","other and within themselves.","These are a bond portfolio, an","DB Growth SAA (USD) (USD LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on April 30, 2020= 100 Data on U.S. dollar basis","equity portfolio and an alterna- tive portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation","Past performance is no guide to future results.","As of: December 31, 2021","DB GROWTH SAA (USD)","Performance of share classes (in USD)","| Share class | ISIN | 1 year | Since inception 1 |","| --- | --- | --- | --- |","| Class USD LC | LU2132881132 | 10.3% | 40.0% |","| Class USD DPMC | LU2132881058 | 10.8% | 15.7% |","| Class USD LC10 | LU2132881215 | 10.5% | 40.5% |","| Class USD WAMC | LU2132881306 | 10.7% | 40.8% |","1","Classes USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on November 17, 2020","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","in each portfolio.","The invest- ment advisor endeavors to recommend an allocation that provides an opportunity for long-term capital appreciation.","The expected range of alloca- tion for a “growth-oriented” portfolio is for","a) bond portfolio: up to 60%;","b) equity portfo-","lio: 40-80% and","c) alternative portfolio: 0-15%.","In addition, the fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.","Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-","ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the sub- fund DB Growth SAA (USD)","achieved an appreciation of 10.3% per share in 2021 (USD LC share class; BVI method; in","U.S. dollars).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary pol- icy of the central banks of the industrial countries – in view of","the weakened global economy – supported the price develop- ment in the financial markets.","Since the beginning of 2021, the economic outlook improved,","boosted by the efforts and packages of measures under- taken by the international com- munity to address the economic impact of the coronavirus crisis and by the regulatory filings","for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi-","tion, the dynamic spread of the coronavirus and its variants, as well as associated new restric- tions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the picture was mixed.","While the equity markets in the Western industrial coun- tries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.","Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc-","The management of the sub- fund DB Growth SAA (USD) was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.","Regionally, the investment focus was on North America.","The equity portfolio, which represented the invest- ment focus on the reporting date, was broadly diversified in terms of sector allocation.","With this orientation, the sub-fund profited in particular from the appreciable price increases in the equity markets.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","tuations towards the longer\tend of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Equity funds | 81 730 864.15 | 65.63 |","| Other funds | 5 528 510.18 | 4.43 |","| Bond funds | 36 184 418.52 | 29.06 |","| Total investment fund units | 123 443 792.85 | 99.12 |","| 2. Cash at bank | 564 921.68 | 0.45 |","| 3. Other assets | 747 470.99 | 0.60 |","| II.","Liabilities | | |","| 1. Other liabilities | -216 775.92 | -0.17 |","| III.","Net assets | 124 539 409.60 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Investment fund units | | | | | | | 123 443 792.85 | 99.12 |","| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) | | 82 410 | 167 094 | 165 017 | EUR | 66.76 | 6 235 893.19 | 5.01 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | | 271 725 | 218 822 | 26 447 | EUR | 52.738 | 16 242 604.86 | 13.04 |","| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | | 741 919 | 615 715 | 51 115 | EUR | 13.994 | 11 767 528.84 | 9.45 |","| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | | 240 921 | 206 234 | 11 839 | EUR | 12.858 | 3 511 022.53 | 2.82 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | | 264 | 530 | 266 | USD | 10 408.589 | 2 746 316.64 | 2.20 |","| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex- Agriculture UCITS ETF EUR - (0.190%) | | 102 984 | 82 556 | 9 805 | EUR | 23.835 | 2 782 193.54 | 2.23 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | | 298 | 298 | | EUR | 432.63 | 146 128.63 | 0.12 |","| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | | 47 367 | 40 014 | 7 414 | EUR | 147.32 | 7 909 335.82 | 6.35 |","| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | | 29 256 | 31 022 | 1 766 | GBP | 128.912 | 5 096 360.50 | 4.09 |","| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | | 996 274 | 911 095 | 63 216 | USD | 5.955 | 5 932 811.67 | 4.76 |","| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | | 9 002 | 7 634 | 681 | USD | 209.84 | 1 888 979.68 | 1.52 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | | 1 224 156 | 1 028 329 | 83 940 | USD | 5.383 | 6 589 631.75 | 5.29 |","| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | | 49 792 | 41 742 | 7 282 | USD | 490.17 | 24 406 544.64 | 19.60 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | | 42 485 | 38 911 | 3 349 | USD | 138.5 | 5 884 172.50 | 4.73 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | | 4 411 | | | USD | 138.352 | 610 271.55 | 0.49 |","| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | | 238 317 | 204 824 | 17 582 | USD | 91.03 | 21 693 996.51 | 17.42 |","| Total securities portfolio | | | | | | | 123 443 792.85 | 99.12 |","| Cash at bank | | | | | | | 564 921.68 | 0.45 |","| Demand deposits at Depositary EUR deposits | EUR | 59 871 | | | | | 67 860.76 | 0.05 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 36 900 | | | | | 49 862.96 | 0.04 |","| U.S. dollar | USD | | | | | | 447 197.96 | 0.36 |","| Other assets | 747 470.99 | 0.60 |","| Other receivables | 747 470.99 | 0.60 |","| Total assets | 124 756 185.52 | 100.17 |","| Other liabilities | -216 775.92 | -0.17 |","| Liabilities from cost items | -60 511.62 | -0.04 |","| Additional other liabilities | -156 264.30 | -0.13 |","| Total liabilities | -216 775.92 | -0.17 |","| Net assets | 124 539 409.60 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class USD LC | USD | 13 995.15 |","| Class USD LC10 | USD | 14 045.33 |","| Class USD WAMC | USD | 14 083.43 |","| Class USD DPMC | USD | 11 574.33 |","| Number of shares outstanding Class USD LC | Count | 7 494.490 |","| Class USD LC10 | Count | 2.000 |","| Class USD WAMC | Count | 877.354 |","| Class USD DPMC | Count | 628.000 |","Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex.","derivatives","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 100.000 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.000 |","| Average market risk exposure | % | 100.000 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| Euro\tEUR | 0.882262 | = USD | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.740028 | = USD | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Statement of income and expenses (incl. income adjustment)\tfor the period from January 1, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 1 342\t200.23Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t1 342 200.23","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-2 729.00","- Management fee USD\t-519 825.93thereof:","| 3. Legal and publication costs | USD | -414.95 | |","| --- | --- | --- | --- |","| 4. Taxe d‘abonnement | USD | -63 698.67 | Summary of gains/losses | 2021 |","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| USD | -586 668.55 | | |","All-in fee USD\t-519 825.93","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . USD\t31 834 794.27","- Net inflows USD 83 907\t049.91","- Income adjustment USD\t-380 051.64","- Net investment income USD 755\t531.68","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD 1 938\t052.08","- Net change in unrealized appreciation/depreciation .","USD 6 484\t033.30","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","USD\t124 539 409.60","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD 755\t531.68","- Sale transactionsRealized gains/losses USD\t1 938 052.08Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t1 938 052.08","- Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","USD 2 693\t583.76BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.13% p.a.,\tClass USD LC 0.55% p.a.,Class USD LC10 0.34% p.a.,\tClass USD WAMC 0.17% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class USD DPMC 0.27% p.a.,\tClass USD LC 0.68% p.a.,","Class USD LC10 0.48% p.a.,\tClass USD WAMC 0.30% p.a.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 4 912.61.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Realized gains/losses (incl. income adjustment).",". . . .",". .","USD\t1 938 052.08","from:","Securities transactions USD\t1 917 049.00","(Forward) currency transactions USD\t21 003.08","Details on the distribution policy*","Class USD DPMC","The income for the reporting period is reinvested.","Class USD LC","The income for the reporting period is reinvested.","Class USD LC10","The income for the reporting period is reinvested.","Class USD WAMC","The income for the reporting period is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 124 539 409.60 |","| --- | --- | --- |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | 31 834 794.27 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | USD | – |","| Net asset value per share at the end of the fiscal year | | |","| 2021 | Class USD LC | EUR | 13 995.15 |","| | Class USD LC10 | EUR | 14 045.33 |","| | Class USD WAMC | EUR | 14 083.43 |","| | Class USD DPMC | USD | 11 574.33 |","| 2020 | Class USD LC | EUR | 12 687.49 |","| | Class USD LC10 | EUR | 12 706.22 |","| | Class USD WAMC | EUR | 12 718.64 |","| | Class USD DPMC | USD | 10 449.22 |","| 2019 | Class USD LC | EUR | – |","| | Class USD LC10 | EUR | – |","| | Class USD WAMC | EUR | – |","| | Class USD DPMC | USD | – |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 3.71% of all transactions.","The total volume was USD 4 959 745.64.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve medium- to long-term capital appreciation.","It seeks to limit capital losses to no more than 20% on an annualized basis.","In order to achieve the invest-","DB STRATEGIC INCOME ALLOCATION EUR (SIA) BALANCED PLUS","Performance since inception","105","104","103","102","101","100","99","98","ment objective, the sub-fund","7/19/21* 7/21","8/21","9/21\t10/21\t11/21","12/21","seeks to invest in portfolios of three main asset classes that","DB Strategic Income Allocation EUR (SIA) Balanced Plus (LBD share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on July 19, 2021= 100","Data on euro basis","are diversified between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alterna- tive portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which","Past performance is no guide to future results.","As of: December 31, 2021","| DB STRATEGIC INCOME ALLOCATION | EUR (SIA) BALANCED PLUS |","| --- | --- |","| Performance of share classes (in euro) Share class\tISIN | Since inception 1 |","| Class LBD\tLU2330518965 | 3.6% |","| Class LBD10\tLU2330518882 | 4.1% |","| Class PFBD\tLU2330518700 | 3.5% |","| Class SBD\tLU2330519773 | 4.0% |","| Class WAMBD\tLU2330521084 | 4.2% |","1","Classes LBD, LBD10, PFBD, SBD and WAMBD launched on July 19, 2021.","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","takes into account the expected","return, volatility and correlation in each portfolio.","The Invest- ment Advisor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.","The expected range of allocation for a “bal- anced” portfolio is for","a) bond portfolio: up to 70%;","b) equity portfolio: 30-80% and","c) alter- native portfolio: 0-15%.","In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.","In addition to allocating assets across the portfolios, the sub- fund manager seeks to imple- ment a capital preservation","strategy, based on the advice of","the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 20% on an annu- alized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the poten- tial loss of the sub-fund during a rolling 12-month period.","The risk mitigation strategy includes investments in deriv- ative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt","instruments linked to the per-","formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.","In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).","The derivatives exposure is always matched by equity ETF positions in the same amount.","The premiums collected are used to generate additional value growth in the sub-fund.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the sub- fund achieved an appreciation of 3.6% per share (LBD share class; BVI method; in euro)","in the shortened fiscal year from July 19, 2021, through","December 31, 2021.","##### Investment policy in the reporting period","consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","Developments in the interna-\tup the rear.","Against the back-\ttional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of","measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up","drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the DB Strategic Income Allocation EUR (SIA) Balanced Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.","In terms of sector allocation, the equity portfolio was broadly diversified.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 116 461 450.58 | 37.14 |","| Equity funds | 188 617 591.21 | 60.14 |","| Total investment fund units | 305 079 041.79 | 97.28 |","| 2. Derivatives | 952 759.49 | 0.30 |","| 3. Cash at bank | 6 917 142.77 | 2.21 |","| 4. Other assets | 3 402 906.03 | 1.09 |","| 5. Receivables from share certificate transactions | 230 072.29 | 0.07 |","| II.","Liabilities | | |","| 1. Other liabilities | -1 952 843.92 | -0.63 |","| 2. Liabilities from share certificate transactions | -1 007 162.64 | -0.32 |","| III.","Net assets | 313 621 915.81 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 305 079 041.79 | 97.28 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units Xtrackers - Euro Stoxx Select Dividend 30 UCITS ETF -1D- EUR - (0.200%) | Units | 284 096 | 293 319 | 9 223 | EUR | 21.395 | 6 078 233.92 | 1.94 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 1 751 117 | 1 810 974 | 59 857 | EUR | 17.079 | 29 906 451.68 | 9.54 |","| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 4 115 494 | 7 304 517 | 3 189 023 | EUR | 8.218 | 33 821 129.69 | 10.78 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 1 981 | 4 199 | 2 218 | EUR | 34.51 | 68 364.31 | 0.02 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 178 980 | 179 857 | 877 | EUR | 34.595 | 6 191 813.10 | 1.97 |","| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 1 512 102 | 1 512 102 | | EUR | 19.118 | 28 908 366.04 | 9.22 |","| iShares PLC - iShares Euro Corporate Bond Large Cap UCITS ETF EUR - (0.200%) | Units | 169 795 | 335 205 | 165 410 | EUR | 139.06 | 23 611 692.70 | 7.53 |","| iShares VI plc - iShares J.P, Morgan $ EM Bond EUR Hedged UCITS ETF EUR (hedged) - (0.500%) | Units | 365 528 | 377 659 | 12 131 | EUR | 87.63 | 32 031 218.64 | 10.21 |","| SSgA SPDR ETFs Europe I plc - SPDR S&P Euro Dividend Aristocrats UCITS ETF EUR - (0.300%) | Units | 1 146 329 | 2 284 247 | 1 137 918 | EUR | 23.35 | 26 766 782.15 | 8.54 |","| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) | Units | 1 072 813 | 1 097 053 | 24 240 | GBP | 7.587 | 9 703 786.75 | 3.09 |","| HSBC ETFs PLC - HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF USD - (0.400%) | Units | 931 370 | 1 842 426 | 911 056 | USD | 27.89 | 22 917 557.70 | 7.31 |","| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 329 474 | 340 526 | 11 052 | USD | 33.85 | 9 839 598.91 | 3.14 |","| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 2 366 866 | 2 444 115 | 77 249 | USD | 21.225 | 44 321 958.64 | 14.13 |","| Multi Units Luxembourg - Lyxor Core US Treasury 10+Y (DR) UCITS ETF EUR - (0.070%) | Units | 63 810 | 66 583 | 2 773 | USD | 158.44 | 8 919 718.58 | 2.84 |","| SSgA SPDR ETFs Europe I plc - SPDR Bloomberg Barclays 10+ Year U,S, Treasury Bond UCITS ETF USD - (0.150%)... | Units | 222 000 | 327 279 | 105 279 | USD | 33.73 | 6 606 430.79 | 2.11 |","| Vanguard Funds PLC - Vanguard USD Emerging Markets Government Bond UCITS ETF - USD - (0.250%) | Units | 346 497 | 358 342 | 11 845 | USD | 50.33 | 15 385 938.19 | 4.91 |","| Total securities portfolio | | | | | | | 305 079 041.79 | 97.28 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 952 759.49 | 0.30 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 400 EUR (DB) | Count | 2 265 | 2 265 | | | | 2 672 700.00 | 0.85 |","| Call DJ Euro Stoxx 50 06/2022 4 450 EUR (DB) | Count | -726 | | 726 | | | -650 859.00 | -0.21 |","| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -144 | | 144 | | | -161 928.00 | -0.05 |","| Call DJ Euro Stoxx 50 12/2022 4 600 EUR (DB) | Count | -58 | | 58 | | | -65 018.00 | -0.02 |","| Call FTSE MIB Index Futures 06/2022 7 700 GBP (DB) | Count | -31 | | 31 | | | -43 425.92 | -0.02 |","| Call FTSE MIB Index Futures 09/2022 7 800 GBP (DB) | Count | -19 | | 19 | | | -32 901.76 | -0.01 |","| Call S & P 500 Futures 06/2022 4 800 USD (DB) | Count | -50 | | 50 | | | -973 355.55 | -0.31 |","| Call S & P 500 Futures 09/2022 4 900 USD (DB) | Count | -9 | | 9 | | | -183 104.66 | -0.06 |","| Call S & P 500 Futures 12/2022 5 150 USD (DB) | Count | -7 | | 7 | | | -102 487.97 | -0.03 |","| Put S & P 500 Futures 12/2022 3 950 USD (DB) | Count | 35 | 35 | | | | 493 140.35 | 0.16 |","| Cash at bank | | | | | | | 6 917 142.77 | 2.21 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 1 142 548.21 | 0.37 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 293 354 | | | | | 349 736.93 | 0.11 |","| Japanese yen | JPY | 169 835 | | | | | 1 301.99 | 0.00 |","| U.S. dollar | USD | 6 147 330 | | | | | 5 423 555.64 | 1.73 |","| Other assets | | | | | | | 3 402 906.03 | 1.09 |","| Dividends/Distributions receivable | | | | | | | 676 117.55 | 0.22 |","| Prepaid placement fee * | | | | | | | 1 654 883.16 | 0.53 |","| Other receivables | | | | | | | 1 071 905.32 | 0.34 |","| Receivables from share certificate transactions | | | | | | | 230 072.29 | 0.07 |","| Total assets ** | | | | | | | 318 795 003.23 | 101.66 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other liabilities | | | | | | | -1 952 843.92 | -0.63 |","| Additional other liabilities | | | | | | | -1 952 843.92 | -0.63 |","| Liabilities from share certificate transactions | | | | | | | -1 007 162.64 | -0.32 |","| Total liabilities | | | | | | | -5 173 087.42 | -1.66 |","| Net assets | | | | | | | 313 621 915.81 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class LBD | EUR | 103.63 |","| Class LBD10 | EUR | 10 410.72 |","| Class PFBD | EUR | 103.46 |","| Class SBD | EUR | 10 401.88 |","| Class WAMBD | EUR | 10 420.84 |","| Number of shares outstanding Class LBD | Count | 675 889.000 |","| Class LBD10 | Count | 1 301.000 |","| Class PFBD | Count | 447 867.000 |","| Class SBD | Count | 16 976.198 |","| Class WAMBD | Count | 682.491 |","Composition of the reference portfolio (according to CSSF circular 11/512)","Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation EUR (SIA) Balanced Plus","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 71.292 |","| --- | --- | --- |","| Highest market risk exposure | % | 82.943 |","| Average market risk exposure | % | 77.994 |","The values-at-risk were calculated for the period from July 19, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 46 916 146.37 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Exchange rates (indirect quotes)","As of December 30, 2021","| British pound\tGBP | 0.838785 | = EUR | 1 |","| --- | --- | --- | --- |","| Japanese yen\tJPY | 130.443111 | = EUR | 1 |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnotes","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","** Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)","Statement of changes in net assets\t2021 for the period from July 19, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 7 634\t443.39Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t7 634 443.39","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-40 994.07","- Management fee EUR\t-1 232 917.61thereof:All-in fee EUR -1 232 917.61","- Legal and publication costs EUR\t-11 701.52","- Taxe d‘abonnement EUR\t-91 925.55","- Other expenses EUR\t-154 341.75thereof:Expenses from prepaidplacement fee 1 EUR\t-154 341.75 Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-1 531 880.50","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t6 102 562.89","- Sale transactionsRealized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t972 538.84Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t972 538.84","- Net gain/loss for the reporting period . . . .",". . . .",". . . .","EUR\t7 075 101.731 For further information, please refer to the notes to the financial statements.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class LBD 1.52%","2",",\tClass LBD10 0.52%","2","Class PFBD 1.92%","2",",\tClass SBD 0.71%","2","Class WAMBD 0.31%","2","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class LBD 1.86%","2",",\tClass LBD10 0.87%","2","Class PFBD 2.26%","2",",\tClass SBD 1.06%","2","Class WAMBD 0.65%","2","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 18 859.91.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","- Value of the fund’s net assetsat the beginning of the reporting period . . . .",". . . .",". .","EUR\t0.00","- Net inflows","- 3","- EUR 304 302\t879.11","- Income adjustment EUR\t-926 895.24","- Net investment income EUR 6 102\t562.89","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR 972\t538.84","- Net change in unrealized appreciation/depreciation .","EUR 3 170\t830.21","- Value of the fund’s net assetsat the end of the reporting period.",". . . .",". . . .",". . . .",". . . EUR\t313 621 915.813 Reduced by a dilution fee in the amount of EUR 23 576.41 for the benefit of the fund’s assets.","Summary of gains/losses\t2021","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t972 538.84","from:","Securities transactions EUR\t1 845 683.52","(Forward) currency transactions EUR\t44 292.93","Derivatives and other financial futures transactions","4","EUR\t-917 437.61","4","This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","Class LBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class LBD10","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class PFBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class SBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class WAMBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the reporting period is reinvested.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the reporting period","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t313 621 915.81","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-","Net asset value per share at the end of the reporting period","| 2021 | Class LBD | EUR | 103.63 |","| --- | --- | --- | --- |","| | Class LBD10 | EUR | 10 410.72 |","| | Class PFBD | EUR | 103.46 |","| | Class SBD | EUR | 10 401.88 |","| | Class WAMBD | EUR | 10 420.84 |","| 2020 | Class LBD | EUR | - |","| | Class LBD10 | EUR | - |","| | Class PFBD | EUR | - |","| | Class SBD | EUR | - |","| | Class WAMBD | EUR | - |","| 2019 | Class LBD | EUR | - |","| | Class LBD10 | EUR | - |","| | Class PFBD | EUR | - |","| | Class SBD | EUR | - |","| | Class WAMBD | EUR | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.67% of all transactions.","The total volume was EUR 22 738 926.36.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 4% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the place- ment fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 4% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","## DB Strategic Income Allocation USD (SIA) Balanced Plus","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve medium- to long-term capital appreciation.","It seeks to limit capital losses to no more than 20% on an annualized basis.","In order to achieve the invest-","DB STRATEGIC INCOME ALLOCATION USD (SIA) BALANCED PLUS","Performance since inception","101.5","101.0","100.5","100.0","99.5","99.0","98.5","98.0","ment objective, the sub-fund","6/28/21*","7/21","8/21\t9/21\t10/21\t11/21","12/21","seeks to invest in portfolios of three main asset classes that","DB Strategic Income Allocation USD (SIA) Balanced Plus (USD LBD share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on June 28, 2021 = 100 Data on U.S. dollar basis","are diversified between each","other and within themselves.","These are a bond portfolio, an equity portfolio and an alterna- tive portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation","Past performance is no guide to future results.","As of: December 31, 2021","DB STRATEGIC INCOME ALLOCATION USD (SIA) BALANCED PLUS","Performance of share classes (in USD)","Share class\tISIN\tSince inception","1","Class USD LBD\tLU2330520862\t0.5% Class USD DPMBD\tLU2330518619\t1.2% Class USD LBD10\tLU2330520789\t1.0% Class USD SBD\tLU2330520607\t0.9% Class USD WAMBD\tLU2330520516\t1.1% Class SGD SBDH","2","LU2349911755\t0.2%","1","Classes USD LBD, USD LBD10, USD SBD and USD WAMBD launched on June 28, 2021 / Class SGD SBDH launched on August 20, 2021 and first share price calculation on August 23, 2021 / Class USD DPMBD launched on October 8, 2021","2 in SGD","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","in each portfolio.","The invest- ment advisor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.","The expected range of allocation for a “bal- anced” portfolio is for","a) bond portfolio: up to 70%;","b) equity portfolio: 30-80% and","c) alter- native portfolio: 0-15%.","In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.","In addition to allocating assets across the portfolios, the sub-fund man- ager seeks to implement a cap-","ital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 20%","on an annualized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.","The risk mitigation strat- egy includes investments in derivative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-","ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a finan- cial index through the use of","derivative financial instruments.","In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).","The derivatives exposure is always matched","by equity ETF positions in the same amount.","The premiums","collected are used to generate additional value growth in the sub-fund.","The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt","worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.","Against this backdrop, the sub-fund achieved an appreci- ation of 0.5% per share (USD LBD share class; BVI method;","U.S. dollars) in the shortened","fiscal year from June 28, 2021,","through December 31, 2021.","##### Investment policy in the reporting period","the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back-","terms of sector allocation, the equity portfolio was broadly diversified.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","Developments in the interna-\tdrop of high global debt levels\ttional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of","measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by","and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the DB Strategic Income Allocation USD (SIA) Balanced Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.","Region- ally, the investment focus","was on the United States.","In","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","## DB Strategic Income Allocation USD (SIA) Balanced Plus","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 168 426 821.93 | 46.60 |","| Other funds | 6 203.52 | 0.00 |","| Equity funds | 181 669 556.43 | 50.26 |","| Total investment fund units | 350 102 581.88 | 96.86 |","| 2. Derivatives | -1 542 992.16 | -0.43 |","| 3. Cash at bank | 10 968 864.70 | 3.04 |","| 4. Other assets | 11 385 089.72 | 3.15 |","| II.","Liabilities | | |","| 1. Short-term liabilities | -7 554 067.22 | -2.09 |","| 2. Other liabilities | -1 912 463.59 | -0.53 |","| III.","Net assets | 361 447 013.33 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tUSD |","| Investment fund units | | | | | | | 350 102 581.88 | 96.86 |","| In-group fund units Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 3 316 174 | 3 724 752 | 408 578 | EUR | 13.994 | 52 597 619.38 | 14.55 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 1 | 366 | 365 | USD | 10 408.589 | 6 203.52 | 0.00 |","| Xtrackers II - USD Emerging Markets Bond UCITS ETF -2D- USD - (0.250%) | Units | 2 445 410 | 2 727 088 | 281 678 | USD | 14.079 | 34 428 927.39 | 9.53 |","| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 5 808 985 | 11 571 119 | 5 762 134 | EUR | 8.218 | 54 108 914.05 | 14.97 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 178 306 | 178 306 | | EUR | 34.595 | 6 991 682.82 | 1.93 |","| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- EUR - (0.060%) | Units | 315 815 | 315 815 | | EUR | 38.53 | 13 792 220.39 | 3.82 |","| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 1 414 221 | 1 414 221 | | EUR | 19.118 | 30 645 179.19 | 8.48 |","| iShares II PLC - iShares $ High Yield Corporate Bond UCITS ETF -USD- EUR - (0.500%) | Units | 517 002 | 551 573 | 34 571 | EUR | 90.79 | 53 202 576.54 | 14.72 |","| SSgA SPDR ETFs Europe I plc - SPDR S&P Euro Dividend Aristocrats UCITS ETF EUR - (0.300%) | Units | 282 821 | 1 542 452 | 1 259 631 | EUR | 23.35 | 7 485 157.87 | 2.07 |","| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 9 011 | 18 022 | 9 011 | GBP | 25.085 | 305 449.17 | 0.08 |","| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) | Units | 703 555 | 791 964 | 88 409 | GBP | 7.587 | 7 213 029.29 | 2.00 |","| HSBC ETFs PLC - HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF USD - (0.400%) | Units | 404 424 | 846 189 | 441 765 | USD | 27.89 | 11 279 385.36 | 3.12 |","| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- USD - (0.060%) | Units | 329 758 | 730 705 | 400 947 | USD | 43.685 | 14 405 478.23 | 3.98 |","| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 322 206 | 384 050 | 61 844 | USD | 33.85 | 10 906 673.10 | 3.02 |","| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 2 484 527 | 2 822 235 | 337 708 | USD | 21.225 | 52 734 085.58 | 14.59 |","| Total securities portfolio | | | | | | | 350 102 581.88 | 96.86 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | -1 722 287.48 | -0.48 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 500 EUR (DB) | Count | 322 | 335 | 13 | | | 488 148.65 | 0.13 |","| Call DJ Euro Stoxx 50 06/2022 4 500 EUR (DB) | Count | -801 | -801 | | | | -654 591.27 | -0.18 |","| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -280 | -280 | | | | -356 878.12 | -0.10 |","| Call FTSE MIB Index Futures 06/2022 7 800 GBP (DB) | Count | -34 | -34 | | | | -39 741.74 | -0.01 |","| Put S & P 500 Futures 12/2022 4 000 USD (DB) | Count | 113 | 120 | 7 | | | 1 902 355.00 | 0.53 |","| Call S & P 500 Futures 06/2022 4 675 USD (DB) | Count | -70 | -70 | | | | -2 131 850.00 | -0.59 |","| Call S & P 500 Futures 09/2022 4 900 USD (DB) | Count | -36 | -36 | | | | -830 160.00 | -0.23 |","| Call S & P 500 Futures 12/2022 5 150 USD (DB) | Count | -6 | -6 | | | | -99 570.00 | -0.03 |","| Currency derivatives Receivables/payables | | | | | | | 179 295.32 | 0.05 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (long) | | | | | | | | |","| Open positions SGD/USD 19.6 million | | | | | | | 146 267.42 | 0.04 |","| Closed positions SGD/USD 19.5 million | | | | | | | 33 027.90 | 0.01 |","| Cash at bank | | | | | | | 10 968 864.70 | 3.04 |","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| | currency | amount | in the reporting period | USD | |","| Demand deposits at Depositary Deposits in non-EU/EEA currencies | | | | | |","| British pound | GBP | 167 608 | | 226 489.46 | 0.07 |","| Japanese yen | JPY | 470 000 | | 4 083.94 | 0.00 |","| Singapore dollar | SGD | 4 633 | | 3 425.56 | 0.00 |","| U.S. dollar | USD | | | 10 734 865.74 | 2.97 |","| Other assets | | | | 11 385 089.72 | 3.15 |","| Dividends/Distributions receivable | | | | 658 297.38 | 0.18 |","| Other receivables | | | | 10 726 792.34 | 2.97 |","| Total assets * | | | | 375 026 335.27 | 103.76 |","| Short-term liabilities | | | | -7 554 067.22 | -2.09 |","| EUR loans | EUR | -6 664 667 | | -7 554 067.22 | -2.09 |","| Other liabilities | | | | -1 912 463.59 | -0.53 |","| Additional other liabilities | | | | -1 912 463.59 | -0.53 |","| Total liabilities | | | | -13 579 321.94 | -3.76 |","| Net assets | | | | 361 447 013.33 | 100.00 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class SGD SBDH | SGD | 10 066.60 |","| Class USD DPMBD | USD | 10 117.53 |","| Class USD LBD | USD | 100.49 |","| Class USD LBD10 | USD | 10 102.91 |","| Class USD SBD | USD | 10 091.86 |","| Class USD WAMBD | USD | 10 111.36 |","| Number of shares outstanding Class SGD SBDH | Count | 1 970.482 |","| Class USD DPMBD | Count | 209.591 |","| Class USD LBD | Count | 29 705.000 |","| Class USD LBD10 | Count | 4 341.551 |","| Class USD SBD | Count | 22 774.306 |","| Class USD WAMBD | Count | 6 722.725 |","Composition of the reference portfolio (according to CSSF circular 11/512)","Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation USD (SIA) Balanced Plus","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 73.768 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.000 |","| Average market risk exposure | % | 81.054 |","The values-at-risk were calculated for the period from June 28, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 58 605 066.72 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Contracting parties for forward currency transactions","BNP Paribas S.A., Royal Bank of Canada (UK) and State Street Bank International GmbH.","Exchange rates (indirect quotes)","As of December 30, 2021","| Euro\tEUR | 0.882262 | = USD | 1 |","| --- | --- | --- | --- |","| British pound\tGBP | 0.740028 | = USD | 1 |","| Japanese yen\tJPY | 115.085000 | = USD | 1 |","| Singapore dollar\tSGD | 1.352350 | = USD | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnote","* Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from June 28, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 10 309\t015.01Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t10 309 015.01","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-24 936.66","- Management fee USD\t-967 521.62thereof:","| 3. Taxe d‘abonnement | USD | -141 231.38 | |","| --- | --- | --- | --- |","| 4. Other expenses | USD | -1 434.07 | Summary of gains/losses | 2021 |","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| USD | -1 135 123.73 | | |","All-in fee USD\t-967 521.62","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the reporting period . . . .",". . . .",". .","USD\t0.00","- Net inflows USD 358 944\t475.61","- Income adjustment USD\t-658 128.80","- Net investment income USD 9 173\t891.28","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t-2 214 106.30","- Net change in unrealized appreciation/depreciation .","USD\t-3 799 118.46","- Value of the fund’s net assetsat the end of the reporting period.",". . . .",". . . .",". . . .",". . . USD\t361 447 013.33","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD 9 173\t891.28","- Sale transactionsRealized gains/losses USD\t-2 214 106.30Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t-2 214 106.30","- Net gain/loss for the reporting period . . . .",". . . .",". . . .","USD 6 959\t784.98BVI total expense ratio (TER)The total expense ratio for the share classes was:Realized gains/losses (incl. income adjustment).",". . . .",". .","USD\t-2 214 106.30from:Securities transactions USD\t-1 048 144.96(Forward) currency transactions USD\t\t-73 735.77 Derivatives and other financial futures transactions 2 .","USD\t-1 092 225.572 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","Class SGD SBDH 0.72%","1",",\tClass USD DPMBD 0.24%","1",",\t Class USD LBD 1.50%","1",",\tClass USD LBD10 0.48%","1","Class USD SBD 0.70%","1",",\tClass USD WAMBD 0.30%","1","The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class SGD SBDH 1.05%","1",",\tClass USD DPMBD 0.57%","1","Class USD LBD 1.82%","1",",\tClass USD LBD10 0.80%","1","Class USD SBD 1.03%","1",",\tClass USD WAMBD 0.63%","1","1","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 7 636.42.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Class SGD SBDH","| Type | As of | Currency | Per share |","| --- | --- | --- | --- |","| Final distribution | March 4, 2022 | SGD | 0.00 |","| Class USD DPMBD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD LBD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD LBD10 | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD SBD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD WAMBD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the reporting period is reinvested.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the reporting period","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t361 447 013.33","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t-","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t-","Net asset value per share at the end of the reporting period","| 2021 | Class SGD SBDH | SGD | 10 066.60 |","| --- | --- | --- | --- |","| | Class USD DPMBD | USD | 10 117.53 |","| | Class USD LBD | USD | 100.49 |","| | Class USD LBD10 | USD | 10 102.91 |","| | Class USD SBD | USD | 10 091.86 |","| | Class USD WAMBD | USD | 10 111.36 |","| 2020 | Class SGD SBDH | SGD | - |","| | Class USD DPMBD | USD | - |","| | Class USD LBD | USD | - |","| | Class USD LBD10 | USD | - |","| | Class USD SBD | USD | - |","| | Class USD WAMBD | USD | - |","| 2019 | Class SGD SBDH | SGD | - |","| | Class USD DPMBD | USD | - |","| | Class USD LBD | USD | - |","| | Class USD LBD10 | USD | - |","| | Class USD SBD | USD | - |","| | Class USD WAMBD | USD | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.97% of all transactions.","The total volume was USD 20 779 509.99.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","## DB Strategic Income Allocation EUR (SIA) Conservative Plus","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve a medium- to long-term return.","It seeks to limit capital losses to no more than 10% on an annu-","alized basis.","In order to achieve the investment objective, the","DB STRATEGIC INCOME ALLOCATION EUR (SIA) CONSERVATIVE PLUS","Performance since inception","100.9","100.6","100.3","100.0","99.7","99.4","99.1","98.8","sub-fund seeks to invest in","7/19/21* 7/21","8/21","9/21\t10/21\t11/21","12/21","portfolios of three main asset","classes that are diversified","DB Strategic Income Allocation EUR (SIA) Conservative Plus (LBD share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on July 19, 2021 = 100","Data on euro basis","between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into","Past performance is no guide to future results.","As of: December 31, 2021","| DB STRATEGIC INCOME ALLOCATION | EUR (SIA) CONSERVATIVE PLUS |","| --- | --- |","| Performance of share classes (in euro) Share class\tISIN | Since inception 1 |","| Class LBD\tLU2330520359 | 0.0% |","| Class LBD10\tLU2330520276 | 0.4% |","| Class PFBD\tLU2330520193 | -0.3% |","| Class SBD\tLU2330519930 | 0.3% |","| Class WAMBD\tLU2330520946 | 0.5% |","1","Classes LBD, LBD10, PFBD, SBD and WAMBD launched on July 19, 2021.","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","account the expected return, volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in euro.","The expected range of allocation for a “conservative” portfolio is for","- bond portfolio: up to 100%;","- equity portfolio: 0-60% and","- alternative portfolio: 0-15%.","In addition, the sub-fund aims to overweight euro areaassets in each of the portfolios in order to have a European focus.","In addition to allocating assets across the portfolios, the sub-fund manager seeks to implement a capital pres- ervation strategy, based onthe advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%on an annualized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.","The risk mitigation strat- egy includes investments in derivative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per-formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the fund manager may gain exposure to a financialindex through the use of deriva-tive financial instruments.","In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).","The derivatives exposure is always matched by equity ETF positions in the same amount.","The premiums collected are used to generate additional value growth in the sub-fund.","The investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries","and uncertainty regarding the monetary policy of the central banks.","Against this backdrop, the sub-fund DB Strategic Income Allocation EUR (SIA) Conservative Plus achieved a performance of 0.0% per share (LBD share class; BVI method; in euro) in the shortened fiscal year from July 19, 2021, to","December 31, 2021.","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021","in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","up the rear.","Against the back- drop of high global debt levels","terms of sector allocation, the equity portfolio was broadly diversified.","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","were influenced in particular\tand historically extremely low\tby the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases","interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Strategic Income Allocation EUR (SIA) Con- servative Plus was mainly exposed to bonds, including government and corporate bonds, through investments in target funds globally, and in","equities.","Regionally, the invest- ment focus was on Europe.","In","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","## DB Strategic Income Allocation EUR (SIA) Conservative Plus","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 141 798 482.91 | 69.92 |","| Other funds | 788 370.63 | 0.39 |","| Equity funds | 55 539 875.90 | 27.38 |","| Total investment fund units | 198 126 729.44 | 97.69 |","| 2. Derivatives | 696 327.69 | 0.34 |","| 3. Cash at bank | 2 735 026.07 | 1.35 |","| 4. Other assets | 1 648 520.75 | 0.81 |","| 5. Receivables from share certificate transactions | 390 875.30 | 0.19 |","| II.","Liabilities | | |","| 1. Other liabilities | -780 467.59 | -0.38 |","| III.","Net assets | 202 817 011.66 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Investment fund units | | | | | | | 198 126 729.44 | 97.69 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 81 | 682 | 601 | EUR | 9 732.971 | 788 370.63 | 0.39 |","| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 1 169 245 | 1 190 162 | 20 917 | EUR | 17.079 | 19 968 950.73 | 9.85 |","| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 1 376 521 | 2 244 367 | 867 846 | EUR | 8.218 | 11 312 249.58 | 5.58 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 2 616 | 2 616 | 0 | EUR | 34.51 | 90 278.16 | 0.04 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 118 442 | 119 647 | 1 205 | EUR | 34.595 | 4 097 500.99 | 2.02 |","| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF - EUR (hedged) - (0.100%) | Units | 147 889 | 152 499 | 4 610 | EUR | 41.265 | 6 102 639.59 | 3.01 |","| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF - EUR (hedged) - (0.100%) | Units | 137 207 | 137 207 | 0 | EUR | 41.328 | 5 670 490.90 | 2.80 |","| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 1 084 915 | 1 086 039 | 1 124 | EUR | 19.118 | 20 741 404.97 | 10.23 |","| iShares PLC - iShares Euro Corporate Bond Large Cap UCITS ETF EUR - (0.200%) | Units | 255 562 | 476 480 | 220 918 | EUR | 139.06 | 35 538 451.72 | 17.52 |","| iShares VI plc - iShares J.P. Morgan $ EM Bond EUR Hedged UCITS ETF EUR (hedged) - (0.500%) | Units | 333 434 | 340 043 | 6 609 | EUR | 87.63 | 29 218 821.42 | 14.41 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF - EUR (hedged) - (0.100%) | Units | 3 100 016 | 3 160 224 | 60 208 | EUR | 5.051 | 15 659 420.82 | 7.72 |","| UBS (Lux) Fund Solutions SICAV - Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF EUR (hedged) - (0.170%) | Units | 1 804 596 | 1 841 090 | 36 494 | EUR | 10.946 | 19 753 107.82 | 9.74 |","| Vanguard Funds PLC - Vanguard EUR Corporate Bond UCITS ETF EUR - (0.090%) | Units | 182 605 | 186 734 | 4 129 | EUR | 54.142 | 9 886 599.91 | 4.87 |","| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) | Units | 478 292 | 484 071 | 5 779 | GBP | 7.587 | 4 326 237.25 | 2.13 |","| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 147 004 | 149 306 | 2 302 | USD | 33.85 | 4 390 211.06 | 2.16 |","| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 565 096 | 575 465 | 10 369 | USD | 21.225 | 10 581 993.89 | 5.22 |","| Total securities portfolio | | | | | | | 198 126 729.44 | 97.69 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 696 327.69 | 0.34 |","| Option contracts | | | | | | | | |","| Options on equity indices Call DJ Euro Stoxx 50 06/2022 4 450 EUR (DB) | Count | -255 | -255 | | | | -228 607.50 | -0.11 |","| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -107 | -107 | | | | -120 321.50 | -0.06 |","| Call DJ Euro Stoxx 50 12/2022 4 600 EUR (DB) | Count | -55 | -55 | | | | -61 655.00 | -0.03 |","| Put DJ Euro Stoxx 50 12/2022 3 750 EUR (DB) | Count | 748 | 748 | | | | 1 366 596.00 | 0.67 |","| Call FTSE MIB Index Futures 06/2022 7 700 GBP (DB) | Count | -18 | -18 | | | | -25 215.05 | -0.01 |","| Call FTSE MIB Index Futures 12/2022 7 800 GBP (DB) | Count | -10 | -10 | | | | -24 499.73 | -0.01 |","| Call S & P 500 Futures 06/2022 4 800 USD (DB) | Count | -14 | -14 | | | | -272 539.55 | -0.14 |","| Call S & P 500 Futures 09/2022 4 900 USD (DB) | Count | -3 | -3 | | | | -61 034.89 | -0.03 |","| Call S & P 500 Futures 12/2022 5 150 USD (DB) | Count | -4 | -4 | | | | -58 564.55 | -0.03 |","| Put S & P 500 Futures 12/2022 3 750 USD (DB) | Count | 16 | 16 | | | | 182 169.46 | 0.09 |","| Cash at bank | | | | | | | 2 735 026.07 | 1.35 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 812 752.71 | 0.40 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 92 998 | | | | | 110 873.07 | 0.05 |","| Japanese yen | JPY | 9 685 806 | | | | | 74 253.10 | 0.04 |","| U.S. dollar | USD | 1 968 970 | | | | | 1 737 147.19 | 0.86 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other assets | 1 648 520.75 | 0.81 |","| Dividends/Distributions receivable | 300 940.06 | 0.15 |","| Prepaid placement fee* | 1 347 580.69 | 0.66 |","| Receivables from share certificate transactions | 390 875.30 | 0.19 |","| Total assets ** | 204 449 917.02 | 100.80 |","| Other liabilities | -780 467.59 | -0.38 |","| Liabilities from cost items | -162 603.94 | -0.08 |","| Additional other liabilities | -617 863.65 | -0.30 |","| Total liabilities | -1 632 905.36 | -0.80 |","| Net assets | 202 817 011.66 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class LBD | EUR | 100.02 |","| Class LBD10 | EUR | 10 040.72 |","| Class PFBD | EUR | 99.70 |","| Class SBD | EUR | 10 031.57 |","| Class WAMBD | EUR | 10 049.31 |","| Number of shares outstanding Class LBD | Count | 364 751.000 |","| Class LBD10 | Count | 6 355.000 |","| Class PFBD | Count | 379 537.000 |","| Class SBD | Count | 5 539.781 |","| Class WAMBD | Count | 907.000 |","Composition of the reference portfolio (according to CSSF circular 11/512)","Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation EUR (SIA) Conservative Plus","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 66.436 |","| --- | --- | --- |","| Highest market risk exposure | % | 82.229 |","| Average market risk exposure | % | 73.750 |","The values-at-risk were calculated for the period from July 19, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 20 238 211.55 as of the reporting date.","Market abbreviations\t Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","Exchange rates (indirect quotes)","As of December 30, 2021","| British pound\tGBP | 0.838785 | = EUR | 1 |","| --- | --- | --- | --- |","| Japanese yen\tJPY | 130.443111 | = EUR | 1 |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Footnotes","* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).","** Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from July 19, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","EUR 3 624\t109.60Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t3 624 109.60","- Expenses","- Interest on borrowings andnegative interest on deposits EUR\t-19 613.54","- Management fee EUR\t-692 287.21thereof:All-in fee EUR\t-692 287.21","- Legal and publication costs EUR\t-13 138.79","- Taxe d‘abonnement EUR\t-59 155.10","- Other expenses EUR\t-178 821.44thereof:Expenses from prepaidplacement fee 1 EUR\t-178 821.44Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-963 016.08","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t2 661 093.52","- Sale transactionsRealized gains/losses EUR\t-870 641.75Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-870 641.75","- Net gain/loss for the reporting period . . . .",". . . .",". . . .","EUR\t1 790 451.771 For further information, please refer to the notes to the financial statements.","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class LBD 1.37%","2",",\tClass LBD10 0.52%","2","Class PFBD 2.09%","2",",\tClass SBD 0.72%","2","Class WAMBD 0.32%","2","The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class LBD 1.63%","2",",\tClass LBD10 0.78%","2","Class PFBD 2.35%","2",",\tClass SBD 0.98%","2","Class WAMBD 0.58%","2","2","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 7 580.95.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the reporting period . . . .",". . . .",". .","EUR\t0.00","- Net inflows","- 3","- EUR 202 498\t439.50","- Income adjustment EUR\t-523 820.76","- Net investment income EUR 2 661\t093.52","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t-870 641.75","- Net change in unrealized appreciation/depreciation .","EUR\t-948 058.85","- Value of the fund’s net assetsat the end of the reporting period.",". . . .",". . . .",". . . .",". . . EUR\t202 817 011.663 Reduced by a dilution fee in the amount of EUR 12 819.27 for the benefit of the fund’s assets.","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t-870 641.75","from:","Securities transactions EUR\t-415 983.62","(Forward) currency transactions EUR\t7 682.79","Derivatives and other financial futures transactions","4","EUR\t-462 340.92","4","This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","Class LBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class LBD10","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class PFBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class SBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","Class USD WAMBD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.00","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the reporting period is reinvested.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the reporting period","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t202 817 011.66","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t−","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . EUR\t−","Net asset value per share at the end of the reporting period","| 2021 | Class LBD | EUR | 100.02 |","| --- | --- | --- | --- |","| | Class LBD10 | EUR | 10 040.72 |","| | Class PFBD | EUR | 99.70 |","| | Class SBD | EUR | 10 031.57 |","| | Class WAMBD | EUR | 10 049.31 |","| 2020 | Class LBD | EUR | – |","| | Class LBD10 | EUR | – |","| | Class PFBD | EUR | – |","| | Class SBD | EUR | – |","| | Class WAMBD | EUR | – |","| 2019 | Class LBD | EUR | – |","| | Class LBD10 | EUR | – |","| | Class PFBD | EUR | – |","| | Class SBD | EUR | – |","| | Class WAMBD | EUR | – |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.06% of all transactions.","The total volume was EUR 11 452 018.78.","Placement fee / dilution adjustment","In the reporting period, the fund paid a placement fee of 4% of the fund’s net assets to the distributor.","This fee was calculated on the subscription date.","This placement fee serves in particular as compensation for distribution.","The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.","These are amortized on a daily basis over a period of three years from the date of subscription.","The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.","The relevant factor is determined through straight-line reduction of the place- ment fee by a certain percentage on a daily basis over three years from the subscription date.","The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.","In addition, a dilution adjustment of up to 4% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).","Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","## DB Strategic Income Allocation USD (SIA) Conservative Plus","##### Investment objective and performance in the reporting period","The investment objective of the sub-fund is to achieve a medium- to long-term return.","It seeks to limit capital losses to no more than 10% on an annu-","alized basis.","In order to achieve the investment objective, the","DB STRATEGIC INCOME ALLOCATION USD (SIA) CONSERVATIVE PLUS","Performance since inception","101.5","101.0","100.5","100.0","99.5","99.0","98.5","98.0","sub-fund seeks to invest in","6/28/21*","7/21","8/21\t9/21\t10/21\t11/21","12/21","portfolios of three main asset","classes that are diversified","DB Strategic Income Allocation USD (SIA) Conservative Plus (USD LBD share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on June 28, 2021 = 100 Data on U.S. dollar basis","between each other and within themselves.","These are a bond portfolio, an equity portfolio and an alternative portfolio.","The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.","In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-","Past performance is no guide to future results.","As of: December 31, 2021","DB STRATEGIC INCOME ALLOCATION USD (SIA) CONSERVATIVE PLUS","Performance of share classes (in USD)","Share class\tISIN\tSince inception","1","Class USD LBD\tLU2330519427\t-0.4% Class USD LBD10\tLU2330519344\t0.1% Class USD SBD\tLU2330519260\t0.0% Class USD WAMBD\tLU2330519187\t0.2%","1","Classes USD LBD, USD LBD10, USD SBD and USD WAMBD launched on June 28, 2021 “BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","tion approach which takes into account the expected return, volatility and correlation in each portfolio.","The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars.","The expected range of alloca- tion for a “conservative” port- folio is for","a) bond portfolio: up to 100%;","b) equity portfolio:","0-60% and","c) alternative port- folio: 0-15%.","In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.","In addition to allocating assets across the portfolios, the sub-fund manager seeks to implement a capital pres-","ervation strategy, based on the advice of the investment","advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%","on an annualized basis (risk mitigation strategy).","The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.","The risk mitigation strat- egy includes investments in derivative financial instruments.","Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per-","formance of the relevant com- modities such as exchange- traded notes or certificates.","As an alternative to investing in an ETF, the fund manager may gain exposure to a financial","index through the use of deriva-","tive financial instruments.","In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).","The derivatives exposure is always matched by equity ETF positions in the same amount.","The premiums collected are used to generate additional value growth in the sub-fund.","The investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries","and uncertainty regarding the monetary policy of the central banks.","Against this backdrop, the sub-fund recorded a loss of 0.4% per share (USD LBD share class; BVI method; in","U.S. dollars) in the shortened fiscal year from July 19, 2021,","through December 31, 2021.","##### Investment policy in the reporting period","consumption demand and partial supply shortages due to supply difficulties.","In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.","The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought","Information on environmental and / or social characteristics","The sub-fund is a product","within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).","Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):","The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","Developments in the interna-\tup the rear.","Against the back-\ttional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of","measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up","drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","The management of the sub- fund DB Strategic Income Allo- cation USD (SIA) Conservative Plus was mainly exposed to bonds, including government and corporate bonds, through investments in target funds globally, and in equities.","In terms of sector allocation, the equity portfolio was broadly diversified.","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","## DB Strategic Income Allocation USD (SIA) Conservative Plus","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in USD | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 14 896 921.26 | 70.32 |","| Other funds | 2 654.19 | 0.01 |","| Equity funds | 5 917 552.16 | 27.94 |","| Total investment fund units | 20 817 127.61 | 98.27 |","| 2. Derivatives | 75 116.58 | 0.36 |","| 3. Cash at bank | 333 394.31 | 1.57 |","| 4. Other assets | 16 310.41 | 0.08 |","| II.","Liabilities | | |","| 1. Other liabilities | -58 920.09 | -0.28 |","| III.","Net assets | 21 183 028.82 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","| Count/ Security name\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- |","| currency\tamount\tin the reporting period\tUSD |","| Investment fund units | | | | | | | 20 817 127.61 | 98.27 |","| In-group fund units Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 238 802 | 250 978 | 12 176 | EUR | 13.994 | 3 787 622.94 | 17.88 |","| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | | 26 | 26 | USD | 10 408.589 | 2 654.19 | 0.01 |","| Xtrackers II - USD Emerging Markets Bond UCITS ETF -2D- USD - (0.250%) | Units | 73 374 | 76 820 | 3 446 | USD | 14.079 | 1 033 032.55 | 4.88 |","| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 248 995 | 492 386 | 243 391 | EUR | 8.218 | 2 319 312.08 | 10.95 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 467 | 467 | | EUR | 34.51 | 18 266.88 | 0.09 |","| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 10 517 | 10 517 | | EUR | 34.595 | 412 389.54 | 1.95 |","| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 76 881 | 76 881 | | EUR | 19.118 | 1 665 957.46 | 7.86 |","| iShares II PLC - iShares $ High Yield Corporate Bond UCITS ETF -USD- EUR - (0.500%) | Units | 18 558 | 19 489 | 931 | EUR | 90.79 | 1 909 728.43 | 9.01 |","| iShares PLC - iShares $ Corp Bond UCITS ETF EUR - (0.200%) | Units | 6 693 | 6 693 | | EUR | 111.05 | 842 445.50 | 3.98 |","| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF EUR - (0.070%) | Units | 505 537 | 529 477 | 23 940 | EUR | 4.73 | 2 710 065.49 | 12.79 |","| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- USD - (0.060%) | Units | 19 370 | 20 272 | 902 | USD | 43.685 | 846 178.45 | 3.99 |","| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 13 199 | 14 017 | 818 | USD | 33.85 | 446 786.15 | 2.11 |","| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 28 351 | 29 807 | 1 456 | USD | 132.9 | 3 767 847.90 | 17.79 |","| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 49 698 | 52 067 | 2 369 | USD | 21.225 | 1 054 840.05 | 4.98 |","| Total securities portfolio | | | | | | | 20 817 127.61 | 98.27 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Equity index derivatives Receivables/payables | | | | | | | 75 116.58 | 0.36 |","| Option contracts | | | | | | | | |","| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 450 EUR (DB) | Count | 38 | 38 | | | | 54 118.84 | 0.26 |","| Call DJ Euro Stoxx 50 06/2022 4 500 EUR (DB) | Count | -27 | | 27 | | | -22 064.87 | -0.10 |","| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -6 | | 6 | | | -7 647.39 | -0.04 |","| Call S & P 500 Futures 06/2022 4 675 USD (DB) | Count | -2 | | 2 | | | -60 910.00 | -0.29 |","| Put S & P 500 Futures 12/2022 4 500 USD (DB) | Count | 4 | 4 | | | | 111 620.00 | 0.53 |","| Cash at bank | | | | | | | 333 394.31 | 1.57 |","| Demand deposits at Depositary EUR deposits | EUR | 81 905 | | | | | 92 835.19 | 0.44 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| Japanese yen | JPY | 1 133 829 | | | | | 9 852.10 | 0.04 |","| U.S. dollar | USD | | | | | | 230 707.02 | 1.09 |","| Other assets | 16 310.41 | 0.08 |","| Dividends/Distributions receivable | 16 310.41 | 0.08 |","| Total assets * | 21 332 571.17 | 100.71 |","| Other liabilities | -58 920.09 | -0.28 |","| Liabilities from cost items | -13 838.48 | -0.07 |","| Additional other liabilities | -45 081.61 | -0.21 |","| Total liabilities | -149 542.35 | -0.71 |","| Net assets | 21 183 028.82 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class USD LBD | USD | 99.65 |","| Class USD LBD10 | USD | 10 009.49 |","| Class USD SBD | USD | 9 998.49 |","| Class USD WAMBD | USD | 10 018.86 |","| Number of shares outstanding Class USD LBD | Count | 9 939.000 |","| Class USD LBD10 | Count | 1.000 |","| Class USD SBD | Count | 1 831.481 |","| Class USD WAMBD | Count | 186.700 |","Composition of the reference portfolio (according to CSSF circular 11/512)","Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation USD (SIA) Conservative Plus","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 67.729 |","| --- | --- | --- |","| Highest market risk exposure | % | 100.000 |","| Average market risk exposure | % | 74.830 |","The values-at-risk were calculated for the period from June 28, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 2 033 405.15 as of the reporting date.","Contracting parties for derivatives (with the exception of forward currency transactions)","DB = Deutsche Bank AG Frankfurt","| Exchange rates (indirect quotes) | |","| --- | --- |","| | | As of December 30, 2021 |","| Euro\tEUR | 0.882262 | = USD\t1 |","| Japanese yen\tJPY | 115.085000 | = USD\t1 |","| Notes on valuation | | |","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","* Does not include positions with a negative balance, if such exist.","Statement of income and expenses (incl. income adjustment)\tfor the period from June 28, 2021, through December 31, 2021","- Income","- Income from investment fund units . . . .",". . . .",". . . .",". . . .","USD 445\t393.59Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","USD\t445 393.59","- Expenses","- Interest on borrowings andnegative interest on deposits USD\t-450.46","- Management fee USD\t-68 374.56thereof:All-in fee USD\t-68 374.56 Statement of changes in net assets\t2021","- Value of the fund’s net assetsat the beginning of the reporting period . . . .",". . . .",". .","USD\t0.00","- Net inflows USD 21 231\t274.18","- Income adjustment USD\t-32 548.15","- Net investment income USD 368\t248.74","- Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t-155 294.29","- Net change in unrealized appreciation/depreciation .","USD\t-228 651.66","- Value of the fund’s net assetsat the end of the reporting period.",". . . .",". . . .",". . . .",". . . USD\t21 183 028.82","| 3. Taxe d‘abonnement | USD | -8 319.83 | |","| --- | --- | --- | --- |","| | | | | |","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| USD | -77 144.85 | Summary of gains/losses | 2021 |","| III.","Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| USD | 368 248.74 | | |","- Sale transactionsRealized gains/losses USD\t-155 294.29Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","USD\t-155 294.29","- Net gain/loss for the reporting period . . . .",". . . .",". . . .","USD 212\t954.45BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD LBD 1.35%1,\tClass USD LBD10 0.50%1,Class USD SBD 0.70%1,\tClass USD WAMBD 0.30%1Realized gains/losses (incl. income adjustment).",". . . .",". .","USD\t-155 294.29from:Securities transactions USD\t-96 426.10(Forward) currency transactions USD\t4 532.22Derivatives and other financial futures transactions 2 .","USD\t-63 400.412 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.","Details on the distribution policy*","The TER expresses total expenses and fees (excluding transaction costs) as a percent-\t age of a fund’s average net assets in relation to the respective share class for a given","reporting period.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class USD LBD 1.58%","1",",\tClass USD LBD10 0.74%","1","Class USD SBD 0.93%","1",",\tClass USD WAMBD 0.53%","1","1","Annualization has not been performed for share classes launched during the year.","Transaction costs","The transaction costs paid in the reporting period amounted to USD 953.61.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Class USD LBD","| Type | As of | Currency | Per share |","| --- | --- | --- | --- |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD LBD10 | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD SBD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","| Class USD WAMBD | | | |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | USD | 0.00 |","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the reporting period is reinvested.","Changes in net assets and in the net asset value per share over the last three years","Net assets at the end of the reporting period","2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t21 183 028.82","2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t-","2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . USD\t-","Net asset value per share at the end of the reporting period","| 2021 | Class USD LBD | USD | 99.65 |","| --- | --- | --- | --- |","| | Class USD LBD10 | USD | 10 009.49 |","| | Class USD SBD | USD | 9 998.49 |","| | Class USD WAMBD | USD | 10 018.86 |","| 2020 | Class USD LBD | USD | - |","| | Class USD LBD10 | USD | - |","| | Class USD PFBD | USD | - |","| | Class USD SBD | USD | - |","| | Class USD WAMBD | USD | - |","| 2019 | Class USD LBD | USD | - |","| | Class USD LBD10 | USD | - |","| | Class USD PFBD | USD | - |","| | Class USD SBD | USD | - |","| | Class USD WAMBD | USD | - |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.76% of all transactions.","The total volume was USD 1 432 781.06.","Swing Pricing","Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.","Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.","In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.","To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).","This mechanism can be applied across all (sub-)funds.","If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.","The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.","In accordance with these thresholds, the adjustment itself will be initiated automatically.","If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.","This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.","If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.","The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.","These swing factors indicate the extent of the net asset value adjustment.","The swing pricing committee takes into account the following factors in particular:","- bid-ask spread (fixed-price element),","- impacts on the market (impacts of the transactions on the price),","- additional costs that are incurred as a result of trading activities for the investments.","The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.","The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.","The net asset value adjustment is available upon request from the Management Company.","In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.","Such an increase will be announced on the Management Company’s website: www.dws.com.","As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.","This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.","##### Investment objective and performance in the reporting period","The objective of the sub-fund DWS Strategic ESG Allocation Balance is to achieve a medium to long-term positive invest- ment performance, bearing","in mind the opportunities and risks in the international capital","DWS STRATEGIC ESG ALLOCATION BALANCE","Performance since inception","140","130","120","110","100","90","80","70","markets.","For this purpose, the","1/29/18*","12/18\t12/19\t12/20","12/21","sub-fund invests primarily in exchange-traded funds (ETFs).","DWS Strategic ESG Allocation Balance (LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on January 29, 2018 = 100","Data on euro basis","Furthermore, up to 49% of its","assets may also be invested in interest-bearing securities, equities, certificates, convert- ible bonds, warrant-linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds","and money-market instruments, deposits and cash.","Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices.","The","sub-fund combines permissible","Past performance is no guide to future results.","As of: December 31, 2021","DWS STRATEGIC ESG ALLOCATION BALANCE","Performance of the share classes (in euro)","| Share class | ISIN | 1 year | 3 years | Since inception 1 |","| --- | --- | --- | --- | --- |","| Class LC | LU1740984924 | 12.9% | 37.3% | 28.8% |","| Class FC | LU1740984767 | 13.2% | 38.6% | 30.5% |","| Class ID | LU1740984841 | 13.4% | 39.2% | 31.2% |","| Class LD | LU1922430332 | 12.8% | – | 31.7% |","| Class NC | LU1961009468 | 12.6% | – | 24.1% |","| Class RC | LU2001266027 | 12.7% | – | 23.0% |","1","Classes FC, ID and LC launched on January 29, 2018 / Class LD launched on January 31, 2019 / Class NC launched on April 25, 2019 / Class RC launched on June 28, 2019","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","investment instruments from different asset classes to create a balanced risk / return profile.","Its aim is annualized volatility of 5% to 10% over a rolling five- year period.","It cannot however be guaranteed that the volatility margin will be adhered to at all times.","In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac-","terized primarily by the corona- virus crisis*.","Despite rising inflation, especially toward the","end of the reporting period, interest rates failed to rise in both the euro area and the United States.","This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries.","Against this backdrop, DWS Strategic ESG Allocation Balance achieved an apprecia- tion of 12.9% per share in the 2021 fiscal year (LC share class, BVI method; in euro).","##### Investment policy in the reporting period","Within the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF,","Xtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS ETF.","In terms of its sector allo- cation, the sub-fund was thus broadly based.","The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed.","While the equity mar- kets in the Western industrial countries – boosted in partic-","ular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.","On the bond side, the sub-fund","kets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low,","omy Regulation) can be found in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report.","was invested globally in bond","in some cases negative, level.","ETFs and in bond target funds.","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.","Since the beginning of 2021, the economic out- look improved, boosted by","the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi-","tion, the dynamic spread of the coronavirus and its variants,","as well as associated new restrictions, dampened the economic outlook.","Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar-","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","##### Information on environmental and / or social characteristics","The investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).","The selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria.","However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within","the meaning of the Taxonomy Regulation.","The presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation","(EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg- ulation (EU) 2020 / 852 (Taxon-","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Equity funds | 104 089 943.81 | 55.89 |","| Bond funds | 77 171 740.26 | 41.46 |","| Other funds | 4 042 253.04 | 2.17 |","| Total investment fund units | 185 303 937.11 | 99.52 |","| 2. Derivatives | 258 898.63 | 0.14 |","| 3. Cash at bank | 741 126.51 | 0.40 |","| 4. Receivables from share certificate transactions | 8 106.86 | 0.00 |","| II.","Liabilities | | |","| 1. Other liabilities | -104 732.41 | -0.05 |","| 2. Liabilities from share certificate transactions | -16 273.02 | -0.01 |","| III.","Net assets | 186 191 063.68 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","Investment fund units\t185 303 937.11\t99.52","In-group fund units","DWS Institutional - DWS Institutional ESG","| Euro Money Market Fund -IC- EUR - (0.110%) DWS Invest SICAV - DWS Invest ESG | Units | 294 | 1 259 | 1 058 | EUR | 13 749.16 | 4 042 253.04 | 2.17 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Euro High Yield -XC- EUR - (0.200%) | Units | 124 385 | 139 397 | 15 012 | EUR | 103.55 | 12 880 066.75 | 6.92 |","| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) | Units | 12 127 | 13 603 | 1 476 | EUR | 161.63 | 1 960 087.01 | 1.05 |","| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) | Units | 35 987 | 29 586 | 11 923 | EUR | 50.27 | 1 809 066.49 | 0.97 |","| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%) | Units | 998 316 | 1 003 819 | 5 503 | EUR | 27.515 | 27 468 664.74 | 14.75 |","| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) | Units | 50 212 | 50 212 | | EUR | 36.38 | 1 826 712.56 | 0.98 |","| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%) | Units | 34 969 | 36 125 | 19 753 | EUR | 52.64 | 1 840 768.16 | 0.99 |","| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) | Units | 52 812 | 43 123 | 17 651 | EUR | 34.49 | 1 821 485.88 | 0.98 |","| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) | Units | 188 867 | 188 867 | | EUR | 155.925 | 29 449 086.98 | 15.82 |","| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) | Units | 50 659 | 44 590 | 1 213 | EUR | 210.62 | 10 669 798.58 | 5.73 |","| Xtrackers - S&P 500 Swap UCITS ETF -1C- USD - (0.050%) | Units | 151 590 | 116 593 | 130 869 | USD | 91.468 | 12 233 063.25 | 6.57 |","| Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) | Units | 159 243 | 180 281 | 21 038 | USD | 45.97 | 6 458 511.37 | 3.47 |","| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%)....","| Units | 744 231 | 765 206 | 20 975 | USD | 13.4 | 8 798 530.19 | 4.73 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) | Units | 261 880 | 261 880 | | USD | 52.57 | 12 146 128.84 | 6.52 |","| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) | Units | 278 141 | 325 130 | 46 989 | USD | 22.24 | 5 457 545.55 | 2.93 |","| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) | Units | 532 423 | 532 423 | | USD | 50.64 | 23 787 460.46 | 12.78 |","| Xtrackers IE Physical Gold ETC Securities USD - (0.150%) .","Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units Units | 259 525 44 812 | 197 486 31 729 | 4 083 | USD USD | 27.91 225.51 | 6 390 526.06 8 915 746.39 | 3.43 4.79 |","| Non-group fund units Amundi Index Solutions - Amundi Index MSCI USA SRI UCITS ETF DR EUR - (0.180%) | Units | 56 046 | 56 046 | | EUR | 97.63 | 5 471 770.98 | 2.94 |","| UBS (Irl) ETF plc - S&P 500 ESG UCITS ETF -A- USD - (0.120%) | Units | 66 234 | 107 910 | 41 676 | USD | 32.115 | 1 876 663.83 | 1.00 |","| Total securities portfolio | | | | | | | 185 303 937.11 | 99.52 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Currency derivatives Receivables/payables | | | | | | | 258 898.63 | 0.14 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (short) | | | | | | | | |","| Open positions EUR/USD 31.2 million | | | | | | | 115 531.07 | 0.06 |","| Closed positions EUR/USD 32.5 million | | | | | | | 143 367.56 | 0.08 |","| Cash at bank | | | | | | | 741 126.51 | 0.40 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 622 834.59 | 0.34 |","| Deposits in other EU/EEA currencies | | | | | | | | |","| Danish krone | DKK | 1 | | | | | 0.09 | 0.00 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 4 916 | | | | | 5 860.98 | 0.00 |","| Japanese yen | JPY | 1 901 055 | | | | | 14 573.82 | 0.01 |","| Swiss franc | CHF | 1 289 | | | | | 1 244.88 | 0.00 |","| U.S. dollar | USD | 109 505 | | | | | 96 612.15 | 0.05 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Receivables from share certificate transactions | 8 106.86 | 0.00 |","| Total assets | 186 312 069.11 | 100.06 |","| Other liabilities | -104 732.41 | -0.05 |","| Liabilities from cost items | -104 732.41 | -0.05 |","| Liabilities from share certificate transactions | -16 273.02 | -0.01 |","| Total liabilities | -121 005.43 | -0.06 |","| Net assets | 186 191 063.68 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |","| --- | --- | --- |","| Net asset value per share Class FC | EUR | 130.48 |","| Class ID | EUR | 130.20 |","| Class LC | EUR | 128.80 |","| Class LD | EUR | 131.56 |","| Class NC | EUR | 124.08 |","| Class RC | EUR | 123.01 |","| Number of shares outstanding Class FC | Count | 82 622.171 |","| Class ID | Count | 154 175.000 |","| Class LC | Count | 6 592.434 |","| Class LD | Count | 795 160.844 |","| Class NC | Count | 401 851.084 |","| Class RC | Count | 100.000 |","Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR (50%) and iBoxx EUR Overall (50%)","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure | % | 89.613 |","| --- | --- | --- |","| Highest market risk exposure | % | 112.203 |","| Average market risk exposure | % | 98.045 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 30 887 868.30 as of the reporting date.","Exchange rates (indirect quotes)","As of December 30, 2021","| Swiss franc\tCHF | 1.035520 | = EUR | 1 |","| --- | --- | --- | --- |","| Danish krone\tDKK | 7.436396 | = EUR | 1 |","| British pound\tGBP | 0.838785 | = EUR | 1 |","| Japanese yen\tJPY | 130.443111 | = EUR | 1 |","| U.S. dollar\tUSD | 1.133450 | = EUR | 1 |","Notes on valuation","Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Assets reported in this report are not valued at derived market values.","The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.","A plus sign means that a performance-based fee may also be charged.","As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.","Statement of income and expenses (incl. income adjustment)","Statement of changes in net assets\t2021 for the period from January 1, 2021, through December 31, 2021\tI. Value of the fund’s net assets","| | at the beginning of the fiscal year.",". . . .",". . . .",". . . .",". . . | EUR | 61 682 269.69 |","| --- | --- | --- | --- |","| I. Income | | | 1. | Distribution for the previous year | EUR | -58 719.65 |","| 1. Income from investment fund units . . . .",". . . .",". . . .",". . . .","| EUR | 1 732 552.13 | 2. | Net inflows | EUR | 114 738 322.52 |","| 2. Income from securities lending | EUR | 2 369.13 | 3. | Income adjustment | EUR | -6 075 318.97 |","| | | | 4. | Net investment income | EUR | 611 961.76 |","| Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 1 734 921.26 | 5. | Realized gains/losses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 340 609.53 |","| | | | 6. | Net change in unrealized appreciation/depreciation ....","| EUR | 14 951 938.80 |","| II.","Expenses | | | | | | |","| 1. Interest on borrowings and | | | II.","| Value of the fund’s net assets | | |","| negative interest on deposits | EUR | -17 873.68 | | at the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 186 191 063.68 |","| 2. Management fee | EUR | -1 049 662.89 | | | | |","| thereof: | | | | | | |","| All-in fee EUR -1 049 662.89 | |","| --- | --- |","| 3. Legal and publication costs | EUR | -1 324.86 |","| 4. Taxe d‘abonnement | EUR | -53 308.36 |","| 5. Other expenses | EUR | -789.71 |","thereof:","Performance-based fee from","| Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","| EUR | -1 122 959.50 | from: Securities transactions | EUR | 2 973 800.19 |","| --- | --- | --- | --- | --- | --- |","| III.","Ordentlicher Nettertrag . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","| EUR | 611 961.76 | (Forward) currency transactions Derivatives and other financial futures transactions ... | EUR EUR | -2 648 000.98 14 810.32 |","| IV.","Sale transactions Realized gains/losses | EUR | 340 609.53 | | | |","securities lending income EUR\t-789.71","Realized gains/losses (incl. income adjustment).",". . . .",". .","EUR\t340 609.53","Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t340 609.53","Details on the distribution policy*","V. Net gain/loss for the fiscal year.",". . . .",". . . .",". . . .",". . . .","EUR\t952 571.29","Class FC","BVI total expense ratio (TER)","The total expense ratio for the share classes was:","Class FC 0.28% p.a., Class ID 0.14% p.a., Class LC 0.61% p.a., Class LD 0.70% p.a., Class NC 0.84% p.a., Class RC 0.73% p.a.","The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.","Further costs, charges and fees were incurred at the level of the target funds.","The fund invested more than 20% of its assets in target funds.","Further costs, charges and fees were incurred at the level of the target funds.","If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).","If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.","The synthetic TER was:","Class FC 0.47% p.a., Class ID 0.32% p.a., Class LC 0.79% p.a., Class LD 0.89% p.a., Class NC 1.02% p.a., Class RC 0.91% p.a.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 2 169.99.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","The income for the fiscal year is reinvested.","| Class ID | |","| --- | --- |","| Type | As of | Currency | Per share |","| Final distribution | March 4, 2022 | EUR | 1.02 |","| Class LC | | | |","The income for the fiscal year is reinvested.","Class LD","Type\tAs of\tCurrency\tPer share","Final distribution\tMarch 4, 2022\tEUR\t0.39","Class NC","The income for the fiscal year is reinvested.","Class RC","The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","In the case of a final distribution, any remaining net income for the fiscal year is reinvested.","Changes in net assets and in the net asset value per share over the last three years","| Net assets at the end of the fiscal year 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 186 191 063.68 |","| --- | --- | --- |","| 2020.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 61 682 269.69 |","| 2019.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . | EUR | 27 570 383.81 |","| Net asset value per share at the end of the fiscal year | | |","| 2021 | Class FC | EUR | 130.48 |","| | Class ID | EUR | 130.20 |","| | Class LC | EUR | 128.80 |","| | Class LD | EUR | 131.56 |","| | Class NC | EUR | 124.08 |","| | Class RC | EUR | 123.01 |","| 2020 | Class FC | EUR | 115.28 |","| | Class ID | EUR | 115.24 |","| | Class LC | EUR | 114.11 |","| | Class LD | EUR | 116.71 |","| | Class NC | EUR | 110.23 |","| | Class RC | EUR | 109.17 |","| 2019 | Class FC | EUR | 109.58 |","| | Class ID | EUR | 109.47 |","| | Class LC | EUR | 108.86 |","| | Class LD | EUR | 111.41 |","| | Class NC | EUR | 105.37 |","| | Class RC | EUR | 104.26 |","Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.52% of all transactions.","The total volume was EUR 2 920 680.80.","##### Investment objective and performance in the reporting period","The objective of the sub-fund DWS Strategic ESG Alloca- tion Defensive is to achieve a medium to long-term positive investment performance, bear- ing in mind the opportunities and risks in the international","DWS STRATEGIC ESG ALLOCATION DEFENSIVE","Performance since inception","115","112","109","106","103","100","97","94","capital markets.","For this pur-","1/29/18*","12/18","12/19\t12/20","12/21","pose, the sub-fund invests primarily in exchange-traded","DWS Strategic ESG Allocation Defensive (LC share class)","“BVI method” performance, i.e., excluding the initial sales charge.","* Launched on January 29, 2018 = 100","Data on euro basis","funds (ETFs).","Furthermore, up","to 49% of its assets may also be invested in interest-bearing securities, equities, certificates, convertible bonds, warrant- linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds and money-market instruments, deposits and cash.","Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices.","The","sub-fund combines permissible","Past performance is no guide to future results.","As of: December 31, 2021","| DWS STRATEGIC ESG ALLOCATION | DEFENSIVE | |","| --- | --- | --- |","| Performance of share classes (in euro) Share class\tISIN | 1 year | 3 years | Since inception 1 |","| Class LC\tLU1740985228 | 5.4% | 19.0% | 14.1% |","| Class FC\tLU1740985061 | 5.7% | 20.2% | 15.6% |","| Class ID\tLU1740985145 | 5.9% | 20.7% | 16.3% |","| Class LD\tLU1922432890 | 5.3% | – | 16.3% |","| Class RC\tLU2001265722 | 5.2% | – | 10.6% |","| Class XD\tLU1740985491 | 5.9% | 21.0% | 16.6% |","1","Classes FC, ID, LC and XD launched on January 29, 2018 / Class LD launched on January 31, 2019 / Class RC launched on June 28, 2019","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","investment instruments from different asset classes to create a balanced risk / return profile.","Its aim is annualized volatility of 2% to 5% over a rolling five- year period.","It cannot however be guaranteed that the volatility margin will be adhered to at all times.","In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac-","terized primarily by the corona- virus crisis*.","Despite rising inflation, especially toward the","end of the reporting period, interest rates failed to rise in both the euro area and the United States.","This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries.","Against this backdrop, DWS Strategic ESG Allocation Defensive achieved an appreci- ation of 5.4% per share in the 2021 fiscal year (LC share class; BVI method; in euro).","##### Investment policy in the reporting period","On the bond side, the sub-fund was invested globally in bond ETFs and in bond target funds.","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial","markets.","Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact","ETF.","In terms of its sector allo- cation, the sub-fund was thus broadly based.","The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed.","While the equity mar-","ulation (EU) 2020 / 852 (Taxon- omy Regulation) can be found in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report.","of the coronavirus crisis and\tkets in the Western industrial\tby the regulatory filings for COVID-19 vaccines and the vaccination campaigns.","How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.","In addi-","tion, the dynamic spread of the coronavirus and its variants,","as well as associated new restrictions, dampened the economic outlook.","Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar- kets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.","Within the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF,","Xtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS","countries – boosted in partic- ular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.","##### Information on environmental and / or social characteristics","The investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).","The selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria.","However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within","the meaning of the Taxonomy Regulation.","The presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation","(EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg-","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","The format used for complete dates","in security names in the investment","portfolio is “day/month/year”.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Investment fund units Bond funds | 113 578 763.94 | 64.24 |","| Equity funds | 52 351 729.08 | 29.61 |","| Other funds | 7 039 569.92 | 3.98 |","| Total investment fund units | 172 970 062.94 | 97.83 |","| 2. Derivatives | 378 162.27 | 0.21 |","| 3. Cash at bank | 3 634 823.17 | 2.06 |","| 4. Other assets | 27 254.90 | 0.02 |","| 5. Receivables from share certificate transactions | 116.16 | 0.00 |","| II.","Liabilities | | |","| 1. Other liabilities | -97 392.16 | -0.06 |","| 2. Liabilities from share certificate transactions | -99 781.32 | -0.06 |","| III.","Net assets | 176 813 245.96 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","Investment portfolio – December 31, 2021","Investment fund units\t172 970 062.94\t97.83","In-group fund units","| DWS Floating Rate Notes FCP -IC- EUR - (0.100%) | Units | 85 819 | 65 670 | 8 674 | EUR | 84.06 | 7 213 945.14 | 4.08 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| DWS Institutional - DWS Institutional ESG Euro Money Market Fund -IC- EUR - (0.100%) | Units | 512 | 616 | 216 | EUR | 13 749.16 | 7 039 569.92 | 3.98 |","| DWS Invest SICAV - DWS Invest ESG Euro High Yield -XC- EUR - (0.200%) | Units | 110 309 | 114 797 | 4 488 | EUR | 103.55 | 11 422 496.95 | 6.46 |","| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) | Units | 5 549 | 5 926 | 377 | EUR | 161.63 | 896 884.87 | 0.51 |","| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) | Units | 17 241 | 18 054 | 6 895 | EUR | 50.27 | 866 705.07 | 0.49 |","| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%) | Units | 564 511 | 570 996 | 6 485 | EUR | 27.515 | 15 532 520.17 | 8.78 |","| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) | Units | 24 900 | 27 391 | 2 491 | EUR | 36.38 | 905 862.00 | 0.51 |","| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%) | Units | 16 834 | 19 319 | 8 658 | EUR | 52.64 | 886 141.76 | 0.50 |","| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) | Units | 26 244 | 25 486 | 8 317 | EUR | 34.49 | 905 155.56 | 0.51 |","| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) | Units | 212 868 | 215 869 | 3 001 | EUR | 155.925 | 33 191 442.90 | 18.77 |","| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) | Units | 105 930 | 90 314 | 2 265 | EUR | 210.62 | 22 310 976.60 | 12.62 |","| Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) | Units | 203 179 | 227 411 | 24 232 | USD | 45.97 | 8 240 449.39 | 4.66 |","| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%)....","| Units | 673 270 | 673 270 | | USD | 13.4 | 7 959 607.19 | 4.50 |","| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) | Units | 116 648 | 129 951 | 13 303 | USD | 52.57 | 5 410 194.12 | 3.06 |","| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) | Units | 111 397 | 174 691 | 63 294 | USD | 22.24 | 2 185 777.00 | 1.24 |","| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) | Units | 439 901 | 508 328 | 68 427 | USD | 50.64 | 19 653 785.89 | 11.12 |","| Xtrackers IE Physical Gold ETC Securities USD - (0.150%) .","| Units | 207 469 | 189 231 | 24 181 | USD | 27.91 | 5 108 702.64 | 2.89 |","| Xtrackers II - US Treasuries 1-3 UCITS ETF -1D- USD - (0.070%) | Units | 9 599 | 7 514 | 176 | USD | 167.15 | 1 415 565.43 | 0.80 |","| Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units | 70 980 | 62 933 | 7 846 | USD | 225.51 | 14 122 102.98 | 7.99 |","| Non-group fund units iShares IV plc - iShares $ Short Duration Corporate Bond UCITS ETF USD - (0.200%) | Units | 85 196 | 68 544 | 1 457 | USD | 102.47 | 7 702 177.36 | 4.36 |","| Total securities portfolio | | | | | | | 172 970 062.94 | 97.83 |","| Derivatives (Minus signs denote short positions) | | | | | | | | |","| Currency derivatives Receivables/payables | | | | | | | 378 162.27 | 0.21 |","| Forward currency transactions | | | | | | | | |","| Forward currency transactions (short) | | | | | | | | |","| Open positions EUR/USD 46.6 million | | | | | | | 166 899.34 | 0.09 |","| Closed positions EUR/USD 47.2 million | | | | | | | 211 262.93 | 0.12 |","| Cash at bank | | | | | | | 3 634 823.17 | 2.06 |","| Demand deposits at Depositary EUR deposits | EUR | | | | | | 3 533 330.53 | 2.00 |","| Deposits in non-EU/EEA currencies | | | | | | | | |","| British pound | GBP | 7 | | | | | 7.53 | 0.00 |","| Japanese yen | JPY | 473 600 | | | | | 3 630.70 | 0.00 |","| Swiss franc | CHF | 886 | | | | | 855.80 | 0.00 |","| U.S. dollar | USD | 109 943 | | | | | 96 998.61 | 0.06 |","| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Other assets | 27 254.90 | 0.02 | | Dividends/Distributions receivable | 27 254.90 | 0.02 | | Receivables from share certificate transactions | 116.16 | 0.00 | | Total assets | 177 010 419.44 | 100.12 | | Other liabilities | -97 392.16 | -0.06 | | Liabilities from cost items | -97 352.78 | -0.06 | | Additional other liabilities | -39.38 | 0.00 | | Liabilities from share certificate transactions | -99 781.32 | -0.06 | | Total liabilities | -197 173.48 | -0.12 | | Net assets | 176 813 245.96 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | | A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request. | Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency | | --- | --- | --- | | Net asset value per share Class FC | EUR | 115.61 | | Class ID | EUR | 115.27 | | Class LC | EUR | 114.13 | | Class LD | EUR | 116.19 | | Class RC | EUR | 110.61 | | Class XD | EUR | 115.31 | | Number of shares outstanding Class FC | Count | 95 735.282 | | Class ID | Count | 100.000 | | Class LC | Count | 144 356.000 | | Class LD | Count | 1 070 734.434 | | Class RC | Count | 100.000 | | Class XD | Count | 215 370.118 | Composition of the reference portfolio (according to CSSF circular 11/512) 70% iBoxx Euro Overall Index, 30% MSCI World Net TR Index in EUR Market risk exposure (value-at-risk) (according to CSSF circular 11/512) | Lowest market risk exposure | % | 80.943 | | --- | --- | --- | | Highest market risk exposure | % | 104.985 | | Average market risk exposure | % | 88.498 | The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 41 167 070.65 as of the reporting date. Market abbreviations\t Contracting parties for forward currency transactions Toronto Dominion Bank. Exchange rates (indirect quotes) As of December 30, 2021 | Swiss franc\tCHF | 1.035520 | = EUR | 1 | | --- | --- | --- | --- | | British pound\tGBP | 0.838785 | = EUR | 1 | | Japanese yen\tJPY | 130.443111 | = EUR | 1 | | U.S. dollar\tUSD | 1.133450 | = EUR | 1 | Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds. Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021 - Income - Income from investment fund units . . . . . . . . . . . . . . . . EUR 2 248\t116.86 - Income from securities lending EUR\t169.06Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t2 248 285.92 - Expenses - Interest on borrowings andnegative interest on deposits EUR\t-22 569.72 - Management fee EUR\t-849 270.33thereof:All-in fee EUR\t-849 270.33 - Legal and publication costs EUR\t-1 300.80 - Taxe d‘abonnement EUR\t-85 365.75 - Other expenses EUR\t-56.36thereof:Performance-based fee fromsecurities lending income EUR\t-56.36 | Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -958 562.96 | | --- | --- | --- | | III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 289 722.96 | | IV. Sale transactions Realized gains/losses | EUR | -457 987.16 | | Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -457 987.16 | | V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . | EUR | 831 735.80 | | BVI total expense ratio (TER) | | | | The total expense ratio for the share classes was: | | | Class FC 0.29% p.a., Class ID 0.13% p.a., Class LC 0.62% p.a., Class LD 0.68% p.a., Class RC 0.77% p.a., Class XD 0.08% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period. Further costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was: Class FC 0.45% p.a., Class ID 0.29% p.a., Class LC 0.78% p.a., Class LD 0.84% p.a., Class RC 0.93% p.a., Class XD 0.24% p.a. Transaction costs The transaction costs paid in the reporting period amounted to EUR 2 174.08. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. Statement of changes in net assets\t2021 - Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\t40 386 302.32 - Distribution for the previous year EUR\t-100 031.15 - Net inflows EUR 133 223\t957.92 - Income adjustment EUR\t-4 566 889.10 - Net investment income EUR 1 289\t722.96 - Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-457 987.16 - Net change in unrealized appreciation/depreciation . EUR 7 038\t170.17 - Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . EUR\t176 813 245.96 | Summary of gains/losses | | 2021 | | --- | --- | --- | | | | | | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | -457 987.16 | | from: Securities transactions | EUR | 2 959 306.25 | | (Forward) currency transactions | EUR | -3 395 107.44 | | Derivatives and other financial futures transactions ... | EUR | -22 185.97 | Details on the distribution policy* Class FC The income for the fiscal year is reinvested. | Class ID | | | --- | --- | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 1.30 | | Class LC | | | | | The income for the fiscal year is reinvested. | Class LD | | | | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 0.73 | | Class RC | | | | | The income for the fiscal year is reinvested. | Class XD | | | | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 1.35 | * Additional information is provided in the sales prospectus. In the case of a final distribution, any remaining net income for the fiscal year is rein- vested. Changes in net assets and in the net asset value per share over the last three years | Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 176 813 245.96 | | --- | --- | --- | | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 40 386 302.32 | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 24 709 797.91 | | Net asset value per share at the end of the fiscal year | | | | 2021 | Class FC | EUR | 115.61 | | | Class ID | EUR | 115.27 | | | Class LC | EUR | 114.13 | | | Class LD | EUR | 116.19 | | | Class RC | EUR | 110.61 | | | Class XD | EUR | 115.31 | | 2020 | Class FC | EUR | 109.35 | | | Class ID | EUR | 109.24 | | | Class LC | EUR | 108.31 | | | Class LD | EUR | 110.34 | | | Class RC | EUR | 105.12 | | | Class XD | EUR | 109.35 | | 2019 | Class FC | EUR | 105.71 | | | Class ID | EUR | 105.60 | | | Class LC | EUR | 105.05 | | | Class LD | EUR | 107.08 | | | Class RC | EUR | 102.13 | | | Class XD | EUR | 105.67 | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.65% of all transactions. The total volume was EUR 3 316 783.85. Swing Pricing Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances. To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus. The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value. The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular: - bid-ask spread (fixed-price element), - impacts on the market (impacts of the transactions on the price), - additional costs that are incurred as a result of trading activities for the investments. The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals. The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com. As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally. This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined. ##### Investment objective and performance in the reporting period The objective of the sub-fund DWS Strategic ESG Alloca- tion Dynamic is to achieve a medium to long-term positive investment performance, bear- ing in mind the opportunities and risks in the international DWS STRATEGIC ESG ALLOCATION DYNAMIC Performance since inception 150 140 130 120 110 100 90 80 capital markets. For this pur- 1/29/18* 12/18\t12/19\t12/20 12/21 pose, the sub-fund invests primarily in exchange-traded DWS Strategic ESG Allocation Dynamic (LC share class) “BVI method” performance, i.e., excluding the initial sales charge. * Launched on January 29, 2018 = 100 Data on euro basis funds (ETFs). Furthermore, up to 49% of its assets may also be invested in interest-bearing securities, equities, certificates, convertible bonds, warrant- linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds and money-market instruments, deposits and cash. Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices. The sub-fund combines permissible Past performance is no guide to future results. As of: December 31, 2021 | DWS STRATEGIC ESG ALLOCATION | DYNAMIC | | | --- | --- | --- | | Performance of share classes (in euro) Share class\tISIN | 1 year | 3 years | Since inception 1 | | Class LC\tLU1740985731 | 19.5% | 54.6% | 41.7% | | Class FC\tLU1740985574 | 20.0% | 56.1% | 43.6% | | Class IC\tLU1899149030 | 20.2% | 56.8% | 48.7% | | Class ID\tLU1740985657 | 20.2% | 56.8% | 44.4% | | Class LD\tLU1740985814 | 19.5% | 54.3% | 41.4% | | Class RC\tLU2001265565 | 19.5% | – | 34.6% | 1 Classes FC, ID, LC and LD launched on January 29, 2018 / Class IC launched on November 15, 2018 / Class RC launched on June 28, 2019 “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2021 investment instruments from different asset classes to create a balanced risk / return profile. Its aim is annualized volatility of 10% to 15% over a rolling five- year period. It cannot however be guaranteed that the volatility margin will be adhered to at all times. In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac- terized primarily by the corona- virus crisis*. Despite rising inflation, especially toward the end of the reporting period, interest rates failed to rise in both the euro area and the United States. This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries. Against this backdrop, DWS Strategic ESG Allocation Dynamic achieved an appreci- ation of 19.5% per share in the 2021 fiscal year (LC share class; BVI method; in euro terms). ##### Investment policy in the reporting period Within the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF, Xtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS ETF. In terms of its sector allo- cation, the sub-fund was thus broadly based. The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed. While the equity mar- kets in the Western industrial countries – boosted in partic- ular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear. kets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report. yields rising at a still very low, On the bond side, the sub-fund was invested globally in bond ETFs and in bond target funds. Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its variants, as well as associated new restrictions, dampened the economic outlook. Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar- in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower. ##### Information on environmental and / or social characteristics The investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector). The selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria. However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within the meaning of the Taxonomy Regulation. The presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation (EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg- ulation (EU) 2020 / 852 (Taxon- omy Regulation) can be found * The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19 are of significance for understanding the annual financial statements. Further details in this regard are provided in the explanations in the “General information” section. The format used for complete dates in security names in the investment portfolio is “day/month/year”. | Statement of net assets as of December 31, 2021 | | | --- | --- | | | Amount in EUR | % of net assets | | I. Assets | | | | 1. Investment fund units Equity funds | 101 609 341.53 | 80.34 | | Bond funds | 22 696 578.30 | 17.93 | | Other funds | 1 608 651.72 | 1.27 | | Total investment fund units | 125 914 571.55 | 99.54 | | 2. Derivatives | 51 638.97 | 0.04 | | 3. Cash at bank | 563 206.39 | 0.45 | | 4. Other assets | 1 603.13 | 0.00 | | 5. Receivables from share certificate transactions | 32 501.16 | 0.03 | | II. Liabilities | | | | 1. Other liabilities | -67 477.11 | -0.06 | | 2. Liabilities from share certificate transactions | -31.33 | 0.00 | | | | | | III. Net assets | 126 496 012.76 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | | Investment portfolio – December 31, 2021 | Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Investment fund units | | | | | | | 125 914 571.55 | 99.54 | | In-group fund units DWS Institutional - DWS Institutional ESG Euro Money | | | | | | | | | | Market Fund -IC- EUR - (0.110%) DWS Invest SICAV - DWS Invest ESG Euro High Yield -XC- EUR - (0.200%) | Units Units | 117 78 807 | 1 208 78 807 | 1 091 | EUR EUR | 13 749.16 103.55 | 1 608 651.72 8 160 464.85 | 1.27 6.45 | | DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) | Units | 11 582 | 16 037 | 4 455 | EUR | 161.63 | 1 871 998.66 | 1.48 | | Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) | Units | 39 414 | 21 499 | 34 604 | EUR | 50.27 | 1 981 341.78 | 1.57 | | Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%) | Units | 873 399 | 878 848 | 5 449 | EUR | 27.515 | 24 031 573.49 | 19.00 | | Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) | Units | 55 882 | 55 882 | | EUR | 36.38 | 2 032 987.16 | 1.61 | | Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%) | Units | 39 415 | 39 415 | 53 301 | EUR | 52.64 | 2 074 805.60 | 1.64 | | Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) | Units | 59 104 | 23 223 | 42 477 | EUR | 34.49 | 2 038 496.96 | 1.61 | | Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) | Units | 16 808 | 16 808 | | EUR | 155.925 | 2 620 787.40 | 2.07 | | Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) | Units | 11 326 | 3 782 | 437 | EUR | 210.62 | 2 385 482.12 | 1.88 | | Xtrackers - S&P 500 Swap UCITS ETF -1C- USD - (0.050%) . Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) | Units Units | 103 430 30 482 | 30 482 | 256 654 | USD USD | 91.468 45.97 | 8 346 630.59 1 236 276.28 | 6.60 0.98 | | Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%).... | Units | 499 182 | 523 745 | 24 563 | USD | 13.4 | 5 901 484.75 | 4.66 | | Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) | Units | 270 235 | 270 235 | | USD | 52.57 | 12 533 638.03 | 9.91 | | Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) | Units | 330 576 | 349 392 | 18 816 | USD | 22.24 | 6 486 399.26 | 5.13 | | Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) | Units | 561 100 | 630 590 | 69 490 | USD | 50.64 | 25 068 684.23 | 19.82 | | Xtrackers IE Physical Gold ETC Securities USD - (0.150%) . | Units | 123 516 | 40 406 | 27 555 | USD | 27.91 | 3 041 449.64 | 2.40 | | Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units | 12 023 | 1 820 | 3 211 | USD | 225.51 | 2 392 082.90 | 1.89 | | Non-group fund units Amundi Index Solutions - Amundi Index MSCI USA SRI UCITS ETF DR EUR - (0.180%) | Units | 123 951 | 123 951 | | EUR | 97.63 | 12 101 336.13 | 9.57 | | Total securities portfolio | | | | | | | 125 914 571.55 | 99.54 | | Derivatives (Minus signs denote short positions) | | | | | | | | | | Currency derivatives Receivables/payables | | | | | | | 51 638.97 | 0.04 | | Forward currency transactions | | | | | | | | | | Forward currency transactions (short) | | | | | | | | | | Open positions EUR/USD 24.3 million | | | | | | | 85 193.64 | 0.07 | | Closed positions EUR/USD 24.8 million | | | | | | | -33 554.67 | -0.03 | | Cash at bank | | | | | | | 563 206.39 | 0.45 | | Demand deposits at Depositary EUR deposits | EUR | | | | | | 490 731.40 | 0.39 | | Deposits in non-EU/EEA currencies | | | | | | | | | | British pound | GBP | 3 276 | | | | | 3 905.30 | 0.00 | | Japanese yen | JPY | 640 273 | | | | | 4 908.45 | 0.01 | | Swiss franc | CHF | 887 | | | | | 856.15 | 0.00 | | U.S. dollar | USD | 71 186 | | | | | 62 805.09 | 0.05 | | Other assets | | | | | | | 1 603.13 | 0.00 | | Dividends/Distributions receivable | | | | | | | 1 603.13 | 0.00 | | Receivables from share certificate transactions | | | | | | | 32 501.16 | 0.03 | | Total assets * | | | | | | | 126 597 075.87 | 100.09 | | Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Other liabilities | -67 477.11 | -0.06 | | Liabilities from cost items | -67 477.11 | -0.06 | | Liabilities from share certificate transactions | -31.33 | 0.00 | | Total liabilities | -101 063.11 | -0.09 | | Net assets | 126 496 012.76 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | | A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request. | Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency | | --- | --- | --- | | Net asset value per share Class FC | EUR | 143.64 | | Class IC | EUR | 148.74 | | Class ID | EUR | 143.63 | | Class LC | EUR | 141.70 | | Class LD | EUR | 140.79 | | Class RC | EUR | 134.58 | | Number of shares outstanding Class FC | Count | 100.000 | | Class IC | Count | 100.000 | | Class ID | Count | 130 474.000 | | Class LC | Count | 224 332.804 | | Class LD | Count | 539 269.654 | | Class RC | Count | 100.000 | Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR (75%) and iBoxx EUR Overall (25%) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) | Lowest market risk exposure | % | 82.743 | | --- | --- | --- | | Highest market risk exposure | % | 108.711 | | Average market risk exposure | % | 95.513 | The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 65 268 323.55 as of the reporting date. Market abbreviations\t Contracting parties for forward currency transactions Bofa Securities Europe S.A., HSBC France and State Street Bank International GmbH. Exchange rates (indirect quotes) As of December 30, 2021 | Swiss franc\tCHF | 1.035520 | = EUR | 1 | | --- | --- | --- | --- | | British pound\tGBP | 0.838785 | = EUR | 1 | | Japanese yen\tJPY | 130.443111 | = EUR | 1 | | U.S. dollar\tUSD | 1.133450 | = EUR | 1 | Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds. Footnote * Does not include positions with a negative balance, if such exist. Statement of income and expenses (incl. income adjustment) Statement of changes in net assets\t2021 | | | at the beginning of the fiscal year. . . . . . . . . . . . . . . . | EUR | 104 830 681.73 | | --- | --- | --- | --- | --- | | 1. | Distribution for the previous year | EUR | -51 429.53 | | EUR | 640 593.23 | 2. | Net inflows | EUR | 1 044 036.02 | | | | 3. | Income adjustment | EUR | -53 383.13 | | EUR | 640 593.23 | 4. | Net investment expense | EUR | -92 169.95 | | | | 5. | Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 16 918 887.50 | | | | 6. | Net change in unrealized appreciation/depreciation .... | EUR | 3 899 390.12 | | EUR | -9 820.92 | II. | Value of the fund’s net assets | | | | EUR | -690 500.60 | | at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . | EUR | 126 496 012.76 | | EUR | -878.26 | | | | | | EUR | -31 563.40 | | | | | for the period from January 1, 2021, through December 31, 2021 - Income - Income from investment fund units . . . . . . . . . . . . . . . . Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Expenses - Interest on borrowings andnegative interest on deposits - Management fee thereof: All-in fee EUR\t-690 500.60 - Legal and publication costs - Taxe d‘abonnement Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-732 763.18 - Value of the fund’s net assets | III. Net investment expense. . . . . . . . . . . . . . . . . . . . . . . . | EUR | -92 169.95 | | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | 16 918 887.50 | | --- | --- | --- | --- | --- | --- | --- | | IV. Sale transactions | | | | from: | | | | Realized gains/losses | EUR | 16 918 887.50 | Securities transactions | EUR | 18 477 080.23 | | Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 16 918 887.50 | (Forward) currency transactions Derivatives and other financial futures transactions ... | EUR EUR | -1 611 835.77 53 643.04 | | V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . | EUR | 16 826 717.55 | | | | BVI total expense ratio (TER) Details on the distribution policy* The total expense ratio for the share classes was: Class FC 0.30% p.a.,\tClass IC 0.15% p.a., Class ID 0.15% p.a.,\tClass LC 0.70% p.a., Class LD 0.70% p.a.,\tClass RC 0.75% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period. Further costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was: Class FC 0.50% p.a.,\tClass IC 0.35% p.a., Class ID 0.35% p.a.,\tClass LC 0.90% p.a., Class LD 0.90% p.a.,\tClass RC 0.95% p.a. Transaction costs The transaction costs paid in the reporting period amounted to EUR 1 871.99. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. Class FC The income for the fiscal year is reinvested. Class IC The income for the fiscal year is reinvested. Class ID Type\tAs of\tCurrency\tPer share Final distribution\tMarch 4, 2022\tEUR\t0.51 Class LC The income for the fiscal year is reinvested. | Class LD | | | --- | --- | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 0.05 | | Class RC | | | | The income for the fiscal year is reinvested. * Additional information is provided in the sales prospectus. In the case of a final distribution, any remaining net income for the fiscal year is reinvested. Changes in net assets and in the net asset value per share over the last three years | Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 126 496 012.76 | | --- | --- | --- | | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 104 830 681.73 | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 81 405 843.80 | | Net asset value per share at the end of the fiscal year | | | | 2021 | Class FC | EUR | 143.64 | | | Class IC | EUR | 148.74 | | | Class ID | EUR | 143.63 | | | Class LC | EUR | 141.70 | | | Class LD | EUR | 140.79 | | | Class RC | EUR | 134.58 | | 2020 | Class FC | EUR | 119.70 | | | Class IC | EUR | 123.76 | | | Class ID | EUR | 119.68 | | | Class LC | EUR | 118.56 | | | Class LD | EUR | 117.84 | | | Class RC | EUR | 112.65 | | 2019 | Class FC | EUR | 112.53 | | | Class IC | EUR | 116.19 | | | Class ID | EUR | 112.41 | | | Class LC | EUR | 111.90 | | | Class LD | EUR | 111.27 | | | Class RC | EUR | 106.38 | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.72% of all transactions. The total volume was EUR 1 905 331.78. Appendix: Placement fee | Expenses from prepaid placement fee | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR -322 577.41 | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR -1 818 757.08 | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR -444 300.26 | | --- | --- | --- | --- | | thereof: | | | | | Dilution-related adjustments due to share certificate transactions | -33 065.21 | -318 590.00 | -40 589.56 | | Amortization of placement fee | -373 502.05 | -1 955 389.22 | -446 937.15 | | Adjustments due to fluctuations of the fund’s net assets | 164 669.11 | 873 707.31 | 147 877.61 | | Income adjustment | -80 679.26 | -418 485.17 | -104 651.16 | | | | --- | | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR -2 844 970.12 | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR -284 106.45 | DB Strategic Income Allocation EUR (SIA) Balanced Plus EUR -154 341.75 | DB Strategic Income Allocation EUR (SIA) Conservative Plus EUR -178 821.44 | | | | | | | -282 485.18 | -98 135.41 | -23 576.40 | -12 819.27 | | -2 820 760.73 | -281 888.71 | -207 188.61 | -175 592.06 | | 846 025.71 | 146 167.67 | 102 996.40 | 44 193.42 | | -587 749.92 | -50 250.00 | -26 573.14 | -34 603.53 | Statement of net assets as of December 31, 2021 | Assets | DWS Strategic, SICAV EUR * ** Consolidated\t% of net assets | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR | | --- | --- | --- | --- | | Total securities portfolio | 6 823 851 825.40 | 98.55 | 189 561 889.16 | 1 741 462 758.08 | | Equity index derivatives | 25 775 424.66 | 0.37 | 0.00 | 9 420 747.79 | | Currency derivatives | 1 395 351.75 | 0.02 | 0.00 | 0.00 | | Cash at bank | 43 309 932.72 | 0.63 | 1 307 289.79 | 3 492 510.30 | | Other assets | 53 520 391.32 | 0.77 | 1 868 460.34 | 11 239 344.56 | | Receivables from share certificate transactions | 15 338 190.35 | 0.22 | 245 913.36 | 4 407 646.57 | | Total assets *** | 6 963 191 116.20 | 100.56 | 192 983 552.65 | 1 770 023 007.30 | | | | | | | Verbindlichkeiten | | | | | Equity index derivatives | - 1 519 509.00 | - 0.02 | 0.00 | 0.00 | | Short-term liabilities | - 7 141 571.38 | - 0.10 | 0.00 | 0.00 | | Other liabilities | - 24 796 607.35 | - 0.36 | - 848 070.66 | - 4 924 435.62 | | Liabilities from share certificate transactions | - 5 443 696.42 | - 0.08 | - 59 194.70 | 0.00 | | Total liabilities *** | - 38 901 384.15 | - 0.56 | - 907 265.36 | - 4 924 435.62 | | Net assets | 6 924 289 732.05 | 100.00 | 192 076 287.29 | 1 765 098 571.68 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * | | 16 955 038.93 | 432 773 514.75 | 299 775 118.07 | 2 026 909 236.63 | 13 277 790.18 | | 0.00 | 2 354 869.05 | 0.00 | 10 453 152.11 | 0.00 | | 0.00 | 367 612.74 | 0.00 | 0.00 | 0.00 | | 81 617.80 | 1 158 058.01 | 213 342.99 | 8 555 397.13 | 95 266.13 | | 0.00 | 3 644 046.19 | 3 792 196.33 | 13 364 314.16 | 307 687.77 | | 0.00 | 213 171.80 | 294 118.27 | 9 210 097.60 | 0.00 | | 17 036 656.73 | 440 511 272.54 | 304 074 775.66 | 2 068 492 197.63 | 13 680 744.08 | | | | | | | | | | | | | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 0.00 | 0.00 | - 476 904.02 | 0.00 | 0.00 | | - 117 858.27 | - 885 187.68 | - 1 283 715.45 | - 9 624 786.49 | - 5 405.58 | | 0.00 | - 1 954 481.05 | 0.00 | - 370 748.82 | - 388 897.12 | | - 117 858.27 | - 2 839 668.73 | - 1 760 619.47 | - 9 995 535.31 | - 394 302.70 | | 16 918 798.46 | 437 671 603.81 | 302 314 156.19 | 2 058 496 662.32 | 13 286 441.38 | Statement of net assets as of December 31, 2021 | Assets | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * | | --- | --- | --- | --- | | Total securities portfolio | 332 211 260.81 | 347 372 684.30 | 108 909 782.39 | | Equity index derivatives | 1 831 296.02 | 0.00 | 0.00 | | Currency derivatives | 180 853.67 | 0.00 | 0.00 | | Cash at bank | 2 680 445.25 | 664 716.41 | 498 409.00 | | Other assets | 1 373 945.93 | 2 131 622.44 | 659 465.34 | | Receivables from share certificate transactions | 40 494.70 | 265 076.28 | 0.00 | | Total assets *** | 338 318 296.38 | 350 434 099.43 | 110 067 656.73 | | | | | | | Verbindlichkeiten | | | | | Equity index derivatives | 0.00 | 0.00 | 0.00 | | Short-term liabilities | 0.00 | 0.00 | 0.00 | | Other liabilities | - 1 698 206.47 | - 475 497.62 | - 191 253.18 | | Liabilities from share certificate transactions | - 923 391.73 | - 623 734.69 | 0.00 | | Total liabilities *** | - 2 621 598.20 | - 1 099 232.31 | - 191 253.18 | | Net assets | 335 696 698.18 | 349 334 867.12 | 109 876 403.55 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR | | 305 079 041.79 | 198 126 729.44 | 308 882 246.13 | 18 366 163.14 | 185 303 937.11 | | 952 759.49 | 696 327.69 | 0.00 | 66 272.51 | 0.00 | | 0.00 | 0.00 | 158 185.47 | 0.00 | 258 898.63 | | 6 917 142.77 | 2 735 026.07 | 9 677 413.83 | 294 141.17 | 741 126.51 | | 3 402 906.03 | 1 648 520.75 | 10 044 633.39 | 14 390.06 | 0.00 | | 230 072.29 | 390 875.30 | 0.00 | 0.00 | 8 106.86 | | 316 581 922.37 | 203 597 479.25 | 328 762 478.82 | 18 740 966.88 | 186 312 069.11 | | | | | | | | | | | | | | 0.00 | 0.00 | - 1 519 509.00 | 0.00 | 0.00 | | 0.00 | 0.00 | - 6 664 667.36 | 0.00 | 0.00 | | - 1 952 843.92 | - 780 467.59 | - 1 687 294.18 | - 51 982.96 | - 104 732.41 | | - 1 007 162.64 | 0.00 | 0.00 | 0.00 | - 16 273.02 | | - 2 960 006.56 | - 780 467.59 | - 9 871 470.54 | - 51 982.96 | - 121 005.43 | | 313 621 915.81 | 202 817 011.66 | 318 891 008.28 | 18 688 983.92 | 186 191 063.68 | Statement of net assets as of December 31, 2021 | Assets | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR | | --- | --- | --- | | Total securities portfolio | 172 970 062.94 | 125 914 571.55 | | Equity index derivatives | 0.00 | 0.00 | | Currency derivatives | 378 162.27 | 51 638.97 | | Cash at bank | 3 634 823.17 | 563 206.39 | | Other assets | 27 254.90 | 1 603.13 | | Receivables from share certificate transactions | 116.16 | 32 501.16 | | Total assets *** | 177 010 419.44 | 126 563 521.20 | | | | | | Verbindlichkeiten | | | | Equity index derivatives | 0.00 | 0.00 | | Short-term liabilities | 0.00 | 0.00 | | Other liabilities | - 97 392.16 | - 67 477.11 | | Liabilities from share certificate transactions | - 99 781.32 | - 31.33 | | Total liabilities *** | - 197 173.48 | - 67 508.44 | | Net assets | 176 813 245.96 | 126 496 012.76 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DWS Strategic, SICAV EUR * ** Consolidated | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR | | --- | --- | --- | --- | | Income from investment fund units | 51 082 548.54 | 577 575.29 | 4 102 549.97 | | Income from securities lending | 2 538.19 | 0.00 | 0.00 | | Total income | 51 085 086.73 | 577 575.29 | 4 102 549.97 | | | | | | | Expenses | | | | | Interest on borrowings and negative interest on deposits | - 1 609 903.97 | - 42 749.65 | - 601 119.21 | | Management fee | - 40 806 776.07 | - 1 017 106.71 | - 14 127 975.10 | | Depositary fee | - 9.25 | 0.00 | 0.00 | | Auditing, legal and publication costs | - 46 171.51 | - 613.85 | - 5 490.44 | | Taxe d’abonnement | - 2 894 862.18 | - 68 648.36 | - 925 211.78 | | Other expenses | - 6 109 340.57 | - 322 577.41 | - 1 818 757.08 | | Total expenses | - 51 467 063.55 | - 1 451 695.98 | - 17 478 553.61 | | Net investment income | - 381 976.82 | - 874 120.69 | - 13 376 003.64 | | | | | | | Sale transactions | | | | | Realized gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 | | Capital gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 | | | | | | | Net gain/loss for the fiscal year | 90 308 496.27 | 1 771 044.02 | - 13 315 811.17 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * | | 249 095.73 | 4 269 079.19 | 1 304 060.20 | 7 855 839.41 | 232 054.41 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 249 095.73 | 4 269 079.19 | 1 304 060.20 | 7 855 839.41 | 232 054.41 | | | | | | | | | | | | | | - 467.80 | - 5 616.68 | - 83 325.88 | - 670 659.54 | - 640.66 | | - 64 883.56 | - 2 001 641.47 | - 1 244 737.43 | - 12 911 217.59 | - 43 572.90 | | - 9.25 | 0.00 | 0.00 | 0.00 | 0.00 | | - 54.60 | - 1 452.03 | - 1 003.91 | - 6 574.05 | - 45.29 | | - 8 489.41 | - 186 604.51 | - 105 389.36 | - 832 543.52 | - 5 821.84 | | 0.00 | - 8 210.67 | - 444 300.26 | - 2 844 970.12 | 0.00 | | - 73 904.62 | - 2 203 525.36 | - 1 878 756.84 | - 17 265 964.82 | - 50 080.69 | | 175 191.11 | 2 065 553.83 | - 574 696.64 | - 9 410 125.41 | 181 973.72 | | | | | | | | | | | | | | 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 | | 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 | | | | | | | | 413 240.63 | 5 521 939.17 | 2 512 702.06 | - 7 410 231.26 | 429 422.61 | Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * | | --- | --- | --- | --- | | Income from investment fund units | 5 057 101.72 | 882 997.66 | 1 184 172.42 | | Income from securities lending | 0.00 | 0.00 | 0.00 | | Total income | 5 057 101.72 | 882 997.66 | 1 184 172.42 | | | | | | | Expenses | | | | | Interest on borrowings and negative interest on deposits | - 3 721.00 | - 65 925.84 | - 2 407.69 | | Management fee | - 1 332 525.47 | - 2 175 922.51 | - 458 622.73 | | Depositary fee | 0.00 | 0.00 | 0.00 | | Auditing, legal and publication costs | - 1 143.06 | - 1 083.96 | - 366.09 | | Taxe d’abonnement | - 96 301.34 | - 156 391.61 | - 56 198.92 | | Other expenses | - 51 144.09 | - 284 106.45 | 0.00 | | Total expenses | - 1 484 834.96 | - 2 683 430.37 | - 517 595.43 | | Net investment income | 3 572 266.76 | - 1 800 432.71 | 666 576.99 | | | | | | | Sale transactions | | | | | Realized gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 | | Capital gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 | | | | | | | Net gain/loss for the fiscal year | 59 363 824.69 | 4 841 104.16 | 2 376 446.93 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR | | 7 634 443.39 | 3 624 109.60 | 9 095 253.44 | 392 953.89 | 1 732 552.13 | | 0.00 | 0.00 | 0.00 | 0.00 | 2 369.13 | | 7 634 443.39 | 3 624 109.60 | 9 095 253.44 | 392 953.89 | 1 734 921.26 | | | | | | | | | | | | | | - 40 994.07 | - 19 613.54 | - 22 000.67 | - 397.42 | - 17 873.68 | | - 1 232 917.61 | - 692 287.21 | - 853 607.68 | - 60 324.28 | - 1 049 662.89 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | - 11 701.52 | - 13 138.79 | 0.00 | 0.00 | - 1 324.86 | | - 91 925.55 | - 59 155.10 | - 124 603.10 | - 7 340.27 | - 53 308.36 | | - 154 341.75 | - 178 821.44 | - 1 265.23 | 0.00 | - 789.71 | | - 1 531 880.50 | - 963 016.08 | - 1 001 476.68 | - 68 061.97 | - 1 122 959.50 | | 6 102 562.89 | 2 661 093.52 | 8 093 776.76 | 324 891.92 | 611 961.76 | | | | | | | | | | | | | | 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 | | 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 | | | | | | | | 7 075 101.73 | 1 790 451.77 | 6 140 354.64 | 187 881.65 | 952 571.29 | Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR Consolidated | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR | | --- | --- | --- | | Income from investment fund units | 2 248 116.86 | 640 593.23 | | Income from securities lending | 169.06 | 0.00 | | Total income | 2 248 285.92 | 640 593.23 | | | | | | Expenses | | | | Interest on borrowings and negative interest on deposits | - 22 569.72 | - 9 820.92 | | Management fee | - 849 270.33 | - 690 500.60 | | Depositary fee | 0.00 | 0.00 | | Auditing, legal and publication costs | - 1 300.80 | - 878.26 | | Taxe d’abonnement | - 85 365.75 | - 31 563.40 | | Other expenses | - 56.36 | 0.00 | | Total expenses | - 958 562.96 | - 732 763.18 | | Net investment income | 1 289 722.96 | - 92 169.95 | | | | | | Sale transactions | | | | Realized gains/losses | - 457 987.16 | 16 918 887.50 | | Capital gains/losses | - 457 987.16 | 16 918 887.50 | | | | | | Net gain/loss for the fiscal year | 831 735.80 | 16 826 717.55 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | DWS Strategic, SICAV EUR * ** Consolidated 1 657 381 035.93 | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR 52 421 998.20 | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR 269 783 999.47 | | --- | --- | --- | --- | | Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 38 702 782.22 | 0.00 | 0.00 | | Distribution for the previous year / Interim distribution | - 210 180.33 | 0.00 | 0.00 | | Net inflows/outflows | 4 961 801 342.93 | 128 315 245.32 | 1 404 380 330.55 | | Income adjustment | - 69 368 431.62 | - 879 728.98 | 3 878 291.17 | | Net investment income | - 381 976.82 | - 874 120.69 | - 13 376 003.64 | | Realized gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 | | Net change in unrealized appreciation/depreciation | 245 674 686.63 | 10 447 728.73 | 100 371 761.66 | | | | | | | Value of the fund‘s net assets at the end of the fiscal year | 6 924 289 732.03 | 192 076 287.29 | 1 765 098 571.68 | Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * 214 277 437.46 | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR 93 770 013.97 | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * 25 889 334.49 | | --- | --- | --- | --- | | Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 18 186 311.89 | 0.00 | 2 197 298.59 | | Distribution for the previous year / Interim distribution | 0.00 | 0.00 | 0.00 | | Net inflows/outflows | 95 692 756.25 | 226 147 404.15 | 74 028 011.74 | | Income adjustment | - 54 853 024.18 | - 2 702 272.73 | - 335 305.17 | | Net investment income | 3 572 266.76 | - 1 800 432.71 | 666 576.99 | | Realized gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 | | Net change in unrealized appreciation/depreciation | 3 029 392.07 | 27 278 617.57 | 5 720 616.97 | | | | | | | Value of the fund‘s net assets at the end of the fiscal year | 335 696 698.18 | 349 334 867.12 | 109 876 403.55 | Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR 40 386 302.32 | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR 104 830 681.73 | | --- | --- | --- | | Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 0.00 | 0.00 | | Distribution for the previous year / Interim distribution | - 100 031.15 | - 51 429.53 | | Net inflows/outflows | 133 223 957.92 | 1 044 036.02 | | Income adjustment | - 4 566 889.10 | - 53 383.13 | | Net investment income | 1 289 722.96 | - 92 169.95 | | Realized gains/losses | - 457 987.16 | 16 918 887.50 | | Net change in unrealized appreciation/depreciation | 7 038 170.17 | 3 899 390.12 | | | | | | Value of the fund‘s net assets at the end of the fiscal year | 176 813 245.96 | 126 496 012.76 | | | | --- | | DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * 5 007 969.91 | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * 206 383 576.59 | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR 137 073 970.71 | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR 441 422 189.57 | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * 4 451 291.82 | | 425 040.10 | 17 516 338.34 | 0.00 | 0.00 | 377 793.30 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 10 774 422.52 | 190 212 915.84 | 155 282 516.33 | 1 577 497 339.27 | 8 248 102.88 | | - 124 589.96 | - 1 659 293.51 | - 931 898.16 | 1 170 235.77 | - 175 180.56 | | 175 191.11 | 2 065 553.83 | - 574 696.64 | - 9 410 125.41 | 181 973.72 | | 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 | | 422 715.26 | 19 696 127.38 | 8 376 865.25 | 45 817 128.97 | - 44 988.67 | | | | | | | | 16 918 798.46 | 437 671 603.81 | 302 314 156.19 | 2 058 496 662.32 | 13 286 441.38 | | | | --- | | DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR 0.00 | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR 0.00 | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD 0.00 | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD 0.00 | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR 61 682 269.69 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 0.00 | 0.00 | 0.00 | 0.00 | - 58 719.65 | | 304 302 879.11 | 202 498 439.50 | 316 683 114.04 | 18 731 548.97 | 114 738 322.52 | | - 926 895.24 | - 523 820.76 | - 580 642.11 | - 28 716.00 | - 6 075 318.97 | | 6 102 562.89 | 2 661 093.52 | 8 093 776.76 | 324 891.92 | 611 961.76 | | 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 | | 3 170 830.21 | - 948 058.85 | - 3 351 818.31 | - 201 730.70 | 14 951 938.80 | | | | | | | | 313 621 915.81 | 202 817 011.66 | 318 891 008.26 | 18 688 983.92 | 186 191 063.68 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. KPM KPMG issued an unqualified audit opinion for the full annual report of this SICAV (Société d’Investissement à Capital Variable). The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: G Luxembourg, Société anonyme\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu ##### To the shareholders of DWS Strategic, SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE \"REVISEUR D’ENTREPRISES AGREE\" ###### Report on the audit of the annual financial statements Opinion We have audited the financial statements of the SICAV DWS Strategic and its respective sub-funds (the \"fund\"), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as explanatory notes, including a summary of significant accounting policies. In our opinion, the attached financial statements give a true and fair view of the financial position of DWS Strategic SICAV and its respective sub-funds as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regu- latory requirements relating to the preparation and presentation of financial statements. ###### Basis for the audit opinion We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the sec- tion “Responsibility of the Réviseur d’Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accoun- tants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. ###### Other information The Board of Directors of the fund is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements. Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard. ###### Responsibility of the Board of Directors of the fund for the financial statements The Board of Directors of the fund is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of annual financial statements and for the internal controls that the Board of Directors considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement. When preparing the annual financial statements, the Board of Directors of the fund is responsible for assess- ing the capability of the fund and of its respective sub-funds of continuing the business activity and, where relevant, for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Board of Directors of the fund intends to liquidate the fund or to close certain of its sub-funds, to cease business activities or no longer has any other realistic alternative than to take such action. Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements. When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach. Furthermore: - We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of material misstatements not being discovered is higher for infringements than for inaccuracies, as infringe- ments may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls. - We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system. - We assess the appropriateness of the accounting methods applied by the Board of Directors of the fund, of the accounting-related estimates and of the corresponding disclosures in the notes. - We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Board of Directors of the fund as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund or of one of its sub-funds to continue the busi- ness activity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associated explanatory information provided in the annual accounts in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund or certain of its sub-funds no longer being able to continue their business activity. - We assess the overall presentation, the structure and the content of the annual accounts, including the explanatory notes, and assess whether these appropriately present the underlying business transactions and events. We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring. Luxembourg, April 14, 2022\tKPMG Luxembourg Société anonyme (stock corporation) Cabinet de révision agréé Pia Schanz"],"string":"[\n \"# Annual report\",\n \"and annual financial statements\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve medium- to long-term capital appre- ciation.\",\n \"In order to achieve\",\n \"the investment objective, the sub-fund seeks to invest in portfolios of three main asset\",\n \"DB BALANCED SAA (EUR)\",\n \"Performance since inception\",\n \"130\",\n \"125\",\n \"120\",\n \"115\",\n \"110\",\n \"105\",\n \"100\",\n \"95\",\n \"classes that are diversified\",\n \"4/30/20* 6/20\",\n \"9/20\",\n \"12/20\\t3/21\",\n \"6/21\",\n \"9/21\",\n \"12/21\",\n \"between each other and within themselves.\",\n \"These are a bond\",\n \"DB Balanced SAA (EUR) (SC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020 = 100\",\n \"Data on euro basis\",\n \"portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi-\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB BALANCED SAA (EUR)\",\n \"Performance of share classes (in euro)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class SC | LU2132880241 | 10.8% | 24.9% |\",\n \"| Class DPMC | LU2132880167 | 11.2% | 14.8% |\",\n \"| Class LC | LU2258442917 | – | 9.0% |\",\n \"| Class LC10 | LU2132880324 | 11.0% | 25.3% |\",\n \"| Class PFC | LU2258443055 | – | 4.9% |\",\n \"| Class WAMC | LU2132880597 | 11.1% | 25.5% |\",\n \"1\",\n \"Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on October 14, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.\",\n \"The expected range of alloca- tion for a “balanced” portfolio is for\",\n \"a) bond portfolio: up to 75%;\",\n \"- equity portfolio: 25-60% and\",\n \"- alternative portfolio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries\",\n \"and uncertainty regarding the monetary policy of the central\",\n \"banks.\",\n \"Against this backdrop, the sub-fund DB Balanced SAA (EUR) achieved an appreciation of 10.8% per share in 2021\",\n \"(SC share class; BVI method; in euro).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global\",\n \"economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back-\",\n \"high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Balanced SAA (EUR) was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.\",\n \"In terms of sec- tor allocation, the equity port- folio was broadly diversified.\",\n \"With this orientation, the sub- fund participated in particular in the appreciable price increases in the equity markets.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"drop of high global debt levels\\tand historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets,\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 93 164 441.98 | 48.50 |\",\n \"| Equity funds | 86 078 900.32 | 44.81 |\",\n \"| Other funds | 10 318 546.86 | 5.38 |\",\n \"| Total investment fund units | 189 561 889.16 | 98.69 |\",\n \"| 2. Cash at bank | 1 307 289.79 | 0.68 |\",\n \"| 3. Other assets | 1 868 460.34 | 0.97 |\",\n \"| 4. Receivables from share certificate transactions | 245 913.36 | 0.13 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -848 070.66 | -0.44 |\",\n \"| 2. Liabilities from share certificate transactions | -59 194.70 | -0.03 |\",\n \"| III.\",\n \"Net assets | 192 076 287.29 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 189 561 889.16 | 98.69 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 603 | 737 | 134 | EUR | 9 732.971 | 5 868 981.39 | 3.06 |\",\n \"| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"| Units | 299 005 | 249 668 | 112 793 | EUR | 66.76 | 19 961 573.80 | 10.39 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 328 376 | 249 817 | 39 981 | EUR | 52.738 | 17 317 893.49 | 9.02 |\",\n \"| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 174 886 | 132 902 | 6 460 | EUR | 162.33 | 28 389 244.38 | 14.78 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 420 727 | 315 909 | 15 506 | EUR | 17.079 | 7 185 386.07 | 3.74 |\",\n \"| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF - 1C- EUR - (0.050%) | Units | 29 612 | 23 711 | 6 578 | EUR | 167.305 | 4 954 235.66 | 2.58 |\",\n \"| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 20 736 | 16 710 | 5 052 | EUR | 207.77 | 4 308 318.72 | 2.24 |\",\n \"| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 16 163 | 13 164 | 4 123 | EUR | 282.25 | 4 562 006.75 | 2.37 |\",\n \"| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 15 311 | 12 143 | 3 164 | EUR | 247.16 | 3 784 266.76 | 1.97 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 186 682 | 136 746 | 11 014 | EUR | 23.835 | 4 449 565.47 | 2.32 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 4 103 670 | 4 255 642 | 151 972 | EUR | 5.323 | 21 844 656.14 | 11.37 |\",\n \"| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) | Units | 52 144 | 40 207 | 2 579 | EUR | 133.97 | 6 985 731.68 | 3.64 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 971 | 971 | | EUR | 432.63 | 420 083.73 | 0.22 |\",\n \"| MULTI UNITS FRANCE - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 61 340 | 45 598 | 4 079 | EUR | 147.32 | 9 036 608.80 | 4.70 |\",\n \"| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) | Units | 694 | 694 | | GBP | 112.51 | 93 089.35 | 0.05 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 39 694 | 40 962 | 1 268 | GBP | 128.912 | 6 100 530.93 | 3.17 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 7 644 | 6 341 | 167 | USD | 209.84 | 1 415 163.21 | 0.74 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 1 023 272 | 857 031 | 33 315 | USD | 5.383 | 4 859 740.11 | 2.53 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 76 868 | 57 301 | 6 936 | USD | 490.17 | 33 242 209.57 | 17.31 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 36 945 | 31 780 | 1 091 | USD | 138.5 | 4 514 430.99 | 2.35 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 2 197 | 293 | | USD | 138.352 | 268 172.16 | 0.14 |\",\n \"| Total securities portfolio | | | | | | | 189 561 889.16 | 98.69 |\",\n \"| Cash at bank | | | | | | | 1 307 289.79 | 0.68 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 1 159 698.08 | 0.60 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 35 733 | | | | | 42 601.01 | 0.02 |\",\n \"| U.S. dollar | USD | 119 002 | | | | | 104 990.70 | 0.06 |\",\n \"| Other assets | 1 868 460.34 | 0.97 |\",\n \"| Dividends/Distributions receivable | 99.96 | 0.00 |\",\n \"| Prepaid placement fee * | 1 867 999.42 | 0.97 |\",\n \"| Other receivables | 360.96 | 0.00 |\",\n \"| Receivables from share certificate transactions | 245 913.36 | 0.13 |\",\n \"| Total assets | 192 983 552.65 | 100.47 |\",\n \"| Other liabilities | -848 070.66 | -0.44 |\",\n \"| Additional other liabilities | -848 070.66 | -0.44 |\",\n \"| Liabilities from share certificate transactions | -59 194.70 | -0.03 |\",\n \"| Total liabilities | -907 265.36 | -0.47 |\",\n \"| Net assets | 192 076 287.29 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class DPMC | EUR | 11 480.86 |\",\n \"| Class LC | EUR | 108.96 |\",\n \"| Class LC10 | EUR | 12 526.97 |\",\n \"| Class PFC | EUR | 104.93 |\",\n \"| Class SC | EUR | 12 485.03 |\",\n \"| Class WAMC | EUR | 12 552.70 |\",\n \"| Number of shares outstanding Class DPMC | Count | 1 023.000 |\",\n \"| Class LC | Count | 211 578.000 |\",\n \"| Class LC10 | Count | 1 288.000 |\",\n \"| Class PFC | Count | 525 600.000 |\",\n \"| Class SC | Count | 6 184.507 |\",\n \"| Class WAMC | Count | 699.200 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 99.994 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.000 |\",\n \"| Average market risk exposure | % | 100.000 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"| Exchange rates (indirect quotes) | |\",\n \"| --- | --- |\",\n \"| | | As of December 30, 2021 |\",\n \"| British pound\\tGBP | 0.838785 | = EUR\\t1 |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR\\t1 |\",\n \"| Notes on valuation | | |\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"Statement of income and expenses (incl. income adjustment)\",\n \"Statement of changes in net assets\\t2021 for the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 577\\t575.29Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t577 575.29\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-42 749.65\",\n \"- Management fee EUR\\t-1 017 106.71thereof:All-in fee EUR -1 017 106.71\",\n \"- Legal and publication costs EUR\\t-613.85\",\n \"- Taxe d‘abonnement EUR\\t-68 648.36\",\n \"- Other expenses EUR\\t-322 577.41thereof:Expenses from prepaidplacement fee 1 EUR\\t-322 577.41 Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-1 451 695.98\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-874 120.69\",\n \"- Sale transactionsRealized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t2 645 164.71Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t2 645 164.71\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 1 771\\t044.021 For further information, please refer to the notes to the financial statements.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class DPMC 0.12% p.a.,\\tClass LC 1.26%\",\n \"2\",\n \"Class LC10 0.27% p.a.,\\tClass PFC 1.72%\",\n \"2\",\n \"Class SC 0.47% p.a.,\\tClass WAMC 0.15% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class DPMC 0.30% p.a.,\\tClass LC 1.43%\",\n \"2\",\n \"Class LC10 0.44% p.a.,\\tClass PFC 1.89%\",\n \"2\",\n \"Class SC 0.64%p.a.,\\tClass WAMC 0.33% p.a.\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 12 245.14.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t52 421 998.20\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 128 315\\t245.32\",\n \"- Income adjustment EUR\\t-879 728.98\",\n \"- Net investment income EUR\\t-874 120.69\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR 2 645\\t164.71\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR 10 447\\t728.73\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t192 076 287.293 Reduced by a dilution fee in the amount of EUR 33 065.21 for the benefit of the fund’s assets.\",\n \"Summary of gains/losses\\t2021\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t2 645 164.71\",\n \"from:\",\n \"Securities transactions EUR\\t2 555 748.63\",\n \"(Forward) currency transactions EUR\\t89 416.08\",\n \"Details on the distribution policy*\",\n \"Class DPMC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class PFC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class SC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 192 076 287.29 |\",\n \"| --- | --- | --- |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 52 421 998.20 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | - |\",\n \"| Net asset value per share at the end of the fiscal year | | |\",\n \"| 2021 | Class DPMC | EUR | 11 480.86 |\",\n \"| | Class LC | EUR | 108.96 |\",\n \"| | Class LC10 | EUR | 12 526.97 |\",\n \"| | Class PFC | EUR | 104.93 |\",\n \"| | Class SC | EUR | 12 485.03 |\",\n \"| | Class WAMC | EUR | 12 552.70 |\",\n \"| 2020 | Class DPMC | EUR | 10 326.21 |\",\n \"| | Class LC | EUR | - |\",\n \"| | Class LC10 | EUR | 11 283.73 |\",\n \"| | Class PFC | EUR | - |\",\n \"| | Class SC | EUR | 11 268.38 |\",\n \"| | Class WAMC | EUR | 11 293.51 |\",\n \"| 2019 | Class DPMC | EUR | - |\",\n \"| | Class LC | EUR | - |\",\n \"| | Class LC10 | EUR | - |\",\n \"| | Class PFC | EUR | - |\",\n \"| | Class SC | EUR | - |\",\n \"| | Class WAMC | EUR | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.20% of all transactions.\",\n \"The total volume was EUR 16 386 500.36.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve medium- to long-term capital appreci- ation.\",\n \"In order to achieve this objective, it seeks to hedge against capital losses of more than 18% on an annualized basis.\",\n \"In order to achieve the\",\n \"DB BALANCED SAA (EUR) PLUS\",\n \"Performance since inception\",\n \"130\",\n \"125\",\n \"120\",\n \"115\",\n \"110\",\n \"105\",\n \"100\",\n \"95\",\n \"4/30/20* 6/20\\t12/20\\t6/21\",\n \"12/21\",\n \"investment objective, the sub-fund seeks to invest in\",\n \"DB Balanced SAA (EUR) Plus (SC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020 = 100\",\n \"Data on euro basis\",\n \"portfolios of three main asset\",\n \"classes that are diversified between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB BALANCED SAA (EUR) PLUS\",\n \"Performance of share classes (in euro)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class SC | LU2132879748 | 11.9% | 26.0% |\",\n \"| Class DPMC | LU2132879664 | 12.4% | 19.5% |\",\n \"| Class LC | LU2258443139 | – | 9.7% |\",\n \"| Class LC10 | LU2132879821 | 12.1% | 26.4% |\",\n \"| Class PFC | LU2258443212 | – | 5.3% |\",\n \"| Class WAMC | LU2132880084 | 12.4% | 26.8% |\",\n \"1\",\n \"Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on June 17, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"tion approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.\",\n \"The expected range of alloca- tion for a “balanced” portfolio is for\",\n \"a) bond portfolio: up to 70%;\",\n \"b) equity portfolio: 30-80% and\",\n \"c) alternative portfolio:\",\n \"0-15%.\",\n \"In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.\",\n \"In addition to allocating assets across the portfolios,\",\n \"the sub-fund manager seeks\",\n \"to implement a capital pres- ervation strategy, based on the advice of the investment\",\n \"advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 18%\",\n \"on an annualized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.\",\n \"The risk mitigation strat- egy includes investments in derivative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\",\n \"ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the fund manager may gain exposure to a financial\",\n \"index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary\",\n \"policy of the central banks.\",\n \"Against this backdrop, the sub- fund DB Balanced SAA (EUR) Plus achieved an appreciation of 11.9% per share in 2021\",\n \"(SC share class; BVI method; in euro).\",\n \"##### Investment policy in the\",\n \"price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"reporting period\\tup the rear.\",\n \"Against the back-\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant\",\n \"drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Balanced SAA (EUR) Plus was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversi- fied.\",\n \"With this orientation, the sub-fund participated in par- ticular in the appreciable price increases in the equity markets.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a majorevent in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 565 227 284.89 | 32.02 |\",\n \"| Equity funds | 1 059 825 069.19 | 60.04 |\",\n \"| Other funds | 116 410 404.00 | 6.60 |\",\n \"| Total investment fund units | 1 741 462 758.08 | 98.66 |\",\n \"| 2. Derivatives | 9 420 747.79 | 0.53 |\",\n \"| 3. Cash at bank | 3 492 510.30 | 0.20 |\",\n \"| 4. Other assets | 11 239 344.56 | 0.64 |\",\n \"| 5. Receivables from share certificate transactions | 4 407 646.57 | 0.25 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -4 924 435.62 | -0.28 |\",\n \"| III.\",\n \"Net assets | 1 765 098 571.68 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 1 741 462 758.08 | 98.66 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 7 794 | 10 793 | 2 999 | EUR | 9 732.971 | 75 858 774.42 | 4.30 |\",\n \"| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units Units | 4 836 908 3 591 239 | 3 976 541 2 981 929 | 12 645 13 209 | EUR EUR | 66.76 52.738 | 322 911 978.08 189 394 762.38 | 18.29 10.73 |\",\n \"| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 696 671 | 667 401 | 183 424 | EUR | 162.33 | 113 090 603.43 | 6.41 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 2 873 143 | 2 500 611 | 10 309 | EUR | 17.079 | 49 068 972.73 | 2.78 |\",\n \"| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 597 586 | 555 099 | 2 015 | EUR | 167.305 | 99 979 125.73 | 5.66 |\",\n \"| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 417 225 | 388 567 | 1 299 | EUR | 207.77 | 86 686 838.25 | 4.91 |\",\n \"| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 284 371 | 258 206 | 187 | EUR | 282.25 | 80 263 714.75 | 4.55 |\",\n \"| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 305 004 | 280 656 | 905 | EUR | 247.16 | 75 384 788.64 | 4.27 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 1 701 348 | 1 401 670 | 4 498 | EUR | 23.835 | 40 551 629.58 | 2.30 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 9 349 827 | 9 374 547 | 24 720 | EUR | 5.323 | 49 770 999.09 | 2.82 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) | Units | 808 | 808 | | EUR | 153.76 | 124 238.08 | 0.01 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 19 103 | 19 103 | | EUR | 432.63 | 8 264 530.89 | 0.47 |\",\n \"| iShares VII PLC - iShares EUR Govt Bond 7-10yr UCITS ETF EUR (Acc) EUR - (0.200%) | Units | 63 397 | 64 390 | 993 | EUR | 171.27 | 10 858 004.19 | 0.61 |\",\n \"| Lyxor Index Fund - Lyxor Core EURO STOXX 50 (DR) EUR - (0.070%) | Units | 20 497 | 78 312 | 112 682 | EUR | 219.35 | 4 496 016.95 | 0.25 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 559 027 | 499 302 | 71 325 | EUR | 147.32 | 82 355 857.64 | 4.67 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 602 115 | 604 634 | 2 519 | GBP | 128.912 | 92 538 448.67 | 5.24 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 793 102 | 648 137 | 9 445 | USD | 490.17 | 342 983 593.91 | 19.43 |\",\n \"| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 210 178 | 416 446 | 375 666 | USD | 91.03 | 16 879 880.67 | 0.96 |\",\n \"| Total securities portfolio | | | | | | | 1 741 462 758.08 | 98.66 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 9 420 747.79 | 0.53 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 150 EUR (DB) | Count | 12 966 | 12 966 | | | | 7 773 117.00 | 0.44 |\",\n \"| Put FTSE MIB Index Futures 09/2022 5 500 GBP (DB) | Count | 400 | 400 | | | | 382 696.47 | 0.02 |\",\n \"| Put S & P 500 Futures 09/2022 3 550 USD (DB) | Count | 196 | 216 | 20 | | | 1 264 934.32 | 0.07 |\",\n \"| Cash at bank | | | | | | | 3 492 510.30 | 0.20 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 2 906 421.75 | 0.17 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 466 576 | | | | | 556 252.88 | 0.03 |\",\n \"| U.S. dollar | USD | 33 817 | | | | | 29 835.67 | 0.00 |\",\n \"| Other assets | | | | | | | 11 239 344.56 | 0.64 |\",\n \"| Dividends/Distributions receivable | | | | | | | 415.52 | 0.00 |\",\n \"| Prepaid placement fee * | | | | | | | 9 675 408.57 | 0.55 |\",\n \"| Other receivables | | | | | | | 1 563 520.47 | 0.09 |\",\n \"| Receivables from share certificate transactions | | | | | | | 4 407 646.57 | 0.25 |\",\n \"| Total assets ** | | | | | | | 1 770 023 007.30 | 100.28 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other liabilities | | | | | | | -4 924 435.62 | -0.28 |\",\n \"| Liabilities from cost items | | | | | | | -1 640 878.29 | -0.09 |\",\n \"| Additional other liabilities | | | | | | | -3 283 557.33 | -0.19 |\",\n \"| Total liabilities | | | | | | | -4 924 435.62 | -0.28 |\",\n \"| Net assets | | | | | | | 1 765 098 571.68 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class DPMC | EUR | 11 952.50 |\",\n \"| Class LC | EUR | 109.75 |\",\n \"| Class LC10 | EUR | 12 643.49 |\",\n \"| Class PFC | EUR | 105.34 |\",\n \"| Class SC | EUR | 12 601.06 |\",\n \"| Class WAMC | EUR | 12 684.35 |\",\n \"| Number of shares outstanding Class DPMC | Count | 2 684.800 |\",\n \"| Class LC | Count | 6 278 495.000 |\",\n \"| Class LC10 | Count | 11 814.500 |\",\n \"| Class PFC | Count | 2 723 223.000 |\",\n \"| Class SC | Count | 45 710.679 |\",\n \"| Class WAMC | Count | 2 499.520 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 61.602 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 96.347 |\",\n \"| Average market risk exposure | % | 82.589 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 69 656 176.14 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnotes\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"** Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\",\n \"Statement of changes in net assets\\t2021 for the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 4 102\\t549.97Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t4 102 549.97\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-601 119.21\",\n \"- Management fee EUR\\t-14 127 975.10thereof:All-in fee EUR -14 127 975.10\",\n \"- Legal and publication costs EUR\\t-5 490.44\",\n \"- Taxe d‘abonnement EUR\\t-925 211.78\",\n \"- Other expenses EUR\\t-1 818 757.08thereof:Expenses from prepaidplacement fee 1\",\n \"EUR -1 818 757.08\",\n \"Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-17 478 553.61\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-13 376 003.64\",\n \"- Sale transactionsRealized gains/losses EUR\\t60 192.47Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t60 192.47\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-13 315 811.171 For further information, please refer to the notes to the financial statements.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class DPMC 0.17% p.a.,\\tClass LC 1.39%\",\n \"2\",\n \"Class LC10 0.39% p.a.,\\tClass PFC 1.85%\",\n \"2\",\n \"Class SC 0.59% p.a.,\\tClass WAMC 0.19% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class DPMC 0.30% p.a.,\\tClass LC 1.53%\",\n \"2\",\n \"Class LC10 0.53% p.a.,\\tClass PFC 1.99%\",\n \"2\",\n \"Class SC 0.73% p.a,\\tClass WAMC 0.33% p.a.\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 94 528.30.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t269 783 999.47\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 1 404 380\\t330.55\",\n \"- Income adjustment EUR 3 878\\t291.17\",\n \"- Net investment income EUR\\t-13 376 003.64\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR 60\\t192.47\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR 100 371\\t761.66\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t1 765 098 571.683 Reduced by a dilution fee in the amount of EUR 318 590.00 for the benefit of the fund’s assets.\",\n \"Summary of gains/losses\\t2021\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t60 192.47\",\n \"from:\",\n \"Securities transactions EUR\\t12 476 928.60\",\n \"(Forward) currency transactions EUR\\t1 866 468.06\",\n \"Derivatives and other financial futures transactions\",\n \"4\",\n \"EUR\\t-14 283 204.19\",\n \"4\",\n \"This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"Class DPMC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class PFC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class SC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal yea | | | 2020 | Class DPMC | EUR | 10 635.22 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 1 765 098 571.68 | | Class LC | EUR | - |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 269 783 999.47 | | Class LC10 | EUR | 11 275.41 |\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-\",\n \"Net asset value per share at the end of the fiscal year\",\n \"Class PFC EUR\\t-\",\n \"Class SC EUR\\t11 259.91\",\n \"Class WAMC EUR\\t11 289.36\",\n \"| 2021\\tClass DPMC | EUR | 11 952.50 | 2019 | Class DPMC | EUR | - |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| Class LC | EUR | 109.75 | | Class LC | EUR | - |\",\n \"| Class LC10 | EUR | 12 643.49 | | Class LC10 | EUR | - |\",\n \"| Class PFC | EUR | 105.34 | | Class PFC | EUR | - |\",\n \"| Class SC | EUR | 12 601.06 | | Class SC | EUR | - |\",\n \"| Class WAMC | EUR | 12 684.35 | | Class WAMC | EUR | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.26% of all transactions.\",\n \"The total volume was EUR 161 262 729.11.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscriptions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve medium- to long-term capital appre- ciation.\",\n \"In order to achieve\",\n \"the investment objective, the sub-fund seeks to invest in portfolios of three main asset\",\n \"DB BALANCED SAA (USD)\",\n \"Performance since inception\",\n \"130\",\n \"125\",\n \"120\",\n \"115\",\n \"110\",\n \"105\",\n \"100\",\n \"95\",\n \"classes that are diversified\",\n \"5/26/20*\",\n \"9/20\",\n \"12/20\",\n \"3/21\",\n \"6/21\",\n \"9/21\",\n \"12/21\",\n \"between each other and within themselves.\",\n \"These are a bond\",\n \"DB Balanced SAA (USD) (USD LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on May 26, 2020 = 100/ First share price calculation on May 27, 2020\",\n \"Data on U.S. dollar basis\",\n \"portfolio, an equity portfolio\",\n \"and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return,\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB BALANCED SAA (USD)\",\n \"Performance of share classes (in USD)\",\n \"| Share class | ISIN | 1 year | Since inception |\",\n \"| --- | --- | --- | --- |\",\n \"| Class USD LC | LU2132882536 | 6.5% | 23.2% 1 |\",\n \"| Class USD DPMC | LU2132882452 | – | 3.8% 2 |\",\n \"| Class USD LC10 | LU2132882619 | 6.7% | 23.6% 1 |\",\n \"| Class USD WAMC | LU2132882700 | 6.9% | 23.9% 1 |\",\n \"1\",\n \"Classes USD LC, USD LC10 and USD WAMC launched on May 26, 2020 / first share price calculation on May 27, 2020\",\n \"2\",\n \"Class USD DPMC launched on April 19, 2021\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.\",\n \"The expected range of alloca- tion for a “balanced” portfolio is for\",\n \"a) bond portfolio: up\",\n \"to 75%;\",\n \"b) equity portfolio:\",\n \"25-60% and\",\n \"c) alternative port- folio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.\",\n \"Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\",\n \"ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the fund manager may gain exposure to a financial\",\n \"index through the use of deriva-\",\n \"tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub-\",\n \"fund DB Balanced SAA (USD) achieved an appreciation of 6.5% per share in 2021 (USD LC share class; BVI method; in U.S. dollars).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning\",\n \"of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors,\",\n \"caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low\",\n \"investment-grade corporate bonds, which traded lower.\",\n \"The management of the DB Balanced SAA (USD) sub-fund was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.\",\n \"Regionally, the investment focus was on North America.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"With this orientation, the sub-fund benefited in particular from price increases in equities during the reporting period.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"interest rates, bond markets\\tsaw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Equity funds | 8 621 509.64 | 44.97 |\",\n \"| Other funds | 1 027 203.69 | 5.36 |\",\n \"| Bond funds | 9 568 975.55 | 49.89 |\",\n \"| Total investment fund units | 19 217 688.88 | 100.22 |\",\n \"| 2. Cash at bank | 92 509.69 | 0.48 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -133 586.46 | -0.70 |\",\n \"| III.\",\n \"Net assets | 19 176 612.11 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 19 217 688.88 | 100.22 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) | Units | 10 453 | 13 508 | 13 974 | EUR | 66.76 | 790 969.44 | 4.13 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 28 670 | 20 753 | 2 869 | EUR | 52.738 | 1 713 774.89 | 8.94 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 198 797 | 145 371 | 4 091 | EUR | 13.994 | 3 153 106.24 | 16.44 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 50 427 | 35 381 | | EUR | 12.858 | 734 889.58 | 3.83 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 56 | 90 | 34 | USD | 10 408.589 | 589 115.73 | 3.07 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 16 216 | 11 645 | 1 211 | EUR | 23.835 | 438 087.96 | 2.29 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 79 | 79 | | EUR | 432.63 | 38 738.80 | 0.20 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 5 303 | 3 716 | 428 | EUR | 147.32 | 885 494.29 | 4.62 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 3 432 | 3 540 | 108 | GBP | 128.912 | 597 850.32 | 3.12 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 281 110 | 236 581 | 6 973 | USD | 5.955 | 1 674 010.05 | 8.73 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 2 376 | 1 803 | 170 | USD | 209.84 | 498 579.84 | 2.60 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 327 056 | 243 147 | 14 366 | USD | 5.383 | 1 760 542.45 | 9.18 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 6 463 | 4 578 | 437 | USD | 490.17 | 3 167 968.71 | 16.52 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 12 467 | 9 132 | 451 | USD | 138.5 | 1 726 679.50 | 9.00 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 153 | | | USD | 138.352 | 21 167.89 | 0.11 |\",\n \"| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 15 673 | 11 018 | 958 | USD | 91.03 | 1 426 713.19 | 7.44 |\",\n \"| Total securities portfolio | | | | | | | 19 217 688.88 | 100.22 |\",\n \"| Cash at bank | | | | | | | 92 509.69 | 0.48 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | 38 411 | | | | | 43 536.41 | 0.23 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 2 784 | | | | | 3 762.36 | 0.02 |\",\n \"| U.S. dollar | USD | | | | | | 45 210.92 | 0.23 |\",\n \"| Total assets | 19 310 198.57 | 100.70 |\",\n \"| Other liabilities | -133 586.46 | -0.70 |\",\n \"| Additional other liabilities | -133 586.46 | -0.70 |\",\n \"| Total liabilities | -133 586.46 | -0.70 |\",\n \"| Net assets | 19 176 612.11 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class USD DPMC | USD | 10 383.19 |\",\n \"| Class USD LC | USD | 12 317.80 |\",\n \"| Class USD LC10 | USD | 12 362.39 |\",\n \"| Class USD WAMC | USD | 12 382.33 |\",\n \"| Number of shares outstanding Class USD DPMC | Count | 1.000 |\",\n \"| Class USD LC | Count | 1 310.137 |\",\n \"| Class USD LC10 | Count | 2.000 |\",\n \"| Class USD WAMC | Count | 242.563 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Ex-Derivative Benchmark for Portfolio 07_004\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 100.000 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.000 |\",\n \"| Average market risk exposure | % | 100.000 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Euro\\tEUR | 0.882262 | = USD | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.740028 | = USD | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 282\\t337.56Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t282 337.56\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-530.23\",\n \"- Management fee USD\\t-73 542.27thereof:All-in fee USD\\t-73 542.27\",\n \"- Depositary fee USD\\t-10.49\",\n \"- Legal and publication costs USD\\t-61.89\",\n \"- Taxe d‘abonnement USD\\t-9 622.32Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t-83 767.20\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t198 570.36\",\n \"- Sale transactionsRealized gains/losses USD\\t269 817.23Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t269 817.23\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t468 387.59BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.14%1,\\tClass USD LC 0.50% p.a.,Class USD LC10 0.29% p.a.,\\tClass USD WAMC 0.17% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class USD DPMC 0.29%\",\n \"1\",\n \",\\tClass USD LC 0.64% p.a.,\",\n \"Class USD LC10 0.44% p.a.,\\tClass USD WAMC 0.32% p.a.\",\n \"1\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 2 222.39.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t6 158 045.19\",\n \"- Net inflows USD 12 212\\t269.21\",\n \"- Income adjustment USD\\t-141 216.49\",\n \"- Net investment income USD 198\\t570.36\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD 269\\t817.236.\",\n \"Net change in unrealized appreciation/depreciation .\",\n \"USD\\t479 126.61\",\n \"- Value of the fund’s net assetsSummary of gains/losses\\t2021at the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t19 176 612.11Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"USD\\t269 817.23from:Securities transactions USD\\t268 698.07(Forward) currency transactions USD\\t1 119.16 Details on the distribution policy*\\tClass USD DPMCThe income for the fiscal year is reinvested.\",\n \"Class USD LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the fiscal year\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t19 176 612.11\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t6 158 045.19\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t–\",\n \"Net asset value per share at the end of the fiscal year\",\n \"| 2021 | Class USD DPMC | USD | 10 383.19 |\",\n \"| --- | --- | --- | --- |\",\n \"| | Class USD LC | USD | 12 317.80 |\",\n \"| | Class USD LC10 | USD | 12 362.39 |\",\n \"| | Class USD WAMC | USD | 12 382.33 |\",\n \"| 2020 | Class USD DPMC | USD | – |\",\n \"| | Class USD LC | USD | 11 564.33 |\",\n \"| | Class USD LC10 | USD | 11 582.29 |\",\n \"| | Class USD WAMC | USD | 11 587.22 |\",\n \"| 2019 | Class USD DPMC | USD | – |\",\n \"| | Class USD LC | USD | – |\",\n \"| | Class USD LC10 | USD | – |\",\n \"| | Class USD WAMC | USD | – |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.75% of all transactions.\",\n \"The total volume was USD 985 594.31.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscriptions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve medium- to long-term capital appreci- ation.\",\n \"In order to achieve this objective, it seeks to hedge against capital losses of more than 18% on an annualized\",\n \"DB BALANCED SAA (USD) PLUS\",\n \"Performance since inception\",\n \"130\",\n \"125\",\n \"120\",\n \"115\",\n \"110\",\n \"105\",\n \"100\",\n \"95\",\n \"basis.\",\n \"In order to achieve the\",\n \"4/30/20*6/20\",\n \"12/20\\t6/21\",\n \"12/21\",\n \"investment objective, the sub-fund seeks to invest in\",\n \"DB Balanced SAA (USD) Plus (USD LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020 = 100\",\n \"Data on U.S. dollar basis\",\n \"portfolios of three main asset\",\n \"classes that are diversified between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB BALANCED SAA (USD) PLUS\",\n \"Performance of share classes (in USD)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class USD LC | LU2132881561 | 7.0% | 27.7% |\",\n \"| Class USD DPMC | LU2132881488 | 7.5% | 20.2% |\",\n \"| Class USD LC10 | LU2132881645 | 7.2% | 28.1% |\",\n \"| Class USD WAMC | LU2132881728 | 7.4% | 28.6% |\",\n \"| Class GBP DPMCH 2 | LU2206941788 | 7.1% | 15.6% |\",\n \"1\",\n \"Classes USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on June 17, 2020 / Class GBP DPMCH launched on September 28, 2020\",\n \"2 in GBP\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"tion approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.\",\n \"The expected range of alloca- tion for a “balanced” portfolio is for\",\n \"a) bond portfolio: up to 70%;\",\n \"b) equity portfolio: 30-80% and\",\n \"c) alternative portfolio:\",\n \"0-15%.\",\n \"In addition, the sub- fund aims to overweight USD- denominated assets in each of the portfolios in order for it to have a U.S. focus.\",\n \"In addition to allocating assets across the portfolios, the sub-fund man-\",\n \"ager seeks to implement a cap- ital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 18%\",\n \"on an annualized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.\",\n \"The risk mitigation strat- egy includes investments in derivative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\",\n \"ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the fund manager may gain exposure to a financial\",\n \"index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary\",\n \"policy of the central banks.\",\n \"Against this backdrop, the sub- fund DB Balanced SAA (USD) Plus achieved an appreciation of 7.0% per share in 2021 (USD LC share class; BVI method; in\",\n \"U.S. dollars).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021\",\n \"price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low\",\n \"related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"were influenced in particular\\tinterest rates, bond markets\\tby the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant\",\n \"saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the DB Balanced SAA (USD) Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.\",\n \"Region- ally, the investment focus was on North America.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversi- fied.\",\n \"With this orientation, the sub-fund benefited in particular from price increases in equities during the reporting period.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability-\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Equity funds | 297 643 776.36 | 60.00 |\",\n \"| Other funds | 30 895 752.60 | 6.22 |\",\n \"| Bond funds | 161 987 611.33 | 32.66 |\",\n \"| Total investment fund units | 490 527 140.29 | 98.88 |\",\n \"| 2. Derivatives | 3 085 796.99 | 0.62 |\",\n \"| 3. Cash at bank | 1 312 600.85 | 0.27 |\",\n \"| 4. Other assets | 4 130 344.15 | 0.84 |\",\n \"| 5. Receivables from share certificate transactions | 241 619.58 | 0.05 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -1 003 315.97 | -0.21 |\",\n \"| 2. Liabilities from share certificate transactions | -2 215 306.55 | -0.45 |\",\n \"| III.\",\n \"Net assets | 496 078 879.34 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Investment fund units | | | | | | | 490 527 140.29 | 98.88 |\",\n \"| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) | Units | 394 331 | 375 236 | 511 132 | EUR | 66.76 | 29 838 684.61 | 6.01 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 793 559 | 506 751 | 110 715 | EUR | 52.738 | 47 435 698.85 | 9.56 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 2 955 027 | 1 772 069 | 451 314 | EUR | 13.994 | 46 869 490.38 | 9.45 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 638 654 | 446 252 | 286 886 | EUR | 12.858 | 9 307 318.93 | 1.88 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 1 903 | 3 011 | 1 108 | USD | 10 408.589 | 19 810 365.78 | 3.99 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 410 330 | 238 024 | 68 292 | EUR | 23.835 | 11 085 386.82 | 2.23 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 697 | 603 | | EUR | 432.63 | 341 784.08 | 0.07 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF EUR - (0.070%) | Units | 110 | | | EUR | 122.02 | 15 213.39 | 0.00 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 161 791 | 99 826 | 42 074 | EUR | 147.32 | 27 015 841.24 | 5.45 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 116 330 | 126 434 | 10 104 | GBP | 128.912 | 20 264 548.04 | 4.09 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 1 589 194 | 1 123 821 | 918 017 | USD | 5.955 | 9 463 650.27 | 1.91 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 57 907 | 35 424 | 7 544 | USD | 209.84 | 12 151 204.88 | 2.45 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 262 | 262 | | USD | 209.9 | 54 993.80 | 0.01 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 7 846 959 | 4 733 899 | 1 113 053 | USD | 5.383 | 42 240 180.30 | 8.52 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 198 809 | 120 845 | 44 529 | USD | 490.17 | 97 450 207.53 | 19.64 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 214 255 | 199 430 | 39 415 | USD | 138.5 | 29 674 317.50 | 5.98 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 88 262 | 17 260 | | USD | 138.352 | 12 211 241.88 | 2.46 |\",\n \"| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 826 474 | 630 146 | 109 152 | USD | 91.03 | 75 233 928.22 | 15.17 |\",\n \"| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 693 | | | USD | 91.03 | 63 083.79 | 0.01 |\",\n \"| Total securities portfolio | | | | | | | 490 527 140.29 | 98.88 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 2 669 126.33 | 0.54 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 100 EUR (DB) | Count | 784 | 879 | 95 | | | 496 741.33 | 0.10 |\",\n \"| Put S & P 500 Futures 06/2022 3 450 USD (DB) | Count | 87 | 91 | 4 | | | 308 850.00 | 0.06 |\",\n \"| Put S & P 500 Futures 06/2022 3 650 USD (DB) | Count | 303 | 314 | 11 | | | 1 398 345.00 | 0.28 |\",\n \"| Put S & P 500 Futures 06/2022 3 800 USD (DB) | Count | 26 | 26 | | | | 147 030.00 | 0.03 |\",\n \"| Put S & P 500 Futures 09/2022 3 600 USD (DB) | Count | 41 | 41 | | | | 318 160.00 | 0.07 |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 416 670.66 | 0.08 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (long) | | | | | | | | |\",\n \"| Open positions GBP/USD 24.8 million | | | | | | | 577 505.52 | 0.11 |\",\n \"| Closed positions GBP/USD 25.1 million | | | | | | | -160 834.86 | -0.03 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Cash at bank | | | | | | | 1 312 600.85 | 0.27 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | 533 390 | | | | | 604 571.11 | 0.12 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 127 210 | | | | | 171 898.43 | 0.04 |\",\n \"| U.S. dollar | USD | | | | | | 536 131.31 | 0.11 |\",\n \"| Other assets | | | | | | | 4 130 344.15 | 0.84 |\",\n \"| Dividends/Distributions receivable | | | | | | | 574 897.80 | 0.12 |\",\n \"| Other receivables | | | | | | | 3 555 446.35 | 0.72 |\",\n \"| Receivables from share certificate transactions | | | | | | | 241 619.58 | 0.05 |\",\n \"| Total assets * | | | | | | | 499 458 336.72 | 100.69 |\",\n \"| Other liabilities | | | | | | | -1 003 315.97 | -0.21 |\",\n \"| Liabilities from cost items | | | | | | | -254 816.97 | -0.06 |\",\n \"| Additional other liabilities | | | | | | | -748 499.00 | -0.15 |\",\n \"| Liabilities from share certificate transactions | | | | | | | -2 215 306.55 | -0.45 |\",\n \"| Total liabilities | | | | | | | -3 379 457.38 | -0.69 |\",\n \"| Net assets | | | | | | | 496 078 879.34 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class USD LC | USD | 12 769.80 |\",\n \"| Class USD LC10 | USD | 12 812.21 |\",\n \"| Class USD WAMC | USD | 12 855.88 |\",\n \"| Class GBP DPMCH | GBP | 11 556.23 |\",\n \"| Class USD DPMC | USD | 12 024.97 |\",\n \"| Number of shares outstanding Class USD LC | Count | 27 114.351 |\",\n \"| Class USD LC10 | Count | 4 195.438 |\",\n \"| Class USD WAMC | Count | 3 177.576 |\",\n \"| Class GBP DPMCH | Count | 2 189.057 |\",\n \"| Class USD DPMC | Count | 1 750.226 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 64.376 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 92.097 |\",\n \"| Average market risk exposure | % | 79.426 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 22 984 324.49 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Contracting parties for forward currency transactions\",\n \"Barclays Bank Ireland PLC, Royal Bank of Canada (UK) and State Street Bank International GmbH\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Euro\\tEUR | 0.882262 | = USD | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.740028 | = USD | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnote\",\n \"* Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 4 838\\t787.81Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t4 838 787.81\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-6 366.23\",\n \"- Management fee USD\\t-2 268 760.52thereof:All-in fee USD -2 268 760.52\",\n \"- Legal and publication costs USD\\t-1 645.80\",\n \"- Taxe d‘abonnement USD\\t-211 506.88\",\n \"- Other expenses USD\\t-9 306.38Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t-2 497 585.81\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t2 341 202.00\",\n \"- Sale transactionsRealized gains/losses USD\\t3 917 639.96Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t3 917 639.96\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t6 258 841.96BVI total expense ratio (TER)The total expense ratio for the share classes was:Class GBP DPMCH 0.21% p.a.,\\tClass USD DPMC 0.18% p.a.,Class USD LC 0.61% p.a.,\\tClass USD LC10 0.41% p.a., Class USD WAMC 0.23% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class GBP DPMCH 0.33% p.a.,\\tClass USD DPMC 0.30% p.a.,\",\n \"Class USD LC 0.73% p.a.,\\tClass USD LC10 0.53% p.a., Class USD WAMC 0.34% p.a.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 38 385.54.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t253 779 358.57\",\n \"- Net inflows USD 215 596\\t829.46\",\n \"- Income adjustment USD\\t-1 880 726.23\",\n \"- Net investment income USD\\t2 341 202.00\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD 3 917\\t639.966.\",\n \"Net change in unrealized appreciation/depreciation .\",\n \"USD\\t22 324 575.58\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t496 078 879.34Summary of gains/losses\\t2021Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"USD\\t3 917 639.96from:Securities transactions USD\\t13 918 917.06(Forward) currency transactions USD\\t\\t-355 573.69 Derivatives and other financial futures transactions 1 .\",\n \"USD\\t-9 645 703.411 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"Class GBP DPMCH\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD DMPC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 496 078 879.34 |\",\n \"| --- | --- | --- |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 253 779 358.57 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | – |\",\n \"| Net asset value per share at the end of the fiscal year | | |\",\n \"| 2021 | Class USD LC | USD | 12 769.80 |\",\n \"| | Class USD LC10 | USD | 12 812.21 |\",\n \"| | Class USD WAMC | USD | 12 855.88 |\",\n \"| | Class GBP DPMCH | GBP | 11 556.23 |\",\n \"| | Class USD DPMC | USD | 12 024.97 |\",\n \"| 2020 | Class USD LC | USD | 11 935.76 |\",\n \"| | Class USD LC10 | USD | 11 951.26 |\",\n \"| | Class USD WAMC | USD | 11 969.51 |\",\n \"| | Class GBP DPMCH | GBP | 10 793.15 |\",\n \"| | Class USD DPMC | USD | 11 191.13 |\",\n \"| 2019 | Class USD LC | USD | – |\",\n \"| | Class USD LC10 | USD | – |\",\n \"| | Class USD WAMC | USD | – |\",\n \"| | Class GBP DPMCH | GBP | – |\",\n \"| | Class USD DPMC | USD | – |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 8.03% of all transactions.\",\n \"The total volume was USD 39 652 387.21.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve a medium- to long-term return in euro.\",\n \"In order to achieve the investment objective, the sub-fund seeks to invest in portfolios of three main asset\",\n \"DB CONSERVATIVE SAA (EUR)\",\n \"Performance since inception\",\n \"118\",\n \"115\",\n \"112\",\n \"109\",\n \"106\",\n \"103\",\n \"100\",\n \"97\",\n \"classes that are diversified\",\n \"4/30/20* 6/20\",\n \"12/20\\t6/21\",\n \"12/21\",\n \"between each other and within themselves.\",\n \"These are a bond\",\n \"DB Conservative SAA (EUR) (SC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020= 100\",\n \"Data on euro basis\",\n \"portfolio, an equity portfolio\",\n \"and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB CONSERVATIVE SAA (EUR)\",\n \"Performance of share classes (in euro)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class SC | LU2132882023 | 5.3% | 13.6% |\",\n \"| Class DPMC | LU2132881991 | 5.6% | 10.3% |\",\n \"| Class LC | LU2258442594 | – | 4.1% |\",\n \"| Class LC10 | LU2132882296 | 5.5% | 14.0% |\",\n \"| Class PFC | LU2258442677 | – | 1.9% |\",\n \"| Class WAMC | LU2132882379 | 5.6% | 14.1% |\",\n \"1\",\n \"Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on May 29, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"an allocation that provides an opportunity for a medium- to long-term return in euro.\",\n \"The expected range of allocation for a “conservative” portfolio is for\",\n \"- bond portfolio: up to 100%;\",\n \"- equity portfolio: 0-40% and\",\n \"- alternative portfolio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary\",\n \"policy of the central banks.\",\n \"Against this backdrop, the\",\n \"sub-fund DB Conservative SAA (EUR) achieved an increase in value of 5.3% per share in 2021 (SC share class; BVI method; in euro).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of\",\n \"the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low,\",\n \"in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Conservative SAA (EUR) was mainly exposed to bonds, including government and corporate bonds, and to a lesser extent equities, through investments in target funds globally.\",\n \"Regionally, the invest- ment focus was on Europe.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"With this orienta- tion, the sub-fund benefited during the reporting period from positive income in cor- porate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums.\",\n \"The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a majorevent in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 217 549 115.79 | 71.95 |\",\n \"| Equity funds | 65 117 651.36 | 21.55 |\",\n \"| Other funds | 17 108 350.92 | 5.66 |\",\n \"| Total investment fund units | 299 775 118.07 | 99.16 |\",\n \"| 2. Cash at bank | 213 342.99 | 0.07 |\",\n \"| 3. Other assets | 3 792 196.33 | 1.25 |\",\n \"| 4. Receivables from share certificate transactions | 294 118.27 | 0.10 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Loan liabilities | -476 904.02 | -0.16 |\",\n \"| 2. Other liabilities | -1 283 715.45 | -0.42 |\",\n \"| III.\",\n \"Net assets | 302 314 156.19 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 299 775 118.07 | 99.16 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 1 014 | 1 111 | 97 | EUR | 9 732.971 | 9 869 232.39 | 3.27 |\",\n \"| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"| Units | 243 456 | 158 747 | 135 183 | EUR | 66.76 | 16 253 122.56 | 5.38 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 267 122 | 150 127 | 43 880 | EUR | 52.738 | 14 087 480.04 | 4.66 |\",\n \"| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 311 201 | 171 497 | 4 115 | EUR | 162.33 | 50 517 258.33 | 16.71 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 1 026 740 | 589 347 | 12 132 | EUR | 17.079 | 17 535 179.09 | 5.80 |\",\n \"| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 106 679 | 59 100 | 1 185 | EUR | 167.305 | 17 847 930.10 | 5.90 |\",\n \"| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 74 481 | 39 728 | 681 | EUR | 207.77 | 15 474 917.37 | 5.12 |\",\n \"| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 57 650 | 30 469 | 578 | EUR | 282.25 | 16 271 712.50 | 5.38 |\",\n \"| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 54 448 | 30 122 | 440 | EUR | 247.16 | 13 457 367.68 | 4.45 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 303 718 | 164 785 | 27 392 | EUR | 23.835 | 7 239 118.53 | 2.39 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 6 122 851 | 6 193 328 | 70 477 | EUR | 5.323 | 32 593 160.44 | 10.78 |\",\n \"| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) | Units | 284 494 | 180 727 | 9 520 | EUR | 133.97 | 38 113 661.18 | 12.61 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 693 | 693 | | EUR | 432.63 | 299 812.59 | 0.10 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 39 918 | 23 583 | 10 577 | EUR | 147.32 | 5 880 719.76 | 1.95 |\",\n \"| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) | Units | 5 633 | 5 633 | | GBP | 112.51 | 755 579.73 | 0.25 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 21 623 | 21 728 | 105 | GBP | 128.912 | 3 323 217.12 | 1.10 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 9 936 | 5 604 | 1 507 | USD | 209.84 | 1 839 490.01 | 0.61 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 1 382 090 | 770 308 | 215 979 | USD | 5.383 | 6 563 844.42 | 2.17 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 58 441 | 33 460 | 10 419 | USD | 490.17 | 25 273 299.29 | 8.36 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 13 637 | 13 879 | 242 | USD | 138.5 | 1 666 349.86 | 0.55 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 40 247 | 16 873 | 9 258 | USD | 138.352 | 4 912 665.08 | 1.62 |\",\n \"| Total securities portfolio | | | | | | | 299 775 118.07 | 99.16 |\",\n \"| Cash at bank | | | | | | | 213 342.99 | 0.07 |\",\n \"| Demand deposits at Depositary Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 50 139 | | | | | 59 776.09 | 0.02 |\",\n \"| U.S. dollar | USD | 174 061 | | | | | 153 566.90 | 0.05 |\",\n \"| Other assets | | | | | | | 3 792 196.33 | 1.25 |\",\n \"| Prepaid placement fee * | | | | | | | 2 121 840.78 | 0.70 |\",\n \"| Other receivables | | | | | | | 1 670 355.55 | 0.55 |\",\n \"| Receivables from share certificate transactions | | | | | | | 294 118.27 | 0.10 |\",\n \"| Total assets | | | | | | | 304 074 775.66 | 100.58 |\",\n \"| Short-term liabilities | | | | | | | -476 904.02 | -0.16 |\",\n \"| EUR loans | EUR | | | | | | -476 904.02 | -0.16 |\",\n \"| Other liabilities | -1 283 715.45 | -0.42 |\",\n \"| Additional other liabilities | -1 283 715.45 | -0.42 |\",\n \"| Total liabilities | -1 760 619.47 | -0.58 |\",\n \"| Net assets | 302 314 156.19 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class DPMC | EUR | 11 028.35 |\",\n \"| Class LC | EUR | 104.13 |\",\n \"| Class LC10 | EUR | 11 397.39 |\",\n \"| Class PFC | EUR | 101.93 |\",\n \"| Class SC | EUR | 11 356.94 |\",\n \"| Class WAMC | EUR | 11 410.88 |\",\n \"| Number of shares outstanding Class DPMC | Count | 149.000 |\",\n \"| Class LC | Count | 402 437.000 |\",\n \"| Class LC10 | Count | 9 565.000 |\",\n \"| Class PFC | Count | 616 761.000 |\",\n \"| Class SC | Count | 7 285.863 |\",\n \"| Class WAMC | Count | 362.500 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 100.000 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 119.315 |\",\n \"| Average market risk exposure | % | 100.076 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"| Exchange rates (indirect quotes) | |\",\n \"| --- | --- |\",\n \"| | | As of December 30, 2021 |\",\n \"| British pound\\tGBP | 0.838785 | = EUR\\t1 |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR\\t1 |\",\n \"| Notes on valuation | | |\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 1 304\\t060.20Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t1 304 060.20\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-83 325.88\",\n \"- Management fee EUR\\t-1 244 737.43thereof:All-in fee EUR -1 244 737.43\",\n \"- Legal and publication costs EUR\\t-1 003.91\",\n \"- Taxe d‘abonnement EUR\\t-105 389.36\",\n \"- Other expenses EUR\\t-444 300.26thereof:Expenses from prepaidplacement fee 1 EUR\\t-444 300.26Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-1 878 756.84\",\n \"- Net investment expense.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-574 696.64\",\n \"- Sale transactionsRealized gains/losses EUR\\t3 087 398.70Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t3 087 398.70\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 2 512\\t702.06 Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t137 073 970.71\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 155 282\\t516.33\",\n \"- Income adjustment EUR\\t-931 898.16\",\n \"- Net investment expense EUR\\t-574 696.64\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR 3 087\\t398.70\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR 8 376\\t865.25\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t302 314 156.193 Reduced by a dilution fee in the amount of EUR 40 589.56 for the benefit of the fund’s assets.\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t3 087 398.70\",\n \"from:\",\n \"Securities transactions EUR\\t3 028 611.44\",\n \"(Forward) currency transactions EUR\\t58 787.26\",\n \"Details on the distribution policy*\",\n \"1\",\n \"For further information, please refer to the notes to the financial statements.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class DPMC 0.12% p.a.,\\tClass LC 1.05%\",\n \"2\",\n \"Class LC10 0.21% p.a.,\\tClass PFC 1.66%\",\n \"2\",\n \"Class SC 0.41% p.a.,\\tClass WAMC 0.14% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class DPMC 0.30% p.a.,\\tClass LC 1.23%\",\n \"2\",\n \"Class LC10 0.39% p.a.,\\tClass PFC 1.84%\",\n \"2\",\n \"Class SC 0.59% p.a.,\\tClass WAMC 0.32% p.a.\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 11 707.29.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Class DPMC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class PFC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class SC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year | | | 2020 | Class DPMC | EUR | 10 441.01 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 302 314 156.19 | | Class LC | EUR | – |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 137 073 970.71 | | Class LC10 | EUR | 10 800.17 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | – | | Class PFC | EUR | – |\",\n \"| | | | | Class SC | EUR | 10 783.91 |\",\n \"| Net asset value per share at the end of the fiscal year | | | | Class WAMC | EUR | 10 805.64 |\",\n \"| 2021\\tClass DPMC | EUR | 11 028.35 | 2019 | Class DPMC | EUR | – |\",\n \"| Class LC | EUR | 104.13 | | Class LC | EUR | – |\",\n \"| Class LC10 | EUR | 11 397.39 | | Class LC10 | EUR | – |\",\n \"| Class PFC | EUR | 101.93 | | Class PFC | EUR | – |\",\n \"| Class SC | EUR | 11 356.94 | | Class SC | EUR | – |\",\n \"| Class WAMC | EUR | 11 410.88 | | Class WAMC | EUR | – |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.41% of all transactions.\",\n \"The total volume was EUR 21 297 652.19.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve a medium- to long-term return in euro.\",\n \"In order to achieve this objective, it seeks to hedge against capital losses of more than 10% on an annualized\",\n \"DB CONSERVATIVE SAA (EUR) PLUS\",\n \"Performance since inception\",\n \"118\",\n \"115\",\n \"112\",\n \"109\",\n \"106\",\n \"103\",\n \"100\",\n \"97\",\n \"basis.\",\n \"In order to achieve the\",\n \"4/30/20* 6/20\",\n \"9/20\",\n \"12/20\\t3/21\",\n \"6/21\",\n \"9/21\",\n \"12/21\",\n \"investment objective, the sub-fund seeks to invest in\",\n \"DB Conservative SAA (EUR) Plus (SC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020 = 100\",\n \"Data on euro basis\",\n \"portfolios of three main asset\",\n \"classes that are diversified between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return,\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB CONSERVATIVE SAA (EUR) PLUS\",\n \"Performance of share classes (in euro)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class SC | LU2132883344 | 4.8% | 12.6% |\",\n \"| Class DPMC | LU2132883260 | 5.2% | 9.1% |\",\n \"| Class LC | LU2258442750 | – | 3.3% |\",\n \"| Class LC10 | LU2132883427 | 5.0% | 12.9% |\",\n \"| Class LC50 | LU2369020990 | – | 0.2% |\",\n \"| Class PFC | LU2258442834 | – | 1.3% |\",\n \"| Class WAMC | LU2132883690 | 5.2% | 13.3% |\",\n \"1\",\n \"Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on June 17, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021 / Class LC50 launched on September 7, 2021\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in euro.\",\n \"The expected range of allocation for a “conservative” portfolio is for\",\n \"- bond portfolio: up to 80%;\",\n \"- equity portfolio: 20-60% and\",\n \"- alternative portfolio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight euro areaassets in each of the portfolios in order to have a European focus.\",\n \"In addition to allocating assets across the portfolios, the sub-fund manager seeksto implement a capital pres- ervation strategy, based on the advice of the investmentadvisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%on an annualized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.\",\n \"The risk mitigation strat- egy includes investments in derivative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-tradedfunds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing inan ETF, the fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the\",\n \"sub-fund DB Conservative SAA (EUR) Plus achieved an appreci- ation of 4.8% per share in 2021 (SC share class; BVI method; in euro).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in\",\n \"new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"view of the weakened global\\tIn the corporate bond markets,\\teconomy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated\",\n \"high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Conservative SAA (EUR) Plus was mainly exposed to bonds, including govern- ment and corporate bonds, and to a lesser extent equities, through investments in target funds globally.\",\n \"Regionally,\",\n \"the investment focus was on Europe.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 1 253 961 974.04 | 60.91 |\",\n \"| Equity funds | 633 067 325.27 | 30.75 |\",\n \"| Other funds | 139 879 937.32 | 6.80 |\",\n \"| Total investment fund units | 2 026 909 236.63 | 98.46 |\",\n \"| 2. Derivatives | 10 453 152.11 | 0.51 |\",\n \"| 3. Cash at bank | 8 555 397.13 | 0.42 |\",\n \"| 4. Other assets | 13 364 314.16 | 0.64 |\",\n \"| 5. Receivables from share certificate transactions | 9 210 097.60 | 0.45 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -9 624 786.49 | -0.46 |\",\n \"| 2. Liabilities from share certificate transactions | -370 748.82 | -0.02 |\",\n \"| III.\",\n \"Net assets | 2 058 496 662.32 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 2 026 909 236.63 | 98.46 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 9 320 | 11 173 | 1 853 | EUR | 9 732.971 | 90 711 287.86 | 4.41 |\",\n \"| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units Units | 3 964 880 2 177 180 | 3 173 825 1 764 681 | 181 396 158 426 | EUR EUR | 66.76 52.738 | 264 695 388.80 114 820 118.84 | 12.86 5.58 |\",\n \"| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 1 929 857 | 1 545 598 | 58 037 | EUR | 162.33 | 313 273 686.81 | 15.22 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 6 962 936 | 5 887 650 | 190 511 | EUR | 17.079 | 118 916 502.48 | 5.78 |\",\n \"| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 987 518 | 869 035 | 28 005 | EUR | 167.305 | 165 216 698.99 | 8.02 |\",\n \"| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 598 607 | 508 519 | 8 493 | EUR | 207.77 | 124 372 576.39 | 6.04 |\",\n \"| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 288 736 | 204 056 | 1 958 | EUR | 282.25 | 81 495 736.00 | 3.96 |\",\n \"| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 503 577 | 443 091 | 14 283 | EUR | 247.16 | 124 464 091.32 | 6.04 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 2 062 876 | 1 667 829 | 140 790 | EUR | 23.835 | 49 168 649.46 | 2.39 |\",\n \"| iShares II PLC - iShares Barclays Euro Government Bond 3-5 (IBGX) EUR - (0.200%) | Units | 108 328 | 119 631 | 11 303 | EUR | 172.74 | 18 712 578.72 | 0.91 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 18 894 356 | 19 424 173 | 529 817 | EUR | 5.323 | 100 578 435.86 | 4.89 |\",\n \"| iShares III PLC - iShares Core € Corp Bond UCITS ETF EUR - (0.200%) | Units | 1 001 251 | 830 580 | 94 883 | EUR | 133.97 | 134 137 596.47 | 6.52 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) | Units | 1 709 | 1 709 | | EUR | 153.76 | 262 775.84 | 0.01 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 5 638 | 4 923 | | EUR | 432.63 | 2 439 167.94 | 0.12 |\",\n \"| iShares VII PLC - iShares EUR Govt Bond 7-10yr UCITS ETF EUR (Acc) EUR - (0.200%) | Units | 161 000 | 164 100 | 3 100 | EUR | 171.27 | 27 574 470.00 | 1.34 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 271 118 | 260 447 | 113 217 | EUR | 147.32 | 39 941 103.76 | 1.94 |\",\n \"| Multi Units Luxembourg SICAV - Lyxor Euro Government Bond 7-10Y (DR) UCITS ETF EUR - (0.170%) | Units | 224 405 | 245 627 | 21 222 | EUR | 188.07 | 42 203 848.35 | 2.05 |\",\n \"| iShares III PLC - iShares Core Euro Corporate Bond UCITS ETF GBP - (0.200%) | Units | 20 524 | 20 524 | | GBP | 112.51 | 2 752 976.81 | 0.13 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 583 125 | 600 516 | 17 391 | GBP | 128.912 | 89 619 894.67 | 4.35 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 278 458 | 279 214 | 145 500 | USD | 490.17 | 120 421 491.30 | 5.85 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 2 614 | 2 614 | | USD | 490.046 | 1 130 159.96 | 0.05 |\",\n \"| Total securities portfolio | | | | | | | 2 026 909 236.63 | 98.46 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 10 453 152.11 | 0.51 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 400 EUR (DB) | Count | 9 785 | 9 939 | 154 | | | 8 331 927.50 | 0.40 |\",\n \"| Put FTSE MIB Index Futures 09/2022 5 700 GBP (DB) | Count | 497 | 497 | | | | 568 822.86 | 0.03 |\",\n \"| Put S & P 500 Futures 09/2022 3 800 USD (DB) | Count | 179 | 186 | 7 | | | 1 552 401.75 | 0.08 |\",\n \"| Cash at bank | | | | | | | 8 555 397.13 | 0.42 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 6 932 646.62 | 0.34 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 339 575 | | | | | 404 841.19 | 0.02 |\",\n \"| U.S. dollar | USD | 1 380 439 | | | | | 1 217 909.32 | 0.06 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other assets | 13 364 314.16 | 0.64 |\",\n \"| Prepaid placement fee * | 12 658 280.74 | 0.61 |\",\n \"| Other receivables | 706 033.42 | 0.03 |\",\n \"| Receivables from share certificate transactions | 9 210 097.60 | 0.45 |\",\n \"| Total assets ** | 2 068 492 197.63 | 100.48 |\",\n \"| Other liabilities | -9 624 786.49 | -0.46 |\",\n \"| Additional other liabilities | -9 624 786.49 | -0.46 |\",\n \"| Liabilities from share certificate transactions | -370 748.82 | -0.02 |\",\n \"| Total liabilities | -9 995 535.31 | -0.48 |\",\n \"| Net assets | 2 058 496 662.32 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class DPMC | EUR | 10 907.63 |\",\n \"| Class LC | EUR | 103.34 |\",\n \"| Class LC10 | EUR | 11 294.83 |\",\n \"| Class LC50 | EUR | 10 019.10 |\",\n \"| Class PFC | EUR | 101.26 |\",\n \"| Class SC | EUR | 11 256.76 |\",\n \"| Class WAMC | EUR | 11 332.55 |\",\n \"| Number of shares outstanding Class DPMC | Count | 8 767.000 |\",\n \"| Class LC | Count | 4 899 723.000 |\",\n \"| Class LC10 | Count | 29 689.000 |\",\n \"| Class LC50 | Count | 7 516.000 |\",\n \"| Class PFC | Count | 3 735 610.000 |\",\n \"| Class SC | Count | 54 660.327 |\",\n \"| Class WAMC | Count | 4 617.369 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 52.882 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 86.818 |\",\n \"| Average market risk exposure | % | 70.820 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 78 689 282.14 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnotes\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"** Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 7 855\\t839.41Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t7 855 839.41\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-670 659.54\",\n \"- Management fee EUR\\t-12 911 217.59thereof:\",\n \"| 3. Legal and publication costs | EUR | -6 574.05 | |\",\n \"| --- | --- | --- | --- |\",\n \"| 4. Taxe d‘abonnement | EUR | -832 543.52 | | |\",\n \"| 5. Other expenses thereof: | EUR | -2 844 970.12 | Summary of gains/losses | 2021 |\",\n \"All-in fee EUR -12 911 217.59\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t441 422 189.57\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 1 577 497\\t339.27\",\n \"- Income adjustment EUR 1 170\\t235.77\",\n \"- Ordinary net expense EUR\\t-9 410 125.41\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR 1 999\\t894.15\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR 45 817\\t128.97\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t2 058 496 662.323 Reduced by a dilution fee in the amount of EUR 282 485.18 for the benefit of the fund’s assets.\",\n \"Expenses from prepaid\",\n \"placement fee\",\n \"1\",\n \"EUR -2 844 970.12\",\n \"Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-17 265 964.82\",\n \"- Net investment expense.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-9 410 125.41Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t1 999 894.15from:Securities transactions EUR\\t18 310 590.80\",\n \"| IV.\",\n \"Sale transactions Realized gains/losses | EUR | 1 999 894.15 | Derivatives and other financial futures transactions ...\",\n \"EUR\\t-16 855 092.87 |\",\n \"| --- | --- | --- | --- |\",\n \"| Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | 1 999 894.15 | Details on the distribution policy*\\t |\",\n \"| V. Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | -7 410 231.26 | |\",\n \"| 1 For further information, please refer to the notes to the financ | | | Class DPMC |\",\n \"(Forward) currency transactions EUR\\t544 396.22\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"ial statements.\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC\",\n \"Class DPMC 0.16% p.a.,\\tClass LC 1.24% p.a.,\",\n \"Class LC10 0.38% p.a.,\\tClass LC50 0.28%\",\n \"2\",\n \"Class PFC 1.89%\",\n \"2\",\n \",\\tClass SC 0.58%\",\n \"2\",\n \"Class WAMC 0.18% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class DPMC 0.32% p.a.,\\tClass LC 1.39% p.a.,\",\n \"Class LC10 0.54% p.a.,\\tClass LC50 0.43%\",\n \"2\",\n \"Class PFC 2.05%\",\n \"2\",\n \",\\tClass SC 0.73%\",\n \"2\",\n \"Class WAMC 0.33% p.a.\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 117 252.55.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC50\",\n \"The income for the fiscal year is reinvested.\",\n \"Class PFC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class SC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year | | | 2020 | Class DPMC | EUR | 10 364.46 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 2 058 496 662.32 | | Class LC | EUR | 10 740.97 |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 441 422 189.57 | | Class LC10 | EUR | 10 755.75 |\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-\",\n \"Net asset value per share at the end of the fiscal year\",\n \"Class LC50 EUR\\t-\",\n \"Class PFC EUR\\t-\",\n \"Class SC EUR\\t-\",\n \"| 2021\\tClass DPMC | EUR | 10 907.63 | | Class WAMC | EUR | 10 769.93 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| Class LC | EUR | 103.34 | 2019 | Class DPMC | EUR | - |\",\n \"| Class LC10 | EUR | 11 294.83 | | Class LC | EUR | - |\",\n \"| Class LC50 | EUR | 10 019.10 | | Class LC10 | EUR | - |\",\n \"| Class PFC | EUR | 101.26 | | Class LC50 | EUR | - |\",\n \"| Class SC | EUR | 11 256.76 | | Class PFC | EUR | - |\",\n \"| Class WAMC | EUR | 11 332.55 | | Class SC | EUR | - |\",\n \"| | | | | Class WAMC | EUR | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 13.66% of all transactions.\",\n \"The total volume was EUR 291 376 264.65.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve a medium- to long-term return in\",\n \"U.S. dollars.\",\n \"In order to achieve the investment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified\",\n \"DB CONSERVATIVE SAA (USD)\",\n \"Performance since inception\",\n \"118\",\n \"115\",\n \"112\",\n \"109\",\n \"106\",\n \"103\",\n \"100\",\n \"97\",\n \"4/30/20* 6/20\\t12/20\\t6/21\",\n \"12/21\",\n \"between each other and within themselves.\",\n \"These are a bond\",\n \"DB Conservative SAA (USD) (USD LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020 = 100\",\n \"Data on U.S. dollar basis\",\n \"portfolio, an equity portfolio\",\n \"and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into account the expected return, volatility and correlation in each\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB CONSERVATIVE SAA (USD)\",\n \"Performance of share classes (in USD)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class USD LC | LU2132880753 | 2.8% | 16.2% |\",\n \"| Class USD DPMC | LU2132880670 | – | 4.9% |\",\n \"| Class USD LC10 | LU2132880837 | 3.0% | 16.6% |\",\n \"| Class USD WAMC | LU2132880910 | 3.0% | 16.7% |\",\n \"1\",\n \"Classes USD LC, USD LC10 and WAMC launched on April 30, 2020 / Class USD DPMC launched on March 8, 2021 “BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars.\",\n \"The expected range of alloca- tion for a “conservative” port- folio is for\",\n \"a) bond portfolio: up to 100%;\",\n \"b) equity portfolio:\",\n \"0-40% and\",\n \"c) alternative port- folio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.\",\n \"Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\",\n \"ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the\",\n \"sub-fund DB Conservative SAA (USD) achieved an appreciation of 2.8% per share in 2021 (USD LC share class; BVI method; in\",\n \"U.S. dollars).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price\",\n \"development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors,\",\n \"caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets,\",\n \"high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the DB Conservative SAA (USD) sub- fund was mainly exposed to bonds, including government and corporate bonds, and\",\n \"to a lesser extent equities, through investments in target funds globally.\",\n \"Regionally, the investment focus was on North America.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield bonds, which were accompa- nied by reduced risk premiums.\",\n \"The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Other funds | 814 743.49 | 5.41 |\",\n \"| Equity funds | 3 376 419.24 | 22.43 |\",\n \"| Bond funds | 10 858 548.55 | 72.09 |\",\n \"| Total investment fund units | 15 049 711.28 | 99.93 |\",\n \"| 2. Cash at bank | 107 979.40 | 0.72 |\",\n \"| 3. Other assets | 348 748.70 | 2.32 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -6 126.96 | -0.04 |\",\n \"| 2. Liabilities from share certificate transactions | -440 795.44 | -2.93 |\",\n \"| III.\",\n \"Net assets | 15 059 516.98 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tUSD |\",\n \"| Investment fund units | | | | | | | 15 049 711.28 | 99.93 |\",\n \"| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"| Units | 6 169 | 5 956 | 4 903 | EUR | 66.76 | 466 802.88 | 3.10 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 9 081 | 7 770 | 3 743 | EUR | 52.738 | 542 824.90 | 3.61 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 144 629 | 109 833 | 19 101 | EUR | 13.994 | 2 293 951.13 | 15.23 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 60 469 | 47 094 | 6 279 | EUR | 12.858 | 881 235.02 | 5.85 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 44 | 46 | 2 | USD | 10 408.589 | 455 136.38 | 3.02 |\",\n \"| Non-group fund units Amundi Index Solutions - Amundi Prime US Corporates UCITS ETF DR EUR - (0.030%) | Units | 60 670 | 46 038 | 8 219 | EUR | 18.292 | 1 257 875.37 | 8.35 |\",\n \"| Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 13 311 | 8 225 | 1 019 | EUR | 23.835 | 359 607.11 | 2.39 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 1 741 | 1 397 | 595 | EUR | 147.32 | 290 711.97 | 1.93 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 1 788 | 1 887 | 99 | GBP | 128.912 | 311 467.49 | 2.07 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 300 936 | 269 001 | 34 551 | USD | 5.955 | 1 792 073.88 | 11.90 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 2 786 | 2 242 | 418 | USD | 209.84 | 584 614.24 | 3.88 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 379 034 | 296 831 | 48 710 | USD | 5.383 | 2 040 340.02 | 13.55 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 3 600 | 2 780 | 770 | USD | 490.17 | 1 764 612.00 | 11.72 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 14 517 | 11 182 | 1 874 | USD | 138.352 | 2 008 458.89 | 13.33 |\",\n \"| Total securities portfolio | | | | | | | 15 049 711.28 | 99.93 |\",\n \"| Cash at bank | | | | | | | 107 979.40 | 0.72 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | 66 108 | | | | | 74 929.68 | 0.50 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 2 301 | | | | | 3 109.69 | 0.02 |\",\n \"| U.S. dollar | USD | | | | | | 29 940.03 | 0.20 |\",\n \"| Other assets | | | | | | | 348 748.70 | 2.32 |\",\n \"| Other receivables | | | | | | | 348 748.70 | 2.32 |\",\n \"| Total assets | | | | | | | 15 506 439.38 | 102.97 |\",\n \"| Other liabilities | | | | | | | -6 126.96 | -0.04 |\",\n \"| Liabilities from cost items | | | | | | | -6 126.96 | -0.04 |\",\n \"| Liabilities from share certificate transactions | | | | | | | -440 795.44 | -2.93 |\",\n \"| Total liabilities | | | | | | | -446 922.40 | -2.97 |\",\n \"| Net assets | | | | | | | 15 059 516.98 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class USD DPMC | USD | 10 490.05 |\",\n \"| Class USD LC | USD | 11 619.30 |\",\n \"| Class USD LC10 | USD | 11 660.13 |\",\n \"| Class USD WAMC | USD | 11 671.85 |\",\n \"| Number of shares outstanding Class USD DPMC | Count | 144.219 |\",\n \"| Class USD LC | Count | 993.296 |\",\n \"| Class USD LC10 | Count | 2.000 |\",\n \"| Class USD WAMC | Count | 169.804 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 100.000 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.000 |\",\n \"| Average market risk exposure | % | 100.000 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Euro\\tEUR | 0.882262 | = USD | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.740028 | = USD | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 263\\t022.07Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t263 022.07\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-726.16\",\n \"- Management fee USD\\t-49 387.70thereof:All-in fee USD\\t-49 387.70 Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t5 473 526.54\",\n \"- Net inflows USD 9 348\\t812.21\",\n \"- Income adjustment USD\\t-198 558.41\",\n \"- Net investment income USD 206\\t258.11\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD 280\\t470.94\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"USD\\t- 50 992.41\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t15 059 516.98\",\n \"| 3. Legal and publication costs | USD | -51.33 | |\",\n \"| --- | --- | --- | --- |\",\n \"| 4. Taxe d‘abonnement | USD | -6 598.77 | Summary of gains/losses | | 2021 |\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| USD | -56 763.96 | Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"| USD | 280 470.94 |\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 206\\t258.11\",\n \"- Sale transactionsRealized gains/losses USD\\t280 470.94Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t280 470.94\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 486\\t729.05BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.14%1,\\tClass USD LC 0.45% p.a.,Class USD LC10 0.24% p.a.,\\tClass USD WAMC 0.17% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class USD DPMC 0.28%\",\n \"1\",\n \",\\tClass USD LC 0.59% p.a.,\",\n \"Class USD LC10 0.38% p.a.,\\tClass USD WAMC 0.31% p.a.\",\n \"1\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 1 383.50.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"from:\",\n \"Securities transactions USD\\t284 843.48\",\n \"(Forward) currency transactions USD\\t-4 372.54\",\n \"Details on the distribution policy*\",\n \"Class USD DPMC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 15 059 516.98 |\",\n \"| --- | --- | --- |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 5 473 526.54 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | - |\",\n \"| Net asset value per share at the end of the fiscal year | | |\",\n \"| 2021 | Class USD DPMC | USD | 10 490.05 |\",\n \"| | Class USD LC | USD | 11 619.30 |\",\n \"| | Class USD LC10 | USD | 11 660.13 |\",\n \"| | Class USD WAMC | USD | 11 671.85 |\",\n \"| 2020 | Class USD DPMC | USD | - |\",\n \"| | Class USD LC | USD | 11 308.06 |\",\n \"| | Class USD LC10 | USD | 11 323.94 |\",\n \"| | Class USD WAMC | USD | 11 327.84 |\",\n \"| 2019 | Class USD DPMC | USD | - |\",\n \"| | Class USD LC | USD | - |\",\n \"| | Class USD LC10 | USD | - |\",\n \"| | Class USD WAMC | USD | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.34% of all transactions.\",\n \"The total volume was USD 777 455.79.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve a medium- to long-term return in U.S. dollars.\",\n \"In order to achieve this objective, it seeks to hedge against capital losses of more than 10% on an annu-\",\n \"DB CONSERVATIVE SAA (USD) PLUS\",\n \"Performance since inception\",\n \"118\",\n \"115\",\n \"112\",\n \"109\",\n \"106\",\n \"103\",\n \"100\",\n \"97\",\n \"alized basis.\",\n \"In order to achieve\",\n \"4/30/20*\",\n \"9/20\\t12/20\",\n \"3/21\",\n \"6/21\\t9/21\",\n \"12/21\",\n \"the investment objective, the sub-fund seeks to invest in\",\n \"DB Conservative SAA (USD) Plus (USD LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020 = 100 Data on U.S. dollar basis\",\n \"portfolios of three main asset classes that are diversified between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB CONSERVATIVE SAA (USD) PLUS\",\n \"Performance of share classes (in USD)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class USD LC | LU2132879318 | 2.3% | 15.0% |\",\n \"| Class USD DPMC | LU2132879235 | 2.7% | 8.3% |\",\n \"| Class USD LC10 | LU2132879409 | 2.5% | 15.4% |\",\n \"| Class USD WAMC | LU2132879581 | 2.7% | 15.7% |\",\n \"| Class GBP DPMCH 2 | LU2208050182 | 2.9% | 8.0% |\",\n \"1\",\n \"Classes USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on July 14, 2020 / Class GBP DPMCH launched on September 28, 2020\",\n \"2 in GBP\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"tion approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars.\",\n \"The expected range of alloca- tion for a “conservative” port- folio is for\",\n \"a) bond portfolio:\",\n \"up to 80%;\",\n \"b) equity portfolio: 20-60% and\",\n \"c) alternative port- folio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for it to have a U.S. focus.\",\n \"In addition to allocating assets\",\n \"across the portfolios, the sub- fund manager seeks to imple- ment a capital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10% on an annu- alized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the poten- tial loss of the sub-fund during a rolling 12-month period.\",\n \"The risk mitigation strategy includes investments in derivative finan- cial instruments.\",\n \"Positions\",\n \"in the portfolios are primar- ily entered into as follows: Through an investment in one\",\n \"or more exchange-traded funds (each an ETF) or other collec- tive investment undertakings or, for exposure to individual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in\",\n \"an ETF, the fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the\",\n \"sub-fund DB Conservative SAA (USD) Plus achieved an appre- ciation of 2.3% per share in 2021 (USD LC share class; BVI method; in U.S. dollars).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price\",\n \"ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets,\",\n \"bonds, which were accompa- nied by reduced risk premiums.\",\n \"The equity portfolio also made a positive contribution to the overall investment result thanks to the price gains achieved.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"development in the financial\\thigh-yield securities posted\\tmarkets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors,\",\n \"caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari-\",\n \"price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Conservative SAA (USD) Plus was mainly exposed to bonds, including govern- ment and corporate bonds, and to a lesser extent equities, through investments in target funds globally.\",\n \"Regionally, the investment focus was on North America.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"With this orientation, the sub-fund benefited during the reporting period from positive income in corporate bonds in particular, including gains on high-yield\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Other funds | 24 595 136.54 | 6.47 |\",\n \"| Equity funds | 117 714 140.39 | 30.94 |\",\n \"| Bond funds | 234 235 576.64 | 61.55 |\",\n \"| Total investment fund units | 376 544 853.57 | 98.96 |\",\n \"| 2. Derivatives | 2 280 671.06 | 0.60 |\",\n \"| 3. Cash at bank | 3 038 150.67 | 0.80 |\",\n \"| 4. Other assets | 1 557 299.01 | 0.41 |\",\n \"| 5. Receivables from share certificate transactions | 45 898.72 | 0.01 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -1 924 832.12 | -0.50 |\",\n \"| 2. Liabilities from share certificate transactions | -1 046 618.36 | -0.28 |\",\n \"| III.\",\n \"Net assets | 380 495 422.55 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Investment fund units | | | | | | | 376 544 853.57 | 98.96 |\",\n \"| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"| Units | 155 383 | 119 368 | 295 225 | EUR | 66.76 | 11 757 696.78 | 3.09 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 341 294 | 166 326 | 54 787 | EUR | 52.738 | 20 401 154.04 | 5.36 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 3 027 913 | 1 578 657 | 467 865 | EUR | 13.994 | 48 025 530.48 | 12.62 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | Units | 1 258 286 | 632 306 | 239 735 | EUR | 12.858 | 18 337 423.86 | 4.82 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 1 524 | 3 166 | 1 642 | USD | 10 408.589 | 15 858 880.24 | 4.17 |\",\n \"| Non-group fund units Amundi Index Solutions - Amundi Prime US Corporates UCITS ETF DR EUR - (0.030%) | Units | 1 472 000 | 681 559 | 356 083 | EUR | 18.292 | 30 519 079.37 | 8.02 |\",\n \"| Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 323 376 | 136 401 | 74 426 | EUR | 23.835 | 8 736 256.30 | 2.30 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 42 502 | 25 591 | 43 947 | EUR | 147.32 | 7 096 978.72 | 1.87 |\",\n \"| Vanguard Funds PLC - Vanguard USD Corporate Bond UCITS ETF EUR - (0.090%) | Units | 107 558 | 146 792 | 39 234 | EUR | 53.06 | 6 468 631.18 | 1.70 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 45 839 | 51 708 | 5 869 | GBP | 128.912 | 7 985 099.44 | 2.10 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | Units | 3 757 268 | 1 751 042 | 565 482 | USD | 5.955 | 22 374 530.94 | 5.88 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 64 086 | 31 413 | 21 226 | USD | 209.84 | 13 447 806.24 | 3.53 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 1 151 | 1 151 | | USD | 209.9 | 241 594.90 | 0.06 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 8 862 711 | 5 163 956 | 1 420 524 | USD | 5.383 | 47 707 973.31 | 12.54 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 143 773 | 73 295 | 38 883 | USD | 490.17 | 70 473 211.41 | 18.52 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 195 178 | 155 041 | 72 843 | USD | 138.5 | 27 032 153.00 | 7.10 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 145 143 | 5 525 | 628 | USD | 138.352 | 20 080 853.36 | 5.28 |\",\n \"| Total securities portfolio | | | | | | | 376 544 853.57 | 98.96 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 2 075 682.47 | 0.55 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 09/2022 3 100 EUR (DB) | Count | 537 | 537 | | | | 340 242.47 | 0.09 |\",\n \"| Put S & P 500 Futures 06/2022 3 550 USD (DB) | Count | 15 | 15 | | | | 60 675.00 | 0.02 |\",\n \"| Put S & P 500 Futures 06/2022 3 800 USD (DB) | Count | 81 | 81 | | | | 458 055.00 | 0.12 |\",\n \"| Put S & P 500 Futures 06/2022 4 350 USD (DB) | Count | 99 | 102 | 3 | | | 1 216 710.00 | 0.32 |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 204 988.59 | 0.05 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (long) | | | | | | | | |\",\n \"| Open positions GBP/USD 12.2 million | | | | | | | 283 755.09 | 0.07 |\",\n \"| Closed positions GBP/USD 12.2 million | | | | | | | -78 766.50 | -0.02 |\",\n \"| Cash at bank | | | | | | | 3 038 150.67 | 0.80 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | 543 721 | | | | | 616 280.81 | 0.16 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 91 216 | | | | | 123 259.65 | 0.03 |\",\n \"| U.S. dollar | USD | | | | | | 2 298 610.21 | 0.61 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other assets | 1 557 299.01 | 0.41 |\",\n \"| Other receivables | 1 557 299.01 | 0.41 |\",\n \"| Receivables from share certificate transactions | 45 898.72 | 0.01 |\",\n \"| Total assets* | 383 545 639.53 | 100.80 |\",\n \"| Other liabilities | -1 924 832.12 | -0.50 |\",\n \"| Additional other liabilities | -1 924 832.12 | -0.50 |\",\n \"| Liabilities from share certificate transactions | -1 046 618.36 | -0.28 |\",\n \"| Total liabilities | -3 050 216.98 | -0.80 |\",\n \"| Net assets | 380 495 422.55 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class GBP DPMCH | GBP | 10 797.19 |\",\n \"| Class USD DPMC | USD | 10 830.32 |\",\n \"| Class USD LC | USD | 11 497.79 |\",\n \"| Class USD LC10 | USD | 11 535.95 |\",\n \"| Class USD WAMC | USD | 11 573.11 |\",\n \"| Number of shares outstanding Class GBP DPMCH | Count | 1 135.948 |\",\n \"| Class USD DPMC | Count | 1 397.000 |\",\n \"| Class USD LC | Count | 17 899.069 |\",\n \"| Class USD LC10 | Count | 2 351.893 |\",\n \"| Class USD WAMC | Count | 10 011.200 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 46.054 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 90.674 |\",\n \"| Average market risk exposure | % | 74.772 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 19 458 056.89 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Contracting parties for forward currency transactions\",\n \"Royal Bank of Canada (UK) and State Street Bank International GmbH.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Euro\\tEUR | 0.882262 | = USD | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.740028 | = USD | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnote\",\n \"* Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 5 731\\t971.95Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t5 731 971.95\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-4 217.57\",\n \"- Management fee USD\\t-1 510 350.99thereof:All-in fee USD -1 510 350.99\",\n \"- Legal and publication costs USD\\t-1 295.60\",\n \"- Taxe d‘abonnement USD\\t-109 152.75\",\n \"- Other expenses USD\\t-57 969.27Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t-1 682 986.18\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t4 048 985.77\",\n \"- Sale transactionsRealized gains/losses USD\\t63 236 941.34Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t63 236 941.34\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t67 285 927.11BVI total expense ratio (TER)The total expense ratio for the share classes was:Class GBP DPMCH 0.21% p.a.,\\tClass USD DPMC 0.18% p.a.,Class USD LC 0.61% p.a.,\\tClass USD LC10 0.41% p.a., Class USD WAMC 0.22% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class GBP DPMCH 0.33% p.a.,\\tClass USD DPMC 0.30% p.a.,\",\n \"Class USD LC 0.73% p.a.,\\tClass USD LC10 0.53% p.a., Class USD WAMC 0.33% p.a.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 24 410.21.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t263 486 036.69\",\n \"- Net inflows USD 108 462\\t954.57\",\n \"- Income adjustment USD\\t-62 173 160.26\",\n \"- Net investment income USD 4 048\\t985.77\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD 63 236\\t941.34\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"USD 3 433\\t664.44\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t380 495 422.55Summary of gains/losses\\t2021Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"USD\\t63 236 941.34from:Securities transactions USD\\t9 060 467.11(Forward) currency transactions USD\\t61 374 890.38Derivatives and other financial futures transactions 1 .\",\n \"USD\\t-7 198 416.151 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"Class GBP DPMCH\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD DPMC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class USD WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 380 495 422.55 |\",\n \"| --- | --- | --- |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 263 486 036.69 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | - |\",\n \"| Net asset value per share at the end of the fiscal year | | |\",\n \"| 2021 | Class GBP DPMCH | GBP | 10 797.19 |\",\n \"| | Class USD DPMC | USD | 10 830.32 |\",\n \"| | Class USD LC | USD | 11 497.79 |\",\n \"| | Class USD LC10 | USD | 11 535.95 |\",\n \"| | Class USD WAMC | USD | 11 573.11 |\",\n \"| 2020 | Class GBP DPMCH | GBP | 10 489.23 |\",\n \"| | Class USD DPMC | USD | 10 545.18 |\",\n \"| | Class USD LC | USD | 11 243.45 |\",\n \"| | Class USD LC10 | USD | 11 258.04 |\",\n \"| | Class USD WAMC | USD | 11 272.43 |\",\n \"| 2019 | Class GBP DPMCH | GBP | - |\",\n \"| | Class USD DPMC | USD | - |\",\n \"| | Class USD LC | USD | - |\",\n \"| | Class USD LC10 | USD | - |\",\n \"| | Class USD WAMC | USD | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 9.86 % of all transactions.\",\n \"The total volume was USD 35 088 654.82.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve long-term capital appreciation.\",\n \"In order to achieve the invest- ment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified between each\",\n \"DB GROWTH SAA (EUR)\",\n \"Performance since inception\",\n \"142\",\n \"135\",\n \"128\",\n \"121\",\n \"114\",\n \"107\",\n \"100\",\n \"93\",\n \"4/30/20*6/20\",\n \"12/20\\t6/21\",\n \"12/21\",\n \"other and within themselves.\",\n \"These are a bond portfolio, an\",\n \"DB Growth SAA (EUR) (SC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020= 100\",\n \"Data on euro basis\",\n \"equity portfolio and an alterna- tive portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The invest- ment advisor endeavors to recommend an allocation that\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB GROWTH SAA (EUR)\",\n \"Performance of share classes (in euro)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class SC | LU2132882965 | 15.9% | 36.1% |\",\n \"| Class DPMC | LU2132882882 | 16.4% | 22.3% |\",\n \"| Class LC | LU2258449417 | – | 13.4% |\",\n \"| Class LC10 | LU2132883005 | 16.1% | 36.5% |\",\n \"| Class PFC | LU2258449508 | – | 7.6% |\",\n \"| Class WAMC | LU2132883187 | 16.3% | 36.9% |\",\n \"1\",\n \"Classes LC10, SC and WAMC launched on April 30, 2020 / Class DPMC launched on August 27, 2020 / Class LC launched on February 1, 2021 / Class PFC launched on March 31, 2021\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"provides an opportunity for long-term capital appreciation.\",\n \"The expected range of alloca- tion for a “growth-oriented” portfolio is for\",\n \"a) bond portfolio: up to 60%;\",\n \"b) equity portfolio: 40-80% and\",\n \"c) alternative port- folio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight euro area assets in each of\",\n \"the portfolios in order to have a European focus.\",\n \"Positions in the portfolios are primar- ily entered into as follows:\",\n \"Through an investment in one or more exchange-traded funds (each an ETF) or other collec-\",\n \"tive investment undertakings or, for exposure to individual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub- fund DB SAA (EUR) achieved an appreciation of 15.9% per share in 2021 (SC share class; BVI method; in euro).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic*\",\n \"and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary\",\n \"and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer\",\n \"into account the EU criteria for environmentally sustainable economic activities.\",\n \"policy of the central banks of\\tend of maturity in the report-\\tthe industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back-\",\n \"drop of high global debt levels\",\n \"ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the DB Growth SAA (EUR) sub-fund was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.\",\n \"The equity portfolio, which represented the investment focus on the reporting date, was broadly diversified in terms of sector allocation.\",\n \"With this orientation, the sub-fund profited in partic- ular from the appreciable price increases in the equity markets.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 96 112 000.99 | 27.51 |\",\n \"| Equity funds | 232 821 864.74 | 66.65 |\",\n \"| Other funds | 18 438 818.57 | 5.28 |\",\n \"| Total investment fund units | 347 372 684.30 | 99.44 |\",\n \"| 2. Cash at bank | 664 716.41 | 0.19 |\",\n \"| 3. Other assets | 2 131 622.44 | 0.61 |\",\n \"| 4. Receivables from share certificate transactions | 265 076.28 | 0.08 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -475 497.62 | -0.14 |\",\n \"| 2. Liabilities from share certificate transactions | -623 734.69 | -0.18 |\",\n \"| III.\",\n \"Net assets | 349 334 867.12 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 347 372 684.30 | 99.44 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 1 077 | 1 193 | 116 | EUR | 9 732.971 | 10 482 409.55 | 3.00 |\",\n \"| Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) .\",\n \"| Units | 801 294 | 580 327 | 105 848 | EUR | 66.76 | 53 494 387.44 | 15.31 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | Units | 880 007 | 635 318 | 62 755 | EUR | 52.738 | 46 409 809.17 | 13.29 |\",\n \"| Xtrackers II - EUR Corporate Bond UCITS ETF -1C- EUR - (0.020%) | Units | 214 727 | 160 727 | 3 558 | EUR | 162.33 | 34 856 633.91 | 9.98 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 375 340 | 278 190 | 6 629 | EUR | 17.079 | 6 410 244.19 | 1.83 |\",\n \"| Xtrackers II - Eurozone Government Bond 1-3 UCITS ETF -1C- EUR - (0.050%) | Units | 32 109 | 23 360 | 2 694 | EUR | 167.305 | 5 371 996.25 | 1.54 |\",\n \"| Xtrackers II - Eurozone Government Bond 3-5 UCITS ETF -1C- EUR - (0.050%) | Units | 22 005 | 16 177 | 2 594 | EUR | 207.77 | 4 571 978.85 | 1.31 |\",\n \"| Xtrackers II - Eurozone Government Bond 7-10 UCITS ETF -1C- EUR - (0.050%) | Units | 17 246 | 12 736 | 2 037 | EUR | 282.25 | 4 867 683.50 | 1.39 |\",\n \"| Xtrackers II - Xtrackers II Eurozone Government Bond 5-7 UCITS ETF -1C- EUR - (0.050%) | Units | 16 541 | 11 860 | 1 133 | EUR | 247.16 | 4 088 273.56 | 1.17 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex-Agriculture UCITS ETF EUR - (0.190%) | Units | 333 812 | 232 846 | 4 764 | EUR | 23.835 | 7 956 409.02 | 2.28 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF EUR (Hedged) - (0.500%) | Units | 4 277 946 | 4 289 206 | 11 260 | EUR | 5.323 | 22 772 362.15 | 6.52 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF EUR - (0.070%) | Units | 108 | 108 | | EUR | 153.76 | 16 606.08 | 0.01 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | Units | 3 720 | 3 720 | | EUR | 432.63 | 1 609 383.60 | 0.46 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | Units | 153 468 | 111 032 | 8 998 | EUR | 147.32 | 22 608 905.76 | 6.47 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | Units | 118 041 | 118 418 | 377 | GBP | 128.912 | 18 141 602.55 | 5.19 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | Units | 9 112 | 7 591 | 86 | USD | 209.84 | 1 686 939.72 | 0.48 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 1 205 669 | 1 016 263 | 15 797 | USD | 5.383 | 5 725 982.93 | 1.64 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | Units | 157 268 | 112 438 | 8 633 | USD | 490.17 | 68 011 862.09 | 19.47 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 42 099 | 38 898 | 655 | USD | 138.5 | 5 144 215.19 | 1.47 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | Units | 4 908 | 307 | | USD | 138.352 | 599 084.66 | 0.17 |\",\n \"| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | Units | 280 728 | 208 632 | 9 123 | USD | 91.03 | 22 545 914.13 | 6.46 |\",\n \"| Total securities portfolio | | | | | | | 347 372 684.30 | 99.44 |\",\n \"| Cash at bank | | | | | | | 664 716.41 | 0.19 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 472 681.98 | 0.14 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 94 865 | | | | | 113 097.43 | 0.03 |\",\n \"| U.S. dollar | USD | 89 471 | | | | | 78 937.00 | 0.02 |\",\n \"| Other assets | | | | | | | 2 131 622.44 | 0.61 |\",\n \"| Dividends/Distributions receivable | | | | | | | 59 123.63 | 0.02 |\",\n \"| Prepaid placement fee * | | | | | | | 1 405 464.33 | 0.40 |\",\n \"| Other receivables | | | | | | | 667 034.48 | 0.19 |\",\n \"| Receivables from share certificate transactions | | | | | | | 265 076.28 | 0.08 |\",\n \"| Total assets | | | | | | | 350 434 099.43 | 100.32 |\",\n \"| Other liabilities | | | | | | | -475 497.62 | -0.14 |\",\n \"| Liabilities from cost items | | | | | | | -261 301.65 | -0.08 |\",\n \"| Additional other liabilities | | | | | | | -214 195.97 | -0.06 |\",\n \"| Liabilities from share certificate transactions | | | | | | | -623 734.69 | -0.18 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Total liabilities | | | | | | | -1 099 232.31 | -0.32 |\",\n \"| Net assets | | | | | | | 349 334 867.12 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class DPMC | EUR | 12 231.48 |\",\n \"| Class LC | EUR | 113.41 |\",\n \"| Class LC10 | EUR | 13 651.53 |\",\n \"| Class PFC | EUR | 107.59 |\",\n \"| Class SC | EUR | 13 606.28 |\",\n \"| Class WAMC | EUR | 13 690.61 |\",\n \"| Number of shares outstanding Class DPMC | Count | 1 130.000 |\",\n \"| Class LC | Count | 761 197.000 |\",\n \"| Class LC10 | Count | 2 499.500 |\",\n \"| Class PFC | Count | 388 019.000 |\",\n \"| Class SC | Count | 9 977.149 |\",\n \"| Class WAMC | Count | 2 743.900 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio excl.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 99.964 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.017 |\",\n \"| Average market risk exposure | % | 100.000 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnote\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 882\\t997.66Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t882 997.66\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-65 925.84\",\n \"- Management fee EUR\\t-2 175 922.51thereof:All-in fee EUR -2 175 922.51\",\n \"- Legal and publication costs EUR\\t-1 083.96\",\n \"- Taxe d‘abonnement EUR\\t-156 391.61\",\n \"- Other expenses EUR\\t-284 106.45thereof:Expenses from prepaidplacement fee 1 EUR\\t-284 106.45Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-2 683 430.37\",\n \"- Net investment expense.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-1 800 432.71\",\n \"- Sale transactionsRealized gains/losses EUR\\t6 641 536.87Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t6 641 536.87\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 4 841\\t104.161 For further information, please refer to the notes to the financial statements.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class DPMC 0.12% p.a.,\\tClass LC 1.46%\",\n \"2\",\n \"Class LC10 0.33% p.a.,\\tClass PFC 1.82%\",\n \"2\",\n \"Class SC 0.53% p.a.,\\tClass WAMC 0.15% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class DPMC 0.28% p.a.,\\tClass LC 1.61%\",\n \"2\",\n \"Class LC10 0.48% p.a.,\\tClass PFC 1.97%\",\n \"2\",\n \"Class SC 0.68% p.a.,\\tClass WAMC 0.30% p.a.\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 16 089.27.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t93 770 013.97\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 226 147\\t404.15\",\n \"- Income adjustment EUR\\t-2 702 272.73\",\n \"- Net investment expense EUR\\t-1 800 432.71\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR 6 641\\t536.876.\",\n \"Net change in unrealized appreciation/depreciation .\",\n \"EUR\\t27 278 617.57\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t349 334 867.123 Reduced by a dilution fee in the amount of EUR 98 135.41 for the benefit of the fund’s assets.\",\n \"Summary of gains/losses\\t2021\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t6 641 536.87\",\n \"from:\",\n \"Securities transactions EUR\\t6 475 331.90\",\n \"(Forward) currency transactions EUR\\t166 204.97\",\n \"Details on the distribution policy*\",\n \"Class DPMC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LC10\",\n \"The income for the fiscal year is reinvested.\",\n \"Class PFC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class SC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class WAMC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year | | | 2020 | Class DPMC | EUR | 10 509.91 |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 349 334 867.12 | | Class LC | EUR | - |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 93 770 013.97 | | Class LC10 | EUR | 11 753.59 |\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-\",\n \"Net asset value per share at the end of the fiscal year\",\n \"Class PFC EUR\\t-\",\n \"Class SC EUR\\t11 738.14\",\n \"Class WAMC EUR\\t11 767.00\",\n \"| 2021\\tClass DPMC | EUR | 12 231.48 | 2019 | Class DPMC | EUR | - |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| Class LC | EUR | 113.41 | | Class LC | EUR | - |\",\n \"| Class LC10 | EUR | 13 651.53 | | Class LC10 | EUR | - |\",\n \"| Class PFC | EUR | 107.59 | | Class PFC | EUR | - |\",\n \"| Class SC | EUR | 13 606.28 | | Class SC | EUR | - |\",\n \"| Class WAMC | EUR | 13 690.61 | | Class WAMC | EUR | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 5.28% of all transactions.\",\n \"The total volume was EUR 15 297 424.28.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 2.9% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the placement fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscrip- tion date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 3% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve long-term capital appreciation.\",\n \"In order to achieve the invest- ment objective, the sub-fund seeks to invest in portfolios of three main asset classes that are diversified between each\",\n \"DB GROWTH SAA (USD)\",\n \"Performance since inception\",\n \"148\",\n \"140\",\n \"132\",\n \"124\",\n \"116\",\n \"108\",\n \"100\",\n \"92\",\n \"4/30/20* 6/20\",\n \"12/20\\t6/21\",\n \"12/21\",\n \"other and within themselves.\",\n \"These are a bond portfolio, an\",\n \"DB Growth SAA (USD) (USD LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on April 30, 2020= 100 Data on U.S. dollar basis\",\n \"equity portfolio and an alterna- tive portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB GROWTH SAA (USD)\",\n \"Performance of share classes (in USD)\",\n \"| Share class | ISIN | 1 year | Since inception 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Class USD LC | LU2132881132 | 10.3% | 40.0% |\",\n \"| Class USD DPMC | LU2132881058 | 10.8% | 15.7% |\",\n \"| Class USD LC10 | LU2132881215 | 10.5% | 40.5% |\",\n \"| Class USD WAMC | LU2132881306 | 10.7% | 40.8% |\",\n \"1\",\n \"Classes USD LC, USD LC10 and USD WAMC launched on April 30, 2020 / Class USD DPMC launched on November 17, 2020\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"in each portfolio.\",\n \"The invest- ment advisor endeavors to recommend an allocation that provides an opportunity for long-term capital appreciation.\",\n \"The expected range of alloca- tion for a “growth-oriented” portfolio is for\",\n \"a) bond portfolio: up to 60%;\",\n \"b) equity portfo-\",\n \"lio: 40-80% and\",\n \"c) alternative portfolio: 0-15%.\",\n \"In addition, the fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.\",\n \"Positions in the portfolios are primarily entered into as follows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ-\",\n \"ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub- fund DB Growth SAA (USD)\",\n \"achieved an appreciation of 10.3% per share in 2021 (USD LC share class; BVI method; in\",\n \"U.S. dollars).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary pol- icy of the central banks of the industrial countries – in view of\",\n \"the weakened global economy – supported the price develop- ment in the financial markets.\",\n \"Since the beginning of 2021, the economic outlook improved,\",\n \"boosted by the efforts and packages of measures under- taken by the international com- munity to address the economic impact of the coronavirus crisis and by the regulatory filings\",\n \"for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi-\",\n \"tion, the dynamic spread of the coronavirus and its variants, as well as associated new restric- tions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the picture was mixed.\",\n \"While the equity markets in the Western industrial coun- tries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.\",\n \"Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc-\",\n \"The management of the sub- fund DB Growth SAA (USD) was mainly exposed to equities and bonds, including govern- ment and corporate bonds, through investments in target funds globally.\",\n \"Regionally, the investment focus was on North America.\",\n \"The equity portfolio, which represented the invest- ment focus on the reporting date, was broadly diversified in terms of sector allocation.\",\n \"With this orientation, the sub-fund profited in particular from the appreciable price increases in the equity markets.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"tuations towards the longer\\tend of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Equity funds | 81 730 864.15 | 65.63 |\",\n \"| Other funds | 5 528 510.18 | 4.43 |\",\n \"| Bond funds | 36 184 418.52 | 29.06 |\",\n \"| Total investment fund units | 123 443 792.85 | 99.12 |\",\n \"| 2. Cash at bank | 564 921.68 | 0.45 |\",\n \"| 3. Other assets | 747 470.99 | 0.60 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -216 775.92 | -0.17 |\",\n \"| III.\",\n \"Net assets | 124 539 409.60 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in USD | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Investment fund units | | | | | | | 123 443 792.85 | 99.12 |\",\n \"| In-group fund units Xtrackers - Euro Stoxx 50 UCITS ETF -1C- EUR - (0.010%) | | 82 410 | 167 094 | 165 017 | EUR | 66.76 | 6 235 893.19 | 5.01 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets UCITS ETF -1C- EUR - (0.080%) | | 271 725 | 218 822 | 26 447 | EUR | 52.738 | 16 242 604.86 | 13.04 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | | 741 919 | 615 715 | 51 115 | EUR | 13.994 | 11 767 528.84 | 9.45 |\",\n \"| Xtrackers (IE) plc - Xtrackers USD High Yield Corporate Bond UCITS ETF -1D- EUR - (0.100%) | | 240 921 | 206 234 | 11 839 | EUR | 12.858 | 3 511 022.53 | 2.82 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | | 264 | 530 | 266 | USD | 10 408.589 | 2 746 316.64 | 2.20 |\",\n \"| Non-group fund units Invesco Markets PLC - Invesco Bloomberg Commodity ex- Agriculture UCITS ETF EUR - (0.190%) | | 102 984 | 82 556 | 9 805 | EUR | 23.835 | 2 782 193.54 | 2.23 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF EUR - (0.070%) | | 298 | 298 | | EUR | 432.63 | 146 128.63 | 0.12 |\",\n \"| Multi Units France - Lyxor Japan (Topix) (DR) UCITS ETF EUR - (0.450%) | | 47 367 | 40 014 | 7 414 | EUR | 147.32 | 7 909 335.82 | 6.35 |\",\n \"| iShares VII plc - iShares Core FTSE 100 UCITS ETF GBP - (0.070%) | | 29 256 | 31 022 | 1 766 | GBP | 128.912 | 5 096 360.50 | 4.09 |\",\n \"| iShares II plc - iShares J,P, Morgan $ EM Bond UCITS ETF USD - (0.450%) | | 996 274 | 911 095 | 63 216 | USD | 5.955 | 5 932 811.67 | 4.76 |\",\n \"| iShares II PLC - iShares USD Treasury Bond 7-10yr UCITS ETF USD - (0.070%) | | 9 002 | 7 634 | 681 | USD | 209.84 | 1 888 979.68 | 1.52 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | | 1 224 156 | 1 028 329 | 83 940 | USD | 5.383 | 6 589 631.75 | 5.29 |\",\n \"| iShares VII plc - iShares Core S&P 500 UCITS ETF USD - (0.070%) | | 49 792 | 41 742 | 7 282 | USD | 490.17 | 24 406 544.64 | 19.60 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | | 42 485 | 38 911 | 3 349 | USD | 138.5 | 5 884 172.50 | 4.73 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF USD - (0.070%) | | 4 411 | | | USD | 138.352 | 610 271.55 | 0.49 |\",\n \"| Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF - USD - (0.070%) | | 238 317 | 204 824 | 17 582 | USD | 91.03 | 21 693 996.51 | 17.42 |\",\n \"| Total securities portfolio | | | | | | | 123 443 792.85 | 99.12 |\",\n \"| Cash at bank | | | | | | | 564 921.68 | 0.45 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | 59 871 | | | | | 67 860.76 | 0.05 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 36 900 | | | | | 49 862.96 | 0.04 |\",\n \"| U.S. dollar | USD | | | | | | 447 197.96 | 0.36 |\",\n \"| Other assets | 747 470.99 | 0.60 |\",\n \"| Other receivables | 747 470.99 | 0.60 |\",\n \"| Total assets | 124 756 185.52 | 100.17 |\",\n \"| Other liabilities | -216 775.92 | -0.17 |\",\n \"| Liabilities from cost items | -60 511.62 | -0.04 |\",\n \"| Additional other liabilities | -156 264.30 | -0.13 |\",\n \"| Total liabilities | -216 775.92 | -0.17 |\",\n \"| Net assets | 124 539 409.60 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class USD LC | USD | 13 995.15 |\",\n \"| Class USD LC10 | USD | 14 045.33 |\",\n \"| Class USD WAMC | USD | 14 083.43 |\",\n \"| Class USD DPMC | USD | 11 574.33 |\",\n \"| Number of shares outstanding Class USD LC | Count | 7 494.490 |\",\n \"| Class USD LC10 | Count | 2.000 |\",\n \"| Class USD WAMC | Count | 877.354 |\",\n \"| Class USD DPMC | Count | 628.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) Portfolio ex.\",\n \"derivatives\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 100.000 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.000 |\",\n \"| Average market risk exposure | % | 100.000 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Euro\\tEUR | 0.882262 | = USD | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.740028 | = USD | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 1 342\\t200.23Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t1 342 200.23\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-2 729.00\",\n \"- Management fee USD\\t-519 825.93thereof:\",\n \"| 3. Legal and publication costs | USD | -414.95 | |\",\n \"| --- | --- | --- | --- |\",\n \"| 4. Taxe d‘abonnement | USD | -63 698.67 | Summary of gains/losses | 2021 |\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| USD | -586 668.55 | | |\",\n \"All-in fee USD\\t-519 825.93\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t31 834 794.27\",\n \"- Net inflows USD 83 907\\t049.91\",\n \"- Income adjustment USD\\t-380 051.64\",\n \"- Net investment income USD 755\\t531.68\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD 1 938\\t052.08\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"USD 6 484\\t033.30\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t124 539 409.60\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 755\\t531.68\",\n \"- Sale transactionsRealized gains/losses USD\\t1 938 052.08Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t1 938 052.08\",\n \"- Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 2 693\\t583.76BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD DPMC 0.13% p.a.,\\tClass USD LC 0.55% p.a.,Class USD LC10 0.34% p.a.,\\tClass USD WAMC 0.17% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class USD DPMC 0.27% p.a.,\\tClass USD LC 0.68% p.a.,\",\n \"Class USD LC10 0.48% p.a.,\\tClass USD WAMC 0.30% p.a.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 4 912.61.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"USD\\t1 938 052.08\",\n \"from:\",\n \"Securities transactions USD\\t1 917 049.00\",\n \"(Forward) currency transactions USD\\t21 003.08\",\n \"Details on the distribution policy*\",\n \"Class USD DPMC\",\n \"The income for the reporting period is reinvested.\",\n \"Class USD LC\",\n \"The income for the reporting period is reinvested.\",\n \"Class USD LC10\",\n \"The income for the reporting period is reinvested.\",\n \"Class USD WAMC\",\n \"The income for the reporting period is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 124 539 409.60 |\",\n \"| --- | --- | --- |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | 31 834 794.27 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | USD | – |\",\n \"| Net asset value per share at the end of the fiscal year | | |\",\n \"| 2021 | Class USD LC | EUR | 13 995.15 |\",\n \"| | Class USD LC10 | EUR | 14 045.33 |\",\n \"| | Class USD WAMC | EUR | 14 083.43 |\",\n \"| | Class USD DPMC | USD | 11 574.33 |\",\n \"| 2020 | Class USD LC | EUR | 12 687.49 |\",\n \"| | Class USD LC10 | EUR | 12 706.22 |\",\n \"| | Class USD WAMC | EUR | 12 718.64 |\",\n \"| | Class USD DPMC | USD | 10 449.22 |\",\n \"| 2019 | Class USD LC | EUR | – |\",\n \"| | Class USD LC10 | EUR | – |\",\n \"| | Class USD WAMC | EUR | – |\",\n \"| | Class USD DPMC | USD | – |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 3.71% of all transactions.\",\n \"The total volume was USD 4 959 745.64.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve medium- to long-term capital appreciation.\",\n \"It seeks to limit capital losses to no more than 20% on an annualized basis.\",\n \"In order to achieve the invest-\",\n \"DB STRATEGIC INCOME ALLOCATION EUR (SIA) BALANCED PLUS\",\n \"Performance since inception\",\n \"105\",\n \"104\",\n \"103\",\n \"102\",\n \"101\",\n \"100\",\n \"99\",\n \"98\",\n \"ment objective, the sub-fund\",\n \"7/19/21* 7/21\",\n \"8/21\",\n \"9/21\\t10/21\\t11/21\",\n \"12/21\",\n \"seeks to invest in portfolios of three main asset classes that\",\n \"DB Strategic Income Allocation EUR (SIA) Balanced Plus (LBD share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on July 19, 2021= 100\",\n \"Data on euro basis\",\n \"are diversified between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alterna- tive portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"| DB STRATEGIC INCOME ALLOCATION | EUR (SIA) BALANCED PLUS |\",\n \"| --- | --- |\",\n \"| Performance of share classes (in euro) Share class\\tISIN | Since inception 1 |\",\n \"| Class LBD\\tLU2330518965 | 3.6% |\",\n \"| Class LBD10\\tLU2330518882 | 4.1% |\",\n \"| Class PFBD\\tLU2330518700 | 3.5% |\",\n \"| Class SBD\\tLU2330519773 | 4.0% |\",\n \"| Class WAMBD\\tLU2330521084 | 4.2% |\",\n \"1\",\n \"Classes LBD, LBD10, PFBD, SBD and WAMBD launched on July 19, 2021.\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"takes into account the expected\",\n \"return, volatility and correlation in each portfolio.\",\n \"The Invest- ment Advisor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.\",\n \"The expected range of allocation for a “bal- anced” portfolio is for\",\n \"a) bond portfolio: up to 70%;\",\n \"b) equity portfolio: 30-80% and\",\n \"c) alter- native portfolio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight euro area assets in each of the portfolios in order to have a European focus.\",\n \"In addition to allocating assets across the portfolios, the sub- fund manager seeks to imple- ment a capital preservation\",\n \"strategy, based on the advice of\",\n \"the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 20% on an annu- alized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the poten- tial loss of the sub-fund during a rolling 12-month period.\",\n \"The risk mitigation strategy includes investments in deriv- ative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt\",\n \"instruments linked to the per-\",\n \"formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a financial index through the use of deriva- tive financial instruments.\",\n \"In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).\",\n \"The derivatives exposure is always matched by equity ETF positions in the same amount.\",\n \"The premiums collected are used to generate additional value growth in the sub-fund.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub- fund achieved an appreciation of 3.6% per share (LBD share class; BVI method; in euro)\",\n \"in the shortened fiscal year from July 19, 2021, through\",\n \"December 31, 2021.\",\n \"##### Investment policy in the reporting period\",\n \"consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"Developments in the interna-\\tup the rear.\",\n \"Against the back-\\ttional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of\",\n \"measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up\",\n \"drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the DB Strategic Income Allocation EUR (SIA) Balanced Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 116 461 450.58 | 37.14 |\",\n \"| Equity funds | 188 617 591.21 | 60.14 |\",\n \"| Total investment fund units | 305 079 041.79 | 97.28 |\",\n \"| 2. Derivatives | 952 759.49 | 0.30 |\",\n \"| 3. Cash at bank | 6 917 142.77 | 2.21 |\",\n \"| 4. Other assets | 3 402 906.03 | 1.09 |\",\n \"| 5. Receivables from share certificate transactions | 230 072.29 | 0.07 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -1 952 843.92 | -0.63 |\",\n \"| 2. Liabilities from share certificate transactions | -1 007 162.64 | -0.32 |\",\n \"| III.\",\n \"Net assets | 313 621 915.81 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 305 079 041.79 | 97.28 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units Xtrackers - Euro Stoxx Select Dividend 30 UCITS ETF -1D- EUR - (0.200%) | Units | 284 096 | 293 319 | 9 223 | EUR | 21.395 | 6 078 233.92 | 1.94 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 1 751 117 | 1 810 974 | 59 857 | EUR | 17.079 | 29 906 451.68 | 9.54 |\",\n \"| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 4 115 494 | 7 304 517 | 3 189 023 | EUR | 8.218 | 33 821 129.69 | 10.78 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 1 981 | 4 199 | 2 218 | EUR | 34.51 | 68 364.31 | 0.02 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 178 980 | 179 857 | 877 | EUR | 34.595 | 6 191 813.10 | 1.97 |\",\n \"| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 1 512 102 | 1 512 102 | | EUR | 19.118 | 28 908 366.04 | 9.22 |\",\n \"| iShares PLC - iShares Euro Corporate Bond Large Cap UCITS ETF EUR - (0.200%) | Units | 169 795 | 335 205 | 165 410 | EUR | 139.06 | 23 611 692.70 | 7.53 |\",\n \"| iShares VI plc - iShares J.P, Morgan $ EM Bond EUR Hedged UCITS ETF EUR (hedged) - (0.500%) | Units | 365 528 | 377 659 | 12 131 | EUR | 87.63 | 32 031 218.64 | 10.21 |\",\n \"| SSgA SPDR ETFs Europe I plc - SPDR S&P Euro Dividend Aristocrats UCITS ETF EUR - (0.300%) | Units | 1 146 329 | 2 284 247 | 1 137 918 | EUR | 23.35 | 26 766 782.15 | 8.54 |\",\n \"| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) | Units | 1 072 813 | 1 097 053 | 24 240 | GBP | 7.587 | 9 703 786.75 | 3.09 |\",\n \"| HSBC ETFs PLC - HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF USD - (0.400%) | Units | 931 370 | 1 842 426 | 911 056 | USD | 27.89 | 22 917 557.70 | 7.31 |\",\n \"| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 329 474 | 340 526 | 11 052 | USD | 33.85 | 9 839 598.91 | 3.14 |\",\n \"| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 2 366 866 | 2 444 115 | 77 249 | USD | 21.225 | 44 321 958.64 | 14.13 |\",\n \"| Multi Units Luxembourg - Lyxor Core US Treasury 10+Y (DR) UCITS ETF EUR - (0.070%) | Units | 63 810 | 66 583 | 2 773 | USD | 158.44 | 8 919 718.58 | 2.84 |\",\n \"| SSgA SPDR ETFs Europe I plc - SPDR Bloomberg Barclays 10+ Year U,S, Treasury Bond UCITS ETF USD - (0.150%)... | Units | 222 000 | 327 279 | 105 279 | USD | 33.73 | 6 606 430.79 | 2.11 |\",\n \"| Vanguard Funds PLC - Vanguard USD Emerging Markets Government Bond UCITS ETF - USD - (0.250%) | Units | 346 497 | 358 342 | 11 845 | USD | 50.33 | 15 385 938.19 | 4.91 |\",\n \"| Total securities portfolio | | | | | | | 305 079 041.79 | 97.28 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 952 759.49 | 0.30 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 400 EUR (DB) | Count | 2 265 | 2 265 | | | | 2 672 700.00 | 0.85 |\",\n \"| Call DJ Euro Stoxx 50 06/2022 4 450 EUR (DB) | Count | -726 | | 726 | | | -650 859.00 | -0.21 |\",\n \"| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -144 | | 144 | | | -161 928.00 | -0.05 |\",\n \"| Call DJ Euro Stoxx 50 12/2022 4 600 EUR (DB) | Count | -58 | | 58 | | | -65 018.00 | -0.02 |\",\n \"| Call FTSE MIB Index Futures 06/2022 7 700 GBP (DB) | Count | -31 | | 31 | | | -43 425.92 | -0.02 |\",\n \"| Call FTSE MIB Index Futures 09/2022 7 800 GBP (DB) | Count | -19 | | 19 | | | -32 901.76 | -0.01 |\",\n \"| Call S & P 500 Futures 06/2022 4 800 USD (DB) | Count | -50 | | 50 | | | -973 355.55 | -0.31 |\",\n \"| Call S & P 500 Futures 09/2022 4 900 USD (DB) | Count | -9 | | 9 | | | -183 104.66 | -0.06 |\",\n \"| Call S & P 500 Futures 12/2022 5 150 USD (DB) | Count | -7 | | 7 | | | -102 487.97 | -0.03 |\",\n \"| Put S & P 500 Futures 12/2022 3 950 USD (DB) | Count | 35 | 35 | | | | 493 140.35 | 0.16 |\",\n \"| Cash at bank | | | | | | | 6 917 142.77 | 2.21 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 1 142 548.21 | 0.37 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 293 354 | | | | | 349 736.93 | 0.11 |\",\n \"| Japanese yen | JPY | 169 835 | | | | | 1 301.99 | 0.00 |\",\n \"| U.S. dollar | USD | 6 147 330 | | | | | 5 423 555.64 | 1.73 |\",\n \"| Other assets | | | | | | | 3 402 906.03 | 1.09 |\",\n \"| Dividends/Distributions receivable | | | | | | | 676 117.55 | 0.22 |\",\n \"| Prepaid placement fee * | | | | | | | 1 654 883.16 | 0.53 |\",\n \"| Other receivables | | | | | | | 1 071 905.32 | 0.34 |\",\n \"| Receivables from share certificate transactions | | | | | | | 230 072.29 | 0.07 |\",\n \"| Total assets ** | | | | | | | 318 795 003.23 | 101.66 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other liabilities | | | | | | | -1 952 843.92 | -0.63 |\",\n \"| Additional other liabilities | | | | | | | -1 952 843.92 | -0.63 |\",\n \"| Liabilities from share certificate transactions | | | | | | | -1 007 162.64 | -0.32 |\",\n \"| Total liabilities | | | | | | | -5 173 087.42 | -1.66 |\",\n \"| Net assets | | | | | | | 313 621 915.81 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class LBD | EUR | 103.63 |\",\n \"| Class LBD10 | EUR | 10 410.72 |\",\n \"| Class PFBD | EUR | 103.46 |\",\n \"| Class SBD | EUR | 10 401.88 |\",\n \"| Class WAMBD | EUR | 10 420.84 |\",\n \"| Number of shares outstanding Class LBD | Count | 675 889.000 |\",\n \"| Class LBD10 | Count | 1 301.000 |\",\n \"| Class PFBD | Count | 447 867.000 |\",\n \"| Class SBD | Count | 16 976.198 |\",\n \"| Class WAMBD | Count | 682.491 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512)\",\n \"Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation EUR (SIA) Balanced Plus\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 71.292 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 82.943 |\",\n \"| Average market risk exposure | % | 77.994 |\",\n \"The values-at-risk were calculated for the period from July 19, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 46 916 146.37 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Japanese yen\\tJPY | 130.443111 | = EUR | 1 |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnotes\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"** Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\",\n \"Statement of changes in net assets\\t2021 for the period from July 19, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 7 634\\t443.39Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t7 634 443.39\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-40 994.07\",\n \"- Management fee EUR\\t-1 232 917.61thereof:All-in fee EUR -1 232 917.61\",\n \"- Legal and publication costs EUR\\t-11 701.52\",\n \"- Taxe d‘abonnement EUR\\t-91 925.55\",\n \"- Other expenses EUR\\t-154 341.75thereof:Expenses from prepaidplacement fee 1 EUR\\t-154 341.75 Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-1 531 880.50\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t6 102 562.89\",\n \"- Sale transactionsRealized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t972 538.84Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t972 538.84\",\n \"- Net gain/loss for the reporting period . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t7 075 101.731 For further information, please refer to the notes to the financial statements.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class LBD 1.52%\",\n \"2\",\n \",\\tClass LBD10 0.52%\",\n \"2\",\n \"Class PFBD 1.92%\",\n \"2\",\n \",\\tClass SBD 0.71%\",\n \"2\",\n \"Class WAMBD 0.31%\",\n \"2\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class LBD 1.86%\",\n \"2\",\n \",\\tClass LBD10 0.87%\",\n \"2\",\n \"Class PFBD 2.26%\",\n \"2\",\n \",\\tClass SBD 1.06%\",\n \"2\",\n \"Class WAMBD 0.65%\",\n \"2\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 18 859.91.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"- Value of the fund’s net assetsat the beginning of the reporting period . . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t0.00\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 304 302\\t879.11\",\n \"- Income adjustment EUR\\t-926 895.24\",\n \"- Net investment income EUR 6 102\\t562.89\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR 972\\t538.84\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR 3 170\\t830.21\",\n \"- Value of the fund’s net assetsat the end of the reporting period.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t313 621 915.813 Reduced by a dilution fee in the amount of EUR 23 576.41 for the benefit of the fund’s assets.\",\n \"Summary of gains/losses\\t2021\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t972 538.84\",\n \"from:\",\n \"Securities transactions EUR\\t1 845 683.52\",\n \"(Forward) currency transactions EUR\\t44 292.93\",\n \"Derivatives and other financial futures transactions\",\n \"4\",\n \"EUR\\t-917 437.61\",\n \"4\",\n \"This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"Class LBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class LBD10\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class PFBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class SBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class WAMBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the reporting period is reinvested.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the reporting period\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t313 621 915.81\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-\",\n \"Net asset value per share at the end of the reporting period\",\n \"| 2021 | Class LBD | EUR | 103.63 |\",\n \"| --- | --- | --- | --- |\",\n \"| | Class LBD10 | EUR | 10 410.72 |\",\n \"| | Class PFBD | EUR | 103.46 |\",\n \"| | Class SBD | EUR | 10 401.88 |\",\n \"| | Class WAMBD | EUR | 10 420.84 |\",\n \"| 2020 | Class LBD | EUR | - |\",\n \"| | Class LBD10 | EUR | - |\",\n \"| | Class PFBD | EUR | - |\",\n \"| | Class SBD | EUR | - |\",\n \"| | Class WAMBD | EUR | - |\",\n \"| 2019 | Class LBD | EUR | - |\",\n \"| | Class LBD10 | EUR | - |\",\n \"| | Class PFBD | EUR | - |\",\n \"| | Class SBD | EUR | - |\",\n \"| | Class WAMBD | EUR | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.67% of all transactions.\",\n \"The total volume was EUR 22 738 926.36.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 4% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the place- ment fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 4% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"## DB Strategic Income Allocation USD (SIA) Balanced Plus\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve medium- to long-term capital appreciation.\",\n \"It seeks to limit capital losses to no more than 20% on an annualized basis.\",\n \"In order to achieve the invest-\",\n \"DB STRATEGIC INCOME ALLOCATION USD (SIA) BALANCED PLUS\",\n \"Performance since inception\",\n \"101.5\",\n \"101.0\",\n \"100.5\",\n \"100.0\",\n \"99.5\",\n \"99.0\",\n \"98.5\",\n \"98.0\",\n \"ment objective, the sub-fund\",\n \"6/28/21*\",\n \"7/21\",\n \"8/21\\t9/21\\t10/21\\t11/21\",\n \"12/21\",\n \"seeks to invest in portfolios of three main asset classes that\",\n \"DB Strategic Income Allocation USD (SIA) Balanced Plus (USD LBD share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on June 28, 2021 = 100 Data on U.S. dollar basis\",\n \"are diversified between each\",\n \"other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alterna- tive portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommendations made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub- fund manager, the investment advisor uses a strategic asset allocation approach which takes into account the expected return, volatility and correlation\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB STRATEGIC INCOME ALLOCATION USD (SIA) BALANCED PLUS\",\n \"Performance of share classes (in USD)\",\n \"Share class\\tISIN\\tSince inception\",\n \"1\",\n \"Class USD LBD\\tLU2330520862\\t0.5% Class USD DPMBD\\tLU2330518619\\t1.2% Class USD LBD10\\tLU2330520789\\t1.0% Class USD SBD\\tLU2330520607\\t0.9% Class USD WAMBD\\tLU2330520516\\t1.1% Class SGD SBDH\",\n \"2\",\n \"LU2349911755\\t0.2%\",\n \"1\",\n \"Classes USD LBD, USD LBD10, USD SBD and USD WAMBD launched on June 28, 2021 / Class SGD SBDH launched on August 20, 2021 and first share price calculation on August 23, 2021 / Class USD DPMBD launched on October 8, 2021\",\n \"2 in SGD\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"in each portfolio.\",\n \"The invest- ment advisor endeavors to recommend an allocation that provides an opportunity for medium- to long-term capital appreciation.\",\n \"The expected range of allocation for a “bal- anced” portfolio is for\",\n \"a) bond portfolio: up to 70%;\",\n \"b) equity portfolio: 30-80% and\",\n \"c) alter- native portfolio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.\",\n \"In addition to allocating assets across the portfolios, the sub-fund man- ager seeks to implement a cap-\",\n \"ital preservation strategy, based on the advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 20%\",\n \"on an annualized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.\",\n \"The risk mitigation strat- egy includes investments in derivative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak-\",\n \"ings or, for exposure to individ- ual commodities, through debt instruments linked to the per- formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the sub-fund manager may gain exposure to a finan- cial index through the use of\",\n \"derivative financial instruments.\",\n \"In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).\",\n \"The derivatives exposure is always matched\",\n \"by equity ETF positions in the same amount.\",\n \"The premiums\",\n \"collected are used to generate additional value growth in the sub-fund.\",\n \"The investment environment in the reporting period was characterized by the COVID-19 pandemic, high levels of debt\",\n \"worldwide, still very low, partly negative interest rates in the industrial countries and uncer- tainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub-fund achieved an appreci- ation of 0.5% per share (USD LBD share class; BVI method;\",\n \"U.S. dollars) in the shortened\",\n \"fiscal year from June 28, 2021,\",\n \"through December 31, 2021.\",\n \"##### Investment policy in the reporting period\",\n \"the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back-\",\n \"terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"Developments in the interna-\\tdrop of high global debt levels\\ttional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of\",\n \"measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by\",\n \"and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the DB Strategic Income Allocation USD (SIA) Balanced Plus sub- fund was mainly exposed to equities and bonds, including government and corporate bonds, through investments in target funds globally.\",\n \"Region- ally, the investment focus\",\n \"was on the United States.\",\n \"In\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"## DB Strategic Income Allocation USD (SIA) Balanced Plus\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 168 426 821.93 | 46.60 |\",\n \"| Other funds | 6 203.52 | 0.00 |\",\n \"| Equity funds | 181 669 556.43 | 50.26 |\",\n \"| Total investment fund units | 350 102 581.88 | 96.86 |\",\n \"| 2. Derivatives | -1 542 992.16 | -0.43 |\",\n \"| 3. Cash at bank | 10 968 864.70 | 3.04 |\",\n \"| 4. Other assets | 11 385 089.72 | 3.15 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Short-term liabilities | -7 554 067.22 | -2.09 |\",\n \"| 2. Other liabilities | -1 912 463.59 | -0.53 |\",\n \"| III.\",\n \"Net assets | 361 447 013.33 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tUSD |\",\n \"| Investment fund units | | | | | | | 350 102 581.88 | 96.86 |\",\n \"| In-group fund units Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 3 316 174 | 3 724 752 | 408 578 | EUR | 13.994 | 52 597 619.38 | 14.55 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | 1 | 366 | 365 | USD | 10 408.589 | 6 203.52 | 0.00 |\",\n \"| Xtrackers II - USD Emerging Markets Bond UCITS ETF -2D- USD - (0.250%) | Units | 2 445 410 | 2 727 088 | 281 678 | USD | 14.079 | 34 428 927.39 | 9.53 |\",\n \"| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 5 808 985 | 11 571 119 | 5 762 134 | EUR | 8.218 | 54 108 914.05 | 14.97 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 178 306 | 178 306 | | EUR | 34.595 | 6 991 682.82 | 1.93 |\",\n \"| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- EUR - (0.060%) | Units | 315 815 | 315 815 | | EUR | 38.53 | 13 792 220.39 | 3.82 |\",\n \"| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 1 414 221 | 1 414 221 | | EUR | 19.118 | 30 645 179.19 | 8.48 |\",\n \"| iShares II PLC - iShares $ High Yield Corporate Bond UCITS ETF -USD- EUR - (0.500%) | Units | 517 002 | 551 573 | 34 571 | EUR | 90.79 | 53 202 576.54 | 14.72 |\",\n \"| SSgA SPDR ETFs Europe I plc - SPDR S&P Euro Dividend Aristocrats UCITS ETF EUR - (0.300%) | Units | 282 821 | 1 542 452 | 1 259 631 | EUR | 23.35 | 7 485 157.87 | 2.07 |\",\n \"| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 9 011 | 18 022 | 9 011 | GBP | 25.085 | 305 449.17 | 0.08 |\",\n \"| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) | Units | 703 555 | 791 964 | 88 409 | GBP | 7.587 | 7 213 029.29 | 2.00 |\",\n \"| HSBC ETFs PLC - HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF USD - (0.400%) | Units | 404 424 | 846 189 | 441 765 | USD | 27.89 | 11 279 385.36 | 3.12 |\",\n \"| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- USD - (0.060%) | Units | 329 758 | 730 705 | 400 947 | USD | 43.685 | 14 405 478.23 | 3.98 |\",\n \"| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 322 206 | 384 050 | 61 844 | USD | 33.85 | 10 906 673.10 | 3.02 |\",\n \"| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 2 484 527 | 2 822 235 | 337 708 | USD | 21.225 | 52 734 085.58 | 14.59 |\",\n \"| Total securities portfolio | | | | | | | 350 102 581.88 | 96.86 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | -1 722 287.48 | -0.48 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 500 EUR (DB) | Count | 322 | 335 | 13 | | | 488 148.65 | 0.13 |\",\n \"| Call DJ Euro Stoxx 50 06/2022 4 500 EUR (DB) | Count | -801 | -801 | | | | -654 591.27 | -0.18 |\",\n \"| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -280 | -280 | | | | -356 878.12 | -0.10 |\",\n \"| Call FTSE MIB Index Futures 06/2022 7 800 GBP (DB) | Count | -34 | -34 | | | | -39 741.74 | -0.01 |\",\n \"| Put S & P 500 Futures 12/2022 4 000 USD (DB) | Count | 113 | 120 | 7 | | | 1 902 355.00 | 0.53 |\",\n \"| Call S & P 500 Futures 06/2022 4 675 USD (DB) | Count | -70 | -70 | | | | -2 131 850.00 | -0.59 |\",\n \"| Call S & P 500 Futures 09/2022 4 900 USD (DB) | Count | -36 | -36 | | | | -830 160.00 | -0.23 |\",\n \"| Call S & P 500 Futures 12/2022 5 150 USD (DB) | Count | -6 | -6 | | | | -99 570.00 | -0.03 |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 179 295.32 | 0.05 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (long) | | | | | | | | |\",\n \"| Open positions SGD/USD 19.6 million | | | | | | | 146 267.42 | 0.04 |\",\n \"| Closed positions SGD/USD 19.5 million | | | | | | | 33 027.90 | 0.01 |\",\n \"| Cash at bank | | | | | | | 10 968 864.70 | 3.04 |\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| | currency | amount | in the reporting period | USD | |\",\n \"| Demand deposits at Depositary Deposits in non-EU/EEA currencies | | | | | |\",\n \"| British pound | GBP | 167 608 | | 226 489.46 | 0.07 |\",\n \"| Japanese yen | JPY | 470 000 | | 4 083.94 | 0.00 |\",\n \"| Singapore dollar | SGD | 4 633 | | 3 425.56 | 0.00 |\",\n \"| U.S. dollar | USD | | | 10 734 865.74 | 2.97 |\",\n \"| Other assets | | | | 11 385 089.72 | 3.15 |\",\n \"| Dividends/Distributions receivable | | | | 658 297.38 | 0.18 |\",\n \"| Other receivables | | | | 10 726 792.34 | 2.97 |\",\n \"| Total assets * | | | | 375 026 335.27 | 103.76 |\",\n \"| Short-term liabilities | | | | -7 554 067.22 | -2.09 |\",\n \"| EUR loans | EUR | -6 664 667 | | -7 554 067.22 | -2.09 |\",\n \"| Other liabilities | | | | -1 912 463.59 | -0.53 |\",\n \"| Additional other liabilities | | | | -1 912 463.59 | -0.53 |\",\n \"| Total liabilities | | | | -13 579 321.94 | -3.76 |\",\n \"| Net assets | | | | 361 447 013.33 | 100.00 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class SGD SBDH | SGD | 10 066.60 |\",\n \"| Class USD DPMBD | USD | 10 117.53 |\",\n \"| Class USD LBD | USD | 100.49 |\",\n \"| Class USD LBD10 | USD | 10 102.91 |\",\n \"| Class USD SBD | USD | 10 091.86 |\",\n \"| Class USD WAMBD | USD | 10 111.36 |\",\n \"| Number of shares outstanding Class SGD SBDH | Count | 1 970.482 |\",\n \"| Class USD DPMBD | Count | 209.591 |\",\n \"| Class USD LBD | Count | 29 705.000 |\",\n \"| Class USD LBD10 | Count | 4 341.551 |\",\n \"| Class USD SBD | Count | 22 774.306 |\",\n \"| Class USD WAMBD | Count | 6 722.725 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512)\",\n \"Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation USD (SIA) Balanced Plus\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 73.768 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.000 |\",\n \"| Average market risk exposure | % | 81.054 |\",\n \"The values-at-risk were calculated for the period from June 28, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 58 605 066.72 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Contracting parties for forward currency transactions\",\n \"BNP Paribas S.A., Royal Bank of Canada (UK) and State Street Bank International GmbH.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Euro\\tEUR | 0.882262 | = USD | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| British pound\\tGBP | 0.740028 | = USD | 1 |\",\n \"| Japanese yen\\tJPY | 115.085000 | = USD | 1 |\",\n \"| Singapore dollar\\tSGD | 1.352350 | = USD | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnote\",\n \"* Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from June 28, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 10 309\\t015.01Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t10 309 015.01\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-24 936.66\",\n \"- Management fee USD\\t-967 521.62thereof:\",\n \"| 3. Taxe d‘abonnement | USD | -141 231.38 | |\",\n \"| --- | --- | --- | --- |\",\n \"| 4. Other expenses | USD | -1 434.07 | Summary of gains/losses | 2021 |\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| USD | -1 135 123.73 | | |\",\n \"All-in fee USD\\t-967 521.62\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the reporting period . . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t0.00\",\n \"- Net inflows USD 358 944\\t475.61\",\n \"- Income adjustment USD\\t-658 128.80\",\n \"- Net investment income USD 9 173\\t891.28\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t-2 214 106.30\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"USD\\t-3 799 118.46\",\n \"- Value of the fund’s net assetsat the end of the reporting period.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t361 447 013.33\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 9 173\\t891.28\",\n \"- Sale transactionsRealized gains/losses USD\\t-2 214 106.30Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t-2 214 106.30\",\n \"- Net gain/loss for the reporting period . . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 6 959\\t784.98BVI total expense ratio (TER)The total expense ratio for the share classes was:Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"USD\\t-2 214 106.30from:Securities transactions USD\\t-1 048 144.96(Forward) currency transactions USD\\t\\t-73 735.77 Derivatives and other financial futures transactions 2 .\",\n \"USD\\t-1 092 225.572 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"Class SGD SBDH 0.72%\",\n \"1\",\n \",\\tClass USD DPMBD 0.24%\",\n \"1\",\n \",\\t Class USD LBD 1.50%\",\n \"1\",\n \",\\tClass USD LBD10 0.48%\",\n \"1\",\n \"Class USD SBD 0.70%\",\n \"1\",\n \",\\tClass USD WAMBD 0.30%\",\n \"1\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class SGD SBDH 1.05%\",\n \"1\",\n \",\\tClass USD DPMBD 0.57%\",\n \"1\",\n \"Class USD LBD 1.82%\",\n \"1\",\n \",\\tClass USD LBD10 0.80%\",\n \"1\",\n \"Class USD SBD 1.03%\",\n \"1\",\n \",\\tClass USD WAMBD 0.63%\",\n \"1\",\n \"1\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 7 636.42.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Class SGD SBDH\",\n \"| Type | As of | Currency | Per share |\",\n \"| --- | --- | --- | --- |\",\n \"| Final distribution | March 4, 2022 | SGD | 0.00 |\",\n \"| Class USD DPMBD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD LBD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD LBD10 | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD SBD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD WAMBD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the reporting period is reinvested.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the reporting period\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t361 447 013.33\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t-\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t-\",\n \"Net asset value per share at the end of the reporting period\",\n \"| 2021 | Class SGD SBDH | SGD | 10 066.60 |\",\n \"| --- | --- | --- | --- |\",\n \"| | Class USD DPMBD | USD | 10 117.53 |\",\n \"| | Class USD LBD | USD | 100.49 |\",\n \"| | Class USD LBD10 | USD | 10 102.91 |\",\n \"| | Class USD SBD | USD | 10 091.86 |\",\n \"| | Class USD WAMBD | USD | 10 111.36 |\",\n \"| 2020 | Class SGD SBDH | SGD | - |\",\n \"| | Class USD DPMBD | USD | - |\",\n \"| | Class USD LBD | USD | - |\",\n \"| | Class USD LBD10 | USD | - |\",\n \"| | Class USD SBD | USD | - |\",\n \"| | Class USD WAMBD | USD | - |\",\n \"| 2019 | Class SGD SBDH | SGD | - |\",\n \"| | Class USD DPMBD | USD | - |\",\n \"| | Class USD LBD | USD | - |\",\n \"| | Class USD LBD10 | USD | - |\",\n \"| | Class USD SBD | USD | - |\",\n \"| | Class USD WAMBD | USD | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.97% of all transactions.\",\n \"The total volume was USD 20 779 509.99.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"## DB Strategic Income Allocation EUR (SIA) Conservative Plus\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve a medium- to long-term return.\",\n \"It seeks to limit capital losses to no more than 10% on an annu-\",\n \"alized basis.\",\n \"In order to achieve the investment objective, the\",\n \"DB STRATEGIC INCOME ALLOCATION EUR (SIA) CONSERVATIVE PLUS\",\n \"Performance since inception\",\n \"100.9\",\n \"100.6\",\n \"100.3\",\n \"100.0\",\n \"99.7\",\n \"99.4\",\n \"99.1\",\n \"98.8\",\n \"sub-fund seeks to invest in\",\n \"7/19/21* 7/21\",\n \"8/21\",\n \"9/21\\t10/21\\t11/21\",\n \"12/21\",\n \"portfolios of three main asset\",\n \"classes that are diversified\",\n \"DB Strategic Income Allocation EUR (SIA) Conservative Plus (LBD share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on July 19, 2021 = 100\",\n \"Data on euro basis\",\n \"between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca- tion approach which takes into\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"| DB STRATEGIC INCOME ALLOCATION | EUR (SIA) CONSERVATIVE PLUS |\",\n \"| --- | --- |\",\n \"| Performance of share classes (in euro) Share class\\tISIN | Since inception 1 |\",\n \"| Class LBD\\tLU2330520359 | 0.0% |\",\n \"| Class LBD10\\tLU2330520276 | 0.4% |\",\n \"| Class PFBD\\tLU2330520193 | -0.3% |\",\n \"| Class SBD\\tLU2330519930 | 0.3% |\",\n \"| Class WAMBD\\tLU2330520946 | 0.5% |\",\n \"1\",\n \"Classes LBD, LBD10, PFBD, SBD and WAMBD launched on July 19, 2021.\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in euro.\",\n \"The expected range of allocation for a “conservative” portfolio is for\",\n \"- bond portfolio: up to 100%;\",\n \"- equity portfolio: 0-60% and\",\n \"- alternative portfolio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight euro areaassets in each of the portfolios in order to have a European focus.\",\n \"In addition to allocating assets across the portfolios, the sub-fund manager seeks to implement a capital pres- ervation strategy, based onthe advice of the investment advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%on an annualized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.\",\n \"The risk mitigation strat- egy includes investments in derivative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per-formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the fund manager may gain exposure to a financialindex through the use of deriva-tive financial instruments.\",\n \"In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).\",\n \"The derivatives exposure is always matched by equity ETF positions in the same amount.\",\n \"The premiums collected are used to generate additional value growth in the sub-fund.\",\n \"The investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries\",\n \"and uncertainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub-fund DB Strategic Income Allocation EUR (SIA) Conservative Plus achieved a performance of 0.0% per share (LBD share class; BVI method; in euro) in the shortened fiscal year from July 19, 2021, to\",\n \"December 31, 2021.\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021\",\n \"in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"up the rear.\",\n \"Against the back- drop of high global debt levels\",\n \"terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"were influenced in particular\\tand historically extremely low\\tby the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases\",\n \"interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Strategic Income Allocation EUR (SIA) Con- servative Plus was mainly exposed to bonds, including government and corporate bonds, through investments in target funds globally, and in\",\n \"equities.\",\n \"Regionally, the invest- ment focus was on Europe.\",\n \"In\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"## DB Strategic Income Allocation EUR (SIA) Conservative Plus\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 141 798 482.91 | 69.92 |\",\n \"| Other funds | 788 370.63 | 0.39 |\",\n \"| Equity funds | 55 539 875.90 | 27.38 |\",\n \"| Total investment fund units | 198 126 729.44 | 97.69 |\",\n \"| 2. Derivatives | 696 327.69 | 0.34 |\",\n \"| 3. Cash at bank | 2 735 026.07 | 1.35 |\",\n \"| 4. Other assets | 1 648 520.75 | 0.81 |\",\n \"| 5. Receivables from share certificate transactions | 390 875.30 | 0.19 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -780 467.59 | -0.38 |\",\n \"| III.\",\n \"Net assets | 202 817 011.66 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Investment fund units | | | | | | | 198 126 729.44 | 97.69 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| In-group fund units DWS Deutsche Global Liquidity Series Plc - Deutsche Managed Euro Fund -Z- EUR - (0.100%) | Units | 81 | 682 | 601 | EUR | 9 732.971 | 788 370.63 | 0.39 |\",\n \"| Xtrackers II - EUR High Yield Corporate Bond UCITS ETF -1D- EUR - (0.200%) | Units | 1 169 245 | 1 190 162 | 20 917 | EUR | 17.079 | 19 968 950.73 | 9.85 |\",\n \"| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 1 376 521 | 2 244 367 | 867 846 | EUR | 8.218 | 11 312 249.58 | 5.58 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 2 616 | 2 616 | 0 | EUR | 34.51 | 90 278.16 | 0.04 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 118 442 | 119 647 | 1 205 | EUR | 34.595 | 4 097 500.99 | 2.02 |\",\n \"| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF - EUR (hedged) - (0.100%) | Units | 147 889 | 152 499 | 4 610 | EUR | 41.265 | 6 102 639.59 | 3.01 |\",\n \"| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF - EUR (hedged) - (0.100%) | Units | 137 207 | 137 207 | 0 | EUR | 41.328 | 5 670 490.90 | 2.80 |\",\n \"| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 1 084 915 | 1 086 039 | 1 124 | EUR | 19.118 | 20 741 404.97 | 10.23 |\",\n \"| iShares PLC - iShares Euro Corporate Bond Large Cap UCITS ETF EUR - (0.200%) | Units | 255 562 | 476 480 | 220 918 | EUR | 139.06 | 35 538 451.72 | 17.52 |\",\n \"| iShares VI plc - iShares J.P. Morgan $ EM Bond EUR Hedged UCITS ETF EUR (hedged) - (0.500%) | Units | 333 434 | 340 043 | 6 609 | EUR | 87.63 | 29 218 821.42 | 14.41 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF - EUR (hedged) - (0.100%) | Units | 3 100 016 | 3 160 224 | 60 208 | EUR | 5.051 | 15 659 420.82 | 7.72 |\",\n \"| UBS (Lux) Fund Solutions SICAV - Bloomberg Barclays US 1-3 Year Treasury Bond UCITS ETF EUR (hedged) - (0.170%) | Units | 1 804 596 | 1 841 090 | 36 494 | EUR | 10.946 | 19 753 107.82 | 9.74 |\",\n \"| Vanguard Funds PLC - Vanguard EUR Corporate Bond UCITS ETF EUR - (0.090%) | Units | 182 605 | 186 734 | 4 129 | EUR | 54.142 | 9 886 599.91 | 4.87 |\",\n \"| iShares PLC - iShares UK Dividend UCITS ETF GBP - (0.400%) | Units | 478 292 | 484 071 | 5 779 | GBP | 7.587 | 4 326 237.25 | 2.13 |\",\n \"| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 147 004 | 149 306 | 2 302 | USD | 33.85 | 4 390 211.06 | 2.16 |\",\n \"| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 565 096 | 575 465 | 10 369 | USD | 21.225 | 10 581 993.89 | 5.22 |\",\n \"| Total securities portfolio | | | | | | | 198 126 729.44 | 97.69 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 696 327.69 | 0.34 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Call DJ Euro Stoxx 50 06/2022 4 450 EUR (DB) | Count | -255 | -255 | | | | -228 607.50 | -0.11 |\",\n \"| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -107 | -107 | | | | -120 321.50 | -0.06 |\",\n \"| Call DJ Euro Stoxx 50 12/2022 4 600 EUR (DB) | Count | -55 | -55 | | | | -61 655.00 | -0.03 |\",\n \"| Put DJ Euro Stoxx 50 12/2022 3 750 EUR (DB) | Count | 748 | 748 | | | | 1 366 596.00 | 0.67 |\",\n \"| Call FTSE MIB Index Futures 06/2022 7 700 GBP (DB) | Count | -18 | -18 | | | | -25 215.05 | -0.01 |\",\n \"| Call FTSE MIB Index Futures 12/2022 7 800 GBP (DB) | Count | -10 | -10 | | | | -24 499.73 | -0.01 |\",\n \"| Call S & P 500 Futures 06/2022 4 800 USD (DB) | Count | -14 | -14 | | | | -272 539.55 | -0.14 |\",\n \"| Call S & P 500 Futures 09/2022 4 900 USD (DB) | Count | -3 | -3 | | | | -61 034.89 | -0.03 |\",\n \"| Call S & P 500 Futures 12/2022 5 150 USD (DB) | Count | -4 | -4 | | | | -58 564.55 | -0.03 |\",\n \"| Put S & P 500 Futures 12/2022 3 750 USD (DB) | Count | 16 | 16 | | | | 182 169.46 | 0.09 |\",\n \"| Cash at bank | | | | | | | 2 735 026.07 | 1.35 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 812 752.71 | 0.40 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 92 998 | | | | | 110 873.07 | 0.05 |\",\n \"| Japanese yen | JPY | 9 685 806 | | | | | 74 253.10 | 0.04 |\",\n \"| U.S. dollar | USD | 1 968 970 | | | | | 1 737 147.19 | 0.86 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other assets | 1 648 520.75 | 0.81 |\",\n \"| Dividends/Distributions receivable | 300 940.06 | 0.15 |\",\n \"| Prepaid placement fee* | 1 347 580.69 | 0.66 |\",\n \"| Receivables from share certificate transactions | 390 875.30 | 0.19 |\",\n \"| Total assets ** | 204 449 917.02 | 100.80 |\",\n \"| Other liabilities | -780 467.59 | -0.38 |\",\n \"| Liabilities from cost items | -162 603.94 | -0.08 |\",\n \"| Additional other liabilities | -617 863.65 | -0.30 |\",\n \"| Total liabilities | -1 632 905.36 | -0.80 |\",\n \"| Net assets | 202 817 011.66 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class LBD | EUR | 100.02 |\",\n \"| Class LBD10 | EUR | 10 040.72 |\",\n \"| Class PFBD | EUR | 99.70 |\",\n \"| Class SBD | EUR | 10 031.57 |\",\n \"| Class WAMBD | EUR | 10 049.31 |\",\n \"| Number of shares outstanding Class LBD | Count | 364 751.000 |\",\n \"| Class LBD10 | Count | 6 355.000 |\",\n \"| Class PFBD | Count | 379 537.000 |\",\n \"| Class SBD | Count | 5 539.781 |\",\n \"| Class WAMBD | Count | 907.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512)\",\n \"Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation EUR (SIA) Conservative Plus\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 66.436 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 82.229 |\",\n \"| Average market risk exposure | % | 73.750 |\",\n \"The values-at-risk were calculated for the period from July 19, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 20 238 211.55 as of the reporting date.\",\n \"Market abbreviations\\t Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Japanese yen\\tJPY | 130.443111 | = EUR | 1 |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Footnotes\",\n \"* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).\",\n \"** Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from July 19, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR 3 624\\t109.60Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t3 624 109.60\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits EUR\\t-19 613.54\",\n \"- Management fee EUR\\t-692 287.21thereof:All-in fee EUR\\t-692 287.21\",\n \"- Legal and publication costs EUR\\t-13 138.79\",\n \"- Taxe d‘abonnement EUR\\t-59 155.10\",\n \"- Other expenses EUR\\t-178 821.44thereof:Expenses from prepaidplacement fee 1 EUR\\t-178 821.44Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-963 016.08\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t2 661 093.52\",\n \"- Sale transactionsRealized gains/losses EUR\\t-870 641.75Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-870 641.75\",\n \"- Net gain/loss for the reporting period . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t1 790 451.771 For further information, please refer to the notes to the financial statements.\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class LBD 1.37%\",\n \"2\",\n \",\\tClass LBD10 0.52%\",\n \"2\",\n \"Class PFBD 2.09%\",\n \"2\",\n \",\\tClass SBD 0.72%\",\n \"2\",\n \"Class WAMBD 0.32%\",\n \"2\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class LBD 1.63%\",\n \"2\",\n \",\\tClass LBD10 0.78%\",\n \"2\",\n \"Class PFBD 2.35%\",\n \"2\",\n \",\\tClass SBD 0.98%\",\n \"2\",\n \"Class WAMBD 0.58%\",\n \"2\",\n \"2\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 7 580.95.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the reporting period . . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t0.00\",\n \"- Net inflows\",\n \"- 3\",\n \"- EUR 202 498\\t439.50\",\n \"- Income adjustment EUR\\t-523 820.76\",\n \"- Net investment income EUR 2 661\\t093.52\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t-870 641.75\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"EUR\\t-948 058.85\",\n \"- Value of the fund’s net assetsat the end of the reporting period.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t202 817 011.663 Reduced by a dilution fee in the amount of EUR 12 819.27 for the benefit of the fund’s assets.\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t-870 641.75\",\n \"from:\",\n \"Securities transactions EUR\\t-415 983.62\",\n \"(Forward) currency transactions EUR\\t7 682.79\",\n \"Derivatives and other financial futures transactions\",\n \"4\",\n \"EUR\\t-462 340.92\",\n \"4\",\n \"This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"Class LBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class LBD10\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class PFBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class SBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"Class USD WAMBD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.00\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the reporting period is reinvested.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the reporting period\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t202 817 011.66\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t−\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . EUR\\t−\",\n \"Net asset value per share at the end of the reporting period\",\n \"| 2021 | Class LBD | EUR | 100.02 |\",\n \"| --- | --- | --- | --- |\",\n \"| | Class LBD10 | EUR | 10 040.72 |\",\n \"| | Class PFBD | EUR | 99.70 |\",\n \"| | Class SBD | EUR | 10 031.57 |\",\n \"| | Class WAMBD | EUR | 10 049.31 |\",\n \"| 2020 | Class LBD | EUR | – |\",\n \"| | Class LBD10 | EUR | – |\",\n \"| | Class PFBD | EUR | – |\",\n \"| | Class SBD | EUR | – |\",\n \"| | Class WAMBD | EUR | – |\",\n \"| 2019 | Class LBD | EUR | – |\",\n \"| | Class LBD10 | EUR | – |\",\n \"| | Class PFBD | EUR | – |\",\n \"| | Class SBD | EUR | – |\",\n \"| | Class WAMBD | EUR | – |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.06% of all transactions.\",\n \"The total volume was EUR 11 452 018.78.\",\n \"Placement fee / dilution adjustment\",\n \"In the reporting period, the fund paid a placement fee of 4% of the fund’s net assets to the distributor.\",\n \"This fee was calculated on the subscription date.\",\n \"This placement fee serves in particular as compensation for distribution.\",\n \"The gross amount of the placement fee was paid in a single payment on the subscription date and simultaneously recognized in the fund’s net assets as prepaid expenses.\",\n \"These are amortized on a daily basis over a period of three years from the date of subscription.\",\n \"The remaining position for prepaid expenses per share on each valuation date is calculated on a daily basis by multiplying the net assets of the fund by a factor.\",\n \"The relevant factor is determined through straight-line reduction of the place- ment fee by a certain percentage on a daily basis over three years from the subscription date.\",\n \"The prepaid expenses position fluctuates during the three years from the subscription date of the fund, since it depends on both the fund’s net assets and the predetermined factor.\",\n \"In addition, a dilution adjustment of up to 4% based on the gross redemption amount was charged for the benefit of the fund’s net assets in the reporting period (to be paid by the shareholder).\",\n \"Further details on the placement fee and the dilution adjustment can be found in the corresponding section of the fund’s sales prospectus.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"## DB Strategic Income Allocation USD (SIA) Conservative Plus\",\n \"##### Investment objective and performance in the reporting period\",\n \"The investment objective of the sub-fund is to achieve a medium- to long-term return.\",\n \"It seeks to limit capital losses to no more than 10% on an annu-\",\n \"alized basis.\",\n \"In order to achieve the investment objective, the\",\n \"DB STRATEGIC INCOME ALLOCATION USD (SIA) CONSERVATIVE PLUS\",\n \"Performance since inception\",\n \"101.5\",\n \"101.0\",\n \"100.5\",\n \"100.0\",\n \"99.5\",\n \"99.0\",\n \"98.5\",\n \"98.0\",\n \"sub-fund seeks to invest in\",\n \"6/28/21*\",\n \"7/21\",\n \"8/21\\t9/21\\t10/21\\t11/21\",\n \"12/21\",\n \"portfolios of three main asset\",\n \"classes that are diversified\",\n \"DB Strategic Income Allocation USD (SIA) Conservative Plus (USD LBD share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on June 28, 2021 = 100 Data on U.S. dollar basis\",\n \"between each other and within themselves.\",\n \"These are a bond portfolio, an equity portfolio and an alternative portfolio.\",\n \"The sub-fund’s investments will be allocated to the portfolios at the discretion of the sub-fund manager, DWS Investment GmbH, based on recommenda- tions made by the investment advisor, Deutsche Bank AG’s Wealth Management Division.\",\n \"In advising the sub-fund man- ager, the investment advisor uses a strategic asset alloca-\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DB STRATEGIC INCOME ALLOCATION USD (SIA) CONSERVATIVE PLUS\",\n \"Performance of share classes (in USD)\",\n \"Share class\\tISIN\\tSince inception\",\n \"1\",\n \"Class USD LBD\\tLU2330519427\\t-0.4% Class USD LBD10\\tLU2330519344\\t0.1% Class USD SBD\\tLU2330519260\\t0.0% Class USD WAMBD\\tLU2330519187\\t0.2%\",\n \"1\",\n \"Classes USD LBD, USD LBD10, USD SBD and USD WAMBD launched on June 28, 2021 “BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"tion approach which takes into account the expected return, volatility and correlation in each portfolio.\",\n \"The investment advi- sor endeavors to recommend an allocation that provides an opportunity for a medium- to long-term return in U.S. dollars.\",\n \"The expected range of alloca- tion for a “conservative” port- folio is for\",\n \"a) bond portfolio: up to 100%;\",\n \"b) equity portfolio:\",\n \"0-60% and\",\n \"c) alternative port- folio: 0-15%.\",\n \"In addition, the sub-fund aims to overweight USD-denominated assets in each of the portfolios in order for the sub-fund to have a U.S. focus.\",\n \"In addition to allocating assets across the portfolios, the sub-fund manager seeks to implement a capital pres-\",\n \"ervation strategy, based on the advice of the investment\",\n \"advisor, which aims to limit any loss in value of the sub-fund’s assets to no more than 10%\",\n \"on an annualized basis (risk mitigation strategy).\",\n \"The risk mitigation strategy aims to limit the potential loss of the sub- fund during a rolling 12-month period.\",\n \"The risk mitigation strat- egy includes investments in derivative financial instruments.\",\n \"Positions in the portfolios are primarily entered into as fol- lows: Through an investment in one or more exchange-traded funds (each an ETF) or other collective investment undertak- ings or, for exposure to individ- ual commodities, through debt instruments linked to the per-\",\n \"formance of the relevant com- modities such as exchange- traded notes or certificates.\",\n \"As an alternative to investing in an ETF, the fund manager may gain exposure to a financial\",\n \"index through the use of deriva-\",\n \"tive financial instruments.\",\n \"In addition to risk limitation, option writer premiums are generated by selling various derivative financial instruments (call options).\",\n \"The derivatives exposure is always matched by equity ETF positions in the same amount.\",\n \"The premiums collected are used to generate additional value growth in the sub-fund.\",\n \"The investment environment in the reporting period was characterized by the COVID- 19 pandemic, high levels of debt worldwide, still very low, partly negative interest rates in the industrial countries\",\n \"and uncertainty regarding the monetary policy of the central banks.\",\n \"Against this backdrop, the sub-fund recorded a loss of 0.4% per share (USD LBD share class; BVI method; in\",\n \"U.S. dollars) in the shortened fiscal year from July 19, 2021,\",\n \"through December 31, 2021.\",\n \"##### Investment policy in the reporting period\",\n \"consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi- tion, the dynamic spread of the coronavirus and its vari- ants, as well as associated new restrictions, dampened the economic outlook.\",\n \"The international equity markets closed 2021 with significant price gains, although the pic- ture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought\",\n \"Information on environmental and / or social characteristics\",\n \"The sub-fund is a product\",\n \"within the meaning of Article 6 of Regulation (EU) 2019 / 2088 (Regulation on sustainability- related disclosure requirements in the financial services sector).\",\n \"Note pursuant to Article 7 of Regulation (EU) 2020 / 852 (Taxonomy):\",\n \"The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.\",\n \"Developments in the interna-\\tup the rear.\",\n \"Against the back-\\ttional capital markets in 2021 were influenced in particular by the coronavirus pandemic* and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of\",\n \"measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up\",\n \"drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluc- tuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"The management of the sub- fund DB Strategic Income Allo- cation USD (SIA) Conservative Plus was mainly exposed to bonds, including government and corporate bonds, through investments in target funds globally, and in equities.\",\n \"In terms of sector allocation, the equity portfolio was broadly diversified.\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"## DB Strategic Income Allocation USD (SIA) Conservative Plus\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in USD | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 14 896 921.26 | 70.32 |\",\n \"| Other funds | 2 654.19 | 0.01 |\",\n \"| Equity funds | 5 917 552.16 | 27.94 |\",\n \"| Total investment fund units | 20 817 127.61 | 98.27 |\",\n \"| 2. Derivatives | 75 116.58 | 0.36 |\",\n \"| 3. Cash at bank | 333 394.31 | 1.57 |\",\n \"| 4. Other assets | 16 310.41 | 0.08 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -58 920.09 | -0.28 |\",\n \"| III.\",\n \"Net assets | 21 183 028.82 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"| Count/ Security name\\tunits/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| currency\\tamount\\tin the reporting period\\tUSD |\",\n \"| Investment fund units | | | | | | | 20 817 127.61 | 98.27 |\",\n \"| In-group fund units Xtrackers (IE) plc - Xtrackers USD Corporate Bond UCITS ETF -1D- EUR - (0.120%) | Units | 238 802 | 250 978 | 12 176 | EUR | 13.994 | 3 787 622.94 | 17.88 |\",\n \"| Deutsche Global Liquidity Series PLC - Deutsche Managed Dollar Fund -Z- USD - (0.000%) | Units | | 26 | 26 | USD | 10 408.589 | 2 654.19 | 0.01 |\",\n \"| Xtrackers II - USD Emerging Markets Bond UCITS ETF -2D- USD - (0.250%) | Units | 73 374 | 76 820 | 3 446 | USD | 14.079 | 1 033 032.55 | 4.88 |\",\n \"| Non-group fund units Fidelity UCITS ICAV - Fidelity US Quality Income UCITS ETF EUR - (0.250%) | Units | 248 995 | 492 386 | 243 391 | EUR | 8.218 | 2 319 312.08 | 10.95 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 467 | 467 | | EUR | 34.51 | 18 266.88 | 0.09 |\",\n \"| HSBC ETFs PLC - HSBC MSCI JAPAN UCITS ETF EUR - (0.190%) | Units | 10 517 | 10 517 | | EUR | 34.595 | 412 389.54 | 1.95 |\",\n \"| iShares EURO STOXX Select Dividend 30 UCITS ETF EUR - (0.300%) | Units | 76 881 | 76 881 | | EUR | 19.118 | 1 665 957.46 | 7.86 |\",\n \"| iShares II PLC - iShares $ High Yield Corporate Bond UCITS ETF -USD- EUR - (0.500%) | Units | 18 558 | 19 489 | 931 | EUR | 90.79 | 1 909 728.43 | 9.01 |\",\n \"| iShares PLC - iShares $ Corp Bond UCITS ETF EUR - (0.200%) | Units | 6 693 | 6 693 | | EUR | 111.05 | 842 445.50 | 3.98 |\",\n \"| iShares VII PLC - iShares USD Treasury Bond 3-7yr UCITS ETF EUR - (0.070%) | Units | 505 537 | 529 477 | 23 940 | EUR | 4.73 | 2 710 065.49 | 12.79 |\",\n \"| Invesco Markets II PLC - Invesco US Treasury Bond 7-10 Year UCITS ETF -Dist- USD - (0.060%) | Units | 19 370 | 20 272 | 902 | USD | 43.685 | 846 178.45 | 3.99 |\",\n \"| iShares II PLC - iShares Global Infrastructure UCITS ETF GBP - (0.650%) | Units | 13 199 | 14 017 | 818 | USD | 33.85 | 446 786.15 | 2.11 |\",\n \"| iShares PLC - iShares $ Treasury Bond 1-3yr UCITS ETF USD - (0.070%) | Units | 28 351 | 29 807 | 1 456 | USD | 132.9 | 3 767 847.90 | 17.79 |\",\n \"| iShares V plc - iShares EM Dividend UCITS ETF -Dist- USD - (0.650%) | Units | 49 698 | 52 067 | 2 369 | USD | 21.225 | 1 054 840.05 | 4.98 |\",\n \"| Total securities portfolio | | | | | | | 20 817 127.61 | 98.27 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Equity index derivatives Receivables/payables | | | | | | | 75 116.58 | 0.36 |\",\n \"| Option contracts | | | | | | | | |\",\n \"| Options on equity indices Put DJ Euro Stoxx 50 12/2022 3 450 EUR (DB) | Count | 38 | 38 | | | | 54 118.84 | 0.26 |\",\n \"| Call DJ Euro Stoxx 50 06/2022 4 500 EUR (DB) | Count | -27 | | 27 | | | -22 064.87 | -0.10 |\",\n \"| Call DJ Euro Stoxx 50 09/2022 4 500 EUR (DB) | Count | -6 | | 6 | | | -7 647.39 | -0.04 |\",\n \"| Call S & P 500 Futures 06/2022 4 675 USD (DB) | Count | -2 | | 2 | | | -60 910.00 | -0.29 |\",\n \"| Put S & P 500 Futures 12/2022 4 500 USD (DB) | Count | 4 | 4 | | | | 111 620.00 | 0.53 |\",\n \"| Cash at bank | | | | | | | 333 394.31 | 1.57 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | 81 905 | | | | | 92 835.19 | 0.44 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| Japanese yen | JPY | 1 133 829 | | | | | 9 852.10 | 0.04 |\",\n \"| U.S. dollar | USD | | | | | | 230 707.02 | 1.09 |\",\n \"| Other assets | 16 310.41 | 0.08 |\",\n \"| Dividends/Distributions receivable | 16 310.41 | 0.08 |\",\n \"| Total assets * | 21 332 571.17 | 100.71 |\",\n \"| Other liabilities | -58 920.09 | -0.28 |\",\n \"| Liabilities from cost items | -13 838.48 | -0.07 |\",\n \"| Additional other liabilities | -45 081.61 | -0.21 |\",\n \"| Total liabilities | -149 542.35 | -0.71 |\",\n \"| Net assets | 21 183 028.82 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class USD LBD | USD | 99.65 |\",\n \"| Class USD LBD10 | USD | 10 009.49 |\",\n \"| Class USD SBD | USD | 9 998.49 |\",\n \"| Class USD WAMBD | USD | 10 018.86 |\",\n \"| Number of shares outstanding Class USD LBD | Count | 9 939.000 |\",\n \"| Class USD LBD10 | Count | 1.000 |\",\n \"| Class USD SBD | Count | 1 831.481 |\",\n \"| Class USD WAMBD | Count | 186.700 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512)\",\n \"Ex-Derivative Benchmark for Portfolio DB Strategic Income Allocation USD (SIA) Conservative Plus\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 67.729 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 100.000 |\",\n \"| Average market risk exposure | % | 74.830 |\",\n \"The values-at-risk were calculated for the period from June 28, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 2 033 405.15 as of the reporting date.\",\n \"Contracting parties for derivatives (with the exception of forward currency transactions)\",\n \"DB = Deutsche Bank AG Frankfurt\",\n \"| Exchange rates (indirect quotes) | |\",\n \"| --- | --- |\",\n \"| | | As of December 30, 2021 |\",\n \"| Euro\\tEUR | 0.882262 | = USD\\t1 |\",\n \"| Japanese yen\\tJPY | 115.085000 | = USD\\t1 |\",\n \"| Notes on valuation | | |\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"* Does not include positions with a negative balance, if such exist.\",\n \"Statement of income and expenses (incl. income adjustment)\\tfor the period from June 28, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 445\\t393.59Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"USD\\t445 393.59\",\n \"- Expenses\",\n \"- Interest on borrowings andnegative interest on deposits USD\\t-450.46\",\n \"- Management fee USD\\t-68 374.56thereof:All-in fee USD\\t-68 374.56 Statement of changes in net assets\\t2021\",\n \"- Value of the fund’s net assetsat the beginning of the reporting period . . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t0.00\",\n \"- Net inflows USD 21 231\\t274.18\",\n \"- Income adjustment USD\\t-32 548.15\",\n \"- Net investment income USD 368\\t248.74\",\n \"- Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t-155 294.29\",\n \"- Net change in unrealized appreciation/depreciation .\",\n \"USD\\t-228 651.66\",\n \"- Value of the fund’s net assetsat the end of the reporting period.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t21 183 028.82\",\n \"| 3. Taxe d‘abonnement | USD | -8 319.83 | |\",\n \"| --- | --- | --- | --- |\",\n \"| | | | | |\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| USD | -77 144.85 | Summary of gains/losses | 2021 |\",\n \"| III.\",\n \"Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| USD | 368 248.74 | | |\",\n \"- Sale transactionsRealized gains/losses USD\\t-155 294.29Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"USD\\t-155 294.29\",\n \"- Net gain/loss for the reporting period . . . .\",\n \". . . .\",\n \". . . .\",\n \"USD 212\\t954.45BVI total expense ratio (TER)The total expense ratio for the share classes was:Class USD LBD 1.35%1,\\tClass USD LBD10 0.50%1,Class USD SBD 0.70%1,\\tClass USD WAMBD 0.30%1Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"USD\\t-155 294.29from:Securities transactions USD\\t-96 426.10(Forward) currency transactions USD\\t4 532.22Derivatives and other financial futures transactions 2 .\",\n \"USD\\t-63 400.412 This item may include options transactions or swap transactions and/or transactions from warrants and credit derivatives.\",\n \"Details on the distribution policy*\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percent-\\t age of a fund’s average net assets in relation to the respective share class for a given\",\n \"reporting period.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class USD LBD 1.58%\",\n \"1\",\n \",\\tClass USD LBD10 0.74%\",\n \"1\",\n \"Class USD SBD 0.93%\",\n \"1\",\n \",\\tClass USD WAMBD 0.53%\",\n \"1\",\n \"1\",\n \"Annualization has not been performed for share classes launched during the year.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to USD 953.61.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Class USD LBD\",\n \"| Type | As of | Currency | Per share |\",\n \"| --- | --- | --- | --- |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD LBD10 | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD SBD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"| Class USD WAMBD | | | |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | USD | 0.00 |\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the reporting period is reinvested.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"Net assets at the end of the reporting period\",\n \"2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t21 183 028.82\",\n \"2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t-\",\n \"2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . USD\\t-\",\n \"Net asset value per share at the end of the reporting period\",\n \"| 2021 | Class USD LBD | USD | 99.65 |\",\n \"| --- | --- | --- | --- |\",\n \"| | Class USD LBD10 | USD | 10 009.49 |\",\n \"| | Class USD SBD | USD | 9 998.49 |\",\n \"| | Class USD WAMBD | USD | 10 018.86 |\",\n \"| 2020 | Class USD LBD | USD | - |\",\n \"| | Class USD LBD10 | USD | - |\",\n \"| | Class USD PFBD | USD | - |\",\n \"| | Class USD SBD | USD | - |\",\n \"| | Class USD WAMBD | USD | - |\",\n \"| 2019 | Class USD LBD | USD | - |\",\n \"| | Class USD LBD10 | USD | - |\",\n \"| | Class USD PFBD | USD | - |\",\n \"| | Class USD SBD | USD | - |\",\n \"| | Class USD WAMBD | USD | - |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 2.76% of all transactions.\",\n \"The total volume was USD 1 432 781.06.\",\n \"Swing Pricing\",\n \"Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities.\",\n \"Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund.\",\n \"In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances.\",\n \"To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing).\",\n \"This mechanism can be applied across all (sub-)funds.\",\n \"If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus.\",\n \"The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs.\",\n \"In accordance with these thresholds, the adjustment itself will be initiated automatically.\",\n \"If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows.\",\n \"This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question.\",\n \"If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value.\",\n \"The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund.\",\n \"These swing factors indicate the extent of the net asset value adjustment.\",\n \"The swing pricing committee takes into account the following factors in particular:\",\n \"- bid-ask spread (fixed-price element),\",\n \"- impacts on the market (impacts of the transactions on the price),\",\n \"- additional costs that are incurred as a result of trading activities for the investments.\",\n \"The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals.\",\n \"The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share.\",\n \"The net asset value adjustment is available upon request from the Management Company.\",\n \"In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value.\",\n \"Such an increase will be announced on the Management Company’s website: www.dws.com.\",\n \"As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally.\",\n \"This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The objective of the sub-fund DWS Strategic ESG Allocation Balance is to achieve a medium to long-term positive invest- ment performance, bearing\",\n \"in mind the opportunities and risks in the international capital\",\n \"DWS STRATEGIC ESG ALLOCATION BALANCE\",\n \"Performance since inception\",\n \"140\",\n \"130\",\n \"120\",\n \"110\",\n \"100\",\n \"90\",\n \"80\",\n \"70\",\n \"markets.\",\n \"For this purpose, the\",\n \"1/29/18*\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"sub-fund invests primarily in exchange-traded funds (ETFs).\",\n \"DWS Strategic ESG Allocation Balance (LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on January 29, 2018 = 100\",\n \"Data on euro basis\",\n \"Furthermore, up to 49% of its\",\n \"assets may also be invested in interest-bearing securities, equities, certificates, convert- ible bonds, warrant-linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds\",\n \"and money-market instruments, deposits and cash.\",\n \"Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices.\",\n \"The\",\n \"sub-fund combines permissible\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS STRATEGIC ESG ALLOCATION BALANCE\",\n \"Performance of the share classes (in euro)\",\n \"| Share class | ISIN | 1 year | 3 years | Since inception 1 |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LC | LU1740984924 | 12.9% | 37.3% | 28.8% |\",\n \"| Class FC | LU1740984767 | 13.2% | 38.6% | 30.5% |\",\n \"| Class ID | LU1740984841 | 13.4% | 39.2% | 31.2% |\",\n \"| Class LD | LU1922430332 | 12.8% | – | 31.7% |\",\n \"| Class NC | LU1961009468 | 12.6% | – | 24.1% |\",\n \"| Class RC | LU2001266027 | 12.7% | – | 23.0% |\",\n \"1\",\n \"Classes FC, ID and LC launched on January 29, 2018 / Class LD launched on January 31, 2019 / Class NC launched on April 25, 2019 / Class RC launched on June 28, 2019\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"investment instruments from different asset classes to create a balanced risk / return profile.\",\n \"Its aim is annualized volatility of 5% to 10% over a rolling five- year period.\",\n \"It cannot however be guaranteed that the volatility margin will be adhered to at all times.\",\n \"In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac-\",\n \"terized primarily by the corona- virus crisis*.\",\n \"Despite rising inflation, especially toward the\",\n \"end of the reporting period, interest rates failed to rise in both the euro area and the United States.\",\n \"This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries.\",\n \"Against this backdrop, DWS Strategic ESG Allocation Balance achieved an apprecia- tion of 12.9% per share in the 2021 fiscal year (LC share class, BVI method; in euro).\",\n \"##### Investment policy in the reporting period\",\n \"Within the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF,\",\n \"Xtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS ETF.\",\n \"In terms of its sector allo- cation, the sub-fund was thus broadly based.\",\n \"The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed.\",\n \"While the equity mar- kets in the Western industrial countries – boosted in partic-\",\n \"ular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.\",\n \"On the bond side, the sub-fund\",\n \"kets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low,\",\n \"omy Regulation) can be found in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report.\",\n \"was invested globally in bond\",\n \"in some cases negative, level.\",\n \"ETFs and in bond target funds.\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by\",\n \"the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi-\",\n \"tion, the dynamic spread of the coronavirus and its variants,\",\n \"as well as associated new restrictions, dampened the economic outlook.\",\n \"Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar-\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"##### Information on environmental and / or social characteristics\",\n \"The investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).\",\n \"The selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria.\",\n \"However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within\",\n \"the meaning of the Taxonomy Regulation.\",\n \"The presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation\",\n \"(EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg- ulation (EU) 2020 / 852 (Taxon-\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Equity funds | 104 089 943.81 | 55.89 |\",\n \"| Bond funds | 77 171 740.26 | 41.46 |\",\n \"| Other funds | 4 042 253.04 | 2.17 |\",\n \"| Total investment fund units | 185 303 937.11 | 99.52 |\",\n \"| 2. Derivatives | 258 898.63 | 0.14 |\",\n \"| 3. Cash at bank | 741 126.51 | 0.40 |\",\n \"| 4. Receivables from share certificate transactions | 8 106.86 | 0.00 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -104 732.41 | -0.05 |\",\n \"| 2. Liabilities from share certificate transactions | -16 273.02 | -0.01 |\",\n \"| III.\",\n \"Net assets | 186 191 063.68 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"Investment fund units\\t185 303 937.11\\t99.52\",\n \"In-group fund units\",\n \"DWS Institutional - DWS Institutional ESG\",\n \"| Euro Money Market Fund -IC- EUR - (0.110%) DWS Invest SICAV - DWS Invest ESG | Units | 294 | 1 259 | 1 058 | EUR | 13 749.16 | 4 042 253.04 | 2.17 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Euro High Yield -XC- EUR - (0.200%) | Units | 124 385 | 139 397 | 15 012 | EUR | 103.55 | 12 880 066.75 | 6.92 |\",\n \"| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) | Units | 12 127 | 13 603 | 1 476 | EUR | 161.63 | 1 960 087.01 | 1.05 |\",\n \"| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) | Units | 35 987 | 29 586 | 11 923 | EUR | 50.27 | 1 809 066.49 | 0.97 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%) | Units | 998 316 | 1 003 819 | 5 503 | EUR | 27.515 | 27 468 664.74 | 14.75 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) | Units | 50 212 | 50 212 | | EUR | 36.38 | 1 826 712.56 | 0.98 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%) | Units | 34 969 | 36 125 | 19 753 | EUR | 52.64 | 1 840 768.16 | 0.99 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) | Units | 52 812 | 43 123 | 17 651 | EUR | 34.49 | 1 821 485.88 | 0.98 |\",\n \"| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) | Units | 188 867 | 188 867 | | EUR | 155.925 | 29 449 086.98 | 15.82 |\",\n \"| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) | Units | 50 659 | 44 590 | 1 213 | EUR | 210.62 | 10 669 798.58 | 5.73 |\",\n \"| Xtrackers - S&P 500 Swap UCITS ETF -1C- USD - (0.050%) | Units | 151 590 | 116 593 | 130 869 | USD | 91.468 | 12 233 063.25 | 6.57 |\",\n \"| Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) | Units | 159 243 | 180 281 | 21 038 | USD | 45.97 | 6 458 511.37 | 3.47 |\",\n \"| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%)....\",\n \"| Units | 744 231 | 765 206 | 20 975 | USD | 13.4 | 8 798 530.19 | 4.73 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) | Units | 261 880 | 261 880 | | USD | 52.57 | 12 146 128.84 | 6.52 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) | Units | 278 141 | 325 130 | 46 989 | USD | 22.24 | 5 457 545.55 | 2.93 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) | Units | 532 423 | 532 423 | | USD | 50.64 | 23 787 460.46 | 12.78 |\",\n \"| Xtrackers IE Physical Gold ETC Securities USD - (0.150%) .\",\n \"Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units Units | 259 525 44 812 | 197 486 31 729 | 4 083 | USD USD | 27.91 225.51 | 6 390 526.06 8 915 746.39 | 3.43 4.79 |\",\n \"| Non-group fund units Amundi Index Solutions - Amundi Index MSCI USA SRI UCITS ETF DR EUR - (0.180%) | Units | 56 046 | 56 046 | | EUR | 97.63 | 5 471 770.98 | 2.94 |\",\n \"| UBS (Irl) ETF plc - S&P 500 ESG UCITS ETF -A- USD - (0.120%) | Units | 66 234 | 107 910 | 41 676 | USD | 32.115 | 1 876 663.83 | 1.00 |\",\n \"| Total securities portfolio | | | | | | | 185 303 937.11 | 99.52 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 258 898.63 | 0.14 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (short) | | | | | | | | |\",\n \"| Open positions EUR/USD 31.2 million | | | | | | | 115 531.07 | 0.06 |\",\n \"| Closed positions EUR/USD 32.5 million | | | | | | | 143 367.56 | 0.08 |\",\n \"| Cash at bank | | | | | | | 741 126.51 | 0.40 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 622 834.59 | 0.34 |\",\n \"| Deposits in other EU/EEA currencies | | | | | | | | |\",\n \"| Danish krone | DKK | 1 | | | | | 0.09 | 0.00 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 4 916 | | | | | 5 860.98 | 0.00 |\",\n \"| Japanese yen | JPY | 1 901 055 | | | | | 14 573.82 | 0.01 |\",\n \"| Swiss franc | CHF | 1 289 | | | | | 1 244.88 | 0.00 |\",\n \"| U.S. dollar | USD | 109 505 | | | | | 96 612.15 | 0.05 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Receivables from share certificate transactions | 8 106.86 | 0.00 |\",\n \"| Total assets | 186 312 069.11 | 100.06 |\",\n \"| Other liabilities | -104 732.41 | -0.05 |\",\n \"| Liabilities from cost items | -104 732.41 | -0.05 |\",\n \"| Liabilities from share certificate transactions | -16 273.02 | -0.01 |\",\n \"| Total liabilities | -121 005.43 | -0.06 |\",\n \"| Net assets | 186 191 063.68 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per share Class FC | EUR | 130.48 |\",\n \"| Class ID | EUR | 130.20 |\",\n \"| Class LC | EUR | 128.80 |\",\n \"| Class LD | EUR | 131.56 |\",\n \"| Class NC | EUR | 124.08 |\",\n \"| Class RC | EUR | 123.01 |\",\n \"| Number of shares outstanding Class FC | Count | 82 622.171 |\",\n \"| Class ID | Count | 154 175.000 |\",\n \"| Class LC | Count | 6 592.434 |\",\n \"| Class LD | Count | 795 160.844 |\",\n \"| Class NC | Count | 401 851.084 |\",\n \"| Class RC | Count | 100.000 |\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR (50%) and iBoxx EUR Overall (50%)\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure | % | 89.613 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure | % | 112.203 |\",\n \"| Average market risk exposure | % | 98.045 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 30 887 868.30 as of the reporting date.\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Swiss franc\\tCHF | 1.035520 | = EUR | 1 |\",\n \"| --- | --- | --- | --- |\",\n \"| Danish krone\\tDKK | 7.436396 | = EUR | 1 |\",\n \"| British pound\\tGBP | 0.838785 | = EUR | 1 |\",\n \"| Japanese yen\\tJPY | 130.443111 | = EUR | 1 |\",\n \"| U.S. dollar\\tUSD | 1.133450 | = EUR | 1 |\",\n \"Notes on valuation\",\n \"Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Assets reported in this report are not valued at derived market values.\",\n \"The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses.\",\n \"A plus sign means that a performance-based fee may also be charged.\",\n \"As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.\",\n \"Statement of income and expenses (incl. income adjustment)\",\n \"Statement of changes in net assets\\t2021 for the period from January 1, 2021, through December 31, 2021\\tI. Value of the fund’s net assets\",\n \"| | at the beginning of the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 61 682 269.69 |\",\n \"| --- | --- | --- | --- |\",\n \"| I. Income | | | 1. | Distribution for the previous year | EUR | -58 719.65 |\",\n \"| 1. Income from investment fund units . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 1 732 552.13 | 2. | Net inflows | EUR | 114 738 322.52 |\",\n \"| 2. Income from securities lending | EUR | 2 369.13 | 3. | Income adjustment | EUR | -6 075 318.97 |\",\n \"| | | | 4. | Net investment income | EUR | 611 961.76 |\",\n \"| Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 1 734 921.26 | 5. | Realized gains/losses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 340 609.53 |\",\n \"| | | | 6. | Net change in unrealized appreciation/depreciation ....\",\n \"| EUR | 14 951 938.80 |\",\n \"| II.\",\n \"Expenses | | | | | | |\",\n \"| 1. Interest on borrowings and | | | II.\",\n \"| Value of the fund’s net assets | | |\",\n \"| negative interest on deposits | EUR | -17 873.68 | | at the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 186 191 063.68 |\",\n \"| 2. Management fee | EUR | -1 049 662.89 | | | | |\",\n \"| thereof: | | | | | | |\",\n \"| All-in fee EUR -1 049 662.89 | |\",\n \"| --- | --- |\",\n \"| 3. Legal and publication costs | EUR | -1 324.86 |\",\n \"| 4. Taxe d‘abonnement | EUR | -53 308.36 |\",\n \"| 5. Other expenses | EUR | -789.71 |\",\n \"thereof:\",\n \"Performance-based fee from\",\n \"| Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"| EUR | -1 122 959.50 | from: Securities transactions | EUR | 2 973 800.19 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| III.\",\n \"Ordentlicher Nettertrag . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 611 961.76 | (Forward) currency transactions Derivatives and other financial futures transactions ... | EUR EUR | -2 648 000.98 14 810.32 |\",\n \"| IV.\",\n \"Sale transactions Realized gains/losses | EUR | 340 609.53 | | | |\",\n \"securities lending income EUR\\t-789.71\",\n \"Realized gains/losses (incl. income adjustment).\",\n \". . . .\",\n \". .\",\n \"EUR\\t340 609.53\",\n \"Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t340 609.53\",\n \"Details on the distribution policy*\",\n \"V. Net gain/loss for the fiscal year.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t952 571.29\",\n \"Class FC\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio for the share classes was:\",\n \"Class FC 0.28% p.a., Class ID 0.14% p.a., Class LC 0.61% p.a., Class LD 0.70% p.a., Class NC 0.84% p.a., Class RC 0.73% p.a.\",\n \"The TER expresses total expenses and fees (excluding transaction costs) as a percentage of a fund’s average net assets in relation to the respective share class for a given fiscal year.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"The fund invested more than 20% of its assets in target funds.\",\n \"Further costs, charges and fees were incurred at the level of the target funds.\",\n \"If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER).\",\n \"If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation.\",\n \"The synthetic TER was:\",\n \"Class FC 0.47% p.a., Class ID 0.32% p.a., Class LC 0.79% p.a., Class LD 0.89% p.a., Class NC 1.02% p.a., Class RC 0.91% p.a.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 2 169.99.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"The income for the fiscal year is reinvested.\",\n \"| Class ID | |\",\n \"| --- | --- |\",\n \"| Type | As of | Currency | Per share |\",\n \"| Final distribution | March 4, 2022 | EUR | 1.02 |\",\n \"| Class LC | | | |\",\n \"The income for the fiscal year is reinvested.\",\n \"Class LD\",\n \"Type\\tAs of\\tCurrency\\tPer share\",\n \"Final distribution\\tMarch 4, 2022\\tEUR\\t0.39\",\n \"Class NC\",\n \"The income for the fiscal year is reinvested.\",\n \"Class RC\",\n \"The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"In the case of a final distribution, any remaining net income for the fiscal year is reinvested.\",\n \"Changes in net assets and in the net asset value per share over the last three years\",\n \"| Net assets at the end of the fiscal year 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 186 191 063.68 |\",\n \"| --- | --- | --- |\",\n \"| 2020.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 61 682 269.69 |\",\n \"| 2019.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . | EUR | 27 570 383.81 |\",\n \"| Net asset value per share at the end of the fiscal year | | |\",\n \"| 2021 | Class FC | EUR | 130.48 |\",\n \"| | Class ID | EUR | 130.20 |\",\n \"| | Class LC | EUR | 128.80 |\",\n \"| | Class LD | EUR | 131.56 |\",\n \"| | Class NC | EUR | 124.08 |\",\n \"| | Class RC | EUR | 123.01 |\",\n \"| 2020 | Class FC | EUR | 115.28 |\",\n \"| | Class ID | EUR | 115.24 |\",\n \"| | Class LC | EUR | 114.11 |\",\n \"| | Class LD | EUR | 116.71 |\",\n \"| | Class NC | EUR | 110.23 |\",\n \"| | Class RC | EUR | 109.17 |\",\n \"| 2019 | Class FC | EUR | 109.58 |\",\n \"| | Class ID | EUR | 109.47 |\",\n \"| | Class LC | EUR | 108.86 |\",\n \"| | Class LD | EUR | 111.41 |\",\n \"| | Class NC | EUR | 105.37 |\",\n \"| | Class RC | EUR | 104.26 |\",\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.52% of all transactions.\",\n \"The total volume was EUR 2 920 680.80.\",\n \"##### Investment objective and performance in the reporting period\",\n \"The objective of the sub-fund DWS Strategic ESG Alloca- tion Defensive is to achieve a medium to long-term positive investment performance, bear- ing in mind the opportunities and risks in the international\",\n \"DWS STRATEGIC ESG ALLOCATION DEFENSIVE\",\n \"Performance since inception\",\n \"115\",\n \"112\",\n \"109\",\n \"106\",\n \"103\",\n \"100\",\n \"97\",\n \"94\",\n \"capital markets.\",\n \"For this pur-\",\n \"1/29/18*\",\n \"12/18\",\n \"12/19\\t12/20\",\n \"12/21\",\n \"pose, the sub-fund invests primarily in exchange-traded\",\n \"DWS Strategic ESG Allocation Defensive (LC share class)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* Launched on January 29, 2018 = 100\",\n \"Data on euro basis\",\n \"funds (ETFs).\",\n \"Furthermore, up\",\n \"to 49% of its assets may also be invested in interest-bearing securities, equities, certificates, convertible bonds, warrant- linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds and money-market instruments, deposits and cash.\",\n \"Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices.\",\n \"The\",\n \"sub-fund combines permissible\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"| DWS STRATEGIC ESG ALLOCATION | DEFENSIVE | |\",\n \"| --- | --- | --- |\",\n \"| Performance of share classes (in euro) Share class\\tISIN | 1 year | 3 years | Since inception 1 |\",\n \"| Class LC\\tLU1740985228 | 5.4% | 19.0% | 14.1% |\",\n \"| Class FC\\tLU1740985061 | 5.7% | 20.2% | 15.6% |\",\n \"| Class ID\\tLU1740985145 | 5.9% | 20.7% | 16.3% |\",\n \"| Class LD\\tLU1922432890 | 5.3% | – | 16.3% |\",\n \"| Class RC\\tLU2001265722 | 5.2% | – | 10.6% |\",\n \"| Class XD\\tLU1740985491 | 5.9% | 21.0% | 16.6% |\",\n \"1\",\n \"Classes FC, ID, LC and XD launched on January 29, 2018 / Class LD launched on January 31, 2019 / Class RC launched on June 28, 2019\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"investment instruments from different asset classes to create a balanced risk / return profile.\",\n \"Its aim is annualized volatility of 2% to 5% over a rolling five- year period.\",\n \"It cannot however be guaranteed that the volatility margin will be adhered to at all times.\",\n \"In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac-\",\n \"terized primarily by the corona- virus crisis*.\",\n \"Despite rising inflation, especially toward the\",\n \"end of the reporting period, interest rates failed to rise in both the euro area and the United States.\",\n \"This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries.\",\n \"Against this backdrop, DWS Strategic ESG Allocation Defensive achieved an appreci- ation of 5.4% per share in the 2021 fiscal year (LC share class; BVI method; in euro).\",\n \"##### Investment policy in the reporting period\",\n \"On the bond side, the sub-fund was invested globally in bond ETFs and in bond target funds.\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial\",\n \"markets.\",\n \"Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact\",\n \"ETF.\",\n \"In terms of its sector allo- cation, the sub-fund was thus broadly based.\",\n \"The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed.\",\n \"While the equity mar-\",\n \"ulation (EU) 2020 / 852 (Taxon- omy Regulation) can be found in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report.\",\n \"of the coronavirus crisis and\\tkets in the Western industrial\\tby the regulatory filings for COVID-19 vaccines and the vaccination campaigns.\",\n \"How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties.\",\n \"In addi-\",\n \"tion, the dynamic spread of the coronavirus and its variants,\",\n \"as well as associated new restrictions, dampened the economic outlook.\",\n \"Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar- kets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower.\",\n \"Within the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF,\",\n \"Xtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS\",\n \"countries – boosted in partic- ular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear.\",\n \"##### Information on environmental and / or social characteristics\",\n \"The investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).\",\n \"The selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria.\",\n \"However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within\",\n \"the meaning of the Taxonomy Regulation.\",\n \"The presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation\",\n \"(EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg-\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"The format used for complete dates\",\n \"in security names in the investment\",\n \"portfolio is “day/month/year”.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Investment fund units Bond funds | 113 578 763.94 | 64.24 |\",\n \"| Equity funds | 52 351 729.08 | 29.61 |\",\n \"| Other funds | 7 039 569.92 | 3.98 |\",\n \"| Total investment fund units | 172 970 062.94 | 97.83 |\",\n \"| 2. Derivatives | 378 162.27 | 0.21 |\",\n \"| 3. Cash at bank | 3 634 823.17 | 2.06 |\",\n \"| 4. Other assets | 27 254.90 | 0.02 |\",\n \"| 5. Receivables from share certificate transactions | 116.16 | 0.00 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -97 392.16 | -0.06 |\",\n \"| 2. Liabilities from share certificate transactions | -99 781.32 | -0.06 |\",\n \"| III.\",\n \"Net assets | 176 813 245.96 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"Investment portfolio – December 31, 2021\",\n \"Investment fund units\\t172 970 062.94\\t97.83\",\n \"In-group fund units\",\n \"| DWS Floating Rate Notes FCP -IC- EUR - (0.100%) | Units | 85 819 | 65 670 | 8 674 | EUR | 84.06 | 7 213 945.14 | 4.08 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| DWS Institutional - DWS Institutional ESG Euro Money Market Fund -IC- EUR - (0.100%) | Units | 512 | 616 | 216 | EUR | 13 749.16 | 7 039 569.92 | 3.98 |\",\n \"| DWS Invest SICAV - DWS Invest ESG Euro High Yield -XC- EUR - (0.200%) | Units | 110 309 | 114 797 | 4 488 | EUR | 103.55 | 11 422 496.95 | 6.46 |\",\n \"| DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) | Units | 5 549 | 5 926 | 377 | EUR | 161.63 | 896 884.87 | 0.51 |\",\n \"| Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) | Units | 17 241 | 18 054 | 6 895 | EUR | 50.27 | 866 705.07 | 0.49 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%) | Units | 564 511 | 570 996 | 6 485 | EUR | 27.515 | 15 532 520.17 | 8.78 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) | Units | 24 900 | 27 391 | 2 491 | EUR | 36.38 | 905 862.00 | 0.51 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%) | Units | 16 834 | 19 319 | 8 658 | EUR | 52.64 | 886 141.76 | 0.50 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) | Units | 26 244 | 25 486 | 8 317 | EUR | 34.49 | 905 155.56 | 0.51 |\",\n \"| Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) | Units | 212 868 | 215 869 | 3 001 | EUR | 155.925 | 33 191 442.90 | 18.77 |\",\n \"| Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) | Units | 105 930 | 90 314 | 2 265 | EUR | 210.62 | 22 310 976.60 | 12.62 |\",\n \"| Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) | Units | 203 179 | 227 411 | 24 232 | USD | 45.97 | 8 240 449.39 | 4.66 |\",\n \"| Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%)....\",\n \"| Units | 673 270 | 673 270 | | USD | 13.4 | 7 959 607.19 | 4.50 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) | Units | 116 648 | 129 951 | 13 303 | USD | 52.57 | 5 410 194.12 | 3.06 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) | Units | 111 397 | 174 691 | 63 294 | USD | 22.24 | 2 185 777.00 | 1.24 |\",\n \"| Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) | Units | 439 901 | 508 328 | 68 427 | USD | 50.64 | 19 653 785.89 | 11.12 |\",\n \"| Xtrackers IE Physical Gold ETC Securities USD - (0.150%) .\",\n \"| Units | 207 469 | 189 231 | 24 181 | USD | 27.91 | 5 108 702.64 | 2.89 |\",\n \"| Xtrackers II - US Treasuries 1-3 UCITS ETF -1D- USD - (0.070%) | Units | 9 599 | 7 514 | 176 | USD | 167.15 | 1 415 565.43 | 0.80 |\",\n \"| Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units | 70 980 | 62 933 | 7 846 | USD | 225.51 | 14 122 102.98 | 7.99 |\",\n \"| Non-group fund units iShares IV plc - iShares $ Short Duration Corporate Bond UCITS ETF USD - (0.200%) | Units | 85 196 | 68 544 | 1 457 | USD | 102.47 | 7 702 177.36 | 4.36 |\",\n \"| Total securities portfolio | | | | | | | 172 970 062.94 | 97.83 |\",\n \"| Derivatives (Minus signs denote short positions) | | | | | | | | |\",\n \"| Currency derivatives Receivables/payables | | | | | | | 378 162.27 | 0.21 |\",\n \"| Forward currency transactions | | | | | | | | |\",\n \"| Forward currency transactions (short) | | | | | | | | |\",\n \"| Open positions EUR/USD 46.6 million | | | | | | | 166 899.34 | 0.09 |\",\n \"| Closed positions EUR/USD 47.2 million | | | | | | | 211 262.93 | 0.12 |\",\n \"| Cash at bank | | | | | | | 3 634 823.17 | 2.06 |\",\n \"| Demand deposits at Depositary EUR deposits | EUR | | | | | | 3 533 330.53 | 2.00 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | | |\",\n \"| British pound | GBP | 7 | | | | | 7.53 | 0.00 |\",\n \"| Japanese yen | JPY | 473 600 | | | | | 3 630.70 | 0.00 |\",\n \"| Swiss franc | CHF | 886 | | | | | 855.80 | 0.00 |\",\n \"| U.S. dollar | USD | 109 943 | | | | | 96 998.61 | 0.06 |\",\n \"| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Other assets | 27 254.90 | 0.02 | | Dividends/Distributions receivable | 27 254.90 | 0.02 | | Receivables from share certificate transactions | 116.16 | 0.00 | | Total assets | 177 010 419.44 | 100.12 | | Other liabilities | -97 392.16 | -0.06 | | Liabilities from cost items | -97 352.78 | -0.06 | | Additional other liabilities | -39.38 | 0.00 | | Liabilities from share certificate transactions | -99 781.32 | -0.06 | | Total liabilities | -197 173.48 | -0.12 | | Net assets | 176 813 245.96 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | | A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request. | Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency | | --- | --- | --- | | Net asset value per share Class FC | EUR | 115.61 | | Class ID | EUR | 115.27 | | Class LC | EUR | 114.13 | | Class LD | EUR | 116.19 | | Class RC | EUR | 110.61 | | Class XD | EUR | 115.31 | | Number of shares outstanding Class FC | Count | 95 735.282 | | Class ID | Count | 100.000 | | Class LC | Count | 144 356.000 | | Class LD | Count | 1 070 734.434 | | Class RC | Count | 100.000 | | Class XD | Count | 215 370.118 | Composition of the reference portfolio (according to CSSF circular 11/512) 70% iBoxx Euro Overall Index, 30% MSCI World Net TR Index in EUR Market risk exposure (value-at-risk) (according to CSSF circular 11/512) | Lowest market risk exposure | % | 80.943 | | --- | --- | --- | | Highest market risk exposure | % | 104.985 | | Average market risk exposure | % | 88.498 | The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 41 167 070.65 as of the reporting date. Market abbreviations\\t Contracting parties for forward currency transactions Toronto Dominion Bank. Exchange rates (indirect quotes) As of December 30, 2021 | Swiss franc\\tCHF | 1.035520 | = EUR | 1 | | --- | --- | --- | --- | | British pound\\tGBP | 0.838785 | = EUR | 1 | | Japanese yen\\tJPY | 130.443111 | = EUR | 1 | | U.S. dollar\\tUSD | 1.133450 | = EUR | 1 | Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds. Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021 - Income - Income from investment fund units . . . . . . . . . . . . . . . . EUR 2 248\\t116.86 - Income from securities lending EUR\\t169.06Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t2 248 285.92 - Expenses - Interest on borrowings andnegative interest on deposits EUR\\t-22 569.72 - Management fee EUR\\t-849 270.33thereof:All-in fee EUR\\t-849 270.33 - Legal and publication costs EUR\\t-1 300.80 - Taxe d‘abonnement EUR\\t-85 365.75 - Other expenses EUR\\t-56.36thereof:Performance-based fee fromsecurities lending income EUR\\t-56.36 | Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -958 562.96 | | --- | --- | --- | | III. Net investment income . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 1 289 722.96 | | IV. Sale transactions Realized gains/losses | EUR | -457 987.16 | | Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | -457 987.16 | | V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . | EUR | 831 735.80 | | BVI total expense ratio (TER) | | | | The total expense ratio for the share classes was: | | | Class FC 0.29% p.a., Class ID 0.13% p.a., Class LC 0.62% p.a., Class LD 0.68% p.a., Class RC 0.77% p.a., Class XD 0.08% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period. Further costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was: Class FC 0.45% p.a., Class ID 0.29% p.a., Class LC 0.78% p.a., Class LD 0.84% p.a., Class RC 0.93% p.a., Class XD 0.24% p.a. Transaction costs The transaction costs paid in the reporting period amounted to EUR 2 174.08. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. Statement of changes in net assets\\t2021 - Value of the fund’s net assetsat the beginning of the fiscal year. . . . . . . . . . . . . . . . EUR\\t40 386 302.32 - Distribution for the previous year EUR\\t-100 031.15 - Net inflows EUR 133 223\\t957.92 - Income adjustment EUR\\t-4 566 889.10 - Net investment income EUR 1 289\\t722.96 - Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t-457 987.16 - Net change in unrealized appreciation/depreciation . EUR 7 038\\t170.17 - Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . EUR\\t176 813 245.96 | Summary of gains/losses | | 2021 | | --- | --- | --- | | | | | | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | -457 987.16 | | from: Securities transactions | EUR | 2 959 306.25 | | (Forward) currency transactions | EUR | -3 395 107.44 | | Derivatives and other financial futures transactions ... | EUR | -22 185.97 | Details on the distribution policy* Class FC The income for the fiscal year is reinvested. | Class ID | | | --- | --- | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 1.30 | | Class LC | | | | | The income for the fiscal year is reinvested. | Class LD | | | | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 0.73 | | Class RC | | | | | The income for the fiscal year is reinvested. | Class XD | | | | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 1.35 | * Additional information is provided in the sales prospectus. In the case of a final distribution, any remaining net income for the fiscal year is rein- vested. Changes in net assets and in the net asset value per share over the last three years | Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 176 813 245.96 | | --- | --- | --- | | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 40 386 302.32 | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 24 709 797.91 | | Net asset value per share at the end of the fiscal year | | | | 2021 | Class FC | EUR | 115.61 | | | Class ID | EUR | 115.27 | | | Class LC | EUR | 114.13 | | | Class LD | EUR | 116.19 | | | Class RC | EUR | 110.61 | | | Class XD | EUR | 115.31 | | 2020 | Class FC | EUR | 109.35 | | | Class ID | EUR | 109.24 | | | Class LC | EUR | 108.31 | | | Class LD | EUR | 110.34 | | | Class RC | EUR | 105.12 | | | Class XD | EUR | 109.35 | | 2019 | Class FC | EUR | 105.71 | | | Class ID | EUR | 105.60 | | | Class LC | EUR | 105.05 | | | Class LD | EUR | 107.08 | | | Class RC | EUR | 102.13 | | | Class XD | EUR | 105.67 | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 1.65% of all transactions. The total volume was EUR 3 316 783.85. Swing Pricing Swing pricing is a mechanism that is intended to protect shareholders from the negative effects of trading costs arising from subscription and redemption activities. Extensive subscrip- tions and redemptions within a (sub-)fund may lead to a dilution of the assets of this (sub-)fund, as the net asset value sometimes does not reflect all trading and other costs that are incurred when the portfolio manager must buy or sell securities in order to manage large (net) inflows or outflows in the (sub-)fund. In addition to these costs, substantial order volumes may lead to market prices that are considerably below or above the market prices that apply under normal circumstances. To enhance the investor protection of existing shareholders, a swing pricing mechanism can be applied to compensate for trading costs and other expenses if the aforementioned cumulative (net) inflows or outflows should have a material impact on the (sub-)fund on a valuation date and exceed a predetermined threshold (partial swing pricing). This mechanism can be applied across all (sub-)funds. If swing pricing is introduced for a particular (sub-)fund, this will be disclosed in the special section of the sales prospectus. The Management Company of the fund will predefine thresholds for the application of the swing pricing mechanism, based, among other things, on current market conditions, available market liquidity and estimated dilution costs. In accordance with these thresholds, the adjustment itself will be initiated automatically. If the (net) inflows or outflows exceed the swing threshold, the net asset value is revised upward if the (sub-)fund sees large net inflows and is revised downward in the event of large net outflows. This adjustment is applied uniformly to all subscriptions and redemptions for the trading day in question. If a performance-based fee applies for the (sub-)fund, the calculation is based on the original net asset value. The Management Company has established a swing pricing committee that determines the swing factors for each individual (sub-)fund. These swing factors indicate the extent of the net asset value adjustment. The swing pricing committee takes into account the following factors in particular: - bid-ask spread (fixed-price element), - impacts on the market (impacts of the transactions on the price), - additional costs that are incurred as a result of trading activities for the investments. The appropriateness of the applied swing factors, the operational decisions made in connection with the swing pricing (including the swing threshold), the extent of the adjustment, and the affected (sub-)funds are reviewed at regular intervals. The amount of the swing pricing adjustment can therefore vary from one (sub-)fund to another and will not generally exceed 2% of the original net asset value per share. The net asset value adjustment is available upon request from the Management Company. In a market environment with extreme illiquidity, the Management Company can, however, increase the swing price adjustment to more than 2% of the original net asset value. Such an increase will be announced on the Management Company’s website: www.dws.com. As the mechanism should only be applied if significant (net) inflows or outflows are expected and it does not apply for normal trading volumes, it is assumed that the net asset value will only be adjusted occasionally. This (sub-)fund can apply swing pricing but has not done so in the reporting period, as its (net) inflows and outflows did not exceed the relevant threshold previously defined. ##### Investment objective and performance in the reporting period The objective of the sub-fund DWS Strategic ESG Alloca- tion Dynamic is to achieve a medium to long-term positive investment performance, bear- ing in mind the opportunities and risks in the international DWS STRATEGIC ESG ALLOCATION DYNAMIC Performance since inception 150 140 130 120 110 100 90 80 capital markets. For this pur- 1/29/18* 12/18\\t12/19\\t12/20 12/21 pose, the sub-fund invests primarily in exchange-traded DWS Strategic ESG Allocation Dynamic (LC share class) “BVI method” performance, i.e., excluding the initial sales charge. * Launched on January 29, 2018 = 100 Data on euro basis funds (ETFs). Furthermore, up to 49% of its assets may also be invested in interest-bearing securities, equities, certificates, convertible bonds, warrant- linked bonds whose underlying warrants are on securities, warrants on securities, par- ticipation and dividend-right certificates, derivatives, funds and money-market instruments, deposits and cash. Up to 10% of the sub-fund’s assets may be invested in certificates based on commodities, commodity indices, precious metals and precious metal indices. The sub-fund combines permissible Past performance is no guide to future results. As of: December 31, 2021 | DWS STRATEGIC ESG ALLOCATION | DYNAMIC | | | --- | --- | --- | | Performance of share classes (in euro) Share class\\tISIN | 1 year | 3 years | Since inception 1 | | Class LC\\tLU1740985731 | 19.5% | 54.6% | 41.7% | | Class FC\\tLU1740985574 | 20.0% | 56.1% | 43.6% | | Class IC\\tLU1899149030 | 20.2% | 56.8% | 48.7% | | Class ID\\tLU1740985657 | 20.2% | 56.8% | 44.4% | | Class LD\\tLU1740985814 | 19.5% | 54.3% | 41.4% | | Class RC\\tLU2001265565 | 19.5% | – | 34.6% | 1 Classes FC, ID, LC and LD launched on January 29, 2018 / Class IC launched on November 15, 2018 / Class RC launched on June 28, 2019 “BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results. As of: December 31, 2021 investment instruments from different asset classes to create a balanced risk / return profile. Its aim is annualized volatility of 10% to 15% over a rolling five- year period. It cannot however be guaranteed that the volatility margin will be adhered to at all times. In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the reporting period was charac- terized primarily by the corona- virus crisis*. Despite rising inflation, especially toward the end of the reporting period, interest rates failed to rise in both the euro area and the United States. This develop- ment in the markets was influ- enced by the increased investor focus on the search for invest- ment opportunities for liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries. Against this backdrop, DWS Strategic ESG Allocation Dynamic achieved an appreci- ation of 19.5% per share in the 2021 fiscal year (LC share class; BVI method; in euro terms). ##### Investment policy in the reporting period Within the equity portfolio, the sub-fund invested globally in equity ETFs, such as Xtrack- ers MSCI USA ESG UCITS ETF, Xtrackers MSCI Europe ESG UCITS ETF and Xtrackers MSCI Emerging Markets ESG UCITS ETF. In terms of its sector allo- cation, the sub-fund was thus broadly based. The interna- tional equity markets closed 2021 with significant price gains, although the picture was mixed. While the equity mar- kets in the Western industrial countries – boosted in partic- ular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in the emerging markets brought up the rear. kets saw prices decline with fluctuations towards the longer end of maturity in the report- ing year through the end of December 2021, with bond in the disclosures under Regu- lation (EU) 2019 / 2088 as well as under Regulation (EU) 2020 / 852 in the back of the report. yields rising at a still very low, On the bond side, the sub-fund was invested globally in bond ETFs and in bond target funds. Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic consequences for the global community. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weakened global economy – supported the price development in the financial markets. Since the beginning of 2021, the economic out- look improved, boosted by the efforts and packages of measures undertaken by the international community to address the economic impact of the coronavirus crisis and by the regulatory filings for COVID-19 vaccines and the vaccination campaigns. How- ever, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-related pent-up consumption demand and partial supply shortages due to supply difficulties. In addi- tion, the dynamic spread of the coronavirus and its variants, as well as associated new restrictions, dampened the economic outlook. Against the backdrop of high global debt levels and historically extremely low interest rates, bond mar- in some cases negative, level. In the corporate bond markets, high-yield securities posted price gains at reduced risk pre- miums and thus outperformed investment-grade corporate bonds, which traded lower. ##### Information on environmental and / or social characteristics The investment fund promotes environmental and / or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019 / 2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector). The selection of assets is pre- dominantly in line with the promoted environmental and / or social criteria. However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within the meaning of the Taxonomy Regulation. The presentation of the infor- mation to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) under Regulation (EU) 2019 / 2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 under Reg- ulation (EU) 2020 / 852 (Taxon- omy Regulation) can be found * The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19 are of significance for understanding the annual financial statements. Further details in this regard are provided in the explanations in the “General information” section. The format used for complete dates in security names in the investment portfolio is “day/month/year”. | Statement of net assets as of December 31, 2021 | | | --- | --- | | | Amount in EUR | % of net assets | | I. Assets | | | | 1. Investment fund units Equity funds | 101 609 341.53 | 80.34 | | Bond funds | 22 696 578.30 | 17.93 | | Other funds | 1 608 651.72 | 1.27 | | Total investment fund units | 125 914 571.55 | 99.54 | | 2. Derivatives | 51 638.97 | 0.04 | | 3. Cash at bank | 563 206.39 | 0.45 | | 4. Other assets | 1 603.13 | 0.00 | | 5. Receivables from share certificate transactions | 32 501.16 | 0.03 | | II. Liabilities | | | | 1. Other liabilities | -67 477.11 | -0.06 | | 2. Liabilities from share certificate transactions | -31.33 | 0.00 | | | | | | III. Net assets | 126 496 012.76 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | | Investment portfolio – December 31, 2021 | Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Investment fund units | | | | | | | 125 914 571.55 | 99.54 | | In-group fund units DWS Institutional - DWS Institutional ESG Euro Money | | | | | | | | | | Market Fund -IC- EUR - (0.110%) DWS Invest SICAV - DWS Invest ESG Euro High Yield -XC- EUR - (0.200%) | Units Units | 117 78 807 | 1 208 78 807 | 1 091 | EUR EUR | 13 749.16 103.55 | 1 608 651.72 8 160 464.85 | 1.27 6.45 | | DWS Invest SICAV - DWS Invest ESG European Small/Mid Cap -XC- EUR - (0.350%) | Units | 11 582 | 16 037 | 4 455 | EUR | 161.63 | 1 871 998.66 | 1.48 | | Xtrackers (IE) plc - Xtrackers Equity Momentum Factor UCITS ETF (DR) -1C- EUR - (0.250%) | Units | 39 414 | 21 499 | 34 604 | EUR | 50.27 | 1 981 341.78 | 1.57 | | Xtrackers (IE) plc - Xtrackers MSCI Europe ESG UCITS ETF -1C- EUR - (0.200%) | Units | 873 399 | 878 848 | 5 449 | EUR | 27.515 | 24 031 573.49 | 19.00 | | Xtrackers (IE) plc - Xtrackers MSCI World Minimum Volatility UCITS ETF -1C- EUR - (0.250%) | Units | 55 882 | 55 882 | | EUR | 36.38 | 2 032 987.16 | 1.61 | | Xtrackers (IE) plc - Xtrackers MSCI World Quality UCITS ETF (DR) -1C- EUR - (0.150%) | Units | 39 415 | 39 415 | 53 301 | EUR | 52.64 | 2 074 805.60 | 1.64 | | Xtrackers (IE) plc - Xtrackers MSCI World Value UCITS ETF -1C- EUR - (0.150%) | Units | 59 104 | 23 223 | 42 477 | EUR | 34.49 | 2 038 496.96 | 1.61 | | Xtrackers II - ESG EUR Corporate Bond UCITS ETF -1D- EUR - (0.060%) | Units | 16 808 | 16 808 | | EUR | 155.925 | 2 620 787.40 | 2.07 | | Xtrackers II - Eurozone Government Bond UCITS ETF -1D- EUR - (0.010%) | Units | 11 326 | 3 782 | 437 | EUR | 210.62 | 2 385 482.12 | 1.88 | | Xtrackers - S&P 500 Swap UCITS ETF -1C- USD - (0.050%) . Xtrackers (IE) plc - Xtrackers ESG USD Corporate Bond UCITS ETF -1C- USD - (0.060%) | Units Units | 103 430 30 482 | 30 482 | 256 654 | USD USD | 91.468 45.97 | 8 346 630.59 1 236 276.28 | 6.60 0.98 | | Xtrackers (IE) plc - Xtrackers ESG USD Emerging Markets Bond Quality Weighted UCITS ETF -1D- USD - (0.350%).... | Units | 499 182 | 523 745 | 24 563 | USD | 13.4 | 5 901 484.75 | 4.66 | | Xtrackers (IE) plc - Xtrackers MSCI Emerging Markets ESG UCITS ETF -1C- USD - (0.150%) | Units | 270 235 | 270 235 | | USD | 52.57 | 12 533 638.03 | 9.91 | | Xtrackers (IE) plc - Xtrackers MSCI Japan ESG UCITS ETF -1C- USD - (0.100%) | Units | 330 576 | 349 392 | 18 816 | USD | 22.24 | 6 486 399.26 | 5.13 | | Xtrackers (IE) plc - Xtrackers MSCI USA ESG UCITS ETF -1C- USD - (0.050%) | Units | 561 100 | 630 590 | 69 490 | USD | 50.64 | 25 068 684.23 | 19.82 | | Xtrackers IE Physical Gold ETC Securities USD - (0.150%) . | Units | 123 516 | 40 406 | 27 555 | USD | 27.91 | 3 041 449.64 | 2.40 | | Xtrackers II - US Treasuries UCITS ETF -1C- USD - (0.070%) | Units | 12 023 | 1 820 | 3 211 | USD | 225.51 | 2 392 082.90 | 1.89 | | Non-group fund units Amundi Index Solutions - Amundi Index MSCI USA SRI UCITS ETF DR EUR - (0.180%) | Units | 123 951 | 123 951 | | EUR | 97.63 | 12 101 336.13 | 9.57 | | Total securities portfolio | | | | | | | 125 914 571.55 | 99.54 | | Derivatives (Minus signs denote short positions) | | | | | | | | | | Currency derivatives Receivables/payables | | | | | | | 51 638.97 | 0.04 | | Forward currency transactions | | | | | | | | | | Forward currency transactions (short) | | | | | | | | | | Open positions EUR/USD 24.3 million | | | | | | | 85 193.64 | 0.07 | | Closed positions EUR/USD 24.8 million | | | | | | | -33 554.67 | -0.03 | | Cash at bank | | | | | | | 563 206.39 | 0.45 | | Demand deposits at Depositary EUR deposits | EUR | | | | | | 490 731.40 | 0.39 | | Deposits in non-EU/EEA currencies | | | | | | | | | | British pound | GBP | 3 276 | | | | | 3 905.30 | 0.00 | | Japanese yen | JPY | 640 273 | | | | | 4 908.45 | 0.01 | | Swiss franc | CHF | 887 | | | | | 856.15 | 0.00 | | U.S. dollar | USD | 71 186 | | | | | 62 805.09 | 0.05 | | Other assets | | | | | | | 1 603.13 | 0.00 | | Dividends/Distributions receivable | | | | | | | 1 603.13 | 0.00 | | Receivables from share certificate transactions | | | | | | | 32 501.16 | 0.03 | | Total assets * | | | | | | | 126 597 075.87 | 100.09 | | Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Other liabilities | -67 477.11 | -0.06 | | Liabilities from cost items | -67 477.11 | -0.06 | | Liabilities from share certificate transactions | -31.33 | 0.00 | | Total liabilities | -101 063.11 | -0.09 | | Net assets | 126 496 012.76 | 100.00 | | Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | | A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request. | Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency | | --- | --- | --- | | Net asset value per share Class FC | EUR | 143.64 | | Class IC | EUR | 148.74 | | Class ID | EUR | 143.63 | | Class LC | EUR | 141.70 | | Class LD | EUR | 140.79 | | Class RC | EUR | 134.58 | | Number of shares outstanding Class FC | Count | 100.000 | | Class IC | Count | 100.000 | | Class ID | Count | 130 474.000 | | Class LC | Count | 224 332.804 | | Class LD | Count | 539 269.654 | | Class RC | Count | 100.000 | Composition of the reference portfolio (according to CSSF circular 11/512) MSCI THE WORLD INDEX in EUR (75%) and iBoxx EUR Overall (25%) Market risk exposure (value-at-risk) (according to CSSF circular 11/512) | Lowest market risk exposure | % | 82.743 | | --- | --- | --- | | Highest market risk exposure | % | 108.711 | | Average market risk exposure | % | 95.513 | The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512. In the reporting period, the average leverage effect from the use of derivatives was 0.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach). The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 65 268 323.55 as of the reporting date. Market abbreviations\\t Contracting parties for forward currency transactions Bofa Securities Europe S.A., HSBC France and State Street Bank International GmbH. Exchange rates (indirect quotes) As of December 30, 2021 | Swiss franc\\tCHF | 1.035520 | = EUR | 1 | | --- | --- | --- | --- | | British pound\\tGBP | 0.838785 | = EUR | 1 | | Japanese yen\\tJPY | 130.443111 | = EUR | 1 | | U.S. dollar\\tUSD | 1.133450 | = EUR | 1 | Notes on valuation Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus. If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure. Assets reported in this report are not valued at derived market values. The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds. Footnote * Does not include positions with a negative balance, if such exist. Statement of income and expenses (incl. income adjustment) Statement of changes in net assets\\t2021 | | | at the beginning of the fiscal year. . . . . . . . . . . . . . . . | EUR | 104 830 681.73 | | --- | --- | --- | --- | --- | | 1. | Distribution for the previous year | EUR | -51 429.53 | | EUR | 640 593.23 | 2. | Net inflows | EUR | 1 044 036.02 | | | | 3. | Income adjustment | EUR | -53 383.13 | | EUR | 640 593.23 | 4. | Net investment expense | EUR | -92 169.95 | | | | 5. | Realized gains/losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 16 918 887.50 | | | | 6. | Net change in unrealized appreciation/depreciation .... | EUR | 3 899 390.12 | | EUR | -9 820.92 | II. | Value of the fund’s net assets | | | | EUR | -690 500.60 | | at the end of the fiscal year . . . . . . . . . . . . . . . . . . . . | EUR | 126 496 012.76 | | EUR | -878.26 | | | | | | EUR | -31 563.40 | | | | | for the period from January 1, 2021, through December 31, 2021 - Income - Income from investment fund units . . . . . . . . . . . . . . . . Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Expenses - Interest on borrowings andnegative interest on deposits - Management fee thereof: All-in fee EUR\\t-690 500.60 - Legal and publication costs - Taxe d‘abonnement Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\\t-732 763.18 - Value of the fund’s net assets | III. Net investment expense. . . . . . . . . . . . . . . . . . . . . . . . | EUR | -92 169.95 | | Realized gains/losses (incl. income adjustment). . . . . . . | EUR | 16 918 887.50 | | --- | --- | --- | --- | --- | --- | --- | | IV. Sale transactions | | | | from: | | | | Realized gains/losses | EUR | 16 918 887.50 | Securities transactions | EUR | 18 477 080.23 | | Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 16 918 887.50 | (Forward) currency transactions Derivatives and other financial futures transactions ... | EUR EUR | -1 611 835.77 53 643.04 | | V. Net gain/loss for the fiscal year. . . . . . . . . . . . . . . . . | EUR | 16 826 717.55 | | | | BVI total expense ratio (TER) Details on the distribution policy* The total expense ratio for the share classes was: Class FC 0.30% p.a.,\\tClass IC 0.15% p.a., Class ID 0.15% p.a.,\\tClass LC 0.70% p.a., Class LD 0.70% p.a.,\\tClass RC 0.75% p.a. The TER expresses total expenses and fees (excluding transaction costs) as a percent- age of a fund’s average net assets in relation to the respective share class for a given reporting period. Further costs, charges and fees were incurred at the level of the target funds. The fund invested more than 20% of its assets in target funds. Further costs, charges and fees were incurred at the level of the target funds. If the target funds publish a TER themselves, this will be taken into account at fund level (synthetic TER). If a TER is not published at target fund level, the all-in fee/management fee is used for the calculation. The synthetic TER was: Class FC 0.50% p.a.,\\tClass IC 0.35% p.a., Class ID 0.35% p.a.,\\tClass LC 0.90% p.a., Class LD 0.90% p.a.,\\tClass RC 0.95% p.a. Transaction costs The transaction costs paid in the reporting period amounted to EUR 1 871.99. The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation. Class FC The income for the fiscal year is reinvested. Class IC The income for the fiscal year is reinvested. Class ID Type\\tAs of\\tCurrency\\tPer share Final distribution\\tMarch 4, 2022\\tEUR\\t0.51 Class LC The income for the fiscal year is reinvested. | Class LD | | | --- | --- | | Type | As of | Currency | Per share | | Final distribution | March 4, 2022 | EUR | 0.05 | | Class RC | | | | The income for the fiscal year is reinvested. * Additional information is provided in the sales prospectus. In the case of a final distribution, any remaining net income for the fiscal year is reinvested. Changes in net assets and in the net asset value per share over the last three years | Net assets at the end of the fiscal year 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 126 496 012.76 | | --- | --- | --- | | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 104 830 681.73 | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 81 405 843.80 | | Net asset value per share at the end of the fiscal year | | | | 2021 | Class FC | EUR | 143.64 | | | Class IC | EUR | 148.74 | | | Class ID | EUR | 143.63 | | | Class LC | EUR | 141.70 | | | Class LD | EUR | 140.79 | | | Class RC | EUR | 134.58 | | 2020 | Class FC | EUR | 119.70 | | | Class IC | EUR | 123.76 | | | Class ID | EUR | 119.68 | | | Class LC | EUR | 118.56 | | | Class LD | EUR | 117.84 | | | Class RC | EUR | 112.65 | | 2019 | Class FC | EUR | 112.53 | | | Class IC | EUR | 116.19 | | | Class ID | EUR | 112.41 | | | Class LC | EUR | 111.90 | | | Class LD | EUR | 111.27 | | | Class RC | EUR | 106.38 | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.72% of all transactions. The total volume was EUR 1 905 331.78. Appendix: Placement fee | Expenses from prepaid placement fee | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR -322 577.41 | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR -1 818 757.08 | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR -444 300.26 | | --- | --- | --- | --- | | thereof: | | | | | Dilution-related adjustments due to share certificate transactions | -33 065.21 | -318 590.00 | -40 589.56 | | Amortization of placement fee | -373 502.05 | -1 955 389.22 | -446 937.15 | | Adjustments due to fluctuations of the fund’s net assets | 164 669.11 | 873 707.31 | 147 877.61 | | Income adjustment | -80 679.26 | -418 485.17 | -104 651.16 | | | | --- | | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR -2 844 970.12 | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR -284 106.45 | DB Strategic Income Allocation EUR (SIA) Balanced Plus EUR -154 341.75 | DB Strategic Income Allocation EUR (SIA) Conservative Plus EUR -178 821.44 | | | | | | | -282 485.18 | -98 135.41 | -23 576.40 | -12 819.27 | | -2 820 760.73 | -281 888.71 | -207 188.61 | -175 592.06 | | 846 025.71 | 146 167.67 | 102 996.40 | 44 193.42 | | -587 749.92 | -50 250.00 | -26 573.14 | -34 603.53 | Statement of net assets as of December 31, 2021 | Assets | DWS Strategic, SICAV EUR * ** Consolidated\\t% of net assets | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR | | --- | --- | --- | --- | | Total securities portfolio | 6 823 851 825.40 | 98.55 | 189 561 889.16 | 1 741 462 758.08 | | Equity index derivatives | 25 775 424.66 | 0.37 | 0.00 | 9 420 747.79 | | Currency derivatives | 1 395 351.75 | 0.02 | 0.00 | 0.00 | | Cash at bank | 43 309 932.72 | 0.63 | 1 307 289.79 | 3 492 510.30 | | Other assets | 53 520 391.32 | 0.77 | 1 868 460.34 | 11 239 344.56 | | Receivables from share certificate transactions | 15 338 190.35 | 0.22 | 245 913.36 | 4 407 646.57 | | Total assets *** | 6 963 191 116.20 | 100.56 | 192 983 552.65 | 1 770 023 007.30 | | | | | | | Verbindlichkeiten | | | | | Equity index derivatives | - 1 519 509.00 | - 0.02 | 0.00 | 0.00 | | Short-term liabilities | - 7 141 571.38 | - 0.10 | 0.00 | 0.00 | | Other liabilities | - 24 796 607.35 | - 0.36 | - 848 070.66 | - 4 924 435.62 | | Liabilities from share certificate transactions | - 5 443 696.42 | - 0.08 | - 59 194.70 | 0.00 | | Total liabilities *** | - 38 901 384.15 | - 0.56 | - 907 265.36 | - 4 924 435.62 | | Net assets | 6 924 289 732.05 | 100.00 | 192 076 287.29 | 1 765 098 571.68 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * | | 16 955 038.93 | 432 773 514.75 | 299 775 118.07 | 2 026 909 236.63 | 13 277 790.18 | | 0.00 | 2 354 869.05 | 0.00 | 10 453 152.11 | 0.00 | | 0.00 | 367 612.74 | 0.00 | 0.00 | 0.00 | | 81 617.80 | 1 158 058.01 | 213 342.99 | 8 555 397.13 | 95 266.13 | | 0.00 | 3 644 046.19 | 3 792 196.33 | 13 364 314.16 | 307 687.77 | | 0.00 | 213 171.80 | 294 118.27 | 9 210 097.60 | 0.00 | | 17 036 656.73 | 440 511 272.54 | 304 074 775.66 | 2 068 492 197.63 | 13 680 744.08 | | | | | | | | | | | | | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 0.00 | 0.00 | - 476 904.02 | 0.00 | 0.00 | | - 117 858.27 | - 885 187.68 | - 1 283 715.45 | - 9 624 786.49 | - 5 405.58 | | 0.00 | - 1 954 481.05 | 0.00 | - 370 748.82 | - 388 897.12 | | - 117 858.27 | - 2 839 668.73 | - 1 760 619.47 | - 9 995 535.31 | - 394 302.70 | | 16 918 798.46 | 437 671 603.81 | 302 314 156.19 | 2 058 496 662.32 | 13 286 441.38 | Statement of net assets as of December 31, 2021 | Assets | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * | | --- | --- | --- | --- | | Total securities portfolio | 332 211 260.81 | 347 372 684.30 | 108 909 782.39 | | Equity index derivatives | 1 831 296.02 | 0.00 | 0.00 | | Currency derivatives | 180 853.67 | 0.00 | 0.00 | | Cash at bank | 2 680 445.25 | 664 716.41 | 498 409.00 | | Other assets | 1 373 945.93 | 2 131 622.44 | 659 465.34 | | Receivables from share certificate transactions | 40 494.70 | 265 076.28 | 0.00 | | Total assets *** | 338 318 296.38 | 350 434 099.43 | 110 067 656.73 | | | | | | | Verbindlichkeiten | | | | | Equity index derivatives | 0.00 | 0.00 | 0.00 | | Short-term liabilities | 0.00 | 0.00 | 0.00 | | Other liabilities | - 1 698 206.47 | - 475 497.62 | - 191 253.18 | | Liabilities from share certificate transactions | - 923 391.73 | - 623 734.69 | 0.00 | | Total liabilities *** | - 2 621 598.20 | - 1 099 232.31 | - 191 253.18 | | Net assets | 335 696 698.18 | 349 334 867.12 | 109 876 403.55 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR | | 305 079 041.79 | 198 126 729.44 | 308 882 246.13 | 18 366 163.14 | 185 303 937.11 | | 952 759.49 | 696 327.69 | 0.00 | 66 272.51 | 0.00 | | 0.00 | 0.00 | 158 185.47 | 0.00 | 258 898.63 | | 6 917 142.77 | 2 735 026.07 | 9 677 413.83 | 294 141.17 | 741 126.51 | | 3 402 906.03 | 1 648 520.75 | 10 044 633.39 | 14 390.06 | 0.00 | | 230 072.29 | 390 875.30 | 0.00 | 0.00 | 8 106.86 | | 316 581 922.37 | 203 597 479.25 | 328 762 478.82 | 18 740 966.88 | 186 312 069.11 | | | | | | | | | | | | | | 0.00 | 0.00 | - 1 519 509.00 | 0.00 | 0.00 | | 0.00 | 0.00 | - 6 664 667.36 | 0.00 | 0.00 | | - 1 952 843.92 | - 780 467.59 | - 1 687 294.18 | - 51 982.96 | - 104 732.41 | | - 1 007 162.64 | 0.00 | 0.00 | 0.00 | - 16 273.02 | | - 2 960 006.56 | - 780 467.59 | - 9 871 470.54 | - 51 982.96 | - 121 005.43 | | 313 621 915.81 | 202 817 011.66 | 318 891 008.28 | 18 688 983.92 | 186 191 063.68 | Statement of net assets as of December 31, 2021 | Assets | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR | | --- | --- | --- | | Total securities portfolio | 172 970 062.94 | 125 914 571.55 | | Equity index derivatives | 0.00 | 0.00 | | Currency derivatives | 378 162.27 | 51 638.97 | | Cash at bank | 3 634 823.17 | 563 206.39 | | Other assets | 27 254.90 | 1 603.13 | | Receivables from share certificate transactions | 116.16 | 32 501.16 | | Total assets *** | 177 010 419.44 | 126 563 521.20 | | | | | | Verbindlichkeiten | | | | Equity index derivatives | 0.00 | 0.00 | | Short-term liabilities | 0.00 | 0.00 | | Other liabilities | - 97 392.16 | - 67 477.11 | | Liabilities from share certificate transactions | - 99 781.32 | - 31.33 | | Total liabilities *** | - 197 173.48 | - 67 508.44 | | Net assets | 176 813 245.96 | 126 496 012.76 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. *** In the case of derivatives and forward transactions, the amount shown under “total assets” takes into account the positive balance of the netted individual positions within the same type of product, while negative balances are included under “total liabilities.” 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DWS Strategic, SICAV EUR * ** Consolidated | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR | | --- | --- | --- | --- | | Income from investment fund units | 51 082 548.54 | 577 575.29 | 4 102 549.97 | | Income from securities lending | 2 538.19 | 0.00 | 0.00 | | Total income | 51 085 086.73 | 577 575.29 | 4 102 549.97 | | | | | | | Expenses | | | | | Interest on borrowings and negative interest on deposits | - 1 609 903.97 | - 42 749.65 | - 601 119.21 | | Management fee | - 40 806 776.07 | - 1 017 106.71 | - 14 127 975.10 | | Depositary fee | - 9.25 | 0.00 | 0.00 | | Auditing, legal and publication costs | - 46 171.51 | - 613.85 | - 5 490.44 | | Taxe d’abonnement | - 2 894 862.18 | - 68 648.36 | - 925 211.78 | | Other expenses | - 6 109 340.57 | - 322 577.41 | - 1 818 757.08 | | Total expenses | - 51 467 063.55 | - 1 451 695.98 | - 17 478 553.61 | | Net investment income | - 381 976.82 | - 874 120.69 | - 13 376 003.64 | | | | | | | Sale transactions | | | | | Realized gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 | | Capital gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 | | | | | | | Net gain/loss for the fiscal year | 90 308 496.27 | 1 771 044.02 | - 13 315 811.17 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * | | 249 095.73 | 4 269 079.19 | 1 304 060.20 | 7 855 839.41 | 232 054.41 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 249 095.73 | 4 269 079.19 | 1 304 060.20 | 7 855 839.41 | 232 054.41 | | | | | | | | | | | | | | - 467.80 | - 5 616.68 | - 83 325.88 | - 670 659.54 | - 640.66 | | - 64 883.56 | - 2 001 641.47 | - 1 244 737.43 | - 12 911 217.59 | - 43 572.90 | | - 9.25 | 0.00 | 0.00 | 0.00 | 0.00 | | - 54.60 | - 1 452.03 | - 1 003.91 | - 6 574.05 | - 45.29 | | - 8 489.41 | - 186 604.51 | - 105 389.36 | - 832 543.52 | - 5 821.84 | | 0.00 | - 8 210.67 | - 444 300.26 | - 2 844 970.12 | 0.00 | | - 73 904.62 | - 2 203 525.36 | - 1 878 756.84 | - 17 265 964.82 | - 50 080.69 | | 175 191.11 | 2 065 553.83 | - 574 696.64 | - 9 410 125.41 | 181 973.72 | | | | | | | | | | | | | | 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 | | 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 | | | | | | | | 413 240.63 | 5 521 939.17 | 2 512 702.06 | - 7 410 231.26 | 429 422.61 | Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * | | --- | --- | --- | --- | | Income from investment fund units | 5 057 101.72 | 882 997.66 | 1 184 172.42 | | Income from securities lending | 0.00 | 0.00 | 0.00 | | Total income | 5 057 101.72 | 882 997.66 | 1 184 172.42 | | | | | | | Expenses | | | | | Interest on borrowings and negative interest on deposits | - 3 721.00 | - 65 925.84 | - 2 407.69 | | Management fee | - 1 332 525.47 | - 2 175 922.51 | - 458 622.73 | | Depositary fee | 0.00 | 0.00 | 0.00 | | Auditing, legal and publication costs | - 1 143.06 | - 1 083.96 | - 366.09 | | Taxe d’abonnement | - 96 301.34 | - 156 391.61 | - 56 198.92 | | Other expenses | - 51 144.09 | - 284 106.45 | 0.00 | | Total expenses | - 1 484 834.96 | - 2 683 430.37 | - 517 595.43 | | Net investment income | 3 572 266.76 | - 1 800 432.71 | 666 576.99 | | | | | | | Sale transactions | | | | | Realized gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 | | Capital gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 | | | | | | | Net gain/loss for the fiscal year | 59 363 824.69 | 4 841 104.16 | 2 376 446.93 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. | | | --- | | DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR | | 7 634 443.39 | 3 624 109.60 | 9 095 253.44 | 392 953.89 | 1 732 552.13 | | 0.00 | 0.00 | 0.00 | 0.00 | 2 369.13 | | 7 634 443.39 | 3 624 109.60 | 9 095 253.44 | 392 953.89 | 1 734 921.26 | | | | | | | | | | | | | | - 40 994.07 | - 19 613.54 | - 22 000.67 | - 397.42 | - 17 873.68 | | - 1 232 917.61 | - 692 287.21 | - 853 607.68 | - 60 324.28 | - 1 049 662.89 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | - 11 701.52 | - 13 138.79 | 0.00 | 0.00 | - 1 324.86 | | - 91 925.55 | - 59 155.10 | - 124 603.10 | - 7 340.27 | - 53 308.36 | | - 154 341.75 | - 178 821.44 | - 1 265.23 | 0.00 | - 789.71 | | - 1 531 880.50 | - 963 016.08 | - 1 001 476.68 | - 68 061.97 | - 1 122 959.50 | | 6 102 562.89 | 2 661 093.52 | 8 093 776.76 | 324 891.92 | 611 961.76 | | | | | | | | | | | | | | 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 | | 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 | | | | | | | | 7 075 101.73 | 1 790 451.77 | 6 140 354.64 | 187 881.65 | 952 571.29 | Statement of income and expenses for the period from January 1, 2021, through December 31, 2021 (incl. income adjustment) | Income | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR Consolidated | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR | | --- | --- | --- | | Income from investment fund units | 2 248 116.86 | 640 593.23 | | Income from securities lending | 169.06 | 0.00 | | Total income | 2 248 285.92 | 640 593.23 | | | | | | Expenses | | | | Interest on borrowings and negative interest on deposits | - 22 569.72 | - 9 820.92 | | Management fee | - 849 270.33 | - 690 500.60 | | Depositary fee | 0.00 | 0.00 | | Auditing, legal and publication costs | - 1 300.80 | - 878.26 | | Taxe d’abonnement | - 85 365.75 | - 31 563.40 | | Other expenses | - 56.36 | 0.00 | | Total expenses | - 958 562.96 | - 732 763.18 | | Net investment income | 1 289 722.96 | - 92 169.95 | | | | | | Sale transactions | | | | Realized gains/losses | - 457 987.16 | 16 918 887.50 | | Capital gains/losses | - 457 987.16 | 16 918 887.50 | | | | | | Net gain/loss for the fiscal year | 831 735.80 | 16 826 717.55 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | DWS Strategic, SICAV EUR * ** Consolidated 1 657 381 035.93 | DB Balanced SAA (EUR) (formerly: DB Wealth Management Balanced SAA (EUR)) EUR 52 421 998.20 | DB Balanced SAA (EUR) Plus (formerly: DB Wealth Management Balanced SAA (EUR) Plus) EUR 269 783 999.47 | | --- | --- | --- | --- | | Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 38 702 782.22 | 0.00 | 0.00 | | Distribution for the previous year / Interim distribution | - 210 180.33 | 0.00 | 0.00 | | Net inflows/outflows | 4 961 801 342.93 | 128 315 245.32 | 1 404 380 330.55 | | Income adjustment | - 69 368 431.62 | - 879 728.98 | 3 878 291.17 | | Net investment income | - 381 976.82 | - 874 120.69 | - 13 376 003.64 | | Realized gains/losses | 90 690 473.09 | 2 645 164.71 | 60 192.47 | | Net change in unrealized appreciation/depreciation | 245 674 686.63 | 10 447 728.73 | 100 371 761.66 | | | | | | | Value of the fund‘s net assets at the end of the fiscal year | 6 924 289 732.03 | 192 076 287.29 | 1 765 098 571.68 | Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | DB Conservative SAA (USD) Plus (formerly: DB Wealth Management Conservative SAA (USD) Plus) USD * 214 277 437.46 | DB Growth SAA (EUR) (formerly: DB Wealth Management Growth SAA (EUR)) EUR 93 770 013.97 | DB Growth SAA (USD) (formerly: DB Wealth Management Growth SAA (USD)) USD * 25 889 334.49 | | --- | --- | --- | --- | | Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 18 186 311.89 | 0.00 | 2 197 298.59 | | Distribution for the previous year / Interim distribution | 0.00 | 0.00 | 0.00 | | Net inflows/outflows | 95 692 756.25 | 226 147 404.15 | 74 028 011.74 | | Income adjustment | - 54 853 024.18 | - 2 702 272.73 | - 335 305.17 | | Net investment income | 3 572 266.76 | - 1 800 432.71 | 666 576.99 | | Realized gains/losses | 55 791 557.93 | 6 641 536.87 | 1 709 869.94 | | Net change in unrealized appreciation/depreciation | 3 029 392.07 | 27 278 617.57 | 5 720 616.97 | | | | | | | Value of the fund‘s net assets at the end of the fiscal year | 335 696 698.18 | 349 334 867.12 | 109 876 403.55 | Statement of changes in net assets for the period from January 1, 2021, through December 31, 2021 | Value of the fund‘s net assets at the beginning of the fiscal year | DWS Strategic ESG Allocation Defensive (formerly: DWS Strategic Allocation Defensive) EUR 40 386 302.32 | DWS Strategic ESG Allocation Dynamic (formerly: DWS Strategic Allocation Dynamic) EUR 104 830 681.73 | | --- | --- | --- | | Exchange rate valuation differences on the fund’s assets at the beginning of the reporting period * | 0.00 | 0.00 | | Distribution for the previous year / Interim distribution | - 100 031.15 | - 51 429.53 | | Net inflows/outflows | 133 223 957.92 | 1 044 036.02 | | Income adjustment | - 4 566 889.10 | - 53 383.13 | | Net investment income | 1 289 722.96 | - 92 169.95 | | Realized gains/losses | - 457 987.16 | 16 918 887.50 | | Net change in unrealized appreciation/depreciation | 7 038 170.17 | 3 899 390.12 | | | | | | Value of the fund‘s net assets at the end of the fiscal year | 176 813 245.96 | 126 496 012.76 | | | | --- | | DB Balanced SAA (USD) (formerly: DB Wealth Management Balanced SAA (USD)) USD * 5 007 969.91 | DB Balanced SAA (USD) Plus (formerly: DB Wealth Management Balanced SAA (USD) Plus) USD * 206 383 576.59 | DB Conservative SAA (EUR) (formerly: DB Wealth Management Conservative SAA (EUR)) EUR 137 073 970.71 | DB Conservative SAA (EUR) Plus (formerly: DB Wealth Management Conservative SAA (EUR) Plus) EUR 441 422 189.57 | DB Conservative SAA (USD) (formerly: DB Wealth Management Conservative SAA (USD)) USD * 4 451 291.82 | | 425 040.10 | 17 516 338.34 | 0.00 | 0.00 | 377 793.30 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 10 774 422.52 | 190 212 915.84 | 155 282 516.33 | 1 577 497 339.27 | 8 248 102.88 | | - 124 589.96 | - 1 659 293.51 | - 931 898.16 | 1 170 235.77 | - 175 180.56 | | 175 191.11 | 2 065 553.83 | - 574 696.64 | - 9 410 125.41 | 181 973.72 | | 238 049.52 | 3 456 385.34 | 3 087 398.70 | 1 999 894.15 | 247 448.89 | | 422 715.26 | 19 696 127.38 | 8 376 865.25 | 45 817 128.97 | - 44 988.67 | | | | | | | | 16 918 798.46 | 437 671 603.81 | 302 314 156.19 | 2 058 496 662.32 | 13 286 441.38 | | | | --- | | DB Strategic Income Allocation EUR (SIA) Balanced Plus 1 EUR 0.00 | DB Strategic Income Allocation EUR (SIA) Conservative Plus 2 EUR 0.00 | DB Strategic Income Allocation USD (SIA) Balanced Plus 3 USD 0.00 | DB Strategic Income Allocation USD (SIA) Conservative Plus 4 USD 0.00 | DWS Strategic ESG Allocation Balance (for- merly: DWS Strategic Allocation Balance) EUR 61 682 269.69 | | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 0.00 | 0.00 | 0.00 | 0.00 | - 58 719.65 | | 304 302 879.11 | 202 498 439.50 | 316 683 114.04 | 18 731 548.97 | 114 738 322.52 | | - 926 895.24 | - 523 820.76 | - 580 642.11 | - 28 716.00 | - 6 075 318.97 | | 6 102 562.89 | 2 661 093.52 | 8 093 776.76 | 324 891.92 | 611 961.76 | | 972 538.84 | - 870 641.75 | - 1 953 422.12 | - 137 010.27 | 340 609.53 | | 3 170 830.21 | - 948 058.85 | - 3 351 818.31 | - 201 730.70 | 14 951 938.80 | | | | | | | | 313 621 915.81 | 202 817 011.66 | 318 891 008.26 | 18 688 983.92 | 186 191 063.68 | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The financial statements for the respective sub-fund are prepared in the currency specified in the sales prospectus while the financial statements for the fund are prepared in its base currency. If the currency of a sub-fund differs from the fund’s base currency, the following is carried out within the scope of the consolidation of the individual sub-fund currencies into the fund’s base currency: the difference between the net assets of the sub-fund at the beginning of the reporting period converted at exchange rates applicable at the beginning of the reporting period and the value of the net assets of the sub-fund calculated at exchange rates applicable at the end of the reporting period is shown as exchange rate valuation differences on the fund’s assets at the beginning of the reporting period in the consolidated statement of changes in net assets for the fund. Fiscal year-end 2021\\tUSD 1.133450 = EUR 1 Fiscal year-end 2020 . . . . . . . . . . . . . . . . . . . . USD 1.229649 = EUR 1 ** The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same umbrella fund), the corresponding accounts of the fund were not the object of an elimination for the purposes of the consolidated presentation of results. 1 The sub-fund was launched on July 19, 2021. 2 The sub-fund was launched on July 19, 2021. 3 The sub-fund was launched on June 28, 2021. 4 The sub-fund was launched on June 28, 2021. KPM KPMG issued an unqualified audit opinion for the full annual report of this SICAV (Société d’Investissement à Capital Variable). The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: G Luxembourg, Société anonyme\\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\\tE-mail: info@kpmg.lu Internet: www.kpmg.lu ##### To the shareholders of DWS Strategic, SICAV 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE \\\"REVISEUR D’ENTREPRISES AGREE\\\" ###### Report on the audit of the annual financial statements Opinion We have audited the financial statements of the SICAV DWS Strategic and its respective sub-funds (the \\\"fund\\\"), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as explanatory notes, including a summary of significant accounting policies. In our opinion, the attached financial statements give a true and fair view of the financial position of DWS Strategic SICAV and its respective sub-funds as of December 31, 2021, and of the results of its operations and changes in its net assets for the fiscal year then ended in accordance with Luxembourg legal and regu- latory requirements relating to the preparation and presentation of financial statements. ###### Basis for the audit opinion We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the sec- tion “Responsibility of the Réviseur d’Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accoun- tants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. ###### Other information The Board of Directors of the fund is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements. Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard. ###### Responsibility of the Board of Directors of the fund for the financial statements The Board of Directors of the fund is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of annual financial statements and for the internal controls that the Board of Directors considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement. When preparing the annual financial statements, the Board of Directors of the fund is responsible for assess- ing the capability of the fund and of its respective sub-funds of continuing the business activity and, where relevant, for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Board of Directors of the fund intends to liquidate the fund or to close certain of its sub-funds, to cease business activities or no longer has any other realistic alternative than to take such action. Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements. When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach. Furthermore: - We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of material misstatements not being discovered is higher for infringements than for inaccuracies, as infringe- ments may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls. - We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system. - We assess the appropriateness of the accounting methods applied by the Board of Directors of the fund, of the accounting-related estimates and of the corresponding disclosures in the notes. - We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Board of Directors of the fund as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund or of one of its sub-funds to continue the busi- ness activity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associated explanatory information provided in the annual accounts in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund or certain of its sub-funds no longer being able to continue their business activity. - We assess the overall presentation, the structure and the content of the annual accounts, including the explanatory notes, and assess whether these appropriately present the underlying business transactions and events. We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring. Luxembourg, April 14, 2022\\tKPMG Luxembourg Société anonyme (stock corporation) Cabinet de révision agréé Pia Schanz\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98289,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"Umbenennungen von Teilfonds\nDie nachfolgenden Teilfonds der DWS Strategic, SICAV wurden mit Wirkung zum 31. Januar 2021 wie folgt umbenannt: Alter Teilfondsname\tNeuer Teilfondsname\nDB Wealth Management Balanced SAA (EUR)\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\tDB Balanced SAA (USD)\nDB Wealth Management Balanced SAA (EUR) Plus\tDB Balanced SAA (EUR) Plus DB Wealth Management Balanced SAA (USD) Plus\tDB Balanced SAA (USD) Plus DB Wealth Management Conservative SAA (EUR)\tDB Conservative SAA (EUR) DB Wealth Management Conservative SAA (USD)\tDB Conservative SAA (USD)\nDB Wealth Management Conservative SAA (EUR) Plus\tDB Conservative SAA (EUR) Plus DB Wealth Management Conservative SAA (USD) Plus DB Conservative SAA (USD) Plus DB Wealth Management Growth SAA (EUR)\tDB Growth SAA (EUR)\nDB Wealth Management Growth SAA (USD)\tDB Growth SAA (USD)\nUmbenennungen von Anteilklassen\nDie Anteilklassen LC der Teilfonds DB Balanced SAA (EUR), DB Balanced SAA (EUR) Plus, DB Conservative SAA (EUR) und DB Growth SAA (EUR) wurden mit Wirkung zum 31. Januar 2021 jeweils in Anteilklasse SC umbenannt. In den jeweiligen Teilfonds wurde die Anteilklasse LC mit Wirkung zum 1. Februar 2021 neu aufgelegt."},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"Renaming of sub-funds\nThe following sub-funds of DWS Strategic, SICAV, were renamed as follows effective January 31, 2021: Old sub-fund name\tNew sub-fund name\nDB Wealth Management Balanced SAA (EUR)\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\tDB Balanced SAA (USD)\nDB Wealth Management Balanced SAA (EUR) Plus\tDB Balanced SAA (EUR) Plus DB Wealth Management Balanced SAA (USD) Plus\tDB Balanced SAA (USD) Plus DB Wealth Management Conservative SAA (EUR)\tDB Conservative SAA (EUR) DB Wealth Management Conservative SAA (USD)\tDB Conservative SAA (USD)\nDB Wealth Management Conservative SAA (EUR) Plus DB Conservative SAA (EUR) Plus DB Wealth Management Conservative SAA (USD) Plus DB Conservative SAA (USD) Plus DB Wealth Management Growth SAA (EUR)\tDB Growth SAA (EUR)\nDB Wealth Management Growth SAA (USD)\tDB Growth SAA (USD)\nRenaming of share classes\nThe LC share classes of the sub-funds DB Balanced SAA (EUR), DB Balanced SAA (EUR) Plus, DB Conservative SAA (EUR) and DB Growth SAA (EUR) were renamed SC share class effective January 31, 2021. In the respective sub- funds, the LC share class was newly launched effective February 1, 2021."},"unique id":{"kind":"number","value":108290,"string":"108,290"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["Renaming of sub-funds","The following sub-funds of DWS Strategic, SICAV, were renamed as follows effective January 31, 2021: Old sub-fund name\tNew sub-fund name","DB Wealth Management Balanced SAA (EUR)\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\tDB Balanced SAA (USD)","DB Wealth Management Balanced SAA (EUR) Plus\tDB Balanced SAA (EUR) Plus DB Wealth Management Balanced SAA (USD) Plus\tDB Balanced SAA (USD) Plus DB Wealth Management Conservative SAA (EUR)\tDB Conservative SAA (EUR) DB Wealth Management Conservative SAA (USD)\tDB Conservative SAA (USD)","DB Wealth Management Conservative SAA (EUR) Plus DB Conservative SAA (EUR) Plus DB Wealth Management Conservative SAA (USD) Plus DB Conservative SAA (USD) Plus DB Wealth Management Growth SAA (EUR)\tDB Growth SAA (EUR)","DB Wealth Management Growth SAA (USD)\tDB Growth SAA (USD)","Renaming of share classes","The LC share classes of the sub-funds DB Balanced SAA (EUR), DB Balanced SAA (EUR) Plus, DB Conservative SAA (EUR) and DB Growth SAA (EUR) were renamed SC share class effective January 31, 2021.","In the respective sub- funds, the LC share class was newly launched effective February 1, 2021."],"string":"[\n \"Renaming of sub-funds\",\n \"The following sub-funds of DWS Strategic, SICAV, were renamed as follows effective January 31, 2021: Old sub-fund name\\tNew sub-fund name\",\n \"DB Wealth Management Balanced SAA (EUR)\\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\\tDB Balanced SAA (USD)\",\n \"DB Wealth Management Balanced SAA (EUR) Plus\\tDB Balanced SAA (EUR) Plus DB Wealth Management Balanced SAA (USD) Plus\\tDB Balanced SAA (USD) Plus DB Wealth Management Conservative SAA (EUR)\\tDB Conservative SAA (EUR) DB Wealth Management Conservative SAA (USD)\\tDB Conservative SAA (USD)\",\n \"DB Wealth Management Conservative SAA (EUR) Plus DB Conservative SAA (EUR) Plus DB Wealth Management Conservative SAA (USD) Plus DB Conservative SAA (USD) Plus DB Wealth Management Growth SAA (EUR)\\tDB Growth SAA (EUR)\",\n \"DB Wealth Management Growth SAA (USD)\\tDB Growth SAA (USD)\",\n \"Renaming of share classes\",\n \"The LC share classes of the sub-funds DB Balanced SAA (EUR), DB Balanced SAA (EUR) Plus, DB Conservative SAA (EUR) and DB Growth SAA (EUR) were renamed SC share class effective January 31, 2021.\",\n \"In the respective sub- funds, the LC share class was newly launched effective February 1, 2021.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["Renaming of sub-funds","The following sub-funds of DWS Strategic, SICAV, were renamed as follows effective January 31, 2021: Old sub-fund name\tNew sub-fund name","DB Wealth Management Balanced SAA (EUR)\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\tDB Balanced SAA (USD)","DB Wealth Management Balanced SAA (EUR) Plus\tDB Balanced SAA (EUR) Plus DB Wealth Management Balanced SAA (USD) Plus\tDB Balanced SAA (USD) Plus DB Wealth Management Conservative SAA (EUR)\tDB Conservative SAA (EUR) DB Wealth Management Conservative SAA (USD)\tDB Conservative SAA (USD)","DB Wealth Management Conservative SAA (EUR) Plus DB Conservative SAA (EUR) Plus DB Wealth Management Conservative SAA (USD) Plus DB Conservative SAA (USD) Plus DB Wealth Management Growth SAA (EUR)\tDB Growth SAA (EUR)","DB Wealth Management Growth SAA (USD)\tDB Growth SAA (USD)","Renaming of share classes","The LC share classes of the sub-funds DB Balanced SAA (EUR), DB Balanced SAA (EUR) Plus, DB Conservative SAA (EUR) and DB Growth SAA (EUR) were renamed SC share class effective January 31, 2021.","In the respective sub- funds, the LC share class was newly launched effective February 1, 2021."],"string":"[\n \"Renaming of sub-funds\",\n \"The following sub-funds of DWS Strategic, SICAV, were renamed as follows effective January 31, 2021: Old sub-fund name\\tNew sub-fund name\",\n \"DB Wealth Management Balanced SAA (EUR)\\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\\tDB Balanced SAA (USD)\",\n \"DB Wealth Management Balanced SAA (EUR) Plus\\tDB Balanced SAA (EUR) Plus DB Wealth Management Balanced SAA (USD) Plus\\tDB Balanced SAA (USD) Plus DB Wealth Management Conservative SAA (EUR)\\tDB Conservative SAA (EUR) DB Wealth Management Conservative SAA (USD)\\tDB Conservative SAA (USD)\",\n \"DB Wealth Management Conservative SAA (EUR) Plus DB Conservative SAA (EUR) Plus DB Wealth Management Conservative SAA (USD) Plus DB Conservative SAA (USD) Plus DB Wealth Management Growth SAA (EUR)\\tDB Growth SAA (EUR)\",\n \"DB Wealth Management Growth SAA (USD)\\tDB Growth SAA (USD)\",\n \"Renaming of share classes\",\n \"The LC share classes of the sub-funds DB Balanced SAA (EUR), DB Balanced SAA (EUR) Plus, DB Conservative SAA (EUR) and DB Growth SAA (EUR) were renamed SC share class effective January 31, 2021.\",\n \"In the respective sub- funds, the LC share class was newly launched effective February 1, 2021.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98290,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-\nAnteilwert am Ende des Geschäftsjahres\nKlasse LC50 ............................. EUR\t-\nKlasse PFC ............................. EUR\t-\nKlasse SC .............................. EUR\t-"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-\nNet asset value per share at the end of the fiscal year\nClass LC50 .............................. EUR\t-\nClass PFC ............................... EUR\t-\nClass SC ................................ 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EUR\t-","Net asset value per share at the end of the fiscal year","Class LC50 EUR\t-","Class PFC EUR\t-","Class SC EUR\t-"],"string":"[\n \"2019.\",\n \". . . .\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=2 to=1>. . . .</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=3 to=1>. . . .</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=4 to=1>. . . .</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=5 to=1>. . . .</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=6 to=1>. . . .</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=7 to=1>. . . .</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=8 to=1>. . . .</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=9 to=1>. . . .</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=10 to=1>. . . .</XML>\",\n \". . . 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EUR\\t-\",\n \"Net asset value per share at the end of the fiscal year\",\n \"Class LC50 EUR\\t-\",\n \"Class PFC EUR\\t-\",\n \"Class SC EUR\\t-\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98291,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"- Verwaltungsvergütung .......................... EUR\t-849 270,33 davon:Kostenpauschale ............ EUR\t-849 270,33\n- Rechts- und Veröffentlichungskosten .............. EUR\t-1 300,80\n- Taxe d‘Abonnement ............................ EUR\t-85 365,75\n- Sonstige Aufwendungen ........................ EUR\t-56,36 davon:Erfolgsabhängige Vergütung"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"- Management fee ............................... EUR\t-849 270.33thereof:All-in fee................... EUR\t-849 270.33\n- Legal and publication costs ....................... EUR\t-1 300.80\n- Taxe d‘abonnement............................. EUR\t-85 365.75\n- Other expenses ................................ EUR\t-56.36thereof:Performance-based fee fromsecurities lending income ..... EUR\t-56.36"},"unique id":{"kind":"number","value":108292,"string":"108,292"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["- Management fee EUR\t-849 270.33thereof:All-in fee EUR\t-849 270.33","- Legal and publication costs EUR\t-1 300.80","- Taxe d‘abonnement EUR\t-85 365.75","- Other expenses EUR\t-56.36thereof:Performance-based fee fromsecurities lending income EUR\t-56.36"],"string":"[\n \"- Management fee EUR\\t-849 270.33thereof:All-in fee EUR\\t-849 270.33\",\n \"- Legal and publication costs EUR\\t-1 300.80\",\n \"- Taxe d‘abonnement EUR\\t-85 365.75\",\n \"- Other expenses EUR\\t-56.36thereof:Performance-based fee fromsecurities lending income EUR\\t-56.36\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["- Management fee EUR\t-849 270.33thereof:All-in fee EUR\t-849 270.33","- Legal and publication costs EUR\t-1 300.80","- Taxe d‘abonnement EUR\t-85 365.75","- Other expenses EUR\t-56.36thereof:Performance-based fee fromsecurities lending income EUR\t-56.36"],"string":"[\n \"- Management fee EUR\\t-849 270.33thereof:All-in fee EUR\\t-849 270.33\",\n \"- Legal and publication costs EUR\\t-1 300.80\",\n \"- Taxe d‘abonnement EUR\\t-85 365.75\",\n \"- Other expenses EUR\\t-56.36thereof:Performance-based fee fromsecurities lending income EUR\\t-56.36\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98292,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"###### Sonstige Informationen\nDer Verwaltungsrat des Fonds ist verantwortlich für die sonstigen Informationen. Die sonstigen Informatio- nen beinhalten die Informationen, welche im Jahresbericht enthalten sind, jedoch beinhalten sie nicht den Jahresabschluss oder unseren Bericht des „réviseur d’entreprises agréé“ zu diesem Jahresabschluss.\n© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518\na member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\nguarantee. All rights reserved.\nUnser Prüfungsurteil zum Jahresabschluss deckt nicht die sonstigen Informationen ab und wir geben kei- nerlei Sicherheit jedweder Art auf diese Informationen.\nIm Zusammenhang mit der Prüfung des Jahresabschlusses besteht unsere Verantwortung darin, die sons- tigen Informationen zu lesen und dabei zu beurteilen, ob eine wesentliche Unstimmigkeit zwischen diesen und dem Jahresabschluss oder mit den bei der Abschlussprüfung gewonnenen Erkenntnissen besteht oder auch ansonsten die sonstigen Informationen wesentlich falsch dargestellt erscheinen. Sollten wir auf Basis der von uns durchgeführten Arbeiten schlussfolgern, dass sonstige Informationen wesentliche falsche Dar- stellungen enthalten, sind wir verpflichtet, diesen Sachverhalt zu berichten. Wir haben diesbezüglich nichts zu berichten."},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"###### Other information\nThe Board of Directors of the fund is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.\nOur audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.\n© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518\na member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\nguarantee. All rights reserved.\nIn connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard."},"unique id":{"kind":"number","value":108293,"string":"108,293"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["###### Other information","The Board of Directors of the fund is responsible for the other information.","The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.","<XML tool=\"custom\" phenom=\"reordering\" from=3 to=7>Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=4 to=3>© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=5 to=4>a member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=6 to=5>guarantee.</XML>","<XML tool=\"custom\" phenom=\"reordering\" from=7 to=6>All rights reserved.</XML>","In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way.","If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter.","We have nothing to report in this regard."],"string":"[\n \"###### Other information\",\n \"The Board of Directors of the fund is responsible for the other information.\",\n \"The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=3 to=7>Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=4 to=3>© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\\tT.V.A. LU 27351518</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=5 to=4>a member firm of the KPMG global organization of independent member firms\\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=6 to=5>guarantee.</XML>\",\n \"<XML tool=\\\"custom\\\" phenom=\\\"reordering\\\" from=7 to=6>All rights reserved.</XML>\",\n \"In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way.\",\n \"If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter.\",\n \"We have nothing to report in this regard.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["###### Other information","The Board of Directors of the fund is responsible for the other information.","The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.","Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.","© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518","a member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by","guarantee.","All rights reserved.","In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way.","If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter.","We have nothing to report in this regard."],"string":"[\n \"###### Other information\",\n \"The Board of Directors of the fund is responsible for the other information.\",\n \"The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.\",\n \"Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.\",\n \"© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\\tT.V.A. LU 27351518\",\n \"a member firm of the KPMG global organization of independent member firms\\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\",\n \"guarantee.\",\n \"All rights reserved.\",\n \"In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way.\",\n \"If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter.\",\n \"We have nothing to report in this regard.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98293,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Jahresbericht\nund Jahresabschluss\nAnlageziel und Anlage- ergebnis im Berichtszeitraum \nDWS ESG Multi Asset Dynamic kann je nach Börsensituation flexibel an den internationalen Aktien- und Rentenmärkten in- vestieren. Ziel der Anlagepolitik ist es, einen nachhaltigen Wertzuwachs zu erzielen. Um dies zu erreichen investiert der\nDWS ESG MULTI ASSET DYNAMIC\nWertentwicklung seit Auflegung\n142\n135\n128\n121\n114\n107\n100\n93\nFonds vor allem in Aktien und\n6.4.18*\n12/18\t12/19\t12/20\n12/21\nAnleihen von deutschen, euro-\nDWS ESG Multi Asset Dynamic (Anteilklasse LD)\n* aufgelegt am 6.4.2018 = 100 Angaben auf Euro-Basis\npäischen und internationalen\nUnternehmen oder Staaten, um einen größtmöglichen Ertrag mit ökologischen und sozialen Kriterien zu vereinbaren. Je nach Einschätzung der Markt- lage kann das Fondsvermögen auch in Aktienzertifikaten, Wandelschuldverschreibungen, Wandel- und Optionsanleihen oder in Partizipations- und Ge- nussscheinen angelegt werden. Dabei wird auf eine internatio- nale Streuung geachtet.\nWertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDWS ESG MULTI ASSET DYNAMIC\nWertentwicklung der Anteilklassen (in Euro)\n| Anteilklasse | ISIN | 1 Jahr | 3 Jahre | 5 Jahre |\n| --- | --- | --- | --- | --- |\n| Klasse LD | LU1790031394 | 15,0% | 40,0% | 36,5%1) |\n| Klasse FD | LU0198959040 | 15,7% | 42,7% | 43,2% |\n| Klasse LC | LU2050544563 | 15,0% | 22,1%1) | – |\n| Klasse TFC | LU2050544647 | 15,7% | 23,9%1) | – |\n\n1) \nKlasse LD aufgelegt am 6.4.2018 / Klassen LC und TFC aufgelegt am 19.9.2019 Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.\nWertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.\tStand: 31.12.2021\nDas Anlageumfeld war im Berichtszeitraum neben immer noch sehr niedrigen Zinsen sowie Schwankungen an den Kapitalmärkten vor allem auch von der Coronakrise* geprägt. Trotz der vor allem zum Ende des Berichtszeitraums hin steigenden Inflation blieb ein Zinsanstieg sowohl im Euro- raum als auch in den USA aus. Beeinflusst wurde diese Ent- wicklung an den Märkten von einem verstärkten Interesse der Investoren auf deren Suche nach Investitionsmöglichkeiten für Liquidität, in einem Umfeld, das weiterhin durch die aus- giebige Geldversorgung der Zentralbanken in den Indust- riestaaten gekennzeichnet war.\nVor diesem Hintergrund erzielte DWS ESG Multi Asset Dynamic\nim Geschäftsjahr bis Ende Dezember 2021 einen Wert- zuwachs von 15,7% je Anteil (FD Anteilklasse; nach BVI- Methode; in Euro).\n\n#### Anlagepolitik im Berichtszeitraum\nDie Entwicklung an den inter- nationalen Kapitalmärkten stand im Jahr 2021 insbeson- dere unter dem Eindruck der Coronavirus-Pandemie und deren gesellschaftlichen sowie ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterstützte die – ange- sichts der abgeschwächten Weltkonjunktur – extrem lockere Geldpolitik der Zentral- banken der Industrieländer\ndie Kursentwicklung an den\nFinanzmärkten. Seit Jahresan- fang 2021 verbesserten sich die Konjunkturaussichten, begüns- tigt durch die von der interna- tionalen Staatengemeinschaft unternommenen Anstrengun- gen und Maßnahmenpakete mit dem Ziel, die wirtschaftlichen Auswirkungen der Coronakrise zu bewältigen, und durch die Zulassungsbeantragungen für COVID-19-Impfstoffe sowie die einsetzenden Impfkampagnen. Allerdings kam bei den Inves- toren auch die Inflationsfrage auf, hervorgerufen u.a. durch die deutlich gestiegenen Preise an den Rohstoffmärkten, den Corona bedingten Konsum- Nachholbedarf sowie partielle Angebotsverknappung auf- grund von Lieferschwierig-\nkeiten. Zudem dämpften die dynamische Ausbreitung des Coronavirus und dessen Mu- tanten sowie damit verbunde- ne neue Beschränkungen die Konjunkturperspektiven. Die internationalen Aktienbörsen schlossen das Jahr 2021 mit deutlichen Kurssteigerungen ab, zeichneten allerdings ein differenziertes Bild. Während die Aktienmärkte in den west- lichen Industrieländern – be- günstigt insbesondere durch die schnelle Erholung der Unternehmensgewinne – kräf- tige Kurszuwächse verzeich- neten, bildeten die Börsen der Emerging Markets das Schluss- licht und verbuchten Kursrück- gänge. Vor dem Hintergrund einer global hohen Verschul- dung und historisch extrem niedriger Zinsen kam es an den Anleihemärkten im Berichtsjahr bis Ende Dezember 2021 zum längeren Laufzeitende hin unter\nAuf der Aktienseite lag der Fokus vor allem auf wachs- tumsstarke Aktien des Informa- tionstechnologiesektors, aber auch des Gesundheitssektors sowie generell auf substanz- starke Aktien mit attraktiver Dividendenrendite. Vor dem Hintergrund zahlreicher Belas- tungsfaktoren, wie vor allem auch der Coronakrise, und aus Gründen der Risikosteuerung wurde ein Teil der Aktienanla- gen phasenweise flexibel mit Index-Futures abgesichert. Im Verlauf des Geschäftsjahres steuerte das Portfoliomanage- ment die Aktieninvestitions- quote dynamisch. Die Aktien quote belief sich Ende Dezember 2021 auf rund 78% des Fondsvermögens. Auf der Rentenseite hielt das Portfolio- management weiterhin vor allem Anleihen staatsnaher Emittenten sowie hochrentier- liche Unternehmensanleihen\nDie Auswahl der Vermögensge- genstände erfolgt überwiegend im Einklang mit den beworbe- nen ökologischen und/oder sozialen Kriterien. Die diesem Finanzprodukt zugrunde liegen- den Investitionen berücksichti- gen jedoch nicht die EU-Kriteri- en für ökologisch nachhaltige Wirtschaftsaktivitäten im Sinne der Taxonomie-Verordnung.\nDie Darstellung der offen- zulegenden Informationen für regelmäßige Berichte für Finanzprodukte im Sinne des\nArtikels 8(1) gemäß Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezoge-\nne Offenlegungspflichten im Finanzdienstleistungssektor) können den Angaben gemäß Verordnung (EU) 2019/2088 sowie gemäß Verordnung (EU) 2020/852 im hinteren Teil des Berichts entnommen wer- den.\nSchwankungen zu Kursermä-\taus Europa, den USA und den\t\nßigungen bei einem Anstieg der Anleiherenditen auf einem immer noch sehr niedrigen, zum Teil negativen Renditeni- veau. An den Unternehmens- anleihemärkten verbuchten High Yield-Titel Kurssteigerun- gen bei verringerten Risikoauf- schlägen und konnten damit Unternehmensanleihen (Cor- porate Bonds) mit Investment- Grade-Status, die schwächer notierten, outperformen. Die Bondmärkte der Emerging Markets wiesen – wenn auch unterschiedlich stark ausge- prägt – Kursrückgänge bei ausgeweiteten Risikoauf- schlägen auf.\nEmerging Markets.\nDas Portfolio wies insgesamt eine sehr gute Nachhaltigkeits- Leistung auf. ESG steht dabei für ökologische, soziale und auf die Unternehmensführung bezogene Aspekte.\n\n#### Informationen zu ökologischen und/oder sozialen Merkmalen\nDWS ESG Multi Asset Dynamic bewirbt ökologische und/oder soziale Merkmale im Sinne des Artikels 8(1) der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezoge- ne Offenlegungspflichten im Finanzdienstleistungssektor).\n* Die Coronakrise (COVID-19) stellt(e) auch für die Wirtschaft weltweit eine bedeu- tende Herausforderung und somit ein wesentliches Ereignis im Berichtszeit- raum dar. Unsicherheiten hinsichtlich der Auswirkungen von COVID-19 sind für das Verständnis des Jahresabschlusses von Bedeutung. Weitere Details hierzu können den Ausführungen im Abschnitt\n„Hinweise“ entnommen werden.\n| Vermögensübersicht zum 31.12.2021 | |\n| --- | --- |\n| | Bestand in EUR | %-Anteil am Fondsvermögen |\n| I. Vermögensgegenstände | | |\n| 1. Aktien (Branchen): Gesundheitswesen | 29 601 714,20 | 14,35 |\n| Informationstechnologie | 26 418 062,30 | 12,81 |\n| Finanzsektor | 24 600 341,18 | 11,92 |\n| Kommunikationsdienste | 17 300 235,92 | 8,39 |\n| Versorger | 16 951 962,45 | 8,22 |\n| Hauptverbrauchsgüter | 14 355 485,78 | 6,96 |\n| Industrien | 10 710 915,86 | 5,19 |\n| Grundstoffe | 7 734 083,05 | 3,75 |\n| Dauerhafte Konsumgüter | 6 095 537,55 | 2,95 |\n| Sonstige | 7 418 572,61 | 3,59 |\n| Summe Aktien: | 161 186 910,90 | 78,13 |\n| 2. Anleihen (Emittenten): Unternehmen | 15 359 243,65 | 7,44 |\n| Institute | 10 212 222,69 | 4,95 |\n| Sonst. Finanzierungsinstitutionen | 4 042 874,13 | 1,96 |\n| Summe Anleihen: | 29 614 340,47 | 14,35 |\n| 3. Derivate | -37 944,93 | -0,02 |\n| 4. Bankguthaben | 15 225 678,79 | 7,38 |\n| 5. Sonstige Vermögensgegenstände | 490 816,31 | 0,24 |\n| 6. Forderungen aus Anteilscheingeschäften | 20 651,52 | 0,01 |\n| II. Verbindlichkeiten | | |\n| 1. Sonstige Verbindlichkeiten | -182 811,31 | -0,09 |\n| 2. Verbindlichkeiten aus Anteilscheingeschäften | -8 185,96 | 0,00 |\n| III. Fondsvermögen | 206 309 455,79 | 100,00 |\n| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | | |\n\n\n###### Vermögensaufstellung zum 31.12.2021\n| Wertpapierbezeichnung | Stück bzw. Whg. in 1000 | Bestand | Käufe/\tVerkäufe/ Zugänge\tAbgänge im Berichtszeitraum | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |\n| --- | --- | --- | --- | --- | --- | --- |\n| Börsengehandelte Wertpapiere | | | | | | | 189 668 835,32 | 91,93 |\n| Aktien | | | | | | | | |\n| Vestas Wind Systems (DK0061539921) ............. . | Stück | 86 500 | 86 500 | | DKK | 198,6000 | 2 309 985,48 | 1,12 |\n| Acciona (ES0125220311) ........................ . | Stück | 16 000 | | | EUR | 167,8000 | 2 684 800,00 | 1,30 |\n| Allianz (DE0008404005) ......................... . | Stück | 8 000 | | 1 900 | EUR | 207,8000 | 1 662 400,00 | 0,81 |\n| AXA (FR0000120628) ........................... . | Stück | 113 000 | | 16 000 | EUR | 26,2950 | 2 971 335,00 | 1,44 |\n| bpost Compartment A (BE0974268972) ............. . Corporacion Acciona Energias Renovables (ES0105563003) ............................... . | Stück Stück | 69 565 42 000 | 42 000 | | EUR EUR | 7,7050 32,3900 | 535 998,33 1 360 380,00 | 0,26 0,66 |\n| Deutsche Börse Reg. (DE0005810055) ............. . | Stück | 12 600 | | | EUR | 146,8500 | 1 850 310,00 | 0,90 |\n| Deutsche EuroShop Reg. (DE0007480204) .......... . | Stück | 25 500 | | 47 500 | EUR | 14,6000 | 372 300,00 | 0,18 |\n| Deutsche Telekom Reg. (DE0005557508) ........... . | Stück | 228 000 | 36 000 | | EUR | 16,2600 | 3 707 280,00 | 1,80 |\n| Deutsche Wohnen (DE000A0HN5C6)............... . | Stück | 45 000 | 67 000 | 54 000 | EUR | 37,3000 | 1 678 500,00 | 0,81 |\n| E.ON Reg. (DE000ENAG999) ..................... . | Stück | 339 000 | | | EUR | 12,2240 | 4 143 936,00 | 2,01 |\n| EDP Renovaveis (ES0127797019).................. . | Stück | 157 577 | 32 577 | 15 000 | EUR | 21,8400 | 3 441 481,68 | 1,67 |\n| Groupe Danone (C.R.) (FR0000120644) ............. . | Stück | 38 100 | | | EUR | 54,9200 | 2 092 452,00 | 1,01 |\n| Henkel Pref. (DE0006048432)..................... . | Stück | 20 500 | 10 500 | | EUR | 71,3000 | 1 461 650,00 | 0,71 |\n| ING Groep (NL0011821202) ...................... . | Stück | 201 000 | | 70 000 | EUR | 12,2940 | 2 471 094,00 | 1,20 |\n| Koninklijke Ahold Delhaize (NL0011794037).......... . | Stück | 104 000 | | | EUR | 30,5050 | 3 172 520,00 | 1,54 |\n| Koninklijke Philips (NL0000009538) ................ . | Stück | 54 000 | 25 000 | | EUR | 32,8450 | 1 773 630,00 | 0,86 |\n| Merck (DE0006599905) ......................... . Münchener Rückversicherungs-Gesellschaft Vink. Reg. (DE0008430026) ............................... . | Stück Stück | 16 600 6 250 | 1 500 | 5 300 650 | EUR EUR | 228,5000 261,0000 | 3 793 100,00 1 631 250,00 | 1,84 0,79 |\n| Ontex Group (BE0974276082) .................... . | Stück | 102 000 | | | EUR | 6,9300 | 706 860,00 | 0,34 |\n| Orange (FR0000133308) ......................... . | Stück | 215 000 | | | EUR | 9,4130 | 2 023 795,00 | 0,98 |\n| Prysmian (IT0004176001) ........................ . | Stück | 37 000 | | | EUR | 33,2000 | 1 228 400,00 | 0,60 |\n| Red Electrica Corporacion (ES0173093024) .......... . | Stück | 150 000 | | | EUR | 19,0900 | 2 863 500,00 | 1,39 |\n| SAP (DE0007164600) ........................... . | Stück | 9 500 | | | EUR | 124,4000 | 1 181 800,00 | 0,57 |\n| Talanx Reg. (DE000TLX1005) ..................... . | Stück | 59 000 | | | EUR | 42,5200 | 2 508 680,00 | 1,22 |\n| Umicore (BE0974320526) ........................ . | Stück | 37 500 | 37 500 | | EUR | 35,7300 | 1 339 875,00 | 0,65 |\n| Unilever (GB00B10RZP78) ....................... . | Stück | 43 000 | | | EUR | 47,2550 | 2 031 965,00 | 0,98 |\n| Vonovia (DE000A1ML7J1) ....................... . | Stück | 79 521 | 38 616 | | EUR | 48,4900 | 3 855 973,29 | 1,87 |\n| Drax Group (GB00B1VNSX38)..................... . | Stück | 145 000 | 145 000 | | GBP | 6,1995 | 1 070 592,69 | 0,52 |\n| GlaxoSmithKline (GB0009252882) ................. . | Stück | 50 000 | | | GBP | 16,2600 | 968 260,58 | 0,47 |\n| Smith & Nephew (GB0009223206)................. . | Stück | 69 000 | | | GBP | 12,9396 | 1 063 337,95 | 0,52 |\n| Vodafone Group (GB00BH4HKS39) ................ . | Stück | 900 000 | | | GBP | 1,1240 | 1 204 787,71 | 0,58 |\n| China Datang Corporation Renewable Power Company (CNE100000X69) ................. . | Stück | 1 500 000 | 1 697 000 | 2 697 000 | HKD | 3,5500 | 604 190,19 | 0,29 |\n| Ping An Insurance (Group) Co. of China Cl.H (new) (CNE1000003X6) ............................... . | Stück | 130 000 | 130 000 | | HKD | 56,3000 | 830 435,30 | 0,40 |\n| Xinjiang Goldwind Science & Technology Cl.H (CNE100000PP1) ............................... . | Stück | 775 000 | 775 000 | | HKD | 14,8600 | 1 306 696,02 | 0,63 |\n| Bridgestone Corp. (JP3830800003) ................ . | Stück | 22 500 | | | JPY | 4 949,0000 | 855 504,76 | 0,41 |\n| Central Japan Railway Co. (JP3566800003) .......... . | Stück | 8 000 | | | JPY | 15 345,0000 | 943 146,90 | 0,46 |\n| Komatsu (JP3304200003) ........................ . | Stück | 36 000 | | | JPY | 2 693,5000 | 744 975,41 | 0,36 |\n| Kubota Corp. (JP3266400005)..................... . | Stück | 73 500 | | | JPY | 2 553,5000 | 1 441 934,93 | 0,70 |\n| Nippon Telegraph and Telephone Corp. (JP3735400008). | Stück | 94 000 | | | JPY | 3 150,0000 | 2 274 892,44 | 1,10 |\n| Panasonic Corp. (JP3866800000) .................. . | Stück | 95 000 | | | JPY | 1 265,0000 | 923 286,72 | 0,45 |\n| Sony Group Corp. (JP3435000009)................. . | Stück | 16 000 | 6 000 | | JPY | 14 475,0000 | 1 779 348,49 | 0,86 |\n| Hyundai Mobis (KR7012330007)................... . | Stück | 9 000 | 1 900 | | KRW | 254 500,0000 | 1 704 272,77 | 0,83 |\n| Samsung SDI Co. Pref. (KR7006401004) ............ . | Stück | 6 722 | | 4 100 | KRW | 346 500,0000 | 1 733 047,86 | 0,84 |\n| Storebrand (NO0003053605) ..................... . | Stück | 155 000 | | | NOK | 87,9600 | 1 365 072,69 | 0,66 |\n| Essity Cl.B (SE0009922164) ...................... . | Stück | 65 000 | | | SEK | 295,7000 | 1 876 965,29 | 0,91 |\n| Svenska Cellulosa B (Free) (SE0000112724) ......... . | Stück | 120 000 | | | SEK | 160,1000 | 1 876 135,23 | 0,91 |\n| AbbVie (US00287Y1091) ......................... . | Stück | 7 500 | | | USD | 135,3600 | 898 287,84 | 0,44 |\n| Akamai Technologies (US00971T1016).............. . | Stück | 13 000 | | | USD | 118,3300 | 1 361 137,90 | 0,66 |\n| Alibaba Group Holding ADR (US01609W1027)........ . | Stück | 8 400 | 2 000 | | USD | 112,0900 | 833 124,81 | 0,40 |\n| Alphabet Cl.A (US02079K3059).................... . | Stück | 1 725 | | | USD | 2 933,1000 | 4 476 925,63 | 2,17 |\n| Amgen (US0311621009) ......................... . | Stück | 6 200 | | | USD | 227,6000 | 1 248 613,02 | 0,61 |\n| Anthem (US0367521038) ........................ . | Stück | 4 300 | | | USD | 467,6700 | 1 779 393,00 | 0,86 |\n| AT & T (US00206R1023) ......................... . | Stück | 31 000 | | | USD | 24,6400 | 675 874,88 | 0,33 |\n| Bank of America Corp. (US0605051046) ............ . | Stück | 53 500 | 10 000 | | USD | 44,6300 | 2 112 732,82 | 1,02 |\n| Bank of New York Mellon (US0640581007) .......... . | Stück | 61 000 | | | USD | 58,3700 | 3 150 528,69 | 1,53 |\n| Bristol-Myers Squibb Co. (US1101221083)........... . | Stück | 22 500 | | | USD | 62,2900 | 1 240 122,99 | 0,60 |\n\n| Wertpapierbezeichnung | Stück bzw. Whg. in 1000 | Bestand | Käufe/\tVerkäufe/ Zugänge\tAbgänge im Berichtszeitraum | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |\n| --- | --- | --- | --- | --- | --- | --- |\n| Cisco Systems (US17275R1023) .................. . | Stück | 39 500 | | 10 000 | USD | 63,9600 | 2 235 473,17 | 1,08 |\n| Citigroup (new) (US1729674242) .................. . | Stück | 47 000 | 19 000 | 12 000 | USD | 60,5400 | 2 517 701,19 | 1,22 |\n| Citrix Systems (US1773761002) ................... . | Stück | 17 000 | | | USD | 96,9600 | 1 458 496,66 | 0,71 |\n| Dell Technologies Cl.C (US24703L2025) ............ . | Stück | 17 500 | 17 500 | 17 500 | USD | 57,0500 | 883 400,43 | 0,43 |\n| Enel Chile Reg.S.50 ADR (US29278D1054) .......... . | Stück | 500 000 | 150 000 | | USD | 1,7700 | 783 081,89 | 0,38 |\n| First Solar (US3364331070)....................... . | Stück | 27 500 | | | USD | 87,1800 | 2 121 355,57 | 1,03 |\n| General Mills (US3703341046) .................... . | Stück | 26 500 | | | USD | 67,0200 | 1 571 499,36 | 0,76 |\n| HCA Healthcare (US40412C1018).................. . | Stück | 13 800 | | | USD | 258,4900 | 3 156 361,54 | 1,53 |\n| Impala Platinum Holdings ADR (US4525533083) ...... . | Stück | 136 500 | 56 500 | 45 000 | USD | 13,9000 | 1 678 847,94 | 0,81 |\n| Intel Corp. (US4581401001) ...................... . | Stück | 22 000 | | | USD | 51,8300 | 1 008 945,72 | 0,49 |\n| Kellogg Co. (US4878361082) ..................... . | Stück | 25 500 | | | USD | 63,8900 | 1 441 574,13 | 0,70 |\n| Kinross Gold (CA4969024047) .................... . | Stück | 220 000 | | | USD | 5,6300 | 1 095 960,71 | 0,53 |\n| Laboratory Corp. America Holdings (US50540R4092) .. . | Stück | 8 800 | | | USD | 308,6700 | 2 403 482,72 | 1,16 |\n| Medtronic (IE00BTN1Y115)....................... . | Stück | 13 000 | | | USD | 103,9500 | 1 195 726,23 | 0,58 |\n| Merck & Co. (US58933Y1055) .................... . | Stück | 28 700 | 28 700 | 18 700 | USD | 76,9500 | 1 954 134,41 | 0,95 |\n| Microsoft Corp. (US5949181045) .................. . | Stück | 8 000 | | | USD | 341,9500 | 2 420 563,64 | 1,17 |\n| Morgan Stanley (US6174464486) .................. . | Stück | 17 500 | | 7 500 | USD | 98,7300 | 1 528 801,49 | 0,74 |\n| Newmont (US6516391066)....................... . | Stück | 32 500 | | | USD | 60,6200 | 1 743 264,17 | 0,84 |\n| Pfizer (US7170811035) .......................... . | Stück | 37 000 | | | USD | 57,5800 | 1 885 112,60 | 0,91 |\n| Qiagen (NL0012169213) ......................... . | Stück | 32 500 | 32 500 | | USD | 55,7400 | 1 602 928,81 | 0,78 |\n| Quest Diagnostics (US74834L1008) ................ . | Stück | 8 800 | 8 800 | | USD | 170,1100 | 1 324 574,61 | 0,64 |\n| Samsung Electronics Pref. GDR (US7960502018) ..... . | Stück | 3 623 | | | USD | 1 496,0000 | 4 795 830,64 | 2,32 |\n| SK Telecom ADR (US78440P3064)................. . | Stück | 85 030 | 85 030 | | USD | 27,6400 | 2 079 572,80 | 1,01 |\n| Synopsys (US8716071076) ....................... . | Stück | 2 900 | 4 400 | 1 500 | USD | 373,4400 | 958 258,64 | 0,46 |\n| Taiwan Semiconductor ADR (US8740391003) ........ . | Stück | 40 900 | 7 000 | | USD | 121,4100 | 4 393 814,10 | 2,13 |\n| TPI Composites (US87266J1043) .................. . | Stück | 33 000 | 33 000 | | USD | 14,4800 | 422 811,13 | 0,20 |\n| Union Pacific Corp. (US9078181081) ............... . | Stück | 8 000 | 3 000 | | USD | 251,0300 | 1 776 967,66 | 0,86 |\n| Verizon Communications (US92343V1044)........... . | Stück | 18 500 | 18 500 | | USD | 52,3600 | 857 107,46 | 0,42 |\n| VISA Cl.A (US92826C8394)....................... . | Stück | 5 500 | 5 500 | | USD | 218,1700 | 1 061 748,44 | 0,51 |\n| VMware Cl. A (US9285634021) ................... . | Stück | 7 710 | 7 710 | | USD | 117,8800 | 804 189,53 | 0,39 |\n| Weyerhaeuser Co. (US9621661043)................ . | Stück | 42 000 | 42 000 | | USD | 40,6800 | 1 511 799,32 | 0,73 |\n| Verzinsliche Wertpapiere | | | | | | | | |\n| 0,0000 % Alstom 21/11.01.29 (FR0014001EW8) .... . | EUR | 1 000 | 1 000 | | % | 96,5360 | 965 360,00 | 0,47 |\n| 10,1250 % Assicurazioni Generali 12/10.07.42 MTN | | | | | | | | |\n| (XS0802638642)...................... . | EUR | 1 200 | | | % | 105,3050 | 1 263 660,00 | 0,61 |\n| 2,4290 | % Assicurazioni Generali 20/14.07.31 MTN | | | | | | |\n| | (XS2201857534)...................... . | EUR | 1 000 | % | 106,2850 | 1 062 850,00 | 0,52 |\n| 4,8750 | % Eurofins Scientific 15/und. (XS1224953882) . | EUR | 1 700 | % | 104,9700 | 1 784 490,00 | 0,86 |\n| 0,0000 | % Medtronic Global Holdings 20/15.10.25 (XS2238787415) 3). . . . . . . . . . . . . . . . . . . . . | EUR | 510 | | | % | 99,7410 | 508 679,10 | 0,25 |\n| 3,5000 | % Ontex Group 21/15.07.26 (BE6329443962). . | EUR | 640 | 640 | | % | 95,5250 | 611 360,00 | 0,30 |\n| 2,9950 | % TenneT Holding 17/und. (XS1591694481) .. . | EUR | 700 | | | % | 104,7450 | 733 215,00 | 0,36 |\n| 0,9000 | % Verbund 21/01.04.41 (XS2320746394) .... . | EUR | 300 | 300 | | % | 101,9270 | 305 781,00 | 0,15 |\n| 0,6250 | % Vonovia 21/14.12.29 MTN (DE000A3E5MH6) | EUR | 400 | 400 | | % | 98,7540 | 395 016,00 | 0,19 |\n| 1,2500 | % KfW 19/28.08.23 MTN (XS2046690827) ... . | NOK | 23 000 | | | % | 99,9335 | 2 301 324,14 | 1,12 |\n| 3,1250 | % Asian Development Bank (ADB) 18/26.09.28 | | | | | | | | |\n| | MTN (US045167EJ82) ................. . | USD | 1 500 | | | % | 110,4365 | 1 465 776,67 | 0,71 |\n| 3,8000 | % Avangrid 19/01.06.29 (US05351WAB90)... . | USD | 1 400 | 1 400 | | % | 108,6440 | 1 345 852,84 | 0,65 |\n| 0,7500 | % European Investment Bank (EIB) | | | | | | | | |\n| | 20/23.09.30 (US298785JH03) ........... . | USD | 3 500 | 3 500 | | % | 93,5160 | 2 896 128,83 | 1,40 |\n| 2,0000 | % International Finance 17/24.10.22 MTN | | | | | | | | |\n| | (US45950VLH77) ..................... . | USD | 1 700 | | | % | 101,2890 | 1 523 614,56 | 0,74 |\n| 1,7500 | % Kreditanstalt für Wiederaufbau 19/14.09.29 | | | | | | | | |\n| | (US500769JD71) ..................... . | USD | 3 000 | 3 000 | | % | 101,6770 | 2 699 031,10 | 1,31 |\n| 0,7500 | % Kreditanstalt für Wiederaufbau 20/30.09.30 | | | | | | | | |\n| | (US500769JG03) ..................... . | USD | 2 800 | 800 | | % | 93,4690 | 2 315 738,62 | 1,12 |\n| 1,9000 | % Nextera Energy Capital Holdings 21/15.06.28 | | | | | | | | |\n| | (US65339KBW99) .................... . | USD | 1 200 | 1 200 | | % | 99,2161 | 1 053 482,90 | 0,51 |\n| 3,8750 | % NextEra Energy Operating Partners | | | | | | | | |\n| | 19/15.10.26 144a (US65342QAL68) ...... . | USD | 1 000 | | | % | 106,0566 | 938 429,41 | 0,45 |\n| 4,6500 | % VMware 20/15.05.27 (US928563AE54).... . | USD | 1 700 | | | % | 112,4626 | 1 691 690,74 | 0,82 |\n| 2,2500 | % Xylem 20/30.01.31 (US98419MAL46) ..... . | USD | 1 100 | 1 100 | | % | 99,0069 | 963 655,92 | 0,47 |\n| 5,5000 | % Ziggo 16/15.01.27 Reg S (USN9838NAA11) . | USD | 1 817 | | 231 | % | 103,0500 | 1 656 787,59 | 0,80 |\n| Sonstige Beteiligungswertpapiere | | | | | | |\n| Roche Holding Profitsh. (CH0012032048) ........... . | Stück | 9 000 | CHF | 382,0500 | 3 314 647,90 | 1,61 |\n| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere | | | 1 132 416,05 | 0,55 |\n| Verzinsliche Wertpapiere | | | | |\n| 4,8750 % Klabin Austria 17/19.09.27 Reg S | | | | |\n| (USL5828LAB55) ..................... .\tUSD\t1 200 | % | 106,6500 | 1 132 416,05 | 0,55 |\n| Summe Wertpapiervermögen | | | 190 801 251,37 | 92,48 |\n\n| Wertpapierbezeichnung | Stück bzw. Whg. in 1000 | Bestand | Käufe/ Zugänge im | Verkäufe/ Abgänge Berichtszeitraum | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Derivate Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen | | | | | | | |\n| Aktienindex-Derivate (Forderungen / Verbindlichkeiten) | | | | | | -15 573,53 | -0,01 |\n| Aktienindex-Terminkontrakte | | | | | | | |\n| EURO STOXX 50 MAR 22 (EURX) EUR ............. . | Stück | 750 | | | | 97 687,50 | 0,05 |\n| STOXX EUR 600 ESG-X MAR 22 (EURX) EUR ........ . | Stück | 1 000 | | | | 5 600,00 | 0,00 |\n| S&P500 EMINI MAR 22 (CME) USD ............... . | Stück | -1 000 | | | | -118 861,03 | -0,06 |\n| Devisen-Derivate | | | | | | -22 371,40 | -0,01 |\n| Devisenterminkontrakte (Verkauf) | | | | | | | |\n| Offene Positionen | | | | | | | |\n| GBP/EUR 1,80 Mio.............................. . | | | | | | -24 450,30 | -0,01 |\n| Geschlossene Positionen | | | | | | | |\n| GBP/EUR 1,80 Mio.............................. . | | | | | | 2 078,90 | 0,00 |\n| Bankguthaben | | | | | | 15 225 678,79 | 7,38 |\n| Verwahrstelle (täglich fällig) | | | | | | | |\n| EUR - Guthaben................................ . | EUR | 4 236 865,53 | | | %\t100 | 4 236 865,53 | 2,05 |\n| Guthaben in sonstigen EU/EWR-Währungen ......... . | EUR | 699 181,51 | | | %\t100 | 699 181,51 | 0,34 |\n| Guthaben in Nicht-EU/EWR-Währungen | | | | | | | |\n| Australische Dollar.............................. . | AUD | 82 735,14 | | | %\t100 | 53 127,30 | 0,03 |\n| Brasilianische Real.............................. . | BRL | 3 725,87 | | | %\t100 | 578,01 | 0,00 |\n| Kanadische Dollar .............................. . | CAD | 271,94 | | | %\t100 | 187,88 | 0,00 |\n| Schweizer Franken ............................. . | CHF | 89,13 | | | %\t100 | 85,92 | 0,00 |\n| Britische Pfund ................................ . | GBP | 1 267 588,43 | | | %\t100 | 1 509 662,87 | 0,73 |\n| Hongkong Dollar ............................... . | HKD | 678 120,32 | | | %\t100 | 76 941,53 | 0,04 |\n| Japanische Yen ................................ . | JPY | 21 568 565,00 | | | %\t100 | 165 708,09 | 0,08 |\n| Südkoreanische Won ........................... . | KRW | 134 890 889,00 | | | %\t100 | 100 367,11 | 0,05 |\n| Mexikanische Peso ............................. . | MXN | 119 776,26 | | | %\t100 | 5 148,15 | 0,00 |\n| Singapur Dollar ................................ . | SGD | 4 000,22 | | | %\t100 | 2 614,44 | 0,00 |\n| US Dollar ..................................... . | USD | 7 145 560,18 | | | %\t100 | 6 322 665,29 | 3,06 |\n| Termingeld | | | | | | | |\n| NOK - Guthaben (Coöperatieve Rabobank U.A., Utrecht). | NOK | 20 500 000,00 | | | %\t100 | 2 052 545,16 | 0,99 |\n| Sonstige Vermögensgegenstände | | | | | | 490 816,31 | 0,24 |\n| Zinsansprüche ................................. . | EUR | 284 354,09 | | | %\t100 | 284 354,09 | 0,14 |\n| Dividenden-/Ausschüttungsansprüche .............. . | EUR | 153 643,96 | | | %\t100 | 153 643,96 | 0,08 |\n| Quellensteueransprüche ......................... . | EUR | 52 606,26 | | | %\t100 | 52 606,26 | 0,03 |\n| Sonstige Ansprüche ............................ . | EUR | 212,00 | | | %\t100 | 212,00 | 0,00 |\n| Forderungen aus Anteilscheingeschäften | EUR | 20 651,52 | | | %\t100 | 20 651,52 | 0,01 |\n| Summe der Vermögensgegenstände 1) | | | | | | 206 643 764,39 | 100,16 |\n| Sonstige Verbindlichkeiten | | | | | | -182 811,31 | -0,09 |\n| Verbindlichkeiten aus Kostenpositionen ............. . | EUR | -157 400,77 | | | %\t100 | -157 400,77 | -0,08 |\n| Andere sonstige Verbindlichkeiten ................. . | EUR | -25 410,54 | | | %\t100 | -25 410,54 | -0,01 |\n| Verbindlichkeiten aus Anteilscheingeschäften | EUR | -8 185,96 | | | %\t100 | -8 185,96 | 0,00 |\n| Fondsvermögen | | | | | | 206 309 455,79 | 100,00 |\n\n| Anteilwert bzw. umlaufende Anteile | Stück bzw. Whg. | Anteilwert in der jeweiligen Whg. |\n| --- | --- | --- |\n| Anteilwert Klasse FD ..................................... | EUR | 288,99 |\n| Klasse LD ..................................... | EUR | 287,55 |\n| Klasse LC...................................... | EUR | 292,55 |\n| Klasse TFC..................................... | EUR | 123,92 |\n| Umlaufende Anteile Klasse FD ..................................... | Stück | 570 804,408 |\n| Klasse LD ..................................... | Stück | 85 461,342 |\n| Klasse LC...................................... | Stück | 22 459,742 |\n| Klasse TFC..................................... | Stück | 82 361,000 |\n\nDurch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.\nEine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.\nZusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)\n75% MSCI All Country World Net TR Index - in EUR, 25% BBG Global Aggregate Index in EUR\nPotenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)\n| kleinster potenzieller Risikobetrag\t% | 68,889 |\n| --- | --- |\n| größter potenzieller Risikobetrag\t% | 91,390 |\n| durchschnittlicher potenzieller Risikobetrag\t% | 82,330 |\n\nDie Risikokennzahlen wurden für den Zeitraum vom 01.01.2021 bis 31.12.2021 auf Basis der VaR-Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.\nDie durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,1, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).\nDas durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 14 061 480,36.\nGegenparteien\nMorgan Stanley Europe S.E., Frankfurt am Main; State Street Bank and Trust Company, London\n Erläuterungen zu den Wertpapier-Darlehen\t\nFolgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:\nGattungsbezeichnung\tNominal\tWertpapier-Darlehen in Stück bzw.\tKurswert in EUR\nWhg. in 1000\tbefristet\tunbefristet\tgesamt\n0,0000 % Medtronic Global Holdings 20/15.10.25 ..... EUR\t500\t498 705,00\n| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen | 498 705,00 | | 498 705,00 |\n| --- | --- | --- | --- |\n| Vertragspartner der Wertpapier-Darlehen: | | | |\n| Deutsche Bank AG, Frankfurt am Main | | | |\n| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten | | EUR | 521 488,80 |\n| davon: Schuldverschreibungen | | EUR | 521 488,80 |\n\n Marktschlüssel\t Terminbörsen\nEURX\t= Eurex (Eurex Frankfurt/Eurex Zürich)\nCME\t= Chicago Mercantile Exchange (CME) - Index and Options Market Division (IOM)\nDevisenkurse (in Mengennotiz)\nper 30.12.2021\n| Australische Dollar................ | AUD | 1,557300 | = | EUR | 1 |\n| --- | --- | --- | --- | --- | --- |\n| Brasilianische Real................ | BRL | 6,446050 | = | EUR | 1 |\n| Kanadische Dollar ................ | CAD | 1,447400 | = | EUR | 1 |\n| Schweizer Franken ............... | CHF | 1,037350 | = | EUR | 1 |\n| Dänische Kronen ................. | DKK | 7,436800 | = | EUR | 1 |\n| Britische Pfund .................. | GBP | 0,839650 | = | EUR | 1 |\n| Hongkong Dollar ................. | HKD | 8,813450 | = | EUR | 1 |\n| Japanische Yen .................. | JPY | 130,160000 | = | EUR | 1 |\n| Südkoreanische Won ............. | KRW | 1 343,975000 | = | EUR | 1 |\n| Mexikanische Peso ............... | MXN | 23,265900 | = | EUR | 1 |\n| Norwegische Kronen.............. | NOK | 9,987600 | = | EUR | 1 |\n| Schwedische Kronen.............. | SEK | 10,240200 | = | EUR | 1 |\n| Singapur Dollar .................. | SGD | 1,530050 | = | EUR | 1 |\n| US Dollar ....................... | USD | 1,130150 | = | EUR | 1 |\n\nErläuterungen zur Bewertung\nDie Anteilwerte werden von der Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den von der Verwaltungsgesellschaft auf der Grundlage der in den gesetzlichen Bestimmungen/Verordnungen bzw. im Prospekt des Fonds definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.\nSofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Zweigniederlassung Luxemburg, als externem Price Service Provider und Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vor- gehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.\nDie in diesem Bericht ausgewiesenen Anlagen werden nicht zu abgeleiteten Verkehrswerten bewertet.\nFußnoten\n1)\tBeinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.\n3)\tDiese Wertpapiere sind ganz oder teilweise als Wertpapier-Darlehen verliehen.\n Ertrags- und Aufwandsrechnung \n(inkl. Ertragsausgleich)\t\nfür den Zeitraum vom 01.01.2021 bis 31.12.2021\n- Erträge\n\t- Dividenden (vor Quellensteuer).................... EUR\t5 384 490,81\n\t- Zinsen aus Wertpapieren (vor Quellensteuer)......... EUR\t894 178,57\n\t- Zinsen aus Liquiditätsanlagen (vor Quellensteuer) ..... EUR\t1 888,89\n\t- Erträge aus Wertpapier-Darlehenund Pensionsgeschäften ......................... EUR\t283,79 davon:aus Wertpapier-Darlehen ....... EUR\t283,79\n\n- Abzug ausländischer Quellensteuer ................ EUR\t-664 099,76\n- Sonstige Erträge ............................... EUR\t342,25Summe der Erträge............................... EUR\t5 617 084,55\n- Aufwendungen\n\t- Zinsen aus Kreditaufnahmen und negativen Einlagen-Zudem fiel aufgrund der Zusatzerträge aus Wertpapierleihegeschäften eine erfolgsabhän- gige Vergütung in Höhe von:Klasse FD 0,000%, Klasse LD 0,000%, Klasse LC 0,000%,Klasse TFC 0,000%des durchschnittlichen Fondsvermögens bezogen auf die jeweilige Anteilklasse an.\n\n\nTransaktionskosten\nDie im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 27 569,18.\nDie Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Vermögensgegenständen stehen. Eventuell gezahlte Finanztransaktionssteuern werden in die Berechnung einbezogen.\n Entwicklungsrechnung für das Fondsvermögen\t\nverzinsungen sowie ähnliche Aufwendungen......... EUR\t-41 411,49\t\ndavon:\nBereitstellungszinsen .......... EUR\t-2 081,12\n- Verwaltungsvergütung .......................... EUR\t-1 845 243,98 davon:Kostenpauschale\tEUR -1 845 243,98\n- Sonstige Aufwendungen ......................... EUR\t-99 842,24 davon:erfolgsabhängige Vergütungaus Wertpapier-Darlehen ....... EUR\t-93,67 Aufwendungen für Rechts- undBeratungskosten .............. EUR\t-278,71Taxe d’Abonnement ........... EUR -99 469,86Summe der Aufwendungen ........................ EUR\t-1 986 497,71\n- Ordentlicher Nettoertrag ........................ EUR\t3 630 586,84\n- Veräußerungsgeschäfte\n\t- Realisierte Gewinne ............................. EUR\t11 199 726,35\n\t- Realisierte Verluste .............................. EUR\t-4 360 308,00Ergebnis aus Veräußerungsgeschäften .............. EUR\t6 839 418,35\n\n- Realisiertes Ergebnis des Geschäftsjahres .......... EUR\t10 470 005,19\n- Nettoveränderung der nichtrealisierten Gewinne ....... EUR\t18 285 148,94\n- Nettoveränderung der nichtrealisierten Verluste ....... EUR\t-1 889 248,76\n- Nichtrealisiertes Ergebnis des Geschäftsjahres ..... EUR\t16 395 900,18\n- Ergebnis des Geschäftsjahres ................... EUR\t26 865 905,37Hinweis: Die Nettoveränderung der nichtrealisierten Gewinne (Verluste) errechnet sich aus Gegenüberstellung der Summe aller nichtrealisierten Gewinne (Verluste) zum Ende des Geschäftsjahres und der Summe aller nichtrealisierten Gewinne (Verluste) zu Beginn des Geschäftsjahres. In die Summe der nichtrealisierten Gewinne (Verluste) fließen die positiven (negativen) Differenzen ein, die aus dem Vergleich der Wertansätze der einzelnen Vermögensgegenstände zum Berichtsstichtag mit den Anschaffungskosten resultieren.\n\nDie nichtrealisierten Ergebnisse werden ohne Ertragsausgleich ausgewiesen.\n Gesamtkostenquote / Transaktionskosten\t\nGesamtkostenquote (BVI - Total Expense Ratio (TER))\nDie Gesamtkostenquote(n) der Anteilklasse(n) belief(en) sich auf:\nKlasse FD 0,90% p.a.,\tKlasse LD 1,55% p.a.,\tKlasse LC 1,55% p.a., Klasse TFC 0,90% p.a.\nDie Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktionskosten) einschließlich eventueller Bereitstellungszinsen als Prozentsatz des durchschnittlichen Fondsvermögens, bezogen auf die jeweilige Anteilklasse, innerhalb eines Geschäftsjahres aus.\n- Wert des Fondsvermögens am Beginn\n\n| des Geschäftsjahres ............................. | EUR | 166 079 135,24 |\n| --- | --- | --- |\n| 1. Ausschüttung für das Vorjahr ..................... | EUR | -1 544 165,25 |\n| 2. Mittelzufluss (netto). . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 15 173 192,19 |\n| a) Mittelzuflüsse aus Anteilscheinverkäufen ........ | EUR | 24 085 721,18 |\n| b) Mittelabflüsse aus Anteilscheinrücknahmen ...... | EUR | -8 912 528,99 |\n| 3. Ertrags- und Aufwandsausgleich................... | EUR | -264 611,76 |\n| 4. Ergebnis des Geschäftsjahres..................... | EUR | 26 865 905,37 |\n| davon: | | |\n| Nettoveränderung der nichtrealisierten Gewinne. . . | EUR | 18 285 148,94 |\n| Nettoveränderung der nichtrealisierten Verluste ... | EUR | -1 889 248,76 |\n\n- Wert des Fondsvermögens am Endedes Geschäftsjahres ............................. EUR\t206 309 455,79 Zusammensetzung der Gewinne/Verluste\tRealisierte Gewinne (inkl. Ertragsausgleich) .......... EUR\t11 199 726,35aus:Wertpapiergeschäften ........................... EUR\t9 701 996,12Finanztermingeschäften ......................... EUR\t464 366,17Devisen(termin)geschäften ....................... EUR\t1 033 364,06Realisierte Verluste (inkl. Ertragsausgleich)........... EUR\t-4 360 308,00aus:Wertpapiergeschäften ........................... EUR\t-1 350 051,86Finanztermingeschäften ......................... EUR\t-1 935 548,37Devisen(termin)geschäften ....................... EUR\t-1 074 707,77Nettoveränderung der nichtrealisiertenGewinne/Verluste ................................ EUR\t16 395 900,18aus:Wertpapiergeschäften ........................... EUR\t16 328 908,86Finanztermingeschäften ......................... EUR\t110 598,52Devisen(termin)geschäften ....................... EUR\t-43 607,20 Angaben zur Ertragsverwendung *\tKlasse FD:Art\tper\tWährung\tJe AnteilEndausschüttung\t04.03.2022\tEUR\t5,35Klasse LD:Art\tper\tWährung\tJe AnteilEndausschüttung\t04.03.2022\tEUR\t3,57 Das verbleibende Ergebnis des Geschäftsjahres wird thesauriert.\n\nKlasse LC: Das Ergebnis des Geschäftsjahres wird thesauriert. Klasse TFC: Das Ergebnis des Geschäftsjahres wird thesauriert.\n* Weitere Informationen sind im Verkaufsprospekt enthalten.\nEntwicklung von Fondsvermögen und Anteilwert im 3-Jahres-Vergleich\n| Fondsvermögen am Ende des Geschäftsjahres | |\n| --- | --- |\n| 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 206 309 455,79 |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 166 079 135,24 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 157 542 582,85 |\n| Anteilwert am Ende des Geschäftsjahres | | |\n| 2021 | Klasse FD........................ | EUR | 288,99 |\n| | Klasse LD........................ | EUR | 287,55 |\n| | Klasse LC........................ | EUR | 292,55 |\n| | Klasse TFC....................... | EUR | 123,92 |\n| 2020 | Klasse FD........................ | EUR | 252,23 |\n| | Klasse LD........................ | EUR | 251,11 |\n| | Klasse LC........................ | EUR | 254,37 |\n| | Klasse TFC....................... | EUR | 107,06 |\n| 2019 | Klasse FD........................ | EUR | 251,00 |\n| | Klasse LD........................ | EUR | 249,94 |\n| | Klasse LC........................ | EUR | 250,55 |\n| | Klasse TFC....................... | EUR | 104,79 |\n\nAbwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns)\nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf Prozent und mehr) sind, betrug 0,00 Prozent der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt 335,85 EUR.\nKPMG Luxembourg, Société anonyme\tTel: +352 22 51 51 1\n39, Avenue John F. Kennedy\tFax: +352 22 51 71\nL-1855 Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\n\n#### An die Anteilinhaber des\nDWS ESG Multi Asset Dynamic 2, Boulevard Konrad Adenauer L-1115 Luxemburg\nBERICHT DES REVISEUR D’ENTREPRISES AGREE\n\n##### Bericht über die Jahresabschlussprüfung Prüfungsurteil\nWir haben den beigefügten Jahresabschluss des DWS ESG Multi Asset Dynamic („der Fonds“), bestehend\naus der Vermögensaufstellung einschließlich des Wertpapierbestands und der sonstigen Vermögenswerte zum 31. Dezember 2021, der Ertrags- und Aufwandsrechnung und der Entwicklung des Fondsvermögens für das an diesem Datum endende Geschäftsjahr sowie erläuternden Angaben, einschließlich einer Zusam- menfassung bedeutsamer Rechnungslegungsmethoden, geprüft.\nNach unserer Beurteilung vermittelt der beigefügte Jahresabschluss in Übereinstimmung mit den in Luxem- burg geltenden gesetzlichen Bestimmungen und Verordnungen betreffend die Aufstellung und Darstellung des Jahresabschlusses ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens- und Finanzlage des DWS ESG Multi Asset Dynamic zum 31. Dezember 2021 sowie der Ertragslage und der Ent- wicklung des Fondsvermögens für das an diesem Datum endende Geschäftsjahr.\n\n##### Grundlage für das Prüfungsurteil\nWir führten unsere Abschlussprüfung in Übereinstimmung mit dem Gesetz über die Prüfungstätigkeit („Gesetz vom 23. Juli 2016“) und nach den für Luxemburg von der „Commission de Surveillance du Secteur Financier“ („CSSF“) angenommenen internationalen Prüfungsstandards („ISA“) durch. Unsere Verantwor- tung gemäß dem Gesetz vom 23. Juli 2016 und den ISA-Standards, wie sie in Luxemburg von der CSSF angenommen wurden, wird im Abschnitt „Verantwortung des „réviseur d’entreprises agréé“ für die Jahres- abschlussprüfung“ weitergehend beschrieben. Wir sind auch unabhängig von dem Fonds in Übereinstim- mung mit dem für Luxemburg von der CSSF angenommenen „International Code of Ethics for Professional Accountants, including International Independence Standards“, herausgegeben vom „International Ethics Standards Board for Accountants“ („IESBA Code“), zusammen mit den beruflichen Verhaltensanforderun- gen, welche wir im Rahmen der Jahresabschlussprüfung einzuhalten haben, und haben alle sonstigen Berufspflichten in Übereinstimmung mit diesen Verhaltensanforderungen erfüllt. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen.\n\n##### Sonstige Informationen\nDer Vorstand der Verwaltungsgesellschaft ist verantwortlich für die sonstigen Informationen. Die sonstigen Informationen beinhalten die Informationen, welche im Jahresbericht enthalten sind, jedoch beinhalten sie nicht den Jahresabschluss oder unseren Bericht des „réviseur d’entreprises agréé“ zu diesem Jahres- abschluss.\n© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518\na member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\nguarantee. All rights reserved.\nUnser Prüfungsurteil zum Jahresabschluss deckt nicht die sonstigen Informationen ab und wir geben keinerlei Sicherheit jedweder Art auf diese Informationen.\nIm Zusammenhang mit der Prüfung des Jahresabschlusses besteht unsere Verantwortung darin, die sons- tigen Informationen zu lesen und dabei zu beurteilen, ob eine wesentliche Unstimmigkeit zwischen diesen und dem Jahresabschluss oder mit den bei der Abschlussprüfung gewonnenen Erkenntnissen besteht oder auch ansonsten die sonstigen Informationen wesentlich falsch dargestellt erscheinen. Sollten wir auf Basis der von uns durchgeführten Arbeiten schlussfolgern, dass sonstige Informationen wesentliche falsche Dar- stellungen enthalten, sind wir verpflichtet, diesen Sachverhalt zu berichten. Wir haben diesbezüglich nichts zu berichten.\n\n##### Verantwortung des Vorstands der Verwaltungsgesellschaft\nDer Vorstand der Verwaltungsgesellschaft ist verantwortlich für die Aufstellung und sachgerechte Gesamt- darstellung des Jahresabschlusses in Übereinstimmung mit den in Luxemburg geltenden gesetzlichen Be- stimmungen und Verordnungen zur Aufstellung des Jahresabschlusses und für die internen Kontrollen, die der Vorstand als notwendig erachtet, um die Aufstellung des Jahresabschlusses zu ermöglichen, der frei von wesentlichen, beabsichtigten oder unbeabsichtigten, falschen Darstellungen ist.\nBei der Aufstellung des Jahresabschlusses ist der Vorstand der Verwaltungsgesellschaft verantwortlich für die Beurteilung der Fähigkeit des Fonds zur Fortführung der Unternehmenstätigkeit und – sofern einschlägig –, Angaben zu Sachverhalten zu machen, die im Zusammenhang mit der Fortführung der Unternehmenstätigkeit stehen, und die Annahme der Unternehmensfortführung als Rechnungslegungsgrundsatz zu nutzen, sofern nicht der Vorstand der Verwaltungsgesellschaft beabsichtigt, den Fonds zu liquidieren, die Geschäftstätigkeit einzustellen oder keine andere realistische Alternative mehr hat, als so zu handeln.\n\n##### Verantwortung des réviseur d’entreprises agréé für die Jahresabschlussprüfung\nDie Zielsetzung unserer Prüfung ist es, eine hinreichende Sicherheit zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen, beabsichtigten oder unbeabsichtigten, falschen Darstellungen ist und darü- ber einen Bericht des „réviseur d’entreprises agréé“, welcher unser Prüfungsurteil enthält, zu erteilen. Hin- reichende Sicherheit entspricht einem hohen Grad an Sicherheit, ist aber keine Garantie dafür, dass eine Prüfung in Übereinstimmung mit dem Gesetz vom 23. Juli 2016 und nach den für Luxemburg von der CSSF angenommenen ISAs stets eine wesentliche falsche Darstellung, falls vorhanden, aufdeckt. Falsche Darstel- lungen können entweder aus Unrichtigkeiten oder aus Verstößen resultieren und werden als wesentlich angesehen, wenn vernünftigerweise davon ausgegangen werden kann, dass diese individuell oder ins- gesamt, die auf der Grundlage dieses Jahresabschlusses getroffenen wirtschaftlichen Entscheidungen von Adressaten beeinflussen.\nIm Rahmen einer Abschlussprüfung in Übereinstimmung mit dem Gesetz vom 23. Juli 2016 und nach den für Luxemburg von der CSSF angenommenen ISAs üben wir unser pflichtgemäßes Ermessen aus und bewahren eine kritische Grundhaltung.\nDarüber hinaus:\n- Identifizieren und beurteilen wir das Risiko von wesentlichen falschen Darstellungen im Jahresabschluss aus Unrichtigkeiten oder Verstößen, planen und führen Prüfungshandlungen durch als Antwort auf diese Risiken und erlangen Prüfungsnachweise, die ausreichend und angemessen sind, um als Grundlage für das Prüfungsurteil zu dienen. Das Risiko, dass wesentliche falsche Darstellungen nicht aufgedeckt wer- den, ist bei Verstößen höher als bei Unrichtigkeiten, da Verstöße betrügerisches Zusammenwirken, Fäl- schungen, beabsichtigte Unvollständigkeiten, irreführende Angaben bzw. das Außerkraftsetzen interner Kontrollen beinhalten können.\n- Gewinnen wir ein Verständnis von dem für die Abschlussprüfung relevanten internen Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des internen Kontrollsystems des Fonds abzugeben.\n- Beurteilen wir die Angemessenheit der vom Vorstand der Verwaltungsgesellschaft angewandten Bilanzie- rungsmethoden, der rechnungslegungsrelevanten Schätzungen und der entsprechenden erläuternden Angaben.\n- Schlussfolgern wir über die Angemessenheit der Anwendung des Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit durch den Vorstand der Verwaltungsgesellschaft sowie auf der Grundlage der erlangten Prüfungsnachweise, ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die bedeutsame Zweifel an der Fähigkeit des Fonds zur Fortfüh- rung der Unternehmenstätigkeit aufwerfen könnten. Sollten wir schlussfolgern, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet, im Bericht des „réviseur d’entreprises agréé“ auf die dazuge- hörigen erläuternden Angaben zum Jahresabschluss hinzuweisen oder, falls die Angaben unangemessen sind, das Prüfungsurteil zu modifizieren. Diese Schlussfolgerungen basieren auf der Grundlage der bis zum Datum des Berichts des „réviseur d’entreprises agréé“ erlangten Prüfungsnachweise. Zukünftige Ereignisse oder Gegebenheiten können jedoch dazu führen, dass der Fonds seine Unternehmenstätigkeit nicht mehr fortführen kann.\n- Beurteilen wir die Gesamtdarstellung, den Aufbau und den Inhalt des Jahresabschlusses einschließlich der erläuternden Angaben und beurteilen, ob dieser die zugrundeliegenden Geschäftsvorfälle und Ereig- nisse sachgerecht darstellt.\n\nWir kommunizieren mit den für die Überwachung Verantwortlichen unter anderem den geplanten Prüfungs- umfang und Zeitraum sowie wesentliche Prüfungsfeststellungen einschließlich wesentlicher Schwächen im internen Kontrollsystem, welche wir im Rahmen der Prüfung identifizieren.\nLuxemburg, 22. April 2022\tKPMG Luxembourg Société anonyme Cabinet de révision agréé\nPia Schanz"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Annual report\nand annual financial statements\n\n#### Investment objective and performance in the reporting period\nDWS ESG Multi Asset Dynamic can, depending on the stock market situation, invest flexibly in the international equity and bond markets. The objective\nof the investment policy is to achieve sustained appreciation.\nDWS ESG MULTI ASSET DYNAMIC\nPerformance since inception\n142\n135\n128\n121\n114\n107\n100\n93\nIn order to achieve this, the\nApril 6, 2018\n*\n12/18\t12/19\t12/20\n12/21\nfund invests predominantly in equities and bonds of German,\nDWS ESG Multi Asset Dynamic (unit class LD)\n“BVI method” performance, i.e., excluding the initial sales charge.\n* launched on April 6, 2018 = 100\nData on euro basis\nEuropean and international companies or states, in order to marry the greatest possible earnings with ecological and social criteria. Depending on the assessment of the market situation, the net assets may also be invested in equity cer- tificates, convertible bonds, convertible debentures and warrant-linked bonds or in par- ticipation and dividend-right certificates (Genussscheine).\nCare is taken to ensure an inter- national spread.\nPast performance is no guide to future results.\tAs of: December 31, 2021\nDWS ESG MULTI ASSET DYNAMIC\nPerformance of unit classes (in euro)\n| Unit class | ISIN | 1 year | 3 years | 5 years |\n| --- | --- | --- | --- | --- |\n| Class LD | LU1790031394 | 15.0% | 40.0% | 36.5%1 |\n| Class FD | LU0198959040 | 15.7% | 42.7% | 43.2% |\n| Class LC | LU2050544563 | 15.0% | 22.1%1 | – |\n| Class TFC | LU2050544647 | 15.7% | 23.9%1 | – |\n\n1 \nClass LD launched on April 6, 2018 / Classes LC and TFC launched on September 19, 2019\n“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.\nAs of: December 31, 2021\nIn addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the\nreporting period was character- ized primarily by the coronavi- rus crisis*. Despite rising infla- tion, especially toward the end of the reporting period, inter- est rates failed to rise in both the euro area and the United States. This development on the markets was influenced by the increased investor focus\non the search for investment opportunities for their liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries. Against this backdrop,\nDWS ESG Multi Asset Dynamic achieved an appreciation of 15.7% per unit in the fiscal year through the end of Decem-\nber 2021 (FD unit class; BVI method; in euro).\nInvestment policy in the reporting period \nDevelopments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic conse- quences for the global commu- nity. In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weak- ened global economy – sup- ported the price development in the financial markets. Since\nthe beginning of 2021, the economic outlook improved, boosted by the efforts and packages of measures under- taken by the international community to address the eco- nomic impact of the coronavi- rus crisis and by the regulatory filings for Covid-19 vaccines and the vaccination cam- paigns. However, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-re- lated pent-up consumption demand and partial supply shortages due to supply diffi- culties. In addition, the dynamic spread of the coronavirus\nand its variants, as well as\nassociated new restrictions, dampened the economic out- look. The international equity markets closed 2021 with sig- nificant price gains, although the picture was mixed. While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in\nfutures. Over the course of the fiscal year, the portfolio man- agement controlled the equity investment quota dynamically. As of the end of December 2021, the equity component represented approximately 78% of the fund’s assets. In terms of bonds, the portfolio manage- ment held onto, in particular,\nbonds of near-government issu- ers as well as high-yield cor-\nproducts within the meaning of Article 8 (1) under Regulation (EU) 2019/2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) can be found in the disclosures required by Regulation (EU) 2019/2088 and in accordance with Regulation\n(EU) 2020/852 at the back of the report.\nthe emerging markets brought\tporate bonds from Europe, the\t\nup the rear and recorded price declines. Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluctu- ations towards the longer end of maturity in the reporting year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level. In the corpo- rate bond markets, high-yield securities posted price gains\nat reduced risk premiums and thus outperformed invest- ment-grade corporate bonds, which traded lower. The bond markets of the emerging mar- kets saw price declines, albeit to varying degrees, amid wider risk premiums.\nOn the equity side, the focus lay predominantly on the high- growth equities of the infor- mation technology sector and the health care sector, as well as generally on blue chip equi- ties with attractive dividend yields. Against the backdrop of numerous adverse factors, such as the coronavirus crisis\nin particular, and for reasons of risk management, part of the equity investments were flexi- bly hedged at times with index\nUnited States and the emerging markets.\nOverall, the portfolio showed a very good sustainability per- formance. In the fund’s name, ESG stands for environmental, social and corporate gover- nance aspects.\n\n#### Information on environmental and/or social characteristics\nDWS ESG Multi Asset Dynamic promotes environmental and/or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019/2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).\nThe selection of assets is pre- dominantly in line with the promoted environmental and/ or social criteria. However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within\nthe meaning of the Taxonomy Regulation.\nThe presentation of the infor- mation to be disclosed for the regular reports for financial\n* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period. Uncertain- ties regarding the impact of COVID-19\nare of significance for understanding the annual financial statements. Further details in this regard are provided in the\nexplanations in the “General information” section.\n| Statement of net assets as of December 31, 2021 | |\n| --- | --- |\n| | Amount in EUR | % of net assets |\n| I. Assets | | |\n| 1. Equities (sectors): Health Care | 29 601 714.20 | 14.35 |\n| Information Technology | 26 418 062.30 | 12.81 |\n| Financials | 24 600 341.18 | 11.92 |\n| Communication Services | 17 300 235.92 | 8.39 |\n| Utilities | 16 951 962.45 | 8.22 |\n| Consumer Staples | 14 355 485.78 | 6.96 |\n| Industrials | 10 710 915.86 | 5.19 |\n| Basic Materials | 7 734 083.05 | 3.75 |\n| Consumer Discretionaries | 6 095 537.55 | 2.95 |\n| Other | 7 418 572.61 | 3.59 |\n| Total equities: | 161 186 910.90 | 78.13 |\n| 2. Bonds (issuers): Companies | 15 359 243.65 | 7.44 |\n| Institutions | 10 212 222.69 | 4.95 |\n| Other financing institutions | 4 042 874.13 | 1.96 |\n| Total bonds: | 29 614 340.47 | 14.35 |\n| 3. Derivatives | -37 944.93 | -0.02 |\n| 4. Cash at bank | 15 225 678.79 | 7.38 |\n| 5. Other assets | 490 816.31 | 0.24 |\n| 6. Receivables from share certificate transactions | 20 651.52 | 0.01 |\n| II. Liabilities | | |\n| 1. Other liabilities | -182 811.31 | -0.09 |\n| 2. Liabilities from share certificate transactions | -8 185.96 | 0.00 |\n| III. Net assets | 206 309 455.79 | 100.00 |\n| Negligible rounding errors may have arisen due to the rounding of calculated percentages. | | |\n\n\n###### Investment portfolio – December 31, 2021\n| Securities traded on an exchange | | | | | | | 189 668 835.32 | 91.93 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Equities | | | | | | | | |\n| Vestas Wind Systems (DK0061539921) ............. . | Count | 86 500 | 86 500 | | DKK | 198.6000 | 2 309 985.48 | 1.12 |\n| Acciona (ES0125220311) ........................ . | Count | 16 000 | | | EUR | 167.8000 | 2 684 800.00 | 1.30 |\n| Allianz (DE0008404005) ......................... . | Count | 8 000 | | 1 900 | EUR | 207.8000 | 1 662 400.00 | 0.81 |\n| AXA (FR0000120628) ........................... . | Count | 113 000 | | 16 000 | EUR | 26.2950 | 2 971 335.00 | 1.44 |\n| bpost Compartment A (BE0974268972) ............. . Corporacion Acciona Energias Renovables (ES0105563003) ............................... . | Count Count | 69 565 42 000 | 42 000 | | EUR EUR | 7.7050 32.3900 | 535 998.33 1 360 380.00 | 0.26 0.66 |\n| Deutsche Börse Reg. (DE0005810055) ............. . | Count | 12 600 | | | EUR | 146.8500 | 1 850 310.00 | 0.90 |\n| Deutsche EuroShop Reg. (DE0007480204) .......... . | Count | 25 500 | | 47 500 | EUR | 14.6000 | 372 300.00 | 0.18 |\n| Deutsche Telekom Reg. (DE0005557508) ........... . | Count | 228 000 | 36 000 | | EUR | 16.2600 | 3 707 280.00 | 1.80 |\n| Deutsche Wohnen (DE000A0HN5C6)............... . | Count | 45 000 | 67 000 | 54 000 | EUR | 37.3000 | 1 678 500.00 | 0.81 |\n| E.ON Reg. (DE000ENAG999) ..................... . | Count | 339 000 | | | EUR | 12.2240 | 4 143 936.00 | 2.01 |\n| EDP Renovaveis (ES0127797019).................. . | Count | 157 577 | 32 577 | 15 000 | EUR | 21.8400 | 3 441 481.68 | 1.67 |\n| Groupe Danone (C.R.) (FR0000120644) ............. . | Count | 38 100 | | | EUR | 54.9200 | 2 092 452.00 | 1.01 |\n| Henkel Pref. (DE0006048432)..................... . | Count | 20 500 | 10 500 | | EUR | 71.3000 | 1 461 650.00 | 0.71 |\n| ING Groep (NL0011821202) ...................... . | Count | 201 000 | | 70 000 | EUR | 12.2940 | 2 471 094.00 | 1.20 |\n| Koninklijke Ahold Delhaize (NL0011794037).......... . | Count | 104 000 | | | EUR | 30.5050 | 3 172 520.00 | 1.54 |\n| Koninklijke Philips (NL0000009538) ................ . | Count | 54 000 | 25 000 | | EUR | 32.8450 | 1 773 630.00 | 0.86 |\n| Merck (DE0006599905) ......................... . Münchener Rückversicherungs-Gesellschaft Vink. Reg. (DE0008430026) ............................... . | Count Count | 16 600 6 250 | 1 500 | 5 300 650 | EUR EUR | 228.5000 261.0000 | 3 793 100.00 1 631 250.00 | 1.84 0.79 |\n| Ontex Group (BE0974276082) .................... . | Count | 102 000 | | | EUR | 6.9300 | 706 860.00 | 0.34 |\n| Orange (FR0000133308) ......................... . | Count | 215 000 | | | EUR | 9.4130 | 2 023 795.00 | 0.98 |\n| Prysmian (IT0004176001) ........................ . | Count | 37 000 | | | EUR | 33.2000 | 1 228 400.00 | 0.60 |\n| Red Electrica Corporacion (ES0173093024) .......... . | Count | 150 000 | | | EUR | 19.0900 | 2 863 500.00 | 1.39 |\n| SAP (DE0007164600) ........................... . | Count | 9 500 | | | EUR | 124.4000 | 1 181 800.00 | 0.57 |\n| Talanx Reg. (DE000TLX1005) ..................... . | Count | 59 000 | | | EUR | 42.5200 | 2 508 680.00 | 1.22 |\n| Umicore (BE0974320526) ........................ . | Count | 37 500 | 37 500 | | EUR | 35.7300 | 1 339 875.00 | 0.65 |\n| Unilever (GB00B10RZP78) ....................... . | Count | 43 000 | | | EUR | 47.2550 | 2 031 965.00 | 0.98 |\n| Vonovia (DE000A1ML7J1) ....................... . | Count | 79 521 | 38 616 | | EUR | 48.4900 | 3 855 973.29 | 1.87 |\n| Drax Group (GB00B1VNSX38)..................... . | Count | 145 000 | 145 000 | | GBP | 6.1995 | 1 070 592.69 | 0.52 |\n| GlaxoSmithKline (GB0009252882) ................. . | Count | 50 000 | | | GBP | 16.2600 | 968 260.58 | 0.47 |\n| Smith & Nephew (GB0009223206)................. . | Count | 69 000 | | | GBP | 12.9396 | 1 063 337.95 | 0.52 |\n| Vodafone Group (GB00BH4HKS39) ................ . | Count | 900 000 | | | GBP | 1.1240 | 1 204 787.71 | 0.58 |\n| China Datang Corporation Renewable Power Company (CNE100000X69) ................. . | Count | 1 500 000 | 1 697 000 | 2 697 000 | HKD | 3.5500 | 604 190.19 | 0.29 |\n| Ping An Insurance (Group) Co. of China Cl.H (new) (CNE1000003X6) ............................... . | Count | 130 000 | 130 000 | | HKD | 56.3000 | 830 435.30 | 0.40 |\n| Xinjiang Goldwind Science & Technology Cl.H (CNE100000PP1) ............................... . | Count | 775 000 | 775 000 | | HKD | 14.8600 | 1 306 696.02 | 0.63 |\n| Bridgestone Corp. (JP3830800003) ................ . | Count | 22 500 | | | JPY | 4 949.0000 | 855 504.76 | 0.41 |\n| Central Japan Railway Co. (JP3566800003) .......... . | Count | 8 000 | | | JPY | 15 345.0000 | 943 146.90 | 0.46 |\n| Komatsu (JP3304200003) ........................ . | Count | 36 000 | | | JPY | 2 693.5000 | 744 975.41 | 0.36 |\n| Kubota Corp. (JP3266400005)..................... . | Count | 73 500 | | | JPY | 2 553.5000 | 1 441 934.93 | 0.70 |\n| Nippon Telegraph and Telephone Corp. (JP3735400008). | Count | 94 000 | | | JPY | 3 150.0000 | 2 274 892.44 | 1.10 |\n| Panasonic Corp. (JP3866800000) .................. . | Count | 95 000 | | | JPY | 1 265.0000 | 923 286.72 | 0.45 |\n| Sony Group Corp. (JP3435000009)................. . | Count | 16 000 | 6 000 | | JPY | 14 475.0000 | 1 779 348.49 | 0.86 |\n| Hyundai Mobis (KR7012330007)................... . | Count | 9 000 | 1 900 | | KRW | 254 500.0000 | 1 704 272.77 | 0.83 |\n| Samsung SDI Co. Pref. (KR7006401004) ............ . | Count | 6 722 | | 4 100 | KRW | 346 500.0000 | 1 733 047.86 | 0.84 |\n| Storebrand (NO0003053605) ..................... . | Count | 155 000 | | | NOK | 87.9600 | 1 365 072.69 | 0.66 |\n| Essity Cl.B (SE0009922164) ...................... . | Count | 65 000 | | | SEK | 295.7000 | 1 876 965.29 | 0.91 |\n| Svenska Cellulosa B (Free) (SE0000112724) ......... . | Count | 120 000 | | | SEK | 160.1000 | 1 876 135.23 | 0.91 |\n| AbbVie (US00287Y1091) ......................... . | Count | 7 500 | | | USD | 135.3600 | 898 287.84 | 0.44 |\n| Akamai Technologies (US00971T1016).............. . | Count | 13 000 | | | USD | 118.3300 | 1 361 137.90 | 0.66 |\n| Alibaba Group Holding ADR (US01609W1027)........ . | Count | 8 400 | 2 000 | | USD | 112.0900 | 833 124.81 | 0.40 |\n| Alphabet Cl.A (US02079K3059).................... . | Count | 1 725 | | | USD | 2 933.1000 | 4 476 925.63 | 2.17 |\n| Amgen (US0311621009) ......................... . | Count | 6 200 | | | USD | 227.6000 | 1 248 613.02 | 0.61 |\n| Anthem (US0367521038) ........................ . | Count | 4 300 | | | USD | 467.6700 | 1 779 393.00 | 0.86 |\n| AT & T (US00206R1023) ......................... . | Count | 31 000 | | | USD | 24.6400 | 675 874.88 | 0.33 |\n| Bank of America Corp. (US0605051046) ............ . | Count | 53 500 | 10 000 | | USD | 44.6300 | 2 112 732.82 | 1.02 |\n| Bank of New York Mellon (US0640581007) .......... . | Count | 61 000 | | | USD | 58.3700 | 3 150 528.69 | 1.53 |\n| Bristol-Myers Squibb Co. (US1101221083)........... . | Count | 22 500 | | | USD | 62.2900 | 1 240 122.99 | 0.60 |\n\n| Cisco Systems (US17275R1023) .................. . | Count | 39 500 | | 10 000 | USD | 63.9600 | 2 235 473.17 | 1.08 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Citigroup (new) (US1729674242) .................. . | Count | 47 000 | 19 000 | 12 000 | USD | 60.5400 | 2 517 701.19 | 1.22 |\n| Citrix Systems (US1773761002) ................... . | Count | 17 000 | | | USD | 96.9600 | 1 458 496.66 | 0.71 |\n| Dell Technologies Cl.C (US24703L2025) ............ . | Count | 17 500 | 17 500 | 17 500 | USD | 57.0500 | 883 400.43 | 0.43 |\n| Enel Chile Reg.S.50 ADR (US29278D1054) .......... . | Count | 500 000 | 150 000 | | USD | 1.7700 | 783 081.89 | 0.38 |\n| First Solar (US3364331070)....................... . | Count | 27 500 | | | USD | 87.1800 | 2 121 355.57 | 1.03 |\n| General Mills (US3703341046) .................... . | Count | 26 500 | | | USD | 67.0200 | 1 571 499.36 | 0.76 |\n| HCA Healthcare (US40412C1018).................. . | Count | 13 800 | | | USD | 258.4900 | 3 156 361.54 | 1.53 |\n| Impala Platinum Holdings ADR (US4525533083) ...... . | Count | 136 500 | 56 500 | 45 000 | USD | 13.9000 | 1 678 847.94 | 0.81 |\n| Intel Corp. (US4581401001) ...................... . | Count | 22 000 | | | USD | 51.8300 | 1 008 945.72 | 0.49 |\n| Kellogg Co. (US4878361082) ..................... . | Count | 25 500 | | | USD | 63.8900 | 1 441 574.13 | 0.70 |\n| Kinross Gold (CA4969024047) .................... . | Count | 220 000 | | | USD | 5.6300 | 1 095 960.71 | 0.53 |\n| Laboratory Corp. America Holdings (US50540R4092) .. . | Count | 8 800 | | | USD | 308.6700 | 2 403 482.72 | 1.16 |\n| Medtronic (IE00BTN1Y115)....................... . | Count | 13 000 | | | USD | 103.9500 | 1 195 726.23 | 0.58 |\n| Merck & Co. (US58933Y1055) .................... . | Count | 28 700 | 28 700 | 18 700 | USD | 76.9500 | 1 954 134.41 | 0.95 |\n| Microsoft Corp. (US5949181045) .................. . | Count | 8 000 | | | USD | 341.9500 | 2 420 563.64 | 1.17 |\n| Morgan Stanley (US6174464486) .................. . | Count | 17 500 | | 7 500 | USD | 98.7300 | 1 528 801.49 | 0.74 |\n| Newmont (US6516391066)....................... . | Count | 32 500 | | | USD | 60.6200 | 1 743 264.17 | 0.84 |\n| Pfizer (US7170811035) .......................... . | Count | 37 000 | | | USD | 57.5800 | 1 885 112.60 | 0.91 |\n| Qiagen (NL0012169213) ......................... . | Count | 32 500 | 32 500 | | USD | 55.7400 | 1 602 928.81 | 0.78 |\n| Quest Diagnostics (US74834L1008) ................ . | Count | 8 800 | 8 800 | | USD | 170.1100 | 1 324 574.61 | 0.64 |\n| Samsung Electronics Pref. GDR (US7960502018) ..... . | Count | 3 623 | | | USD | 1 496.0000 | 4 795 830.64 | 2.32 |\n| SK Telecom ADR (US78440P3064)................. . | Count | 85 030 | 85 030 | | USD | 27.6400 | 2 079 572.80 | 1.01 |\n| Synopsys (US8716071076) ....................... . | Count | 2 900 | 4 400 | 1 500 | USD | 373.4400 | 958 258.64 | 0.46 |\n| Taiwan Semiconductor ADR (US8740391003) ........ . | Count | 40 900 | 7 000 | | USD | 121.4100 | 4 393 814.10 | 2.13 |\n| TPI Composites (US87266J1043) .................. . | Count | 33 000 | 33 000 | | USD | 14.4800 | 422 811.13 | 0.20 |\n| Union Pacific Corp. (US9078181081) ............... . | Count | 8 000 | 3 000 | | USD | 251.0300 | 1 776 967.66 | 0.86 |\n| Verizon Communications (US92343V1044)........... . | Count | 18 500 | 18 500 | | USD | 52.3600 | 857 107.46 | 0.42 |\n| VISA Cl.A (US92826C8394)....................... . | Count | 5 500 | 5 500 | | USD | 218.1700 | 1 061 748.44 | 0.51 |\n| VMware Cl. A (US9285634021) ................... . | Count | 7 710 | 7 710 | | USD | 117.8800 | 804 189.53 | 0.39 |\n| Weyerhaeuser Co. (US9621661043)................ . | Count | 42 000 | 42 000 | | USD | 40.6800 | 1 511 799.32 | 0.73 |\n| Interest-bearing securities | | | | | | | | |\n| 0.0000 % Alstom 21/11.01.29 (FR0014001EW8) .... . | EUR | 1 000 | 1 000 | | % | 96.5360 | 965 360.00 | 0.47 |\n| 10.1250 % Assicurazioni Generali 12/10.07.42 MTN | | | | | | | | |\n| (XS0802638642)...................... . | EUR | 1 200 | | | % | 105.3050 | 1 263 660.00 | 0.61 |\n| 2.4290 | % Assicurazioni Generali 20/14.07.31 MTN | | | | | | |\n| | (XS2201857534)...................... . | EUR | 1 000 | % | 106.2850 | 1 062 850.00 | 0.52 |\n| 4.8750 | % Eurofins Scientific 15/und. (XS1224953882) . | EUR | 1 700 | % | 104.9700 | 1 784 490.00 | 0.86 |\n| 0.0000 | % Medtronic Global Holdings 20/15.10.25 (XS2238787415) 3 .................... . | EUR | 510 | | | % | 99.7410 | 508 679.10 | 0.25 |\n| 3.5000 | % Ontex Group 21/15.07.26 (BE6329443962). . | EUR | 640 | 640 | | % | 95.5250 | 611 360.00 | 0.30 |\n| 2.9950 | % TenneT Holding 17/und. (XS1591694481) .. . | EUR | 700 | | | % | 104.7450 | 733 215.00 | 0.36 |\n| 0.9000 | % Verbund 21/01.04.41 (XS2320746394) .... . | EUR | 300 | 300 | | % | 101.9270 | 305 781.00 | 0.15 |\n| 0.6250 | % Vonovia 21/14.12.29 MTN (DE000A3E5MH6) | EUR | 400 | 400 | | % | 98.7540 | 395 016.00 | 0.19 |\n| 1.2500 | % KfW 19/28.08.23 MTN (XS2046690827) ... . | NOK | 23 000 | | | % | 99.9335 | 2 301 324.14 | 1.12 |\n| 3.1250 | % Asian Development Bank (ADB) 18/26.09.28 | | | | | | | | |\n| | MTN (US045167EJ82) ................. . | USD | 1 500 | | | % | 110.4365 | 1 465 776.67 | 0.71 |\n| 3.8000 | % Avangrid 19/01.06.29 (US05351WAB90)... . | USD | 1 400 | 1 400 | | % | 108.6440 | 1 345 852.84 | 0.65 |\n| 0.7500 | % European Investment Bank (EIB) | | | | | | | | |\n| | 20/23.09.30 (US298785JH03) ........... . | USD | 3 500 | 3 500 | | % | 93.5160 | 2 896 128.83 | 1.40 |\n| 2.0000 | % International Finance 17/24.10.22 MTN | | | | | | | | |\n| | (US45950VLH77) ..................... . | USD | 1 700 | | | % | 101.2890 | 1 523 614.56 | 0.74 |\n| 1.7500 | % Kreditanstalt für Wiederaufbau 19/14.09.29 | | | | | | | | |\n| | (US500769JD71) ..................... . | USD | 3 000 | 3 000 | | % | 101.6770 | 2 699 031.10 | 1.31 |\n| 0.7500 | % Kreditanstalt für Wiederaufbau 20/30.09.30 | | | | | | | | |\n| | (US500769JG03) ..................... . | USD | 2 800 | 800 | | % | 93.4690 | 2 315 738.62 | 1.12 |\n| 1.9000 | % Nextera Energy Capital Holdings 21/15.06.28 | | | | | | | | |\n| | (US65339KBW99) .................... . | USD | 1 200 | 1 200 | | % | 99.2161 | 1 053 482.90 | 0.51 |\n| 3.8750 | % NextEra Energy Operating Partners | | | | | | | | |\n| | 19/15.10.26 144a (US65342QAL68) ...... . | USD | 1 000 | | | % | 106.0566 | 938 429.41 | 0.45 |\n| 4.6500 | % VMware 20/15.05.27 (US928563AE54).... . | USD | 1 700 | | | % | 112.4626 | 1 691 690.74 | 0.82 |\n| 2.2500 | % Xylem 20/30.01.31 (US98419MAL46) ..... . | USD | 1 100 | 1 100 | | % | 99.0069 | 963 655.92 | 0.47 |\n| 5.5000 | % Ziggo 16/15.01.27 Reg S (USN9838NAA11) . | USD | 1 817 | | 231 | % | 103.0500 | 1 656 787.59 | 0.80 |\n| Other equity securities | | | | | | |\n| Roche Holding Profitsh. (CH0012032048) ........... . | Count | 9 000 | CHF | 382.0500 | 3 314 647.90 | 1.61 |\n| Securities admitted to or included in organized markets | | | | | 1 132 416.05 | 0.55 |\n| Interest-bearing securities | | | | | | |\n| 4.8750 % Klabin Austria 17/19.09.27 Reg S | | | | | | |\n| (USL5828LAB55) ..................... . | USD | 1 200 | % | 106.6500 | 1 132 416.05 | 0.55 |\n| Total securities portfolio | | | | | 190 801 251.37 | 92.48 |\n\n| | (– / ’000) | amount | in the reporting period | | | EUR | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Derivatives Minus signs denote short positions | | | | | | | |\n| Equity index derivatives (Receivables/payables) | | | | | | -15 573.53 | -0.01 |\n| Equity index futures | | | | | | | |\n| EURO STOXX 50 MAR 22 (EURX) EUR ............. . | Count | 750 | | | | 97 687.50 | 0.05 |\n| STOXX EUR 600 ESG-X MAR 22 (EURX) EUR ........ . | Count | 1 000 | | | | 5 600.00 | 0.00 |\n| S&P500 EMINI MAR 22 (CME) USD ............... . | Count | -1 000 | | | | -118 861.03 | -0.06 |\n| Currency derivatives | | | | | | -22 371.40 | -0.01 |\n| Currency futures (short) | | | | | | | |\n| Open positions | | | | | | | |\n| GBP/EUR 1.80 million ........................... . | | | | | | -24 450.30 | -0.01 |\n| Closed positions | | | | | | | |\n| GBP/EUR 1.80 million ........................... . | | | | | | 2 078.90 | 0.00 |\n| Cash at bank | | | | | | 15 225 678.79 | 7.38 |\n| Demand deposits at Depositary | | | | | | | |\n| EUR deposits.................................. . | EUR | 4 236 865.53 | | % | 100 | 4 236 865.53 | 2.05 |\n| Deposits in other EU/EEA currencies ............... . | EUR | 699 181.51 | | % | 100 | 699 181.51 | 0.34 |\n| Deposits in non-EU/EEA currencies | | | | | | | |\n| Australian dollar ................................ . | AUD | 82 735.14 | | % | 100 | 53 127.30 | 0.03 |\n| Brazilian real .................................. . | BRL | 3 725.87 | | % | 100 | 578.01 | 0.00 |\n| Canadian dollar ................................ . | CAD | 271.94 | | % | 100 | 187.88 | 0.00 |\n| Swiss franc ................................... . | CHF | 89.13 | | % | 100 | 85.92 | 0.00 |\n| British pound ................................. . | GBP | 1 267 588.43 | | % | 100 | 1 509 662.87 | 0.73 |\n| Hong Kong dollar .............................. . | HKD | 678 120.32 | | % | 100 | 76 941.53 | 0.04 |\n| Japanese yen ................................. . | JPY | 21 568 565.00 | | % | 100 | 165 708.09 | 0.08 |\n| South Korean won.............................. . | KRW | 134 890 889.00 | | % | 100 | 100 367.11 | 0.05 |\n| Mexican peso ................................. . | MXN | 119 776.26 | | % | 100 | 5 148.15 | 0.00 |\n| Singapore dollar ............................... . | SGD | 4 000.22 | | % | 100 | 2 614.44 | 0.00 |\n| U.S. dollar .................................... . | USD | 7 145 560.18 | | % | 100 | 6 322 665.29 | 3.06 |\n| Time deposit | | | | | | | |\n| NOK deposits (Coöperatieve Rabobank U.A., Utrecht) .. . | NOK | 20 500 000.00 | | % | 100 | 2 052 545.16 | 0.99 |\n| Other assets | | | | | | 490 816.31 | 0.24 |\n| Interest receivable ............................. . | EUR | 284 354.09 | | % | 100 | 284 354.09 | 0.14 |\n| Dividends/Distributions receivable ................. . | EUR | 153 643.96 | | % | 100 | 153 643.96 | 0.08 |\n| Withholding tax claims .......................... . | EUR | 52 606.26 | | % | 100 | 52 606.26 | 0.03 |\n| Other receivables .............................. . | EUR | 212.00 | | % | 100 | 212.00 | 0.00 |\n| Receivables from share certificate transactions | EUR | 20 651.52 | | % | 100 | 20 651.52 | 0.01 |\n| Total assets 1 | | | | | | 206 643 764.39 | 100.16 |\n| Other liabilities | | | | | | -182 811.31 | -0.09 |\n| Liabilities from cost items ........................ . | EUR | -157 400.77 | | % | 100 | -157 400.77 | -0.08 |\n| Additional other liabilities......................... . | EUR | -25 410.54 | | % | 100 | -25 410.54 | -0.01 |\n| Liabilities from share certificate transactions | EUR | -8 185.96 | | % | 100 | -8 185.96 | 0.00 |\n| Net assets | | | | | | 206 309 455.79 | 100.00 |\n\n| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |\n| --- | --- | --- |\n| Net asset value per unit Class FD ..................................... . | EUR | 288.99 |\n| Class LD ..................................... . | EUR | 287.55 |\n| Class LC ..................................... . | EUR | 292.55 |\n| Class TFC .................................... . | EUR | 123.92 |\n| Number of units outstanding Class FD ..................................... . | Count | 570 804.408 |\n| Class LD ..................................... . | Count | 85 461.342 |\n| Class LC ..................................... . | Count | 22 459.742 |\n| Class TFC .................................... . | Count | 82 361.000 |\n\nNegligible rounding errors may have arisen due to the rounding of calculated percentages.\nA list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\nComposition of the reference portfolio (according to CSSF circular 11/512)\n75% MSCI All Country World Net TR Index - in EUR, 25% BBG Global Aggregate Index in EUR\nMarket risk exposure (value-at-risk) (according to CSSF circular 11/512)\n| Lowest market risk exposure ................. . | % | 68.889 |\n| --- | --- | --- |\n| Highest market risk exposure ................. . | % | 91.390 |\n| Average market risk exposure ................ . | % | 82.330 |\n\nThe values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.\nIn the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\nThe gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 14 061 480.36 as of the reporting date.\nCounterparties\nMorgan Stanley Europe S.E., Frankfurt/Main; State Street Bank and Trust Company, London\n Securities lending\t\nThe following securities were transferred under securities loans at the reporting date:\nSecurity name\tQuantity/\tSecurities loans\nprincipal amount\tTotal market value in EUR\n(– / ’000)\tFixed maturity\tNo fixed maturity\tTotal\n0.0000 % Medtronic Global Holdings 20/15.10.25 .... .\tEUR\t500\t498 705.00\nTotal receivables from securities loans\t498 705.00\t498 705.00\nContracting parties for securities loans:\nDeutsche Bank AG, Frankfurt/Main\nTotal collateral pledged by third parties for securities loans\tEUR\t521 488.80\nthereof:\nBonds\tEUR\t521 488.80\n Market abbreviations\t Futures exchanges\nEURX\t= Eurex (Eurex Frankfurt/Eurex Zurich)\nCME\t= Chicago Mercantile Exchange (CME) – Index and Option Market (IOM)\nExchange rates (indirect quotes)\nAs of December 30, 2021\n| Australian dollar ................. . | AUD | 1.557300 | = | EUR | 1 |\n| --- | --- | --- | --- | --- | --- |\n| Brazilian real ................... . | BRL | 6.446050 | = | EUR | 1 |\n| Canadian dollar ................. . | CAD | 1.447400 | = | EUR | 1 |\n| Swiss franc .................... . | CHF | 1.037350 | = | EUR | 1 |\n| Danish krone ................... . | DKK | 7.436800 | = | EUR | 1 |\n| British pound .................. . | GBP | 0.839650 | = | EUR | 1 |\n| Hong Kong dollar ............... . | HKD | 8.813450 | = | EUR | 1 |\n| Japanese yen .................. . | JPY | 130.160000 | = | EUR | 1 |\n| South Korean won............... . | KRW | 1 343.975000 | = | EUR | 1 |\n| Mexican peso .................. . | MXN | 23.265900 | = | EUR | 1 |\n| Norwegian krone ................ . | NOK | 9.987600 | = | EUR | 1 |\n| Swedish krona.................. . | SEK | 10.240200 | = | EUR | 1 |\n| Singapore dollar ................ . | SGD | 1.530050 | = | EUR | 1 |\n| U.S. dollar ..................... . | USD | 1.130150 | = | EUR | 1 |\n\nNotes on valuation\nThe Management Company determines the net asset values per unit and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.\nIf no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\nInvestments reported in this report are not valued at derived market values.\nFootnotes\n1\tDoes not include positions with a negative balance, if such exist.\n3\tThese securities are completely or partly lent as securities loans.\n Statement of income and expenses \n(incl. income adjustment) \nfor the period from January 1, 2021, through December 31, 2021\n- Income\n\t- Dividends (before withholding tax) ................. EUR 5 384\t490.81\n\t- Interest from securities (before withholding tax) ...... EUR 894\t178.57\n\t- Interest from investments of liquid assets(before withholding tax).......................... EUR\t1 888.89\n\n- Income from securities lendingand repurchase agreements ...................... EUR\t283.79thereof:from securities lending ......... EUR\t283.79\n- Deduction for foreign withholding tax............... EUR\t-664 099.76\n- Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t342.25Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t5 617 084.55\n- Expenses\n\t- Interest on borrowings and negative intereston deposits and similar expenses .................. EUR\t-41 411.49 thereof:Commitment fees ............. EUR\t-2 081.12\n\n- Management fee ............................... EUR\t-1 845 243.98thereof:All-in fee .................... EUR -1 845 243.98\n- Other expenses ................................ EUR\t-99 842.24thereof:Performance-based feefrom securities lending ......... EUR\t-93.67 Legal and consulting expenses... EUR -278.71 Taxe d’Abonnement ........... EUR -99 469.86Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t-1 986 497.71\n- Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t3 630 586.84\n- Sale transactions\n\t- Realized gains .................................. EUR\t11 199 726.35\n\t- Realized losses ................................. EUR\t-4 360 308.00Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR\t6 839 418.35\n\n- Realized net gain/loss for the fiscal year . . . . . . . . . . . EUR\t10 470 005.19\n- Net change in unrealized appreciation ............... EUR\t18 285 148.94\n- Net change in unrealized depreciation ............... EUR\t-1 889 248.76\n- Unrealized net gain/loss for the fiscal year . . . . . . . . EUR\t16 395 900.18\n- Net gain/loss for the fiscal year . . . . . . . . . . . . . . . . . EUR\t26 865 905.37Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year. Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\n\nUnrealized appreciation/depreciation is shown without income adjustment.\n BVI total expense ratio (TER) / Transaction costs\t\nBVI total expense ratio (TER)\nThe total expense ratio(s) for the share class(es) was/were:\nClass FD 0.90% p.a.,\tClass LD 1.55% p.a., Class LC 1.55% p.a.,\tClass TFC 0.90% p.a.\nNicht-SICAV: The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets in rela- tion to the respective unit class for a given fiscal year.\nAs well, the additional income from securities lending resulted in a performance-based fee of\nClass FD 0.000%,\tClass LD 0.000%,\tClass LC 0.000%,\nClass TFC 0.000%\nof the average net asset value of the respective unit class.\nTransaction costs\nThe transaction costs paid in the reporting period amounted to EUR 27 569.18.\nThe transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction taxes which may have been paid are included in the calculation.\n Statement of changes in net assets for the fund\t\n- Value of the fund’s net assets\n\n| at the beginning of the fiscal year . . . . . . . . . . . . . . . . . | EUR | 166 079 135.24 |\n| --- | --- | --- |\n| 1. Distribution for the previous year .................. | EUR | -1 544 165.25 |\n| 2. Net inflows ................................... | EUR | 15 173 192.19 |\n| a) Inflows from subscriptions .................... | EUR | 24 085 721.18 |\n| b) Outflows from redemptions ................... | EUR | -8 912 528.99 |\n| 3. Income adjustment ............................. | EUR | -264 611.76 |\n| 4. Net gain/loss for the fiscal year.................... | EUR | 26 865 905.37 |\n| thereof: | | |\n| Net change in unrealized appreciation ........... | EUR | 18 285 148.94 |\n| Net change in unrealized depreciation ........... | EUR | -1 889 248.76 |\n\n- Value of the fund’s net assetsat the end of the fiscal year . . . . . . . . . . . . . . . . . . . . . . EUR\t206 309 455.79 Summary of gains/losses\tRealized gains (incl. income adjustment) . . . . . . . . . . . . . EUR\t11 199 726.35from:Securities transactions .......................... EUR\t9 701 996.12Financial futures transactions ..................... EUR\t464 366.17(Forward) currency transactions ................... EUR\t1 033 364.06Realized losses (incl. income adjustment) . . . . . . . . . . . . EUR\t-4 360 308.00from:Securities transactions .......................... EUR\t-1 350 051.86Financial futures transactions ..................... EUR\t-1 935 548.37(Forward) currency transactions ................... EUR\t-1 074 707.77Net change in unrealized appreciation/depreciation . . . EUR\t16 395 900.18from:Securities transactions .......................... EUR\t16 328 908.86Financial futures transactions ..................... EUR\t110 598.52(Forward) currency transactions ................... EUR\t-43 607.20 Details on the distribution policy*\tClass FD:Type\tAs of\tCurrency\tPer unit Final distribution\tMarch 4, 2022\tEUR\t\t5.35Class LD:Type\tAs of\tCurrency\tPer unit Final distribution\tMarch 4, 2022\tEUR\t\t3.57The remaining net income for the fiscal year is reinvested. Class LC: The income for the fiscal year is reinvested.\n\nClass TFC: The income for the fiscal year is reinvested.\n* Additional information is provided in the sales prospectus.\nChanges in net assets and in the net asset value per unit over the last three years\n| Net assets at the end of the fiscal year | |\n| --- | --- |\n| 2021. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 206 309 455.79 |\n| 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 166 079 135.24 |\n| 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 157 542 582.85 |\n| Net asset value per unit at the end of the fiscal year | | |\n| 2021 | Class FD ........................ | EUR | 288.99 |\n| | Class LD ........................ | EUR | 287.55 |\n| | Class LC......................... | EUR | 292.55 |\n| | Class TFC........................ | EUR | 123.92 |\n| 2020 | Class FD ........................ | EUR | 252.23 |\n| | Class LD ........................ | EUR | 251.11 |\n| | Class LC......................... | EUR | 254.37 |\n| | Class TFC........................ | EUR | 107.06 |\n| 2019 | Class FD ........................ | EUR | 251.00 |\n| | Class LD ........................ | EUR | 249.94 |\n| | Class LC......................... | EUR | 250.55 |\n| | Class TFC........................ | EUR | 104.79 |\n\nTransactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 335.85.\nKP\nKPMG issued an unqualified audit opinion for\nthe full annual report. The translation of the report\nof the Réviseur d’Entreprises agréé (the\nindependent auditor’s opinion) is as follows:\nMG Luxembourg, Société anonyme\tTel: +352 22 51 51 1\n39, Avenue John F. Kennedy\tFax: +352 22 51 71\n1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\n\n#### To the unitholders of\nDWS ESG Multi Asset Dynamic 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\nREPORT OF THE REVISEUR D’ENTREPRISES AGREE\n\n##### Report on the audit of the annual financial statements Opinion\nWe have audited the accompanying financial statements of DWS ESG Multi Asset Dynamic (“the fund”),\nwhich comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies.\nIn our opinion, the attached financial statements give a true and fair view of the financial position of DWS ESG Multi Asset Dynamic as of December 31, 2021, and of the results of its operations as well as changes in its net assets and the performance of the fund’s net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of annual financial statements.\n\n##### Basis for the audit opinion\nWe conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d'Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion.\n\n##### Other information\nThe Management Board of the Management Company is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements.\nOur audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information.\n© 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518\na member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by\nguarantee. All rights reserved.\nIn connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard.\n\n##### Responsibility of the Management Board of the Management Company\nThe Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation of annual financial statements and for the internal controls that the Man- agement Board considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement.\nWhen preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and – where relevant – for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action.\nResponsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements \nThe objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements.\nWhen performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach.\nFurthermore:\n- We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of mate- rial misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls.\n- We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system.\n- We assess the appropriateness of the accounting methods applied by the Management Board of the Management Company, of the accounting-related estimates and of the corresponding explanatory information.\n- We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activ- ity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associ- ated explanatory information provided in the annual financial statements in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund no longer being able to continue its busi- ness activity.\n- We assess the overall presentation, the structure and the content of the annual financial statements, including the explanatory information, and assess whether these appropriately present the underlying business transactions and events.\n\nWe communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring.\nLuxembourg, April 22, 2022\tKPMG Luxembourg\n‘Société anonyme’ (stock corporation) Cabinet de révision agréé\nPia Schanz"},"unique id":{"kind":"number","value":108294,"string":"108,294"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Annual report","and annual financial statements","#### Investment objective and performance in the reporting period","DWS ESG Multi Asset Dynamic can, depending on the stock market situation, invest flexibly in the international equity and bond markets.","The objective","of the investment policy is to achieve sustained appreciation.","DWS ESG MULTI ASSET DYNAMIC","Performance since inception","142","135","128","121","114","107","100","93","In order to achieve this, the","April 6, 2018","12/18\t12/19\t12/20","12/21","fund invests predominantly in equities and bonds of German,","DWS ESG Multi Asset Dynamic (unit class LD)","“BVI method” performance, i.e., excluding the initial sales charge.","* launched on April 6, 2018 = 100","Data on euro basis","European and international companies or states, in order to marry the greatest possible earnings with ecological and social criteria.","Depending on the assessment of the market situation, the net assets may also be invested in equity cer- tificates, convertible bonds, convertible debentures and warrant-linked bonds or in par- ticipation and dividend-right certificates (Genussscheine).","Care is taken to ensure an inter- national spread.","Past performance is no guide to future results.","As of: December 31, 2021","DWS ESG MULTI ASSET DYNAMIC","Performance of unit classes (in euro)","| Unit class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LD | LU1790031394 | 15.0% | 40.0% | 36.5%1 |","| Class FD | LU0198959040 | 15.7% | 42.7% | 43.2% |","| Class LC | LU2050544563 | 15.0% | 22.1%1 | – |","| Class TFC | LU2050544647 | 15.7% | 23.9%1 | – |","1","Class LD launched on April 6, 2018 / Classes LC and TFC launched on September 19, 2019","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the","reporting period was character- ized primarily by the coronavi- rus crisis*.","Despite rising infla- tion, especially toward the end of the reporting period, inter- est rates failed to rise in both the euro area and the United States.","This development on the markets was influenced by the increased investor focus","on the search for investment opportunities for their liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries.","Against this backdrop,","DWS ESG Multi Asset Dynamic achieved an appreciation of 15.7% per unit in the fiscal year through the end of Decem-","ber 2021 (FD unit class; BVI method; in euro).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic conse- quences for the global commu- nity.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weak- ened global economy – sup- ported the price development in the financial markets.","Since","the beginning of 2021, the economic outlook improved, boosted by the efforts and packages of measures under- taken by the international community to address the eco- nomic impact of the coronavi- rus crisis and by the regulatory filings for Covid-19 vaccines and the vaccination cam- paigns.","However, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-re- lated pent-up consumption demand and partial supply shortages due to supply diffi- culties.","In addition, the dynamic spread of the coronavirus","and its variants, as well as","associated new restrictions, dampened the economic out- look.","The international equity markets closed 2021 with sig- nificant price gains, although the picture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in","futures.","Over the course of the fiscal year, the portfolio man- agement controlled the equity investment quota dynamically.","As of the end of December 2021, the equity component represented approximately 78% of the fund’s assets.","In terms of bonds, the portfolio manage- ment held onto, in particular,","bonds of near-government issu- ers as well as high-yield cor-","products within the meaning of Article 8 (1) under Regulation (EU) 2019/2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) can be found in the disclosures required by Regulation (EU) 2019/2088 and in accordance with Regulation","(EU) 2020/852 at the back of the report.","the emerging markets brought\tporate bonds from Europe, the\tup the rear and recorded price declines.","Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluctu- ations towards the longer end of maturity in the reporting year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corpo- rate bond markets, high-yield securities posted price gains","at reduced risk premiums and thus outperformed invest- ment-grade corporate bonds, which traded lower.","The bond markets of the emerging mar- kets saw price declines, albeit to varying degrees, amid wider risk premiums.","On the equity side, the focus lay predominantly on the high- growth equities of the infor- mation technology sector and the health care sector, as well as generally on blue chip equi- ties with attractive dividend yields.","Against the backdrop of numerous adverse factors, such as the coronavirus crisis","in particular, and for reasons of risk management, part of the equity investments were flexi- bly hedged at times with index","United States and the emerging markets.","Overall, the portfolio showed a very good sustainability per- formance.","In the fund’s name, ESG stands for environmental, social and corporate gover- nance aspects.","#### Information on environmental and/or social characteristics","DWS ESG Multi Asset Dynamic promotes environmental and/or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019/2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).","The selection of assets is pre- dominantly in line with the promoted environmental and/ or social criteria.","However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within","the meaning of the Taxonomy Regulation.","The presentation of the infor- mation to be disclosed for the regular reports for financial","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors): Health Care | 29 601 714.20 | 14.35 |","| Information Technology | 26 418 062.30 | 12.81 |","| Financials | 24 600 341.18 | 11.92 |","| Communication Services | 17 300 235.92 | 8.39 |","| Utilities | 16 951 962.45 | 8.22 |","| Consumer Staples | 14 355 485.78 | 6.96 |","| Industrials | 10 710 915.86 | 5.19 |","| Basic Materials | 7 734 083.05 | 3.75 |","| Consumer Discretionaries | 6 095 537.55 | 2.95 |","| Other | 7 418 572.61 | 3.59 |","| Total equities: | 161 186 910.90 | 78.13 |","| 2. Bonds (issuers): Companies | 15 359 243.65 | 7.44 |","| Institutions | 10 212 222.69 | 4.95 |","| Other financing institutions | 4 042 874.13 | 1.96 |","| Total bonds: | 29 614 340.47 | 14.35 |","| 3. Derivatives | -37 944.93 | -0.02 |","| 4. Cash at bank | 15 225 678.79 | 7.38 |","| 5. Other assets | 490 816.31 | 0.24 |","| 6. Receivables from share certificate transactions | 20 651.52 | 0.01 |","| II.","Liabilities | | |","| 1. Other liabilities | -182 811.31 | -0.09 |","| 2. Liabilities from share certificate transactions | -8 185.96 | 0.00 |","| III.","Net assets | 206 309 455.79 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – December 31, 2021","| Securities traded on an exchange | | | | | | | 189 668 835.32 | 91.93 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Equities | | | | | | | | |","| Vestas Wind Systems (DK0061539921) .","| Count | 86 500 | 86 500 | | DKK | 198.6000 | 2 309 985.48 | 1.12 |","| Acciona (ES0125220311) .","| Count | 16 000 | | | EUR | 167.8000 | 2 684 800.00 | 1.30 |","| Allianz (DE0008404005) .","| Count | 8 000 | | 1 900 | EUR | 207.8000 | 1 662 400.00 | 0.81 |","| AXA (FR0000120628) .","| Count | 113 000 | | 16 000 | EUR | 26.2950 | 2 971 335.00 | 1.44 |","| bpost Compartment A (BE0974268972) .","Corporacion Acciona Energias Renovables (ES0105563003) .","| Count Count | 69 565 42 000 | 42 000 | | EUR EUR | 7.7050 32.3900 | 535 998.33 1 360 380.00 | 0.26 0.66 |","| Deutsche Börse Reg.","(DE0005810055) .","| Count | 12 600 | | | EUR | 146.8500 | 1 850 310.00 | 0.90 |","| Deutsche EuroShop Reg.","(DE0007480204) .","| Count | 25 500 | | 47 500 | EUR | 14.6000 | 372 300.00 | 0.18 |","| Deutsche Telekom Reg.","(DE0005557508) .","| Count | 228 000 | 36 000 | | EUR | 16.2600 | 3 707 280.00 | 1.80 |","| Deutsche Wohnen (DE000A0HN5C6) .","| Count | 45 000 | 67 000 | 54 000 | EUR | 37.3000 | 1 678 500.00 | 0.81 |","| E.ON Reg.","(DE000ENAG999) .","| Count | 339 000 | | | EUR | 12.2240 | 4 143 936.00 | 2.01 |","| EDP Renovaveis (ES0127797019) .","| Count | 157 577 | 32 577 | 15 000 | EUR | 21.8400 | 3 441 481.68 | 1.67 |","| Groupe Danone (C.R.) (FR0000120644) .","| Count | 38 100 | | | EUR | 54.9200 | 2 092 452.00 | 1.01 |","| Henkel Pref.","(DE0006048432) .","| Count | 20 500 | 10 500 | | EUR | 71.3000 | 1 461 650.00 | 0.71 |","| ING Groep (NL0011821202) .","| Count | 201 000 | | 70 000 | EUR | 12.2940 | 2 471 094.00 | 1.20 |","| Koninklijke Ahold Delhaize (NL0011794037) .","| Count | 104 000 | | | EUR | 30.5050 | 3 172 520.00 | 1.54 |","| Koninklijke Philips (NL0000009538) .","| Count | 54 000 | 25 000 | | EUR | 32.8450 | 1 773 630.00 | 0.86 |","| Merck (DE0006599905) .","Münchener Rückversicherungs-Gesellschaft Vink.","Reg.","(DE0008430026) .","| Count Count | 16 600 6 250 | 1 500 | 5 300 650 | EUR EUR | 228.5000 261.0000 | 3 793 100.00 1 631 250.00 | 1.84 0.79 |","| Ontex Group (BE0974276082) .","| Count | 102 000 | | | EUR | 6.9300 | 706 860.00 | 0.34 |","| Orange (FR0000133308) .","| Count | 215 000 | | | EUR | 9.4130 | 2 023 795.00 | 0.98 |","| Prysmian (IT0004176001) .","| Count | 37 000 | | | EUR | 33.2000 | 1 228 400.00 | 0.60 |","| Red Electrica Corporacion (ES0173093024) .","| Count | 150 000 | | | EUR | 19.0900 | 2 863 500.00 | 1.39 |","| SAP (DE0007164600) .","| Count | 9 500 | | | EUR | 124.4000 | 1 181 800.00 | 0.57 |","| Talanx Reg.","(DE000TLX1005) .","| Count | 59 000 | | | EUR | 42.5200 | 2 508 680.00 | 1.22 |","| Umicore (BE0974320526) .","| Count | 37 500 | 37 500 | | EUR | 35.7300 | 1 339 875.00 | 0.65 |","| Unilever (GB00B10RZP78) .","| Count | 43 000 | | | EUR | 47.2550 | 2 031 965.00 | 0.98 |","| Vonovia (DE000A1ML7J1) .","| Count | 79 521 | 38 616 | | EUR | 48.4900 | 3 855 973.29 | 1.87 |","| Drax Group (GB00B1VNSX38) .","| Count | 145 000 | 145 000 | | GBP | 6.1995 | 1 070 592.69 | 0.52 |","| GlaxoSmithKline (GB0009252882) .","| Count | 50 000 | | | GBP | 16.2600 | 968 260.58 | 0.47 |","| Smith & Nephew (GB0009223206) .","| Count | 69 000 | | | GBP | 12.9396 | 1 063 337.95 | 0.52 |","| Vodafone Group (GB00BH4HKS39) .","| Count | 900 000 | | | GBP | 1.1240 | 1 204 787.71 | 0.58 |","| China Datang Corporation Renewable Power Company (CNE100000X69) .","| Count | 1 500 000 | 1 697 000 | 2 697 000 | HKD | 3.5500 | 604 190.19 | 0.29 |","| Ping An Insurance (Group) Co. of China Cl.","H (new) (CNE1000003X6) .","| Count | 130 000 | 130 000 | | HKD | 56.3000 | 830 435.30 | 0.40 |","| Xinjiang Goldwind Science & Technology Cl.","H (CNE100000PP1) .","| Count | 775 000 | 775 000 | | HKD | 14.8600 | 1 306 696.02 | 0.63 |","| Bridgestone Corp. (JP3830800003) .","| Count | 22 500 | | | JPY | 4 949.0000 | 855 504.76 | 0.41 |","| Central Japan Railway Co. (JP3566800003) .","| Count | 8 000 | | | JPY | 15 345.0000 | 943 146.90 | 0.46 |","| Komatsu (JP3304200003) .","| Count | 36 000 | | | JPY | 2 693.5000 | 744 975.41 | 0.36 |","| Kubota Corp. (JP3266400005) .","| Count | 73 500 | | | JPY | 2 553.5000 | 1 441 934.93 | 0.70 |","| Nippon Telegraph and Telephone Corp. (JP3735400008).","| Count | 94 000 | | | JPY | 3 150.0000 | 2 274 892.44 | 1.10 |","| Panasonic Corp. (JP3866800000) .","| Count | 95 000 | | | JPY | 1 265.0000 | 923 286.72 | 0.45 |","| Sony Group Corp. (JP3435000009) .","| Count | 16 000 | 6 000 | | JPY | 14 475.0000 | 1 779 348.49 | 0.86 |","| Hyundai Mobis (KR7012330007) .","| Count | 9 000 | 1 900 | | KRW | 254 500.0000 | 1 704 272.77 | 0.83 |","| Samsung SDI Co.","Pref.","(KR7006401004) .","| Count | 6 722 | | 4 100 | KRW | 346 500.0000 | 1 733 047.86 | 0.84 |","| Storebrand (NO0003053605) .","| Count | 155 000 | | | NOK | 87.9600 | 1 365 072.69 | 0.66 |","| Essity Cl.","B (SE0009922164) .","| Count | 65 000 | | | SEK | 295.7000 | 1 876 965.29 | 0.91 |","| Svenska Cellulosa B (Free) (SE0000112724) .","| Count | 120 000 | | | SEK | 160.1000 | 1 876 135.23 | 0.91 |","| AbbVie (US00287Y1091) .","| Count | 7 500 | | | USD | 135.3600 | 898 287.84 | 0.44 |","| Akamai Technologies (US00971T1016) .","| Count | 13 000 | | | USD | 118.3300 | 1 361 137.90 | 0.66 |","| Alibaba Group Holding ADR (US01609W1027) .","| Count | 8 400 | 2 000 | | USD | 112.0900 | 833 124.81 | 0.40 |","| Alphabet Cl.","A (US02079K3059) .","| Count | 1 725 | | | USD | 2 933.1000 | 4 476 925.63 | 2.17 |","| Amgen (US0311621009) .","| Count | 6 200 | | | USD | 227.6000 | 1 248 613.02 | 0.61 |","| Anthem (US0367521038) .","| Count | 4 300 | | | USD | 467.6700 | 1 779 393.00 | 0.86 |","| AT & T (US00206R1023) .","| Count | 31 000 | | | USD | 24.6400 | 675 874.88 | 0.33 |","| Bank of America Corp. (US0605051046) .","| Count | 53 500 | 10 000 | | USD | 44.6300 | 2 112 732.82 | 1.02 |","| Bank of New York Mellon (US0640581007) .","| Count | 61 000 | | | USD | 58.3700 | 3 150 528.69 | 1.53 |","| Bristol-Myers Squibb Co. (US1101221083) .","| Count | 22 500 | | | USD | 62.2900 | 1 240 122.99 | 0.60 |","| Cisco Systems (US17275R1023) .","| Count | 39 500 | | 10 000 | USD | 63.9600 | 2 235 473.17 | 1.08 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Citigroup (new) (US1729674242) .","| Count | 47 000 | 19 000 | 12 000 | USD | 60.5400 | 2 517 701.19 | 1.22 |","| Citrix Systems (US1773761002) .","| Count | 17 000 | | | USD | 96.9600 | 1 458 496.66 | 0.71 |","| Dell Technologies Cl.","C (US24703L2025) .","| Count | 17 500 | 17 500 | 17 500 | USD | 57.0500 | 883 400.43 | 0.43 |","| Enel Chile Reg.","S.50","ADR (US29278D1054) .","| Count | 500 000 | 150 000 | | USD | 1.7700 | 783 081.89 | 0.38 |","| First Solar (US3364331070) .","| Count | 27 500 | | | USD | 87.1800 | 2 121 355.57 | 1.03 |","| General Mills (US3703341046) .","| Count | 26 500 | | | USD | 67.0200 | 1 571 499.36 | 0.76 |","| HCA Healthcare (US40412C1018) .","| Count | 13 800 | | | USD | 258.4900 | 3 156 361.54 | 1.53 |","| Impala Platinum Holdings ADR (US4525533083) .","| Count | 136 500 | 56 500 | 45 000 | USD | 13.9000 | 1 678 847.94 | 0.81 |","| Intel Corp. (US4581401001) .","| Count | 22 000 | | | USD | 51.8300 | 1 008 945.72 | 0.49 |","| Kellogg Co. (US4878361082) .","| Count | 25 500 | | | USD | 63.8900 | 1 441 574.13 | 0.70 |","| Kinross Gold (CA4969024047) .","| Count | 220 000 | | | USD | 5.6300 | 1 095 960.71 | 0.53 |","| Laboratory Corp.","America Holdings (US50540R4092) .",". .","| Count | 8 800 | | | USD | 308.6700 | 2 403 482.72 | 1.16 |","| Medtronic (IE00BTN1Y115) .","| Count | 13 000 | | | USD | 103.9500 | 1 195 726.23 | 0.58 |","| Merck & Co. (US58933Y1055) .","| Count | 28 700 | 28 700 | 18 700 | USD | 76.9500 | 1 954 134.41 | 0.95 |","| Microsoft Corp. (US5949181045) .","| Count | 8 000 | | | USD | 341.9500 | 2 420 563.64 | 1.17 |","| Morgan Stanley (US6174464486) .","| Count | 17 500 | | 7 500 | USD | 98.7300 | 1 528 801.49 | 0.74 |","| Newmont (US6516391066) .","| Count | 32 500 | | | USD | 60.6200 | 1 743 264.17 | 0.84 |","| Pfizer (US7170811035) .","| Count | 37 000 | | | USD | 57.5800 | 1 885 112.60 | 0.91 |","| Qiagen (NL0012169213) .","| Count | 32 500 | 32 500 | | USD | 55.7400 | 1 602 928.81 | 0.78 |","| Quest Diagnostics (US74834L1008) .","| Count | 8 800 | 8 800 | | USD | 170.1100 | 1 324 574.61 | 0.64 |","| Samsung Electronics Pref.","GDR (US7960502018) .","| Count | 3 623 | | | USD | 1 496.0000 | 4 795 830.64 | 2.32 |","| SK Telecom ADR (US78440P3064) .","| Count | 85 030 | 85 030 | | USD | 27.6400 | 2 079 572.80 | 1.01 |","| Synopsys (US8716071076) .","| Count | 2 900 | 4 400 | 1 500 | USD | 373.4400 | 958 258.64 | 0.46 |","| Taiwan Semiconductor ADR (US8740391003) .","| Count | 40 900 | 7 000 | | USD | 121.4100 | 4 393 814.10 | 2.13 |","| TPI Composites (US87266J1043) .","| Count | 33 000 | 33 000 | | USD | 14.4800 | 422 811.13 | 0.20 |","| Union Pacific Corp. (US9078181081) .","| Count | 8 000 | 3 000 | | USD | 251.0300 | 1 776 967.66 | 0.86 |","| Verizon Communications (US92343V1044) .","| Count | 18 500 | 18 500 | | USD | 52.3600 | 857 107.46 | 0.42 |","| VISA Cl.","A (US92826C8394) .","| Count | 5 500 | 5 500 | | USD | 218.1700 | 1 061 748.44 | 0.51 |","| VMware Cl.","A (US9285634021) .","| Count | 7 710 | 7 710 | | USD | 117.8800 | 804 189.53 | 0.39 |","| Weyerhaeuser Co. (US9621661043) .","| Count | 42 000 | 42 000 | | USD | 40.6800 | 1 511 799.32 | 0.73 |","| Interest-bearing securities | | | | | | | | |","| 0.0000 % Alstom 21/11.01.29 (FR0014001EW8) ....","| EUR | 1 000 | 1 000 | | % | 96.5360 | 965 360.00 | 0.47 |","| 10.1250 % Assicurazioni Generali 12/10.07.42 MTN | | | | | | | | |","| (XS0802638642) .","| EUR | 1 200 | | | % | 105.3050 | 1 263 660.00 | 0.61 |","| 2.4290 | % Assicurazioni Generali 20/14.07.31 MTN | | | | | | |","| | (XS2201857534) .","| EUR | 1 000 | % | 106.2850 | 1 062 850.00 | 0.52 |","| 4.8750 | % Eurofins Scientific 15/und.","(XS1224953882) .","| EUR | 1 700 | % | 104.9700 | 1 784 490.00 | 0.86 |","| 0.0000 | % Medtronic Global Holdings 20/15.10.25 (XS2238787415) 3 .","| EUR | 510 | | | % | 99.7410 | 508 679.10 | 0.25 |","| 3.5000 | % Ontex Group 21/15.07.26 (BE6329443962).","| EUR | 640 | 640 | | % | 95.5250 | 611 360.00 | 0.30 |","| 2.9950 | % TenneT Holding 17/und.","(XS1591694481) .",". .","| EUR | 700 | | | % | 104.7450 | 733 215.00 | 0.36 |","| 0.9000 | % Verbund 21/01.04.41 (XS2320746394) ....","| EUR | 300 | 300 | | % | 101.9270 | 305 781.00 | 0.15 |","| 0.6250 | % Vonovia 21/14.12.29 MTN (DE000A3E5MH6) | EUR | 400 | 400 | | % | 98.7540 | 395 016.00 | 0.19 |","| 1.2500 | % KfW 19/28.08.23 MTN (XS2046690827) ... .","| NOK | 23 000 | | | % | 99.9335 | 2 301 324.14 | 1.12 |","| 3.1250 | % Asian Development Bank (ADB) 18/26.09.28 | | | | | | | | |","| | MTN (US045167EJ82) .","| USD | 1 500 | | | % | 110.4365 | 1 465 776.67 | 0.71 |","| 3.8000 | % Avangrid 19/01.06.29 (US05351WAB90)... .","| USD | 1 400 | 1 400 | | % | 108.6440 | 1 345 852.84 | 0.65 |","| 0.7500 | % European Investment Bank (EIB) | | | | | | | | |","| | 20/23.09.30 (US298785JH03) .","| USD | 3 500 | 3 500 | | % | 93.5160 | 2 896 128.83 | 1.40 |","| 2.0000 | % International Finance 17/24.10.22 MTN | | | | | | | | |","| | (US45950VLH77) .","| USD | 1 700 | | | % | 101.2890 | 1 523 614.56 | 0.74 |","| 1.7500 | % Kreditanstalt für Wiederaufbau 19/14.09.29 | | | | | | | | |","| | (US500769JD71) .","| USD | 3 000 | 3 000 | | % | 101.6770 | 2 699 031.10 | 1.31 |","| 0.7500 | % Kreditanstalt für Wiederaufbau 20/30.09.30 | | | | | | | | |","| | (US500769JG03) .","| USD | 2 800 | 800 | | % | 93.4690 | 2 315 738.62 | 1.12 |","| 1.9000 | % Nextera Energy Capital Holdings 21/15.06.28 | | | | | | | | |","| | (US65339KBW99) .","| USD | 1 200 | 1 200 | | % | 99.2161 | 1 053 482.90 | 0.51 |","| 3.8750 | % NextEra Energy Operating Partners | | | | | | | | |","| | 19/15.10.26 144a (US65342QAL68) .","| USD | 1 000 | | | % | 106.0566 | 938 429.41 | 0.45 |","| 4.6500 | % VMware 20/15.05.27 (US928563AE54)....","| USD | 1 700 | | | % | 112.4626 | 1 691 690.74 | 0.82 |","| 2.2500 | % Xylem 20/30.01.31 (US98419MAL46) .","| USD | 1 100 | 1 100 | | % | 99.0069 | 963 655.92 | 0.47 |","| 5.5000 | % Ziggo 16/15.01.27 Reg S (USN9838NAA11) .","| USD | 1 817 | | 231 | % | 103.0500 | 1 656 787.59 | 0.80 |","| Other equity securities | | | | | | |","| Roche Holding Profitsh.","(CH0012032048) .","| Count | 9 000 | CHF | 382.0500 | 3 314 647.90 | 1.61 |","| Securities admitted to or included in organized markets | | | | | 1 132 416.05 | 0.55 |","| Interest-bearing securities | | | | | | |","| 4.8750 % Klabin Austria 17/19.09.27 Reg S | | | | | | |","| (USL5828LAB55) .","| USD | 1 200 | % | 106.6500 | 1 132 416.05 | 0.55 |","| Total securities portfolio | | | | | 190 801 251.37 | 92.48 |","| | (– / ’000) | amount | in the reporting period | | | EUR | |","| --- | --- | --- | --- | --- | --- | --- | --- |","| Derivatives Minus signs denote short positions | | | | | | | |","| Equity index derivatives (Receivables/payables) | | | | | | -15 573.53 | -0.01 |","| Equity index futures | | | | | | | |","| EURO STOXX 50 MAR 22 (EURX) EUR .","| Count | 750 | | | | 97 687.50 | 0.05 |","| STOXX EUR 600 ESG-X MAR 22 (EURX) EUR .","| Count | 1 000 | | | | 5 600.00 | 0.00 |","| S&P500 EMINI MAR 22 (CME) USD .","| Count | -1 000 | | | | -118 861.03 | -0.06 |","| Currency derivatives | | | | | | -22 371.40 | -0.01 |","| Currency futures (short) | | | | | | | |","| Open positions | | | | | | | |","| GBP/EUR 1.80 million .","| | | | | | -24 450.30 | -0.01 |","| Closed positions | | | | | | | |","| GBP/EUR 1.80 million .","| | | | | | 2 078.90 | 0.00 |","| Cash at bank | | | | | | 15 225 678.79 | 7.38 |","| Demand deposits at Depositary | | | | | | | |","| EUR deposits .","| EUR | 4 236 865.53 | | % | 100 | 4 236 865.53 | 2.05 |","| Deposits in other EU/EEA currencies .","| EUR | 699 181.51 | | % | 100 | 699 181.51 | 0.34 |","| Deposits in non-EU/EEA currencies | | | | | | | |","| Australian dollar .","| AUD | 82 735.14 | | % | 100 | 53 127.30 | 0.03 |","| Brazilian real .","| BRL | 3 725.87 | | % | 100 | 578.01 | 0.00 |","| Canadian dollar .","| CAD | 271.94 | | % | 100 | 187.88 | 0.00 |","| Swiss franc .","| CHF | 89.13 | | % | 100 | 85.92 | 0.00 |","| British pound .","| GBP | 1 267 588.43 | | % | 100 | 1 509 662.87 | 0.73 |","| Hong Kong dollar .","| HKD | 678 120.32 | | % | 100 | 76 941.53 | 0.04 |","| Japanese yen .","| JPY | 21 568 565.00 | | % | 100 | 165 708.09 | 0.08 |","| South Korean won .","| KRW | 134 890 889.00 | | % | 100 | 100 367.11 | 0.05 |","| Mexican peso .","| MXN | 119 776.26 | | % | 100 | 5 148.15 | 0.00 |","| Singapore dollar .","| SGD | 4 000.22 | | % | 100 | 2 614.44 | 0.00 |","| U.S. dollar .","| USD | 7 145 560.18 | | % | 100 | 6 322 665.29 | 3.06 |","| Time deposit | | | | | | | |","| NOK deposits (Coöperatieve Rabobank U.A., Utrecht) .",". .","| NOK | 20 500 000.00 | | % | 100 | 2 052 545.16 | 0.99 |","| Other assets | | | | | | 490 816.31 | 0.24 |","| Interest receivable .","| EUR | 284 354.09 | | % | 100 | 284 354.09 | 0.14 |","| Dividends/Distributions receivable .","| EUR | 153 643.96 | | % | 100 | 153 643.96 | 0.08 |","| Withholding tax claims .","| EUR | 52 606.26 | | % | 100 | 52 606.26 | 0.03 |","| Other receivables .","| EUR | 212.00 | | % | 100 | 212.00 | 0.00 |","| Receivables from share certificate transactions | EUR | 20 651.52 | | % | 100 | 20 651.52 | 0.01 |","| Total assets 1 | | | | | | 206 643 764.39 | 100.16 |","| Other liabilities | | | | | | -182 811.31 | -0.09 |","| Liabilities from cost items .","| EUR | -157 400.77 | | % | 100 | -157 400.77 | -0.08 |","| Additional other liabilities .","| EUR | -25 410.54 | | % | 100 | -25 410.54 | -0.01 |","| Liabilities from share certificate transactions | EUR | -8 185.96 | | % | 100 | -8 185.96 | 0.00 |","| Net assets | | | | | | 206 309 455.79 | 100.00 |","| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |","| --- | --- | --- |","| Net asset value per unit Class FD .","| EUR | 288.99 |","| Class LD .","| EUR | 287.55 |","| Class LC .","| EUR | 292.55 |","| Class TFC .","| EUR | 123.92 |","| Number of units outstanding Class FD .","| Count | 570 804.408 |","| Class LD .","| Count | 85 461.342 |","| Class LC .","| Count | 22 459.742 |","| Class TFC .","| Count | 82 361.000 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","Composition of the reference portfolio (according to CSSF circular 11/512)","75% MSCI All Country World Net TR Index - in EUR, 25% BBG Global Aggregate Index in EUR","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure .","| % | 68.889 |","| --- | --- | --- |","| Highest market risk exposure .","| % | 91.390 |","| Average market risk exposure .","| % | 82.330 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 14 061 480.36 as of the reporting date.","Counterparties","Morgan Stanley Europe S.E., Frankfurt/Main; State Street Bank and Trust Company, London","Securities lending","The following securities were transferred under securities loans at the reporting date:","Security name\tQuantity/\tSecurities loans","principal amount\tTotal market value in EUR","(– / ’000)\tFixed maturity\tNo fixed maturity\tTotal","0.0000 % Medtronic Global Holdings 20/15.10.25 ....","EUR\t500\t498 705.00","Total receivables from securities loans\t498 705.00\t498 705.00","Contracting parties for securities loans:","Deutsche Bank AG, Frankfurt/Main","Total collateral pledged by third parties for securities loans\tEUR\t521 488.80","thereof:","Bonds\tEUR\t521 488.80","Market abbreviations\t Futures exchanges","EURX\t= Eurex (Eurex Frankfurt/Eurex Zurich)","CME\t= Chicago Mercantile Exchange (CME) – Index and Option Market (IOM)","Exchange rates (indirect quotes)","As of December 30, 2021","| Australian dollar .","| AUD | 1.557300 | = | EUR | 1 |","| --- | --- | --- | --- | --- | --- |","| Brazilian real .","| BRL | 6.446050 | = | EUR | 1 |","| Canadian dollar .","| CAD | 1.447400 | = | EUR | 1 |","| Swiss franc .","| CHF | 1.037350 | = | EUR | 1 |","| Danish krone .","| DKK | 7.436800 | = | EUR | 1 |","| British pound .","| GBP | 0.839650 | = | EUR | 1 |","| Hong Kong dollar .","| HKD | 8.813450 | = | EUR | 1 |","| Japanese yen .","| JPY | 130.160000 | = | EUR | 1 |","| South Korean won .","| KRW | 1 343.975000 | = | EUR | 1 |","| Mexican peso .","| MXN | 23.265900 | = | EUR | 1 |","| Norwegian krone .","| NOK | 9.987600 | = | EUR | 1 |","| Swedish krona .","| SEK | 10.240200 | = | EUR | 1 |","| Singapore dollar .","| SGD | 1.530050 | = | EUR | 1 |","| U.S. dollar .","| USD | 1.130150 | = | EUR | 1 |","Notes on valuation","The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Investments reported in this report are not valued at derived market values.","Footnotes","1\tDoes not include positions with a negative balance, if such exist.","3\tThese securities are completely or partly lent as securities loans.","Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021","- Income","- Dividends (before withholding tax) EUR 5 384\t490.81","- Interest from securities (before withholding tax) EUR 894\t178.57","- Interest from investments of liquid assets(before withholding tax) EUR\t1 888.89","- Income from securities lendingand repurchase agreements EUR\t283.79thereof:from securities lending EUR\t283.79","- Deduction for foreign withholding tax EUR\t-664 099.76","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t342.25Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t5 617 084.55","- Expenses","- Interest on borrowings and negative intereston deposits and similar expenses EUR\t-41 411.49 thereof:Commitment fees EUR\t-2 081.12","- Management fee EUR\t-1 845 243.98thereof:All-in fee EUR -1 845 243.98","- Other expenses EUR\t-99 842.24thereof:Performance-based feefrom securities lending EUR\t-93.67 Legal and consulting expenses...","EUR -278.71 Taxe d’Abonnement EUR -99 469.86Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-1 986 497.71","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t3 630 586.84","- Sale transactions","- Realized gains EUR\t11 199 726.35","- Realized losses EUR\t-4 360 308.00Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t6 839 418.35","- Realized net gain/loss for the fiscal year . . . .",". . . .",". . . EUR\t10 470 005.19","- Net change in unrealized appreciation EUR\t18 285 148.94","- Net change in unrealized depreciation EUR\t-1 889 248.76","- Unrealized net gain/loss for the fiscal year . . . .",". . . .","EUR\t16 395 900.18","- Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","EUR\t26 865 905.37Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","BVI total expense ratio (TER) / Transaction costs","BVI total expense ratio (TER)","The total expense ratio(s) for the share class(es) was/were:","Class FD 0.90% p.a.,\tClass LD 1.55% p.a., Class LC 1.55% p.a.,\tClass TFC 0.90% p.a.","Nicht-SICAV: The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets in rela- tion to the respective unit class for a given fiscal year.","As well, the additional income from securities lending resulted in a performance-based fee of","Class FD 0.000%,\tClass LD 0.000%,\tClass LC 0.000%,","Class TFC 0.000%","of the average net asset value of the respective unit class.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 27 569.18.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Statement of changes in net assets for the fund","- Value of the fund’s net assets","| at the beginning of the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 166 079 135.24 |","| --- | --- | --- |","| 1. Distribution for the previous year | EUR | -1 544 165.25 |","| 2. Net inflows | EUR | 15 173 192.19 |","a) Inflows from subscriptions | EUR | 24 085 721.18 |","b) Outflows from redemptions | EUR | -8 912 528.99 |","| 3. Income adjustment | EUR | -264 611.76 |","| 4. Net gain/loss for the fiscal year | EUR | 26 865 905.37 |","| thereof: | | |","| Net change in unrealized appreciation | EUR | 18 285 148.94 |","| Net change in unrealized depreciation | EUR | -1 889 248.76 |","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t206 309 455.79 Summary of gains/losses\tRealized gains (incl. income adjustment) . . . .",". . . .",". . . .","EUR\t11 199 726.35from:Securities transactions EUR\t9 701 996.12Financial futures transactions EUR\t464 366.17(Forward) currency transactions EUR\t1 033 364.06Realized losses (incl. income adjustment) . . . .",". . . .",". . . .","EUR\t-4 360 308.00from:Securities transactions EUR\t-1 350 051.86Financial futures transactions EUR\t-1 935 548.37(Forward) currency transactions EUR\t-1 074 707.77Net change in unrealized appreciation/depreciation . . . EUR\t16 395 900.18from:Securities transactions EUR\t16 328 908.86Financial futures transactions EUR\t110 598.52(Forward) currency transactions EUR\t-43 607.20 Details on the distribution policy*\tClass FD:Type\tAs of\tCurrency\tPer unit Final distribution\tMarch 4, 2022\tEUR\t\t5.35Class LD:Type\tAs of\tCurrency\tPer unit Final distribution\tMarch 4, 2022\tEUR\t\t3.57The remaining net income for the fiscal year is reinvested.","Class LC: The income for the fiscal year is reinvested.","Class TFC: The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per unit over the last three years","| Net assets at the end of the fiscal year | |","| --- | --- |","| 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . . . . . . | EUR | 206 309 455.79 | | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 166 079 135.24 | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 157 542 582.85 | | Net asset value per unit at the end of the fiscal year | | | | 2021 | Class FD | EUR | 288.99 | | | Class LD | EUR | 287.55 | | | Class LC | EUR | 292.55 | | | Class TFC | EUR | 123.92 | | 2020 | Class FD | EUR | 252.23 | | | Class LD | EUR | 251.11 | | | Class LC | EUR | 254.37 | | | Class TFC | EUR | 107.06 | | 2019 | Class FD | EUR | 251.00 | | | Class LD | EUR | 249.94 | | | Class LC | EUR | 250.55 | | | Class TFC | EUR | 104.79 | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 335.85. KP KPMG issued an unqualified audit opinion for the full annual report. The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: MG Luxembourg, Société anonyme\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu #### To the unitholders of DWS ESG Multi Asset Dynamic 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE REVISEUR D’ENTREPRISES AGREE ##### Report on the audit of the annual financial statements Opinion We have audited the accompanying financial statements of DWS ESG Multi Asset Dynamic (“the fund”), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies. In our opinion, the attached financial statements give a true and fair view of the financial position of DWS ESG Multi Asset Dynamic as of December 31, 2021, and of the results of its operations as well as changes in its net assets and the performance of the fund’s net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of annual financial statements. ##### Basis for the audit opinion We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d'Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion. ##### Other information The Management Board of the Management Company is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements. Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard. ##### Responsibility of the Management Board of the Management Company The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation of annual financial statements and for the internal controls that the Man- agement Board considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement. When preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and – where relevant – for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action. Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements. When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach. Furthermore: - We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of mate- rial misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls. - We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system. - We assess the appropriateness of the accounting methods applied by the Management Board of the Management Company, of the accounting-related estimates and of the corresponding explanatory information. - We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activ- ity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associ- ated explanatory information provided in the annual financial statements in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund no longer being able to continue its busi- ness activity. - We assess the overall presentation, the structure and the content of the annual financial statements, including the explanatory information, and assess whether these appropriately present the underlying business transactions and events. We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring. Luxembourg, April 22, 2022\tKPMG Luxembourg ‘Société anonyme’ (stock corporation) Cabinet de révision agréé Pia Schanz"],"string":"[\n \"# Annual report\",\n \"and annual financial statements\",\n \"#### Investment objective and performance in the reporting period\",\n \"DWS ESG Multi Asset Dynamic can, depending on the stock market situation, invest flexibly in the international equity and bond markets.\",\n \"The objective\",\n \"of the investment policy is to achieve sustained appreciation.\",\n \"DWS ESG MULTI ASSET DYNAMIC\",\n \"Performance since inception\",\n \"142\",\n \"135\",\n \"128\",\n \"121\",\n \"114\",\n \"107\",\n \"100\",\n \"93\",\n \"In order to achieve this, the\",\n \"April 6, 2018\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"fund invests predominantly in equities and bonds of German,\",\n \"DWS ESG Multi Asset Dynamic (unit class LD)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* launched on April 6, 2018 = 100\",\n \"Data on euro basis\",\n \"European and international companies or states, in order to marry the greatest possible earnings with ecological and social criteria.\",\n \"Depending on the assessment of the market situation, the net assets may also be invested in equity cer- tificates, convertible bonds, convertible debentures and warrant-linked bonds or in par- ticipation and dividend-right certificates (Genussscheine).\",\n \"Care is taken to ensure an inter- national spread.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS ESG MULTI ASSET DYNAMIC\",\n \"Performance of unit classes (in euro)\",\n \"| Unit class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LD | LU1790031394 | 15.0% | 40.0% | 36.5%1 |\",\n \"| Class FD | LU0198959040 | 15.7% | 42.7% | 43.2% |\",\n \"| Class LC | LU2050544563 | 15.0% | 22.1%1 | – |\",\n \"| Class TFC | LU2050544647 | 15.7% | 23.9%1 | – |\",\n \"1\",\n \"Class LD launched on April 6, 2018 / Classes LC and TFC launched on September 19, 2019\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the\",\n \"reporting period was character- ized primarily by the coronavi- rus crisis*.\",\n \"Despite rising infla- tion, especially toward the end of the reporting period, inter- est rates failed to rise in both the euro area and the United States.\",\n \"This development on the markets was influenced by the increased investor focus\",\n \"on the search for investment opportunities for their liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries.\",\n \"Against this backdrop,\",\n \"DWS ESG Multi Asset Dynamic achieved an appreciation of 15.7% per unit in the fiscal year through the end of Decem-\",\n \"ber 2021 (FD unit class; BVI method; in euro).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic conse- quences for the global commu- nity.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weak- ened global economy – sup- ported the price development in the financial markets.\",\n \"Since\",\n \"the beginning of 2021, the economic outlook improved, boosted by the efforts and packages of measures under- taken by the international community to address the eco- nomic impact of the coronavi- rus crisis and by the regulatory filings for Covid-19 vaccines and the vaccination cam- paigns.\",\n \"However, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-re- lated pent-up consumption demand and partial supply shortages due to supply diffi- culties.\",\n \"In addition, the dynamic spread of the coronavirus\",\n \"and its variants, as well as\",\n \"associated new restrictions, dampened the economic out- look.\",\n \"The international equity markets closed 2021 with sig- nificant price gains, although the picture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in\",\n \"futures.\",\n \"Over the course of the fiscal year, the portfolio man- agement controlled the equity investment quota dynamically.\",\n \"As of the end of December 2021, the equity component represented approximately 78% of the fund’s assets.\",\n \"In terms of bonds, the portfolio manage- ment held onto, in particular,\",\n \"bonds of near-government issu- ers as well as high-yield cor-\",\n \"products within the meaning of Article 8 (1) under Regulation (EU) 2019/2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) can be found in the disclosures required by Regulation (EU) 2019/2088 and in accordance with Regulation\",\n \"(EU) 2020/852 at the back of the report.\",\n \"the emerging markets brought\\tporate bonds from Europe, the\\tup the rear and recorded price declines.\",\n \"Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluctu- ations towards the longer end of maturity in the reporting year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corpo- rate bond markets, high-yield securities posted price gains\",\n \"at reduced risk premiums and thus outperformed invest- ment-grade corporate bonds, which traded lower.\",\n \"The bond markets of the emerging mar- kets saw price declines, albeit to varying degrees, amid wider risk premiums.\",\n \"On the equity side, the focus lay predominantly on the high- growth equities of the infor- mation technology sector and the health care sector, as well as generally on blue chip equi- ties with attractive dividend yields.\",\n \"Against the backdrop of numerous adverse factors, such as the coronavirus crisis\",\n \"in particular, and for reasons of risk management, part of the equity investments were flexi- bly hedged at times with index\",\n \"United States and the emerging markets.\",\n \"Overall, the portfolio showed a very good sustainability per- formance.\",\n \"In the fund’s name, ESG stands for environmental, social and corporate gover- nance aspects.\",\n \"#### Information on environmental and/or social characteristics\",\n \"DWS ESG Multi Asset Dynamic promotes environmental and/or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019/2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).\",\n \"The selection of assets is pre- dominantly in line with the promoted environmental and/ or social criteria.\",\n \"However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within\",\n \"the meaning of the Taxonomy Regulation.\",\n \"The presentation of the infor- mation to be disclosed for the regular reports for financial\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors): Health Care | 29 601 714.20 | 14.35 |\",\n \"| Information Technology | 26 418 062.30 | 12.81 |\",\n \"| Financials | 24 600 341.18 | 11.92 |\",\n \"| Communication Services | 17 300 235.92 | 8.39 |\",\n \"| Utilities | 16 951 962.45 | 8.22 |\",\n \"| Consumer Staples | 14 355 485.78 | 6.96 |\",\n \"| Industrials | 10 710 915.86 | 5.19 |\",\n \"| Basic Materials | 7 734 083.05 | 3.75 |\",\n \"| Consumer Discretionaries | 6 095 537.55 | 2.95 |\",\n \"| Other | 7 418 572.61 | 3.59 |\",\n \"| Total equities: | 161 186 910.90 | 78.13 |\",\n \"| 2. Bonds (issuers): Companies | 15 359 243.65 | 7.44 |\",\n \"| Institutions | 10 212 222.69 | 4.95 |\",\n \"| Other financing institutions | 4 042 874.13 | 1.96 |\",\n \"| Total bonds: | 29 614 340.47 | 14.35 |\",\n \"| 3. Derivatives | -37 944.93 | -0.02 |\",\n \"| 4. Cash at bank | 15 225 678.79 | 7.38 |\",\n \"| 5. Other assets | 490 816.31 | 0.24 |\",\n \"| 6. Receivables from share certificate transactions | 20 651.52 | 0.01 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -182 811.31 | -0.09 |\",\n \"| 2. Liabilities from share certificate transactions | -8 185.96 | 0.00 |\",\n \"| III.\",\n \"Net assets | 206 309 455.79 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – December 31, 2021\",\n \"| Securities traded on an exchange | | | | | | | 189 668 835.32 | 91.93 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Equities | | | | | | | | |\",\n \"| Vestas Wind Systems (DK0061539921) .\",\n \"| Count | 86 500 | 86 500 | | DKK | 198.6000 | 2 309 985.48 | 1.12 |\",\n \"| Acciona (ES0125220311) .\",\n \"| Count | 16 000 | | | EUR | 167.8000 | 2 684 800.00 | 1.30 |\",\n \"| Allianz (DE0008404005) .\",\n \"| Count | 8 000 | | 1 900 | EUR | 207.8000 | 1 662 400.00 | 0.81 |\",\n \"| AXA (FR0000120628) .\",\n \"| Count | 113 000 | | 16 000 | EUR | 26.2950 | 2 971 335.00 | 1.44 |\",\n \"| bpost Compartment A (BE0974268972) .\",\n \"Corporacion Acciona Energias Renovables (ES0105563003) .\",\n \"| Count Count | 69 565 42 000 | 42 000 | | EUR EUR | 7.7050 32.3900 | 535 998.33 1 360 380.00 | 0.26 0.66 |\",\n \"| Deutsche Börse Reg.\",\n \"(DE0005810055) .\",\n \"| Count | 12 600 | | | EUR | 146.8500 | 1 850 310.00 | 0.90 |\",\n \"| Deutsche EuroShop Reg.\",\n \"(DE0007480204) .\",\n \"| Count | 25 500 | | 47 500 | EUR | 14.6000 | 372 300.00 | 0.18 |\",\n \"| Deutsche Telekom Reg.\",\n \"(DE0005557508) .\",\n \"| Count | 228 000 | 36 000 | | EUR | 16.2600 | 3 707 280.00 | 1.80 |\",\n \"| Deutsche Wohnen (DE000A0HN5C6) .\",\n \"| Count | 45 000 | 67 000 | 54 000 | EUR | 37.3000 | 1 678 500.00 | 0.81 |\",\n \"| E.ON Reg.\",\n \"(DE000ENAG999) .\",\n \"| Count | 339 000 | | | EUR | 12.2240 | 4 143 936.00 | 2.01 |\",\n \"| EDP Renovaveis (ES0127797019) .\",\n \"| Count | 157 577 | 32 577 | 15 000 | EUR | 21.8400 | 3 441 481.68 | 1.67 |\",\n \"| Groupe Danone (C.R.) (FR0000120644) .\",\n \"| Count | 38 100 | | | EUR | 54.9200 | 2 092 452.00 | 1.01 |\",\n \"| Henkel Pref.\",\n \"(DE0006048432) .\",\n \"| Count | 20 500 | 10 500 | | EUR | 71.3000 | 1 461 650.00 | 0.71 |\",\n \"| ING Groep (NL0011821202) .\",\n \"| Count | 201 000 | | 70 000 | EUR | 12.2940 | 2 471 094.00 | 1.20 |\",\n \"| Koninklijke Ahold Delhaize (NL0011794037) .\",\n \"| Count | 104 000 | | | EUR | 30.5050 | 3 172 520.00 | 1.54 |\",\n \"| Koninklijke Philips (NL0000009538) .\",\n \"| Count | 54 000 | 25 000 | | EUR | 32.8450 | 1 773 630.00 | 0.86 |\",\n \"| Merck (DE0006599905) .\",\n \"Münchener Rückversicherungs-Gesellschaft Vink.\",\n \"Reg.\",\n \"(DE0008430026) .\",\n \"| Count Count | 16 600 6 250 | 1 500 | 5 300 650 | EUR EUR | 228.5000 261.0000 | 3 793 100.00 1 631 250.00 | 1.84 0.79 |\",\n \"| Ontex Group (BE0974276082) .\",\n \"| Count | 102 000 | | | EUR | 6.9300 | 706 860.00 | 0.34 |\",\n \"| Orange (FR0000133308) .\",\n \"| Count | 215 000 | | | EUR | 9.4130 | 2 023 795.00 | 0.98 |\",\n \"| Prysmian (IT0004176001) .\",\n \"| Count | 37 000 | | | EUR | 33.2000 | 1 228 400.00 | 0.60 |\",\n \"| Red Electrica Corporacion (ES0173093024) .\",\n \"| Count | 150 000 | | | EUR | 19.0900 | 2 863 500.00 | 1.39 |\",\n \"| SAP (DE0007164600) .\",\n \"| Count | 9 500 | | | EUR | 124.4000 | 1 181 800.00 | 0.57 |\",\n \"| Talanx Reg.\",\n \"(DE000TLX1005) .\",\n \"| Count | 59 000 | | | EUR | 42.5200 | 2 508 680.00 | 1.22 |\",\n \"| Umicore (BE0974320526) .\",\n \"| Count | 37 500 | 37 500 | | EUR | 35.7300 | 1 339 875.00 | 0.65 |\",\n \"| Unilever (GB00B10RZP78) .\",\n \"| Count | 43 000 | | | EUR | 47.2550 | 2 031 965.00 | 0.98 |\",\n \"| Vonovia (DE000A1ML7J1) .\",\n \"| Count | 79 521 | 38 616 | | EUR | 48.4900 | 3 855 973.29 | 1.87 |\",\n \"| Drax Group (GB00B1VNSX38) .\",\n \"| Count | 145 000 | 145 000 | | GBP | 6.1995 | 1 070 592.69 | 0.52 |\",\n \"| GlaxoSmithKline (GB0009252882) .\",\n \"| Count | 50 000 | | | GBP | 16.2600 | 968 260.58 | 0.47 |\",\n \"| Smith & Nephew (GB0009223206) .\",\n \"| Count | 69 000 | | | GBP | 12.9396 | 1 063 337.95 | 0.52 |\",\n \"| Vodafone Group (GB00BH4HKS39) .\",\n \"| Count | 900 000 | | | GBP | 1.1240 | 1 204 787.71 | 0.58 |\",\n \"| China Datang Corporation Renewable Power Company (CNE100000X69) .\",\n \"| Count | 1 500 000 | 1 697 000 | 2 697 000 | HKD | 3.5500 | 604 190.19 | 0.29 |\",\n \"| Ping An Insurance (Group) Co. of China Cl.\",\n \"H (new) (CNE1000003X6) .\",\n \"| Count | 130 000 | 130 000 | | HKD | 56.3000 | 830 435.30 | 0.40 |\",\n \"| Xinjiang Goldwind Science & Technology Cl.\",\n \"H (CNE100000PP1) .\",\n \"| Count | 775 000 | 775 000 | | HKD | 14.8600 | 1 306 696.02 | 0.63 |\",\n \"| Bridgestone Corp. (JP3830800003) .\",\n \"| Count | 22 500 | | | JPY | 4 949.0000 | 855 504.76 | 0.41 |\",\n \"| Central Japan Railway Co. (JP3566800003) .\",\n \"| Count | 8 000 | | | JPY | 15 345.0000 | 943 146.90 | 0.46 |\",\n \"| Komatsu (JP3304200003) .\",\n \"| Count | 36 000 | | | JPY | 2 693.5000 | 744 975.41 | 0.36 |\",\n \"| Kubota Corp. (JP3266400005) .\",\n \"| Count | 73 500 | | | JPY | 2 553.5000 | 1 441 934.93 | 0.70 |\",\n \"| Nippon Telegraph and Telephone Corp. (JP3735400008).\",\n \"| Count | 94 000 | | | JPY | 3 150.0000 | 2 274 892.44 | 1.10 |\",\n \"| Panasonic Corp. (JP3866800000) .\",\n \"| Count | 95 000 | | | JPY | 1 265.0000 | 923 286.72 | 0.45 |\",\n \"| Sony Group Corp. (JP3435000009) .\",\n \"| Count | 16 000 | 6 000 | | JPY | 14 475.0000 | 1 779 348.49 | 0.86 |\",\n \"| Hyundai Mobis (KR7012330007) .\",\n \"| Count | 9 000 | 1 900 | | KRW | 254 500.0000 | 1 704 272.77 | 0.83 |\",\n \"| Samsung SDI Co.\",\n \"Pref.\",\n \"(KR7006401004) .\",\n \"| Count | 6 722 | | 4 100 | KRW | 346 500.0000 | 1 733 047.86 | 0.84 |\",\n \"| Storebrand (NO0003053605) .\",\n \"| Count | 155 000 | | | NOK | 87.9600 | 1 365 072.69 | 0.66 |\",\n \"| Essity Cl.\",\n \"B (SE0009922164) .\",\n \"| Count | 65 000 | | | SEK | 295.7000 | 1 876 965.29 | 0.91 |\",\n \"| Svenska Cellulosa B (Free) (SE0000112724) .\",\n \"| Count | 120 000 | | | SEK | 160.1000 | 1 876 135.23 | 0.91 |\",\n \"| AbbVie (US00287Y1091) .\",\n \"| Count | 7 500 | | | USD | 135.3600 | 898 287.84 | 0.44 |\",\n \"| Akamai Technologies (US00971T1016) .\",\n \"| Count | 13 000 | | | USD | 118.3300 | 1 361 137.90 | 0.66 |\",\n \"| Alibaba Group Holding ADR (US01609W1027) .\",\n \"| Count | 8 400 | 2 000 | | USD | 112.0900 | 833 124.81 | 0.40 |\",\n \"| Alphabet Cl.\",\n \"A (US02079K3059) .\",\n \"| Count | 1 725 | | | USD | 2 933.1000 | 4 476 925.63 | 2.17 |\",\n \"| Amgen (US0311621009) .\",\n \"| Count | 6 200 | | | USD | 227.6000 | 1 248 613.02 | 0.61 |\",\n \"| Anthem (US0367521038) .\",\n \"| Count | 4 300 | | | USD | 467.6700 | 1 779 393.00 | 0.86 |\",\n \"| AT & T (US00206R1023) .\",\n \"| Count | 31 000 | | | USD | 24.6400 | 675 874.88 | 0.33 |\",\n \"| Bank of America Corp. (US0605051046) .\",\n \"| Count | 53 500 | 10 000 | | USD | 44.6300 | 2 112 732.82 | 1.02 |\",\n \"| Bank of New York Mellon (US0640581007) .\",\n \"| Count | 61 000 | | | USD | 58.3700 | 3 150 528.69 | 1.53 |\",\n \"| Bristol-Myers Squibb Co. (US1101221083) .\",\n \"| Count | 22 500 | | | USD | 62.2900 | 1 240 122.99 | 0.60 |\",\n \"| Cisco Systems (US17275R1023) .\",\n \"| Count | 39 500 | | 10 000 | USD | 63.9600 | 2 235 473.17 | 1.08 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Citigroup (new) (US1729674242) .\",\n \"| Count | 47 000 | 19 000 | 12 000 | USD | 60.5400 | 2 517 701.19 | 1.22 |\",\n \"| Citrix Systems (US1773761002) .\",\n \"| Count | 17 000 | | | USD | 96.9600 | 1 458 496.66 | 0.71 |\",\n \"| Dell Technologies Cl.\",\n \"C (US24703L2025) .\",\n \"| Count | 17 500 | 17 500 | 17 500 | USD | 57.0500 | 883 400.43 | 0.43 |\",\n \"| Enel Chile Reg.\",\n \"S.50\",\n \"ADR (US29278D1054) .\",\n \"| Count | 500 000 | 150 000 | | USD | 1.7700 | 783 081.89 | 0.38 |\",\n \"| First Solar (US3364331070) .\",\n \"| Count | 27 500 | | | USD | 87.1800 | 2 121 355.57 | 1.03 |\",\n \"| General Mills (US3703341046) .\",\n \"| Count | 26 500 | | | USD | 67.0200 | 1 571 499.36 | 0.76 |\",\n \"| HCA Healthcare (US40412C1018) .\",\n \"| Count | 13 800 | | | USD | 258.4900 | 3 156 361.54 | 1.53 |\",\n \"| Impala Platinum Holdings ADR (US4525533083) .\",\n \"| Count | 136 500 | 56 500 | 45 000 | USD | 13.9000 | 1 678 847.94 | 0.81 |\",\n \"| Intel Corp. (US4581401001) .\",\n \"| Count | 22 000 | | | USD | 51.8300 | 1 008 945.72 | 0.49 |\",\n \"| Kellogg Co. (US4878361082) .\",\n \"| Count | 25 500 | | | USD | 63.8900 | 1 441 574.13 | 0.70 |\",\n \"| Kinross Gold (CA4969024047) .\",\n \"| Count | 220 000 | | | USD | 5.6300 | 1 095 960.71 | 0.53 |\",\n \"| Laboratory Corp.\",\n \"America Holdings (US50540R4092) .\",\n \". .\",\n \"| Count | 8 800 | | | USD | 308.6700 | 2 403 482.72 | 1.16 |\",\n \"| Medtronic (IE00BTN1Y115) .\",\n \"| Count | 13 000 | | | USD | 103.9500 | 1 195 726.23 | 0.58 |\",\n \"| Merck & Co. (US58933Y1055) .\",\n \"| Count | 28 700 | 28 700 | 18 700 | USD | 76.9500 | 1 954 134.41 | 0.95 |\",\n \"| Microsoft Corp. (US5949181045) .\",\n \"| Count | 8 000 | | | USD | 341.9500 | 2 420 563.64 | 1.17 |\",\n \"| Morgan Stanley (US6174464486) .\",\n \"| Count | 17 500 | | 7 500 | USD | 98.7300 | 1 528 801.49 | 0.74 |\",\n \"| Newmont (US6516391066) .\",\n \"| Count | 32 500 | | | USD | 60.6200 | 1 743 264.17 | 0.84 |\",\n \"| Pfizer (US7170811035) .\",\n \"| Count | 37 000 | | | USD | 57.5800 | 1 885 112.60 | 0.91 |\",\n \"| Qiagen (NL0012169213) .\",\n \"| Count | 32 500 | 32 500 | | USD | 55.7400 | 1 602 928.81 | 0.78 |\",\n \"| Quest Diagnostics (US74834L1008) .\",\n \"| Count | 8 800 | 8 800 | | USD | 170.1100 | 1 324 574.61 | 0.64 |\",\n \"| Samsung Electronics Pref.\",\n \"GDR (US7960502018) .\",\n \"| Count | 3 623 | | | USD | 1 496.0000 | 4 795 830.64 | 2.32 |\",\n \"| SK Telecom ADR (US78440P3064) .\",\n \"| Count | 85 030 | 85 030 | | USD | 27.6400 | 2 079 572.80 | 1.01 |\",\n \"| Synopsys (US8716071076) .\",\n \"| Count | 2 900 | 4 400 | 1 500 | USD | 373.4400 | 958 258.64 | 0.46 |\",\n \"| Taiwan Semiconductor ADR (US8740391003) .\",\n \"| Count | 40 900 | 7 000 | | USD | 121.4100 | 4 393 814.10 | 2.13 |\",\n \"| TPI Composites (US87266J1043) .\",\n \"| Count | 33 000 | 33 000 | | USD | 14.4800 | 422 811.13 | 0.20 |\",\n \"| Union Pacific Corp. (US9078181081) .\",\n \"| Count | 8 000 | 3 000 | | USD | 251.0300 | 1 776 967.66 | 0.86 |\",\n \"| Verizon Communications (US92343V1044) .\",\n \"| Count | 18 500 | 18 500 | | USD | 52.3600 | 857 107.46 | 0.42 |\",\n \"| VISA Cl.\",\n \"A (US92826C8394) .\",\n \"| Count | 5 500 | 5 500 | | USD | 218.1700 | 1 061 748.44 | 0.51 |\",\n \"| VMware Cl.\",\n \"A (US9285634021) .\",\n \"| Count | 7 710 | 7 710 | | USD | 117.8800 | 804 189.53 | 0.39 |\",\n \"| Weyerhaeuser Co. (US9621661043) .\",\n \"| Count | 42 000 | 42 000 | | USD | 40.6800 | 1 511 799.32 | 0.73 |\",\n \"| Interest-bearing securities | | | | | | | | |\",\n \"| 0.0000 % Alstom 21/11.01.29 (FR0014001EW8) ....\",\n \"| EUR | 1 000 | 1 000 | | % | 96.5360 | 965 360.00 | 0.47 |\",\n \"| 10.1250 % Assicurazioni Generali 12/10.07.42 MTN | | | | | | | | |\",\n \"| (XS0802638642) .\",\n \"| EUR | 1 200 | | | % | 105.3050 | 1 263 660.00 | 0.61 |\",\n \"| 2.4290 | % Assicurazioni Generali 20/14.07.31 MTN | | | | | | |\",\n \"| | (XS2201857534) .\",\n \"| EUR | 1 000 | % | 106.2850 | 1 062 850.00 | 0.52 |\",\n \"| 4.8750 | % Eurofins Scientific 15/und.\",\n \"(XS1224953882) .\",\n \"| EUR | 1 700 | % | 104.9700 | 1 784 490.00 | 0.86 |\",\n \"| 0.0000 | % Medtronic Global Holdings 20/15.10.25 (XS2238787415) 3 .\",\n \"| EUR | 510 | | | % | 99.7410 | 508 679.10 | 0.25 |\",\n \"| 3.5000 | % Ontex Group 21/15.07.26 (BE6329443962).\",\n \"| EUR | 640 | 640 | | % | 95.5250 | 611 360.00 | 0.30 |\",\n \"| 2.9950 | % TenneT Holding 17/und.\",\n \"(XS1591694481) .\",\n \". .\",\n \"| EUR | 700 | | | % | 104.7450 | 733 215.00 | 0.36 |\",\n \"| 0.9000 | % Verbund 21/01.04.41 (XS2320746394) ....\",\n \"| EUR | 300 | 300 | | % | 101.9270 | 305 781.00 | 0.15 |\",\n \"| 0.6250 | % Vonovia 21/14.12.29 MTN (DE000A3E5MH6) | EUR | 400 | 400 | | % | 98.7540 | 395 016.00 | 0.19 |\",\n \"| 1.2500 | % KfW 19/28.08.23 MTN (XS2046690827) ... .\",\n \"| NOK | 23 000 | | | % | 99.9335 | 2 301 324.14 | 1.12 |\",\n \"| 3.1250 | % Asian Development Bank (ADB) 18/26.09.28 | | | | | | | | |\",\n \"| | MTN (US045167EJ82) .\",\n \"| USD | 1 500 | | | % | 110.4365 | 1 465 776.67 | 0.71 |\",\n \"| 3.8000 | % Avangrid 19/01.06.29 (US05351WAB90)... .\",\n \"| USD | 1 400 | 1 400 | | % | 108.6440 | 1 345 852.84 | 0.65 |\",\n \"| 0.7500 | % European Investment Bank (EIB) | | | | | | | | |\",\n \"| | 20/23.09.30 (US298785JH03) .\",\n \"| USD | 3 500 | 3 500 | | % | 93.5160 | 2 896 128.83 | 1.40 |\",\n \"| 2.0000 | % International Finance 17/24.10.22 MTN | | | | | | | | |\",\n \"| | (US45950VLH77) .\",\n \"| USD | 1 700 | | | % | 101.2890 | 1 523 614.56 | 0.74 |\",\n \"| 1.7500 | % Kreditanstalt für Wiederaufbau 19/14.09.29 | | | | | | | | |\",\n \"| | (US500769JD71) .\",\n \"| USD | 3 000 | 3 000 | | % | 101.6770 | 2 699 031.10 | 1.31 |\",\n \"| 0.7500 | % Kreditanstalt für Wiederaufbau 20/30.09.30 | | | | | | | | |\",\n \"| | (US500769JG03) .\",\n \"| USD | 2 800 | 800 | | % | 93.4690 | 2 315 738.62 | 1.12 |\",\n \"| 1.9000 | % Nextera Energy Capital Holdings 21/15.06.28 | | | | | | | | |\",\n \"| | (US65339KBW99) .\",\n \"| USD | 1 200 | 1 200 | | % | 99.2161 | 1 053 482.90 | 0.51 |\",\n \"| 3.8750 | % NextEra Energy Operating Partners | | | | | | | | |\",\n \"| | 19/15.10.26 144a (US65342QAL68) .\",\n \"| USD | 1 000 | | | % | 106.0566 | 938 429.41 | 0.45 |\",\n \"| 4.6500 | % VMware 20/15.05.27 (US928563AE54)....\",\n \"| USD | 1 700 | | | % | 112.4626 | 1 691 690.74 | 0.82 |\",\n \"| 2.2500 | % Xylem 20/30.01.31 (US98419MAL46) .\",\n \"| USD | 1 100 | 1 100 | | % | 99.0069 | 963 655.92 | 0.47 |\",\n \"| 5.5000 | % Ziggo 16/15.01.27 Reg S (USN9838NAA11) .\",\n \"| USD | 1 817 | | 231 | % | 103.0500 | 1 656 787.59 | 0.80 |\",\n \"| Other equity securities | | | | | | |\",\n \"| Roche Holding Profitsh.\",\n \"(CH0012032048) .\",\n \"| Count | 9 000 | CHF | 382.0500 | 3 314 647.90 | 1.61 |\",\n \"| Securities admitted to or included in organized markets | | | | | 1 132 416.05 | 0.55 |\",\n \"| Interest-bearing securities | | | | | | |\",\n \"| 4.8750 % Klabin Austria 17/19.09.27 Reg S | | | | | | |\",\n \"| (USL5828LAB55) .\",\n \"| USD | 1 200 | % | 106.6500 | 1 132 416.05 | 0.55 |\",\n \"| Total securities portfolio | | | | | 190 801 251.37 | 92.48 |\",\n \"| | (– / ’000) | amount | in the reporting period | | | EUR | |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Derivatives Minus signs denote short positions | | | | | | | |\",\n \"| Equity index derivatives (Receivables/payables) | | | | | | -15 573.53 | -0.01 |\",\n \"| Equity index futures | | | | | | | |\",\n \"| EURO STOXX 50 MAR 22 (EURX) EUR .\",\n \"| Count | 750 | | | | 97 687.50 | 0.05 |\",\n \"| STOXX EUR 600 ESG-X MAR 22 (EURX) EUR .\",\n \"| Count | 1 000 | | | | 5 600.00 | 0.00 |\",\n \"| S&P500 EMINI MAR 22 (CME) USD .\",\n \"| Count | -1 000 | | | | -118 861.03 | -0.06 |\",\n \"| Currency derivatives | | | | | | -22 371.40 | -0.01 |\",\n \"| Currency futures (short) | | | | | | | |\",\n \"| Open positions | | | | | | | |\",\n \"| GBP/EUR 1.80 million .\",\n \"| | | | | | -24 450.30 | -0.01 |\",\n \"| Closed positions | | | | | | | |\",\n \"| GBP/EUR 1.80 million .\",\n \"| | | | | | 2 078.90 | 0.00 |\",\n \"| Cash at bank | | | | | | 15 225 678.79 | 7.38 |\",\n \"| Demand deposits at Depositary | | | | | | | |\",\n \"| EUR deposits .\",\n \"| EUR | 4 236 865.53 | | % | 100 | 4 236 865.53 | 2.05 |\",\n \"| Deposits in other EU/EEA currencies .\",\n \"| EUR | 699 181.51 | | % | 100 | 699 181.51 | 0.34 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | |\",\n \"| Australian dollar .\",\n \"| AUD | 82 735.14 | | % | 100 | 53 127.30 | 0.03 |\",\n \"| Brazilian real .\",\n \"| BRL | 3 725.87 | | % | 100 | 578.01 | 0.00 |\",\n \"| Canadian dollar .\",\n \"| CAD | 271.94 | | % | 100 | 187.88 | 0.00 |\",\n \"| Swiss franc .\",\n \"| CHF | 89.13 | | % | 100 | 85.92 | 0.00 |\",\n \"| British pound .\",\n \"| GBP | 1 267 588.43 | | % | 100 | 1 509 662.87 | 0.73 |\",\n \"| Hong Kong dollar .\",\n \"| HKD | 678 120.32 | | % | 100 | 76 941.53 | 0.04 |\",\n \"| Japanese yen .\",\n \"| JPY | 21 568 565.00 | | % | 100 | 165 708.09 | 0.08 |\",\n \"| South Korean won .\",\n \"| KRW | 134 890 889.00 | | % | 100 | 100 367.11 | 0.05 |\",\n \"| Mexican peso .\",\n \"| MXN | 119 776.26 | | % | 100 | 5 148.15 | 0.00 |\",\n \"| Singapore dollar .\",\n \"| SGD | 4 000.22 | | % | 100 | 2 614.44 | 0.00 |\",\n \"| U.S. dollar .\",\n \"| USD | 7 145 560.18 | | % | 100 | 6 322 665.29 | 3.06 |\",\n \"| Time deposit | | | | | | | |\",\n \"| NOK deposits (Coöperatieve Rabobank U.A., Utrecht) .\",\n \". .\",\n \"| NOK | 20 500 000.00 | | % | 100 | 2 052 545.16 | 0.99 |\",\n \"| Other assets | | | | | | 490 816.31 | 0.24 |\",\n \"| Interest receivable .\",\n \"| EUR | 284 354.09 | | % | 100 | 284 354.09 | 0.14 |\",\n \"| Dividends/Distributions receivable .\",\n \"| EUR | 153 643.96 | | % | 100 | 153 643.96 | 0.08 |\",\n \"| Withholding tax claims .\",\n \"| EUR | 52 606.26 | | % | 100 | 52 606.26 | 0.03 |\",\n \"| Other receivables .\",\n \"| EUR | 212.00 | | % | 100 | 212.00 | 0.00 |\",\n \"| Receivables from share certificate transactions | EUR | 20 651.52 | | % | 100 | 20 651.52 | 0.01 |\",\n \"| Total assets 1 | | | | | | 206 643 764.39 | 100.16 |\",\n \"| Other liabilities | | | | | | -182 811.31 | -0.09 |\",\n \"| Liabilities from cost items .\",\n \"| EUR | -157 400.77 | | % | 100 | -157 400.77 | -0.08 |\",\n \"| Additional other liabilities .\",\n \"| EUR | -25 410.54 | | % | 100 | -25 410.54 | -0.01 |\",\n \"| Liabilities from share certificate transactions | EUR | -8 185.96 | | % | 100 | -8 185.96 | 0.00 |\",\n \"| Net assets | | | | | | 206 309 455.79 | 100.00 |\",\n \"| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per unit Class FD .\",\n \"| EUR | 288.99 |\",\n \"| Class LD .\",\n \"| EUR | 287.55 |\",\n \"| Class LC .\",\n \"| EUR | 292.55 |\",\n \"| Class TFC .\",\n \"| EUR | 123.92 |\",\n \"| Number of units outstanding Class FD .\",\n \"| Count | 570 804.408 |\",\n \"| Class LD .\",\n \"| Count | 85 461.342 |\",\n \"| Class LC .\",\n \"| Count | 22 459.742 |\",\n \"| Class TFC .\",\n \"| Count | 82 361.000 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512)\",\n \"75% MSCI All Country World Net TR Index - in EUR, 25% BBG Global Aggregate Index in EUR\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure .\",\n \"| % | 68.889 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure .\",\n \"| % | 91.390 |\",\n \"| Average market risk exposure .\",\n \"| % | 82.330 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 14 061 480.36 as of the reporting date.\",\n \"Counterparties\",\n \"Morgan Stanley Europe S.E., Frankfurt/Main; State Street Bank and Trust Company, London\",\n \"Securities lending\",\n \"The following securities were transferred under securities loans at the reporting date:\",\n \"Security name\\tQuantity/\\tSecurities loans\",\n \"principal amount\\tTotal market value in EUR\",\n \"(– / ’000)\\tFixed maturity\\tNo fixed maturity\\tTotal\",\n \"0.0000 % Medtronic Global Holdings 20/15.10.25 ....\",\n \"EUR\\t500\\t498 705.00\",\n \"Total receivables from securities loans\\t498 705.00\\t498 705.00\",\n \"Contracting parties for securities loans:\",\n \"Deutsche Bank AG, Frankfurt/Main\",\n \"Total collateral pledged by third parties for securities loans\\tEUR\\t521 488.80\",\n \"thereof:\",\n \"Bonds\\tEUR\\t521 488.80\",\n \"Market abbreviations\\t Futures exchanges\",\n \"EURX\\t= Eurex (Eurex Frankfurt/Eurex Zurich)\",\n \"CME\\t= Chicago Mercantile Exchange (CME) – Index and Option Market (IOM)\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Australian dollar .\",\n \"| AUD | 1.557300 | = | EUR | 1 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| Brazilian real .\",\n \"| BRL | 6.446050 | = | EUR | 1 |\",\n \"| Canadian dollar .\",\n \"| CAD | 1.447400 | = | EUR | 1 |\",\n \"| Swiss franc .\",\n \"| CHF | 1.037350 | = | EUR | 1 |\",\n \"| Danish krone .\",\n \"| DKK | 7.436800 | = | EUR | 1 |\",\n \"| British pound .\",\n \"| GBP | 0.839650 | = | EUR | 1 |\",\n \"| Hong Kong dollar .\",\n \"| HKD | 8.813450 | = | EUR | 1 |\",\n \"| Japanese yen .\",\n \"| JPY | 130.160000 | = | EUR | 1 |\",\n \"| South Korean won .\",\n \"| KRW | 1 343.975000 | = | EUR | 1 |\",\n \"| Mexican peso .\",\n \"| MXN | 23.265900 | = | EUR | 1 |\",\n \"| Norwegian krone .\",\n \"| NOK | 9.987600 | = | EUR | 1 |\",\n \"| Swedish krona .\",\n \"| SEK | 10.240200 | = | EUR | 1 |\",\n \"| Singapore dollar .\",\n \"| SGD | 1.530050 | = | EUR | 1 |\",\n \"| U.S. dollar .\",\n \"| USD | 1.130150 | = | EUR | 1 |\",\n \"Notes on valuation\",\n \"The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Investments reported in this report are not valued at derived market values.\",\n \"Footnotes\",\n \"1\\tDoes not include positions with a negative balance, if such exist.\",\n \"3\\tThese securities are completely or partly lent as securities loans.\",\n \"Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Dividends (before withholding tax) EUR 5 384\\t490.81\",\n \"- Interest from securities (before withholding tax) EUR 894\\t178.57\",\n \"- Interest from investments of liquid assets(before withholding tax) EUR\\t1 888.89\",\n \"- Income from securities lendingand repurchase agreements EUR\\t283.79thereof:from securities lending EUR\\t283.79\",\n \"- Deduction for foreign withholding tax EUR\\t-664 099.76\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t342.25Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t5 617 084.55\",\n \"- Expenses\",\n \"- Interest on borrowings and negative intereston deposits and similar expenses EUR\\t-41 411.49 thereof:Commitment fees EUR\\t-2 081.12\",\n \"- Management fee EUR\\t-1 845 243.98thereof:All-in fee EUR -1 845 243.98\",\n \"- Other expenses EUR\\t-99 842.24thereof:Performance-based feefrom securities lending EUR\\t-93.67 Legal and consulting expenses...\",\n \"EUR -278.71 Taxe d’Abonnement EUR -99 469.86Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-1 986 497.71\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t3 630 586.84\",\n \"- Sale transactions\",\n \"- Realized gains EUR\\t11 199 726.35\",\n \"- Realized losses EUR\\t-4 360 308.00Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t6 839 418.35\",\n \"- Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . EUR\\t10 470 005.19\",\n \"- Net change in unrealized appreciation EUR\\t18 285 148.94\",\n \"- Net change in unrealized depreciation EUR\\t-1 889 248.76\",\n \"- Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"EUR\\t16 395 900.18\",\n \"- Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t26 865 905.37Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"BVI total expense ratio (TER) / Transaction costs\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio(s) for the share class(es) was/were:\",\n \"Class FD 0.90% p.a.,\\tClass LD 1.55% p.a., Class LC 1.55% p.a.,\\tClass TFC 0.90% p.a.\",\n \"Nicht-SICAV: The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets in rela- tion to the respective unit class for a given fiscal year.\",\n \"As well, the additional income from securities lending resulted in a performance-based fee of\",\n \"Class FD 0.000%,\\tClass LD 0.000%,\\tClass LC 0.000%,\",\n \"Class TFC 0.000%\",\n \"of the average net asset value of the respective unit class.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 27 569.18.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Statement of changes in net assets for the fund\",\n \"- Value of the fund’s net assets\",\n \"| at the beginning of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 166 079 135.24 |\",\n \"| --- | --- | --- |\",\n \"| 1. Distribution for the previous year | EUR | -1 544 165.25 |\",\n \"| 2. Net inflows | EUR | 15 173 192.19 |\",\n \"a) Inflows from subscriptions | EUR | 24 085 721.18 |\",\n \"b) Outflows from redemptions | EUR | -8 912 528.99 |\",\n \"| 3. Income adjustment | EUR | -264 611.76 |\",\n \"| 4. Net gain/loss for the fiscal year | EUR | 26 865 905.37 |\",\n \"| thereof: | | |\",\n \"| Net change in unrealized appreciation | EUR | 18 285 148.94 |\",\n \"| Net change in unrealized depreciation | EUR | -1 889 248.76 |\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t206 309 455.79 Summary of gains/losses\\tRealized gains (incl. income adjustment) . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t11 199 726.35from:Securities transactions EUR\\t9 701 996.12Financial futures transactions EUR\\t464 366.17(Forward) currency transactions EUR\\t1 033 364.06Realized losses (incl. income adjustment) . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-4 360 308.00from:Securities transactions EUR\\t-1 350 051.86Financial futures transactions EUR\\t-1 935 548.37(Forward) currency transactions EUR\\t-1 074 707.77Net change in unrealized appreciation/depreciation . . . EUR\\t16 395 900.18from:Securities transactions EUR\\t16 328 908.86Financial futures transactions EUR\\t110 598.52(Forward) currency transactions EUR\\t-43 607.20 Details on the distribution policy*\\tClass FD:Type\\tAs of\\tCurrency\\tPer unit Final distribution\\tMarch 4, 2022\\tEUR\\t\\t5.35Class LD:Type\\tAs of\\tCurrency\\tPer unit Final distribution\\tMarch 4, 2022\\tEUR\\t\\t3.57The remaining net income for the fiscal year is reinvested.\",\n \"Class LC: The income for the fiscal year is reinvested.\",\n \"Class TFC: The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per unit over the last three years\",\n \"| Net assets at the end of the fiscal year | |\",\n \"| --- | --- |\",\n \"| 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . . . . . . | EUR | 206 309 455.79 | | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 166 079 135.24 | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 157 542 582.85 | | Net asset value per unit at the end of the fiscal year | | | | 2021 | Class FD | EUR | 288.99 | | | Class LD | EUR | 287.55 | | | Class LC | EUR | 292.55 | | | Class TFC | EUR | 123.92 | | 2020 | Class FD | EUR | 252.23 | | | Class LD | EUR | 251.11 | | | Class LC | EUR | 254.37 | | | Class TFC | EUR | 107.06 | | 2019 | Class FD | EUR | 251.00 | | | Class LD | EUR | 249.94 | | | Class LC | EUR | 250.55 | | | Class TFC | EUR | 104.79 | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 335.85. KP KPMG issued an unqualified audit opinion for the full annual report. The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: MG Luxembourg, Société anonyme\\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\\tE-mail: info@kpmg.lu Internet: www.kpmg.lu #### To the unitholders of DWS ESG Multi Asset Dynamic 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE REVISEUR D’ENTREPRISES AGREE ##### Report on the audit of the annual financial statements Opinion We have audited the accompanying financial statements of DWS ESG Multi Asset Dynamic (“the fund”), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies. In our opinion, the attached financial statements give a true and fair view of the financial position of DWS ESG Multi Asset Dynamic as of December 31, 2021, and of the results of its operations as well as changes in its net assets and the performance of the fund’s net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of annual financial statements. ##### Basis for the audit opinion We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d'Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion. ##### Other information The Management Board of the Management Company is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements. Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard. ##### Responsibility of the Management Board of the Management Company The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation of annual financial statements and for the internal controls that the Man- agement Board considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement. When preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and – where relevant – for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action. Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements. When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach. Furthermore: - We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of mate- rial misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls. - We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system. - We assess the appropriateness of the accounting methods applied by the Management Board of the Management Company, of the accounting-related estimates and of the corresponding explanatory information. - We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activ- ity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associ- ated explanatory information provided in the annual financial statements in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund no longer being able to continue its busi- ness activity. - We assess the overall presentation, the structure and the content of the annual financial statements, including the explanatory information, and assess whether these appropriately present the underlying business transactions and events. We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring. Luxembourg, April 22, 2022\\tKPMG Luxembourg ‘Société anonyme’ (stock corporation) Cabinet de révision agréé Pia Schanz\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Annual report","and annual financial statements","#### Investment objective and performance in the reporting period","DWS ESG Multi Asset Dynamic can, depending on the stock market situation, invest flexibly in the international equity and bond markets.","The objective","of the investment policy is to achieve sustained appreciation.","DWS ESG MULTI ASSET DYNAMIC","Performance since inception","142","135","128","121","114","107","100","93","In order to achieve this, the","April 6, 2018","12/18\t12/19\t12/20","12/21","fund invests predominantly in equities and bonds of German,","DWS ESG Multi Asset Dynamic (unit class LD)","“BVI method” performance, i.e., excluding the initial sales charge.","* launched on April 6, 2018 = 100","Data on euro basis","European and international companies or states, in order to marry the greatest possible earnings with ecological and social criteria.","Depending on the assessment of the market situation, the net assets may also be invested in equity cer- tificates, convertible bonds, convertible debentures and warrant-linked bonds or in par- ticipation and dividend-right certificates (Genussscheine).","Care is taken to ensure an inter- national spread.","Past performance is no guide to future results.","As of: December 31, 2021","DWS ESG MULTI ASSET DYNAMIC","Performance of unit classes (in euro)","| Unit class | ISIN | 1 year | 3 years | 5 years |","| --- | --- | --- | --- | --- |","| Class LD | LU1790031394 | 15.0% | 40.0% | 36.5%1 |","| Class FD | LU0198959040 | 15.7% | 42.7% | 43.2% |","| Class LC | LU2050544563 | 15.0% | 22.1%1 | – |","| Class TFC | LU2050544647 | 15.7% | 23.9%1 | – |","1","Class LD launched on April 6, 2018 / Classes LC and TFC launched on September 19, 2019","“BVI method” performance, i.e., excluding the initial sales charge.","Past performance is no guide to future results.","As of: December 31, 2021","In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the","reporting period was character- ized primarily by the coronavi- rus crisis*.","Despite rising infla- tion, especially toward the end of the reporting period, inter- est rates failed to rise in both the euro area and the United States.","This development on the markets was influenced by the increased investor focus","on the search for investment opportunities for their liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries.","Against this backdrop,","DWS ESG Multi Asset Dynamic achieved an appreciation of 15.7% per unit in the fiscal year through the end of Decem-","ber 2021 (FD unit class; BVI method; in euro).","Investment policy in the reporting period","Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic conse- quences for the global commu- nity.","In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weak- ened global economy – sup- ported the price development in the financial markets.","Since","the beginning of 2021, the economic outlook improved, boosted by the efforts and packages of measures under- taken by the international community to address the eco- nomic impact of the coronavi- rus crisis and by the regulatory filings for Covid-19 vaccines and the vaccination cam- paigns.","However, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-re- lated pent-up consumption demand and partial supply shortages due to supply diffi- culties.","In addition, the dynamic spread of the coronavirus","and its variants, as well as","associated new restrictions, dampened the economic out- look.","The international equity markets closed 2021 with sig- nificant price gains, although the picture was mixed.","While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in","futures.","Over the course of the fiscal year, the portfolio man- agement controlled the equity investment quota dynamically.","As of the end of December 2021, the equity component represented approximately 78% of the fund’s assets.","In terms of bonds, the portfolio manage- ment held onto, in particular,","bonds of near-government issu- ers as well as high-yield cor-","products within the meaning of Article 8 (1) under Regulation (EU) 2019/2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) can be found in the disclosures required by Regulation (EU) 2019/2088 and in accordance with Regulation","(EU) 2020/852 at the back of the report.","the emerging markets brought\tporate bonds from Europe, the\tup the rear and recorded price declines.","Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluctu- ations towards the longer end of maturity in the reporting year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.","In the corpo- rate bond markets, high-yield securities posted price gains","at reduced risk premiums and thus outperformed invest- ment-grade corporate bonds, which traded lower.","The bond markets of the emerging mar- kets saw price declines, albeit to varying degrees, amid wider risk premiums.","On the equity side, the focus lay predominantly on the high- growth equities of the infor- mation technology sector and the health care sector, as well as generally on blue chip equi- ties with attractive dividend yields.","Against the backdrop of numerous adverse factors, such as the coronavirus crisis","in particular, and for reasons of risk management, part of the equity investments were flexi- bly hedged at times with index","United States and the emerging markets.","Overall, the portfolio showed a very good sustainability per- formance.","In the fund’s name, ESG stands for environmental, social and corporate gover- nance aspects.","#### Information on environmental and/or social characteristics","DWS ESG Multi Asset Dynamic promotes environmental and/or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019/2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).","The selection of assets is pre- dominantly in line with the promoted environmental and/ or social criteria.","However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within","the meaning of the Taxonomy Regulation.","The presentation of the infor- mation to be disclosed for the regular reports for financial","* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.","Uncertain- ties regarding the impact of COVID-19","are of significance for understanding the annual financial statements.","Further details in this regard are provided in the","explanations in the “General information” section.","| Statement of net assets as of December 31, 2021 | |","| --- | --- |","| | Amount in EUR | % of net assets |","| I. Assets | | |","| 1. Equities (sectors): Health Care | 29 601 714.20 | 14.35 |","| Information Technology | 26 418 062.30 | 12.81 |","| Financials | 24 600 341.18 | 11.92 |","| Communication Services | 17 300 235.92 | 8.39 |","| Utilities | 16 951 962.45 | 8.22 |","| Consumer Staples | 14 355 485.78 | 6.96 |","| Industrials | 10 710 915.86 | 5.19 |","| Basic Materials | 7 734 083.05 | 3.75 |","| Consumer Discretionaries | 6 095 537.55 | 2.95 |","| Other | 7 418 572.61 | 3.59 |","| Total equities: | 161 186 910.90 | 78.13 |","| 2. Bonds (issuers): Companies | 15 359 243.65 | 7.44 |","| Institutions | 10 212 222.69 | 4.95 |","| Other financing institutions | 4 042 874.13 | 1.96 |","| Total bonds: | 29 614 340.47 | 14.35 |","| 3. Derivatives | -37 944.93 | -0.02 |","| 4. Cash at bank | 15 225 678.79 | 7.38 |","| 5. Other assets | 490 816.31 | 0.24 |","| 6. Receivables from share certificate transactions | 20 651.52 | 0.01 |","| II.","Liabilities | | |","| 1. Other liabilities | -182 811.31 | -0.09 |","| 2. Liabilities from share certificate transactions | -8 185.96 | 0.00 |","| III.","Net assets | 206 309 455.79 | 100.00 |","| Negligible rounding errors may have arisen due to the rounding of calculated percentages.","| | |","###### Investment portfolio – December 31, 2021","| Securities traded on an exchange | | | | | | | 189 668 835.32 | 91.93 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Equities | | | | | | | | |","| Vestas Wind Systems (DK0061539921) .","| Count | 86 500 | 86 500 | | DKK | 198.6000 | 2 309 985.48 | 1.12 |","| Acciona (ES0125220311) .","| Count | 16 000 | | | EUR | 167.8000 | 2 684 800.00 | 1.30 |","| Allianz (DE0008404005) .","| Count | 8 000 | | 1 900 | EUR | 207.8000 | 1 662 400.00 | 0.81 |","| AXA (FR0000120628) .","| Count | 113 000 | | 16 000 | EUR | 26.2950 | 2 971 335.00 | 1.44 |","| bpost Compartment A (BE0974268972) .","Corporacion Acciona Energias Renovables (ES0105563003) .","| Count Count | 69 565 42 000 | 42 000 | | EUR EUR | 7.7050 32.3900 | 535 998.33 1 360 380.00 | 0.26 0.66 |","| Deutsche Börse Reg.","(DE0005810055) .","| Count | 12 600 | | | EUR | 146.8500 | 1 850 310.00 | 0.90 |","| Deutsche EuroShop Reg.","(DE0007480204) .","| Count | 25 500 | | 47 500 | EUR | 14.6000 | 372 300.00 | 0.18 |","| Deutsche Telekom Reg.","(DE0005557508) .","| Count | 228 000 | 36 000 | | EUR | 16.2600 | 3 707 280.00 | 1.80 |","| Deutsche Wohnen (DE000A0HN5C6) .","| Count | 45 000 | 67 000 | 54 000 | EUR | 37.3000 | 1 678 500.00 | 0.81 |","| E.ON Reg.","(DE000ENAG999) .","| Count | 339 000 | | | EUR | 12.2240 | 4 143 936.00 | 2.01 |","| EDP Renovaveis (ES0127797019) .","| Count | 157 577 | 32 577 | 15 000 | EUR | 21.8400 | 3 441 481.68 | 1.67 |","| Groupe Danone (C.R.) (FR0000120644) .","| Count | 38 100 | | | EUR | 54.9200 | 2 092 452.00 | 1.01 |","| Henkel Pref.","(DE0006048432) .","| Count | 20 500 | 10 500 | | EUR | 71.3000 | 1 461 650.00 | 0.71 |","| ING Groep (NL0011821202) .","| Count | 201 000 | | 70 000 | EUR | 12.2940 | 2 471 094.00 | 1.20 |","| Koninklijke Ahold Delhaize (NL0011794037) .","| Count | 104 000 | | | EUR | 30.5050 | 3 172 520.00 | 1.54 |","| Koninklijke Philips (NL0000009538) .","| Count | 54 000 | 25 000 | | EUR | 32.8450 | 1 773 630.00 | 0.86 |","| Merck (DE0006599905) .","Münchener Rückversicherungs-Gesellschaft Vink.","Reg.","(DE0008430026) .","| Count Count | 16 600 6 250 | 1 500 | 5 300 650 | EUR EUR | 228.5000 261.0000 | 3 793 100.00 1 631 250.00 | 1.84 0.79 |","| Ontex Group (BE0974276082) .","| Count | 102 000 | | | EUR | 6.9300 | 706 860.00 | 0.34 |","| Orange (FR0000133308) .","| Count | 215 000 | | | EUR | 9.4130 | 2 023 795.00 | 0.98 |","| Prysmian (IT0004176001) .","| Count | 37 000 | | | EUR | 33.2000 | 1 228 400.00 | 0.60 |","| Red Electrica Corporacion (ES0173093024) .","| Count | 150 000 | | | EUR | 19.0900 | 2 863 500.00 | 1.39 |","| SAP (DE0007164600) .","| Count | 9 500 | | | EUR | 124.4000 | 1 181 800.00 | 0.57 |","| Talanx Reg.","(DE000TLX1005) .","| Count | 59 000 | | | EUR | 42.5200 | 2 508 680.00 | 1.22 |","| Umicore (BE0974320526) .","| Count | 37 500 | 37 500 | | EUR | 35.7300 | 1 339 875.00 | 0.65 |","| Unilever (GB00B10RZP78) .","| Count | 43 000 | | | EUR | 47.2550 | 2 031 965.00 | 0.98 |","| Vonovia (DE000A1ML7J1) .","| Count | 79 521 | 38 616 | | EUR | 48.4900 | 3 855 973.29 | 1.87 |","| Drax Group (GB00B1VNSX38) .","| Count | 145 000 | 145 000 | | GBP | 6.1995 | 1 070 592.69 | 0.52 |","| GlaxoSmithKline (GB0009252882) .","| Count | 50 000 | | | GBP | 16.2600 | 968 260.58 | 0.47 |","| Smith & Nephew (GB0009223206) .","| Count | 69 000 | | | GBP | 12.9396 | 1 063 337.95 | 0.52 |","| Vodafone Group (GB00BH4HKS39) .","| Count | 900 000 | | | GBP | 1.1240 | 1 204 787.71 | 0.58 |","| China Datang Corporation Renewable Power Company (CNE100000X69) .","| Count | 1 500 000 | 1 697 000 | 2 697 000 | HKD | 3.5500 | 604 190.19 | 0.29 |","| Ping An Insurance (Group) Co. of China Cl.","H (new) (CNE1000003X6) .","| Count | 130 000 | 130 000 | | HKD | 56.3000 | 830 435.30 | 0.40 |","| Xinjiang Goldwind Science & Technology Cl.","H (CNE100000PP1) .","| Count | 775 000 | 775 000 | | HKD | 14.8600 | 1 306 696.02 | 0.63 |","| Bridgestone Corp. (JP3830800003) .","| Count | 22 500 | | | JPY | 4 949.0000 | 855 504.76 | 0.41 |","| Central Japan Railway Co. (JP3566800003) .","| Count | 8 000 | | | JPY | 15 345.0000 | 943 146.90 | 0.46 |","| Komatsu (JP3304200003) .","| Count | 36 000 | | | JPY | 2 693.5000 | 744 975.41 | 0.36 |","| Kubota Corp. (JP3266400005) .","| Count | 73 500 | | | JPY | 2 553.5000 | 1 441 934.93 | 0.70 |","| Nippon Telegraph and Telephone Corp. (JP3735400008).","| Count | 94 000 | | | JPY | 3 150.0000 | 2 274 892.44 | 1.10 |","| Panasonic Corp. (JP3866800000) .","| Count | 95 000 | | | JPY | 1 265.0000 | 923 286.72 | 0.45 |","| Sony Group Corp. (JP3435000009) .","| Count | 16 000 | 6 000 | | JPY | 14 475.0000 | 1 779 348.49 | 0.86 |","| Hyundai Mobis (KR7012330007) .","| Count | 9 000 | 1 900 | | KRW | 254 500.0000 | 1 704 272.77 | 0.83 |","| Samsung SDI Co.","Pref.","(KR7006401004) .","| Count | 6 722 | | 4 100 | KRW | 346 500.0000 | 1 733 047.86 | 0.84 |","| Storebrand (NO0003053605) .","| Count | 155 000 | | | NOK | 87.9600 | 1 365 072.69 | 0.66 |","| Essity Cl.","B (SE0009922164) .","| Count | 65 000 | | | SEK | 295.7000 | 1 876 965.29 | 0.91 |","| Svenska Cellulosa B (Free) (SE0000112724) .","| Count | 120 000 | | | SEK | 160.1000 | 1 876 135.23 | 0.91 |","| AbbVie (US00287Y1091) .","| Count | 7 500 | | | USD | 135.3600 | 898 287.84 | 0.44 |","| Akamai Technologies (US00971T1016) .","| Count | 13 000 | | | USD | 118.3300 | 1 361 137.90 | 0.66 |","| Alibaba Group Holding ADR (US01609W1027) .","| Count | 8 400 | 2 000 | | USD | 112.0900 | 833 124.81 | 0.40 |","| Alphabet Cl.","A (US02079K3059) .","| Count | 1 725 | | | USD | 2 933.1000 | 4 476 925.63 | 2.17 |","| Amgen (US0311621009) .","| Count | 6 200 | | | USD | 227.6000 | 1 248 613.02 | 0.61 |","| Anthem (US0367521038) .","| Count | 4 300 | | | USD | 467.6700 | 1 779 393.00 | 0.86 |","| AT & T (US00206R1023) .","| Count | 31 000 | | | USD | 24.6400 | 675 874.88 | 0.33 |","| Bank of America Corp. (US0605051046) .","| Count | 53 500 | 10 000 | | USD | 44.6300 | 2 112 732.82 | 1.02 |","| Bank of New York Mellon (US0640581007) .","| Count | 61 000 | | | USD | 58.3700 | 3 150 528.69 | 1.53 |","| Bristol-Myers Squibb Co. (US1101221083) .","| Count | 22 500 | | | USD | 62.2900 | 1 240 122.99 | 0.60 |","| Cisco Systems (US17275R1023) .","| Count | 39 500 | | 10 000 | USD | 63.9600 | 2 235 473.17 | 1.08 |","| --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Citigroup (new) (US1729674242) .","| Count | 47 000 | 19 000 | 12 000 | USD | 60.5400 | 2 517 701.19 | 1.22 |","| Citrix Systems (US1773761002) .","| Count | 17 000 | | | USD | 96.9600 | 1 458 496.66 | 0.71 |","| Dell Technologies Cl.","C (US24703L2025) .","| Count | 17 500 | 17 500 | 17 500 | USD | 57.0500 | 883 400.43 | 0.43 |","| Enel Chile Reg.","S.50","ADR (US29278D1054) .","| Count | 500 000 | 150 000 | | USD | 1.7700 | 783 081.89 | 0.38 |","| First Solar (US3364331070) .","| Count | 27 500 | | | USD | 87.1800 | 2 121 355.57 | 1.03 |","| General Mills (US3703341046) .","| Count | 26 500 | | | USD | 67.0200 | 1 571 499.36 | 0.76 |","| HCA Healthcare (US40412C1018) .","| Count | 13 800 | | | USD | 258.4900 | 3 156 361.54 | 1.53 |","| Impala Platinum Holdings ADR (US4525533083) .","| Count | 136 500 | 56 500 | 45 000 | USD | 13.9000 | 1 678 847.94 | 0.81 |","| Intel Corp. (US4581401001) .","| Count | 22 000 | | | USD | 51.8300 | 1 008 945.72 | 0.49 |","| Kellogg Co. (US4878361082) .","| Count | 25 500 | | | USD | 63.8900 | 1 441 574.13 | 0.70 |","| Kinross Gold (CA4969024047) .","| Count | 220 000 | | | USD | 5.6300 | 1 095 960.71 | 0.53 |","| Laboratory Corp.","America Holdings (US50540R4092) .",". .","| Count | 8 800 | | | USD | 308.6700 | 2 403 482.72 | 1.16 |","| Medtronic (IE00BTN1Y115) .","| Count | 13 000 | | | USD | 103.9500 | 1 195 726.23 | 0.58 |","| Merck & Co. (US58933Y1055) .","| Count | 28 700 | 28 700 | 18 700 | USD | 76.9500 | 1 954 134.41 | 0.95 |","| Microsoft Corp. (US5949181045) .","| Count | 8 000 | | | USD | 341.9500 | 2 420 563.64 | 1.17 |","| Morgan Stanley (US6174464486) .","| Count | 17 500 | | 7 500 | USD | 98.7300 | 1 528 801.49 | 0.74 |","| Newmont (US6516391066) .","| Count | 32 500 | | | USD | 60.6200 | 1 743 264.17 | 0.84 |","| Pfizer (US7170811035) .","| Count | 37 000 | | | USD | 57.5800 | 1 885 112.60 | 0.91 |","| Qiagen (NL0012169213) .","| Count | 32 500 | 32 500 | | USD | 55.7400 | 1 602 928.81 | 0.78 |","| Quest Diagnostics (US74834L1008) .","| Count | 8 800 | 8 800 | | USD | 170.1100 | 1 324 574.61 | 0.64 |","| Samsung Electronics Pref.","GDR (US7960502018) .","| Count | 3 623 | | | USD | 1 496.0000 | 4 795 830.64 | 2.32 |","| SK Telecom ADR (US78440P3064) .","| Count | 85 030 | 85 030 | | USD | 27.6400 | 2 079 572.80 | 1.01 |","| Synopsys (US8716071076) .","| Count | 2 900 | 4 400 | 1 500 | USD | 373.4400 | 958 258.64 | 0.46 |","| Taiwan Semiconductor ADR (US8740391003) .","| Count | 40 900 | 7 000 | | USD | 121.4100 | 4 393 814.10 | 2.13 |","| TPI Composites (US87266J1043) .","| Count | 33 000 | 33 000 | | USD | 14.4800 | 422 811.13 | 0.20 |","| Union Pacific Corp. (US9078181081) .","| Count | 8 000 | 3 000 | | USD | 251.0300 | 1 776 967.66 | 0.86 |","| Verizon Communications (US92343V1044) .","| Count | 18 500 | 18 500 | | USD | 52.3600 | 857 107.46 | 0.42 |","| VISA Cl.","A (US92826C8394) .","| Count | 5 500 | 5 500 | | USD | 218.1700 | 1 061 748.44 | 0.51 |","| VMware Cl.","A (US9285634021) .","| Count | 7 710 | 7 710 | | USD | 117.8800 | 804 189.53 | 0.39 |","| Weyerhaeuser Co. (US9621661043) .","| Count | 42 000 | 42 000 | | USD | 40.6800 | 1 511 799.32 | 0.73 |","| Interest-bearing securities | | | | | | | | |","| 0.0000 % Alstom 21/11.01.29 (FR0014001EW8) ....","| EUR | 1 000 | 1 000 | | % | 96.5360 | 965 360.00 | 0.47 |","| 10.1250 % Assicurazioni Generali 12/10.07.42 MTN | | | | | | | | |","| (XS0802638642) .","| EUR | 1 200 | | | % | 105.3050 | 1 263 660.00 | 0.61 |","| 2.4290 | % Assicurazioni Generali 20/14.07.31 MTN | | | | | | |","| | (XS2201857534) .","| EUR | 1 000 | % | 106.2850 | 1 062 850.00 | 0.52 |","| 4.8750 | % Eurofins Scientific 15/und.","(XS1224953882) .","| EUR | 1 700 | % | 104.9700 | 1 784 490.00 | 0.86 |","| 0.0000 | % Medtronic Global Holdings 20/15.10.25 (XS2238787415) 3 .","| EUR | 510 | | | % | 99.7410 | 508 679.10 | 0.25 |","| 3.5000 | % Ontex Group 21/15.07.26 (BE6329443962).","| EUR | 640 | 640 | | % | 95.5250 | 611 360.00 | 0.30 |","| 2.9950 | % TenneT Holding 17/und.","(XS1591694481) .",". .","| EUR | 700 | | | % | 104.7450 | 733 215.00 | 0.36 |","| 0.9000 | % Verbund 21/01.04.41 (XS2320746394) ....","| EUR | 300 | 300 | | % | 101.9270 | 305 781.00 | 0.15 |","| 0.6250 | % Vonovia 21/14.12.29 MTN (DE000A3E5MH6) | EUR | 400 | 400 | | % | 98.7540 | 395 016.00 | 0.19 |","| 1.2500 | % KfW 19/28.08.23 MTN (XS2046690827) ... .","| NOK | 23 000 | | | % | 99.9335 | 2 301 324.14 | 1.12 |","| 3.1250 | % Asian Development Bank (ADB) 18/26.09.28 | | | | | | | | |","| | MTN (US045167EJ82) .","| USD | 1 500 | | | % | 110.4365 | 1 465 776.67 | 0.71 |","| 3.8000 | % Avangrid 19/01.06.29 (US05351WAB90)... .","| USD | 1 400 | 1 400 | | % | 108.6440 | 1 345 852.84 | 0.65 |","| 0.7500 | % European Investment Bank (EIB) | | | | | | | | |","| | 20/23.09.30 (US298785JH03) .","| USD | 3 500 | 3 500 | | % | 93.5160 | 2 896 128.83 | 1.40 |","| 2.0000 | % International Finance 17/24.10.22 MTN | | | | | | | | |","| | (US45950VLH77) .","| USD | 1 700 | | | % | 101.2890 | 1 523 614.56 | 0.74 |","| 1.7500 | % Kreditanstalt für Wiederaufbau 19/14.09.29 | | | | | | | | |","| | (US500769JD71) .","| USD | 3 000 | 3 000 | | % | 101.6770 | 2 699 031.10 | 1.31 |","| 0.7500 | % Kreditanstalt für Wiederaufbau 20/30.09.30 | | | | | | | | |","| | (US500769JG03) .","| USD | 2 800 | 800 | | % | 93.4690 | 2 315 738.62 | 1.12 |","| 1.9000 | % Nextera Energy Capital Holdings 21/15.06.28 | | | | | | | | |","| | (US65339KBW99) .","| USD | 1 200 | 1 200 | | % | 99.2161 | 1 053 482.90 | 0.51 |","| 3.8750 | % NextEra Energy Operating Partners | | | | | | | | |","| | 19/15.10.26 144a (US65342QAL68) .","| USD | 1 000 | | | % | 106.0566 | 938 429.41 | 0.45 |","| 4.6500 | % VMware 20/15.05.27 (US928563AE54)....","| USD | 1 700 | | | % | 112.4626 | 1 691 690.74 | 0.82 |","| 2.2500 | % Xylem 20/30.01.31 (US98419MAL46) .","| USD | 1 100 | 1 100 | | % | 99.0069 | 963 655.92 | 0.47 |","| 5.5000 | % Ziggo 16/15.01.27 Reg S (USN9838NAA11) .","| USD | 1 817 | | 231 | % | 103.0500 | 1 656 787.59 | 0.80 |","| Other equity securities | | | | | | |","| Roche Holding Profitsh.","(CH0012032048) .","| Count | 9 000 | CHF | 382.0500 | 3 314 647.90 | 1.61 |","| Securities admitted to or included in organized markets | | | | | 1 132 416.05 | 0.55 |","| Interest-bearing securities | | | | | | |","| 4.8750 % Klabin Austria 17/19.09.27 Reg S | | | | | | |","| (USL5828LAB55) .","| USD | 1 200 | % | 106.6500 | 1 132 416.05 | 0.55 |","| Total securities portfolio | | | | | 190 801 251.37 | 92.48 |","| | (– / ’000) | amount | in the reporting period | | | EUR | |","| --- | --- | --- | --- | --- | --- | --- | --- |","| Derivatives Minus signs denote short positions | | | | | | | |","| Equity index derivatives (Receivables/payables) | | | | | | -15 573.53 | -0.01 |","| Equity index futures | | | | | | | |","| EURO STOXX 50 MAR 22 (EURX) EUR .","| Count | 750 | | | | 97 687.50 | 0.05 |","| STOXX EUR 600 ESG-X MAR 22 (EURX) EUR .","| Count | 1 000 | | | | 5 600.00 | 0.00 |","| S&P500 EMINI MAR 22 (CME) USD .","| Count | -1 000 | | | | -118 861.03 | -0.06 |","| Currency derivatives | | | | | | -22 371.40 | -0.01 |","| Currency futures (short) | | | | | | | |","| Open positions | | | | | | | |","| GBP/EUR 1.80 million .","| | | | | | -24 450.30 | -0.01 |","| Closed positions | | | | | | | |","| GBP/EUR 1.80 million .","| | | | | | 2 078.90 | 0.00 |","| Cash at bank | | | | | | 15 225 678.79 | 7.38 |","| Demand deposits at Depositary | | | | | | | |","| EUR deposits .","| EUR | 4 236 865.53 | | % | 100 | 4 236 865.53 | 2.05 |","| Deposits in other EU/EEA currencies .","| EUR | 699 181.51 | | % | 100 | 699 181.51 | 0.34 |","| Deposits in non-EU/EEA currencies | | | | | | | |","| Australian dollar .","| AUD | 82 735.14 | | % | 100 | 53 127.30 | 0.03 |","| Brazilian real .","| BRL | 3 725.87 | | % | 100 | 578.01 | 0.00 |","| Canadian dollar .","| CAD | 271.94 | | % | 100 | 187.88 | 0.00 |","| Swiss franc .","| CHF | 89.13 | | % | 100 | 85.92 | 0.00 |","| British pound .","| GBP | 1 267 588.43 | | % | 100 | 1 509 662.87 | 0.73 |","| Hong Kong dollar .","| HKD | 678 120.32 | | % | 100 | 76 941.53 | 0.04 |","| Japanese yen .","| JPY | 21 568 565.00 | | % | 100 | 165 708.09 | 0.08 |","| South Korean won .","| KRW | 134 890 889.00 | | % | 100 | 100 367.11 | 0.05 |","| Mexican peso .","| MXN | 119 776.26 | | % | 100 | 5 148.15 | 0.00 |","| Singapore dollar .","| SGD | 4 000.22 | | % | 100 | 2 614.44 | 0.00 |","| U.S. dollar .","| USD | 7 145 560.18 | | % | 100 | 6 322 665.29 | 3.06 |","| Time deposit | | | | | | | |","| NOK deposits (Coöperatieve Rabobank U.A., Utrecht) .",". .","| NOK | 20 500 000.00 | | % | 100 | 2 052 545.16 | 0.99 |","| Other assets | | | | | | 490 816.31 | 0.24 |","| Interest receivable .","| EUR | 284 354.09 | | % | 100 | 284 354.09 | 0.14 |","| Dividends/Distributions receivable .","| EUR | 153 643.96 | | % | 100 | 153 643.96 | 0.08 |","| Withholding tax claims .","| EUR | 52 606.26 | | % | 100 | 52 606.26 | 0.03 |","| Other receivables .","| EUR | 212.00 | | % | 100 | 212.00 | 0.00 |","| Receivables from share certificate transactions | EUR | 20 651.52 | | % | 100 | 20 651.52 | 0.01 |","| Total assets 1 | | | | | | 206 643 764.39 | 100.16 |","| Other liabilities | | | | | | -182 811.31 | -0.09 |","| Liabilities from cost items .","| EUR | -157 400.77 | | % | 100 | -157 400.77 | -0.08 |","| Additional other liabilities .","| EUR | -25 410.54 | | % | 100 | -25 410.54 | -0.01 |","| Liabilities from share certificate transactions | EUR | -8 185.96 | | % | 100 | -8 185.96 | 0.00 |","| Net assets | | | | | | 206 309 455.79 | 100.00 |","| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |","| --- | --- | --- |","| Net asset value per unit Class FD .","| EUR | 288.99 |","| Class LD .","| EUR | 287.55 |","| Class LC .","| EUR | 292.55 |","| Class TFC .","| EUR | 123.92 |","| Number of units outstanding Class FD .","| Count | 570 804.408 |","| Class LD .","| Count | 85 461.342 |","| Class LC .","| Count | 22 459.742 |","| Class TFC .","| Count | 82 361.000 |","Negligible rounding errors may have arisen due to the rounding of calculated percentages.","A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.","Composition of the reference portfolio (according to CSSF circular 11/512)","75% MSCI All Country World Net TR Index - in EUR, 25% BBG Global Aggregate Index in EUR","Market risk exposure (value-at-risk) (according to CSSF circular 11/512)","| Lowest market risk exposure .","| % | 68.889 |","| --- | --- | --- |","| Highest market risk exposure .","| % | 91.390 |","| Average market risk exposure .","| % | 82.330 |","The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.","The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.","Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.","The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.","In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).","The gross exposure generated via derivatives pursuant to point 40","a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 14 061 480.36 as of the reporting date.","Counterparties","Morgan Stanley Europe S.E., Frankfurt/Main; State Street Bank and Trust Company, London","Securities lending","The following securities were transferred under securities loans at the reporting date:","Security name\tQuantity/\tSecurities loans","principal amount\tTotal market value in EUR","(– / ’000)\tFixed maturity\tNo fixed maturity\tTotal","0.0000 % Medtronic Global Holdings 20/15.10.25 ....","EUR\t500\t498 705.00","Total receivables from securities loans\t498 705.00\t498 705.00","Contracting parties for securities loans:","Deutsche Bank AG, Frankfurt/Main","Total collateral pledged by third parties for securities loans\tEUR\t521 488.80","thereof:","Bonds\tEUR\t521 488.80","Market abbreviations\t Futures exchanges","EURX\t= Eurex (Eurex Frankfurt/Eurex Zurich)","CME\t= Chicago Mercantile Exchange (CME) – Index and Option Market (IOM)","Exchange rates (indirect quotes)","As of December 30, 2021","| Australian dollar .","| AUD | 1.557300 | = | EUR | 1 |","| --- | --- | --- | --- | --- | --- |","| Brazilian real .","| BRL | 6.446050 | = | EUR | 1 |","| Canadian dollar .","| CAD | 1.447400 | = | EUR | 1 |","| Swiss franc .","| CHF | 1.037350 | = | EUR | 1 |","| Danish krone .","| DKK | 7.436800 | = | EUR | 1 |","| British pound .","| GBP | 0.839650 | = | EUR | 1 |","| Hong Kong dollar .","| HKD | 8.813450 | = | EUR | 1 |","| Japanese yen .","| JPY | 130.160000 | = | EUR | 1 |","| South Korean won .","| KRW | 1 343.975000 | = | EUR | 1 |","| Mexican peso .","| MXN | 23.265900 | = | EUR | 1 |","| Norwegian krone .","| NOK | 9.987600 | = | EUR | 1 |","| Swedish krona .","| SEK | 10.240200 | = | EUR | 1 |","| Singapore dollar .","| SGD | 1.530050 | = | EUR | 1 |","| U.S. dollar .","| USD | 1.130150 | = | EUR | 1 |","Notes on valuation","The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund.","The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.","If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.","This procedure is subject to an ongoing monitoring process.","The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.","Investments reported in this report are not valued at derived market values.","Footnotes","1\tDoes not include positions with a negative balance, if such exist.","3\tThese securities are completely or partly lent as securities loans.","Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021","- Income","- Dividends (before withholding tax) EUR 5 384\t490.81","- Interest from securities (before withholding tax) EUR 894\t178.57","- Interest from investments of liquid assets(before withholding tax) EUR\t1 888.89","- Income from securities lendingand repurchase agreements EUR\t283.79thereof:from securities lending EUR\t283.79","- Deduction for foreign withholding tax EUR\t-664 099.76","- Other income.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t342.25Total income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t5 617 084.55","- Expenses","- Interest on borrowings and negative intereston deposits and similar expenses EUR\t-41 411.49 thereof:Commitment fees EUR\t-2 081.12","- Management fee EUR\t-1 845 243.98thereof:All-in fee EUR -1 845 243.98","- Other expenses EUR\t-99 842.24thereof:Performance-based feefrom securities lending EUR\t-93.67 Legal and consulting expenses...","EUR -278.71 Taxe d’Abonnement EUR -99 469.86Total expenses.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t-1 986 497.71","- Net investment income . . . .",". . . .",". . . .",". . . .",". . . .",". . . .","EUR\t3 630 586.84","- Sale transactions","- Realized gains EUR\t11 199 726.35","- Realized losses EUR\t-4 360 308.00Capital gains/losses . . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t6 839 418.35","- Realized net gain/loss for the fiscal year . . . .",". . . .",". . . EUR\t10 470 005.19","- Net change in unrealized appreciation EUR\t18 285 148.94","- Net change in unrealized depreciation EUR\t-1 889 248.76","- Unrealized net gain/loss for the fiscal year . . . .",". . . .","EUR\t16 395 900.18","- Net gain/loss for the fiscal year . . . .",". . . .",". . . .",". . . .","EUR\t26 865 905.37Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year.","Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.","Unrealized appreciation/depreciation is shown without income adjustment.","BVI total expense ratio (TER) / Transaction costs","BVI total expense ratio (TER)","The total expense ratio(s) for the share class(es) was/were:","Class FD 0.90% p.a.,\tClass LD 1.55% p.a., Class LC 1.55% p.a.,\tClass TFC 0.90% p.a.","Nicht-SICAV: The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets in rela- tion to the respective unit class for a given fiscal year.","As well, the additional income from securities lending resulted in a performance-based fee of","Class FD 0.000%,\tClass LD 0.000%,\tClass LC 0.000%,","Class TFC 0.000%","of the average net asset value of the respective unit class.","Transaction costs","The transaction costs paid in the reporting period amounted to EUR 27 569.18.","The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.","Any financial transaction taxes which may have been paid are included in the calculation.","Statement of changes in net assets for the fund","- Value of the fund’s net assets","| at the beginning of the fiscal year . . . .",". . . .",". . . .",". . . .","| EUR | 166 079 135.24 |","| --- | --- | --- |","| 1. Distribution for the previous year | EUR | -1 544 165.25 |","| 2. Net inflows | EUR | 15 173 192.19 |","a) Inflows from subscriptions | EUR | 24 085 721.18 |","b) Outflows from redemptions | EUR | -8 912 528.99 |","| 3. Income adjustment | EUR | -264 611.76 |","| 4. Net gain/loss for the fiscal year | EUR | 26 865 905.37 |","| thereof: | | |","| Net change in unrealized appreciation | EUR | 18 285 148.94 |","| Net change in unrealized depreciation | EUR | -1 889 248.76 |","- Value of the fund’s net assetsat the end of the fiscal year . . . .",". . . .",". . . .",". . . .",". . . .",". .","EUR\t206 309 455.79 Summary of gains/losses\tRealized gains (incl. income adjustment) . . . .",". . . .",". . . .","EUR\t11 199 726.35from:Securities transactions EUR\t9 701 996.12Financial futures transactions EUR\t464 366.17(Forward) currency transactions EUR\t1 033 364.06Realized losses (incl. income adjustment) . . . .",". . . .",". . . .","EUR\t-4 360 308.00from:Securities transactions EUR\t-1 350 051.86Financial futures transactions EUR\t-1 935 548.37(Forward) currency transactions EUR\t-1 074 707.77Net change in unrealized appreciation/depreciation . . . EUR\t16 395 900.18from:Securities transactions EUR\t16 328 908.86Financial futures transactions EUR\t110 598.52(Forward) currency transactions EUR\t-43 607.20 Details on the distribution policy*\tClass FD:Type\tAs of\tCurrency\tPer unit Final distribution\tMarch 4, 2022\tEUR\t\t5.35Class LD:Type\tAs of\tCurrency\tPer unit Final distribution\tMarch 4, 2022\tEUR\t\t3.57The remaining net income for the fiscal year is reinvested.","Class LC: The income for the fiscal year is reinvested.","Class TFC: The income for the fiscal year is reinvested.","* Additional information is provided in the sales prospectus.","Changes in net assets and in the net asset value per unit over the last three years","| Net assets at the end of the fiscal year | |","| --- | --- |","| 2021.",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . .",". . . . . . . . | EUR | 206 309 455.79 | | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 166 079 135.24 | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 157 542 582.85 | | Net asset value per unit at the end of the fiscal year | | | | 2021 | Class FD | EUR | 288.99 | | | Class LD | EUR | 287.55 | | | Class LC | EUR | 292.55 | | | Class TFC | EUR | 123.92 | | 2020 | Class FD | EUR | 252.23 | | | Class LD | EUR | 251.11 | | | Class LC | EUR | 254.37 | | | Class TFC | EUR | 107.06 | | 2019 | Class FD | EUR | 251.00 | | | Class LD | EUR | 249.94 | | | Class LC | EUR | 250.55 | | | Class TFC | EUR | 104.79 | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 335.85. KP KPMG issued an unqualified audit opinion for the full annual report. The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: MG Luxembourg, Société anonyme\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu #### To the unitholders of DWS ESG Multi Asset Dynamic 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE REVISEUR D’ENTREPRISES AGREE ##### Report on the audit of the annual financial statements Opinion We have audited the accompanying financial statements of DWS ESG Multi Asset Dynamic (“the fund”), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies. In our opinion, the attached financial statements give a true and fair view of the financial position of DWS ESG Multi Asset Dynamic as of December 31, 2021, and of the results of its operations as well as changes in its net assets and the performance of the fund’s net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of annual financial statements. ##### Basis for the audit opinion We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d'Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion. ##### Other information The Management Board of the Management Company is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements. Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard. ##### Responsibility of the Management Board of the Management Company The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation of annual financial statements and for the internal controls that the Man- agement Board considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement. When preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and – where relevant – for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action. Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements. When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach. Furthermore: - We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of mate- rial misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls. - We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system. - We assess the appropriateness of the accounting methods applied by the Management Board of the Management Company, of the accounting-related estimates and of the corresponding explanatory information. - We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activ- ity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associ- ated explanatory information provided in the annual financial statements in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund no longer being able to continue its busi- ness activity. - We assess the overall presentation, the structure and the content of the annual financial statements, including the explanatory information, and assess whether these appropriately present the underlying business transactions and events. We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring. Luxembourg, April 22, 2022\tKPMG Luxembourg ‘Société anonyme’ (stock corporation) Cabinet de révision agréé Pia Schanz"],"string":"[\n \"# Annual report\",\n \"and annual financial statements\",\n \"#### Investment objective and performance in the reporting period\",\n \"DWS ESG Multi Asset Dynamic can, depending on the stock market situation, invest flexibly in the international equity and bond markets.\",\n \"The objective\",\n \"of the investment policy is to achieve sustained appreciation.\",\n \"DWS ESG MULTI ASSET DYNAMIC\",\n \"Performance since inception\",\n \"142\",\n \"135\",\n \"128\",\n \"121\",\n \"114\",\n \"107\",\n \"100\",\n \"93\",\n \"In order to achieve this, the\",\n \"April 6, 2018\",\n \"12/18\\t12/19\\t12/20\",\n \"12/21\",\n \"fund invests predominantly in equities and bonds of German,\",\n \"DWS ESG Multi Asset Dynamic (unit class LD)\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"* launched on April 6, 2018 = 100\",\n \"Data on euro basis\",\n \"European and international companies or states, in order to marry the greatest possible earnings with ecological and social criteria.\",\n \"Depending on the assessment of the market situation, the net assets may also be invested in equity cer- tificates, convertible bonds, convertible debentures and warrant-linked bonds or in par- ticipation and dividend-right certificates (Genussscheine).\",\n \"Care is taken to ensure an inter- national spread.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"DWS ESG MULTI ASSET DYNAMIC\",\n \"Performance of unit classes (in euro)\",\n \"| Unit class | ISIN | 1 year | 3 years | 5 years |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| Class LD | LU1790031394 | 15.0% | 40.0% | 36.5%1 |\",\n \"| Class FD | LU0198959040 | 15.7% | 42.7% | 43.2% |\",\n \"| Class LC | LU2050544563 | 15.0% | 22.1%1 | – |\",\n \"| Class TFC | LU2050544647 | 15.7% | 23.9%1 | – |\",\n \"1\",\n \"Class LD launched on April 6, 2018 / Classes LC and TFC launched on September 19, 2019\",\n \"“BVI method” performance, i.e., excluding the initial sales charge.\",\n \"Past performance is no guide to future results.\",\n \"As of: December 31, 2021\",\n \"In addition to continued very low interest rates and vola- tility in the capital markets the investment climate in the\",\n \"reporting period was character- ized primarily by the coronavi- rus crisis*.\",\n \"Despite rising infla- tion, especially toward the end of the reporting period, inter- est rates failed to rise in both the euro area and the United States.\",\n \"This development on the markets was influenced by the increased investor focus\",\n \"on the search for investment opportunities for their liquidity in an environment that contin- ued to be marked by the ample supply of money by the central banks in the industrial coun- tries.\",\n \"Against this backdrop,\",\n \"DWS ESG Multi Asset Dynamic achieved an appreciation of 15.7% per unit in the fiscal year through the end of Decem-\",\n \"ber 2021 (FD unit class; BVI method; in euro).\",\n \"Investment policy in the reporting period\",\n \"Developments in the interna- tional capital markets in 2021 were influenced in particular by the coronavirus pandemic and its social and economic conse- quences for the global commu- nity.\",\n \"In contrast, the extremely loose monetary policy of the central banks of the industrial countries – in view of the weak- ened global economy – sup- ported the price development in the financial markets.\",\n \"Since\",\n \"the beginning of 2021, the economic outlook improved, boosted by the efforts and packages of measures under- taken by the international community to address the eco- nomic impact of the coronavi- rus crisis and by the regulatory filings for Covid-19 vaccines and the vaccination cam- paigns.\",\n \"However, the question of inflation also arose among investors, caused among other things by the significant price increases in the commodity markets, the coronavirus-re- lated pent-up consumption demand and partial supply shortages due to supply diffi- culties.\",\n \"In addition, the dynamic spread of the coronavirus\",\n \"and its variants, as well as\",\n \"associated new restrictions, dampened the economic out- look.\",\n \"The international equity markets closed 2021 with sig- nificant price gains, although the picture was mixed.\",\n \"While the equity markets in the Western industrial countries – boosted in particular by the rapid recovery in corporate profits – recorded strong price gains, the stock exchanges in\",\n \"futures.\",\n \"Over the course of the fiscal year, the portfolio man- agement controlled the equity investment quota dynamically.\",\n \"As of the end of December 2021, the equity component represented approximately 78% of the fund’s assets.\",\n \"In terms of bonds, the portfolio manage- ment held onto, in particular,\",\n \"bonds of near-government issu- ers as well as high-yield cor-\",\n \"products within the meaning of Article 8 (1) under Regulation (EU) 2019/2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) can be found in the disclosures required by Regulation (EU) 2019/2088 and in accordance with Regulation\",\n \"(EU) 2020/852 at the back of the report.\",\n \"the emerging markets brought\\tporate bonds from Europe, the\\tup the rear and recorded price declines.\",\n \"Against the back- drop of high global debt levels and historically extremely low interest rates, bond markets saw prices decline with fluctu- ations towards the longer end of maturity in the reporting year through the end of December 2021, with bond yields rising at a still very low, in some cases negative, level.\",\n \"In the corpo- rate bond markets, high-yield securities posted price gains\",\n \"at reduced risk premiums and thus outperformed invest- ment-grade corporate bonds, which traded lower.\",\n \"The bond markets of the emerging mar- kets saw price declines, albeit to varying degrees, amid wider risk premiums.\",\n \"On the equity side, the focus lay predominantly on the high- growth equities of the infor- mation technology sector and the health care sector, as well as generally on blue chip equi- ties with attractive dividend yields.\",\n \"Against the backdrop of numerous adverse factors, such as the coronavirus crisis\",\n \"in particular, and for reasons of risk management, part of the equity investments were flexi- bly hedged at times with index\",\n \"United States and the emerging markets.\",\n \"Overall, the portfolio showed a very good sustainability per- formance.\",\n \"In the fund’s name, ESG stands for environmental, social and corporate gover- nance aspects.\",\n \"#### Information on environmental and/or social characteristics\",\n \"DWS ESG Multi Asset Dynamic promotes environmental and/or social characteristics within the meaning of Article 8 (1) of Reg- ulation (EU) 2019/2088 (Regu- lation on sustainability-related disclosure requirements in the financial services sector).\",\n \"The selection of assets is pre- dominantly in line with the promoted environmental and/ or social criteria.\",\n \"However, the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities within\",\n \"the meaning of the Taxonomy Regulation.\",\n \"The presentation of the infor- mation to be disclosed for the regular reports for financial\",\n \"* The coronavirus crisis (COVID-19) also represented a significant challenge for the global economy and was thus a major event in the reporting period.\",\n \"Uncertain- ties regarding the impact of COVID-19\",\n \"are of significance for understanding the annual financial statements.\",\n \"Further details in this regard are provided in the\",\n \"explanations in the “General information” section.\",\n \"| Statement of net assets as of December 31, 2021 | |\",\n \"| --- | --- |\",\n \"| | Amount in EUR | % of net assets |\",\n \"| I. Assets | | |\",\n \"| 1. Equities (sectors): Health Care | 29 601 714.20 | 14.35 |\",\n \"| Information Technology | 26 418 062.30 | 12.81 |\",\n \"| Financials | 24 600 341.18 | 11.92 |\",\n \"| Communication Services | 17 300 235.92 | 8.39 |\",\n \"| Utilities | 16 951 962.45 | 8.22 |\",\n \"| Consumer Staples | 14 355 485.78 | 6.96 |\",\n \"| Industrials | 10 710 915.86 | 5.19 |\",\n \"| Basic Materials | 7 734 083.05 | 3.75 |\",\n \"| Consumer Discretionaries | 6 095 537.55 | 2.95 |\",\n \"| Other | 7 418 572.61 | 3.59 |\",\n \"| Total equities: | 161 186 910.90 | 78.13 |\",\n \"| 2. Bonds (issuers): Companies | 15 359 243.65 | 7.44 |\",\n \"| Institutions | 10 212 222.69 | 4.95 |\",\n \"| Other financing institutions | 4 042 874.13 | 1.96 |\",\n \"| Total bonds: | 29 614 340.47 | 14.35 |\",\n \"| 3. Derivatives | -37 944.93 | -0.02 |\",\n \"| 4. Cash at bank | 15 225 678.79 | 7.38 |\",\n \"| 5. Other assets | 490 816.31 | 0.24 |\",\n \"| 6. Receivables from share certificate transactions | 20 651.52 | 0.01 |\",\n \"| II.\",\n \"Liabilities | | |\",\n \"| 1. Other liabilities | -182 811.31 | -0.09 |\",\n \"| 2. Liabilities from share certificate transactions | -8 185.96 | 0.00 |\",\n \"| III.\",\n \"Net assets | 206 309 455.79 | 100.00 |\",\n \"| Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"| | |\",\n \"###### Investment portfolio – December 31, 2021\",\n \"| Securities traded on an exchange | | | | | | | 189 668 835.32 | 91.93 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Equities | | | | | | | | |\",\n \"| Vestas Wind Systems (DK0061539921) .\",\n \"| Count | 86 500 | 86 500 | | DKK | 198.6000 | 2 309 985.48 | 1.12 |\",\n \"| Acciona (ES0125220311) .\",\n \"| Count | 16 000 | | | EUR | 167.8000 | 2 684 800.00 | 1.30 |\",\n \"| Allianz (DE0008404005) .\",\n \"| Count | 8 000 | | 1 900 | EUR | 207.8000 | 1 662 400.00 | 0.81 |\",\n \"| AXA (FR0000120628) .\",\n \"| Count | 113 000 | | 16 000 | EUR | 26.2950 | 2 971 335.00 | 1.44 |\",\n \"| bpost Compartment A (BE0974268972) .\",\n \"Corporacion Acciona Energias Renovables (ES0105563003) .\",\n \"| Count Count | 69 565 42 000 | 42 000 | | EUR EUR | 7.7050 32.3900 | 535 998.33 1 360 380.00 | 0.26 0.66 |\",\n \"| Deutsche Börse Reg.\",\n \"(DE0005810055) .\",\n \"| Count | 12 600 | | | EUR | 146.8500 | 1 850 310.00 | 0.90 |\",\n \"| Deutsche EuroShop Reg.\",\n \"(DE0007480204) .\",\n \"| Count | 25 500 | | 47 500 | EUR | 14.6000 | 372 300.00 | 0.18 |\",\n \"| Deutsche Telekom Reg.\",\n \"(DE0005557508) .\",\n \"| Count | 228 000 | 36 000 | | EUR | 16.2600 | 3 707 280.00 | 1.80 |\",\n \"| Deutsche Wohnen (DE000A0HN5C6) .\",\n \"| Count | 45 000 | 67 000 | 54 000 | EUR | 37.3000 | 1 678 500.00 | 0.81 |\",\n \"| E.ON Reg.\",\n \"(DE000ENAG999) .\",\n \"| Count | 339 000 | | | EUR | 12.2240 | 4 143 936.00 | 2.01 |\",\n \"| EDP Renovaveis (ES0127797019) .\",\n \"| Count | 157 577 | 32 577 | 15 000 | EUR | 21.8400 | 3 441 481.68 | 1.67 |\",\n \"| Groupe Danone (C.R.) (FR0000120644) .\",\n \"| Count | 38 100 | | | EUR | 54.9200 | 2 092 452.00 | 1.01 |\",\n \"| Henkel Pref.\",\n \"(DE0006048432) .\",\n \"| Count | 20 500 | 10 500 | | EUR | 71.3000 | 1 461 650.00 | 0.71 |\",\n \"| ING Groep (NL0011821202) .\",\n \"| Count | 201 000 | | 70 000 | EUR | 12.2940 | 2 471 094.00 | 1.20 |\",\n \"| Koninklijke Ahold Delhaize (NL0011794037) .\",\n \"| Count | 104 000 | | | EUR | 30.5050 | 3 172 520.00 | 1.54 |\",\n \"| Koninklijke Philips (NL0000009538) .\",\n \"| Count | 54 000 | 25 000 | | EUR | 32.8450 | 1 773 630.00 | 0.86 |\",\n \"| Merck (DE0006599905) .\",\n \"Münchener Rückversicherungs-Gesellschaft Vink.\",\n \"Reg.\",\n \"(DE0008430026) .\",\n \"| Count Count | 16 600 6 250 | 1 500 | 5 300 650 | EUR EUR | 228.5000 261.0000 | 3 793 100.00 1 631 250.00 | 1.84 0.79 |\",\n \"| Ontex Group (BE0974276082) .\",\n \"| Count | 102 000 | | | EUR | 6.9300 | 706 860.00 | 0.34 |\",\n \"| Orange (FR0000133308) .\",\n \"| Count | 215 000 | | | EUR | 9.4130 | 2 023 795.00 | 0.98 |\",\n \"| Prysmian (IT0004176001) .\",\n \"| Count | 37 000 | | | EUR | 33.2000 | 1 228 400.00 | 0.60 |\",\n \"| Red Electrica Corporacion (ES0173093024) .\",\n \"| Count | 150 000 | | | EUR | 19.0900 | 2 863 500.00 | 1.39 |\",\n \"| SAP (DE0007164600) .\",\n \"| Count | 9 500 | | | EUR | 124.4000 | 1 181 800.00 | 0.57 |\",\n \"| Talanx Reg.\",\n \"(DE000TLX1005) .\",\n \"| Count | 59 000 | | | EUR | 42.5200 | 2 508 680.00 | 1.22 |\",\n \"| Umicore (BE0974320526) .\",\n \"| Count | 37 500 | 37 500 | | EUR | 35.7300 | 1 339 875.00 | 0.65 |\",\n \"| Unilever (GB00B10RZP78) .\",\n \"| Count | 43 000 | | | EUR | 47.2550 | 2 031 965.00 | 0.98 |\",\n \"| Vonovia (DE000A1ML7J1) .\",\n \"| Count | 79 521 | 38 616 | | EUR | 48.4900 | 3 855 973.29 | 1.87 |\",\n \"| Drax Group (GB00B1VNSX38) .\",\n \"| Count | 145 000 | 145 000 | | GBP | 6.1995 | 1 070 592.69 | 0.52 |\",\n \"| GlaxoSmithKline (GB0009252882) .\",\n \"| Count | 50 000 | | | GBP | 16.2600 | 968 260.58 | 0.47 |\",\n \"| Smith & Nephew (GB0009223206) .\",\n \"| Count | 69 000 | | | GBP | 12.9396 | 1 063 337.95 | 0.52 |\",\n \"| Vodafone Group (GB00BH4HKS39) .\",\n \"| Count | 900 000 | | | GBP | 1.1240 | 1 204 787.71 | 0.58 |\",\n \"| China Datang Corporation Renewable Power Company (CNE100000X69) .\",\n \"| Count | 1 500 000 | 1 697 000 | 2 697 000 | HKD | 3.5500 | 604 190.19 | 0.29 |\",\n \"| Ping An Insurance (Group) Co. of China Cl.\",\n \"H (new) (CNE1000003X6) .\",\n \"| Count | 130 000 | 130 000 | | HKD | 56.3000 | 830 435.30 | 0.40 |\",\n \"| Xinjiang Goldwind Science & Technology Cl.\",\n \"H (CNE100000PP1) .\",\n \"| Count | 775 000 | 775 000 | | HKD | 14.8600 | 1 306 696.02 | 0.63 |\",\n \"| Bridgestone Corp. (JP3830800003) .\",\n \"| Count | 22 500 | | | JPY | 4 949.0000 | 855 504.76 | 0.41 |\",\n \"| Central Japan Railway Co. (JP3566800003) .\",\n \"| Count | 8 000 | | | JPY | 15 345.0000 | 943 146.90 | 0.46 |\",\n \"| Komatsu (JP3304200003) .\",\n \"| Count | 36 000 | | | JPY | 2 693.5000 | 744 975.41 | 0.36 |\",\n \"| Kubota Corp. (JP3266400005) .\",\n \"| Count | 73 500 | | | JPY | 2 553.5000 | 1 441 934.93 | 0.70 |\",\n \"| Nippon Telegraph and Telephone Corp. (JP3735400008).\",\n \"| Count | 94 000 | | | JPY | 3 150.0000 | 2 274 892.44 | 1.10 |\",\n \"| Panasonic Corp. (JP3866800000) .\",\n \"| Count | 95 000 | | | JPY | 1 265.0000 | 923 286.72 | 0.45 |\",\n \"| Sony Group Corp. (JP3435000009) .\",\n \"| Count | 16 000 | 6 000 | | JPY | 14 475.0000 | 1 779 348.49 | 0.86 |\",\n \"| Hyundai Mobis (KR7012330007) .\",\n \"| Count | 9 000 | 1 900 | | KRW | 254 500.0000 | 1 704 272.77 | 0.83 |\",\n \"| Samsung SDI Co.\",\n \"Pref.\",\n \"(KR7006401004) .\",\n \"| Count | 6 722 | | 4 100 | KRW | 346 500.0000 | 1 733 047.86 | 0.84 |\",\n \"| Storebrand (NO0003053605) .\",\n \"| Count | 155 000 | | | NOK | 87.9600 | 1 365 072.69 | 0.66 |\",\n \"| Essity Cl.\",\n \"B (SE0009922164) .\",\n \"| Count | 65 000 | | | SEK | 295.7000 | 1 876 965.29 | 0.91 |\",\n \"| Svenska Cellulosa B (Free) (SE0000112724) .\",\n \"| Count | 120 000 | | | SEK | 160.1000 | 1 876 135.23 | 0.91 |\",\n \"| AbbVie (US00287Y1091) .\",\n \"| Count | 7 500 | | | USD | 135.3600 | 898 287.84 | 0.44 |\",\n \"| Akamai Technologies (US00971T1016) .\",\n \"| Count | 13 000 | | | USD | 118.3300 | 1 361 137.90 | 0.66 |\",\n \"| Alibaba Group Holding ADR (US01609W1027) .\",\n \"| Count | 8 400 | 2 000 | | USD | 112.0900 | 833 124.81 | 0.40 |\",\n \"| Alphabet Cl.\",\n \"A (US02079K3059) .\",\n \"| Count | 1 725 | | | USD | 2 933.1000 | 4 476 925.63 | 2.17 |\",\n \"| Amgen (US0311621009) .\",\n \"| Count | 6 200 | | | USD | 227.6000 | 1 248 613.02 | 0.61 |\",\n \"| Anthem (US0367521038) .\",\n \"| Count | 4 300 | | | USD | 467.6700 | 1 779 393.00 | 0.86 |\",\n \"| AT & T (US00206R1023) .\",\n \"| Count | 31 000 | | | USD | 24.6400 | 675 874.88 | 0.33 |\",\n \"| Bank of America Corp. (US0605051046) .\",\n \"| Count | 53 500 | 10 000 | | USD | 44.6300 | 2 112 732.82 | 1.02 |\",\n \"| Bank of New York Mellon (US0640581007) .\",\n \"| Count | 61 000 | | | USD | 58.3700 | 3 150 528.69 | 1.53 |\",\n \"| Bristol-Myers Squibb Co. (US1101221083) .\",\n \"| Count | 22 500 | | | USD | 62.2900 | 1 240 122.99 | 0.60 |\",\n \"| Cisco Systems (US17275R1023) .\",\n \"| Count | 39 500 | | 10 000 | USD | 63.9600 | 2 235 473.17 | 1.08 |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Citigroup (new) (US1729674242) .\",\n \"| Count | 47 000 | 19 000 | 12 000 | USD | 60.5400 | 2 517 701.19 | 1.22 |\",\n \"| Citrix Systems (US1773761002) .\",\n \"| Count | 17 000 | | | USD | 96.9600 | 1 458 496.66 | 0.71 |\",\n \"| Dell Technologies Cl.\",\n \"C (US24703L2025) .\",\n \"| Count | 17 500 | 17 500 | 17 500 | USD | 57.0500 | 883 400.43 | 0.43 |\",\n \"| Enel Chile Reg.\",\n \"S.50\",\n \"ADR (US29278D1054) .\",\n \"| Count | 500 000 | 150 000 | | USD | 1.7700 | 783 081.89 | 0.38 |\",\n \"| First Solar (US3364331070) .\",\n \"| Count | 27 500 | | | USD | 87.1800 | 2 121 355.57 | 1.03 |\",\n \"| General Mills (US3703341046) .\",\n \"| Count | 26 500 | | | USD | 67.0200 | 1 571 499.36 | 0.76 |\",\n \"| HCA Healthcare (US40412C1018) .\",\n \"| Count | 13 800 | | | USD | 258.4900 | 3 156 361.54 | 1.53 |\",\n \"| Impala Platinum Holdings ADR (US4525533083) .\",\n \"| Count | 136 500 | 56 500 | 45 000 | USD | 13.9000 | 1 678 847.94 | 0.81 |\",\n \"| Intel Corp. (US4581401001) .\",\n \"| Count | 22 000 | | | USD | 51.8300 | 1 008 945.72 | 0.49 |\",\n \"| Kellogg Co. (US4878361082) .\",\n \"| Count | 25 500 | | | USD | 63.8900 | 1 441 574.13 | 0.70 |\",\n \"| Kinross Gold (CA4969024047) .\",\n \"| Count | 220 000 | | | USD | 5.6300 | 1 095 960.71 | 0.53 |\",\n \"| Laboratory Corp.\",\n \"America Holdings (US50540R4092) .\",\n \". .\",\n \"| Count | 8 800 | | | USD | 308.6700 | 2 403 482.72 | 1.16 |\",\n \"| Medtronic (IE00BTN1Y115) .\",\n \"| Count | 13 000 | | | USD | 103.9500 | 1 195 726.23 | 0.58 |\",\n \"| Merck & Co. (US58933Y1055) .\",\n \"| Count | 28 700 | 28 700 | 18 700 | USD | 76.9500 | 1 954 134.41 | 0.95 |\",\n \"| Microsoft Corp. (US5949181045) .\",\n \"| Count | 8 000 | | | USD | 341.9500 | 2 420 563.64 | 1.17 |\",\n \"| Morgan Stanley (US6174464486) .\",\n \"| Count | 17 500 | | 7 500 | USD | 98.7300 | 1 528 801.49 | 0.74 |\",\n \"| Newmont (US6516391066) .\",\n \"| Count | 32 500 | | | USD | 60.6200 | 1 743 264.17 | 0.84 |\",\n \"| Pfizer (US7170811035) .\",\n \"| Count | 37 000 | | | USD | 57.5800 | 1 885 112.60 | 0.91 |\",\n \"| Qiagen (NL0012169213) .\",\n \"| Count | 32 500 | 32 500 | | USD | 55.7400 | 1 602 928.81 | 0.78 |\",\n \"| Quest Diagnostics (US74834L1008) .\",\n \"| Count | 8 800 | 8 800 | | USD | 170.1100 | 1 324 574.61 | 0.64 |\",\n \"| Samsung Electronics Pref.\",\n \"GDR (US7960502018) .\",\n \"| Count | 3 623 | | | USD | 1 496.0000 | 4 795 830.64 | 2.32 |\",\n \"| SK Telecom ADR (US78440P3064) .\",\n \"| Count | 85 030 | 85 030 | | USD | 27.6400 | 2 079 572.80 | 1.01 |\",\n \"| Synopsys (US8716071076) .\",\n \"| Count | 2 900 | 4 400 | 1 500 | USD | 373.4400 | 958 258.64 | 0.46 |\",\n \"| Taiwan Semiconductor ADR (US8740391003) .\",\n \"| Count | 40 900 | 7 000 | | USD | 121.4100 | 4 393 814.10 | 2.13 |\",\n \"| TPI Composites (US87266J1043) .\",\n \"| Count | 33 000 | 33 000 | | USD | 14.4800 | 422 811.13 | 0.20 |\",\n \"| Union Pacific Corp. (US9078181081) .\",\n \"| Count | 8 000 | 3 000 | | USD | 251.0300 | 1 776 967.66 | 0.86 |\",\n \"| Verizon Communications (US92343V1044) .\",\n \"| Count | 18 500 | 18 500 | | USD | 52.3600 | 857 107.46 | 0.42 |\",\n \"| VISA Cl.\",\n \"A (US92826C8394) .\",\n \"| Count | 5 500 | 5 500 | | USD | 218.1700 | 1 061 748.44 | 0.51 |\",\n \"| VMware Cl.\",\n \"A (US9285634021) .\",\n \"| Count | 7 710 | 7 710 | | USD | 117.8800 | 804 189.53 | 0.39 |\",\n \"| Weyerhaeuser Co. (US9621661043) .\",\n \"| Count | 42 000 | 42 000 | | USD | 40.6800 | 1 511 799.32 | 0.73 |\",\n \"| Interest-bearing securities | | | | | | | | |\",\n \"| 0.0000 % Alstom 21/11.01.29 (FR0014001EW8) ....\",\n \"| EUR | 1 000 | 1 000 | | % | 96.5360 | 965 360.00 | 0.47 |\",\n \"| 10.1250 % Assicurazioni Generali 12/10.07.42 MTN | | | | | | | | |\",\n \"| (XS0802638642) .\",\n \"| EUR | 1 200 | | | % | 105.3050 | 1 263 660.00 | 0.61 |\",\n \"| 2.4290 | % Assicurazioni Generali 20/14.07.31 MTN | | | | | | |\",\n \"| | (XS2201857534) .\",\n \"| EUR | 1 000 | % | 106.2850 | 1 062 850.00 | 0.52 |\",\n \"| 4.8750 | % Eurofins Scientific 15/und.\",\n \"(XS1224953882) .\",\n \"| EUR | 1 700 | % | 104.9700 | 1 784 490.00 | 0.86 |\",\n \"| 0.0000 | % Medtronic Global Holdings 20/15.10.25 (XS2238787415) 3 .\",\n \"| EUR | 510 | | | % | 99.7410 | 508 679.10 | 0.25 |\",\n \"| 3.5000 | % Ontex Group 21/15.07.26 (BE6329443962).\",\n \"| EUR | 640 | 640 | | % | 95.5250 | 611 360.00 | 0.30 |\",\n \"| 2.9950 | % TenneT Holding 17/und.\",\n \"(XS1591694481) .\",\n \". .\",\n \"| EUR | 700 | | | % | 104.7450 | 733 215.00 | 0.36 |\",\n \"| 0.9000 | % Verbund 21/01.04.41 (XS2320746394) ....\",\n \"| EUR | 300 | 300 | | % | 101.9270 | 305 781.00 | 0.15 |\",\n \"| 0.6250 | % Vonovia 21/14.12.29 MTN (DE000A3E5MH6) | EUR | 400 | 400 | | % | 98.7540 | 395 016.00 | 0.19 |\",\n \"| 1.2500 | % KfW 19/28.08.23 MTN (XS2046690827) ... .\",\n \"| NOK | 23 000 | | | % | 99.9335 | 2 301 324.14 | 1.12 |\",\n \"| 3.1250 | % Asian Development Bank (ADB) 18/26.09.28 | | | | | | | | |\",\n \"| | MTN (US045167EJ82) .\",\n \"| USD | 1 500 | | | % | 110.4365 | 1 465 776.67 | 0.71 |\",\n \"| 3.8000 | % Avangrid 19/01.06.29 (US05351WAB90)... .\",\n \"| USD | 1 400 | 1 400 | | % | 108.6440 | 1 345 852.84 | 0.65 |\",\n \"| 0.7500 | % European Investment Bank (EIB) | | | | | | | | |\",\n \"| | 20/23.09.30 (US298785JH03) .\",\n \"| USD | 3 500 | 3 500 | | % | 93.5160 | 2 896 128.83 | 1.40 |\",\n \"| 2.0000 | % International Finance 17/24.10.22 MTN | | | | | | | | |\",\n \"| | (US45950VLH77) .\",\n \"| USD | 1 700 | | | % | 101.2890 | 1 523 614.56 | 0.74 |\",\n \"| 1.7500 | % Kreditanstalt für Wiederaufbau 19/14.09.29 | | | | | | | | |\",\n \"| | (US500769JD71) .\",\n \"| USD | 3 000 | 3 000 | | % | 101.6770 | 2 699 031.10 | 1.31 |\",\n \"| 0.7500 | % Kreditanstalt für Wiederaufbau 20/30.09.30 | | | | | | | | |\",\n \"| | (US500769JG03) .\",\n \"| USD | 2 800 | 800 | | % | 93.4690 | 2 315 738.62 | 1.12 |\",\n \"| 1.9000 | % Nextera Energy Capital Holdings 21/15.06.28 | | | | | | | | |\",\n \"| | (US65339KBW99) .\",\n \"| USD | 1 200 | 1 200 | | % | 99.2161 | 1 053 482.90 | 0.51 |\",\n \"| 3.8750 | % NextEra Energy Operating Partners | | | | | | | | |\",\n \"| | 19/15.10.26 144a (US65342QAL68) .\",\n \"| USD | 1 000 | | | % | 106.0566 | 938 429.41 | 0.45 |\",\n \"| 4.6500 | % VMware 20/15.05.27 (US928563AE54)....\",\n \"| USD | 1 700 | | | % | 112.4626 | 1 691 690.74 | 0.82 |\",\n \"| 2.2500 | % Xylem 20/30.01.31 (US98419MAL46) .\",\n \"| USD | 1 100 | 1 100 | | % | 99.0069 | 963 655.92 | 0.47 |\",\n \"| 5.5000 | % Ziggo 16/15.01.27 Reg S (USN9838NAA11) .\",\n \"| USD | 1 817 | | 231 | % | 103.0500 | 1 656 787.59 | 0.80 |\",\n \"| Other equity securities | | | | | | |\",\n \"| Roche Holding Profitsh.\",\n \"(CH0012032048) .\",\n \"| Count | 9 000 | CHF | 382.0500 | 3 314 647.90 | 1.61 |\",\n \"| Securities admitted to or included in organized markets | | | | | 1 132 416.05 | 0.55 |\",\n \"| Interest-bearing securities | | | | | | |\",\n \"| 4.8750 % Klabin Austria 17/19.09.27 Reg S | | | | | | |\",\n \"| (USL5828LAB55) .\",\n \"| USD | 1 200 | % | 106.6500 | 1 132 416.05 | 0.55 |\",\n \"| Total securities portfolio | | | | | 190 801 251.37 | 92.48 |\",\n \"| | (– / ’000) | amount | in the reporting period | | | EUR | |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Derivatives Minus signs denote short positions | | | | | | | |\",\n \"| Equity index derivatives (Receivables/payables) | | | | | | -15 573.53 | -0.01 |\",\n \"| Equity index futures | | | | | | | |\",\n \"| EURO STOXX 50 MAR 22 (EURX) EUR .\",\n \"| Count | 750 | | | | 97 687.50 | 0.05 |\",\n \"| STOXX EUR 600 ESG-X MAR 22 (EURX) EUR .\",\n \"| Count | 1 000 | | | | 5 600.00 | 0.00 |\",\n \"| S&P500 EMINI MAR 22 (CME) USD .\",\n \"| Count | -1 000 | | | | -118 861.03 | -0.06 |\",\n \"| Currency derivatives | | | | | | -22 371.40 | -0.01 |\",\n \"| Currency futures (short) | | | | | | | |\",\n \"| Open positions | | | | | | | |\",\n \"| GBP/EUR 1.80 million .\",\n \"| | | | | | -24 450.30 | -0.01 |\",\n \"| Closed positions | | | | | | | |\",\n \"| GBP/EUR 1.80 million .\",\n \"| | | | | | 2 078.90 | 0.00 |\",\n \"| Cash at bank | | | | | | 15 225 678.79 | 7.38 |\",\n \"| Demand deposits at Depositary | | | | | | | |\",\n \"| EUR deposits .\",\n \"| EUR | 4 236 865.53 | | % | 100 | 4 236 865.53 | 2.05 |\",\n \"| Deposits in other EU/EEA currencies .\",\n \"| EUR | 699 181.51 | | % | 100 | 699 181.51 | 0.34 |\",\n \"| Deposits in non-EU/EEA currencies | | | | | | | |\",\n \"| Australian dollar .\",\n \"| AUD | 82 735.14 | | % | 100 | 53 127.30 | 0.03 |\",\n \"| Brazilian real .\",\n \"| BRL | 3 725.87 | | % | 100 | 578.01 | 0.00 |\",\n \"| Canadian dollar .\",\n \"| CAD | 271.94 | | % | 100 | 187.88 | 0.00 |\",\n \"| Swiss franc .\",\n \"| CHF | 89.13 | | % | 100 | 85.92 | 0.00 |\",\n \"| British pound .\",\n \"| GBP | 1 267 588.43 | | % | 100 | 1 509 662.87 | 0.73 |\",\n \"| Hong Kong dollar .\",\n \"| HKD | 678 120.32 | | % | 100 | 76 941.53 | 0.04 |\",\n \"| Japanese yen .\",\n \"| JPY | 21 568 565.00 | | % | 100 | 165 708.09 | 0.08 |\",\n \"| South Korean won .\",\n \"| KRW | 134 890 889.00 | | % | 100 | 100 367.11 | 0.05 |\",\n \"| Mexican peso .\",\n \"| MXN | 119 776.26 | | % | 100 | 5 148.15 | 0.00 |\",\n \"| Singapore dollar .\",\n \"| SGD | 4 000.22 | | % | 100 | 2 614.44 | 0.00 |\",\n \"| U.S. dollar .\",\n \"| USD | 7 145 560.18 | | % | 100 | 6 322 665.29 | 3.06 |\",\n \"| Time deposit | | | | | | | |\",\n \"| NOK deposits (Coöperatieve Rabobank U.A., Utrecht) .\",\n \". .\",\n \"| NOK | 20 500 000.00 | | % | 100 | 2 052 545.16 | 0.99 |\",\n \"| Other assets | | | | | | 490 816.31 | 0.24 |\",\n \"| Interest receivable .\",\n \"| EUR | 284 354.09 | | % | 100 | 284 354.09 | 0.14 |\",\n \"| Dividends/Distributions receivable .\",\n \"| EUR | 153 643.96 | | % | 100 | 153 643.96 | 0.08 |\",\n \"| Withholding tax claims .\",\n \"| EUR | 52 606.26 | | % | 100 | 52 606.26 | 0.03 |\",\n \"| Other receivables .\",\n \"| EUR | 212.00 | | % | 100 | 212.00 | 0.00 |\",\n \"| Receivables from share certificate transactions | EUR | 20 651.52 | | % | 100 | 20 651.52 | 0.01 |\",\n \"| Total assets 1 | | | | | | 206 643 764.39 | 100.16 |\",\n \"| Other liabilities | | | | | | -182 811.31 | -0.09 |\",\n \"| Liabilities from cost items .\",\n \"| EUR | -157 400.77 | | % | 100 | -157 400.77 | -0.08 |\",\n \"| Additional other liabilities .\",\n \"| EUR | -25 410.54 | | % | 100 | -25 410.54 | -0.01 |\",\n \"| Liabilities from share certificate transactions | EUR | -8 185.96 | | % | 100 | -8 185.96 | 0.00 |\",\n \"| Net assets | | | | | | 206 309 455.79 | 100.00 |\",\n \"| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |\",\n \"| --- | --- | --- |\",\n \"| Net asset value per unit Class FD .\",\n \"| EUR | 288.99 |\",\n \"| Class LD .\",\n \"| EUR | 287.55 |\",\n \"| Class LC .\",\n \"| EUR | 292.55 |\",\n \"| Class TFC .\",\n \"| EUR | 123.92 |\",\n \"| Number of units outstanding Class FD .\",\n \"| Count | 570 804.408 |\",\n \"| Class LD .\",\n \"| Count | 85 461.342 |\",\n \"| Class LC .\",\n \"| Count | 22 459.742 |\",\n \"| Class TFC .\",\n \"| Count | 82 361.000 |\",\n \"Negligible rounding errors may have arisen due to the rounding of calculated percentages.\",\n \"A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.\",\n \"Composition of the reference portfolio (according to CSSF circular 11/512)\",\n \"75% MSCI All Country World Net TR Index - in EUR, 25% BBG Global Aggregate Index in EUR\",\n \"Market risk exposure (value-at-risk) (according to CSSF circular 11/512)\",\n \"| Lowest market risk exposure .\",\n \"| % | 68.889 |\",\n \"| --- | --- | --- |\",\n \"| Highest market risk exposure .\",\n \"| % | 91.390 |\",\n \"| Average market risk exposure .\",\n \"| % | 82.330 |\",\n \"The values-at-risk were calculated for the period from January 1, 2021, through December 31, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.\",\n \"The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark.\",\n \"Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices.\",\n \"The Company determines the potential market risk by means of the relative value-at-riskapproachas defined in CSSF circular 11/512.\",\n \"In the reporting period, the average leverage effect from the use of derivatives was 0.1, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).\",\n \"The gross exposure generated via derivatives pursuant to point 40\",\n \"a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 14 061 480.36 as of the reporting date.\",\n \"Counterparties\",\n \"Morgan Stanley Europe S.E., Frankfurt/Main; State Street Bank and Trust Company, London\",\n \"Securities lending\",\n \"The following securities were transferred under securities loans at the reporting date:\",\n \"Security name\\tQuantity/\\tSecurities loans\",\n \"principal amount\\tTotal market value in EUR\",\n \"(– / ’000)\\tFixed maturity\\tNo fixed maturity\\tTotal\",\n \"0.0000 % Medtronic Global Holdings 20/15.10.25 ....\",\n \"EUR\\t500\\t498 705.00\",\n \"Total receivables from securities loans\\t498 705.00\\t498 705.00\",\n \"Contracting parties for securities loans:\",\n \"Deutsche Bank AG, Frankfurt/Main\",\n \"Total collateral pledged by third parties for securities loans\\tEUR\\t521 488.80\",\n \"thereof:\",\n \"Bonds\\tEUR\\t521 488.80\",\n \"Market abbreviations\\t Futures exchanges\",\n \"EURX\\t= Eurex (Eurex Frankfurt/Eurex Zurich)\",\n \"CME\\t= Chicago Mercantile Exchange (CME) – Index and Option Market (IOM)\",\n \"Exchange rates (indirect quotes)\",\n \"As of December 30, 2021\",\n \"| Australian dollar .\",\n \"| AUD | 1.557300 | = | EUR | 1 |\",\n \"| --- | --- | --- | --- | --- | --- |\",\n \"| Brazilian real .\",\n \"| BRL | 6.446050 | = | EUR | 1 |\",\n \"| Canadian dollar .\",\n \"| CAD | 1.447400 | = | EUR | 1 |\",\n \"| Swiss franc .\",\n \"| CHF | 1.037350 | = | EUR | 1 |\",\n \"| Danish krone .\",\n \"| DKK | 7.436800 | = | EUR | 1 |\",\n \"| British pound .\",\n \"| GBP | 0.839650 | = | EUR | 1 |\",\n \"| Hong Kong dollar .\",\n \"| HKD | 8.813450 | = | EUR | 1 |\",\n \"| Japanese yen .\",\n \"| JPY | 130.160000 | = | EUR | 1 |\",\n \"| South Korean won .\",\n \"| KRW | 1 343.975000 | = | EUR | 1 |\",\n \"| Mexican peso .\",\n \"| MXN | 23.265900 | = | EUR | 1 |\",\n \"| Norwegian krone .\",\n \"| NOK | 9.987600 | = | EUR | 1 |\",\n \"| Swedish krona .\",\n \"| SEK | 10.240200 | = | EUR | 1 |\",\n \"| Singapore dollar .\",\n \"| SGD | 1.530050 | = | EUR | 1 |\",\n \"| U.S. dollar .\",\n \"| USD | 1.130150 | = | EUR | 1 |\",\n \"Notes on valuation\",\n \"The Management Company determines the net asset values per unit and performs the valuation of the assets of the fund.\",\n \"The basic provision of price data and price validation are performed in accordance with the method introduced by the Management Company on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the fund prospectus.\",\n \"If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg Branch, as external price service provider and the Management Company and which are based as far as possible on market parameters.\",\n \"This procedure is subject to an ongoing monitoring process.\",\n \"The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.\",\n \"Investments reported in this report are not valued at derived market values.\",\n \"Footnotes\",\n \"1\\tDoes not include positions with a negative balance, if such exist.\",\n \"3\\tThese securities are completely or partly lent as securities loans.\",\n \"Statement of income and expenses (incl. income adjustment) for the period from January 1, 2021, through December 31, 2021\",\n \"- Income\",\n \"- Dividends (before withholding tax) EUR 5 384\\t490.81\",\n \"- Interest from securities (before withholding tax) EUR 894\\t178.57\",\n \"- Interest from investments of liquid assets(before withholding tax) EUR\\t1 888.89\",\n \"- Income from securities lendingand repurchase agreements EUR\\t283.79thereof:from securities lending EUR\\t283.79\",\n \"- Deduction for foreign withholding tax EUR\\t-664 099.76\",\n \"- Other income.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t342.25Total income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t5 617 084.55\",\n \"- Expenses\",\n \"- Interest on borrowings and negative intereston deposits and similar expenses EUR\\t-41 411.49 thereof:Commitment fees EUR\\t-2 081.12\",\n \"- Management fee EUR\\t-1 845 243.98thereof:All-in fee EUR -1 845 243.98\",\n \"- Other expenses EUR\\t-99 842.24thereof:Performance-based feefrom securities lending EUR\\t-93.67 Legal and consulting expenses...\",\n \"EUR -278.71 Taxe d’Abonnement EUR -99 469.86Total expenses.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t-1 986 497.71\",\n \"- Net investment income . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t3 630 586.84\",\n \"- Sale transactions\",\n \"- Realized gains EUR\\t11 199 726.35\",\n \"- Realized losses EUR\\t-4 360 308.00Capital gains/losses . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t6 839 418.35\",\n \"- Realized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . EUR\\t10 470 005.19\",\n \"- Net change in unrealized appreciation EUR\\t18 285 148.94\",\n \"- Net change in unrealized depreciation EUR\\t-1 889 248.76\",\n \"- Unrealized net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \"EUR\\t16 395 900.18\",\n \"- Net gain/loss for the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t26 865 905.37Note: the net change in unrealized appreciation (depreciation) is calculated by subtracting the total of all unrealized appreciation (depreciation) at the end of the fiscal year from the total of all appreciation (depreciation) at the beginning of the fiscal year.\",\n \"Total unrealized appreciation (depreciation) includes positive (negative) differences resulting from the comparison of the values recognized for the individual assets as of the reporting date with their respective acquisition costs.\",\n \"Unrealized appreciation/depreciation is shown without income adjustment.\",\n \"BVI total expense ratio (TER) / Transaction costs\",\n \"BVI total expense ratio (TER)\",\n \"The total expense ratio(s) for the share class(es) was/were:\",\n \"Class FD 0.90% p.a.,\\tClass LD 1.55% p.a., Class LC 1.55% p.a.,\\tClass TFC 0.90% p.a.\",\n \"Nicht-SICAV: The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percentage of the fund’s average net assets in rela- tion to the respective unit class for a given fiscal year.\",\n \"As well, the additional income from securities lending resulted in a performance-based fee of\",\n \"Class FD 0.000%,\\tClass LD 0.000%,\\tClass LC 0.000%,\",\n \"Class TFC 0.000%\",\n \"of the average net asset value of the respective unit class.\",\n \"Transaction costs\",\n \"The transaction costs paid in the reporting period amounted to EUR 27 569.18.\",\n \"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.\",\n \"Any financial transaction taxes which may have been paid are included in the calculation.\",\n \"Statement of changes in net assets for the fund\",\n \"- Value of the fund’s net assets\",\n \"| at the beginning of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \"| EUR | 166 079 135.24 |\",\n \"| --- | --- | --- |\",\n \"| 1. Distribution for the previous year | EUR | -1 544 165.25 |\",\n \"| 2. Net inflows | EUR | 15 173 192.19 |\",\n \"a) Inflows from subscriptions | EUR | 24 085 721.18 |\",\n \"b) Outflows from redemptions | EUR | -8 912 528.99 |\",\n \"| 3. Income adjustment | EUR | -264 611.76 |\",\n \"| 4. Net gain/loss for the fiscal year | EUR | 26 865 905.37 |\",\n \"| thereof: | | |\",\n \"| Net change in unrealized appreciation | EUR | 18 285 148.94 |\",\n \"| Net change in unrealized depreciation | EUR | -1 889 248.76 |\",\n \"- Value of the fund’s net assetsat the end of the fiscal year . . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". .\",\n \"EUR\\t206 309 455.79 Summary of gains/losses\\tRealized gains (incl. income adjustment) . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t11 199 726.35from:Securities transactions EUR\\t9 701 996.12Financial futures transactions EUR\\t464 366.17(Forward) currency transactions EUR\\t1 033 364.06Realized losses (incl. income adjustment) . . . .\",\n \". . . .\",\n \". . . .\",\n \"EUR\\t-4 360 308.00from:Securities transactions EUR\\t-1 350 051.86Financial futures transactions EUR\\t-1 935 548.37(Forward) currency transactions EUR\\t-1 074 707.77Net change in unrealized appreciation/depreciation . . . EUR\\t16 395 900.18from:Securities transactions EUR\\t16 328 908.86Financial futures transactions EUR\\t110 598.52(Forward) currency transactions EUR\\t-43 607.20 Details on the distribution policy*\\tClass FD:Type\\tAs of\\tCurrency\\tPer unit Final distribution\\tMarch 4, 2022\\tEUR\\t\\t5.35Class LD:Type\\tAs of\\tCurrency\\tPer unit Final distribution\\tMarch 4, 2022\\tEUR\\t\\t3.57The remaining net income for the fiscal year is reinvested.\",\n \"Class LC: The income for the fiscal year is reinvested.\",\n \"Class TFC: The income for the fiscal year is reinvested.\",\n \"* Additional information is provided in the sales prospectus.\",\n \"Changes in net assets and in the net asset value per unit over the last three years\",\n \"| Net assets at the end of the fiscal year | |\",\n \"| --- | --- |\",\n \"| 2021.\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . .\",\n \". . . . . . . . | EUR | 206 309 455.79 | | 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 166 079 135.24 | | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | EUR | 157 542 582.85 | | Net asset value per unit at the end of the fiscal year | | | | 2021 | Class FD | EUR | 288.99 | | | Class LD | EUR | 287.55 | | | Class LC | EUR | 292.55 | | | Class TFC | EUR | 123.92 | | 2020 | Class FD | EUR | 252.23 | | | Class LD | EUR | 251.11 | | | Class LC | EUR | 254.37 | | | Class TFC | EUR | 107.06 | | 2019 | Class FD | EUR | 251.00 | | | Class LD | EUR | 249.94 | | | Class LC | EUR | 250.55 | | | Class TFC | EUR | 104.79 | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group) The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 335.85. KP KPMG issued an unqualified audit opinion for the full annual report. The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: MG Luxembourg, Société anonyme\\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\\tE-mail: info@kpmg.lu Internet: www.kpmg.lu #### To the unitholders of DWS ESG Multi Asset Dynamic 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg REPORT OF THE REVISEUR D’ENTREPRISES AGREE ##### Report on the audit of the annual financial statements Opinion We have audited the accompanying financial statements of DWS ESG Multi Asset Dynamic (“the fund”), which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 2021, the statement of income and expenses and the statement of changes in net assets for the fiscal year then ended, as well as a summary of significant accounting policies. In our opinion, the attached financial statements give a true and fair view of the financial position of DWS ESG Multi Asset Dynamic as of December 31, 2021, and of the results of its operations as well as changes in its net assets and the performance of the fund’s net assets for the fiscal year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of annual financial statements. ##### Basis for the audit opinion We conducted our audit in compliance with the Law concerning the audit profession (“Law of July 23, 2016”) and in accordance with International Standards on Auditing (“ISA”) as adopted by the Commission de Surveillance du Secteur Financier (“CSSF”) for Luxembourg. Our responsibility under the law of July 23, 2016, and the ISA standards as adopted in Luxembourg by the CSSF is further described in the section “Responsibility of the Réviseur d'Entreprises agréé for the audit of the financial statements”. We are also independent of the fund in compliance with the “International Code of Ethics for Professional Accountants, including International Independence Standards”, issued by the “International Ethics Standards Board for Accountants“ (“IESBA Code”) and adopted by the CSSF for Luxembourg together with the ethical require- ments that we must comply with when performing audits and have met all other professional obligations in compliance with these ethical requirements. We believe that the audit evidence we have obtained is suffi- cient and appropriate to provide a basis for our audit opinion. ##### Other information The Management Board of the Management Company is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual finan- cial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statements. Our audit opinion on the annual financial statements does not cover the other information and we do not provide assurances of any kind in relation to this information. © 2022 KPMG Luxembourg, Société anonyme, a Luxembourg entity and\\tT.V.A. LU 27351518 a member firm of the KPMG global organization of independent member firms\\tR.C.S. Luxembourg B 149133 affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. In connection with the audit of the annual financial statements, it is our responsibility to read the other infor- mation and to assess whether there is a material discrepancy between this information and the annual financial statements or the findings obtained during the audit or also whether the other information appears to be materially misrepresented in some other way. If, based on the work that we carry out, we draw the conclusion that the other information contains material misstatements, we are obliged to report this matter. We have nothing to report in this regard. ##### Responsibility of the Management Board of the Management Company The Management Board of the Management Company is responsible for the preparation and proper overall presentation of the annual financial statements in compliance with Luxembourg legal and regulatory require- ments relating to the preparation of annual financial statements and for the internal controls that the Man- agement Board considers necessary to enable the annual financial statements to be prepared such that they are free from material, intentional or unintentional, misstatement. When preparing the annual financial statements, the Management Board of the Management Company is responsible for assessing the fund’s capability of continuing the business activity and – where relevant – for furnishing particulars in relation to the continuation of the business activity and for using the assumption of the company operating as a going concern as an accounting principle, unless the Management Board of the Management Company intends to liquidate the fund, to cease business activities or no longer has any other realistic alternative than to take such action. Responsibility of the réviseur d’entreprises agréé for the audit of the annual financial statements The objective of our audit is to obtain reasonable assurance as to whether the annual financial statements as a whole are free from material – intentional or unintentional – misstatement, and to issue a corresponding report of the “réviseur d’entreprises agréé” that contains our audit opinion. Reasonable assurance corre- sponds to a high degree of certainty but is not a guarantee that an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg always finds a material misstatement, if present. Misstatements can result either from inaccuracies or infringements and are con- sidered to be material if it can be reasonably assumed that these, either individually or as a whole, influence the business decisions of addressees taken on the basis of these annual financial statements. When performing an audit in compliance with the Law of July 23, 2016, and in accordance with the ISAs adopted by the CSSF for Luxembourg, we exercise our professional judgment and adopt a critical approach. Furthermore: - We identify and assess the risk of material misstatement in the annual financial statements as a result of inaccuracies or infringements, we plan and conduct audit procedures in response to these risks and obtain audit evidence that is sufficient and appropriate to serve as a basis for the audit opinion. The risk of mate- rial misstatements not being discovered is higher for infringements than for inaccuracies, as infringements may entail fraudulent collaboration, forgery, intentional incompleteness, misleading information or the by-passing of internal controls. - We gain an understanding of the internal control system of relevance to the audit in order to plan audit procedures that are appropriate in the given circumstances, but not, however, with the objective of issuing an audit opinion on the effectiveness of the fund’s internal control system. - We assess the appropriateness of the accounting methods applied by the Management Board of the Management Company, of the accounting-related estimates and of the corresponding explanatory information. - We draw conclusions based on the adequacy of the application of the accounting principle of the contin- uation of the business activity by the Management Board of the Management Company as well as on the basis of the audit evidence obtained as to whether a material uncertainty exists in connection with events or circumstances that could cast significant doubt on the ability of the fund to continue the business activ- ity. If we come to the conclusion that a material uncertainty exists, we are obliged to point out the associ- ated explanatory information provided in the annual financial statements in the report of the “réviseur d’entreprises agréé” or, if the information is inadequate, to modify the audit opinion. These conclusions are based on the audit evidence obtained up to the date of the report of the “réviseur d’entreprises agréé”. Future events or circumstances may, however, lead to the fund no longer being able to continue its busi- ness activity. - We assess the overall presentation, the structure and the content of the annual financial statements, including the explanatory information, and assess whether these appropriately present the underlying business transactions and events. We communicate the planned scope of the audit and time frame as well as the most significant audit find- ings, including material weaknesses in the internal control system that we identify in performing the audit, to those in charge of monitoring. Luxembourg, April 22, 2022\\tKPMG Luxembourg ‘Société anonyme’ (stock corporation) Cabinet de révision agréé Pia Schanz\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98294,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Ergänzende Angaben\n## Angaben zur Mitarbeitervergütung\n\n###### Angaben zur Mitarbeitervergütung\nDie DWS Investment S.A. („die Gesellschaft“) ist eine Tochtergesellschaft der DWS Group GmbH & Co. KGaA („DWS KGaA“), Frankfurt am Main, einem der weltweit führenden Vermögens- verwalter mit einer breiten Palette an Investmentprodukten und -dienstleistungen über alle wichtigen Anlageklassen sowie auf Wachstumstrends zugeschnittenen Lösungen.\nDie DWS KGaA, an der die Deutsche Bank AG eine Mehrheitsbeteiligung hält, ist an der Frankfurter Wertpapierbörse notiert.\nInfolge einer branchenspezifischen Regulierung gemäß OGAW V (fünfte Richtlinie betreffend bestimmte Organismen für gemeinsame Anlagen in Wertpapieren) sowie gemäß § 1 und § 27 der deutschen Institutsvergütungsverordnung („InstVV“) findet die Vergütungspolitik und -strategie des Deutsche Bank Konzerns („DB Konzern“) keine Anwendung auf die Gesellschaft. Die DWS KGaA und ihre Tochterunternehmen („DWS Konzern“ oder nur „Konzern“) verfügen über eigene vergütungsbezogene Governance-Regeln, Richtlinien und Strukturen, unter anderem einen konzerninternen DWS-Leitfaden zur Ermittlung von Mitarbeitern mit wesentlichem Einfluss auf Ebene der Gesellschaft sowie auf Ebene des DWS Konzerns im Einklang mit den in der OGAW V und den Leitlinien der Europäischen Wertpapier- und Marktaufsichtsbehörde für solide Vergütungspolitiken („ESMA-Leitlinien“) aufgeführten Kriterien.\nGovernance-Struktur\nDas Management des DWS Konzerns erfolgt durch ihre Komplementärin, DWS Management GmbH. Die Komplementärin sechs Managing Directors, die die Geschäftsführung („GF“) des Konzerns bilden. Die durch das DWS Compensation Committee („DCC“) unterstützte Geschäftsführung ist für die Einführung und Umsetzung des Vergütungssystems für Mitarbeiter ver- antwortlich. Dabei wird sie vom Aufsichtsrat der DWS KGaA kontrolliert, der ein Remuneration Committee („RC“) eingerichtet hat. Das RC unterstützt den Aufsichtsrat bei der Überwachung der angemessenen Ausgestaltung der Vergütungssysteme für die Konzernmitarbeiter. Dies erfolgt unter Berücksichtigung der Auswirkung des Vergütungssystems auf das konzernweite Risiko-, Kapital- und Liquiditätsmanagement sowie die Übereinstimmung der Vergütungsstrategie mit der Geschäfts- und Risikostrategie des DWS Konzerns.\nAufgabe des DCC ist die Entwicklung und Gestaltung von nachhaltigen Vergütungsrahmenwerken und Grundsätzen der Unternehmenstätigkeit, die Aufstellung von Empfehlungen zur Gesamtvergütung sowie die Sicherstellung einer angemessenen Governance und Kontrolle im Hinblick auf Vergütung und Zusatzleistungen für den Konzern. Das DCC legt quantitative und qualitative Faktoren zur Leistungsbeurteilung als Basis für vergütungsbezogene Entscheidungen fest und gibt Empfehlungen für die Geschäftsführung bezüglich des jährlichen Pools der variablen Vergütung und dessen Zuteilung zu verschiedenen Geschäftsbereichen und Infrastrukturfunktionen ab. Stimmberechtigte Mitglieder des DCC sind der Chief Executive Officer („CEO“), Chief Financial Officer („CFO“), Chief Operating Officer („COO“), und Global Head of HR. Der Head of Reward & Analytics ist nicht stimmberechtigtes Mitglied. Kontrollfunktionen wie Compliance, Anti-Financial Crime und Risk Management werden durch den CFO und den COO im DCC vertreten und sind im Hinblick auf ihre jeweiligen Aufgaben und Funktionen bei der Ausgestaltung und Umsetzung der Vergütungssysteme des Konzerns angemessen einbezogen. Damit soll einerseits sichergestellt werden, dass es durch die Vergütungssysteme nicht zu Interessenkonflikten kommt, und andererseits die Auswirkungen auf das Risikoprofil des Konzerns überprüft werden. Das DCC überprüft das Vergütungsrahmenwerk des Konzerns min- destens einmal jährlich. Dazu gehört die Überprüfung der für die Gesellschaft geltenden Grundsätze sowie eine Beurteilung, ob aufgrund von Unregelmäßigkeiten wesentliche Änderungen oder Ergänzungen vorzunehmen sind.\nDas DCC wird von zwei Unter-Ausschüssen unterstützt: Dem DWS Compensation Operating Committee („COC“), das implementiert wurde, um das DCC bei der Überprüfung der techni- schen Gültigkeit, der Operationalisierung und der Genehmigung von neuen oder bestehenden Vergütungsplänen zu unterstützen. Dem Integrity Review Committee („IRC“), das eingerichtet wurde, um Angelegenheiten im Zusammenhang mit der Aussetzung und dem Verfall von aufgeschobenen DWS-Vergütungselementen zu prüfen und darüber zu entscheiden.\nIm Rahmen der jährlichen internen Überprüfung auf Ebene des DWS Konzerns wurde festgestellt, dass die Ausgestaltung des Vergütungssystems angemessen ist und keine wesentlichen Unregelmäßigkeiten vorliegen.\nVergütungsstruktur\nFür die Mitarbeiter der Gesellschaft gelten die Vergütungsstandards und –grundsätze der DWS-Vergütungspolitik, die jährlich überprüft wird. Im Rahmen der Vergütungspolitik verwendet der Konzern, einschließlich der Gesellschaft, einen Gesamtvergütungsansatz („GV“), der Komponenten für eine fixe („FV“) und variable Vergütung („VV“) umfasst.\nDer Konzern stellt sicher, dass FV und VV für alle Kategorien und Gruppen von Mitarbeitern angemessen aufeinander abgestimmt werden. Die Strukturen und Ebenen des GV entsprechen den subdivisionalen und regionalen Vergütungsstrukturen, internen Zusammenhängen sowie Marktdaten und tragen zu einer einheitlichen Gestaltung innerhalb des Konzerns bei. Eines der Hauptziele der Konzernstrategie besteht darin, nachhaltige Leistung über alle Ebenen einheitlich anzuwenden und die Transparenz bei Vergütungsentscheidungen und deren Auswirkung auf Aktionäre und Mitarbeiter im Hinblick auf die Geschäftsentwicklung des DWS Konzerns zu erhöhen. Ein wesentlicher Aspekt der Konzern-Vergütungsstrategie ist die Schaffung eines langfristigen Gleichgewichts zwischen den Interessen von Mitarbeitern, Aktionären und Kunden.\nDie fixe Vergütung entlohnt die Mitarbeiter entsprechend ihren Qualifikationen, Erfahrungen und Kompetenzen sowie den Anforderungen, der Bedeutung und dem Umfang ihrer Funktionen. Bei der Festlegung eines angemessenen Betrags für die fixe Vergütung werden das marktübliche Vergütungsniveau für jede Rolle sowie interne Vergleiche und geltende regulatorische Vorgaben herangezogen.\nMit der variablen Vergütung hat der Konzern ein diskretionäres Instrument an der Hand, mit dem er Mitarbeiter für ihre Leistungen und Verhaltensweisen zusätzlich entlohnen kann, ohne eine zu hohe Risikotoleranz zu fördern. Bei der Festlegung der VV werden solide Risikomaßstäbe durch Einbeziehung der Risikotoleranz des Konzerns, dessen Tragfähigkeit und Finanzlage sowie durch eine völlig flexible Politik im Hinblick auf die Gewährung bzw. „Nicht-Gewährung“ der VV angesetzt. Die VV besteht generell aus zwei Bestandteilen: der DWS-Komponente (im Englischen „Franchise Variable Compensation“ / „FVC“) und der „individuellen Komponente“. Es gibt weiterhin keine Garantien für eine VV im laufenden Beschäftigungsverhältnis.\nFür das Geschäftsjahr 2021 wird die DWS Komponente überwiegend anhand von drei Erfolgskennzahlen („Key Performance Indicators“ – „KPIs“) auf Ebene des DWS Konzerns bestimmt: bereinigte Aufwands-Ertrags-Relation („Cost Income Ratio“ – „CIR“), Nettomittelzuflüsse und ESG-Kriterien. Diese drei KPIs stellen wichtige Gradmesser für die Finanzziele des DWS Konzerns dar und bilden dessen nachhaltige Leistung ab.\nDaneben wird eine individuelle VV („IVV“) gewährt. Die IVV berücksichtigt zahlreiche finanzielle und nichtfinanzielle Faktoren. Dazu gehören der Vergleich mit der Referenzgruppe des Mitarbeiters und Überlegungen zur Mitarbeiterbindung.\nSowohl die DWS als auch die individuelle Komponente der VV kann in bar oder in Form von aktienbasierten oder fondsbasierten Instrumenten im Rahmen der Konzern-Vereinbarungen in Bezug auf die aufgeschobene Vergütung ausgezahlt bzw. gewährt werden. Der Konzern behält sich das Recht vor, den Gesamtbetrag der VV, einschließlich der DWS Komponente, auf null zu reduzieren, wenn gemäß geltendem lokalen Recht ein erhebliches Fehlverhalten, leistungsbezogene Maßnahmen, Disziplinarmaßnahmen oder ein nicht zufriedenstellendes Verhalten seitens eines Mitarbeiters vorliegen.\nFestlegung der VV und angemessene Risikoadjustierung\nDie VV-Pools des Konzerns werden einer angemessenen Anpassung der Risiken unterzogen, die die Adjustierung ex ante als auch ex post umfasst. Die angewandte robuste Methode soll sicherstellen, dass bei der Festlegung der VV sowohl der risikoadjustierten Leistung als auch der Kapital- und Liquiditätsausstattung des Konzerns Rechnung getragen wird. Die Ermittlung des Gesamtbetrags der VV orientiert sich primär an (i) der Tragfähigkeit des Konzerns (das heißt, was „kann“ der DWS Konzern langfristig an VV im Einklang mit regulatorischen Anfor- derungen gewähren) und (ii) der Leistung (das heißt, was „sollte“ der Konzern an VV gewähren, um für eine angemessene leistungsbezogene Vergütung zu sorgen und gleichzeitig den langfristigen Erfolg des Unternehmens zu sichern).\nDer Konzern hat für die Festlegung der VV auf Ebene der individuellen Mitarbeiter die „Grundsätze für die Festlegung der variablen Vergütung“ eingeführt. Diese enthalten Informationen über die Faktoren und Messgrößen, die bei Entscheidungen zur IVV berücksichtigt werden müssen. Dazu zählen beispielsweise Investmentperformance, Kundenbindung, Erwägungen zur Unternehmenskultur sowie Zielvereinbarungen und Leistungsbeurteilungen im Rahmen des „Ganzheitliche Leistung“-Ansatzes. Zudem werden Hinweise der Kontrollfunktionen und Disziplinarmaßnahmen sowie deren Einfluss auf die VV einbezogen.\nDas DWS DCC verwendet im Rahmen eines diskretionären Entscheidungsprozesses finanzielle und nichtfinanzielle Kennzahlen zur Ermittlung differenzierter und leistungsbezogener VV-Pools für die Geschäfts- und Infrastrukturbereiche.\nNachhaltige Vergütung\nNachhaltigkeit und Nachhaltigkeitsrisiken sind elementarer Bestandteil bei der Bestimmung der variablen Vergütung. Dementsprechend steht die DWS Vergütungsrichtlinie mit den für den Konzern geltenden Nachhaltigkeitskriterien im Einklang. Dadurch schafft der DWS Konzern Verhaltensanreize, die sowohl die Investoreninteressen als auch den langfristigen Erfolg des Unternehmens fördern. Relevante Nachhaltigkeitsfaktoren werden regelmäßig überprüft und in die Gestaltung der Vergütungsstruktur integriert.\nVergütung für das Jahr 2021\nTrotz der anhaltenden Pandemie führte das vielfältige Angebot an Anlageprodukten und -lösungen zu neuen Rekordwerten beim Nettomittelaufkommen im Jahr 2021. Es war das dritte Jahr in Folge, in dem der DWS Konzern seine Geschäftsergebnisse verbessern konnte und ein guter Start in Phase zwei der Unternehmensentwicklung (Transformation, Wachstum und Führung) in der die Organisation ihre strategischen Prioritäten effektiv umsetzen konnte.\nDer verstärkte Fokus auf die Anlageperformance, die erhöhte Nachfrage der Anleger nach anvisierten Anlageklassen und nachhaltigen Anlagestrategien sowie erhebliche Beiträge aus strategischen Partnerschaften waren wesentliche Treiber für diesen Erfolg.\nVor diesem Hintergrund hat das DCC die Tragfähigkeit der VV für das Jahr 2021 kontrolliert und festgestellt, dass die Kapital- und Liquiditätsausstattung des Konzerns über den regulatorisch vorgeschriebenen Mindestanforderungen und dem internen Schwellenwert für die Risikotoleranz liegt.\nAls Teil der im März 2022 für das Performance-Jahr 2021 gewährten VV wurde die DWS Komponente allen berechtigten Mitarbeitern auf Basis der Bewertung der festgelegten Leis- tungskennzahlen gewährt. Die Geschäftsführung des DWS Konzerns hat für 2021 unter Berücksichtigung der beträchtlichen Leistung der Mitarbeiter und in seinem Ermessen einen Ziel- erreichungsgrad von 100% festgelegt.\nIdentifizierung von Risikoträgern\nGemäß Gesetz vom 17. Dezember 2010 über die Organismen für gemeinsame Anlagen (in seiner jeweils gültigen Fassung) sowie den ESMA-Leitlinien unter Berücksichtigung der OGAW- Richtlinie hat die Gesellschaft Mitarbeiter mit wesentlichem Einfluss auf das Risikoprofil der Gesellschaft ermittelt („Risikoträger“). Das Identifizierungsverfahren basiert auf der Bewertung des Einflusses folgender Kategorien von Mitarbeitern auf das Risikoprofil der Gesellschaft oder einen von ihr verwalteten Fonds: (a) Geschäftsführung/Senior Management, (b) Portfolio-/ Investmentmanager, (c) Kontrollfunktionen, (d) Mitarbeiter mit Leitungsfunktionen in Verwaltung, Marketing und Human Resources, (e) sonstige Mitarbeiter (Risikoträger) mit wesentlichem Einfluss, (f) sonstige Mitarbeiter in der gleichen Vergütungsstufe wie sonstige Risikoträger, deren Tätigkeit einen Einfluss auf das Risikoprofil der Gesellschaft oder des Konzerns hat. Min- destens 40 % der VV für Risikoträger werden aufgeschoben vergeben. Des Weiteren werden für wichtige Anlageexperten mindestens 50 % sowohl des direkt ausgezahlten als auch des aufgeschobenen Teils in Form von aktienbasierten oder fondsbasierten Instrumenten des DWS Konzerns gewährt. Alle aufgeschobenen Komponenten sind bestimmten Leistungs- und Verfallbedingungen unterworfen, um eine angemessene nachträgliche Risikoadjustierung zu gewährleisten. Bei einem VV-Betrag von weniger als EUR 50.000 erhalten Risikoträger ihre gesamte VV in bar und ohne Aufschub.\nZusammenfassung der Informationen zur Vergütung für die Gesellschaft für 2021 1)\n| Jahresdurchschnitt der Mitarbeiterzahl | 154 |\n| --- | --- |\n| Gesamtvergütung 2) | EUR 20 456 178 |\n| Fixe Vergütung | EUR 16 784 621 |\n| Variable Vergütung | EUR 3 671 557 |\n| davon: Carried Interest | EUR 0 |\n| Gesamtvergütung für Senior Management 3) | EUR 1 512 794 |\n| Gesamtvergütung für sonstige Risikoträger 4) | EUR 0 |\n| Gesamtvergütung für Mitarbeiter mit Kontrollfunktionen | EUR 1 231 749 |\n\n1) Vergütungsdaten für Delegierte, an die die Gesellschaft Portfolio- oder Risikomanagementaufgaben übertragen hat, sind nicht in der Tabelle erfasst.\n2) Unter Berücksichtigung diverser Vergütungsbestandteile entsprechend den Definitionen in den ESMA-Leitlinien, die Geldzahlungen oder -leistungen (wie Bargeld, Anteile, Optionsscheine, Rentenbeiträge) oder Nicht-(direkte) Geldleistungen (wie Gehaltsnebenleistungen oder Sondervergütungen für Fahrzeuge, Mobiltelefone, usw.) umfassen.\n3) Senior Management“ umfasst nur den Vorstand der Gesellschaft. Der Vorstand erfüllt die Definition als Führungskräfte der Gesellschaft. Über den Vorstand hinaus wurden keine weiteren Führungskräfte identifiziert.\n4) Identifizierte Risikoträger mit Kontrollfunktion werden in der Zeile „Mitarbeiter mit Kontrollfunktionen“ ausgewiesen.\n\n###### Angaben gemäß Verordnung (EU) 2015/2365 über die Transparenz von Wertpapierfinanzierungs- geschäften (WpFinGesch.) und der Weiterverwendung sowie zur Änderung der Verordnung\n(EU) Nr. 648/2012 – Ausweis nach Abschnitt A\nAngaben in Fondswährung\nabsolut\nin % des Fondsvermögens\n- NameBruttovolumen offene GeschäfteSitzstaat\n- NameBruttovolumen offene GeschäfteSitzstaat\n- NameBruttovolumen offene GeschäfteSitzstaat\n- NameBruttovolumen offene GeschäfteSitzstaat\n- NameBruttovolumen offene GeschäfteSitzstaat\n- NameBruttovolumen offene GeschäfteSitzstaat\n- NameBruttovolumen offene GeschäfteSitzstaat\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n- NameBruttovolumen offene GeschäfteSitzstaatWertpapierleihe\tPensionsgeschäfte\tTotal Return Swaps\n- Verwendete Vermögensgegenstände\n\n| 498 705,00 | - | - |\n| --- | --- | --- |\n| 0,24 | - | - |\n\n- Die 10 größten Gegenparteien\n\n| Deutsche Bank AG, Frankfurt am Main | | |\n| --- | --- | --- |\n| 498 705,00 | | |\n| Bundesrepublik Deutschland | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n- NameBruttovolumen offene GeschäfteSitzstaat\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n- NameBruttovolumen offene GeschäfteSitzstaat(z.B. zweiseitig, dreiseitig, zentrale Gegenpartei)unter 1 Tag1 Tag bis 1 Woche1 Woche bis 1 Monat1 bis 3 Monate3 Monate bis 1 Jahrüber 1 Jahr unbefristetBankguthaben Schuldverschreibungen AktienSonstige\n- Art(en) von Abwicklung und Clearing\n\n| zweiseitig | - | - |\n| --- | --- | --- |\n\n- Geschäfte gegliedert nach Restlaufzeiten (absolute Beträge)\n\n| - | - | - |\n| --- | --- | --- |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| 498 705,00 | - | - |\n\n| Art(en): |\n| --- |\n| - | - | - |\n| 521 488,80 | - | - |\n| - | - | - |\n| - | - | - |\n| Qualität(en): |\n| Dem Fonds werden – soweit Wertpapier-Darlehensgeschäfte, umgekehrte Pensionsgeschäfte oder Geschäfte mit OTC-Derivaten (außer Währungstermingeschäften) abgeschlossen werden - Sicherheiten in einer der folgenden Formen gestellt: - liquide Vermögenswerte wie Barmittel, kurzfristige Bankeinlagen, Geldmarktinstrumente gemäß Definition in Richtlinie 2007/16/EG vom 19. März 2007, Akkreditive und Garantien auf erstes Anfordern, die von erstklassigen, nicht mit dem Kontrahenten verbundenen Kreditinstituten ausgegeben werden, beziehungsweise von einem OECD-Mitgliedstaat oder dessen Gebietskörperschaften oder von supranationalen Institutionen und Behörden auf kommunaler, regionaler oder internationaler Ebene begebene Anleihen unabhängig von ihrer Restlaufzeit\n- Anteile eines in Geldmarktinstrumente anlegenden Organismus für gemeinsame Anlagen (nachfolgend „OGA“), der täglich einen Nettoinventarwert berechnet und der über ein Rating von AAA oder ein vergleichbares Rating verfügt\n- Anteile eines OGAW, der vorwiegend in die unter den nächsten beiden Gedankenstrichen aufgeführten Anleihen / Aktien anlegt\n- Anleihen unabhängig von ihrer Restlaufzeit, die ein Mindestrating von niedrigem Investment-Grade aufweisen\n- Aktien, die an einem geregelten Markt eines Mitgliedstaats der Europäischen Union oder an einer Börse eines OECD-Mitgliedstaats zugelassen sind oder gehandelt werden, sofern diese Aktien in einem wichtigen Index enthalten sind.\n Die Verwaltungsgesellschaft behält sich vor, die Zulässigkeit der oben genannten Sicherheiten einzuschränken. Des Weiteren behält sich die Verwaltungsgesellschaft vor, in Ausnahmefällen von den oben genannten Kriterien abzuweichen. Weitere Informationen zu Sicherheitenanforderungen befinden sich in dem Verkaufsprospekt des Fonds/ Teilfonds. |\n\n- Art(en) und Qualität(en) der erhaltenen SicherheitenWährung(en):unter 1 Tag1 Tag bis 1 Woche1 Woche bis 1 Monat1 bis 3 Monate3 Monate bis 1 Jahrüber 1 Jahr unbefristetabsolutin % der Bruttoerträge Kostenanteil des Fondsabsolutin % der BruttoerträgeKostenanteil der Verwaltungsgesellschaftabsolutin % der Bruttoerträge Kostenanteil Dritterabsolut\n- Währung(en) der erhaltenen Sicherheiten\n\n| EUR | - | - |\n| --- | --- | --- |\n\n- Sicherheiten gegliedert nach Restlaufzeiten (absolute Beträge)\n\n| - | - | - |\n| --- | --- | --- |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| 521 488,80 | - | - |\n\n- Ertrags- und Kostenanteile (vor Ertragsausgleich) *\n\n| Ertragsanteil des Fonds |\n| --- |\n| 189,51 | - | - |\n| 67,00 | - | - |\n| - | - | - |\n\n| Ertragsanteil der Verwaltungsgesellschaft |\n| --- |\n| 93,34 | - | - |\n| 33,00 | - | - |\n| - | - | - |\n\n| Ertragsanteil Dritter |\n| --- |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n\nSofern der (Teil-)Fonds Wertpapierleihegeschäfte durchgeführt hat, zahlt der (Teil-)Fonds 33% der Bruttoerträge aus Wertpapier- leihegeschäften als Kosten/Gebühren an die Verwaltungsgesellschaft und behält 67% der Bruttoerträge aus solchen Geschäften ein. Von den 33% behält die Verwaltungsgesellschaft 5% für ihre eigenen Koordinierungs- und Überwachungsaufgaben ein und zahlt die direkten Kosten (z.B. Transaktionskosten und Kosten für die Verwaltung von Sicherheiten) an externe Dienstleister. Der Restbetrag (nach Abzug der Kosten der Verwaltungsgesellschaft und der direkten Kosten) wird an die DWS Investment GmbH für die Unterstüt- zung der Verwaltungsgesellschaft bei der Anbahnung, Vorbereitung und Durchführung von Wertpapierleihegeschäften gezahlt.\nFür einfache umgekehrte Pensionsgeschäfte (sofern zulässig), d.h. solche, die nicht der Anlage von im Rahmen eines Wertpapier- leihe- oder Pensionsgeschäftes entgegengenommen Barsicherheiten dienen, behält der jeweilige (Teil-)Fonds 100% der Brutto- erträge ein, abzüglich der Transaktionskosten, die der (Teil-)Fonds als direkte Kosten an einen externen Dienstleister zahlt.\nDie Verwaltungsgesellschaft ist ein verbundenes Unternehmen der DWS Investment GmbH.\nSofern der (Teil-)Fonds Pensionsgeschäfte durchgeführt hat, handelt es sich dabei derzeit nur um einfache umgekehrte Pensions- geschäfte, nicht um andere (umgekehrte) Pensionsgeschäfte. Wenn von der Möglichkeit der Nutzung anderer (umgekehrter) Pensionsgeschäfte Gebrauch gemacht werden soll, wird der Verkaufsprospekt entsprechend angepasst. Der (Teil-)Fonds wird dann bis zu 33% der Bruttoerträge aus (umgekehrten) Pensionsgeschäften als Kosten/Gebühren an die Verwaltungsgesellschaft zahlen und mindestens 67% der Bruttoerträge aus solchen Geschäften einbehalten. Von den bis zu 33% wird die Verwaltungsgesellschaft 5% für ihre eigenen Koordinierungs- und Überwachungsaufgaben einbehalten und die direkten Kosten (z. B. Transaktionskosten und Kosten für die Verwaltung von Sicherheiten) an externe Dienstleister zahlen. Der Restbetrag (nach Abzug der Kosten der Verwal- tungsgesellschaft und der direkten Kosten) wird an die DWS Investment GmbH für die Unterstützung der Verwaltungsgesellschaft bei der Anbahnung, Vorbereitung und Durchführung von (umgekehrten) Pensionsgeschäften gezahlt werden.\n-\n- Erträge für den Fonds aus Wiederanlage von Barsicherheiten, bezogen auf alle WpFinGesch. und Total Return SwapsSumme Anteil\n- Verliehene Wertpapiere in % aller verleihbaren Vermögensgegenstände des Fonds\n- NameVolumen empfangene Sicherheiten (absolut)\n- NameVolumen empfangene Sicherheiten (absolut)\n- NameVolumen empfangene Sicherheiten (absolut)\n- NameVolumen empfangene Sicherheiten (absolut)\n- NameVolumen empfangene Sicherheiten (absolut)\n- NameVolumen empfangene Sicherheiten (absolut)\n- NameVolumen empfangene Sicherheiten (absolut)\n- NameVolumen empfangene Sicherheiten (absolut)\n- NameVolumen empfangene Sicherheiten (absolut)\n- NameVolumen empfangene Sicherheiten (absolut)Anteil\n- Die 10 größten Emittenten, bezogen auf alle WpFinGesch. und Total Return Swaps\n\n| European Financial Stability Facility (EFSF) | | |\n| --- | --- | --- |\n| 521 488,80 | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n-\n- Wiederangelegte Sicherheiten in % der empfangenen Sicherheiten, bezogen auf alle WpFinGesch. und Total Return Swapsgesonderte Konten / Depots Sammelkonten / Depots andere Konten / DepotsVerwahrart bestimmt EmpfängerGesamtzahl Verwahrer/ Kontoführer1. Nameverwahrter Betrag absolut\n- Verwahrart begebener Sicherheiten aus WpFinGesch. und Total Return Swaps(In % aller begebenen Sicherheiten aus WpFinGesch. und Total Return Swaps)\n\n| - | - |\n| --- | --- |\n| - | - |\n| - | - |\n| - | - |\n\n| State Street Bank International GmbH (Custody Operations) | | |\n| --- | --- | --- |\n| 521 488,80 | | |\n\n- Verwahrer/Kontoführer von empfangenen Sicherheiten aus WpFinGesch. und Total Return Swaps\n\n| 1 | - | - |\n| --- | --- | --- |\n\n* Eventuelle Abweichungen zu den korrespondierenden Angaben der detaillierten Ertrags- und Aufwandsrechnung beruhen auf Effekten im Rahmen des Ertragsausgleichs.\n\n## DWS ESG Multi Asset Dynamic\n\n### Informationen zu ökologischen und/oder sozialen Merkmalen\n\n###### Darstellung der offenzulegenden Informationen für regelmäßige Berichte für Finanzprodukte im Sinne des Artikels 8(1) der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor) sowie im Sinne des Artikels 6 der Verordnung (EU) 2020/852 (Taxonomie)\nDieser Fonds bewarb ökologische und soziale Merkmale und machte Angaben als Produkt gemäß Artikel 8 Absatz 1 der Verordnung (EU) 2019/2088 über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor.\nDas Portfoliomanagement dieses Fonds strebte an, die beworbenen ökologischen und sozialen Merkmale zu erreichen, indem Engagements unabhängig von deren wirtschaftlichen Erfolgsaussichten anhand einer proprietären ESG-Bewertungsmethode getätigt wurden. Diese Methodik basierte auf einer DWS-eigenen ESG-Datenbank, die Daten mehrerer ESG- Datenanbieter, öffentliche Quellen sowie interne Bewertungen nutzte und nach einer Analyse der Daten den Investments eine von sechs möglichen Bewertungen zuteilte, wobei „A“ die höchste Bewertung und „F“ die niedrigste Bewertung darstellte. Das Fondsvermögen wurde überwiegend in Vermögensgegenständen von Emittenten angelegt, die definierte Mindeststandards in Bezug auf ökologische und soziale Merkmale sowie Corporate Governance-Praktiken erfüllten und richtete dabei den Anlagefokus auf Investments mit einer der drei oberen Bewertungen (d. h. einer „A“-, „B“- oder „C“-Bewertung).\nDes Weiteren wurden im Portfolio zur Beurteilung, ob die beworbenen ökologischen und sozialen Merkmale bei Emittenten vorlagen, insbesondere Risiken, die sich aus den Folgen des Klimawandels ergeben könnten, oder Risiken, die aufgrund der Verletzung international anerkannter Richtlinien und Normen entstehen könnten, einer Prüfung unterworfen. Zu den inter- national anerkannten Richtlinien zählten vor allem die zehn Prinzipien des Global Compact der Vereinten Nationen, ILO-Kernarbeitsnormen beziehungsweise UN-Leitprinzipien für Wirtschaft und Menschenrechte und die OECD-Leitsätze für multinationale Unternehmen Informationen zu ökologischen und/oder sozialen Merkmalen.\n\n## Hinweise für Anleger in der Schweiz\nDas Angebot von Anteilen dieser kollektiven Kapitalanlage (die „Anteile“) in der Schweiz richtet sich ausschliesslich an qualifizierte Anleger, wie sie im Bundes gesetz über die kollektiven Kapitalanlagen vom 23. Juni 2006 („KAG“) in seiner jeweils gültigen Fassung und in der umsetzenden Verordnung („KKV“) definiert sind. Entsprechend ist und wird diese kollektive Kapitalanlage nicht bei der Eidgenössischen Finanzmarktaufsicht FINMA registriert. Dieses Dokument und/ oder jegliche andere Unterlagen, die sich auf die Anteile beziehen, dürfen in der Schweiz einzig qualifizierten Anlegern zur Verfügung gestellt werden.\n- Vertreter in der Schweiz DWS CH AGHardstrasse 201 CH8005 Zürich\n- Zahlstelle in der Schweiz Deutsche Bank (Suisse) SA Place des Bergues 3 CH1201 Genf\n- Bezugsort der massgeblichen DokumenteDer Verkaufsprospekt, die Anlagebedingungen, „Wesentliche Anlegerinformationen“ sowie Jahres und Halbjahresberichte können beim Vertreter sowie der Zahlstelle in der Schweiz kostenlos bezogen werden.\n- Erfüllungsort und GerichtsstandFür die in der Schweiz angebotenen Anteile ist der Erfüllungsort am Sitz des Vertreters. Der Gerichtsstand liegt am Sitz des Vertreters oder am Sitz oder Wohnsitz des Anlegers.\n\nVerwaltungsgesellschaft, Zentralverwaltung, Transferstelle, Registerstelle und Hauptvertriebsstelle\nDWS Investment S.A.\n2, Boulevard Konrad Adenauer L-1115 Luxemburg\nEigenkapital per 31.12.2021: 355,1 Mio. Euro vor Gewinnverwendung\nAufsichtsrat\nClaire Peel Vorsitzende\nDWS Management GmbH, Frankfurt am Main\nManfred Bauer\nDWS Investment GmbH, Frankfurt am Main\nStefan Kreuzkamp\nDWS Investment GmbH, Frankfurt am Main\nFrank Krings (bis 27.7.2021) Deutsche Bank Luxembourg S.A., Luxemburg\nDr. Matthias Liermann DWS Investment GmbH, Frankfurt am Main\nHolger Naumann\nDWS Investments Hong Kong Ltd., Hongkong\nFrank Rückbrodt (seit dem 28.7.2021) Deutsche Bank Luxembourg S.A., Luxemburg\nVorstand\nNathalie Bausch Vorsitzende\nDWS Investment S.A., Luxemburg\nLeif Bjurström\nDWS Investment S.A., Luxemburg\nDr. Stefan Junglen DWS Investment S.A., Luxemburg\nBarbara Schots\nDWS Investment S.A., Luxemburg\nAbschlussprüfer\nKPMG Luxembourg Société anonyme\n39, Avenue John F. Kennedy L-1855 Luxemburg\nVerwahrstelle\nState Street Bank International GmbH Zweigniederlassung Luxemburg\n49, Avenue John F. Kennedy L-1855 Luxemburg\nFondsmanager\nDWS Investment GmbH Mainzer Landstraße 11-17 D-60329 Frankfurt am Main\nVertriebs-, Zahl- und Informationsstelle* LUXEMBURG\nDeutsche Bank Luxembourg S.A.\n2, Boulevard Konrad Adenauer L-1115 Luxemburg\n* weitere Vertriebs- und Zahlstellen, siehe Verkaufsprospekt\nStand: 3.3.2022\nDWS Investment S.A.\n2, Boulevard Konrad Adenauer L-1115 Luxemburg\nTel.: +352 4 21 01-1\nFax: +352 4 21 01-9 00"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Supplementary information\n## Remuneration Disclosure\n\n###### Remuneration Disclosure\nDWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/ Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major asset classes as well as solutions aligned to growth trends to its clients globally.\nDWS KGaA is a publicly traded company listed on the Frankfurt Stock Exchange, which is majority owned by Deutsche Bank AG.\nAs a result of the sector specific legislation under UCITS V (Undertakings for Collective Investment in Transferable Securities Directive V) and in accordance with Sec. 1 and Sec. 27 of the German “Institutsvergütungsverordnung” (“InstVV”), the Company is carved-out from Deutsche Bank Group’s (“DB Group”) compensation policy and strategy. DWS KGaA and its sub- sidiaries (“DWS Group” or only “Group”) have established their own compensation governance, policies and structures, including a DWS group-wide guideline of identifying “Material Risk Takers” (“MRTs”) at Company level as well as DWS Group level in line with the criteria stated in UCITS V and in the guidelines on sound remuneration policies under the UCITS V published by the European Securities and Markets Authority (“ESMA Guidelines”).\nGovernance Structure\nDWS Group is managed through its General Partner, the DWS Management GmbH. The General Partner has six Managing Directors who serve as the Executive Board (“EB”) of the Group. The EB – supported by the DWS Compensation Committee (“DCC”) – is responsible for establishing and operating the compensation system for employees. It is overseen by the DWS KGaA Supervisory Board which has established a Remuneration Committee (“RC”). The RC reviews the compensation system of the Group’s employees and its appropriateness. The RC supports the Supervisory Board in monitoring the appropriate structure of the remuneration systems for the Group’s employees. This is done by taking into account the effects of the remu- neration system on the group-wide risk, capital and liquidity management as well as the consistency of the remuneration strategy with the business and risk strategy of the DWS Group.\nThe DCC is mandated to develop and design sustainable compensation frameworks and operating principles, to prepare recommendations on total compensation levels, and to ensure appropriate compensation and benefits governance and oversight for the Group. The DCC establishes quantitative and qualitative factors to assess performance as a basis for compensation related decisions and makes appropriate recommendations to the EB regarding the annual Variable Compensation pool and its allocation across the business areas and infrastructure func- tions. Voting members of the DCC comprise the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief Operating Officer (“COO”), and the Global Head of HR. The Head of Reward & Analytics is a nonvoting member. Control Functions such as Compliance, Anti-Financial Crime, and Risk Management are represented by CFO and COO in the DCC and are appro- priately engaged in the design and application of the Group’s remuneration systems in the context of the tasks and functions assigned to them, to ensure that the remuneration systems do not create conflicts of interests, and to review the effects on the risk profile of the Group. The DCC reviews the remuneration framework of DWS Group regularly, at least annually, which includes the principles applying to the Company, and assesses if substantial changes or amendments due to irregularities have to be made.\nThe DCC is supported by two sub-committees: The DWS Compensation Operating Committee (“COC”) implemented to assist the DCC in reviewing the technical validity, operationalizing and approving new or existing compensation plans. The Integrity Review Committee implemented to review and decide on suspension and forfeiture matters involving DWS deferred compensation awards.\nThe internal annual review at DWS Group level concluded the design of the remuneration system to be appropriate, no significant irregularities were recognized.\nCompensation Structure\nThe employees of the Company are subject to the compensation standards and principles as outlined in the DWS Compensation Policy. The policy is reviewed on an annual basis. As part of the Compensation Policy, the Group, including the Company, employs a Total Compensation (“TC”) philosophy which comprises Fixed Pay (“FP”) and Variable Compensation (“VC”).\nThe Group ensures an appropriate relationship between FP and VC across all categories and groups of employees. TC structures and levels reflect the Sub-Divisional and regional compensa- tion structures, internal relativities, and market data, and assist in seeking consistency across the Group. One of the main objectives of the Group’s strategy is to align reward for sustainable performance at all levels whilst enhancing the transparency of compensation decisions and their impact on shareholders and employees with regard to DWS Group. Achieving a sustainable balance between employee, shareholder and client interests is a key aspect of DWS’ Group compensation strategy.\nFP is used to compensate employees for their skills, experience and competencies, commensurate with the requirements, size and scope of their role. The appropriate level of FP is deter- mined with reference to the prevailing market rates for each role, internal comparisons and applicable regulatory requirements.\nVC is a discretionary compensation element that enables the Group to provide additional reward to employees for their performance and behaviours without encouraging excessive risk- taking. VC determination considers sound risk measures by taking into account the Group’s Risk Appetite as well as the Group affordability and financial situation and providing for a fully flexible policy on granting or “not-granting” VC. VC generally consists of two elements – the “Franchise Component” and the “Individual Component”. There continues to be no guarantee of VC in an existing employment relationship.\nFor the 2021 financial year, the Franchise Component is dominantly determined based upon the performance of three Key Performance Indicators (KPIs) at DWS Group level: Adjusted Cost Income Ratio (“CIR”), Net Flows and ESG metrics. These three KPIs represent important metrics for DWS Group’s financial targets and provide a good indication of its sustainable performance.\nFollowing the implementation of the DWS Compensation Framework in 2021, the “Individual Component” is delivered in the form of Individual VC (“IVC”). IVC takes into consideration a number of financial and non-financial factors, relativities within the employee’s peer group and retention considerations.\nBoth Franchise and Individual Component may be awarded in cash, share-based or fund-based instruments under the Group deferral arrangements. The Group retains the right to reduce the total amount of VC, including the Franchise Component, to zero in cases of significant misconduct, performance-related measures, disciplinary outcomes or unsatisfactory conduct or behaviour by the employee subject to applicable local law.\nDetermination of VC and appropriate risk-adjustment\nThe Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments. The robust methodology in place aims at ensuring that the determination of VC reflects the risk-adjusted performance as well as the capital and liquidity position of the Group. The total amount of VC is primarily driven by (i) the Group affordability (i.e. what “can” DWS Group sustainably afford award in alignment with regulatory requirements) and (ii) performance (what “should” the Group award in order to provide an appropriate compensation for performance and future incentive while protecting the long-term health of the franchise).\nAt the level of the individual employee, the Group has established “Variable Compensation Guiding Principles” which detail the factors and metrics that must be taken into account when making IVC decisions. These include, for instance, investment performance, client retention, culture considerations, and objective setting and performance assessment based on the “Total Performance’ approach. Furthermore, any control function inputs and disciplinary sanctions and their impact on the VC have to be considered as well.\nAs part of a discretionary decision-making process, the DWS DCC uses (financial and non-financial) key figures to identify differentiated and performance linked VC pools for business and infrastructure areas.\nSustainable Compensation\nSustainability and sustainability risks are an essential part that determine the variable compensation. Therefore, the remuneration policy is fully in line and consistent with sustainability risks. Hence, DWS Group incentivises behaviour that benefits both interest of clients and the long-term performance of the firm. Relevant sustainability factors are reviewed on a regular basis and incorporated in the design of the compensation system.\nCompensation for 2021\nDespite the ongoing pandemic, the diverse range of investment products and solutions contributed to record net flows in 2021. It marked the third consecutive year in which DWS Group improved its financial performance and a strong start to Phase Two of the corporate journey to Transform, Grow and Lead, in which the organisation was able to execute its strategic priorities effectively.\nThe intensified focus on investment performance, increased investor demand for targeted asset classes and sustainable investment solutions as well as significant contributions from strategic partnerships were key drivers of this success.\nAgainst this backdrop, the DCC has monitored the affordability of VC for 2021. The committee has concluded that the capital and liquidity base of the Group remain above regulatory minimum requirements, and internal risk appetite threshold.\nAs part of the overall 2021 VC awards to be granted in March 2022, the Franchise Component was awarded to eligible employees in line with the assessment of the defined KPIs. The Exec- utive Board recognizing the considerable contribution of employees and determined a target achievement rate of 100% for 2021 for DWS Group.\nIdentification of Material Risk Takers\nIn accordance with the Law as of 17 December 2010 on Undertakings for Collective Investments (as subsequently amended) in conjunction with the ESMA Guidelines with accordance to UCITS Directive, the Company has identified individuals who have a material impact of the Company’s risk profile (“Material Risk Takers”). The identification process has been based on an assessment of the impact of the following categories of staff on the risk profile of the Company or on a fund it manages: (a) Board Members/Senior Management, (b) Portfolio/Investment managers, (c) Control Functions, (d) Staff heading Administration, Marketing and Human Resources, (e) other individuals (Risk Takers) in a significant position of influence, (f) other employ- ees in the same remuneration bracket as other Risk Takers, whose roles have an impact on the risk profile of the Company or the Group. At least 40% of the VC for Material Risk Takers is deferred. Additionally, at least 50% of both, the upfront and the deferred proportion, are granted in the Group share-based instruments or fund-linked instruments for Key Investment Professionals. All deferred components are subject to a number of performance conditions and forfeiture provisions which ensure an appropriate ex-post risk adjustment. In case the VC is lower than EUR 50,000, the Material Risk Takers receive their entire VC in cash without any deferral.\nAggregate Compensation Information for the Company for 2021 1\n| Number of employees on an annual average | 154 |\n| --- | --- |\n| Total Compensation 2 | EUR 20,456,178 |\n| Fixed Pay | EUR 16,784,621 |\n| Variable Compensation | EUR 3,671,557 |\n| Thereof: Carried Interest | EUR 0 |\n| Total Compensation for Senior Management 3 | EUR 1,512,794 |\n| Total Compensation for other Material Risk Takers 4 | EUR 0 |\n| Total Compensation for Control Function employees | EUR 1,231,749 |\n\n1 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.\n2 Considering various elements of remuneration as defined in the ESMA Guidelines which may include monetary payments or benefits (such as cash, shares, options, pension contributions) or none (directly) monetary benefits (such as fringe benefits or special allowances for car, mobile phone, etc.).\n3 Senior Management refers to the members of the Management Board of the Company, only. Members of the Management Board meet the definition of managers. Apart from the members of Senior Management, no further managers have been identified.\n4 Identified risk takers with control functions are shown in the line “Control Function employees”.\n\n###### Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A\nStated in fund currency\nAbsolute\nIn % of the fund’s net assets\n- Name Gross volumeof open transactions Country of registration\n- Name Gross volumeof open transactions Country of registration\n- Name Gross volumeof open transactions Country of registration\n- Name Gross volumeof open transactions Country of registration\n- Name Gross volumeof open transactions Country of registration\n- Name Gross volumeof open transactions Country of registration\n- Name Gross volumeof open transactions Country of registration\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n- Name Gross volumeof open transactions Country of registrationSecurities lending\tRepurchase agreements\tTotal return swaps\n- Assets used\n\n| 498 705.00 | - | - |\n| --- | --- | --- |\n| 0.24 | - | - |\n\n- The 10 largest counterparties\n\n| Deutsche Bank AG, Frankfurt/Main | | |\n| --- | --- | --- |\n| 498 705.00 | | |\n| Federal Republic of Germany | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n- Name Gross volumeof open transactions Country of registration\n\n| | | |\n| --- | --- | --- |\n| | | |\n| | | |\n\n- Name Gross volumeof open transactions Country of registration(e.g., bilateral, tri-party, central counterparty)Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityBank balances Bonds Equities Other\n- Type(s) of settlement and clearing\n\n| Bilateral | - | - |\n| --- | --- | --- |\n\n- Transactions classified by term to maturity (absolute amounts)\n\n| - | - | - |\n| --- | --- | --- |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| 498 705.00 | - | - |\n\n| Type(s): |\n| --- |\n| - | - | - |\n| 521 488.80 | - | - |\n| - | - | - |\n| - | - | - |\n| Quality/Qualities: |\n| Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: - Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity\n- Units of a collective investment undertaking investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating\n- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents\n- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade\n- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major indexThe Management Company reserves the right to restrict the permissibility of the aforementioned collateral.\n Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases. Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund. |\n\n- Type(s) and quality/qualities of collateral receivedCurrency/Currencies:Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityAbsoluteIn % of gross income Cost portion of the fundAbsoluteIn % of gross incomeCost portion of the Management CompanyAbsoluteIn % of gross incomeCost portion of third partiesAbsolute\n- Currency/Currencies of collateral received\n\n| EUR | - | - |\n| --- | --- | --- |\n\n- Collateral classified by term to maturity (absolute amounts)\n\n| - | - | - |\n| --- | --- | --- |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n| 521 488.80 | - | - |\n\n- Income and cost portions (before income adjustment)*\n\n| Income portion of the fund |\n| --- |\n| 189.51 | - | - |\n| 67.00 | - | - |\n| - | - | - |\n\n| Income portion of the Management Company |\n| --- |\n| 93.34 | - | - |\n| 33.00 | - | - |\n| - | - | - |\n\n| Income portion of third parties |\n| --- |\n| - | - | - |\n| - | - | - |\n| - | - | - |\n\nIf the (sub-)fund has carried out securities lending and borrowing, the (sub-)fund pays 33% of the gross revenues generated from securities lending and borrowing as costs/fees to the Management Company and retains 67% of the gross revenues generated from such transactions. Out of the 33%, the Management Company retains 5% for its own coordination and oversight tasks and pays the direct costs (e.g., transaction and collateral management costs) to external service providers. The remaining amount (after deduc- tion of the Management Company costs and the direct costs) is paid to DWS Investment GmbH for supporting the Management Company in initiating, preparing and implementing securities lending and borrowing.\nFor simple reverse repurchase agreement transactions (if permitted), i.e., those which are not used to reinvest cash collateral recei- ved under securities lending and borrowing or repurchase agreement transactions, the respective (sub-)fund retains 100% of the gross revenues, less the transaction costs that the (sub-)fund pays as direct costs to an external service provider.\nThe Management Company is a related party to DWS Investment GmbH.\nIf the (sub-)fund has entered into repurchase agreement transactions, these are currently simple reverse repurchase agreement transactions, and not other (reverse) repurchase agreement transactions. In case other (reverse) repurchase agreement trans- actions will be used, the Sales Prospectus will be updated accordingly. The (sub-)fund will then pay up to 33% of the gross revenues generated from (reverse) repurchase agreement transactions as costs/fees to the Management Company and retain at least 67%\nof the gross revenues generated from such transactions. Out of the maximum of 33%, the Management Company will retain 5% for its own coordination and oversight tasks and will pay the direct costs (e.g., transaction and collateral management costs) to external service providers. The remaining amount (after deduction of the Management Company costs and the direct costs) will be paid to DWS Investment GmbH for supporting the Management Company in initiating, preparing and implementing (reverse) repurchase agreement transactions.\n-\n- Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swapsTotal Share\n- Lent securities in % of all lendable assets of the fund\n- NameVolume of collateral received (absolute)\n- NameVolume of collateral received (absolute)\n- NameVolume of collateral received (absolute)\n- NameVolume of collateral received (absolute)\n- NameVolume of collateral received (absolute)\n- NameVolume of collateral received (absolute)\n- NameVolume of collateral received (absolute)\n- NameVolume of collateral received (absolute)\n- NameVolume of collateral received (absolute)\n- NameVolume of collateral received (absolute)Share\n- The 10 largest issuers, based on all SFTs and total return swaps\n\n| European Financial Stability Facility (EFSF) | | |\n| --- | --- | --- |\n| 521 488.80 | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n| | | |\n| --- | --- | --- |\n| | | |\n\n-\n- Reinvested collateral in % of collateral received, based on all SFTs and total return swapsSegregated cash/custody accounts Pooled cash/custody accounts Other cash/custody accounts Recipient determinesTotal number of depositaries/ account holders1. NameAmount held in custody (absolute)\n- Custody type of provided collateral from SFTs and total return swaps(In % of all provided collateral from SFTs and total return swaps)\n\n| - | - |\n| --- | --- |\n| - | - |\n| - | - |\n| - | - |\n\n| State Street Bank International GmbH (Custody Operations) | | |\n| --- | --- | --- |\n| 521 488.80 | | |\n\n- Depositaries/Account holders of received collateral from SFTs and total return swaps\n\n| 1 | - | - |\n| --- | --- | --- |\n\n* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.\n\n## DWS ESG Multi Asset Dynamic\n\n### Information on environmental and/or social characteristics\n\n###### Presentation of the information to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) of Regulation (EU) 2019/2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 of Regulation (EU) 2020/852 (Taxonomy)\nThis fund promoted environmental and social characteristics and made disclosures as a product in accordance with Article 8 (1) of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector.\nThe portfolio management of this fund aimed to achieve the advertised environmental and social characteristics by making investments regardless of their economic prospects of success using a proprietary ESG assessment methodology. This methodology was based on DWS's own ESG database, which used data from multiple ESG data providers, public sources and internal ratings and, after analyzing the data, assigned investments one of six possible ratings, with “A” being the highest rating and “F” the lowest. The fund assets were predominantly invested in assets of issuers that met defined minimum standards in terms of environmental and social characteristics as well as corporate governance practices, with an investment focus on investments with one of the three upper ratings (i.e., a rating of “A”, “B” or “C” rating).\nFurthermore, in order to assess whether the issuers had the advertised environmental and social characteristics, the portfolio was subjected in particular to risks that could arise from the consequences of climate change or risks that could arise due to the violation of internationally recognized guidelines and standards. The internationally recognized guidelines included above all the ten principles of the United Nations Global Compact, ILO core labor standards or UN Guiding Principles on Business and Human Rights, and the OECD Guidelines for Multinational Enterprises Information on Environmental and/or Social Characteristics.\nManagement Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor\nDWS Investment S.A.\n2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\nEquity capital as of December 31, 2021:\nEUR 355.1 million before profit appropriation Supervisory Board\nClaire Peel Chairwoman\nDWS Management GmbH, Frankfurt/Main\nManfred Bauer\nDWS Investment GmbH, Frankfurt/Main\nStefan Kreuzkamp\nDWS Investment GmbH, Frankfurt/Main\nFrank Krings (until July 27, 2021) Deutsche Bank Luxembourg S.A., Luxembourg\nDr. Matthias Liermann DWS Investment GmbH, Frankfurt/Main\nHolger Naumann\nDWS Investments Hong Kong Ltd., Hong Kong\nFrank Rückbrodt (since July 28, 2021) Deutsche Bank Luxembourg S.A., Luxembourg\nManagement Board\nNathalie Bausch Chairwoman\nDWS Investment S.A., Luxembourg\nLeif Bjurström\nDWS Investment S.A., Luxembourg\nDr. Stefan Junglen DWS Investment S.A., Luxembourg\nBarbara Schots\nDWS Investment S.A., Luxembourg\nAuditor\nKPMG Luxembourg Société anonyme\n39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg\nDepositary\nState Street Bank International GmbH Luxembourg Branch\n49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg\nFund Manager\nDWS Investment GmbH Mainzer Landstraße 11-17\n60329 Frankfurt/Main, Germany Sales, Information and Paying Agent*\nLUXEMBOURG\nDeutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\n* For additional Sales and Paying Agents, please refer to the sales prospectus\nAs of: March 3, 2022\nDWS Investment S.A.\n2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\nTel.: +352 4 21 01-1\nFax: +352 4 21 01-9 00"},"unique id":{"kind":"number","value":108295,"string":"108,295"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Supplementary information","## Remuneration Disclosure","###### Remuneration Disclosure","DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/ Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major asset classes as well as solutions aligned to growth trends to its clients globally.","DWS KGaA is a publicly traded company listed on the Frankfurt Stock Exchange, which is majority owned by Deutsche Bank AG.","As a result of the sector specific legislation under UCITS V (Undertakings for Collective Investment in Transferable Securities Directive V) and in accordance with Sec. 1 and Sec. 27 of the German “Institutsvergütungsverordnung” (“InstVV”), the Company is carved-out from Deutsche Bank Group’s (“DB Group”) compensation policy and strategy.","DWS KGaA and its sub- sidiaries (“DWS Group” or only “Group”) have established their own compensation governance, policies and structures, including a DWS group-wide guideline of identifying “Material Risk Takers” (“MRTs”) at Company level as well as DWS Group level in line with the criteria stated in UCITS V and in the guidelines on sound remuneration policies under the UCITS V published by the European Securities and Markets Authority (“ESMA Guidelines”).","Governance Structure","DWS Group is managed through its General Partner, the DWS Management GmbH.","The General Partner has six Managing Directors who serve as the Executive Board (“EB”) of the Group.","The EB – supported by the DWS Compensation Committee (“DCC”) – is responsible for establishing and operating the compensation system for employees.","It is overseen by the DWS KGaA Supervisory Board which has established a Remuneration Committee (“RC”).","The RC reviews the compensation system of the Group’s employees and its appropriateness.","The RC supports the Supervisory Board in monitoring the appropriate structure of the remuneration systems for the Group’s employees.","This is done by taking into account the effects of the remu- neration system on the group-wide risk, capital and liquidity management as well as the consistency of the remuneration strategy with the business and risk strategy of the DWS Group.","The DCC is mandated to develop and design sustainable compensation frameworks and operating principles, to prepare recommendations on total compensation levels, and to ensure appropriate compensation and benefits governance and oversight for the Group.","The DCC establishes quantitative and qualitative factors to assess performance as a basis for compensation related decisions and makes appropriate recommendations to the EB regarding the annual Variable Compensation pool and its allocation across the business areas and infrastructure func- tions.","Voting members of the DCC comprise the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief Operating Officer (“COO”), and the Global Head of HR.","The Head of Reward & Analytics is a nonvoting member.","Control Functions such as Compliance, Anti-Financial Crime, and Risk Management are represented by CFO and COO in the DCC and are appro- priately engaged in the design and application of the Group’s remuneration systems in the context of the tasks and functions assigned to them, to ensure that the remuneration systems do not create conflicts of interests, and to review the effects on the risk profile of the Group.","The DCC reviews the remuneration framework of DWS Group regularly, at least annually, which includes the principles applying to the Company, and assesses if substantial changes or amendments due to irregularities have to be made.","The DCC is supported by two sub-committees: The DWS Compensation Operating Committee (“COC”) implemented to assist the DCC in reviewing the technical validity, operationalizing and approving new or existing compensation plans.","The Integrity Review Committee implemented to review and decide on suspension and forfeiture matters involving DWS deferred compensation awards.","The internal annual review at DWS Group level concluded the design of the remuneration system to be appropriate, no significant irregularities were recognized.","Compensation Structure","The employees of the Company are subject to the compensation standards and principles as outlined in the DWS Compensation Policy.","The policy is reviewed on an annual basis.","As part of the Compensation Policy, the Group, including the Company, employs a Total Compensation (“TC”) philosophy which comprises Fixed Pay (“FP”) and Variable Compensation (“VC”).","The Group ensures an appropriate relationship between FP and VC across all categories and groups of employees.","TC structures and levels reflect the Sub-Divisional and regional compensa- tion structures, internal relativities, and market data, and assist in seeking consistency across the Group.","One of the main objectives of the Group’s strategy is to align reward for sustainable performance at all levels whilst enhancing the transparency of compensation decisions and their impact on shareholders and employees with regard to DWS Group.","Achieving a sustainable balance between employee, shareholder and client interests is a key aspect of DWS’ Group compensation strategy.","FP is used to compensate employees for their skills, experience and competencies, commensurate with the requirements, size and scope of their role.","The appropriate level of FP is deter- mined with reference to the prevailing market rates for each role, internal comparisons and applicable regulatory requirements.","VC is a discretionary compensation element that enables the Group to provide additional reward to employees for their performance and behaviours without encouraging excessive risk- taking.","VC determination considers sound risk measures by taking into account the Group’s Risk Appetite as well as the Group affordability and financial situation and providing for a fully flexible policy on granting or “not-granting” VC.","VC generally consists of two elements – the “Franchise Component” and the “Individual Component”.","There continues to be no guarantee of VC in an existing employment relationship.","For the 2021 financial year, the Franchise Component is dominantly determined based upon the performance of three Key Performance Indicators (KPIs) at DWS Group level: Adjusted Cost Income Ratio (“CIR”), Net Flows and ESG metrics.","These three KPIs represent important metrics for DWS Group’s financial targets and provide a good indication of its sustainable performance.","Following the implementation of the DWS Compensation Framework in 2021, the “Individual Component” is delivered in the form of Individual VC (“IVC”).","IVC takes into consideration a number of financial and non-financial factors, relativities within the employee’s peer group and retention considerations.","Both Franchise and Individual Component may be awarded in cash, share-based or fund-based instruments under the Group deferral arrangements.","The Group retains the right to reduce the total amount of VC, including the Franchise Component, to zero in cases of significant misconduct, performance-related measures, disciplinary outcomes or unsatisfactory conduct or behaviour by the employee subject to applicable local law.","Determination of VC and appropriate risk-adjustment","The Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments.","The robust methodology in place aims at ensuring that the determination of VC reflects the risk-adjusted performance as well as the capital and liquidity position of the Group.","The total amount of VC is primarily driven by","(i) the Group affordability (i.e. what “can” DWS Group sustainably afford award in alignment with regulatory requirements) and","(ii) performance (what “should” the Group award in order to provide an appropriate compensation for performance and future incentive while protecting the long-term health of the franchise).","At the level of the individual employee, the Group has established “Variable Compensation Guiding Principles” which detail the factors and metrics that must be taken into account when making IVC decisions.","These include, for instance, investment performance, client retention, culture considerations, and objective setting and performance assessment based on the “Total Performance’ approach.","Furthermore, any control function inputs and disciplinary sanctions and their impact on the VC have to be considered as well.","As part of a discretionary decision-making process, the DWS DCC uses (financial and non-financial) key figures to identify differentiated and performance linked VC pools for business and infrastructure areas.","Sustainable Compensation","Sustainability and sustainability risks are an essential part that determine the variable compensation.","Therefore, the remuneration policy is fully in line and consistent with sustainability risks.","Hence, DWS Group incentivises behaviour that benefits both interest of clients and the long-term performance of the firm.","Relevant sustainability factors are reviewed on a regular basis and incorporated in the design of the compensation system.","Compensation for 2021","Despite the ongoing pandemic, the diverse range of investment products and solutions contributed to record net flows in 2021.","It marked the third consecutive year in which DWS Group improved its financial performance and a strong start to Phase Two of the corporate journey to Transform, Grow and Lead, in which the organisation was able to execute its strategic priorities effectively.","The intensified focus on investment performance, increased investor demand for targeted asset classes and sustainable investment solutions as well as significant contributions from strategic partnerships were key drivers of this success.","Against this backdrop, the DCC has monitored the affordability of VC for 2021.","The committee has concluded that the capital and liquidity base of the Group remain above regulatory minimum requirements, and internal risk appetite threshold.","As part of the overall 2021 VC awards to be granted in March 2022, the Franchise Component was awarded to eligible employees in line with the assessment of the defined KPIs.","The Exec- utive Board recognizing the considerable contribution of employees and determined a target achievement rate of 100% for 2021 for DWS Group.","Identification of Material Risk Takers","In accordance with the Law as of 17 December 2010 on Undertakings for Collective Investments (as subsequently amended) in conjunction with the ESMA Guidelines with accordance to UCITS Directive, the Company has identified individuals who have a material impact of the Company’s risk profile (“Material Risk Takers”).","The identification process has been based on an assessment of the impact of the following categories of staff on the risk profile of the Company or on a fund it manages:","(a) Board Members/Senior Management,","(b) Portfolio/Investment managers,","(c) Control Functions,","(d) Staff heading Administration, Marketing and Human Resources,","(e) other individuals (Risk Takers) in a significant position of influence,","(f) other employ- ees in the same remuneration bracket as other Risk Takers, whose roles have an impact on the risk profile of the Company or the Group.","At least 40% of the VC for Material Risk Takers is deferred.","Additionally, at least 50% of both, the upfront and the deferred proportion, are granted in the Group share-based instruments or fund-linked instruments for Key Investment Professionals.","All deferred components are subject to a number of performance conditions and forfeiture provisions which ensure an appropriate ex-post risk adjustment.","In case the VC is lower than EUR 50,000, the Material Risk Takers receive their entire VC in cash without any deferral.","Aggregate Compensation Information for the Company for 2021 1","| Number of employees on an annual average | 154 |","| --- | --- |","| Total Compensation 2 | EUR 20,456,178 |","| Fixed Pay | EUR 16,784,621 |","| Variable Compensation | EUR 3,671,557 |","| Thereof: Carried Interest | EUR 0 |","| Total Compensation for Senior Management 3 | EUR 1,512,794 |","| Total Compensation for other Material Risk Takers 4 | EUR 0 |","| Total Compensation for Control Function employees | EUR 1,231,749 |","1 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.","2 Considering various elements of remuneration as defined in the ESMA Guidelines which may include monetary payments or benefits (such as cash, shares, options, pension contributions) or none (directly) monetary benefits (such as fringe benefits or special allowances for car, mobile phone, etc.).","3 Senior Management refers to the members of the Management Board of the Company, only.","Members of the Management Board meet the definition of managers.","Apart from the members of Senior Management, no further managers have been identified.","4 Identified risk takers with control functions are shown in the line “Control Function employees”.","###### Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A","Stated in fund currency","Absolute","In % of the fund’s net assets","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","| | | |","| --- | --- | --- |","| | | |","| | | |","- Name Gross volumeof open transactions Country of registrationSecurities lending\tRepurchase agreements\tTotal return swaps","- Assets used","| 498 705.00 | - | - |","| --- | --- | --- |","| 0.24 | - | - |","- The 10 largest counterparties","| Deutsche Bank AG, Frankfurt/Main | | |","| --- | --- | --- |","| 498 705.00 | | |","| Federal Republic of Germany | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","- Name Gross volumeof open transactions Country of registration","| | | |","| --- | --- | --- |","| | | |","| | | |","- Name Gross volumeof open transactions Country of registration(e.g., bilateral, tri-party, central counterparty)Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityBank balances Bonds Equities Other","- Type(s) of settlement and clearing","| Bilateral | - | - |","| --- | --- | --- |","- Transactions classified by term to maturity (absolute amounts)","| - | - | - |","| --- | --- | --- |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| 498 705.00 | - | - |","| Type(s): |","| --- |","| - | - | - |","| 521 488.80 | - | - |","| - | - | - |","| - | - | - |","| Quality/Qualities: |","| Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: - Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity","- Units of a collective investment undertaking investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating","- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents","- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade","- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major indexThe Management Company reserves the right to restrict the permissibility of the aforementioned collateral.","Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.","Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund.","- Type(s) and quality/qualities of collateral receivedCurrency/Currencies:Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityAbsoluteIn % of gross income Cost portion of the fundAbsoluteIn % of gross incomeCost portion of the Management CompanyAbsoluteIn % of gross incomeCost portion of third partiesAbsolute","- Currency/Currencies of collateral received","| EUR | - | - |","| --- | --- | --- |","- Collateral classified by term to maturity (absolute amounts)","| - | - | - |","| --- | --- | --- |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| 521 488.80 | - | - |","- Income and cost portions (before income adjustment)*","| Income portion of the fund |","| --- |","| 189.51 | - | - |","| 67.00 | - | - |","| - | - | - |","| Income portion of the Management Company |","| --- |","| 93.34 | - | - |","| 33.00 | - | - |","| - | - | - |","| Income portion of third parties |","| --- |","| - | - | - |","| - | - | - |","| - | - | - |","If the (sub-)fund has carried out securities lending and borrowing, the (sub-)fund pays 33% of the gross revenues generated from securities lending and borrowing as costs/fees to the Management Company and retains 67% of the gross revenues generated from such transactions.","Out of the 33%, the Management Company retains 5% for its own coordination and oversight tasks and pays the direct costs (e.g., transaction and collateral management costs) to external service providers.","The remaining amount (after deduc- tion of the Management Company costs and the direct costs) is paid to DWS Investment GmbH for supporting the Management Company in initiating, preparing and implementing securities lending and borrowing.","For simple reverse repurchase agreement transactions (if permitted), i.e., those which are not used to reinvest cash collateral recei- ved under securities lending and borrowing or repurchase agreement transactions, the respective (sub-)fund retains 100% of the gross revenues, less the transaction costs that the (sub-)fund pays as direct costs to an external service provider.","The Management Company is a related party to DWS Investment GmbH.","If the (sub-)fund has entered into repurchase agreement transactions, these are currently simple reverse repurchase agreement transactions, and not other (reverse) repurchase agreement transactions.","In case other (reverse) repurchase agreement trans- actions will be used, the Sales Prospectus will be updated accordingly.","The (sub-)fund will then pay up to 33% of the gross revenues generated from (reverse) repurchase agreement transactions as costs/fees to the Management Company and retain at least 67%","of the gross revenues generated from such transactions.","Out of the maximum of 33%, the Management Company will retain 5% for its own coordination and oversight tasks and will pay the direct costs (e.g., transaction and collateral management costs) to external service providers.","The remaining amount (after deduction of the Management Company costs and the direct costs) will be paid to DWS Investment GmbH for supporting the Management Company in initiating, preparing and implementing (reverse) repurchase agreement transactions.","- Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swapsTotal Share","- Lent securities in % of all lendable assets of the fund","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)Share","- The 10 largest issuers, based on all SFTs and total return swaps","| European Financial Stability Facility (EFSF) | | |","| --- | --- | --- |","| 521 488.80 | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","- Reinvested collateral in % of collateral received, based on all SFTs and total return swapsSegregated cash/custody accounts Pooled cash/custody accounts Other cash/custody accounts Recipient determinesTotal number of depositaries/ account holders1.","NameAmount held in custody (absolute)","- Custody type of provided collateral from SFTs and total return swaps(In % of all provided collateral from SFTs and total return swaps)","| - | - |","| --- | --- |","| - | - |","| - | - |","| - | - |","| State Street Bank International GmbH (Custody Operations) | | |","| --- | --- | --- |","| 521 488.80 | | |","- Depositaries/Account holders of received collateral from SFTs and total return swaps","| 1 | - | - |","| --- | --- | --- |","* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.","## DWS ESG Multi Asset Dynamic","### Information on environmental and/or social characteristics","###### Presentation of the information to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) of Regulation (EU) 2019/2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 of Regulation (EU) 2020/852 (Taxonomy)","This fund promoted environmental and social characteristics and made disclosures as a product in accordance with Article 8 (1) of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector.","The portfolio management of this fund aimed to achieve the advertised environmental and social characteristics by making investments regardless of their economic prospects of success using a proprietary ESG assessment methodology.","This methodology was based on DWS's own ESG database, which used data from multiple ESG data providers, public sources and internal ratings and, after analyzing the data, assigned investments one of six possible ratings, with “A” being the highest rating and “F” the lowest.","The fund assets were predominantly invested in assets of issuers that met defined minimum standards in terms of environmental and social characteristics as well as corporate governance practices, with an investment focus on investments with one of the three upper ratings (i.e., a rating of “A”, “B” or “C” rating).","Furthermore, in order to assess whether the issuers had the advertised environmental and social characteristics, the portfolio was subjected in particular to risks that could arise from the consequences of climate change or risks that could arise due to the violation of internationally recognized guidelines and standards.","The internationally recognized guidelines included above all the ten principles of the United Nations Global Compact, ILO core labor standards or UN Guiding Principles on Business and Human Rights, and the OECD Guidelines for Multinational Enterprises Information on Environmental and/or Social Characteristics.","Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor","DWS Investment S.A.","2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","Equity capital as of December 31, 2021:","EUR 355.1 million before profit appropriation Supervisory Board","Claire Peel Chairwoman","DWS Management GmbH, Frankfurt/Main","Manfred Bauer","DWS Investment GmbH, Frankfurt/Main","Stefan Kreuzkamp","DWS Investment GmbH, Frankfurt/Main","Frank Krings (until July 27, 2021) Deutsche Bank Luxembourg S.A., Luxembourg","Dr. Matthias Liermann DWS Investment GmbH, Frankfurt/Main","Holger Naumann","DWS Investments Hong Kong Ltd., Hong Kong","Frank Rückbrodt (since July 28, 2021) Deutsche Bank Luxembourg S.A., Luxembourg","Management Board","Nathalie Bausch Chairwoman","DWS Investment S.A., Luxembourg","Leif Bjurström","DWS Investment S.A., Luxembourg","Dr. Stefan Junglen DWS Investment S.A., Luxembourg","Barbara Schots","DWS Investment S.A., Luxembourg","Auditor","KPMG Luxembourg Société anonyme","39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg","Depositary","State Street Bank International GmbH Luxembourg Branch","49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg","Fund Manager","DWS Investment GmbH Mainzer Landstraße 11-17","60329 Frankfurt/Main, Germany Sales, Information and Paying Agent*","LUXEMBOURG","Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","* For additional Sales and Paying Agents, please refer to the sales prospectus","As of: March 3, 2022","DWS Investment S.A.","2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","Tel.",": +352 4 21 01-1","Fax: +352 4 21 01-9 00"],"string":"[\n \"# Supplementary information\",\n \"## Remuneration Disclosure\",\n \"###### Remuneration Disclosure\",\n \"DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/ Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major asset classes as well as solutions aligned to growth trends to its clients globally.\",\n \"DWS KGaA is a publicly traded company listed on the Frankfurt Stock Exchange, which is majority owned by Deutsche Bank AG.\",\n \"As a result of the sector specific legislation under UCITS V (Undertakings for Collective Investment in Transferable Securities Directive V) and in accordance with Sec. 1 and Sec. 27 of the German “Institutsvergütungsverordnung” (“InstVV”), the Company is carved-out from Deutsche Bank Group’s (“DB Group”) compensation policy and strategy.\",\n \"DWS KGaA and its sub- sidiaries (“DWS Group” or only “Group”) have established their own compensation governance, policies and structures, including a DWS group-wide guideline of identifying “Material Risk Takers” (“MRTs”) at Company level as well as DWS Group level in line with the criteria stated in UCITS V and in the guidelines on sound remuneration policies under the UCITS V published by the European Securities and Markets Authority (“ESMA Guidelines”).\",\n \"Governance Structure\",\n \"DWS Group is managed through its General Partner, the DWS Management GmbH.\",\n \"The General Partner has six Managing Directors who serve as the Executive Board (“EB”) of the Group.\",\n \"The EB – supported by the DWS Compensation Committee (“DCC”) – is responsible for establishing and operating the compensation system for employees.\",\n \"It is overseen by the DWS KGaA Supervisory Board which has established a Remuneration Committee (“RC”).\",\n \"The RC reviews the compensation system of the Group’s employees and its appropriateness.\",\n \"The RC supports the Supervisory Board in monitoring the appropriate structure of the remuneration systems for the Group’s employees.\",\n \"This is done by taking into account the effects of the remu- neration system on the group-wide risk, capital and liquidity management as well as the consistency of the remuneration strategy with the business and risk strategy of the DWS Group.\",\n \"The DCC is mandated to develop and design sustainable compensation frameworks and operating principles, to prepare recommendations on total compensation levels, and to ensure appropriate compensation and benefits governance and oversight for the Group.\",\n \"The DCC establishes quantitative and qualitative factors to assess performance as a basis for compensation related decisions and makes appropriate recommendations to the EB regarding the annual Variable Compensation pool and its allocation across the business areas and infrastructure func- tions.\",\n \"Voting members of the DCC comprise the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief Operating Officer (“COO”), and the Global Head of HR.\",\n \"The Head of Reward & Analytics is a nonvoting member.\",\n \"Control Functions such as Compliance, Anti-Financial Crime, and Risk Management are represented by CFO and COO in the DCC and are appro- priately engaged in the design and application of the Group’s remuneration systems in the context of the tasks and functions assigned to them, to ensure that the remuneration systems do not create conflicts of interests, and to review the effects on the risk profile of the Group.\",\n \"The DCC reviews the remuneration framework of DWS Group regularly, at least annually, which includes the principles applying to the Company, and assesses if substantial changes or amendments due to irregularities have to be made.\",\n \"The DCC is supported by two sub-committees: The DWS Compensation Operating Committee (“COC”) implemented to assist the DCC in reviewing the technical validity, operationalizing and approving new or existing compensation plans.\",\n \"The Integrity Review Committee implemented to review and decide on suspension and forfeiture matters involving DWS deferred compensation awards.\",\n \"The internal annual review at DWS Group level concluded the design of the remuneration system to be appropriate, no significant irregularities were recognized.\",\n \"Compensation Structure\",\n \"The employees of the Company are subject to the compensation standards and principles as outlined in the DWS Compensation Policy.\",\n \"The policy is reviewed on an annual basis.\",\n \"As part of the Compensation Policy, the Group, including the Company, employs a Total Compensation (“TC”) philosophy which comprises Fixed Pay (“FP”) and Variable Compensation (“VC”).\",\n \"The Group ensures an appropriate relationship between FP and VC across all categories and groups of employees.\",\n \"TC structures and levels reflect the Sub-Divisional and regional compensa- tion structures, internal relativities, and market data, and assist in seeking consistency across the Group.\",\n \"One of the main objectives of the Group’s strategy is to align reward for sustainable performance at all levels whilst enhancing the transparency of compensation decisions and their impact on shareholders and employees with regard to DWS Group.\",\n \"Achieving a sustainable balance between employee, shareholder and client interests is a key aspect of DWS’ Group compensation strategy.\",\n \"FP is used to compensate employees for their skills, experience and competencies, commensurate with the requirements, size and scope of their role.\",\n \"The appropriate level of FP is deter- mined with reference to the prevailing market rates for each role, internal comparisons and applicable regulatory requirements.\",\n \"VC is a discretionary compensation element that enables the Group to provide additional reward to employees for their performance and behaviours without encouraging excessive risk- taking.\",\n \"VC determination considers sound risk measures by taking into account the Group’s Risk Appetite as well as the Group affordability and financial situation and providing for a fully flexible policy on granting or “not-granting” VC.\",\n \"VC generally consists of two elements – the “Franchise Component” and the “Individual Component”.\",\n \"There continues to be no guarantee of VC in an existing employment relationship.\",\n \"For the 2021 financial year, the Franchise Component is dominantly determined based upon the performance of three Key Performance Indicators (KPIs) at DWS Group level: Adjusted Cost Income Ratio (“CIR”), Net Flows and ESG metrics.\",\n \"These three KPIs represent important metrics for DWS Group’s financial targets and provide a good indication of its sustainable performance.\",\n \"Following the implementation of the DWS Compensation Framework in 2021, the “Individual Component” is delivered in the form of Individual VC (“IVC”).\",\n \"IVC takes into consideration a number of financial and non-financial factors, relativities within the employee’s peer group and retention considerations.\",\n \"Both Franchise and Individual Component may be awarded in cash, share-based or fund-based instruments under the Group deferral arrangements.\",\n \"The Group retains the right to reduce the total amount of VC, including the Franchise Component, to zero in cases of significant misconduct, performance-related measures, disciplinary outcomes or unsatisfactory conduct or behaviour by the employee subject to applicable local law.\",\n \"Determination of VC and appropriate risk-adjustment\",\n \"The Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments.\",\n \"The robust methodology in place aims at ensuring that the determination of VC reflects the risk-adjusted performance as well as the capital and liquidity position of the Group.\",\n \"The total amount of VC is primarily driven by\",\n \"(i) the Group affordability (i.e. what “can” DWS Group sustainably afford award in alignment with regulatory requirements) and\",\n \"(ii) performance (what “should” the Group award in order to provide an appropriate compensation for performance and future incentive while protecting the long-term health of the franchise).\",\n \"At the level of the individual employee, the Group has established “Variable Compensation Guiding Principles” which detail the factors and metrics that must be taken into account when making IVC decisions.\",\n \"These include, for instance, investment performance, client retention, culture considerations, and objective setting and performance assessment based on the “Total Performance’ approach.\",\n \"Furthermore, any control function inputs and disciplinary sanctions and their impact on the VC have to be considered as well.\",\n \"As part of a discretionary decision-making process, the DWS DCC uses (financial and non-financial) key figures to identify differentiated and performance linked VC pools for business and infrastructure areas.\",\n \"Sustainable Compensation\",\n \"Sustainability and sustainability risks are an essential part that determine the variable compensation.\",\n \"Therefore, the remuneration policy is fully in line and consistent with sustainability risks.\",\n \"Hence, DWS Group incentivises behaviour that benefits both interest of clients and the long-term performance of the firm.\",\n \"Relevant sustainability factors are reviewed on a regular basis and incorporated in the design of the compensation system.\",\n \"Compensation for 2021\",\n \"Despite the ongoing pandemic, the diverse range of investment products and solutions contributed to record net flows in 2021.\",\n \"It marked the third consecutive year in which DWS Group improved its financial performance and a strong start to Phase Two of the corporate journey to Transform, Grow and Lead, in which the organisation was able to execute its strategic priorities effectively.\",\n \"The intensified focus on investment performance, increased investor demand for targeted asset classes and sustainable investment solutions as well as significant contributions from strategic partnerships were key drivers of this success.\",\n \"Against this backdrop, the DCC has monitored the affordability of VC for 2021.\",\n \"The committee has concluded that the capital and liquidity base of the Group remain above regulatory minimum requirements, and internal risk appetite threshold.\",\n \"As part of the overall 2021 VC awards to be granted in March 2022, the Franchise Component was awarded to eligible employees in line with the assessment of the defined KPIs.\",\n \"The Exec- utive Board recognizing the considerable contribution of employees and determined a target achievement rate of 100% for 2021 for DWS Group.\",\n \"Identification of Material Risk Takers\",\n \"In accordance with the Law as of 17 December 2010 on Undertakings for Collective Investments (as subsequently amended) in conjunction with the ESMA Guidelines with accordance to UCITS Directive, the Company has identified individuals who have a material impact of the Company’s risk profile (“Material Risk Takers”).\",\n \"The identification process has been based on an assessment of the impact of the following categories of staff on the risk profile of the Company or on a fund it manages:\",\n \"(a) Board Members/Senior Management,\",\n \"(b) Portfolio/Investment managers,\",\n \"(c) Control Functions,\",\n \"(d) Staff heading Administration, Marketing and Human Resources,\",\n \"(e) other individuals (Risk Takers) in a significant position of influence,\",\n \"(f) other employ- ees in the same remuneration bracket as other Risk Takers, whose roles have an impact on the risk profile of the Company or the Group.\",\n \"At least 40% of the VC for Material Risk Takers is deferred.\",\n \"Additionally, at least 50% of both, the upfront and the deferred proportion, are granted in the Group share-based instruments or fund-linked instruments for Key Investment Professionals.\",\n \"All deferred components are subject to a number of performance conditions and forfeiture provisions which ensure an appropriate ex-post risk adjustment.\",\n \"In case the VC is lower than EUR 50,000, the Material Risk Takers receive their entire VC in cash without any deferral.\",\n \"Aggregate Compensation Information for the Company for 2021 1\",\n \"| Number of employees on an annual average | 154 |\",\n \"| --- | --- |\",\n \"| Total Compensation 2 | EUR 20,456,178 |\",\n \"| Fixed Pay | EUR 16,784,621 |\",\n \"| Variable Compensation | EUR 3,671,557 |\",\n \"| Thereof: Carried Interest | EUR 0 |\",\n \"| Total Compensation for Senior Management 3 | EUR 1,512,794 |\",\n \"| Total Compensation for other Material Risk Takers 4 | EUR 0 |\",\n \"| Total Compensation for Control Function employees | EUR 1,231,749 |\",\n \"1 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.\",\n \"2 Considering various elements of remuneration as defined in the ESMA Guidelines which may include monetary payments or benefits (such as cash, shares, options, pension contributions) or none (directly) monetary benefits (such as fringe benefits or special allowances for car, mobile phone, etc.).\",\n \"3 Senior Management refers to the members of the Management Board of the Company, only.\",\n \"Members of the Management Board meet the definition of managers.\",\n \"Apart from the members of Senior Management, no further managers have been identified.\",\n \"4 Identified risk takers with control functions are shown in the line “Control Function employees”.\",\n \"###### Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A\",\n \"Stated in fund currency\",\n \"Absolute\",\n \"In % of the fund’s net assets\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"- Name Gross volumeof open transactions Country of registrationSecurities lending\\tRepurchase agreements\\tTotal return swaps\",\n \"- Assets used\",\n \"| 498 705.00 | - | - |\",\n \"| --- | --- | --- |\",\n \"| 0.24 | - | - |\",\n \"- The 10 largest counterparties\",\n \"| Deutsche Bank AG, Frankfurt/Main | | |\",\n \"| --- | --- | --- |\",\n \"| 498 705.00 | | |\",\n \"| Federal Republic of Germany | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"- Name Gross volumeof open transactions Country of registration(e.g., bilateral, tri-party, central counterparty)Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityBank balances Bonds Equities Other\",\n \"- Type(s) of settlement and clearing\",\n \"| Bilateral | - | - |\",\n \"| --- | --- | --- |\",\n \"- Transactions classified by term to maturity (absolute amounts)\",\n \"| - | - | - |\",\n \"| --- | --- | --- |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| 498 705.00 | - | - |\",\n \"| Type(s): |\",\n \"| --- |\",\n \"| - | - | - |\",\n \"| 521 488.80 | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| Quality/Qualities: |\",\n \"| Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: - Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity\",\n \"- Units of a collective investment undertaking investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating\",\n \"- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents\",\n \"- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade\",\n \"- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major indexThe Management Company reserves the right to restrict the permissibility of the aforementioned collateral.\",\n \"Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.\",\n \"Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund.\",\n \"- Type(s) and quality/qualities of collateral receivedCurrency/Currencies:Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityAbsoluteIn % of gross income Cost portion of the fundAbsoluteIn % of gross incomeCost portion of the Management CompanyAbsoluteIn % of gross incomeCost portion of third partiesAbsolute\",\n \"- Currency/Currencies of collateral received\",\n \"| EUR | - | - |\",\n \"| --- | --- | --- |\",\n \"- Collateral classified by term to maturity (absolute amounts)\",\n \"| - | - | - |\",\n \"| --- | --- | --- |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| 521 488.80 | - | - |\",\n \"- Income and cost portions (before income adjustment)*\",\n \"| Income portion of the fund |\",\n \"| --- |\",\n \"| 189.51 | - | - |\",\n \"| 67.00 | - | - |\",\n \"| - | - | - |\",\n \"| Income portion of the Management Company |\",\n \"| --- |\",\n \"| 93.34 | - | - |\",\n \"| 33.00 | - | - |\",\n \"| - | - | - |\",\n \"| Income portion of third parties |\",\n \"| --- |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"If the (sub-)fund has carried out securities lending and borrowing, the (sub-)fund pays 33% of the gross revenues generated from securities lending and borrowing as costs/fees to the Management Company and retains 67% of the gross revenues generated from such transactions.\",\n \"Out of the 33%, the Management Company retains 5% for its own coordination and oversight tasks and pays the direct costs (e.g., transaction and collateral management costs) to external service providers.\",\n \"The remaining amount (after deduc- tion of the Management Company costs and the direct costs) is paid to DWS Investment GmbH for supporting the Management Company in initiating, preparing and implementing securities lending and borrowing.\",\n \"For simple reverse repurchase agreement transactions (if permitted), i.e., those which are not used to reinvest cash collateral recei- ved under securities lending and borrowing or repurchase agreement transactions, the respective (sub-)fund retains 100% of the gross revenues, less the transaction costs that the (sub-)fund pays as direct costs to an external service provider.\",\n \"The Management Company is a related party to DWS Investment GmbH.\",\n \"If the (sub-)fund has entered into repurchase agreement transactions, these are currently simple reverse repurchase agreement transactions, and not other (reverse) repurchase agreement transactions.\",\n \"In case other (reverse) repurchase agreement trans- actions will be used, the Sales Prospectus will be updated accordingly.\",\n \"The (sub-)fund will then pay up to 33% of the gross revenues generated from (reverse) repurchase agreement transactions as costs/fees to the Management Company and retain at least 67%\",\n \"of the gross revenues generated from such transactions.\",\n \"Out of the maximum of 33%, the Management Company will retain 5% for its own coordination and oversight tasks and will pay the direct costs (e.g., transaction and collateral management costs) to external service providers.\",\n \"The remaining amount (after deduction of the Management Company costs and the direct costs) will be paid to DWS Investment GmbH for supporting the Management Company in initiating, preparing and implementing (reverse) repurchase agreement transactions.\",\n \"- Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swapsTotal Share\",\n \"- Lent securities in % of all lendable assets of the fund\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)Share\",\n \"- The 10 largest issuers, based on all SFTs and total return swaps\",\n \"| European Financial Stability Facility (EFSF) | | |\",\n \"| --- | --- | --- |\",\n \"| 521 488.80 | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"- Reinvested collateral in % of collateral received, based on all SFTs and total return swapsSegregated cash/custody accounts Pooled cash/custody accounts Other cash/custody accounts Recipient determinesTotal number of depositaries/ account holders1.\",\n \"NameAmount held in custody (absolute)\",\n \"- Custody type of provided collateral from SFTs and total return swaps(In % of all provided collateral from SFTs and total return swaps)\",\n \"| - | - |\",\n \"| --- | --- |\",\n \"| - | - |\",\n \"| - | - |\",\n \"| - | - |\",\n \"| State Street Bank International GmbH (Custody Operations) | | |\",\n \"| --- | --- | --- |\",\n \"| 521 488.80 | | |\",\n \"- Depositaries/Account holders of received collateral from SFTs and total return swaps\",\n \"| 1 | - | - |\",\n \"| --- | --- | --- |\",\n \"* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.\",\n \"## DWS ESG Multi Asset Dynamic\",\n \"### Information on environmental and/or social characteristics\",\n \"###### Presentation of the information to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) of Regulation (EU) 2019/2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 of Regulation (EU) 2020/852 (Taxonomy)\",\n \"This fund promoted environmental and social characteristics and made disclosures as a product in accordance with Article 8 (1) of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector.\",\n \"The portfolio management of this fund aimed to achieve the advertised environmental and social characteristics by making investments regardless of their economic prospects of success using a proprietary ESG assessment methodology.\",\n \"This methodology was based on DWS's own ESG database, which used data from multiple ESG data providers, public sources and internal ratings and, after analyzing the data, assigned investments one of six possible ratings, with “A” being the highest rating and “F” the lowest.\",\n \"The fund assets were predominantly invested in assets of issuers that met defined minimum standards in terms of environmental and social characteristics as well as corporate governance practices, with an investment focus on investments with one of the three upper ratings (i.e., a rating of “A”, “B” or “C” rating).\",\n \"Furthermore, in order to assess whether the issuers had the advertised environmental and social characteristics, the portfolio was subjected in particular to risks that could arise from the consequences of climate change or risks that could arise due to the violation of internationally recognized guidelines and standards.\",\n \"The internationally recognized guidelines included above all the ten principles of the United Nations Global Compact, ILO core labor standards or UN Guiding Principles on Business and Human Rights, and the OECD Guidelines for Multinational Enterprises Information on Environmental and/or Social Characteristics.\",\n \"Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor\",\n \"DWS Investment S.A.\",\n \"2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"Equity capital as of December 31, 2021:\",\n \"EUR 355.1 million before profit appropriation Supervisory Board\",\n \"Claire Peel Chairwoman\",\n \"DWS Management GmbH, Frankfurt/Main\",\n \"Manfred Bauer\",\n \"DWS Investment GmbH, Frankfurt/Main\",\n \"Stefan Kreuzkamp\",\n \"DWS Investment GmbH, Frankfurt/Main\",\n \"Frank Krings (until July 27, 2021) Deutsche Bank Luxembourg S.A., Luxembourg\",\n \"Dr. Matthias Liermann DWS Investment GmbH, Frankfurt/Main\",\n \"Holger Naumann\",\n \"DWS Investments Hong Kong Ltd., Hong Kong\",\n \"Frank Rückbrodt (since July 28, 2021) Deutsche Bank Luxembourg S.A., Luxembourg\",\n \"Management Board\",\n \"Nathalie Bausch Chairwoman\",\n \"DWS Investment S.A., Luxembourg\",\n \"Leif Bjurström\",\n \"DWS Investment S.A., Luxembourg\",\n \"Dr. Stefan Junglen DWS Investment S.A., Luxembourg\",\n \"Barbara Schots\",\n \"DWS Investment S.A., Luxembourg\",\n \"Auditor\",\n \"KPMG Luxembourg Société anonyme\",\n \"39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg\",\n \"Depositary\",\n \"State Street Bank International GmbH Luxembourg Branch\",\n \"49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg\",\n \"Fund Manager\",\n \"DWS Investment GmbH Mainzer Landstraße 11-17\",\n \"60329 Frankfurt/Main, Germany Sales, Information and Paying Agent*\",\n \"LUXEMBOURG\",\n \"Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"* For additional Sales and Paying Agents, please refer to the sales prospectus\",\n \"As of: March 3, 2022\",\n \"DWS Investment S.A.\",\n \"2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"Tel.\",\n \": +352 4 21 01-1\",\n \"Fax: +352 4 21 01-9 00\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Supplementary information","## Remuneration Disclosure","###### Remuneration Disclosure","DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/ Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major asset classes as well as solutions aligned to growth trends to its clients globally.","DWS KGaA is a publicly traded company listed on the Frankfurt Stock Exchange, which is majority owned by Deutsche Bank AG.","As a result of the sector specific legislation under UCITS V (Undertakings for Collective Investment in Transferable Securities Directive V) and in accordance with Sec. 1 and Sec. 27 of the German “Institutsvergütungsverordnung” (“InstVV”), the Company is carved-out from Deutsche Bank Group’s (“DB Group”) compensation policy and strategy.","DWS KGaA and its sub- sidiaries (“DWS Group” or only “Group”) have established their own compensation governance, policies and structures, including a DWS group-wide guideline of identifying “Material Risk Takers” (“MRTs”) at Company level as well as DWS Group level in line with the criteria stated in UCITS V and in the guidelines on sound remuneration policies under the UCITS V published by the European Securities and Markets Authority (“ESMA Guidelines”).","Governance Structure","DWS Group is managed through its General Partner, the DWS Management GmbH.","The General Partner has six Managing Directors who serve as the Executive Board (“EB”) of the Group.","The EB – supported by the DWS Compensation Committee (“DCC”) – is responsible for establishing and operating the compensation system for employees.","It is overseen by the DWS KGaA Supervisory Board which has established a Remuneration Committee (“RC”).","The RC reviews the compensation system of the Group’s employees and its appropriateness.","The RC supports the Supervisory Board in monitoring the appropriate structure of the remuneration systems for the Group’s employees.","This is done by taking into account the effects of the remu- neration system on the group-wide risk, capital and liquidity management as well as the consistency of the remuneration strategy with the business and risk strategy of the DWS Group.","The DCC is mandated to develop and design sustainable compensation frameworks and operating principles, to prepare recommendations on total compensation levels, and to ensure appropriate compensation and benefits governance and oversight for the Group.","The DCC establishes quantitative and qualitative factors to assess performance as a basis for compensation related decisions and makes appropriate recommendations to the EB regarding the annual Variable Compensation pool and its allocation across the business areas and infrastructure func- tions.","Voting members of the DCC comprise the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief Operating Officer (“COO”), and the Global Head of HR.","The Head of Reward & Analytics is a nonvoting member.","Control Functions such as Compliance, Anti-Financial Crime, and Risk Management are represented by CFO and COO in the DCC and are appro- priately engaged in the design and application of the Group’s remuneration systems in the context of the tasks and functions assigned to them, to ensure that the remuneration systems do not create conflicts of interests, and to review the effects on the risk profile of the Group.","The DCC reviews the remuneration framework of DWS Group regularly, at least annually, which includes the principles applying to the Company, and assesses if substantial changes or amendments due to irregularities have to be made.","The DCC is supported by two sub-committees: The DWS Compensation Operating Committee (“COC”) implemented to assist the DCC in reviewing the technical validity, operationalizing and approving new or existing compensation plans.","The Integrity Review Committee implemented to review and decide on suspension and forfeiture matters involving DWS deferred compensation awards.","The internal annual review at DWS Group level concluded the design of the remuneration system to be appropriate, no significant irregularities were recognized.","Compensation Structure","The employees of the Company are subject to the compensation standards and principles as outlined in the DWS Compensation Policy.","The policy is reviewed on an annual basis.","As part of the Compensation Policy, the Group, including the Company, employs a Total Compensation (“TC”) philosophy which comprises Fixed Pay (“FP”) and Variable Compensation (“VC”).","The Group ensures an appropriate relationship between FP and VC across all categories and groups of employees.","TC structures and levels reflect the Sub-Divisional and regional compensa- tion structures, internal relativities, and market data, and assist in seeking consistency across the Group.","One of the main objectives of the Group’s strategy is to align reward for sustainable performance at all levels whilst enhancing the transparency of compensation decisions and their impact on shareholders and employees with regard to DWS Group.","Achieving a sustainable balance between employee, shareholder and client interests is a key aspect of DWS’ Group compensation strategy.","FP is used to compensate employees for their skills, experience and competencies, commensurate with the requirements, size and scope of their role.","The appropriate level of FP is deter- mined with reference to the prevailing market rates for each role, internal comparisons and applicable regulatory requirements.","VC is a discretionary compensation element that enables the Group to provide additional reward to employees for their performance and behaviours without encouraging excessive risk- taking.","VC determination considers sound risk measures by taking into account the Group’s Risk Appetite as well as the Group affordability and financial situation and providing for a fully flexible policy on granting or “not-granting” VC.","VC generally consists of two elements – the “Franchise Component” and the “Individual Component”.","There continues to be no guarantee of VC in an existing employment relationship.","For the 2021 financial year, the Franchise Component is dominantly determined based upon the performance of three Key Performance Indicators (KPIs) at DWS Group level: Adjusted Cost Income Ratio (“CIR”), Net Flows and ESG metrics.","These three KPIs represent important metrics for DWS Group’s financial targets and provide a good indication of its sustainable performance.","Following the implementation of the DWS Compensation Framework in 2021, the “Individual Component” is delivered in the form of Individual VC (“IVC”).","IVC takes into consideration a number of financial and non-financial factors, relativities within the employee’s peer group and retention considerations.","Both Franchise and Individual Component may be awarded in cash, share-based or fund-based instruments under the Group deferral arrangements.","The Group retains the right to reduce the total amount of VC, including the Franchise Component, to zero in cases of significant misconduct, performance-related measures, disciplinary outcomes or unsatisfactory conduct or behaviour by the employee subject to applicable local law.","Determination of VC and appropriate risk-adjustment","The Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments.","The robust methodology in place aims at ensuring that the determination of VC reflects the risk-adjusted performance as well as the capital and liquidity position of the Group.","The total amount of VC is primarily driven by","(i) the Group affordability (i.e. what “can” DWS Group sustainably afford award in alignment with regulatory requirements) and","(ii) performance (what “should” the Group award in order to provide an appropriate compensation for performance and future incentive while protecting the long-term health of the franchise).","At the level of the individual employee, the Group has established “Variable Compensation Guiding Principles” which detail the factors and metrics that must be taken into account when making IVC decisions.","These include, for instance, investment performance, client retention, culture considerations, and objective setting and performance assessment based on the “Total Performance’ approach.","Furthermore, any control function inputs and disciplinary sanctions and their impact on the VC have to be considered as well.","As part of a discretionary decision-making process, the DWS DCC uses (financial and non-financial) key figures to identify differentiated and performance linked VC pools for business and infrastructure areas.","Sustainable Compensation","Sustainability and sustainability risks are an essential part that determine the variable compensation.","Therefore, the remuneration policy is fully in line and consistent with sustainability risks.","Hence, DWS Group incentivises behaviour that benefits both interest of clients and the long-term performance of the firm.","Relevant sustainability factors are reviewed on a regular basis and incorporated in the design of the compensation system.","Compensation for 2021","Despite the ongoing pandemic, the diverse range of investment products and solutions contributed to record net flows in 2021.","It marked the third consecutive year in which DWS Group improved its financial performance and a strong start to Phase Two of the corporate journey to Transform, Grow and Lead, in which the organisation was able to execute its strategic priorities effectively.","The intensified focus on investment performance, increased investor demand for targeted asset classes and sustainable investment solutions as well as significant contributions from strategic partnerships were key drivers of this success.","Against this backdrop, the DCC has monitored the affordability of VC for 2021.","The committee has concluded that the capital and liquidity base of the Group remain above regulatory minimum requirements, and internal risk appetite threshold.","As part of the overall 2021 VC awards to be granted in March 2022, the Franchise Component was awarded to eligible employees in line with the assessment of the defined KPIs.","The Exec- utive Board recognizing the considerable contribution of employees and determined a target achievement rate of 100% for 2021 for DWS Group.","Identification of Material Risk Takers","In accordance with the Law as of 17 December 2010 on Undertakings for Collective Investments (as subsequently amended) in conjunction with the ESMA Guidelines with accordance to UCITS Directive, the Company has identified individuals who have a material impact of the Company’s risk profile (“Material Risk Takers”).","The identification process has been based on an assessment of the impact of the following categories of staff on the risk profile of the Company or on a fund it manages:","(a) Board Members/Senior Management,","(b) Portfolio/Investment managers,","(c) Control Functions,","(d) Staff heading Administration, Marketing and Human Resources,","(e) other individuals (Risk Takers) in a significant position of influence,","(f) other employ- ees in the same remuneration bracket as other Risk Takers, whose roles have an impact on the risk profile of the Company or the Group.","At least 40% of the VC for Material Risk Takers is deferred.","Additionally, at least 50% of both, the upfront and the deferred proportion, are granted in the Group share-based instruments or fund-linked instruments for Key Investment Professionals.","All deferred components are subject to a number of performance conditions and forfeiture provisions which ensure an appropriate ex-post risk adjustment.","In case the VC is lower than EUR 50,000, the Material Risk Takers receive their entire VC in cash without any deferral.","Aggregate Compensation Information for the Company for 2021 1","| Number of employees on an annual average | 154 |","| --- | --- |","| Total Compensation 2 | EUR 20,456,178 |","| Fixed Pay | EUR 16,784,621 |","| Variable Compensation | EUR 3,671,557 |","| Thereof: Carried Interest | EUR 0 |","| Total Compensation for Senior Management 3 | EUR 1,512,794 |","| Total Compensation for other Material Risk Takers 4 | EUR 0 |","| Total Compensation for Control Function employees | EUR 1,231,749 |","1 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.","2 Considering various elements of remuneration as defined in the ESMA Guidelines which may include monetary payments or benefits (such as cash, shares, options, pension contributions) or none (directly) monetary benefits (such as fringe benefits or special allowances for car, mobile phone, etc.).","3 Senior Management refers to the members of the Management Board of the Company, only.","Members of the Management Board meet the definition of managers.","Apart from the members of Senior Management, no further managers have been identified.","4 Identified risk takers with control functions are shown in the line “Control Function employees”.","###### Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A","Stated in fund currency","Absolute","In % of the fund’s net assets","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","- Name Gross volumeof open transactions Country of registration","| | | |","| --- | --- | --- |","| | | |","| | | |","- Name Gross volumeof open transactions Country of registrationSecurities lending\tRepurchase agreements\tTotal return swaps","- Assets used","| 498 705.00 | - | - |","| --- | --- | --- |","| 0.24 | - | - |","- The 10 largest counterparties","| Deutsche Bank AG, Frankfurt/Main | | |","| --- | --- | --- |","| 498 705.00 | | |","| Federal Republic of Germany | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","- Name Gross volumeof open transactions Country of registration","| | | |","| --- | --- | --- |","| | | |","| | | |","- Name Gross volumeof open transactions Country of registration(e.g., bilateral, tri-party, central counterparty)Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityBank balances Bonds Equities Other","- Type(s) of settlement and clearing","| Bilateral | - | - |","| --- | --- | --- |","- Transactions classified by term to maturity (absolute amounts)","| - | - | - |","| --- | --- | --- |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| 498 705.00 | - | - |","| Type(s): |","| --- |","| - | - | - |","| 521 488.80 | - | - |","| - | - | - |","| - | - | - |","| Quality/Qualities: |","| Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: - Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity","- Units of a collective investment undertaking investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating","- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents","- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade","- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major indexThe Management Company reserves the right to restrict the permissibility of the aforementioned collateral.","Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.","Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund.","- Type(s) and quality/qualities of collateral receivedCurrency/Currencies:Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityAbsoluteIn % of gross income Cost portion of the fundAbsoluteIn % of gross incomeCost portion of the Management CompanyAbsoluteIn % of gross incomeCost portion of third partiesAbsolute","- Currency/Currencies of collateral received","| EUR | - | - |","| --- | --- | --- |","- Collateral classified by term to maturity (absolute amounts)","| - | - | - |","| --- | --- | --- |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| - | - | - |","| 521 488.80 | - | - |","- Income and cost portions (before income adjustment)*","| Income portion of the fund |","| --- |","| 189.51 | - | - |","| 67.00 | - | - |","| - | - | - |","| Income portion of the Management Company |","| --- |","| 93.34 | - | - |","| 33.00 | - | - |","| - | - | - |","| Income portion of third parties |","| --- |","| - | - | - |","| - | - | - |","| - | - | - |","If the (sub-)fund has carried out securities lending and borrowing, the (sub-)fund pays 33% of the gross revenues generated from securities lending and borrowing as costs/fees to the Management Company and retains 67% of the gross revenues generated from such transactions.","Out of the 33%, the Management Company retains 5% for its own coordination and oversight tasks and pays the direct costs (e.g., transaction and collateral management costs) to external service providers.","The remaining amount (after deduc- tion of the Management Company costs and the direct costs) is paid to DWS Investment GmbH for supporting the Management Company in initiating, preparing and implementing securities lending and borrowing.","For simple reverse repurchase agreement transactions (if permitted), i.e., those which are not used to reinvest cash collateral recei- ved under securities lending and borrowing or repurchase agreement transactions, the respective (sub-)fund retains 100% of the gross revenues, less the transaction costs that the (sub-)fund pays as direct costs to an external service provider.","The Management Company is a related party to DWS Investment GmbH.","If the (sub-)fund has entered into repurchase agreement transactions, these are currently simple reverse repurchase agreement transactions, and not other (reverse) repurchase agreement transactions.","In case other (reverse) repurchase agreement trans- actions will be used, the Sales Prospectus will be updated accordingly.","The (sub-)fund will then pay up to 33% of the gross revenues generated from (reverse) repurchase agreement transactions as costs/fees to the Management Company and retain at least 67%","of the gross revenues generated from such transactions.","Out of the maximum of 33%, the Management Company will retain 5% for its own coordination and oversight tasks and will pay the direct costs (e.g., transaction and collateral management costs) to external service providers.","The remaining amount (after deduction of the Management Company costs and the direct costs) will be paid to DWS Investment GmbH for supporting the Management Company in initiating, preparing and implementing (reverse) repurchase agreement transactions.","- Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swapsTotal Share","- Lent securities in % of all lendable assets of the fund","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)","- NameVolume of collateral received (absolute)Share","- The 10 largest issuers, based on all SFTs and total return swaps","| European Financial Stability Facility (EFSF) | | |","| --- | --- | --- |","| 521 488.80 | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","| | | |","| --- | --- | --- |","| | | |","- Reinvested collateral in % of collateral received, based on all SFTs and total return swapsSegregated cash/custody accounts Pooled cash/custody accounts Other cash/custody accounts Recipient determinesTotal number of depositaries/ account holders1.","NameAmount held in custody (absolute)","- Custody type of provided collateral from SFTs and total return swaps(In % of all provided collateral from SFTs and total return swaps)","| - | - |","| --- | --- |","| - | - |","| - | - |","| - | - |","| State Street Bank International GmbH (Custody Operations) | | |","| --- | --- | --- |","| 521 488.80 | | |","- Depositaries/Account holders of received collateral from SFTs and total return swaps","| 1 | - | - |","| --- | --- | --- |","* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.","## DWS ESG Multi Asset Dynamic","### Information on environmental and/or social characteristics","###### Presentation of the information to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) of Regulation (EU) 2019/2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 of Regulation (EU) 2020/852 (Taxonomy)","This fund promoted environmental and social characteristics and made disclosures as a product in accordance with Article 8 (1) of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector.","The portfolio management of this fund aimed to achieve the advertised environmental and social characteristics by making investments regardless of their economic prospects of success using a proprietary ESG assessment methodology.","This methodology was based on DWS's own ESG database, which used data from multiple ESG data providers, public sources and internal ratings and, after analyzing the data, assigned investments one of six possible ratings, with “A” being the highest rating and “F” the lowest.","The fund assets were predominantly invested in assets of issuers that met defined minimum standards in terms of environmental and social characteristics as well as corporate governance practices, with an investment focus on investments with one of the three upper ratings (i.e., a rating of “A”, “B” or “C” rating).","Furthermore, in order to assess whether the issuers had the advertised environmental and social characteristics, the portfolio was subjected in particular to risks that could arise from the consequences of climate change or risks that could arise due to the violation of internationally recognized guidelines and standards.","The internationally recognized guidelines included above all the ten principles of the United Nations Global Compact, ILO core labor standards or UN Guiding Principles on Business and Human Rights, and the OECD Guidelines for Multinational Enterprises Information on Environmental and/or Social Characteristics.","Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor","DWS Investment S.A.","2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","Equity capital as of December 31, 2021:","EUR 355.1 million before profit appropriation Supervisory Board","Claire Peel Chairwoman","DWS Management GmbH, Frankfurt/Main","Manfred Bauer","DWS Investment GmbH, Frankfurt/Main","Stefan Kreuzkamp","DWS Investment GmbH, Frankfurt/Main","Frank Krings (until July 27, 2021) Deutsche Bank Luxembourg S.A., Luxembourg","Dr. Matthias Liermann DWS Investment GmbH, Frankfurt/Main","Holger Naumann","DWS Investments Hong Kong Ltd., Hong Kong","Frank Rückbrodt (since July 28, 2021) Deutsche Bank Luxembourg S.A., Luxembourg","Management Board","Nathalie Bausch Chairwoman","DWS Investment S.A., Luxembourg","Leif Bjurström","DWS Investment S.A., Luxembourg","Dr. Stefan Junglen DWS Investment S.A., Luxembourg","Barbara Schots","DWS Investment S.A., Luxembourg","Auditor","KPMG Luxembourg Société anonyme","39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg","Depositary","State Street Bank International GmbH Luxembourg Branch","49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg","Fund Manager","DWS Investment GmbH Mainzer Landstraße 11-17","60329 Frankfurt/Main, Germany Sales, Information and Paying Agent*","LUXEMBOURG","Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","* For additional Sales and Paying Agents, please refer to the sales prospectus","As of: March 3, 2022","DWS Investment S.A.","2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg","Tel.",": +352 4 21 01-1","Fax: +352 4 21 01-9 00"],"string":"[\n \"# Supplementary information\",\n \"## Remuneration Disclosure\",\n \"###### Remuneration Disclosure\",\n \"DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/ Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major asset classes as well as solutions aligned to growth trends to its clients globally.\",\n \"DWS KGaA is a publicly traded company listed on the Frankfurt Stock Exchange, which is majority owned by Deutsche Bank AG.\",\n \"As a result of the sector specific legislation under UCITS V (Undertakings for Collective Investment in Transferable Securities Directive V) and in accordance with Sec. 1 and Sec. 27 of the German “Institutsvergütungsverordnung” (“InstVV”), the Company is carved-out from Deutsche Bank Group’s (“DB Group”) compensation policy and strategy.\",\n \"DWS KGaA and its sub- sidiaries (“DWS Group” or only “Group”) have established their own compensation governance, policies and structures, including a DWS group-wide guideline of identifying “Material Risk Takers” (“MRTs”) at Company level as well as DWS Group level in line with the criteria stated in UCITS V and in the guidelines on sound remuneration policies under the UCITS V published by the European Securities and Markets Authority (“ESMA Guidelines”).\",\n \"Governance Structure\",\n \"DWS Group is managed through its General Partner, the DWS Management GmbH.\",\n \"The General Partner has six Managing Directors who serve as the Executive Board (“EB”) of the Group.\",\n \"The EB – supported by the DWS Compensation Committee (“DCC”) – is responsible for establishing and operating the compensation system for employees.\",\n \"It is overseen by the DWS KGaA Supervisory Board which has established a Remuneration Committee (“RC”).\",\n \"The RC reviews the compensation system of the Group’s employees and its appropriateness.\",\n \"The RC supports the Supervisory Board in monitoring the appropriate structure of the remuneration systems for the Group’s employees.\",\n \"This is done by taking into account the effects of the remu- neration system on the group-wide risk, capital and liquidity management as well as the consistency of the remuneration strategy with the business and risk strategy of the DWS Group.\",\n \"The DCC is mandated to develop and design sustainable compensation frameworks and operating principles, to prepare recommendations on total compensation levels, and to ensure appropriate compensation and benefits governance and oversight for the Group.\",\n \"The DCC establishes quantitative and qualitative factors to assess performance as a basis for compensation related decisions and makes appropriate recommendations to the EB regarding the annual Variable Compensation pool and its allocation across the business areas and infrastructure func- tions.\",\n \"Voting members of the DCC comprise the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief Operating Officer (“COO”), and the Global Head of HR.\",\n \"The Head of Reward & Analytics is a nonvoting member.\",\n \"Control Functions such as Compliance, Anti-Financial Crime, and Risk Management are represented by CFO and COO in the DCC and are appro- priately engaged in the design and application of the Group’s remuneration systems in the context of the tasks and functions assigned to them, to ensure that the remuneration systems do not create conflicts of interests, and to review the effects on the risk profile of the Group.\",\n \"The DCC reviews the remuneration framework of DWS Group regularly, at least annually, which includes the principles applying to the Company, and assesses if substantial changes or amendments due to irregularities have to be made.\",\n \"The DCC is supported by two sub-committees: The DWS Compensation Operating Committee (“COC”) implemented to assist the DCC in reviewing the technical validity, operationalizing and approving new or existing compensation plans.\",\n \"The Integrity Review Committee implemented to review and decide on suspension and forfeiture matters involving DWS deferred compensation awards.\",\n \"The internal annual review at DWS Group level concluded the design of the remuneration system to be appropriate, no significant irregularities were recognized.\",\n \"Compensation Structure\",\n \"The employees of the Company are subject to the compensation standards and principles as outlined in the DWS Compensation Policy.\",\n \"The policy is reviewed on an annual basis.\",\n \"As part of the Compensation Policy, the Group, including the Company, employs a Total Compensation (“TC”) philosophy which comprises Fixed Pay (“FP”) and Variable Compensation (“VC”).\",\n \"The Group ensures an appropriate relationship between FP and VC across all categories and groups of employees.\",\n \"TC structures and levels reflect the Sub-Divisional and regional compensa- tion structures, internal relativities, and market data, and assist in seeking consistency across the Group.\",\n \"One of the main objectives of the Group’s strategy is to align reward for sustainable performance at all levels whilst enhancing the transparency of compensation decisions and their impact on shareholders and employees with regard to DWS Group.\",\n \"Achieving a sustainable balance between employee, shareholder and client interests is a key aspect of DWS’ Group compensation strategy.\",\n \"FP is used to compensate employees for their skills, experience and competencies, commensurate with the requirements, size and scope of their role.\",\n \"The appropriate level of FP is deter- mined with reference to the prevailing market rates for each role, internal comparisons and applicable regulatory requirements.\",\n \"VC is a discretionary compensation element that enables the Group to provide additional reward to employees for their performance and behaviours without encouraging excessive risk- taking.\",\n \"VC determination considers sound risk measures by taking into account the Group’s Risk Appetite as well as the Group affordability and financial situation and providing for a fully flexible policy on granting or “not-granting” VC.\",\n \"VC generally consists of two elements – the “Franchise Component” and the “Individual Component”.\",\n \"There continues to be no guarantee of VC in an existing employment relationship.\",\n \"For the 2021 financial year, the Franchise Component is dominantly determined based upon the performance of three Key Performance Indicators (KPIs) at DWS Group level: Adjusted Cost Income Ratio (“CIR”), Net Flows and ESG metrics.\",\n \"These three KPIs represent important metrics for DWS Group’s financial targets and provide a good indication of its sustainable performance.\",\n \"Following the implementation of the DWS Compensation Framework in 2021, the “Individual Component” is delivered in the form of Individual VC (“IVC”).\",\n \"IVC takes into consideration a number of financial and non-financial factors, relativities within the employee’s peer group and retention considerations.\",\n \"Both Franchise and Individual Component may be awarded in cash, share-based or fund-based instruments under the Group deferral arrangements.\",\n \"The Group retains the right to reduce the total amount of VC, including the Franchise Component, to zero in cases of significant misconduct, performance-related measures, disciplinary outcomes or unsatisfactory conduct or behaviour by the employee subject to applicable local law.\",\n \"Determination of VC and appropriate risk-adjustment\",\n \"The Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments.\",\n \"The robust methodology in place aims at ensuring that the determination of VC reflects the risk-adjusted performance as well as the capital and liquidity position of the Group.\",\n \"The total amount of VC is primarily driven by\",\n \"(i) the Group affordability (i.e. what “can” DWS Group sustainably afford award in alignment with regulatory requirements) and\",\n \"(ii) performance (what “should” the Group award in order to provide an appropriate compensation for performance and future incentive while protecting the long-term health of the franchise).\",\n \"At the level of the individual employee, the Group has established “Variable Compensation Guiding Principles” which detail the factors and metrics that must be taken into account when making IVC decisions.\",\n \"These include, for instance, investment performance, client retention, culture considerations, and objective setting and performance assessment based on the “Total Performance’ approach.\",\n \"Furthermore, any control function inputs and disciplinary sanctions and their impact on the VC have to be considered as well.\",\n \"As part of a discretionary decision-making process, the DWS DCC uses (financial and non-financial) key figures to identify differentiated and performance linked VC pools for business and infrastructure areas.\",\n \"Sustainable Compensation\",\n \"Sustainability and sustainability risks are an essential part that determine the variable compensation.\",\n \"Therefore, the remuneration policy is fully in line and consistent with sustainability risks.\",\n \"Hence, DWS Group incentivises behaviour that benefits both interest of clients and the long-term performance of the firm.\",\n \"Relevant sustainability factors are reviewed on a regular basis and incorporated in the design of the compensation system.\",\n \"Compensation for 2021\",\n \"Despite the ongoing pandemic, the diverse range of investment products and solutions contributed to record net flows in 2021.\",\n \"It marked the third consecutive year in which DWS Group improved its financial performance and a strong start to Phase Two of the corporate journey to Transform, Grow and Lead, in which the organisation was able to execute its strategic priorities effectively.\",\n \"The intensified focus on investment performance, increased investor demand for targeted asset classes and sustainable investment solutions as well as significant contributions from strategic partnerships were key drivers of this success.\",\n \"Against this backdrop, the DCC has monitored the affordability of VC for 2021.\",\n \"The committee has concluded that the capital and liquidity base of the Group remain above regulatory minimum requirements, and internal risk appetite threshold.\",\n \"As part of the overall 2021 VC awards to be granted in March 2022, the Franchise Component was awarded to eligible employees in line with the assessment of the defined KPIs.\",\n \"The Exec- utive Board recognizing the considerable contribution of employees and determined a target achievement rate of 100% for 2021 for DWS Group.\",\n \"Identification of Material Risk Takers\",\n \"In accordance with the Law as of 17 December 2010 on Undertakings for Collective Investments (as subsequently amended) in conjunction with the ESMA Guidelines with accordance to UCITS Directive, the Company has identified individuals who have a material impact of the Company’s risk profile (“Material Risk Takers”).\",\n \"The identification process has been based on an assessment of the impact of the following categories of staff on the risk profile of the Company or on a fund it manages:\",\n \"(a) Board Members/Senior Management,\",\n \"(b) Portfolio/Investment managers,\",\n \"(c) Control Functions,\",\n \"(d) Staff heading Administration, Marketing and Human Resources,\",\n \"(e) other individuals (Risk Takers) in a significant position of influence,\",\n \"(f) other employ- ees in the same remuneration bracket as other Risk Takers, whose roles have an impact on the risk profile of the Company or the Group.\",\n \"At least 40% of the VC for Material Risk Takers is deferred.\",\n \"Additionally, at least 50% of both, the upfront and the deferred proportion, are granted in the Group share-based instruments or fund-linked instruments for Key Investment Professionals.\",\n \"All deferred components are subject to a number of performance conditions and forfeiture provisions which ensure an appropriate ex-post risk adjustment.\",\n \"In case the VC is lower than EUR 50,000, the Material Risk Takers receive their entire VC in cash without any deferral.\",\n \"Aggregate Compensation Information for the Company for 2021 1\",\n \"| Number of employees on an annual average | 154 |\",\n \"| --- | --- |\",\n \"| Total Compensation 2 | EUR 20,456,178 |\",\n \"| Fixed Pay | EUR 16,784,621 |\",\n \"| Variable Compensation | EUR 3,671,557 |\",\n \"| Thereof: Carried Interest | EUR 0 |\",\n \"| Total Compensation for Senior Management 3 | EUR 1,512,794 |\",\n \"| Total Compensation for other Material Risk Takers 4 | EUR 0 |\",\n \"| Total Compensation for Control Function employees | EUR 1,231,749 |\",\n \"1 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.\",\n \"2 Considering various elements of remuneration as defined in the ESMA Guidelines which may include monetary payments or benefits (such as cash, shares, options, pension contributions) or none (directly) monetary benefits (such as fringe benefits or special allowances for car, mobile phone, etc.).\",\n \"3 Senior Management refers to the members of the Management Board of the Company, only.\",\n \"Members of the Management Board meet the definition of managers.\",\n \"Apart from the members of Senior Management, no further managers have been identified.\",\n \"4 Identified risk takers with control functions are shown in the line “Control Function employees”.\",\n \"###### Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 – Statement in accordance with Section A\",\n \"Stated in fund currency\",\n \"Absolute\",\n \"In % of the fund’s net assets\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"- Name Gross volumeof open transactions Country of registrationSecurities lending\\tRepurchase agreements\\tTotal return swaps\",\n \"- Assets used\",\n \"| 498 705.00 | - | - |\",\n \"| --- | --- | --- |\",\n \"| 0.24 | - | - |\",\n \"- The 10 largest counterparties\",\n \"| Deutsche Bank AG, Frankfurt/Main | | |\",\n \"| --- | --- | --- |\",\n \"| 498 705.00 | | |\",\n \"| Federal Republic of Germany | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"- Name Gross volumeof open transactions Country of registration\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"- Name Gross volumeof open transactions Country of registration(e.g., bilateral, tri-party, central counterparty)Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityBank balances Bonds Equities Other\",\n \"- Type(s) of settlement and clearing\",\n \"| Bilateral | - | - |\",\n \"| --- | --- | --- |\",\n \"- Transactions classified by term to maturity (absolute amounts)\",\n \"| - | - | - |\",\n \"| --- | --- | --- |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| 498 705.00 | - | - |\",\n \"| Type(s): |\",\n \"| --- |\",\n \"| - | - | - |\",\n \"| 521 488.80 | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| Quality/Qualities: |\",\n \"| Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward currency transactions) are concluded, collateral in one of the following forms is provided to the fund: - Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at local, regional or international level, regardless of their term to maturity\",\n \"- Units of a collective investment undertaking investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating\",\n \"- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents\",\n \"- Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade\",\n \"- Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD member country, provided that these equities are included in a major indexThe Management Company reserves the right to restrict the permissibility of the aforementioned collateral.\",\n \"Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.\",\n \"Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund.\",\n \"- Type(s) and quality/qualities of collateral receivedCurrency/Currencies:Less than 1 day 1 day to 1 week1 week to 1 month1 to 3 months3 months to 1 year More than 1 year No fixed maturityAbsoluteIn % of gross income Cost portion of the fundAbsoluteIn % of gross incomeCost portion of the Management CompanyAbsoluteIn % of gross incomeCost portion of third partiesAbsolute\",\n \"- Currency/Currencies of collateral received\",\n \"| EUR | - | - |\",\n \"| --- | --- | --- |\",\n \"- Collateral classified by term to maturity (absolute amounts)\",\n \"| - | - | - |\",\n \"| --- | --- | --- |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| 521 488.80 | - | - |\",\n \"- Income and cost portions (before income adjustment)*\",\n \"| Income portion of the fund |\",\n \"| --- |\",\n \"| 189.51 | - | - |\",\n \"| 67.00 | - | - |\",\n \"| - | - | - |\",\n \"| Income portion of the Management Company |\",\n \"| --- |\",\n \"| 93.34 | - | - |\",\n \"| 33.00 | - | - |\",\n \"| - | - | - |\",\n \"| Income portion of third parties |\",\n \"| --- |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"| - | - | - |\",\n \"If the (sub-)fund has carried out securities lending and borrowing, the (sub-)fund pays 33% of the gross revenues generated from securities lending and borrowing as costs/fees to the Management Company and retains 67% of the gross revenues generated from such transactions.\",\n \"Out of the 33%, the Management Company retains 5% for its own coordination and oversight tasks and pays the direct costs (e.g., transaction and collateral management costs) to external service providers.\",\n \"The remaining amount (after deduc- tion of the Management Company costs and the direct costs) is paid to DWS Investment GmbH for supporting the Management Company in initiating, preparing and implementing securities lending and borrowing.\",\n \"For simple reverse repurchase agreement transactions (if permitted), i.e., those which are not used to reinvest cash collateral recei- ved under securities lending and borrowing or repurchase agreement transactions, the respective (sub-)fund retains 100% of the gross revenues, less the transaction costs that the (sub-)fund pays as direct costs to an external service provider.\",\n \"The Management Company is a related party to DWS Investment GmbH.\",\n \"If the (sub-)fund has entered into repurchase agreement transactions, these are currently simple reverse repurchase agreement transactions, and not other (reverse) repurchase agreement transactions.\",\n \"In case other (reverse) repurchase agreement trans- actions will be used, the Sales Prospectus will be updated accordingly.\",\n \"The (sub-)fund will then pay up to 33% of the gross revenues generated from (reverse) repurchase agreement transactions as costs/fees to the Management Company and retain at least 67%\",\n \"of the gross revenues generated from such transactions.\",\n \"Out of the maximum of 33%, the Management Company will retain 5% for its own coordination and oversight tasks and will pay the direct costs (e.g., transaction and collateral management costs) to external service providers.\",\n \"The remaining amount (after deduction of the Management Company costs and the direct costs) will be paid to DWS Investment GmbH for supporting the Management Company in initiating, preparing and implementing (reverse) repurchase agreement transactions.\",\n \"- Income for the fund from reinvestment of cash collateral, based on all SFTs and total return swapsTotal Share\",\n \"- Lent securities in % of all lendable assets of the fund\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)\",\n \"- NameVolume of collateral received (absolute)Share\",\n \"- The 10 largest issuers, based on all SFTs and total return swaps\",\n \"| European Financial Stability Facility (EFSF) | | |\",\n \"| --- | --- | --- |\",\n \"| 521 488.80 | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"| | | |\",\n \"| --- | --- | --- |\",\n \"| | | |\",\n \"- Reinvested collateral in % of collateral received, based on all SFTs and total return swapsSegregated cash/custody accounts Pooled cash/custody accounts Other cash/custody accounts Recipient determinesTotal number of depositaries/ account holders1.\",\n \"NameAmount held in custody (absolute)\",\n \"- Custody type of provided collateral from SFTs and total return swaps(In % of all provided collateral from SFTs and total return swaps)\",\n \"| - | - |\",\n \"| --- | --- |\",\n \"| - | - |\",\n \"| - | - |\",\n \"| - | - |\",\n \"| State Street Bank International GmbH (Custody Operations) | | |\",\n \"| --- | --- | --- |\",\n \"| 521 488.80 | | |\",\n \"- Depositaries/Account holders of received collateral from SFTs and total return swaps\",\n \"| 1 | - | - |\",\n \"| --- | --- | --- |\",\n \"* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.\",\n \"## DWS ESG Multi Asset Dynamic\",\n \"### Information on environmental and/or social characteristics\",\n \"###### Presentation of the information to be disclosed for the regular reports for financial products within the meaning of Article 8 (1) of Regulation (EU) 2019/2088 (Regulation on sustainability-related disclosure requirements in the financial services sector) and within the meaning of Article 6 of Regulation (EU) 2020/852 (Taxonomy)\",\n \"This fund promoted environmental and social characteristics and made disclosures as a product in accordance with Article 8 (1) of Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector.\",\n \"The portfolio management of this fund aimed to achieve the advertised environmental and social characteristics by making investments regardless of their economic prospects of success using a proprietary ESG assessment methodology.\",\n \"This methodology was based on DWS's own ESG database, which used data from multiple ESG data providers, public sources and internal ratings and, after analyzing the data, assigned investments one of six possible ratings, with “A” being the highest rating and “F” the lowest.\",\n \"The fund assets were predominantly invested in assets of issuers that met defined minimum standards in terms of environmental and social characteristics as well as corporate governance practices, with an investment focus on investments with one of the three upper ratings (i.e., a rating of “A”, “B” or “C” rating).\",\n \"Furthermore, in order to assess whether the issuers had the advertised environmental and social characteristics, the portfolio was subjected in particular to risks that could arise from the consequences of climate change or risks that could arise due to the violation of internationally recognized guidelines and standards.\",\n \"The internationally recognized guidelines included above all the ten principles of the United Nations Global Compact, ILO core labor standards or UN Guiding Principles on Business and Human Rights, and the OECD Guidelines for Multinational Enterprises Information on Environmental and/or Social Characteristics.\",\n \"Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor\",\n \"DWS Investment S.A.\",\n \"2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"Equity capital as of December 31, 2021:\",\n \"EUR 355.1 million before profit appropriation Supervisory Board\",\n \"Claire Peel Chairwoman\",\n \"DWS Management GmbH, Frankfurt/Main\",\n \"Manfred Bauer\",\n \"DWS Investment GmbH, Frankfurt/Main\",\n \"Stefan Kreuzkamp\",\n \"DWS Investment GmbH, Frankfurt/Main\",\n \"Frank Krings (until July 27, 2021) Deutsche Bank Luxembourg S.A., Luxembourg\",\n \"Dr. Matthias Liermann DWS Investment GmbH, Frankfurt/Main\",\n \"Holger Naumann\",\n \"DWS Investments Hong Kong Ltd., Hong Kong\",\n \"Frank Rückbrodt (since July 28, 2021) Deutsche Bank Luxembourg S.A., Luxembourg\",\n \"Management Board\",\n \"Nathalie Bausch Chairwoman\",\n \"DWS Investment S.A., Luxembourg\",\n \"Leif Bjurström\",\n \"DWS Investment S.A., Luxembourg\",\n \"Dr. Stefan Junglen DWS Investment S.A., Luxembourg\",\n \"Barbara Schots\",\n \"DWS Investment S.A., Luxembourg\",\n \"Auditor\",\n \"KPMG Luxembourg Société anonyme\",\n \"39, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg\",\n \"Depositary\",\n \"State Street Bank International GmbH Luxembourg Branch\",\n \"49, Avenue John F. Kennedy 1855 Luxembourg, Luxembourg\",\n \"Fund Manager\",\n \"DWS Investment GmbH Mainzer Landstraße 11-17\",\n \"60329 Frankfurt/Main, Germany Sales, Information and Paying Agent*\",\n \"LUXEMBOURG\",\n \"Deutsche Bank Luxembourg S.A. 2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"* For additional Sales and Paying Agents, please refer to the sales prospectus\",\n \"As of: March 3, 2022\",\n \"DWS Investment S.A.\",\n \"2, Boulevard Konrad Adenauer 1115 Luxembourg, Luxembourg\",\n \"Tel.\",\n \": +352 4 21 01-1\",\n \"Fax: +352 4 21 01-9 00\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98295,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns)\nDer Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen (Anteil von fünf Prozent und mehr) sind, betrug 0,00 Prozent der Gesamttransaktionen. Ihr Umfang belief sich hierbei auf insgesamt 335,85 EUR.\nKPMG Luxembourg, Société anonyme\tTel: +352 22 51 51 1\n39, Avenue John F. Kennedy\tFax: +352 22 51 71\nL-1855 Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu"},"date":{"kind":"string","value":"2021-12-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\nThe share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions. The total volume was EUR 335.85.\nKP\nKPMG issued an unqualified audit opinion for\nthe full annual report. The translation of the report\nof the Réviseur d’Entreprises agréé (the\nindependent auditor’s opinion) is as follows:\nMG Luxembourg, Société anonyme\tTel: +352 22 51 51 1\n39, Avenue John F. Kennedy\tFax: +352 22 51 71\n1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu"},"unique id":{"kind":"number","value":108296,"string":"108,296"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.","The total volume was EUR 335.85.","KP","KPMG issued an unqualified audit opinion for","the full annual report. The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: MG Luxembourg, Société anonyme\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu"],"string":"[\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.\",\n \"The total volume was EUR 335.85.\",\n \"KP\",\n \"KPMG issued an unqualified audit opinion for\",\n \"the full annual report. The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: MG Luxembourg, Société anonyme\\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)","The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.","The total volume was EUR 335.85.","KP","KPMG issued an unqualified audit opinion for","the full annual report. The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: MG Luxembourg, Société anonyme\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\tE-mail: info@kpmg.lu Internet: www.kpmg.lu"],"string":"[\n \"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)\",\n \"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and above), amounted to 0.00% of all transactions.\",\n \"The total volume was EUR 335.85.\",\n \"KP\",\n \"KPMG issued an unqualified audit opinion for\",\n \"the full annual report. The translation of the report of the Réviseur d’Entreprises agréé (the independent auditor’s opinion) is as follows: MG Luxembourg, Société anonyme\\tTel: +352 22 51 51 1 39, Avenue John F. Kennedy\\tFax: +352 22 51 71 1855 Luxembourg, Luxembourg\\tE-mail: info@kpmg.lu Internet: www.kpmg.lu\"\n]","isConversational":false},"muda_tagged":{"kind":"string","value":"Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen ( auf Basis wesentlicher Beteiligungen des Deutsche Bank - Konzerns ) Der Anteil der Transaktionen , die in dem Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden , die eng verbundene Unternehmen und Personen ( Anteil von fünf Prozent und mehr ) sind , betrug 0,00 Prozent der Gesamttransaktionen . Ihr Umfang belief sich hierbei auf insgesamt 335,85 EUR . KPMG Luxembourg , Société anonyme Tel : +352 22 51 51 1 39 , Avenue John F. Kennedy Fax : +352 22 51 71 L-1855 Luxembourg E - mail : info@kpmg.lu Internet : www.kpmg.lu"}}},{"rowIdx":98296,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Tätigkeitsbericht\nSehr geehrte Damen und Herren,\ndie Geschäftsführung der DWS Grundbesitz GmbH informiert Sie in diesem Jahresbericht über die Entwicklung des Immobilien- Sondervermögens grundbesitz global im Zeitraum vom\n1. April 2019 bis 31. März 2020.\n\n## Wichtige Ereignisse im Berichtszeitraum\ngrundbesitz global verzeichnete im Zeitraum vom 1. April 2019 bis zum 31. März 2020 eine Wertentwicklung von 2,5% je Anteil in der Anteilklasse RC und von 2,9% je Anteil in der Anteilklasse IC (Angaben nach BVI-Methode). Im gleichen Zeitraum flossen dem Fonds netto 695,4 Mio. EUR in der Anteilklasse RC sowie netto 75,2 Mio. EUR in der Anteilklasse IC zu, insgesamt betrugen die Nettomittelzuflüsse im Geschäftsjahr 770,6 Mio. EUR.\nDas Gesamtfondsvermögen stieg von 3.224,8 Mio. EUR zum\n31. März 2019 auf 4.005,0 Mio. EUR zum 31. März 2020 – unter Berücksichtigung der Ausschüttung für das vorangegangene Geschäftsjahr. Zum Berichtsstichtag beträgt das Fondsvermö- gen in der Anteilklasse RC 3.814,7 Mio. EUR, in der Anteilklas- se IC 190,3 Mio. EUR.\nMit diesem Ergebnis kann grundbesitz global zum 31. März 2020 auf ein erfolgreiches Geschäftsjahr zurückblicken, wenngleich die Ausbreitung der COVID-19-Pandemie ab März 2020 eine Zäsur bildete und die hieraus resultierenden Entwicklungen ge- genwärtig einen besonderen Aspekt der Unsicherheit darstellen. Auch grundbesitz global konnte sich dem Einfluss der negativen Marktentwicklungen nicht entziehen und musste zum Ende\ndes Berichtszeitraums zeitweise Rückgänge im Anteilwert und somit auch in der Wertentwicklung hinnehmen. Schwächenden Einfluss hatten insbesondere die im Liquiditätsportfolio des Fonds gehaltenen Anleihen sowie die Devisentermingeschäf- te. Als Ausgleich dazu entwickelten sich die Erträge aus dem Immobilienportfolio im gleichen Zeitraum unverändert positiv.\nMit Kreditverbindlichkeiten von insgesamt 834,7 Mio. EUR lag die Fremdfinanzierungsquote zum 31. März 2020 bei 22,5% des Immobilienvermögens und somit unter dem gesetzlich festge- legten Grenzwert von 30,0%.\nIm Zentrum der Fondsmanagement-Aktivitäten stand die Weiter- entwicklung des Immobilienportfolios von grundbesitz global.\nDies umfasst neben der Verwaltung der Bestandsimmobilien insbesondere auch die Ergänzung des Portfolios um attraktive neue Objekte und den Verkauf von Gebäuden, die nach Auffas- sung des Fondsmanagements mittel- bis langfristig nicht mehr der Fondsstrategie entsprechen. Im Berichtszeitraum wurden\nsechzehn Immobilien mit einer Gesamtinvestitionssumme von rund 836,2 Mio. EUR in das Portfolio des Sondervermögens übernommen und der Verkauf von drei Büroimmobilien mit ei- nem Verkaufsvolumen von rund 393,7 Mio. EUR abgeschlossen.\nDer Kaufvertrag für eine Büroimmobilie in Solna, Stockholm, mit einem Investitionsvolumen von umgerechnet rund\n315,0 Mio. EUR wurde am 20. Februar 2020 unterzeichnet. Das Objekt ist im Berichtszeitraum plangemäß noch nicht in den Fonds übergegangen.\nDie Baufertigstellung für die Projektentwicklung „S9 Interna- tional Quarter“ im Großraum London erfolgte fristgerecht im August 2019.\nDie Ankäufe erfolgten sowohl in Europa, wobei hier in Portugal, Finnland, Großbritannien und Italien investiert wurde, als auch in den USA. Mit Ankäufen in Südkorea und Australien wurde auch im asiatisch pazifischen Raum investiert. Die Verkäufe erfolgten in Frankreich und den USA. Das Ankaufsvolumen teilt sich in die Segmente Einzelhandel, Logistik, Büro, Hotel und Wohnimmo- bilien auf.\nDas Immobilienportfolio von grundbesitz global besteht zum\n31. März 2020 aus insgesamt 55 Objekten (31. März 2019: 42), davon zehn Direktinvestments sowie 45 Objekte, die über Beteiligungen gehalten werden. Das Immobilienvermögen beträgt – auf Basis der Verkehrswerte – zum Berichtsstichtag 3.713,5 Mio. EUR (31. März 2019: 3.133,1 Mio. EUR).\nWeitere Ankaufsopportunitäten, die sich noch im Prüfungsstadi- um befanden, wurden vor dem Hintergrund der aktuellen Situa- tion neu bewertet und im Einzelfall zunächst zeitlich verschoben. Das aktive Portfoliomanagement steht jedoch weiterhin im Fokus, um sich ergebende Marktchancen u.a. durch An- und Verkäufe für eine weitere Optimierung des Portfolios zu nutzen.\nIm Portfolio von grundbesitz global dominieren bei den Nut- zungsarten weiterhin Büroimmobilien, Einzelhandelsimmobilien und Logistikobjekte. Weitere Nutzungsarten wie Wohnimmobili- en sowie zwei Hotels runden das Portfolio ab.\nIm Berichtszeitraum erhöhte sich der europäische Anteil der Investments auf 56,5% (31. März 2019: 55,9%). Hierbei bilden Großbritannien und Polen die Schwerpunkte. Der außereuro- päische Anteil setzt sich zum Berichtsstichtag zu 21,3% aus Investments im asiatisch-pazifischen Wirtschaftsraum (Japan, Südkorea und Australien; 31. März 2019: 22,9%) und zu 22,2% aus Investments in den USA (31. März 2019: 21,2%) zusammen.\nZum 31. März 2020 waren 96,0% des Gesamtportfolios ver- mietet (gemessen am Jahressollmietertrag). Bezogen auf den gesamten Berichtszeitraum lag die Vermietungsquote bei durch- schnittlich 96,5%.\nInwieweit sich die Einschränkung in Zusammenhang mit der Corona-Pandemie nachhaltig auf die Vermietungssituation auswirken werden, speziell in den Segmenten Einzelhandel und Hotel, lässt sich zum derzeitigen Zeitpunkt noch nicht abschät- zen. Mieter sind bereits bezüglich der Stundung von Mietzahlun- gen und ähnlicher Maßnahmen an die DWS herangetreten. Die Anfragen werden sorgfältig unter juristischen und wirtschaft- lichen Gesichtspunkten geprüft. Alle etwaigen künftigen offenen Mieten werden weiterhin bewertet und für diese jeweils zeitnah, soweit erforderlich und zulässig, Risikovorsorge betrieben.\nStützend wirkt sich die starke Gewichtung des Fonds im Bü- roimmobiliensektor aus, der sich im derzeitigen Marktumfeld durch vergleichsweise niedrige Leerstände und moderate Neu- fertigstellungsvolumen auszeichnet.\nBis zum 31. März 2020 war noch nicht erkennbar, inwiefern sich die COVID-19-Pandemie und ihre damit verbundenen Folgen auf die Immobilienmärkte bzw. die Verkehrswerte der Fondsimmobi- lien auswirkt. Auswirkungen auf zukünftige Wertentwicklungen können jedoch nicht ausgeschlossen werden. Während Logistik- und Wohnimmobilien profitieren könnten, hält das Fondsma- nagement Wertrückgänge bei Einzelhandels- und Hotelimmobi- lien für möglich.\nBei seiner Arbeit wird das Fondsmanagement stets von den verschiedenen Fachabteilungen der DWS intensiv unterstützt, was insbesondere in der aktuellen Corona-Pandemie zum Tra- gen kommt. So besteht ein permanenter, enger Austausch mit dem Asset Management, d.h. den Objektmanagern, hinsichtlich der offenen Posten und der Vorgehensweise gegenüber dem\njeweiligen Mieter. Hierbei sind insbesondere wegen der globa- len Ausrichtung des Portfolios auch die jeweiligen gesetzlichen Rahmenbedingungen in den einzelnen Ländern zu beachten, zu welchem Zweck eine einheitliche Rechtsmeinung eingeholt wurde und regelmäßig aktualisiert wird.\nDie Research-Experten stellen sicher, dass stets aktuelle In- formationen zur Entwicklung der Immobilienmärkte sowie der Gesamtwirtschaft bereitstehen. Einen wichtigen Baustein für den Erfolg des Fonds bildet die Liquiditätsausstattung, hier berät das Team Liquid Assets & Financing das Fondsmanagement zu Themen der Objektfinanzierung sowie der Liquiditätsanlagen,\nz.B. in Form von festverzinslichen Wertpapieren.\nGrundlage für alle Entscheidungen ist ein unter Beteiligung des Chief Investment Offices an die Pandemie-Situation angepasstes Basis-Szenario hinsichtlich der Investmentstrategien aufgrund quantitativer Prognosen. Dieses bildet auch den Ausgangs- punkt für die Prüfung der derzeit noch nicht abgeschlossenen Ankaufsmöglichkeiten sowie die grundsätzlichen Überlegun- gen zur geografischen und sektoralen Portfolioaufteilung, die die Transaktionsteams bei der Sichtung künftiger Ankäufe berücksichtigen.\nAuch wenn die Corona-Pandemie andere Schwerpunkte, wie den im Januar erfolgten Austritt Großbritanniens aus der Eu- ropäischen Union, zeitweise in den Hintergrund gedrängt hat, werden diese weiterhin sorgfältig beobachtet und in die Fonds- strategie einbezogen. Dies gilt auch für den Nachhaltigkeitsan- satz ESG („Environment – Social – Governance“), welcher eines der Fokusthemen der DWS bildet und durch die Nachwirkungen aus der aktuellen Situation sogar noch zusätzlich an Bedeutung gewinnen könnte.\nMit freundlichen Grüßen DWS Grundbesitz GmbH\nDr. Ulrich von Creytz\tDr. Grit Franke\tUlrich Steinmetz\nFrankfurt am Main, 29. Juni 2020\n\n## Gesamtwirtschaftliche Rahmenbedingungen\nMit einer Wachstumsrate von 2,6% entwickelte sich die Welt- wirtschaft im Jahr 2019 aufgrund der politischen und wirtschaft- lichen Spannungen langsamer und zeigte auch zum Jahresende keine spürbare Belebung. Obwohl sich der globale Handelskon- flikt zuletzt beruhigt hatte, erschienen zusätzliche fiskalpolitische Stimuli zunehmend eingeschränkt zu wirken. Jedoch wiesen Frühindikatoren in eine positive Richtung für die Entwicklung in diesem Jahr. Die Einschränkungen des öffentlichen Lebens und der Wirtschaft infolge der COVID-19-Pandemie haben im ersten Quartal 2020 den ökonomischen Ausblick für den weiteren Jah- resverlauf jedoch substanziell verändert. Nun wird wegen der massiven Restriktionen eine schwere globale Rezession im ers- ten Halbjahr erwartet, die sich in allen Weltregionen und beson- ders stark in den USA und Südeuropa niederschlagen und die Weltwirtschaft im Jahr 2020 um 4,8% abnehmen lassen dürfte. Schätzungen belegen, dass die Weltwirtschaft bereits im ersten Quartal 2020 um über 3%, und damit so stark wie während der globalen Finanzkrise insgesamt, geschrumpft ist.\nWährend die Wirtschaft in den USA im Jahr 2019 noch um 2,3% anstieg, betrug der Rückgang des Bruttoinlandsprodukts im ersten Quartal 2020 1,2% gegenüber dem Vorquartal, wobei sich das ganze Ausmaß der Krise im Vergleich zu Europa erst später bemerkbar machen dürfte. Insbesondere Konsumausgaben, pri- vate Investitionen sowie Handelsvolumen brachen deutlich ein. In den ersten sechs Wochen der Kontaktbeschränkungen und Restriktionen gingen in den USA zudem 30 Millionen Arbeitslo- senmeldungen ein. Entsprechend wird für das laufende Jahr ein stark negatives Wirtschaftswachstum von -7,0% erwartet.\nIn Asien stellte sich im Jahresverlauf 2019 ein insgesamt ver- langsamtes Wirtschaftswachstum ein. Zudem war die Region im ersten Quartal am stärksten durch die Coronakrise beein- trächtigt, dürfte sich im laufenden Quartal aber schon wieder auf Wachstumskurs befinden. Chinas Bruttoinlandsprodukt fiel im ersten Quartal um 6,8% im Vergleich zum Vorjahresquartal, dürfte im Gesamtjahr jedoch als einzige große Volkswirtschaft leicht wachsen. Der chinesische Einkaufsmanagerindex er- holte sich nach starkem Einbruch inzwischen bereits wieder auf das Niveau vor dem Ausbruch der Pandemie. Auch die japanische Wirtschaft schrumpfte im ersten Quartal, wenn- gleich um vergleichsweise moderate -0,6% im Vergleich zum Vorjahresquartal.\nIn Europa lieferte zum Jahresende 2019 das verarbeitende Gewerbe weiterhin eher schwache Zahlen, zudem blieben geo- politische Spannungen weiterhin bestehen. Dementsprechend wurde auch im vierten Quartal nur ein schwaches Wirtschafts- wachstum von 0,1% gegenüber dem Vorquartal erreicht, was das Wirtschaftswachstum im Gesamtjahr 2019 auf 1,2% brach- te. Auch die europäische Wirtschaft sank infolge der Coronakri- se im ersten Quartal um 3,8% im Vergleich zum Vorquartal, was als stärkster Rückgang seit Beginn der Aufzeichnung im Jahr 1995 gilt. Zudem fiel der europäische PMI-Einkaufsmanagerin- dex im April auf ein Rekordtief von 13,5 (gegenüber einem Tief\nvon 36,2 während der Finanzkrise), erholte sich im Mai jedoch wieder ein Stück weit. Besonders stark getroffen werden dürften das hochverschuldete Italien sowie Spanien, wobei beide Län- der zudem stärker an ausbleibenden Tourismusausgaben leiden dürften.\nAufgrund der aktuellen Situation um COVID-19 sah sich die Eu- ropäische Zentralbank dazu gezwungen, neben den nationalen Regierungen ein umfangreiches Maßnahmenpaket anzukündi- gen. Dieses Paket umfasst auch eine sogenannte Quantitative Lockerung, also den Ankauf privater oder öffentlicher Wertpa- piere, in Höhe von 750 Mrd. Euro. Im Vergleich zur Finanzkrise dürften die abgestimmten und umfangreichen Maßnahmenpa- kete im Jahr 2020 eine dämpfende Wirkung auf die aktuellen wirtschaftlichen Verwerfungen entfalten. Nach einer Entspan- nung der Lage um den Coronavirus wird für das Jahr 2021 weltweit eine schnelle wirtschaftliche Erholung erwartet.\n(Datenquellen: HDE 04/2020, Oxford Economics 01-05/2020, Eurostat 04/2020)\n\n## Entwicklungen auf den Kapitalmärkten\nDie Renditen an den Kapitalmärkten sind im Berichtszeitraum vom 1. April 2019 bis 31. März 2020 deutlich in den negativen Bereich gesunken. Die Renditen für zehnjährige Bundesanleihen rentierten am 1. April 2019 nahe Null bei -3 Basispunkten und lagen am Ende des Berichtszeitraums bei -0,51% p.a.\nDie Renditen von kurzlaufenden deutschen Staatsanleihen handelten in einer Spanne von 35 Basispunkten im negativen Bereich. Einjährige Bundesanleihen rentierten am 1. April 2019 bei -0,55% p.a. und per 31. März 2020 bei -0,67% p.a.\nDer Leitzins der Europäischen Zentralbank blieb unverändert und notiert weiterhin bei 0,00%, die Einlagenfazilität liegt seit September 2019 bei -0,50%.\n(Datenquelle: Bloomberg)\n\n## Globale Immobilienmärkte\nAuch an den globalen Immobilienmärkten fand die moderate wirtschaftliche Entwicklung im Jahr 2019 ihren Niederschlag, wenngleich sich die Mehrheit der von uns beobachteten Märkte auch weiterhin grundsätzlich positiv entwickelte. Durch die Co ronakrise hat sich jedoch auch der Ausblick auf den Immobilien markt grundlegend geändert. Geografisch betrachtet dürften die Auswirkungen der Coronakrise in Europa und den USA stärker zu spüren sein als in Asien.\nIm vergangenen Jahr profitierten die Büromärkte von hohen Beschäftigungszuwächsen in Europa und in den USA von Ver längerungen der im Nachgang der Finanzkrise geschlossenen Verträge auf mittlerweile höheren Marktmietniveaus. Insge samt schlug sich dies in einem starken Mietwachstum sowie niedrigen Leerstandsraten nieder. Auch in Asien erholte sich die Büroflächennachfrage im Jahresverlauf 2019 und führte zu steigenden Mieten. Das Bürosegment dürfte von der Corona krise weniger stark betroffen sein als andere Segmente. Zwar\nzeigen Erhebungen auch hier eine rückläufige Flächennachfrage im ersten Quartal, die auch im weiteren Jahresverlauf verlang samte Flächenumsätze nahelegen. Dennoch bleiben signifikante Leerstandsanstiege oder Mietausfälle eher unwahrscheinlich.\nGleichwohl dürften Mietniveaus im Jahr 2020 an den europä ischen Büromärkten im Mittel um 6% sinken, was durch einen Aufholprozess im nächsten Jahr gefolgt werden dürfte.\nEbenfalls positiv entwickelten sich im vergangenen Jahr die globalen Logistikmärkte. So blieb die Flächennachfrage im Jahr 2019 weiterhin hoch, gleichzeitig legten jedoch auch Pro jektentwicklungsvolumen, insbesondere in Europa, zu. In den USA konnten nahezu alle Teilmärkte und Subsegmente von den\nguten wirtschaftlichen Fundamentaldaten und dem anhaltenden Aufschwung im Bereich ECommerce profitieren, während in Asien der steigende Binnenkonsum positiv beitrug. Der Logis tiksektor ist in der aktuellen Lage differenziert zu betrachten, da er einerseits unter Unterbrechungen der Lieferketten und der engen Anbindung an das verarbeitende Gewerbe leidet (z.B. Kontraktlogistiker), andererseits von sprunghaften Anstiegen im OnlineHandel profitieren dürfte. Stadtnahe Logistikimmobilien dürften durch diesen Trend entsprechend perspektivisch noch mals an Attraktivität gewinnen.\nDemgegenüber steht die Entwicklung im Einzelhandelssegment, das auch zum Jahresende 2019 über alle Regionen hinweg weiterem Anpassungsdruck unterworfen war. Das ohnehin angeschlagene Einzelhandelssegment dürfte durch die Corona krise schwer getroffen werden. Zwangsweise Ladenschließun gen führen zu Mietausfällen und steigenden Insolvenzrisiken.\nUmsätze im deutschen NichtLebensmittelEinzelhandel brachen beispielsweise im März um 10% im Vergleich zum Vorjahresmo nat ein, die im Textileinzelhandel sogar um mehr als die Hälfte. Dieser Trend zeigt sich exemplarisch auch im deutschen GfK Konsumklimaindex, der von einem relativ stabilen Indexstand\num 10 Basispunkte auf einen historischen Tiefstand von 23,4 Punkte für den Monat Mai fiel und damit einen extrem starken und schnellen Rückgang markierte. Für den Monat Juni konnte sich der Index leicht auf 18,9 Punkte erholen. Insbesondere der Einzelhandel mit Fokus auf die Textilwirtschaft dürfte somit im laufenden Jahr mit weiter sinkenden Mietniveaus kämpfen.\nDarüber hinaus ist mit einer länger andauernden Schwächepha se infolge der momentan steigenden Marktdurchdringung und zunehmenden „Gewöhnungseffekten“ des OnlineHandels zu rechnen.\nPositiv entwickelte sich im Jahr 2019 sowohl das Wohn als auch das Hotelsegment, die gleichermaßen von hohen Nachfra gen profitierten und tendenziell sinkende Leerstände bzw. eine steigende Auslastung verzeichneten. Es zeigt sich nun jedoch ebenfalls, dass die Auslastung von Hotels im April 2020 in Euro pa und den USA nur bei durchschnittlich 8% respektive 20% lag. Dementsprechend ist – ebenso wie im Einzelhandelssegment – mit kurzfristigen Mietrückgängen sowie verstärkt mit Mietaus fällen und einem höheren Insolvenzrisiko zu rechnen.\nAuch Wohnungsmieten dürften aufgrund steigender Arbeits losigkeit und sinkender Haushaltseinkommen kurzfristig leicht zurückgehen, wobei das Wohnsegment jedoch aufgrund seiner unelastischen Nachfrage als relativ stabil gilt. Verzögerungen bei Fertigstellungen könnten zudem das Wohnungsangebot weiter verknappen und Druck auf Mieten erzeugen.\n(Datenquellen: DWS 0105/2020, PMA 05/2020, HDE 04/2020, GfK 0405/2020, STR 04/2020)\n\n## Globale Investmentmärkte\nAn den globalen Investmentmärkten blieb die Dynamik im ersten Quartal 2020 vergleichbar mit dem Vorjahr. Mit rund\n1.470 Mrd. EUR lagen die globalen annualisierten Transaktions- volumen in etwa auf dem Vorjahresniveau, allerdings zeigten sich regionale Unterschiede. Sowohl die US-amerikanischen als auch die europäischen Immobilienmärkte legten im ersten Quartal 2020 um etwa 10% zu, wenngleich Großbritannien ein gesunkenes Volumen zu verzeichnen hatte. Asien hingegen blieb zwar mit etwa 680 Mrd. EUR Anlagevolumen die umsatz-\nstärkste Weltregion, ließ aber im Vergleich zum Vorjahresquartal leicht nach. Auf sektoraler Ebene nahmen Einzelhandels- und Büroimmobilien ab, während die Logistik- und Wohnsegmente deutliche Zuwächse verzeichneten. Auch wenn die Dynamik an den Investmentmärkten in Europa im ersten Quartal 2020 offen- sichtlich noch relativ unberührt von der Coronakrise blieb, dürfte sie sich in den kommenden Monaten jedoch deutlich abschwä- chen. Gefragt bleiben dürften vor allem Objekte im Spitzenseg- ment sowie opportunistische Immobilien.\nDie zur Verfügung stehenden Kapitalzusagen und der Anlage- druck blieben im vergangenen Jahr hoch, gleichzeitig waren Finanzierungskonditionen weiterhin vorteilhaft. Als Beleg für das anhaltende Investoreninteresse am Immobilienmarkt war zudem die Entwicklung der Anfangsrenditen zu sehen, die insgesamt weiter sanken und damit Immobilien erneut verteuerten. Zwar verlangsamte sich die Renditekompression in einigen Marktseg- menten und Standorten, hatte aber mit Ausnahme von Einzel- handelsimmobilien grundsätzlich auch zum Jahresende 2019 Bestand.\nDurch die Coronakrise dürfte kurzfristig mit steigenden Anfangs- renditen sowie rückläufigen Transaktionsvolumen gerechnet werden. Hauptgründe hierfür sind insbesondere in der ge- stiegenen Unsicherheit am Markt, der Erwartung rückläufiger Mietniveaus, aber auch verzögerter Ankaufsprozesse zu sehen. Hiervon dürften insbesondere die Einzelhandels- und Hotelseg- mente, aber auch die Büromärkte betroffen sein, während die Nutzungsart Wohnen als stabil gilt und urbane Logistikobjekte sogar profitieren dürften. Infolge des anhaltend niedrigen Zins- umfelds und dem neuerlichen Anstieg der relativen Attraktivität von Immobilienanlagen infolge einer gestiegenen Ausweitung der Risikoprämien erwarten wir ab 2021 eine neuerliche Rendi- tekompression. Insofern ist unser mittel- bis langfristiger Blick auf die Immobilienmärkte weiter positiv.\n(Datenquellen: DWS 01-05/2020, RCA 04/2020)\n\n## Anlagestrategie des grundbesitz global\nAls Anlageziele des Sondervermögens werden regelmäßige Erträge aufgrund zufließender Mieten und Zinsen sowie ein Wertzuwachs angestrebt. Das Sondervermögen verfolgt eine dauerhaft positive Jahresrendite – mit stabilen jährlichen Aus- schüttungen – bei möglichst geringen Wertschwankungen.\nDie Anlagestrategie des Sondervermögens stellt die Akquisition, den laufenden Ertrag und den Verkauf von Immobilien in den Mittelpunkt, verbunden mit der Zielsetzung, während der Lauf- zeit des Sondervermögens sowohl die laufenden Einnahmen\nals auch den Wertzuwachs stabil zu halten bzw. zu steigern. Die Kapitalverwaltungsgesellschaft investiert für Rechnung des Sondervermögens in Nordamerika, Asien, Australien sowie Europa. Im Anhang zu den „Besonderen Anlagebedingungen“ sind die betreffenden Staaten und der Anteil am Wert des Sondervermögens, der im jeweiligen Staat höchstens angelegt werden darf, aufgeführt.\nDie vom Sondervermögen gehaltenen Immobilien befinden sich in guten bis sehr guten Lagen etablierter Immobilienmärkte.\nDas Ziel sind grundsätzlich Investitionen in langfristig vermietete Immobilien mit bonitätsstarken Mietern. Die Transaktionsstrate- gie richtet sich an den unterschiedlichen globalen Immobilien- zyklen aus.\nDas Sondervermögen investiert vorrangig in klassische Ge- werbeimmobilien mit den Nutzungsarten Büro, Einzelhandel, Logistik und Hotel sowie in Wohnimmobilien.\nBei der Auswahl der Immobilien für das Sondervermögen ste- hen deren nachhaltige Ertragskraft sowie eine Diversifikation nach Lage, Größe, Nutzung und Mietern im Vordergrund der Überlegungen. Die Kapitalverwaltungsgesellschaft strebt dabei eine der jeweiligen Größe des Sondervermögens angemessene regionale Streuung von Immobilien verschiedener Größenord- nungen an, soweit sie dies im Interesse der Anleger für geboten hält. In die Beurteilung werden ebenfalls die wirtschaftlichen und standortbezogenen Chancen und Risiken einbezogen.\nNeben bestehenden oder im Bau befindlichen Gebäuden können auch Grundstücke für Projektentwicklungen erworben werden. Der Anlageschwerpunkt liegt jedoch auf bestehenden Gebäuden.\n\n## Fondsvermögen und Mittelaufkommen\nIm Berichtszeitraum vom 1. April 2019 bis 31. März 2020 be trugen die Nettomittelzuflüsse 770,6 Mio. EUR. Das Gesamt fondsvermögen belief sich zum 31. März 2020 auf 4.005,0 Mio. EUR.\nZum 31. März 2020 betrugen das Immobilien/Beteiligungsver mögen 2.548,7 Mio. EUR und die liquiden Mittel 1.081,5 Mio. EUR. Die liquiden Mittel werden gemäß einem fest installierten Investmentprozess gemanagt. Zins und Kursprognosen unter liegen einer technischen und fundamentalen Analyse. Im Be richtszeitraum wurde die vorhandene Liquidität überwiegend in Tages und Termingeld sowie festverzinsliche Wertpapiere wie Staats und Unternehmensanleihen europäischer Emittenten mit gutem bis sehr gutem Rating (Investment Grade) investiert. Zur Durationssteuerung wurden zeitweise Futures eingesetzt.\n\n## Ergebnisse des Fonds\nIm abgelaufenen Geschäftsjahr 2019/2020 hat der Fonds in der Anteilklasse RC eine Wertentwicklung von 2,5% je Anteil, in der Anteilklasse IC eine Wertentwicklung von 2,9% je Anteil erzielt (jeweils nach BVIMethode).\nDie Ausschüttung zum 15. Juli 2020 beträgt in der Anteilklasse RC 1,15 EUR. Der gesamte Anlageerfolg in der Anteilklasse RC beträgt 1,28 EUR pro Anteil. Anleger der Anteilklasse IC erhalten eine Ausschüttung in Höhe von 1,35 EUR. Der gesamte Anlage erfolg in der Anteilklasse IC beträgt 1,52 EUR pro Anteil. Infor mationen zur Besteuerung enthalten die „Steuerlichen Hinweise für den Anleger“ im Anschluss an diesen Bericht.\nDie positive Wertentwicklung des Fonds wird durch die nachfol gende Übersicht deutlich.\n| Wertentwicklung nach BVIMethode (Stand: 31. März 2020) |\n| --- |\n| | Anteilklasse RC | Ø p.a. | Anteilklasse IC | Ø p.a. |\n| 1 Jahr | 2,5% | | 2,9% | |\n| 2 Jahre | 5,1% | 2,5% | 6,0% | 3,0% |\n| 3 Jahre | 7,3% | 2,4% | 8,7% | 2,8% |\n| 5 Jahre | 11,4% | 2,2% | 13,8% | 2,6% |\n| 10 Jahre | 24,2% | 2,2% | 29,3% | 2,6% |\n| 15 Jahre | 58,5% | 3,1% | | |\n| Seit Auflegung* | 92,6% | 3,4% | 38,5% | 2,8% |\n\n* Auflegung des Fonds am 25.7.2000, Anteilklasse IC am 1.4.2008.\nBerechnung der Wertentwicklung nach BVIMethode, d.h. ohne Berücksichtigung des Ausgabeaufschlags. Individuelle Kosten wie bspw. Gebühren, Provisionen und andere Entgelte sind in der Darstellung nicht berücksichtigt und würden sich bei Be rücksichtigung negativ auf die Wertentwicklung auswirken.\nWertentwicklungen in der Vergangenheit sind kein verlässlicher Indikator für die zukünftige Wertentwicklung.\n\n## Immobilienbestand des grundbesitz global\nZum Portfolio des grundbesitz global gehörten zum Berichts stichtag 55 Immobilien, davon sind zehn direkt gehaltene Immo bilien mit einem Verkehrswertvolumen von 798,4 Mio. EUR.\nÜber ImmobilienGesellschaften werden 45 Objekte mit einem Gesamtvolumen von 2.915,2 Mio. EUR gehalten. An 14 Immobilien-Gesellschaften ist grundbesitz global über Joint Ventures mit weiteren, ebenfalls von DWS verwalteten ImmobilienSondervermögen beteiligt.\n\n## Nutzungsarten der Fondsimmobilien\nSowohl nach der Nutzfläche als auch nach dem Jahressoll mietertrag dominiert der Anteil von Büroimmobilien.\n\n## Geografische Verteilung der Fondsimmobilien\nGeografische Verteilung der Fondsimmobilien\nImmobilien in den USA, Japan und Großbritannien bilden derzeit die Schwerpunkte im Immobilienportfolio.\nGrößenklassen der Fondsimmobilien\nWirtschaftliche Altersstruktur der Fondsimmobilien\nGrößenklassen der Fondsimmobilien\n| Immobilien nach Größenklassen |\n| --- |\n| bis 10 Mio. EUR | 39,3 Mio. EUR | 1,1% | 5 Objekte |\n| 10 bis 25 Mio. EUR | 56,3 Mio. EUR | 1,5% | 4 Objekte |\n| 25 bis 50 Mio. EUR | 595,5 Mio. EUR | 16,0% | 16 Objekte |\n| 50 bis 100 Mio. EUR | 1.429,8 Mio. EUR | 38,5% | 19 Objekte |\n| 100 bis 150 Mio. EUR | 825,6 Mio. EUR | 22,2% | 7 Objekte |\n| 150 bis 200 Mio. EUR | 319,3 Mio. EUR | 8,6% | 2 Objekte |\n| über 200 Mio. EUR | 447,8 Mio. EUR | 12,1% | 2 Objekte |\n| Gesamt | 3.713,5 Mio. EUR | 100,0% | 55 Objekte |\n\nImmobilienankäufe und Bestandszugänge\nWeitere Angaben zu den nachstehend aufgeführten Objekten sind dem Immobilienverzeichnis sowie dem Verzeichnis der Käufe und Verkäufe zu entnehmen. Die Kaufpreise werden in Euro ausgewiesen; bei Fremdwährungen wird jeweils der Kurs zum Zeitpunkt des Besitzübergangs zugrunde gelegt.\nUnterschieden wird zwischen dem Immobilienankauf mit Unterzeichnung des Kaufvertrags, dem sogenannten „signing“, und dem Bestandsübergang in das Immobilienportfolio des Fonds, dem sogenannten „closing“. Erst nach dem „closing“ wird das jeweilige Objekt im Immobilienverzeichnis geführt. Bei Projektentwicklungen kann dies abhängig von der Vertrags gestaltung bereits in der Bauphase oder erst nach Fertigstellung der Fall sein.\n16 Objekte wurden im Berichtszeitraum erworben und sind im Berichtszeitraum in den Bestand übergegangen:\nLeiria (P), Alto do Vieiro – Einzelhandelsimmobilie\n„Leiria Shopping“\nAm 3. April 2019 unterzeichnete das Fondsmanagement den Vertrag zum Ankauf des im Jahre 2010 fertiggestellten Ein kaufszentrums „Leiria Shopping“ in Leiria, Portugal. Das zwei geschossige Center verfügt über rund 24.500 m² vermietbare Fläche, verteilt auf 130 Mieteinheiten und rund 1.900 Parkplätze im Innen und Außenbereich.\nDer Kaufpreis betrug rund 128,0 Mio. EUR, der Besitzübergang erfolgte ebenfalls am 3. April 2019.\nVantaa (FIN), Katriinantie 20 – Logistikimmobilie\nAm 19. Juni 2019 unterzeichnete das Fondsmanagement den Vertrag zum Ankauf von zwei im Jahre 2009 fertiggestellten Logistikimmobilien. Die beiden Objekte mit einer Gesamtnutz fläche von rund 38.800 m² liegen auf einem rund 75.000 m² großen Grundstück nahe der Stadt Vantaa im Gebiet Aviapolis, unmittelbar angrenzend an den internationalen Flughafen von Helsinki. Die Flächen sind nahezu vollständig an drei Logistik unternehmen vermietet.\nDer Kaufpreis für die Immobilie betrug rund 63,9 Mio. EUR, der Besitzübergang erfolgte am 19. Juni 2019.\nBarberino di Mugello (I), Via Antonio Meucci – Einzelhandelsimmobilie „Barberino Factory Outlet“\nMit Unterzeichnung des Kaufvertrages am 11. Juli 2019 hat der Fonds das im Jahre 2006 errichtete Einkaufszentrum erworben. Das Outlet Center verfügt über 26.535 m² Nutzfläche, verteilt auf 128 Ladeneinheiten. Über 2.113 Parkplätze im Innenund Außen bereich stehen den Besuchern kostenfrei zur Verfügung.\nDer Kaufpreis für die am 11. Juli 2019 in den Besitz des Fonds übergegangene Immobilie betrug rund 234,5 Mio. EUR.\nBirmingham, Edinburgh, Glasgow, Leeds, Manchester, Newcastle (GB) – Wohnimmobilien „Vita Student Portfolio“\nDas Fondsmanagement unterzeichnete am 7. August 2019 den Kaufvertrag für ein WohnimmobilienPortfolio mit acht Objekten für studentisches Wohnen in Großbritannien. Die rund 3.200 Betten verteilen sich auf sechs zentrale Standorte in den Universitätsstädten Edinburgh, Manchester, Birming ham, Glasgow, Leeds und Newcastle. Die mit Studiozimmern im Premiumsegment ausgestatten Gebäude verfügen über überdurchschnittliche Raumgrößen und -ausstattungen für studentisches Wohnen. Der Ankauf erfolgte über eine Beteili gungsgesellschaft als Joint Venture mit anderen Immobilien Sondervermögen, die ebenfalls von DWS verwaltet werden. An dem Joint Venture ist grundbesitz global zu 12,6% beteiligt.\nDer anteilige Kaufpreis betrug umgerechnet rund 81,5 Mio. EUR, der Besitzübergang erfolgte am 14. August 2019.\nWest Covina (USA), 2753 Eastland Center Drive – Einzelhandelsimmobilie „Eastland Center”\nMit Unterzeichnung des Kaufvertrages am 21. August 2019 er warb der Fonds die Einzelhandelsimmobilie „Eastland Center“ in West Covina, Los Angeles. Das im Jahre 1957 erstellte Einkaufs zentrum verfügt über rund 75.000 m² Nutzfläche für Einzelhan del und Gastronomie sowie rund 3.300 Parkplätze. Der Ankauf erfolgte über eine Beteiligungsgesellschaft als Joint Venture mit einem ebenfalls von DWS verwalteten Immobilien-Spezialfonds. An dem Joint Venture ist grundbesitz global zu 49% beteiligt.\nDer anteilige Kaufpreis betrug umgerechnet rund 80,3 Mio. EUR, der Besitzübergang erfolgte am 9. Dezember 2019.\nCanberra (AUS), 197 London Circuit – Hotelimmobilie „The Sebel”\nAm 5. Dezember 2019 unterzeichnete das Fondsmanagement den Kaufvertrag für die im Jahre 1965 erstellte und im Jahre 2019 kernsanierte Hotelimmobilie in Canberra. Die Immobilie mit einer Nutzfläche von rund 6.800 m² ist langfristig an einen Teilbereich der Accor-Gruppe vermietet. Neben rund 144 Hotel- zimmern verfügt die Immobilie auch über kleinere Gastronomie- flächen im Erdgeschoss.\nDer Kaufpreis für die am 20. Dezember 2019 in den Besitz des Fonds übergegangene Immobilie betrug umgerechnet rund 29,6 Mio. EUR.\nGimpo (ROK), 725 Jeonho-ri –\nLogistikimmobilie „Sungkwang Logistics“\nMit Unterzeichnung des Kaufvertrages am 14. Januar 2020 er- warb der Fonds die Logistikimmobilie „Sungkwang Logistics“ in Gimpo, rund 30 km westlich der Hauptstadt Seoul. Das im Jahre 2016 erbaute Class-A Gebäude verfügt über eine Nutzfläche von rund 30.000 m², die für mehrere Mieter ausgelegt ist.\nDer Kaufpreis für die am 14. Januar 2020 in den Besitz des Fonds übergegangene Immobilie betrug umgerechnet rund 48,7 Mio. EUR.\nHouston (USA), 2925 Richmond Avenue –\nBüroimmobilie „Kirby Grove“\nDer Kaufvertrag für die im Jahre 2016 fertiggestellte Büroim- mobilie wurde am 20. Dezember 2019 unterzeichnet. Die Ge- samtnutzfläche von rund 23.000 m² verteilt sich auf insgesamt 16 Etagen. Die Mietflächen variieren zwischen rund 230 m² und rund 6.000 m², was eine Nutzung sowohl für kleinere als auch die etagenweise Vermietung an einen Mieter ermöglicht.\nDer Kaufpreis für die am 24. Januar 2020 in den Besitz des Fonds übergegangene Immobilie betrug umgerechnet rund 102,2 Mio. EUR.\nOak Brook (USA), 2155 West 22nd Street – Einzelhandelsimmobilie „The Shops at Oak Brook Place“\nAm 24. Dezember 2019 unterzeichnete das Fondsmanagement den Vertrag zum Ankauf des Einkaufszentrum „The Shops at Oak Brook Place“, einem westlichen Vorort von Chicago. Das im Jahr 1996 erstellte Einkaufszentrum verfügt über eine Gesamtnutz- fläche von rund 16.460 m² und insgesamt 695 Kundenparkplätze.\nDer Kaufpreis für die am 24. Januar 2020 in den Besitz des Fonds übergegangene Immobilie betrug umgerechnet rund 67,5 Mio. EUR.\nEin Objekt wurde im Berichtszeitraum gekauft und wird erst\nnach dem Berichtszeitraum in den Bestand übergehen:\nSolna (SE), Rättarvägen 3 – Büroimmobilie „Solna United“\nDer Kaufvertrag für die in Solna in der Provinz Stockholm gele- genen Büroimmobilie wurde am 20. Februar 2020 unterzeichnet. Die im Oktober 2019 fertiggestellte Immobilie verfügt über eine Nutzfläche von rund 33.870 m², welche sich auf drei unterirdi- sche und bis zu zwölf oberirdische Geschosse erstreckt. In den drei unterirdischen Geschossen befinden sich Technikflächen und rund 300 Tiefgaragenplätze. Die oberen Geschosse sowie das Dach wurden so gestaltet, dass sich hier elf Terrassen sowie neun Konferenzräume befinden.\nDer Kaufpreis für die Immobilie beträgt umgerechnet rund\n315,0 Mio. EUR.\nEine Projektentwicklung wurde fertiggestellt:\nStratford (GB) - Büroimmobilie „S9 International Quarter“\nAm 21. Juni 2018 unterzeichnete das Fondsmanagement den\nKaufvertrag für die Projektentwicklung der Büroimmobilie\n„S9 International Quarter“ in Stratford, Großbritannien. Das neungeschossige Bürogebäude verfügt über eine Gesamt- mietfläche von rund 25.800 m². Die Fertigstellung erfolgte am\n22. August 2019. Der Ankauf erfolgte über eine Beteiligungsge- sellschaft als Joint Venture mit einem ebenfalls von DWS ver- walteten Immobilienfonds. An dem Joint Venture ist grundbesitz global zu 45% beteiligt.\nDer anteilige Ankaufspreis betrug umgerechnet insgesamt\nrund 121,5 Mio. EUR, die finale Kaufpreisrate wurde am\n13. September 2019 geleistet.\n\n## Immobilienverkäufe und Bestandsabgänge\nDer Verkaufspreis wird in Euro vor Abzug der Verkaufsneben kosten ausgewiesen.\nDrei Objekte wurden im Berichtszeitraum verkauft und sind im Berichtszeitraum aus dem Bestand des Fonds herausgegangen:\nParis (F), 7484 Boulevard Auguste Blanqui – Büroimmobilie „Le Monde”\nDas Fondsmanagement entschloss sich, die im Jahr 2004 fer tiggestellte und erworbene Büroimmobilie zu veräußern. Das Gebäude ist seit Fertigstellung an den gleichnamigen überregio nalen Medienverlag vermietet. Dieser beabsichtigt, das Gebäude im Jahr 2020 zu verlassen. Das Fondsmanagement hat die Ent scheidung zum Verkauf des Objekts nach Abwägung verschie dener Optionen in Bezug auf Neuvermietung, Modernisierung und Veräußerung getroffen.\nDer Kaufvertrag wurde am 14. Mai 2019 unterzeichnet. Der Ver kaufspreis betrug rund 165,0 Mio. EUR. Der Bestandsübergang erfolgte am 16. Juli 2019.\nSt.-Quentin-en-Yvelines (F), 1-7, Avenue San Fernando –\nBüroimmobilie „Energies Building“\nDas Fondsmanagement entschloss sich, die im Jahr 2001 als Neubau erworbene Büroimmobilie zu veräußern. Aufgrund des Gebäudealters entspricht die Immobilie nicht den heutigen An forderungen an Technik und Ausstattung, die Flächen sind auf einen alleinigen Mieter ausgelegt. Zum Zeitpunkt eines Mieter auszugs wären demzufolge umfangreiche Modernisierungsmaß nahmen mit hohen Investitionskosten wahrscheinlich, um eine Folgevermietung zu ermöglichen.\nDer Kaufvertrag wurde am 16. Juni 2019 unterzeichnet. Der Ver kaufspreis betrug rund 92,1 Mio. EUR. Der Bestandsübergang erfolgte am 13. September 2019.\nSeattle (USA), 4300 Roosevelt Way NE/ 4311 11th Avenue NE – Büroimmobilie „Roosevelt Commons“\nNachdem der Mietvertrag mit einem Hauptmieter verlängert und ein Mietvertrag mit einer bis dato leerstehenden Fläche zum Januar 2020 abgeschlossen wurde, hat sich das Fonds management entschlossen, die im Jahre 2002 errichtete und im Jahre 2005 erworbene Büroimmobilie zu veräußern. Die Gebäudestruktur und die technischen Anlagen der Immobilie entsprachen nicht mehr modernen Anforderungen an Büro immobilien. Künftige Vermietungen bei Ablauf bestehender Mietverträge hätten sich kostenintensiv gestalten können.\nDer Kaufvertrag wurde am 11. November 2019 unterzeichnet. Der Verkaufspreis betrug umgerechnet rund 136,6 Mio. EUR. Der Bestandsübergang erfolgte am 12. Dezember 2019.\n\n## Kredite und Währungsrisiken\nZum Stichtag 31. März 2020 hatte das Immobilien- Sondervermögen grundbesitz global Kreditverbindlich- keiten in einem Umfang von 834,7 Mio. EUR (31. März 2019:\n607,1 Mio. EUR). Davon waren 17,7% Euro-Kredite und 82,3% Fremdwährungskredite. Dabei stellen die Finanzierungen in US-Dollar in Höhe von 347,4 Mio. EUR (41,6%) den größten Teil dieser Verbindlichkeiten dar, gefolgt von Krediten in\nKoreanischen Won in Höhe von 129,5 Mio. EUR (15,5%). Kredite in Britischen Pfund bestehen in Höhe von 76,3 Mio. EUR (9,1%), daneben sind Finanzierungen in Australischen Dollar in Höhe von 74,4 Mio. EUR (8,9%) und Japanischen Yen in Höhe von 59,3 Mio. EUR (7,1%) zu nennen.\nDie Kreditaufnahmen für Rechnung des Sondervermögens zur Finanzierung direkt gehaltener Immobilien betragen zum Stich- tag 17,0 Mio. EUR (2,0%). Kreditaufnahmen der zum Sonderver- mögen gehörenden Immobilien-Gesellschaften belaufen sich auf 817,7 Mio. EUR (98,0%).\nIm Berichtszeitraum ist das Verhältnis von Krediten zum Ver- kehrswert aller Fondsimmobilien von 19,4% (31. März 2019) auf\n22,5% (31. März 2020) gestiegen.\nDer Fonds grundbesitz global wies zum Berichtsstichtag\n145,3 Mio. EUR (3,6% des Fondsvermögens) an offenen Fremd- währungspositionen auf, die nicht über Devisentermingeschäfte abgesichert waren.\n| Übersicht Kredite zum 31. März 2020 |\n| --- |\n| grundbesitz global | Kreditvolumen (direkt) in Mio. EUR | % des Verkehrswertes aller Fonds- immobilien | Kreditvolumen (indirekt über Beteiligungsges.) in Mio. EUR | % des Verkehrswertes aller Fonds- immobilien | Zinsbindungsrestlaufzeiten in % des Kreditvolumens unter\t1 bis 2\t2 bis 5\t5 bis 10 1 Jahr\t\tJahre\t\tJahre\t\tJahre | Ø-Zins- satz in % |\n| EUR | | | 147,8 | 4,0% | 10,0%\t7,8% | 1,43 |\n| USD | | | 347,4 | 9,4% | 3,2%\t0,0%\t20,5%\t18,0% | 3,56 |\n| GBP | | | 76,3 | 2,1% | 9,1% | 2,23 |\n| JPY | | | 59,3 | 1,6% | 4,3%\t2,8% | 0,96 |\n| KRW | 17,0 | 0,5% | 112,4 | 3,0% | 2,3%\t13,2% | 3,32 |\n| AUD | | | 74,4 | 2,0% | 2,4%\t6,5% | 3,83 |\n| Gesamt | 17,0 | 0,5% | 817,7 | 22,0% | 9,9%\t2,4%\t50,1%\t37,6% | |\n\n| Übersicht Währungsrisiken zum 31. März 2020 |\n| --- |\n| grundbesitz global | Offene Währungspositionen zum Berichtsstichtag in Landeswährung (T) | Devisenkurs zum Berichtsstichtag | Offene Währungspositionen zum Berichtsstichtag (TEUR) | % des Fondsvolumens pro Währungsraum |\n| USD | 9.357 | 1,10795 | 8.445 | 0,2 |\n| GBP | 6.196 | 0,89716 | 6.907 | 0,2 |\n| SEK | 440.126 | 11,04066 | 39.864 | 1,0 |\n| JPY | 6.266.003 | 119,67519 | 52.358 | 1,3 |\n| KRW | 43.680.787 | 1.356,57369 | 32.199 | 0,8 |\n| PLN | 23.273 | 4,53838 | 5.128 | 0,1 |\n| AUD | 654 | 1,80536 | 362 | 0,0 |\n| SGD1) | 96 | 1,58176 | 60 | 0,0 |\n| Gesamt | | | 145.324 | 3,6 |\n\n1) Resultiert aus einem geplanten, aber nicht realisierten Ankauf."},"date":{"kind":"string","value":"2020-03-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Activity report\nLadies and Gentlemen,\nin this annual report, the management of DWS Grundbesitz GmbH is pleased to inform you of the development of the real estate investment fund grundbesitz global in the period from April 1, 2019, through March 31, 2020.\n\n## Key events in the reporting period\nIn the period from April 1, 2019, through March 31, 2020, grundbesitz global posted a gain of 2.5% per unit in the RC unit class and 2.9% per unit in the IC unit class (data according to the BVI method). In the same period, EUR 695.4 million net flowed into the fund in the RC unit class and EUR 75.2 million net in the IC unit class, bringing net cash inflows for the entire year to EUR 770.6 million in total.\nTotal net asset value increased from EUR 3,224.8 million on March 31, 2019, to EUR 4,005.0 million at the end of business year on March 31, 2020 – taking into account the distribution for the previous business year. As of the reporting date, the net assets in the RC unit class were EUR 3,814.7 million and EUR 190.3 million in the IC unit class.\nWith this result, grundbesitz global can look back on a success- ful business year to March 31, 2020, although the spread of the COVID-19 pandemic as of March 2020 represented a turning point and the resulting developments have created an environ- ment of pronounced uncertainty. grundbesitz global was also unable to escape the impact of the negative market develop- ments and suffered temporary declines in net asset value per unit and therefore also in performance toward the end of the reporting period. The bonds held in the fund’s liquidity portfolio and forward currency transactions had a particularly dampening effect. In compensation for this, income from the property port- folio continued to develop positively in the same period.\nWith a total of EUR 834.7 million in loan liabilities, the debt ratio equalled 22.5% of real estate assets as of March 31, 2020, which is below the legally established limit of 30.0%.\nFund management activities focused on the further develop- ment of the grundbesitz global real estate portfolio. Besides managing the portfolio properties, this also particularly involves expanding the portfolio to include attractive new properties and selling buildings that in the opinion of the fund management will no longer be in line with the fund strategy in the medium to long term. In the reporting period, sixteen properties with\na total investment volume of around EUR 836.2 million were transferred to the portfolio of the investment fund and the sale\nof three office properties with a total sales volume of around EUR 393.7 million was concluded. The contract of sale for an office property in Solna, Stockholm, with an investment volume of around EUR 315.0 million was signed on February 20, 2020.\nAs planned, the property was not added to the fund portfolio in the reporting period. Construction work on the “S9 International Quarter” project development in the Greater London area was completed on schedule in August 2019.\nAcquisitions were made both in Europe (with investments made in Portugal, Finland, the UK and Italy) and in the United States. Investments were also made in the Asia-Pacific region, with acquisitions made in South Korea and Australia. Properties were sold in France and the United States. The acquisition volume is divided into the segments of retail, logistics, office, hotel and residential real estate.\nAs of March 31, 2020, the grundbesitz global real estate port- folio comprised a total of 55 properties (March 31, 2019: 42) of which ten were direct investments and 45 were held via holdings. Real estate assets based on market values were EUR 3,713.5 million as of the reporting date (March 31, 2019: EUR 3,133.1 million).\nFurther acquisition opportunities, which were still in the review stage, were reassessed against the background of the current situation and in individual cases temporarily postponed. How- ever, there will continue be a focus on active portfolio manage- ment so that we will be able to use market opportunities that arise, due to acquisitions and dispositions for example, to fur- ther optimize the portfolio. In the grundbesitz global portfolio, office, retail and logistics properties continue to dominate in terms of type of use. Further types of use such as residential properties and two hotels round off the portfolio.\nThe European portion of investments increased to 56.5% in the reporting period (March 31, 2019: 55.9%). These investments focus on the United Kingdom and Poland. As of the reporting date, the non-European portion comprised 21.3% investments in the Asia-Pacific economic region (Japan, South Korea and Australia: March 31, 2019: 22.9%) and 22.2% investments in the\nUnited States (March 31, 2019: 21.2%).\nAs of March 31, 2020, 96.0% of the total portfolio was let (mea- sured in terms of annual rental income fully let). Over the entire reporting period, the occupancy rate was 96.5% on average.\nIt is not currently possible to estimate the extent to which the restrictions connected with the coronavirus pandemic will have\na lasting effect on the occupancy situation, especially in the retail and hotel segments. Tenants have already approached DWS regarding the deferral of rent payments and similar mea- sures. The inquiries are being carefully reviewed from a legal and business perspective. Any future outstanding rents will con- tinue to be evaluated and risk provisions will be made for them in a timely manner, where necessary and permissible.\nThis is supported by the fund’s strong weighting in the office real estate sector, which in the current market environment is characterized by comparatively low vacancy rates and moderate new completion volumes.\nAs of March 31, 2020, it was not yet possible to determine the extent to which the COVID-19 pandemic and its associated con- sequences would affect the real estate markets or the fair values of the fund’s properties. However, it cannot be ruled out that there will be an impact on future performance. While logistics and residential properties could benefit, the fund management believes it is possible that retail and hotel properties will decline in value.\nIn its work, the fund management is always intensively sup- ported by the various departments at DWS, which is particularly evident in the current coronavirus pandemic. There is regular, close exchange with Asset Management, i.e., the property man- agers, regarding open items and the approach to the respective tenant. In particular, due to the global orientation of the portfo-\nlio, the legal conditions in the individual countries must also be taken into account; to this end, a uniform legal opinion has been obtained and is regularly updated.\nThe research experts ensure that up-to-date information on the development of the real estate markets and the economy as a whole is always available. Liquidity is an important component of the fund’s success. The Liquid Assets & Financing team advises the fund management on issues relating to property financing and liquidity investments, e.g., in the form of fixed- interest securities. The basis for all decisions made is a basic scenario adapted to the pandemic situation with the involve- ment of the Chief Investment Office with regard to investment strategies based on quantitative forecasts. This also forms the starting point for the review of purchase opportunities that have not yet been completed, as well as the fundamental consider- ations regarding the geographical and sectoral portfolio break- down, which the transaction teams take into account when considering future acquisitions.\nAlthough the coronavirus pandemic has temporarily pushed other priorities into the background, such as the UK’s with- drawal from the European Union in January, these issues will continue to be carefully monitored and incorporated into the fund strategy. This also applies to the ESG (“Environment – Social – Governance”) sustainability approach, which is one of the focus areas of DWS and could even gain in importance due to the after-effects of the current situation.\nYours sincerely,\nDWS Grundbesitz GmbH\nDr. Ulrich von Creytz\tDr. Grit Franke\tUlrich Steinmetz\nFrankfurt/Main, Germany, June 29, 2020\n\n## Overall economic environment\nWith a growth rate of 2.6%, the global economy developed more slowly in 2019 due to political and economic tensions, and did not show any noticeable revival at the end of the year. Although the global trade conflict calmed down toward the end of the year, additional fiscal policy stimuli seemed to have an increasingly limited effect. Nonetheless, leading economic indi- cators pointed in a positive direction for developments this year. However, the restrictions on public life and the economy result- ing from the COVID-19 pandemic in the first quarter of 2020 have substantially changed the economic outlook for the rest\nof the year. Now, due to massive restrictions, a severe global recession is expected in the first half of the year, which will affect all regions of the world, and especially the United States and Southern Europe, and should cause the global economy to contract by 4.8% in 2020. Estimates show that the global econ- omy contracted by more than 3% in the first quarter of 2020, as much as the entire contraction during the global financial crisis.\nWhile the U.S. economy grew by 2.3% in 2019, the decline in gross domestic product in the first quarter of 2020 was 1.2% compared to the previous quarter, although the full extent of the crisis compared to Europe is likely to become apparent only later. In particular, consumer spending, private investment and trade volumes slumped significantly. In the first six weeks of the restrictions on contact and other restrictions, 30 million unemployment applications were received in the United States. Accordingly, strongly negative economic growth of -7.0% is expected for the current year.\nIn Asia, economic growth slowed down overall during 2019. In addition, the region was most severely affected by the corona- virus crisis in the first quarter, but is expected to return to growth in the current quarter. China’s gross domestic product fell by 6.8% in the first quarter compared with the same quarter of the previous year, but it is the only major economy that is expected to grow slightly over the year as a whole. After a sharp slump, the Chinese purchasing managers’ index has already recovered to its level prior to the outbreak of the pandemic. The Japanese economy also contracted in the first quarter, although by a comparatively moderate -0.6% year-on-year.\nIn Europe, the manufacturing sector continued to report gener- ally weak figures at the end of 2019, and geopolitical tensions also remained. As a result, only weak economic growth of 0.1% was reported in the fourth quarter compared to the previous quarter, bringing economic growth for the full year 2019 to 1.2%. The European economy also contracted by 3.8% in the first quarter as a result of the coronavirus crisis compared with the previous quarter, which is considered to be the sharpest decline since recording began in 1995. In addition, the Euro- pean Purchasing Managers’ Index fell to a record low of 13.5 in April (compared to a low of 36.2 during the financial crisis), but recovered somewhat in May. Highly indebted Italy and Spain are likely to be hit particularly hard, with both countries also\nexpected to suffer more from a lack of tourism spending. Due to the current situation surrounding COVID-19, the European Cen- tral Bank was forced to announce a comprehensive package of measures in addition to those already introduced by the national governments. This package also includes quantitative easing, i.e., the purchase of private or public securities, in the amount of EUR 750 billion. Compared with the financial crisis, the coordi- nated and comprehensive packages of measures in 2020 should have a dampening effect on the current economic distortions.\nHowever, once the situation surrounding the coronavirus has eased, a rapid global recovery is expected for 2021.\n(Data sources: HDE 04/2020, Oxford Economics 01-05/2020, Eurostat 04/2020)\n\n## Developments in the capital markets\nYields in the capital markets fell significantly into negative territory in the reporting period from April 1, 2019, through March 31, 2020. Yields on ten-year German government bonds were near zero at -3 basis points on April 1, 2019, and stood at\n-0.51% p.a. at the end of the reporting period.\nYields on short-term German government bonds traded in neg- ative territory in a range of 35 basis points. One-year German government bonds yielded -0.55% p.a. on April 1, 2019, and\n-0.67% p.a. on March 31, 2020.\nThe European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019.\n(Data source: Bloomberg)\n\n## Global real estate markets\nThe moderate economic development in 2019 was also reflected in the global real estate markets, although the majority of the markets we observed continued to develop positively. However, the coronavirus crisis has also fundamentally changed the out- look for the real estate market. Geographically, the effects of the coronavirus crisis are likely to be felt more strongly in Europe and the United States than in Asia.\nLast year, the office markets benefited from high employment growth in Europe and in the United States from the extension of contracts concluded in the wake of the financial crisis to now higher market rental levels. Overall, this was reflected in strong rental growth and low vacancy rates. Demand for office\nspace also recovered in Asia during 2019, leading to rising rents. The office segment is likely to be less affected by the corona- virus crisis than other segments. Surveys point to a decline in demand for space in the first quarter, which suggests that space turnover will continue to slow over the rest of the year. Never- theless, significant increases in vacancies or rent losses remain rather unlikely. Nonetheless, rent levels in the European office markets are likely to fall by an average of 6% in 2020, which should be followed by a recovery process next year.\nGlobal logistics markets turned in a positive performance last year. For example, demand for space remained high in 2019, although project development volumes grew at the same time, especially in Europe. In the United States, almost all sub- markets and sub-segments benefited from the good economic fundamentals and the continuing upturn in e-commerce, while in Asia rising domestic consumption made a positive contri- bution. In the current situation, a differentiated view must be taken of the logistics sector, as it is suffering from disruptions in supply chains and close links to the manufacturing industry (e.g., contract logistics providers) on the one hand, but is likely to benefit from sharp increases in online trading on the other.\nThis trend is likely to make logistics properties near cities even more attractive. This contrasts with the performance in the retail segment, which was also subjected to further pressure to adapt at the end of 2019 across all regions.\nThe already battered retail segment is likely to be severely affected by the coronavirus crisis. Forced store closures will lead to rent losses and increasing insolvency risks. In March, for example, sales in the German non-food retail sector dropped by 10% compared with the same month of the previous year, and sales in the textile retail sector fell by more than half. This trend is also reflected in the German GfK consumer climate index, which fell by 10 basis points from a relatively stable index level to a historic low of -23.4 points for May, marking an extremely sharp and rapid decline. In June, the index recovered slightly to\n-18.9 points. This means that the retail sector in particular, with its focus on the textile industry, is likely to struggle with further declining rent levels in the current year. In addition, a prolonged\nperiod of weakness is to be expected as a result of the currently rising market penetration and increasing “habituation effects” of online retail.\nIn 2019, the residential segment and the hotel segment per- formed positively, benefiting equally from high demand and a trend toward falling vacancies or rising occupancy. However, it has turned out that hotel occupancy rates in April 2020 in Europe and the United States averaged only 8% and 20%, respectively. Accordingly, as in the retail segment, short-term declines in rents are to be expected, as well as increased rent losses and a higher risk of insolvency.\nResidential rents are also likely to fall slightly in the short term due to rising unemployment and falling household incomes, although the residential segment is considered relatively stable due to its inelastic demand. Delays in completions could also further reduce the supply of housing and create pressure on rents.\n(Data sources: DWS 01-05/2020, PMA 05/2020, HDE 04/2020, GfK 04-05/2020, STR 04/2020)\n\n## Global investment markets\nIn the global investment markets, momentum in the first quarter of 2020 remained comparable to the previous year. The annual global transaction volume remained at approximately the pre- vious year’s level at around EUR 1,470 billion, although there were slight regional differences. Both the U.S. and European real estate markets grew by around 10% in the first quarter of 2020, while the UK recorded a lower volume. Asia, on the other hand, remained the world region with the highest turnover, but was down slightly compared to the same quarter in the previous year. On a sectoral level, retail and office real estate declined, while the logistics and residential segments recorded significant growth. Although the momentum on the investment markets\nin Europe in the first quarter of 2020 apparently remained rela- tively unaffected by the coronavirus crisis, it is likely to weaken significantly in the coming months. Demand is likely to remain particularly strong for top-quality properties and opportunistic properties. The available capital commitments and investment pressure remained high last year amid financing conditions that were still favorable. The development of initial yields could also be viewed as further evidence of ongoing investor interest in the real estate market. These yields fell overall and real estate thus appreciated again. Although yield compression slowed in some market segments and locations, it generally continued through the end of 2019 (with the exception of retail properties).\nThe coronavirus crisis is likely to lead to rising initial yields and declining transaction volumes in the short term. The main reasons for this lie in particular in the increased uncertainty in the market and the expectation of falling rent levels, but also in delayed purchase processes. This is likely to affect the retail and hotel segments in particular, but also the office markets,\nwhile residential should be stable and urban logistics properties should even profit from this trend. As a result of the persistently low interest rate environment and the recent increase in the relative attractiveness of real estate investments due to a rise\nin risk premiums, we expect yields to start compressing again from 2021. Given this, our medium to long-term view of the real estate markets remains positive.\n(Data sources: DWS 01-05/2020, RCA 04/2020)\n\n## The grundbesitz global investment strategy\nThe investment objectives of the investment fund are the gen- eration of regular income from rents and interest, and apprecia- tion. The investment fund pursues a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible. The investment strategy of the investment fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it through- out the term of the investment fund. The asset management company invests in North America, Asia, Australia and Europe for the account of the investment fund. Details of the countries in question and the maximum share of the investment fund value permitted for investment in the respective country are provided in the appendix to the Special Investment Conditions. The real estate held by the investment fund is situated in good to very good locations in established real estate markets. The aim is basically to invest in properties with long-term tenants\nof sound financial standing. The transaction strategy is geared toward the various global real estate cycles. The investment fund predominantly invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties. During the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of considerations. In this regard, the asset management company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Company considers this to be in the interests of the investors. The assessment likewise includes the economic and location-related opportunities and risks.\nAlongside properties that already exist or are under construc- tion, sites for development projects may also be acquired. How- ever, the focal point of investments is existing buildings.\n\n## Net asset value and cash inflows/outflows\nNet cash inflows in the reporting period from April 1, 2019, until March 31, 2020, stood at EUR 770.6 million. Total net asset value stood at EUR 4,005.0 million as of March 31, 2020.\nAs of March 31, 2020, property/holding assets amounted to EUR 2,548.7 million, while liquid assets stood at\nEUR 1,081.5 million. Liquid assets are managed in accordance with a fixed investment process. Interest rate and price fore- casts are subject to technical and fundamental analysis. In the reporting period, liquid assets were invested primarily in overnight money and time deposits as well as fixed-interest\nsecurities such as government bonds and corporate bonds from European issuers with a rating of good to very good (investment grade). Futures were used occasionally for duration control.\n\n## Results of the fund\nDuring the past business year 2019/2020, the fund posted a gain of 2.5% per unit in the RC unit class and a gain of 2.9% per unit in the IC unit class (both according to the BVI method).\nThe distribution in the RC unit class on July 15, 2020, was EUR 1.15. The total return on investment in the RC unit class is EUR 1.28 per unit. Investors in the IC unit class receive a distribution in the amount of EUR 1.35. The total return on\ninvestment in the IC unit class is EUR 1.52 per unit. Information on taxation is included in the “Tax information for the investor” following this report.\nThe positive performance of the fund is illustrated in the follow- ing overview.\n| Performance according to the BVI method (As of: March 31, 2020) |\n| --- |\n| | RC unit class | Annual average | IC unit class | Annual average |\n| 1 year | 2.5% | | 2.9% | |\n| 2 years | 5.1% | 2.5% | 6.0% | 3.0% |\n| 3 years | 7.3% | 2.4% | 8.7% | 2.8% |\n| 5 years | 11.4% | 2.2% | 13.8% | 2.6% |\n| 10 years | 24.2% | 2.2% | 29.3% | 2.6% |\n| 15 years | 58.5% | 3.1% | | |\n| Since inception* | 92.6% | 3.4% | 38.5% | 2.8% |\n\n* Fund inception: July 25, 2000, IC unit class, April 1, 2008.\nCalculation of performance is based on the time-weighted return and excludes the initial sales charge. Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included.\nPast performance is not a reliable indicator of future performance.\n\n## The grundbesitz global real estate portfolio\nAs of the reporting date, the grundbesitz global portfolio com- prised 55 properties, of which ten are directly held properties with market values totaling EUR 798.4 million.\nForty-five properties with a total volume of EUR 2,915.2 million are held through special purpose vehicles. grundbesitz global has a stake in 14 special purpose vehicles through joint ventures with other special real estate investment funds that are also managed by DWS.\n\n## Types of use of fund properties\nOffice properties constitute the dominant share of the portfolio in terms of both rental area and annual rental income fully let.\n\n## Geographical distribution of fund properties\nGeographical distribution of fund properties\nProperties in the United States, Japan and the United Kingdom currently form the focus of the real estate portfolio.\nSize classification of fund properties\n\n## Commercial age structure of fund properties\tSize classification of fund properties\n| Property according to size classification |\n| --- |\n| Up to EUR 10 million | EUR 39.3 million | 1.1% | 5 properties |\n| EUR 10 to 25 million | EUR 56.3 million | 1.5% | 4 properties |\n| EUR 25 to 50 million | EUR 595.5 million | 16.0% | 16 properties |\n| EUR 50 to 100 million | EUR 1,429.8 million | 38.5% | 19 properties |\n| EUR 100 to 150 million | EUR 825.6 million | 22.2% | 7 properties |\n| EUR 150 to 200 million | EUR 319.3 million | 8.6% | 2 properties |\n| Over EUR 200 million | EUR 447.8 million | 12.1% | 2 properties |\n| Total | EUR 3,713.5 million | 100.0% | 55 properties |\n\nProperty acquisitions and transfers to the portfolio\nFurther information on the following properties is available in the index of properties and the list of acquisitions and dispo- sitions. Purchase prices are expressed in euro; with foreign currencies, the exchange rate at the time of the transfer of own- ership of the property is used.\nA distinction is made between the time the contract of sale for a property is signed (the “signing”) and the time of the transfer of the property into the fund’s real estate portfolio (the “closing”). The respective property is only listed in the index of properties after the “closing”. In the case of project developments, closing may take place during the construction phase or only after com- pletion, depending on the contract formulation.\n16 properties were acquired and added to the fund portfolio in the reporting period:\nLeiria (P), Alto do Vieiro – “Leiria Shopping” retail property\nOn April 3, 2019, the fund management signed the contract for the purchase of the “Leiria Shopping” shopping center in Leiria, Portugal on which construction had been completed in 2010.\nThe two-story center has around 24,500 sqm of lettable space, divided into 130 rental units and around 1,900 indoor and out- door parking spaces.\nThe purchase price was around EUR 128.0 million and owner- ship was also transferred on April 3, 2019.\nVantaa (FIN), Katriinantie 20 – Logistics property\nOn June 19, 2019, the fund management signed the contract of sale for the purchase of two logistics properties on which con- struction had been completed in 2009. The two properties with a total rental area of around 38,800 sqm are located on a site of around 75,000 sqm near the city of Vantaa in the Aviapolis area, directly adjacent to Helsinki International Airport. Almost all of the space is let to three logistics companies.\nThe purchase price for the property was around EUR 63.9 million; ownership was transferred on June 19, 2019.\nBarberino di Mugello (I), Via Antonio Meucci – “Barberino Factory Outlet” retail property\nWith the signing of the contract of sale on July 11, 2019, the fund acquired the shopping center built in 2006. The outlet center has 26,535 sqm of rental space, distributed over\n128 shop units. Over 2,113 indoor and outdoor parking spaces\nare available to visitors free of charge. The purchase price paid for the property, which was transferred to fund ownership on July 11, 2019, was around EUR 234.5 million.\nBirmingham, Edinburgh, Glasgow, Leeds, Manchester, Newcastle (GB) – “Vita Student Portfolio” retail property\nOn August 7, 2019, the fund management signed the contract of sale for a residential real estate portfolio with eight properties for student housing in the United Kingdom. The approximately 3,200 beds are located in six central locations in the university cities of Edinburgh, Manchester, Birmingham, Glasgow, Leeds and Newcastle. The buildings are equipped with studio rooms in the premium segment and have above-average room sizes and facilities for student accommodation. The acquisition took place via a holding company as a joint venture with another\nreal estate investment fund that is also managed by DWS. grundbesitz global has a 12.6% stake in the joint venture.\nThe converted prorata purchase price was around EUR 81.5 million. Ownership was transferred on August 14, 2019.\nWest Covina (USA), 2753 Eastland Center Drive – “Eastland Center” retail property\nWith the signing of the contract of sale on August 21, 2019, the fund acquired the “Eastland Center” retail property in West Covina, Los Angeles. The shopping center, which was built in 1957, has approximately 75,000 sqm of rental space for retail and gastronomy as well as around 3,300 parking spaces. The acquisition took place via a holding company as a joint venture with a special real estate fund that is also managed by DWS. grundbesitz global has a 49% stake in the joint venture.\nThe converted prorata purchase price was around EUR 80.3 million. Ownership was transferred on December 9, 2019.\nCanberra (AUS), 197 London Circuit – “The Sebel” hotel property\nOn December 5, 2019, the fund management signed the con- tract of sale for the hotel property in Canberra, which was built in 1965 and was completely renovated in 2019. The property, which has a rental space of approximately 6,800 sqm, is leased long-term to a division of the Accor Group. Besides 144 hotel rooms, the property also has a smaller gastronomy space on the ground floor.\nThe converted purchase price paid for the property, which was transferred to the fund portfolio on December 20, 2019, was around EUR 29.6 million.\nGimpo (ROK), 725 Jeonho-ri – “Sungkwang Logistics” logistics property\nWith the signing of the contract of sale on January 14, 2020, the fund acquired the “Sungkwang Logistics” logistics property in Gimpo, approximately 30 km west of the capital Seoul. The Class A building, which was constructed in 2016, has a rental space of approximately 30,000 sqm and is designed for multiple tenants.\nThe converted purchase price paid for the property, which was transferred to the fund portfolio on January 14, 2020, was around EUR 48.7 million.\nHouston (USA), 2925 Richmond Avenue – “Kirby Grove” office property\nThe contract of sale for the office property, which was com- pleted in 2016, was signed on December 20, 2019. The total rental space of around 23,000 sqm is spread among a total of 16 floors. The rental space varies between around 230 sqm and around 6,000 sqm, which allows the property to be used for both small-scale rentals and full-floor rentals to a single tenant.\nThe converted purchase price paid for the property, which was transferred to the fund portfolio on January 24, 2020, was around EUR 102.2 million.\nOak Brook (USA), 2155 West 22nd Street – “The Shops at Oak Brook Place” retail property\nOn December 24, 2019, the fund management signed the con- tract for the purchase of the shopping center “The Shops at Oak Brook Place”, a western suburb of Chicago. The shopping center, which was built in 1996, has approximately 16,460 sqm of rental space and a total of 695 parking spaces.\nThe converted purchase price paid for the property, which was transferred to the fund portfolio on January 24, 2020, was around EUR 67.5 million.\nOne property was purchased in the reporting period and will not be added to the fund portfolio until the next reporting period:\nSolna (SE), Rättarvägen 3 – “Solna United” office property\nThe contract of sale for the office property located in Solna in the province of Stockholm was signed on February 20, 2020. The property, which was completed in October 2019, has a rental space of around 33,870 sqm, which extends over three underground and twelve above-ground floors. The three under- ground floors contain technical areas and around 300 under- ground parking spaces. The upper floors as well as the roof were designed to accommodate eleven terraces and nine con- ference rooms.\nThe converted purchase price for the property amounted to around EUR 315.0 million.\nOne project development was completed:\nStratford (GB) –“S9 International Quarter” office property\nOn June 21, 2018, the fund management signed the contract of sale for the project development for the “S9 International Quarter” office property in Stratford, United Kingdom. The nine-story office building has a total rental area of around 25,800 sqm. It was completed on August 22, 2019. The acqui- sition took place via a holding company as a joint venture with a real estate fund that is also managed by DWS. grundbesitz global has a 45% stake in the joint venture.\nThe converted pro rata purchase price was around\nEUR 121.5 million. The final purchase price installment was made on September 13, 2019.\n\n## Property dispositions and transfers from the portfolio\nThe sales price is expressed in euro before deduction of incidental selling costs.\nThree properties were sold in the reporting period and removed from the fund portfolio in the reporting period:\nParis (F), 74-84 Boulevard Auguste Blanqui – “Le Monde” Office property\nThe fund management decided to sell the office building that was completed and acquired in 2004. The building has been leased to the national media publisher of the same name since completion. The tenant intends to leave the building in 2020. The fund management made the decision to sell the property after weighing up various options with regard to re-letting, mod- ernization and sale.\nThe contract of sale was signed on May 14, 2019. The sale price was around EUR 165.0 million. Ownership was transferred on July 16, 2019.\nSt.-Quentin-en-Yvelines (F), 1-7, Avenue San Fernando – “Energies Building” Office property\nThe fund management decided to sell the office property that was acquired in 2001 as a new building. Due to the age of the building, the property does not meet today’s requirements in terms of technology and equipment; the space is designed for a single tenant. When the tenant moves out, extensive modern-\nization measures with high investment costs would therefore be likely in order to enable subsequent letting.\nThe contract of sale was signed on June 16, 2019. The sale price was around EUR 92.1 million. Ownership was transferred on September 13, 2019.\nSeattle (USA), 4300 Roosevelt Way NE/ 4311 11th Avenue NE – “Roosevelt Commons” office property\nFollowing the extension of the lease with a main tenant and the conclusion of a lease agreement with a previously vacant space as of January 2020, the fund management decided to sell the office property, which was constructed in 2002 and acquired in 2005. The building structure and technical installations of the property no longer met modern requirements for office prop- erties. Future lettings when existing leases expired could have turned out to be costly.\nThe contract of sale was signed on November 11, 2019. The converted sales prices was around EUR 136.6 million. It was transferred from the portfolio on December 12, 2019.\n\n## Borrowed capital and currency risks\nAs of the reporting date March 31, 2020, the real estate invest- ment fund grundbesitz global had loan liabilities amounting\nto EUR 834.7 million (March 31, 2019: EUR 607.1 million) of which 17.7% were euro-denominated loans and 82.3% were foreign currency loans. Financing in U.S. dollars amount- ing to EUR 347.4 million (41.6%) constituted the majority of these liabilities, followed by loans in Korean won amounting\nto EUR 129.5 million (15.5%). Loans in British pounds exist in the amount of EUR 76.3 million (9.1%), as well as financing in Australian dollars in the amount of EUR 74.4 million (8.9%) and Japanese yen in the amount of EUR 59.3 million (7.1%).\nLoans for the account of the investment fund to finance direct holdings in real estate amounted to EUR 17.0 million (2.0%) as of the reporting date. Loans of the special pur- pose vehicles belonging to the investment fund amounted to EUR 817.7 million (98.0%).\nIn the reporting period, the ratio of borrowed capital to the market value of all fund properties increased from 19.4% (March 31, 2019) to 22.5% (March 31, 2020).\nAs of the reporting date, the fund grundbesitz global held open foreign currency positions of EUR 145.3 million (3.6% of the fund’s net asset value) not hedged through currency forward agreements.\n| Overview of borrowings as of March 31, 2020 |\n| --- |\n| grundbesitz global | Total borrowings (direct) in EUR million | % of the market value of all fund properties | Total borrowings (indirect via holding companies) in EUR million | % of the market value of all fund properties | Less than 1 year | Remaining loan terms as a % of total borrowings 1 to\t2 to\t5 to 2 years\t5 years\t10 years | Av. interest rate in % |\n| EUR | | | 147.8 | 4.0% | | 10.0%\t7.8% | 1.43 |\n| USD | | | 347.4 | 9.4% | 3.2% | 0.0%\t20.5%\t18.0% | 3.56 |\n| GBP | | | 76.3 | 2.1% | | 9.1% | 2.23 |\n| JPY | | | 59.3 | 1.6% | 4.3% | 2.8% | 0.96 |\n| KRW | 17.0 | 0.5% | 112.4 | 3.0% | 2.3% | 13.2% | 3.32 |\n| AUD | | | 74.4 | 2.0% | | 2.4%\t6.5% | 3.83 |\n| Total | 17.0 | 0.5% | 817.7 | 22.0% | 9.9% | 2.4%\t50.1%\t37.6% | |\n\n| Overview of currency risks as of March 31, 2020 |\n| --- |\n| grundbesitz global | Open currency positions as of the reporting date in the local currency (thousands) | Exchange rate as of the reporting date | Open currency positions as of the reporting date (TEUR) | % of fund assets per currency area |\n| USD | 9,357 | 1.10795 | 8,445 | 0.2 |\n| GBP | 6,196 | 0.89716 | 6,907 | 0.2 |\n| SEK | 440,126 | 11.04066 | 39,864 | 1.0 |\n| JPY | 6,266,003 | 119.67519 | 52,358 | 1.3 |\n| KRW | 43,680,787 | 1,356.57369 | 32,199 | 0.8 |\n| PLN | 23,273 | 4.53838 | 5,128 | 0.1 |\n| AUD | 654 | 1.80536 | 362 | 0.0 |\n| SGD1 | 96 | 1.58176 | 60 | 0.0 |\n| Total | | | 145,324 | 3.6 |\n\n1 Results from an acquisition that was planned but not realized."},"unique id":{"kind":"number","value":108297,"string":"108,297"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Activity report","Ladies and Gentlemen,","in this annual report, the management of DWS Grundbesitz GmbH is pleased to inform you of the development of the real estate investment fund grundbesitz global in the period from April 1, 2019, through March 31, 2020.","## Key events in the reporting period","In the period from April 1, 2019, through March 31, 2020, grundbesitz global posted a gain of 2.5% per unit in the RC unit class and 2.9% per unit in the IC unit class (data according to the BVI method).","In the same period, EUR 695.4 million net flowed into the fund in the RC unit class and EUR 75.2 million net in the IC unit class, bringing net cash inflows for the entire year to EUR 770.6 million in total.","Total net asset value increased from EUR 3,224.8 million on March 31, 2019, to EUR 4,005.0 million at the end of business year on March 31, 2020 – taking into account the distribution for the previous business year.","As of the reporting date, the net assets in the RC unit class were EUR 3,814.7 million and EUR 190.3 million in the IC unit class.","With this result, grundbesitz global can look back on a success- ful business year to March 31, 2020, although the spread of the COVID-19 pandemic as of March 2020 represented a turning point and the resulting developments have created an environ- ment of pronounced uncertainty.","grundbesitz global was also unable to escape the impact of the negative market develop- ments and suffered temporary declines in net asset value per unit and therefore also in performance toward the end of the reporting period.","The bonds held in the fund’s liquidity portfolio and forward currency transactions had a particularly dampening effect.","In compensation for this, income from the property port- folio continued to develop positively in the same period.","With a total of EUR 834.7 million in loan liabilities, the debt ratio equalled 22.5% of real estate assets as of March 31, 2020, which is below the legally established limit of 30.0%.","Fund management activities focused on the further develop- ment of the grundbesitz global real estate portfolio.","Besides managing the portfolio properties, this also particularly involves expanding the portfolio to include attractive new properties and selling buildings that in the opinion of the fund management will no longer be in line with the fund strategy in the medium to long term.","In the reporting period, sixteen properties with","a total investment volume of around EUR 836.2 million were transferred to the portfolio of the investment fund and the sale","of three office properties with a total sales volume of around EUR 393.7 million was concluded.","The contract of sale for an office property in Solna, Stockholm, with an investment volume of around EUR 315.0 million was signed on February 20, 2020.","As planned, the property was not added to the fund portfolio in the reporting period.","Construction work on the “S9 International Quarter” project development in the Greater London area was completed on schedule in August 2019.","Acquisitions were made both in Europe (with investments made in Portugal, Finland, the UK and Italy) and in the United States.","Investments were also made in the Asia-Pacific region, with acquisitions made in South Korea and Australia.","Properties were sold in France and the United States.","The acquisition volume is divided into the segments of retail, logistics, office, hotel and residential real estate.","As of March 31, 2020, the grundbesitz global real estate port- folio comprised a total of 55 properties (March 31, 2019: 42) of which ten were direct investments and 45 were held via holdings.","Real estate assets based on market values were EUR 3,713.5 million as of the reporting date (March 31, 2019: EUR 3,133.1 million).","Further acquisition opportunities, which were still in the review stage, were reassessed against the background of the current situation and in individual cases temporarily postponed.","How- ever, there will continue be a focus on active portfolio manage- ment so that we will be able to use market opportunities that arise, due to acquisitions and dispositions for example, to fur- ther optimize the portfolio.","In the grundbesitz global portfolio, office, retail and logistics properties continue to dominate in terms of type of use.","Further types of use such as residential properties and two hotels round off the portfolio.","The European portion of investments increased to 56.5% in the reporting period (March 31, 2019: 55.9%).","These investments focus on the United Kingdom and Poland.","As of the reporting date, the non-European portion comprised 21.3% investments in the Asia-Pacific economic region (Japan, South Korea and Australia: March 31, 2019: 22.9%) and 22.2% investments in the","United States (March 31, 2019: 21.2%).","As of March 31, 2020, 96.0% of the total portfolio was let (mea- sured in terms of annual rental income fully let).","Over the entire reporting period, the occupancy rate was 96.5% on average.","It is not currently possible to estimate the extent to which the restrictions connected with the coronavirus pandemic will have","a lasting effect on the occupancy situation, especially in the retail and hotel segments.","Tenants have already approached DWS regarding the deferral of rent payments and similar mea- sures.","The inquiries are being carefully reviewed from a legal and business perspective.","Any future outstanding rents will con- tinue to be evaluated and risk provisions will be made for them in a timely manner, where necessary and permissible.","This is supported by the fund’s strong weighting in the office real estate sector, which in the current market environment is characterized by comparatively low vacancy rates and moderate new completion volumes.","As of March 31, 2020, it was not yet possible to determine the extent to which the COVID-19 pandemic and its associated con- sequences would affect the real estate markets or the fair values of the fund’s properties.","However, it cannot be ruled out that there will be an impact on future performance.","While logistics and residential properties could benefit, the fund management believes it is possible that retail and hotel properties will decline in value.","In its work, the fund management is always intensively sup- ported by the various departments at DWS, which is particularly evident in the current coronavirus pandemic.","There is regular, close exchange with Asset Management, i.e., the property man- agers, regarding open items and the approach to the respective tenant.","In particular, due to the global orientation of the portfo-","lio, the legal conditions in the individual countries must also be taken into account; to this end, a uniform legal opinion has been obtained and is regularly updated.","The research experts ensure that up-to-date information on the development of the real estate markets and the economy as a whole is always available.","Liquidity is an important component of the fund’s success.","The Liquid Assets & Financing team advises the fund management on issues relating to property financing and liquidity investments, e.g., in the form of fixed- interest securities.","The basis for all decisions made is a basic scenario adapted to the pandemic situation with the involve- ment of the Chief Investment Office with regard to investment strategies based on quantitative forecasts.","This also forms the starting point for the review of purchase opportunities that have not yet been completed, as well as the fundamental consider- ations regarding the geographical and sectoral portfolio break- down, which the transaction teams take into account when considering future acquisitions.","Although the coronavirus pandemic has temporarily pushed other priorities into the background, such as the UK’s with- drawal from the European Union in January, these issues will continue to be carefully monitored and incorporated into the fund strategy.","This also applies to the ESG (“Environment – Social – Governance”) sustainability approach, which is one of the focus areas of DWS and could even gain in importance due to the after-effects of the current situation.","Yours sincerely,","DWS Grundbesitz GmbH","Dr. Ulrich von Creytz\tDr. Grit Franke\tUlrich Steinmetz","Frankfurt/Main, Germany, June 29, 2020","## Overall economic environment","With a growth rate of 2.6%, the global economy developed more slowly in 2019 due to political and economic tensions, and did not show any noticeable revival at the end of the year.","Although the global trade conflict calmed down toward the end of the year, additional fiscal policy stimuli seemed to have an increasingly limited effect.","Nonetheless, leading economic indi- cators pointed in a positive direction for developments this year.","However, the restrictions on public life and the economy result- ing from the COVID-19 pandemic in the first quarter of 2020 have substantially changed the economic outlook for the rest","of the year.","Now, due to massive restrictions, a severe global recession is expected in the first half of the year, which will affect all regions of the world, and especially the United States and Southern Europe, and should cause the global economy to contract by 4.8% in 2020.","Estimates show that the global econ- omy contracted by more than 3% in the first quarter of 2020, as much as the entire contraction during the global financial crisis.","While the U.S. economy grew by 2.3% in 2019, the decline in gross domestic product in the first quarter of 2020 was 1.2% compared to the previous quarter, although the full extent of the crisis compared to Europe is likely to become apparent only later.","In particular, consumer spending, private investment and trade volumes slumped significantly.","In the first six weeks of the restrictions on contact and other restrictions, 30 million unemployment applications were received in the United States.","Accordingly, strongly negative economic growth of -7.0% is expected for the current year.","In Asia, economic growth slowed down overall during 2019.","In addition, the region was most severely affected by the corona- virus crisis in the first quarter, but is expected to return to growth in the current quarter.","China’s gross domestic product fell by 6.8% in the first quarter compared with the same quarter of the previous year, but it is the only major economy that is expected to grow slightly over the year as a whole.","After a sharp slump, the Chinese purchasing managers’ index has already recovered to its level prior to the outbreak of the pandemic.","The Japanese economy also contracted in the first quarter, although by a comparatively moderate -0.6% year-on-year.","In Europe, the manufacturing sector continued to report gener- ally weak figures at the end of 2019, and geopolitical tensions also remained.","As a result, only weak economic growth of 0.1% was reported in the fourth quarter compared to the previous quarter, bringing economic growth for the full year 2019 to 1.2%.","The European economy also contracted by 3.8% in the first quarter as a result of the coronavirus crisis compared with the previous quarter, which is considered to be the sharpest decline since recording began in 1995.","In addition, the Euro- pean Purchasing Managers’ Index fell to a record low of 13.5 in April (compared to a low of 36.2 during the financial crisis), but recovered somewhat in May.","Highly indebted Italy and Spain are likely to be hit particularly hard, with both countries also","expected to suffer more from a lack of tourism spending.","Due to the current situation surrounding COVID-19, the European Cen- tral Bank was forced to announce a comprehensive package of measures in addition to those already introduced by the national governments.","This package also includes quantitative easing, i.e., the purchase of private or public securities, in the amount of EUR 750 billion.","Compared with the financial crisis, the coordi- nated and comprehensive packages of measures in 2020 should have a dampening effect on the current economic distortions.","However, once the situation surrounding the coronavirus has eased, a rapid global recovery is expected for 2021.","(Data sources: HDE 04/2020, Oxford Economics 01-05/2020, Eurostat 04/2020)","## Developments in the capital markets","Yields in the capital markets fell significantly into negative territory in the reporting period from April 1, 2019, through March 31, 2020.","Yields on ten-year German government bonds were near zero at -3 basis points on April 1, 2019, and stood at","-0.51% p.a. at the end of the reporting period.","Yields on short-term German government bonds traded in neg- ative territory in a range of 35 basis points.","One-year German government bonds yielded -0.55% p.a. on April 1, 2019, and","-0.67% p.a. on March 31, 2020.","The European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019.","(Data source: Bloomberg)","## Global real estate markets","The moderate economic development in 2019 was also reflected in the global real estate markets, although the majority of the markets we observed continued to develop positively.","However, the coronavirus crisis has also fundamentally changed the out- look for the real estate market.","Geographically, the effects of the coronavirus crisis are likely to be felt more strongly in Europe and the United States than in Asia.","Last year, the office markets benefited from high employment growth in Europe and in the United States from the extension of contracts concluded in the wake of the financial crisis to now higher market rental levels.","Overall, this was reflected in strong rental growth and low vacancy rates.","Demand for office","space also recovered in Asia during 2019, leading to rising rents.","The office segment is likely to be less affected by the corona- virus crisis than other segments.","Surveys point to a decline in demand for space in the first quarter, which suggests that space turnover will continue to slow over the rest of the year.","Never- theless, significant increases in vacancies or rent losses remain rather unlikely.","Nonetheless, rent levels in the European office markets are likely to fall by an average of 6% in 2020, which should be followed by a recovery process next year.","Global logistics markets turned in a positive performance last year.","For example, demand for space remained high in 2019, although project development volumes grew at the same time, especially in Europe.","In the United States, almost all sub- markets and sub-segments benefited from the good economic fundamentals and the continuing upturn in e-commerce, while in Asia rising domestic consumption made a positive contri- bution.","In the current situation, a differentiated view must be taken of the logistics sector, as it is suffering from disruptions in supply chains and close links to the manufacturing industry (e.g., contract logistics providers) on the one hand, but is likely to benefit from sharp increases in online trading on the other.","This trend is likely to make logistics properties near cities even more attractive.","This contrasts with the performance in the retail segment, which was also subjected to further pressure to adapt at the end of 2019 across all regions.","The already battered retail segment is likely to be severely affected by the coronavirus crisis.","Forced store closures will lead to rent losses and increasing insolvency risks.","In March, for example, sales in the German non-food retail sector dropped by 10% compared with the same month of the previous year, and sales in the textile retail sector fell by more than half.","This trend is also reflected in the German GfK consumer climate index, which fell by 10 basis points from a relatively stable index level to a historic low of -23.4 points for May, marking an extremely sharp and rapid decline.","In June, the index recovered slightly to","-18.9 points.","This means that the retail sector in particular, with its focus on the textile industry, is likely to struggle with further declining rent levels in the current year.","In addition, a prolonged","period of weakness is to be expected as a result of the currently rising market penetration and increasing “habituation effects” of online retail.","In 2019, the residential segment and the hotel segment per- formed positively, benefiting equally from high demand and a trend toward falling vacancies or rising occupancy.","However, it has turned out that hotel occupancy rates in April 2020 in Europe and the United States averaged only 8% and 20%, respectively.","Accordingly, as in the retail segment, short-term declines in rents are to be expected, as well as increased rent losses and a higher risk of insolvency.","Residential rents are also likely to fall slightly in the short term due to rising unemployment and falling household incomes, although the residential segment is considered relatively stable due to its inelastic demand.","Delays in completions could also further reduce the supply of housing and create pressure on rents.","(Data sources: DWS 01-05/2020, PMA 05/2020, HDE 04/2020, GfK 04-05/2020, STR 04/2020)","## Global investment markets","In the global investment markets, momentum in the first quarter of 2020 remained comparable to the previous year.","The annual global transaction volume remained at approximately the pre- vious year’s level at around EUR 1,470 billion, although there were slight regional differences.","Both the U.S. and European real estate markets grew by around 10% in the first quarter of 2020, while the UK recorded a lower volume.","Asia, on the other hand, remained the world region with the highest turnover, but was down slightly compared to the same quarter in the previous year.","On a sectoral level, retail and office real estate declined, while the logistics and residential segments recorded significant growth.","Although the momentum on the investment markets","in Europe in the first quarter of 2020 apparently remained rela- tively unaffected by the coronavirus crisis, it is likely to weaken significantly in the coming months.","Demand is likely to remain particularly strong for top-quality properties and opportunistic properties.","The available capital commitments and investment pressure remained high last year amid financing conditions that were still favorable.","The development of initial yields could also be viewed as further evidence of ongoing investor interest in the real estate market.","These yields fell overall and real estate thus appreciated again.","Although yield compression slowed in some market segments and locations, it generally continued through the end of 2019 (with the exception of retail properties).","The coronavirus crisis is likely to lead to rising initial yields and declining transaction volumes in the short term.","The main reasons for this lie in particular in the increased uncertainty in the market and the expectation of falling rent levels, but also in delayed purchase processes.","This is likely to affect the retail and hotel segments in particular, but also the office markets,","while residential should be stable and urban logistics properties should even profit from this trend.","As a result of the persistently low interest rate environment and the recent increase in the relative attractiveness of real estate investments due to a rise","in risk premiums, we expect yields to start compressing again from 2021.","Given this, our medium to long-term view of the real estate markets remains positive.","(Data sources: DWS 01-05/2020, RCA 04/2020)","## The grundbesitz global investment strategy","The investment objectives of the investment fund are the gen- eration of regular income from rents and interest, and apprecia- tion.","The investment fund pursues a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.","The investment strategy of the investment fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it through- out the term of the investment fund.","The asset management company invests in North America, Asia, Australia and Europe for the account of the investment fund.","Details of the countries in question and the maximum share of the investment fund value permitted for investment in the respective country are provided in the appendix to the Special Investment Conditions.","The real estate held by the investment fund is situated in good to very good locations in established real estate markets.","The aim is basically to invest in properties with long-term tenants","of sound financial standing.","The transaction strategy is geared toward the various global real estate cycles.","The investment fund predominantly invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.","During the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of considerations.","In this regard, the asset management company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Company considers this to be in the interests of the investors.","The assessment likewise includes the economic and location-related opportunities and risks.","Alongside properties that already exist or are under construc- tion, sites for development projects may also be acquired.","How- ever, the focal point of investments is existing buildings.","## Net asset value and cash inflows/outflows","Net cash inflows in the reporting period from April 1, 2019, until March 31, 2020, stood at EUR 770.6 million.","Total net asset value stood at EUR 4,005.0 million as of March 31, 2020.","As of March 31, 2020, property/holding assets amounted to EUR 2,548.7 million, while liquid assets stood at","EUR 1,081.5 million.","Liquid assets are managed in accordance with a fixed investment process.","Interest rate and price fore- casts are subject to technical and fundamental analysis.","In the reporting period, liquid assets were invested primarily in overnight money and time deposits as well as fixed-interest","securities such as government bonds and corporate bonds from European issuers with a rating of good to very good (investment grade).","Futures were used occasionally for duration control.","## Results of the fund","During the past business year 2019/2020, the fund posted a gain of 2.5% per unit in the RC unit class and a gain of 2.9% per unit in the IC unit class (both according to the BVI method).","The distribution in the RC unit class on July 15, 2020, was EUR 1.15.","The total return on investment in the RC unit class is EUR 1.28 per unit.","Investors in the IC unit class receive a distribution in the amount of EUR 1.35.","The total return on","investment in the IC unit class is EUR 1.52 per unit.","Information on taxation is included in the “Tax information for the investor” following this report.","The positive performance of the fund is illustrated in the follow- ing overview.","| Performance according to the BVI method (As of: March 31, 2020) |","| --- |","| | RC unit class | Annual average | IC unit class | Annual average |","| 1 year | 2.5% | | 2.9% | |","| 2 years | 5.1% | 2.5% | 6.0% | 3.0% |","| 3 years | 7.3% | 2.4% | 8.7% | 2.8% |","| 5 years | 11.4% | 2.2% | 13.8% | 2.6% |","| 10 years | 24.2% | 2.2% | 29.3% | 2.6% |","| 15 years | 58.5% | 3.1% | | |","| Since inception* | 92.6% | 3.4% | 38.5% | 2.8% |","* Fund inception: July 25, 2000, IC unit class, April 1, 2008.","Calculation of performance is based on the time-weighted return and excludes the initial sales charge.","Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included.","Past performance is not a reliable indicator of future performance.","## The grundbesitz global real estate portfolio","As of the reporting date, the grundbesitz global portfolio com- prised 55 properties, of which ten are directly held properties with market values totaling EUR 798.4 million.","Forty-five properties with a total volume of EUR 2,915.2 million are held through special purpose vehicles.","grundbesitz global has a stake in 14 special purpose vehicles through joint ventures with other special real estate investment funds that are also managed by DWS.","## Types of use of fund properties","Office properties constitute the dominant share of the portfolio in terms of both rental area and annual rental income fully let.","## Geographical distribution of fund properties","Geographical distribution of fund properties","Properties in the United States, Japan and the United Kingdom currently form the focus of the real estate portfolio.","Size classification of fund properties","## Commercial age structure of fund properties\tSize classification of fund properties","| Property according to size classification |","| --- |","| Up to EUR 10 million | EUR 39.3 million | 1.1% | 5 properties |","| EUR 10 to 25 million | EUR 56.3 million | 1.5% | 4 properties |","| EUR 25 to 50 million | EUR 595.5 million | 16.0% | 16 properties |","| EUR 50 to 100 million | EUR 1,429.8 million | 38.5% | 19 properties |","| EUR 100 to 150 million | EUR 825.6 million | 22.2% | 7 properties |","| EUR 150 to 200 million | EUR 319.3 million | 8.6% | 2 properties |","| Over EUR 200 million | EUR 447.8 million | 12.1% | 2 properties |","| Total | EUR 3,713.5 million | 100.0% | 55 properties |","Property acquisitions and transfers to the portfolio","Further information on the following properties is available in the index of properties and the list of acquisitions and dispo- sitions.","Purchase prices are expressed in euro; with foreign currencies, the exchange rate at the time of the transfer of own- ership of the property is used.","A distinction is made between the time the contract of sale for a property is signed (the “signing”) and the time of the transfer of the property into the fund’s real estate portfolio (the “closing”).","The respective property is only listed in the index of properties after the “closing”.","In the case of project developments, closing may take place during the construction phase or only after com- pletion, depending on the contract formulation.","16 properties were acquired and added to the fund portfolio in the reporting period:","Leiria (P), Alto do Vieiro – “Leiria Shopping” retail property","On April 3, 2019, the fund management signed the contract for the purchase of the “Leiria Shopping” shopping center in Leiria, Portugal on which construction had been completed in 2010.","The two-story center has around 24,500 sqm of lettable space, divided into 130 rental units and around 1,900 indoor and out- door parking spaces.","The purchase price was around EUR 128.0 million and owner- ship was also transferred on April 3, 2019.","Vantaa (FIN), Katriinantie 20 – Logistics property","On June 19, 2019, the fund management signed the contract of sale for the purchase of two logistics properties on which con- struction had been completed in 2009.","The two properties with a total rental area of around 38,800 sqm are located on a site of around 75,000 sqm near the city of Vantaa in the Aviapolis area, directly adjacent to Helsinki International Airport.","Almost all of the space is let to three logistics companies.","The purchase price for the property was around EUR 63.9 million; ownership was transferred on June 19, 2019.","Barberino di Mugello (I), Via Antonio Meucci – “Barberino Factory Outlet” retail property","With the signing of the contract of sale on July 11, 2019, the fund acquired the shopping center built in 2006.","The outlet center has 26,535 sqm of rental space, distributed over","128 shop units.","Over 2,113 indoor and outdoor parking spaces","are available to visitors free of charge.","The purchase price paid for the property, which was transferred to fund ownership on July 11, 2019, was around EUR 234.5 million.","Birmingham, Edinburgh, Glasgow, Leeds, Manchester, Newcastle (GB) – “Vita Student Portfolio” retail property","On August 7, 2019, the fund management signed the contract of sale for a residential real estate portfolio with eight properties for student housing in the United Kingdom.","The approximately 3,200 beds are located in six central locations in the university cities of Edinburgh, Manchester, Birmingham, Glasgow, Leeds and Newcastle.","The buildings are equipped with studio rooms in the premium segment and have above-average room sizes and facilities for student accommodation.","The acquisition took place via a holding company as a joint venture with another","real estate investment fund that is also managed by DWS.","grundbesitz global has a 12.6% stake in the joint venture.","The converted prorata purchase price was around EUR 81.5 million.","Ownership was transferred on August 14, 2019.","West Covina (USA), 2753 Eastland Center Drive – “Eastland Center” retail property","With the signing of the contract of sale on August 21, 2019, the fund acquired the “Eastland Center” retail property in West Covina, Los Angeles.","The shopping center, which was built in 1957, has approximately 75,000 sqm of rental space for retail and gastronomy as well as around 3,300 parking spaces.","The acquisition took place via a holding company as a joint venture with a special real estate fund that is also managed by DWS.","grundbesitz global has a 49% stake in the joint venture.","The converted prorata purchase price was around EUR 80.3 million.","Ownership was transferred on December 9, 2019.","Canberra (AUS), 197 London Circuit – “The Sebel” hotel property","On December 5, 2019, the fund management signed the con- tract of sale for the hotel property in Canberra, which was built in 1965 and was completely renovated in 2019.","The property, which has a rental space of approximately 6,800 sqm, is leased long-term to a division of the Accor Group.","Besides 144 hotel rooms, the property also has a smaller gastronomy space on the ground floor.","The converted purchase price paid for the property, which was transferred to the fund portfolio on December 20, 2019, was around EUR 29.6 million.","Gimpo (ROK), 725 Jeonho-ri – “Sungkwang Logistics” logistics property","With the signing of the contract of sale on January 14, 2020, the fund acquired the “Sungkwang Logistics” logistics property in Gimpo, approximately 30 km west of the capital Seoul.","The Class A building, which was constructed in 2016, has a rental space of approximately 30,000 sqm and is designed for multiple tenants.","The converted purchase price paid for the property, which was transferred to the fund portfolio on January 14, 2020, was around EUR 48.7 million.","Houston (USA), 2925 Richmond Avenue – “Kirby Grove” office property","The contract of sale for the office property, which was com- pleted in 2016, was signed on December 20, 2019.","The total rental space of around 23,000 sqm is spread among a total of 16 floors.","The rental space varies between around 230 sqm and around 6,000 sqm, which allows the property to be used for both small-scale rentals and full-floor rentals to a single tenant.","The converted purchase price paid for the property, which was transferred to the fund portfolio on January 24, 2020, was around EUR 102.2 million.","Oak Brook (USA), 2155 West 22nd Street – “The Shops at Oak Brook Place” retail property","On December 24, 2019, the fund management signed the con- tract for the purchase of the shopping center “The Shops at Oak Brook Place”, a western suburb of Chicago.","The shopping center, which was built in 1996, has approximately 16,460 sqm of rental space and a total of 695 parking spaces.","The converted purchase price paid for the property, which was transferred to the fund portfolio on January 24, 2020, was around EUR 67.5 million.","One property was purchased in the reporting period and will not be added to the fund portfolio until the next reporting period:","Solna (SE), Rättarvägen 3 – “Solna United” office property","The contract of sale for the office property located in Solna in the province of Stockholm was signed on February 20, 2020.","The property, which was completed in October 2019, has a rental space of around 33,870 sqm, which extends over three underground and twelve above-ground floors.","The three under- ground floors contain technical areas and around 300 under- ground parking spaces.","The upper floors as well as the roof were designed to accommodate eleven terraces and nine con- ference rooms.","The converted purchase price for the property amounted to around EUR 315.0 million.","One project development was completed:","Stratford (GB) –“S9 International Quarter” office property","On June 21, 2018, the fund management signed the contract of sale for the project development for the “S9 International Quarter” office property in Stratford, United Kingdom.","The nine-story office building has a total rental area of around 25,800 sqm.","It was completed on August 22, 2019.","The acqui- sition took place via a holding company as a joint venture with a real estate fund that is also managed by DWS.","grundbesitz global has a 45% stake in the joint venture.","The converted pro rata purchase price was around","EUR 121.5 million.","The final purchase price installment was made on September 13, 2019.","## Property dispositions and transfers from the portfolio","The sales price is expressed in euro before deduction of incidental selling costs.","Three properties were sold in the reporting period and removed from the fund portfolio in the reporting period:","Paris (F), 74-84 Boulevard Auguste Blanqui – “Le Monde” Office property","The fund management decided to sell the office building that was completed and acquired in 2004.","The building has been leased to the national media publisher of the same name since completion.","The tenant intends to leave the building in 2020.","The fund management made the decision to sell the property after weighing up various options with regard to re-letting, mod- ernization and sale.","The contract of sale was signed on May 14, 2019.","The sale price was around EUR 165.0 million.","Ownership was transferred on July 16, 2019.","St.","-Quentin-en-Yvelines (F), 1-7, Avenue San Fernando – “Energies Building” Office property","The fund management decided to sell the office property that was acquired in 2001 as a new building.","Due to the age of the building, the property does not meet today’s requirements in terms of technology and equipment; the space is designed for a single tenant.","When the tenant moves out, extensive modern-","ization measures with high investment costs would therefore be likely in order to enable subsequent letting.","The contract of sale was signed on June 16, 2019.","The sale price was around EUR 92.1 million.","Ownership was transferred on September 13, 2019.","Seattle (USA), 4300 Roosevelt Way NE/ 4311 11th Avenue NE – “Roosevelt Commons” office property","Following the extension of the lease with a main tenant and the conclusion of a lease agreement with a previously vacant space as of January 2020, the fund management decided to sell the office property, which was constructed in 2002 and acquired in 2005.","The building structure and technical installations of the property no longer met modern requirements for office prop- erties.","Future lettings when existing leases expired could have turned out to be costly.","The contract of sale was signed on November 11, 2019.","The converted sales prices was around EUR 136.6 million.","It was transferred from the portfolio on December 12, 2019.","## Borrowed capital and currency risks","As of the reporting date March 31, 2020, the real estate invest- ment fund grundbesitz global had loan liabilities amounting","to EUR 834.7 million (March 31, 2019: EUR 607.1 million) of which 17.7% were euro-denominated loans and 82.3% were foreign currency loans.","Financing in U.S. dollars amount- ing to EUR 347.4 million (41.6%) constituted the majority of these liabilities, followed by loans in Korean won amounting","to EUR 129.5 million (15.5%).","Loans in British pounds exist in the amount of EUR 76.3 million (9.1%), as well as financing in Australian dollars in the amount of EUR 74.4 million (8.9%) and Japanese yen in the amount of EUR 59.3 million (7.1%).","Loans for the account of the investment fund to finance direct holdings in real estate amounted to EUR 17.0 million (2.0%) as of the reporting date.","Loans of the special pur- pose vehicles belonging to the investment fund amounted to EUR 817.7 million (98.0%).","In the reporting period, the ratio of borrowed capital to the market value of all fund properties increased from 19.4% (March 31, 2019) to 22.5% (March 31, 2020).","As of the reporting date, the fund grundbesitz global held open foreign currency positions of EUR 145.3 million (3.6% of the fund’s net asset value) not hedged through currency forward agreements.","| Overview of borrowings as of March 31, 2020 |","| --- |","| grundbesitz global | Total borrowings (direct) in EUR million | % of the market value of all fund properties | Total borrowings (indirect via holding companies) in EUR million | % of the market value of all fund properties | Less than 1 year | Remaining loan terms as a % of total borrowings 1 to\t2 to\t5 to 2 years\t5 years\t10 years | Av.","interest rate in % |","| EUR | | | 147.8 | 4.0% | | 10.0%\t7.8% | 1.43 |","| USD | | | 347.4 | 9.4% | 3.2% | 0.0%\t20.5%\t18.0% | 3.56 |","| GBP | | | 76.3 | 2.1% | | 9.1% | 2.23 |","| JPY | | | 59.3 | 1.6% | 4.3% | 2.8% | 0.96 |","| KRW | 17.0 | 0.5% | 112.4 | 3.0% | 2.3% | 13.2% | 3.32 |","| AUD | | | 74.4 | 2.0% | | 2.4%\t6.5% | 3.83 |","| Total | 17.0 | 0.5% | 817.7 | 22.0% | 9.9% | 2.4%\t50.1%\t37.6% | |","| Overview of currency risks as of March 31, 2020 |","| --- |","| grundbesitz global | Open currency positions as of the reporting date in the local currency (thousands) | Exchange rate as of the reporting date | Open currency positions as of the reporting date (TEUR) | % of fund assets per currency area |","| USD | 9,357 | 1.10795 | 8,445 | 0.2 |","| GBP | 6,196 | 0.89716 | 6,907 | 0.2 |","| SEK | 440,126 | 11.04066 | 39,864 | 1.0 |","| JPY | 6,266,003 | 119.67519 | 52,358 | 1.3 |","| KRW | 43,680,787 | 1,356.57369 | 32,199 | 0.8 |","| PLN | 23,273 | 4.53838 | 5,128 | 0.1 |","| AUD | 654 | 1.80536 | 362 | 0.0 | | SGD1 | 96 | 1.58176 | 60 | 0.0 | | Total | | | 145,324 | 3.6 | 1 Results from an acquisition that was planned but not realized."],"string":"[\n \"# Activity report\",\n \"Ladies and Gentlemen,\",\n \"in this annual report, the management of DWS Grundbesitz GmbH is pleased to inform you of the development of the real estate investment fund grundbesitz global in the period from April 1, 2019, through March 31, 2020.\",\n \"## Key events in the reporting period\",\n \"In the period from April 1, 2019, through March 31, 2020, grundbesitz global posted a gain of 2.5% per unit in the RC unit class and 2.9% per unit in the IC unit class (data according to the BVI method).\",\n \"In the same period, EUR 695.4 million net flowed into the fund in the RC unit class and EUR 75.2 million net in the IC unit class, bringing net cash inflows for the entire year to EUR 770.6 million in total.\",\n \"Total net asset value increased from EUR 3,224.8 million on March 31, 2019, to EUR 4,005.0 million at the end of business year on March 31, 2020 – taking into account the distribution for the previous business year.\",\n \"As of the reporting date, the net assets in the RC unit class were EUR 3,814.7 million and EUR 190.3 million in the IC unit class.\",\n \"With this result, grundbesitz global can look back on a success- ful business year to March 31, 2020, although the spread of the COVID-19 pandemic as of March 2020 represented a turning point and the resulting developments have created an environ- ment of pronounced uncertainty.\",\n \"grundbesitz global was also unable to escape the impact of the negative market develop- ments and suffered temporary declines in net asset value per unit and therefore also in performance toward the end of the reporting period.\",\n \"The bonds held in the fund’s liquidity portfolio and forward currency transactions had a particularly dampening effect.\",\n \"In compensation for this, income from the property port- folio continued to develop positively in the same period.\",\n \"With a total of EUR 834.7 million in loan liabilities, the debt ratio equalled 22.5% of real estate assets as of March 31, 2020, which is below the legally established limit of 30.0%.\",\n \"Fund management activities focused on the further develop- ment of the grundbesitz global real estate portfolio.\",\n \"Besides managing the portfolio properties, this also particularly involves expanding the portfolio to include attractive new properties and selling buildings that in the opinion of the fund management will no longer be in line with the fund strategy in the medium to long term.\",\n \"In the reporting period, sixteen properties with\",\n \"a total investment volume of around EUR 836.2 million were transferred to the portfolio of the investment fund and the sale\",\n \"of three office properties with a total sales volume of around EUR 393.7 million was concluded.\",\n \"The contract of sale for an office property in Solna, Stockholm, with an investment volume of around EUR 315.0 million was signed on February 20, 2020.\",\n \"As planned, the property was not added to the fund portfolio in the reporting period.\",\n \"Construction work on the “S9 International Quarter” project development in the Greater London area was completed on schedule in August 2019.\",\n \"Acquisitions were made both in Europe (with investments made in Portugal, Finland, the UK and Italy) and in the United States.\",\n \"Investments were also made in the Asia-Pacific region, with acquisitions made in South Korea and Australia.\",\n \"Properties were sold in France and the United States.\",\n \"The acquisition volume is divided into the segments of retail, logistics, office, hotel and residential real estate.\",\n \"As of March 31, 2020, the grundbesitz global real estate port- folio comprised a total of 55 properties (March 31, 2019: 42) of which ten were direct investments and 45 were held via holdings.\",\n \"Real estate assets based on market values were EUR 3,713.5 million as of the reporting date (March 31, 2019: EUR 3,133.1 million).\",\n \"Further acquisition opportunities, which were still in the review stage, were reassessed against the background of the current situation and in individual cases temporarily postponed.\",\n \"How- ever, there will continue be a focus on active portfolio manage- ment so that we will be able to use market opportunities that arise, due to acquisitions and dispositions for example, to fur- ther optimize the portfolio.\",\n \"In the grundbesitz global portfolio, office, retail and logistics properties continue to dominate in terms of type of use.\",\n \"Further types of use such as residential properties and two hotels round off the portfolio.\",\n \"The European portion of investments increased to 56.5% in the reporting period (March 31, 2019: 55.9%).\",\n \"These investments focus on the United Kingdom and Poland.\",\n \"As of the reporting date, the non-European portion comprised 21.3% investments in the Asia-Pacific economic region (Japan, South Korea and Australia: March 31, 2019: 22.9%) and 22.2% investments in the\",\n \"United States (March 31, 2019: 21.2%).\",\n \"As of March 31, 2020, 96.0% of the total portfolio was let (mea- sured in terms of annual rental income fully let).\",\n \"Over the entire reporting period, the occupancy rate was 96.5% on average.\",\n \"It is not currently possible to estimate the extent to which the restrictions connected with the coronavirus pandemic will have\",\n \"a lasting effect on the occupancy situation, especially in the retail and hotel segments.\",\n \"Tenants have already approached DWS regarding the deferral of rent payments and similar mea- sures.\",\n \"The inquiries are being carefully reviewed from a legal and business perspective.\",\n \"Any future outstanding rents will con- tinue to be evaluated and risk provisions will be made for them in a timely manner, where necessary and permissible.\",\n \"This is supported by the fund’s strong weighting in the office real estate sector, which in the current market environment is characterized by comparatively low vacancy rates and moderate new completion volumes.\",\n \"As of March 31, 2020, it was not yet possible to determine the extent to which the COVID-19 pandemic and its associated con- sequences would affect the real estate markets or the fair values of the fund’s properties.\",\n \"However, it cannot be ruled out that there will be an impact on future performance.\",\n \"While logistics and residential properties could benefit, the fund management believes it is possible that retail and hotel properties will decline in value.\",\n \"In its work, the fund management is always intensively sup- ported by the various departments at DWS, which is particularly evident in the current coronavirus pandemic.\",\n \"There is regular, close exchange with Asset Management, i.e., the property man- agers, regarding open items and the approach to the respective tenant.\",\n \"In particular, due to the global orientation of the portfo-\",\n \"lio, the legal conditions in the individual countries must also be taken into account; to this end, a uniform legal opinion has been obtained and is regularly updated.\",\n \"The research experts ensure that up-to-date information on the development of the real estate markets and the economy as a whole is always available.\",\n \"Liquidity is an important component of the fund’s success.\",\n \"The Liquid Assets & Financing team advises the fund management on issues relating to property financing and liquidity investments, e.g., in the form of fixed- interest securities.\",\n \"The basis for all decisions made is a basic scenario adapted to the pandemic situation with the involve- ment of the Chief Investment Office with regard to investment strategies based on quantitative forecasts.\",\n \"This also forms the starting point for the review of purchase opportunities that have not yet been completed, as well as the fundamental consider- ations regarding the geographical and sectoral portfolio break- down, which the transaction teams take into account when considering future acquisitions.\",\n \"Although the coronavirus pandemic has temporarily pushed other priorities into the background, such as the UK’s with- drawal from the European Union in January, these issues will continue to be carefully monitored and incorporated into the fund strategy.\",\n \"This also applies to the ESG (“Environment – Social – Governance”) sustainability approach, which is one of the focus areas of DWS and could even gain in importance due to the after-effects of the current situation.\",\n \"Yours sincerely,\",\n \"DWS Grundbesitz GmbH\",\n \"Dr. Ulrich von Creytz\\tDr. Grit Franke\\tUlrich Steinmetz\",\n \"Frankfurt/Main, Germany, June 29, 2020\",\n \"## Overall economic environment\",\n \"With a growth rate of 2.6%, the global economy developed more slowly in 2019 due to political and economic tensions, and did not show any noticeable revival at the end of the year.\",\n \"Although the global trade conflict calmed down toward the end of the year, additional fiscal policy stimuli seemed to have an increasingly limited effect.\",\n \"Nonetheless, leading economic indi- cators pointed in a positive direction for developments this year.\",\n \"However, the restrictions on public life and the economy result- ing from the COVID-19 pandemic in the first quarter of 2020 have substantially changed the economic outlook for the rest\",\n \"of the year.\",\n \"Now, due to massive restrictions, a severe global recession is expected in the first half of the year, which will affect all regions of the world, and especially the United States and Southern Europe, and should cause the global economy to contract by 4.8% in 2020.\",\n \"Estimates show that the global econ- omy contracted by more than 3% in the first quarter of 2020, as much as the entire contraction during the global financial crisis.\",\n \"While the U.S. economy grew by 2.3% in 2019, the decline in gross domestic product in the first quarter of 2020 was 1.2% compared to the previous quarter, although the full extent of the crisis compared to Europe is likely to become apparent only later.\",\n \"In particular, consumer spending, private investment and trade volumes slumped significantly.\",\n \"In the first six weeks of the restrictions on contact and other restrictions, 30 million unemployment applications were received in the United States.\",\n \"Accordingly, strongly negative economic growth of -7.0% is expected for the current year.\",\n \"In Asia, economic growth slowed down overall during 2019.\",\n \"In addition, the region was most severely affected by the corona- virus crisis in the first quarter, but is expected to return to growth in the current quarter.\",\n \"China’s gross domestic product fell by 6.8% in the first quarter compared with the same quarter of the previous year, but it is the only major economy that is expected to grow slightly over the year as a whole.\",\n \"After a sharp slump, the Chinese purchasing managers’ index has already recovered to its level prior to the outbreak of the pandemic.\",\n \"The Japanese economy also contracted in the first quarter, although by a comparatively moderate -0.6% year-on-year.\",\n \"In Europe, the manufacturing sector continued to report gener- ally weak figures at the end of 2019, and geopolitical tensions also remained.\",\n \"As a result, only weak economic growth of 0.1% was reported in the fourth quarter compared to the previous quarter, bringing economic growth for the full year 2019 to 1.2%.\",\n \"The European economy also contracted by 3.8% in the first quarter as a result of the coronavirus crisis compared with the previous quarter, which is considered to be the sharpest decline since recording began in 1995.\",\n \"In addition, the Euro- pean Purchasing Managers’ Index fell to a record low of 13.5 in April (compared to a low of 36.2 during the financial crisis), but recovered somewhat in May.\",\n \"Highly indebted Italy and Spain are likely to be hit particularly hard, with both countries also\",\n \"expected to suffer more from a lack of tourism spending.\",\n \"Due to the current situation surrounding COVID-19, the European Cen- tral Bank was forced to announce a comprehensive package of measures in addition to those already introduced by the national governments.\",\n \"This package also includes quantitative easing, i.e., the purchase of private or public securities, in the amount of EUR 750 billion.\",\n \"Compared with the financial crisis, the coordi- nated and comprehensive packages of measures in 2020 should have a dampening effect on the current economic distortions.\",\n \"However, once the situation surrounding the coronavirus has eased, a rapid global recovery is expected for 2021.\",\n \"(Data sources: HDE 04/2020, Oxford Economics 01-05/2020, Eurostat 04/2020)\",\n \"## Developments in the capital markets\",\n \"Yields in the capital markets fell significantly into negative territory in the reporting period from April 1, 2019, through March 31, 2020.\",\n \"Yields on ten-year German government bonds were near zero at -3 basis points on April 1, 2019, and stood at\",\n \"-0.51% p.a. at the end of the reporting period.\",\n \"Yields on short-term German government bonds traded in neg- ative territory in a range of 35 basis points.\",\n \"One-year German government bonds yielded -0.55% p.a. on April 1, 2019, and\",\n \"-0.67% p.a. on March 31, 2020.\",\n \"The European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019.\",\n \"(Data source: Bloomberg)\",\n \"## Global real estate markets\",\n \"The moderate economic development in 2019 was also reflected in the global real estate markets, although the majority of the markets we observed continued to develop positively.\",\n \"However, the coronavirus crisis has also fundamentally changed the out- look for the real estate market.\",\n \"Geographically, the effects of the coronavirus crisis are likely to be felt more strongly in Europe and the United States than in Asia.\",\n \"Last year, the office markets benefited from high employment growth in Europe and in the United States from the extension of contracts concluded in the wake of the financial crisis to now higher market rental levels.\",\n \"Overall, this was reflected in strong rental growth and low vacancy rates.\",\n \"Demand for office\",\n \"space also recovered in Asia during 2019, leading to rising rents.\",\n \"The office segment is likely to be less affected by the corona- virus crisis than other segments.\",\n \"Surveys point to a decline in demand for space in the first quarter, which suggests that space turnover will continue to slow over the rest of the year.\",\n \"Never- theless, significant increases in vacancies or rent losses remain rather unlikely.\",\n \"Nonetheless, rent levels in the European office markets are likely to fall by an average of 6% in 2020, which should be followed by a recovery process next year.\",\n \"Global logistics markets turned in a positive performance last year.\",\n \"For example, demand for space remained high in 2019, although project development volumes grew at the same time, especially in Europe.\",\n \"In the United States, almost all sub- markets and sub-segments benefited from the good economic fundamentals and the continuing upturn in e-commerce, while in Asia rising domestic consumption made a positive contri- bution.\",\n \"In the current situation, a differentiated view must be taken of the logistics sector, as it is suffering from disruptions in supply chains and close links to the manufacturing industry (e.g., contract logistics providers) on the one hand, but is likely to benefit from sharp increases in online trading on the other.\",\n \"This trend is likely to make logistics properties near cities even more attractive.\",\n \"This contrasts with the performance in the retail segment, which was also subjected to further pressure to adapt at the end of 2019 across all regions.\",\n \"The already battered retail segment is likely to be severely affected by the coronavirus crisis.\",\n \"Forced store closures will lead to rent losses and increasing insolvency risks.\",\n \"In March, for example, sales in the German non-food retail sector dropped by 10% compared with the same month of the previous year, and sales in the textile retail sector fell by more than half.\",\n \"This trend is also reflected in the German GfK consumer climate index, which fell by 10 basis points from a relatively stable index level to a historic low of -23.4 points for May, marking an extremely sharp and rapid decline.\",\n \"In June, the index recovered slightly to\",\n \"-18.9 points.\",\n \"This means that the retail sector in particular, with its focus on the textile industry, is likely to struggle with further declining rent levels in the current year.\",\n \"In addition, a prolonged\",\n \"period of weakness is to be expected as a result of the currently rising market penetration and increasing “habituation effects” of online retail.\",\n \"In 2019, the residential segment and the hotel segment per- formed positively, benefiting equally from high demand and a trend toward falling vacancies or rising occupancy.\",\n \"However, it has turned out that hotel occupancy rates in April 2020 in Europe and the United States averaged only 8% and 20%, respectively.\",\n \"Accordingly, as in the retail segment, short-term declines in rents are to be expected, as well as increased rent losses and a higher risk of insolvency.\",\n \"Residential rents are also likely to fall slightly in the short term due to rising unemployment and falling household incomes, although the residential segment is considered relatively stable due to its inelastic demand.\",\n \"Delays in completions could also further reduce the supply of housing and create pressure on rents.\",\n \"(Data sources: DWS 01-05/2020, PMA 05/2020, HDE 04/2020, GfK 04-05/2020, STR 04/2020)\",\n \"## Global investment markets\",\n \"In the global investment markets, momentum in the first quarter of 2020 remained comparable to the previous year.\",\n \"The annual global transaction volume remained at approximately the pre- vious year’s level at around EUR 1,470 billion, although there were slight regional differences.\",\n \"Both the U.S. and European real estate markets grew by around 10% in the first quarter of 2020, while the UK recorded a lower volume.\",\n \"Asia, on the other hand, remained the world region with the highest turnover, but was down slightly compared to the same quarter in the previous year.\",\n \"On a sectoral level, retail and office real estate declined, while the logistics and residential segments recorded significant growth.\",\n \"Although the momentum on the investment markets\",\n \"in Europe in the first quarter of 2020 apparently remained rela- tively unaffected by the coronavirus crisis, it is likely to weaken significantly in the coming months.\",\n \"Demand is likely to remain particularly strong for top-quality properties and opportunistic properties.\",\n \"The available capital commitments and investment pressure remained high last year amid financing conditions that were still favorable.\",\n \"The development of initial yields could also be viewed as further evidence of ongoing investor interest in the real estate market.\",\n \"These yields fell overall and real estate thus appreciated again.\",\n \"Although yield compression slowed in some market segments and locations, it generally continued through the end of 2019 (with the exception of retail properties).\",\n \"The coronavirus crisis is likely to lead to rising initial yields and declining transaction volumes in the short term.\",\n \"The main reasons for this lie in particular in the increased uncertainty in the market and the expectation of falling rent levels, but also in delayed purchase processes.\",\n \"This is likely to affect the retail and hotel segments in particular, but also the office markets,\",\n \"while residential should be stable and urban logistics properties should even profit from this trend.\",\n \"As a result of the persistently low interest rate environment and the recent increase in the relative attractiveness of real estate investments due to a rise\",\n \"in risk premiums, we expect yields to start compressing again from 2021.\",\n \"Given this, our medium to long-term view of the real estate markets remains positive.\",\n \"(Data sources: DWS 01-05/2020, RCA 04/2020)\",\n \"## The grundbesitz global investment strategy\",\n \"The investment objectives of the investment fund are the gen- eration of regular income from rents and interest, and apprecia- tion.\",\n \"The investment fund pursues a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.\",\n \"The investment strategy of the investment fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it through- out the term of the investment fund.\",\n \"The asset management company invests in North America, Asia, Australia and Europe for the account of the investment fund.\",\n \"Details of the countries in question and the maximum share of the investment fund value permitted for investment in the respective country are provided in the appendix to the Special Investment Conditions.\",\n \"The real estate held by the investment fund is situated in good to very good locations in established real estate markets.\",\n \"The aim is basically to invest in properties with long-term tenants\",\n \"of sound financial standing.\",\n \"The transaction strategy is geared toward the various global real estate cycles.\",\n \"The investment fund predominantly invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.\",\n \"During the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of considerations.\",\n \"In this regard, the asset management company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Company considers this to be in the interests of the investors.\",\n \"The assessment likewise includes the economic and location-related opportunities and risks.\",\n \"Alongside properties that already exist or are under construc- tion, sites for development projects may also be acquired.\",\n \"How- ever, the focal point of investments is existing buildings.\",\n \"## Net asset value and cash inflows/outflows\",\n \"Net cash inflows in the reporting period from April 1, 2019, until March 31, 2020, stood at EUR 770.6 million.\",\n \"Total net asset value stood at EUR 4,005.0 million as of March 31, 2020.\",\n \"As of March 31, 2020, property/holding assets amounted to EUR 2,548.7 million, while liquid assets stood at\",\n \"EUR 1,081.5 million.\",\n \"Liquid assets are managed in accordance with a fixed investment process.\",\n \"Interest rate and price fore- casts are subject to technical and fundamental analysis.\",\n \"In the reporting period, liquid assets were invested primarily in overnight money and time deposits as well as fixed-interest\",\n \"securities such as government bonds and corporate bonds from European issuers with a rating of good to very good (investment grade).\",\n \"Futures were used occasionally for duration control.\",\n \"## Results of the fund\",\n \"During the past business year 2019/2020, the fund posted a gain of 2.5% per unit in the RC unit class and a gain of 2.9% per unit in the IC unit class (both according to the BVI method).\",\n \"The distribution in the RC unit class on July 15, 2020, was EUR 1.15.\",\n \"The total return on investment in the RC unit class is EUR 1.28 per unit.\",\n \"Investors in the IC unit class receive a distribution in the amount of EUR 1.35.\",\n \"The total return on\",\n \"investment in the IC unit class is EUR 1.52 per unit.\",\n \"Information on taxation is included in the “Tax information for the investor” following this report.\",\n \"The positive performance of the fund is illustrated in the follow- ing overview.\",\n \"| Performance according to the BVI method (As of: March 31, 2020) |\",\n \"| --- |\",\n \"| | RC unit class | Annual average | IC unit class | Annual average |\",\n \"| 1 year | 2.5% | | 2.9% | |\",\n \"| 2 years | 5.1% | 2.5% | 6.0% | 3.0% |\",\n \"| 3 years | 7.3% | 2.4% | 8.7% | 2.8% |\",\n \"| 5 years | 11.4% | 2.2% | 13.8% | 2.6% |\",\n \"| 10 years | 24.2% | 2.2% | 29.3% | 2.6% |\",\n \"| 15 years | 58.5% | 3.1% | | |\",\n \"| Since inception* | 92.6% | 3.4% | 38.5% | 2.8% |\",\n \"* Fund inception: July 25, 2000, IC unit class, April 1, 2008.\",\n \"Calculation of performance is based on the time-weighted return and excludes the initial sales charge.\",\n \"Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included.\",\n \"Past performance is not a reliable indicator of future performance.\",\n \"## The grundbesitz global real estate portfolio\",\n \"As of the reporting date, the grundbesitz global portfolio com- prised 55 properties, of which ten are directly held properties with market values totaling EUR 798.4 million.\",\n \"Forty-five properties with a total volume of EUR 2,915.2 million are held through special purpose vehicles.\",\n \"grundbesitz global has a stake in 14 special purpose vehicles through joint ventures with other special real estate investment funds that are also managed by DWS.\",\n \"## Types of use of fund properties\",\n \"Office properties constitute the dominant share of the portfolio in terms of both rental area and annual rental income fully let.\",\n \"## Geographical distribution of fund properties\",\n \"Geographical distribution of fund properties\",\n \"Properties in the United States, Japan and the United Kingdom currently form the focus of the real estate portfolio.\",\n \"Size classification of fund properties\",\n \"## Commercial age structure of fund properties\\tSize classification of fund properties\",\n \"| Property according to size classification |\",\n \"| --- |\",\n \"| Up to EUR 10 million | EUR 39.3 million | 1.1% | 5 properties |\",\n \"| EUR 10 to 25 million | EUR 56.3 million | 1.5% | 4 properties |\",\n \"| EUR 25 to 50 million | EUR 595.5 million | 16.0% | 16 properties |\",\n \"| EUR 50 to 100 million | EUR 1,429.8 million | 38.5% | 19 properties |\",\n \"| EUR 100 to 150 million | EUR 825.6 million | 22.2% | 7 properties |\",\n \"| EUR 150 to 200 million | EUR 319.3 million | 8.6% | 2 properties |\",\n \"| Over EUR 200 million | EUR 447.8 million | 12.1% | 2 properties |\",\n \"| Total | EUR 3,713.5 million | 100.0% | 55 properties |\",\n \"Property acquisitions and transfers to the portfolio\",\n \"Further information on the following properties is available in the index of properties and the list of acquisitions and dispo- sitions.\",\n \"Purchase prices are expressed in euro; with foreign currencies, the exchange rate at the time of the transfer of own- ership of the property is used.\",\n \"A distinction is made between the time the contract of sale for a property is signed (the “signing”) and the time of the transfer of the property into the fund’s real estate portfolio (the “closing”).\",\n \"The respective property is only listed in the index of properties after the “closing”.\",\n \"In the case of project developments, closing may take place during the construction phase or only after com- pletion, depending on the contract formulation.\",\n \"16 properties were acquired and added to the fund portfolio in the reporting period:\",\n \"Leiria (P), Alto do Vieiro – “Leiria Shopping” retail property\",\n \"On April 3, 2019, the fund management signed the contract for the purchase of the “Leiria Shopping” shopping center in Leiria, Portugal on which construction had been completed in 2010.\",\n \"The two-story center has around 24,500 sqm of lettable space, divided into 130 rental units and around 1,900 indoor and out- door parking spaces.\",\n \"The purchase price was around EUR 128.0 million and owner- ship was also transferred on April 3, 2019.\",\n \"Vantaa (FIN), Katriinantie 20 – Logistics property\",\n \"On June 19, 2019, the fund management signed the contract of sale for the purchase of two logistics properties on which con- struction had been completed in 2009.\",\n \"The two properties with a total rental area of around 38,800 sqm are located on a site of around 75,000 sqm near the city of Vantaa in the Aviapolis area, directly adjacent to Helsinki International Airport.\",\n \"Almost all of the space is let to three logistics companies.\",\n \"The purchase price for the property was around EUR 63.9 million; ownership was transferred on June 19, 2019.\",\n \"Barberino di Mugello (I), Via Antonio Meucci – “Barberino Factory Outlet” retail property\",\n \"With the signing of the contract of sale on July 11, 2019, the fund acquired the shopping center built in 2006.\",\n \"The outlet center has 26,535 sqm of rental space, distributed over\",\n \"128 shop units.\",\n \"Over 2,113 indoor and outdoor parking spaces\",\n \"are available to visitors free of charge.\",\n \"The purchase price paid for the property, which was transferred to fund ownership on July 11, 2019, was around EUR 234.5 million.\",\n \"Birmingham, Edinburgh, Glasgow, Leeds, Manchester, Newcastle (GB) – “Vita Student Portfolio” retail property\",\n \"On August 7, 2019, the fund management signed the contract of sale for a residential real estate portfolio with eight properties for student housing in the United Kingdom.\",\n \"The approximately 3,200 beds are located in six central locations in the university cities of Edinburgh, Manchester, Birmingham, Glasgow, Leeds and Newcastle.\",\n \"The buildings are equipped with studio rooms in the premium segment and have above-average room sizes and facilities for student accommodation.\",\n \"The acquisition took place via a holding company as a joint venture with another\",\n \"real estate investment fund that is also managed by DWS.\",\n \"grundbesitz global has a 12.6% stake in the joint venture.\",\n \"The converted prorata purchase price was around EUR 81.5 million.\",\n \"Ownership was transferred on August 14, 2019.\",\n \"West Covina (USA), 2753 Eastland Center Drive – “Eastland Center” retail property\",\n \"With the signing of the contract of sale on August 21, 2019, the fund acquired the “Eastland Center” retail property in West Covina, Los Angeles.\",\n \"The shopping center, which was built in 1957, has approximately 75,000 sqm of rental space for retail and gastronomy as well as around 3,300 parking spaces.\",\n \"The acquisition took place via a holding company as a joint venture with a special real estate fund that is also managed by DWS.\",\n \"grundbesitz global has a 49% stake in the joint venture.\",\n \"The converted prorata purchase price was around EUR 80.3 million.\",\n \"Ownership was transferred on December 9, 2019.\",\n \"Canberra (AUS), 197 London Circuit – “The Sebel” hotel property\",\n \"On December 5, 2019, the fund management signed the con- tract of sale for the hotel property in Canberra, which was built in 1965 and was completely renovated in 2019.\",\n \"The property, which has a rental space of approximately 6,800 sqm, is leased long-term to a division of the Accor Group.\",\n \"Besides 144 hotel rooms, the property also has a smaller gastronomy space on the ground floor.\",\n \"The converted purchase price paid for the property, which was transferred to the fund portfolio on December 20, 2019, was around EUR 29.6 million.\",\n \"Gimpo (ROK), 725 Jeonho-ri – “Sungkwang Logistics” logistics property\",\n \"With the signing of the contract of sale on January 14, 2020, the fund acquired the “Sungkwang Logistics” logistics property in Gimpo, approximately 30 km west of the capital Seoul.\",\n \"The Class A building, which was constructed in 2016, has a rental space of approximately 30,000 sqm and is designed for multiple tenants.\",\n \"The converted purchase price paid for the property, which was transferred to the fund portfolio on January 14, 2020, was around EUR 48.7 million.\",\n \"Houston (USA), 2925 Richmond Avenue – “Kirby Grove” office property\",\n \"The contract of sale for the office property, which was com- pleted in 2016, was signed on December 20, 2019.\",\n \"The total rental space of around 23,000 sqm is spread among a total of 16 floors.\",\n \"The rental space varies between around 230 sqm and around 6,000 sqm, which allows the property to be used for both small-scale rentals and full-floor rentals to a single tenant.\",\n \"The converted purchase price paid for the property, which was transferred to the fund portfolio on January 24, 2020, was around EUR 102.2 million.\",\n \"Oak Brook (USA), 2155 West 22nd Street – “The Shops at Oak Brook Place” retail property\",\n \"On December 24, 2019, the fund management signed the con- tract for the purchase of the shopping center “The Shops at Oak Brook Place”, a western suburb of Chicago.\",\n \"The shopping center, which was built in 1996, has approximately 16,460 sqm of rental space and a total of 695 parking spaces.\",\n \"The converted purchase price paid for the property, which was transferred to the fund portfolio on January 24, 2020, was around EUR 67.5 million.\",\n \"One property was purchased in the reporting period and will not be added to the fund portfolio until the next reporting period:\",\n \"Solna (SE), Rättarvägen 3 – “Solna United” office property\",\n \"The contract of sale for the office property located in Solna in the province of Stockholm was signed on February 20, 2020.\",\n \"The property, which was completed in October 2019, has a rental space of around 33,870 sqm, which extends over three underground and twelve above-ground floors.\",\n \"The three under- ground floors contain technical areas and around 300 under- ground parking spaces.\",\n \"The upper floors as well as the roof were designed to accommodate eleven terraces and nine con- ference rooms.\",\n \"The converted purchase price for the property amounted to around EUR 315.0 million.\",\n \"One project development was completed:\",\n \"Stratford (GB) –“S9 International Quarter” office property\",\n \"On June 21, 2018, the fund management signed the contract of sale for the project development for the “S9 International Quarter” office property in Stratford, United Kingdom.\",\n \"The nine-story office building has a total rental area of around 25,800 sqm.\",\n \"It was completed on August 22, 2019.\",\n \"The acqui- sition took place via a holding company as a joint venture with a real estate fund that is also managed by DWS.\",\n \"grundbesitz global has a 45% stake in the joint venture.\",\n \"The converted pro rata purchase price was around\",\n \"EUR 121.5 million.\",\n \"The final purchase price installment was made on September 13, 2019.\",\n \"## Property dispositions and transfers from the portfolio\",\n \"The sales price is expressed in euro before deduction of incidental selling costs.\",\n \"Three properties were sold in the reporting period and removed from the fund portfolio in the reporting period:\",\n \"Paris (F), 74-84 Boulevard Auguste Blanqui – “Le Monde” Office property\",\n \"The fund management decided to sell the office building that was completed and acquired in 2004.\",\n \"The building has been leased to the national media publisher of the same name since completion.\",\n \"The tenant intends to leave the building in 2020.\",\n \"The fund management made the decision to sell the property after weighing up various options with regard to re-letting, mod- ernization and sale.\",\n \"The contract of sale was signed on May 14, 2019.\",\n \"The sale price was around EUR 165.0 million.\",\n \"Ownership was transferred on July 16, 2019.\",\n \"St.\",\n \"-Quentin-en-Yvelines (F), 1-7, Avenue San Fernando – “Energies Building” Office property\",\n \"The fund management decided to sell the office property that was acquired in 2001 as a new building.\",\n \"Due to the age of the building, the property does not meet today’s requirements in terms of technology and equipment; the space is designed for a single tenant.\",\n \"When the tenant moves out, extensive modern-\",\n \"ization measures with high investment costs would therefore be likely in order to enable subsequent letting.\",\n \"The contract of sale was signed on June 16, 2019.\",\n \"The sale price was around EUR 92.1 million.\",\n \"Ownership was transferred on September 13, 2019.\",\n \"Seattle (USA), 4300 Roosevelt Way NE/ 4311 11th Avenue NE – “Roosevelt Commons” office property\",\n \"Following the extension of the lease with a main tenant and the conclusion of a lease agreement with a previously vacant space as of January 2020, the fund management decided to sell the office property, which was constructed in 2002 and acquired in 2005.\",\n \"The building structure and technical installations of the property no longer met modern requirements for office prop- erties.\",\n \"Future lettings when existing leases expired could have turned out to be costly.\",\n \"The contract of sale was signed on November 11, 2019.\",\n \"The converted sales prices was around EUR 136.6 million.\",\n \"It was transferred from the portfolio on December 12, 2019.\",\n \"## Borrowed capital and currency risks\",\n \"As of the reporting date March 31, 2020, the real estate invest- ment fund grundbesitz global had loan liabilities amounting\",\n \"to EUR 834.7 million (March 31, 2019: EUR 607.1 million) of which 17.7% were euro-denominated loans and 82.3% were foreign currency loans.\",\n \"Financing in U.S. dollars amount- ing to EUR 347.4 million (41.6%) constituted the majority of these liabilities, followed by loans in Korean won amounting\",\n \"to EUR 129.5 million (15.5%).\",\n \"Loans in British pounds exist in the amount of EUR 76.3 million (9.1%), as well as financing in Australian dollars in the amount of EUR 74.4 million (8.9%) and Japanese yen in the amount of EUR 59.3 million (7.1%).\",\n \"Loans for the account of the investment fund to finance direct holdings in real estate amounted to EUR 17.0 million (2.0%) as of the reporting date.\",\n \"Loans of the special pur- pose vehicles belonging to the investment fund amounted to EUR 817.7 million (98.0%).\",\n \"In the reporting period, the ratio of borrowed capital to the market value of all fund properties increased from 19.4% (March 31, 2019) to 22.5% (March 31, 2020).\",\n \"As of the reporting date, the fund grundbesitz global held open foreign currency positions of EUR 145.3 million (3.6% of the fund’s net asset value) not hedged through currency forward agreements.\",\n \"| Overview of borrowings as of March 31, 2020 |\",\n \"| --- |\",\n \"| grundbesitz global | Total borrowings (direct) in EUR million | % of the market value of all fund properties | Total borrowings (indirect via holding companies) in EUR million | % of the market value of all fund properties | Less than 1 year | Remaining loan terms as a % of total borrowings 1 to\\t2 to\\t5 to 2 years\\t5 years\\t10 years | Av.\",\n \"interest rate in % |\",\n \"| EUR | | | 147.8 | 4.0% | | 10.0%\\t7.8% | 1.43 |\",\n \"| USD | | | 347.4 | 9.4% | 3.2% | 0.0%\\t20.5%\\t18.0% | 3.56 |\",\n \"| GBP | | | 76.3 | 2.1% | | 9.1% | 2.23 |\",\n \"| JPY | | | 59.3 | 1.6% | 4.3% | 2.8% | 0.96 |\",\n \"| KRW | 17.0 | 0.5% | 112.4 | 3.0% | 2.3% | 13.2% | 3.32 |\",\n \"| AUD | | | 74.4 | 2.0% | | 2.4%\\t6.5% | 3.83 |\",\n \"| Total | 17.0 | 0.5% | 817.7 | 22.0% | 9.9% | 2.4%\\t50.1%\\t37.6% | |\",\n \"| Overview of currency risks as of March 31, 2020 |\",\n \"| --- |\",\n \"| grundbesitz global | Open currency positions as of the reporting date in the local currency (thousands) | Exchange rate as of the reporting date | Open currency positions as of the reporting date (TEUR) | % of fund assets per currency area |\",\n \"| USD | 9,357 | 1.10795 | 8,445 | 0.2 |\",\n \"| GBP | 6,196 | 0.89716 | 6,907 | 0.2 |\",\n \"| SEK | 440,126 | 11.04066 | 39,864 | 1.0 |\",\n \"| JPY | 6,266,003 | 119.67519 | 52,358 | 1.3 |\",\n \"| KRW | 43,680,787 | 1,356.57369 | 32,199 | 0.8 |\",\n \"| PLN | 23,273 | 4.53838 | 5,128 | 0.1 |\",\n \"| AUD | 654 | 1.80536 | 362 | 0.0 | | SGD1 | 96 | 1.58176 | 60 | 0.0 | | Total | | | 145,324 | 3.6 | 1 Results from an acquisition that was planned but not realized.\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Activity report","Ladies and Gentlemen,","in this annual report, the management of DWS Grundbesitz GmbH is pleased to inform <annotation tool=\"ctxpro\" rule=\"ACC.FORM+PLUR\" phenomenon=\"formality\">you</annotation> of the development of the real estate investment fund grundbesitz global in the period from April 1, 2019, through March 31, 2020.","## Key events in the reporting period","In the period from April 1, 2019, through March 31, 2020, grundbesitz global posted a gain of 2.5% per unit in the RC unit class and 2.9% per unit in the IC unit class (data according to the BVI method).","In the same period, EUR 695.4 million net flowed into the fund in the RC unit class and EUR 75.2 million net in the IC unit class, bringing net cash inflows for the entire year to EUR 770.6 million in total.","Total net asset value increased from EUR 3,224.8 million on March 31, 2019, to EUR 4,005.0 million at the end of business year on March 31, 2020 – taking into account the distribution for the previous business year.","As of the reporting date, the net assets in the RC unit class were EUR 3,814.7 million and EUR 190.3 million in the IC unit class.","With this result, grundbesitz global can look back on a success- ful business year to March 31, 2020, although the spread of the COVID-19 pandemic as of March 2020 represented a turning point and the resulting developments have created an environ- ment of pronounced uncertainty.","grundbesitz global was also unable to escape the impact of the negative market develop- ments and suffered temporary declines in net asset value per unit and therefore also in performance toward the end of the reporting period.","The bonds held in the fund’s liquidity portfolio and forward currency transactions had a particularly dampening effect.","In compensation for this, income from the property port- folio continued to develop positively in the same period.","With a total of EUR 834.7 million in loan liabilities, the debt ratio equalled 22.5% of real estate assets as of March 31, 2020, which is below the legally established limit of 30.0%.","Fund management activities focused on the further develop- ment of the grundbesitz global real estate portfolio.","Besides managing the portfolio properties, this also particularly involves expanding the portfolio to include attractive new properties and selling buildings that in the opinion of the fund management will no longer be in line with the fund strategy in the medium to long term.","In the reporting period, sixteen properties with","a total investment volume of around EUR 836.2 million were transferred to the portfolio of the investment fund and the sale","of three office properties with a total sales volume of around EUR 393.7 million was concluded.","The contract of sale for an office property in Solna, Stockholm, with an investment volume of around EUR 315.0 million was signed on February 20, 2020.","As planned, the property was not added to the fund portfolio in the reporting period.","Construction work on the “S9 International Quarter” project development in the Greater London area was completed on schedule in August 2019.","Acquisitions were made both in Europe (with investments made in Portugal, Finland, the UK and Italy) and in the United States.","Investments were also made in the Asia-Pacific region, with acquisitions made in South Korea and Australia.","Properties were sold in France and the United States.","The acquisition volume is divided into the segments of retail, logistics, office, hotel and residential real estate.","As of March 31, 2020, the grundbesitz global real estate port- folio comprised a total of 55 properties (March 31, 2019: 42) of which ten were direct investments and 45 were held via holdings.","Real estate assets based on market values were EUR 3,713.5 million as of the reporting date (March 31, 2019: EUR 3,133.1 million).","Further acquisition opportunities, which were still in the review stage, were reassessed against the background of the current situation and in individual cases temporarily postponed.","How- ever, there will continue be a focus on active portfolio manage- ment so that we will be able to use market opportunities that arise, due to acquisitions and dispositions for example, to fur- ther optimize the portfolio.","In the grundbesitz global portfolio, office, retail and logistics properties continue to dominate in terms of type of use.","Further types of use such as residential properties and two hotels round off the portfolio.","The European portion of investments increased to 56.5% in the reporting period (March 31, 2019: 55.9%).","These investments focus on the United Kingdom and Poland.","As of the reporting date, the non-European portion comprised 21.3% investments in the Asia-Pacific economic region (Japan, South Korea and Australia: March 31, 2019: 22.9%) and 22.2% investments in the","United States (March 31, 2019: 21.2%).","As of March 31, 2020, 96.0% of the total portfolio was let (mea- sured in terms of annual rental income fully let).","Over the entire reporting period, the occupancy rate was 96.5% on average.","It is not currently possible to estimate the extent to which the restrictions connected with the coronavirus pandemic will have","a lasting effect on the occupancy situation, especially in the retail and hotel segments.","Tenants have already approached DWS regarding the deferral of rent payments and similar mea- sures.","The inquiries are being carefully reviewed from a legal and business perspective.","Any future outstanding rents will con- tinue to be evaluated and risk provisions will be made for them in a timely manner, where necessary and permissible.","This is supported by the fund’s strong weighting in the office real estate sector, which in the current market environment is characterized by comparatively low vacancy rates and moderate new completion volumes.","As of March 31, 2020, it was not yet possible to determine the extent to which the COVID-19 pandemic and its associated con- sequences would affect the real estate markets or the fair values of the fund’s properties.","However, it cannot be ruled out that there will be an impact on future performance.","While logistics and residential properties could benefit, the fund management believes it is possible that retail and hotel properties will decline in value.","In its work, the fund management is always intensively sup- ported by the various departments at DWS, which is particularly evident in the current coronavirus pandemic.","There is regular, close exchange with Asset Management, i.e., the property man- agers, regarding open items and the approach to the respective tenant.","In particular, due to the global orientation of the portfo-","lio, the legal conditions in the individual countries must also be taken into account; to this end, a uniform legal opinion has been obtained and is regularly updated.","The research experts ensure that up-to-date information on the development of the real estate markets and the economy as a whole is always available.","Liquidity is an important component of the fund’s success.","The Liquid Assets & Financing team advises the fund management on issues relating to property financing and liquidity investments, e.g., in the form of fixed- interest securities.","The basis for all decisions made is a basic scenario adapted to the pandemic situation with the involve- ment of the Chief Investment Office with regard to investment strategies based on quantitative forecasts.","This also forms the starting point for the review of purchase opportunities that have not yet been completed, as well as the fundamental consider- ations regarding the geographical and sectoral portfolio break- down, which the transaction teams take into account when considering future acquisitions.","Although the coronavirus pandemic has temporarily pushed other priorities into the background, such as the UK’s with- drawal from the European Union in January, these issues will continue to be carefully monitored and incorporated into the fund strategy.","This also applies to the ESG (“Environment – Social – Governance”) sustainability approach, which is one of the focus areas of DWS and could even gain in importance due to the after-effects of the current situation.","Yours sincerely,","DWS Grundbesitz GmbH","Dr. Ulrich von Creytz\tDr. Grit Franke\tUlrich Steinmetz","Frankfurt/Main, Germany, June 29, 2020","## Overall economic environment","With a growth rate of 2.6%, the global economy developed more slowly in 2019 due to political and economic tensions, and did not show any noticeable revival at the end of the year.","Although the global trade conflict calmed down toward the end of the year, additional fiscal policy stimuli seemed to have an increasingly limited effect.","Nonetheless, leading economic indi- cators pointed in a positive direction for developments this year.","However, the restrictions on public life and the economy result- ing from the COVID-19 pandemic in the first quarter of 2020 have substantially changed the economic outlook for the rest","of the year.","Now, due to massive restrictions, a severe global recession is expected in the first half of the year, which will affect all regions of the world, and especially the United States and Southern Europe, and should cause the global economy to contract by 4.8% in 2020.","Estimates show that the global econ- omy contracted by more than 3% in the first quarter of 2020, as much as the entire contraction during the global financial crisis.","While the U.S. economy grew by 2.3% in 2019, the decline in gross domestic product in the first quarter of 2020 was 1.2% compared to the previous quarter, although the full extent of the crisis compared to Europe is likely to become apparent only later.","In particular, consumer spending, private investment and trade volumes slumped significantly.","In the first six weeks of the restrictions on contact and other restrictions, 30 million unemployment applications were received in the United States.","Accordingly, strongly negative economic growth of -7.0% is expected for the current year.","In Asia, economic growth slowed down overall during 2019.","In addition, the region was most severely affected by the corona- virus crisis in the first quarter, but is expected to return to growth in the current quarter.","China’s gross domestic product fell by 6.8% in the first quarter compared with the same quarter of the previous year, but it is the only major economy that is expected to grow slightly over the year as a whole.","After a sharp slump, the Chinese purchasing managers’ index has already recovered to its level prior to the outbreak of the pandemic.","The Japanese economy also contracted in the first quarter, although by a comparatively moderate -0.6% year-on-year.","In Europe, the manufacturing sector continued to report gener- ally weak figures at the end of 2019, and geopolitical tensions also remained.","As a result, only weak economic growth of 0.1% was reported in the fourth quarter compared to the previous quarter, bringing economic growth for the full year 2019 to 1.2%.","The European economy also contracted by 3.8% in the first quarter as a result of the coronavirus crisis compared with the previous quarter, which is considered to be the sharpest decline since recording began in 1995.","In addition, the Euro- pean Purchasing Managers’ Index fell to a record low of 13.5 in April (compared to a low of 36.2 during the financial crisis), but recovered somewhat in May.","Highly indebted Italy and Spain are likely to be hit particularly hard, with both countries also","expected to suffer more from a lack of tourism spending.","Due to the current situation surrounding COVID-19, the European Cen- tral Bank was forced to announce a comprehensive package of measures in addition to those already introduced by the national governments.","This package also includes quantitative easing, i.e., the purchase of private or public securities, in the amount of EUR 750 billion.","Compared with the financial crisis, the coordi- nated and comprehensive packages of measures in 2020 should have a dampening effect on the current economic distortions.","However, once the situation surrounding the coronavirus has eased, a rapid global recovery is expected for 2021.","(Data sources: HDE 04/2020, Oxford Economics 01-05/2020, Eurostat 04/2020)","## Developments in the capital markets","Yields in the capital markets fell significantly into negative territory in the reporting period from April 1, 2019, through March 31, 2020.","Yields on ten-year German government bonds were near zero at -3 basis points on April 1, 2019, and stood at","-0.51% p.a. at the end of the reporting period.","Yields on short-term German government bonds traded in neg- ative territory in a range of 35 basis points.","One-year German government bonds yielded -0.55% p.a. on April 1, 2019, and","-0.67% p.a. on March 31, 2020.","The European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019.","(Data source: Bloomberg)","## Global real estate markets","The moderate economic development in 2019 was also reflected in the global real estate markets, although the majority of the markets we observed continued to develop positively.","However, the coronavirus crisis has also fundamentally changed the out- look for the real estate market.","Geographically, the effects of the coronavirus crisis are likely to be felt more strongly in Europe and the United States than in Asia.","Last year, the office markets benefited from high employment growth in Europe and in the United States from the extension of contracts concluded in the wake of the financial crisis to now higher market rental levels.","Overall, this was reflected in strong rental growth and low vacancy rates.","Demand for office","space also recovered in Asia during 2019, leading to rising rents.","The office segment is likely to be less affected by the corona- virus crisis than other segments.","Surveys point to a decline in demand for space in the first quarter, which suggests that space turnover will continue to slow over the rest of the year.","Never- theless, significant increases in vacancies or rent losses remain rather unlikely.","Nonetheless, rent levels in the European office markets are likely to fall by an average of 6% in 2020, which should be followed by a recovery process next year.","Global logistics markets turned in a positive performance last year.","For example, demand for space remained high in 2019, although project development volumes grew at the same time, especially in Europe.","In the United States, almost all sub- markets and sub-segments benefited from the good economic fundamentals and the continuing upturn in e-commerce, while in Asia rising domestic consumption made a positive contri- bution.","In the current situation, a differentiated view must be taken of the logistics sector, as it is suffering from disruptions in supply chains and close links to the manufacturing industry (e.g., contract logistics providers) on the one hand, but is likely to benefit from sharp increases in online trading on the other.","This trend is likely to make logistics properties near cities even more attractive.","This contrasts with the performance in the retail segment, which was also subjected to further pressure to adapt at the end of 2019 across all regions.","The already battered retail segment is likely to be severely affected by the coronavirus crisis.","Forced store closures will lead to rent losses and increasing insolvency risks.","In March, for example, sales in the German non-food retail sector dropped by 10% compared with the same month of the previous year, and sales in the textile retail sector fell by more than half.","This trend is also reflected in the German GfK consumer climate index, which fell by 10 basis points from a relatively stable index level to a historic low of -23.4 points for May, marking an extremely sharp and rapid decline.","In June, the index recovered slightly to","-18.9 points.","This means that the retail sector in particular, with its focus on the textile industry, is likely to struggle with further declining rent levels in the current year.","In addition, a prolonged","period of weakness is to be expected as a result of the currently rising market penetration and increasing “habituation effects” of online retail.","In 2019, the residential segment and the hotel segment per- formed positively, benefiting equally from high demand and a trend toward falling vacancies or rising occupancy.","However, it has turned out that hotel occupancy rates in April 2020 in Europe and the United States averaged only 8% and 20%, respectively.","Accordingly, as in the retail segment, short-term declines in rents are to be expected, as well as increased rent losses and a higher risk of insolvency.","Residential rents are also likely to fall slightly in the short term due to rising unemployment and falling household incomes, although the residential segment is considered relatively stable due to its inelastic demand.","Delays in completions could also further reduce the supply of housing and create pressure on rents.","(Data sources: DWS 01-05/2020, PMA 05/2020, HDE 04/2020, GfK 04-05/2020, STR 04/2020)","## Global investment markets","In the global investment markets, momentum in the first quarter of 2020 remained comparable to the previous year.","The annual global transaction volume remained at approximately the pre- vious year’s level at around EUR 1,470 billion, although there were slight regional differences.","Both the U.S. and European real estate markets grew by around 10% in the first quarter of 2020, while the UK recorded a lower volume.","Asia, on the other hand, remained the world region with the highest turnover, but was down slightly compared to the same quarter in the previous year.","On a sectoral level, retail and office real estate declined, while the logistics and residential segments recorded significant growth.","Although the momentum on the investment markets","in Europe in the first quarter of 2020 apparently remained rela- tively unaffected by the coronavirus crisis, it is likely to weaken significantly in the coming months.","Demand is likely to remain particularly strong for top-quality properties and opportunistic properties.","The available capital commitments and investment pressure remained high last year amid financing conditions that were still favorable.","The development of initial yields could also be viewed as further evidence of ongoing investor interest in the real estate market.","These yields fell overall and real estate thus appreciated again.","Although yield compression slowed in some market segments and locations, it generally continued through the end of 2019 (with the exception of retail properties).","The coronavirus crisis is likely to lead to rising initial yields and declining transaction volumes in the short term.","The main reasons for this lie in particular in the increased uncertainty in the market and the expectation of falling rent levels, but also in delayed purchase processes.","This is likely to affect the retail and hotel segments in particular, but also the office markets,","while residential should be stable and urban logistics properties should even profit from this trend.","As a result of the persistently low interest rate environment and the recent increase in the relative attractiveness of real estate investments due to a rise","in risk premiums, we expect yields to start compressing again from 2021.","Given this, our medium to long-term view of the real estate markets remains positive.","(Data sources: DWS 01-05/2020, RCA 04/2020)","## The grundbesitz global investment strategy","The investment objectives of the investment fund are the gen- eration of regular income from rents and interest, and apprecia- tion.","The investment fund pursues a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.","The investment strategy of the investment fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it through- out the term of the investment fund.","The asset management company invests in North America, Asia, Australia and Europe for the account of the investment fund.","Details of the countries in question and the maximum share of the investment fund value permitted for investment in the respective country are provided in the appendix to the Special Investment Conditions.","The real estate held by the investment fund is situated in good to very good locations in established real estate markets.","The aim is basically to invest in properties with long-term tenants","of sound financial standing.","The transaction strategy is geared toward the various global real estate cycles.","The investment fund predominantly invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.","During the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of considerations.","In this regard, the asset management company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Company considers this to be in the interests of the investors.","The assessment likewise includes the economic and location-related opportunities and risks.","Alongside properties that already exist or are under construc- tion, sites for development projects may also be acquired.","How- ever, the focal point of investments is existing buildings.","## Net asset value and cash inflows/outflows","Net cash inflows in the reporting period from April 1, 2019, until March 31, 2020, stood at EUR 770.6 million.","Total net asset value stood at EUR 4,005.0 million as of March 31, 2020.","As of March 31, 2020, property/holding assets amounted to EUR 2,548.7 million, while liquid assets stood at","EUR 1,081.5 million.","Liquid assets are managed in accordance with a fixed investment process.","Interest rate and price fore- casts are subject to technical and fundamental analysis.","In the reporting period, liquid assets were invested primarily in overnight money and time deposits as well as fixed-interest","securities such as government bonds and corporate bonds from European issuers with a rating of good to very good (investment grade).","Futures were used occasionally for duration control.","## Results of the fund","During the past business year 2019/2020, the fund posted a gain of 2.5% per unit in the RC unit class and a gain of 2.9% per unit in the IC unit class (both according to the BVI method).","The distribution in the RC unit class on July 15, 2020, was EUR 1.15.","The total return on investment in the RC unit class is EUR 1.28 per unit.","Investors in the IC unit class receive a distribution in the amount of EUR 1.35.","The total return on","investment in the IC unit class is EUR 1.52 per unit.","Information on taxation is included in the “Tax information for the investor” following this report.","The positive performance of the fund is illustrated in the follow- ing overview.","| Performance according to the BVI method (As of: March 31, 2020) |","| --- |","| | RC unit class | Annual average | IC unit class | Annual average |","| 1 year | 2.5% | | 2.9% | |","| 2 years | 5.1% | 2.5% | 6.0% | 3.0% |","| 3 years | 7.3% | 2.4% | 8.7% | 2.8% |","| 5 years | 11.4% | 2.2% | 13.8% | 2.6% |","| 10 years | 24.2% | 2.2% | 29.3% | 2.6% |","| 15 years | 58.5% | 3.1% | | |","| Since inception* | 92.6% | 3.4% | 38.5% | 2.8% |","* Fund inception: July 25, 2000, IC unit class, April 1, 2008.","Calculation of performance is based on the time-weighted return and excludes the initial sales charge.","Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included.","Past performance is not a reliable indicator of future performance.","## The grundbesitz global real estate portfolio","As of the reporting date, the grundbesitz global portfolio com- prised 55 properties, of which ten are directly held properties with market values totaling EUR 798.4 million.","Forty-five properties with a total volume of EUR 2,915.2 million are held through special purpose vehicles.","grundbesitz global has a stake in 14 special purpose vehicles through joint ventures with other special real estate investment funds that are also managed by DWS.","## Types of use of fund properties","Office properties constitute the dominant share of the portfolio in terms of both rental area and annual rental income fully let.","## Geographical distribution of fund properties","Geographical distribution of fund properties","Properties in the United States, Japan and the United Kingdom currently form the focus of the real estate portfolio.","Size classification of fund properties","## Commercial age structure of fund properties\tSize classification of fund properties","| Property according to size classification |","| --- |","| Up to EUR 10 million | EUR 39.3 million | 1.1% | 5 properties |","| EUR 10 to 25 million | EUR 56.3 million | 1.5% | 4 properties |","| EUR 25 to 50 million | EUR 595.5 million | 16.0% | 16 properties |","| EUR 50 to 100 million | EUR 1,429.8 million | 38.5% | 19 properties |","| EUR 100 to 150 million | EUR 825.6 million | 22.2% | 7 properties |","| EUR 150 to 200 million | EUR 319.3 million | 8.6% | 2 properties |","| Over EUR 200 million | EUR 447.8 million | 12.1% | 2 properties |","| Total | EUR 3,713.5 million | 100.0% | 55 properties |","Property acquisitions and transfers to the portfolio","Further information on the following properties is available in the index of properties and the list of acquisitions and dispo- sitions.","Purchase prices are expressed in euro; with foreign currencies, the exchange rate at the time of the transfer of own- ership of the property is used.","A distinction is made between the time the contract of sale for a property is signed (the “signing”) and the time of the transfer of the property into the fund’s real estate portfolio (the “closing”).","The respective property is only listed in the index of properties after the “closing”.","In the case of project developments, closing may take place during the construction phase or only after com- pletion, depending on the contract formulation.","16 properties were acquired and added to the fund portfolio in the reporting period:","Leiria (P), Alto do Vieiro – “Leiria Shopping” retail property","On April 3, 2019, the fund management signed the contract for the purchase of the “Leiria Shopping” shopping center in Leiria, Portugal on which construction had been completed in 2010.","The two-story center has around 24,500 sqm of lettable space, divided into 130 rental units and around 1,900 indoor and out- door parking spaces.","The purchase price was around EUR 128.0 million and owner- ship was also transferred on April 3, 2019.","Vantaa (FIN), Katriinantie 20 – Logistics property","On June 19, 2019, the fund management signed the contract of sale for the purchase of two logistics properties on which con- struction had been completed in 2009.","The two properties with a total rental area of around 38,800 sqm are located on a site of around 75,000 sqm near the city of Vantaa in the Aviapolis area, directly adjacent to Helsinki International Airport.","Almost all of the space is let to three logistics companies.","The purchase price for the property was around EUR 63.9 million; ownership was transferred on June 19, 2019.","Barberino di Mugello (I), Via Antonio Meucci – “Barberino Factory Outlet” retail property","With the signing of the contract of sale on July 11, 2019, the fund acquired the shopping center built in 2006.","The outlet center has 26,535 sqm of rental space, distributed over","128 shop units.","Over 2,113 indoor and outdoor parking spaces","are available to visitors free of charge.","The purchase price paid for the property, which was transferred to fund ownership on July 11, 2019, was around EUR 234.5 million.","Birmingham, Edinburgh, Glasgow, Leeds, Manchester, Newcastle (GB) – “Vita Student Portfolio” retail property","On August 7, 2019, the fund management signed the contract of sale for a residential real estate portfolio with eight properties for student housing in the United Kingdom.","The approximately 3,200 beds are located in six central locations in the university cities of Edinburgh, Manchester, Birmingham, Glasgow, Leeds and Newcastle.","The buildings are equipped with studio rooms in the premium segment and have above-average room sizes and facilities for student accommodation.","The acquisition took place via a holding company as a joint venture with another","real estate investment fund that is also managed by DWS.","grundbesitz global has a 12.6% stake in the joint venture.","The converted prorata purchase price was around EUR 81.5 million.","Ownership was transferred on August 14, 2019.","West Covina (USA), 2753 Eastland Center Drive – “Eastland Center” retail property","With the signing of the contract of sale on August 21, 2019, the fund acquired the “Eastland Center” retail property in West Covina, Los Angeles.","The shopping center, which was built in 1957, has approximately 75,000 sqm of rental space for retail and gastronomy as well as around 3,300 parking spaces.","The acquisition took place via a holding company as a joint venture with a special real estate fund that is also managed by DWS.","grundbesitz global has a 49% stake in the joint venture.","The converted prorata purchase price was around EUR 80.3 million.","Ownership was transferred on December 9, 2019.","Canberra (AUS), 197 London Circuit – “The Sebel” hotel property","On December 5, 2019, the fund management signed the con- tract of sale for the hotel property in Canberra, which was built in 1965 and was completely renovated in 2019.","The property, which has a rental space of approximately 6,800 sqm, is leased long-term to a division of the Accor Group.","Besides 144 hotel rooms, the property also has a smaller gastronomy space on the ground floor.","The converted purchase price paid for the property, which was transferred to the fund portfolio on December 20, 2019, was around EUR 29.6 million.","Gimpo (ROK), 725 Jeonho-ri – “Sungkwang Logistics” logistics property","With the signing of the contract of sale on January 14, 2020, the fund acquired the “Sungkwang Logistics” logistics property in Gimpo, approximately 30 km west of the capital Seoul.","The Class A building, which was constructed in 2016, has a rental space of approximately 30,000 sqm and is designed for multiple tenants.","The converted purchase price paid for the property, which was transferred to the fund portfolio on January 14, 2020, was around EUR 48.7 million.","Houston (USA), 2925 Richmond Avenue – “Kirby Grove” office property","The contract of sale for the office property, which was com- pleted in 2016, was signed on December 20, 2019.","The total rental space of around 23,000 sqm is spread among a total of 16 floors.","The rental space varies between around 230 sqm and around 6,000 sqm, which allows the property to be used for both small-scale rentals and full-floor rentals to a single tenant.","The converted purchase price paid for the property, which was transferred to the fund portfolio on January 24, 2020, was around EUR 102.2 million.","Oak Brook (USA), 2155 West 22nd Street – “The Shops at Oak Brook Place” retail property","On December 24, 2019, the fund management signed the con- tract for the purchase of the shopping center “The Shops at Oak Brook Place”, a western suburb of Chicago.","The shopping center, which was built in 1996, has approximately 16,460 sqm of rental space and a total of 695 parking spaces.","The converted purchase price paid for the property, which was transferred to the fund portfolio on January 24, 2020, was around EUR 67.5 million.","One property was purchased in the reporting period and will not be added to the fund portfolio until the next reporting period:","Solna (SE), Rättarvägen 3 – “Solna United” office property","The contract of sale for the office property located in Solna in the province of Stockholm was signed on February 20, 2020.","The property, which was completed in October 2019, has a rental space of around 33,870 sqm, which extends over three underground and twelve above-ground floors.","The three under- ground floors contain technical areas and around 300 under- ground parking spaces.","The upper floors as well as the roof were designed to accommodate eleven terraces and nine con- ference rooms.","The converted purchase price for the property amounted to around EUR 315.0 million.","One project development was completed:","Stratford (GB) –“S9 International Quarter” office property","On June 21, 2018, the fund management signed the contract of sale for the project development for the “S9 International Quarter” office property in Stratford, United Kingdom.","The nine-story office building has a total rental area of around 25,800 sqm.","It was completed on August 22, 2019.","The acqui- sition took place via a holding company as a joint venture with a real estate fund that is also managed by DWS.","grundbesitz global has a 45% stake in the joint venture.","The converted pro rata purchase price was around","EUR 121.5 million.","The final purchase price installment was made on September 13, 2019.","## Property dispositions and transfers from the portfolio","The sales price is expressed in euro before deduction of incidental selling costs.","Three properties were sold in the reporting period and removed from the fund portfolio in the reporting period:","Paris (F), 74-84 Boulevard Auguste Blanqui – “Le Monde” Office property","The fund management decided to sell the office building that was completed and acquired in 2004.","The building has been leased to the national media publisher of the same name since completion.","The tenant intends to leave the building in 2020.","The fund management made the decision to sell the property after weighing up various options with regard to re-letting, mod- ernization and sale.","The contract of sale was signed on May 14, 2019.","The sale price was around EUR 165.0 million.","Ownership was transferred on July 16, 2019.","St.","-Quentin-en-Yvelines (F), 1-7, Avenue San Fernando – “Energies Building” Office property","The fund management decided to sell the office property that was acquired in 2001 as a new building.","Due to the age of the building, the property does not meet today’s requirements in terms of technology and equipment; the space is designed for a single tenant.","When the tenant moves out, extensive modern-","ization measures with high investment costs would therefore be likely in order to enable subsequent letting.","The contract of sale was signed on June 16, 2019.","The sale price was around EUR 92.1 million.","Ownership was transferred on September 13, 2019.","Seattle (USA), 4300 Roosevelt Way NE/ 4311 11th Avenue NE – “Roosevelt Commons” office property","Following the extension of the lease with a main tenant and the conclusion of a lease agreement with a previously vacant space as of January 2020, the fund management decided to sell the office property, which was constructed in 2002 and acquired in 2005.","The building structure and technical installations of the property no longer met modern requirements for office prop- erties.","Future lettings when existing leases expired could have turned out to be costly.","The contract of sale was signed on November 11, 2019.","The converted sales prices was around EUR 136.6 million.","It was transferred from the portfolio on December 12, 2019.","## Borrowed capital and currency risks","As of the reporting date March 31, 2020, the real estate invest- ment fund grundbesitz global had loan liabilities amounting","to EUR 834.7 million (March 31, 2019: EUR 607.1 million) of which 17.7% were euro-denominated loans and 82.3% were foreign currency loans.","Financing in U.S. dollars amount- ing to EUR 347.4 million (41.6%) constituted the majority of these liabilities, followed by loans in Korean won amounting","to EUR 129.5 million (15.5%).","Loans in British pounds exist in the amount of EUR 76.3 million (9.1%), as well as financing in Australian dollars in the amount of EUR 74.4 million (8.9%) and Japanese yen in the amount of EUR 59.3 million (7.1%).","Loans for the account of the investment fund to finance direct holdings in real estate amounted to EUR 17.0 million (2.0%) as of the reporting date.","Loans of the special pur- pose vehicles belonging to the investment fund amounted to EUR 817.7 million (98.0%).","In the reporting period, the ratio of borrowed capital to the market value of all fund properties increased from 19.4% (March 31, 2019) to 22.5% (March 31, 2020).","As of the reporting date, the fund grundbesitz global held open foreign currency positions of EUR 145.3 million (3.6% of the fund’s net asset value) not hedged through currency forward agreements.","| Overview of borrowings as of March 31, 2020 |","| --- |","| grundbesitz global | Total borrowings (direct) in EUR million | % of the market value of all fund properties | Total borrowings (indirect via holding companies) in EUR million | % of the market value of all fund properties | Less than 1 year | Remaining loan terms as a % of total borrowings 1 to\t2 to\t5 to 2 years\t5 years\t10 years | Av.","interest rate in % |","| EUR | | | 147.8 | 4.0% | | 10.0%\t7.8% | 1.43 |","| USD | | | 347.4 | 9.4% | 3.2% | 0.0%\t20.5%\t18.0% | 3.56 |","| GBP | | | 76.3 | 2.1% | | 9.1% | 2.23 |","| JPY | | | 59.3 | 1.6% | 4.3% | 2.8% | 0.96 |","| KRW | 17.0 | 0.5% | 112.4 | 3.0% | 2.3% | 13.2% | 3.32 |","| AUD | | | 74.4 | 2.0% | | 2.4%\t6.5% | 3.83 |","| Total | 17.0 | 0.5% | 817.7 | 22.0% | 9.9% | 2.4%\t50.1%\t37.6% | |","| Overview of currency risks as of March 31, 2020 |","| --- |","| grundbesitz global | Open currency positions as of the reporting date in the local currency (thousands) | Exchange rate as of the reporting date | Open currency positions as of the reporting date (TEUR) | % of fund assets per currency area |","| USD | 9,357 | 1.10795 | 8,445 | 0.2 |","| GBP | 6,196 | 0.89716 | 6,907 | 0.2 |","| SEK | 440,126 | 11.04066 | 39,864 | 1.0 |","| JPY | 6,266,003 | 119.67519 | 52,358 | 1.3 |","| KRW | 43,680,787 | 1,356.57369 | 32,199 | 0.8 |","| PLN | 23,273 | 4.53838 | 5,128 | 0.1 |","| AUD | 654 | 1.80536 | 362 | 0.0 | | SGD1 | 96 | 1.58176 | 60 | 0.0 | | Total | | | 145,324 | 3.6 | 1 Results from an acquisition that was planned but not realized."],"string":"[\n \"# Activity report\",\n \"Ladies and Gentlemen,\",\n \"in this annual report, the management of DWS Grundbesitz GmbH is pleased to inform <annotation tool=\\\"ctxpro\\\" rule=\\\"ACC.FORM+PLUR\\\" phenomenon=\\\"formality\\\">you</annotation> of the development of the real estate investment fund grundbesitz global in the period from April 1, 2019, through March 31, 2020.\",\n \"## Key events in the reporting period\",\n \"In the period from April 1, 2019, through March 31, 2020, grundbesitz global posted a gain of 2.5% per unit in the RC unit class and 2.9% per unit in the IC unit class (data according to the BVI method).\",\n \"In the same period, EUR 695.4 million net flowed into the fund in the RC unit class and EUR 75.2 million net in the IC unit class, bringing net cash inflows for the entire year to EUR 770.6 million in total.\",\n \"Total net asset value increased from EUR 3,224.8 million on March 31, 2019, to EUR 4,005.0 million at the end of business year on March 31, 2020 – taking into account the distribution for the previous business year.\",\n \"As of the reporting date, the net assets in the RC unit class were EUR 3,814.7 million and EUR 190.3 million in the IC unit class.\",\n \"With this result, grundbesitz global can look back on a success- ful business year to March 31, 2020, although the spread of the COVID-19 pandemic as of March 2020 represented a turning point and the resulting developments have created an environ- ment of pronounced uncertainty.\",\n \"grundbesitz global was also unable to escape the impact of the negative market develop- ments and suffered temporary declines in net asset value per unit and therefore also in performance toward the end of the reporting period.\",\n \"The bonds held in the fund’s liquidity portfolio and forward currency transactions had a particularly dampening effect.\",\n \"In compensation for this, income from the property port- folio continued to develop positively in the same period.\",\n \"With a total of EUR 834.7 million in loan liabilities, the debt ratio equalled 22.5% of real estate assets as of March 31, 2020, which is below the legally established limit of 30.0%.\",\n \"Fund management activities focused on the further develop- ment of the grundbesitz global real estate portfolio.\",\n \"Besides managing the portfolio properties, this also particularly involves expanding the portfolio to include attractive new properties and selling buildings that in the opinion of the fund management will no longer be in line with the fund strategy in the medium to long term.\",\n \"In the reporting period, sixteen properties with\",\n \"a total investment volume of around EUR 836.2 million were transferred to the portfolio of the investment fund and the sale\",\n \"of three office properties with a total sales volume of around EUR 393.7 million was concluded.\",\n \"The contract of sale for an office property in Solna, Stockholm, with an investment volume of around EUR 315.0 million was signed on February 20, 2020.\",\n \"As planned, the property was not added to the fund portfolio in the reporting period.\",\n \"Construction work on the “S9 International Quarter” project development in the Greater London area was completed on schedule in August 2019.\",\n \"Acquisitions were made both in Europe (with investments made in Portugal, Finland, the UK and Italy) and in the United States.\",\n \"Investments were also made in the Asia-Pacific region, with acquisitions made in South Korea and Australia.\",\n \"Properties were sold in France and the United States.\",\n \"The acquisition volume is divided into the segments of retail, logistics, office, hotel and residential real estate.\",\n \"As of March 31, 2020, the grundbesitz global real estate port- folio comprised a total of 55 properties (March 31, 2019: 42) of which ten were direct investments and 45 were held via holdings.\",\n \"Real estate assets based on market values were EUR 3,713.5 million as of the reporting date (March 31, 2019: EUR 3,133.1 million).\",\n \"Further acquisition opportunities, which were still in the review stage, were reassessed against the background of the current situation and in individual cases temporarily postponed.\",\n \"How- ever, there will continue be a focus on active portfolio manage- ment so that we will be able to use market opportunities that arise, due to acquisitions and dispositions for example, to fur- ther optimize the portfolio.\",\n \"In the grundbesitz global portfolio, office, retail and logistics properties continue to dominate in terms of type of use.\",\n \"Further types of use such as residential properties and two hotels round off the portfolio.\",\n \"The European portion of investments increased to 56.5% in the reporting period (March 31, 2019: 55.9%).\",\n \"These investments focus on the United Kingdom and Poland.\",\n \"As of the reporting date, the non-European portion comprised 21.3% investments in the Asia-Pacific economic region (Japan, South Korea and Australia: March 31, 2019: 22.9%) and 22.2% investments in the\",\n \"United States (March 31, 2019: 21.2%).\",\n \"As of March 31, 2020, 96.0% of the total portfolio was let (mea- sured in terms of annual rental income fully let).\",\n \"Over the entire reporting period, the occupancy rate was 96.5% on average.\",\n \"It is not currently possible to estimate the extent to which the restrictions connected with the coronavirus pandemic will have\",\n \"a lasting effect on the occupancy situation, especially in the retail and hotel segments.\",\n \"Tenants have already approached DWS regarding the deferral of rent payments and similar mea- sures.\",\n \"The inquiries are being carefully reviewed from a legal and business perspective.\",\n \"Any future outstanding rents will con- tinue to be evaluated and risk provisions will be made for them in a timely manner, where necessary and permissible.\",\n \"This is supported by the fund’s strong weighting in the office real estate sector, which in the current market environment is characterized by comparatively low vacancy rates and moderate new completion volumes.\",\n \"As of March 31, 2020, it was not yet possible to determine the extent to which the COVID-19 pandemic and its associated con- sequences would affect the real estate markets or the fair values of the fund’s properties.\",\n \"However, it cannot be ruled out that there will be an impact on future performance.\",\n \"While logistics and residential properties could benefit, the fund management believes it is possible that retail and hotel properties will decline in value.\",\n \"In its work, the fund management is always intensively sup- ported by the various departments at DWS, which is particularly evident in the current coronavirus pandemic.\",\n \"There is regular, close exchange with Asset Management, i.e., the property man- agers, regarding open items and the approach to the respective tenant.\",\n \"In particular, due to the global orientation of the portfo-\",\n \"lio, the legal conditions in the individual countries must also be taken into account; to this end, a uniform legal opinion has been obtained and is regularly updated.\",\n \"The research experts ensure that up-to-date information on the development of the real estate markets and the economy as a whole is always available.\",\n \"Liquidity is an important component of the fund’s success.\",\n \"The Liquid Assets & Financing team advises the fund management on issues relating to property financing and liquidity investments, e.g., in the form of fixed- interest securities.\",\n \"The basis for all decisions made is a basic scenario adapted to the pandemic situation with the involve- ment of the Chief Investment Office with regard to investment strategies based on quantitative forecasts.\",\n \"This also forms the starting point for the review of purchase opportunities that have not yet been completed, as well as the fundamental consider- ations regarding the geographical and sectoral portfolio break- down, which the transaction teams take into account when considering future acquisitions.\",\n \"Although the coronavirus pandemic has temporarily pushed other priorities into the background, such as the UK’s with- drawal from the European Union in January, these issues will continue to be carefully monitored and incorporated into the fund strategy.\",\n \"This also applies to the ESG (“Environment – Social – Governance”) sustainability approach, which is one of the focus areas of DWS and could even gain in importance due to the after-effects of the current situation.\",\n \"Yours sincerely,\",\n \"DWS Grundbesitz GmbH\",\n \"Dr. Ulrich von Creytz\\tDr. Grit Franke\\tUlrich Steinmetz\",\n \"Frankfurt/Main, Germany, June 29, 2020\",\n \"## Overall economic environment\",\n \"With a growth rate of 2.6%, the global economy developed more slowly in 2019 due to political and economic tensions, and did not show any noticeable revival at the end of the year.\",\n \"Although the global trade conflict calmed down toward the end of the year, additional fiscal policy stimuli seemed to have an increasingly limited effect.\",\n \"Nonetheless, leading economic indi- cators pointed in a positive direction for developments this year.\",\n \"However, the restrictions on public life and the economy result- ing from the COVID-19 pandemic in the first quarter of 2020 have substantially changed the economic outlook for the rest\",\n \"of the year.\",\n \"Now, due to massive restrictions, a severe global recession is expected in the first half of the year, which will affect all regions of the world, and especially the United States and Southern Europe, and should cause the global economy to contract by 4.8% in 2020.\",\n \"Estimates show that the global econ- omy contracted by more than 3% in the first quarter of 2020, as much as the entire contraction during the global financial crisis.\",\n \"While the U.S. economy grew by 2.3% in 2019, the decline in gross domestic product in the first quarter of 2020 was 1.2% compared to the previous quarter, although the full extent of the crisis compared to Europe is likely to become apparent only later.\",\n \"In particular, consumer spending, private investment and trade volumes slumped significantly.\",\n \"In the first six weeks of the restrictions on contact and other restrictions, 30 million unemployment applications were received in the United States.\",\n \"Accordingly, strongly negative economic growth of -7.0% is expected for the current year.\",\n \"In Asia, economic growth slowed down overall during 2019.\",\n \"In addition, the region was most severely affected by the corona- virus crisis in the first quarter, but is expected to return to growth in the current quarter.\",\n \"China’s gross domestic product fell by 6.8% in the first quarter compared with the same quarter of the previous year, but it is the only major economy that is expected to grow slightly over the year as a whole.\",\n \"After a sharp slump, the Chinese purchasing managers’ index has already recovered to its level prior to the outbreak of the pandemic.\",\n \"The Japanese economy also contracted in the first quarter, although by a comparatively moderate -0.6% year-on-year.\",\n \"In Europe, the manufacturing sector continued to report gener- ally weak figures at the end of 2019, and geopolitical tensions also remained.\",\n \"As a result, only weak economic growth of 0.1% was reported in the fourth quarter compared to the previous quarter, bringing economic growth for the full year 2019 to 1.2%.\",\n \"The European economy also contracted by 3.8% in the first quarter as a result of the coronavirus crisis compared with the previous quarter, which is considered to be the sharpest decline since recording began in 1995.\",\n \"In addition, the Euro- pean Purchasing Managers’ Index fell to a record low of 13.5 in April (compared to a low of 36.2 during the financial crisis), but recovered somewhat in May.\",\n \"Highly indebted Italy and Spain are likely to be hit particularly hard, with both countries also\",\n \"expected to suffer more from a lack of tourism spending.\",\n \"Due to the current situation surrounding COVID-19, the European Cen- tral Bank was forced to announce a comprehensive package of measures in addition to those already introduced by the national governments.\",\n \"This package also includes quantitative easing, i.e., the purchase of private or public securities, in the amount of EUR 750 billion.\",\n \"Compared with the financial crisis, the coordi- nated and comprehensive packages of measures in 2020 should have a dampening effect on the current economic distortions.\",\n \"However, once the situation surrounding the coronavirus has eased, a rapid global recovery is expected for 2021.\",\n \"(Data sources: HDE 04/2020, Oxford Economics 01-05/2020, Eurostat 04/2020)\",\n \"## Developments in the capital markets\",\n \"Yields in the capital markets fell significantly into negative territory in the reporting period from April 1, 2019, through March 31, 2020.\",\n \"Yields on ten-year German government bonds were near zero at -3 basis points on April 1, 2019, and stood at\",\n \"-0.51% p.a. at the end of the reporting period.\",\n \"Yields on short-term German government bonds traded in neg- ative territory in a range of 35 basis points.\",\n \"One-year German government bonds yielded -0.55% p.a. on April 1, 2019, and\",\n \"-0.67% p.a. on March 31, 2020.\",\n \"The European Central Bank’s key interest rate remained unchanged and continues to be 0.00%; the deposit facility has been at -0.50% since September 2019.\",\n \"(Data source: Bloomberg)\",\n \"## Global real estate markets\",\n \"The moderate economic development in 2019 was also reflected in the global real estate markets, although the majority of the markets we observed continued to develop positively.\",\n \"However, the coronavirus crisis has also fundamentally changed the out- look for the real estate market.\",\n \"Geographically, the effects of the coronavirus crisis are likely to be felt more strongly in Europe and the United States than in Asia.\",\n \"Last year, the office markets benefited from high employment growth in Europe and in the United States from the extension of contracts concluded in the wake of the financial crisis to now higher market rental levels.\",\n \"Overall, this was reflected in strong rental growth and low vacancy rates.\",\n \"Demand for office\",\n \"space also recovered in Asia during 2019, leading to rising rents.\",\n \"The office segment is likely to be less affected by the corona- virus crisis than other segments.\",\n \"Surveys point to a decline in demand for space in the first quarter, which suggests that space turnover will continue to slow over the rest of the year.\",\n \"Never- theless, significant increases in vacancies or rent losses remain rather unlikely.\",\n \"Nonetheless, rent levels in the European office markets are likely to fall by an average of 6% in 2020, which should be followed by a recovery process next year.\",\n \"Global logistics markets turned in a positive performance last year.\",\n \"For example, demand for space remained high in 2019, although project development volumes grew at the same time, especially in Europe.\",\n \"In the United States, almost all sub- markets and sub-segments benefited from the good economic fundamentals and the continuing upturn in e-commerce, while in Asia rising domestic consumption made a positive contri- bution.\",\n \"In the current situation, a differentiated view must be taken of the logistics sector, as it is suffering from disruptions in supply chains and close links to the manufacturing industry (e.g., contract logistics providers) on the one hand, but is likely to benefit from sharp increases in online trading on the other.\",\n \"This trend is likely to make logistics properties near cities even more attractive.\",\n \"This contrasts with the performance in the retail segment, which was also subjected to further pressure to adapt at the end of 2019 across all regions.\",\n \"The already battered retail segment is likely to be severely affected by the coronavirus crisis.\",\n \"Forced store closures will lead to rent losses and increasing insolvency risks.\",\n \"In March, for example, sales in the German non-food retail sector dropped by 10% compared with the same month of the previous year, and sales in the textile retail sector fell by more than half.\",\n \"This trend is also reflected in the German GfK consumer climate index, which fell by 10 basis points from a relatively stable index level to a historic low of -23.4 points for May, marking an extremely sharp and rapid decline.\",\n \"In June, the index recovered slightly to\",\n \"-18.9 points.\",\n \"This means that the retail sector in particular, with its focus on the textile industry, is likely to struggle with further declining rent levels in the current year.\",\n \"In addition, a prolonged\",\n \"period of weakness is to be expected as a result of the currently rising market penetration and increasing “habituation effects” of online retail.\",\n \"In 2019, the residential segment and the hotel segment per- formed positively, benefiting equally from high demand and a trend toward falling vacancies or rising occupancy.\",\n \"However, it has turned out that hotel occupancy rates in April 2020 in Europe and the United States averaged only 8% and 20%, respectively.\",\n \"Accordingly, as in the retail segment, short-term declines in rents are to be expected, as well as increased rent losses and a higher risk of insolvency.\",\n \"Residential rents are also likely to fall slightly in the short term due to rising unemployment and falling household incomes, although the residential segment is considered relatively stable due to its inelastic demand.\",\n \"Delays in completions could also further reduce the supply of housing and create pressure on rents.\",\n \"(Data sources: DWS 01-05/2020, PMA 05/2020, HDE 04/2020, GfK 04-05/2020, STR 04/2020)\",\n \"## Global investment markets\",\n \"In the global investment markets, momentum in the first quarter of 2020 remained comparable to the previous year.\",\n \"The annual global transaction volume remained at approximately the pre- vious year’s level at around EUR 1,470 billion, although there were slight regional differences.\",\n \"Both the U.S. and European real estate markets grew by around 10% in the first quarter of 2020, while the UK recorded a lower volume.\",\n \"Asia, on the other hand, remained the world region with the highest turnover, but was down slightly compared to the same quarter in the previous year.\",\n \"On a sectoral level, retail and office real estate declined, while the logistics and residential segments recorded significant growth.\",\n \"Although the momentum on the investment markets\",\n \"in Europe in the first quarter of 2020 apparently remained rela- tively unaffected by the coronavirus crisis, it is likely to weaken significantly in the coming months.\",\n \"Demand is likely to remain particularly strong for top-quality properties and opportunistic properties.\",\n \"The available capital commitments and investment pressure remained high last year amid financing conditions that were still favorable.\",\n \"The development of initial yields could also be viewed as further evidence of ongoing investor interest in the real estate market.\",\n \"These yields fell overall and real estate thus appreciated again.\",\n \"Although yield compression slowed in some market segments and locations, it generally continued through the end of 2019 (with the exception of retail properties).\",\n \"The coronavirus crisis is likely to lead to rising initial yields and declining transaction volumes in the short term.\",\n \"The main reasons for this lie in particular in the increased uncertainty in the market and the expectation of falling rent levels, but also in delayed purchase processes.\",\n \"This is likely to affect the retail and hotel segments in particular, but also the office markets,\",\n \"while residential should be stable and urban logistics properties should even profit from this trend.\",\n \"As a result of the persistently low interest rate environment and the recent increase in the relative attractiveness of real estate investments due to a rise\",\n \"in risk premiums, we expect yields to start compressing again from 2021.\",\n \"Given this, our medium to long-term view of the real estate markets remains positive.\",\n \"(Data sources: DWS 01-05/2020, RCA 04/2020)\",\n \"## The grundbesitz global investment strategy\",\n \"The investment objectives of the investment fund are the gen- eration of regular income from rents and interest, and apprecia- tion.\",\n \"The investment fund pursues a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as low as possible.\",\n \"The investment strategy of the investment fund focuses on the acquisition, current income and sale of real estate in conjunction with the objective of keeping current income and value growth stable or increasing it through- out the term of the investment fund.\",\n \"The asset management company invests in North America, Asia, Australia and Europe for the account of the investment fund.\",\n \"Details of the countries in question and the maximum share of the investment fund value permitted for investment in the respective country are provided in the appendix to the Special Investment Conditions.\",\n \"The real estate held by the investment fund is situated in good to very good locations in established real estate markets.\",\n \"The aim is basically to invest in properties with long-term tenants\",\n \"of sound financial standing.\",\n \"The transaction strategy is geared toward the various global real estate cycles.\",\n \"The investment fund predominantly invests in traditional commercial properties to be used for offices, retail, logistics and hotels, as well as in residential properties.\",\n \"During the selection of the real estate for the investment fund, the sustained profitability of the real estate and diversification by location, size, use and tenant are the focal point of considerations.\",\n \"In this regard, the asset management company endeavors to achieve a regional diversification of real estate properties of various sizes in line with the size of the investment fund, insofar as the Company considers this to be in the interests of the investors.\",\n \"The assessment likewise includes the economic and location-related opportunities and risks.\",\n \"Alongside properties that already exist or are under construc- tion, sites for development projects may also be acquired.\",\n \"How- ever, the focal point of investments is existing buildings.\",\n \"## Net asset value and cash inflows/outflows\",\n \"Net cash inflows in the reporting period from April 1, 2019, until March 31, 2020, stood at EUR 770.6 million.\",\n \"Total net asset value stood at EUR 4,005.0 million as of March 31, 2020.\",\n \"As of March 31, 2020, property/holding assets amounted to EUR 2,548.7 million, while liquid assets stood at\",\n \"EUR 1,081.5 million.\",\n \"Liquid assets are managed in accordance with a fixed investment process.\",\n \"Interest rate and price fore- casts are subject to technical and fundamental analysis.\",\n \"In the reporting period, liquid assets were invested primarily in overnight money and time deposits as well as fixed-interest\",\n \"securities such as government bonds and corporate bonds from European issuers with a rating of good to very good (investment grade).\",\n \"Futures were used occasionally for duration control.\",\n \"## Results of the fund\",\n \"During the past business year 2019/2020, the fund posted a gain of 2.5% per unit in the RC unit class and a gain of 2.9% per unit in the IC unit class (both according to the BVI method).\",\n \"The distribution in the RC unit class on July 15, 2020, was EUR 1.15.\",\n \"The total return on investment in the RC unit class is EUR 1.28 per unit.\",\n \"Investors in the IC unit class receive a distribution in the amount of EUR 1.35.\",\n \"The total return on\",\n \"investment in the IC unit class is EUR 1.52 per unit.\",\n \"Information on taxation is included in the “Tax information for the investor” following this report.\",\n \"The positive performance of the fund is illustrated in the follow- ing overview.\",\n \"| Performance according to the BVI method (As of: March 31, 2020) |\",\n \"| --- |\",\n \"| | RC unit class | Annual average | IC unit class | Annual average |\",\n \"| 1 year | 2.5% | | 2.9% | |\",\n \"| 2 years | 5.1% | 2.5% | 6.0% | 3.0% |\",\n \"| 3 years | 7.3% | 2.4% | 8.7% | 2.8% |\",\n \"| 5 years | 11.4% | 2.2% | 13.8% | 2.6% |\",\n \"| 10 years | 24.2% | 2.2% | 29.3% | 2.6% |\",\n \"| 15 years | 58.5% | 3.1% | | |\",\n \"| Since inception* | 92.6% | 3.4% | 38.5% | 2.8% |\",\n \"* Fund inception: July 25, 2000, IC unit class, April 1, 2008.\",\n \"Calculation of performance is based on the time-weighted return and excludes the initial sales charge.\",\n \"Individual costs such as fees, commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included.\",\n \"Past performance is not a reliable indicator of future performance.\",\n \"## The grundbesitz global real estate portfolio\",\n \"As of the reporting date, the grundbesitz global portfolio com- prised 55 properties, of which ten are directly held properties with market values totaling EUR 798.4 million.\",\n \"Forty-five properties with a total volume of EUR 2,915.2 million are held through special purpose vehicles.\",\n \"grundbesitz global has a stake in 14 special purpose vehicles through joint ventures with other special real estate investment funds that are also managed by DWS.\",\n \"## Types of use of fund properties\",\n \"Office properties constitute the dominant share of the portfolio in terms of both rental area and annual rental income fully let.\",\n \"## Geographical distribution of fund properties\",\n \"Geographical distribution of fund properties\",\n \"Properties in the United States, Japan and the United Kingdom currently form the focus of the real estate portfolio.\",\n \"Size classification of fund properties\",\n \"## Commercial age structure of fund properties\\tSize classification of fund properties\",\n \"| Property according to size classification |\",\n \"| --- |\",\n \"| Up to EUR 10 million | EUR 39.3 million | 1.1% | 5 properties |\",\n \"| EUR 10 to 25 million | EUR 56.3 million | 1.5% | 4 properties |\",\n \"| EUR 25 to 50 million | EUR 595.5 million | 16.0% | 16 properties |\",\n \"| EUR 50 to 100 million | EUR 1,429.8 million | 38.5% | 19 properties |\",\n \"| EUR 100 to 150 million | EUR 825.6 million | 22.2% | 7 properties |\",\n \"| EUR 150 to 200 million | EUR 319.3 million | 8.6% | 2 properties |\",\n \"| Over EUR 200 million | EUR 447.8 million | 12.1% | 2 properties |\",\n \"| Total | EUR 3,713.5 million | 100.0% | 55 properties |\",\n \"Property acquisitions and transfers to the portfolio\",\n \"Further information on the following properties is available in the index of properties and the list of acquisitions and dispo- sitions.\",\n \"Purchase prices are expressed in euro; with foreign currencies, the exchange rate at the time of the transfer of own- ership of the property is used.\",\n \"A distinction is made between the time the contract of sale for a property is signed (the “signing”) and the time of the transfer of the property into the fund’s real estate portfolio (the “closing”).\",\n \"The respective property is only listed in the index of properties after the “closing”.\",\n \"In the case of project developments, closing may take place during the construction phase or only after com- pletion, depending on the contract formulation.\",\n \"16 properties were acquired and added to the fund portfolio in the reporting period:\",\n \"Leiria (P), Alto do Vieiro – “Leiria Shopping” retail property\",\n \"On April 3, 2019, the fund management signed the contract for the purchase of the “Leiria Shopping” shopping center in Leiria, Portugal on which construction had been completed in 2010.\",\n \"The two-story center has around 24,500 sqm of lettable space, divided into 130 rental units and around 1,900 indoor and out- door parking spaces.\",\n \"The purchase price was around EUR 128.0 million and owner- ship was also transferred on April 3, 2019.\",\n \"Vantaa (FIN), Katriinantie 20 – Logistics property\",\n \"On June 19, 2019, the fund management signed the contract of sale for the purchase of two logistics properties on which con- struction had been completed in 2009.\",\n \"The two properties with a total rental area of around 38,800 sqm are located on a site of around 75,000 sqm near the city of Vantaa in the Aviapolis area, directly adjacent to Helsinki International Airport.\",\n \"Almost all of the space is let to three logistics companies.\",\n \"The purchase price for the property was around EUR 63.9 million; ownership was transferred on June 19, 2019.\",\n \"Barberino di Mugello (I), Via Antonio Meucci – “Barberino Factory Outlet” retail property\",\n \"With the signing of the contract of sale on July 11, 2019, the fund acquired the shopping center built in 2006.\",\n \"The outlet center has 26,535 sqm of rental space, distributed over\",\n \"128 shop units.\",\n \"Over 2,113 indoor and outdoor parking spaces\",\n \"are available to visitors free of charge.\",\n \"The purchase price paid for the property, which was transferred to fund ownership on July 11, 2019, was around EUR 234.5 million.\",\n \"Birmingham, Edinburgh, Glasgow, Leeds, Manchester, Newcastle (GB) – “Vita Student Portfolio” retail property\",\n \"On August 7, 2019, the fund management signed the contract of sale for a residential real estate portfolio with eight properties for student housing in the United Kingdom.\",\n \"The approximately 3,200 beds are located in six central locations in the university cities of Edinburgh, Manchester, Birmingham, Glasgow, Leeds and Newcastle.\",\n \"The buildings are equipped with studio rooms in the premium segment and have above-average room sizes and facilities for student accommodation.\",\n \"The acquisition took place via a holding company as a joint venture with another\",\n \"real estate investment fund that is also managed by DWS.\",\n \"grundbesitz global has a 12.6% stake in the joint venture.\",\n \"The converted prorata purchase price was around EUR 81.5 million.\",\n \"Ownership was transferred on August 14, 2019.\",\n \"West Covina (USA), 2753 Eastland Center Drive – “Eastland Center” retail property\",\n \"With the signing of the contract of sale on August 21, 2019, the fund acquired the “Eastland Center” retail property in West Covina, Los Angeles.\",\n \"The shopping center, which was built in 1957, has approximately 75,000 sqm of rental space for retail and gastronomy as well as around 3,300 parking spaces.\",\n \"The acquisition took place via a holding company as a joint venture with a special real estate fund that is also managed by DWS.\",\n \"grundbesitz global has a 49% stake in the joint venture.\",\n \"The converted prorata purchase price was around EUR 80.3 million.\",\n \"Ownership was transferred on December 9, 2019.\",\n \"Canberra (AUS), 197 London Circuit – “The Sebel” hotel property\",\n \"On December 5, 2019, the fund management signed the con- tract of sale for the hotel property in Canberra, which was built in 1965 and was completely renovated in 2019.\",\n \"The property, which has a rental space of approximately 6,800 sqm, is leased long-term to a division of the Accor Group.\",\n \"Besides 144 hotel rooms, the property also has a smaller gastronomy space on the ground floor.\",\n \"The converted purchase price paid for the property, which was transferred to the fund portfolio on December 20, 2019, was around EUR 29.6 million.\",\n \"Gimpo (ROK), 725 Jeonho-ri – “Sungkwang Logistics” logistics property\",\n \"With the signing of the contract of sale on January 14, 2020, the fund acquired the “Sungkwang Logistics” logistics property in Gimpo, approximately 30 km west of the capital Seoul.\",\n \"The Class A building, which was constructed in 2016, has a rental space of approximately 30,000 sqm and is designed for multiple tenants.\",\n \"The converted purchase price paid for the property, which was transferred to the fund portfolio on January 14, 2020, was around EUR 48.7 million.\",\n \"Houston (USA), 2925 Richmond Avenue – “Kirby Grove” office property\",\n \"The contract of sale for the office property, which was com- pleted in 2016, was signed on December 20, 2019.\",\n \"The total rental space of around 23,000 sqm is spread among a total of 16 floors.\",\n \"The rental space varies between around 230 sqm and around 6,000 sqm, which allows the property to be used for both small-scale rentals and full-floor rentals to a single tenant.\",\n \"The converted purchase price paid for the property, which was transferred to the fund portfolio on January 24, 2020, was around EUR 102.2 million.\",\n \"Oak Brook (USA), 2155 West 22nd Street – “The Shops at Oak Brook Place” retail property\",\n \"On December 24, 2019, the fund management signed the con- tract for the purchase of the shopping center “The Shops at Oak Brook Place”, a western suburb of Chicago.\",\n \"The shopping center, which was built in 1996, has approximately 16,460 sqm of rental space and a total of 695 parking spaces.\",\n \"The converted purchase price paid for the property, which was transferred to the fund portfolio on January 24, 2020, was around EUR 67.5 million.\",\n \"One property was purchased in the reporting period and will not be added to the fund portfolio until the next reporting period:\",\n \"Solna (SE), Rättarvägen 3 – “Solna United” office property\",\n \"The contract of sale for the office property located in Solna in the province of Stockholm was signed on February 20, 2020.\",\n \"The property, which was completed in October 2019, has a rental space of around 33,870 sqm, which extends over three underground and twelve above-ground floors.\",\n \"The three under- ground floors contain technical areas and around 300 under- ground parking spaces.\",\n \"The upper floors as well as the roof were designed to accommodate eleven terraces and nine con- ference rooms.\",\n \"The converted purchase price for the property amounted to around EUR 315.0 million.\",\n \"One project development was completed:\",\n \"Stratford (GB) –“S9 International Quarter” office property\",\n \"On June 21, 2018, the fund management signed the contract of sale for the project development for the “S9 International Quarter” office property in Stratford, United Kingdom.\",\n \"The nine-story office building has a total rental area of around 25,800 sqm.\",\n \"It was completed on August 22, 2019.\",\n \"The acqui- sition took place via a holding company as a joint venture with a real estate fund that is also managed by DWS.\",\n \"grundbesitz global has a 45% stake in the joint venture.\",\n \"The converted pro rata purchase price was around\",\n \"EUR 121.5 million.\",\n \"The final purchase price installment was made on September 13, 2019.\",\n \"## Property dispositions and transfers from the portfolio\",\n \"The sales price is expressed in euro before deduction of incidental selling costs.\",\n \"Three properties were sold in the reporting period and removed from the fund portfolio in the reporting period:\",\n \"Paris (F), 74-84 Boulevard Auguste Blanqui – “Le Monde” Office property\",\n \"The fund management decided to sell the office building that was completed and acquired in 2004.\",\n \"The building has been leased to the national media publisher of the same name since completion.\",\n \"The tenant intends to leave the building in 2020.\",\n \"The fund management made the decision to sell the property after weighing up various options with regard to re-letting, mod- ernization and sale.\",\n \"The contract of sale was signed on May 14, 2019.\",\n \"The sale price was around EUR 165.0 million.\",\n \"Ownership was transferred on July 16, 2019.\",\n \"St.\",\n \"-Quentin-en-Yvelines (F), 1-7, Avenue San Fernando – “Energies Building” Office property\",\n \"The fund management decided to sell the office property that was acquired in 2001 as a new building.\",\n \"Due to the age of the building, the property does not meet today’s requirements in terms of technology and equipment; the space is designed for a single tenant.\",\n \"When the tenant moves out, extensive modern-\",\n \"ization measures with high investment costs would therefore be likely in order to enable subsequent letting.\",\n \"The contract of sale was signed on June 16, 2019.\",\n \"The sale price was around EUR 92.1 million.\",\n \"Ownership was transferred on September 13, 2019.\",\n \"Seattle (USA), 4300 Roosevelt Way NE/ 4311 11th Avenue NE – “Roosevelt Commons” office property\",\n \"Following the extension of the lease with a main tenant and the conclusion of a lease agreement with a previously vacant space as of January 2020, the fund management decided to sell the office property, which was constructed in 2002 and acquired in 2005.\",\n \"The building structure and technical installations of the property no longer met modern requirements for office prop- erties.\",\n \"Future lettings when existing leases expired could have turned out to be costly.\",\n \"The contract of sale was signed on November 11, 2019.\",\n \"The converted sales prices was around EUR 136.6 million.\",\n \"It was transferred from the portfolio on December 12, 2019.\",\n \"## Borrowed capital and currency risks\",\n \"As of the reporting date March 31, 2020, the real estate invest- ment fund grundbesitz global had loan liabilities amounting\",\n \"to EUR 834.7 million (March 31, 2019: EUR 607.1 million) of which 17.7% were euro-denominated loans and 82.3% were foreign currency loans.\",\n \"Financing in U.S. dollars amount- ing to EUR 347.4 million (41.6%) constituted the majority of these liabilities, followed by loans in Korean won amounting\",\n \"to EUR 129.5 million (15.5%).\",\n \"Loans in British pounds exist in the amount of EUR 76.3 million (9.1%), as well as financing in Australian dollars in the amount of EUR 74.4 million (8.9%) and Japanese yen in the amount of EUR 59.3 million (7.1%).\",\n \"Loans for the account of the investment fund to finance direct holdings in real estate amounted to EUR 17.0 million (2.0%) as of the reporting date.\",\n \"Loans of the special pur- pose vehicles belonging to the investment fund amounted to EUR 817.7 million (98.0%).\",\n \"In the reporting period, the ratio of borrowed capital to the market value of all fund properties increased from 19.4% (March 31, 2019) to 22.5% (March 31, 2020).\",\n \"As of the reporting date, the fund grundbesitz global held open foreign currency positions of EUR 145.3 million (3.6% of the fund’s net asset value) not hedged through currency forward agreements.\",\n \"| Overview of borrowings as of March 31, 2020 |\",\n \"| --- |\",\n \"| grundbesitz global | Total borrowings (direct) in EUR million | % of the market value of all fund properties | Total borrowings (indirect via holding companies) in EUR million | % of the market value of all fund properties | Less than 1 year | Remaining loan terms as a % of total borrowings 1 to\\t2 to\\t5 to 2 years\\t5 years\\t10 years | Av.\",\n \"interest rate in % |\",\n \"| EUR | | | 147.8 | 4.0% | | 10.0%\\t7.8% | 1.43 |\",\n \"| USD | | | 347.4 | 9.4% | 3.2% | 0.0%\\t20.5%\\t18.0% | 3.56 |\",\n \"| GBP | | | 76.3 | 2.1% | | 9.1% | 2.23 |\",\n \"| JPY | | | 59.3 | 1.6% | 4.3% | 2.8% | 0.96 |\",\n \"| KRW | 17.0 | 0.5% | 112.4 | 3.0% | 2.3% | 13.2% | 3.32 |\",\n \"| AUD | | | 74.4 | 2.0% | | 2.4%\\t6.5% | 3.83 |\",\n \"| Total | 17.0 | 0.5% | 817.7 | 22.0% | 9.9% | 2.4%\\t50.1%\\t37.6% | |\",\n \"| Overview of currency risks as of March 31, 2020 |\",\n \"| --- |\",\n \"| grundbesitz global | Open currency positions as of the reporting date in the local currency (thousands) | Exchange rate as of the reporting date | Open currency positions as of the reporting date (TEUR) | % of fund assets per currency area |\",\n \"| USD | 9,357 | 1.10795 | 8,445 | 0.2 |\",\n \"| GBP | 6,196 | 0.89716 | 6,907 | 0.2 |\",\n \"| SEK | 440,126 | 11.04066 | 39,864 | 1.0 |\",\n \"| JPY | 6,266,003 | 119.67519 | 52,358 | 1.3 |\",\n \"| KRW | 43,680,787 | 1,356.57369 | 32,199 | 0.8 |\",\n \"| PLN | 23,273 | 4.53838 | 5,128 | 0.1 |\",\n \"| AUD | 654 | 1.80536 | 362 | 0.0 | | SGD1 | 96 | 1.58176 | 60 | 0.0 | | Total | | | 145,324 | 3.6 | 1 Results from an acquisition that was planned but not realized.\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98297,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Vermietungsinformationen zum 31. März 2020\n| Land | Finnland | GB | Ungarn | Polen | Portugal | Japan | Südkorea | Australien | USA | Sonstiges Ausland | Gesamt |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Mietobjekte (Anzahl) | 2 | 11 | 3 | 6 | 3 | 4 | 4 | 4 | 9 | 9 | 55 |\n| Mietobjekte (Verkehrswerte in Mio. EUR) | 231,6 | 381,2 | 97,4 | 240,3 | 234,2 | 318,3 | 277,1 | 192,7 | 824,7 | 916,1 | 3.713,5 |\n| Nutzungsarten nach Jahressollmietertrag1) |\n| Büro & Praxis | 51,7% | 67,9% | 85,6% | 47,3% | 0,7% | 69,2% | 39,1% | 67,2% | 61,3% | 35,0% | 50,8% |\n| Handel/Gastronomie | 9,3% | 5,7% | 1,8% | 46,6% | 76,3% | 4,0% | 3,9% | 16,6% | 22,6% | 54,3% | 29,0% |\n| Hotel | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 10,2% | 0,0% | 5,1% | 1,7% |\n| Lager/Logistik | 28,4% | 0,0% | 1,5% | 1,0% | 15,9% | 22,4% | 56,8% | 0,2% | 0,0% | 0,6% | 8,4% |\n| Wohnen | 0,0% | 25,9% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 10,3% | 0,0% | 4,9% |\n| Freizeit | 0,0% | 0,0% | 0,0% | 0,0% | 3,8% | 0,0% | 0,0% | 0,0% | 4,4% | 0,8% | 1,5% |\n| Stellplätze | 10,6% | 0,4% | 10,7% | 4,8% | 2,5% | 4,2% | 0,0% | 5,8% | 1,3% | 3,8% | 3,4% |\n| Andere | 0,0% | 0,1% | 0,4% | 0,3% | 0,8% | 0,2% | 0,2% | 0,0% | 0,1% | 0,4% | 0,3% |\n| Gesamt | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% |\n| Leerstand (stichtagsbezogen) |\n| Büro & Praxis | 0,3% | 1,1% | 6,9% | 3,6% | 0,0% | 0,6% | 2,8% | 5,5% | 0,7% | 2,2% | 2,0% |\n| Handel/Gastronomie | 0,6% | 0,5% | 0,6% | 2,6% | 1,9% | 0,0% | 0,2% | 0,0% | 1,1% | 1,7% | 1,1% |\n| Hotel | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% |\n| Lager/Logistik | 0,0% | 0,0% | 0,3% | 0,3% | 0,1% | 0,0% | 3,5% | 0,0% | 0,0% | 0,1% | 0,3% |\n| Wohnen | 0,0% | 0,1% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% |\n| Freizeit | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% |\n| Stellplätze | 0,0% | 0,0% | 2,1% | 0,9% | 0,0% | 0,5% | 0,0% | 0,4% | 1,1% | 0,3% | 0,6% |\n| Andere | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% |\n| Vermietungsquote | 99,1% | 98,3% | 90,1% | 92,6% | 98,0% | 98,9% | 93,5% | 94,1% | 97,1% | 95,7% | 96,0% |\n| Auslaufende Mietverträge2) |\n| bis 31.12.2020 | 0,0% | 56,0% | 28,0% | 10,1% | 12,0% | 22,5% | 25,4% | 22,8% | 11,8% | 6,0% | 16,8% |\n| 2021 | 10,7% | 0,5% | 23,3% | 23,6% | 10,1% | 32,5% | 14,5% | 20,9% | 4,2% | 20,0% | 13,8% |\n| 2022 | 0,0% | 3,5% | 8,7% | 11,4% | 28,0% | 33,4% | 45,7% | 17,8% | 20,8% | 10,5% | 17,8% |\n| 2023 | 15,3% | 1,0% | 17,9% | 15,6% | 10,6% | 7,6% | 9,7% | 21,1% | 5,5% | 11,6% | 9,8% |\n| 2024 | 0,0% | 6,4% | 5,4% | 28,1% | 3,0% | 0,0% | 0,6% | 2,0% | 25,8% | 7,4% | 11,4% |\n| 2025 | 34,6% | 1,7% | 7,2% | 6,5% | 10,3% | 0,0% | 0,4% | 2,9% | 6,8% | 20,3% | 9,9% |\n| 2026 | 0,0% | 0,0% | 9,3% | 1,9% | 2,1% | 0,0% | 0,0% | 1,3% | 12,8% | 10,3% | 6,2% |\n| 2027 | 35,3% | 5,0% | 0,0% | 1,2% | 0,0% | 0,0% | 0,0% | 0,0% | 4,1% | 3,8% | 4,3% |\n| 2028 | 0,0% | 0,0% | 0,0% | 0,3% | 5,1% | 1,5% | 0,0% | 0,0% | 1,5% | 1,2% | 1,1% |\n| 2029 | 0,0% | 2,6% | 0,0% | 0,8% | 0,5% | 2,5% | 0,0% | 0,0% | 2,1% | 2,4% | 1,5% |\n| ab 2030 | 4,1% | 23,3% | 0,2% | 0,5% | 18,3% | 0,0% | 3,7% | 11,2% | 4,6% | 6,5% | 7,4% |\n| Gesamt | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% |\n\n- Inklusive Vertragsmiete, mietfreier Zeiten und bewertetem Leerstand.\n- Bei Ausübung des Sonderkündigungsrechts.\n\n| Mieterstruktur (Basis: Vertragsmiete) – nach Branchen |\n| --- |\n| Konsumgüter & Einzelhandel | 29,8% |\n| Technologie und Software | 14,6% |\n| Bank und Finanzdienstleistung | 6,1% |\n| Hotel/Gastronomie | 5,6% |\n| Wohnen | 5,2% |\n| Automobil & Transport | 4,7% |\n| Unternehmens-/ Rechts-, Steuerberatung | 4,5% |\n| Versorger und Telekommunikation | 3,9% |\n| Medien | 2,4% |\n| Wohnungswirtschaft | 1,4% |\n| Öffentliche Institutionen | 1,1% |\n| Chemie/Pharmazeutische Industrie | 0,6% |\n| Versicherungsgewerbe | 0,4% |\n| Bau | 0,0% |\n| Sonstige Branchen | 19,8% |\n| Summe | 100,0% |\n\n\n## Vermietungssituation\nBüromietverträge in Asien haben eine Laufzeit von zwei bis\ndrei Jahren, die Erfahrungen in den letzten Jahren haben jedoch gezeigt, dass eine hohe Verlängerungswahrscheinlichkeit be- steht. In beiden Grafiken werden die Verlängerungswahrschein- lichkeit und die langfristig durchschnittlich hohe Vermietungs- quote nicht abgebildet.\nBei Mietverträgen mit Sonderkündigungsrechten wird von der frühestmöglichen Beendigung des Mietverhältnisses ausgegan- gen. Die Darstellung ohne Berücksichtigung von Sonderkündi- gungsrechten verdeutlicht, wie sich die Mietvertragsausläufe zugunsten der vertraglich gesicherten Mieteinnahmen des Fonds nach hinten verschieben.\n| Auslaufende Mietverträge (mit Sonderkündigungsrecht) |\n| --- |\n| | bis 31.12.2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | ab 2030 |\n| Asien | 4,8% | 4,6% | 6,7% | 2,5% | 0,2% | 0,2% | 0,1% | 0,0% | 0,1% | 0,2% | 1,0% |\n| USA | 3,0% | 1,1% | 5,3% | 1,4% | 6,5% | 1,7% | 3,2% | 1,0% | 0,4% | 0,5% | 1,2% |\n| Europa | 9,1% | 8,3% | 5,8% | 5,8% | 4,7% | 8,0% | 2,7% | 3,3% | 0,7% | 0,9% | 5,3% |\n| Gesamt | 16,9% | 13,9% | 17,8% | 9,7% | 11,4% | 9,9% | 6,0% | 4,3% | 1,1% | 1,6% | 7,4% |\n\nAuslaufende Mietverträge\nohne Ausübung des Sonderkündigungsrechts\n| Auslaufende Mietverträge (ohne Sonderkündigungsrecht) |\n| --- |\n| | bis 31.12.2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | ab 2030 |\n| Asien | 4,2% | 4,6% | 7,0% | 2,8% | 0,2% | 0,2% | 0,1% | 0,0% | 0,1% | 0,2% | 1,0% |\n| USA | 3,0% | 1,1% | 5,3% | 1,0% | 6,3% | 2,0% | 2,0% | 1,2% | 1,8% | 0,5% | 1,2% |\n| Europa | 7,8% | 5,9% | 5,2% | 5,6% | 4,7% | 5,9% | 3,6% | 4,9% | 1,1% | 1,1% | 8,6% |\n| Gesamt | 15,0% | 11,5% | 17,4% | 9,4% | 11,2% | 8,1% | 5,7% | 6,2% | 3,0% | 1,8% | 10,7% |"},"date":{"kind":"string","value":"2020-03-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Letting information as of March 31, 2020\n| Country | Finland | UK | Hungary | Poland | Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Rental properties (number) | 2 | 11 | 3 | 6 | 3 | 4 | 4 | 4 | 9 | 9 | 55 |\n| Rental properties (market value in EUR million) | 231.6 | 381.2 | 97.4 | 240.3 | 234.2 | 318.3 | 277.1 | 192.7 | 824.7 | 916.1 | 3,713.5 |\n| Types of use according to annual rental income fully let1 |\n| Offices & practices | 51.7% | 67.9% | 85.6% | 47.3% | 0.7% | 69.2% | 39.1% | 67.2% | 61.3% | 35.0% | 50.8% |\n| Trade/Gastronomy | 9.3% | 5.7% | 1.8% | 46.6% | 76.3% | 4.0% | 3.9% | 16.6% | 22.6% | 54.3% | 29.0% |\n| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.2% | 0.0% | 5.1% | 1.7% |\n| Warehouse/Logistics | 28.4% | 0.0% | 1.5% | 1.0% | 15.9% | 22.4% | 56.8% | 0.2% | 0.0% | 0.6% | 8.4% |\n| Residential | 0.0% | 25.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.3% | 0.0% | 4.9% |\n| Leisure | 0.0% | 0.0% | 0.0% | 0.0% | 3.8% | 0.0% | 0.0% | 0.0% | 4.4% | 0.8% | 1.5% |\n| Parking spaces | 10.6% | 0.4% | 10.7% | 4.8% | 2.5% | 4.2% | 0.0% | 5.8% | 1.3% | 3.8% | 3.4% |\n| Other | 0.0% | 0.1% | 0.4% | 0.3% | 0.8% | 0.2% | 0.2% | 0.0% | 0.1% | 0.4% | 0.3% |\n| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |\n| Vacancy (as of reporting date) |\n| Offices & practices | 0.3% | 1.1% | 6.9% | 3.6% | 0.0% | 0.6% | 2.8% | 5.5% | 0.7% | 2.2% | 2.0% |\n| Trade/Gastronomy | 0.6% | 0.5% | 0.6% | 2.6% | 1.9% | 0.0% | 0.2% | 0.0% | 1.1% | 1.7% | 1.1% |\n| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\n| Warehouse/Logistics | 0.0% | 0.0% | 0.3% | 0.3% | 0.1% | 0.0% | 3.5% | 0.0% | 0.0% | 0.1% | 0.3% |\n| Residential | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\n| Leisure | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\n| Parking spaces | 0.0% | 0.0% | 2.1% | 0.9% | 0.0% | 0.5% | 0.0% | 0.4% | 1.1% | 0.3% | 0.6% |\n| Other | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\n| Occupancy rate | 99.1% | 98.3% | 90.1% | 92.6% | 98.0% | 98.9% | 93.5% | 94.1% | 97.1% | 95.7% | 96.0% |\n| Expiring tenancy agreements2 |\n| until Dec. 31, 2020 | 0.0% | 56.0% | 28.0% | 10.1% | 12.0% | 22.5% | 25.4% | 22.8% | 11.8% | 6.0% | 16.8% |\n| 2021 | 10.7% | 0.5% | 23.3% | 23.6% | 10.1% | 32.5% | 14.5% | 20.9% | 4.2% | 20.0% | 13.8% |\n| 2022 | 0.0% | 3.5% | 8.7% | 11.4% | 28.0% | 33.4% | 45.7% | 17.8% | 20.8% | 10.5% | 17.8% |\n| 2023 | 15.3% | 1.0% | 17.9% | 15.6% | 10.6% | 7.6% | 9.7% | 21.1% | 5.5% | 11.6% | 9.8% |\n| 2024 | 0.0% | 6.4% | 5.4% | 28.1% | 3.0% | 0.0% | 0.6% | 2.0% | 25.8% | 7.4% | 11.4% |\n| 2025 | 34.6% | 1.7% | 7.2% | 6.5% | 10.3% | 0.0% | 0.4% | 2.9% | 6.8% | 20.3% | 9.9% |\n| 2026 | 0.0% | 0.0% | 9.3% | 1.9% | 2.1% | 0.0% | 0.0% | 1.3% | 12.8% | 10.3% | 6.2% |\n| 2027 | 35.3% | 5.0% | 0.0% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 4.1% | 3.8% | 4.3% |\n| 2028 | 0.0% | 0.0% | 0.0% | 0.3% | 5.1% | 1.5% | 0.0% | 0.0% | 1.5% | 1.2% | 1.1% |\n| 2029 | 0.0% | 2.6% | 0.0% | 0.8% | 0.5% | 2.5% | 0.0% | 0.0% | 2.1% | 2.4% | 1.5% |\n| from 2030 | 4.1% | 23.3% | 0.2% | 0.5% | 18.3% | 0.0% | 3.7% | 11.2% | 4.6% | 6.5% | 7.4% |\n| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |\n\n1 Including contractual rent, rent-free periods and measured vacancy.\n2 On exercising special termination right.\n| Tenant structure (basis: contractual rent) – by sector |\n| --- |\n| Consumer goods and retail | 29.8% |\n| Technology and software | 14.6% |\n| Banks and financial services | 6.1% |\n| Hotel/Gastronomy | 5.6% |\n| Residential | 5.2% |\n| Automotive and transportation | 4.7% |\n| Corporate/Legal/Tax consulting | 4.5% |\n| Utilities and telecommunications | 3.9% |\n| Media | 2.4% |\n| Housing industry | 1.4% |\n| Public-sector institutions | 1.1% |\n| Chemical/Pharmaceutical industry | 0.6% |\n| Insurance companies | 0.4% |\n| Construction | 0.0% |\n| Other sectors | 19.8% |\n| Total | 100.0% |\n\n\n## Occupancy situation\nOffice leases in Asia have a term of two to three years; the expe- rience of past years has shown however that the probability of renewal is high. Probability of renewal and the occupancy rate which is high on average in the long term are not illustrated in the two charts.\nIn respect of tenancy agreements with special termination rights, the earliest possible ending of the rental agreement is assumed. Presenting the data without taking into account spe- cial termination rights illustrates how expiring tenancy agree- ments work in favor of the contractually secured rental income of the fund.\n| Expiring tenancy agreements (with special termination right) |\n| --- |\n| | until Dec. 31, 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | from 2030 |\n| Asia | 4.8% | 4.6% | 6.7% | 2.5% | 0.2% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 1.0% |\n| USA | 3.0% | 1.1% | 5.3% | 1.4% | 6.5% | 1.7% | 3.2% | 1.0% | 0.4% | 0.5% | 1.2% |\n| Europe | 9.1% | 8.3% | 5.8% | 5.8% | 4.7% | 8.0% | 2.7% | 3.3% | 0.7% | 0.9% | 5.3% |\n| Total | 16.9% | 13.9% | 17.8% | 9.7% | 11.4% | 9.9% | 6.0% | 4.3% | 1.1% | 1.6% | 7.4% |\n\nExpiring tenancy agreements\nWithout exercising special termination right\n| Expiring tenancy agreements (without special termination right) |\n| --- |\n| | until Dec. 31, 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | from 2030 |\n| Asia | 4.2% | 4.6% | 7.0% | 2.8% | 0.2% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 1.0% |\n| USA | 3.0% | 1.1% | 5.3% | 1.0% | 6.3% | 2.0% | 2.0% | 1.2% | 1.8% | 0.5% | 1.2% |\n| Europe | 7.8% | 5.9% | 5.2% | 5.6% | 4.7% | 5.9% | 3.6% | 4.9% | 1.1% | 1.1% | 8.6% |\n| Total | 15.0% | 11.5% | 17.4% | 9.4% | 11.2% | 8.1% | 5.7% | 6.2% | 3.0% | 1.8% | 10.7% |"},"unique id":{"kind":"number","value":108298,"string":"108,298"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Letting information as of March 31, 2020","| Country | Finland | UK | Hungary | Poland | Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Rental properties (number) | 2 | 11 | 3 | 6 | 3 | 4 | 4 | 4 | 9 | 9 | 55 |","| Rental properties (market value in EUR million) | 231.6 | 381.2 | 97.4 | 240.3 | 234.2 | 318.3 | 277.1 | 192.7 | 824.7 | 916.1 | 3,713.5 |","| Types of use according to annual rental income fully let1 |","| Offices & practices | 51.7% | 67.9% | 85.6% | 47.3% | 0.7% | 69.2% | 39.1% | 67.2% | 61.3% | 35.0% | 50.8% |","| Trade/Gastronomy | 9.3% | 5.7% | 1.8% | 46.6% | 76.3% | 4.0% | 3.9% | 16.6% | 22.6% | 54.3% | 29.0% |","| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.2% | 0.0% | 5.1% | 1.7% |","| Warehouse/Logistics | 28.4% | 0.0% | 1.5% | 1.0% | 15.9% | 22.4% | 56.8% | 0.2% | 0.0% | 0.6% | 8.4% |","| Residential | 0.0% | 25.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.3% | 0.0% | 4.9% |","| Leisure | 0.0% | 0.0% | 0.0% | 0.0% | 3.8% | 0.0% | 0.0% | 0.0% | 4.4% | 0.8% | 1.5% |","| Parking spaces | 10.6% | 0.4% | 10.7% | 4.8% | 2.5% | 4.2% | 0.0% | 5.8% | 1.3% | 3.8% | 3.4% |","| Other | 0.0% | 0.1% | 0.4% | 0.3% | 0.8% | 0.2% | 0.2% | 0.0% | 0.1% | 0.4% | 0.3% |","| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |","| Vacancy (as of reporting date) |","| Offices & practices | 0.3% | 1.1% | 6.9% | 3.6% | 0.0% | 0.6% | 2.8% | 5.5% | 0.7% | 2.2% | 2.0% |","| Trade/Gastronomy | 0.6% | 0.5% | 0.6% | 2.6% | 1.9% | 0.0% | 0.2% | 0.0% | 1.1% | 1.7% | 1.1% |","| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |","| Warehouse/Logistics | 0.0% | 0.0% | 0.3% | 0.3% | 0.1% | 0.0% | 3.5% | 0.0% | 0.0% | 0.1% | 0.3% |","| Residential | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |","| Leisure | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |","| Parking spaces | 0.0% | 0.0% | 2.1% | 0.9% | 0.0% | 0.5% | 0.0% | 0.4% | 1.1% | 0.3% | 0.6% |","| Other | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |","| Occupancy rate | 99.1% | 98.3% | 90.1% | 92.6% | 98.0% | 98.9% | 93.5% | 94.1% | 97.1% | 95.7% | 96.0% |","| Expiring tenancy agreements2 |","| until Dec. 31, 2020 | 0.0% | 56.0% | 28.0% | 10.1% | 12.0% | 22.5% | 25.4% | 22.8% | 11.8% | 6.0% | 16.8% |","| 2021 | 10.7% | 0.5% | 23.3% | 23.6% | 10.1% | 32.5% | 14.5% | 20.9% | 4.2% | 20.0% | 13.8% |","| 2022 | 0.0% | 3.5% | 8.7% | 11.4% | 28.0% | 33.4% | 45.7% | 17.8% | 20.8% | 10.5% | 17.8% |","| 2023 | 15.3% | 1.0% | 17.9% | 15.6% | 10.6% | 7.6% | 9.7% | 21.1% | 5.5% | 11.6% | 9.8% |","| 2024 | 0.0% | 6.4% | 5.4% | 28.1% | 3.0% | 0.0% | 0.6% | 2.0% | 25.8% | 7.4% | 11.4% |","| 2025 | 34.6% | 1.7% | 7.2% | 6.5% | 10.3% | 0.0% | 0.4% | 2.9% | 6.8% | 20.3% | 9.9% |","| 2026 | 0.0% | 0.0% | 9.3% | 1.9% | 2.1% | 0.0% | 0.0% | 1.3% | 12.8% | 10.3% | 6.2% |","| 2027 | 35.3% | 5.0% | 0.0% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 4.1% | 3.8% | 4.3% |","| 2028 | 0.0% | 0.0% | 0.0% | 0.3% | 5.1% | 1.5% | 0.0% | 0.0% | 1.5% | 1.2% | 1.1% |","| 2029 | 0.0% | 2.6% | 0.0% | 0.8% | 0.5% | 2.5% | 0.0% | 0.0% | 2.1% | 2.4% | 1.5% |","| from 2030 | 4.1% | 23.3% | 0.2% | 0.5% | 18.3% | 0.0% | 3.7% | 11.2% | 4.6% | 6.5% | 7.4% |","| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |","1 Including contractual rent, rent-free periods and measured vacancy.","2 On exercising special termination right.","| Tenant structure (basis: contractual rent) – by sector |","| --- |","| Consumer goods and retail | 29.8% |","| Technology and software | 14.6% |","| Banks and financial services | 6.1% |","| Hotel/Gastronomy | 5.6% |","| Residential | 5.2% |","| Automotive and transportation | 4.7% |","| Corporate/Legal/Tax consulting | 4.5% |","| Utilities and telecommunications | 3.9% |","| Media | 2.4% |","| Housing industry | 1.4% |","| Public-sector institutions | 1.1% |","| Chemical/Pharmaceutical industry | 0.6% |","| Insurance companies | 0.4% |","| Construction | 0.0% |","| Other sectors | 19.8% |","| Total | 100.0% |","## Occupancy situation","Office leases in Asia have a term of two to three years; the expe- rience of past years has shown however that the probability of renewal is high.","Probability of renewal and the occupancy rate which is high on average in the long term are not illustrated in the two charts.","In respect of tenancy agreements with special termination rights, the earliest possible ending of the rental agreement is assumed.","Presenting the data without taking into account spe- cial termination rights illustrates how expiring tenancy agree- ments work in favor of the contractually secured rental income of the fund.","| Expiring tenancy agreements (with special termination right) |","| --- |","| | until Dec. 31, 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | from 2030 |","| Asia | 4.8% | 4.6% | 6.7% | 2.5% | 0.2% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 1.0% |","| USA | 3.0% | 1.1% | 5.3% | 1.4% | 6.5% | 1.7% | 3.2% | 1.0% | 0.4% | 0.5% | 1.2% |","| Europe | 9.1% | 8.3% | 5.8% | 5.8% | 4.7% | 8.0% | 2.7% | 3.3% | 0.7% | 0.9% | 5.3% |","| Total | 16.9% | 13.9% | 17.8% | 9.7% | 11.4% | 9.9% | 6.0% | 4.3% | 1.1% | 1.6% | 7.4% |","Expiring tenancy agreements","Without exercising special termination right","| Expiring tenancy agreements (without special termination right) |","| --- |","| | until Dec. 31, 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | from 2030 |","| Asia | 4.2% | 4.6% | 7.0% | 2.8% | 0.2% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 1.0% |","| USA | 3.0% | 1.1% | 5.3% | 1.0% | 6.3% | 2.0% | 2.0% | 1.2% | 1.8% | 0.5% | 1.2% |","| Europe | 7.8% | 5.9% | 5.2% | 5.6% | 4.7% | 5.9% | 3.6% | 4.9% | 1.1% | 1.1% | 8.6% |","| Total | 15.0% | 11.5% | 17.4% | 9.4% | 11.2% | 8.1% | 5.7% | 6.2% | 3.0% | 1.8% | 10.7% |"],"string":"[\n \"# Letting information as of March 31, 2020\",\n \"| Country | Finland | UK | Hungary | Poland | Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Rental properties (number) | 2 | 11 | 3 | 6 | 3 | 4 | 4 | 4 | 9 | 9 | 55 |\",\n \"| Rental properties (market value in EUR million) | 231.6 | 381.2 | 97.4 | 240.3 | 234.2 | 318.3 | 277.1 | 192.7 | 824.7 | 916.1 | 3,713.5 |\",\n \"| Types of use according to annual rental income fully let1 |\",\n \"| Offices & practices | 51.7% | 67.9% | 85.6% | 47.3% | 0.7% | 69.2% | 39.1% | 67.2% | 61.3% | 35.0% | 50.8% |\",\n \"| Trade/Gastronomy | 9.3% | 5.7% | 1.8% | 46.6% | 76.3% | 4.0% | 3.9% | 16.6% | 22.6% | 54.3% | 29.0% |\",\n \"| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.2% | 0.0% | 5.1% | 1.7% |\",\n \"| Warehouse/Logistics | 28.4% | 0.0% | 1.5% | 1.0% | 15.9% | 22.4% | 56.8% | 0.2% | 0.0% | 0.6% | 8.4% |\",\n \"| Residential | 0.0% | 25.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.3% | 0.0% | 4.9% |\",\n \"| Leisure | 0.0% | 0.0% | 0.0% | 0.0% | 3.8% | 0.0% | 0.0% | 0.0% | 4.4% | 0.8% | 1.5% |\",\n \"| Parking spaces | 10.6% | 0.4% | 10.7% | 4.8% | 2.5% | 4.2% | 0.0% | 5.8% | 1.3% | 3.8% | 3.4% |\",\n \"| Other | 0.0% | 0.1% | 0.4% | 0.3% | 0.8% | 0.2% | 0.2% | 0.0% | 0.1% | 0.4% | 0.3% |\",\n \"| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |\",\n \"| Vacancy (as of reporting date) |\",\n \"| Offices & practices | 0.3% | 1.1% | 6.9% | 3.6% | 0.0% | 0.6% | 2.8% | 5.5% | 0.7% | 2.2% | 2.0% |\",\n \"| Trade/Gastronomy | 0.6% | 0.5% | 0.6% | 2.6% | 1.9% | 0.0% | 0.2% | 0.0% | 1.1% | 1.7% | 1.1% |\",\n \"| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| Warehouse/Logistics | 0.0% | 0.0% | 0.3% | 0.3% | 0.1% | 0.0% | 3.5% | 0.0% | 0.0% | 0.1% | 0.3% |\",\n \"| Residential | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| Leisure | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| Parking spaces | 0.0% | 0.0% | 2.1% | 0.9% | 0.0% | 0.5% | 0.0% | 0.4% | 1.1% | 0.3% | 0.6% |\",\n \"| Other | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| Occupancy rate | 99.1% | 98.3% | 90.1% | 92.6% | 98.0% | 98.9% | 93.5% | 94.1% | 97.1% | 95.7% | 96.0% |\",\n \"| Expiring tenancy agreements2 |\",\n \"| until Dec. 31, 2020 | 0.0% | 56.0% | 28.0% | 10.1% | 12.0% | 22.5% | 25.4% | 22.8% | 11.8% | 6.0% | 16.8% |\",\n \"| 2021 | 10.7% | 0.5% | 23.3% | 23.6% | 10.1% | 32.5% | 14.5% | 20.9% | 4.2% | 20.0% | 13.8% |\",\n \"| 2022 | 0.0% | 3.5% | 8.7% | 11.4% | 28.0% | 33.4% | 45.7% | 17.8% | 20.8% | 10.5% | 17.8% |\",\n \"| 2023 | 15.3% | 1.0% | 17.9% | 15.6% | 10.6% | 7.6% | 9.7% | 21.1% | 5.5% | 11.6% | 9.8% |\",\n \"| 2024 | 0.0% | 6.4% | 5.4% | 28.1% | 3.0% | 0.0% | 0.6% | 2.0% | 25.8% | 7.4% | 11.4% |\",\n \"| 2025 | 34.6% | 1.7% | 7.2% | 6.5% | 10.3% | 0.0% | 0.4% | 2.9% | 6.8% | 20.3% | 9.9% |\",\n \"| 2026 | 0.0% | 0.0% | 9.3% | 1.9% | 2.1% | 0.0% | 0.0% | 1.3% | 12.8% | 10.3% | 6.2% |\",\n \"| 2027 | 35.3% | 5.0% | 0.0% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 4.1% | 3.8% | 4.3% |\",\n \"| 2028 | 0.0% | 0.0% | 0.0% | 0.3% | 5.1% | 1.5% | 0.0% | 0.0% | 1.5% | 1.2% | 1.1% |\",\n \"| 2029 | 0.0% | 2.6% | 0.0% | 0.8% | 0.5% | 2.5% | 0.0% | 0.0% | 2.1% | 2.4% | 1.5% |\",\n \"| from 2030 | 4.1% | 23.3% | 0.2% | 0.5% | 18.3% | 0.0% | 3.7% | 11.2% | 4.6% | 6.5% | 7.4% |\",\n \"| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |\",\n \"1 Including contractual rent, rent-free periods and measured vacancy.\",\n \"2 On exercising special termination right.\",\n \"| Tenant structure (basis: contractual rent) – by sector |\",\n \"| --- |\",\n \"| Consumer goods and retail | 29.8% |\",\n \"| Technology and software | 14.6% |\",\n \"| Banks and financial services | 6.1% |\",\n \"| Hotel/Gastronomy | 5.6% |\",\n \"| Residential | 5.2% |\",\n \"| Automotive and transportation | 4.7% |\",\n \"| Corporate/Legal/Tax consulting | 4.5% |\",\n \"| Utilities and telecommunications | 3.9% |\",\n \"| Media | 2.4% |\",\n \"| Housing industry | 1.4% |\",\n \"| Public-sector institutions | 1.1% |\",\n \"| Chemical/Pharmaceutical industry | 0.6% |\",\n \"| Insurance companies | 0.4% |\",\n \"| Construction | 0.0% |\",\n \"| Other sectors | 19.8% |\",\n \"| Total | 100.0% |\",\n \"## Occupancy situation\",\n \"Office leases in Asia have a term of two to three years; the expe- rience of past years has shown however that the probability of renewal is high.\",\n \"Probability of renewal and the occupancy rate which is high on average in the long term are not illustrated in the two charts.\",\n \"In respect of tenancy agreements with special termination rights, the earliest possible ending of the rental agreement is assumed.\",\n \"Presenting the data without taking into account spe- cial termination rights illustrates how expiring tenancy agree- ments work in favor of the contractually secured rental income of the fund.\",\n \"| Expiring tenancy agreements (with special termination right) |\",\n \"| --- |\",\n \"| | until Dec. 31, 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | from 2030 |\",\n \"| Asia | 4.8% | 4.6% | 6.7% | 2.5% | 0.2% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 1.0% |\",\n \"| USA | 3.0% | 1.1% | 5.3% | 1.4% | 6.5% | 1.7% | 3.2% | 1.0% | 0.4% | 0.5% | 1.2% |\",\n \"| Europe | 9.1% | 8.3% | 5.8% | 5.8% | 4.7% | 8.0% | 2.7% | 3.3% | 0.7% | 0.9% | 5.3% |\",\n \"| Total | 16.9% | 13.9% | 17.8% | 9.7% | 11.4% | 9.9% | 6.0% | 4.3% | 1.1% | 1.6% | 7.4% |\",\n \"Expiring tenancy agreements\",\n \"Without exercising special termination right\",\n \"| Expiring tenancy agreements (without special termination right) |\",\n \"| --- |\",\n \"| | until Dec. 31, 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | from 2030 |\",\n \"| Asia | 4.2% | 4.6% | 7.0% | 2.8% | 0.2% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 1.0% |\",\n \"| USA | 3.0% | 1.1% | 5.3% | 1.0% | 6.3% | 2.0% | 2.0% | 1.2% | 1.8% | 0.5% | 1.2% |\",\n \"| Europe | 7.8% | 5.9% | 5.2% | 5.6% | 4.7% | 5.9% | 3.6% | 4.9% | 1.1% | 1.1% | 8.6% |\",\n \"| Total | 15.0% | 11.5% | 17.4% | 9.4% | 11.2% | 8.1% | 5.7% | 6.2% | 3.0% | 1.8% | 10.7% |\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Letting information as of March 31, 2020","| Country | Finland | UK | Hungary | Poland | Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| Rental properties (number) | 2 | 11 | 3 | 6 | 3 | 4 | 4 | 4 | 9 | 9 | 55 |","| Rental properties (market value in EUR million) | 231.6 | 381.2 | 97.4 | 240.3 | 234.2 | 318.3 | 277.1 | 192.7 | 824.7 | 916.1 | 3,713.5 |","| Types of use according to annual rental income fully let1 |","| Offices & practices | 51.7% | 67.9% | 85.6% | 47.3% | 0.7% | 69.2% | 39.1% | 67.2% | 61.3% | 35.0% | 50.8% |","| Trade/Gastronomy | 9.3% | 5.7% | 1.8% | 46.6% | 76.3% | 4.0% | 3.9% | 16.6% | 22.6% | 54.3% | 29.0% |","| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.2% | 0.0% | 5.1% | 1.7% |","| Warehouse/Logistics | 28.4% | 0.0% | 1.5% | 1.0% | 15.9% | 22.4% | 56.8% | 0.2% | 0.0% | 0.6% | 8.4% |","| Residential | 0.0% | 25.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.3% | 0.0% | 4.9% |","| Leisure | 0.0% | 0.0% | 0.0% | 0.0% | 3.8% | 0.0% | 0.0% | 0.0% | 4.4% | 0.8% | 1.5% |","| Parking spaces | 10.6% | 0.4% | 10.7% | 4.8% | 2.5% | 4.2% | 0.0% | 5.8% | 1.3% | 3.8% | 3.4% |","| Other | 0.0% | 0.1% | 0.4% | 0.3% | 0.8% | 0.2% | 0.2% | 0.0% | 0.1% | 0.4% | 0.3% |","| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |","| Vacancy (as of reporting date) |","| Offices & practices | 0.3% | 1.1% | 6.9% | 3.6% | 0.0% | 0.6% | 2.8% | 5.5% | 0.7% | 2.2% | 2.0% |","| Trade/Gastronomy | 0.6% | 0.5% | 0.6% | 2.6% | 1.9% | 0.0% | 0.2% | 0.0% | 1.1% | 1.7% | 1.1% |","| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |","| Warehouse/Logistics | 0.0% | 0.0% | 0.3% | 0.3% | 0.1% | 0.0% | 3.5% | 0.0% | 0.0% | 0.1% | 0.3% |","| Residential | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |","| Leisure | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |","| Parking spaces | 0.0% | 0.0% | 2.1% | 0.9% | 0.0% | 0.5% | 0.0% | 0.4% | 1.1% | 0.3% | 0.6% |","| Other | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |","| Occupancy rate | 99.1% | 98.3% | 90.1% | 92.6% | 98.0% | 98.9% | 93.5% | 94.1% | 97.1% | 95.7% | 96.0% |","| Expiring tenancy agreements2 |","| until Dec. 31, 2020 | 0.0% | 56.0% | 28.0% | 10.1% | 12.0% | 22.5% | 25.4% | 22.8% | 11.8% | 6.0% | 16.8% |","| 2021 | 10.7% | 0.5% | 23.3% | 23.6% | 10.1% | 32.5% | 14.5% | 20.9% | 4.2% | 20.0% | 13.8% |","| 2022 | 0.0% | 3.5% | 8.7% | 11.4% | 28.0% | 33.4% | 45.7% | 17.8% | 20.8% | 10.5% | 17.8% |","| 2023 | 15.3% | 1.0% | 17.9% | 15.6% | 10.6% | 7.6% | 9.7% | 21.1% | 5.5% | 11.6% | 9.8% |","| 2024 | 0.0% | 6.4% | 5.4% | 28.1% | 3.0% | 0.0% | 0.6% | 2.0% | 25.8% | 7.4% | 11.4% |","| 2025 | 34.6% | 1.7% | 7.2% | 6.5% | 10.3% | 0.0% | 0.4% | 2.9% | 6.8% | 20.3% | 9.9% |","| 2026 | 0.0% | 0.0% | 9.3% | 1.9% | 2.1% | 0.0% | 0.0% | 1.3% | 12.8% | 10.3% | 6.2% |","| 2027 | 35.3% | 5.0% | 0.0% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 4.1% | 3.8% | 4.3% |","| 2028 | 0.0% | 0.0% | 0.0% | 0.3% | 5.1% | 1.5% | 0.0% | 0.0% | 1.5% | 1.2% | 1.1% |","| 2029 | 0.0% | 2.6% | 0.0% | 0.8% | 0.5% | 2.5% | 0.0% | 0.0% | 2.1% | 2.4% | 1.5% |","| from 2030 | 4.1% | 23.3% | 0.2% | 0.5% | 18.3% | 0.0% | 3.7% | 11.2% | 4.6% | 6.5% | 7.4% |","| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |","1 Including contractual rent, rent-free periods and measured vacancy.","2 On exercising special termination right.","| Tenant structure (basis: contractual rent) – by sector |","| --- |","| Consumer goods and retail | 29.8% |","| Technology and software | 14.6% |","| Banks and financial services | 6.1% |","| Hotel/Gastronomy | 5.6% |","| Residential | 5.2% |","| Automotive and transportation | 4.7% |","| Corporate/Legal/Tax consulting | 4.5% |","| Utilities and telecommunications | 3.9% |","| Media | 2.4% |","| Housing industry | 1.4% |","| Public-sector institutions | 1.1% |","| Chemical/Pharmaceutical industry | 0.6% |","| Insurance companies | 0.4% |","| Construction | 0.0% |","| Other sectors | 19.8% |","| Total | 100.0% |","## Occupancy situation","Office leases in Asia have a term of two to three years; the expe- rience of past years has shown however that the probability of renewal is high.","Probability of renewal and the occupancy rate which is high on average in the long term are not illustrated in the two charts.","In respect of tenancy agreements with special termination rights, the earliest possible ending of the rental agreement is assumed.","Presenting the data without taking into account spe- cial termination rights illustrates how expiring tenancy agree- ments work in favor of the contractually secured rental income of the fund.","| Expiring tenancy agreements (with special termination right) |","| --- |","| | until Dec. 31, 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | from 2030 |","| Asia | 4.8% | 4.6% | 6.7% | 2.5% | 0.2% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 1.0% |","| USA | 3.0% | 1.1% | 5.3% | 1.4% | 6.5% | 1.7% | 3.2% | 1.0% | 0.4% | 0.5% | 1.2% |","| Europe | 9.1% | 8.3% | 5.8% | 5.8% | 4.7% | 8.0% | 2.7% | 3.3% | 0.7% | 0.9% | 5.3% |","| Total | 16.9% | 13.9% | 17.8% | 9.7% | 11.4% | 9.9% | 6.0% | 4.3% | 1.1% | 1.6% | 7.4% |","Expiring tenancy agreements","Without exercising special termination right","| Expiring tenancy agreements (without special termination right) |","| --- |","| | until Dec. 31, 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | from 2030 |","| Asia | 4.2% | 4.6% | 7.0% | 2.8% | 0.2% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 1.0% |","| USA | 3.0% | 1.1% | 5.3% | 1.0% | 6.3% | 2.0% | 2.0% | 1.2% | 1.8% | 0.5% | 1.2% |","| Europe | 7.8% | 5.9% | 5.2% | 5.6% | 4.7% | 5.9% | 3.6% | 4.9% | 1.1% | 1.1% | 8.6% |","| Total | 15.0% | 11.5% | 17.4% | 9.4% | 11.2% | 8.1% | 5.7% | 6.2% | 3.0% | 1.8% | 10.7% |"],"string":"[\n \"# Letting information as of March 31, 2020\",\n \"| Country | Finland | UK | Hungary | Poland | Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| Rental properties (number) | 2 | 11 | 3 | 6 | 3 | 4 | 4 | 4 | 9 | 9 | 55 |\",\n \"| Rental properties (market value in EUR million) | 231.6 | 381.2 | 97.4 | 240.3 | 234.2 | 318.3 | 277.1 | 192.7 | 824.7 | 916.1 | 3,713.5 |\",\n \"| Types of use according to annual rental income fully let1 |\",\n \"| Offices & practices | 51.7% | 67.9% | 85.6% | 47.3% | 0.7% | 69.2% | 39.1% | 67.2% | 61.3% | 35.0% | 50.8% |\",\n \"| Trade/Gastronomy | 9.3% | 5.7% | 1.8% | 46.6% | 76.3% | 4.0% | 3.9% | 16.6% | 22.6% | 54.3% | 29.0% |\",\n \"| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.2% | 0.0% | 5.1% | 1.7% |\",\n \"| Warehouse/Logistics | 28.4% | 0.0% | 1.5% | 1.0% | 15.9% | 22.4% | 56.8% | 0.2% | 0.0% | 0.6% | 8.4% |\",\n \"| Residential | 0.0% | 25.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.3% | 0.0% | 4.9% |\",\n \"| Leisure | 0.0% | 0.0% | 0.0% | 0.0% | 3.8% | 0.0% | 0.0% | 0.0% | 4.4% | 0.8% | 1.5% |\",\n \"| Parking spaces | 10.6% | 0.4% | 10.7% | 4.8% | 2.5% | 4.2% | 0.0% | 5.8% | 1.3% | 3.8% | 3.4% |\",\n \"| Other | 0.0% | 0.1% | 0.4% | 0.3% | 0.8% | 0.2% | 0.2% | 0.0% | 0.1% | 0.4% | 0.3% |\",\n \"| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |\",\n \"| Vacancy (as of reporting date) |\",\n \"| Offices & practices | 0.3% | 1.1% | 6.9% | 3.6% | 0.0% | 0.6% | 2.8% | 5.5% | 0.7% | 2.2% | 2.0% |\",\n \"| Trade/Gastronomy | 0.6% | 0.5% | 0.6% | 2.6% | 1.9% | 0.0% | 0.2% | 0.0% | 1.1% | 1.7% | 1.1% |\",\n \"| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| Warehouse/Logistics | 0.0% | 0.0% | 0.3% | 0.3% | 0.1% | 0.0% | 3.5% | 0.0% | 0.0% | 0.1% | 0.3% |\",\n \"| Residential | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| Leisure | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| Parking spaces | 0.0% | 0.0% | 2.1% | 0.9% | 0.0% | 0.5% | 0.0% | 0.4% | 1.1% | 0.3% | 0.6% |\",\n \"| Other | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |\",\n \"| Occupancy rate | 99.1% | 98.3% | 90.1% | 92.6% | 98.0% | 98.9% | 93.5% | 94.1% | 97.1% | 95.7% | 96.0% |\",\n \"| Expiring tenancy agreements2 |\",\n \"| until Dec. 31, 2020 | 0.0% | 56.0% | 28.0% | 10.1% | 12.0% | 22.5% | 25.4% | 22.8% | 11.8% | 6.0% | 16.8% |\",\n \"| 2021 | 10.7% | 0.5% | 23.3% | 23.6% | 10.1% | 32.5% | 14.5% | 20.9% | 4.2% | 20.0% | 13.8% |\",\n \"| 2022 | 0.0% | 3.5% | 8.7% | 11.4% | 28.0% | 33.4% | 45.7% | 17.8% | 20.8% | 10.5% | 17.8% |\",\n \"| 2023 | 15.3% | 1.0% | 17.9% | 15.6% | 10.6% | 7.6% | 9.7% | 21.1% | 5.5% | 11.6% | 9.8% |\",\n \"| 2024 | 0.0% | 6.4% | 5.4% | 28.1% | 3.0% | 0.0% | 0.6% | 2.0% | 25.8% | 7.4% | 11.4% |\",\n \"| 2025 | 34.6% | 1.7% | 7.2% | 6.5% | 10.3% | 0.0% | 0.4% | 2.9% | 6.8% | 20.3% | 9.9% |\",\n \"| 2026 | 0.0% | 0.0% | 9.3% | 1.9% | 2.1% | 0.0% | 0.0% | 1.3% | 12.8% | 10.3% | 6.2% |\",\n \"| 2027 | 35.3% | 5.0% | 0.0% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 4.1% | 3.8% | 4.3% |\",\n \"| 2028 | 0.0% | 0.0% | 0.0% | 0.3% | 5.1% | 1.5% | 0.0% | 0.0% | 1.5% | 1.2% | 1.1% |\",\n \"| 2029 | 0.0% | 2.6% | 0.0% | 0.8% | 0.5% | 2.5% | 0.0% | 0.0% | 2.1% | 2.4% | 1.5% |\",\n \"| from 2030 | 4.1% | 23.3% | 0.2% | 0.5% | 18.3% | 0.0% | 3.7% | 11.2% | 4.6% | 6.5% | 7.4% |\",\n \"| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |\",\n \"1 Including contractual rent, rent-free periods and measured vacancy.\",\n \"2 On exercising special termination right.\",\n \"| Tenant structure (basis: contractual rent) – by sector |\",\n \"| --- |\",\n \"| Consumer goods and retail | 29.8% |\",\n \"| Technology and software | 14.6% |\",\n \"| Banks and financial services | 6.1% |\",\n \"| Hotel/Gastronomy | 5.6% |\",\n \"| Residential | 5.2% |\",\n \"| Automotive and transportation | 4.7% |\",\n \"| Corporate/Legal/Tax consulting | 4.5% |\",\n \"| Utilities and telecommunications | 3.9% |\",\n \"| Media | 2.4% |\",\n \"| Housing industry | 1.4% |\",\n \"| Public-sector institutions | 1.1% |\",\n \"| Chemical/Pharmaceutical industry | 0.6% |\",\n \"| Insurance companies | 0.4% |\",\n \"| Construction | 0.0% |\",\n \"| Other sectors | 19.8% |\",\n \"| Total | 100.0% |\",\n \"## Occupancy situation\",\n \"Office leases in Asia have a term of two to three years; the expe- rience of past years has shown however that the probability of renewal is high.\",\n \"Probability of renewal and the occupancy rate which is high on average in the long term are not illustrated in the two charts.\",\n \"In respect of tenancy agreements with special termination rights, the earliest possible ending of the rental agreement is assumed.\",\n \"Presenting the data without taking into account spe- cial termination rights illustrates how expiring tenancy agree- ments work in favor of the contractually secured rental income of the fund.\",\n \"| Expiring tenancy agreements (with special termination right) |\",\n \"| --- |\",\n \"| | until Dec. 31, 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | from 2030 |\",\n \"| Asia | 4.8% | 4.6% | 6.7% | 2.5% | 0.2% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 1.0% |\",\n \"| USA | 3.0% | 1.1% | 5.3% | 1.4% | 6.5% | 1.7% | 3.2% | 1.0% | 0.4% | 0.5% | 1.2% |\",\n \"| Europe | 9.1% | 8.3% | 5.8% | 5.8% | 4.7% | 8.0% | 2.7% | 3.3% | 0.7% | 0.9% | 5.3% |\",\n \"| Total | 16.9% | 13.9% | 17.8% | 9.7% | 11.4% | 9.9% | 6.0% | 4.3% | 1.1% | 1.6% | 7.4% |\",\n \"Expiring tenancy agreements\",\n \"Without exercising special termination right\",\n \"| Expiring tenancy agreements (without special termination right) |\",\n \"| --- |\",\n \"| | until Dec. 31, 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | from 2030 |\",\n \"| Asia | 4.2% | 4.6% | 7.0% | 2.8% | 0.2% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 1.0% |\",\n \"| USA | 3.0% | 1.1% | 5.3% | 1.0% | 6.3% | 2.0% | 2.0% | 1.2% | 1.8% | 0.5% | 1.2% |\",\n \"| Europe | 7.8% | 5.9% | 5.2% | 5.6% | 4.7% | 5.9% | 3.6% | 4.9% | 1.1% | 1.1% | 8.6% |\",\n \"| Total | 15.0% | 11.5% | 17.4% | 9.4% | 11.2% | 8.1% | 5.7% | 6.2% | 3.0% | 1.8% | 10.7% |\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98298,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Übersicht: Renditen, Bewertung\n| Renditekennzahlen 2019/2020 in % |\n| --- |\n| I. Immobilien |\n| Bruttoertrag | 5,7% 1) |\n| Bewirtschaftungsaufwand | -1,5% 1) |\n| Nettoertrag | 4,1% 1) |\n| Wertänderungen (Verkehrswertänderungen, Verkaufsergebnis) | 2,4% 1) |\n| Immobilienergebnis vor ausländischen Steuern und AfA | 6,6% 1) |\n| |\n| Rückstellungen für ausländische latente Steuern | 0,7% 1) |\n| Abschreibungen auf Anschaffungsnebenkosten (AfA) | -0,5% 1) |\n| Immobilienergebnis vor Darlehensaufwand und ausländischen Ertragsteuern | 6,8% 1) |\n| |\n| Darlehensaufwand | -0,8% 2) |\n| Ausländische Ertragsteuern | -1,6% 2) |\n| Ergebnis nach Darlehensaufwand, ausländischen Steuern und AfA | 6,2% 2) |\n| |\n| Währungsänderung | -1,1% 2) |\n| Gesamtergebnis aus Immobilieninvestments | 5,1% 2) |\n| |\n| II. Liquidität | -1,5% 3) |\n| |\n| III. Sonstige Kosten | -0,2% 4) |\n| |\n| IV. Ergebnis gesamter Fonds vor Abzug der Fondskosten | 3,4% 4) |\n| |\n| V. Ergebnis Anteilklasse RC nach Abzug der Fondskosten (BVI-Methode) | 2,5% |\n| Ergebnis Anteilklasse IC nach Abzug der Fondskosten (BVI-Methode) | 2,9% |\n\n| Kapitalinformationen (Durchschnittszahlen in Mio. EUR) |\n| --- |\n| bezogen auf: |\n| 1) Immobilienvermögen | 3.489,3 |\n| Kreditvolumen (ohne Gesellschafterdarlehen) | 729,6 |\n| 2) Immobilienvermögen abzgl. Kreditvolumen | 2.759,7 |\n| 3) Liquidität (inkl. in Beteiligungen gehaltener Liquidität) | 995,8 |\n| 4) Fondsvermögen | 3.558,7 |\n\n\n## Erläuterungen zur Fondsrendite grundbesitz global\nDie Mieteinnahmen erbringen einen Bruttoertrag von 5,7%. Nach Abzug der Bewirtschaftungsaufwendungen verbleibt ein Nettoertrag von 4,1%.\nDas „Immobilienergebnis vor ausländischen Steuern und AfA“ wird durch die Wertänderungen (Änderung der gutachterlich festgestellten Verkehrswerte sowie Mehrerlös aus Immobilien- verkäufen) um 2,4%-Punkte erhöht und beträgt dementspre- chend 6,6%.\nDie Auflösung von „Rückstellungen für ausländische latente Steuern“ ist im Wesentlichen auf die Immobilienverkäufe in Frankreich zurückzuführen und erhöht das Ergebnis um\n0,7%-Punkte. Die „Abschreibungen auf Anschaffungsnebenkos- ten“ haben eine Auswirkung von -0,5%-Punkten. Daraus ergibt sich ein „Immobilienergebnis vor Darlehensaufwand und aus- ländischen Ertragsteuern“ von 6,8%.\nUnter Berücksichtigung der Fremdkapitalkosten und „ausländi- schen Ertragsteuern“ beträgt das „Ergebnis nach Darlehensauf- wand, ausländischen Steuern und AfA“ 6,2% (bezogen auf das durchschnittlich in Immobilienvermögen investierte Eigenkapital von 2.759,7 Mio. EUR).\nWährungskursschwankungen in den Anlageländern haben – unter Berücksichtigung der aufgenommenen Kredite sowie der Devisentermingeschäfte – einen Ergebniseinfluss von\n-1,1%-Punkten. Damit beträgt das „Gesamtergebnis aus Immobilieninvestments“ 5,1%.\nDie Liquidität rentierte im Geschäftsjahr mit -1,5%.\nDer Fonds erreicht im Geschäftsjahr ein Gesamtergebnis vor Abzug der Fondskosten von 3,4%. Im Ergebnis sind sonstige Kosten mit -0,2% bereits berücksichtigt. Diese Kosten sind keinen Objekten direkt zuordenbar. Hierzu zählen z. B. die Kosten für die Erstellung des Jahresberichtes.\nNach Abzug der Fondskosten erzielt die Anteilklasse RC ein Gesamtergebnis von 2,5% und die Anteilklasse IC ein Gesamt- ergebnis von 2,9% (jeweils gemäß BVI-Methode).\n| Übersicht: Renditen/Länderbeitrag 2019/2020 |\n| --- |\n| Land Renditekennzahlen in % | Finnland | GB | Ungarn | Polen |\n| Immobilien |\n| Bruttoertrag | 4,6% | 4,5% | 7,8% | 6,6% |\n| Bewirtschaftungsaufwand | 0,0% | -2,7% | -6,6% | 0,4% |\n| Nettoertrag | 4,6% | 1,8% | 1,2% | 7,0% |\n| Wertänderungen (Verkehrswertänderungen, Verkaufsergebnis) | 1,3% | 2,1% | -3,1% | -0,4% |\n| Immobilienergebnis vor ausländischen Steuern und AfA | 5,9% | 3,9% | -1,9% | 6,6% |\n| |\n| Rückstellungen für ausländische latente Steuern | 0,0% | -0,2% | 0,2% | -0,3% |\n| Abschreibungen auf Anschaffungsnebenkosten (AfA) | -0,7% | -0,2% | 0,0% | -0,3% |\n| Immobilienergebnis vor Darlehensaufwand und ausländischen Ertragsteuern | 5,3% | 3,6% | -1,7% | 6,0% |\n| |\n| Darlehensaufwand | 0,0% | -0,6% | -0,1% | -0,5% |\n| Ausländische Ertragsteuern | 0,0% | -0,4% | -0,3% | -0,1% |\n| Ergebnis nach Darlehensaufwand, ausländischen Steuern und AfA | 5,3% | 3,1% | -2,1% | 7,4% |\n\n1) Die Gesamtquote enthält in geringem Umfang auch Renditebeiträge bzw. -abschläge, die nicht einzelnen Ländern zugeordnet sind.\n| Kapitalinformationen (Durchschnittszahlen in Mio. EUR) | Finnland | GB | Ungarn | Polen |\n| --- | --- | --- | --- | --- |\n| bezogen auf: |\n| 2) Immobilienvermögen | 216,5 | 334,6 | 99,4 | 240,2 |\n| Kreditvolumen (ohne Gesellschafterdarlehen) | 0,0 | 43,6 | 0,0 | 60,9 |\n| 3) Immobilienvermögen abzgl. Kreditvolumen | 216,5 | 291,0 | 99,4 | 179,3 |\n\n| Übersicht: Wertänderungen 2019/2020 |\n| --- |\n| Land Information zu Wertänderungen1) (stichtagsbezogen in Mio. EUR) | Finnland | GB | Ungarn | Polen |\n| Gutachterliche Verkehrswerte Portfolio (MIttelwert) | 231,6 | 381,2 | 97,4 | 240,3 |\n| Gutachterliche Bewertungsmieten/Rohertrag Portfolio (Mittelwert) | 11,3 | 21,6 | 7,7 | 16,8 |\n| Positive Wertänderungen lt. Gutachten (inkl. nachträglicher Anschaffungskosten) | 3,6 | 7,1 | 2,6 | 2,0 |\n| Sonstige positive Wertänderungen | 0,0 | 0,0 | 0,3 | 2,5 |\n| Negative Wertänderungen lt. Gutachten (inkl. nachträglicher Anschaffungskosten) | -0,7 | 0,0 | -5,7 | -2,9 |\n| Sonstige negative Wertänderungen | -1,4 | -1,2 | -0,1 | -3,6 |\n| Wertänderungen lt. Gutachten insgesamt | 2,9 | 7,1 | -3,1 | -0,9 |\n| Sonstige Wertänderungen insgesamt | -1,4 | -1,2 | 0,2 | -1,1 |\n\n1) In diese Übersicht fließen nur Daten von Immobilien ein, die sich zum Berichtsstichtag im Sondervermögen befinden.\n| |\n| --- |\n| Portugal | Japan | Südkorea | Australien | USA | Sonstiges Ausland | Gesamt1) |\n| |\n| 7,5% | 5,3% | 6,0% | 6,0% | 6,2% | 4,9% | 5,7% 2) |\n| -2,0% | -0,9% | -1,4% | -7,2% | -1,8% | 2,0% | -1,5% 2) |\n| 5,6% | 4,4% | 4,6% | -1,2% | 4,5% | 6,9% | 4,1% 2) |\n| 0,1% | 5,3% | 0,1% | 3,4% | 2,4% | 4,2% | 2,4% 2) |\n| 5,7% | 9,7% | 4,7% | 2,2% | 6,9% | 11,1% | 6,6% 2) |\n| |\n| -0,1% | -1,5% | -0,8% | -0,4% | 0,7% | 3,2% | 0,7% 2) |\n| -0,5% | -0,6% | -0,9% | -1,4% | -0,2% | -0,7% | -0,5% 2) |\n| 5,1% | 7,5% | 3,0% | 0,4% | 7,4% | 13,6% | 6,8% 2) |\n| |\n| -0,4% | -0,2% | -2,7% | -2,9% | -2,1% | -0,1% | -0,8% 3) |\n| 0,0% | -0,4% | -0,7% | -0,1% | -1,2% | -4,0% | -1,6% 3) |\n| 5,3% | 8,6% | 2,0% | -2,3% | 9,2% | 10,5% | 6,2% 3) |\n\n| Portugal | Japan | Südkorea | Australien | USA | Sonstiges Ausland | Gesamt |\n| --- | --- | --- | --- | --- | --- | --- |\n| |\n| 224,3 | 305,7 | 249,0 | 190,5 | 711,6 | 917,5 | 3.489,3 |\n| 23,5 | 58,7 | 113,5 | 82,3 | 287,8 | 59,4 | 729,6 |\n| 200,8 | 247,1 | 135,5 | 108,2 | 423,8 | 858,1 | 2.759,7 |\n\n| |\n| --- |\n| Portugal | Japan | Südkorea | Australien | USA | Sonstiges Ausland | Gesamt |\n| 234,2 | 318,3 | 277,1 | 192,7 | 824,7 | 916,1 | 3.713,5 |\n| 16,0 | 19,2 | 19,7 | 14,9 | 65,3 | 59,4 | 251,8 |\n| 0,6 | 16,1 | 2,2 | 6,5 | 16,6 | 20,0 | 77,3 |\n| 1,0 | 0,0 | 0,0 | 0,0 | 0,3 | 0,0 | 4,1 |\n| -0,4 | 0,0 | -2,0 | 0,0 | -1,4 | -1,5 | -14,6 |\n| -2,2 | -6,5 | -4,3 | -3,5 | -6,3 | -9,5 | -38,6 |\n| 0,2 | 16,1 | 0,2 | 6,5 | 15,2 | 18,5 | 62,7 |\n| -1,2 | -6,5 | -4,3 | -3,5 | -6,1 | -9,5 | -34,5 |\n\n| Entwicklung des Fonds grundbesitz global |\n| --- |\n| In Mio. EUR | 31.3.2016 | 31.3.2017 | 31.3.2018 | 31.3.2019 | 31.3.2020 |\n| Immobilien | 1.089,8 | 1.014,4 | 867,3 | 1.011,2 | 798,4 |\n| Beteiligungen an Immobilien-Gesellschaften | 923,6 | 1.114,0 | 1.212,4 | 1.410,3 | 1.750,3 |\n| Wertpapiere | 293,2 | 379,9 | 216,0 | 414,5 | 497,6 |\n| Bankguthaben | 342,6 | 231,4 | 354,5 | 351,5 | 583,9 |\n| Sonstige Vermögensgegenstände | 225,6 | 344,9 | 541,0 | 389,6 | 731,8 |\n| Verbindlichkeiten und Rückstellungen | -548,8 | -351,5 | -323,8 | -352,2 | -357,0 |\n| Fondsvermögen Gesamt | 2.325,9 | 2.733,1 | 2.867,2 | 3.224,8 | 4.005,0 |\n| Anteilklasse RC |\n| Fondsvermögen RC | 2.289,4 | 2.676,7 | 2.786,1 | 3.110,2 | 3.814,7 |\n| Anteilumlauf (Mio. Stücke) RC | 43,4 | 51,1 | 53,3 | 59,2 | 72,5 |\n| Anteilwert (EUR) RC | 52,69 | 52,43 | 52,28 | 52,52 | 52,65 |\n| Ausschüttung je Anteil (EUR)1) RC | 1,15 | 1,15 | 1,082) | 1,15 | 1,15 |\n| Anteilklasse IC |\n| Fondsvermögen IC | 36,5 | 56,3 | 81,2 | 114,6 | 190,3 |\n| Anteilumlauf (Mio. Stücke) IC | 0,7 | 1,1 | 1,5 | 2,2 | 3,6 |\n| Anteilwert (EUR) IC | 52,89 | 52,67 | 52,54 | 52,84 | 53,01 |\n| Ausschüttung je Anteil (EUR)1) IC | 1,35 | 1,35 | 1,262) | 1,35 | 1,35 |\n| Tag der Ausschüttung | 19.7.2016 | 19.7.2017 | 18.7.2018 | 17.7.2019 | 15.7.2020 |\n\n- Zahlbar nach Ablauf des Geschäftsjahres.\n- Ohne Berücksichtigung der am 2.1.2018 bereitgestellten Steuerliquidität.\n\n| Entwicklung der Renditen (Mehrjahresvergleich) |\n| --- |\n| Renditekennzahlen in % | Geschäftsjahr 2015/2016 | Geschäftsjahr 2016/2017 | Geschäftsjahr 2017/2018 | Geschäftsjahr 2018/2019 | Geschäftsjahr 2019/2020 |\n| I. Immobilien |\n| Bruttoertrag1) | 5,5% | 5,8% | 6,1% | 5,8% | 5,7% |\n| Bewirtschaftungsaufwand1) | -1,4% | -1,0% | -1,8% | -3,6% | -1,5% |\n| Nettoertrag1) | 4,0% | 4,8% | 4,3% | 2,2% | 4,1% |\n| Wertänderungen (Verkehrswertänderungen, Verkaufsergebnis)1) | 1,3% | 0,3% | 0,4% | 4,3% | 2,4% |\n| Immobilienergebnis vor ausländischen Steuern und AfA1) | 5,4% | 5,1% | 4,7% | 6,5% | 6,6% |\n| Rückstellungen für ausländische latente Steuern1) | 0,5% | -0,1% | 0,9% | -1,4% | 0,7% |\n| Abschreibungen auf Anschaffungsnebenkosten (AfA)1) | -0,1% | -0,2% | -0,3% | -0,5% | -0,5% |\n| Immobilienergebnis vor Darlehensaufwand und ausländischen Ertragsteuern1) | 5,7% | 4,7% | 5,2% | 4,6% | 6,8% |\n| Darlehensaufwand2) | -1,0% | -0,9% | -0,6% | -0,8% | -0,8% |\n| Ausländische Ertragsteuern2) | -1,4% | -0,8% | -0,8% | -0,2% | -1,6% |\n| Ergebnis nach Darlehensaufwand, ausländischen Steuern und AfA2) | 5,9% | 4,6% | 5,1% | 4,8% | 6,2% |\n| Währungsänderung2) | -1,9% | -0,5% | -1,3% | -0,3% | -1,1% |\n| Gesamtergebnis aus Immobilieninvestments2) | 4,0% | 4,1% | 3,8% | 4,4% | 5,1% |\n| II. Liquidität3) | 0,8% | 0,3% | 1,4% | 0,7% | -1,5% |\n| III. Sonstige Kosten4) | -0,2% | -0,4% | -0,1% | -0,1% | -0,2% |\n| IV. Ergebnis gesamter Fonds vor Fondskosten4) | 3,1% | 2,7% | 3,1% | 3,6% | 3,4% |\n| V. Ergebnis gesamter Fonds nach Fondskosten (BVI-Methode) |\n| Anteilklasse RC | 2,1% | 1,7% | 2,1% | 2,6% | 2,5% |\n| Anteilklasse IC | 2,5% | 2,2% | 2,5% | 3,0% | 2,9% |\n\nBezogen auf das durchschnittliche:\n- Immobilienvermögen\n- Immobilienvermögen abzgl. Kreditvolumen\n- Liquiditätsvermögen (inkl. in Beteiligungen gehaltener Liquidität)\n- FondsvermögenAmsterdam, Oval Tower"},"date":{"kind":"string","value":"2020-03-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Overview: Yields, valuation\n| Key yield figures in 2019/2020 in % |\n| --- |\n| I. Properties |\n| Gross income | 5.7% 1 |\n| Property management expenses | -1.5% 1 |\n| Net income | 4.1% 1 |\n| Changes in value (changes in market value, sales return) | 2.4% 1 |\n| Real estate return before foreign taxes and depreciation | 6.6% 1 |\n| |\n| Provisions for foreign deferred taxes | 0.7% 1 |\n| Amortization of incidental acquisition costs | -0.5% 1 |\n| Real estate return before loan charges and foreign profits tax | 6.8% 1 |\n| |\n| Loan charges | -0.8% 2 |\n| Foreign profits tax | -1.6% 2 |\n| Return after loan charges, foreign taxes and depreciation | 6.2% 2 |\n| |\n| Currency effects | -1.1% 2 |\n| Overall result from real estate investments | 5.1% 2 |\n| |\n| II. Liquidity | -1.5% 3 |\n| |\n| III. Other costs | -0.2% 4 |\n| |\n| IV. Total fund yield before the deduction of costs | 3.4% 4 |\n| |\n| V. Total yield for the RC unit class following deduction of fund costs (BVI method) | 2.5% |\n| Total yield for the IC unit class following deduction of fund costs (BVI method) | 2.9% |\n\n| Information on capital (average figures in EUR million) |\n| --- |\n| with respect to: |\n| 1 | Real estate assets | 3,489.3 |\n| | Total borrowings (without shareholder loans) | 729.6 |\n| 2 | Real estate assets less total borrowings | 2,759.7 |\n| 3 | Liquidity (incl. liquidity held in investments) | 995.8 |\n| 4 | Net asset value | 3,558.7 |\n\n\n## Notes on grundbesitz global fund returns\nThe rental income generated a gross return of 5.7%. Following deduction of property management costs, the resulting net return amounted to 4.1%.\n“Real estate return before foreign taxes and depreciation” is increased by the changes in value (change in the market values determined by experts and profit from property dispositions) by\n2.4 percentage points and thus amounts to 6.6%.\nThe reversal of “Provisions for foreign deferred taxes” is mainly attributable to the sale of properties in France and increases the result by 0.7% points. “Amortization of incidental acquisition costs” reduces the result by 0.5% points. This results in a\n“Real estate return before loan charges and foreign profits tax” of 6.8%.\nTaking borrowing costs and “foreign profits tax” into account, the “Result after loan charges, foreign taxes and depreciation” was 6.2%, based on the average equity capital invested in real estate assets of EUR 2,759.7 million).\nExchange rate fluctuations in the investment countries resulted in currency effects of -1.1 percentage points, taking into account the fund’s borrowings and currency forward agree- ments. The “Overall result from real estate investments” was thus 5.1%.\nDuring the current business year, liquid assets yielded -1.5%.\nThe fund generated a total return for the business year before deduction of fund costs of 3.4%. Costs of -0.2% are already taken into account in the result. These costs cannot be allocated to any property. These include, for example, costs for the prepa- ration of the annual report.\nFollowing deduction of fund costs, the RC unit class generated a total return of 2.5% and the IC unit class a total return of 2.9% (both according to the BVI method).\n| Overview: Yields/Contribution by country 2019/2020 |\n| --- |\n| Country Key yield figures in % | Finland | UK | Hungary | Poland |\n| Properties |\n| Gross income | 4.6% | 4.5% | 7.8% | 6.6% |\n| Property management expenses | 0.0% | -2.7% | -6.6% | 0.4% |\n| Net income | 4.6% | 1.8% | 1.2% | 7.0% |\n| Changes in value (changes in market value, sales return) | 1.3% | 2.1% | -3.1% | -0.4% |\n| Real estate return before foreign taxes and depreciation | 5.9% | 3.9% | -1.9% | 6.6% |\n| |\n| Provisions for foreign deferred taxes | 0.0% | -0.2% | 0.2% | -0.3% |\n| Amortization of incidental acquisition costs | -0.7% | -0.2% | 0.0% | -0.3% |\n| Real estate return before loan charges and foreign profits tax | 5.3% | 3.6% | -1.7% | 6.0% |\n| |\n| Loan charges | 0.0% | -0.6% | -0.1% | -0.5% |\n| Foreign profits tax | 0.0% | -0.4% | -0.3% | -0.1% |\n| Return after loan charges, foreign taxes and depreciation | 5.3% | 3.1% | -2.1% | 7.4% |\n\n1 The total expense ratio also includes to a small extent contributions or deductions from the return that are not assigned to individual countries.\n| Information on capital (average figures in EUR million) | Finland | UK | Hungary | Poland |\n| --- | --- | --- | --- | --- |\n| with respect to: |\n| 2 | Real estate assets | 216.5 | 334.6 | 99.4 | 240.2 |\n| | Total borrowings (without shareholder loans) | 0.0 | 43.6 | 0.0 | 60.9 |\n| 3 | Real estate assets less total borrowings | 216.5 | 291.0 | 99.4 | 179.3 |\n\n| Overview: Changes in value 2019/2020 |\n| --- |\n| Country Information on changes in value1) (as of reporting date in EUR million) | Finland | UK | Hungary | Poland |\n| Appraiser-assessed market value of portfolio (average value) | 231.6 | 381.2 | 97.4 | 240.3 |\n| Appraiser-assessed rent/gross income of portfolio (average value) | 11.3 | 21.6 | 7.7 | 16.8 |\n| Positive changes in value as per expert appraisal (incl. subsequent acquisition costs) | 3.6 | 7.1 | 2.6 | 2.0 |\n| Other positive changes in value | 0.0 | 0.0 | 0.3 | 2.5 |\n| Negative changes in value as per expert appraisal (incl. subsequent acquisition costs) | -0.7 | 0.0 | -5.7 | -2.9 |\n| Other negative changes in value | -1.4 | -1.2 | -0.1 | -3.6 |\n| Total changes in values as per expert appraisal | 2.9 | 7.1 | -3.1 | -0.9 |\n| Total other changes in value | -1.4 | -1.2 | 0.2 | -1.1 |\n\n1 This overview includes only data from properties included in the investment fund as of the reporting date.\n| |\n| --- |\n| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total1 |\n| |\n| 7.5% | 5.3% | 6.0% | 6.0% | 6.2% | 4.9% | 5.7% 2 |\n| -2.0% | -0.9% | -1.4% | -7.2% | -1.8% | 2.0% | -1.5% 2 |\n| 5.6% | 4.4% | 4.6% | -1.2% | 4.5% | 6.9% | 4.1% 2 |\n| 0.1% | 5.3% | 0.1% | 3.4% | 2.4% | 4.2% | 2.4% 2 |\n| 5.7% | 9.7% | 4.7% | 2.2% | 6.9% | 11.1% | 6.6% 2 |\n| |\n| -0.1% | -1.5% | -0.8% | -0.4% | 0.7% | 3.2% | 0.7% 2 |\n| -0.5% | -0.6% | -0.9% | -1.4% | -0.2% | -0.7% | -0.5% 2 |\n| 5.1% | 7.5% | 3.0% | 0.4% | 7.4% | 13.6% | 6.8% 2 |\n| |\n| -0.4% | -0.2% | -2.7% | -2.9% | -2.1% | -0.1% | -0.8% 3 |\n| 0.0% | -0.4% | -0.7% | -0.1% | -1.2% | -4.0% | -1.6% 3 |\n| 5.3% | 8.6% | 2.0% | -2.3% | 9.2% | 10.5% | 6.2% 3 |\n\n| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |\n| --- | --- | --- | --- | --- | --- | --- |\n| |\n| 224.3 | 305.7 | 249.0 | 190.5 | 711.6 | 917.5 | 3,489.3 |\n| 23.5 | 58.7 | 113.5 | 82.3 | 287.8 | 59.4 | 729.6 |\n| 200.8 | 247.1 | 135.5 | 108.2 | 423.8 | 858.1 | 2,759.7 |\n\n| |\n| --- |\n| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |\n| 234.2 | 318.3 | 277.1 | 192.7 | 824.7 | 916.1 | 3,713.5 |\n| 16.0 | 19.2 | 19.7 | 14.9 | 65.3 | 59.4 | 251.8 |\n| 0.6 | 16.1 | 2.2 | 6.5 | 16.6 | 20.0 | 77.3 |\n| 1.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 | 4.1 |\n| -0.4 | 0.0 | -2.0 | 0.0 | -1.4 | -1.5 | -14.6 |\n| -2.2 | -6.5 | -4.3 | -3.5 | -6.3 | -9.5 | -38.6 |\n| 0.2 | 16.1 | 0.2 | 6.5 | 15.2 | 18.5 | 62.7 |\n| -1.2 | -6.5 | -4.3 | -3.5 | -6.1 | -9.5 | -34.5 |\n\n| Development of the grundbesitz global fund |\n| --- |\n| in EUR million | 3/31/2016 | 3/31/2017 | 3/31/2018 | 3/31/2019 | 3/31/2020 |\n| Properties | 1,089.8 | 1,014.4 | 867.3 | 1,011.2 | 798.4 |\n| Holdings in special purpose vehicles | 923.6 | 1,114.0 | 1,212.4 | 1,410.3 | 1,750.3 |\n| Securities | 293.2 | 379.9 | 216.0 | 414.5 | 497.6 |\n| Bank deposits | 342.6 | 231.4 | 354.5 | 351.5 | 583.9 |\n| Other assets | 225.6 | 344.9 | 541.0 | 389.6 | 731.8 |\n| Liabilities and accruals | -548.8 | -351.5 | -323.8 | -352.2 | -357.0 |\n| Total net asset value | 2,325.9 | 2,733.1 | 2,867.2 | 3,224.8 | 4,005.0 |\n| RC unit class |\n| RC net asset value | 2,289.4 | 2,676.7 | 2,786.1 | 3,110.2 | 3,814.7 |\n| RC units in circulation (million units) | 43.4 | 51.1 | 53.3 | 59.2 | 72.5 |\n| Net asset value per RC unit (EUR) | 52.69 | 52.43 | 52.28 | 52.52 | 52.65 |\n| Distribution per IC unit (EUR)1 | 1.15 | 1.15 | 1.082 | 1.15 | 1.15 |\n| IC unit class |\n| IC net asset value | 36.5 | 56.3 | 81.2 | 114.6 | 190.3 |\n| IC units in circulation (million units) | 0.7 | 1.1 | 1.5 | 2.2 | 3.6 |\n| Net asset value per IC unit (EUR) | 52.89 | 52.67 | 52.54 | 52.84 | 53.01 |\n| Distribution per IC unit (EUR)1 | 1.35 | 1.35 | 1.262 | 1.35 | 1.35 |\n| Date of distribution | 7/19/2016 | 7/19/2017 | 7/18/2018 | 7/17/2019 | 7/15/2020 |\n\n1 Payable after the close of the business year.\n2 Does not take into account the tax liquidity provided on January 2, 2018.\n| Development of yields (multi-year comparison) |\n| --- |\n| Key yield figures in % | Business year 2015/2016 | Business year 2016/2017 | Business year 2017/2018 | Business year 2018/2019 | Business year 2019/2020 |\n| I. Properties |\n| Gross income1 | 5.5% | 5.8% | 6.1% | 5.8% | 5.7% |\n| Property management expenses1 | -1.4% | -1.0% | -1.8% | -3.6% | -1.5% |\n| Net income1 | 4.0% | 4.8% | 4.3% | 2.2% | 4.1% |\n| Changes in value (changes in market value, sales return)1 | 1.3% | 0.3% | 0.4% | 4.3% | 2.4% |\n| Real estate return before foreign taxes and depreciation1 | 5.4% | 5.1% | 4.7% | 6.5% | 6.6% |\n| Provisions for foreign deferred taxes1 | 0.5% | -0.1% | 0.9% | -1.4% | 0.7% |\n| Amortization of incidental acquisition costs1 | -0.1% | -0.2% | -0.3% | -0.5% | -0.5% |\n| Real estate return before loan charges and foreign profits tax1 | 5.7% | 4.7% | 5.2% | 4.6% | 6.8% |\n| Loan charges2 | -1.0% | -0.9% | -0.6% | -0.8% | -0.8% |\n| Foreign profits tax2 | -1.4% | -0.8% | -0.8% | -0.2% | -1.6% |\n| Return after loan charges, foreign taxes and depreciation2 | 5.9% | 4.6% | 5.1% | 4.8% | 6.2% |\n| Currency effects2 | -1.9% | -0.5% | -1.3% | -0.3% | -1.1% |\n| Overall result from real estate investments2 | 4.0% | 4.1% | 3.8% | 4.4% | 5.1% |\n| II. Liquidity3 | 0.8% | 0.3% | 1.4% | 0.7% | -1.5% |\n| III. Other costs4 | -0.2% | -0.4% | -0.1% | -0.1% | -0.2% |\n| IV. Total fund return before fund costs4 | 3.1% | 2.7% | 3.1% | 3.6% | 3.4% |\n| V. Total fund return after deduction of fund costs (BVI method) |\n| RC unit class | 2.1% | 1.7% | 2.1% | 2.6% | 2.5% |\n| IC unit class | 2.5% | 2.2% | 2.5% | 3.0% | 2.9% |\n\nBased on the average:\n- Real estate assets\n- Real estate assets less total borrowings\n- Liquidity (incl. liquidity held in investments)\n- Net assetsAmsterdam, Oval Tower"},"unique id":{"kind":"number","value":108299,"string":"108,299"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Overview: Yields, valuation","| Key yield figures in 2019/2020 in % |","| --- |","| I. Properties |","| Gross income | 5.7% 1 |","| Property management expenses | -1.5% 1 |","| Net income | 4.1% 1 |","| Changes in value (changes in market value, sales return) | 2.4% 1 |","| Real estate return before foreign taxes and depreciation | 6.6% 1 |","| |","| Provisions for foreign deferred taxes | 0.7% 1 |","| Amortization of incidental acquisition costs | -0.5% 1 |","| Real estate return before loan charges and foreign profits tax | 6.8% 1 |","| |","| Loan charges | -0.8% 2 |","| Foreign profits tax | -1.6% 2 |","| Return after loan charges, foreign taxes and depreciation | 6.2% 2 |","| |","| Currency effects | -1.1% 2 |","| Overall result from real estate investments | 5.1% 2 |","| |","| II.","Liquidity | -1.5% 3 |","| |","| III.","Other costs | -0.2% 4 |","| |","| IV.","Total fund yield before the deduction of costs | 3.4% 4 |","| |","| V. Total yield for the RC unit class following deduction of fund costs (BVI method) | 2.5% |","| Total yield for the IC unit class following deduction of fund costs (BVI method) | 2.9% |","| Information on capital (average figures in EUR million) |","| --- |","| with respect to: |","| 1 | Real estate assets | 3,489.3 |","| | Total borrowings (without shareholder loans) | 729.6 |","| 2 | Real estate assets less total borrowings | 2,759.7 |","| 3 | Liquidity (incl. liquidity held in investments) | 995.8 |","| 4 | Net asset value | 3,558.7 |","## Notes on grundbesitz global fund returns","The rental income generated a gross return of 5.7%.","Following deduction of property management costs, the resulting net return amounted to 4.1%.","“Real estate return before foreign taxes and depreciation” is increased by the changes in value (change in the market values determined by experts and profit from property dispositions) by","2.4 percentage points and thus amounts to 6.6%.","The reversal of “Provisions for foreign deferred taxes” is mainly attributable to the sale of properties in France and increases the result by 0.7% points.","“Amortization of incidental acquisition costs” reduces the result by 0.5% points.","This results in a","“Real estate return before loan charges and foreign profits tax” of 6.8%.","Taking borrowing costs and “foreign profits tax” into account, the “Result after loan charges, foreign taxes and depreciation” was 6.2%, based on the average equity capital invested in real estate assets of EUR 2,759.7 million).","Exchange rate fluctuations in the investment countries resulted in currency effects of -1.1 percentage points, taking into account the fund’s borrowings and currency forward agree- ments.","The “Overall result from real estate investments” was thus 5.1%.","During the current business year, liquid assets yielded -1.5%.","The fund generated a total return for the business year before deduction of fund costs of 3.4%.","Costs of -0.2% are already taken into account in the result.","These costs cannot be allocated to any property.","These include, for example, costs for the prepa- ration of the annual report.","Following deduction of fund costs, the RC unit class generated a total return of 2.5% and the IC unit class a total return of 2.9% (both according to the BVI method).","| Overview: Yields/Contribution by country 2019/2020 |","| --- |","| Country Key yield figures in % | Finland | UK | Hungary | Poland |","| Properties |","| Gross income | 4.6% | 4.5% | 7.8% | 6.6% |","| Property management expenses | 0.0% | -2.7% | -6.6% | 0.4% |","| Net income | 4.6% | 1.8% | 1.2% | 7.0% |","| Changes in value (changes in market value, sales return) | 1.3% | 2.1% | -3.1% | -0.4% |","| Real estate return before foreign taxes and depreciation | 5.9% | 3.9% | -1.9% | 6.6% |","| |","| Provisions for foreign deferred taxes | 0.0% | -0.2% | 0.2% | -0.3% |","| Amortization of incidental acquisition costs | -0.7% | -0.2% | 0.0% | -0.3% |","| Real estate return before loan charges and foreign profits tax | 5.3% | 3.6% | -1.7% | 6.0% |","| |","| Loan charges | 0.0% | -0.6% | -0.1% | -0.5% |","| Foreign profits tax | 0.0% | -0.4% | -0.3% | -0.1% |","| Return after loan charges, foreign taxes and depreciation | 5.3% | 3.1% | -2.1% | 7.4% |","1 The total expense ratio also includes to a small extent contributions or deductions from the return that are not assigned to individual countries.","| Information on capital (average figures in EUR million) | Finland | UK | Hungary | Poland |","| --- | --- | --- | --- | --- |","| with respect to: |","| 2 | Real estate assets | 216.5 | 334.6 | 99.4 | 240.2 |","| | Total borrowings (without shareholder loans) | 0.0 | 43.6 | 0.0 | 60.9 |","| 3 | Real estate assets less total borrowings | 216.5 | 291.0 | 99.4 | 179.3 |","| Overview: Changes in value 2019/2020 |","| --- |","| Country Information on changes in value1) (as of reporting date in EUR million) | Finland | UK | Hungary | Poland |","| Appraiser-assessed market value of portfolio (average value) | 231.6 | 381.2 | 97.4 | 240.3 |","| Appraiser-assessed rent/gross income of portfolio (average value) | 11.3 | 21.6 | 7.7 | 16.8 |","| Positive changes in value as per expert appraisal (incl. subsequent acquisition costs) | 3.6 | 7.1 | 2.6 | 2.0 |","| Other positive changes in value | 0.0 | 0.0 | 0.3 | 2.5 |","| Negative changes in value as per expert appraisal (incl. subsequent acquisition costs) | -0.7 | 0.0 | -5.7 | -2.9 |","| Other negative changes in value | -1.4 | -1.2 | -0.1 | -3.6 |","| Total changes in values as per expert appraisal | 2.9 | 7.1 | -3.1 | -0.9 |","| Total other changes in value | -1.4 | -1.2 | 0.2 | -1.1 |","1 This overview includes only data from properties included in the investment fund as of the reporting date.","| |","| --- |","| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total1 |","| |","| 7.5% | 5.3% | 6.0% | 6.0% | 6.2% | 4.9% | 5.7% 2 |","| -2.0% | -0.9% | -1.4% | -7.2% | -1.8% | 2.0% | -1.5% 2 |","| 5.6% | 4.4% | 4.6% | -1.2% | 4.5% | 6.9% | 4.1% 2 |","| 0.1% | 5.3% | 0.1% | 3.4% | 2.4% | 4.2% | 2.4% 2 |","| 5.7% | 9.7% | 4.7% | 2.2% | 6.9% | 11.1% | 6.6% 2 |","| |","| -0.1% | -1.5% | -0.8% | -0.4% | 0.7% | 3.2% | 0.7% 2 |","| -0.5% | -0.6% | -0.9% | -1.4% | -0.2% | -0.7% | -0.5% 2 |","| 5.1% | 7.5% | 3.0% | 0.4% | 7.4% | 13.6% | 6.8% 2 |","| |","| -0.4% | -0.2% | -2.7% | -2.9% | -2.1% | -0.1% | -0.8% 3 |","| 0.0% | -0.4% | -0.7% | -0.1% | -1.2% | -4.0% | -1.6% 3 |","| 5.3% | 8.6% | 2.0% | -2.3% | 9.2% | 10.5% | 6.2% 3 |","| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |","| --- | --- | --- | --- | --- | --- | --- |","| |","| 224.3 | 305.7 | 249.0 | 190.5 | 711.6 | 917.5 | 3,489.3 |","| 23.5 | 58.7 | 113.5 | 82.3 | 287.8 | 59.4 | 729.6 |","| 200.8 | 247.1 | 135.5 | 108.2 | 423.8 | 858.1 | 2,759.7 |","| |","| --- |","| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |","| 234.2 | 318.3 | 277.1 | 192.7 | 824.7 | 916.1 | 3,713.5 |","| 16.0 | 19.2 | 19.7 | 14.9 | 65.3 | 59.4 | 251.8 |","| 0.6 | 16.1 | 2.2 | 6.5 | 16.6 | 20.0 | 77.3 |","| 1.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 | 4.1 |","| -0.4 | 0.0 | -2.0 | 0.0 | -1.4 | -1.5 | -14.6 |","| -2.2 | -6.5 | -4.3 | -3.5 | -6.3 | -9.5 | -38.6 |","| 0.2 | 16.1 | 0.2 | 6.5 | 15.2 | 18.5 | 62.7 |","| -1.2 | -6.5 | -4.3 | -3.5 | -6.1 | -9.5 | -34.5 |","| Development of the grundbesitz global fund |","| --- |","| in EUR million | 3/31/2016 | 3/31/2017 | 3/31/2018 | 3/31/2019 | 3/31/2020 |","| Properties | 1,089.8 | 1,014.4 | 867.3 | 1,011.2 | 798.4 |","| Holdings in special purpose vehicles | 923.6 | 1,114.0 | 1,212.4 | 1,410.3 | 1,750.3 |","| Securities | 293.2 | 379.9 | 216.0 | 414.5 | 497.6 |","| Bank deposits | 342.6 | 231.4 | 354.5 | 351.5 | 583.9 |","| Other assets | 225.6 | 344.9 | 541.0 | 389.6 | 731.8 |","| Liabilities and accruals | -548.8 | -351.5 | -323.8 | -352.2 | -357.0 |","| Total net asset value | 2,325.9 | 2,733.1 | 2,867.2 | 3,224.8 | 4,005.0 |","| RC unit class |","| RC net asset value | 2,289.4 | 2,676.7 | 2,786.1 | 3,110.2 | 3,814.7 |","| RC units in circulation (million units) | 43.4 | 51.1 | 53.3 | 59.2 | 72.5 |","| Net asset value per RC unit (EUR) | 52.69 | 52.43 | 52.28 | 52.52 | 52.65 |","| Distribution per IC unit (EUR)1 | 1.15 | 1.15 | 1.082 | 1.15 | 1.15 |","| IC unit class |","| IC net asset value | 36.5 | 56.3 | 81.2 | 114.6 | 190.3 |","| IC units in circulation (million units) | 0.7 | 1.1 | 1.5 | 2.2 | 3.6 |","| Net asset value per IC unit (EUR) | 52.89 | 52.67 | 52.54 | 52.84 | 53.01 |","| Distribution per IC unit (EUR)1 | 1.35 | 1.35 | 1.262 | 1.35 | 1.35 |","| Date of distribution | 7/19/2016 | 7/19/2017 | 7/18/2018 | 7/17/2019 | 7/15/2020 |","1 Payable after the close of the business year.","2 Does not take into account the tax liquidity provided on January 2, 2018.","| Development of yields (multi-year comparison) |","| --- |","| Key yield figures in % | Business year 2015/2016 | Business year 2016/2017 | Business year 2017/2018 | Business year 2018/2019 | Business year 2019/2020 |","| I. Properties |","| Gross income1 | 5.5% | 5.8% | 6.1% | 5.8% | 5.7% |","| Property management expenses1 | -1.4% | -1.0% | -1.8% | -3.6% | -1.5% |","| Net income1 | 4.0% | 4.8% | 4.3% | 2.2% | 4.1% |","| Changes in value (changes in market value, sales return)1 | 1.3% | 0.3% | 0.4% | 4.3% | 2.4% |","| Real estate return before foreign taxes and depreciation1 | 5.4% | 5.1% | 4.7% | 6.5% | 6.6% |","| Provisions for foreign deferred taxes1 | 0.5% | -0.1% | 0.9% | -1.4% | 0.7% |","| Amortization of incidental acquisition costs1 | -0.1% | -0.2% | -0.3% | -0.5% | -0.5% |","| Real estate return before loan charges and foreign profits tax1 | 5.7% | 4.7% | 5.2% | 4.6% | 6.8% |","| Loan charges2 | -1.0% | -0.9% | -0.6% | -0.8% | -0.8% |","| Foreign profits tax2 | -1.4% | -0.8% | -0.8% | -0.2% | -1.6% |","| Return after loan charges, foreign taxes and depreciation2 | 5.9% | 4.6% | 5.1% | 4.8% | 6.2% |","| Currency effects2 | -1.9% | -0.5% | -1.3% | -0.3% | -1.1% |","| Overall result from real estate investments2 | 4.0% | 4.1% | 3.8% | 4.4% | 5.1% |","| II.","Liquidity3 | 0.8% | 0.3% | 1.4% | 0.7% | -1.5% |","| III.","Other costs4 | -0.2% | -0.4% | -0.1% | -0.1% | -0.2% |","| IV.","Total fund return before fund costs4 | 3.1% | 2.7% | 3.1% | 3.6% | 3.4% |","| V. Total fund return after deduction of fund costs (BVI method) |","| RC unit class | 2.1% | 1.7% | 2.1% | 2.6% | 2.5% |","| IC unit class | 2.5% | 2.2% | 2.5% | 3.0% | 2.9% |","Based on the average:","- Real estate assets - Real estate assets less total borrowings - Liquidity (incl. liquidity held in investments) - Net assetsAmsterdam, Oval Tower"],"string":"[\n \"# Overview: Yields, valuation\",\n \"| Key yield figures in 2019/2020 in % |\",\n \"| --- |\",\n \"| I. Properties |\",\n \"| Gross income | 5.7% 1 |\",\n \"| Property management expenses | -1.5% 1 |\",\n \"| Net income | 4.1% 1 |\",\n \"| Changes in value (changes in market value, sales return) | 2.4% 1 |\",\n \"| Real estate return before foreign taxes and depreciation | 6.6% 1 |\",\n \"| |\",\n \"| Provisions for foreign deferred taxes | 0.7% 1 |\",\n \"| Amortization of incidental acquisition costs | -0.5% 1 |\",\n \"| Real estate return before loan charges and foreign profits tax | 6.8% 1 |\",\n \"| |\",\n \"| Loan charges | -0.8% 2 |\",\n \"| Foreign profits tax | -1.6% 2 |\",\n \"| Return after loan charges, foreign taxes and depreciation | 6.2% 2 |\",\n \"| |\",\n \"| Currency effects | -1.1% 2 |\",\n \"| Overall result from real estate investments | 5.1% 2 |\",\n \"| |\",\n \"| II.\",\n \"Liquidity | -1.5% 3 |\",\n \"| |\",\n \"| III.\",\n \"Other costs | -0.2% 4 |\",\n \"| |\",\n \"| IV.\",\n \"Total fund yield before the deduction of costs | 3.4% 4 |\",\n \"| |\",\n \"| V. Total yield for the RC unit class following deduction of fund costs (BVI method) | 2.5% |\",\n \"| Total yield for the IC unit class following deduction of fund costs (BVI method) | 2.9% |\",\n \"| Information on capital (average figures in EUR million) |\",\n \"| --- |\",\n \"| with respect to: |\",\n \"| 1 | Real estate assets | 3,489.3 |\",\n \"| | Total borrowings (without shareholder loans) | 729.6 |\",\n \"| 2 | Real estate assets less total borrowings | 2,759.7 |\",\n \"| 3 | Liquidity (incl. liquidity held in investments) | 995.8 |\",\n \"| 4 | Net asset value | 3,558.7 |\",\n \"## Notes on grundbesitz global fund returns\",\n \"The rental income generated a gross return of 5.7%.\",\n \"Following deduction of property management costs, the resulting net return amounted to 4.1%.\",\n \"“Real estate return before foreign taxes and depreciation” is increased by the changes in value (change in the market values determined by experts and profit from property dispositions) by\",\n \"2.4 percentage points and thus amounts to 6.6%.\",\n \"The reversal of “Provisions for foreign deferred taxes” is mainly attributable to the sale of properties in France and increases the result by 0.7% points.\",\n \"“Amortization of incidental acquisition costs” reduces the result by 0.5% points.\",\n \"This results in a\",\n \"“Real estate return before loan charges and foreign profits tax” of 6.8%.\",\n \"Taking borrowing costs and “foreign profits tax” into account, the “Result after loan charges, foreign taxes and depreciation” was 6.2%, based on the average equity capital invested in real estate assets of EUR 2,759.7 million).\",\n \"Exchange rate fluctuations in the investment countries resulted in currency effects of -1.1 percentage points, taking into account the fund’s borrowings and currency forward agree- ments.\",\n \"The “Overall result from real estate investments” was thus 5.1%.\",\n \"During the current business year, liquid assets yielded -1.5%.\",\n \"The fund generated a total return for the business year before deduction of fund costs of 3.4%.\",\n \"Costs of -0.2% are already taken into account in the result.\",\n \"These costs cannot be allocated to any property.\",\n \"These include, for example, costs for the prepa- ration of the annual report.\",\n \"Following deduction of fund costs, the RC unit class generated a total return of 2.5% and the IC unit class a total return of 2.9% (both according to the BVI method).\",\n \"| Overview: Yields/Contribution by country 2019/2020 |\",\n \"| --- |\",\n \"| Country Key yield figures in % | Finland | UK | Hungary | Poland |\",\n \"| Properties |\",\n \"| Gross income | 4.6% | 4.5% | 7.8% | 6.6% |\",\n \"| Property management expenses | 0.0% | -2.7% | -6.6% | 0.4% |\",\n \"| Net income | 4.6% | 1.8% | 1.2% | 7.0% |\",\n \"| Changes in value (changes in market value, sales return) | 1.3% | 2.1% | -3.1% | -0.4% |\",\n \"| Real estate return before foreign taxes and depreciation | 5.9% | 3.9% | -1.9% | 6.6% |\",\n \"| |\",\n \"| Provisions for foreign deferred taxes | 0.0% | -0.2% | 0.2% | -0.3% |\",\n \"| Amortization of incidental acquisition costs | -0.7% | -0.2% | 0.0% | -0.3% |\",\n \"| Real estate return before loan charges and foreign profits tax | 5.3% | 3.6% | -1.7% | 6.0% |\",\n \"| |\",\n \"| Loan charges | 0.0% | -0.6% | -0.1% | -0.5% |\",\n \"| Foreign profits tax | 0.0% | -0.4% | -0.3% | -0.1% |\",\n \"| Return after loan charges, foreign taxes and depreciation | 5.3% | 3.1% | -2.1% | 7.4% |\",\n \"1 The total expense ratio also includes to a small extent contributions or deductions from the return that are not assigned to individual countries.\",\n \"| Information on capital (average figures in EUR million) | Finland | UK | Hungary | Poland |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| with respect to: |\",\n \"| 2 | Real estate assets | 216.5 | 334.6 | 99.4 | 240.2 |\",\n \"| | Total borrowings (without shareholder loans) | 0.0 | 43.6 | 0.0 | 60.9 |\",\n \"| 3 | Real estate assets less total borrowings | 216.5 | 291.0 | 99.4 | 179.3 |\",\n \"| Overview: Changes in value 2019/2020 |\",\n \"| --- |\",\n \"| Country Information on changes in value1) (as of reporting date in EUR million) | Finland | UK | Hungary | Poland |\",\n \"| Appraiser-assessed market value of portfolio (average value) | 231.6 | 381.2 | 97.4 | 240.3 |\",\n \"| Appraiser-assessed rent/gross income of portfolio (average value) | 11.3 | 21.6 | 7.7 | 16.8 |\",\n \"| Positive changes in value as per expert appraisal (incl. subsequent acquisition costs) | 3.6 | 7.1 | 2.6 | 2.0 |\",\n \"| Other positive changes in value | 0.0 | 0.0 | 0.3 | 2.5 |\",\n \"| Negative changes in value as per expert appraisal (incl. subsequent acquisition costs) | -0.7 | 0.0 | -5.7 | -2.9 |\",\n \"| Other negative changes in value | -1.4 | -1.2 | -0.1 | -3.6 |\",\n \"| Total changes in values as per expert appraisal | 2.9 | 7.1 | -3.1 | -0.9 |\",\n \"| Total other changes in value | -1.4 | -1.2 | 0.2 | -1.1 |\",\n \"1 This overview includes only data from properties included in the investment fund as of the reporting date.\",\n \"| |\",\n \"| --- |\",\n \"| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total1 |\",\n \"| |\",\n \"| 7.5% | 5.3% | 6.0% | 6.0% | 6.2% | 4.9% | 5.7% 2 |\",\n \"| -2.0% | -0.9% | -1.4% | -7.2% | -1.8% | 2.0% | -1.5% 2 |\",\n \"| 5.6% | 4.4% | 4.6% | -1.2% | 4.5% | 6.9% | 4.1% 2 |\",\n \"| 0.1% | 5.3% | 0.1% | 3.4% | 2.4% | 4.2% | 2.4% 2 |\",\n \"| 5.7% | 9.7% | 4.7% | 2.2% | 6.9% | 11.1% | 6.6% 2 |\",\n \"| |\",\n \"| -0.1% | -1.5% | -0.8% | -0.4% | 0.7% | 3.2% | 0.7% 2 |\",\n \"| -0.5% | -0.6% | -0.9% | -1.4% | -0.2% | -0.7% | -0.5% 2 |\",\n \"| 5.1% | 7.5% | 3.0% | 0.4% | 7.4% | 13.6% | 6.8% 2 |\",\n \"| |\",\n \"| -0.4% | -0.2% | -2.7% | -2.9% | -2.1% | -0.1% | -0.8% 3 |\",\n \"| 0.0% | -0.4% | -0.7% | -0.1% | -1.2% | -4.0% | -1.6% 3 |\",\n \"| 5.3% | 8.6% | 2.0% | -2.3% | 9.2% | 10.5% | 6.2% 3 |\",\n \"| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| |\",\n \"| 224.3 | 305.7 | 249.0 | 190.5 | 711.6 | 917.5 | 3,489.3 |\",\n \"| 23.5 | 58.7 | 113.5 | 82.3 | 287.8 | 59.4 | 729.6 |\",\n \"| 200.8 | 247.1 | 135.5 | 108.2 | 423.8 | 858.1 | 2,759.7 |\",\n \"| |\",\n \"| --- |\",\n \"| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |\",\n \"| 234.2 | 318.3 | 277.1 | 192.7 | 824.7 | 916.1 | 3,713.5 |\",\n \"| 16.0 | 19.2 | 19.7 | 14.9 | 65.3 | 59.4 | 251.8 |\",\n \"| 0.6 | 16.1 | 2.2 | 6.5 | 16.6 | 20.0 | 77.3 |\",\n \"| 1.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 | 4.1 |\",\n \"| -0.4 | 0.0 | -2.0 | 0.0 | -1.4 | -1.5 | -14.6 |\",\n \"| -2.2 | -6.5 | -4.3 | -3.5 | -6.3 | -9.5 | -38.6 |\",\n \"| 0.2 | 16.1 | 0.2 | 6.5 | 15.2 | 18.5 | 62.7 |\",\n \"| -1.2 | -6.5 | -4.3 | -3.5 | -6.1 | -9.5 | -34.5 |\",\n \"| Development of the grundbesitz global fund |\",\n \"| --- |\",\n \"| in EUR million | 3/31/2016 | 3/31/2017 | 3/31/2018 | 3/31/2019 | 3/31/2020 |\",\n \"| Properties | 1,089.8 | 1,014.4 | 867.3 | 1,011.2 | 798.4 |\",\n \"| Holdings in special purpose vehicles | 923.6 | 1,114.0 | 1,212.4 | 1,410.3 | 1,750.3 |\",\n \"| Securities | 293.2 | 379.9 | 216.0 | 414.5 | 497.6 |\",\n \"| Bank deposits | 342.6 | 231.4 | 354.5 | 351.5 | 583.9 |\",\n \"| Other assets | 225.6 | 344.9 | 541.0 | 389.6 | 731.8 |\",\n \"| Liabilities and accruals | -548.8 | -351.5 | -323.8 | -352.2 | -357.0 |\",\n \"| Total net asset value | 2,325.9 | 2,733.1 | 2,867.2 | 3,224.8 | 4,005.0 |\",\n \"| RC unit class |\",\n \"| RC net asset value | 2,289.4 | 2,676.7 | 2,786.1 | 3,110.2 | 3,814.7 |\",\n \"| RC units in circulation (million units) | 43.4 | 51.1 | 53.3 | 59.2 | 72.5 |\",\n \"| Net asset value per RC unit (EUR) | 52.69 | 52.43 | 52.28 | 52.52 | 52.65 |\",\n \"| Distribution per IC unit (EUR)1 | 1.15 | 1.15 | 1.082 | 1.15 | 1.15 |\",\n \"| IC unit class |\",\n \"| IC net asset value | 36.5 | 56.3 | 81.2 | 114.6 | 190.3 |\",\n \"| IC units in circulation (million units) | 0.7 | 1.1 | 1.5 | 2.2 | 3.6 |\",\n \"| Net asset value per IC unit (EUR) | 52.89 | 52.67 | 52.54 | 52.84 | 53.01 |\",\n \"| Distribution per IC unit (EUR)1 | 1.35 | 1.35 | 1.262 | 1.35 | 1.35 |\",\n \"| Date of distribution | 7/19/2016 | 7/19/2017 | 7/18/2018 | 7/17/2019 | 7/15/2020 |\",\n \"1 Payable after the close of the business year.\",\n \"2 Does not take into account the tax liquidity provided on January 2, 2018.\",\n \"| Development of yields (multi-year comparison) |\",\n \"| --- |\",\n \"| Key yield figures in % | Business year 2015/2016 | Business year 2016/2017 | Business year 2017/2018 | Business year 2018/2019 | Business year 2019/2020 |\",\n \"| I. Properties |\",\n \"| Gross income1 | 5.5% | 5.8% | 6.1% | 5.8% | 5.7% |\",\n \"| Property management expenses1 | -1.4% | -1.0% | -1.8% | -3.6% | -1.5% |\",\n \"| Net income1 | 4.0% | 4.8% | 4.3% | 2.2% | 4.1% |\",\n \"| Changes in value (changes in market value, sales return)1 | 1.3% | 0.3% | 0.4% | 4.3% | 2.4% |\",\n \"| Real estate return before foreign taxes and depreciation1 | 5.4% | 5.1% | 4.7% | 6.5% | 6.6% |\",\n \"| Provisions for foreign deferred taxes1 | 0.5% | -0.1% | 0.9% | -1.4% | 0.7% |\",\n \"| Amortization of incidental acquisition costs1 | -0.1% | -0.2% | -0.3% | -0.5% | -0.5% |\",\n \"| Real estate return before loan charges and foreign profits tax1 | 5.7% | 4.7% | 5.2% | 4.6% | 6.8% |\",\n \"| Loan charges2 | -1.0% | -0.9% | -0.6% | -0.8% | -0.8% |\",\n \"| Foreign profits tax2 | -1.4% | -0.8% | -0.8% | -0.2% | -1.6% |\",\n \"| Return after loan charges, foreign taxes and depreciation2 | 5.9% | 4.6% | 5.1% | 4.8% | 6.2% |\",\n \"| Currency effects2 | -1.9% | -0.5% | -1.3% | -0.3% | -1.1% |\",\n \"| Overall result from real estate investments2 | 4.0% | 4.1% | 3.8% | 4.4% | 5.1% |\",\n \"| II.\",\n \"Liquidity3 | 0.8% | 0.3% | 1.4% | 0.7% | -1.5% |\",\n \"| III.\",\n \"Other costs4 | -0.2% | -0.4% | -0.1% | -0.1% | -0.2% |\",\n \"| IV.\",\n \"Total fund return before fund costs4 | 3.1% | 2.7% | 3.1% | 3.6% | 3.4% |\",\n \"| V. Total fund return after deduction of fund costs (BVI method) |\",\n \"| RC unit class | 2.1% | 1.7% | 2.1% | 2.6% | 2.5% |\",\n \"| IC unit class | 2.5% | 2.2% | 2.5% | 3.0% | 2.9% |\",\n \"Based on the average:\",\n \"- Real estate assets - Real estate assets less total borrowings - Liquidity (incl. liquidity held in investments) - Net assetsAmsterdam, Oval Tower\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Overview: Yields, valuation","| Key yield figures in 2019/2020 in % |","| --- |","| I. Properties |","| Gross income | 5.7% 1 |","| Property management expenses | -1.5% 1 |","| Net income | 4.1% 1 |","| Changes in value (changes in market value, sales return) | 2.4% 1 |","| Real estate return before foreign taxes and depreciation | 6.6% 1 |","| |","| Provisions for foreign deferred taxes | 0.7% 1 |","| Amortization of incidental acquisition costs | -0.5% 1 |","| Real estate return before loan charges and foreign profits tax | 6.8% 1 |","| |","| Loan charges | -0.8% 2 |","| Foreign profits tax | -1.6% 2 |","| Return after loan charges, foreign taxes and depreciation | 6.2% 2 |","| |","| Currency effects | -1.1% 2 |","| Overall result from real estate investments | 5.1% 2 |","| |","| II.","Liquidity | -1.5% 3 |","| |","| III.","Other costs | -0.2% 4 |","| |","| IV.","Total fund yield before the deduction of costs | 3.4% 4 |","| |","| V. Total yield for the RC unit class following deduction of fund costs (BVI method) | 2.5% |","| Total yield for the IC unit class following deduction of fund costs (BVI method) | 2.9% |","| Information on capital (average figures in EUR million) |","| --- |","| with respect to: |","| 1 | Real estate assets | 3,489.3 |","| | Total borrowings (without shareholder loans) | 729.6 |","| 2 | Real estate assets less total borrowings | 2,759.7 |","| 3 | Liquidity (incl. liquidity held in investments) | 995.8 |","| 4 | Net asset value | 3,558.7 |","## Notes on grundbesitz global fund returns","The rental income generated a gross return of 5.7%.","Following deduction of property management costs, the resulting net return amounted to 4.1%.","“Real estate return before foreign taxes and depreciation” is increased by the changes in value (change in the market values determined by experts and profit from property dispositions) by","2.4 percentage points and thus amounts to 6.6%.","The reversal of “Provisions for foreign deferred taxes” is mainly attributable to the sale of properties in France and increases the result by 0.7% points.","“Amortization of incidental acquisition costs” reduces the result by 0.5% points.","This results in a","“Real estate return before loan charges and foreign profits tax” of 6.8%.","Taking borrowing costs and “foreign profits tax” into account, the “Result after loan charges, foreign taxes and depreciation” was 6.2%, based on the average equity capital invested in real estate assets of EUR 2,759.7 million).","Exchange rate fluctuations in the investment countries resulted in currency effects of -1.1 percentage points, taking into account the fund’s borrowings and currency forward agree- ments.","The “Overall result from real estate investments” was thus 5.1%.","During the current business year, liquid assets yielded -1.5%.","The fund generated a total return for the business year before deduction of fund costs of 3.4%.","Costs of -0.2% are already taken into account in the result.","These costs cannot be allocated to any property.","These include, for example, costs for the prepa- ration of the annual report.","Following deduction of fund costs, the RC unit class generated a total return of 2.5% and the IC unit class a total return of 2.9% (both according to the BVI method).","| Overview: Yields/Contribution by country 2019/2020 |","| --- |","| Country Key yield figures in % | Finland | UK | Hungary | Poland |","| Properties |","| Gross income | 4.6% | 4.5% | 7.8% | 6.6% |","| Property management expenses | 0.0% | -2.7% | -6.6% | 0.4% |","| Net income | 4.6% | 1.8% | 1.2% | 7.0% |","| Changes in value (changes in market value, sales return) | 1.3% | 2.1% | -3.1% | -0.4% |","| Real estate return before foreign taxes and depreciation | 5.9% | 3.9% | -1.9% | 6.6% |","| |","| Provisions for foreign deferred taxes | 0.0% | -0.2% | 0.2% | -0.3% |","| Amortization of incidental acquisition costs | -0.7% | -0.2% | 0.0% | -0.3% |","| Real estate return before loan charges and foreign profits tax | 5.3% | 3.6% | -1.7% | 6.0% |","| |","| Loan charges | 0.0% | -0.6% | -0.1% | -0.5% |","| Foreign profits tax | 0.0% | -0.4% | -0.3% | -0.1% |","| Return after loan charges, foreign taxes and depreciation | 5.3% | 3.1% | -2.1% | 7.4% |","1 The total expense ratio also includes to a small extent contributions or deductions from the return that are not assigned to individual countries.","| Information on capital (average figures in EUR million) | Finland | UK | Hungary | Poland |","| --- | --- | --- | --- | --- |","| with respect to: |","| 2 | Real estate assets | 216.5 | 334.6 | 99.4 | 240.2 |","| | Total borrowings (without shareholder loans) | 0.0 | 43.6 | 0.0 | 60.9 |","| 3 | Real estate assets less total borrowings | 216.5 | 291.0 | 99.4 | 179.3 |","| Overview: Changes in value 2019/2020 |","| --- |","| Country Information on changes in value1) (as of reporting date in EUR million) | Finland | UK | Hungary | Poland |","| Appraiser-assessed market value of portfolio (average value) | 231.6 | 381.2 | 97.4 | 240.3 |","| Appraiser-assessed rent/gross income of portfolio (average value) | 11.3 | 21.6 | 7.7 | 16.8 |","| Positive changes in value as per expert appraisal (incl. subsequent acquisition costs) | 3.6 | 7.1 | 2.6 | 2.0 |","| Other positive changes in value | 0.0 | 0.0 | 0.3 | 2.5 |","| Negative changes in value as per expert appraisal (incl. subsequent acquisition costs) | -0.7 | 0.0 | -5.7 | -2.9 |","| Other negative changes in value | -1.4 | -1.2 | -0.1 | -3.6 |","| Total changes in values as per expert appraisal | 2.9 | 7.1 | -3.1 | -0.9 |","| Total other changes in value | -1.4 | -1.2 | 0.2 | -1.1 |","1 This overview includes only data from properties included in the investment fund as of the reporting date.","| |","| --- |","| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total1 |","| |","| 7.5% | 5.3% | 6.0% | 6.0% | 6.2% | 4.9% | 5.7% 2 |","| -2.0% | -0.9% | -1.4% | -7.2% | -1.8% | 2.0% | -1.5% 2 |","| 5.6% | 4.4% | 4.6% | -1.2% | 4.5% | 6.9% | 4.1% 2 |","| 0.1% | 5.3% | 0.1% | 3.4% | 2.4% | 4.2% | 2.4% 2 |","| 5.7% | 9.7% | 4.7% | 2.2% | 6.9% | 11.1% | 6.6% 2 |","| |","| -0.1% | -1.5% | -0.8% | -0.4% | 0.7% | 3.2% | 0.7% 2 |","| -0.5% | -0.6% | -0.9% | -1.4% | -0.2% | -0.7% | -0.5% 2 |","| 5.1% | 7.5% | 3.0% | 0.4% | 7.4% | 13.6% | 6.8% 2 |","| |","| -0.4% | -0.2% | -2.7% | -2.9% | -2.1% | -0.1% | -0.8% 3 |","| 0.0% | -0.4% | -0.7% | -0.1% | -1.2% | -4.0% | -1.6% 3 |","| 5.3% | 8.6% | 2.0% | -2.3% | 9.2% | 10.5% | 6.2% 3 |","| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |","| --- | --- | --- | --- | --- | --- | --- |","| |","| 224.3 | 305.7 | 249.0 | 190.5 | 711.6 | 917.5 | 3,489.3 |","| 23.5 | 58.7 | 113.5 | 82.3 | 287.8 | 59.4 | 729.6 |","| 200.8 | 247.1 | 135.5 | 108.2 | 423.8 | 858.1 | 2,759.7 |","| |","| --- |","| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |","| 234.2 | 318.3 | 277.1 | 192.7 | 824.7 | 916.1 | 3,713.5 |","| 16.0 | 19.2 | 19.7 | 14.9 | 65.3 | 59.4 | 251.8 |","| 0.6 | 16.1 | 2.2 | 6.5 | 16.6 | 20.0 | 77.3 |","| 1.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 | 4.1 |","| -0.4 | 0.0 | -2.0 | 0.0 | -1.4 | -1.5 | -14.6 |","| -2.2 | -6.5 | -4.3 | -3.5 | -6.3 | -9.5 | -38.6 |","| 0.2 | 16.1 | 0.2 | 6.5 | 15.2 | 18.5 | 62.7 |","| -1.2 | -6.5 | -4.3 | -3.5 | -6.1 | -9.5 | -34.5 |","| Development of the grundbesitz global fund |","| --- |","| in EUR million | 3/31/2016 | 3/31/2017 | 3/31/2018 | 3/31/2019 | 3/31/2020 |","| Properties | 1,089.8 | 1,014.4 | 867.3 | 1,011.2 | 798.4 |","| Holdings in special purpose vehicles | 923.6 | 1,114.0 | 1,212.4 | 1,410.3 | 1,750.3 |","| Securities | 293.2 | 379.9 | 216.0 | 414.5 | 497.6 |","| Bank deposits | 342.6 | 231.4 | 354.5 | 351.5 | 583.9 |","| Other assets | 225.6 | 344.9 | 541.0 | 389.6 | 731.8 |","| Liabilities and accruals | -548.8 | -351.5 | -323.8 | -352.2 | -357.0 |","| Total net asset value | 2,325.9 | 2,733.1 | 2,867.2 | 3,224.8 | 4,005.0 |","| RC unit class |","| RC net asset value | 2,289.4 | 2,676.7 | 2,786.1 | 3,110.2 | 3,814.7 |","| RC units in circulation (million units) | 43.4 | 51.1 | 53.3 | 59.2 | 72.5 |","| Net asset value per RC unit (EUR) | 52.69 | 52.43 | 52.28 | 52.52 | 52.65 |","| Distribution per IC unit (EUR)1 | 1.15 | 1.15 | 1.082 | 1.15 | 1.15 |","| IC unit class |","| IC net asset value | 36.5 | 56.3 | 81.2 | 114.6 | 190.3 |","| IC units in circulation (million units) | 0.7 | 1.1 | 1.5 | 2.2 | 3.6 |","| Net asset value per IC unit (EUR) | 52.89 | 52.67 | 52.54 | 52.84 | 53.01 |","| Distribution per IC unit (EUR)1 | 1.35 | 1.35 | 1.262 | 1.35 | 1.35 |","| Date of distribution | 7/19/2016 | 7/19/2017 | 7/18/2018 | 7/17/2019 | 7/15/2020 |","1 Payable after the close of the business year.","2 Does not take into account the tax liquidity provided on January 2, 2018.","| Development of yields (multi-year comparison) |","| --- |","| Key yield figures in % | Business year 2015/2016 | Business year 2016/2017 | Business year 2017/2018 | Business year 2018/2019 | Business year 2019/2020 |","| I. Properties |","| Gross income1 | 5.5% | 5.8% | 6.1% | 5.8% | 5.7% |","| Property management expenses1 | -1.4% | -1.0% | -1.8% | -3.6% | -1.5% |","| Net income1 | 4.0% | 4.8% | 4.3% | 2.2% | 4.1% |","| Changes in value (changes in market value, sales return)1 | 1.3% | 0.3% | 0.4% | 4.3% | 2.4% |","| Real estate return before foreign taxes and depreciation1 | 5.4% | 5.1% | 4.7% | 6.5% | 6.6% |","| Provisions for foreign deferred taxes1 | 0.5% | -0.1% | 0.9% | -1.4% | 0.7% |","| Amortization of incidental acquisition costs1 | -0.1% | -0.2% | -0.3% | -0.5% | -0.5% |","| Real estate return before loan charges and foreign profits tax1 | 5.7% | 4.7% | 5.2% | 4.6% | 6.8% |","| Loan charges2 | -1.0% | -0.9% | -0.6% | -0.8% | -0.8% |","| Foreign profits tax2 | -1.4% | -0.8% | -0.8% | -0.2% | -1.6% |","| Return after loan charges, foreign taxes and depreciation2 | 5.9% | 4.6% | 5.1% | 4.8% | 6.2% |","| Currency effects2 | -1.9% | -0.5% | -1.3% | -0.3% | -1.1% |","| Overall result from real estate investments2 | 4.0% | 4.1% | 3.8% | 4.4% | 5.1% |","| II.","Liquidity3 | 0.8% | 0.3% | 1.4% | 0.7% | -1.5% |","| III.","Other costs4 | -0.2% | -0.4% | -0.1% | -0.1% | -0.2% |","| IV.","Total fund return before fund costs4 | 3.1% | 2.7% | 3.1% | 3.6% | 3.4% |","| V. Total fund return after deduction of fund costs (BVI method) |","| RC unit class | 2.1% | 1.7% | 2.1% | 2.6% | 2.5% |","| IC unit class | 2.5% | 2.2% | 2.5% | 3.0% | 2.9% |","Based on the average:","- Real estate assets - Real estate assets less total borrowings - Liquidity (incl. liquidity held in investments) - Net assetsAmsterdam, Oval Tower"],"string":"[\n \"# Overview: Yields, valuation\",\n \"| Key yield figures in 2019/2020 in % |\",\n \"| --- |\",\n \"| I. Properties |\",\n \"| Gross income | 5.7% 1 |\",\n \"| Property management expenses | -1.5% 1 |\",\n \"| Net income | 4.1% 1 |\",\n \"| Changes in value (changes in market value, sales return) | 2.4% 1 |\",\n \"| Real estate return before foreign taxes and depreciation | 6.6% 1 |\",\n \"| |\",\n \"| Provisions for foreign deferred taxes | 0.7% 1 |\",\n \"| Amortization of incidental acquisition costs | -0.5% 1 |\",\n \"| Real estate return before loan charges and foreign profits tax | 6.8% 1 |\",\n \"| |\",\n \"| Loan charges | -0.8% 2 |\",\n \"| Foreign profits tax | -1.6% 2 |\",\n \"| Return after loan charges, foreign taxes and depreciation | 6.2% 2 |\",\n \"| |\",\n \"| Currency effects | -1.1% 2 |\",\n \"| Overall result from real estate investments | 5.1% 2 |\",\n \"| |\",\n \"| II.\",\n \"Liquidity | -1.5% 3 |\",\n \"| |\",\n \"| III.\",\n \"Other costs | -0.2% 4 |\",\n \"| |\",\n \"| IV.\",\n \"Total fund yield before the deduction of costs | 3.4% 4 |\",\n \"| |\",\n \"| V. Total yield for the RC unit class following deduction of fund costs (BVI method) | 2.5% |\",\n \"| Total yield for the IC unit class following deduction of fund costs (BVI method) | 2.9% |\",\n \"| Information on capital (average figures in EUR million) |\",\n \"| --- |\",\n \"| with respect to: |\",\n \"| 1 | Real estate assets | 3,489.3 |\",\n \"| | Total borrowings (without shareholder loans) | 729.6 |\",\n \"| 2 | Real estate assets less total borrowings | 2,759.7 |\",\n \"| 3 | Liquidity (incl. liquidity held in investments) | 995.8 |\",\n \"| 4 | Net asset value | 3,558.7 |\",\n \"## Notes on grundbesitz global fund returns\",\n \"The rental income generated a gross return of 5.7%.\",\n \"Following deduction of property management costs, the resulting net return amounted to 4.1%.\",\n \"“Real estate return before foreign taxes and depreciation” is increased by the changes in value (change in the market values determined by experts and profit from property dispositions) by\",\n \"2.4 percentage points and thus amounts to 6.6%.\",\n \"The reversal of “Provisions for foreign deferred taxes” is mainly attributable to the sale of properties in France and increases the result by 0.7% points.\",\n \"“Amortization of incidental acquisition costs” reduces the result by 0.5% points.\",\n \"This results in a\",\n \"“Real estate return before loan charges and foreign profits tax” of 6.8%.\",\n \"Taking borrowing costs and “foreign profits tax” into account, the “Result after loan charges, foreign taxes and depreciation” was 6.2%, based on the average equity capital invested in real estate assets of EUR 2,759.7 million).\",\n \"Exchange rate fluctuations in the investment countries resulted in currency effects of -1.1 percentage points, taking into account the fund’s borrowings and currency forward agree- ments.\",\n \"The “Overall result from real estate investments” was thus 5.1%.\",\n \"During the current business year, liquid assets yielded -1.5%.\",\n \"The fund generated a total return for the business year before deduction of fund costs of 3.4%.\",\n \"Costs of -0.2% are already taken into account in the result.\",\n \"These costs cannot be allocated to any property.\",\n \"These include, for example, costs for the prepa- ration of the annual report.\",\n \"Following deduction of fund costs, the RC unit class generated a total return of 2.5% and the IC unit class a total return of 2.9% (both according to the BVI method).\",\n \"| Overview: Yields/Contribution by country 2019/2020 |\",\n \"| --- |\",\n \"| Country Key yield figures in % | Finland | UK | Hungary | Poland |\",\n \"| Properties |\",\n \"| Gross income | 4.6% | 4.5% | 7.8% | 6.6% |\",\n \"| Property management expenses | 0.0% | -2.7% | -6.6% | 0.4% |\",\n \"| Net income | 4.6% | 1.8% | 1.2% | 7.0% |\",\n \"| Changes in value (changes in market value, sales return) | 1.3% | 2.1% | -3.1% | -0.4% |\",\n \"| Real estate return before foreign taxes and depreciation | 5.9% | 3.9% | -1.9% | 6.6% |\",\n \"| |\",\n \"| Provisions for foreign deferred taxes | 0.0% | -0.2% | 0.2% | -0.3% |\",\n \"| Amortization of incidental acquisition costs | -0.7% | -0.2% | 0.0% | -0.3% |\",\n \"| Real estate return before loan charges and foreign profits tax | 5.3% | 3.6% | -1.7% | 6.0% |\",\n \"| |\",\n \"| Loan charges | 0.0% | -0.6% | -0.1% | -0.5% |\",\n \"| Foreign profits tax | 0.0% | -0.4% | -0.3% | -0.1% |\",\n \"| Return after loan charges, foreign taxes and depreciation | 5.3% | 3.1% | -2.1% | 7.4% |\",\n \"1 The total expense ratio also includes to a small extent contributions or deductions from the return that are not assigned to individual countries.\",\n \"| Information on capital (average figures in EUR million) | Finland | UK | Hungary | Poland |\",\n \"| --- | --- | --- | --- | --- |\",\n \"| with respect to: |\",\n \"| 2 | Real estate assets | 216.5 | 334.6 | 99.4 | 240.2 |\",\n \"| | Total borrowings (without shareholder loans) | 0.0 | 43.6 | 0.0 | 60.9 |\",\n \"| 3 | Real estate assets less total borrowings | 216.5 | 291.0 | 99.4 | 179.3 |\",\n \"| Overview: Changes in value 2019/2020 |\",\n \"| --- |\",\n \"| Country Information on changes in value1) (as of reporting date in EUR million) | Finland | UK | Hungary | Poland |\",\n \"| Appraiser-assessed market value of portfolio (average value) | 231.6 | 381.2 | 97.4 | 240.3 |\",\n \"| Appraiser-assessed rent/gross income of portfolio (average value) | 11.3 | 21.6 | 7.7 | 16.8 |\",\n \"| Positive changes in value as per expert appraisal (incl. subsequent acquisition costs) | 3.6 | 7.1 | 2.6 | 2.0 |\",\n \"| Other positive changes in value | 0.0 | 0.0 | 0.3 | 2.5 |\",\n \"| Negative changes in value as per expert appraisal (incl. subsequent acquisition costs) | -0.7 | 0.0 | -5.7 | -2.9 |\",\n \"| Other negative changes in value | -1.4 | -1.2 | -0.1 | -3.6 |\",\n \"| Total changes in values as per expert appraisal | 2.9 | 7.1 | -3.1 | -0.9 |\",\n \"| Total other changes in value | -1.4 | -1.2 | 0.2 | -1.1 |\",\n \"1 This overview includes only data from properties included in the investment fund as of the reporting date.\",\n \"| |\",\n \"| --- |\",\n \"| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total1 |\",\n \"| |\",\n \"| 7.5% | 5.3% | 6.0% | 6.0% | 6.2% | 4.9% | 5.7% 2 |\",\n \"| -2.0% | -0.9% | -1.4% | -7.2% | -1.8% | 2.0% | -1.5% 2 |\",\n \"| 5.6% | 4.4% | 4.6% | -1.2% | 4.5% | 6.9% | 4.1% 2 |\",\n \"| 0.1% | 5.3% | 0.1% | 3.4% | 2.4% | 4.2% | 2.4% 2 |\",\n \"| 5.7% | 9.7% | 4.7% | 2.2% | 6.9% | 11.1% | 6.6% 2 |\",\n \"| |\",\n \"| -0.1% | -1.5% | -0.8% | -0.4% | 0.7% | 3.2% | 0.7% 2 |\",\n \"| -0.5% | -0.6% | -0.9% | -1.4% | -0.2% | -0.7% | -0.5% 2 |\",\n \"| 5.1% | 7.5% | 3.0% | 0.4% | 7.4% | 13.6% | 6.8% 2 |\",\n \"| |\",\n \"| -0.4% | -0.2% | -2.7% | -2.9% | -2.1% | -0.1% | -0.8% 3 |\",\n \"| 0.0% | -0.4% | -0.7% | -0.1% | -1.2% | -4.0% | -1.6% 3 |\",\n \"| 5.3% | 8.6% | 2.0% | -2.3% | 9.2% | 10.5% | 6.2% 3 |\",\n \"| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |\",\n \"| --- | --- | --- | --- | --- | --- | --- |\",\n \"| |\",\n \"| 224.3 | 305.7 | 249.0 | 190.5 | 711.6 | 917.5 | 3,489.3 |\",\n \"| 23.5 | 58.7 | 113.5 | 82.3 | 287.8 | 59.4 | 729.6 |\",\n \"| 200.8 | 247.1 | 135.5 | 108.2 | 423.8 | 858.1 | 2,759.7 |\",\n \"| |\",\n \"| --- |\",\n \"| Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |\",\n \"| 234.2 | 318.3 | 277.1 | 192.7 | 824.7 | 916.1 | 3,713.5 |\",\n \"| 16.0 | 19.2 | 19.7 | 14.9 | 65.3 | 59.4 | 251.8 |\",\n \"| 0.6 | 16.1 | 2.2 | 6.5 | 16.6 | 20.0 | 77.3 |\",\n \"| 1.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 | 4.1 |\",\n \"| -0.4 | 0.0 | -2.0 | 0.0 | -1.4 | -1.5 | -14.6 |\",\n \"| -2.2 | -6.5 | -4.3 | -3.5 | -6.3 | -9.5 | -38.6 |\",\n \"| 0.2 | 16.1 | 0.2 | 6.5 | 15.2 | 18.5 | 62.7 |\",\n \"| -1.2 | -6.5 | -4.3 | -3.5 | -6.1 | -9.5 | -34.5 |\",\n \"| Development of the grundbesitz global fund |\",\n \"| --- |\",\n \"| in EUR million | 3/31/2016 | 3/31/2017 | 3/31/2018 | 3/31/2019 | 3/31/2020 |\",\n \"| Properties | 1,089.8 | 1,014.4 | 867.3 | 1,011.2 | 798.4 |\",\n \"| Holdings in special purpose vehicles | 923.6 | 1,114.0 | 1,212.4 | 1,410.3 | 1,750.3 |\",\n \"| Securities | 293.2 | 379.9 | 216.0 | 414.5 | 497.6 |\",\n \"| Bank deposits | 342.6 | 231.4 | 354.5 | 351.5 | 583.9 |\",\n \"| Other assets | 225.6 | 344.9 | 541.0 | 389.6 | 731.8 |\",\n \"| Liabilities and accruals | -548.8 | -351.5 | -323.8 | -352.2 | -357.0 |\",\n \"| Total net asset value | 2,325.9 | 2,733.1 | 2,867.2 | 3,224.8 | 4,005.0 |\",\n \"| RC unit class |\",\n \"| RC net asset value | 2,289.4 | 2,676.7 | 2,786.1 | 3,110.2 | 3,814.7 |\",\n \"| RC units in circulation (million units) | 43.4 | 51.1 | 53.3 | 59.2 | 72.5 |\",\n \"| Net asset value per RC unit (EUR) | 52.69 | 52.43 | 52.28 | 52.52 | 52.65 |\",\n \"| Distribution per IC unit (EUR)1 | 1.15 | 1.15 | 1.082 | 1.15 | 1.15 |\",\n \"| IC unit class |\",\n \"| IC net asset value | 36.5 | 56.3 | 81.2 | 114.6 | 190.3 |\",\n \"| IC units in circulation (million units) | 0.7 | 1.1 | 1.5 | 2.2 | 3.6 |\",\n \"| Net asset value per IC unit (EUR) | 52.89 | 52.67 | 52.54 | 52.84 | 53.01 |\",\n \"| Distribution per IC unit (EUR)1 | 1.35 | 1.35 | 1.262 | 1.35 | 1.35 |\",\n \"| Date of distribution | 7/19/2016 | 7/19/2017 | 7/18/2018 | 7/17/2019 | 7/15/2020 |\",\n \"1 Payable after the close of the business year.\",\n \"2 Does not take into account the tax liquidity provided on January 2, 2018.\",\n \"| Development of yields (multi-year comparison) |\",\n \"| --- |\",\n \"| Key yield figures in % | Business year 2015/2016 | Business year 2016/2017 | Business year 2017/2018 | Business year 2018/2019 | Business year 2019/2020 |\",\n \"| I. Properties |\",\n \"| Gross income1 | 5.5% | 5.8% | 6.1% | 5.8% | 5.7% |\",\n \"| Property management expenses1 | -1.4% | -1.0% | -1.8% | -3.6% | -1.5% |\",\n \"| Net income1 | 4.0% | 4.8% | 4.3% | 2.2% | 4.1% |\",\n \"| Changes in value (changes in market value, sales return)1 | 1.3% | 0.3% | 0.4% | 4.3% | 2.4% |\",\n \"| Real estate return before foreign taxes and depreciation1 | 5.4% | 5.1% | 4.7% | 6.5% | 6.6% |\",\n \"| Provisions for foreign deferred taxes1 | 0.5% | -0.1% | 0.9% | -1.4% | 0.7% |\",\n \"| Amortization of incidental acquisition costs1 | -0.1% | -0.2% | -0.3% | -0.5% | -0.5% |\",\n \"| Real estate return before loan charges and foreign profits tax1 | 5.7% | 4.7% | 5.2% | 4.6% | 6.8% |\",\n \"| Loan charges2 | -1.0% | -0.9% | -0.6% | -0.8% | -0.8% |\",\n \"| Foreign profits tax2 | -1.4% | -0.8% | -0.8% | -0.2% | -1.6% |\",\n \"| Return after loan charges, foreign taxes and depreciation2 | 5.9% | 4.6% | 5.1% | 4.8% | 6.2% |\",\n \"| Currency effects2 | -1.9% | -0.5% | -1.3% | -0.3% | -1.1% |\",\n \"| Overall result from real estate investments2 | 4.0% | 4.1% | 3.8% | 4.4% | 5.1% |\",\n \"| II.\",\n \"Liquidity3 | 0.8% | 0.3% | 1.4% | 0.7% | -1.5% |\",\n \"| III.\",\n \"Other costs4 | -0.2% | -0.4% | -0.1% | -0.1% | -0.2% |\",\n \"| IV.\",\n \"Total fund return before fund costs4 | 3.1% | 2.7% | 3.1% | 3.6% | 3.4% |\",\n \"| V. Total fund return after deduction of fund costs (BVI method) |\",\n \"| RC unit class | 2.1% | 1.7% | 2.1% | 2.6% | 2.5% |\",\n \"| IC unit class | 2.5% | 2.2% | 2.5% | 3.0% | 2.9% |\",\n \"Based on the average:\",\n \"- Real estate assets - Real estate assets less total borrowings - Liquidity (incl. liquidity held in investments) - Net assetsAmsterdam, Oval Tower\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}},{"rowIdx":98299,"cells":{"sub-domain":{"kind":"string","value":"AR"},"target_text":{"kind":"string","value":"# Vermögensaufstellung zum 31. März 2020 Teil I: Immobilienverzeichnis\n| Lfd. Nr. | Lage des Grundstücks | Art des Grund- stücks6) | Projekt-/ Bestands- entwicklungs- maßnahmen | Art der Nutzung7) | Erwerbs- datum | Baujahr | Grund- stücks- größe in m² | Mit- eigentum/ Erbbaurecht | Nutzfläche Gewerbe8) in m² | Nutzfläche Wohnungen8) in m² | Anzahl der Kfz- Stellplätze8) | Ausstattung9) | Verkehrs- wert Gutachter 1 / 2 10) in TEUR | Kaufpreis/ Verkehrs- wert/ Mittelwert10) in TEUR |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| I. Direkt gehaltene Immobilien in Ländern mit Euro-Währung1) |\n| 1 | 1120 Wien | FG | | B (100%) | 04/03 | 2003 | 9.876 | | 27.726 | 453 | K, LA, PA | 84.140 | 81.770 |\n| | Am Europlatz 1, 3, 5 | | | | | | | | | | | 79.400 | |\n| | „Europlaza“ | | | | | | | | | | | | |\n| | A | | | | | | | | | | | | |\n| 2 | 1030 Wien | FG | | H (100%) | 12/00 | 2007 | 2.200 | 191.540/ | 11.779 | 135 | K, PA | 37.800 | 39.200 |\n| | Rennweg 12 | | | | | | | 348.330 | | | | 40.600 | |\n| | „Am Belvedere“ | | | | | | | Miteigen- | | | | | |\n| | A | | | | | | | tums- | | | | | |\n| | | | | | | | | anteil an | | | | | |\n| | | | | | | | | 8.757 m² | | | | | |\n| 3 | 92800 Puteaux 18, Rue Hoche „Kupka A“ F | UB | Umbau/ Modernisie- rung, Fertig- stellung vor- aussichtlich 2020 | B (100 %) | 05/01 | 1992 | 9.018 | Volumen- eigentum an gewerb- licher Nutz- fläche und an 342 Stell- plätzen | 17.563 | 342 | K, LA, PA | 82.000 77.500 | 79.750 |\n| 4 | 02-486 Warschau | FG | | B (100%) | 12/05 | 2004/ | 14.923 | | 19.057 | 567 | PA | 35.700 | 36.800 |\n| | Aleje Jerozolimskie 172, 174, 176, 178 | | | | 03/06 | 2007/ | | | | | | 37.900 | |\n| | „Kopernik B - E“ | | | | 04/07 | 2008 | | | | | | | |\n| | PL | | | | 06/08 | | | | | | | | |\n| 5 | 50-365 Breslau, | FG | | B (100%) | 06/10 | 2008/ | 7.880 | | 27.753 | 391 | PA, K | 72.500 | 76.950 |\n| | Plac Grunwaldzki 23, 25, 27 | | | | | 2009 | | | | | | 81.400 | |\n| | „Grunwaldzki Center“ | | | | | | | | | | | | |\n| | PL | | | | | | | | | | | | |\n| 6 | Dublin, 15 Blanchardstown | FG | | L (78%) | 06/18 | 2000 | 69.213 | | 30.062 | 1.067 | K, PA, LA, R | 146.950 | 150.925 |\n| | Snugborough Road | | | | | | | | | | | 153.900 | |\n| | „Westend Retail Park“ | | | | | | | | | | | | |\n| | IRL | | | | | | | | | | | | |\n| II. Direkt gehaltene Immobilien in Ländern mit anderer Währung |\n| 1 | Edinburgh | FG/ER | | B (78 %) | 10/05 | 2004 | 2.334 | zzgl. Nut- | 10.463 | 39 | K, PA | 43.080 | 43.777 |\n| | 129, 133 Fountainbridge, Edinburgh EH3 | | | | | | | zungsrechte | | | | 44.474 | |\n| | 9QG | | | | | | | und Teil- | | | | | |\n| | 1, 2 Fountainbridge Square, Edinburgh EH3 | | | | | | | eigentum | | | | | |\n| | 9QB | | | | | | | | | | | | |\n| | 4 Lower Gilmore Bank, Edinburgh EH3 9QP | | | | | | | | | | | | |\n| | 127 Fountainbridge, Edinburgh EH3 9QG | | | | | | | | | | | | |\n| | „Edinburgh Quay“ | | | | | | | | | | | | |\n| | GB | | | | | | | | | | | | |\n| 2 | London EC4 60 Queen Victoria Street GB | FG/ER | | B (100 %) | 11/04 | 1999 | 1.453 | teilweise gleichzeitig Erbbau- rechtsneh- mer und -geber | 10.724 | 11 | K, PA, LA | 130.300 130.857 | 130.579 |\n| 3 | Tokio | FG | | B (100 %) | 12/03 | 2000 | 1.563 | | 6.695 | 37 | K, LA, PA | 101.859 | 102.319 |\n| | 3-16-11 Nishi Shinbashi, | | | | | | | | | | | 102.778 | |\n| | Minato-ku | | | | | | | | | | | | |\n| | „ATAGO East Building“ | | | | | | | | | | | | |\n| | J | | | | | | | | | | | | |\n| 4 | Pyeongtaek | FG | | LG (100 | 11/13 | 2012 | 63.517 | | 47.775 | 143 | LA | 58.825 | 56.318 |\n| | 1175-3 Doil-dong, Pyeongtaek-si, | | | %) | | | | | | | | 53.812 | |\n| | Gyeonggi-do | | | | | | | | | | | | |\n| | „Adidas Korea Distribution Center“ | | | | | | | | | | | | |\n| | ROK | | | | | | | | | | | | |\n\n| Wesentliche Ergebnisse der\tIm Geschäfts-\tZur erstellten Wertgutachten\t\t\t\t\t\t\t\tjahr abge- Abschreibung Voraussichtlich\t\t\t\tFremd-\t\t\t Rest-\t\tMiet- Anteil am\t\tRestnutzungs- Anschaffungs-\t\tdavon\t davon Anschaffungs\tschriebene verbleibende verbleibender\t\tfinanzierungs- Leerstands-\tlaufzeiten einnahmen Immobilien-\tRohertrag –\tdauer – nebenkosten\tGebühren\t sonstige\t\tnebenkosten Anschaffungs- Anschaffungs- Abschreibungs-\t\t\tquote in % quote in %\t\t\tMiet-\t1.4.2019- vermögen Gutachter 1 / 2 Gutachter 1 / 2\tgesamt und Steuern\tKosten\tgesamt in % nebenkosten nebenkosten\tzeitraum\tKredite des Verkehrs- der Brutto-\t\tverträge\t\t31.3.2020 in %\tin TEUR10)\tin Jahren\tin TEUR11) 12)\tin TEUR12)\tin TEUR12) des Kaufpreises\tin TEUR10)\tin TEUR10)\tin Jahren in TEUR10)\twertes\tsollmiete in Jahren13) in TEUR14) |\n| --- |\n| |\n| 2,2%\t4.998\t53\t11,5%\t3,8\t4.411 4.931\t53 |\n| 1,1%\t2.199\t57\t1,6%\t17,1 2.178\t57 | |\n| 2,1%\t7.521\t57 7.521\t57 |\n| 1,0%\t2.675\t56\t11,5%\t3,0\t2.503 3.019\t56 |\n| 2,1%\t4.935\t59\t6,4%\t2,9\t4.901 5.722\t59 |\n| 4,1%\t8.580\t40\t12.092\t8.862\t3.230\t8,2%\t2.424\t7.827\t3,3\t0,4%\t5,3\t8.353 8.632\t40 |\n| |\n| 1,2%\t2.922\t54\t11,4%\t5,2\t2.602 2.900\t54 |\n| 3,5%\t6.582\t49\t0,4\t6.261 6.539\t49 |\n| 2,8%\t4.577\t40\t0,3%\t1,4\t3.129 4.977\t40 |\n| 1,5%\t4.363\t32\t3.223\t2.065\t1.158\t7,5%\t0\t0\tkomplett\t17.028\t30,2%\t2,4 4.060\t32\tabgeschrie- ben | |\n\n| Lfd. Nr. | Lage des Grundstücks | Art des Grund- stücks6) | Projekt-/ Bestands- entwicklungs- maßnahmen | Art der Nutzung7) | Erwerbs- datum | Baujahr | Grund- stücks- größe in m² | Mit- eigentum/ Erbbaurecht | Nutzfläche Gewerbe8) in m² | Nutzfläche Wohnungen8) in m² | Anzahl der Kfz- Stellplätze8) | Ausstattung9) | Verkehrs- wert Gutachter 1 / 2 10) in TEUR | Kaufpreis/ Verkehrs- wert/ Mittelwert10) in TEUR |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| III. Über Immobilien-Gesellschaften gehaltene Immobilien in Ländern mit Euro-Währung1) |\n| 1\tBeteiligung: 100% an Rakpart 3 Ingatlanhasznosito Kft., Budapest Gesellschaftskapital: 591.893 EUR Gesellschafterdarlehen: 15.500.000 EUR Wert der Gesellschaft: 23.446.451 EUR 5) |\n| | Objekt: | FG | B (100%) | 01/01 | 2000 | 2.527 | | 13.572 | 142 | K, PA | 34.200 | 35.700 |\n| | 1054 Budapest | | | | | | | | | | 37.200 | |\n| | Akademia utca 62) | | | | | | | | | | | |\n| | Szechenyi rakpart 3 | | | | | | | | | | | |\n| | „Akademia Business Center“ | | | | | | | | | | | |\n| | H | | | | | | | | | | | |\n| 2 | Beteiligung: 100% an Mom Park Torony Kft., Budapest Gesellschaftskapital: 14.903.986 EUR Wert der Gesellschaft: 42.216.309 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG | B (100 %) | 06/03 | 2001 | 5.572 | | 11.926 | 474 | K, PA | 33.500 | 35.850 |\n| | 1124 Budapest | | | | | | | | | | 38.200 | |\n| | Csörsz utca 41-45 | | | | | | | | | | | |\n| | „Mom Park“ | | | | | | | | | | | |\n| | H | | | | | | | | | | | |\n| 3 | Beteiligung: 100% an AIAS Ingatlanbefektetési Kft., Budapest Gesellschaftskapital: -159.850 EUR Gesellschafterdarlehen: 12.000.000 EUR Wert der Gesellschaft: 19.078.464 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG | B (91 %) | 09/05 | 2004 | 4.416 | | 16.430 | 244 | K, PA | 25.700 | 25.800 |\n| | 1139 Budapest | | | | | | | | | | 25.900 | |\n| | Váci út 140 | | | | | | | | | | | |\n| | „BC 140“ | | | | | | | | | | | |\n| | H | | | | | | | | | | | |\n| 4 | Beteiligung: 100% an DB Real Estate Investment Madeira Sociedade Imobiliária Unipessoal Lda & Comandita Gesellschaftskapital: 47.615.535 EUR Wert der Gesellschaft: 75.341.795 EUR 5) 100% an DB Real Estate Investment Madeira Sociedade Imobiliária Unipessoal Lda Gesellschaftskapital: 4.462.043 EUR Wert der Gesellschaft: 2.837.647 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG | L (100 %) | 06/05 | 2005 | | 84,42/100 | 20.714 | 792 | K, LA, R | 70.100 | 69.775 |\n| | Madeira, 9004568 Funchal | | | | | | Teileigentum | | | | 69.450 | |\n| | Estrada Monumental 390 | | | | | | an 11.944 m² | | | | | |\n| | „Forum Madeira“ | | | | | | | | | | | |\n| | P | | | | | | | | | | | |\n| 5 | Beteiligung: 100% an RREEF Investment Azambuja Unipessoal LDA Gesellschaftskapital: 24.673 EUR Wert der Gesellschaft: 29.836 EUR 5) 100% an RREEF Investment Azambuja Unipessoal LDA & Comandita Gesellschaftskapital: 27.499.468 EUR Gesellschafterdarlehen: 9.100.000 EUR Wert der Gesellschaft: 29.995.413 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG | LG (100 | 04/17 | 2011 | 122.996 | | 52.638 | 52 | K | 36300 | 36.400 |\n| | 2050 Vila Nova da Rainha (Azambuja) | | %) | | | | | | | | 36.500 | |\n| | Estrada Nacional 3 KM 7 | | | | | | | | | | | |\n| | „Azambuja EIPA II“ | | | | | | | | | | | |\n| | P | | | | | | | | | | | |\n| 6 | Beteiligung: 100% an LCC Leiriashopping Centro Comercial, S.A. Gesellschaftskapital: -70.134.639 EUR Gesellschafterdarlehen: 64.000.000 EUR Wert der Gesellschaft: 35.536.830 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG | L (100 %) | 04/19 | 2010 | 40.840 | | 24.505 | 1.049 | K, PA, LA, R | 127.800 | 128.000 |\n| | 2400-441 Leiria | | | | | | | | | | 128.200 | |\n| | Alto do Vieiro | | | | | | | | | | | |\n| | „Leiria Shopping“ | | | | | | | | | | | |\n| | P | | | | | | | | | | | |\n\n| Wesentliche Ergebnisse der\tIm Geschäfts-\tZur erstellten Wertgutachten\t\t\t\t\t\t\t\tjahr abge- Abschreibung Voraussichtlich\t\t\t\tFremd-\t\t\t Rest-\t\tMiet- Anteil am\t\tRestnutzungs- Anschaffungs-\t\tdavon\t davon Anschaffungs\tschriebene verbleibende verbleibender\t\tfinanzierungs- Leerstands-\tlaufzeiten einnahmen Immobilien-\tRohertrag –\tdauer – nebenkosten\tGebühren\t sonstige\t\tnebenkosten Anschaffungs- Anschaffungs- Abschreibungs-\t\t\tquote in % quote in %\t\t\tMiet-\t1.4.2019- vermögen Gutachter 1 / 2 Gutachter 1 / 2\tgesamt und Steuern\tKosten\tgesamt in % nebenkosten nebenkosten\tzeitraum\tKredite des Verkehrs- der Brutto-\t\tverträge\t\t31.3.2020 in %\tin TEUR10)\tin Jahren\tin TEUR11) 12)\tin TEUR12)\tin TEUR12) des Kaufpreises\tin TEUR10)\tin TEUR10)\tin Jahren in TEUR10)\twertes\tsollmiete in Jahren13) in TEUR14) |\n| --- |\n| |\n| |\n| 1,0%\t2.790\t50\t5,0%\t3,6\t3.362 3.159\t50 |\n| |\n| 1,0%\t2.370\t51\t8,9%\t2,7\t2.389 2.667\t51 |\n| |\n| 0,7%\t2.063\t54\t24,0%\t1,5\t2.009 2.263\t54 |\n| |\n| 1,9%\t4.991\t45\t0,4%\t2,8\t5.206 5.319\t45 |\n| |\n| 1,0%\t2.417\t41\t2.818\t2.277\t541\t7,7%\t564\t1.174\t2,1\t11,6 2.378\t41 | |\n| 42\t0\t42\t0,0%\t8\t34\t4,5 |\n| 3,4%\t7.942\t50\t2.454\t0\t2.454\t1,9%\t450\t2.004\t4,5\t25.500\t19,9%\t3,8%\t2,99.264 9.001\t50 |\n\n| Lfd. Nr. | Lage des Grundstücks | Art des Grund- stücks6) | Projekt-/ Bestands- entwicklungs- maßnahmen | Art der Nutzung7) | Erwerbs- datum | Baujahr | Grund- stücks- größe in m² | Mit- eigentum/ Erbbaurecht | Nutzfläche Gewerbe8) in m² | Nutzfläche Wohnungen8) in m² | Anzahl der Kfz- Stellplätze8) | Ausstattung9) | Verkehrs- wert Gutachter 1 / 2 10) in TEUR | Kaufpreis/ Verkehrs- wert/ Mittelwert10) in TEUR |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| III. Über Immobilien-Gesellschaften gehaltene Immobilien in Ländern mit Euro-Währung1) |\n| 7 | Beteiligung: 100% an DB Real Estate Polska 2 Spolka z o. o., Warschau Gesellschaftskapital: 9.234.507 EUR Wert der Gesellschaft: 11.980.548 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG | B (100 %) | 03/02 | 2001 | 5.657 | | 5.984 | 200 | PA | 9.700 | 10.600 |\n| | 02-486 Warschau | | | | | | | | | | 11.500 | |\n| | Aleje Jerozolimskie 180 | | | | | | | | | | | |\n| | „Kopernik A“ | | | | | | | | | | | |\n| | PL | | | | | | | | | | | |\n| 8 | Beteiligung: 46,995% an Bolsover Sp. Zo.o. 17 Sp.k. (Limited Partnership) Gesellschaftskapital: 57.500.662 EUR Wert der Gesellschaft: 77.507.803 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG/ER | L (100 %) | 06/17 | 2005/ | 80.293 | Right of | 17.236 | 1.000 | K | 44.598 | 45.797 |\n| | 05-505 Warschau | | | | 2006/ | | Perpetual | | | | 46.995 | |\n| | Pulawska 42E | | | | 2007 | | Usufruct | | | | | |\n| | PL | | | | | | (RPU) 4) | | | | | |\n| | Objekt: | FG/ER | L (100 %) | 06/17 | 2004/ | 123.811 | teilweise | 16.816 | 1.057 | K | 32.333 | 32.051 |\n| | 41-208 Sosnowitz (Kattowitz) | | | | 2008/ | | Right of | | | | 31.769 | |\n| | Orlat Lwowskich 138 | | | | 2009 | | Perpetual | | | | | |\n| | PL | | | | | | Usufruct | | | | | |\n| | | | | | | | (RPU) 4) | | | | | |\n| | Objekt: | FG | L (100 %) | 06/17 | 2005/ | 79.177 | | 16.836 | 935 | K | 37.737 | 38.113 |\n| | 80-174 Danzig | | | | 2009 | | | | | | 38.489 | |\n| | Przywidzka 8 | | | | | | | | | | | |\n| | PL | | | | | | | | | | | |\n| 9 | Beteiligung: 100% an Espoon Keilahadentie 2 4 Ky LP Gesellschaftskapital: 182.346.628 EUR Wert der Gesellschaft: 174.363.528 EUR 5) 100% an Espoon Keilahadentie 2 4 Ky GP Gesellschaftskapital: 1.473 EUR Wert der Gesellschaft: 1.473 EUR 5) 100% an Kiinteistö Oy Espoon Keilalahden ABCD-talot (MREC) Gesellschaftskapital: 112.185.998 EUR Gesellschafterdarlehen: 0 EUR Wert der Gesellschaft: 168.408.321 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG | B (100 %) | 11/17 | 1997 | 52.841 | | 31.159 | 846 | K | 166.800 | 168.350 |\n| | Keilalahdentie 2-4 | | | | | | | | | | 169.900 | |\n| | 02150 Espoo | | | | | | | | | | | |\n| | FIN | | | | | | | | | | | |\n| 10 | Beteiligung: 100% an Kiinteistö Oy Viinikankaski 1 (MREC) Gesellschaftskapital: 43.870.569 EUR Wert der Gesellschaft: 63.313.134 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG | LG (90 %) | 06/19 | 2009 | 74.958 | | 38.797 | 268 | K | 62.900 | 63.200 |\n| | 01530 Vantaa | | | | | | | | | | 63.500 | |\n| | Katriinantie 20 | | | | | | | | | | | |\n| | FIN | | | | | | | | | | | |\n| 11 | Beteiligung: 100% an Oval Tower Verwaltungs UG Gesellschaftskapital: 724 EUR Wert der Gesellschaft: 724 EUR 5) 100% an Oval Tower UG & Co. KG Gesellschaftskapital: 51.448.857 EUR Gesellschafterdarlehen: Wert der Gesellschaft: 59.198.259 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG/ER | B (100 %) | 12/17 | 2001/ | 1.129 | Erfpacht-/ | 23.632 | 234 | PA, K | 89.200 | 90.650 |\n| | 1101 HE Amsterdam | | | | 2002/ | | Opstal- | | | | 92.100 | |\n| | De Entrée 99 - 197 | | | | 2012 | | recht 3) | | | | | |\n| | „Oval Tower“ | | | | | | | | | | | |\n| | NL | | | | | | | | | | | |\n\n| Wesentliche Ergebnisse der\tIm Geschäfts-\tZur erstellten Wertgutachten\t\t\t\t\t\t\t\tjahr abge- Abschreibung Voraussichtlich\t\t\t\tFremd-\t\t\t Rest-\t\tMiet- Anteil am\t\tRestnutzungs- Anschaffungs-\t\tdavon\t davon Anschaffungs\tschriebene verbleibende verbleibender\t\tfinanzierungs- Leerstands-\tlaufzeiten einnahmen Immobilien-\tRohertrag –\tdauer – nebenkosten\tGebühren\t sonstige\t\tnebenkosten Anschaffungs- Anschaffungs- Abschreibungs-\t\t\tquote in % quote in %\t\t\tMiet-\t1.4.2019- vermögen Gutachter 1 / 2 Gutachter 1 / 2\tgesamt und Steuern\tKosten\tgesamt in % nebenkosten nebenkosten\tzeitraum\tKredite des Verkehrs- der Brutto-\t\tverträge\t\t31.3.2020 in %\tin TEUR10)\tin Jahren\tin TEUR11) 12)\tin TEUR12)\tin TEUR12) des Kaufpreises\tin TEUR10)\tin TEUR10)\tin Jahren in TEUR10)\twertes\tsollmiete in Jahren13) in TEUR14) |\n| --- |\n| |\n| |\n| 0,3%\t813\t51\t28,4%\t1,9\t588 989\t51 |\n| |\n| 1,2%\t2.807\t36\t1.118\t741\t377\t2,4%\t216\t524\t2,4\t18.930\t41,3%\t4,9%\t3,1\t3.163 3.263\t36 |\n| 0,9%\t2.078\t36\t873\t579\t294\t2,7%\t169\t409\t2,4\t14.446\t45,1%\t2,6%\t3,5\t2.196 2.285\t36 |\n| 1,0%\t2.395\t37\t987\t654\t333\t2,6%\t191\t463\t2,4\t16.439\t43,1%\t2,6%\t3,5\t2.539 2.679\t37 |\n| |\n| 4,5%\t7.784\t47\t5.358\t3.272\t2.086\t3,2%\t1.072\t2.947\t2,8\t6,5 7.835\t47 | |\n| 2.388\t0\t2.388\t3,7%\t124\t2.264\t4,5 |\n| 1,7%\t3.517\t39\t2,8%\t2,5\t2.262 3.495\t39 |\n| 901\t0\t901\t1,0%\t180\t495\t3,9 |\n| 2,4%\t4.839\t50\t5.320\t5.193\t127\t5,9%\t1.062\t3.017\t2,8\t39.204\t43,2%\t3,3\t5.421 4.598\t50 |\n\n| Lfd. Nr. | Lage des Grundstücks | Art des Grund- stücks6) | Projekt-/ Bestands- entwicklungs- maßnahmen | Art der Nutzung7) | Erwerbs- datum | Baujahr | Grund- stücks- größe in m² | Mit- eigentum/ Erbbaurecht | Nutzfläche Gewerbe8) in m² | Nutzfläche Wohnungen8) in m² | Anzahl der Kfz- Stellplätze8) | Ausstattung9) | Verkehrs- wert Gutachter 1 / 2 10) in TEUR | Kaufpreis/ Verkehrs- wert/ Mittelwert10) in TEUR |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| III. Über Immobilien-Gesellschaften gehaltene Immobilien in Ländern mit Euro-Währung1) |\n| 12 | Beteiligung: 100% an Daelse Kwint Verwaltungs UG Gesellschaftskapital: 957 EUR Wert der Gesellschaft: 957 EUR 5) 100% an Daelse Kwint UG & Co. KG Gesellschaftskapital: 44.914.807 EUR Gesellschafterdarlehen: 31.950.000 EUR Wert der Gesellschaft: 46.877.106 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG/ER | B (100 %) | 12/17 | 1990/ | 7.915 | Erfpacht-/ | 19.037 | 249 | PA, K | 70.000 | 72.000 |\n| | 3511 SX Utrecht | | | | 2013/ | | Opstal- | | | | 74.000 | |\n| | Daalseplein 1 und 101 | | | | 2014 | | recht 3) | | | | | |\n| | „Daalse Kwint“ | | | | | | | | | | | |\n| | NL | | | | | | | | | | | |\n| 13 | Beteiligung: 100% an BMG Barberino Srl Gesellschaftskapital: 147.747.437 EUR Wert der Gesellschaft: 230.345.059 EUR 5) 100% an gg Barberino NewCo Srl Gesellschaftskapital: 110.967.068 EUR Gesellschafterdarlehen: 110.500.000 EUR Wert der Gesellschaft: 110.967.068 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG | L (100 %) | 07/19 | 2006/ | 149.263 | | 26.535 | 2.113 | K | 232.500 | 233.050 |\n| | 50031 Barberino di Mugello | | | | 2014 | | | | | | 233.600 | |\n| | Via Antonio Meucci | | | | | | | | | | | |\n| | „Barberino Factory Outlet“ | | | | | | | | | | | |\n| | I | | | | | | | | | | | |\n| 14 | Beteiligung: 49% an Alinesa Investment S.L. (Holding Company) Gesellschaftskapital: 35.631.661 EUR Wert der Gesellschaft: 37.011.224 EUR 5) 49% an Parque Shopping Elche, S.L.U. Gesellschaftskapital: 622.220 EUR Gesellschafterdarlehen: 11.025.000 EUR Wert der Gesellschaft: 41.232.819 EUR 5) 49% an Fairfield Invest, S.L.U. Gesellschaftskapital: 2.202.895 EUR Gesellschafterdarlehen: 1.715.000 EUR Wert der Gesellschaft: 4.216.492 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG | L (100%) | 05/18 | 2003 | 76.894 | | 45.702 | 2.172 | K, PA, LA, R | 90.552 | 89.523 |\n| | 3205 Elche (Elx) | | | | | | | | | | 88.494 | |\n| | Calle Jacarilla 7 | | | | | | | | | | | |\n| | „L‘Aljub“ | | | | | | | | | | | |\n| | E | | | | | | | | | | | |\n| IV. Über Immobilien-Gesellschaften gehaltene Immobilien in Ländern mit anderer Währung |\n| 1 | Beteiligung: 100% an RREEF Marble Pte. Ltd., Singapur Gesellschaftskapital: 133.180.488 EUR Wert der Gesellschaft: 149.025.952 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG | B (91 %) | 03/16 | 2009 | 1.584 | | 11.854 | 58 | K, PA | 96.344 | 96.929 |\n| | Osaka, 1629 Kyutaromachi, Chuoku, | | | | | | | | | | 97.514 | |\n| | Osaka-shi | | | | | | | | | | | |\n| | „Forecast“ | | | | | | | | | | | |\n| | J | | | | | | | | | | | |\n| | Objekt: | FG | LG (91 %) | 12/16 | 2003 | 28.872 | | 43.058 | 299 | LA | 71.945 | 70.942 |\n| | Shibayama-cho, 148-15 Iwayama, Sanbu- | | | | | | | | | | 69.939 | |\n| | gun, Chiba | | | | | | | | | | | |\n| | „Narita“ | | | | | | | | | | | |\n| | J | | | | | | | | | | | |\n| 2 | Beteiligung: 100% an G Global Japan 1 Pte. Ltd. (Japan Branch) Gesellschaftskapital: 12.075.560 EUR Wert der Gesellschaft: 9.547.612 EUR 5) 100% an G Global Japan 1 Pte. Ltd. (SingCo 1) Gesellschaftskapital: 12.070.712 EUR Wert der Gesellschaft: 12.070.711 EUR 5) 100% an G Global Japan 2 Pte. Ltd. (SingCo 2) Gesellschaftskapital: 12.150.388 EUR Wert der Gesellschaft: 12.009.438 EUR 5) 100% an G Global Nagoya TMK Gesellschaftskapital: 24.799.955 EUR Wert der Gesellschaft: 23.640.793 EUR 5) | | | | | | | | | | | |\n| | Objekt: | FG | B (95 %) | 05/18 | 2008 | 1.389 | | 7.472 | 145 | K, PA | 47.044 | 48.130 |\n| | Nagoya, 1-5-8 Shinsakae, Naka-ku | | | | | | | | | | 49.217 | |\n| | „Hirokoji Aqua Place“ | | | | | | | | | | | |\n| | J | | | | | | | | | | | |\n\n| Wesentliche Ergebnisse der\tIm Geschäfts-\tZur erstellten Wertgutachten\t\t\t\t\t\t\t\tjahr abge- Abschreibung Voraussichtlich\t\t\t\tFremd-\t\t\t Rest-\t\tMiet- Anteil am\t\tRestnutzungs- Anschaffungs-\t\tdavon\t davon Anschaffungs\tschriebene verbleibende verbleibender\t\tfinanzierungs- Leerstands-\tlaufzeiten einnahmen Immobilien-\tRohertrag –\tdauer – nebenkosten\tGebühren\t sonstige\t\tnebenkosten Anschaffungs- Anschaffungs- Abschreibungs-\t\t\tquote in % quote in %\t\t\tMiet-\t1.4.2019- vermögen Gutachter 1 / 2 Gutachter 1 / 2\tgesamt und Steuern\tKosten\tgesamt in % nebenkosten nebenkosten\tzeitraum\tKredite des Verkehrs- der Brutto-\t\tverträge\t\t31.3.2020 in %\tin TEUR10)\tin Jahren\tin TEUR11) 12)\tin TEUR12)\tin TEUR12) des Kaufpreises\tin TEUR10)\tin TEUR10)\tin Jahren in TEUR10)\twertes\tsollmiete in Jahren13) in TEUR14) |\n| --- |\n| |\n| 720\t0\t720\t1,0%\t145\t395\t3,9 |\n| 1,9%\t4.110\t52\t4.443\t4.317\t126\t6,2%\t889\t2.518\t2,8\t1,9%\t4,6\t4.152 4.185\t52 |\n| 3.611\t0\t3.611\t1,5%\t548\t3.063\t4,5 |\n| 6,3%\t17.850\t39\t4,4%\t3,9\t10.696 18.078\t39 |\n| 748\t0\t748\t288\t460\t4,1 |\n| 2,4%\t4.708\t48\t2.593\t1.343\t1.250\t2,9%\t519\t1.642\t3,2\t33.320\t37,2%\t3,1%\t2,2\t5.386 4.944\t48 |\n| |\n| |\n| 2,6%\t6.366\t59\t4.768\t1.231\t3.537\t4,9%\t918\t981\t1,1\t36.240\t37,4%\t0,3%\t2,1\t5.841 6.291\t59 |\n| 1,9%\t5.139\t33\t2.380\t2.301\t79\t3,4%\t468\t819\t1,8\t3,4%\t1,9\t4.609 4.974\t33 |\n| 712\t0\t712\t2,5%\t246\t466\t4,0 |\n| 1,3%\t2.921\t58\t1.413\t0\t1.413\t2,9%\t319\t1.036\t3,2\t23.062\t47,9%\t0,1%\t1,8\t2.692 3.121\t58 |\n\n| Verkehrs- Kaufpreis/ Projekt-/\tGrund-\twert\tVerkehrs- Art des\tBestands-\tstücks-\tMit- Nutzfläche Nutzfläche\tAnzahl\tGutachter\twert/ Lfd.\t\tGrund- entwicklungs-\tArt der Erwerbs-\t\tgröße\teigentum/ Gewerbe8) Wohnungen8)\tder Kfz-\t\t1 / 210) Mittelwert10) Nr. Lage des Grundstücks\tstücks6) maßnahmen Nutzung7)\tdatum\tBaujahr\t\tin m² Erbbaurecht\tin m²\tin m² Stellplätze8) Ausstattung9)\tin TEUR\tin TEUR |\n| --- |\n| IV. Über Immobilien-Gesellschaften gehaltene Immobilien in Ländern mit anderer Währung |\n| 3\tBeteiligung: 45% an C 8 GmbH & Co. KG, Frankfurt Gesellschaftskapital: 69.865.388 EUR Wert der Gesellschaft: 64.985.841 EUR 5) |\n| Objekt:\tFG\tB (92 %)\t05/15\t2015\t3.137\t48.780\t187\tK, PA, LA\t131.228\t129.586 Seoul, 149 Cheongjindong, Jongrogu127.944 „Tower 8“ ROK |\n| 4\tBeteiligung: 97,8070% an Deutsche Logistic No. 22 Professional Investors Private Real Estate Investment LLC Gesellschaftskapital: 15.125.806 EUR Gesellschafterdarlehen: 9.012.344 EUR Wert der Gesellschaft: 16.116.704 EUR 5) |\n| Objekt:\tFG\tLG (95 %)\t02/18\t2017\t30.125\t43.405\t126\tK\t43.981\t44.991 17385 Icheonsi, 2531 Ichiri;46.000 Majangmyun, Gyeonggido „Logiport Icheon“ ROK |\n| 5\tBeteiligung: 98,113% an DWS No. 25 Professional Investors Private Real Estate Investment LLC Gesellschaftskapital: 11.590.936 EUR Gesellschafterdarlehen: 15.549.728 EUR Wert der Gesellschaft: 11.468.901 EUR 5) |\n| Objekt:\tFG\tLG (100%)\t01/20\t2016\t30.104\t26.610\t169\tPA, LA\t46.215\t46.215 725 Jeonhori, Gochoneup, Gimposi, Gyeonggi-do „Sungkwang Logistics” ROK |\n| 6\tBeteiligung: 100% an DB Real Estate Mvik 28 KB, Göteborg Gesellschaftskapital: 50.110.894 EUR Wert der Gesellschaft: 82.350.559 EUR 5) |\n| Objekt:\tFG\tB (100 %)\t10/03\t2002\t3.776\t18.812\t167\tPA, K\t74.996\t79.243 11743 Stockholm\t83.491 Marieviksgatan 19 A-F „Marievik 28“ S |\n| 7\tBeteiligung: 100% an DB Real Estate Pacific Plaza L. P., Delaware Gesellschaftskapital: 3.055.173 EUR Gesellschaftsdarlehen: 14.441.085 EUR Wert der Gesellschaft: 16.327.223 EUR 5) |\n| Objekt:\tFG\tF (77 %)\t08/04\t2002\t10.186\t9.397\t820 K, PA, LA, R\t29.333\t29.198 Daly City, 1901 und 2001 Junipero Serra29.063 Boulevard, CA 94014 „2001 DC Station“ USA |\n| 8\tBeteiligung: 100% an DB Real Estate Crossroads L. P., Delaware Gesellschaftskapital: -16.316.657 EUR Gesellschafterdarlehen: 0 EUR Wert der Gesellschaft: 147.171.865 EUR 5) |\n| Objekt:\tFG\tB (100 %)\t01/05\t1999\t40.630\t26.091\t866\tK, PA 214.901\t214.766 Sunnyvale, 950 und 1000 West Maude214.631 Avenue, CA 94085 „Crossroads Center“ USA |\n| 9\tBeteiligung: 100% an 1019 Market Street L. P., Delaware (vormals DBRE California Residential 2 LLC) Gesellschaftskapital: -519.309 EUR Gesellschafterdarlehen: 10.830.814 EUR Wert der Gesellschaft: 17.096.354 EUR 5) |\n| Objekt:\tFG\tB (97 %)\t10/14\t1909/\t931\t7.016\tK, PA\t54.515\t55.598 San Francisco, 1019 Market Street,\t2013\t56.681 CA 94103 USA |\n\n| Wesentliche Ergebnisse der\tIm Geschäfts-\tZur erstellten Wertgutachten\t\t\t\t\t\t\t\tjahr abge- Abschreibung Voraussichtlich\t\t\t\tFremd-\t\t\t Rest-\t\tMiet- Anteil am\t\tRestnutzungs- Anschaffungs-\t\tdavon\t davon Anschaffungs\tschriebene verbleibende verbleibender\t\tfinanzierungs- Leerstands-\tlaufzeiten einnahmen Immobilien-\tRohertrag –\tdauer – nebenkosten\tGebühren\t sonstige\t\tnebenkosten Anschaffungs- Anschaffungs- Abschreibungs-\t\t\tquote in % quote in %\t\t\tMiet-\t1.4.2019- vermögen Gutachter 1 / 2 Gutachter 1 / 2\tgesamt und Steuern\tKosten\tgesamt in % nebenkosten nebenkosten\tzeitraum\tKredite des Verkehrs- der Brutto-\t\tverträge\t\t31.3.2020 in %\tin TEUR10)\tin Jahren\tin TEUR11) 12)\tin TEUR12)\tin TEUR12) des Kaufpreises\tin TEUR10)\tin TEUR10)\tin Jahren in TEUR10)\twertes\tsollmiete in Jahren13) in TEUR14) |\n| --- |\n| |\n| 733\t0\t733\t0,7%\t147\t23\t1,0 |\n| 3,5%\t9.258\t55\t6.884\t5.798\t1.086\t5,3%\t1.228\t307\t0,2\t64.685\t49,9%\t6,4%\t1,47.698 9.412\t55 |\n| 343\t0\t343\t0,7%\t68\t192\t3,5 |\n| 1,2%\t3.083\t47\t2.774\t2.157\t617\t6,2%\t571\t1.712\t3,0\t22.062\t49,0%\t21,5%\t2,72.481 3.521\t47 |\n| |\n| 1,2%\t2.805\t47\t3.761\t2.299\t1.462\t8,1%\t117\t3.450\t4,9\t25.675\t55,6%\t1,2348 2.805\t47 |\n| |\n| 2,1%\t4.240\t52\t13,9%\t4,1\t3.361 4.676\t52 |\n| |\n| 0,8%\t3.554\t42\t3,8\t2.929 4.482\t42 |\n| |\n| 5,8%\t13.679\t49\t67.693\t31,5%\t4,6 14.235\t49 | |\n| 24\t0\t24\t0,1%\t2\t0\tkomplett abgeschrie- ben |\n| 1,5%\t4.693\t53\t772\t0\t772\t1,6%\t122\t0\tkomplett\t30.236\t54,4%\t2,5604 4.693\t53\tabgeschrie- ben |\n\n| Lfd. Nr. | Lage des Grundstücks | Art des Grund- stücks6) | Projekt-/ Bestands- entwicklungs- maßnahmen | Art der Nutzung7) | Erwerbs- datum | Baujahr | Grund- stücks- größe in m² | Mit- eigentum/ Erbbaurecht | Nutzfläche Gewerbe8) in m² | Nutzfläche Wohnungen8) in m² | Anzahl der Kfz- Stellplätze8) | Ausstattung9) | Verkehrs- wert Gutachter 1 / 2 10) in TEUR | Kaufpreis/ Verkehrs- wert/ Mittelwert10) in TEUR |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| IV. Über Immobilien-Gesellschaften gehaltene Immobilien in Ländern mit anderer Währung |\n| 10 | Beteiligung: 100% an Galleria North II L.P., Dallas Gesellschaftskapital: 27.294.152 EUR Gesellschafterdarlehen: 6.047.204 EUR Wert der Gesellschaft: 42.948.898 EUR 5) 100% Galeria North II Management LLC, Dallas Gesellschaftskapital: 46.127 EUR Wert der Gesellschaft: 46.127 EUR 5) | | | | | | | | | | | | |\n| | Objekt: | FG | B (100 %) | 06/15 | 1999 | 5.499 | | 28.451 | | 962 | K, PA, LA | 71.213 | 73.965 |\n| | Dallas, 13727 Noel Road, TX 75240 | | | | | | | | | | | 76.718 | |\n| | „Galleria North Tower II“ | | | | | | | | | | | | |\n| | USA | | | | | | | | | | | | |\n| 11 | Beteiligung: 100% an GG LA Figueroa, LLC Gesellschaftskapital: 12.377.851 EUR Gesellschafterdarlehen: 20.127.262 EUR Wert der Gesellschaft: 28.009.539 EUR 5) | | | | | | | | | | | | |\n| | Objekt: | FG | W (89 %) | 06/16 | 2006 | 7.421 | | 1.116 | 11.932 | 307 | K, PA | 88.000 | 87.053 |\n| | Los Angeles, 3770 South Figueroa Street, | | | | | | | | | | | 86.105 | |\n| | CA 90007 | | | | | | | | | | | | |\n| | „Tuscany Apartments“ | | | | | | | | | | | | |\n| | USA | | | | | | | | | | | | |\n| 12 | Beteiligung: 49% an TAF gg Las Olas LP Gesellschaftskapital: 22.926.606 EUR Gesellschafterdarlehen: 24.324.202 EUR Wert der Gesellschaft: 40.889.578 EUR 5) 49% an TAF gg Las Olas GP, LLC Gesellschaftskapital: 0 EUR | | | | | | | | | | | | |\n| | Objekt: | FG | B (90 %) | 09/16 | 2002 | 10.036 | | 37.912 | | 1.034 | K, PA, LA | 107.955 | 109.569 |\n| | Fort Lauderdale, 401 East Las Olas | | | | | | | | | | | 111.184 | |\n| | Boulevard, FL 33301 | | | | | | | | | | | | |\n| | „Las Olas City Center“ | | | | | | | | | | | | |\n| | USA | | | | | | | | | | | | |\n| 13 | Beteiligung: 49% an GREF GG Eastland Center LP, USA Gesellschaftskapital: 21.070.634 EUR Gesellschafterdarlehen: 20.454.443 EUR Wert der Gesellschaft: 25.377.629 EUR 5) | | | | | | | | | | | | |\n| | Objekt: | FG | L (100 %) | 12/19 | 1957 | 218.652 | | 75.016 | | 3.287 | K, LA, R | 82.747 | 82.901 |\n| | West Covina, 2753 E. Eastland Center | | | | | | | | | | | 83.056 | |\n| | Drive, CA 91791 | | | | | | | | | | | | |\n| | „Eastland Center“ | | | | | | | | | | | | |\n| | USA | | | | | | | | | | | | |\n| 14 | Beteiligung: 100% an gg Kirby Groove L. P., USA Gesellschaftskapital: 51.819.248 EUR Gesellschafterdarlehen: 51.829.956 EUR Wert der Gesellschaft: 51.943.421 EUR 5) | | | | | | | | | | | | |\n| | Objekt: | FG/ER | B (86 %) | 01/20 | 2016 | 5.409 | Erbbaurecht | 23.046 | | 864 | K, PA | 103.660 | 103.660 |\n| | Houston, 2925 Richmond Avenue, | | | | | | | | | | | | |\n| | TX 78759 | | | | | | | | | | | | |\n| | „Kirby Grove“ | | | | | | | | | | | | |\n| | USA | | | | | | | | | | | | |\n| 15 | Beteiligung: 100% an gg Oakbrook L. P., USA Gesellschaftskapital: 34.796.107 EUR Gesellschafterdarlehen: 33.981.678 EUR Wert der Gesellschaft: 34.839.931 EUR 5) | | | | | | | | | | | | |\n| | Objekt: Oak Brook, 2155 West 22nd Street, IL 60523 „The Shops at Oak Brook Place“ USA | FG | L (100 %) | 01/20 | 1996 | 57.812 | | 16.459 | | 695 | K | 67.963 | 67.963 |\n\n| Im Geschäfts-\tZur jahr abge- Abschreibung Voraussichtlich\t\t\t\tFremd-\t\t\t Rest-\t\tMiet- Anteil am\t\tRestnutzungs- Anschaffungs-\t\tdavon\t davon Anschaffungs\tschriebene verbleibende verbleibender\t\tfinanzierungs- Leerstands-\tlaufzeiten einnahmen Immobilien-\tRohertrag –\tdauer – nebenkosten\tGebühren\t sonstige\t\tnebenkosten Anschaffungs- Anschaffungs- Abschreibungs-\t\t\tquote in % quote in %\t\t\tMiet-\t1.4.2019- vermögen Gutachter 1 / 2 Gutachter 1 / 2\tgesamt und Steuern\tKosten\tgesamt in % nebenkosten nebenkosten\tzeitraum\tKredite des Verkehrs- der Brutto-\t\tverträge\t\t31.3.2020 in %\tin TEUR10)\tin Jahren\tin TEUR11) 12)\tin TEUR12)\tin TEUR12) des Kaufpreises\tin TEUR10)\tin TEUR10)\tin Jahren in TEUR10)\twertes\tsollmiete in Jahren13) in TEUR14) |\n| --- |\n| |\n| |\n| 2,0%\t7.795\t49\t1.158\t0\t1.158\t1,9%\t238\t91\t0,4\t26.490\t35,8%\t2,8%\t4,7444 8.006\t49 |\n| |\n| 2,3%\t7.103\t46\t1.529\t0\t1.529\t1,8%\t287\t359\t1,3\t40.616\t46,7%\t0,73.650 7.103\t46 |\n| 697\t0\t697\t0,7%\t141\t205\t2,5 |\n| 3,0%\t10.109\t42\t1.393\t765\t628\t1,3%\t183\t275\t1,5\t44.226\t40,4%\t11,2%\t4,66.419 9.969\t42 |\n| 411\t0\t411\t0,5%\t25\t386\t4,8 |\n| 2,2%\t5.503\t34\t1.540\t0\t1.540\t1,9%\t77\t1.464\t4,8\t39.803\t48,0%\t3,1%\t4,66.439 5.543\t35 |\n| |\n| 2,8%\t7.190\t57\t1.771\t0\t1.771\t1,7%\t59\t1.705\t4,8\t51.898\t50,1%\t6,1%\t6,75.832 7.860\t77 |\n| 0\t0\t0\t0,0%\t0\t0\t0,0 |\n| 1,8%\t4.772\t47\t1.158\t0\t1.158\t1,7%\t38\t1.115\t4,8\t2,6%\t5,31.214 4.315\t40 |\n\n| Verkehrs- Kaufpreis/ Projekt-/\tGrund-\twert\tVerkehrs- Art des\tBestands-\tstücks-\tMit- Nutzfläche Nutzfläche\tAnzahl\tGutachter\twert/ Lfd.\t\tGrund- entwicklungs-\tArt der Erwerbs-\t\tgröße\teigentum/ Gewerbe8) Wohnungen8)\tder Kfz-\t\t1 / 210) Mittelwert10) Nr. Lage des Grundstücks\tstücks6) maßnahmen Nutzung7)\tdatum\tBaujahr\t\tin m² Erbbaurecht\tin m²\tin m² Stellplätze8) Ausstattung9)\tin TEUR\tin TEUR |\n| --- |\n| IV. Über Immobilien-Gesellschaften gehaltene Immobilien in Ländern mit anderer Währung |\n| 16 Beteiligung: 100% an G Global T1 Pty Limited (Head Trustee) / 99,99995% der Anteile von G Global Trust 1 Gesellschaftskapital: 50.795.537 EUR Gesellschafterdarlehen: 13.238.350 EUR Wert der Gesellschaft: 30.988.1855) 100% an G Global 90A T2 Pty Limited (Subtrustee) / G Global 90A AUT1 Gesellschaftskapital: 34.187.390 EUR Wert der Gesellschaft: 9.351.109 EUR 5) 100% an G Global 90A T3 Pty Limited (Subtrustee) / 90 Arthur Street Trust Gesellschaftskapital: 54.619.002 EUR Gesellschafterdarlehen: 6.092.965 EUR Wert der Gesellschaft: 48.861.128 EUR 5) |\n| Objekt:\tFG\tB (97 %)\t09/16\t1987/\t1.188\t9.256\t74\tK, PA\t52.012\t54.117 North Sydney, 90 Arthur Street,\t2014\t56.221 NSW 2060 AU |\n| 17 Beteiligung: 100% an G Global Australia 1 Pte. Ltd. Gesellschaftskapital: 7.347.896 EUR Wert der Gesellschaft: 8.048.773 EUR 5) 100% an G Global Australia 2 Pte. Ltd. Gesellschaftskapital: 14.595.615 EUR Wert der Gesellschaft: 16.086.016 EUR 5) 100% an G Global Australia 3 Pte. Ltd. Gesellschaftskapital: 14.595.615 EUR Wert der Gesellschaft: 16.086.016 EUR 5) 100% an G Global 120E Pte. Ltd. Gesellschaftskapital: 36.245.039 EUR Wert der Gesellschaft: 39.831.667 EUR 5) 100% an G Global T2 Pty Ltd. (Head Trustee) / G Global Trust 2 Gesellschaftskapital: 36.124.409 EUR Wert der Gesellschaft: 39.165.242 EUR 5) 100% an G Global 120E T2 Pty Ltd. (Subtrustee) / G Global 120E AUT Gesellschaftskapital: 23.914.183 EUR Gesellschafterdarlehen: 19.109.762 EUR Wert der Gesellschaft: 28.462.498 EUR 5) 100% an G Global 180Q Pty Ltd. (Subtrustee) / G Global 180Q AUT Gesellschaftskapital: 11.852.918 EUR Gesellschafterdarlehen: 4.183.653 EUR Wert der Gesellschaft: 13.618.892 EUR 5) |\n| Objekt:\tFG\tB (96 %)\t06/17\t2001/\t1.824\t15.734\t111\tK, PA\t79.486\t81.175 Brisbane, 120 Edward Street,\t2015/\t82.864 QLD 40002016 AUS |\n| Objekt:\tFG\tL (67 %)\t11/17 1929/2014\t722\t3.539\tK, PA, LA\t31.351\t30.493 Brisbane, 180 Queen Street Mall,\tB (33 %)29.634 QLD 4000 AUS |\n| 18 Beteiligung: 100% an G Global T1 Pty Limited / 99,99995% der Anteile von G Global Trust 1 Gesellschaftskapital: 50.795.537 EUR Gesellschafterdarlehen: 13.238.350 EUR Wert der Gesellschaft: 30.988.185 EUR 5) |\n| Objekt:\tFG/ER\tH (92 %)\t12/19 1965/2019\t877\tCrown\t6.803\t7\tK, PA, LA\t27.086\t26.948 Canberra, 197 London Circuit\tLease3)26.809 „The Sebel“ AUS |\n\n| Im Geschäfts-\tZur jahr abge- Abschreibung Voraussichtlich\t\t\t\tFremd-\t\t\t Rest-\t\tMiet- Anteil am\t\tRestnutzungs- Anschaffungs-\t\tdavon\t davon Anschaffungs\tschriebene verbleibende verbleibender\t\tfinanzierungs- Leerstands-\tlaufzeiten einnahmen Immobilien-\tRohertrag –\tdauer – nebenkosten\tGebühren\t sonstige\t\tnebenkosten Anschaffungs- Anschaffungs- Abschreibungs-\t\t\tquote in % quote in %\t\t\tMiet-\t1.4.2019- vermögen Gutachter 1 / 2 Gutachter 1 / 2\tgesamt und Steuern\tKosten\tgesamt in % nebenkosten nebenkosten\tzeitraum\tKredite des Verkehrs- der Brutto-\t\tverträge\t\t31.3.2020 in %\tin TEUR10)\tin Jahren\tin TEUR11) 12)\tin TEUR12)\tin TEUR12) des Kaufpreises\tin TEUR10)\tin TEUR10)\tin Jahren in TEUR10)\twertes\tsollmiete in Jahren13) in TEUR14) |\n| --- |\n| |\n| 513\t0\t513\t1,1%\t93\t121\t2,0 |\n| 1,5%\t4.484\t46\t3.390\t0\t3.390\t6,3%\t0\t0\tkomplett\t20.356\t37,6%\t1,5%\t1,9\t3.114 4.522\t46\tabgeschrie- ben |\n| 955\t0\t955\t0,3%\t213\t453\t4,0 |\n| 2,2%\t6.326\t51\t6.739\t5.760\t979\t8,3%\t1.087\t2.536\t2,3\t39.106\t48,2%\t6,9%\t2,6\t5.542 6.516\t51 |\n| 0,8%\t2.405\t48\t2.885\t2.192\t693\t9,5%\t436\t1.228\t2,8\t14.942\t49,0%\t13,9%\t0,8\t2.434 2.301\t43 |\n| |\n| 0,7%\t1.656\t49\t2.866\t1.472\t1.394\t10,6%\t129\t2.458\t4,8\t13,4 1.640\t49 | |\n\n| Lfd. Nr. | Lage des Grundstücks | Art des Grund- stücks6) | Projekt-/ Bestands- entwicklungs- maßnahmen | Art der Nutzung7) | Erwerbs- datum | Baujahr | Grund- stücks- größe in m² | Mit- eigentum/ Erbbaurecht | Nutzfläche Gewerbe8) in m² | Nutzfläche Wohnungen8) in m² | Anzahl der Kfz- Stellplätze8) | Ausstattung9) | Verkehrs- wert Gutachter 1 / 2 10) in TEUR | Kaufpreis/ Verkehrs- wert/ Mittelwert10) in TEUR |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| IV. Über Immobilien-Gesellschaften gehaltene Immobilien in Ländern mit anderer Währung |\n| 19 | Beteiligung: 45% an Eighteen Amaryllis S.à.r.l., Luxembourg Gesellschaftskapital: 48.920.283 EUR Gesellschafterdarlehen: 38.023.759 EUR Wert der Gesellschaft: 51.970.807 EUR 5) 45% an Eighteen Celosia S.à.r.l., Luxembourg Gesellschaftskapital: 47.501.288 EUR Wert der Gesellschaft: 47.495.948 EUR 5) | | | | | | | | | | | |\n| | Objekt: E20 London Stratford Building S9 „S9 International Quarter“ GB | FG | B (99 %) | 07/18 | 2019 | 4.752 | | 25.850 | | K, PA, LA | 122.286 121.534 | 121.910 |\n| Beteiligung: 12,6% an Swift Newco B Limited Gesellschaftskapital: 252.069 EUR Gesellschafterdarlehen: 0 EUR Wert der Gesellschaft: 33.280.701 EUR 5) |\n| Beteiligung: 12,6% an Vita PropCo Holdings Limited Gesellschaftskapital: 152.218 EUR Gesellschafterdarlehen: 0 EUR Wert der Gesellschaft: 33.138.646 EUR 5) |\n| 20 | Beteiligung: 12,6% an Beith Street Propco Limited Gesellschaftskapital: 501.382 EUR Gesellschafterdarlehen: 4.014.429 EUR Wert der Gesellschaft: 3.752.852 EUR 5) | | | | | | | | | | | |\n| | Objekt: Glasgow G11 6BZ 82 Beith Street „West End“ GB | FG | W (86 %) | 08/19 | 2017 | 9.263 | | 1.683 | 10.081 | PA | 11.221 11.853 | 11.537 |\n| 21 | Beteiligung: 12,6% an Fountainbridge Propco Limited Gesellschaftskapital: 2.710.086 EUR Gesellschafterdarlehen: 2.770.970 EUR Wert der Gesellschaft: 2.832.889 EUR 5) | | | | | | | | | | | |\n| | Objekt: Edinburgh EH3 9QG 125a Fountainbridge „Fountainbridge“ GB | FG | W (95 %) | 08/19 | 2018 | 2.752 | | 297 | 5.450 | PA | 9.283 9.115 | 9.199 |\n| 22 | Beteiligung: 12,6% an Strawberry Place Propco Limited Gesellschaftskapital: 2.109.023 EUR Gesellschafterdarlehen: 1.569.817 EUR Wert der Gesellschaft: 2.348.436 EUR 5) | | | | | | | | | | | |\n| | Objekt: Newcastle upon Tyne NE1 4PQ Strawberry Place „Strawberry Place“ GB | FG | W (100 %) | 08/19 | 2017 | 2.853 | | | 6.715 | PA | 6.460 6.390 | 6.425 |\n| 23 | Beteiligung: 12,6% an First Street Manchester Propco Limited Gesellschaftskapital: 574.264 EUR Gesellschafterdarlehen: 3.240.726 EUR Wert der Gesellschaft: 870.266 EUR 5) | | | | | | | | | | | |\n| | Objekt: Manchester M15 4FN 13 Jack Rosenthal Street „First Street“ GB | FG/ER | W (97 %) | 08/19 | 2014 | 826 | Erbbaurecht (long lea- sehold) | 174 | 5.038 | PA | 6.488 6.727 | 6.608 |\n| 24 | Beteiligung: 12,6% an Circle Square 10 & 11 Propco Limited Gesellschaftskapital: 6.984.283 EUR Gesellschafterdarlehen: 7.398.632 EUR Wert der Gesellschaft: 5.969.423 EUR 5) | | | | | | | | | | | |\n| | Objekt: Manchester M1 7FA 2 Nobel Way „10 /11 Circle Square“ GB | FG | W (96 %) | 08/19 | 2017 | 5.026 | | 597 | 16.073 | PA | 23.777 23.988 | 23.882 |\n\n| Im Geschäfts-\tZur jahr abge- Abschreibung Voraussichtlich\t\t\t\tFremd-\t\t\t Rest-\t\tMiet- Anteil am\t\tRestnutzungs- Anschaffungs-\t\tdavon\t davon Anschaffungs\tschriebene verbleibende verbleibender\t\tfinanzierungs- Leerstands-\tlaufzeiten einnahmen Immobilien-\tRohertrag –\tdauer – nebenkosten\tGebühren\t sonstige\t\tnebenkosten Anschaffungs- Anschaffungs- Abschreibungs-\t\t\tquote in % quote in %\t\t\tMiet-\t1.4.2019- vermögen Gutachter 1 / 2 Gutachter 1 / 2\tgesamt und Steuern\tKosten\tgesamt in % nebenkosten nebenkosten\tzeitraum\tKredite des Verkehrs- der Brutto-\t\tverträge\t\t31.3.2020 in %\tin TEUR10)\tin Jahren\tin TEUR11) 12)\tin TEUR12)\tin TEUR12) des Kaufpreises\tin TEUR10)\tin TEUR10)\tin Jahren in TEUR10)\twertes\tsollmiete in Jahren13) in TEUR14) |\n| --- |\n| |\n| 1.272\t0\t1272\t0,5%\t139\t1.127\t4,5 |\n| 3,3%\t6.194\t69\t999\t0\t999\t0,8%\t71\t916\t5,4\t43.136\t35,4%\t16,13.225 6.194\t69 |\n| |\n| |\n| 296\t17\t279\t2,6%\t38\t258\t4,5 |\n| 0,3%\t821\t57\t4.554\t39,5%\t1,0\t466 821\t57 |\n| 296\t17\t279\t3,2%\t38\t258\t4,5 |\n| 0,2%\t643\t58\t3.492\t38,0%\t0,4\t282 643\t58 |\n| 296\t17\t279\t4,6%\t38\t258\t4,5 |\n| 0,2%\t517\t57\t2.574\t40,1%\t0,7%\t0,4\t288 517\t57 |\n| 296\t17\t279\t4,5%\t38\t258\t4,5 |\n| 0,2%\t478\t54\t2.595\t39,3%\t0,4\t185 478\t54 |\n| 296\t17\t279\t1,2%\t38\t258\t4,5 |\n| 0,6%\t1.542\t57\t9.300\t38,9%\t1,0%\t0,4856 1.542\t57 |\n\n| Verkehrs- Kaufpreis/ Projekt-/\tGrund-\twert\tVerkehrs- Art des\tBestands-\tstücks-\tMit- Nutzfläche Nutzfläche\tAnzahl\tGutachter\twert/ Lfd.\t\tGrund- entwicklungs-\tArt der Erwerbs-\t\tgröße\teigentum/ Gewerbe8) Wohnungen8)\tder Kfz-\t\t1 / 210) Mittelwert10) Nr. Lage des Grundstücks\tstücks6) maßnahmen Nutzung7)\tdatum\tBaujahr\t\tin m² Erbbaurecht\tin m²\tin m² Stellplätze8) Ausstattung9)\tin TEUR\tin TEUR |\n| --- |\n| IV. Über Immobilien-Gesellschaften gehaltene Immobilien in Ländern mit anderer Währung |\n| 25 Beteiligung: 12,6% an St. Albans Place Propco Limited Gesellschaftskapital: -15.638 EUR Gesellschafterdarlehen: 378.283 EUR Wert der Gesellschaft: 1.841.037 EUR 5) |\n| Objekt:\tFG\tW (96 %)\t08/19\t2019\t1.396\t333\t7.870\tPA\t8.314\t8.469 Leeds LS2 8JP\t8.623 Cross Belgrave Street „St Albans Place“ GB |\n| 26 Beteiligung: 12,6% an Circle Square 9 Propco Limited Gesellschaftskapital: 6.590.266 EUR Gesellschafterdarlehen: 228.040 E5R Wert der Gesellschaft: 5.191.854 EUR 5) |\n| Objekt:\tFG\tW (96 %)\t08/19\t2019\t1.440\t240\t6.320\tPA\t10.238\t10.238 Manchester M1 7FA\t10.238 2 Nobel Way „9 Circle Square“ GB |\n| 27 Beteiligung: 12,6% an Pebble Mill Propco Limited Gesellschaftskapital: 5.014.301 EUR Gesellschafterdarlehen: 606.672 EUR Wert der Gesellschaft: 5.535.220 EUR 5) |\n| Objekt:\tFG\tW (100 %)\t08/19\t2019\t8.940\t8.390\tPA\t8.427\t8.581 Birmingham B29 7ES\t8.736 Petershore Road „Pebble Mill“ GB |\n| V. Immobilienvermögen gesamt\t3.713.538 |\n\nBei den farblich gekennzeichneten Immobilien wird zum Schutz der Interessen des Einzelmieters auf die Veröffentlichung der Mieteinnahmen verzichtet.\n- Enthält Länder mit Mietverträgen auf Eurobasis.\n- Teilbereiche des Grundstücks unter Denkmalschutz.\n- Entspricht deutschem Erbbaurecht.\n- Entspricht deutschem Erbnießbrauchrecht.\n- Wert der Gesellschaft ermittelt gemäß Bestimmungen des KAGB und der KARBV (Kapitalanlage-Rechnungslegungs- und Bewertungsverordnung).\n- FG = Mietwohn-, Geschäfts- oder gemischt genutztes Grundstück mit fertigem Objekt UB = Grundstück im Zustand der BebauungU = unbebautes Grundstück ER = Erbbaurecht\n- B = BüroF\t= FreizeitH = HotelL\t= LädenLG = Lager/Logistik W = WohnenAnteil in % jeweils bezogen auf den Mietertrag.\n- Angaben gemäß zuletzt erstelltem Gutachten. Bei über Beteiligungen gehaltenen Objekten beziehen sich die Angaben auf das Gesamtobjekt, unabhängig von der Beteiligungsquote.\n- K = Klimaanlage LA = LastenaufzugPA = Personenaufzug R = Rolltreppe\n- Werte in Fremdwährung umgerechnet zum Devisenkurs vom 31. März 2020. Bei über Beteiligungen gehaltenen Objekten erfolgt der Ausweis anteilig gemäß Beteiligungsquote.\n- Bei über Beteiligungen gehaltenen Objekten können Anschaffungsnebenkosten sowohl auf Fonds- als auch auf Gesellschaftsebene anfallen, unter anderem abhängig davon, ob es sich um die Neugründung oder den Erwerb einer bereits bestehenden Gesellschaft handelt.\n- Historische Anschaffungsnebenkosten in Ländern mit anderer Währung werden mit Wechselkurs des Besitzübergangs ausgewiesen.\n- Bei der Berechnung der Restlaufzeiten wird davon ausgegangen, dass vertraglich vereinbarte Sonderkündigungsrechte ausgeübt werden.\n- Mieteinnahmen in Fremdwährung umgerechnet mit historischen Wechselkursen.\n- Ohne Berücksichtigung eines noch bestehenden Darlehens für das im Berichtzeitraum verkaufte Objekt „Roosevelt Commons“.\n\n| Im Geschäfts-\tZur jahr abge- Abschreibung Voraussichtlich\t\t\t\tFremd-\t\t\t Rest-\t\tMiet- Anteil am\t\tRestnutzungs- Anschaffungs-\t\tdavon\t davon Anschaffungs\tschriebene verbleibende verbleibender\t\tfinanzierungs- Leerstands-\tlaufzeiten einnahmen Immobilien-\tRohertrag –\tdauer – nebenkosten\tGebühren\t sonstige\t\tnebenkosten Anschaffungs- Anschaffungs- Abschreibungs-\t\t\tquote in % quote in %\t\t\tMiet-\t1.4.2019- vermögen Gutachter 1 / 2 Gutachter 1 / 2\tgesamt und Steuern\tKosten\tgesamt in % nebenkosten nebenkosten\tzeitraum\tKredite des Verkehrs- der Brutto-\t\tverträge\t\t31.3.2020 in %\tin TEUR10)\tin Jahren\tin TEUR11) 12)\tin TEUR12)\tin TEUR12) des Kaufpreises\tin TEUR10)\tin TEUR10)\tin Jahren in TEUR10)\twertes\tsollmiete in Jahren13) in TEUR14) |\n| --- |\n| |\n| 296\t17\t279\t3,5%\t38\t258\t4,5 |\n| 0,2%\t610\t59\t3.399\t40,1%\t0,4\t307 610\t59 |\n| 296\t17\t279\t2,9%\t38\t258\t4,5 |\n| 0,3%\t687\t59\t3.967\t38,7%\t0,4\t348 687\t59 |\n| 296\t17\t279\t3,4%\t38\t258\t4,5 |\n| 0,2%\t591\t59\t3.263\t38,0%\t1,1%\t0,4\t304 591\t59 |\n| 100,0%\t788.23715)\t21,2% |\n\n| Devisenkurse per 31. März 2020 |\n| --- |\n| 1 EUR | = | 1,10795 | USD |\n| 1 EUR | = | 11,04066 | SEK |\n| 1 EUR | = | 0,89716 | GBP |\n| 1 EUR | = | 119,67519 | JPY |\n| 1 EUR | = | 1.356,57369 | KRW |\n| 1 EUR | = | 4,53838 | PLN |\n| 1 EUR | = | 1,80536 | AUD |"},"date":{"kind":"string","value":"2020-03-31"},"language":{"kind":"string","value":"ENDE"},"source_text":{"kind":"string","value":"# Statement of assets as of March 31, 2020 Part I: Index of properties\n| No. | Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| I. Directly held properties in eurozone countries1 |\n| 1 | 1120 Vienna | FP | | O (100%) | 04/03 | 2003 | 9,876 | | 27,726 | 453 | AC, SL, PL | 84,140 | 81,770 |\n| | Am Europlatz 1, 3, 5 | | | | | | | | | | | 79,400 | |\n| | “Europlaza” | | | | | | | | | | | | |\n| | A | | | | | | | | | | | | |\n| 2 | 1030 Vienna | FP | | H (100%) | 12/00 | 2007 | 2,200 | 191,540/ | 11,779 | 135 | AC, PL | 37,800 | 39,200 |\n| | Rennweg 12 | | | | | | | 348,330 co- | | | | 40,600 | |\n| | “Am Belvedere” | | | | | | | ownership | | | | | |\n| | A | | | | | | | share of | | | | | |\n| | | | | | | | | 8,757 sqm | | | | | |\n| 3 | 92800 Puteaux 18, Rue Hoche “Kupka A“ F | UC | Conv./ moderniza- tion, expected to be completed in 2020 | O (100%) | 05/01 | 1992 | 9,018 | Volume ownership of commer- cial rental area and 342 parking spaces | 17,563 | 342 | AC, SL, PL | 82,000 77,500 | 79,750 |\n| 4 | 02-486 Warsaw | FP | | O (100%) | 12/05 | 2004/ | 14,923 | | 19,057 | 567 | PL | 35,700 | 36,800 |\n| | Aleje Jerozolimskie 172, 174, 176, 178 | | | | 03/06 | 2007/ | | | | | | 37,900 | |\n| | “Kopernik B - E” | | | | 04/07 | 2008 | | | | | | | |\n| | PL | | | | 06/08 | | | | | | | | |\n| 5 | 50-365 Wroclaw | FP | | O (100%) | 06/10 | 2008/ | 7,880 | | 27,753 | 391 | PL, AC | 72,500 | 76,950 |\n| | Plac Grunwaldzki 23, 25, 27 | | | | | 2009 | | | | | | 81,400 | |\n| | “Grunwaldzki Center” | | | | | | | | | | | | |\n| | PL | | | | | | | | | | | | |\n| 6 | Dublin, 15 Blanchardstown | FP | | S (78%) | 06/18 | 2000 | 69,213 | | 30,062 | 1,067 | AC, PL, SL, E | 146,950 | 150,925 |\n| | Snugborough Road | | | | | | | | | | | 153,900 | |\n| | “Westend Retail Park” | | | | | | | | | | | | |\n| | IRL | | | | | | | | | | | | |\n| II. Directly held properties in countries with other currencies |\n| 1 | Edinburgh | FP/HBR | | O (78%) | 10/05 | 2004 | 2,334 | Plus rights | 10,463 | 39 | AC, PL | 43,080 | 43,777 |\n| | 129, 133 Fountainbridge, | | | | | | | of use | | | | 44,474 | |\n| | Edinburgh EH3 9QG | | | | | | | and co- | | | | | |\n| | 1, 2 Fountainbridge Square, | | | | | | | ownership | | | | | |\n| | Edinburgh EH3 9QB | | | | | | | | | | | | |\n| | 4 Lower Gilmore Bank, Edinburgh EH3 9QP | | | | | | | | | | | | |\n| | 127 Fountainbridge, Edinburgh EH3 9QG | | | | | | | | | | | | |\n| | “Edinburgh Quay“ | | | | | | | | | | | | |\n| | GB | | | | | | | | | | | | |\n| 2 | London EC4 60 Queen Victoria Street GB | FP/HBR | | O (100%) | 11/04 | 1999 | 1,453 | In part, simultane- ously beneficiary and holder of heritable building right | 10,724 | 11 | AC, PL, SL | 130,300 130,857 | 130,579 |\n| 3 | Tokyo | FP | | O (100%) | 12/03 | 2000 | 1,563 | | 6,695 | 37 | AC, SL, PL | 101,859 | 102,319 |\n| | 3-16-11 Nishi Shinbashi | | | | | | | | | | | 102,778 | |\n| | Minato-ku | | | | | | | | | | | | |\n| | “ATAGO East Building“ | | | | | | | | | | | | |\n| | J | | | | | | | | | | | | |\n| 4 | Pyeongtaek | FP | | W (100%) | 11/13 | 2012 | 63,517 | | 47,775 | 143 | SL | 58,825 | 56,318 |\n| | 1175-3 Doil-dong, Pyeongtaek-si, | | | | | | | | | | | 53,812 | |\n| | Gyeonggi-do | | | | | | | | | | | | |\n| | “Adidas Korea Distribution Center” | | | | | | | | | | | | |\n| | ROK | | | | | | | | | | | | |\n\n| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |\n| --- |\n| |\n| 2.2%\t4,998\t53\t11.5%\t3.8\t4,411 4,931\t53 |\n| 1.1%\t2,199\t57\t1.6%\t17.1 2,178\t57 | |\n| 2.1%\t7,521\t57 7,521\t57 |\n| 1.0%\t2,675\t56\t11.5%\t3.0\t2,503 3,019\t56 |\n| 2.1%\t4,935\t59\t6.4%\t2.9\t4,901 5,722\t59 |\n| 4.1%\t8,580\t40\t12,092\t8,862\t3,230\t8.2%\t2,424\t7,827\t3.3\t0.4%\t5.3\t8,353 8,632\t40 |\n| |\n| 1.2%\t2,922\t54\t11.4%\t5.2\t2,602 2,900\t54 |\n| 3.5%\t6,582\t49\t0.4\t6,261 6,539\t49 |\n| 2.8%\t4,577\t40\t0.3%\t1.4\t3,129 4,977\t40 |\n| 1.5%\t4,363\t32\t3,223\t2,065\t1,158\t7.5%\t0\t0\tcompletely\t17,028\t30.2%2.4 4,060\t32\tamortized | |\n\n| No. | Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| III. Properties held through special purpose vehicles in eurozone countries1 |\n| 1 | Holding: 100% in Rakpart 3 Ingatlanhasznosito Kft., Budapest Share capital: EUR 591,893 Shareholder loan: EUR 15,500,000 Value of the company: EUR 23,446,451 5 | | | | | | | | | | | |\n| | Property: | FP | O (100%) | 01/01 | 2000 | 2,527 | | 13,572 | 142 | AC, PL | 34,200 | 35,700 |\n| | 1054 Budapest | | | | | | | | | | 37,200 | |\n| | Akademia utca 62 | | | | | | | | | | | |\n| | Szechenyi rakpart 3 | | | | | | | | | | | |\n| | “Akademia Business Center” | | | | | | | | | | | |\n| | H | | | | | | | | | | | |\n| 2 | Holding: 100% in Mom Park Torony Kft., Budapest Share capital: EUR 14,903,986 Value of the company: EUR 42,216,309 5 | | | | | | | | | | | |\n| | Property: | FP | O (100%) | 06/03 | 2001 | 5,572 | | 11,926 | 474 | AC, PL | 33,500 | 35,850 |\n| | 1124 BudapestCsörsz utca 41-45 | | | | | | | | | | 38,200 | |\n| | “Mom Park” | | | | | | | | | | | |\n| | H | | | | | | | | | | | |\n| 3 | Holding: 100% in AIAS Ingatlanbefektetési Kft., Budapest Share capital: EUR -159,850 Shareholder loan: EUR 12,000,000 Value of the company: EUR 19,078,464 5 | | | | | | | | | | | |\n| | Property: | FP | O (91%) | 09/05 | 2004 | 4,416 | | 16,430 | 244 | AC, PL | 25,700 | 25,800 |\n| | 1139 Budapest | | | | | | | | | | 25,900 | |\n| | Váci út 140 | | | | | | | | | | | |\n| | “BC 140” | | | | | | | | | | | |\n| | H | | | | | | | | | | | |\n| 4 | Holding: 100% in DB Real Estate Investment Madeira Sociedade Imobiliária Unipessoal Lda & Comandita Share capital: EUR 47,615,535 Value of the company: EUR 75,341,795 5 100% in DB Real Estate Investment Madeira Sociedade Imobiliária Unipessoal Lda Share capital: EUR 4,462,043 Value of the company: EUR 2,837,647 5 | | | | | | | | | | | |\n| | Property: | FP | S (100%) | 06/05 | 2005 | | 84.42% | 20,714 | 792 | AC, SL, E | 70,100 | 69,775 |\n| | Madeira, 9004-568 Funchal | | | | | | co-owner- | | | | 69,450 | |\n| | Estrada Monumental 390 | | | | | | ship of | | | | | |\n| | “Forum Madeira” | | | | | | 11,944 sqm | | | | | |\n| | P | | | | | | | | | | | |\n| 5 | Holding: 100% in RREEF Investment Azambuja Unipessoal LDA Share capital: EUR 24,673 Value of the company: EUR 29,836 5 100% in RREEF Investment Azambuja Unipessoal LDA & Comandita Share capital: EUR 27,499,468 Shareholder loan: EUR 9,100,000 Value of the company: EUR 29,995,413 5 | | | | | | | | | | | |\n| | Property: | FP | W (100%) | 04/17 | 2011 | 122,996 | | 52,638 | 52 | AC | 36,300 | 36,400 |\n| | 2050 Vila Nova da Rainha (Azambuja) | | | | | | | | | | 36,500 | |\n| | Estrada Nacional 3 KM 7 | | | | | | | | | | | |\n| | “Azambuja EIPA II” | | | | | | | | | | | |\n| | P | | | | | | | | | | | |\n| 6 | Holding: 100% in LCC Leiriashopping - Centro Comercial, S.A. Share capital: EUR-70,134,639 Shareholder loan: EUR 64,000,000 Value of the company: EUR 35,536,830 5 | | | | | | | | | | | |\n| | Property: | FP | S (100%) | 04/19 | 2010 | 40,840 | | 24,505 | 1,049 | AC, PL, SL, E | 127,800 | 128,000 |\n| | 2400-441 LeiriaAlto do Vieiro | | | | | | | | | | 128,200 | |\n| | “Leiria Shopping” | | | | | | | | | | | |\n| | P | | | | | | | | | | | |\n\n| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |\n| --- |\n| |\n| |\n| 1.0%\t2,790\t50\t5.0%\t3.6\t3,362 3,159\t50 |\n| |\n| 1.0%\t2,370\t51\t8.9%\t2.7\t2,389 2,667\t51 |\n| |\n| 0.7%\t2,063\t54\t24.0%\t1.5\t2,009 2,263\t54 |\n| |\n| 1.9%\t4,991\t45\t0.4%\t2.8\t5,206 5,319\t45 |\n| |\n| 1.0%\t2,417\t41\t2,818\t2,277\t541\t7.7%\t564\t1,174\t2.111.6 2,378\t41 | |\n| 42\t0\t42\t0.0%\t8\t34\t4.5 |\n| 3.4%\t7,942\t50\t2,454\t0\t2,454\t1.9%\t450\t2,004\t4.5\t25,500\t19.9%\t3.8%\t2.9\t9,264 9,001\t50 |\n\n| No. | Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| III. Properties held through special purpose vehicles in eurozone countries1 |\n| 7 | Holding: 100% in DB Real Estate Polska 2 Spolka z o. o., Warsaw Share capital: EUR 9,234,507 Value of the company: EUR 11,980,548 5 | | | | | | | | | | | |\n| | Property: | FP | O (100%) | 03/02 | 2001 | 5,657 | | 5,984 | 200 | PL | 9,700 | 10,600 |\n| | 02-486 Warsaw | | | | | | | | | | 11,500 | |\n| | Aleje Jerozolimskie 180 | | | | | | | | | | | |\n| | “Kopernik A” | | | | | | | | | | | |\n| | PL | | | | | | | | | | | |\n| 8 | Holding: 46.995% in Bolsover Sp. Zo.o. 17 Sp.k. (Limited Partnership) Share capital: EUR 57,500,662 Value of the company: EUR 77,507,803 5 | | | | | | | | | | | |\n| | Property: | FP/HBR | S (100%) | 06/17 | 2005/ | 80,293 | Right of | 17,236 | 1,000 | AC | 44,598 | 45,797 |\n| | 05-505 Warsaw | | | | 2006/ | | Perpetual | | | | 46,995 | |\n| | Pulawska 42E | | | | 2007 | | Usufruct | | | | | |\n| | PL | | | | | | (RPU) 4 | | | | | |\n| | Property: | FP/HBR | S (100%) | 06/17 | 2004/ | 123,811 | Partial | 16,816 | 1,057 | AC | 32,333 | 32,051 |\n| | 41-208 Sosnowitz (Kattowitz) | | | | 2008/ | | Right of | | | | 31,769 | |\n| | Orlat Lwowskich 138 | | | | 2009 | | Perpetual | | | | | |\n| | PL | | | | | | Usufruct | | | | | |\n| | | | | | | | (RPU) 4 | | | | | |\n| | Property: | FP | S (100%) | 06/17 | 2005/2009 | 79,177 | | 16,836 | 935 | AC | 37,737 | 38,113 |\n| | 80-174 Gdansk | | | | | | | | | | 38,489 | |\n| | Przywidzka 8 | | | | | | | | | | | |\n| | PL | | | | | | | | | | | |\n| 9 | Holding: 100% in Espoon Keilahadentie 2 4 Ky LP Share capital: EUR 182,346,628 Value of the company: EUR 174,363,528 5 100% in Espoon Keilahadentie 2 4 Ky GP Share capital: EUR 1,473 Value of the company: EUR 1,473 5 100% in Kiinteistö Oy Espoon Keilalahden ABCD-talot (MREC) Share capital: EUR 112,185,998 Shareholder loan: EUR 0 Value of the company: EUR 168,408,321 5 | | | | | | | | | | | |\n| | Property: Keilalahdentie 2-402150 Espoo FIN | FP | O (100%) | 11/17 | 1997 | 52,841 | | 31,159 | 846 | AC | 166,800 169,900 | 168,350 |\n| 10 | Holding: 100% in Kiinteistö Oy Viinikankaski 1 (MREC) Share capital: EUR 43,870,569 Value of the company: EUR 63,313,134 5 | | | | | | | | | | | |\n| | Property: 01530 Vantaa Katriinantie 20 FIN | FP | W (90%) | 06/19 | 2009 | 74,958 | | 38,797 | 268 | AC | 62,900 63,500 | 63,200 |\n| 11 | Holding: 100% in Oval Tower Verwaltungs UG Share capital: EUR 724 Value of the company: EUR 724 5 100% in Oval Tower UG & Co. KG Share capital: EUR 51,448,857 Shareholder loan: Value of the company: EUR 59,198,259 5 | | | | | | | | | | | |\n| | Property: | FP/HBR | O (100%) | 12/17 | 2001/ | 1,129 | Leasehold/ | 23,632 | 234 | PL, AC | 89,200 | 90,650 |\n| | 101 HE Amsterdam | | | | 2002/ | | opstal right 3 | | | | 92,100 | |\n| | De Entrée 99 - 197 | | | | 2012 | | | | | | | |\n| | “Oval Tower” | | | | | | | | | | | |\n| | NL | | | | | | | | | | | |\n\n| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |\n| --- |\n| |\n| |\n| 0.3%\t813\t51\t28.4%\t1.9\t588 989\t51 |\n| |\n| 1.2%\t2,807\t36\t1,118\t741\t377\t2.4%\t216\t524\t2.4\t18,930\t41.3%\t4.9%\t3.1\t3,163 3,263\t36 |\n| 0.9%\t2,078\t36\t873\t579\t294\t2.7%\t169\t409\t2.4\t14,446\t45.1%\t2.6%\t3.5\t2,196 2,285\t36 |\n| 1.0%\t2,395\t37\t987\t654\t333\t2.6%\t191\t463\t2.4\t16,439\t43.1%\t2.6%\t3.5\t2,539 2,679\t37 |\n| |\n| 4.5%\t7,784\t47\t5,358\t3,272\t2,086\t3.2%\t1,072\t2,947\t2.86.5 7,835\t47 | |\n| 2,388\t0\t2,388\t3.7%\t124\t2,264\t4.5 |\n| 1.7%\t3,517\t39\t2.8%\t2.5\t2,262 3,495\t39 |\n| 901\t0\t901\t1.0%\t180\t495\t3.9 |\n| 2.4%\t4,839\t50\t5,320\t5,193\t127\t5.9%\t1,062\t3,017\t2.8\t39,204\t43.2%\t3.3\t5,421 4,598\t50 |\n\n| No. | Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| III. Properties held through special purpose vehicles in eurozone countries1 |\n| 12 | Holding: 100% in Daelse Kwint Verwaltungs UG Share capital: EUR 957 Value of the company: EUR 957 5 100% in Daelse Kwint UG & Co. KG Share capital: EUR 44,914,807 Shareholder loan: EUR 31,950,000 Value of the company: EUR 46,877,106 5 | | | | | | | | | | | |\n| | Property: | FP/HBR | O (100%) | 12/17 | 1990/ | 7,915 | Leasehold/ | 19,037 | 249 | PL, AC | 70,000 | 72,000 |\n| | 3511 SX Utrecht | | | | 2013/ | | opstal right 3 | | | | 74,000 | |\n| | Daalseplein 1 and 101 | | | | 2014 | | | | | | | |\n| | “Daalse Kwint” | | | | | | | | | | | |\n| | NL | | | | | | | | | | | |\n| 13 | Holding: 100% in BMG Barberino Srl Share capital: EUR 147,747,437 Value of the company: EUR 230,345,059 5 100% in gg Barberino NewCo Srl Share capital: EUR 110,967,068 Shareholder loan: EUR 110,500,000 Value of the company: EUR 110,967,068 5 | | | | | | | | | | | |\n| | Property: | FP | S (100%) | 07/19 | 2006/ | 149,263 | | 26,535 | 2,113 | AC | 232,500 | 233,050 |\n| | 50031 Barberino di Mugello | | | | 2014 | | | | | | 233,600 | |\n| | Via Antonio Meucci | | | | | | | | | | | |\n| | “Barberino Factory Outlet” | | | | | | | | | | | |\n| | I | | | | | | | | | | | |\n| 14 | Holding:49% in Alinesa Investment S.L. (Holding Company) Share capital: EUR 35,631,661 Value of the company: EUR 37,011,224 5 49% in Parque Shopping Elche S.L.U. Share capital: EUR 622,220 Shareholder loan: EUR 11,025,000 Value of the company: EUR 41,232,819 5 49% in Fairfield Invest, S.L.U. Share capital: EUR 2,202,895 Shareholder loan: EUR 1,715,000 Value of the company: EUR 4,216,492 5 | | | | | | | | | | | |\n| | Property: | FP | S (100%) | 05/18 | 2003 | 76,894 | | 45,702 | 2,172 | AC, PL, SL, E | 90,552 | 89,523 |\n| | 3205 Elche (Elx) | | | | | | | | | | 88,494 | |\n| | Calle Jacarilla 7 | | | | | | | | | | | |\n| | “L‘Aljub” | | | | | | | | | | | |\n| | E | | | | | | | | | | | |\n| IV. Properties held through special purpose vehicles in countries with other currencies |\n| 1 | Holding: 100% in RREEF Marble Pte. Ltd., Singapore Share capital: EUR 133,180,488 Value of the company: EUR 149,025,952 5 | | | | | | | | | | | |\n| | Property: | FP | O (91%) | 03/16 | 2009 | 1,584 | | 11,854 | 58 | AC, PL | 96,344 | 96,929 |\n| | Osaka, 1-6-29 Kyutaromachi, Chuo-ku, | | | | | | | | | | 97,514 | |\n| | Osaka-shi “Forecast” | | | | | | | | | | | |\n| | J | | | | | | | | | | | |\n| | Property: | FP | W (91%) | 12/16 | 2003 | 28,872 | | 43,058 | 299 | SL | 71,945 | 70,942 |\n| | Shibayama-cho, 148-15 Iwayama, | | | | | | | | | | 69,939 | |\n| | Sanbu-gun, Chiba“Narita” | | | | | | | | | | | |\n| | J | | | | | | | | | | | |\n| 2 | Holding: 100% in G Global Japan 1 Pte. Ltd. (Japan Branch) Share capital: EUR 12,075,560 Value of the company: EUR 9,547,612 5 100% in G Global Japan 1 Pte. Ltd. (SingCo 1) Share capital: EUR 12,070,712 Value of the company: EUR 12,070,711 5 100% in G Global Japan 2 Pte. Ltd. (SingCo 2) Share capital: EUR 12,150,388 Value of the company: EUR 12,009,438 5 100% in G Global Nagoya TMK Share capital: EUR 24,799,955 Value of the company: EUR 23,640,793 5 | | | | | | | | | | | |\n| | Property: | FP | O (95%) | 05/18 | 2008 | 1,389 | | 7,472 | 145 | AC, PL | 47,044 | 48,130 |\n| | Nagoya, 1-5-8 Shinsakae, Naka-ku | | | | | | | | | | 49,217 | |\n| | “Hirokoji Aqua Place” | | | | | | | | | | | |\n| | J | | | | | | | | | | | |\n\n| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |\n| --- |\n| |\n| 720\t0\t720\t1.0%\t145\t395\t3.9 |\n| 1.9%\t4,110\t52\t4,443\t4,317\t126\t6.2%\t889\t2,518\t2.8\t1.9%\t4.6\t4,152 4,185\t52 |\n| 3,611\t0\t3,611\t1.5%\t548\t3,063\t4.5 |\n| 6.3%\t17,850\t39\t4.4%\t3.9\t10,696 18,078\t39 |\n| 748\t0\t748\t288\t460\t4.1 |\n| 2.4%\t4,708\t48\t2,593\t1,343\t1,250\t2.9%\t519\t1,642\t3.2\t33,320\t37.2%\t3.1%\t2.2\t5,386 4,944\t48 |\n| |\n| |\n| 2.6%\t6,366\t59\t4,768\t1,231\t3,537\t4.9%\t918\t981\t1.1\t36,240\t37.4%\t0.3%\t2.1\t5,841 6,291\t59 |\n| 1.9%\t5,139\t33\t2,380\t2,301\t79\t3.4%\t468\t819\t1.8\t3.4%\t1.9\t4,609 4,974\t33 |\n| 712\t0\t712\t2.5%\t246\t466\t4.0 |\n| 1.3%\t2,921\t58\t1,413\t0\t1,413\t2.9%\t319\t1,036\t3.2\t23,062\t47.9%\t0.1%\t1.8\t2,692 3,121\t58 |\n\n| Market value\tPurchase as per price/Market Project/\tCo- Rental area\texpert\tvalue/ Type of\tPortfolio\t\t\t\tSize of ownership/ (commer- Rental area Number of\tappraiser\tAverage prop- development\tType of\tDate of\tYear of property\theritable\tcial)8 Residential8\tparking\t\t1/210\t\tvalue10 No. Location of property\terty6\tmeasures\tuse7 acquisition construction\tin sqm building right\tin sqm\tin sqm\tspaces8\tFeatures9\tin TEUR\tin TEUR |\n| --- |\n| IV. Properties held through special purpose vehicles in countries with other currencies |\n| 3\tHolding: 45% in C 8 GmbH & Co. KG, Frankfurt/Main Share capital: EUR 69,865,388 Value of the company: EUR 64,985,841 5 |\n| Property:\tFP\tO (92%)\t05/15\t2015\t3,137\t48,780\t187\tAC, PL, SL\t131,228\t129,586 Seoul, 149 Cheongjin-dong, Jongro-gu\t127,944 “Tower 8“ ROK |\n| 4\tHolding: 97.8070% in Deutsche Logistic No. 22 Professional Investors Private Real Estate Investment LLC Share capital: EUR 15,125,806 Shareholder loan: EUR 9,012,344 Value of the company: EUR 16,116,704 5 |\n| Property:\tFP\tW (95%)\t02/18\t2017\t30,125\t43,405\t126\tAC\t43,981\t44,991 17385 Icheon-si, 253-1 Ichi-ri;\t46,000 Majang-myun, Gyeonggi-do “Logiport Icheon” ROK |\n| 5\tHolding: 98.113% in DWS No. 25 Professional Investors Private Real Estate Investment LLC Share capital: EUR 11,590,936 Shareholder loan: EUR 15,549,728 Value of the company: EUR 11,468,901 5 |\n| Property:\tFP\tW (100%)\t01/20\t2016\t30,104\t26,610\t169\tPL, SL\t46,215\t46,215 725 Jeonho-ri, Gochon-eup, Gimpo-si, Gyeonggi-do “Sungkwang Logistics” ROK |\n| 6\tHolding: 100% in DB Real Estate Mvik 28 KB, Gothenburg Share capital: EUR 50,110,894 Value of the company: EUR 82,350,559 5 |\n| Property:\tFP\tO (100%)\t10/03\t2002\t3,776\t18,812\t167\tPL, AC\t74,996\t79,243 11743 Stockholm\t83,491 Marieviksgatan 19 A-F “Marievik 28” S |\n| 7\tHolding: 100% in DB Real Estate Pacific Plaza L. P., Delaware Share capital: EUR 3,055,173 Shareholder loan: EUR 14,441,085 Value of the company: EUR 16,327,223 5 |\n| Property:\tFP\tF (77%)\t08/04\t2002\t10,186\t9,397\t0\t820 AC, PL, SL, E\t29,333\t29,198 Daly City, 1901 and 2001 Junipero Serra\t29,063 Boulevard, CA 94014 “2001 DC Station” USA |\n| 8\tHolding: 100% in DB Real Estate Crossroads L. P., Delaware Share capital: EUR -16,316,657 Shareholder loan: EUR 0 Value of the company: EUR 147,171,865 5 |\n| Property:\tFP\tO (100%)\t01/05\t1999\t40,630\t26,091\t866\tAC, PL 214,901\t214,766 Sunnyvale, 950 and 1000 West Maude\t214,631 Avenue, CA 94085 “Crossroads Center” USA |\n| 9\tHolding: 100% in 1019 Market Street L. P., Delaware (formerly DBRE California Residential 2 LLC) Share capital: EUR -519,309 Shareholder loan: EUR 10,830,814 Value of the company: EUR 17,096,354 5 |\n| Property:\tFP\tO (97 %)\t10/14\t1909/\t931\t7,016\tAC, PL\t54,515\t55,598 San Francisco, 1019 Market Street,\t2013\t56,681 CA 94103 USA |\n\n| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |\n| --- |\n| |\n| 733\t0\t733\t0.7%\t147\t23\t1.0 |\n| 3.5%\t9,258\t55\t6,884\t5,798\t1,086\t5.3%\t1,228\t307\t0.2\t64,685\t49.9%\t6.4%\t1.4\t7,698 9,412\t55 |\n| 343\t0\t343\t0.7%\t68\t192\t3.5 |\n| 1.2%\t3,083\t47\t2,774\t2,157\t617\t6.2%\t571\t1,712\t3.0\t22,062\t49.0%\t21.5%\t2.7\t2,481 3,521\t47 |\n| |\n| 1.2%\t2,805\t47\t3,761\t2,299\t1,462\t8.1%\t117\t3,450\t4.9\t25,675\t55.6%\t1.2348 2,805\t47 |\n| |\n| 2.1%\t4,240\t52\t13.9%\t4.1\t3,361 4,676\t52 |\n| |\n| 0.8%\t3,554\t42\t3.8\t2,929 4,482\t42 |\n| |\n| 5.8%\t13,679\t49\t67,693\t31.5%\t4.6 14,235\t49 | |\n| 24\t0\t24\t0.1%\t2\t0\tcompletely amortized |\n| 1.5%\t4,693\t53\t772\t0\t772\t1.6%\t122\t0\tcompletely\t30,236\t54.4%\t2.5604 4,693\t53\tamortized |\n\n| No. | Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| IV. Properties held through special purpose vehicles in countries with other currencies |\n| 10 | Holding: 100% in Galleria North II L.P., Dallas Share capital: EUR 27,294,152 Shareholder loan: EUR 6,047,204 Value of the company: EUR 42,948,898 5 100% Galeria North II Management LLC, Dallas Share capital: EUR 46,127 Value of the company: EUR 46,127 5 | | | | | | | | | | | | |\n| | Property: | FP | O (100 %) | 06/15 | 1999 | 5,499 | | 28,451 | | 962 | AC, PL, SL | 71,213 | 73,965 |\n| | Dallas, 13727 Noel Road, TX 75240 | | | | | | | | | | | 76,718 | |\n| | “Galleria North Tower II” | | | | | | | | | | | | |\n| | USA | | | | | | | | | | | | |\n| 11 | Holding: 100% in GG LA Figueroa, LLC Share capital: EUR 12,377,851 Shareholder loan: EUR 20,127,262 Value of the company: EUR 28,009,539 5 | | | | | | | | | | | | |\n| | Property: | FP | R (89 %) | 06/16 | 2006 | 7,421 | | 1,116 | 11,932 | 307 | AC, PL | 88,000 | 87,053 |\n| | Los Angeles, 3770 South Figueroa Street, | | | | | | | | | | | 86,105 | |\n| | CA 90007 | | | | | | | | | | | | |\n| | “Tuscany Apartments” USA | | | | | | | | | | | | |\n| 12 | Holding: 49% in TAF gg Las Olas LP Share capital: EUR 22,926,606 Shareholder loan: EUR 24,324,202 Value of the company: EUR 40,889,578 5 49% in TAF gg Las Olas GP, LLC Share capital: EUR 0 | | | | | | | | | | | | |\n| | Property: | FP | O (90 %) | 09/16 | 2002 | 10,036 | | 37,912 | | 1,034 | AC, PL, SL | 107,955 | 109,569 |\n| | Fort Lauderdale, 401 East Las Olas | | | | | | | | | | | 111,184 | |\n| | Boulevard, FL 33301 | | | | | | | | | | | | |\n| | “Las Olas City Center” | | | | | | | | | | | | |\n| | USA | | | | | | | | | | | | |\n| 13 | Holding: 49% in GREF GG Eastland Center LP, USA Share capital: EUR 21,070,634 Shareholder loan: EUR 20,454,443 Value of the company: EUR 25,377,629 5 | | | | | | | | | | | | |\n| | Property: | FP | S (100 %) | 12/19 | 1957 | 218,652 | | 75,016 | | 3,287 | AC, SL, E | 82,747 | 82,901 |\n| | West Covina, 2753 E. Eastland Center | | | | | | | | | | | 83,056 | |\n| | Drive, CA 91791 | | | | | | | | | | | | |\n| | “Eastland Center” | | | | | | | | | | | | |\n| | USA | | | | | | | | | | | | |\n| 14 | Holding: 100% in gg Kirby Groove L. P., USA Share capital: EUR 51,819,248 Shareholder loan: EUR 51,829,956 Value of the company: EUR 51,943,421 5 | | | | | | | | | | | | |\n| | Property: | FP/HBR | O (86 %) | 01/20 | 2016 | 5,409 | Leasehold | 23,046 | | 864 | AC, PL | 103,660 | 103,660 |\n| | Houston, 2925 Richmond Avenue, | | | | | | | | | | | | |\n| | TX 78759 | | | | | | | | | | | | |\n| | “Kirby Grove” | | | | | | | | | | | | |\n| | USA | | | | | | | | | | | | |\n| 15 | Holding: 100% in gg Oakbrook L. P., USA Share capital: EUR 34,796,107 Shareholder loan: EUR 33,981,678 Value of the company: EUR 34,839,931 5 | | | | | | | | | | | | |\n| | Property: Oak Brook, 2155 West 22nd Street, IL 60523 “The Shops at Oak Brook Place” USA | FP | S (100 %) | 01/20 | 1996 | 57,812 | | 16,459 | | 695 | AC | 67,963 | 67,963 |\n\n| Incidental acquisition\tRemaining\tRental costs\t\tincidental\t\tExpected\t\tVacancy rate\t\tincome Gross yield\tRemaining Total incidental\tthereof\tTotal incidental\tamortized in\tacquisition\tremaining\tBorrowing\t\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t\tratio as %\t\t\trental\tterms of – March 31, real estate assets\t appraiser 1/2 years – Expert\t\t\tcosts\t\t\ttaxes other costs\tas % of\t\tyear\t\tamortized\tperiod\tLoans\t\t of the\t\tincome\t\tleases\t2020, in %\tin TEUR10 appraisal 1/2\t\tin TEUR11,12\t\tin TEUR12\t\tin TEUR12 purchase price\t\tin TEUR10\tin TEUR10\t\t\tin years in TEUR10 market value\t\tfully let\tin years13\t in TEUR14 |\n| --- |\n| |\n| |\n| 2.0%\t7,795\t49\t1,158\t0\t1,158\t1.9%\t238\t91\t0.4\t26,490\t35.8%\t2.8%\t4.7444 8,006\t49 |\n| |\n| 2.3%\t7,103\t46\t1,529\t0\t1,529\t1.8%\t287\t359\t1.3\t40,616\t46.7%\t0.7\t3,650 7,103\t46 |\n| 697\t0\t697\t0.7%\t141\t205\t2.5 |\n| 3.0%\t10,109\t42\t1,393\t765\t628\t1.3%\t183\t275\t1.5\t44,226\t40.4%\t11.2%\t4.6\t6,419 9,969\t42 |\n| 411\t0\t411\t0.5%\t25\t386\t4.8 |\n| 2.2%\t5,503\t34\t1,540\t0\t1,540\t1.9%\t77\t1,464\t4.8\t39,803\t48.0%\t3.1%\t4.6\t6,439 5,543\t35 |\n| |\n| 2.8%\t7,190\t57\t1,771\t0\t1,771\t1.7%\t59\t1,705\t4.8\t51,898\t50.1%\t6.1%\t6.7\t5,832 7,860\t77 |\n| |\n| 1.8%\t4,772\t47\t1,158\t0\t1,158\t1.7%\t38\t1,115\t4.8\t2.6%\t5.3\t1,214 4,315\t40 |\n\n| Market value\tPurchase as per price/Market Project/\tCo- Rental area\texpert\tvalue/ Type of\tPortfolio\t\t\t\tSize of ownership/ (commer- Rental area Number of\tappraiser\tAverage prop- development\tType of\tDate of\tYear of property\theritable\tcial)8 Residential8\tparking\t\t1/210\t\tvalue10 No. Location of property\terty6\tmeasures\tuse7 acquisition construction\tin sqm building right\tin sqm\tin sqm\tspaces8\tFeatures9\tin TEUR\tin TEUR |\n| --- |\n| IV. Properties held through special purpose vehicles in countries with other currencies |\n| 16 Holding: 100% in G Global T1 Pty Limited (Head Trustee) / 99.99995% in G Global Trust 1 Share capital: EUR 50,795,537 Shareholder loan: EUR 13,238,350 Value of the company: 30,988,1855 100% in G Global 90A T2 Pty Limited (Subtrustee) / G Global 90A AUT1 Share capital: EUR 34,187,390 Value of the company: EUR 9,351,109 5 100% in G Global 90A T3 Pty Limited (Subtrustee) / 90 Arthur Street Trust Share capital: EUR 54,619,002 Shareholder loan: EUR 6,092,965 Value of the company: EUR 48,861,128 5 |\n| Property:\tFP\tO (97%)\t09/16\t1987/2014\t1,188\t9,256\t74\tAC, PL\t52,012\t54,117 North Sydney, 90 Arthur Street,\t56,221 NSW 2060 AUS |\n| 17 Holding: 100% in G Global Australia 1 Pte. Ltd. Share capital: EUR 7,347,896 Value of the company: EUR 8,048,773 5 100% in G Global Australia 2 Pte. Ltd. Share capital: EUR 14,595,615 Value of the company: EUR 16,086,016 5 100% in G Global Australia 3 Pte. Ltd. Share capital: EUR 14,595,615 Value of the company: EUR 16,086,016 5 100% in G Global 120E Pte. Ltd. Share capital: EUR 36,245,039 Value of the company: EUR 39,831,667 5 100% in G Global T2 Pty Ltd. (Head Trustee) / G Global Trust 2 Share capital: EUR 36,124,409 Value of the company: EUR 39,165,242 5 100% in G Global 120E T2 Pty Ltd. (Subtrustee) / G Global 120E AUT Share capital: EUR 23,914,183 Shareholder loan: EUR 19,109,762 Value of the company: EUR 28,462,498 5 100% in G Global 180Q Pty Ltd. (Subtrustee) / G Global 180Q AUT Share capital: EUR 11,852,918 Shareholder loan: EUR 4,183,653 Value of the company: EUR 13,618,892 5 |\n| Property:\tFP\tO (96%)\t06/17\t2001/\t1,824\t15,734\t111\tAC, PL\t79,486\t81,175 Brisbane, 120 Edward Street,\t2015/\t82,864 QLD 4000\t2016 AUS |\n| Property:\tFP\tS (67%)\t11/17 1929/2014\t722\t3,539\tAC, PL, SL\t31,351\t30,493 Brisbane, 180 Queen Street Mall,\tO (33%)\t29,634 QLD 4000 AUS |\n| 18 Holding: 100% in G Global T1 Pty Limited / 99.99995% in G Global Trust 1 Share capital: EUR 50,795,537 Shareholder loan: EUR 13,238,350 Value of the company: EUR 30,988,185 5 |\n| Property:\tFP/HBR\tH (92%)\t12/19 1965/2019\t877\tCrown\t6,803\t7\tAC, PL, SL\t27,086\t26,948 Canberra, 197 London Circuit\tLease3\t26,809 “The Sebel” AUS |\n\n| Incidental acquisition\tRemaining\tRental costs\t\tincidental\t\tExpected\t\tVacancy rate\t\tincome Gross yield\tRemaining Total incidental\tthereof\tTotal incidental\tamortized in\tacquisition\tremaining\tBorrowing\t\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t\tratio as %\t\t\trental\tterms of – March 31, real estate assets\t appraiser 1/2 years – Expert\t\t\tcosts\t\t\ttaxes other costs\tas % of\t\tyear\t\tamortized\tperiod\tLoans\t\t of the\t\tincome\t\tleases\t2020, in %\tin TEUR10 appraisal 1/2\t\tin TEUR11,12\t\tin TEUR12\t\tin TEUR12 purchase price\t\tin TEUR10\tin TEUR10\t\t\tin years in TEUR10 market value\t\tfully let\tin years13\t in TEUR14 |\n| --- |\n| |\n| 513\t0\t513\t1.1%\t93\t121\t2.0 |\n| 1.5%\t4,484\t46\t3,390\t0\t3,390\t6.3%\t0\t0\tcompletely\t20,356\t37.6%\t1.5%\t1.9\t3,114 4,522\t46\tamortized |\n| 955\t0\t955\t0.3%\t213\t453\t4.0 |\n| 2.2%\t6,326\t51\t6,739\t5,760\t979\t8.3%\t1,087\t2,536\t2.3\t39,106\t48.2%\t6.9%\t2.6\t5,542 6,516\t51 |\n| 0.8%\t2,405\t48\t2,885\t2,192\t693\t9.5%\t436\t1,228\t2.8\t14,942\t49.0%\t13.9%\t0.8\t2,434 2,301\t43 |\n| |\n| 0.7%\t1,656\t49\t2,866\t1,472\t1,394\t10.6%\t129\t2,458\t4.813.4 1,640\t49 | |\n\n| No. | Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| IV. Properties held through special purpose vehicles in countries with other currencies |\n| 19 | Holding: 45% in Eighteen Amaryllis S.à.r.l., Luxembourg Share capital: EUR 48,920,283 Shareholder loan: EUR 38,023,759 Value of the company: EUR 51,970,807 5 45% in Eighteen Celosia S.à.r.l., Luxembourg Shareholding: EUR 47,501,288 Value of the company: EUR 47,495,948 5 | | | | | | | | | | | |\n| | Property: E20 London Stratford Building S9 “S9 International Quarter” GB | FP | O (99%) | 07/18 | 2019 | 4,752 | | 25,850 | | AC, PL, SL | 122,286 121,534 | 121,910 |\n| Holding: 12.6% in Swift Newco B Limited Share capital: EUR 252,069 Shareholder loan: EUR 0 Value of the company: EUR 33,280,701 5 |\n| Holding: 12.6% in Vita PropCo Holdings Limited Share capital: EUR 152,218 Shareholder loan: EUR 0 Value of the company: EUR 33,138,646 5 |\n| 20 | Holding: 12.6% in Beith Street PropCo Limited Share capital: EUR 501,382 Shareholder loan: EUR 4,014,429 Value of the company: EUR 3,752,852 5 | | | | | | | | | | | |\n| | Property: Glasgow G11 6BZ 82 Beith Street “West End” GB | FP | R (86%) | 08/19 | 2017 | 9,263 | | 1,683 | 10,081 | PL | 11,221 11,853 | 11,537 |\n| 21 | Holding: 12.6% in Fountainbridge Propco Limited Share capital: EUR 2,710,086 Shareholder loan: EUR 2,770,970 Value of the company: EUR 2,832,889 5 | | | | | | | | | | | |\n| | Property: Edinburgh EH3 9QG125a Fountainbridge “Fountainbridge” GB | FP | R (95%) | 08/19 | 2018 | 2,752 | | 297 | 5,450 | PL | 9,283 9,115 | 9,199 |\n| 22 | Holding: 12.6% in Strawberry Place PropCo Limited Share capital: EUR 2,109,023 Shareholder loan: EUR 1,569,817 Value of the company: EUR 2,348,436 5 | | | | | | | | | | | |\n| | Property: Newcastle upon Tyne NE1 4PQ Strawberry Place“Strawberry Place” GB | FP | R (100%) | 08/19 | 2017 | 2,853 | | | 6,715 | PL | 6,460 6,390 | 6,425 |\n| 23 | Holding: 12.6% in First Street Manchester Limited Share capital: EUR 574,264 Shareholder loan: EUR 3,240,726 Value of the company: EUR 870,266 5 | | | | | | | | | | | |\n| | Property: Manchester M15 4FN 13 Jack Rosenthal Street “First Street” GB | FP/HBR | R (97%) | 08/19 | 2014 | 826 | Heritable building right (long leasehold) | 174 | 5,038 | PL | 6,488 6,727 | 6,608 |\n| 24 | Holding: 12.6% in Circle Square 10 & 11 PropCo Limited Share capital: EUR 6,984,283 Shareholder loan: EUR 7,398,632 Value of the company: EUR 5,969,423 5 | | | | | | | | | | | |\n| | Property: Manchester M1 7FA 2 Nobel Way “10 /11 Circle Square” GB | FP | R (96%) | 08/19 | 2017 | 5,026 | | 597 | 16,073 | PL | 23,777 23,988 | 23,882 |\n\n| Incidental acquisition\tRemaining\tRental costs\t\tincidental\t\tExpected\t\tVacancy rate\t\tincome Gross yield\tRemaining Total incidental\tthereof\tTotal incidental\tamortized in\tacquisition\tremaining\tBorrowing\t\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t\tratio as %\t\t\trental\tterms of – March 31, real estate assets\t appraiser 1/2 years – Expert\t\t\tcosts\t\t\ttaxes other costs\tas % of\t\tyear\t\tamortized\tperiod\tLoans\t\t of the\t\tincome\t\tleases\t2020, in %\tin TEUR10 appraisal 1/2\t\tin TEUR11,12\t\tin TEUR12\t\tin TEUR12 purchase price\t\tin TEUR10\tin TEUR10\t\t\tin years in TEUR10 market value\t\tfully let\tin years13\t in TEUR14 |\n| --- |\n| |\n| 1,272\t0\t1272\t0.5%\t139\t1,127\t4.5 |\n| 3.3%\t6,194\t69\t999\t0\t999\t0.8%\t71\t916\t5.4\t43,136\t35.4%\t16.1\t3,225 6,194\t69 |\n| |\n| |\n| 296\t17\t279\t2.6%\t38\t258\t4.5 |\n| 0.3%\t821\t57\t4,554\t39.5%\t1.0\t466 821\t57 |\n| 296\t17\t279\t3.2%\t38\t258\t4.5 |\n| 0.2%\t643\t58\t3,492\t38.0%\t0.4\t282 643\t58 |\n| 296\t17\t279\t4.6%\t38\t258\t4.5 |\n| 0.2%\t517\t57\t2,574\t40.1%\t0.7%\t0.4\t288 517\t57 |\n| 296\t17\t279\t4.5%\t38\t258\t4.5 |\n| 0.2%\t478\t54\t2,595\t39.3%\t0.4\t185 478\t54 |\n| 296\t17\t279\t1.2%\t38\t258\t4.5 |\n| 0.6%\t1,542\t57\t9,300\t38.9%\t1.0%\t0.4856 1,542\t57 |\n\n| Market value\tPurchase as per price/Market Project/\tCo- Rental area\texpert\tvalue/ Type of\tPortfolio\t\t\t\tSize of ownership/ (commer- Rental area Number of\tappraiser\tAverage prop- development\tType of\tDate of\tYear of property\theritable\tcial)8 Residential8\tparking\t\t1/210\t\tvalue10 No. Location of property\terty6\tmeasures\tuse7 acquisition construction\tin sqm building right\tin sqm\tin sqm\tspaces8\tFeatures9\tin TEUR\tin TEUR |\n| --- |\n| IV. Properties held through special purpose vehicles in countries with other currencies |\n| 25 Holding: 12.6% in St. Albans Place PropCo Limited Share capital: EUR -15,638 Shareholder loan: EUR 378,283 Value of the company: EUR 1,841,037 5 |\n| Property:\tFP\tR (96%)\t08/19\t2019\t1,396\t333\t7,870\tPL\t 8,314\t8,469 Leeds LS2 8JP\t\t\t\t\t\t\t\t\t8,623 Cross Belgrave Street “St Albans Place” GB |\n| 26 Holding: 12.6% in Circle Square 9 PropCo Limited Share capital: EUR 6,590,266 Shareholder loan: EUR 228,040 Value of the company: EUR 5,191,854 5 |\n| Property:\tFP\tR (96%)\t08/19\t2019\t1,440\t240\t6,320\tPL\t10,238\t10,238 Manchester M1 7FA\t10,238 2 Nobel Way “9 Circle Square” GB |\n| 27 Holding: 12.6% in Pebble Mill Propco Limited Share capital: EUR 5,014,301 Shareholder loan: EUR 606,672 Value of the company: EUR 5,535,220 5 |\n| Property:\tFP\tR (100%)\t08/19\t2019\t8,940\t8,390\tPL\t8,427\t8,581 Birmingham B29 7ES\t8,736 Petershore Road “Pebble Mill” GB |\n| V. Total real estate assets\t3,713,538 |\n\nRental incomes for properties listed in color are not disclosed in order to protect the interests of the individual tenant.\n- Includes countries with euro-based leases.\n- Areas of the property protected by preservation order.\n- Corresponds to German heritable building rights.\n- Corresponds to German heritable right of usufruct.\n- The value of the Company is determined in accordance with the provisions of the KAGB and the Capital Investment Accounting and Valuation Regulation (KARBV).\n- FP = Rented residential properties, commercial real estate and mixed-use real estate with finished propertiesUC = Site under construction U = Undeveloped siteHBR = Heritable building right\n- O = OfficeL\t= LeisureH = HotelS = ShopsW = Warehousing/logisticsR = Residential Share in % based on rental income.\n- Information based on the last expert appraisal prepared. For properties held via investments, the information is based on the entire property, regardless of the share of portfolio.\n- AC = Air conditioning SL = Service liftPL = Passenger lift E = Escalator\n- Values in foreign currency converted at exchange rate of March 31, 2020. For properties held viainvestments, the value is presented pro rata based on the share of portfolio.\n- For properties held via investments, incidental acquisition costs may be incurred at both fund level and company level, depending, among other things, on whether a new company is being established or an existing company is being acquired.\n- Historical incidental acquisition costs in countries with another currency are recorded at the exchange rate at the time of the transfer of ownership.\n- When calculating the residual terms of leases, it is assumed that contractually agreed special termination rights are exercised.\n- Rental income in foreign currencies is converted using historical exchange rates.\n- Excluding an existing loan for the “Roosevelt Commons” property sold during the reporting period.\n\n| Incidental acquisition\tRemaining\tRental costs\t\tincidental\t\tExpected\t\tVacancy rate\t\tincome Gross yield\tRemaining Total incidental\tthereof\tTotal incidental\tamortized in\tacquisition\tremaining\tBorrowing\t\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t\tratio as %\t\t\trental\tterms of – March 31, real estate assets\t appraiser 1/2 years – Expert\t\t\tcosts\t\t\ttaxes other costs\tas % of\t\tyear\t\tamortized\tperiod\tLoans\t\t of the\t\tincome\t\tleases\t2020, in %\tin TEUR10 appraisal 1/2\t\tin TEUR11,12\t\tin TEUR12\t\tin TEUR12 purchase price\t\tin TEUR10\tin TEUR10\t\t\tin years in TEUR10 market value\t\tfully let\tin years13\t in TEUR14 |\n| --- |\n| |\n| 296\t17\t279\t3.5%\t38\t258\t4.5 |\n| 0.2%\t610\t59\t3,399\t40.1%\t0.4\t307 610\t59 |\n| 296\t17\t279\t2.9%\t38\t258\t4.5 |\n| 0.3%\t687\t59\t3,967\t38.7%\t0.4\t348 687\t59 |\n| 296\t17\t279\t3.4%\t38\t258\t4.5 |\n| 0.2%\t591\t59\t3,263\t38.0%\t1.1%\t0.4\t304 591\t59 |\n| 100.0%\t788,23715)\t21.2% |\n\n| Exchange rates on March 31, 2020 |\n| --- |\n| EUR 1 | = | USD | 1.10795 |\n| EUR 1 | = | SEK | 11.04066 |\n| EUR 1 | = | GBP | 0.89716 |\n| EUR 1 | = | JPY | 119.67519 |\n| EUR 1 | = | KRW | 1,356.57369 |\n| EUR 1 | = | PLN | 4.53838 |\n| EUR 1 | = | AUD | 1.80536 |"},"unique id":{"kind":"number","value":108300,"string":"108,300"},"hereafter_tagged":{"kind":"null"},"reordering_tagged":{"kind":"list like","value":["# Statement of assets as of March 31, 2020 Part I: Index of properties","| No.","| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| I. Directly held properties in eurozone countries1 |","| 1 | 1120 Vienna | FP | | O (100%) | 04/03 | 2003 | 9,876 | | 27,726 | 453 | AC, SL, PL | 84,140 | 81,770 |","| | Am Europlatz 1, 3, 5 | | | | | | | | | | | 79,400 | |","| | “Europlaza” | | | | | | | | | | | | |","| | A | | | | | | | | | | | | |","| 2 | 1030 Vienna | FP | | H (100%) | 12/00 | 2007 | 2,200 | 191,540/ | 11,779 | 135 | AC, PL | 37,800 | 39,200 |","| | Rennweg 12 | | | | | | | 348,330 co- | | | | 40,600 | |","| | “Am Belvedere” | | | | | | | ownership | | | | | |","| | A | | | | | | | share of | | | | | |","| | | | | | | | | 8,757 sqm | | | | | |","| 3 | 92800 Puteaux 18, Rue Hoche “Kupka A“ F | UC | Conv.","/ moderniza- tion, expected to be completed in 2020 | O (100%) | 05/01 | 1992 | 9,018 | Volume ownership of commer- cial rental area and 342 parking spaces | 17,563 | 342 | AC, SL, PL | 82,000 77,500 | 79,750 |","| 4 | 02-486 Warsaw | FP | | O (100%) | 12/05 | 2004/ | 14,923 | | 19,057 | 567 | PL | 35,700 | 36,800 |","| | Aleje Jerozolimskie 172, 174, 176, 178 | | | | 03/06 | 2007/ | | | | | | 37,900 | |","| | “Kopernik B - E” | | | | 04/07 | 2008 | | | | | | | |","| | PL | | | | 06/08 | | | | | | | | |","| 5 | 50-365 Wroclaw | FP | | O (100%) | 06/10 | 2008/ | 7,880 | | 27,753 | 391 | PL, AC | 72,500 | 76,950 |","| | Plac Grunwaldzki 23, 25, 27 | | | | | 2009 | | | | | | 81,400 | |","| | “Grunwaldzki Center” | | | | | | | | | | | | |","| | PL | | | | | | | | | | | | |","| 6 | Dublin, 15 Blanchardstown | FP | | S (78%) | 06/18 | 2000 | 69,213 | | 30,062 | 1,067 | AC, PL, SL, E | 146,950 | 150,925 |","| | Snugborough Road | | | | | | | | | | | 153,900 | |","| | “Westend Retail Park” | | | | | | | | | | | | |","| | IRL | | | | | | | | | | | | |","| II.","Directly held properties in countries with other currencies |","| 1 | Edinburgh | FP/HBR | | O (78%) | 10/05 | 2004 | 2,334 | Plus rights | 10,463 | 39 | AC, PL | 43,080 | 43,777 |","| | 129, 133 Fountainbridge, | | | | | | | of use | | | | 44,474 | |","| | Edinburgh EH3 9QG | | | | | | | and co- | | | | | |","| | 1, 2 Fountainbridge Square, | | | | | | | ownership | | | | | |","| | Edinburgh EH3 9QB | | | | | | | | | | | | |","| | 4 Lower Gilmore Bank, Edinburgh EH3 9QP | | | | | | | | | | | | |","| | 127 Fountainbridge, Edinburgh EH3 9QG | | | | | | | | | | | | |","| | “Edinburgh Quay“ | | | | | | | | | | | | |","| | GB | | | | | | | | | | | | |","| 2 | London EC4 60 Queen Victoria Street GB | FP/HBR | | O (100%) | 11/04 | 1999 | 1,453 | In part, simultane- ously beneficiary and holder of heritable building right | 10,724 | 11 | AC, PL, SL | 130,300 130,857 | 130,579 |","| 3 | Tokyo | FP | | O (100%) | 12/03 | 2000 | 1,563 | | 6,695 | 37 | AC, SL, PL | 101,859 | 102,319 |","| | 3-16-11 Nishi Shinbashi | | | | | | | | | | | 102,778 | |","| | Minato-ku | | | | | | | | | | | | |","| | “ATAGO East Building“ | | | | | | | | | | | | |","| | J | | | | | | | | | | | | |","| 4 | Pyeongtaek | FP | | W (100%) | 11/13 | 2012 | 63,517 | | 47,775 | 143 | SL | 58,825 | 56,318 |","| | 1175-3 Doil-dong, Pyeongtaek-si, | | | | | | | | | | | 53,812 | |","| | Gyeonggi-do | | | | | | | | | | | | |","| | “Adidas Korea Distribution Center” | | | | | | | | | | | | |","| | ROK | | | | | | | | | | | | |","| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |","| --- |","| |","| 2.2%\t4,998\t53\t11.5%\t3.8\t4,411 4,931\t53 |","| 1.1%\t2,199\t57\t1.6%\t17.1 2,178\t57 | |","| 2.1%\t7,521\t57 7,521\t57 |","| 1.0%\t2,675\t56\t11.5%\t3.0\t2,503 3,019\t56 |","| 2.1%\t4,935\t59\t6.4%\t2.9\t4,901 5,722\t59 |","| 4.1%\t8,580\t40\t12,092\t8,862\t3,230\t8.2%\t2,424\t7,827\t3.3\t0.4%\t5.3\t8,353 8,632\t40 |","| |","| 1.2%\t2,922\t54\t11.4%\t5.2\t2,602 2,900\t54 |","| 3.5%\t6,582\t49\t0.4\t6,261 6,539\t49 |","| 2.8%\t4,577\t40\t0.3%\t1.4\t3,129 4,977\t40 |","| 1.5%\t4,363\t32\t3,223\t2,065\t1,158\t7.5%\t0\t0\tcompletely\t17,028\t30.2%2.4 4,060\t32\tamortized | |","| No.","| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| III.","Properties held through special purpose vehicles in eurozone countries1 |","| 1 | Holding: 100% in Rakpart 3 Ingatlanhasznosito Kft.",", Budapest Share capital: EUR 591,893 Shareholder loan: EUR 15,500,000 Value of the company: EUR 23,446,451 5 | | | | | | | | | | | |","| | Property: | FP | O (100%) | 01/01 | 2000 | 2,527 | | 13,572 | 142 | AC, PL | 34,200 | 35,700 |","| | 1054 Budapest | | | | | | | | | | 37,200 | |","| | Akademia utca 62 | | | | | | | | | | | |","| | Szechenyi rakpart 3 | | | | | | | | | | | |","| | “Akademia Business Center” | | | | | | | | | | | |","| | H | | | | | | | | | | | |","| 2 | Holding: 100% in Mom Park Torony Kft.",", Budapest Share capital: EUR 14,903,986 Value of the company: EUR 42,216,309 5 | | | | | | | | | | | |","| | Property: | FP | O (100%) | 06/03 | 2001 | 5,572 | | 11,926 | 474 | AC, PL | 33,500 | 35,850 |","| | 1124 BudapestCsörsz utca 41-45 | | | | | | | | | | 38,200 | |","| | “Mom Park” | | | | | | | | | | | |","| | H | | | | | | | | | | | |","| 3 | Holding: 100% in AIAS Ingatlanbefektetési Kft.",", Budapest Share capital: EUR -159,850 Shareholder loan: EUR 12,000,000 Value of the company: EUR 19,078,464 5 | | | | | | | | | | | |","| | Property: | FP | O (91%) | 09/05 | 2004 | 4,416 | | 16,430 | 244 | AC, PL | 25,700 | 25,800 |","| | 1139 Budapest | | | | | | | | | | 25,900 | |","| | Váci út 140 | | | | | | | | | | | |","| | “BC 140” | | | | | | | | | | | |","| | H | | | | | | | | | | | |","| 4 | Holding: 100% in DB Real Estate Investment Madeira Sociedade Imobiliária Unipessoal Lda & Comandita Share capital: EUR 47,615,535 Value of the company: EUR 75,341,795 5 100% in DB Real Estate Investment Madeira Sociedade Imobiliária Unipessoal Lda Share capital: EUR 4,462,043 Value of the company: EUR 2,837,647 5 | | | | | | | | | | | |","| | Property: | FP | S (100%) | 06/05 | 2005 | | 84.42% | 20,714 | 792 | AC, SL, E | 70,100 | 69,775 |","| | Madeira, 9004-568 Funchal | | | | | | co-owner- | | | | 69,450 | |","| | Estrada Monumental 390 | | | | | | ship of | | | | | |","| | “Forum Madeira” | | | | | | 11,944 sqm | | | | | |","| | P | | | | | | | | | | | |","| 5 | Holding: 100% in RREEF Investment Azambuja Unipessoal LDA Share capital: EUR 24,673 Value of the company: EUR 29,836 5 100% in RREEF Investment Azambuja Unipessoal LDA & Comandita Share capital: EUR 27,499,468 Shareholder loan: EUR 9,100,000 Value of the company: EUR 29,995,413 5 | | | | | | | | | | | |","| | Property: | FP | W (100%) | 04/17 | 2011 | 122,996 | | 52,638 | 52 | AC | 36,300 | 36,400 |","| | 2050 Vila Nova da Rainha (Azambuja) | | | | | | | | | | 36,500 | |","| | Estrada Nacional 3 KM 7 | | | | | | | | | | | |","| | “Azambuja EIPA II” | | | | | | | | | | | |","| | P | | | | | | | | | | | |","| 6 | Holding: 100% in LCC Leiriashopping - Centro Comercial, S.A. Share capital: EUR-70,134,639 Shareholder loan: EUR 64,000,000 Value of the company: EUR 35,536,830 5 | | | | | | | | | | | |","| | Property: | FP | S (100%) | 04/19 | 2010 | 40,840 | | 24,505 | 1,049 | AC, PL, SL, E | 127,800 | 128,000 |","| | 2400-441 LeiriaAlto do Vieiro | | | | | | | | | | 128,200 | |","| | “Leiria Shopping” | | | | | | | | | | | |","| | P | | | | | | | | | | | |","| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |","| --- |","| |","| |","| 1.0%\t2,790\t50\t5.0%\t3.6\t3,362 3,159\t50 |","| |","| 1.0%\t2,370\t51\t8.9%\t2.7\t2,389 2,667\t51 |","| |","| 0.7%\t2,063\t54\t24.0%\t1.5\t2,009 2,263\t54 |","| |","| 1.9%\t4,991\t45\t0.4%\t2.8\t5,206 5,319\t45 |","| |","| 1.0%\t2,417\t41\t2,818\t2,277\t541\t7.7%\t564\t1,174\t2.111.6 2,378\t41 | |","| 42\t0\t42\t0.0%\t8\t34\t4.5 |","| 3.4%\t7,942\t50\t2,454\t0\t2,454\t1.9%\t450\t2,004\t4.5\t25,500\t19.9%\t3.8%\t2.9\t9,264 9,001\t50 |","| No.","| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| III.","Properties held through special purpose vehicles in eurozone countries1 |","| 7 | Holding: 100% in DB Real Estate Polska 2 Spolka z o.","o.",", Warsaw Share capital: EUR 9,234,507 Value of the company: EUR 11,980,548 5 | | | | | | | | | | | |","| | Property: | FP | O (100%) | 03/02 | 2001 | 5,657 | | 5,984 | 200 | PL | 9,700 | 10,600 |","| | 02-486 Warsaw | | | | | | | | | | 11,500 | |","| | Aleje Jerozolimskie 180 | | | | | | | | | | | |","| | “Kopernik A” | | | | | | | | | | | |","| | PL | | | | | | | | | | | |","| 8 | Holding: 46.995% in Bolsover Sp.","Zo.o.","17 Sp.k.","(Limited Partnership)","Share capital: EUR 57,500,662 Value of the company: EUR 77,507,803 5 | | | | | | | | | | | |","| | Property: | FP/HBR | S (100%) | 06/17 | 2005/ | 80,293 | Right of | 17,236 | 1,000 | AC | 44,598 | 45,797 |","| | 05-505 Warsaw | | | | 2006/ | | Perpetual | | | | 46,995 | |","| | Pulawska 42E | | | | 2007 | | Usufruct | | | | | |","| | PL | | | | | | (RPU) 4 | | | | | |","| | Property: | FP/HBR | S (100%) | 06/17 | 2004/ | 123,811 | Partial | 16,816 | 1,057 | AC | 32,333 | 32,051 |","| | 41-208 Sosnowitz (Kattowitz) | | | | 2008/ | | Right of | | | | 31,769 | |","| | Orlat Lwowskich 138 | | | | 2009 | | Perpetual | | | | | |","| | PL | | | | | | Usufruct | | | | | |","| | | | | | | | (RPU) 4 | | | | | |","| | Property: | FP | S (100%) | 06/17 | 2005/2009 | 79,177 | | 16,836 | 935 | AC | 37,737 | 38,113 |","| | 80-174 Gdansk | | | | | | | | | | 38,489 | |","| | Przywidzka 8 | | | | | | | | | | | |","| | PL | | | | | | | | | | | |","| 9 | Holding: 100% in Espoon Keilahadentie 2 4 Ky LP Share capital: EUR 182,346,628 Value of the company: EUR 174,363,528 5 100% in Espoon Keilahadentie 2 4 Ky GP Share capital: EUR 1,473 Value of the company: EUR 1,473 5 100% in Kiinteistö Oy Espoon Keilalahden ABCD-talot (MREC) Share capital: EUR 112,185,998 Shareholder loan: EUR 0 Value of the company: EUR 168,408,321 5 | | | | | | | | | | | |","| | Property: Keilalahdentie 2-402150 Espoo FIN | FP | O (100%) | 11/17 | 1997 | 52,841 | | 31,159 | 846 | AC | 166,800 169,900 | 168,350 |","| 10 | Holding: 100% in Kiinteistö Oy Viinikankaski 1 (MREC) Share capital: EUR 43,870,569 Value of the company: EUR 63,313,134 5 | | | | | | | | | | | |","| | Property: 01530 Vantaa Katriinantie 20 FIN | FP | W (90%) | 06/19 | 2009 | 74,958 | | 38,797 | 268 | AC | 62,900 63,500 | 63,200 |","| 11 | Holding: 100% in Oval Tower Verwaltungs UG Share capital: EUR 724 Value of the company: EUR 724 5 100% in Oval Tower UG & Co. KG Share capital: EUR 51,448,857 Shareholder loan: Value of the company: EUR 59,198,259 5 | | | | | | | | | | | |","| | Property: | FP/HBR | O (100%) | 12/17 | 2001/ | 1,129 | Leasehold/ | 23,632 | 234 | PL, AC | 89,200 | 90,650 |","| | 101 HE Amsterdam | | | | 2002/ | | opstal right 3 | | | | 92,100 | |","| | De Entrée 99 - 197 | | | | 2012 | | | | | | | |","| | “Oval Tower” | | | | | | | | | | | |","| | NL | | | | | | | | | | | |","| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |","| --- |","| |","| |","| 0.3%\t813\t51\t28.4%\t1.9\t588 989\t51 |","| |","| 1.2%\t2,807\t36\t1,118\t741\t377\t2.4%\t216\t524\t2.4\t18,930\t41.3%\t4.9%\t3.1\t3,163 3,263\t36 |","| 0.9%\t2,078\t36\t873\t579\t294\t2.7%\t169\t409\t2.4\t14,446\t45.1%\t2.6%\t3.5\t2,196 2,285\t36 |","| 1.0%\t2,395\t37\t987\t654\t333\t2.6%\t191\t463\t2.4\t16,439\t43.1%\t2.6%\t3.5\t2,539 2,679\t37 |","| |","| 4.5%\t7,784\t47\t5,358\t3,272\t2,086\t3.2%\t1,072\t2,947\t2.86.5 7,835\t47 | |","| 2,388\t0\t2,388\t3.7%\t124\t2,264\t4.5 |","| 1.7%\t3,517\t39\t2.8%\t2.5\t2,262 3,495\t39 |","| 901\t0\t901\t1.0%\t180\t495\t3.9 |","| 2.4%\t4,839\t50\t5,320\t5,193\t127\t5.9%\t1,062\t3,017\t2.8\t39,204\t43.2%\t3.3\t5,421 4,598\t50 |","| No.","| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| III.","Properties held through special purpose vehicles in eurozone countries1 |","| 12 | Holding: 100% in Daelse Kwint Verwaltungs UG Share capital: EUR 957 Value of the company: EUR 957 5 100% in Daelse Kwint UG & Co. KG Share capital: EUR 44,914,807 Shareholder loan: EUR 31,950,000 Value of the company: EUR 46,877,106 5 | | | | | | | | | | | |","| | Property: | FP/HBR | O (100%) | 12/17 | 1990/ | 7,915 | Leasehold/ | 19,037 | 249 | PL, AC | 70,000 | 72,000 |","| | 3511 SX Utrecht | | | | 2013/ | | opstal right 3 | | | | 74,000 | |","| | Daalseplein 1 and 101 | | | | 2014 | | | | | | | |","| | “Daalse Kwint” | | | | | | | | | | | |","| | NL | | | | | | | | | | | |","| 13 | Holding: 100% in BMG Barberino Srl Share capital: EUR 147,747,437 Value of the company: EUR 230,345,059 5 100% in gg Barberino NewCo Srl Share capital: EUR 110,967,068 Shareholder loan: EUR 110,500,000 Value of the company: EUR 110,967,068 5 | | | | | | | | | | | |","| | Property: | FP | S (100%) | 07/19 | 2006/ | 149,263 | | 26,535 | 2,113 | AC | 232,500 | 233,050 |","| | 50031 Barberino di Mugello | | | | 2014 | | | | | | 233,600 | |","| | Via Antonio Meucci | | | | | | | | | | | |","| | “Barberino Factory Outlet” | | | | | | | | | | | |","| | I | | | | | | | | | | | |","| 14 | Holding:49% in Alinesa Investment S.L. (Holding Company) Share capital: EUR 35,631,661 Value of the company: EUR 37,011,224 5 49% in Parque Shopping Elche S.L.U. Share capital: EUR 622,220 Shareholder loan: EUR 11,025,000 Value of the company: EUR 41,232,819 5 49% in Fairfield Invest, S.L.U. Share capital: EUR 2,202,895 Shareholder loan: EUR 1,715,000 Value of the company: EUR 4,216,492 5 | | | | | | | | | | | |","| | Property: | FP | S (100%) | 05/18 | 2003 | 76,894 | | 45,702 | 2,172 | AC, PL, SL, E | 90,552 | 89,523 |","| | 3205 Elche (Elx) | | | | | | | | | | 88,494 | |","| | Calle Jacarilla 7 | | | | | | | | | | | |","| | “L‘Aljub” | | | | | | | | | | | |","| | E | | | | | | | | | | | |","| IV.","Properties held through special purpose vehicles in countries with other currencies |","| 1 | Holding: 100% in RREEF Marble Pte.","Ltd., Singapore Share capital: EUR 133,180,488 Value of the company: EUR 149,025,952 5 | | | | | | | | | | | |","| | Property: | FP | O (91%) | 03/16 | 2009 | 1,584 | | 11,854 | 58 | AC, PL | 96,344 | 96,929 |","| | Osaka, 1-6-29 Kyutaromachi, Chuo-ku, | | | | | | | | | | 97,514 | |","| | Osaka-shi “Forecast” | | | | | | | | | | | |","| | J | | | | | | | | | | | |","| | Property: | FP | W (91%) | 12/16 | 2003 | 28,872 | | 43,058 | 299 | SL | 71,945 | 70,942 |","| | Shibayama-cho, 148-15 Iwayama, | | | | | | | | | | 69,939 | |","| | Sanbu-gun, Chiba“Narita” | | | | | | | | | | | |","| | J | | | | | | | | | | | |","| 2 | Holding: 100% in G Global Japan 1 Pte.","Ltd. (Japan Branch) Share capital: EUR 12,075,560 Value of the company: EUR 9,547,612 5 100% in G Global Japan 1 Pte.","Ltd. (SingCo","1) Share capital: EUR 12,070,712 Value of the company: EUR 12,070,711 5 100% in G Global Japan 2 Pte.","Ltd. (SingCo","2) Share capital: EUR 12,150,388 Value of the company: EUR 12,009,438 5 100% in G Global Nagoya TMK Share capital: EUR 24,799,955 Value of the company: EUR 23,640,793 5 | | | | | | | | | | | |","| | Property: | FP | O (95%) | 05/18 | 2008 | 1,389 | | 7,472 | 145 | AC, PL | 47,044 | 48,130 |","| | Nagoya, 1-5-8 Shinsakae, Naka-ku | | | | | | | | | | 49,217 | |","| | “Hirokoji Aqua Place” | | | | | | | | | | | |","| | J | | | | | | | | | | | |","| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |","| --- |","| |","| 720\t0\t720\t1.0%\t145\t395\t3.9 |","| 1.9%\t4,110\t52\t4,443\t4,317\t126\t6.2%\t889\t2,518\t2.8\t1.9%\t4.6\t4,152 4,185\t52 |","| 3,611\t0\t3,611\t1.5%\t548\t3,063\t4.5 |","| 6.3%\t17,850\t39\t4.4%\t3.9\t10,696 18,078\t39 |","| 748\t0\t748\t288\t460\t4.1 |","| 2.4%\t4,708\t48\t2,593\t1,343\t1,250\t2.9%\t519\t1,642\t3.2\t33,320\t37.2%\t3.1%\t2.2\t5,386 4,944\t48 |","| |","| |","| 2.6%\t6,366\t59\t4,768\t1,231\t3,537\t4.9%\t918\t981\t1.1\t36,240\t37.4%\t0.3%\t2.1\t5,841 6,291\t59 |","| 1.9%\t5,139\t33\t2,380\t2,301\t79\t3.4%\t468\t819\t1.8\t3.4%\t1.9\t4,609 4,974\t33 |","| 712\t0\t712\t2.5%\t246\t466\t4.0 |","| 1.3%\t2,921\t58\t1,413\t0\t1,413\t2.9%\t319\t1,036\t3.2\t23,062\t47.9%\t0.1%\t1.8\t2,692 3,121\t58 |","| Market value\tPurchase as per price/Market Project/\tCo- Rental area\texpert\tvalue/ Type of\tPortfolio\t\t\t\tSize of ownership/ (commer- Rental area Number of\tappraiser\tAverage prop- development\tType of\tDate of\tYear of property\theritable\tcial)8 Residential8\tparking\t\t1/210\t\tvalue10 No.","Location of property\terty6\tmeasures\tuse7 acquisition construction\tin sqm building right\tin sqm\tin sqm\tspaces8\tFeatures9\tin TEUR\tin TEUR |","| --- |","| IV.","Properties held through special purpose vehicles in countries with other currencies |","| 3\tHolding: 45% in C 8 GmbH & Co. KG, Frankfurt/Main Share capital: EUR 69,865,388 Value of the company: EUR 64,985,841 5 |","| Property:\tFP\tO (92%)\t05/15\t2015\t3,137\t48,780\t187\tAC, PL, SL\t131,228\t129,586 Seoul, 149 Cheongjin-dong, Jongro-gu\t127,944 “Tower 8“ ROK |","| 4\tHolding: 97.8070% in Deutsche Logistic No. 22 Professional Investors Private Real Estate Investment LLC Share capital: EUR 15,125,806 Shareholder loan: EUR 9,012,344 Value of the company: EUR 16,116,704 5 |","| Property:\tFP\tW (95%)\t02/18\t2017\t30,125\t43,405\t126\tAC\t43,981\t44,991 17385 Icheon-si, 253-1 Ichi-ri;\t46,000 Majang-myun, Gyeonggi-do “Logiport Icheon” ROK |","| 5\tHolding: 98.113% in DWS No. 25 Professional Investors Private Real Estate Investment LLC Share capital: EUR 11,590,936 Shareholder loan: EUR 15,549,728 Value of the company: EUR 11,468,901 5 |","| Property:\tFP\tW (100%)\t01/20\t2016\t30,104\t26,610\t169\tPL, SL\t46,215\t46,215 725 Jeonho-ri, Gochon-eup, Gimpo-si, Gyeonggi-do “Sungkwang Logistics” ROK |","| 6\tHolding: 100% in DB Real Estate Mvik 28 KB, Gothenburg Share capital: EUR 50,110,894 Value of the company: EUR 82,350,559 5 |","| Property:\tFP\tO (100%)\t10/03\t2002\t3,776\t18,812\t167\tPL, AC\t74,996\t79,243 11743 Stockholm\t83,491 Marieviksgatan 19 A-F “Marievik 28” S |","| 7\tHolding: 100% in DB Real Estate Pacific Plaza L. P., Delaware Share capital: EUR 3,055,173 Shareholder loan: EUR 14,441,085 Value of the company: EUR 16,327,223 5 |","| Property:\tFP\tF (77%)\t08/04\t2002\t10,186\t9,397\t0\t820 AC, PL, SL, E\t29,333\t29,198 Daly City, 1901 and 2001 Junipero Serra\t29,063 Boulevard, CA 94014 “2001 DC Station” USA |","| 8\tHolding: 100% in DB Real Estate Crossroads L. P., Delaware Share capital: EUR -16,316,657 Shareholder loan: EUR 0 Value of the company: EUR 147,171,865 5 |","| Property:\tFP\tO (100%)\t01/05\t1999\t40,630\t26,091\t866\tAC, PL 214,901\t214,766 Sunnyvale, 950 and 1000 West Maude\t214,631 Avenue, CA 94085 “Crossroads Center” USA |","| 9\tHolding: 100% in 1019 Market Street L. P., Delaware (formerly DBRE California Residential 2 LLC) Share capital: EUR -519,309 Shareholder loan: EUR 10,830,814 Value of the company: EUR 17,096,354 5 |","| Property:\tFP\tO (97 %)\t10/14\t1909/\t931\t7,016\tAC, PL\t54,515\t55,598 San Francisco, 1019 Market Street,\t2013\t56,681 CA 94103 USA |","| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |","| --- |","| |","| 733\t0\t733\t0.7%\t147\t23\t1.0 |","| 3.5%\t9,258\t55\t6,884\t5,798\t1,086\t5.3%\t1,228\t307\t0.2\t64,685\t49.9%\t6.4%\t1.4\t7,698 9,412\t55 |","| 343\t0\t343\t0.7%\t68\t192\t3.5 |","| 1.2%\t3,083\t47\t2,774\t2,157\t617\t6.2%\t571\t1,712\t3.0\t22,062\t49.0%\t21.5%\t2.7\t2,481 3,521\t47 |","| |","| 1.2%\t2,805\t47\t3,761\t2,299\t1,462\t8.1%\t117\t3,450\t4.9\t25,675\t55.6%\t1.2348 2,805\t47 |","| |","| 2.1%\t4,240\t52\t13.9%\t4.1\t3,361 4,676\t52 |","| |","| 0.8%\t3,554\t42\t3.8\t2,929 4,482\t42 |","| |","| 5.8%\t13,679\t49\t67,693\t31.5%\t4.6 14,235\t49 | |","| 24\t0\t24\t0.1%\t2\t0\tcompletely amortized |","| 1.5%\t4,693\t53\t772\t0\t772\t1.6%\t122\t0\tcompletely\t30,236\t54.4%\t2.5604 4,693\t53\tamortized |","| No.","| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| IV.","Properties held through special purpose vehicles in countries with other currencies |","| 10 | Holding: 100% in Galleria North II L.P., Dallas Share capital: EUR 27,294,152 Shareholder loan: EUR 6,047,204 Value of the company: EUR 42,948,898 5 100% Galeria North II Management LLC, Dallas Share capital: EUR 46,127 Value of the company: EUR 46,127 5 | | | | | | | | | | | | |","| | Property: | FP | O (100 %) | 06/15 | 1999 | 5,499 | | 28,451 | | 962 | AC, PL, SL | 71,213 | 73,965 |","| | Dallas, 13727 Noel Road, TX 75240 | | | | | | | | | | | 76,718 | |","| | “Galleria North Tower II” | | | | | | | | | | | | |","| | USA | | | | | | | | | | | | |","| 11 | Holding: 100% in GG LA Figueroa, LLC Share capital: EUR 12,377,851 Shareholder loan: EUR 20,127,262 Value of the company: EUR 28,009,539 5 | | | | | | | | | | | | |","| | Property: | FP | R (89 %) | 06/16 | 2006 | 7,421 | | 1,116 | 11,932 | 307 | AC, PL | 88,000 | 87,053 |","| | Los Angeles, 3770 South Figueroa Street, | | | | | | | | | | | 86,105 | |","| | CA 90007 | | | | | | | | | | | | |","| | “Tuscany Apartments” USA | | | | | | | | | | | | |","| 12 | Holding: 49% in TAF gg Las Olas LP Share capital: EUR 22,926,606 Shareholder loan: EUR 24,324,202 Value of the company: EUR 40,889,578 5 49% in TAF gg Las Olas GP, LLC Share capital: EUR 0 | | | | | | | | | | | | |","| | Property: | FP | O (90 %) | 09/16 | 2002 | 10,036 | | 37,912 | | 1,034 | AC, PL, SL | 107,955 | 109,569 |","| | Fort Lauderdale, 401 East Las Olas | | | | | | | | | | | 111,184 | |","| | Boulevard, FL 33301 | | | | | | | | | | | | |","| | “Las Olas City Center” | | | | | | | | | | | | |","| | USA | | | | | | | | | | | | |","| 13 | Holding: 49% in GREF GG Eastland Center LP, USA Share capital: EUR 21,070,634 Shareholder loan: EUR 20,454,443 Value of the company: EUR 25,377,629 5 | | | | | | | | | | | | |","| | Property: | FP | S (100 %) | 12/19 | 1957 | 218,652 | | 75,016 | | 3,287 | AC, SL, E | 82,747 | 82,901 |","| | West Covina, 2753 E. Eastland Center | | | | | | | | | | | 83,056 | |","| | Drive, CA 91791 | | | | | | | | | | | | |","| | “Eastland Center” | | | | | | | | | | | | |","| | USA | | | | | | | | | | | | |","| 14 | Holding: 100% in gg Kirby Groove L. P., USA Share capital: EUR 51,819,248 Shareholder loan: EUR 51,829,956 Value of the company: EUR 51,943,421 5 | | | | | | | | | | | | |","| | Property: | FP/HBR | O (86 %) | 01/20 | 2016 | 5,409 | Leasehold | 23,046 | | 864 | AC, PL | 103,660 | 103,660 |","| | Houston, 2925 Richmond Avenue, | | | | | | | | | | | | |","| | TX 78759 | | | | | | | | | | | | |","| | “Kirby Grove” | | | | | | | | | | | | |","| | USA | | | | | | | | | | | | |","| 15 | Holding: 100% in gg Oakbrook L. P., USA Share capital: EUR 34,796,107 Shareholder loan: EUR 33,981,678 Value of the company: EUR 34,839,931 5 | | | | | | | | | | | | |","| | Property: Oak Brook, 2155 West 22nd Street, IL 60523 “The Shops at Oak Brook Place” USA | FP | S (100 %) | 01/20 | 1996 | 57,812 | | 16,459 | | 695 | AC | 67,963 | 67,963 |","| Incidental acquisition\tRemaining\tRental costs\t\tincidental\t\tExpected\t\tVacancy rate\t\tincome Gross yield\tRemaining Total incidental\tthereof\tTotal incidental\tamortized in\tacquisition\tremaining\tBorrowing\t\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t\tratio as %\t\t\trental\tterms of – March 31, real estate assets\t appraiser 1/2 years – Expert\t\t\tcosts\t\t\ttaxes other costs\tas % of\t\tyear\t\tamortized\tperiod\tLoans\t\t of the\t\tincome\t\tleases\t2020, in %\tin TEUR10 appraisal 1/2\t\tin TEUR11,12\t\tin TEUR12\t\tin TEUR12 purchase price\t\tin TEUR10\tin TEUR10\t\t\tin years in TEUR10 market value\t\tfully let\tin years13\t in TEUR14 |","| --- |","| |","| |","| 2.0%\t7,795\t49\t1,158\t0\t1,158\t1.9%\t238\t91\t0.4\t26,490\t35.8%\t2.8%\t4.7444 8,006\t49 |","| |","| 2.3%\t7,103\t46\t1,529\t0\t1,529\t1.8%\t287\t359\t1.3\t40,616\t46.7%\t0.7\t3,650 7,103\t46 |","| 697\t0\t697\t0.7%\t141\t205\t2.5 |","| 3.0%\t10,109\t42\t1,393\t765\t628\t1.3%\t183\t275\t1.5\t44,226\t40.4%\t11.2%\t4.6\t6,419 9,969\t42 |","| 411\t0\t411\t0.5%\t25\t386\t4.8 |","| 2.2%\t5,503\t34\t1,540\t0\t1,540\t1.9%\t77\t1,464\t4.8\t39,803\t48.0%\t3.1%\t4.6\t6,439 5,543\t35 |","| |","| 2.8%\t7,190\t57\t1,771\t0\t1,771\t1.7%\t59\t1,705\t4.8\t51,898\t50.1%\t6.1%\t6.7\t5,832 7,860\t77 |","| |","| 1.8%\t4,772\t47\t1,158\t0\t1,158\t1.7%\t38\t1,115\t4.8\t2.6%\t5.3\t1,214 4,315\t40 |","| Market value\tPurchase as per price/Market Project/\tCo- Rental area\texpert\tvalue/ Type of\tPortfolio\t\t\t\tSize of ownership/ (commer- Rental area Number of\tappraiser\tAverage prop- development\tType of\tDate of\tYear of property\theritable\tcial)8 Residential8\tparking\t\t1/210\t\tvalue10 No.","Location of property\terty6\tmeasures\tuse7 acquisition construction\tin sqm building right\tin sqm\tin sqm\tspaces8\tFeatures9\tin TEUR\tin TEUR |","| --- |","| IV.","Properties held through special purpose vehicles in countries with other currencies |","| 16 Holding: 100% in G Global T1 Pty Limited (Head Trustee) / 99.99995% in G Global Trust 1 Share capital: EUR 50,795,537 Shareholder loan: EUR 13,238,350 Value of the company: 30,988,1855 100% in G Global 90A T2 Pty Limited (Subtrustee) / G Global 90A AUT1 Share capital: EUR 34,187,390 Value of the company: EUR 9,351,109 5 100% in G Global 90A T3 Pty Limited (Subtrustee) / 90 Arthur Street Trust Share capital: EUR 54,619,002 Shareholder loan: EUR 6,092,965 Value of the company: EUR 48,861,128 5 |","| Property:\tFP\tO (97%)\t09/16\t1987/2014\t1,188\t9,256\t74\tAC, PL\t52,012\t54,117 North Sydney, 90 Arthur Street,\t56,221 NSW 2060 AUS |","| 17 Holding: 100% in G Global Australia 1 Pte.","Ltd.","Share capital: EUR 7,347,896 Value of the company: EUR 8,048,773 5 100% in G Global Australia 2 Pte.","Ltd.","Share capital: EUR 14,595,615 Value of the company: EUR 16,086,016 5 100% in G Global Australia 3 Pte.","Ltd.","Share capital: EUR 14,595,615 Value of the company: EUR 16,086,016 5 100% in G Global 120E Pte.","Ltd.","Share capital: EUR 36,245,039 Value of the company: EUR 39,831,667 5 100% in G Global T2 Pty Ltd. (Head Trustee) / G Global Trust 2 Share capital: EUR 36,124,409 Value of the company: EUR 39,165,242 5 100% in G Global 120E T2 Pty Ltd. (Subtrustee) / G Global 120E AUT Share capital: EUR 23,914,183 Shareholder loan: EUR 19,109,762 Value of the company: EUR 28,462,498 5 100% in G Global 180Q Pty Ltd. (Subtrustee) / G Global 180Q AUT Share capital: EUR 11,852,918 Shareholder loan: EUR 4,183,653 Value of the company: EUR 13,618,892 5 |","| Property:\tFP\tO (96%)\t06/17\t2001/\t1,824\t15,734\t111\tAC, PL\t79,486\t81,175 Brisbane, 120 Edward Street,\t2015/\t82,864 QLD 4000\t2016 AUS |","| Property:\tFP\tS (67%)\t11/17 1929/2014\t722\t3,539\tAC, PL, SL\t31,351\t30,493 Brisbane, 180 Queen Street Mall,\tO (33%)\t29,634 QLD 4000 AUS |","| 18 Holding: 100% in G Global T1 Pty Limited / 99.99995% in G Global Trust 1 Share capital: EUR 50,795,537 Shareholder loan: EUR 13,238,350 Value of the company: EUR 30,988,185 5 |","| Property:\tFP/HBR\tH (92%)\t12/19 1965/2019\t877\tCrown\t6,803\t7\tAC, PL, SL\t27,086\t26,948 Canberra, 197 London Circuit\tLease3\t26,809 “The Sebel” AUS |","| Incidental acquisition\tRemaining\tRental costs\t\tincidental\t\tExpected\t\tVacancy rate\t\tincome Gross yield\tRemaining Total incidental\tthereof\tTotal incidental\tamortized in\tacquisition\tremaining\tBorrowing\t\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t\tratio as %\t\t\trental\tterms of – March 31, real estate assets\t appraiser 1/2 years – Expert\t\t\tcosts\t\t\ttaxes other costs\tas % of\t\tyear\t\tamortized\tperiod\tLoans\t\t of the\t\tincome\t\tleases\t2020, in %\tin TEUR10 appraisal 1/2\t\tin TEUR11,12\t\tin TEUR12\t\tin TEUR12 purchase price\t\tin TEUR10\tin TEUR10\t\t\tin years in TEUR10 market value\t\tfully let\tin years13\t in TEUR14 |","| --- |","| |","| 513\t0\t513\t1.1%\t93\t121\t2.0 |","| 1.5%\t4,484\t46\t3,390\t0\t3,390\t6.3%\t0\t0\tcompletely\t20,356\t37.6%\t1.5%\t1.9\t3,114 4,522\t46\tamortized |","| 955\t0\t955\t0.3%\t213\t453\t4.0 |","| 2.2%\t6,326\t51\t6,739\t5,760\t979\t8.3%\t1,087\t2,536\t2.3\t39,106\t48.2%\t6.9%\t2.6\t5,542 6,516\t51 |","| 0.8%\t2,405\t48\t2,885\t2,192\t693\t9.5%\t436\t1,228\t2.8\t14,942\t49.0%\t13.9%\t0.8\t2,434 2,301\t43 |","| |","| 0.7%\t1,656\t49\t2,866\t1,472\t1,394\t10.6%\t129\t2,458\t4.813.4 1,640\t49 | |","| No.","| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| IV.","Properties held through special purpose vehicles in countries with other currencies |","| 19 | Holding: 45% in Eighteen Amaryllis S.","à.","r.l., Luxembourg Share capital: EUR 48,920,283 Shareholder loan: EUR 38,023,759 Value of the company: EUR 51,970,807 5 45% in Eighteen Celosia S.","à.","r.l., Luxembourg Shareholding: EUR 47,501,288 Value of the company: EUR 47,495,948 5 | | | | | | | | | | | |","| | Property: E20 London Stratford Building S9 “S9 International Quarter” GB | FP | O (99%) | 07/18 | 2019 | 4,752 | | 25,850 | | AC, PL, SL | 122,286 121,534 | 121,910 |","| Holding: 12.6% in Swift Newco B Limited Share capital: EUR 252,069 Shareholder loan: EUR 0 Value of the company: EUR 33,280,701 5 |","| Holding: 12.6% in Vita PropCo Holdings Limited Share capital: EUR 152,218 Shareholder loan: EUR 0 Value of the company: EUR 33,138,646 5 |","| 20 | Holding: 12.6% in Beith Street PropCo Limited Share capital: EUR 501,382 Shareholder loan: EUR 4,014,429 Value of the company: EUR 3,752,852 5 | | | | | | | | | | | |","| | Property: Glasgow G11 6BZ 82 Beith Street “West End” GB | FP | R (86%) | 08/19 | 2017 | 9,263 | | 1,683 | 10,081 | PL | 11,221 11,853 | 11,537 |","| 21 | Holding: 12.6% in Fountainbridge Propco Limited Share capital: EUR 2,710,086 Shareholder loan: EUR 2,770,970 Value of the company: EUR 2,832,889 5 | | | | | | | | | | | |","| | Property: Edinburgh EH3 9QG125a Fountainbridge “Fountainbridge” GB | FP | R (95%) | 08/19 | 2018 | 2,752 | | 297 | 5,450 | PL | 9,283 9,115 | 9,199 |","| 22 | Holding: 12.6% in Strawberry Place PropCo Limited Share capital: EUR 2,109,023 Shareholder loan: EUR 1,569,817 Value of the company: EUR 2,348,436 5 | | | | | | | | | | | |","| | Property: Newcastle upon Tyne NE1 4PQ Strawberry Place“Strawberry Place” GB | FP | R (100%) | 08/19 | 2017 | 2,853 | | | 6,715 | PL | 6,460 6,390 | 6,425 |","| 23 | Holding: 12.6% in First Street Manchester Limited Share capital: EUR 574,264 Shareholder loan: EUR 3,240,726 Value of the company: EUR 870,266 5 | | | | | | | | | | | |","| | Property: Manchester M15 4FN 13 Jack Rosenthal Street “First Street” GB | FP/HBR | R (97%) | 08/19 | 2014 | 826 | Heritable building right (long leasehold) | 174 | 5,038 | PL | 6,488 6,727 | 6,608 |","| 24 | Holding: 12.6% in Circle Square 10 & 11 PropCo Limited Share capital: EUR 6,984,283 Shareholder loan: EUR 7,398,632 Value of the company: EUR 5,969,423 5 | | | | | | | | | | | |","| | Property: Manchester M1 7FA 2 Nobel Way “10 /11 Circle Square” GB | FP | R (96%) | 08/19 | 2017 | 5,026 | | 597 | 16,073 | PL | 23,777 23,988 | 23,882 |","| Incidental acquisition\tRemaining\tRental costs\t\tincidental\t\tExpected\t\tVacancy rate\t\tincome Gross yield\tRemaining Total incidental\tthereof\tTotal incidental\tamortized in\tacquisition\tremaining\tBorrowing\t\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t\tratio as %\t\t\trental\tterms of – March 31, real estate assets\t appraiser 1/2 years – Expert\t\t\tcosts\t\t\ttaxes other costs\tas % of\t\tyear\t\tamortized\tperiod\tLoans\t\t of the\t\tincome\t\tleases\t2020, in %\tin TEUR10 appraisal 1/2\t\tin TEUR11,12\t\tin TEUR12\t\tin TEUR12 purchase price\t\tin TEUR10\tin TEUR10\t\t\tin years in TEUR10 market value\t\tfully let\tin years13\t in TEUR14 |","| --- |","| |","| 1,272\t0\t1272\t0.5%\t139\t1,127\t4.5 |","| 3.3%\t6,194\t69\t999\t0\t999\t0.8%\t71\t916\t5.4\t43,136\t35.4%\t16.1\t3,225 6,194\t69 |","| |","| |","| 296\t17\t279\t2.6%\t38\t258\t4.5 |","| 0.3%\t821\t57\t4,554\t39.5%\t1.0\t466 821\t57 |","| 296\t17\t279\t3.2%\t38\t258\t4.5 |","| 0.2%\t643\t58\t3,492\t38.0%\t0.4\t282 643\t58 |","| 296\t17\t279\t4.6%\t38\t258\t4.5 |","| 0.2%\t517\t57\t2,574\t40.1%\t0.7%\t0.4\t288 517\t57 |","| 296\t17\t279\t4.5%\t38\t258\t4.5 |","| 0.2%\t478\t54\t2,595\t39.3%\t0.4\t185 478\t54 |","| 296\t17\t279\t1.2%\t38\t258\t4.5 |","| 0.6%\t1,542\t57\t9,300\t38.9%\t1.0%\t0.4856 1,542\t57 |","| Market value\tPurchase as per price/Market Project/\tCo- Rental area\texpert\tvalue/ Type of\tPortfolio\t\t\t\tSize of ownership/ (commer- Rental area Number of\tappraiser\tAverage prop- development\tType of\tDate of\tYear of property\theritable\tcial)8 Residential8\tparking\t\t1/210\t\tvalue10 No.","Location of property\terty6\tmeasures\tuse7 acquisition construction\tin sqm building right\tin sqm\tin sqm\tspaces8\tFeatures9\tin TEUR\tin TEUR |","| --- |","| IV.","Properties held through special purpose vehicles in countries with other currencies |","| 25 Holding: 12.6% in St. Albans Place PropCo Limited Share capital: EUR -15,638 Shareholder loan: EUR 378,283 Value of the company: EUR 1,841,037 5 |","| Property:\tFP\tR (96%)\t08/19\t2019\t1,396\t333\t7,870\tPL\t 8,314\t8,469 Leeds LS2 8JP\t\t\t\t\t\t\t\t\t8,623 Cross Belgrave Street “St Albans Place” GB |","| 26 Holding: 12.6% in Circle Square 9 PropCo Limited Share capital: EUR 6,590,266 Shareholder loan: EUR 228,040 Value of the company: EUR 5,191,854 5 |","| Property:\tFP\tR (96%)\t08/19\t2019\t1,440\t240\t6,320\tPL\t10,238\t10,238 Manchester M1 7FA\t10,238 2 Nobel Way “9 Circle Square” GB |","| 27 Holding: 12.6% in Pebble Mill Propco Limited Share capital: EUR 5,014,301 Shareholder loan: EUR 606,672 Value of the company: EUR 5,535,220 5 |","| Property:\tFP\tR (100%)\t08/19\t2019\t8,940\t8,390\tPL\t8,427\t8,581 Birmingham B29 7ES\t8,736 Petershore Road “Pebble Mill” GB |","| V. Total real estate assets\t3,713,538 |","Rental incomes for properties listed in color are not disclosed in order to protect the interests of the individual tenant.","- Includes countries with euro-based leases.","- Areas of the property protected by preservation order.","- Corresponds to German heritable building rights.","- Corresponds to German heritable right of usufruct.","- The value of the Company is determined in accordance with the provisions of the KAGB and the Capital Investment Accounting and Valuation Regulation (KARBV).","- FP = Rented residential properties, commercial real estate and mixed-use real estate with finished propertiesUC = Site under construction U = Undeveloped siteHBR = Heritable building right","- O = OfficeL\t= LeisureH = HotelS = ShopsW = Warehousing/logisticsR = Residential Share in % based on rental income.","- Information based on the last expert appraisal prepared.","For properties held via investments, the information is based on the entire property, regardless of the share of portfolio.","- AC = Air conditioning SL = Service liftPL = Passenger lift E = Escalator","- Values in foreign currency converted at exchange rate of March 31, 2020.","For properties held viainvestments, the value is presented pro rata based on the share of portfolio.","- For properties held via investments, incidental acquisition costs may be incurred at both fund level and company level, depending, among other things, on whether a new company is being established or an existing company is being acquired.","- Historical incidental acquisition costs in countries with another currency are recorded at the exchange rate at the time of the transfer of ownership.","- When calculating the residual terms of leases, it is assumed that contractually agreed special termination rights are exercised.","- Rental income in foreign currencies is converted using historical exchange rates.","- Excluding an existing loan for the “Roosevelt Commons” property sold during the reporting period.","| Incidental acquisition\tRemaining\tRental costs\t\tincidental\t\tExpected\t\tVacancy rate\t\tincome Gross yield\tRemaining Total incidental\tthereof\tTotal incidental\tamortized in\tacquisition\tremaining\tBorrowing\t\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t\tratio as %\t\t\trental\tterms of – March 31, real estate assets\t appraiser 1/2 years – Expert\t\t\tcosts\t\t\ttaxes other costs\tas % of\t\tyear\t\tamortized\tperiod\tLoans\t\t of the\t\tincome\t\tleases\t2020, in %\tin TEUR10 appraisal 1/2\t\tin TEUR11,12\t\tin TEUR12\t\tin TEUR12 purchase price\t\tin TEUR10\tin TEUR10\t\t\tin years in TEUR10 market value\t\tfully let\tin years13\t in TEUR14 |","| --- |","| |","| 296\t17\t279\t3.5%\t38\t258\t4.5 |","| 0.2%\t610\t59\t3,399\t40.1%\t0.4\t307 610\t59 |","| 296\t17\t279\t2.9%\t38\t258\t4.5 | | 0.3%\t687\t59\t3,967\t38.7%\t0.4\t348 687\t59 | | 296\t17\t279\t3.4%\t38\t258\t4.5 | | 0.2%\t591\t59\t3,263\t38.0%\t1.1%\t0.4\t304 591\t59 | | 100.0%\t788,23715)\t21.2% | | Exchange rates on March 31, 2020 | | --- | | EUR 1 | = | USD | 1.10795 | | EUR 1 | = | SEK | 11.04066 | | EUR 1 | = | GBP | 0.89716 | | EUR 1 | = | JPY | 119.67519 | | EUR 1 | = | KRW | 1,356.57369 | | EUR 1 | = | PLN | 4.53838 | | EUR 1 | = | AUD | 1.80536 |"],"string":"[\n \"# Statement of assets as of March 31, 2020 Part I: Index of properties\",\n \"| No.\",\n \"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| I. Directly held properties in eurozone countries1 |\",\n \"| 1 | 1120 Vienna | FP | | O (100%) | 04/03 | 2003 | 9,876 | | 27,726 | 453 | AC, SL, PL | 84,140 | 81,770 |\",\n \"| | Am Europlatz 1, 3, 5 | | | | | | | | | | | 79,400 | |\",\n \"| | “Europlaza” | | | | | | | | | | | | |\",\n \"| | A | | | | | | | | | | | | |\",\n \"| 2 | 1030 Vienna | FP | | H (100%) | 12/00 | 2007 | 2,200 | 191,540/ | 11,779 | 135 | AC, PL | 37,800 | 39,200 |\",\n \"| | Rennweg 12 | | | | | | | 348,330 co- | | | | 40,600 | |\",\n \"| | “Am Belvedere” | | | | | | | ownership | | | | | |\",\n \"| | A | | | | | | | share of | | | | | |\",\n \"| | | | | | | | | 8,757 sqm | | | | | |\",\n \"| 3 | 92800 Puteaux 18, Rue Hoche “Kupka A“ F | UC | Conv.\",\n \"/ moderniza- tion, expected to be completed in 2020 | O (100%) | 05/01 | 1992 | 9,018 | Volume ownership of commer- cial rental area and 342 parking spaces | 17,563 | 342 | AC, SL, PL | 82,000 77,500 | 79,750 |\",\n \"| 4 | 02-486 Warsaw | FP | | O (100%) | 12/05 | 2004/ | 14,923 | | 19,057 | 567 | PL | 35,700 | 36,800 |\",\n \"| | Aleje Jerozolimskie 172, 174, 176, 178 | | | | 03/06 | 2007/ | | | | | | 37,900 | |\",\n \"| | “Kopernik B - E” | | | | 04/07 | 2008 | | | | | | | |\",\n \"| | PL | | | | 06/08 | | | | | | | | |\",\n \"| 5 | 50-365 Wroclaw | FP | | O (100%) | 06/10 | 2008/ | 7,880 | | 27,753 | 391 | PL, AC | 72,500 | 76,950 |\",\n \"| | Plac Grunwaldzki 23, 25, 27 | | | | | 2009 | | | | | | 81,400 | |\",\n \"| | “Grunwaldzki Center” | | | | | | | | | | | | |\",\n \"| | PL | | | | | | | | | | | | |\",\n \"| 6 | Dublin, 15 Blanchardstown | FP | | S (78%) | 06/18 | 2000 | 69,213 | | 30,062 | 1,067 | AC, PL, SL, E | 146,950 | 150,925 |\",\n \"| | Snugborough Road | | | | | | | | | | | 153,900 | |\",\n \"| | “Westend Retail Park” | | | | | | | | | | | | |\",\n \"| | IRL | | | | | | | | | | | | |\",\n \"| II.\",\n \"Directly held properties in countries with other currencies |\",\n \"| 1 | Edinburgh | FP/HBR | | O (78%) | 10/05 | 2004 | 2,334 | Plus rights | 10,463 | 39 | AC, PL | 43,080 | 43,777 |\",\n \"| | 129, 133 Fountainbridge, | | | | | | | of use | | | | 44,474 | |\",\n \"| | Edinburgh EH3 9QG | | | | | | | and co- | | | | | |\",\n \"| | 1, 2 Fountainbridge Square, | | | | | | | ownership | | | | | |\",\n \"| | Edinburgh EH3 9QB | | | | | | | | | | | | |\",\n \"| | 4 Lower Gilmore Bank, Edinburgh EH3 9QP | | | | | | | | | | | | |\",\n \"| | 127 Fountainbridge, Edinburgh EH3 9QG | | | | | | | | | | | | |\",\n \"| | “Edinburgh Quay“ | | | | | | | | | | | | |\",\n \"| | GB | | | | | | | | | | | | |\",\n \"| 2 | London EC4 60 Queen Victoria Street GB | FP/HBR | | O (100%) | 11/04 | 1999 | 1,453 | In part, simultane- ously beneficiary and holder of heritable building right | 10,724 | 11 | AC, PL, SL | 130,300 130,857 | 130,579 |\",\n \"| 3 | Tokyo | FP | | O (100%) | 12/03 | 2000 | 1,563 | | 6,695 | 37 | AC, SL, PL | 101,859 | 102,319 |\",\n \"| | 3-16-11 Nishi Shinbashi | | | | | | | | | | | 102,778 | |\",\n \"| | Minato-ku | | | | | | | | | | | | |\",\n \"| | “ATAGO East Building“ | | | | | | | | | | | | |\",\n \"| | J | | | | | | | | | | | | |\",\n \"| 4 | Pyeongtaek | FP | | W (100%) | 11/13 | 2012 | 63,517 | | 47,775 | 143 | SL | 58,825 | 56,318 |\",\n \"| | 1175-3 Doil-dong, Pyeongtaek-si, | | | | | | | | | | | 53,812 | |\",\n \"| | Gyeonggi-do | | | | | | | | | | | | |\",\n \"| | “Adidas Korea Distribution Center” | | | | | | | | | | | | |\",\n \"| | ROK | | | | | | | | | | | | |\",\n \"| Essential results\\tIncidental of appraisal\\tacquisition\\tRemaining\\t\\t\\t\\tRental costs\\t\\tincidental\\tExpected\\tVacancy rate\\tincome Gross yield\\t\\tRemaining Total incidental\\t\\tthereof\\t\\tTotal incidental\\tamortized in\\t acquisition\\tremaining\\tBorrowing\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t ratio as %\\t\\trental\\t terms of – March 31, real estate assets\\tappraiser 1/2 years – Expert\\t\\tcosts\\t\\ttaxes other costs\\tas % of\\t\\tyear\\tamortized\\t\\tperiod\\tLoans\\tof the\\tincome\\t\\tleases\\t\\t2020, in %\\t\\tin TEUR10 appraisal 1/2\\tin TEUR11,12\\tin TEUR12\\tin TEUR12 purchase price\\tin TEUR10\\t in TEUR10\\tin years in TEUR10 market value\\t fully let\\tin years13\\tin TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| 2.2%\\t4,998\\t53\\t11.5%\\t3.8\\t4,411 4,931\\t53 |\",\n \"| 1.1%\\t2,199\\t57\\t1.6%\\t17.1 2,178\\t57 | |\",\n \"| 2.1%\\t7,521\\t57 7,521\\t57 |\",\n \"| 1.0%\\t2,675\\t56\\t11.5%\\t3.0\\t2,503 3,019\\t56 |\",\n \"| 2.1%\\t4,935\\t59\\t6.4%\\t2.9\\t4,901 5,722\\t59 |\",\n \"| 4.1%\\t8,580\\t40\\t12,092\\t8,862\\t3,230\\t8.2%\\t2,424\\t7,827\\t3.3\\t0.4%\\t5.3\\t8,353 8,632\\t40 |\",\n \"| |\",\n \"| 1.2%\\t2,922\\t54\\t11.4%\\t5.2\\t2,602 2,900\\t54 |\",\n \"| 3.5%\\t6,582\\t49\\t0.4\\t6,261 6,539\\t49 |\",\n \"| 2.8%\\t4,577\\t40\\t0.3%\\t1.4\\t3,129 4,977\\t40 |\",\n \"| 1.5%\\t4,363\\t32\\t3,223\\t2,065\\t1,158\\t7.5%\\t0\\t0\\tcompletely\\t17,028\\t30.2%2.4 4,060\\t32\\tamortized | |\",\n \"| No.\",\n \"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| III.\",\n \"Properties held through special purpose vehicles in eurozone countries1 |\",\n \"| 1 | Holding: 100% in Rakpart 3 Ingatlanhasznosito Kft.\",\n \", Budapest Share capital: EUR 591,893 Shareholder loan: EUR 15,500,000 Value of the company: EUR 23,446,451 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | O (100%) | 01/01 | 2000 | 2,527 | | 13,572 | 142 | AC, PL | 34,200 | 35,700 |\",\n \"| | 1054 Budapest | | | | | | | | | | 37,200 | |\",\n \"| | Akademia utca 62 | | | | | | | | | | | |\",\n \"| | Szechenyi rakpart 3 | | | | | | | | | | | |\",\n \"| | “Akademia Business Center” | | | | | | | | | | | |\",\n \"| | H | | | | | | | | | | | |\",\n \"| 2 | Holding: 100% in Mom Park Torony Kft.\",\n \", Budapest Share capital: EUR 14,903,986 Value of the company: EUR 42,216,309 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | O (100%) | 06/03 | 2001 | 5,572 | | 11,926 | 474 | AC, PL | 33,500 | 35,850 |\",\n \"| | 1124 BudapestCsörsz utca 41-45 | | | | | | | | | | 38,200 | |\",\n \"| | “Mom Park” | | | | | | | | | | | |\",\n \"| | H | | | | | | | | | | | |\",\n \"| 3 | Holding: 100% in AIAS Ingatlanbefektetési Kft.\",\n \", Budapest Share capital: EUR -159,850 Shareholder loan: EUR 12,000,000 Value of the company: EUR 19,078,464 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | O (91%) | 09/05 | 2004 | 4,416 | | 16,430 | 244 | AC, PL | 25,700 | 25,800 |\",\n \"| | 1139 Budapest | | | | | | | | | | 25,900 | |\",\n \"| | Váci út 140 | | | | | | | | | | | |\",\n \"| | “BC 140” | | | | | | | | | | | |\",\n \"| | H | | | | | | | | | | | |\",\n \"| 4 | Holding: 100% in DB Real Estate Investment Madeira Sociedade Imobiliária Unipessoal Lda & Comandita Share capital: EUR 47,615,535 Value of the company: EUR 75,341,795 5 100% in DB Real Estate Investment Madeira Sociedade Imobiliária Unipessoal Lda Share capital: EUR 4,462,043 Value of the company: EUR 2,837,647 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | S (100%) | 06/05 | 2005 | | 84.42% | 20,714 | 792 | AC, SL, E | 70,100 | 69,775 |\",\n \"| | Madeira, 9004-568 Funchal | | | | | | co-owner- | | | | 69,450 | |\",\n \"| | Estrada Monumental 390 | | | | | | ship of | | | | | |\",\n \"| | “Forum Madeira” | | | | | | 11,944 sqm | | | | | |\",\n \"| | P | | | | | | | | | | | |\",\n \"| 5 | Holding: 100% in RREEF Investment Azambuja Unipessoal LDA Share capital: EUR 24,673 Value of the company: EUR 29,836 5 100% in RREEF Investment Azambuja Unipessoal LDA & Comandita Share capital: EUR 27,499,468 Shareholder loan: EUR 9,100,000 Value of the company: EUR 29,995,413 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | W (100%) | 04/17 | 2011 | 122,996 | | 52,638 | 52 | AC | 36,300 | 36,400 |\",\n \"| | 2050 Vila Nova da Rainha (Azambuja) | | | | | | | | | | 36,500 | |\",\n \"| | Estrada Nacional 3 KM 7 | | | | | | | | | | | |\",\n \"| | “Azambuja EIPA II” | | | | | | | | | | | |\",\n \"| | P | | | | | | | | | | | |\",\n \"| 6 | Holding: 100% in LCC Leiriashopping - Centro Comercial, S.A. Share capital: EUR-70,134,639 Shareholder loan: EUR 64,000,000 Value of the company: EUR 35,536,830 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | S (100%) | 04/19 | 2010 | 40,840 | | 24,505 | 1,049 | AC, PL, SL, E | 127,800 | 128,000 |\",\n \"| | 2400-441 LeiriaAlto do Vieiro | | | | | | | | | | 128,200 | |\",\n \"| | “Leiria Shopping” | | | | | | | | | | | |\",\n \"| | P | | | | | | | | | | | |\",\n \"| Essential results\\tIncidental of appraisal\\tacquisition\\tRemaining\\t\\t\\t\\tRental costs\\t\\tincidental\\tExpected\\tVacancy rate\\tincome Gross yield\\t\\tRemaining Total incidental\\t\\tthereof\\t\\tTotal incidental\\tamortized in\\t acquisition\\tremaining\\tBorrowing\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t ratio as %\\t\\trental\\t terms of – March 31, real estate assets\\tappraiser 1/2 years – Expert\\t\\tcosts\\t\\ttaxes other costs\\tas % of\\t\\tyear\\tamortized\\t\\tperiod\\tLoans\\tof the\\tincome\\t\\tleases\\t\\t2020, in %\\t\\tin TEUR10 appraisal 1/2\\tin TEUR11,12\\tin TEUR12\\tin TEUR12 purchase price\\tin TEUR10\\t in TEUR10\\tin years in TEUR10 market value\\t fully let\\tin years13\\tin TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| |\",\n \"| 1.0%\\t2,790\\t50\\t5.0%\\t3.6\\t3,362 3,159\\t50 |\",\n \"| |\",\n \"| 1.0%\\t2,370\\t51\\t8.9%\\t2.7\\t2,389 2,667\\t51 |\",\n \"| |\",\n \"| 0.7%\\t2,063\\t54\\t24.0%\\t1.5\\t2,009 2,263\\t54 |\",\n \"| |\",\n \"| 1.9%\\t4,991\\t45\\t0.4%\\t2.8\\t5,206 5,319\\t45 |\",\n \"| |\",\n \"| 1.0%\\t2,417\\t41\\t2,818\\t2,277\\t541\\t7.7%\\t564\\t1,174\\t2.111.6 2,378\\t41 | |\",\n \"| 42\\t0\\t42\\t0.0%\\t8\\t34\\t4.5 |\",\n \"| 3.4%\\t7,942\\t50\\t2,454\\t0\\t2,454\\t1.9%\\t450\\t2,004\\t4.5\\t25,500\\t19.9%\\t3.8%\\t2.9\\t9,264 9,001\\t50 |\",\n \"| No.\",\n \"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| III.\",\n \"Properties held through special purpose vehicles in eurozone countries1 |\",\n \"| 7 | Holding: 100% in DB Real Estate Polska 2 Spolka z o.\",\n \"o.\",\n \", Warsaw Share capital: EUR 9,234,507 Value of the company: EUR 11,980,548 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | O (100%) | 03/02 | 2001 | 5,657 | | 5,984 | 200 | PL | 9,700 | 10,600 |\",\n \"| | 02-486 Warsaw | | | | | | | | | | 11,500 | |\",\n \"| | Aleje Jerozolimskie 180 | | | | | | | | | | | |\",\n \"| | “Kopernik A” | | | | | | | | | | | |\",\n \"| | PL | | | | | | | | | | | |\",\n \"| 8 | Holding: 46.995% in Bolsover Sp.\",\n \"Zo.o.\",\n \"17 Sp.k.\",\n \"(Limited Partnership)\",\n \"Share capital: EUR 57,500,662 Value of the company: EUR 77,507,803 5 | | | | | | | | | | | |\",\n \"| | Property: | FP/HBR | S (100%) | 06/17 | 2005/ | 80,293 | Right of | 17,236 | 1,000 | AC | 44,598 | 45,797 |\",\n \"| | 05-505 Warsaw | | | | 2006/ | | Perpetual | | | | 46,995 | |\",\n \"| | Pulawska 42E | | | | 2007 | | Usufruct | | | | | |\",\n \"| | PL | | | | | | (RPU) 4 | | | | | |\",\n \"| | Property: | FP/HBR | S (100%) | 06/17 | 2004/ | 123,811 | Partial | 16,816 | 1,057 | AC | 32,333 | 32,051 |\",\n \"| | 41-208 Sosnowitz (Kattowitz) | | | | 2008/ | | Right of | | | | 31,769 | |\",\n \"| | Orlat Lwowskich 138 | | | | 2009 | | Perpetual | | | | | |\",\n \"| | PL | | | | | | Usufruct | | | | | |\",\n \"| | | | | | | | (RPU) 4 | | | | | |\",\n \"| | Property: | FP | S (100%) | 06/17 | 2005/2009 | 79,177 | | 16,836 | 935 | AC | 37,737 | 38,113 |\",\n \"| | 80-174 Gdansk | | | | | | | | | | 38,489 | |\",\n \"| | Przywidzka 8 | | | | | | | | | | | |\",\n \"| | PL | | | | | | | | | | | |\",\n \"| 9 | Holding: 100% in Espoon Keilahadentie 2 4 Ky LP Share capital: EUR 182,346,628 Value of the company: EUR 174,363,528 5 100% in Espoon Keilahadentie 2 4 Ky GP Share capital: EUR 1,473 Value of the company: EUR 1,473 5 100% in Kiinteistö Oy Espoon Keilalahden ABCD-talot (MREC) Share capital: EUR 112,185,998 Shareholder loan: EUR 0 Value of the company: EUR 168,408,321 5 | | | | | | | | | | | |\",\n \"| | Property: Keilalahdentie 2-402150 Espoo FIN | FP | O (100%) | 11/17 | 1997 | 52,841 | | 31,159 | 846 | AC | 166,800 169,900 | 168,350 |\",\n \"| 10 | Holding: 100% in Kiinteistö Oy Viinikankaski 1 (MREC) Share capital: EUR 43,870,569 Value of the company: EUR 63,313,134 5 | | | | | | | | | | | |\",\n \"| | Property: 01530 Vantaa Katriinantie 20 FIN | FP | W (90%) | 06/19 | 2009 | 74,958 | | 38,797 | 268 | AC | 62,900 63,500 | 63,200 |\",\n \"| 11 | Holding: 100% in Oval Tower Verwaltungs UG Share capital: EUR 724 Value of the company: EUR 724 5 100% in Oval Tower UG & Co. KG Share capital: EUR 51,448,857 Shareholder loan: Value of the company: EUR 59,198,259 5 | | | | | | | | | | | |\",\n \"| | Property: | FP/HBR | O (100%) | 12/17 | 2001/ | 1,129 | Leasehold/ | 23,632 | 234 | PL, AC | 89,200 | 90,650 |\",\n \"| | 101 HE Amsterdam | | | | 2002/ | | opstal right 3 | | | | 92,100 | |\",\n \"| | De Entrée 99 - 197 | | | | 2012 | | | | | | | |\",\n \"| | “Oval Tower” | | | | | | | | | | | |\",\n \"| | NL | | | | | | | | | | | |\",\n \"| Essential results\\tIncidental of appraisal\\tacquisition\\tRemaining\\t\\t\\t\\tRental costs\\t\\tincidental\\tExpected\\tVacancy rate\\tincome Gross yield\\t\\tRemaining Total incidental\\t\\tthereof\\t\\tTotal incidental\\tamortized in\\t acquisition\\tremaining\\tBorrowing\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t ratio as %\\t\\trental\\t terms of – March 31, real estate assets\\tappraiser 1/2 years – Expert\\t\\tcosts\\t\\ttaxes other costs\\tas % of\\t\\tyear\\tamortized\\t\\tperiod\\tLoans\\tof the\\tincome\\t\\tleases\\t\\t2020, in %\\t\\tin TEUR10 appraisal 1/2\\tin TEUR11,12\\tin TEUR12\\tin TEUR12 purchase price\\tin TEUR10\\t in TEUR10\\tin years in TEUR10 market value\\t fully let\\tin years13\\tin TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| |\",\n \"| 0.3%\\t813\\t51\\t28.4%\\t1.9\\t588 989\\t51 |\",\n \"| |\",\n \"| 1.2%\\t2,807\\t36\\t1,118\\t741\\t377\\t2.4%\\t216\\t524\\t2.4\\t18,930\\t41.3%\\t4.9%\\t3.1\\t3,163 3,263\\t36 |\",\n \"| 0.9%\\t2,078\\t36\\t873\\t579\\t294\\t2.7%\\t169\\t409\\t2.4\\t14,446\\t45.1%\\t2.6%\\t3.5\\t2,196 2,285\\t36 |\",\n \"| 1.0%\\t2,395\\t37\\t987\\t654\\t333\\t2.6%\\t191\\t463\\t2.4\\t16,439\\t43.1%\\t2.6%\\t3.5\\t2,539 2,679\\t37 |\",\n \"| |\",\n \"| 4.5%\\t7,784\\t47\\t5,358\\t3,272\\t2,086\\t3.2%\\t1,072\\t2,947\\t2.86.5 7,835\\t47 | |\",\n \"| 2,388\\t0\\t2,388\\t3.7%\\t124\\t2,264\\t4.5 |\",\n \"| 1.7%\\t3,517\\t39\\t2.8%\\t2.5\\t2,262 3,495\\t39 |\",\n \"| 901\\t0\\t901\\t1.0%\\t180\\t495\\t3.9 |\",\n \"| 2.4%\\t4,839\\t50\\t5,320\\t5,193\\t127\\t5.9%\\t1,062\\t3,017\\t2.8\\t39,204\\t43.2%\\t3.3\\t5,421 4,598\\t50 |\",\n \"| No.\",\n \"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| III.\",\n \"Properties held through special purpose vehicles in eurozone countries1 |\",\n \"| 12 | Holding: 100% in Daelse Kwint Verwaltungs UG Share capital: EUR 957 Value of the company: EUR 957 5 100% in Daelse Kwint UG & Co. KG Share capital: EUR 44,914,807 Shareholder loan: EUR 31,950,000 Value of the company: EUR 46,877,106 5 | | | | | | | | | | | |\",\n \"| | Property: | FP/HBR | O (100%) | 12/17 | 1990/ | 7,915 | Leasehold/ | 19,037 | 249 | PL, AC | 70,000 | 72,000 |\",\n \"| | 3511 SX Utrecht | | | | 2013/ | | opstal right 3 | | | | 74,000 | |\",\n \"| | Daalseplein 1 and 101 | | | | 2014 | | | | | | | |\",\n \"| | “Daalse Kwint” | | | | | | | | | | | |\",\n \"| | NL | | | | | | | | | | | |\",\n \"| 13 | Holding: 100% in BMG Barberino Srl Share capital: EUR 147,747,437 Value of the company: EUR 230,345,059 5 100% in gg Barberino NewCo Srl Share capital: EUR 110,967,068 Shareholder loan: EUR 110,500,000 Value of the company: EUR 110,967,068 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | S (100%) | 07/19 | 2006/ | 149,263 | | 26,535 | 2,113 | AC | 232,500 | 233,050 |\",\n \"| | 50031 Barberino di Mugello | | | | 2014 | | | | | | 233,600 | |\",\n \"| | Via Antonio Meucci | | | | | | | | | | | |\",\n \"| | “Barberino Factory Outlet” | | | | | | | | | | | |\",\n \"| | I | | | | | | | | | | | |\",\n \"| 14 | Holding:49% in Alinesa Investment S.L. (Holding Company) Share capital: EUR 35,631,661 Value of the company: EUR 37,011,224 5 49% in Parque Shopping Elche S.L.U. Share capital: EUR 622,220 Shareholder loan: EUR 11,025,000 Value of the company: EUR 41,232,819 5 49% in Fairfield Invest, S.L.U. Share capital: EUR 2,202,895 Shareholder loan: EUR 1,715,000 Value of the company: EUR 4,216,492 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | S (100%) | 05/18 | 2003 | 76,894 | | 45,702 | 2,172 | AC, PL, SL, E | 90,552 | 89,523 |\",\n \"| | 3205 Elche (Elx) | | | | | | | | | | 88,494 | |\",\n \"| | Calle Jacarilla 7 | | | | | | | | | | | |\",\n \"| | “L‘Aljub” | | | | | | | | | | | |\",\n \"| | E | | | | | | | | | | | |\",\n \"| IV.\",\n \"Properties held through special purpose vehicles in countries with other currencies |\",\n \"| 1 | Holding: 100% in RREEF Marble Pte.\",\n \"Ltd., Singapore Share capital: EUR 133,180,488 Value of the company: EUR 149,025,952 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | O (91%) | 03/16 | 2009 | 1,584 | | 11,854 | 58 | AC, PL | 96,344 | 96,929 |\",\n \"| | Osaka, 1-6-29 Kyutaromachi, Chuo-ku, | | | | | | | | | | 97,514 | |\",\n \"| | Osaka-shi “Forecast” | | | | | | | | | | | |\",\n \"| | J | | | | | | | | | | | |\",\n \"| | Property: | FP | W (91%) | 12/16 | 2003 | 28,872 | | 43,058 | 299 | SL | 71,945 | 70,942 |\",\n \"| | Shibayama-cho, 148-15 Iwayama, | | | | | | | | | | 69,939 | |\",\n \"| | Sanbu-gun, Chiba“Narita” | | | | | | | | | | | |\",\n \"| | J | | | | | | | | | | | |\",\n \"| 2 | Holding: 100% in G Global Japan 1 Pte.\",\n \"Ltd. (Japan Branch) Share capital: EUR 12,075,560 Value of the company: EUR 9,547,612 5 100% in G Global Japan 1 Pte.\",\n \"Ltd. (SingCo\",\n \"1) Share capital: EUR 12,070,712 Value of the company: EUR 12,070,711 5 100% in G Global Japan 2 Pte.\",\n \"Ltd. (SingCo\",\n \"2) Share capital: EUR 12,150,388 Value of the company: EUR 12,009,438 5 100% in G Global Nagoya TMK Share capital: EUR 24,799,955 Value of the company: EUR 23,640,793 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | O (95%) | 05/18 | 2008 | 1,389 | | 7,472 | 145 | AC, PL | 47,044 | 48,130 |\",\n \"| | Nagoya, 1-5-8 Shinsakae, Naka-ku | | | | | | | | | | 49,217 | |\",\n \"| | “Hirokoji Aqua Place” | | | | | | | | | | | |\",\n \"| | J | | | | | | | | | | | |\",\n \"| Essential results\\tIncidental of appraisal\\tacquisition\\tRemaining\\t\\t\\t\\tRental costs\\t\\tincidental\\tExpected\\tVacancy rate\\tincome Gross yield\\t\\tRemaining Total incidental\\t\\tthereof\\t\\tTotal incidental\\tamortized in\\t acquisition\\tremaining\\tBorrowing\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t ratio as %\\t\\trental\\t terms of – March 31, real estate assets\\tappraiser 1/2 years – Expert\\t\\tcosts\\t\\ttaxes other costs\\tas % of\\t\\tyear\\tamortized\\t\\tperiod\\tLoans\\tof the\\tincome\\t\\tleases\\t\\t2020, in %\\t\\tin TEUR10 appraisal 1/2\\tin TEUR11,12\\tin TEUR12\\tin TEUR12 purchase price\\tin TEUR10\\t in TEUR10\\tin years in TEUR10 market value\\t fully let\\tin years13\\tin TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| 720\\t0\\t720\\t1.0%\\t145\\t395\\t3.9 |\",\n \"| 1.9%\\t4,110\\t52\\t4,443\\t4,317\\t126\\t6.2%\\t889\\t2,518\\t2.8\\t1.9%\\t4.6\\t4,152 4,185\\t52 |\",\n \"| 3,611\\t0\\t3,611\\t1.5%\\t548\\t3,063\\t4.5 |\",\n \"| 6.3%\\t17,850\\t39\\t4.4%\\t3.9\\t10,696 18,078\\t39 |\",\n \"| 748\\t0\\t748\\t288\\t460\\t4.1 |\",\n \"| 2.4%\\t4,708\\t48\\t2,593\\t1,343\\t1,250\\t2.9%\\t519\\t1,642\\t3.2\\t33,320\\t37.2%\\t3.1%\\t2.2\\t5,386 4,944\\t48 |\",\n \"| |\",\n \"| |\",\n \"| 2.6%\\t6,366\\t59\\t4,768\\t1,231\\t3,537\\t4.9%\\t918\\t981\\t1.1\\t36,240\\t37.4%\\t0.3%\\t2.1\\t5,841 6,291\\t59 |\",\n \"| 1.9%\\t5,139\\t33\\t2,380\\t2,301\\t79\\t3.4%\\t468\\t819\\t1.8\\t3.4%\\t1.9\\t4,609 4,974\\t33 |\",\n \"| 712\\t0\\t712\\t2.5%\\t246\\t466\\t4.0 |\",\n \"| 1.3%\\t2,921\\t58\\t1,413\\t0\\t1,413\\t2.9%\\t319\\t1,036\\t3.2\\t23,062\\t47.9%\\t0.1%\\t1.8\\t2,692 3,121\\t58 |\",\n \"| Market value\\tPurchase as per price/Market Project/\\tCo- Rental area\\texpert\\tvalue/ Type of\\tPortfolio\\t\\t\\t\\tSize of ownership/ (commer- Rental area Number of\\tappraiser\\tAverage prop- development\\tType of\\tDate of\\tYear of property\\theritable\\tcial)8 Residential8\\tparking\\t\\t1/210\\t\\tvalue10 No.\",\n \"Location of property\\terty6\\tmeasures\\tuse7 acquisition construction\\tin sqm building right\\tin sqm\\tin sqm\\tspaces8\\tFeatures9\\tin TEUR\\tin TEUR |\",\n \"| --- |\",\n \"| IV.\",\n \"Properties held through special purpose vehicles in countries with other currencies |\",\n \"| 3\\tHolding: 45% in C 8 GmbH & Co. KG, Frankfurt/Main Share capital: EUR 69,865,388 Value of the company: EUR 64,985,841 5 |\",\n \"| Property:\\tFP\\tO (92%)\\t05/15\\t2015\\t3,137\\t48,780\\t187\\tAC, PL, SL\\t131,228\\t129,586 Seoul, 149 Cheongjin-dong, Jongro-gu\\t127,944 “Tower 8“ ROK |\",\n \"| 4\\tHolding: 97.8070% in Deutsche Logistic No. 22 Professional Investors Private Real Estate Investment LLC Share capital: EUR 15,125,806 Shareholder loan: EUR 9,012,344 Value of the company: EUR 16,116,704 5 |\",\n \"| Property:\\tFP\\tW (95%)\\t02/18\\t2017\\t30,125\\t43,405\\t126\\tAC\\t43,981\\t44,991 17385 Icheon-si, 253-1 Ichi-ri;\\t46,000 Majang-myun, Gyeonggi-do “Logiport Icheon” ROK |\",\n \"| 5\\tHolding: 98.113% in DWS No. 25 Professional Investors Private Real Estate Investment LLC Share capital: EUR 11,590,936 Shareholder loan: EUR 15,549,728 Value of the company: EUR 11,468,901 5 |\",\n \"| Property:\\tFP\\tW (100%)\\t01/20\\t2016\\t30,104\\t26,610\\t169\\tPL, SL\\t46,215\\t46,215 725 Jeonho-ri, Gochon-eup, Gimpo-si, Gyeonggi-do “Sungkwang Logistics” ROK |\",\n \"| 6\\tHolding: 100% in DB Real Estate Mvik 28 KB, Gothenburg Share capital: EUR 50,110,894 Value of the company: EUR 82,350,559 5 |\",\n \"| Property:\\tFP\\tO (100%)\\t10/03\\t2002\\t3,776\\t18,812\\t167\\tPL, AC\\t74,996\\t79,243 11743 Stockholm\\t83,491 Marieviksgatan 19 A-F “Marievik 28” S |\",\n \"| 7\\tHolding: 100% in DB Real Estate Pacific Plaza L. P., Delaware Share capital: EUR 3,055,173 Shareholder loan: EUR 14,441,085 Value of the company: EUR 16,327,223 5 |\",\n \"| Property:\\tFP\\tF (77%)\\t08/04\\t2002\\t10,186\\t9,397\\t0\\t820 AC, PL, SL, E\\t29,333\\t29,198 Daly City, 1901 and 2001 Junipero Serra\\t29,063 Boulevard, CA 94014 “2001 DC Station” USA |\",\n \"| 8\\tHolding: 100% in DB Real Estate Crossroads L. P., Delaware Share capital: EUR -16,316,657 Shareholder loan: EUR 0 Value of the company: EUR 147,171,865 5 |\",\n \"| Property:\\tFP\\tO (100%)\\t01/05\\t1999\\t40,630\\t26,091\\t866\\tAC, PL 214,901\\t214,766 Sunnyvale, 950 and 1000 West Maude\\t214,631 Avenue, CA 94085 “Crossroads Center” USA |\",\n \"| 9\\tHolding: 100% in 1019 Market Street L. P., Delaware (formerly DBRE California Residential 2 LLC) Share capital: EUR -519,309 Shareholder loan: EUR 10,830,814 Value of the company: EUR 17,096,354 5 |\",\n \"| Property:\\tFP\\tO (97 %)\\t10/14\\t1909/\\t931\\t7,016\\tAC, PL\\t54,515\\t55,598 San Francisco, 1019 Market Street,\\t2013\\t56,681 CA 94103 USA |\",\n \"| Essential results\\tIncidental of appraisal\\tacquisition\\tRemaining\\t\\t\\t\\tRental costs\\t\\tincidental\\tExpected\\tVacancy rate\\tincome Gross yield\\t\\tRemaining Total incidental\\t\\tthereof\\t\\tTotal incidental\\tamortized in\\t acquisition\\tremaining\\tBorrowing\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t ratio as %\\t\\trental\\t terms of – March 31, real estate assets\\tappraiser 1/2 years – Expert\\t\\tcosts\\t\\ttaxes other costs\\tas % of\\t\\tyear\\tamortized\\t\\tperiod\\tLoans\\tof the\\tincome\\t\\tleases\\t\\t2020, in %\\t\\tin TEUR10 appraisal 1/2\\tin TEUR11,12\\tin TEUR12\\tin TEUR12 purchase price\\tin TEUR10\\t in TEUR10\\tin years in TEUR10 market value\\t fully let\\tin years13\\tin TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| 733\\t0\\t733\\t0.7%\\t147\\t23\\t1.0 |\",\n \"| 3.5%\\t9,258\\t55\\t6,884\\t5,798\\t1,086\\t5.3%\\t1,228\\t307\\t0.2\\t64,685\\t49.9%\\t6.4%\\t1.4\\t7,698 9,412\\t55 |\",\n \"| 343\\t0\\t343\\t0.7%\\t68\\t192\\t3.5 |\",\n \"| 1.2%\\t3,083\\t47\\t2,774\\t2,157\\t617\\t6.2%\\t571\\t1,712\\t3.0\\t22,062\\t49.0%\\t21.5%\\t2.7\\t2,481 3,521\\t47 |\",\n \"| |\",\n \"| 1.2%\\t2,805\\t47\\t3,761\\t2,299\\t1,462\\t8.1%\\t117\\t3,450\\t4.9\\t25,675\\t55.6%\\t1.2348 2,805\\t47 |\",\n \"| |\",\n \"| 2.1%\\t4,240\\t52\\t13.9%\\t4.1\\t3,361 4,676\\t52 |\",\n \"| |\",\n \"| 0.8%\\t3,554\\t42\\t3.8\\t2,929 4,482\\t42 |\",\n \"| |\",\n \"| 5.8%\\t13,679\\t49\\t67,693\\t31.5%\\t4.6 14,235\\t49 | |\",\n \"| 24\\t0\\t24\\t0.1%\\t2\\t0\\tcompletely amortized |\",\n \"| 1.5%\\t4,693\\t53\\t772\\t0\\t772\\t1.6%\\t122\\t0\\tcompletely\\t30,236\\t54.4%\\t2.5604 4,693\\t53\\tamortized |\",\n \"| No.\",\n \"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| IV.\",\n \"Properties held through special purpose vehicles in countries with other currencies |\",\n \"| 10 | Holding: 100% in Galleria North II L.P., Dallas Share capital: EUR 27,294,152 Shareholder loan: EUR 6,047,204 Value of the company: EUR 42,948,898 5 100% Galeria North II Management LLC, Dallas Share capital: EUR 46,127 Value of the company: EUR 46,127 5 | | | | | | | | | | | | |\",\n \"| | Property: | FP | O (100 %) | 06/15 | 1999 | 5,499 | | 28,451 | | 962 | AC, PL, SL | 71,213 | 73,965 |\",\n \"| | Dallas, 13727 Noel Road, TX 75240 | | | | | | | | | | | 76,718 | |\",\n \"| | “Galleria North Tower II” | | | | | | | | | | | | |\",\n \"| | USA | | | | | | | | | | | | |\",\n \"| 11 | Holding: 100% in GG LA Figueroa, LLC Share capital: EUR 12,377,851 Shareholder loan: EUR 20,127,262 Value of the company: EUR 28,009,539 5 | | | | | | | | | | | | |\",\n \"| | Property: | FP | R (89 %) | 06/16 | 2006 | 7,421 | | 1,116 | 11,932 | 307 | AC, PL | 88,000 | 87,053 |\",\n \"| | Los Angeles, 3770 South Figueroa Street, | | | | | | | | | | | 86,105 | |\",\n \"| | CA 90007 | | | | | | | | | | | | |\",\n \"| | “Tuscany Apartments” USA | | | | | | | | | | | | |\",\n \"| 12 | Holding: 49% in TAF gg Las Olas LP Share capital: EUR 22,926,606 Shareholder loan: EUR 24,324,202 Value of the company: EUR 40,889,578 5 49% in TAF gg Las Olas GP, LLC Share capital: EUR 0 | | | | | | | | | | | | |\",\n \"| | Property: | FP | O (90 %) | 09/16 | 2002 | 10,036 | | 37,912 | | 1,034 | AC, PL, SL | 107,955 | 109,569 |\",\n \"| | Fort Lauderdale, 401 East Las Olas | | | | | | | | | | | 111,184 | |\",\n \"| | Boulevard, FL 33301 | | | | | | | | | | | | |\",\n \"| | “Las Olas City Center” | | | | | | | | | | | | |\",\n \"| | USA | | | | | | | | | | | | |\",\n \"| 13 | Holding: 49% in GREF GG Eastland Center LP, USA Share capital: EUR 21,070,634 Shareholder loan: EUR 20,454,443 Value of the company: EUR 25,377,629 5 | | | | | | | | | | | | |\",\n \"| | Property: | FP | S (100 %) | 12/19 | 1957 | 218,652 | | 75,016 | | 3,287 | AC, SL, E | 82,747 | 82,901 |\",\n \"| | West Covina, 2753 E. Eastland Center | | | | | | | | | | | 83,056 | |\",\n \"| | Drive, CA 91791 | | | | | | | | | | | | |\",\n \"| | “Eastland Center” | | | | | | | | | | | | |\",\n \"| | USA | | | | | | | | | | | | |\",\n \"| 14 | Holding: 100% in gg Kirby Groove L. P., USA Share capital: EUR 51,819,248 Shareholder loan: EUR 51,829,956 Value of the company: EUR 51,943,421 5 | | | | | | | | | | | | |\",\n \"| | Property: | FP/HBR | O (86 %) | 01/20 | 2016 | 5,409 | Leasehold | 23,046 | | 864 | AC, PL | 103,660 | 103,660 |\",\n \"| | Houston, 2925 Richmond Avenue, | | | | | | | | | | | | |\",\n \"| | TX 78759 | | | | | | | | | | | | |\",\n \"| | “Kirby Grove” | | | | | | | | | | | | |\",\n \"| | USA | | | | | | | | | | | | |\",\n \"| 15 | Holding: 100% in gg Oakbrook L. P., USA Share capital: EUR 34,796,107 Shareholder loan: EUR 33,981,678 Value of the company: EUR 34,839,931 5 | | | | | | | | | | | | |\",\n \"| | Property: Oak Brook, 2155 West 22nd Street, IL 60523 “The Shops at Oak Brook Place” USA | FP | S (100 %) | 01/20 | 1996 | 57,812 | | 16,459 | | 695 | AC | 67,963 | 67,963 |\",\n \"| Incidental acquisition\\tRemaining\\tRental costs\\t\\tincidental\\t\\tExpected\\t\\tVacancy rate\\t\\tincome Gross yield\\tRemaining Total incidental\\tthereof\\tTotal incidental\\tamortized in\\tacquisition\\tremaining\\tBorrowing\\t\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t\\tratio as %\\t\\t\\trental\\tterms of – March 31, real estate assets\\t appraiser 1/2 years – Expert\\t\\t\\tcosts\\t\\t\\ttaxes other costs\\tas % of\\t\\tyear\\t\\tamortized\\tperiod\\tLoans\\t\\t of the\\t\\tincome\\t\\tleases\\t2020, in %\\tin TEUR10 appraisal 1/2\\t\\tin TEUR11,12\\t\\tin TEUR12\\t\\tin TEUR12 purchase price\\t\\tin TEUR10\\tin TEUR10\\t\\t\\tin years in TEUR10 market value\\t\\tfully let\\tin years13\\t in TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| |\",\n \"| 2.0%\\t7,795\\t49\\t1,158\\t0\\t1,158\\t1.9%\\t238\\t91\\t0.4\\t26,490\\t35.8%\\t2.8%\\t4.7444 8,006\\t49 |\",\n \"| |\",\n \"| 2.3%\\t7,103\\t46\\t1,529\\t0\\t1,529\\t1.8%\\t287\\t359\\t1.3\\t40,616\\t46.7%\\t0.7\\t3,650 7,103\\t46 |\",\n \"| 697\\t0\\t697\\t0.7%\\t141\\t205\\t2.5 |\",\n \"| 3.0%\\t10,109\\t42\\t1,393\\t765\\t628\\t1.3%\\t183\\t275\\t1.5\\t44,226\\t40.4%\\t11.2%\\t4.6\\t6,419 9,969\\t42 |\",\n \"| 411\\t0\\t411\\t0.5%\\t25\\t386\\t4.8 |\",\n \"| 2.2%\\t5,503\\t34\\t1,540\\t0\\t1,540\\t1.9%\\t77\\t1,464\\t4.8\\t39,803\\t48.0%\\t3.1%\\t4.6\\t6,439 5,543\\t35 |\",\n \"| |\",\n \"| 2.8%\\t7,190\\t57\\t1,771\\t0\\t1,771\\t1.7%\\t59\\t1,705\\t4.8\\t51,898\\t50.1%\\t6.1%\\t6.7\\t5,832 7,860\\t77 |\",\n \"| |\",\n \"| 1.8%\\t4,772\\t47\\t1,158\\t0\\t1,158\\t1.7%\\t38\\t1,115\\t4.8\\t2.6%\\t5.3\\t1,214 4,315\\t40 |\",\n \"| Market value\\tPurchase as per price/Market Project/\\tCo- Rental area\\texpert\\tvalue/ Type of\\tPortfolio\\t\\t\\t\\tSize of ownership/ (commer- Rental area Number of\\tappraiser\\tAverage prop- development\\tType of\\tDate of\\tYear of property\\theritable\\tcial)8 Residential8\\tparking\\t\\t1/210\\t\\tvalue10 No.\",\n \"Location of property\\terty6\\tmeasures\\tuse7 acquisition construction\\tin sqm building right\\tin sqm\\tin sqm\\tspaces8\\tFeatures9\\tin TEUR\\tin TEUR |\",\n \"| --- |\",\n \"| IV.\",\n \"Properties held through special purpose vehicles in countries with other currencies |\",\n \"| 16 Holding: 100% in G Global T1 Pty Limited (Head Trustee) / 99.99995% in G Global Trust 1 Share capital: EUR 50,795,537 Shareholder loan: EUR 13,238,350 Value of the company: 30,988,1855 100% in G Global 90A T2 Pty Limited (Subtrustee) / G Global 90A AUT1 Share capital: EUR 34,187,390 Value of the company: EUR 9,351,109 5 100% in G Global 90A T3 Pty Limited (Subtrustee) / 90 Arthur Street Trust Share capital: EUR 54,619,002 Shareholder loan: EUR 6,092,965 Value of the company: EUR 48,861,128 5 |\",\n \"| Property:\\tFP\\tO (97%)\\t09/16\\t1987/2014\\t1,188\\t9,256\\t74\\tAC, PL\\t52,012\\t54,117 North Sydney, 90 Arthur Street,\\t56,221 NSW 2060 AUS |\",\n \"| 17 Holding: 100% in G Global Australia 1 Pte.\",\n \"Ltd.\",\n \"Share capital: EUR 7,347,896 Value of the company: EUR 8,048,773 5 100% in G Global Australia 2 Pte.\",\n \"Ltd.\",\n \"Share capital: EUR 14,595,615 Value of the company: EUR 16,086,016 5 100% in G Global Australia 3 Pte.\",\n \"Ltd.\",\n \"Share capital: EUR 14,595,615 Value of the company: EUR 16,086,016 5 100% in G Global 120E Pte.\",\n \"Ltd.\",\n \"Share capital: EUR 36,245,039 Value of the company: EUR 39,831,667 5 100% in G Global T2 Pty Ltd. (Head Trustee) / G Global Trust 2 Share capital: EUR 36,124,409 Value of the company: EUR 39,165,242 5 100% in G Global 120E T2 Pty Ltd. (Subtrustee) / G Global 120E AUT Share capital: EUR 23,914,183 Shareholder loan: EUR 19,109,762 Value of the company: EUR 28,462,498 5 100% in G Global 180Q Pty Ltd. (Subtrustee) / G Global 180Q AUT Share capital: EUR 11,852,918 Shareholder loan: EUR 4,183,653 Value of the company: EUR 13,618,892 5 |\",\n \"| Property:\\tFP\\tO (96%)\\t06/17\\t2001/\\t1,824\\t15,734\\t111\\tAC, PL\\t79,486\\t81,175 Brisbane, 120 Edward Street,\\t2015/\\t82,864 QLD 4000\\t2016 AUS |\",\n \"| Property:\\tFP\\tS (67%)\\t11/17 1929/2014\\t722\\t3,539\\tAC, PL, SL\\t31,351\\t30,493 Brisbane, 180 Queen Street Mall,\\tO (33%)\\t29,634 QLD 4000 AUS |\",\n \"| 18 Holding: 100% in G Global T1 Pty Limited / 99.99995% in G Global Trust 1 Share capital: EUR 50,795,537 Shareholder loan: EUR 13,238,350 Value of the company: EUR 30,988,185 5 |\",\n \"| Property:\\tFP/HBR\\tH (92%)\\t12/19 1965/2019\\t877\\tCrown\\t6,803\\t7\\tAC, PL, SL\\t27,086\\t26,948 Canberra, 197 London Circuit\\tLease3\\t26,809 “The Sebel” AUS |\",\n \"| Incidental acquisition\\tRemaining\\tRental costs\\t\\tincidental\\t\\tExpected\\t\\tVacancy rate\\t\\tincome Gross yield\\tRemaining Total incidental\\tthereof\\tTotal incidental\\tamortized in\\tacquisition\\tremaining\\tBorrowing\\t\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t\\tratio as %\\t\\t\\trental\\tterms of – March 31, real estate assets\\t appraiser 1/2 years – Expert\\t\\t\\tcosts\\t\\t\\ttaxes other costs\\tas % of\\t\\tyear\\t\\tamortized\\tperiod\\tLoans\\t\\t of the\\t\\tincome\\t\\tleases\\t2020, in %\\tin TEUR10 appraisal 1/2\\t\\tin TEUR11,12\\t\\tin TEUR12\\t\\tin TEUR12 purchase price\\t\\tin TEUR10\\tin TEUR10\\t\\t\\tin years in TEUR10 market value\\t\\tfully let\\tin years13\\t in TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| 513\\t0\\t513\\t1.1%\\t93\\t121\\t2.0 |\",\n \"| 1.5%\\t4,484\\t46\\t3,390\\t0\\t3,390\\t6.3%\\t0\\t0\\tcompletely\\t20,356\\t37.6%\\t1.5%\\t1.9\\t3,114 4,522\\t46\\tamortized |\",\n \"| 955\\t0\\t955\\t0.3%\\t213\\t453\\t4.0 |\",\n \"| 2.2%\\t6,326\\t51\\t6,739\\t5,760\\t979\\t8.3%\\t1,087\\t2,536\\t2.3\\t39,106\\t48.2%\\t6.9%\\t2.6\\t5,542 6,516\\t51 |\",\n \"| 0.8%\\t2,405\\t48\\t2,885\\t2,192\\t693\\t9.5%\\t436\\t1,228\\t2.8\\t14,942\\t49.0%\\t13.9%\\t0.8\\t2,434 2,301\\t43 |\",\n \"| |\",\n \"| 0.7%\\t1,656\\t49\\t2,866\\t1,472\\t1,394\\t10.6%\\t129\\t2,458\\t4.813.4 1,640\\t49 | |\",\n \"| No.\",\n \"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| IV.\",\n \"Properties held through special purpose vehicles in countries with other currencies |\",\n \"| 19 | Holding: 45% in Eighteen Amaryllis S.\",\n \"à.\",\n \"r.l., Luxembourg Share capital: EUR 48,920,283 Shareholder loan: EUR 38,023,759 Value of the company: EUR 51,970,807 5 45% in Eighteen Celosia S.\",\n \"à.\",\n \"r.l., Luxembourg Shareholding: EUR 47,501,288 Value of the company: EUR 47,495,948 5 | | | | | | | | | | | |\",\n \"| | Property: E20 London Stratford Building S9 “S9 International Quarter” GB | FP | O (99%) | 07/18 | 2019 | 4,752 | | 25,850 | | AC, PL, SL | 122,286 121,534 | 121,910 |\",\n \"| Holding: 12.6% in Swift Newco B Limited Share capital: EUR 252,069 Shareholder loan: EUR 0 Value of the company: EUR 33,280,701 5 |\",\n \"| Holding: 12.6% in Vita PropCo Holdings Limited Share capital: EUR 152,218 Shareholder loan: EUR 0 Value of the company: EUR 33,138,646 5 |\",\n \"| 20 | Holding: 12.6% in Beith Street PropCo Limited Share capital: EUR 501,382 Shareholder loan: EUR 4,014,429 Value of the company: EUR 3,752,852 5 | | | | | | | | | | | |\",\n \"| | Property: Glasgow G11 6BZ 82 Beith Street “West End” GB | FP | R (86%) | 08/19 | 2017 | 9,263 | | 1,683 | 10,081 | PL | 11,221 11,853 | 11,537 |\",\n \"| 21 | Holding: 12.6% in Fountainbridge Propco Limited Share capital: EUR 2,710,086 Shareholder loan: EUR 2,770,970 Value of the company: EUR 2,832,889 5 | | | | | | | | | | | |\",\n \"| | Property: Edinburgh EH3 9QG125a Fountainbridge “Fountainbridge” GB | FP | R (95%) | 08/19 | 2018 | 2,752 | | 297 | 5,450 | PL | 9,283 9,115 | 9,199 |\",\n \"| 22 | Holding: 12.6% in Strawberry Place PropCo Limited Share capital: EUR 2,109,023 Shareholder loan: EUR 1,569,817 Value of the company: EUR 2,348,436 5 | | | | | | | | | | | |\",\n \"| | Property: Newcastle upon Tyne NE1 4PQ Strawberry Place“Strawberry Place” GB | FP | R (100%) | 08/19 | 2017 | 2,853 | | | 6,715 | PL | 6,460 6,390 | 6,425 |\",\n \"| 23 | Holding: 12.6% in First Street Manchester Limited Share capital: EUR 574,264 Shareholder loan: EUR 3,240,726 Value of the company: EUR 870,266 5 | | | | | | | | | | | |\",\n \"| | Property: Manchester M15 4FN 13 Jack Rosenthal Street “First Street” GB | FP/HBR | R (97%) | 08/19 | 2014 | 826 | Heritable building right (long leasehold) | 174 | 5,038 | PL | 6,488 6,727 | 6,608 |\",\n \"| 24 | Holding: 12.6% in Circle Square 10 & 11 PropCo Limited Share capital: EUR 6,984,283 Shareholder loan: EUR 7,398,632 Value of the company: EUR 5,969,423 5 | | | | | | | | | | | |\",\n \"| | Property: Manchester M1 7FA 2 Nobel Way “10 /11 Circle Square” GB | FP | R (96%) | 08/19 | 2017 | 5,026 | | 597 | 16,073 | PL | 23,777 23,988 | 23,882 |\",\n \"| Incidental acquisition\\tRemaining\\tRental costs\\t\\tincidental\\t\\tExpected\\t\\tVacancy rate\\t\\tincome Gross yield\\tRemaining Total incidental\\tthereof\\tTotal incidental\\tamortized in\\tacquisition\\tremaining\\tBorrowing\\t\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t\\tratio as %\\t\\t\\trental\\tterms of – March 31, real estate assets\\t appraiser 1/2 years – Expert\\t\\t\\tcosts\\t\\t\\ttaxes other costs\\tas % of\\t\\tyear\\t\\tamortized\\tperiod\\tLoans\\t\\t of the\\t\\tincome\\t\\tleases\\t2020, in %\\tin TEUR10 appraisal 1/2\\t\\tin TEUR11,12\\t\\tin TEUR12\\t\\tin TEUR12 purchase price\\t\\tin TEUR10\\tin TEUR10\\t\\t\\tin years in TEUR10 market value\\t\\tfully let\\tin years13\\t in TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| 1,272\\t0\\t1272\\t0.5%\\t139\\t1,127\\t4.5 |\",\n \"| 3.3%\\t6,194\\t69\\t999\\t0\\t999\\t0.8%\\t71\\t916\\t5.4\\t43,136\\t35.4%\\t16.1\\t3,225 6,194\\t69 |\",\n \"| |\",\n \"| |\",\n \"| 296\\t17\\t279\\t2.6%\\t38\\t258\\t4.5 |\",\n \"| 0.3%\\t821\\t57\\t4,554\\t39.5%\\t1.0\\t466 821\\t57 |\",\n \"| 296\\t17\\t279\\t3.2%\\t38\\t258\\t4.5 |\",\n \"| 0.2%\\t643\\t58\\t3,492\\t38.0%\\t0.4\\t282 643\\t58 |\",\n \"| 296\\t17\\t279\\t4.6%\\t38\\t258\\t4.5 |\",\n \"| 0.2%\\t517\\t57\\t2,574\\t40.1%\\t0.7%\\t0.4\\t288 517\\t57 |\",\n \"| 296\\t17\\t279\\t4.5%\\t38\\t258\\t4.5 |\",\n \"| 0.2%\\t478\\t54\\t2,595\\t39.3%\\t0.4\\t185 478\\t54 |\",\n \"| 296\\t17\\t279\\t1.2%\\t38\\t258\\t4.5 |\",\n \"| 0.6%\\t1,542\\t57\\t9,300\\t38.9%\\t1.0%\\t0.4856 1,542\\t57 |\",\n \"| Market value\\tPurchase as per price/Market Project/\\tCo- Rental area\\texpert\\tvalue/ Type of\\tPortfolio\\t\\t\\t\\tSize of ownership/ (commer- Rental area Number of\\tappraiser\\tAverage prop- development\\tType of\\tDate of\\tYear of property\\theritable\\tcial)8 Residential8\\tparking\\t\\t1/210\\t\\tvalue10 No.\",\n \"Location of property\\terty6\\tmeasures\\tuse7 acquisition construction\\tin sqm building right\\tin sqm\\tin sqm\\tspaces8\\tFeatures9\\tin TEUR\\tin TEUR |\",\n \"| --- |\",\n \"| IV.\",\n \"Properties held through special purpose vehicles in countries with other currencies |\",\n \"| 25 Holding: 12.6% in St. Albans Place PropCo Limited Share capital: EUR -15,638 Shareholder loan: EUR 378,283 Value of the company: EUR 1,841,037 5 |\",\n \"| Property:\\tFP\\tR (96%)\\t08/19\\t2019\\t1,396\\t333\\t7,870\\tPL\\t 8,314\\t8,469 Leeds LS2 8JP\\t\\t\\t\\t\\t\\t\\t\\t\\t8,623 Cross Belgrave Street “St Albans Place” GB |\",\n \"| 26 Holding: 12.6% in Circle Square 9 PropCo Limited Share capital: EUR 6,590,266 Shareholder loan: EUR 228,040 Value of the company: EUR 5,191,854 5 |\",\n \"| Property:\\tFP\\tR (96%)\\t08/19\\t2019\\t1,440\\t240\\t6,320\\tPL\\t10,238\\t10,238 Manchester M1 7FA\\t10,238 2 Nobel Way “9 Circle Square” GB |\",\n \"| 27 Holding: 12.6% in Pebble Mill Propco Limited Share capital: EUR 5,014,301 Shareholder loan: EUR 606,672 Value of the company: EUR 5,535,220 5 |\",\n \"| Property:\\tFP\\tR (100%)\\t08/19\\t2019\\t8,940\\t8,390\\tPL\\t8,427\\t8,581 Birmingham B29 7ES\\t8,736 Petershore Road “Pebble Mill” GB |\",\n \"| V. Total real estate assets\\t3,713,538 |\",\n \"Rental incomes for properties listed in color are not disclosed in order to protect the interests of the individual tenant.\",\n \"- Includes countries with euro-based leases.\",\n \"- Areas of the property protected by preservation order.\",\n \"- Corresponds to German heritable building rights.\",\n \"- Corresponds to German heritable right of usufruct.\",\n \"- The value of the Company is determined in accordance with the provisions of the KAGB and the Capital Investment Accounting and Valuation Regulation (KARBV).\",\n \"- FP = Rented residential properties, commercial real estate and mixed-use real estate with finished propertiesUC = Site under construction U = Undeveloped siteHBR = Heritable building right\",\n \"- O = OfficeL\\t= LeisureH = HotelS = ShopsW = Warehousing/logisticsR = Residential Share in % based on rental income.\",\n \"- Information based on the last expert appraisal prepared.\",\n \"For properties held via investments, the information is based on the entire property, regardless of the share of portfolio.\",\n \"- AC = Air conditioning SL = Service liftPL = Passenger lift E = Escalator\",\n \"- Values in foreign currency converted at exchange rate of March 31, 2020.\",\n \"For properties held viainvestments, the value is presented pro rata based on the share of portfolio.\",\n \"- For properties held via investments, incidental acquisition costs may be incurred at both fund level and company level, depending, among other things, on whether a new company is being established or an existing company is being acquired.\",\n \"- Historical incidental acquisition costs in countries with another currency are recorded at the exchange rate at the time of the transfer of ownership.\",\n \"- When calculating the residual terms of leases, it is assumed that contractually agreed special termination rights are exercised.\",\n \"- Rental income in foreign currencies is converted using historical exchange rates.\",\n \"- Excluding an existing loan for the “Roosevelt Commons” property sold during the reporting period.\",\n \"| Incidental acquisition\\tRemaining\\tRental costs\\t\\tincidental\\t\\tExpected\\t\\tVacancy rate\\t\\tincome Gross yield\\tRemaining Total incidental\\tthereof\\tTotal incidental\\tamortized in\\tacquisition\\tremaining\\tBorrowing\\t\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t\\tratio as %\\t\\t\\trental\\tterms of – March 31, real estate assets\\t appraiser 1/2 years – Expert\\t\\t\\tcosts\\t\\t\\ttaxes other costs\\tas % of\\t\\tyear\\t\\tamortized\\tperiod\\tLoans\\t\\t of the\\t\\tincome\\t\\tleases\\t2020, in %\\tin TEUR10 appraisal 1/2\\t\\tin TEUR11,12\\t\\tin TEUR12\\t\\tin TEUR12 purchase price\\t\\tin TEUR10\\tin TEUR10\\t\\t\\tin years in TEUR10 market value\\t\\tfully let\\tin years13\\t in TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| 296\\t17\\t279\\t3.5%\\t38\\t258\\t4.5 |\",\n \"| 0.2%\\t610\\t59\\t3,399\\t40.1%\\t0.4\\t307 610\\t59 |\",\n \"| 296\\t17\\t279\\t2.9%\\t38\\t258\\t4.5 | | 0.3%\\t687\\t59\\t3,967\\t38.7%\\t0.4\\t348 687\\t59 | | 296\\t17\\t279\\t3.4%\\t38\\t258\\t4.5 | | 0.2%\\t591\\t59\\t3,263\\t38.0%\\t1.1%\\t0.4\\t304 591\\t59 | | 100.0%\\t788,23715)\\t21.2% | | Exchange rates on March 31, 2020 | | --- | | EUR 1 | = | USD | 1.10795 | | EUR 1 | = | SEK | 11.04066 | | EUR 1 | = | GBP | 0.89716 | | EUR 1 | = | JPY | 119.67519 | | EUR 1 | = | KRW | 1,356.57369 | | EUR 1 | = | PLN | 4.53838 | | EUR 1 | = | AUD | 1.80536 |\"\n]","isConversational":false},"ctxpro_tagged":{"kind":"list like","value":["# Statement of assets as of March 31, 2020 Part I: Index of properties","| No.","| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| I. Directly held properties in eurozone countries1 |","| 1 | 1120 Vienna | FP | | O (100%) | 04/03 | 2003 | 9,876 | | 27,726 | 453 | AC, SL, PL | 84,140 | 81,770 |","| | Am Europlatz 1, 3, 5 | | | | | | | | | | | 79,400 | |","| | “Europlaza” | | | | | | | | | | | | |","| | A | | | | | | | | | | | | |","| 2 | 1030 Vienna | FP | | H (100%) | 12/00 | 2007 | 2,200 | 191,540/ | 11,779 | 135 | AC, PL | 37,800 | 39,200 |","| | Rennweg 12 | | | | | | | 348,330 co- | | | | 40,600 | |","| | “Am Belvedere” | | | | | | | ownership | | | | | |","| | A | | | | | | | share of | | | | | |","| | | | | | | | | 8,757 sqm | | | | | |","| 3 | 92800 Puteaux 18, Rue Hoche “Kupka A“ F | UC | Conv.","/ moderniza- tion, expected to be completed in 2020 | O (100%) | 05/01 | 1992 | 9,018 | Volume ownership of commer- cial rental area and 342 parking spaces | 17,563 | 342 | AC, SL, PL | 82,000 77,500 | 79,750 |","| 4 | 02-486 Warsaw | FP | | O (100%) | 12/05 | 2004/ | 14,923 | | 19,057 | 567 | PL | 35,700 | 36,800 |","| | Aleje Jerozolimskie 172, 174, 176, 178 | | | | 03/06 | 2007/ | | | | | | 37,900 | |","| | “Kopernik B - E” | | | | 04/07 | 2008 | | | | | | | |","| | PL | | | | 06/08 | | | | | | | | |","| 5 | 50-365 Wroclaw | FP | | O (100%) | 06/10 | 2008/ | 7,880 | | 27,753 | 391 | PL, AC | 72,500 | 76,950 |","| | Plac Grunwaldzki 23, 25, 27 | | | | | 2009 | | | | | | 81,400 | |","| | “Grunwaldzki Center” | | | | | | | | | | | | |","| | PL | | | | | | | | | | | | |","| 6 | Dublin, 15 Blanchardstown | FP | | S (78%) | 06/18 | 2000 | 69,213 | | 30,062 | 1,067 | AC, PL, SL, E | 146,950 | 150,925 |","| | Snugborough Road | | | | | | | | | | | 153,900 | |","| | “Westend Retail Park” | | | | | | | | | | | | |","| | IRL | | | | | | | | | | | | |","| II.","Directly held properties in countries with other currencies |","| 1 | Edinburgh | FP/HBR | | O (78%) | 10/05 | 2004 | 2,334 | Plus rights | 10,463 | 39 | AC, PL | 43,080 | 43,777 |","| | 129, 133 Fountainbridge, | | | | | | | of use | | | | 44,474 | |","| | Edinburgh EH3 9QG | | | | | | | and co- | | | | | |","| | 1, 2 Fountainbridge Square, | | | | | | | ownership | | | | | |","| | Edinburgh EH3 9QB | | | | | | | | | | | | |","| | 4 Lower Gilmore Bank, Edinburgh EH3 9QP | | | | | | | | | | | | |","| | 127 Fountainbridge, Edinburgh EH3 9QG | | | | | | | | | | | | |","| | “Edinburgh Quay“ | | | | | | | | | | | | |","| | GB | | | | | | | | | | | | |","| 2 | London EC4 60 Queen Victoria Street GB | FP/HBR | | O (100%) | 11/04 | 1999 | 1,453 | In part, simultane- ously beneficiary and holder of heritable building right | 10,724 | 11 | AC, PL, SL | 130,300 130,857 | 130,579 |","| 3 | Tokyo | FP | | O (100%) | 12/03 | 2000 | 1,563 | | 6,695 | 37 | AC, SL, PL | 101,859 | 102,319 |","| | 3-16-11 Nishi Shinbashi | | | | | | | | | | | 102,778 | |","| | Minato-ku | | | | | | | | | | | | |","| | “ATAGO East Building“ | | | | | | | | | | | | |","| | J | | | | | | | | | | | | |","| 4 | Pyeongtaek | FP | | W (100%) | 11/13 | 2012 | 63,517 | | 47,775 | 143 | SL | 58,825 | 56,318 |","| | 1175-3 Doil-dong, Pyeongtaek-si, | | | | | | | | | | | 53,812 | |","| | Gyeonggi-do | | | | | | | | | | | | |","| | “Adidas Korea Distribution Center” | | | | | | | | | | | | |","| | ROK | | | | | | | | | | | | |","| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |","| --- |","| |","| 2.2%\t4,998\t53\t11.5%\t3.8\t4,411 4,931\t53 |","| 1.1%\t2,199\t57\t1.6%\t17.1 2,178\t57 | |","| 2.1%\t7,521\t57 7,521\t57 |","| 1.0%\t2,675\t56\t11.5%\t3.0\t2,503 3,019\t56 |","| 2.1%\t4,935\t59\t6.4%\t2.9\t4,901 5,722\t59 |","| 4.1%\t8,580\t40\t12,092\t8,862\t3,230\t8.2%\t2,424\t7,827\t3.3\t0.4%\t5.3\t8,353 8,632\t40 |","| |","| 1.2%\t2,922\t54\t11.4%\t5.2\t2,602 2,900\t54 |","| 3.5%\t6,582\t49\t0.4\t6,261 6,539\t49 |","| 2.8%\t4,577\t40\t0.3%\t1.4\t3,129 4,977\t40 |","| 1.5%\t4,363\t32\t3,223\t2,065\t1,158\t7.5%\t0\t0\tcompletely\t17,028\t30.2%2.4 4,060\t32\tamortized | |","| No.","| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| III.","Properties held through special purpose vehicles in eurozone countries1 |","| 1 | Holding: 100% in Rakpart 3 Ingatlanhasznosito Kft.",", Budapest Share capital: EUR 591,893 Shareholder loan: EUR 15,500,000 Value of the company: EUR 23,446,451 5 | | | | | | | | | | | |","| | Property: | FP | O (100%) | 01/01 | 2000 | 2,527 | | 13,572 | 142 | AC, PL | 34,200 | 35,700 |","| | 1054 Budapest | | | | | | | | | | 37,200 | |","| | Akademia utca 62 | | | | | | | | | | | |","| | Szechenyi rakpart 3 | | | | | | | | | | | |","| | “Akademia Business Center” | | | | | | | | | | | |","| | H | | | | | | | | | | | |","| 2 | Holding: 100% in Mom Park Torony Kft.",", Budapest Share capital: EUR 14,903,986 Value of the company: EUR 42,216,309 5 | | | | | | | | | | | |","| | Property: | FP | O (100%) | 06/03 | 2001 | 5,572 | | 11,926 | 474 | AC, PL | 33,500 | 35,850 |","| | 1124 BudapestCsörsz utca 41-45 | | | | | | | | | | 38,200 | |","| | “Mom Park” | | | | | | | | | | | |","| | H | | | | | | | | | | | |","| 3 | Holding: 100% in AIAS Ingatlanbefektetési Kft.",", Budapest Share capital: EUR -159,850 Shareholder loan: EUR 12,000,000 Value of the company: EUR 19,078,464 5 | | | | | | | | | | | |","| | Property: | FP | O (91%) | 09/05 | 2004 | 4,416 | | 16,430 | 244 | AC, PL | 25,700 | 25,800 |","| | 1139 Budapest | | | | | | | | | | 25,900 | |","| | Váci út 140 | | | | | | | | | | | |","| | “BC 140” | | | | | | | | | | | |","| | H | | | | | | | | | | | |","| 4 | Holding: 100% in DB Real Estate Investment Madeira Sociedade Imobiliária Unipessoal Lda & Comandita Share capital: EUR 47,615,535 Value of the company: EUR 75,341,795 5 100% in DB Real Estate Investment Madeira Sociedade Imobiliária Unipessoal Lda Share capital: EUR 4,462,043 Value of the company: EUR 2,837,647 5 | | | | | | | | | | | |","| | Property: | FP | S (100%) | 06/05 | 2005 | | 84.42% | 20,714 | 792 | AC, SL, E | 70,100 | 69,775 |","| | Madeira, 9004-568 Funchal | | | | | | co-owner- | | | | 69,450 | |","| | Estrada Monumental 390 | | | | | | ship of | | | | | |","| | “Forum Madeira” | | | | | | 11,944 sqm | | | | | |","| | P | | | | | | | | | | | |","| 5 | Holding: 100% in RREEF Investment Azambuja Unipessoal LDA Share capital: EUR 24,673 Value of the company: EUR 29,836 5 100% in RREEF Investment Azambuja Unipessoal LDA & Comandita Share capital: EUR 27,499,468 Shareholder loan: EUR 9,100,000 Value of the company: EUR 29,995,413 5 | | | | | | | | | | | |","| | Property: | FP | W (100%) | 04/17 | 2011 | 122,996 | | 52,638 | 52 | AC | 36,300 | 36,400 |","| | 2050 Vila Nova da Rainha (Azambuja) | | | | | | | | | | 36,500 | |","| | Estrada Nacional 3 KM 7 | | | | | | | | | | | |","| | “Azambuja EIPA II” | | | | | | | | | | | |","| | P | | | | | | | | | | | |","| 6 | Holding: 100% in LCC Leiriashopping - Centro Comercial, S.A. Share capital: EUR-70,134,639 Shareholder loan: EUR 64,000,000 Value of the company: EUR 35,536,830 5 | | | | | | | | | | | |","| | Property: | FP | S (100%) | 04/19 | 2010 | 40,840 | | 24,505 | 1,049 | AC, PL, SL, E | 127,800 | 128,000 |","| | 2400-441 LeiriaAlto do Vieiro | | | | | | | | | | 128,200 | |","| | “Leiria Shopping” | | | | | | | | | | | |","| | P | | | | | | | | | | | |","| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |","| --- |","| |","| |","| 1.0%\t2,790\t50\t5.0%\t3.6\t3,362 3,159\t50 |","| |","| 1.0%\t2,370\t51\t8.9%\t2.7\t2,389 2,667\t51 |","| |","| 0.7%\t2,063\t54\t24.0%\t1.5\t2,009 2,263\t54 |","| |","| 1.9%\t4,991\t45\t0.4%\t2.8\t5,206 5,319\t45 |","| |","| 1.0%\t2,417\t41\t2,818\t2,277\t541\t7.7%\t564\t1,174\t2.111.6 2,378\t41 | |","| 42\t0\t42\t0.0%\t8\t34\t4.5 |","| 3.4%\t7,942\t50\t2,454\t0\t2,454\t1.9%\t450\t2,004\t4.5\t25,500\t19.9%\t3.8%\t2.9\t9,264 9,001\t50 |","| No.","| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| III.","Properties held through special purpose vehicles in eurozone countries1 |","| 7 | Holding: 100% in DB Real Estate Polska 2 Spolka z o.","o.",", Warsaw Share capital: EUR 9,234,507 Value of the company: EUR 11,980,548 5 | | | | | | | | | | | |","| | Property: | FP | O (100%) | 03/02 | 2001 | 5,657 | | 5,984 | 200 | PL | 9,700 | 10,600 |","| | 02-486 Warsaw | | | | | | | | | | 11,500 | |","| | Aleje Jerozolimskie 180 | | | | | | | | | | | |","| | “Kopernik A” | | | | | | | | | | | |","| | PL | | | | | | | | | | | |","| 8 | Holding: 46.995% in Bolsover Sp.","Zo.o.","17 Sp.k.","(Limited Partnership)","Share capital: EUR 57,500,662 Value of the company: EUR 77,507,803 5 | | | | | | | | | | | |","| | Property: | FP/HBR | S (100%) | 06/17 | 2005/ | 80,293 | Right of | 17,236 | 1,000 | AC | 44,598 | 45,797 |","| | 05-505 Warsaw | | | | 2006/ | | Perpetual | | | | 46,995 | |","| | Pulawska 42E | | | | 2007 | | Usufruct | | | | | |","| | PL | | | | | | (RPU) 4 | | | | | |","| | Property: | FP/HBR | S (100%) | 06/17 | 2004/ | 123,811 | Partial | 16,816 | 1,057 | AC | 32,333 | 32,051 |","| | 41-208 Sosnowitz (Kattowitz) | | | | 2008/ | | Right of | | | | 31,769 | |","| | Orlat Lwowskich 138 | | | | 2009 | | Perpetual | | | | | |","| | PL | | | | | | Usufruct | | | | | |","| | | | | | | | (RPU) 4 | | | | | |","| | Property: | FP | S (100%) | 06/17 | 2005/2009 | 79,177 | | 16,836 | 935 | AC | 37,737 | 38,113 |","| | 80-174 Gdansk | | | | | | | | | | 38,489 | |","| | Przywidzka 8 | | | | | | | | | | | |","| | PL | | | | | | | | | | | |","| 9 | Holding: 100% in Espoon Keilahadentie 2 4 Ky LP Share capital: EUR 182,346,628 Value of the company: EUR 174,363,528 5 100% in Espoon Keilahadentie 2 4 Ky GP Share capital: EUR 1,473 Value of the company: EUR 1,473 5 100% in Kiinteistö Oy Espoon Keilalahden ABCD-talot (MREC) Share capital: EUR 112,185,998 Shareholder loan: EUR 0 Value of the company: EUR 168,408,321 5 | | | | | | | | | | | |","| | Property: Keilalahdentie 2-402150 Espoo FIN | FP | O (100%) | 11/17 | 1997 | 52,841 | | 31,159 | 846 | AC | 166,800 169,900 | 168,350 |","| 10 | Holding: 100% in Kiinteistö Oy Viinikankaski 1 (MREC) Share capital: EUR 43,870,569 Value of the company: EUR 63,313,134 5 | | | | | | | | | | | |","| | Property: 01530 Vantaa Katriinantie 20 FIN | FP | W (90%) | 06/19 | 2009 | 74,958 | | 38,797 | 268 | AC | 62,900 63,500 | 63,200 |","| 11 | Holding: 100% in Oval Tower Verwaltungs UG Share capital: EUR 724 Value of the company: EUR 724 5 100% in Oval Tower UG & Co. KG Share capital: EUR 51,448,857 Shareholder loan: Value of the company: EUR 59,198,259 5 | | | | | | | | | | | |","| | Property: | FP/HBR | O (100%) | 12/17 | 2001/ | 1,129 | Leasehold/ | 23,632 | 234 | PL, AC | 89,200 | 90,650 |","| | 101 HE Amsterdam | | | | 2002/ | | opstal right 3 | | | | 92,100 | |","| | De Entrée 99 - 197 | | | | 2012 | | | | | | | |","| | “Oval Tower” | | | | | | | | | | | |","| | NL | | | | | | | | | | | |","| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |","| --- |","| |","| |","| 0.3%\t813\t51\t28.4%\t1.9\t588 989\t51 |","| |","| 1.2%\t2,807\t36\t1,118\t741\t377\t2.4%\t216\t524\t2.4\t18,930\t41.3%\t4.9%\t3.1\t3,163 3,263\t36 |","| 0.9%\t2,078\t36\t873\t579\t294\t2.7%\t169\t409\t2.4\t14,446\t45.1%\t2.6%\t3.5\t2,196 2,285\t36 |","| 1.0%\t2,395\t37\t987\t654\t333\t2.6%\t191\t463\t2.4\t16,439\t43.1%\t2.6%\t3.5\t2,539 2,679\t37 |","| |","| 4.5%\t7,784\t47\t5,358\t3,272\t2,086\t3.2%\t1,072\t2,947\t2.86.5 7,835\t47 | |","| 2,388\t0\t2,388\t3.7%\t124\t2,264\t4.5 |","| 1.7%\t3,517\t39\t2.8%\t2.5\t2,262 3,495\t39 |","| 901\t0\t901\t1.0%\t180\t495\t3.9 |","| 2.4%\t4,839\t50\t5,320\t5,193\t127\t5.9%\t1,062\t3,017\t2.8\t39,204\t43.2%\t3.3\t5,421 4,598\t50 |","| No.","| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| III.","Properties held through special purpose vehicles in eurozone countries1 |","| 12 | Holding: 100% in Daelse Kwint Verwaltungs UG Share capital: EUR 957 Value of the company: EUR 957 5 100% in Daelse Kwint UG & Co. KG Share capital: EUR 44,914,807 Shareholder loan: EUR 31,950,000 Value of the company: EUR 46,877,106 5 | | | | | | | | | | | |","| | Property: | FP/HBR | O (100%) | 12/17 | 1990/ | 7,915 | Leasehold/ | 19,037 | 249 | PL, AC | 70,000 | 72,000 |","| | 3511 SX Utrecht | | | | 2013/ | | opstal right 3 | | | | 74,000 | |","| | Daalseplein 1 and 101 | | | | 2014 | | | | | | | |","| | “Daalse Kwint” | | | | | | | | | | | |","| | NL | | | | | | | | | | | |","| 13 | Holding: 100% in BMG Barberino Srl Share capital: EUR 147,747,437 Value of the company: EUR 230,345,059 5 100% in gg Barberino NewCo Srl Share capital: EUR 110,967,068 Shareholder loan: EUR 110,500,000 Value of the company: EUR 110,967,068 5 | | | | | | | | | | | |","| | Property: | FP | S (100%) | 07/19 | 2006/ | 149,263 | | 26,535 | 2,113 | AC | 232,500 | 233,050 |","| | 50031 Barberino di Mugello | | | | 2014 | | | | | | 233,600 | |","| | Via Antonio Meucci | | | | | | | | | | | |","| | “Barberino Factory Outlet” | | | | | | | | | | | |","| | I | | | | | | | | | | | |","| 14 | Holding:49% in Alinesa Investment S.L. (Holding Company) Share capital: EUR 35,631,661 Value of the company: EUR 37,011,224 5 49% in Parque Shopping Elche S.L.U. Share capital: EUR 622,220 Shareholder loan: EUR 11,025,000 Value of the company: EUR 41,232,819 5 49% in Fairfield Invest, S.L.U. Share capital: EUR 2,202,895 Shareholder loan: EUR 1,715,000 Value of the company: EUR 4,216,492 5 | | | | | | | | | | | |","| | Property: | FP | S (100%) | 05/18 | 2003 | 76,894 | | 45,702 | 2,172 | AC, PL, SL, E | 90,552 | 89,523 |","| | 3205 Elche (Elx) | | | | | | | | | | 88,494 | |","| | Calle Jacarilla 7 | | | | | | | | | | | |","| | “L‘Aljub” | | | | | | | | | | | |","| | E | | | | | | | | | | | |","| IV.","Properties held through special purpose vehicles in countries with other currencies |","| 1 | Holding: 100% in RREEF Marble Pte.","Ltd., Singapore Share capital: EUR 133,180,488 Value of the company: EUR 149,025,952 5 | | | | | | | | | | | |","| | Property: | FP | O (91%) | 03/16 | 2009 | 1,584 | | 11,854 | 58 | AC, PL | 96,344 | 96,929 |","| | Osaka, 1-6-29 Kyutaromachi, Chuo-ku, | | | | | | | | | | 97,514 | |","| | Osaka-shi “Forecast” | | | | | | | | | | | |","| | J | | | | | | | | | | | |","| | Property: | FP | W (91%) | 12/16 | 2003 | 28,872 | | 43,058 | 299 | SL | 71,945 | 70,942 |","| | Shibayama-cho, 148-15 Iwayama, | | | | | | | | | | 69,939 | |","| | Sanbu-gun, Chiba“Narita” | | | | | | | | | | | |","| | J | | | | | | | | | | | |","| 2 | Holding: 100% in G Global Japan 1 Pte.","Ltd. (Japan Branch) Share capital: EUR 12,075,560 Value of the company: EUR 9,547,612 5 100% in G Global Japan 1 Pte.","Ltd. (SingCo","1) Share capital: EUR 12,070,712 Value of the company: EUR 12,070,711 5 100% in G Global Japan 2 Pte.","Ltd. (SingCo","2) Share capital: EUR 12,150,388 Value of the company: EUR 12,009,438 5 100% in G Global Nagoya TMK Share capital: EUR 24,799,955 Value of the company: EUR 23,640,793 5 | | | | | | | | | | | |","| | Property: | FP | O (95%) | 05/18 | 2008 | 1,389 | | 7,472 | 145 | AC, PL | 47,044 | 48,130 |","| | Nagoya, 1-5-8 Shinsakae, Naka-ku | | | | | | | | | | 49,217 | |","| | “Hirokoji Aqua Place” | | | | | | | | | | | |","| | J | | | | | | | | | | | |","| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |","| --- |","| |","| 720\t0\t720\t1.0%\t145\t395\t3.9 |","| 1.9%\t4,110\t52\t4,443\t4,317\t126\t6.2%\t889\t2,518\t2.8\t1.9%\t4.6\t4,152 4,185\t52 |","| 3,611\t0\t3,611\t1.5%\t548\t3,063\t4.5 |","| 6.3%\t17,850\t39\t4.4%\t3.9\t10,696 18,078\t39 |","| 748\t0\t748\t288\t460\t4.1 |","| 2.4%\t4,708\t48\t2,593\t1,343\t1,250\t2.9%\t519\t1,642\t3.2\t33,320\t37.2%\t3.1%\t2.2\t5,386 4,944\t48 |","| |","| |","| 2.6%\t6,366\t59\t4,768\t1,231\t3,537\t4.9%\t918\t981\t1.1\t36,240\t37.4%\t0.3%\t2.1\t5,841 6,291\t59 |","| 1.9%\t5,139\t33\t2,380\t2,301\t79\t3.4%\t468\t819\t1.8\t3.4%\t1.9\t4,609 4,974\t33 |","| 712\t0\t712\t2.5%\t246\t466\t4.0 |","| 1.3%\t2,921\t58\t1,413\t0\t1,413\t2.9%\t319\t1,036\t3.2\t23,062\t47.9%\t0.1%\t1.8\t2,692 3,121\t58 |","| Market value\tPurchase as per price/Market Project/\tCo- Rental area\texpert\tvalue/ Type of\tPortfolio\t\t\t\tSize of ownership/ (commer- Rental area Number of\tappraiser\tAverage prop- development\tType of\tDate of\tYear of property\theritable\tcial)8 Residential8\tparking\t\t1/210\t\tvalue10 No.","Location of property\terty6\tmeasures\tuse7 acquisition construction\tin sqm building right\tin sqm\tin sqm\tspaces8\tFeatures9\tin TEUR\tin TEUR |","| --- |","| IV.","Properties held through special purpose vehicles in countries with other currencies |","| 3\tHolding: 45% in C 8 GmbH & Co. KG, Frankfurt/Main Share capital: EUR 69,865,388 Value of the company: EUR 64,985,841 5 |","| Property:\tFP\tO (92%)\t05/15\t2015\t3,137\t48,780\t187\tAC, PL, SL\t131,228\t129,586 Seoul, 149 Cheongjin-dong, Jongro-gu\t127,944 “Tower 8“ ROK |","| 4\tHolding: 97.8070% in Deutsche Logistic No. 22 Professional Investors Private Real Estate Investment LLC Share capital: EUR 15,125,806 Shareholder loan: EUR 9,012,344 Value of the company: EUR 16,116,704 5 |","| Property:\tFP\tW (95%)\t02/18\t2017\t30,125\t43,405\t126\tAC\t43,981\t44,991 17385 Icheon-si, 253-1 Ichi-ri;\t46,000 Majang-myun, Gyeonggi-do “Logiport Icheon” ROK |","| 5\tHolding: 98.113% in DWS No. 25 Professional Investors Private Real Estate Investment LLC Share capital: EUR 11,590,936 Shareholder loan: EUR 15,549,728 Value of the company: EUR 11,468,901 5 |","| Property:\tFP\tW (100%)\t01/20\t2016\t30,104\t26,610\t169\tPL, SL\t46,215\t46,215 725 Jeonho-ri, Gochon-eup, Gimpo-si, Gyeonggi-do “Sungkwang Logistics” ROK |","| 6\tHolding: 100% in DB Real Estate Mvik 28 KB, Gothenburg Share capital: EUR 50,110,894 Value of the company: EUR 82,350,559 5 |","| Property:\tFP\tO (100%)\t10/03\t2002\t3,776\t18,812\t167\tPL, AC\t74,996\t79,243 11743 Stockholm\t83,491 Marieviksgatan 19 A-F “Marievik 28” S |","| 7\tHolding: 100% in DB Real Estate Pacific Plaza L. P., Delaware Share capital: EUR 3,055,173 Shareholder loan: EUR 14,441,085 Value of the company: EUR 16,327,223 5 |","| Property:\tFP\tF (77%)\t08/04\t2002\t10,186\t9,397\t0\t820 AC, PL, SL, E\t29,333\t29,198 Daly City, 1901 and 2001 Junipero Serra\t29,063 Boulevard, CA 94014 “2001 DC Station” USA |","| 8\tHolding: 100% in DB Real Estate Crossroads L. P., Delaware Share capital: EUR -16,316,657 Shareholder loan: EUR 0 Value of the company: EUR 147,171,865 5 |","| Property:\tFP\tO (100%)\t01/05\t1999\t40,630\t26,091\t866\tAC, PL 214,901\t214,766 Sunnyvale, 950 and 1000 West Maude\t214,631 Avenue, CA 94085 “Crossroads Center” USA |","| 9\tHolding: 100% in 1019 Market Street L. P., Delaware (formerly DBRE California Residential 2 LLC) Share capital: EUR -519,309 Shareholder loan: EUR 10,830,814 Value of the company: EUR 17,096,354 5 |","| Property:\tFP\tO (97 %)\t10/14\t1909/\t931\t7,016\tAC, PL\t54,515\t55,598 San Francisco, 1019 Market Street,\t2013\t56,681 CA 94103 USA |","| Essential results\tIncidental of appraisal\tacquisition\tRemaining\t\t\t\tRental costs\t\tincidental\tExpected\tVacancy rate\tincome Gross yield\t\tRemaining Total incidental\t\tthereof\t\tTotal incidental\tamortized in\t acquisition\tremaining\tBorrowing\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t ratio as %\t\trental\t terms of – March 31, real estate assets\tappraiser 1/2 years – Expert\t\tcosts\t\ttaxes other costs\tas % of\t\tyear\tamortized\t\tperiod\tLoans\tof the\tincome\t\tleases\t\t2020, in %\t\tin TEUR10 appraisal 1/2\tin TEUR11,12\tin TEUR12\tin TEUR12 purchase price\tin TEUR10\t in TEUR10\tin years in TEUR10 market value\t fully let\tin years13\tin TEUR14 |","| --- |","| |","| 733\t0\t733\t0.7%\t147\t23\t1.0 |","| 3.5%\t9,258\t55\t6,884\t5,798\t1,086\t5.3%\t1,228\t307\t0.2\t64,685\t49.9%\t6.4%\t1.4\t7,698 9,412\t55 |","| 343\t0\t343\t0.7%\t68\t192\t3.5 |","| 1.2%\t3,083\t47\t2,774\t2,157\t617\t6.2%\t571\t1,712\t3.0\t22,062\t49.0%\t21.5%\t2.7\t2,481 3,521\t47 |","| |","| 1.2%\t2,805\t47\t3,761\t2,299\t1,462\t8.1%\t117\t3,450\t4.9\t25,675\t55.6%\t1.2348 2,805\t47 |","| |","| 2.1%\t4,240\t52\t13.9%\t4.1\t3,361 4,676\t52 |","| |","| 0.8%\t3,554\t42\t3.8\t2,929 4,482\t42 |","| |","| 5.8%\t13,679\t49\t67,693\t31.5%\t4.6 14,235\t49 | |","| 24\t0\t24\t0.1%\t2\t0\tcompletely amortized |","| 1.5%\t4,693\t53\t772\t0\t772\t1.6%\t122\t0\tcompletely\t30,236\t54.4%\t2.5604 4,693\t53\tamortized |","| No.","| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| IV.","Properties held through special purpose vehicles in countries with other currencies |","| 10 | Holding: 100% in Galleria North II L.P., Dallas Share capital: EUR 27,294,152 Shareholder loan: EUR 6,047,204 Value of the company: EUR 42,948,898 5 100% Galeria North II Management LLC, Dallas Share capital: EUR 46,127 Value of the company: EUR 46,127 5 | | | | | | | | | | | | |","| | Property: | FP | O (100 %) | 06/15 | 1999 | 5,499 | | 28,451 | | 962 | AC, PL, SL | 71,213 | 73,965 |","| | Dallas, 13727 Noel Road, TX 75240 | | | | | | | | | | | 76,718 | |","| | “Galleria North Tower II” | | | | | | | | | | | | |","| | USA | | | | | | | | | | | | |","| 11 | Holding: 100% in GG LA Figueroa, LLC Share capital: EUR 12,377,851 Shareholder loan: EUR 20,127,262 Value of the company: EUR 28,009,539 5 | | | | | | | | | | | | |","| | Property: | FP | R (89 %) | 06/16 | 2006 | 7,421 | | 1,116 | 11,932 | 307 | AC, PL | 88,000 | 87,053 |","| | Los Angeles, 3770 South Figueroa Street, | | | | | | | | | | | 86,105 | |","| | CA 90007 | | | | | | | | | | | | |","| | “Tuscany Apartments” USA | | | | | | | | | | | | |","| 12 | Holding: 49% in TAF gg Las Olas LP Share capital: EUR 22,926,606 Shareholder loan: EUR 24,324,202 Value of the company: EUR 40,889,578 5 49% in TAF gg Las Olas GP, LLC Share capital: EUR 0 | | | | | | | | | | | | |","| | Property: | FP | O (90 %) | 09/16 | 2002 | 10,036 | | 37,912 | | 1,034 | AC, PL, SL | 107,955 | 109,569 |","| | Fort Lauderdale, 401 East Las Olas | | | | | | | | | | | 111,184 | |","| | Boulevard, FL 33301 | | | | | | | | | | | | |","| | “Las Olas City Center” | | | | | | | | | | | | |","| | USA | | | | | | | | | | | | |","| 13 | Holding: 49% in GREF GG Eastland Center LP, USA Share capital: EUR 21,070,634 Shareholder loan: EUR 20,454,443 Value of the company: EUR 25,377,629 5 | | | | | | | | | | | | |","| | Property: | FP | S (100 %) | 12/19 | 1957 | 218,652 | | 75,016 | | 3,287 | AC, SL, E | 82,747 | 82,901 |","| | West Covina, 2753 E. Eastland Center | | | | | | | | | | | 83,056 | |","| | Drive, CA 91791 | | | | | | | | | | | | |","| | “Eastland Center” | | | | | | | | | | | | |","| | USA | | | | | | | | | | | | |","| 14 | Holding: 100% in gg Kirby Groove L. P., USA Share capital: EUR 51,819,248 Shareholder loan: EUR 51,829,956 Value of the company: EUR 51,943,421 5 | | | | | | | | | | | | |","| | Property: | FP/HBR | O (86 %) | 01/20 | 2016 | 5,409 | Leasehold | 23,046 | | 864 | AC, PL | 103,660 | 103,660 |","| | Houston, 2925 Richmond Avenue, | | | | | | | | | | | | |","| | TX 78759 | | | | | | | | | | | | |","| | “Kirby Grove” | | | | | | | | | | | | |","| | USA | | | | | | | | | | | | |","| 15 | Holding: 100% in gg Oakbrook L. P., USA Share capital: EUR 34,796,107 Shareholder loan: EUR 33,981,678 Value of the company: EUR 34,839,931 5 | | | | | | | | | | | | |","| | Property: Oak Brook, 2155 West 22nd Street, IL 60523 “The Shops at Oak Brook Place” USA | FP | S (100 %) | 01/20 | 1996 | 57,812 | | 16,459 | | 695 | AC | 67,963 | 67,963 |","| Incidental acquisition\tRemaining\tRental costs\t\tincidental\t\tExpected\t\tVacancy rate\t\tincome Gross yield\tRemaining Total incidental\tthereof\tTotal incidental\tamortized in\tacquisition\tremaining\tBorrowing\t\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t\tratio as %\t\t\trental\tterms of – March 31, real estate assets\t appraiser 1/2 years – Expert\t\t\tcosts\t\t\ttaxes other costs\tas % of\t\tyear\t\tamortized\tperiod\tLoans\t\t of the\t\tincome\t\tleases\t2020, in %\tin TEUR10 appraisal 1/2\t\tin TEUR11,12\t\tin TEUR12\t\tin TEUR12 purchase price\t\tin TEUR10\tin TEUR10\t\t\tin years in TEUR10 market value\t\tfully let\tin years13\t in TEUR14 |","| --- |","| |","| |","| 2.0%\t7,795\t49\t1,158\t0\t1,158\t1.9%\t238\t91\t0.4\t26,490\t35.8%\t2.8%\t4.7444 8,006\t49 |","| |","| 2.3%\t7,103\t46\t1,529\t0\t1,529\t1.8%\t287\t359\t1.3\t40,616\t46.7%\t0.7\t3,650 7,103\t46 |","| 697\t0\t697\t0.7%\t141\t205\t2.5 |","| 3.0%\t10,109\t42\t1,393\t765\t628\t1.3%\t183\t275\t1.5\t44,226\t40.4%\t11.2%\t4.6\t6,419 9,969\t42 |","| 411\t0\t411\t0.5%\t25\t386\t4.8 |","| 2.2%\t5,503\t34\t1,540\t0\t1,540\t1.9%\t77\t1,464\t4.8\t39,803\t48.0%\t3.1%\t4.6\t6,439 5,543\t35 |","| |","| 2.8%\t7,190\t57\t1,771\t0\t1,771\t1.7%\t59\t1,705\t4.8\t51,898\t50.1%\t6.1%\t6.7\t5,832 7,860\t77 |","| |","| 1.8%\t4,772\t47\t1,158\t0\t1,158\t1.7%\t38\t1,115\t4.8\t2.6%\t5.3\t1,214 4,315\t40 |","| Market value\tPurchase as per price/Market Project/\tCo- Rental area\texpert\tvalue/ Type of\tPortfolio\t\t\t\tSize of ownership/ (commer- Rental area Number of\tappraiser\tAverage prop- development\tType of\tDate of\tYear of property\theritable\tcial)8 Residential8\tparking\t\t1/210\t\tvalue10 No.","Location of property\terty6\tmeasures\tuse7 acquisition construction\tin sqm building right\tin sqm\tin sqm\tspaces8\tFeatures9\tin TEUR\tin TEUR |","| --- |","| IV.","Properties held through special purpose vehicles in countries with other currencies |","| 16 Holding: 100% in G Global T1 Pty Limited (Head Trustee) / 99.99995% in G Global Trust 1 Share capital: EUR 50,795,537 Shareholder loan: EUR 13,238,350 Value of the company: 30,988,1855 100% in G Global 90A T2 Pty Limited (Subtrustee) / G Global 90A AUT1 Share capital: EUR 34,187,390 Value of the company: EUR 9,351,109 5 100% in G Global 90A T3 Pty Limited (Subtrustee) / 90 Arthur Street Trust Share capital: EUR 54,619,002 Shareholder loan: EUR 6,092,965 Value of the company: EUR 48,861,128 5 |","| Property:\tFP\tO (97%)\t09/16\t1987/2014\t1,188\t9,256\t74\tAC, PL\t52,012\t54,117 North Sydney, 90 Arthur Street,\t56,221 NSW 2060 AUS |","| 17 Holding: 100% in G Global Australia 1 Pte.","Ltd.","Share capital: EUR 7,347,896 Value of the company: EUR 8,048,773 5 100% in G Global Australia 2 Pte.","Ltd.","Share capital: EUR 14,595,615 Value of the company: EUR 16,086,016 5 100% in G Global Australia 3 Pte.","Ltd.","Share capital: EUR 14,595,615 Value of the company: EUR 16,086,016 5 100% in G Global 120E Pte.","Ltd.","Share capital: EUR 36,245,039 Value of the company: EUR 39,831,667 5 100% in G Global T2 Pty Ltd. (Head Trustee) / G Global Trust 2 Share capital: EUR 36,124,409 Value of the company: EUR 39,165,242 5 100% in G Global 120E T2 Pty Ltd. (Subtrustee) / G Global 120E AUT Share capital: EUR 23,914,183 Shareholder loan: EUR 19,109,762 Value of the company: EUR 28,462,498 5 100% in G Global 180Q Pty Ltd. (Subtrustee) / G Global 180Q AUT Share capital: EUR 11,852,918 Shareholder loan: EUR 4,183,653 Value of the company: EUR 13,618,892 5 |","| Property:\tFP\tO (96%)\t06/17\t2001/\t1,824\t15,734\t111\tAC, PL\t79,486\t81,175 Brisbane, 120 Edward Street,\t2015/\t82,864 QLD 4000\t2016 AUS |","| Property:\tFP\tS (67%)\t11/17 1929/2014\t722\t3,539\tAC, PL, SL\t31,351\t30,493 Brisbane, 180 Queen Street Mall,\tO (33%)\t29,634 QLD 4000 AUS |","| 18 Holding: 100% in G Global T1 Pty Limited / 99.99995% in G Global Trust 1 Share capital: EUR 50,795,537 Shareholder loan: EUR 13,238,350 Value of the company: EUR 30,988,185 5 |","| Property:\tFP/HBR\tH (92%)\t12/19 1965/2019\t877\tCrown\t6,803\t7\tAC, PL, SL\t27,086\t26,948 Canberra, 197 London Circuit\tLease3\t26,809 “The Sebel” AUS |","| Incidental acquisition\tRemaining\tRental costs\t\tincidental\t\tExpected\t\tVacancy rate\t\tincome Gross yield\tRemaining Total incidental\tthereof\tTotal incidental\tamortized in\tacquisition\tremaining\tBorrowing\t\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t\tratio as %\t\t\trental\tterms of – March 31, real estate assets\t appraiser 1/2 years – Expert\t\t\tcosts\t\t\ttaxes other costs\tas % of\t\tyear\t\tamortized\tperiod\tLoans\t\t of the\t\tincome\t\tleases\t2020, in %\tin TEUR10 appraisal 1/2\t\tin TEUR11,12\t\tin TEUR12\t\tin TEUR12 purchase price\t\tin TEUR10\tin TEUR10\t\t\tin years in TEUR10 market value\t\tfully let\tin years13\t in TEUR14 |","| --- |","| |","| 513\t0\t513\t1.1%\t93\t121\t2.0 |","| 1.5%\t4,484\t46\t3,390\t0\t3,390\t6.3%\t0\t0\tcompletely\t20,356\t37.6%\t1.5%\t1.9\t3,114 4,522\t46\tamortized |","| 955\t0\t955\t0.3%\t213\t453\t4.0 |","| 2.2%\t6,326\t51\t6,739\t5,760\t979\t8.3%\t1,087\t2,536\t2.3\t39,106\t48.2%\t6.9%\t2.6\t5,542 6,516\t51 |","| 0.8%\t2,405\t48\t2,885\t2,192\t693\t9.5%\t436\t1,228\t2.8\t14,942\t49.0%\t13.9%\t0.8\t2,434 2,301\t43 |","| |","| 0.7%\t1,656\t49\t2,866\t1,472\t1,394\t10.6%\t129\t2,458\t4.813.4 1,640\t49 | |","| No.","| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |","| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |","| IV.","Properties held through special purpose vehicles in countries with other currencies |","| 19 | Holding: 45% in Eighteen Amaryllis S.","à.","r.l., Luxembourg Share capital: EUR 48,920,283 Shareholder loan: EUR 38,023,759 Value of the company: EUR 51,970,807 5 45% in Eighteen Celosia S.","à.","r.l., Luxembourg Shareholding: EUR 47,501,288 Value of the company: EUR 47,495,948 5 | | | | | | | | | | | |","| | Property: E20 London Stratford Building S9 “S9 International Quarter” GB | FP | O (99%) | 07/18 | 2019 | 4,752 | | 25,850 | | AC, PL, SL | 122,286 121,534 | 121,910 |","| Holding: 12.6% in Swift Newco B Limited Share capital: EUR 252,069 Shareholder loan: EUR 0 Value of the company: EUR 33,280,701 5 |","| Holding: 12.6% in Vita PropCo Holdings Limited Share capital: EUR 152,218 Shareholder loan: EUR 0 Value of the company: EUR 33,138,646 5 |","| 20 | Holding: 12.6% in Beith Street PropCo Limited Share capital: EUR 501,382 Shareholder loan: EUR 4,014,429 Value of the company: EUR 3,752,852 5 | | | | | | | | | | | |","| | Property: Glasgow G11 6BZ 82 Beith Street “West End” GB | FP | R (86%) | 08/19 | 2017 | 9,263 | | 1,683 | 10,081 | PL | 11,221 11,853 | 11,537 |","| 21 | Holding: 12.6% in Fountainbridge Propco Limited Share capital: EUR 2,710,086 Shareholder loan: EUR 2,770,970 Value of the company: EUR 2,832,889 5 | | | | | | | | | | | |","| | Property: Edinburgh EH3 9QG125a Fountainbridge “Fountainbridge” GB | FP | R (95%) | 08/19 | 2018 | 2,752 | | 297 | 5,450 | PL | 9,283 9,115 | 9,199 |","| 22 | Holding: 12.6% in Strawberry Place PropCo Limited Share capital: EUR 2,109,023 Shareholder loan: EUR 1,569,817 Value of the company: EUR 2,348,436 5 | | | | | | | | | | | |","| | Property: Newcastle upon Tyne NE1 4PQ Strawberry Place“Strawberry Place” GB | FP | R (100%) | 08/19 | 2017 | 2,853 | | | 6,715 | PL | 6,460 6,390 | 6,425 |","| 23 | Holding: 12.6% in First Street Manchester Limited Share capital: EUR 574,264 Shareholder loan: EUR 3,240,726 Value of the company: EUR 870,266 5 | | | | | | | | | | | |","| | Property: Manchester M15 4FN 13 Jack Rosenthal Street “First Street” GB | FP/HBR | R (97%) | 08/19 | 2014 | 826 | Heritable building right (long leasehold) | 174 | 5,038 | PL | 6,488 6,727 | 6,608 |","| 24 | Holding: 12.6% in Circle Square 10 & 11 PropCo Limited Share capital: EUR 6,984,283 Shareholder loan: EUR 7,398,632 Value of the company: EUR 5,969,423 5 | | | | | | | | | | | |","| | Property: Manchester M1 7FA 2 Nobel Way “10 /11 Circle Square” GB | FP | R (96%) | 08/19 | 2017 | 5,026 | | 597 | 16,073 | PL | 23,777 23,988 | 23,882 |","| Incidental acquisition\tRemaining\tRental costs\t\tincidental\t\tExpected\t\tVacancy rate\t\tincome Gross yield\tRemaining Total incidental\tthereof\tTotal incidental\tamortized in\tacquisition\tremaining\tBorrowing\t\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t\tratio as %\t\t\trental\tterms of – March 31, real estate assets\t appraiser 1/2 years – Expert\t\t\tcosts\t\t\ttaxes other costs\tas % of\t\tyear\t\tamortized\tperiod\tLoans\t\t of the\t\tincome\t\tleases\t2020, in %\tin TEUR10 appraisal 1/2\t\tin TEUR11,12\t\tin TEUR12\t\tin TEUR12 purchase price\t\tin TEUR10\tin TEUR10\t\t\tin years in TEUR10 market value\t\tfully let\tin years13\t in TEUR14 |","| --- |","| |","| 1,272\t0\t1272\t0.5%\t139\t1,127\t4.5 |","| 3.3%\t6,194\t69\t999\t0\t999\t0.8%\t71\t916\t5.4\t43,136\t35.4%\t16.1\t3,225 6,194\t69 |","| |","| |","| 296\t17\t279\t2.6%\t38\t258\t4.5 |","| 0.3%\t821\t57\t4,554\t39.5%\t1.0\t466 821\t57 |","| 296\t17\t279\t3.2%\t38\t258\t4.5 |","| 0.2%\t643\t58\t3,492\t38.0%\t0.4\t282 643\t58 |","| 296\t17\t279\t4.6%\t38\t258\t4.5 |","| 0.2%\t517\t57\t2,574\t40.1%\t0.7%\t0.4\t288 517\t57 |","| 296\t17\t279\t4.5%\t38\t258\t4.5 |","| 0.2%\t478\t54\t2,595\t39.3%\t0.4\t185 478\t54 |","| 296\t17\t279\t1.2%\t38\t258\t4.5 |","| 0.6%\t1,542\t57\t9,300\t38.9%\t1.0%\t0.4856 1,542\t57 |","| Market value\tPurchase as per price/Market Project/\tCo- Rental area\texpert\tvalue/ Type of\tPortfolio\t\t\t\tSize of ownership/ (commer- Rental area Number of\tappraiser\tAverage prop- development\tType of\tDate of\tYear of property\theritable\tcial)8 Residential8\tparking\t\t1/210\t\tvalue10 No.","Location of property\terty6\tmeasures\tuse7 acquisition construction\tin sqm building right\tin sqm\tin sqm\tspaces8\tFeatures9\tin TEUR\tin TEUR |","| --- |","| IV.","Properties held through special purpose vehicles in countries with other currencies |","| 25 Holding: 12.6% in St. Albans Place PropCo Limited Share capital: EUR -15,638 Shareholder loan: EUR 378,283 Value of the company: EUR 1,841,037 5 |","| Property:\tFP\tR (96%)\t08/19\t2019\t1,396\t333\t7,870\tPL\t 8,314\t8,469 Leeds LS2 8JP\t\t\t\t\t\t\t\t\t8,623 Cross Belgrave Street “St Albans Place” GB |","| 26 Holding: 12.6% in Circle Square 9 PropCo Limited Share capital: EUR 6,590,266 Shareholder loan: EUR 228,040 Value of the company: EUR 5,191,854 5 |","| Property:\tFP\tR (96%)\t08/19\t2019\t1,440\t240\t6,320\tPL\t10,238\t10,238 Manchester M1 7FA\t10,238 2 Nobel Way “9 Circle Square” GB |","| 27 Holding: 12.6% in Pebble Mill Propco Limited Share capital: EUR 5,014,301 Shareholder loan: EUR 606,672 Value of the company: EUR 5,535,220 5 |","| Property:\tFP\tR (100%)\t08/19\t2019\t8,940\t8,390\tPL\t8,427\t8,581 Birmingham B29 7ES\t8,736 Petershore Road “Pebble Mill” GB |","| V. Total real estate assets\t3,713,538 |","Rental incomes for properties listed in color are not disclosed in order to protect the interests of the individual tenant.","- Includes countries with euro-based leases.","- Areas of the property protected by preservation order.","- Corresponds to German heritable building rights.","- Corresponds to German heritable right of usufruct.","- The value of the Company is determined in accordance with the provisions of the KAGB and the Capital Investment Accounting and Valuation Regulation (KARBV).","- FP = Rented residential properties, commercial real estate and mixed-use real estate with finished propertiesUC = Site under construction U = Undeveloped siteHBR = Heritable building right","- O = OfficeL\t= LeisureH = HotelS = ShopsW = Warehousing/logisticsR = Residential Share in % based on rental income.","- Information based on the last expert appraisal prepared.","For properties held via investments, the information is based on the entire property, regardless of the share of portfolio.","- AC = Air conditioning SL = Service liftPL = Passenger lift E = Escalator","- Values in foreign currency converted at exchange rate of March 31, 2020.","For properties held viainvestments, the value is presented pro rata based on the share of portfolio.","- For properties held via investments, incidental acquisition costs may be incurred at both fund level and company level, depending, among other things, on whether a new company is being established or an existing company is being acquired.","- Historical incidental acquisition costs in countries with another currency are recorded at the exchange rate at the time of the transfer of ownership.","- When calculating the residual terms of leases, it is assumed that contractually agreed special termination rights are exercised.","- Rental income in foreign currencies is converted using historical exchange rates.","- Excluding an existing loan for the “Roosevelt Commons” property sold during the reporting period.","| Incidental acquisition\tRemaining\tRental costs\t\tincidental\t\tExpected\t\tVacancy rate\t\tincome Gross yield\tRemaining Total incidental\tthereof\tTotal incidental\tamortized in\tacquisition\tremaining\tBorrowing\t\tas % of\tResidual April 1, 2019 Share of\tas per expert\tuseful life in\tacquisition\tfees and\tthereof acquisition costs the business\tcosts to be amortization\t\tratio as %\t\t\trental\tterms of – March 31, real estate assets\t appraiser 1/2 years – Expert\t\t\tcosts\t\t\ttaxes other costs\tas % of\t\tyear\t\tamortized\tperiod\tLoans\t\t of the\t\tincome\t\tleases\t2020, in %\tin TEUR10 appraisal 1/2\t\tin TEUR11,12\t\tin TEUR12\t\tin TEUR12 purchase price\t\tin TEUR10\tin TEUR10\t\t\tin years in TEUR10 market value\t\tfully let\tin years13\t in TEUR14 |","| --- |","| |","| 296\t17\t279\t3.5%\t38\t258\t4.5 |","| 0.2%\t610\t59\t3,399\t40.1%\t0.4\t307 610\t59 |","| 296\t17\t279\t2.9%\t38\t258\t4.5 | | 0.3%\t687\t59\t3,967\t38.7%\t0.4\t348 687\t59 | | 296\t17\t279\t3.4%\t38\t258\t4.5 | | 0.2%\t591\t59\t3,263\t38.0%\t1.1%\t0.4\t304 591\t59 | | 100.0%\t788,23715)\t21.2% | | Exchange rates on March 31, 2020 | | --- | | EUR 1 | = | USD | 1.10795 | | EUR 1 | = | SEK | 11.04066 | | EUR 1 | = | GBP | 0.89716 | | EUR 1 | = | JPY | 119.67519 | | EUR 1 | = | KRW | 1,356.57369 | | EUR 1 | = | PLN | 4.53838 | | EUR 1 | = | AUD | 1.80536 |"],"string":"[\n \"# Statement of assets as of March 31, 2020 Part I: Index of properties\",\n \"| No.\",\n \"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| I. Directly held properties in eurozone countries1 |\",\n \"| 1 | 1120 Vienna | FP | | O (100%) | 04/03 | 2003 | 9,876 | | 27,726 | 453 | AC, SL, PL | 84,140 | 81,770 |\",\n \"| | Am Europlatz 1, 3, 5 | | | | | | | | | | | 79,400 | |\",\n \"| | “Europlaza” | | | | | | | | | | | | |\",\n \"| | A | | | | | | | | | | | | |\",\n \"| 2 | 1030 Vienna | FP | | H (100%) | 12/00 | 2007 | 2,200 | 191,540/ | 11,779 | 135 | AC, PL | 37,800 | 39,200 |\",\n \"| | Rennweg 12 | | | | | | | 348,330 co- | | | | 40,600 | |\",\n \"| | “Am Belvedere” | | | | | | | ownership | | | | | |\",\n \"| | A | | | | | | | share of | | | | | |\",\n \"| | | | | | | | | 8,757 sqm | | | | | |\",\n \"| 3 | 92800 Puteaux 18, Rue Hoche “Kupka A“ F | UC | Conv.\",\n \"/ moderniza- tion, expected to be completed in 2020 | O (100%) | 05/01 | 1992 | 9,018 | Volume ownership of commer- cial rental area and 342 parking spaces | 17,563 | 342 | AC, SL, PL | 82,000 77,500 | 79,750 |\",\n \"| 4 | 02-486 Warsaw | FP | | O (100%) | 12/05 | 2004/ | 14,923 | | 19,057 | 567 | PL | 35,700 | 36,800 |\",\n \"| | Aleje Jerozolimskie 172, 174, 176, 178 | | | | 03/06 | 2007/ | | | | | | 37,900 | |\",\n \"| | “Kopernik B - E” | | | | 04/07 | 2008 | | | | | | | |\",\n \"| | PL | | | | 06/08 | | | | | | | | |\",\n \"| 5 | 50-365 Wroclaw | FP | | O (100%) | 06/10 | 2008/ | 7,880 | | 27,753 | 391 | PL, AC | 72,500 | 76,950 |\",\n \"| | Plac Grunwaldzki 23, 25, 27 | | | | | 2009 | | | | | | 81,400 | |\",\n \"| | “Grunwaldzki Center” | | | | | | | | | | | | |\",\n \"| | PL | | | | | | | | | | | | |\",\n \"| 6 | Dublin, 15 Blanchardstown | FP | | S (78%) | 06/18 | 2000 | 69,213 | | 30,062 | 1,067 | AC, PL, SL, E | 146,950 | 150,925 |\",\n \"| | Snugborough Road | | | | | | | | | | | 153,900 | |\",\n \"| | “Westend Retail Park” | | | | | | | | | | | | |\",\n \"| | IRL | | | | | | | | | | | | |\",\n \"| II.\",\n \"Directly held properties in countries with other currencies |\",\n \"| 1 | Edinburgh | FP/HBR | | O (78%) | 10/05 | 2004 | 2,334 | Plus rights | 10,463 | 39 | AC, PL | 43,080 | 43,777 |\",\n \"| | 129, 133 Fountainbridge, | | | | | | | of use | | | | 44,474 | |\",\n \"| | Edinburgh EH3 9QG | | | | | | | and co- | | | | | |\",\n \"| | 1, 2 Fountainbridge Square, | | | | | | | ownership | | | | | |\",\n \"| | Edinburgh EH3 9QB | | | | | | | | | | | | |\",\n \"| | 4 Lower Gilmore Bank, Edinburgh EH3 9QP | | | | | | | | | | | | |\",\n \"| | 127 Fountainbridge, Edinburgh EH3 9QG | | | | | | | | | | | | |\",\n \"| | “Edinburgh Quay“ | | | | | | | | | | | | |\",\n \"| | GB | | | | | | | | | | | | |\",\n \"| 2 | London EC4 60 Queen Victoria Street GB | FP/HBR | | O (100%) | 11/04 | 1999 | 1,453 | In part, simultane- ously beneficiary and holder of heritable building right | 10,724 | 11 | AC, PL, SL | 130,300 130,857 | 130,579 |\",\n \"| 3 | Tokyo | FP | | O (100%) | 12/03 | 2000 | 1,563 | | 6,695 | 37 | AC, SL, PL | 101,859 | 102,319 |\",\n \"| | 3-16-11 Nishi Shinbashi | | | | | | | | | | | 102,778 | |\",\n \"| | Minato-ku | | | | | | | | | | | | |\",\n \"| | “ATAGO East Building“ | | | | | | | | | | | | |\",\n \"| | J | | | | | | | | | | | | |\",\n \"| 4 | Pyeongtaek | FP | | W (100%) | 11/13 | 2012 | 63,517 | | 47,775 | 143 | SL | 58,825 | 56,318 |\",\n \"| | 1175-3 Doil-dong, Pyeongtaek-si, | | | | | | | | | | | 53,812 | |\",\n \"| | Gyeonggi-do | | | | | | | | | | | | |\",\n \"| | “Adidas Korea Distribution Center” | | | | | | | | | | | | |\",\n \"| | ROK | | | | | | | | | | | | |\",\n \"| Essential results\\tIncidental of appraisal\\tacquisition\\tRemaining\\t\\t\\t\\tRental costs\\t\\tincidental\\tExpected\\tVacancy rate\\tincome Gross yield\\t\\tRemaining Total incidental\\t\\tthereof\\t\\tTotal incidental\\tamortized in\\t acquisition\\tremaining\\tBorrowing\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t ratio as %\\t\\trental\\t terms of – March 31, real estate assets\\tappraiser 1/2 years – Expert\\t\\tcosts\\t\\ttaxes other costs\\tas % of\\t\\tyear\\tamortized\\t\\tperiod\\tLoans\\tof the\\tincome\\t\\tleases\\t\\t2020, in %\\t\\tin TEUR10 appraisal 1/2\\tin TEUR11,12\\tin TEUR12\\tin TEUR12 purchase price\\tin TEUR10\\t in TEUR10\\tin years in TEUR10 market value\\t fully let\\tin years13\\tin TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| 2.2%\\t4,998\\t53\\t11.5%\\t3.8\\t4,411 4,931\\t53 |\",\n \"| 1.1%\\t2,199\\t57\\t1.6%\\t17.1 2,178\\t57 | |\",\n \"| 2.1%\\t7,521\\t57 7,521\\t57 |\",\n \"| 1.0%\\t2,675\\t56\\t11.5%\\t3.0\\t2,503 3,019\\t56 |\",\n \"| 2.1%\\t4,935\\t59\\t6.4%\\t2.9\\t4,901 5,722\\t59 |\",\n \"| 4.1%\\t8,580\\t40\\t12,092\\t8,862\\t3,230\\t8.2%\\t2,424\\t7,827\\t3.3\\t0.4%\\t5.3\\t8,353 8,632\\t40 |\",\n \"| |\",\n \"| 1.2%\\t2,922\\t54\\t11.4%\\t5.2\\t2,602 2,900\\t54 |\",\n \"| 3.5%\\t6,582\\t49\\t0.4\\t6,261 6,539\\t49 |\",\n \"| 2.8%\\t4,577\\t40\\t0.3%\\t1.4\\t3,129 4,977\\t40 |\",\n \"| 1.5%\\t4,363\\t32\\t3,223\\t2,065\\t1,158\\t7.5%\\t0\\t0\\tcompletely\\t17,028\\t30.2%2.4 4,060\\t32\\tamortized | |\",\n \"| No.\",\n \"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| III.\",\n \"Properties held through special purpose vehicles in eurozone countries1 |\",\n \"| 1 | Holding: 100% in Rakpart 3 Ingatlanhasznosito Kft.\",\n \", Budapest Share capital: EUR 591,893 Shareholder loan: EUR 15,500,000 Value of the company: EUR 23,446,451 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | O (100%) | 01/01 | 2000 | 2,527 | | 13,572 | 142 | AC, PL | 34,200 | 35,700 |\",\n \"| | 1054 Budapest | | | | | | | | | | 37,200 | |\",\n \"| | Akademia utca 62 | | | | | | | | | | | |\",\n \"| | Szechenyi rakpart 3 | | | | | | | | | | | |\",\n \"| | “Akademia Business Center” | | | | | | | | | | | |\",\n \"| | H | | | | | | | | | | | |\",\n \"| 2 | Holding: 100% in Mom Park Torony Kft.\",\n \", Budapest Share capital: EUR 14,903,986 Value of the company: EUR 42,216,309 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | O (100%) | 06/03 | 2001 | 5,572 | | 11,926 | 474 | AC, PL | 33,500 | 35,850 |\",\n \"| | 1124 BudapestCsörsz utca 41-45 | | | | | | | | | | 38,200 | |\",\n \"| | “Mom Park” | | | | | | | | | | | |\",\n \"| | H | | | | | | | | | | | |\",\n \"| 3 | Holding: 100% in AIAS Ingatlanbefektetési Kft.\",\n \", Budapest Share capital: EUR -159,850 Shareholder loan: EUR 12,000,000 Value of the company: EUR 19,078,464 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | O (91%) | 09/05 | 2004 | 4,416 | | 16,430 | 244 | AC, PL | 25,700 | 25,800 |\",\n \"| | 1139 Budapest | | | | | | | | | | 25,900 | |\",\n \"| | Váci út 140 | | | | | | | | | | | |\",\n \"| | “BC 140” | | | | | | | | | | | |\",\n \"| | H | | | | | | | | | | | |\",\n \"| 4 | Holding: 100% in DB Real Estate Investment Madeira Sociedade Imobiliária Unipessoal Lda & Comandita Share capital: EUR 47,615,535 Value of the company: EUR 75,341,795 5 100% in DB Real Estate Investment Madeira Sociedade Imobiliária Unipessoal Lda Share capital: EUR 4,462,043 Value of the company: EUR 2,837,647 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | S (100%) | 06/05 | 2005 | | 84.42% | 20,714 | 792 | AC, SL, E | 70,100 | 69,775 |\",\n \"| | Madeira, 9004-568 Funchal | | | | | | co-owner- | | | | 69,450 | |\",\n \"| | Estrada Monumental 390 | | | | | | ship of | | | | | |\",\n \"| | “Forum Madeira” | | | | | | 11,944 sqm | | | | | |\",\n \"| | P | | | | | | | | | | | |\",\n \"| 5 | Holding: 100% in RREEF Investment Azambuja Unipessoal LDA Share capital: EUR 24,673 Value of the company: EUR 29,836 5 100% in RREEF Investment Azambuja Unipessoal LDA & Comandita Share capital: EUR 27,499,468 Shareholder loan: EUR 9,100,000 Value of the company: EUR 29,995,413 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | W (100%) | 04/17 | 2011 | 122,996 | | 52,638 | 52 | AC | 36,300 | 36,400 |\",\n \"| | 2050 Vila Nova da Rainha (Azambuja) | | | | | | | | | | 36,500 | |\",\n \"| | Estrada Nacional 3 KM 7 | | | | | | | | | | | |\",\n \"| | “Azambuja EIPA II” | | | | | | | | | | | |\",\n \"| | P | | | | | | | | | | | |\",\n \"| 6 | Holding: 100% in LCC Leiriashopping - Centro Comercial, S.A. Share capital: EUR-70,134,639 Shareholder loan: EUR 64,000,000 Value of the company: EUR 35,536,830 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | S (100%) | 04/19 | 2010 | 40,840 | | 24,505 | 1,049 | AC, PL, SL, E | 127,800 | 128,000 |\",\n \"| | 2400-441 LeiriaAlto do Vieiro | | | | | | | | | | 128,200 | |\",\n \"| | “Leiria Shopping” | | | | | | | | | | | |\",\n \"| | P | | | | | | | | | | | |\",\n \"| Essential results\\tIncidental of appraisal\\tacquisition\\tRemaining\\t\\t\\t\\tRental costs\\t\\tincidental\\tExpected\\tVacancy rate\\tincome Gross yield\\t\\tRemaining Total incidental\\t\\tthereof\\t\\tTotal incidental\\tamortized in\\t acquisition\\tremaining\\tBorrowing\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t ratio as %\\t\\trental\\t terms of – March 31, real estate assets\\tappraiser 1/2 years – Expert\\t\\tcosts\\t\\ttaxes other costs\\tas % of\\t\\tyear\\tamortized\\t\\tperiod\\tLoans\\tof the\\tincome\\t\\tleases\\t\\t2020, in %\\t\\tin TEUR10 appraisal 1/2\\tin TEUR11,12\\tin TEUR12\\tin TEUR12 purchase price\\tin TEUR10\\t in TEUR10\\tin years in TEUR10 market value\\t fully let\\tin years13\\tin TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| |\",\n \"| 1.0%\\t2,790\\t50\\t5.0%\\t3.6\\t3,362 3,159\\t50 |\",\n \"| |\",\n \"| 1.0%\\t2,370\\t51\\t8.9%\\t2.7\\t2,389 2,667\\t51 |\",\n \"| |\",\n \"| 0.7%\\t2,063\\t54\\t24.0%\\t1.5\\t2,009 2,263\\t54 |\",\n \"| |\",\n \"| 1.9%\\t4,991\\t45\\t0.4%\\t2.8\\t5,206 5,319\\t45 |\",\n \"| |\",\n \"| 1.0%\\t2,417\\t41\\t2,818\\t2,277\\t541\\t7.7%\\t564\\t1,174\\t2.111.6 2,378\\t41 | |\",\n \"| 42\\t0\\t42\\t0.0%\\t8\\t34\\t4.5 |\",\n \"| 3.4%\\t7,942\\t50\\t2,454\\t0\\t2,454\\t1.9%\\t450\\t2,004\\t4.5\\t25,500\\t19.9%\\t3.8%\\t2.9\\t9,264 9,001\\t50 |\",\n \"| No.\",\n \"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| III.\",\n \"Properties held through special purpose vehicles in eurozone countries1 |\",\n \"| 7 | Holding: 100% in DB Real Estate Polska 2 Spolka z o.\",\n \"o.\",\n \", Warsaw Share capital: EUR 9,234,507 Value of the company: EUR 11,980,548 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | O (100%) | 03/02 | 2001 | 5,657 | | 5,984 | 200 | PL | 9,700 | 10,600 |\",\n \"| | 02-486 Warsaw | | | | | | | | | | 11,500 | |\",\n \"| | Aleje Jerozolimskie 180 | | | | | | | | | | | |\",\n \"| | “Kopernik A” | | | | | | | | | | | |\",\n \"| | PL | | | | | | | | | | | |\",\n \"| 8 | Holding: 46.995% in Bolsover Sp.\",\n \"Zo.o.\",\n \"17 Sp.k.\",\n \"(Limited Partnership)\",\n \"Share capital: EUR 57,500,662 Value of the company: EUR 77,507,803 5 | | | | | | | | | | | |\",\n \"| | Property: | FP/HBR | S (100%) | 06/17 | 2005/ | 80,293 | Right of | 17,236 | 1,000 | AC | 44,598 | 45,797 |\",\n \"| | 05-505 Warsaw | | | | 2006/ | | Perpetual | | | | 46,995 | |\",\n \"| | Pulawska 42E | | | | 2007 | | Usufruct | | | | | |\",\n \"| | PL | | | | | | (RPU) 4 | | | | | |\",\n \"| | Property: | FP/HBR | S (100%) | 06/17 | 2004/ | 123,811 | Partial | 16,816 | 1,057 | AC | 32,333 | 32,051 |\",\n \"| | 41-208 Sosnowitz (Kattowitz) | | | | 2008/ | | Right of | | | | 31,769 | |\",\n \"| | Orlat Lwowskich 138 | | | | 2009 | | Perpetual | | | | | |\",\n \"| | PL | | | | | | Usufruct | | | | | |\",\n \"| | | | | | | | (RPU) 4 | | | | | |\",\n \"| | Property: | FP | S (100%) | 06/17 | 2005/2009 | 79,177 | | 16,836 | 935 | AC | 37,737 | 38,113 |\",\n \"| | 80-174 Gdansk | | | | | | | | | | 38,489 | |\",\n \"| | Przywidzka 8 | | | | | | | | | | | |\",\n \"| | PL | | | | | | | | | | | |\",\n \"| 9 | Holding: 100% in Espoon Keilahadentie 2 4 Ky LP Share capital: EUR 182,346,628 Value of the company: EUR 174,363,528 5 100% in Espoon Keilahadentie 2 4 Ky GP Share capital: EUR 1,473 Value of the company: EUR 1,473 5 100% in Kiinteistö Oy Espoon Keilalahden ABCD-talot (MREC) Share capital: EUR 112,185,998 Shareholder loan: EUR 0 Value of the company: EUR 168,408,321 5 | | | | | | | | | | | |\",\n \"| | Property: Keilalahdentie 2-402150 Espoo FIN | FP | O (100%) | 11/17 | 1997 | 52,841 | | 31,159 | 846 | AC | 166,800 169,900 | 168,350 |\",\n \"| 10 | Holding: 100% in Kiinteistö Oy Viinikankaski 1 (MREC) Share capital: EUR 43,870,569 Value of the company: EUR 63,313,134 5 | | | | | | | | | | | |\",\n \"| | Property: 01530 Vantaa Katriinantie 20 FIN | FP | W (90%) | 06/19 | 2009 | 74,958 | | 38,797 | 268 | AC | 62,900 63,500 | 63,200 |\",\n \"| 11 | Holding: 100% in Oval Tower Verwaltungs UG Share capital: EUR 724 Value of the company: EUR 724 5 100% in Oval Tower UG & Co. KG Share capital: EUR 51,448,857 Shareholder loan: Value of the company: EUR 59,198,259 5 | | | | | | | | | | | |\",\n \"| | Property: | FP/HBR | O (100%) | 12/17 | 2001/ | 1,129 | Leasehold/ | 23,632 | 234 | PL, AC | 89,200 | 90,650 |\",\n \"| | 101 HE Amsterdam | | | | 2002/ | | opstal right 3 | | | | 92,100 | |\",\n \"| | De Entrée 99 - 197 | | | | 2012 | | | | | | | |\",\n \"| | “Oval Tower” | | | | | | | | | | | |\",\n \"| | NL | | | | | | | | | | | |\",\n \"| Essential results\\tIncidental of appraisal\\tacquisition\\tRemaining\\t\\t\\t\\tRental costs\\t\\tincidental\\tExpected\\tVacancy rate\\tincome Gross yield\\t\\tRemaining Total incidental\\t\\tthereof\\t\\tTotal incidental\\tamortized in\\t acquisition\\tremaining\\tBorrowing\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t ratio as %\\t\\trental\\t terms of – March 31, real estate assets\\tappraiser 1/2 years – Expert\\t\\tcosts\\t\\ttaxes other costs\\tas % of\\t\\tyear\\tamortized\\t\\tperiod\\tLoans\\tof the\\tincome\\t\\tleases\\t\\t2020, in %\\t\\tin TEUR10 appraisal 1/2\\tin TEUR11,12\\tin TEUR12\\tin TEUR12 purchase price\\tin TEUR10\\t in TEUR10\\tin years in TEUR10 market value\\t fully let\\tin years13\\tin TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| |\",\n \"| 0.3%\\t813\\t51\\t28.4%\\t1.9\\t588 989\\t51 |\",\n \"| |\",\n \"| 1.2%\\t2,807\\t36\\t1,118\\t741\\t377\\t2.4%\\t216\\t524\\t2.4\\t18,930\\t41.3%\\t4.9%\\t3.1\\t3,163 3,263\\t36 |\",\n \"| 0.9%\\t2,078\\t36\\t873\\t579\\t294\\t2.7%\\t169\\t409\\t2.4\\t14,446\\t45.1%\\t2.6%\\t3.5\\t2,196 2,285\\t36 |\",\n \"| 1.0%\\t2,395\\t37\\t987\\t654\\t333\\t2.6%\\t191\\t463\\t2.4\\t16,439\\t43.1%\\t2.6%\\t3.5\\t2,539 2,679\\t37 |\",\n \"| |\",\n \"| 4.5%\\t7,784\\t47\\t5,358\\t3,272\\t2,086\\t3.2%\\t1,072\\t2,947\\t2.86.5 7,835\\t47 | |\",\n \"| 2,388\\t0\\t2,388\\t3.7%\\t124\\t2,264\\t4.5 |\",\n \"| 1.7%\\t3,517\\t39\\t2.8%\\t2.5\\t2,262 3,495\\t39 |\",\n \"| 901\\t0\\t901\\t1.0%\\t180\\t495\\t3.9 |\",\n \"| 2.4%\\t4,839\\t50\\t5,320\\t5,193\\t127\\t5.9%\\t1,062\\t3,017\\t2.8\\t39,204\\t43.2%\\t3.3\\t5,421 4,598\\t50 |\",\n \"| No.\",\n \"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| III.\",\n \"Properties held through special purpose vehicles in eurozone countries1 |\",\n \"| 12 | Holding: 100% in Daelse Kwint Verwaltungs UG Share capital: EUR 957 Value of the company: EUR 957 5 100% in Daelse Kwint UG & Co. KG Share capital: EUR 44,914,807 Shareholder loan: EUR 31,950,000 Value of the company: EUR 46,877,106 5 | | | | | | | | | | | |\",\n \"| | Property: | FP/HBR | O (100%) | 12/17 | 1990/ | 7,915 | Leasehold/ | 19,037 | 249 | PL, AC | 70,000 | 72,000 |\",\n \"| | 3511 SX Utrecht | | | | 2013/ | | opstal right 3 | | | | 74,000 | |\",\n \"| | Daalseplein 1 and 101 | | | | 2014 | | | | | | | |\",\n \"| | “Daalse Kwint” | | | | | | | | | | | |\",\n \"| | NL | | | | | | | | | | | |\",\n \"| 13 | Holding: 100% in BMG Barberino Srl Share capital: EUR 147,747,437 Value of the company: EUR 230,345,059 5 100% in gg Barberino NewCo Srl Share capital: EUR 110,967,068 Shareholder loan: EUR 110,500,000 Value of the company: EUR 110,967,068 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | S (100%) | 07/19 | 2006/ | 149,263 | | 26,535 | 2,113 | AC | 232,500 | 233,050 |\",\n \"| | 50031 Barberino di Mugello | | | | 2014 | | | | | | 233,600 | |\",\n \"| | Via Antonio Meucci | | | | | | | | | | | |\",\n \"| | “Barberino Factory Outlet” | | | | | | | | | | | |\",\n \"| | I | | | | | | | | | | | |\",\n \"| 14 | Holding:49% in Alinesa Investment S.L. (Holding Company) Share capital: EUR 35,631,661 Value of the company: EUR 37,011,224 5 49% in Parque Shopping Elche S.L.U. Share capital: EUR 622,220 Shareholder loan: EUR 11,025,000 Value of the company: EUR 41,232,819 5 49% in Fairfield Invest, S.L.U. Share capital: EUR 2,202,895 Shareholder loan: EUR 1,715,000 Value of the company: EUR 4,216,492 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | S (100%) | 05/18 | 2003 | 76,894 | | 45,702 | 2,172 | AC, PL, SL, E | 90,552 | 89,523 |\",\n \"| | 3205 Elche (Elx) | | | | | | | | | | 88,494 | |\",\n \"| | Calle Jacarilla 7 | | | | | | | | | | | |\",\n \"| | “L‘Aljub” | | | | | | | | | | | |\",\n \"| | E | | | | | | | | | | | |\",\n \"| IV.\",\n \"Properties held through special purpose vehicles in countries with other currencies |\",\n \"| 1 | Holding: 100% in RREEF Marble Pte.\",\n \"Ltd., Singapore Share capital: EUR 133,180,488 Value of the company: EUR 149,025,952 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | O (91%) | 03/16 | 2009 | 1,584 | | 11,854 | 58 | AC, PL | 96,344 | 96,929 |\",\n \"| | Osaka, 1-6-29 Kyutaromachi, Chuo-ku, | | | | | | | | | | 97,514 | |\",\n \"| | Osaka-shi “Forecast” | | | | | | | | | | | |\",\n \"| | J | | | | | | | | | | | |\",\n \"| | Property: | FP | W (91%) | 12/16 | 2003 | 28,872 | | 43,058 | 299 | SL | 71,945 | 70,942 |\",\n \"| | Shibayama-cho, 148-15 Iwayama, | | | | | | | | | | 69,939 | |\",\n \"| | Sanbu-gun, Chiba“Narita” | | | | | | | | | | | |\",\n \"| | J | | | | | | | | | | | |\",\n \"| 2 | Holding: 100% in G Global Japan 1 Pte.\",\n \"Ltd. (Japan Branch) Share capital: EUR 12,075,560 Value of the company: EUR 9,547,612 5 100% in G Global Japan 1 Pte.\",\n \"Ltd. (SingCo\",\n \"1) Share capital: EUR 12,070,712 Value of the company: EUR 12,070,711 5 100% in G Global Japan 2 Pte.\",\n \"Ltd. (SingCo\",\n \"2) Share capital: EUR 12,150,388 Value of the company: EUR 12,009,438 5 100% in G Global Nagoya TMK Share capital: EUR 24,799,955 Value of the company: EUR 23,640,793 5 | | | | | | | | | | | |\",\n \"| | Property: | FP | O (95%) | 05/18 | 2008 | 1,389 | | 7,472 | 145 | AC, PL | 47,044 | 48,130 |\",\n \"| | Nagoya, 1-5-8 Shinsakae, Naka-ku | | | | | | | | | | 49,217 | |\",\n \"| | “Hirokoji Aqua Place” | | | | | | | | | | | |\",\n \"| | J | | | | | | | | | | | |\",\n \"| Essential results\\tIncidental of appraisal\\tacquisition\\tRemaining\\t\\t\\t\\tRental costs\\t\\tincidental\\tExpected\\tVacancy rate\\tincome Gross yield\\t\\tRemaining Total incidental\\t\\tthereof\\t\\tTotal incidental\\tamortized in\\t acquisition\\tremaining\\tBorrowing\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t ratio as %\\t\\trental\\t terms of – March 31, real estate assets\\tappraiser 1/2 years – Expert\\t\\tcosts\\t\\ttaxes other costs\\tas % of\\t\\tyear\\tamortized\\t\\tperiod\\tLoans\\tof the\\tincome\\t\\tleases\\t\\t2020, in %\\t\\tin TEUR10 appraisal 1/2\\tin TEUR11,12\\tin TEUR12\\tin TEUR12 purchase price\\tin TEUR10\\t in TEUR10\\tin years in TEUR10 market value\\t fully let\\tin years13\\tin TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| 720\\t0\\t720\\t1.0%\\t145\\t395\\t3.9 |\",\n \"| 1.9%\\t4,110\\t52\\t4,443\\t4,317\\t126\\t6.2%\\t889\\t2,518\\t2.8\\t1.9%\\t4.6\\t4,152 4,185\\t52 |\",\n \"| 3,611\\t0\\t3,611\\t1.5%\\t548\\t3,063\\t4.5 |\",\n \"| 6.3%\\t17,850\\t39\\t4.4%\\t3.9\\t10,696 18,078\\t39 |\",\n \"| 748\\t0\\t748\\t288\\t460\\t4.1 |\",\n \"| 2.4%\\t4,708\\t48\\t2,593\\t1,343\\t1,250\\t2.9%\\t519\\t1,642\\t3.2\\t33,320\\t37.2%\\t3.1%\\t2.2\\t5,386 4,944\\t48 |\",\n \"| |\",\n \"| |\",\n \"| 2.6%\\t6,366\\t59\\t4,768\\t1,231\\t3,537\\t4.9%\\t918\\t981\\t1.1\\t36,240\\t37.4%\\t0.3%\\t2.1\\t5,841 6,291\\t59 |\",\n \"| 1.9%\\t5,139\\t33\\t2,380\\t2,301\\t79\\t3.4%\\t468\\t819\\t1.8\\t3.4%\\t1.9\\t4,609 4,974\\t33 |\",\n \"| 712\\t0\\t712\\t2.5%\\t246\\t466\\t4.0 |\",\n \"| 1.3%\\t2,921\\t58\\t1,413\\t0\\t1,413\\t2.9%\\t319\\t1,036\\t3.2\\t23,062\\t47.9%\\t0.1%\\t1.8\\t2,692 3,121\\t58 |\",\n \"| Market value\\tPurchase as per price/Market Project/\\tCo- Rental area\\texpert\\tvalue/ Type of\\tPortfolio\\t\\t\\t\\tSize of ownership/ (commer- Rental area Number of\\tappraiser\\tAverage prop- development\\tType of\\tDate of\\tYear of property\\theritable\\tcial)8 Residential8\\tparking\\t\\t1/210\\t\\tvalue10 No.\",\n \"Location of property\\terty6\\tmeasures\\tuse7 acquisition construction\\tin sqm building right\\tin sqm\\tin sqm\\tspaces8\\tFeatures9\\tin TEUR\\tin TEUR |\",\n \"| --- |\",\n \"| IV.\",\n \"Properties held through special purpose vehicles in countries with other currencies |\",\n \"| 3\\tHolding: 45% in C 8 GmbH & Co. KG, Frankfurt/Main Share capital: EUR 69,865,388 Value of the company: EUR 64,985,841 5 |\",\n \"| Property:\\tFP\\tO (92%)\\t05/15\\t2015\\t3,137\\t48,780\\t187\\tAC, PL, SL\\t131,228\\t129,586 Seoul, 149 Cheongjin-dong, Jongro-gu\\t127,944 “Tower 8“ ROK |\",\n \"| 4\\tHolding: 97.8070% in Deutsche Logistic No. 22 Professional Investors Private Real Estate Investment LLC Share capital: EUR 15,125,806 Shareholder loan: EUR 9,012,344 Value of the company: EUR 16,116,704 5 |\",\n \"| Property:\\tFP\\tW (95%)\\t02/18\\t2017\\t30,125\\t43,405\\t126\\tAC\\t43,981\\t44,991 17385 Icheon-si, 253-1 Ichi-ri;\\t46,000 Majang-myun, Gyeonggi-do “Logiport Icheon” ROK |\",\n \"| 5\\tHolding: 98.113% in DWS No. 25 Professional Investors Private Real Estate Investment LLC Share capital: EUR 11,590,936 Shareholder loan: EUR 15,549,728 Value of the company: EUR 11,468,901 5 |\",\n \"| Property:\\tFP\\tW (100%)\\t01/20\\t2016\\t30,104\\t26,610\\t169\\tPL, SL\\t46,215\\t46,215 725 Jeonho-ri, Gochon-eup, Gimpo-si, Gyeonggi-do “Sungkwang Logistics” ROK |\",\n \"| 6\\tHolding: 100% in DB Real Estate Mvik 28 KB, Gothenburg Share capital: EUR 50,110,894 Value of the company: EUR 82,350,559 5 |\",\n \"| Property:\\tFP\\tO (100%)\\t10/03\\t2002\\t3,776\\t18,812\\t167\\tPL, AC\\t74,996\\t79,243 11743 Stockholm\\t83,491 Marieviksgatan 19 A-F “Marievik 28” S |\",\n \"| 7\\tHolding: 100% in DB Real Estate Pacific Plaza L. P., Delaware Share capital: EUR 3,055,173 Shareholder loan: EUR 14,441,085 Value of the company: EUR 16,327,223 5 |\",\n \"| Property:\\tFP\\tF (77%)\\t08/04\\t2002\\t10,186\\t9,397\\t0\\t820 AC, PL, SL, E\\t29,333\\t29,198 Daly City, 1901 and 2001 Junipero Serra\\t29,063 Boulevard, CA 94014 “2001 DC Station” USA |\",\n \"| 8\\tHolding: 100% in DB Real Estate Crossroads L. P., Delaware Share capital: EUR -16,316,657 Shareholder loan: EUR 0 Value of the company: EUR 147,171,865 5 |\",\n \"| Property:\\tFP\\tO (100%)\\t01/05\\t1999\\t40,630\\t26,091\\t866\\tAC, PL 214,901\\t214,766 Sunnyvale, 950 and 1000 West Maude\\t214,631 Avenue, CA 94085 “Crossroads Center” USA |\",\n \"| 9\\tHolding: 100% in 1019 Market Street L. P., Delaware (formerly DBRE California Residential 2 LLC) Share capital: EUR -519,309 Shareholder loan: EUR 10,830,814 Value of the company: EUR 17,096,354 5 |\",\n \"| Property:\\tFP\\tO (97 %)\\t10/14\\t1909/\\t931\\t7,016\\tAC, PL\\t54,515\\t55,598 San Francisco, 1019 Market Street,\\t2013\\t56,681 CA 94103 USA |\",\n \"| Essential results\\tIncidental of appraisal\\tacquisition\\tRemaining\\t\\t\\t\\tRental costs\\t\\tincidental\\tExpected\\tVacancy rate\\tincome Gross yield\\t\\tRemaining Total incidental\\t\\tthereof\\t\\tTotal incidental\\tamortized in\\t acquisition\\tremaining\\tBorrowing\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t ratio as %\\t\\trental\\t terms of – March 31, real estate assets\\tappraiser 1/2 years – Expert\\t\\tcosts\\t\\ttaxes other costs\\tas % of\\t\\tyear\\tamortized\\t\\tperiod\\tLoans\\tof the\\tincome\\t\\tleases\\t\\t2020, in %\\t\\tin TEUR10 appraisal 1/2\\tin TEUR11,12\\tin TEUR12\\tin TEUR12 purchase price\\tin TEUR10\\t in TEUR10\\tin years in TEUR10 market value\\t fully let\\tin years13\\tin TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| 733\\t0\\t733\\t0.7%\\t147\\t23\\t1.0 |\",\n \"| 3.5%\\t9,258\\t55\\t6,884\\t5,798\\t1,086\\t5.3%\\t1,228\\t307\\t0.2\\t64,685\\t49.9%\\t6.4%\\t1.4\\t7,698 9,412\\t55 |\",\n \"| 343\\t0\\t343\\t0.7%\\t68\\t192\\t3.5 |\",\n \"| 1.2%\\t3,083\\t47\\t2,774\\t2,157\\t617\\t6.2%\\t571\\t1,712\\t3.0\\t22,062\\t49.0%\\t21.5%\\t2.7\\t2,481 3,521\\t47 |\",\n \"| |\",\n \"| 1.2%\\t2,805\\t47\\t3,761\\t2,299\\t1,462\\t8.1%\\t117\\t3,450\\t4.9\\t25,675\\t55.6%\\t1.2348 2,805\\t47 |\",\n \"| |\",\n \"| 2.1%\\t4,240\\t52\\t13.9%\\t4.1\\t3,361 4,676\\t52 |\",\n \"| |\",\n \"| 0.8%\\t3,554\\t42\\t3.8\\t2,929 4,482\\t42 |\",\n \"| |\",\n \"| 5.8%\\t13,679\\t49\\t67,693\\t31.5%\\t4.6 14,235\\t49 | |\",\n \"| 24\\t0\\t24\\t0.1%\\t2\\t0\\tcompletely amortized |\",\n \"| 1.5%\\t4,693\\t53\\t772\\t0\\t772\\t1.6%\\t122\\t0\\tcompletely\\t30,236\\t54.4%\\t2.5604 4,693\\t53\\tamortized |\",\n \"| No.\",\n \"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| IV.\",\n \"Properties held through special purpose vehicles in countries with other currencies |\",\n \"| 10 | Holding: 100% in Galleria North II L.P., Dallas Share capital: EUR 27,294,152 Shareholder loan: EUR 6,047,204 Value of the company: EUR 42,948,898 5 100% Galeria North II Management LLC, Dallas Share capital: EUR 46,127 Value of the company: EUR 46,127 5 | | | | | | | | | | | | |\",\n \"| | Property: | FP | O (100 %) | 06/15 | 1999 | 5,499 | | 28,451 | | 962 | AC, PL, SL | 71,213 | 73,965 |\",\n \"| | Dallas, 13727 Noel Road, TX 75240 | | | | | | | | | | | 76,718 | |\",\n \"| | “Galleria North Tower II” | | | | | | | | | | | | |\",\n \"| | USA | | | | | | | | | | | | |\",\n \"| 11 | Holding: 100% in GG LA Figueroa, LLC Share capital: EUR 12,377,851 Shareholder loan: EUR 20,127,262 Value of the company: EUR 28,009,539 5 | | | | | | | | | | | | |\",\n \"| | Property: | FP | R (89 %) | 06/16 | 2006 | 7,421 | | 1,116 | 11,932 | 307 | AC, PL | 88,000 | 87,053 |\",\n \"| | Los Angeles, 3770 South Figueroa Street, | | | | | | | | | | | 86,105 | |\",\n \"| | CA 90007 | | | | | | | | | | | | |\",\n \"| | “Tuscany Apartments” USA | | | | | | | | | | | | |\",\n \"| 12 | Holding: 49% in TAF gg Las Olas LP Share capital: EUR 22,926,606 Shareholder loan: EUR 24,324,202 Value of the company: EUR 40,889,578 5 49% in TAF gg Las Olas GP, LLC Share capital: EUR 0 | | | | | | | | | | | | |\",\n \"| | Property: | FP | O (90 %) | 09/16 | 2002 | 10,036 | | 37,912 | | 1,034 | AC, PL, SL | 107,955 | 109,569 |\",\n \"| | Fort Lauderdale, 401 East Las Olas | | | | | | | | | | | 111,184 | |\",\n \"| | Boulevard, FL 33301 | | | | | | | | | | | | |\",\n \"| | “Las Olas City Center” | | | | | | | | | | | | |\",\n \"| | USA | | | | | | | | | | | | |\",\n \"| 13 | Holding: 49% in GREF GG Eastland Center LP, USA Share capital: EUR 21,070,634 Shareholder loan: EUR 20,454,443 Value of the company: EUR 25,377,629 5 | | | | | | | | | | | | |\",\n \"| | Property: | FP | S (100 %) | 12/19 | 1957 | 218,652 | | 75,016 | | 3,287 | AC, SL, E | 82,747 | 82,901 |\",\n \"| | West Covina, 2753 E. Eastland Center | | | | | | | | | | | 83,056 | |\",\n \"| | Drive, CA 91791 | | | | | | | | | | | | |\",\n \"| | “Eastland Center” | | | | | | | | | | | | |\",\n \"| | USA | | | | | | | | | | | | |\",\n \"| 14 | Holding: 100% in gg Kirby Groove L. P., USA Share capital: EUR 51,819,248 Shareholder loan: EUR 51,829,956 Value of the company: EUR 51,943,421 5 | | | | | | | | | | | | |\",\n \"| | Property: | FP/HBR | O (86 %) | 01/20 | 2016 | 5,409 | Leasehold | 23,046 | | 864 | AC, PL | 103,660 | 103,660 |\",\n \"| | Houston, 2925 Richmond Avenue, | | | | | | | | | | | | |\",\n \"| | TX 78759 | | | | | | | | | | | | |\",\n \"| | “Kirby Grove” | | | | | | | | | | | | |\",\n \"| | USA | | | | | | | | | | | | |\",\n \"| 15 | Holding: 100% in gg Oakbrook L. P., USA Share capital: EUR 34,796,107 Shareholder loan: EUR 33,981,678 Value of the company: EUR 34,839,931 5 | | | | | | | | | | | | |\",\n \"| | Property: Oak Brook, 2155 West 22nd Street, IL 60523 “The Shops at Oak Brook Place” USA | FP | S (100 %) | 01/20 | 1996 | 57,812 | | 16,459 | | 695 | AC | 67,963 | 67,963 |\",\n \"| Incidental acquisition\\tRemaining\\tRental costs\\t\\tincidental\\t\\tExpected\\t\\tVacancy rate\\t\\tincome Gross yield\\tRemaining Total incidental\\tthereof\\tTotal incidental\\tamortized in\\tacquisition\\tremaining\\tBorrowing\\t\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t\\tratio as %\\t\\t\\trental\\tterms of – March 31, real estate assets\\t appraiser 1/2 years – Expert\\t\\t\\tcosts\\t\\t\\ttaxes other costs\\tas % of\\t\\tyear\\t\\tamortized\\tperiod\\tLoans\\t\\t of the\\t\\tincome\\t\\tleases\\t2020, in %\\tin TEUR10 appraisal 1/2\\t\\tin TEUR11,12\\t\\tin TEUR12\\t\\tin TEUR12 purchase price\\t\\tin TEUR10\\tin TEUR10\\t\\t\\tin years in TEUR10 market value\\t\\tfully let\\tin years13\\t in TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| |\",\n \"| 2.0%\\t7,795\\t49\\t1,158\\t0\\t1,158\\t1.9%\\t238\\t91\\t0.4\\t26,490\\t35.8%\\t2.8%\\t4.7444 8,006\\t49 |\",\n \"| |\",\n \"| 2.3%\\t7,103\\t46\\t1,529\\t0\\t1,529\\t1.8%\\t287\\t359\\t1.3\\t40,616\\t46.7%\\t0.7\\t3,650 7,103\\t46 |\",\n \"| 697\\t0\\t697\\t0.7%\\t141\\t205\\t2.5 |\",\n \"| 3.0%\\t10,109\\t42\\t1,393\\t765\\t628\\t1.3%\\t183\\t275\\t1.5\\t44,226\\t40.4%\\t11.2%\\t4.6\\t6,419 9,969\\t42 |\",\n \"| 411\\t0\\t411\\t0.5%\\t25\\t386\\t4.8 |\",\n \"| 2.2%\\t5,503\\t34\\t1,540\\t0\\t1,540\\t1.9%\\t77\\t1,464\\t4.8\\t39,803\\t48.0%\\t3.1%\\t4.6\\t6,439 5,543\\t35 |\",\n \"| |\",\n \"| 2.8%\\t7,190\\t57\\t1,771\\t0\\t1,771\\t1.7%\\t59\\t1,705\\t4.8\\t51,898\\t50.1%\\t6.1%\\t6.7\\t5,832 7,860\\t77 |\",\n \"| |\",\n \"| 1.8%\\t4,772\\t47\\t1,158\\t0\\t1,158\\t1.7%\\t38\\t1,115\\t4.8\\t2.6%\\t5.3\\t1,214 4,315\\t40 |\",\n \"| Market value\\tPurchase as per price/Market Project/\\tCo- Rental area\\texpert\\tvalue/ Type of\\tPortfolio\\t\\t\\t\\tSize of ownership/ (commer- Rental area Number of\\tappraiser\\tAverage prop- development\\tType of\\tDate of\\tYear of property\\theritable\\tcial)8 Residential8\\tparking\\t\\t1/210\\t\\tvalue10 No.\",\n \"Location of property\\terty6\\tmeasures\\tuse7 acquisition construction\\tin sqm building right\\tin sqm\\tin sqm\\tspaces8\\tFeatures9\\tin TEUR\\tin TEUR |\",\n \"| --- |\",\n \"| IV.\",\n \"Properties held through special purpose vehicles in countries with other currencies |\",\n \"| 16 Holding: 100% in G Global T1 Pty Limited (Head Trustee) / 99.99995% in G Global Trust 1 Share capital: EUR 50,795,537 Shareholder loan: EUR 13,238,350 Value of the company: 30,988,1855 100% in G Global 90A T2 Pty Limited (Subtrustee) / G Global 90A AUT1 Share capital: EUR 34,187,390 Value of the company: EUR 9,351,109 5 100% in G Global 90A T3 Pty Limited (Subtrustee) / 90 Arthur Street Trust Share capital: EUR 54,619,002 Shareholder loan: EUR 6,092,965 Value of the company: EUR 48,861,128 5 |\",\n \"| Property:\\tFP\\tO (97%)\\t09/16\\t1987/2014\\t1,188\\t9,256\\t74\\tAC, PL\\t52,012\\t54,117 North Sydney, 90 Arthur Street,\\t56,221 NSW 2060 AUS |\",\n \"| 17 Holding: 100% in G Global Australia 1 Pte.\",\n \"Ltd.\",\n \"Share capital: EUR 7,347,896 Value of the company: EUR 8,048,773 5 100% in G Global Australia 2 Pte.\",\n \"Ltd.\",\n \"Share capital: EUR 14,595,615 Value of the company: EUR 16,086,016 5 100% in G Global Australia 3 Pte.\",\n \"Ltd.\",\n \"Share capital: EUR 14,595,615 Value of the company: EUR 16,086,016 5 100% in G Global 120E Pte.\",\n \"Ltd.\",\n \"Share capital: EUR 36,245,039 Value of the company: EUR 39,831,667 5 100% in G Global T2 Pty Ltd. (Head Trustee) / G Global Trust 2 Share capital: EUR 36,124,409 Value of the company: EUR 39,165,242 5 100% in G Global 120E T2 Pty Ltd. (Subtrustee) / G Global 120E AUT Share capital: EUR 23,914,183 Shareholder loan: EUR 19,109,762 Value of the company: EUR 28,462,498 5 100% in G Global 180Q Pty Ltd. (Subtrustee) / G Global 180Q AUT Share capital: EUR 11,852,918 Shareholder loan: EUR 4,183,653 Value of the company: EUR 13,618,892 5 |\",\n \"| Property:\\tFP\\tO (96%)\\t06/17\\t2001/\\t1,824\\t15,734\\t111\\tAC, PL\\t79,486\\t81,175 Brisbane, 120 Edward Street,\\t2015/\\t82,864 QLD 4000\\t2016 AUS |\",\n \"| Property:\\tFP\\tS (67%)\\t11/17 1929/2014\\t722\\t3,539\\tAC, PL, SL\\t31,351\\t30,493 Brisbane, 180 Queen Street Mall,\\tO (33%)\\t29,634 QLD 4000 AUS |\",\n \"| 18 Holding: 100% in G Global T1 Pty Limited / 99.99995% in G Global Trust 1 Share capital: EUR 50,795,537 Shareholder loan: EUR 13,238,350 Value of the company: EUR 30,988,185 5 |\",\n \"| Property:\\tFP/HBR\\tH (92%)\\t12/19 1965/2019\\t877\\tCrown\\t6,803\\t7\\tAC, PL, SL\\t27,086\\t26,948 Canberra, 197 London Circuit\\tLease3\\t26,809 “The Sebel” AUS |\",\n \"| Incidental acquisition\\tRemaining\\tRental costs\\t\\tincidental\\t\\tExpected\\t\\tVacancy rate\\t\\tincome Gross yield\\tRemaining Total incidental\\tthereof\\tTotal incidental\\tamortized in\\tacquisition\\tremaining\\tBorrowing\\t\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t\\tratio as %\\t\\t\\trental\\tterms of – March 31, real estate assets\\t appraiser 1/2 years – Expert\\t\\t\\tcosts\\t\\t\\ttaxes other costs\\tas % of\\t\\tyear\\t\\tamortized\\tperiod\\tLoans\\t\\t of the\\t\\tincome\\t\\tleases\\t2020, in %\\tin TEUR10 appraisal 1/2\\t\\tin TEUR11,12\\t\\tin TEUR12\\t\\tin TEUR12 purchase price\\t\\tin TEUR10\\tin TEUR10\\t\\t\\tin years in TEUR10 market value\\t\\tfully let\\tin years13\\t in TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| 513\\t0\\t513\\t1.1%\\t93\\t121\\t2.0 |\",\n \"| 1.5%\\t4,484\\t46\\t3,390\\t0\\t3,390\\t6.3%\\t0\\t0\\tcompletely\\t20,356\\t37.6%\\t1.5%\\t1.9\\t3,114 4,522\\t46\\tamortized |\",\n \"| 955\\t0\\t955\\t0.3%\\t213\\t453\\t4.0 |\",\n \"| 2.2%\\t6,326\\t51\\t6,739\\t5,760\\t979\\t8.3%\\t1,087\\t2,536\\t2.3\\t39,106\\t48.2%\\t6.9%\\t2.6\\t5,542 6,516\\t51 |\",\n \"| 0.8%\\t2,405\\t48\\t2,885\\t2,192\\t693\\t9.5%\\t436\\t1,228\\t2.8\\t14,942\\t49.0%\\t13.9%\\t0.8\\t2,434 2,301\\t43 |\",\n \"| |\",\n \"| 0.7%\\t1,656\\t49\\t2,866\\t1,472\\t1,394\\t10.6%\\t129\\t2,458\\t4.813.4 1,640\\t49 | |\",\n \"| No.\",\n \"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)8 in sqm | Rental area Residential8 in sqm | Number of parking spaces8 | Features9 | Market value as per expert appraiser 1/210 in TEUR | Purchase price/Market value/ Average value10 in TEUR |\",\n \"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\",\n \"| IV.\",\n \"Properties held through special purpose vehicles in countries with other currencies |\",\n \"| 19 | Holding: 45% in Eighteen Amaryllis S.\",\n \"à.\",\n \"r.l., Luxembourg Share capital: EUR 48,920,283 Shareholder loan: EUR 38,023,759 Value of the company: EUR 51,970,807 5 45% in Eighteen Celosia S.\",\n \"à.\",\n \"r.l., Luxembourg Shareholding: EUR 47,501,288 Value of the company: EUR 47,495,948 5 | | | | | | | | | | | |\",\n \"| | Property: E20 London Stratford Building S9 “S9 International Quarter” GB | FP | O (99%) | 07/18 | 2019 | 4,752 | | 25,850 | | AC, PL, SL | 122,286 121,534 | 121,910 |\",\n \"| Holding: 12.6% in Swift Newco B Limited Share capital: EUR 252,069 Shareholder loan: EUR 0 Value of the company: EUR 33,280,701 5 |\",\n \"| Holding: 12.6% in Vita PropCo Holdings Limited Share capital: EUR 152,218 Shareholder loan: EUR 0 Value of the company: EUR 33,138,646 5 |\",\n \"| 20 | Holding: 12.6% in Beith Street PropCo Limited Share capital: EUR 501,382 Shareholder loan: EUR 4,014,429 Value of the company: EUR 3,752,852 5 | | | | | | | | | | | |\",\n \"| | Property: Glasgow G11 6BZ 82 Beith Street “West End” GB | FP | R (86%) | 08/19 | 2017 | 9,263 | | 1,683 | 10,081 | PL | 11,221 11,853 | 11,537 |\",\n \"| 21 | Holding: 12.6% in Fountainbridge Propco Limited Share capital: EUR 2,710,086 Shareholder loan: EUR 2,770,970 Value of the company: EUR 2,832,889 5 | | | | | | | | | | | |\",\n \"| | Property: Edinburgh EH3 9QG125a Fountainbridge “Fountainbridge” GB | FP | R (95%) | 08/19 | 2018 | 2,752 | | 297 | 5,450 | PL | 9,283 9,115 | 9,199 |\",\n \"| 22 | Holding: 12.6% in Strawberry Place PropCo Limited Share capital: EUR 2,109,023 Shareholder loan: EUR 1,569,817 Value of the company: EUR 2,348,436 5 | | | | | | | | | | | |\",\n \"| | Property: Newcastle upon Tyne NE1 4PQ Strawberry Place“Strawberry Place” GB | FP | R (100%) | 08/19 | 2017 | 2,853 | | | 6,715 | PL | 6,460 6,390 | 6,425 |\",\n \"| 23 | Holding: 12.6% in First Street Manchester Limited Share capital: EUR 574,264 Shareholder loan: EUR 3,240,726 Value of the company: EUR 870,266 5 | | | | | | | | | | | |\",\n \"| | Property: Manchester M15 4FN 13 Jack Rosenthal Street “First Street” GB | FP/HBR | R (97%) | 08/19 | 2014 | 826 | Heritable building right (long leasehold) | 174 | 5,038 | PL | 6,488 6,727 | 6,608 |\",\n \"| 24 | Holding: 12.6% in Circle Square 10 & 11 PropCo Limited Share capital: EUR 6,984,283 Shareholder loan: EUR 7,398,632 Value of the company: EUR 5,969,423 5 | | | | | | | | | | | |\",\n \"| | Property: Manchester M1 7FA 2 Nobel Way “10 /11 Circle Square” GB | FP | R (96%) | 08/19 | 2017 | 5,026 | | 597 | 16,073 | PL | 23,777 23,988 | 23,882 |\",\n \"| Incidental acquisition\\tRemaining\\tRental costs\\t\\tincidental\\t\\tExpected\\t\\tVacancy rate\\t\\tincome Gross yield\\tRemaining Total incidental\\tthereof\\tTotal incidental\\tamortized in\\tacquisition\\tremaining\\tBorrowing\\t\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t\\tratio as %\\t\\t\\trental\\tterms of – March 31, real estate assets\\t appraiser 1/2 years – Expert\\t\\t\\tcosts\\t\\t\\ttaxes other costs\\tas % of\\t\\tyear\\t\\tamortized\\tperiod\\tLoans\\t\\t of the\\t\\tincome\\t\\tleases\\t2020, in %\\tin TEUR10 appraisal 1/2\\t\\tin TEUR11,12\\t\\tin TEUR12\\t\\tin TEUR12 purchase price\\t\\tin TEUR10\\tin TEUR10\\t\\t\\tin years in TEUR10 market value\\t\\tfully let\\tin years13\\t in TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| 1,272\\t0\\t1272\\t0.5%\\t139\\t1,127\\t4.5 |\",\n \"| 3.3%\\t6,194\\t69\\t999\\t0\\t999\\t0.8%\\t71\\t916\\t5.4\\t43,136\\t35.4%\\t16.1\\t3,225 6,194\\t69 |\",\n \"| |\",\n \"| |\",\n \"| 296\\t17\\t279\\t2.6%\\t38\\t258\\t4.5 |\",\n \"| 0.3%\\t821\\t57\\t4,554\\t39.5%\\t1.0\\t466 821\\t57 |\",\n \"| 296\\t17\\t279\\t3.2%\\t38\\t258\\t4.5 |\",\n \"| 0.2%\\t643\\t58\\t3,492\\t38.0%\\t0.4\\t282 643\\t58 |\",\n \"| 296\\t17\\t279\\t4.6%\\t38\\t258\\t4.5 |\",\n \"| 0.2%\\t517\\t57\\t2,574\\t40.1%\\t0.7%\\t0.4\\t288 517\\t57 |\",\n \"| 296\\t17\\t279\\t4.5%\\t38\\t258\\t4.5 |\",\n \"| 0.2%\\t478\\t54\\t2,595\\t39.3%\\t0.4\\t185 478\\t54 |\",\n \"| 296\\t17\\t279\\t1.2%\\t38\\t258\\t4.5 |\",\n \"| 0.6%\\t1,542\\t57\\t9,300\\t38.9%\\t1.0%\\t0.4856 1,542\\t57 |\",\n \"| Market value\\tPurchase as per price/Market Project/\\tCo- Rental area\\texpert\\tvalue/ Type of\\tPortfolio\\t\\t\\t\\tSize of ownership/ (commer- Rental area Number of\\tappraiser\\tAverage prop- development\\tType of\\tDate of\\tYear of property\\theritable\\tcial)8 Residential8\\tparking\\t\\t1/210\\t\\tvalue10 No.\",\n \"Location of property\\terty6\\tmeasures\\tuse7 acquisition construction\\tin sqm building right\\tin sqm\\tin sqm\\tspaces8\\tFeatures9\\tin TEUR\\tin TEUR |\",\n \"| --- |\",\n \"| IV.\",\n \"Properties held through special purpose vehicles in countries with other currencies |\",\n \"| 25 Holding: 12.6% in St. Albans Place PropCo Limited Share capital: EUR -15,638 Shareholder loan: EUR 378,283 Value of the company: EUR 1,841,037 5 |\",\n \"| Property:\\tFP\\tR (96%)\\t08/19\\t2019\\t1,396\\t333\\t7,870\\tPL\\t 8,314\\t8,469 Leeds LS2 8JP\\t\\t\\t\\t\\t\\t\\t\\t\\t8,623 Cross Belgrave Street “St Albans Place” GB |\",\n \"| 26 Holding: 12.6% in Circle Square 9 PropCo Limited Share capital: EUR 6,590,266 Shareholder loan: EUR 228,040 Value of the company: EUR 5,191,854 5 |\",\n \"| Property:\\tFP\\tR (96%)\\t08/19\\t2019\\t1,440\\t240\\t6,320\\tPL\\t10,238\\t10,238 Manchester M1 7FA\\t10,238 2 Nobel Way “9 Circle Square” GB |\",\n \"| 27 Holding: 12.6% in Pebble Mill Propco Limited Share capital: EUR 5,014,301 Shareholder loan: EUR 606,672 Value of the company: EUR 5,535,220 5 |\",\n \"| Property:\\tFP\\tR (100%)\\t08/19\\t2019\\t8,940\\t8,390\\tPL\\t8,427\\t8,581 Birmingham B29 7ES\\t8,736 Petershore Road “Pebble Mill” GB |\",\n \"| V. Total real estate assets\\t3,713,538 |\",\n \"Rental incomes for properties listed in color are not disclosed in order to protect the interests of the individual tenant.\",\n \"- Includes countries with euro-based leases.\",\n \"- Areas of the property protected by preservation order.\",\n \"- Corresponds to German heritable building rights.\",\n \"- Corresponds to German heritable right of usufruct.\",\n \"- The value of the Company is determined in accordance with the provisions of the KAGB and the Capital Investment Accounting and Valuation Regulation (KARBV).\",\n \"- FP = Rented residential properties, commercial real estate and mixed-use real estate with finished propertiesUC = Site under construction U = Undeveloped siteHBR = Heritable building right\",\n \"- O = OfficeL\\t= LeisureH = HotelS = ShopsW = Warehousing/logisticsR = Residential Share in % based on rental income.\",\n \"- Information based on the last expert appraisal prepared.\",\n \"For properties held via investments, the information is based on the entire property, regardless of the share of portfolio.\",\n \"- AC = Air conditioning SL = Service liftPL = Passenger lift E = Escalator\",\n \"- Values in foreign currency converted at exchange rate of March 31, 2020.\",\n \"For properties held viainvestments, the value is presented pro rata based on the share of portfolio.\",\n \"- For properties held via investments, incidental acquisition costs may be incurred at both fund level and company level, depending, among other things, on whether a new company is being established or an existing company is being acquired.\",\n \"- Historical incidental acquisition costs in countries with another currency are recorded at the exchange rate at the time of the transfer of ownership.\",\n \"- When calculating the residual terms of leases, it is assumed that contractually agreed special termination rights are exercised.\",\n \"- Rental income in foreign currencies is converted using historical exchange rates.\",\n \"- Excluding an existing loan for the “Roosevelt Commons” property sold during the reporting period.\",\n \"| Incidental acquisition\\tRemaining\\tRental costs\\t\\tincidental\\t\\tExpected\\t\\tVacancy rate\\t\\tincome Gross yield\\tRemaining Total incidental\\tthereof\\tTotal incidental\\tamortized in\\tacquisition\\tremaining\\tBorrowing\\t\\tas % of\\tResidual April 1, 2019 Share of\\tas per expert\\tuseful life in\\tacquisition\\tfees and\\tthereof acquisition costs the business\\tcosts to be amortization\\t\\tratio as %\\t\\t\\trental\\tterms of – March 31, real estate assets\\t appraiser 1/2 years – Expert\\t\\t\\tcosts\\t\\t\\ttaxes other costs\\tas % of\\t\\tyear\\t\\tamortized\\tperiod\\tLoans\\t\\t of the\\t\\tincome\\t\\tleases\\t2020, in %\\tin TEUR10 appraisal 1/2\\t\\tin TEUR11,12\\t\\tin TEUR12\\t\\tin TEUR12 purchase price\\t\\tin TEUR10\\tin TEUR10\\t\\t\\tin years in TEUR10 market value\\t\\tfully let\\tin years13\\t in TEUR14 |\",\n \"| --- |\",\n \"| |\",\n \"| 296\\t17\\t279\\t3.5%\\t38\\t258\\t4.5 |\",\n \"| 0.2%\\t610\\t59\\t3,399\\t40.1%\\t0.4\\t307 610\\t59 |\",\n \"| 296\\t17\\t279\\t2.9%\\t38\\t258\\t4.5 | | 0.3%\\t687\\t59\\t3,967\\t38.7%\\t0.4\\t348 687\\t59 | | 296\\t17\\t279\\t3.4%\\t38\\t258\\t4.5 | | 0.2%\\t591\\t59\\t3,263\\t38.0%\\t1.1%\\t0.4\\t304 591\\t59 | | 100.0%\\t788,23715)\\t21.2% | | Exchange rates on March 31, 2020 | | --- | | EUR 1 | = | USD | 1.10795 | | EUR 1 | = | SEK | 11.04066 | | EUR 1 | = | GBP | 0.89716 | | EUR 1 | = | JPY | 119.67519 | | EUR 1 | = | KRW | 1,356.57369 | | EUR 1 | = | PLN | 4.53838 | | EUR 1 | = | AUD | 1.80536 |\"\n]","isConversational":false},"muda_tagged":{"kind":"null"}}}],"truncated":false,"partial":false},"paginationData":{"pageIndex":982,"numItemsPerPage":100,"numTotalItems":112861,"offset":98200,"length":100}},"jwt":"eyJhbGciOiJFZERTQSIsImtpZCI6IjVHZDBvd0g5MTM2eDZjc1FvbE1zcktNWUZoRVFoUm5PVVVybEpjOUhaUEEifQ.eyJyZWFkIjp0cnVlLCJwZXJtaXNzaW9ucyI6eyJyZXBvLmNvbnRlbnQucmVhZCI6dHJ1ZX0sImlhdCI6MTc4NjY5NzA1NSwianRpIjoiNGQ2YjlhNDItMDFiYy00NWJjLTlkOWEtMWNiMmFhYzRkN2FjIiwic3ViIjoiL2RhdGFzZXRzL09WSGFpTExNL0ZsaXBwZXIiLCJleHAiOjE3ODY3MDA2NTUsImlzcyI6Imh0dHBzOi8vaHVnZ2luZ2ZhY2UuY28ifQ.89tdHygKFy083APoalTSps-kF_q_mRVMJ6GVyFb8g9K235mKCD8P12DLm7fWEnB7-m2s6tkI8bP5CoemostbCw","displayUrls":true,"splitSizeSummaries":[{"config":"default","split":"train","numRows":112861,"numBytesParquet":543987171},{"config":"default","split":"test","numRows":10000,"numBytesParquet":69397383}]},"discussionsStats":{"closed":0,"open":1,"total":1},"fullWidth":true,"hasGatedAccess":true,"hasFullAccess":true,"isEmbedded":false,"savedQueries":{"community":[],"user":[]}}">
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|---|---|---|---|---|---|---|---|---|---|
AR | # DWS Strategic
Jahresbericht 2022 Investmentgesellschaft mit variablem Kapital (SICAV)
nach Luxemburger Recht
## Hinweise für Anleger in der Bundesrepublik Deutschland
Satzung, Verkaufsprospekt, Basisinformationsblatt (KID), Halbjahres- und Jahresberichte, Ausgabe- und Rücknah- mepreise sind kostenlos bei der Verwalt... | 2022-12-31 | ENDE | # DWS Strategic
Annual Report 2022
Investment Company with Variable Capital (SICAV) Incorporated under Luxembourg Law
## Contents
Annual report 2022
for the period from January 1, 2022, through December 31, 2022
3 / General information
6 / Annual report and annual financial statements DWS Strategic, SICAV
6 / DB ESG B... | 108,201 | null | [
"# DWS Strategic",
"Annual Report 2022",
"Investment Company with Variable Capital (SICAV) Incorporated under Luxembourg Law",
"## Contents",
"Annual report 2022",
"for the period from January 1, 2022, through December 31, 2022",
"3 / General information",
"6 / Annual report and annual financial state... | [
"# DWS Strategic",
"Annual Report 2022",
"Investment Company with Variable Capital (SICAV) Incorporated under Luxembourg Law",
"## Contents",
"Annual report 2022",
"for the period from January 1, 2022, through December 31, 2022",
"3 / General information",
"6 / Annual report and annual financial state... | null |
AR | # Jahresbericht
und Jahresabschluss
#
DB ESG Balanced SAA (EUR)
(vormals: DB Balanced SAA (EUR))
Anlageziel und Anlage- ergebnis im Berichtszeitraum
Das Anlageziel des Teilfonds besteht darin, einen mittel- bis langfristigen Kapitalzuwachs zu erzielen. Um das Anlageziel zu erreichen, strebt er Investments in Portfol... | 2022-12-31 | ENDE | # Annual report
and annual financial statements
#
DB ESG Balanced SAA (EUR)
(formerly: DB Balanced SAA (EUR))
###### Investment objective and performance in the reporting period
The investment objective of the sub-fund is to achieve medium- to long-term capital appreciation. In order to achieve the investment object... | 108,202 | null | [
"# Annual report",
"and annual financial statements",
"DB ESG Balanced SAA (EUR) (formerly: DB Balanced SAA (EUR))",
"###### Investment objective and performance in the reporting period",
"The investment objective of the sub-fund is to achieve medium- to long-term capital appreciation.",
"In order to achi... | [
"# Annual report",
"and annual financial statements",
"DB ESG Balanced SAA (EUR) (formerly: DB Balanced SAA (EUR))",
"###### Investment objective and performance in the reporting period",
"The investment objective of the sub-fund is to achieve medium- to long-term capital appreciation.",
"In order to achi... | null |
AR | # Ergänzende Angaben
## Angaben zur Mitarbeitervergütung
Die DWS Investment S.A. („die Gesellschaft“) ist ein Tochterunternehmen der DWS Group GmbH & Co. KGaA („DWS KGaA“) und unterliegt im Hinblick auf die Gestaltung ihres Vergütungssystems den aufsichtsrechtlichen Anforderungen der fünften Richtlinie betreffend besti... | 2022-12-31 | ENDE | # Supplementary information
## Remuneration disclosure
DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), and is subject to the regulatory requirements of the Fifth Directive on Undertakings for Collective Investment in Transferable Securities (“UCITS V Directive”) and the Al... | 108,203 | null | [
"# Supplementary information",
"## Remuneration disclosure",
"DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), and is subject to the regulatory requirements of the Fifth Directive on Undertakings for Collective Investment in Transferable Securities (“UCITS V Directi... | [
"# Supplementary information",
"## Remuneration disclosure",
"DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), and is subject to the regulatory requirements of the Fifth Directive on Undertakings for Collective Investment in Transferable Securities (“UCITS V Directi... | null |
AR | Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns)
Der Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen... | 2022-12-31 | ENDE | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and abo... | 108,204 | null | [
"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)",
"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5... | [
"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)",
"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5... | null |
AR | ## DWS Strategic SICAV – 31.12.2022
Konsolidierte Zusammensetzung des Fondsvermögens zum 31. Dezember 2022
DWS Strategic ESG Allocation Defensive EUR
DWS Strategic ESG Allocation Dynamic EUR | 2022-12-31 | ENDE | ## DWS Strategic SICAV – December 31, 2022
Statement of net assets as of December 31, 2022
DWS Strategic ESG Allocation Defensive EUR
DWS Strategic ESG Allocation Dynamic EUR | 108,205 | null | [
"## DWS Strategic SICAV – December 31, 2022",
"Statement of net assets as of December 31, 2022",
"DWS Strategic ESG Allocation Defensive EUR",
"DWS Strategic ESG Allocation Dynamic EUR"
] | [
"## DWS Strategic SICAV – December 31, 2022",
"Statement of net assets as of December 31, 2022",
"DWS Strategic ESG Allocation Defensive EUR",
"DWS Strategic ESG Allocation Dynamic EUR"
] | null |
AR | ## DWS Strategic SICAV – 31.12.2022
Konsolidierte Ertrags- und Aufwandsrechnung für den Zeitraum vom 1. Januar 2022 bis 31. Dezember 2022 (inkl. Ertragsausgleich)
DWS Strategic ESG Allocation Defensive EUR
DWS Strategic ESG Allocation Dynamic EUR | 2022-12-31 | ENDE | ## DWS Strategic SICAV – December 31, 2022
Statement of income and expenses for the period from January 1, 2022, through December 31, 2022 (incl. income adjustment)
DWS Strategic ESG Allocation Defensive EUR
DWS Strategic ESG Allocation Dynamic EUR | 108,206 | null | [
"## DWS Strategic SICAV – December 31, 2022",
"Statement of income and expenses for the period from January 1, 2022, through December 31, 2022 (incl. income adjustment)",
"DWS Strategic ESG Allocation Defensive EUR",
"DWS Strategic ESG Allocation Dynamic EUR"
] | [
"## DWS Strategic SICAV – December 31, 2022",
"Statement of income and expenses for the period from January 1, 2022, through December 31, 2022 (incl. income adjustment)",
"DWS Strategic ESG Allocation Defensive EUR",
"DWS Strategic ESG Allocation Dynamic EUR"
] | null |
AR | * Die Zusammensetzung des Fondsvermögens, der Erträge, Aufwendungen und Entwicklungen des Fondsvermögens von in Fremdwährung geführten Teilfonds wurde zu nachfolgend genannten Devisenkursen in Euro umgerechnet. Die beiliegenden Finanzabschlüsse stellen die Aktiva und Passiva der einzelnen Teilfonds sowie des Fonds insg... | 2022-12-31 | ENDE | * The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate. The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole. The finan... | 108,207 | null | [
"* The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate.",
"The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole.... | [
"* The portfolio compositions, incomes, expenses and changes in net assets of the sub-funds managed in foreign currencies were converted into euro at the stated ex- change rate.",
"The attached financial statements represent the assets and liabilities of the individual sub-funds as well as of the fund as a whole.... | null |
AR | 1) Vergütungsdaten für Delegierte, an die die Gesellschaft Portfolio- oder Risikomanagementaufgaben übertragen hat, sind nicht in der Tabelle erfasst.
2) Unter Berücksichtigung diverser Vergütungsbestandteile entsprechend den Definitionen in den ESMA-Leitlinien, die Geldzahlungen oder -leistungen (wie Bargeld, Anteile,... | 2022-12-31 | ENDE | 1 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.
2 Considering various elements of remuneration as defined in the ESMA Guidelines which may include monetary payments or benefits (such as cash, shares, options,... | 108,208 | null | [
"1 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.",
"2 Considering various elements of remuneration as defined in the ESMA Guidelines which may include monetary payments or benefits (such as cash, shares... | [
"1 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.",
"2 Considering various elements of remuneration as defined in the ESMA Guidelines which may include monetary payments or benefits (such as cash, shares... | null |
AR | ## Honorare und Beteiligungen der Verwaltungsratsmitglieder
Honorare und Beteiligungen der Verwaltungsratsmitglieder für das Geschäftsjahr zum 31. Dezember 2021
Nach der Zustimmung der Aktionäre bei der Generalversammlung der Gesellschaft am 20. April 2022 wurde
die jährliche Vergütung des unabhängigen Verwaltungsratsm... | 2022-12-31 | ENDE | ## Fees and shareholdings of the members of the Board of Directors
Fees and shareholdings of members of the Board of Directors for the fiscal year ended December 31, 2021
Following shareholder approval at the Company’s Annual General Meeting of Shareholders on April 20, 2022, the annual compensation of the Independent ... | 108,209 | null | [
"## Fees and shareholdings of the members of the Board of Directors",
"Fees and shareholdings of members of the Board of Directors for the fiscal year ended December 31, 2021",
"Following shareholder approval at the Company’s Annual General Meeting of Shareholders on April 20, 2022, the annual compensation of t... | [
"## Fees and shareholdings of the members of the Board of Directors",
"Fees and shareholdings of members of the Board of Directors for the fiscal year ended December 31, 2021",
"Following shareholder approval at the Company’s Annual General Meeting of Shareholders on April 20, 2022, the annual compensation of t... | null |
AR | (1) Thilo Wendenburg wurde ab der Hauptversammlung vom 26. Juni 2020 in den Verwaltungsrat berufen.
(2) Manooj Mistry erklärte mit Schreiben vom 30. Juni 2020 an den Verwaltungsrat seinen Rücktritt. Daher ist Manooj Mistry ab dem vorgenannten Datum nicht mehr Mitglied des Verwaltungsrats.
Organisation (Fortsetzung) | 2020-12-31 | ENDE | (1) Thilo Wendenburg was appointed to the Board of Directors as at the General Meeting dated 26 June 2020.
(2) Manooj Mistry submitted a letter of resignation dated 30 June 2020 to the Board of Directors. As a result, Manooj Mistry is no longer a member of the Board of Directors as of the aforementioned date.
Organisat... | 108,210 | null | [
"(1) Thilo Wendenburg was appointed to the Board of Directors as at the General Meeting dated 26 June 2020.",
"(2) Manooj Mistry submitted a letter of resignation dated 30 June 2020 to the Board of Directors.",
"As a result, Manooj Mistry is no longer a member of the Board of Directors as of the aforementioned ... | [
"(1) Thilo Wendenburg was appointed to the Board of Directors as at the General Meeting dated 26 June 2020.",
"(2) Manooj Mistry submitted a letter of resignation dated 30 June 2020 to the Board of Directors.",
"As a result, Manooj Mistry is no longer a member of the Board of Directors as of the aforementioned ... | null |
AR | Wir kommunizieren mit den für die Unternehmensführung Beauftragten, unter anderem in Bezug auf den geplanten Umfang und den Zeitplan für die Abschlussprüfung sowie bedeutsame Prüfungsfeststellungen, einschließlich eventueller bedeutsamer Mängel im internen Kontrollsystem, die wir während unserer Prüfung entdecken.
Wir ... | 2020-12-31 | ENDE | We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we... | 108,211 | null | [
"We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.",
"We also provide those charged with governance with a stateme... | [
"We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.",
"We also provide those charged with governance with a stateme... | null |
AR | Beschreibung
wert
(lokal) Einstandskosten Marktwert
vermögens
Übertragbare Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse notieren
Anleihen
Frankreich | 2020-12-31 | ENDE | Description
Value
(local) Cost Market Value
Assets
Transferable securities and money market instruments admitted to an official stock exchange listing
Bonds
France | 108,212 | null | [
"Description",
"Value",
"(local)\tCost\tMarket Value",
"Assets",
"Transferable securities and money market instruments admitted to an official stock exchange listing",
"Bonds",
"France"
] | [
"Description",
"Value",
"(local)\tCost\tMarket Value",
"Assets",
"Transferable securities and money market instruments admitted to an official stock exchange listing",
"Bonds",
"France"
] | null |
AR | Beschreibung
wert
(lokal) Einstandskosten Marktwert
vermögens
An einem anderen geregelten Markt gehandelte übertragbare Wertpapiere und Geldmarktinstrumente
Anleihen
Italien | 2020-12-31 | ENDE | Description
Value
(local) Cost Market Value
Assets
Transferable securities and money market instruments dealt in on another regulated market
Bonds
Italy | 108,213 | null | [
"Description",
"Value",
"(local)\tCost\tMarket Value",
"Assets",
"Transferable securities and money market instruments dealt in on another regulated market",
"Bonds",
"Italy"
] | [
"Description",
"Value",
"(local)\tCost\tMarket Value",
"Assets",
"Transferable securities and money market instruments dealt in on another regulated market",
"Bonds",
"Italy"
] | null |
AR | Teilfonds mit Indirekter Anlagepolitik
Die Teilfonds, die eine Indirekte Anlagepolitik verfolgen, enthalten den Zusatz „SWAP“ in ihrem Namen. Teilfonds mit Indirekter Anlagepolitik („Fonds mit Indirekter Replikation“) können keine direkten Anlagen in die Bestandteile des Referenzindex tätigen. Die Abbildung der Wertent... | 2020-12-31 | ENDE | Sub-Funds with an Indirect Investment Policy
The Sub-Funds with an Indirect Investment Policy are identified by the reference "SWAP" in their name. Sub-Funds with an Indirect Investment Policy ("Indirect Replication Funds") may not invest directly in the constituents of the Reference Index. Instead, the exposure to the... | 108,214 | null | [
"Sub-Funds with an Indirect Investment Policy",
"The Sub-Funds with an Indirect Investment Policy are identified by the reference \"SWAP\" in their name.",
"Sub-Funds with an Indirect Investment Policy (\"Indirect Replication Funds\") may not invest directly in the constituents of the Reference Index.",
"Inst... | [
"Sub-Funds with an Indirect Investment Policy",
"The Sub-Funds with an Indirect Investment Policy are identified by the reference \"SWAP\" in their name.",
"Sub-Funds with an Indirect Investment Policy (\"Indirect Replication Funds\") may not invest directly in the constituents of the Reference Index.",
"Inst... | null |
AR | Fonds mit Direkter Replikation können temporäre Barbestände (wie beispielsweise zur Anlage vorgesehene Zeichnungserlöse oder andere vorübergehende Barbestände) zuweilen in FDI anlegen, um ein Marktexposure aufzubauen und den Tracking Error zu reduzieren.
Darüber hinaus behält sich der Anlageverwalter das Recht vor, Wer... | 2020-12-31 | ENDE | Direct Replication Funds may from time to time invest temporary cash balances (such as subscription proceeds which are pending investment or any other temporary cash balances) in FDIs to gain market exposure and to seek to reduce Tracking Error.
In addition, the Investment Manager reserve the right to exclude from the ... | 108,215 | null | [
"Direct Replication Funds may from time to time invest temporary cash balances (such as subscription proceeds which are pending investment or any other temporary cash balances) in FDIs to gain market exposure and to seek to reduce Tracking Error.",
"In addition, the Investment Manager reserve the right to exclude... | [
"Direct Replication Funds may from time to time invest temporary cash balances (such as subscription proceeds which are pending investment or any other temporary cash balances) in FDIs to gain market exposure and to seek to reduce Tracking Error.",
"In addition, the Investment Manager reserve the right to exclude... | Fonds mit Direkter Replikation können temporäre Barbestände ( wie beispielsweise zu der Anlage vorgesehene Zeichnungserlöse oder andere vorübergehende Barbestände ) zuweilen in FDI anlegen , um ein Marktexposure aufzubauen und den Tracking Error zu reduzieren . Darüber hinaus behält sich der Anlageverwalter das Recht v... |
AR | Der Abschluss der Gesellschaft wurde gemäß den in Luxemburg allgemein anerkannten und für Investmentfonds anwendbaren Rechnungslegungsgrundsätzen erstellt. Es wurden die folgenden wesentlichen Rechnungslegungsmethoden angewandt:
- Bewertung der VermögenswerteDer Nettoinventarwert (NAV) der Gesellschaft entspricht jeder... | 2020-12-31 | ENDE | The financial statements of the Company have been prepared according to accounting principles generally accepted in Luxembourg and applicable for investment funds. The significant accounting policies used are as follows:
- Valuation of investmentsThe Net Asset Value of the Company is at any time equal to the total of t... | 108,216 | null | [
"The financial statements of the Company have been prepared according to accounting principles generally accepted in Luxembourg and applicable for investment funds.",
"The significant accounting policies used are as follows:",
"- Valuation of investmentsThe Net Asset Value of the Company is at any time equal to... | [
"The financial statements of the Company have been prepared according to accounting principles generally accepted in Luxembourg and applicable for investment funds.",
"The significant accounting policies used are as follows:",
"- Valuation of investmentsThe Net Asset Value of the Company is at any time equal to... | Der Abschluss der Gesellschaft wurde gemäß den in Luxemburg allgemein anerkannten und für Investmentfonds anwendbaren Rechnungslegungsgrundsätzen erstellt . Es wurden die folgenden wesentlichen Rechnungslegungsmethoden angewandt : - Bewertung der VermögenswerteDer Nettoinventarwert ( NAV ) der Gesellschaft entspricht j... |
AR | Erträge und Aufwendungen in anderen Währungen als der Referenzwährung eines Teilfonds werden zu dem am Transaktionstag geltenden Wechselkurs in die Referenzwährung des jeweiligen Teilfonds umgerechnet.
Vermögenswerte und Verbindlichkeiten in einer anderen Währung als der Referenzwährung eines Teilfonds werden zu dem We... | 2020-12-31 | ENDE | Income and expenses in currencies other than the reference currency of a Sub-Fund are translated into the reference currency of the relevant Sub-Fund at the exchange rates prevailing at the transaction date.
Assets and liabilities in currencies other than the reference currency of a Sub-Fund are translated into the ref... | 108,217 | null | [
"Income and expenses in currencies other than the reference currency of a Sub-Fund are translated into the reference currency of the relevant Sub-Fund at the exchange rates prevailing at the transaction date.",
"Assets and liabilities in currencies other than the reference currency of a Sub-Fund are translated in... | [
"Income and expenses in currencies other than the reference currency of a Sub-Fund are translated into the reference currency of the relevant Sub-Fund at the exchange rates prevailing at the transaction date.",
"Assets and liabilities in currencies other than the reference currency of a Sub-Fund are translated in... | Erträge und Aufwendungen in anderen Währungen als der Referenzwährung eines Teilfonds werden zu dem an dem Transaktionstag geltenden Wechselkurs in die Referenzwährung des jeweiligen Teilfonds umgerechnet . Vermögenswerte und Verbindlichkeiten in einer anderen Währung als der Referenzwährung eines Teilfonds werden zu d... |
AR | Die Total-Return-Swap-Kontrakte werden so abgeschlossen, dass zu Beginn der Laufzeit der Teilfonds die Kosten der übertragbaren Wertpapiere und Geldmarktinstrumente in etwa dem theoretischen Wert des Referenzindex entsprechen. Diese Position kann sich jedoch während der Laufzeit des Swaps ändern, wodurch die Kosten der... | 2020-12-31 | ENDE | The Total Return Swap agreements are concluded at the beginning of the life of the Sub-Funds with the transferable securities and money market instruments having a similar cost to the notional value of the Reference Index. This position may however change during the life of the swap whereby the cost of the transferable... | 108,218 | null | [
"The Total Return Swap agreements are concluded at the beginning of the life of the Sub-Funds with the transferable securities and money market instruments having a similar cost to the notional value of the Reference Index.",
"This position may however change during the life of the swap whereby the cost of the tr... | [
"The Total Return Swap agreements are concluded at the beginning of the life of the Sub-Funds with the transferable securities and money market instruments having a similar cost to the notional value of the Reference Index.",
"This position may however change during the life of the swap whereby the cost of the tr... | null |
AR | (1) Der Basiswert wurde zum 16. Dezember 2020 geändert.
Gemäß der Verordnung zu Wertpapierfinanzierungsgeschäften (siehe Punkt 5) muss die Gesellschaft den Betrag der Vermögenswerte offenlegen, die in Total Return Swaps engagiert sind. Dieser muss als absoluter Betrag und als Anteil des Nettoinventarwerts des Teilfonds... | 2020-12-31 | ENDE | (1)The underlying asset has been changed as of 16 December 2020.
As required by the Securities Financing Transactions Regulation (see Note 5), the Company is required to disclose the amount of assets engaged in total return swaps expressed as an absolute amount and as a proportion of the Sub-Funds’ Net Asset Value. The... | 108,219 | null | [
"(1)The underlying asset has been changed as of 16 December 2020.",
"As required by the Securities Financing Transactions Regulation (see Note 5), the Company is required to disclose the amount of assets engaged in total return swaps expressed as an absolute amount and as a proportion of the Sub-Funds’ Net Asset ... | [
"(1)The underlying asset has been changed as of 16 December 2020.",
"As required by the Securities Financing Transactions Regulation (see Note 5), the Company is required to disclose the amount of assets engaged in total return swaps expressed as an absolute amount and as a proportion of the Sub-Funds’ Net Asset ... | null |
AR | Teilfonds mit Direkter Anlagepolitik können Wertpapierleihgeschäfte („Wertpapierleihgeschäfte“) in einer Höhe von bis zu 50 % ihres Nettovermögens eingehen (bzw. bis zu 30 % bei zugelassenen Teilfonds mit Direkter Anlagepolitik), um zusätzliche Erträge zu generieren und damit ihre Kosten ganz oder teilweise auszugleich... | 2020-12-31 | ENDE | Sub-Funds with a Direct Investment Policy may enter into securities lending transactions (“Securities Lending Transactions”) for up to 50% (or up to 30% for Authorised Sub-Funds with a Direct Investment Policy) of their assets to generate additional income and therewith offset part or all of their costs. Such transacti... | 108,220 | null | [
"Sub-Funds with a Direct Investment Policy may enter into securities lending transactions (“Securities Lending Transactions”) for up to 50% (or up to 30% for Authorised Sub-Funds with a Direct Investment Policy) of their assets to generate additional income and therewith offset part or all of their costs.",
"Such... | [
"Sub-Funds with a Direct Investment Policy may enter into securities lending transactions (“Securities Lending Transactions”) for up to 50% (or up to 30% for Authorised Sub-Funds with a Direct Investment Policy) of their assets to generate additional income and therewith offset part or all of their costs.",
"Such... | Teilfonds mit Direkter Anlagepolitik können Wertpapierleihgeschäfte ( „ Wertpapierleihgeschäfte “ ) in einer Höhe von bis zu 50 % ihres Nettovermögens eingehen ( bzw. bis zu 30 % bei zugelassenen Teilfonds mit Direkter Anlagepolitik ) , um zusätzliche Erträge zu generieren und damit ihre Kosten ganz oder teilweise ausz... |
AR | Festverzinsliche Wertpapiere werden von einem Emittenten begeben, der über ein Rating von „Investment Grade“ von mindestens einer weltweit anerkannten Ratingagentur verfügt: Standard & Poor’s, Moody’s oder Fitch.
-
### Verwaltungsgesellschaftsgebühr und Fixgebühr
- VerwaltungsgesellschaftsgebührIn Übereinstimmung mit ... | 2020-12-31 | ENDE | Fixed Income securities are those issued by an investment grade credit rating from at least one globally recognised credit rating agency: Standard & Poor’s, Moody’s or Fitch.
-
## Management Company Fee and Fixed Fee
- Management Company FeeIn accordance with and subject to the terms of the Management Company Agreemen... | 108,221 | null | [
"Fixed Income securities are those issued by an investment grade credit rating from at least one globally recognised credit rating agency: Standard & Poor’s, Moody’s or Fitch.",
"## Management Company Fee and Fixed Fee",
"- Management Company FeeIn accordance with and subject to the terms of the Management Comp... | [
"Fixed Income securities are those issued by an investment grade credit rating from at least one globally recognised credit rating agency: Standard & Poor’s, Moody’s or Fitch.",
"## Management Company Fee and Fixed Fee",
"- Management Company FeeIn accordance with and subject to the terms of the Management Comp... | Festverzinsliche Wertpapiere werden von einem Emittenten begeben , der über ein Rating von „ Investment Grade “ von mindestens einer weltweit anerkannten Ratingagentur verfügt : Standard & Poor’s , Moody ’s oder Fitch . ### Verwaltungsgesellschaftsgebühr und Fixgebühr - VerwaltungsgesellschaftsgebührIn Übereinstimmung ... |
AR | Die Verwaltungsgesellschaft hat darüber hinaus Anspruch auf Erstattung von Auslagen in angemessener Höhe, die im Rahmen ihrer Funktion als Verwaltungsgesellschaft der Gesellschaft im Zusammenhang mit der Ausführung der Verwaltungsgesellschaftsvereinbarung angefallen sind und im Rahmen der normalen Geschäftstätigkeit na... | 2020-12-31 | ENDE | The Management Company is also entitled to receive reimbursement for any reasonable expenses that were made in its capacity as management company of the Company in the context of the execution of the Management Company Agreement and that were not reasonably foreseeable in the ordinary course of business.
Notwithstandin... | 108,222 | null | [
"The Management Company is also entitled to receive reimbursement for any reasonable expenses that were made in its capacity as management company of the Company in the context of the execution of the Management Company Agreement and that were not reasonably foreseeable in the ordinary course of business.",
"Notw... | [
"The Management Company is also entitled to receive reimbursement for any reasonable expenses that were made in its capacity as management company of the Company in the context of the execution of the Management Company Agreement and that were not reasonably foreseeable in the ordinary course of business.",
"Notw... | Die Verwaltungsgesellschaft hat darüber hinaus Anspruch auf Erstattung von Auslagen in angemessener Höhe , die in dem Rahmen ihrer Funktion als Verwaltungsgesellschaft der Gesellschaft in dem Zusammenhang mit der Ausführung der Verwaltungsgesellschaftsvereinbarung angefallen sind und in dem Rahmen der normalen Geschäft... |
AR | DWS Investment S.A. wurde gemäß der Verwaltungsgesellschaftsvereinbarung als Verwaltungsgesellschaft bestellt und ist dafür verantwortlich, für die verschiedenen Teilfonds Anlageverwaltungs-, Verwaltungs- sowie Vertriebs- und Marketingdienstleistungen zu erbringen, sofern im maßgeblichen Produktanhang nicht anderweitig... | 2020-12-31 | ENDE | DWS Investment S.A. has been appointed to act as Management Company under the Management Company Agreement and is responsible for providing investment management services, administration services and distribution and marketing services to the various Sub-Funds unless otherwise indicated in the relevant Product Annex. D... | 108,223 | null | [
"DWS Investment S.A. has been appointed to act as Management Company under the Management Company Agreement and is responsible for providing investment management services, administration services and distribution and marketing services to the various Sub-Funds unless otherwise indicated in the relevant Product Ann... | [
"DWS Investment S.A. has been appointed to act as Management Company under the Management Company Agreement and is responsible for providing investment management services, administration services and distribution and marketing services to the various Sub-Funds unless otherwise indicated in the relevant Product Ann... | DWS Investment S.A. wurde gemäß der Verwaltungsgesellschaftsvereinbarung als Verwaltungsgesellschaft bestellt und ist dafür verantwortlich , für die verschiedenen Teilfonds Anlageverwaltungs - , Verwaltungs - sowie Vertriebs - und Marketingdienstleistungen zu erbringen , sofern in dem maßgeblichen Produktanhang nicht a... |
AR | DWS Investments UK Limited ist zum 31. Dezember 2020 als Anlageverwalter für die folgenden Teilfonds tätig:
- Xtrackers II EUR OVERNIGHT RATE SWAP UCITS ETF
- Xtrackers II ITRAXX EUROPE SWAP UCITS ETF
- Xtrackers II ITRAXX CROSSOVER SWAP UCITS ETF
- Xtrackers II ITRAXX CROSSOVER SHORT DAILY SWAP UCITS ETF
- Xtrackers I... | 2020-12-31 | ENDE | As at 31 December 2020, DWS Investments UK Limited is acting as Investment Manager for the following Sub-Funds:
- Xtrackers II EUR OVERNIGHT RATE SWAP UCITS ETF
- Xtrackers II ITRAXX EUROPE SWAP UCITS ETF
- Xtrackers II ITRAXX CROSSOVER SWAP UCITS ETF
- Xtrackers II ITRAXX CROSSOVER SHORT DAILY SWAP UCITS ETF
- Xtracke... | 108,224 | null | [
"As at 31 December 2020, DWS Investments UK Limited is acting as Investment Manager for the following Sub-Funds:",
"- Xtrackers II EUR OVERNIGHT RATE SWAP UCITS ETF",
"- Xtrackers II ITRAXX EUROPE SWAP UCITS ETF",
"- Xtrackers II ITRAXX CROSSOVER SWAP UCITS ETF",
"- Xtrackers II ITRAXX CROSSOVER SHORT DAILY... | [
"As at 31 December 2020, DWS Investments UK Limited is acting as Investment Manager for the following Sub-Funds:",
"- Xtrackers II EUR OVERNIGHT RATE SWAP UCITS ETF",
"- Xtrackers II ITRAXX EUROPE SWAP UCITS ETF",
"- Xtrackers II ITRAXX CROSSOVER SWAP UCITS ETF",
"- Xtrackers II ITRAXX CROSSOVER SHORT DAILY... | null |
AR | - Am 22. Februar 2021 teilte die Gesellschaft den Anteilsinhabern des XTRACKERS II GLOBAL AGGREGATE BOND SWAP UCITS ETF mit, dass die Anteilsklassen 2C-USD Hedged (ISIN: LU0942970285) und 5C-EUR Hedged (ISIN: LU0942970798) des Teilfonds (die „Anteilsklassen mit Währungsabsicherung“) ihr Anlageziel dahingehend ändern we... | 2020-12-31 | ENDE | - On 22 February 2021, the Company informed Shareholders of XTRACKERS II GLOBAL AGGREGATE BOND SWAP UCITS ETF that the Share Classes 2C-USD Hedged (ISIN: LU0942970285) and 5C-EUR Hedged (ISIN: LU0942970798) of the Sub-Fund (the “Currency Hedged Share Classes”) will change their Investment Objective to track the Bloombe... | 108,225 | null | [
"- On 22 February 2021, the Company informed Shareholders of XTRACKERS II GLOBAL AGGREGATE BOND SWAP UCITS ETF that the Share Classes 2C-USD Hedged (ISIN: LU0942970285) and 5C-EUR Hedged (ISIN: LU0942970798) of the Sub-Fund (the “Currency Hedged Share Classes”) will change their Investment Objective to track the Bl... | [
"- On 22 February 2021, the Company informed Shareholders of XTRACKERS II GLOBAL AGGREGATE BOND SWAP UCITS ETF that the Share Classes 2C-USD Hedged (ISIN: LU0942970285) and 5C-EUR Hedged (ISIN: LU0942970798) of the Sub-Fund (the “Currency Hedged Share Classes”) will change their Investment Objective to track the Bl... | null |
AR | # Jahresbericht
## DWS Biotech
Anlageziel und Anlage ergebnis im Berichtszeitraum
Ziel der Anlagepolitik ist es, ei nen nachhaltigen Wertzuwachs gegenüber dem Vergleichs maßstab (NASDAQ Biotechno logy) zu erzielen. Um dies zu erreichen, investiert der Fonds DWS Biotech hauptsächlich in Aktien internationaler Unter... | 2021-09-30 | ENDE | # Annual report
## DWS Biotech
#### Investment objective and performance in the reporting period
The investment policy aims at achieving sustained cap- ital appreciation compared to the benchmark (NASDAQ Biotechnology). To achieve this, the fund DWS Biotech invests mainly in equities of
DWS BIOTECH
Five-year performan... | 108,226 | # Annual report
## DWS Biotech
#### Investment objective and performance in the reporting period
The investment policy aims at achieving sustained cap- ital appreciation compared to the benchmark (NASDAQ Biotechnology). To achieve this, the fund DWS Biotech invests mainly in equities of
DWS BIOTECH
Five-year performan... | [
"# Annual report",
"## DWS Biotech",
"#### Investment objective and performance in the reporting period",
"The investment policy aims at achieving sustained cap- ital appreciation compared to the benchmark (NASDAQ Biotechnology).",
"To achieve this, the fund DWS Biotech invests mainly in equities of",
"DW... | [
"# Annual report",
"## DWS Biotech",
"#### Investment objective and performance in the reporting period",
"The investment policy aims at achieving sustained cap- ital appreciation compared to the benchmark (NASDAQ Biotechnology).",
"To achieve this, the fund DWS Biotech invests mainly in equities of",
"DW... | null |
AR | 1) Klasse TFC aufgelegt am 3.4.2018 / Klasse FC aufgelegt am 2.7.2018
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft. Stand: 30.9.2021
grund erzielte der Fonds einen Wertzuwachs von 10,1% je An teil (A... | 2021-09-30 | ENDE | 1 Class TFC launched on April 3, 2018 / Class FC launched on July 2, 2018 “BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results. As of: September 30, 2021
achieved an appreciation of 10.1% per unit (LC unit class; BVI method) but thus lagged behind its benchm... | 108,227 | null | [
"1 Class TFC launched on April 3, 2018 / Class FC launched on July 2, 2018 “BVI method” performance, i.e., excluding the initial sales charge.",
"Past performance is no guide to future results.",
"As of: September 30, 2021",
"achieved an appreciation of 10.1% per unit (LC unit class; BVI method) but thus lagg... | [
"1 Class TFC launched on April 3, 2018 / Class FC launched on July 2, 2018 “BVI method” performance, i.e., excluding the initial sales charge.",
"Past performance is no guide to future results.",
"As of: September 30, 2021",
"achieved an appreciation of 10.1% per unit (LC unit class; BVI method) but thus lagg... | null |
AR | # Jahresbericht
## DWS Akkumula
Anlageziel und Anlage ergebnis im Berichtszeitraum
DWS Akkumula strebt einen nachhaltigen Wertzuwachs an und investiert zur Erreichung dieses Ziels vornehmlich in Aktien in und ausländischer Gesellschaften. Im Anlagefokus standen dabei Unternehmen, die auf längere Sicht eine güns
DWS... | 2021-09-30 | ENDE | # Annual report
## DWS Akkumula
### Investment objective and performance in the reporting period
DWS Akkumula seeks to achieve sustained capital appreciation and, to attain this goal, invests mainly in equities of German and foreign com- panies. The investment focus was therefore on companies
###### DWS AKKUMULA
Five... | 108,228 | null | [
"# Annual report",
"## DWS Akkumula",
"### Investment objective and performance in the reporting period",
"DWS Akkumula seeks to achieve sustained capital appreciation and, to attain this goal, invests mainly in equities of German and foreign com- panies.",
"The investment focus was therefore on companies",... | [
"# Annual report",
"## DWS Akkumula",
"### Investment objective and performance in the reporting period",
"DWS Akkumula seeks to achieve sustained capital appreciation and, to attain this goal, invests mainly in equities of German and foreign com- panies.",
"The investment focus was therefore on companies",... | null |
AR | Fußnoten
3) Diese Wertpapiere sind ganz oder teilweise als Wertpapier-Darlehen verliehen.
Während des Berichtszeitraums abgeschlossene Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen
Käufe und Verkäufe in Wertpapieren, Investmentanteilen und Schuldscheindarlehen (Marktzuordnung zum Berichtsstich... | 2021-09-30 | ENDE | Footnotes
3 These securities are completely or partly lent as securities loans.
Transactions completed during the reporting period that no longer appear in the investment portfolio
Securities loans (total transactions, at the value agreed at the closing of the loan contract)
Purchases and sales of securities, invest... | 108,229 | null | [
"Footnotes",
"3\tThese securities are completely or partly lent as securities loans.",
"Transactions completed during the reporting period that no longer appear in the investment portfolio",
"Securities loans (total transactions, at the value agreed at the closing of the loan contract)",
"Purchases and sale... | [
"Footnotes",
"3\tThese securities are completely or partly lent as securities loans.",
"Transactions completed during the reporting period that no longer appear in the investment portfolio",
"Securities loans (total transactions, at the value agreed at the closing of the loan contract)",
"Purchases and sale... | null |
AR | #### An die DWS Investment GmbH, Frankfurt am Main Prüfungsurteil
Wir haben den Jahresbericht des Sondervermögens DWS Akkumula – bestehend aus dem Tätigkeitsbericht
für das Geschäftsjahr vom 1. Oktober 2020 bis zum 30. September 2021, der Vermögensübersicht und der Vermögensaufstellung zum 30. September 2021, der Ertra... | 2021-09-30 | ENDE | ### To DWS Investment GmbH, Frankfurt/Main Audit opinion
We have audited the annual report of the investment fund DWS Akkumula comprising the activity report for
the fiscal year from October 1, 2020, through September 30, 2021, the statement of net assets and investment portfolio as of September 30, 2021, the statement... | 108,230 | null | [
"### To DWS Investment GmbH, Frankfurt/Main Audit opinion",
"We have audited the annual report of the investment fund DWS Akkumula comprising the activity report for",
"the fiscal year from October 1, 2020, through September 30, 2021, the statement of net assets and investment portfolio as of September 30, 2021... | [
"### To DWS Investment GmbH, Frankfurt/Main Audit opinion",
"We have audited the annual report of the investment fund DWS Akkumula comprising the activity report for",
"the fiscal year from October 1, 2020, through September 30, 2021, the statement of net assets and investment portfolio as of September 30, 2021... | null |
AR | # Jahresbericht
und Jahresabschluss
Anlageziel und Anlage ergebnis im Berichtszeitraum
Der Fonds DWS Russia strebt einen nachhaltigen Wertzu wachs gegenüber dem Ver gleichsmaßstab (MSCI Russia 10/40 (RI)) an. Um dies zu erreichen, investiert er vor allem in Aktien von Emittenten mit Sitz in Russland oder von
DWS RU... | 2021-12-31 | ENDE | # Annual report
and annual financial statements
# DWS Russia
#### Investment objective and performance in the reporting period
The fund DWS Russia seeks to achieve sustained capital appreciation compared to the
benchmark (MSCI Russia 10/40 (RI)). To achieve this, it invests especially in equities of issuers that are ... | 108,231 | null | [
"# Annual report",
"and annual financial statements",
"# DWS Russia",
"#### Investment objective and performance in the reporting period",
"The fund DWS Russia seeks to achieve sustained capital appreciation compared to the",
"benchmark (MSCI Russia 10/40 (RI)).",
"To achieve this, it invests especially... | [
"# Annual report",
"and annual financial statements",
"# DWS Russia",
"#### Investment objective and performance in the reporting period",
"The fund DWS Russia seeks to achieve sustained capital appreciation compared to the",
"benchmark (MSCI Russia 10/40 (RI)).",
"To achieve this, it invests especially... | null |
AR | # Ergänzende Angaben
## Angaben zur Mitarbeitervergütung
Angaben zur Mitarbeitervergütung
Die DWS Investment S.A. („die Gesellschaft“) ist eine Tochtergesellschaft der DWS Group GmbH & Co. KGaA („DWS KGaA“), Frankfurt am Main, einem der weltweit führenden Vermögens- verwalter mit einer breiten Palette an Investmentprod... | 2021-12-31 | ENDE | # Supplementary information
## Remuneration Disclosure
Remuneration Disclosure
DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/ Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major asset clas... | 108,232 | # Supplementary information
## Remuneration Disclosure
Remuneration Disclosure
DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/ Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major asset clas... | [
"# Supplementary information",
"## Remuneration Disclosure",
"Remuneration Disclosure",
"DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/ Main, one of the world’s leading asset managers providing a broad range of investment products and services across ... | [
"# Supplementary information",
"## Remuneration Disclosure",
"Remuneration Disclosure",
"DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/ Main, one of the world’s leading asset managers providing a broad range of investment products and services across ... | null |
AR | 0,40 % China Government International Bond
-Reg- 2020/2023 ........................ USD 1 000 000 % 99,294 992 940,00 0,59
4,25 % China Mengniu Dairy Co., Ltd (MTN)
2018/2023 ............................. USD 2 400 000 % 104,194 2 500 656,00 1,49
3,875 % China Southern Power Grid International
Finance BVI 2018 Co., ... | 2021-12-31 | ENDE | 0.40 % China Government International Bond
-Reg- 2020/2023 .......................... USD 1 000 000 % 99.294 992 940.00 0.59
4.25 % China Mengniu Dairy Co., Ltd (MTN)
2018/2023 ............................... USD 2 400 000 % 104.194 2 500 656.00 1.49
3.875 % China Southern Power Grid International
Finance BVI 2018 Co.... | 108,233 | null | [
"0.40\t% China Government International Bond",
"-Reg- 2020/2023 \tUSD\t1 000 000\t%\t99.294\t992 940.00\t0.59",
"4.25\t% China Mengniu Dairy Co., Ltd (MTN)",
"2018/2023 \tUSD\t2 400 000\t%\t104.194\t2 500 656.00\t1.49",
"3.875 % China Southern Power Grid International",
"Finance BVI 2018 Co., Ltd (MTN)... | [
"0.40\t% China Government International Bond",
"-Reg- 2020/2023 \tUSD\t1 000 000\t%\t99.294\t992 940.00\t0.59",
"4.25\t% China Mengniu Dairy Co., Ltd (MTN)",
"2018/2023 \tUSD\t2 400 000\t%\t104.194\t2 500 656.00\t1.49",
"3.875 % China Southern Power Grid International",
"Finance BVI 2018 Co., Ltd (MTN)... | null |
AR | 1) Klasse NDQH aufgelegt am 28.4.2017 / Klasse USD RC aufgelegt am 31.5.2017 / Klassen TFCH, TFDH, USD TFC und USD TFD aufgelegt am 5.12.2017
2)
in CHF
3)
in EUR
4)
in SEK
5)
in SGD
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen ... | 2021-12-31 | ENDE | 1 Class NDQH launched on April 28, 2017 / Class USD RC launched on May 31, 2017 / Classes TFCH, TFDH, USD TFC and USD TFD launched on December 5, 2017
2
in CHF
3
in EUR
4
in SEK
5
in SGD
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results. As of: Decemb... | 108,234 | null | [
"1 Class NDQH launched on April 28, 2017 / Class USD RC launched on May 31, 2017 / Classes TFCH, TFDH, USD TFC and USD TFD launched on December 5, 2017",
"2 in CHF",
"3 in EUR",
"4 in SEK",
"5 in SGD",
"“BVI method” performance, i.e., excluding the initial sales charge.",
"Past performance is no guide t... | [
"1 Class NDQH launched on April 28, 2017 / Class USD RC launched on May 31, 2017 / Classes TFCH, TFDH, USD TFC and USD TFD launched on December 5, 2017",
"2 in CHF",
"3 in EUR",
"4 in SEK",
"5 in SGD",
"“BVI method” performance, i.e., excluding the initial sales charge.",
"Past performance is no guide t... | null |
AR | Klasse JPY FC ...........................
Klasse USD FC ..........................
Klasse USD LC ..........................
Klasse USD LCH (P) ......................
Klasse USD TFC ......................... | 2021-12-31 | ENDE | Class JPY FC ............................
Class USD FC ............................
Class USD LC ............................
Class USD LCH (P) ........................
Class USD TFC ........................... | 108,235 | null | [
"Class JPY FC",
"Class USD FC",
"Class USD LC",
"Class USD LCH (P)",
"Class USD TFC"
] | [
"Class JPY FC",
"Class USD FC",
"Class USD LC",
"Class USD LCH (P)",
"Class USD TFC"
] | null |
AR | 1) Klassen TFC und TFD aufgelegt am 5.12.2017
2)
in GBP
3)
in USD
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft. Stand: 31.12.2021
ökonomischen Folgen für die Weltgemeinschaft. Demgegen- über unterst... | 2021-12-31 | ENDE | 1 Classes TFC and TFD launched on December 5, 2017
2
in GBP
3
in USD
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results. As of: December 31, 2021
was particularly affected by the coronavirus pandemic* and its social and economic conse- quences for the gl... | 108,236 | null | [
"1 Classes TFC and TFD launched on December 5, 2017",
"2 in GBP",
"3 in USD",
"“BVI method” performance, i.e., excluding the initial sales charge.",
"Past performance is no guide to future results.",
"As of: December 31, 2021",
"was particularly affected by the coronavirus pandemic* and its social and e... | [
"1 Classes TFC and TFD launched on December 5, 2017",
"2 in GBP",
"3 in USD",
"“BVI method” performance, i.e., excluding the initial sales charge.",
"Past performance is no guide to future results.",
"As of: December 31, 2021",
"was particularly affected by the coronavirus pandemic* and its social and e... | null |
AR | 1) Vergütungsdaten für Delegierte, an die die Gesellschaft Portfolio- oder Risikomanagementaufgaben übertragen hat, sind nicht in der Tabelle erfasst.
2) Unter Berücksichtigung diverser Vergütungsbestandteile entsprechend den Definitionen in den ESMA-Leitlinien, die Geldzahlungen oder -leistungen (wie Bargeld, Anteile,... | 2021-12-31 | ENDE | 1 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.
2 Considering various elements of remuneration as defined in the ESMA Guidelines which may include monetary payments or benefits (such as cash, shares, options,... | 108,237 | null | [
"1 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.",
"2 Considering various elements of remuneration as defined in the ESMA Guidelines which may include monetary payments or benefits (such as cash, shares... | [
"1 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.",
"2 Considering various elements of remuneration as defined in the ESMA Guidelines which may include monetary payments or benefits (such as cash, shares... | null |
AR | Fußnoten
3) Diese Wertpapiere sind ganz oder teilweise als Wertpapier-Darlehen verliehen.
Während des Berichtszeitraums abgeschlossene Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen
Käufe und Verkäufe in Wertpapieren, Investmentanteilen und Schuldscheindarlehen (Marktzuordnung zum Berichtssti... | 2021-09-30 | ENDE | Footnotes
3 These securities are completely or partly lent as securities loans.
Transactions completed during the reporting period that no longer appear in the investment portfolio
Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market classifications are as ... | 108,238 | null | [
"Footnotes",
"3\tThese securities are completely or partly lent as securities loans.",
"Transactions completed during the reporting period that no longer appear in the investment portfolio",
"Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market clas... | [
"Footnotes",
"3\tThese securities are completely or partly lent as securities loans.",
"Transactions completed during the reporting period that no longer appear in the investment portfolio",
"Purchases and sales of securities, investment fund units and promissory note loans (Schuldscheindarlehen); market clas... | null |
AR | (vor Quellensteuer) .............................
- Zinsen aus Liquiditätsanlagen im Inland .............
- Erträge aus Wertpapier-Darlehenund Pensionsgeschäften ......................... EUR 54 223,81 davon:aus Wertpapier-Darlehen ....... EUR 54 223,81
- Abzug inländischer Körperschaftsteuer.............. EUR -97 3... | 2021-09-30 | ENDE | (before withholding tax)..........................
- Interest from investments of liquid assets in Germany .
- Income from securities lendingand repurchase agreements ...................... EUR 54 223.81thereof:from securities lending ......... EUR 54 223.81
- Deduction for domestic corporate income tax ........ EUR... | 108,239 | null | [
"(before withholding tax)",
"- Interest from investments of liquid assets in Germany .",
"- Income from securities lendingand repurchase agreements EUR\t54 223.81thereof:from securities lending EUR\t54 223.81",
"- Deduction for domestic corporate income tax EUR\t-97 316.57",
"- Deduction for foreign... | [
"(before withholding tax)",
"- Interest from investments of liquid assets in Germany .",
"- Income from securities lendingand repurchase agreements EUR\t54 223.81thereof:from securities lending EUR\t54 223.81",
"- Deduction for domestic corporate income tax EUR\t-97 316.57",
"- Deduction for foreign... | null |
AR | # Jahresbericht
#
## DWS Artificial Intelligence
Anlageziel und Anlage- ergebnis im Berichtszeitraum
Ziel der Anlagepolitik ist die Erwirtschaftung eines lang- fristigen Wertzuwachses. Um dies zu erreichen investiert der Fonds mindestens 85% seines Fondsvermögens in Anteile
der MFC Anteilklasse des DWS
Invest Artific... | 2021-12-31 | ENDE | # Annual report
#
## DWS Artificial Intelligence
##### Investment objective and performance in the reporting period
The objective of the investment policy is to generate long-term capital appreciation. To achieve this, the fund invests at least 85% of its assets in shares of the MFC share class of DWS Invest Artifici... | 108,240 | null | [
"# Annual report",
"## DWS Artificial Intelligence",
"##### Investment objective and performance in the reporting period",
"The objective of the investment policy is to generate long-term capital appreciation.",
"To achieve this, the fund invests at least 85% of its assets in shares of the MFC share class o... | [
"# Annual report",
"## DWS Artificial Intelligence",
"##### Investment objective and performance in the reporting period",
"The objective of the investment policy is to generate long-term capital appreciation.",
"To achieve this, the fund invests at least 85% of its assets in shares of the MFC share class o... | null |
AR | Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft. Stand: 31.12.2021
Das Anlageumfeld war im Berichtszeitraum von der der COVID-19-Pandemie, hoher Verschuldung weltweit, im- mer noch sehr niedrigen, teils ... | 2021-12-31 | ENDE | “BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results. As of: December 31, 2021
The investment climate in the reporting period was char- acterized by the COVID-19 pandemic, high levels of debt worldwide, still very low (and in some cases negative) interest ra... | 108,241 | null | [
"“BVI method” performance, i.e., excluding the initial sales charge.",
"Past performance is no guide to future results.",
"As of: December 31, 2021",
"The investment climate in the reporting period was char- acterized by the COVID-19 pandemic, high levels of debt worldwide, still very low (and in some cases n... | [
"“BVI method” performance, i.e., excluding the initial sales charge.",
"Past performance is no guide to future results.",
"As of: December 31, 2021",
"The investment climate in the reporting period was char- acterized by the COVID-19 pandemic, high levels of debt worldwide, still very low (and in some cases n... | null |
AR | #### DWS Artificial Intelligence
Festlegung der VV und angemessene Risikoadjustierung
Die VV-Pools des Konzerns werden einer angemessenen Anpassung der Risiken unterzogen, die die Adjustierung ex ante als auch ex post umfasst. Die angewandte robuste Methode soll sicherstellen, dass bei der Festlegung der VV sowohl der ... | 2021-12-31 | ENDE | #### DWS Artificial Intelligence
Determination of VC and appropriate risk-adjustment
The Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments. The robust methodology in place aims at ensuring that the determination of VC reflects the risk-adjusted perfo... | 108,242 | null | [
"#### DWS Artificial Intelligence",
"Determination of VC and appropriate risk-adjustment",
"The Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments.",
"The robust methodology in place aims at ensuring that the determination of VC reflects the... | [
"#### DWS Artificial Intelligence",
"Determination of VC and appropriate risk-adjustment",
"The Group’s VC pools are subject to appropriate risk-adjustment measures which include ex-ante and ex-post risk adjustments.",
"The robust methodology in place aims at ensuring that the determination of VC reflects the... | null |
AR | 2) Vergütungsdaten für Delegierte, an die die Gesellschaft Portfolio- oder Risikomanagementaufgaben übertragen hat, sind nicht in der Tabelle erfasst.
3) „Senior Management“ umfasst nur den Vorstand der Gesellschaft. Der Vorstand erfüllt die Definition als Führungskräfte der Gesellschaft. Über den Vorstand hinaus wurde... | 2021-12-31 | ENDE | 2 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.
3 Senior Management refers to the members of the Management Board of the Company, only. Members of the Management Board meet the definition of managers. Apart f... | 108,243 | null | [
"2 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.",
"3 Senior Management refers to the members of the Management Board of the Company, only.",
"Members of the Management Board meet the definition of ma... | [
"2 In cases where portfolio or risk management activities have been delegated by the Company, the compensation data for delegates are not included in the table.",
"3 Senior Management refers to the members of the Management Board of the Company, only.",
"Members of the Management Board meet the definition of ma... | null |
AR | ##### Verantwortung der gesetzlichen Vertreter für den Jahresbericht
Die gesetzlichen Vertreter der DWS Investment GmbH sind verantwortlich für die Aufstellung des Jahresbe- richts, der den Vorschriften des deutschen KAGB und den einschlägigen europäischen Verordnungen in allen wesentlichen Belangen entspricht und dafü... | 2021-12-31 | ENDE | ##### Responsibility of the legal representatives for the annual report
The legal representatives of DWS Investment GmbH are responsible for the preparation of the annual report, which complies in all material respects with the provisions of the German KAGB and the relevant European regulations, and for ensuring that t... | 108,244 | null | [
"##### Responsibility of the legal representatives for the annual report",
"The legal representatives of DWS Investment GmbH are responsible for the preparation of the annual report, which complies in all material respects with the provisions of the German KAGB and the relevant European regulations, and for ensur... | [
"##### Responsibility of the legal representatives for the annual report",
"The legal representatives of DWS Investment GmbH are responsible for the preparation of the annual report, which complies in all material respects with the provisions of the German KAGB and the relevant European regulations, and for ensur... | null |
AR | Wir erörtern mit den für die Überwachung Verantwortlichen u.a. den geplanten Umfang und die Zeitplanung der Prüfung sowie bedeutsame Prüfungsfeststellungen, einschließlich etwaiger Mängel im internen Kontrollsystem, die wir während unserer Prüfung feststellen.
Frankfurt am Main, den 13. April 2022 KPMG AG
Wirtschaftspr... | 2021-12-31 | ENDE | We discuss with those charged with governance, among other things, the planned scope and timing of the audit and significant findings of the audit, including any deficiencies in the internal control system identified during our audit.
Frankfurt/Main, Germany, April 13, 2022 KPMG AG
Wirtschaftsprüfungsgesellschaft
Kuppl... | 108,245 | null | [
"We discuss with those charged with governance, among other things, the planned scope and timing of the audit and significant findings of the audit, including any deficiencies in the internal control system identified during our audit.",
"Frankfurt/Main, Germany, April 13, 2022 KPMG AG",
"Wirtschaftsprüfungsges... | [
"We discuss with those charged with governance, among other things, the planned scope and timing of the audit and significant findings of the audit, including any deficiencies in the internal control system identified during our audit.",
"Frankfurt/Main, Germany, April 13, 2022 KPMG AG",
"Wirtschaftsprüfungsges... | null |
AR | # Jahresbericht
## DWS Deutschland
Anlageziel und Anlage- ergebnis im Berichtszeitraum
Ziel der Anlagepolitik ist es, mittel bis langfristig einen nachhaltigen Wertzuwachs gegenüber dem Vergleichsmaß- stab (CDAX) zu erzielen. Um dies zu erreichen, investiert der Fonds hauptsächlich in Aktien deutscher Aussteller, wobe... | 2021-09-30 | ENDE | # Annual report
## DWS Deutschland
### Investment objective and performance in the reporting period
The objective of the invest- ment policy is to achieve sus- tainable appreciation relative to the benchmark (CDAX) in the medium to long term. To achieve this objective, the fund invests mainly in equities
###### DWS D... | 108,246 | null | [
"# Annual report",
"## DWS Deutschland",
"### Investment objective and performance in the reporting period",
"The objective of the invest- ment policy is to achieve sus- tainable appreciation relative to the benchmark (CDAX) in the medium to long term.",
"To achieve this objective, the fund invests mainly i... | [
"# Annual report",
"## DWS Deutschland",
"### Investment objective and performance in the reporting period",
"The objective of the invest- ment policy is to achieve sus- tainable appreciation relative to the benchmark (CDAX) in the medium to long term.",
"To achieve this objective, the fund invests mainly i... | null |
AR | # Jahresbericht
und Jahresabschluss
## db PBC – Deutsche Bank Best Allocation – Balance ESG
#### (vormals: db PBC – Deutsche Bank Best Allocation – Balance)
Anlageziel und Anlage- ergebnis im Berichtszeitraum
Ziel der Anlagepolitik des db PBC – Deutsche Bank Best Allocation – Balance ESG ist
es, unter Berücksichtigu... | 2021-12-31 | ENDE | # Annual report
and annual financial statements
##### Investment objective and performance in the reporting period
The objective of the investment policy of db PBC – Deutsche Bank Best Allocation – Balance ESG is to achieve a positive investment performance in
the medium to long term while taking into account the
DB P... | 108,247 | null | [
"# Annual report",
"and annual financial statements",
"##### Investment objective and performance in the reporting period",
"The objective of the investment policy of db PBC – Deutsche Bank Best Allocation – Balance ESG is to achieve a positive investment performance in",
"the medium to long term while taki... | [
"# Annual report",
"and annual financial statements",
"##### Investment objective and performance in the reporting period",
"The objective of the investment policy of db PBC – Deutsche Bank Best Allocation – Balance ESG is to achieve a positive investment performance in",
"the medium to long term while taki... | null |
AR | Die Risikokennzahlen wurden für den Zeitraum vom 31.12.2021 bis 31.12.2021 auf Basis der VaR-Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risi... | 2021-12-31 | ENDE | The values-at-risk were calculated for the period from December 31, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as... | 108,248 | null | [
"The values-at-risk were calculated for the period from December 31, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.",
"The risk in a reference portfolio that does not contain derivatives ... | [
"The values-at-risk were calculated for the period from December 31, 2021, through December 31, 2021, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.",
"The risk in a reference portfolio that does not contain derivatives ... | null |
AR | ### Informationen zu ökologischen und/oder sozialen Merkmalen
Darstellung der offenzulegenden Informationen für regelmäßige Berichte für Finanzprodukte im Sinne des Artikels 8(1) der Verordnung (EU) 2019/2088 (Verordnung über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor) sowie im Sinne d... | 2021-12-31 | ENDE | ### Information on the environmental and/or social characteristics
Presentation and content requirements for periodic reports of financial products as referred to in Article 8(1) of Regulation (EU) 2019/2088 (Regulation on sustainability-related disclosures in the financial services sector) and in Article 6 of Regulati... | 108,249 | null | [
"### Information on the environmental and/or social characteristics",
"Presentation and content requirements for periodic reports of financial products as referred to in Article 8(1) of Regulation (EU) 2019/2088 (Regulation on sustainability-related disclosures in the financial services sector) and in Article 6 o... | [
"### Information on the environmental and/or social characteristics",
"Presentation and content requirements for periodic reports of financial products as referred to in Article 8(1) of Regulation (EU) 2019/2088 (Regulation on sustainability-related disclosures in the financial services sector) and in Article 6 o... | null |
AR | # Jahresbericht
und Jahresabschluss
## DWS Concept DJE Alpha Renten Global
Anlageziel und Anlage ergebnis im Berichtszeitraum
Der DWS Concept DJE Alpha Renten Global strebt einen nachhaltigen Wertzuwachs
an. Hierzu investiert der Fonds vorwiegend zu mindestens 51% des Fondsvermögens
in Zinspapiere, kann unter Divers... | 2022-06-30 | ENDE | # Annual report
and annual financial statements
## DWS Concept DJE Alpha Renten Global
Investment objective and performance in the reporting period
DWS Concept DJE Alpha Renten Global seeks to achieve sustained capital appreciation.
To this end, the fund invests at least 51% of its assets in bonds but may, for diversi... | 108,250 | null | [
"# Annual report",
"and annual financial statements",
"## DWS Concept DJE Alpha Renten Global",
"Investment objective and performance in the reporting period",
"DWS Concept DJE Alpha Renten Global seeks to achieve sustained capital appreciation.",
"To this end, the fund invests at least 51% of its assets ... | [
"# Annual report",
"and annual financial statements",
"## DWS Concept DJE Alpha Renten Global",
"Investment objective and performance in the reporting period",
"DWS Concept DJE Alpha Renten Global seeks to achieve sustained capital appreciation.",
"To this end, the fund invests at least 51% of its assets ... | null |
AR | Transaktionskosten
Die im Berichtszeitraum gezahlten Transaktionskosten beliefen sich auf EUR 1.191.346,67.
Die Transaktionskosten berücksichtigen sämtliche Kosten, die im Berichtszeitraum für Rechnung des Fonds separat ausgewiesen bzw. abgerechnet wurden und in direktem Zusammenhang mit einem Kauf oder Verkauf von Ver... | 2022-06-30 | ENDE | Transaction costs
The transaction costs paid in the reporting period amounted to EUR 1 191 346.67.
The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets. Any financial transaction ... | 108,251 | null | [
"Transaction costs",
"The transaction costs paid in the reporting period amounted to EUR 1 191 346.67.",
"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.",
"Any fi... | [
"Transaction costs",
"The transaction costs paid in the reporting period amounted to EUR 1 191 346.67.",
"The transaction costs include all costs that were reported or settled separately for the account of the fund in the reporting period and are directly connected to the purchase or sale of assets.",
"Any fi... | null |
AR | ###### Gesamtkostenquote / Transaktionskosten
Gesamtkostenquote (BVI - Total Expense Ratio (TER))
Die Gesamtkostenquote(n) der Anteilklasse(n) belief(en) sich auf:
Klasse LC 1,40% p.a., Klasse FC 0,75% p.a., Klasse TFC 0,75% p.a.
Die Gesamtkostenquote drückt die Summe der Kosten und Gebühren (ohne Transaktionskoste... | 2022-06-30 | ENDE | ###### Total expense ratio / Transaction costs
BVI total expense ratio (TER)
The total expense ratio(s) for the share class(es) was/were:
Class LC 1.40% p.a., Class FC 0.75% p.a., Class TFC 0.75% p.a.
The TER expresses total expenses and fees (excluding transaction costs) including any commitment fees as a percen... | 108,252 | null | [
"###### Total expense ratio / Transaction costs",
"BVI total expense ratio (TER)",
"The total expense ratio(s) for the share class(es) was/were:",
"Class LC 1.40% p.a., Class FC 0.75% p.a., Class TFC 0.75% p.a.",
"The TER expresses total expenses and fees (excluding transaction costs) including any com... | [
"###### Total expense ratio / Transaction costs",
"BVI total expense ratio (TER)",
"The total expense ratio(s) for the share class(es) was/were:",
"Class LC 1.40% p.a., Class FC 0.75% p.a., Class TFC 0.75% p.a.",
"The TER expresses total expenses and fees (excluding transaction costs) including any com... | null |
AR | # Hinweise für den Anleger
## Wichtiger Hinweis
Der Kauf von Fondsanteilen erfolgt auf Grundlage des zurzeit gültigen Verkaufsprospekts (aktueller Stand: 1. Oktober 2021) sowie der „Wesentlichen Anlegerinformationen“, ergänzt durch den jeweiligen letzten geprüften Jahresbericht und zusätzlich durch den jeweiligen Halbj... | 2021-09-30 | ENDE | # Information for the investor
## Important notice
The purchase of fund units takes place based on the current version of the sales prospectus (as of: October 1, 2021) and the “key investor information document“, in combination with the latest audited annual report and any semiannual report that is more recent than the... | 108,253 | null | [
"# Information for the investor",
"## Important notice",
"The purchase of fund units takes place based on the current version of the sales prospectus (as of: October 1, 2021) and the “key investor information document“, in combination with the latest audited annual report and any semiannual report that is more ... | [
"# Information for the investor",
"## Important notice",
"The purchase of fund units takes place based on the current version of the sales prospectus (as of: October 1, 2021) and the “key investor information document“, in combination with the latest audited annual report and any semiannual report that is more ... | null |
AR | # Tätigkeitsbericht
Sehr geehrte Damen und Herren,
die Geschäftsführung der DWS Grundbesitz GmbH informiert Sie in diesem Jahresbericht über die Entwicklung des Immobilien- Sondervermögens grundbesitz europa im Zeitraum vom
1. Oktober 2020 bis zum 30. September 2021.
## Wichtige Ereignisse im Berichtszeitraum
Die COVI... | 2021-09-30 | ENDE | # Activity report
Dear Sir/Madam,
In this annual report, the management of DWS Grundbesitz GmbH is pleased to inform you of the development of the real estate investment fund grundbesitz europa in the period from October 1, 2020, through September 30, 2021.
## Key events in the reporting period
The COVID-19 pandemic a... | 108,254 | # Activity report
Dear Sir/Madam,
In this annual report, the management of DWS Grundbesitz GmbH is pleased to inform you of the development of the real estate investment fund grundbesitz europa in the period from October 1, 2020, through September 30, 2021.
## Key events in the reporting period
The COVID-19 pandemic a... | [
"# Activity report",
"Dear Sir/Madam,",
"In this annual report, the management of DWS Grundbesitz GmbH is pleased to inform you of the development of the real estate investment fund grundbesitz europa in the period from October 1, 2020, through September 30, 2021.",
"## Key events in the reporting period",
... | [
"# Activity report",
"Dear Sir/Madam,",
"In this annual report, the management of DWS Grundbesitz GmbH is pleased to inform <annotation tool=\"ctxpro\" rule=\"ACC.FORM+PLUR\" phenomenon=\"formality\">you</annotation> of the development of the real estate investment fund grundbesitz europa in the period from Oct... | null |
AR | # Vermietungsinformationen zum 30. September 2021
| Land | Deutschland4) | GB 4) | Frankreich4) | Polen | Spanien | Niederlande | Italien |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Mietobjekte (Anzahl) | 24 | 20 | 16 | 8 | 4 | 14 | 3 |
| Mietobjekte (Verkehrswerte in Mio. EUR) | 2.712,5 | 2.236,4 | 1.285,0 |... | 2021-09-30 | ENDE | # Letting information as of September 30, 2021
| Country | Germany4 | GB4 | France4 | Poland | Spain | Netherlands | Italy |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Rental properties (number) | 24 | 20 | 16 | 8 | 4 | 14 | 3 |
| Rental properties (market values in EUR million) | 2,712.5 | 2,236.4 | 1,285.0 |... | 108,255 | null | [
"# Letting information as of September 30, 2021",
"| Country | Germany4 | GB4 | France4 | Poland | Spain | Netherlands | Italy |",
"| --- | --- | --- | --- | --- | --- | --- | --- |",
"| Rental properties (number) | 24 | 20 | 16 | 8 | 4 | 14 | 3 |",
"| Rental properties (market values in EUR million) | 2,71... | [
"# Letting information as of September 30, 2021",
"| Country | Germany4 | GB4 | France4 | Poland | Spain | Netherlands | Italy |",
"| --- | --- | --- | --- | --- | --- | --- | --- |",
"| Rental properties (number) | 24 | 20 | 16 | 8 | 4 | 14 | 3 |",
"| Rental properties (market values in EUR million) | 2,71... | null |
AR | # Übersicht: Renditen, Bewertung
| Renditekennzahlen 2020/2021 in % |
| --- |
| I. Immobilien |
| Bruttoertrag | 4,4% 1) |
| Bewirtschaftungsaufwand | -1,6% 1) |
| Nettoertrag | 2,8% 1) |
| Wertänderungen (Verkehrswertänderungen, Verkaufsergebnis) | 2,0% 1) |
| Immobilienergebnis vor Steuern und AfA | 4,8% 1) |
| |
| ... | 2021-09-30 | ENDE | # Overview: Yields, valuation
| Key yield figures 2020/2021 in % |
| --- |
| I. Properties |
| Gross income | 4.4% 1 |
| Property management expenses | -1.6% 1 |
| Net income | 2.8% 1 |
| Changes in value (changes in market value, sales result) | 2.0% 1 |
| Real estate return before taxes and depreciation | 4.8% 1 |
| ... | 108,256 | null | [
"# Overview: Yields, valuation",
"| Key yield figures 2020/2021 in % |",
"| --- |",
"| I. Properties |",
"| Gross income | 4.4% 1 |",
"| Property management expenses | -1.6% 1 |",
"| Net income | 2.8% 1 |",
"| Changes in value (changes in market value, sales result) | 2.0% 1 |",
"| Real estate retur... | [
"# Overview: Yields, valuation",
"| Key yield figures 2020/2021 in % |",
"| --- |",
"| I. Properties |",
"| Gross income | 4.4% 1 |",
"| Property management expenses | -1.6% 1 |",
"| Net income | 2.8% 1 |",
"| Changes in value (changes in market value, sales result) | 2.0% 1 |",
"| Real estate retur... | null |
AR | # vom 1. Oktober 2020 bis 30. September 2021
| Gesamt Fondsvermögen |
| --- |
| | EUR | EUR | EUR |
| I. Wert des Sondervermögens am Beginn des Geschäftsjahres (1.10.2020) | | | 9.644.216.871,44 |
| 1. Ausschüttung für das Vorjahr/Steuerabschlag für das Vorjahr1) | | | 184.228.895,35 |
| Ausgleichsposten für bis ... | 2021-09-30 | ENDE | # from October 1, 2020, through September 30, 2021
| Total net assets |
| --- |
| | EUR | EUR | EUR |
| I. Value of the investment fund at the start of the business year (October 1, 2020) | | | 9,644,216,871.44 |
| 1. Previous year’s distribution or tax abatement1 | | | -184,228,895.35 |
| Adjustment items for uni... | 108,257 | null | [
"# from October 1, 2020, through September 30, 2021",
"| Total net assets |",
"| --- |",
"| | EUR | EUR | EUR |",
"| I.\tValue of the investment fund at the start of the business year (October 1, 2020) | | | 9,644,216,871.44 |",
"| 1. Previous year’s distribution or tax abatement1 | | | -184,228,895.... | [
"# from October 1, 2020, through September 30, 2021",
"| Total net assets |",
"| --- |",
"| | EUR | EUR | EUR |",
"| I.\tValue of the investment fund at the start of the business year (October 1, 2020) | | | 9,644,216,871.44 |",
"| 1. Previous year’s distribution or tax abatement1 | | | -184,228,895.... | null |
AR | # Verwendungsrechnung zum 30. September 2021
| Anteilk Anteile: | lasse RC 225.502.389 | Anteilklasse IC Anteile: 20.248.851 |
| --- | --- | --- |
| insgesamt EUR | je Anteil EUR | insgesamt EUR | je Anteil EUR |
| I. Zur Ausschüttung verfügbar | 1.052.656.474,14 | 4,67 | 84.427.222,23 | 4,17 |
| 1. Vortrag aus dem Vo... | 2021-09-30 | ENDE | # Calculation of distribution as of September 30, 2021
| RC unit class Units: 225,502,389 | | IC unit class Units: 20,248,851 |
| --- | --- | --- |
| Total EUR | Per unit EUR | Total EUR | Per unit EUR |
| I. Available for distribution | 1,052,656,474.14 | 4.67 | 84,427,222.23 | 4.17 |
| 1. Carried forward from the pr... | 108,258 | null | [
"# Calculation of distribution as of September 30, 2021",
"| RC unit class Units: 225,502,389 | | IC unit class Units: 20,248,851 |",
"| --- | --- | --- |",
"| Total EUR | Per unit EUR | Total EUR | Per unit EUR |",
"| I. Available for distribution | 1,052,656,474.14 | 4.67 | 84,427,222.23 | 4.17 |",
"| ... | [
"# Calculation of distribution as of September 30, 2021",
"| RC unit class Units: 225,502,389 | | IC unit class Units: 20,248,851 |",
"| --- | --- | --- |",
"| Total EUR | Per unit EUR | Total EUR | Per unit EUR |",
"| I. Available for distribution | 1,052,656,474.14 | 4.67 | 84,427,222.23 | 4.17 |",
"| ... | null |
AR | # Ausweis der Immobilienquoten
Die Erträge aus Investmentfonds, die gemäß ihren Anlagebedin gungen fortlaufend überwiegend in Immobilien und Immobilien Gesellschaften investieren, werden nach § 20 Abs. 3 InvStG je nach Anlageschwerpunkt zu einem bestimmten Prozentsatz steuerfrei gestellt (sog. Teilfreistellung). Die ... | 2021-09-30 | ENDE | # Disclosure of real estate allocations
In accordance with article 20 (3) InvStG, income from invest- ment funds that in accordance with their terms and conditions of investment continuously invest primarily in real estate and special purpose vehicles are exempted from tax at a certain percentage depending on the inves... | 108,259 | null | [
"# Disclosure of real estate allocations",
"In accordance with article 20 (3) InvStG, income from invest- ment funds that in accordance with their terms and conditions of investment continuously invest primarily in real estate and special purpose vehicles are exempted from tax at a certain percentage depending on... | [
"# Disclosure of real estate allocations",
"In accordance with article 20 (3) InvStG, income from invest- ment funds that in accordance with their terms and conditions of investment continuously invest primarily in real estate and special purpose vehicles are exempted from tax at a certain percentage depending on... | null |
AR | ## Hinweise zu den Anteilklassen
Für das Immobilien-Sondervermögen bestehen zwei Anteilklassen mit den Bezeichnungen RC und IC. Der Erwerb von Anteilen der Anteilklasse IC ist insbesondere an eine bestimmte Mindest- anlagesumme gebunden. Darüber hinaus unterscheiden sich die beiden Anteilklassen auch hinsichtlich der V... | 2021-09-30 | ENDE | ## Information on the unit classes
The real estate investment fund encompasses two unit classes, named RC and IC. In particular, the purchase of units in the IC unit class is subject to a specified minimum investment amount.
Furthermore, the two unit classes also differ with respect to the management fee and the perfor... | 108,260 | null | [
"## Information on the unit classes",
"The real estate investment fund encompasses two unit classes, named RC and IC.",
"In particular, the purchase of units in the IC unit class is subject to a specified minimum investment amount.",
"Furthermore, the two unit classes also differ with respect to the managemen... | [
"## Information on the unit classes",
"The real estate investment fund encompasses two unit classes, named RC and IC.",
"In particular, the purchase of units in the IC unit class is subject to a specified minimum investment amount.",
"Furthermore, the two unit classes also differ with respect to the managemen... | null |
AR | ## Entwicklungen auf den Kapitalmärkten
Die Renditen an den Kapitalmärkten haben sich im Berichtszeit- raum vom 1. Oktober 2020 bis 30. September 2021 um 30 Basis- punkte leicht erhöht, aber notierten letztlich weiter im negativen Bereich. Die Renditen für zehnjährige Bundesanleihen notierten am 1. Oktober 2020 bei -0,... | 2021-09-30 | ENDE | ## Developments in the capital markets
Yields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory. Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and stood at -0.199% ... | 108,261 | null | [
"## Developments in the capital markets",
"Yields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory.",
"Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and st... | [
"## Developments in the capital markets",
"Yields on the capital markets increased slightly by 30 basis points in the reporting period from October 1, 2020, to Sep- tember 30, 2021, but ultimately remained in negative territory.",
"Ten-year German government bonds yielded -0.536% p.a. on October 1, 2020, and st... | null |
AR | ## Anlagestrategie des grundbesitz europa
Als Anlageziele des Sondervermögens werden regelmäßige Erträge aufgrund zufließender Mieten und Zinsen sowie ein Wertzuwachs angestrebt. Der Fonds verfolgt eine dauerhaft positive Jahresrendite – mit stabilen jährlichen Ausschüttun- gen – bei möglichst geringen Wertschwankungen... | 2021-09-30 | ENDE | ## The grundbesitz europa investment strategy
The investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation. The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as lo... | 108,262 | ## The grundbesitz europa investment strategy
The investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation. The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value fluctuations as lo... | [
"## The grundbesitz europa investment strategy",
"The investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation.",
"The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value flu... | [
"## The grundbesitz europa investment strategy",
"The investment objectives of the investment fund are to gen- erate regular income from rents and interest, and to achieve an appreciation.",
"The fund seeks to attain a continuous positive annual yield – with stable annual distributions – while keeping value flu... | null |
AR | ## Ergebnisse des Fonds
Im abgelaufenen Geschäftsjahr 2020/2021 hat der Fonds in der Anteilklasse RC eine Wertentwicklung von 2,3% je Anteil, in der Anteilklasse IC eine Wertentwicklung von 2,7% je Anteil erzielt (jeweils nach BVI-Methode).
Die Ausschüttung zum 15. Dezember 2021 beträgt in der Anteil- klasse RC 0,90 EU... | 2021-09-30 | ENDE | ## Results of the fund
During the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).
The distribution in the RC unit class on December 15, 2021, was EUR 0.90. The total return on investment in th... | 108,263 | null | [
"## Results of the fund",
"During the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).",
"The distribution in the RC unit class on December 15, 2021, was EUR 0.90.",
"The total return... | [
"## Results of the fund",
"During the past business year 2020/2021, the fund posted a gain of 2.3% per unit in the RC unit class and a gain of 2.7% per unit in the IC unit class (both according to the BVI method).",
"The distribution in the RC unit class on December 15, 2021, was EUR 0.90.",
"The total return... | null |
AR | ## Nutzungsarten der Fondsimmobilien
Geografische Verteilung der Fondsimmobilien
Nach dem Jahressollmietertrag überwiegt weiterhin der Anteil von Büroimmobilien im Portfolio von grundbesitz europa. Diver- sifizierung erfährt der Fonds durch Anteile an Einzelhandel, Wohnen und Logistik. Laufende Projektentwicklungen sin... | 2021-09-30 | ENDE | ## Types of use of fund properties
Geographical distribution of fund properties
The share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let. The fund is diversified by investments in retail, residential and logistics. Ongoing project developments ... | 108,264 | null | [
"## Types of use of fund properties",
"Geographical distribution of fund properties",
"The share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let.",
"The fund is diversified by investments in retail, residential and logistics.",
"Ongo... | [
"## Types of use of fund properties",
"Geographical distribution of fund properties",
"The share of office property in the grundbesitz europa portfolio continues to predominate in terms of annual rental income fully let.",
"The fund is diversified by investments in retail, residential and logistics.",
"Ongo... | null |
AR | Für die Bewertung von Devisentermingeschäften werden die für vergleichbare Devisentermingeschäfte vereinbarten Preise mit entsprechender Laufzeit herangezogen.
- Forderungen: Forderungen aus der Grundstücksbewirtschaf- tung, Forderungen an Immobilien-Gesellschaften, Zinsansprüche und andere Forderungen werden grundsätz... | 2021-09-30 | ENDE | To value currency forward agreements, the prices agreed for comparable currency forward agreements with a corresponding term are used.
- Receivables: Receivables from property management, receiv- ables from special purpose vehicles, interest receivable and other receivables are generally calculated using the nominal va... | 108,265 | null | [
"To value currency forward agreements, the prices agreed for comparable currency forward agreements with a corresponding term are used.",
"- Receivables: Receivables from property management, receiv- ables from special purpose vehicles, interest receivable and other receivables are generally calculated using the ... | [
"To value currency forward agreements, the prices agreed for comparable currency forward agreements with a corresponding term are used.",
"- Receivables: Receivables from property management, receiv- ables from special purpose vehicles, interest receivable and other receivables are generally calculated using the ... | Für die Bewertung von Devisentermingeschäften werden die für vergleichbare Devisentermingeschäfte vereinbarten Preise mit entsprechender Laufzeit herangezogen . - Forderungen : Forderungen aus der Grundstücksbewirtschaf - tung , Forderungen an Immobilien - Gesellschaften , Zinsansprüche und andere Forderungen werden gr... |
AR | Die Gesellschaft wendet die formellen Grundsätze ordnungs- mäßiger Buchführung an, soweit sich aus dem KAGB, der KARBV und der Verordnung (EU) Nr. 231/2013 nichts anderes ergibt. Insbesondere wendet sie den Grundsatz der perioden- gerechten Erfolgsermittlung an. Danach werden Aufwendungen und Erträge grundsätzlich über... | 2021-09-30 | ENDE | The Company applies the formal principles of proper bookkeep- ing, unless otherwise specified in the KAGB, the KARBV and EU Regulation No. 231/2013. In particular, it applies the principle of period-appropriate determination of profits. According to this, expenses and income are in principle apportioned by period via t... | 108,266 | null | [
"The Company applies the formal principles of proper bookkeep- ing, unless otherwise specified in the KAGB, the KARBV and EU Regulation No. 231/2013.",
"In particular, it applies the principle of period-appropriate determination of profits.",
"According to this, expenses and income are in principle apportioned ... | [
"The Company applies the formal principles of proper bookkeep- ing, unless otherwise specified in the KAGB, the KARBV and EU Regulation No. 231/2013.",
"In particular, it applies the principle of period-appropriate determination of profits.",
"According to this, expenses and income are in principle apportioned ... | Die Gesellschaft wendet die formellen Grundsätze ordnungs- mäßiger Buchführung an , soweit sich aus dem KAGB , der KARBV und der Verordnung ( EU ) Nr. 231/2013 nichts anderes ergibt . Insbesondere wendet sie den Grundsatz der perioden- gerechten Erfolgsermittlung an . Danach werden Aufwendungen und Erträge grundsätzlic... |
AR | ## Ausschüttungserfolg Anteilklasse RC
Der Anteilwert der Anteilklasse RC zum 30. September 2021 beträgt 40,27 EUR und ist somit gegenüber dem Anteilwert zum Anfang des Geschäftsjahres von 40,13 EUR um 0,14 EUR gestiegen.
Für das Geschäftsjahr 2020/2021 werden 0,90 EUR (= 2,24% bezogen auf den Anteilwert der Anteilklas... | 2021-09-30 | ENDE | ## Distributed profit, RC unit class
The net asset value per unit of the RC unit class as at Sep- tember 30, 2021, is EUR 40.27 and has therefore increased by EUR 0.14 compared to the net asset value per unit of EUR 40.13 at the start of the business year.
For the business year 2020/2021, EUR 0.90 (= 2.24%, based on th... | 108,267 | null | [
"## Distributed profit, RC unit class",
"The net asset value per unit of the RC unit class as at Sep- tember 30, 2021, is EUR 40.27 and has therefore increased by EUR 0.14 compared to the net asset value per unit of EUR 40.13 at the start of the business year.",
"For the business year 2020/2021, EUR 0.90 (= 2.2... | [
"## Distributed profit, RC unit class",
"The net asset value per unit of the RC unit class as at Sep- tember 30, 2021, is EUR 40.27 and has therefore increased by EUR 0.14 compared to the net asset value per unit of EUR 40.13 at the start of the business year.",
"For the business year 2020/2021, EUR 0.90 (= 2.2... | null |
AR | ## Anteile im Betriebsvermögen (Steuerinländer)
Erstattung der Körperschaftsteuer des Fonds
Die auf Fondsebene angefallene Körperschaftsteuer kann erstat- tet werden, soweit ein Anleger eine inländische Körperschaft, Personenvereinigung oder Vermögensmasse ist, die nach der Satzung, dem Stiftungsgeschäft oder der sonst... | 2021-09-30 | ENDE | ## Units held as business assets (German tax residents)
Reimbursement of the corporate income tax of the fund
The corporate income tax incurred at fund level may be reim- bursed insofar as an investor is a domestic corporation, associ- ation of persons or assets that serve exclusively and directly for charitable, benev... | 108,268 | null | [
"## Units held as business assets (German tax residents)",
"Reimbursement of the corporate income tax of the fund",
"The corporate income tax incurred at fund level may be reim- bursed insofar as an investor is a domestic corporation, associ- ation of persons or assets that serve exclusively and directly for ch... | [
"## Units held as business assets (German tax residents)",
"Reimbursement of the corporate income tax of the fund",
"The corporate income tax incurred at fund level may be reim- bursed insofar as an investor is a domestic corporation, associ- ation of persons or assets that serve exclusively and directly for ch... | null |
AR | ## 3%-Steuer in Frankreich
Seit dem 1. Januar 2008 unterfallen Immobilien-Sondervermö- gen grundsätzlich dem Anwendungsbereich einer französischen Sondersteuer (sog. französischen 3%-Steuer), die jährlich auf den Verkehrswert der in Frankreich gelegenen Immobilien erhoben wird. Das französische Gesetz sieht für französ... | 2021-09-30 | ENDE | ## 3% tax in France
Since January 1, 2008, real estate investment funds have generally been subject to a special French tax (the so-called “3% French tax”) imposed annually on the market value of prop- erties located in France. However, the French law may exempt French real estate investment funds and comparable foreig... | 108,269 | null | [
"## 3% tax in France",
"Since January 1, 2008, real estate investment funds have generally been subject to a special French tax (the so-called “3% French tax”) imposed annually on the market value of prop- erties located in France.",
"However, the French law may exempt French real estate investment funds and co... | [
"## 3% tax in France",
"Since January 1, 2008, real estate investment funds have generally been subject to a special French tax (the so-called “3% French tax”) imposed annually on the market value of prop- erties located in France.",
"However, the French law may exempt French real estate investment funds and co... | null |
AR | ## Verwahrstelle
State Street Bank International GmbH
Brienner Straße 59
80333 München
Amtsgericht: München HRB 42 872
Gezeichnetes und eingezahltes Kapital: 109,4 Mio. EUR Eigenmittel (im Sinne von Artikel 72 der Verordnung (EU) Nr. 575/2013 (CRRI): 2.302,0 Mio. EUR
Stand: 31. Dezember 2020 | 2021-09-30 | ENDE | ## Depositary
State Street Bank International GmbH
Brienner Straße 59
80333 Munich, Germany
Local court of registration (“Amtsgericht”): Munich HRB 42 872
Subscribed and paid-in capital: EUR 109.4 million Own funds (as defined by Article 72 of Regulation (EU) No. 575/2013 (CRRI): EUR 2,302.0 million
As of: December 31,... | 108,270 | null | [
"## Depositary",
"State Street Bank International GmbH",
"Brienner Straße 59",
"80333 Munich, Germany",
"Local court of registration (“Amtsgericht”): Munich HRB 42 872",
"Subscribed and paid-in capital: EUR 109.4 million Own funds (as defined by Article 72 of Regulation (EU) No. 575/2013 (CRRI): EUR 2,302... | [
"## Depositary",
"State Street Bank International GmbH",
"Brienner Straße 59",
"80333 Munich, Germany",
"Local court of registration (“Amtsgericht”): Munich HRB 42 872",
"Subscribed and paid-in capital: EUR 109.4 million Own funds (as defined by Article 72 of Regulation (EU) No. 575/2013 (CRRI): EUR 2,302... | null |
AR | - Anteile eines in Geldmarktinstrumente anlegenden Organismus für gemeinsame Anlagen (nachfolgend „OGA“), der täglich einen Nettoinventarwert berechnet und der über ein Rating von AAA oder ein vergleichbares Rating verfügt;
- Anteile eines OGAW, der vorwiegend in die unter den nächsten beiden Gedankenstrichen aufgeführ... | 2021-09-30 | ENDE | - Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating;
- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents;
- Bonds, regardless... | 108,271 | - Units of a collective investment undertaking (hereinafter “<annotation tool="custom" phenomenon="terminology consistency" id="def_453" refersTo="Units of a collective investment undertaking">UCI</annotation>”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an ... | [
"- Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating;",
"- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents;",
"- Bo... | [
"- Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset value daily and has a rating of AAA or an equivalent rating;",
"- Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents;",
"- Bo... | null |
AR | # Jahresbericht
und Jahresabschluss
Anlageziel und Anlage ergebnis im Berichtszeitraum
Der Fonds DWS Osteuropa strebt einen nachhaltigen Wertzuwachs gegenüber dem Vergleichsmaßstab (MSCI EM Europe 10/40 ex Greece) an.
Um dies zu erreichen, inves tiert er vor allem in Aktien von Emittenten, die ihren Sitz oder
DWS OS... | 2021-12-31 | ENDE | # Annual report
and annual financial statements
### Investment objective and performance in the reporting period
The fund DWS Osteuropa seeks to achieve sustained capital appreciation compared to the benchmark (MSCI EM Europe 10/40 ex Greece). To achieve this, it invests especially in equities of issuers that are reg-... | 108,272 | null | [
"# Annual report",
"and annual financial statements",
"### Investment objective and performance in the reporting period",
"The fund DWS Osteuropa seeks to achieve sustained capital appreciation compared to the benchmark (MSCI EM Europe 10/40 ex Greece).",
"To achieve this, it invests especially in equities ... | [
"# Annual report",
"and annual financial statements",
"### Investment objective and performance in the reporting period",
"The fund DWS Osteuropa seeks to achieve sustained capital appreciation compared to the benchmark (MSCI EM Europe 10/40 ex Greece).",
"To achieve this, it invests especially in equities ... | null |
AR | * Eventuelle Abweichungen zu den korrespondierenden Angaben der detaillierten Ertrags- und Aufwandsrechnung beruhen auf Effekten im Rahmen des Ertragsausgleichs.
Verwaltungsgesellschaft, Zentralverwaltung, Transferstelle, Registerstelle und Hauptvertriebsstelle
DWS Investment S.A.
2, Boulevard Konrad Adenauer L-1115 Lu... | 2021-12-31 | ENDE | * Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.
Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor
DWS Investment S.A.
2, Boulevard Konrad Adenauer 1115 Luxembourg, Lu... | 108,273 | null | [
"* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.",
"Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor",
"DWS Investment S.A.",
"2, Boulevard Konrad Adenauer... | [
"* Any deviations compared to the corresponding information in the detailed statement of income and expenses are based on effects due to income adjustment.",
"Management Company, Central Administration Agent, Transfer Agent, Registrar and Main Distributor",
"DWS Investment S.A.",
"2, Boulevard Konrad Adenauer... | null |
AR | # DWS Top Dividende
Jahresbericht 2020/2021
vom 1.10.2020 bis 30.9.2021 (gemäß § 101 KAGB)
#### Wertentwicklung
Der Erfolg einer Investment- fondsanlage wird an der Wertentwicklung der Anteile gemessen. Als Basis für die Wertberechnung werden die Anteilwerte (=Rücknahmepreise) herangezogen, unter Hinzu- rechnung zwisc... | 2021-09-30 | ENDE | # DWS Top Dividende
Annual report 2020/2021
for the period from October 1, 2020, through September 30, 2021
(in accordance with article 101 of the German Investment Code (KAGB))
General information 2
Annual report
DWS Top Dividende 6
Independent auditor’s report 30
### Performance
The investment return, or performance... | 108,274 | null | [
"# DWS Top Dividende",
"Annual report 2020/2021",
"for the period from October 1, 2020, through September 30, 2021",
"(in accordance with article 101 of the German Investment Code (KAGB))",
"General information\t2",
"Annual report",
"DWS Top Dividende\t6",
"Independent auditor’s report\t30",
"### Pe... | [
"# DWS Top Dividende",
"Annual report 2020/2021",
"for the period from October 1, 2020, through September 30, 2021",
"(in accordance with article 101 of the German Investment Code (KAGB))",
"General information\t2",
"Annual report",
"DWS Top Dividende\t6",
"Independent auditor’s report\t30",
"### Pe... | null |
AR | # Jahresbericht
## DWS Top Dividende
Anlageziel und Anlage ergebnis im Berichtszeitraum
Der Anlagefokus des DWS Top Dividende liegt auf internationa len Unternehmen, die aufgrund ihrer fundamentalen Unterneh mensdaten, wie Bilanzqualität und Geschäftsmodell, nach Einschätzung des Portfolio Managements Aussicht auf... | 2021-09-30 | ENDE | # Annual report
## DWS Top Dividende
### Investment objective and performance in the reporting period
The investment focus of DWS Top Dividende is on inter- national companies that, in the opinion of the portfolio management, offer prospects of above-average, sustained dividend yields in the medium
###### DWS TOP DIV... | 108,275 | null | [
"# Annual report",
"## DWS Top Dividende",
"### Investment objective and performance in the reporting period",
"The investment focus of DWS Top Dividende is on inter- national companies that, in the opinion of the portfolio management, offer prospects of above-average, sustained dividend yields in the medium"... | [
"# Annual report",
"## DWS Top Dividende",
"### Investment objective and performance in the reporting period",
"The investment focus of DWS Top Dividende is on inter- national companies that, in the opinion of the portfolio management, offer prospects of above-average, sustained dividend yields in the medium"... | null |
AR | (vor Quellensteuer) .............................
- Zinsen aus Liquiditätsanlagen im Inland .............
- Zinsen aus Liquiditätsanlagen im Ausland(vor Quellensteuer) ............................. EUR 264,96
- Erträge aus Wertpapier-Darlehenund Pensionsgeschäften ......................... EUR 94 163,37 davon:aus Wer... | 2021-09-30 | ENDE | (before withholding tax)..........................
- Interest from investments of liquid assets in Germany .
- Interest from investments of liquid assetsoutside Germany (before withholding tax) ........... EUR 264.96
- Income from securities lendingand repurchase agreements ...................... EUR 94 163.37thereo... | 108,276 | null | [
"(before withholding tax)",
"- Interest from investments of liquid assets in Germany .",
"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t264.96",
"- Income from securities lendingand repurchase agreements EUR\t94 163.37thereof:from securities lending EUR\t94 ... | [
"(before withholding tax)",
"- Interest from investments of liquid assets in Germany .",
"- Interest from investments of liquid assetsoutside Germany (before withholding tax) EUR\t264.96",
"- Income from securities lendingand repurchase agreements EUR\t94 163.37thereof:from securities lending EUR\t94 ... | null |
AR | - Ertrags- und Aufwandsausgleich................... EUR 20 837 576,68
- Ergebnis des Geschäftsjahres..................... EUR 145 718 949,90 davon:
- Wert des Sondervermögens am Endedes Geschäftsjahres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 906 722 274,35 | 2021-09-30 | ENDE | - Income adjustment ............................. EUR 20 837 576.68
- Net gain/loss for the fiscal year.................... EUR 145 718 949.90thereof:
- Value of the investment fund at the endof the fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 906 722 274.35 | 108,277 | null | [
"- Income adjustment EUR\t20 837 576.68",
"- Net gain/loss for the fiscal year EUR\t145 718 949.90thereof:",
"- Value of the investment fund at the endof the fiscal year . . . .",
". . . .",
"<XML tool=\"custom\" phenom=\"reordering\" from=4 to=3>. . . .</XML>",
"<XML tool=\"custom\" phenom=\"reorderi... | [
"- Income adjustment EUR\t20 837 576.68",
"- Net gain/loss for the fiscal year EUR\t145 718 949.90thereof:",
"- Value of the investment fund at the endof the fiscal year . . . .",
". . . .",
". . . .",
". . . .",
". . . .",
". . . .",
". . . .",
". . . . EUR\t906 722 274.35"
] | null |
AR | Die Risikokennzahlen wurden für den Zeitraum vom 01.10.2020 bis 30.09.2021 auf Basis der VaR-Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risi... | 2021-09-30 | ENDE | The values-at-risk were calculated for the period from October 1, 2020, through September 30, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain deriv... | 108,278 | null | [
"The values-at-risk were calculated for the period from October 1, 2020, through September 30, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.",
"The risk in a reference portfolio that does not con... | [
"The values-at-risk were calculated for the period from October 1, 2020, through September 30, 2021, using the VaR method of historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year.",
"The risk in a reference portfolio that does not con... | null |
AR | # Jahresbericht
und Jahresabschluss
# DWS India
Anlageziel und Anlage- ergebnis im Berichtszeitraum
Ziel der Anlagepolitik ist es, einen nachhaltigen Wertzu- wachs gegenüber dem Ver- gleichsindex (MSCI India 10/40) zu erzielen. Hierzu wird das Fondsvermögen hauptsächlich in Aktien von Emittenten mit Sitz in Indien od... | 2021-12-31 | ENDE | # Annual report
and annual financial statements
# DWS India
#### Investment objective and performance in the reporting period
The investment policy aims to achieve sustained capital appreciation compared to the
benchmark (MSCI India 10/40). To this end, the fund’s assets are mainly invested in equities of issuers dom... | 108,279 | null | [
"# Annual report",
"and annual financial statements",
"# DWS India",
"#### Investment objective and performance in the reporting period",
"The investment policy aims to achieve sustained capital appreciation compared to the",
"benchmark (MSCI India 10/40).",
"To this end, the fund’s assets are mainly in... | [
"# Annual report",
"and annual financial statements",
"# DWS India",
"#### Investment objective and performance in the reporting period",
"The investment policy aims to achieve sustained capital appreciation compared to the",
"benchmark (MSCI India 10/40).",
"To this end, the fund’s assets are mainly in... | null |
AR | | Anteilklasse | ISIN | 1 Jahr | 3 Jahre | 5 Jahre |
| --- | --- | --- | --- | --- |
| Klasse LC | LU0068770873 | 29,0% | 50,8% | 80,6% |
| Klasse TFC | LU1799928251 | 30,3% | 54,6% | 57,0% 1) |
| MSCI India 10/40 | | 36,4% | 59,1% | 88,3% | | 2021-12-31 | ENDE | | Unit class | ISIN | 1 year | 3 years | 5 years |
| --- | --- | --- | --- | --- |
| Class LC | LU0068770873 | 29.0% | 50.8% | 80.6% |
| Class TFC | LU1799928251 | 30.3% | 54.6% | 57.0% 1 |
| MSCI India 10/40 | | 36.4% | 59.1% | 88.3% | | 108,280 | null | [
"| Unit class | ISIN | 1 year | 3 years | 5 years |",
"| --- | --- | --- | --- | --- |",
"| Class LC | LU0068770873 | 29.0% | 50.8% | 80.6% |",
"| Class TFC | LU1799928251 | 30.3% | 54.6% | 57.0% 1 |",
"| MSCI India 10/40 | | 36.4% | 59.1% | 88.3% |"
] | [
"| Unit class | ISIN | 1 year | 3 years | 5 years |",
"| --- | --- | --- | --- | --- |",
"| Class LC | LU0068770873 | 29.0% | 50.8% | 80.6% |",
"| Class TFC | LU1799928251 | 30.3% | 54.6% | 57.0% 1 |",
"| MSCI India 10/40 | | 36.4% | 59.1% | 88.3% |"
] | null |
AR | | Vermögensübersicht zum 31.12.2021 | |
| --- | --- |
| | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände | | |
| 1. Aktien (Branchen): Finanzsektor | 59 313 428,32 | 32,44 |
| Informationstechnologie | 32 576 221,16 | 17,82 |
| Energie | 20 777 647,42 | 11,36 |
| Industrien | 16 549 480,92 |... | 2021-12-31 | ENDE | | Statement of net assets as of December 31, 2021 | |
| --- | --- |
| | Amount in EUR | % of net assets |
| I. Assets | | |
| 1. Equities (sectors): Financials | 59 313 428.32 | 32.44 |
| Information Technology | 32 576 221.16 | 17.82 |
| Energy | 20 777 647.42 | 11.36 |
| Industrials | 16 549 480.92 | 9.05 |
| Bas... | 108,281 | null | [
"| Statement of net assets as of December 31, 2021 | |",
"| --- | --- |",
"| | Amount in EUR | % of net assets |",
"| I. Assets | | |",
"| 1. Equities (sectors): Financials | 59 313 428.32 | 32.44 |",
"| Information Technology | 32 576 221.16 | 17.82 |",
"| Energy | 20 777 647.42 | 11.36 |",
"| In... | [
"| Statement of net assets as of December 31, 2021 | |",
"| --- | --- |",
"| | Amount in EUR | % of net assets |",
"| I. Assets | | |",
"| 1. Equities (sectors): Financials | 59 313 428.32 | 32.44 |",
"| Information Technology | 32 576 221.16 | 17.82 |",
"| Energy | 20 777 647.42 | 11.36 |",
"| In... | null |
AR | | Wertpapierbezeichnung | Stück bzw. Whg. in 1000 | Bestand | Käufe/ Verkäufe/ Zugänge Abgänge im Berichtszeitraum | Kurs | Kurswert in EUR | %-Anteil am Fonds- vermögen |
| --- | --- | --- | --- | --- | --- | --- |
| Börsengehandelte Wertpapiere | | | | | | | 172 049 167,55 | 94,09 |
| Aktien | | | | | | |... | 2021-12-31 | ENDE | | Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the repor | Sales/ disposals ting period | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Securities traded on an exchange | | | | | | | 172 049 167... | 108,282 | null | [
"| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the repor | Sales/ disposals ting period | Market price | Total market value in EUR | % of net assets |",
"| --- | --- | --- | --- | --- | --- | --- | --- |",
"| Securities traded on an exchange | | | | | |... | [
"| Security name | Count/ currency (– / ’000) | Quantity/ principal amount | Purchases/ additions in the repor | Sales/ disposals ting period | Market price | Total market value in EUR | % of net assets |",
"| --- | --- | --- | --- | --- | --- | --- | --- |",
"| Securities traded on an exchange | | | | | |... | null |
AR | | Anteilwert bzw. umlaufende Anteile | Stück bzw. Whg. | Anteilwert in der jeweiligen Whg. |
| --- | --- | --- |
| Anteilwert Klasse LC...................................... | EUR | 3 391,46 |
| Klasse TFC..................................... | EUR | 157,01 |
| Umlaufende Anteile Klasse LC............................... | 2021-12-31 | ENDE | | Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |
| --- | --- | --- |
| Net asset value per unit Class LC ..................................... . | EUR | 3 391.46 |
| Class TFC .................................... . | EUR | 157.01 |
| Nu... | 108,283 | null | [
"| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |",
"| --- | --- | --- |",
"| Net asset value per unit Class LC .",
"| EUR | 3 391.46 |",
"| Class TFC .",
"| EUR | 157.01 |",
"| Number of units outstanding Class LC ... | [
"| Net asset value per unit and number of units outstanding | Count/ currency | Net asset value per unit in the respective currency |",
"| --- | --- | --- |",
"| Net asset value per unit Class LC .",
"| EUR | 3 391.46 |",
"| Class TFC .",
"| EUR | 157.01 |",
"| Number of units outstanding Class LC ... | null |
AR | # Jahresbericht
und Jahresabschluss
Anlageziel und Anlage ergebnis im Berichtszeitraum
Der Teilfonds strebt – unter Berücksichtigung der Chancen und Risiken der weltweiten Kapitalmärkte – kurzfristig eine möglichst hohe Rendite an.
Um das Anlageziel zu errei chen, investiert er vorwiegend in verzinsliche Finanzinstr... | 2021-12-31 | ENDE | # Annual report
and annual financial statements
#### Investment objective and performance in the reporting period
The sub-fund seeks to generate the highest possible return in the short term while taking the opportunities and risks of the worldwide capital markets into account. In order to achieve the investment objec... | 108,284 | null | [
"# Annual report",
"and annual financial statements",
"#### Investment objective and performance in the reporting period",
"The sub-fund seeks to generate the highest possible return in the short term while taking the opportunities and risks of the worldwide capital markets into account.",
"In order to achi... | [
"# Annual report",
"and annual financial statements",
"#### Investment objective and performance in the reporting period",
"The sub-fund seeks to generate the highest possible return in the short term while taking the opportunities and risks of the worldwide capital markets into account.",
"In order to achi... | null |
AR | Klasse LC ............................... EUR 169,38
Klasse LD .............................. EUR 135,37
Klasse LDH (P) .......................... EUR 104,36
Klasse NC .............................. EUR 159,26
Klasse ND .............................. EUR 129,67
Klasse TFC .............................. EUR 103,47... | 2021-12-31 | ENDE | Class LC ................................ EUR 169.38
Class LD ................................ EUR 135.37
Class LDH (P) ............................ EUR 104.36
Class NC................................ EUR 159.26
Class ND................................ EUR 129.67
Class TFC ............................... EUR 103.47
Cla... | 108,285 | null | [
"Class LC EUR\t169.38",
"Class LD EUR\t135.37",
"Class LDH (P) EUR\t104.36",
"Class NC EUR\t159.26",
"Class ND EUR\t129.67",
"Class TFC EUR\t103.47",
"Class TFD EUR\t96.63",
"Class XC EUR\t186.70",
"Class XD EUR\t115.82"
] | [
"Class LC EUR\t169.38",
"Class LD EUR\t135.37",
"Class LDH (P) EUR\t104.36",
"Class NC EUR\t159.26",
"Class ND EUR\t129.67",
"Class TFC EUR\t103.47",
"Class TFD EUR\t96.63",
"Class XC EUR\t186.70",
"Class XD EUR\t115.82"
] | null |
AR | * Das konsolidierte Fondsvermögen, die konsolidierte Ertrags- und Aufwandsrechnung sowie die konsolidierte Entwicklung des Fondsvermögens entsprechen der Summe der Ergebnisse der einzelnen Teilfonds. Im Falle von Anlagen zwischen Teilfonds (bei denen ein Teilfonds in einen anderen Teilfonds desselben Umbrellafonds inve... | 2021-12-31 | ENDE | * The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds. In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of the same um... | 108,286 | null | [
"* The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds.",
"In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of t... | [
"* The fund’s consolidated net assets, the consolidated statement of income and expenses and the consolidated statement of changes in net assets correspond to the sum of the results of the individual sub-funds.",
"In the case of investments between sub-funds (in which one sub-fund invests in another sub-fund of t... | null |
AR | #### Bericht über die Jahresabschlussprüfung Prüfungsurteil
Wir haben den Jahresabschluss der DWS Invest II, SICAV und ihrer jeweiligen Teilfonds („der Fonds“), beste-
hend aus der Vermögensaufstellung einschließlich des Wertpapierbestands und der sonstigen Vermögens- werte zum 31. Dezember 2021, der Ertrags- und Aufwa... | 2021-12-31 | ENDE | ##### Report on the audit of the financial statements Audit opinion
We have audited the financial statements of DWS Invest II, SICAV, and its respective sub-funds (“the Fund”),
which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of December 31, 20... | 108,287 | null | [
"##### Report on the audit of the financial statements Audit opinion",
"We have audited the financial statements of DWS Invest II, SICAV, and its respective sub-funds (“the Fund”),",
"which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of ... | [
"##### Report on the audit of the financial statements Audit opinion",
"We have audited the financial statements of DWS Invest II, SICAV, and its respective sub-funds (“the Fund”),",
"which comprise the statement of net assets, the statement of investments in the securities portfolio and other net assets as of ... | null |
AR | # DWS Strategic
Jahresbericht 2021
-
#### DB Balanced SAA (EUR)
-
#### DB Balanced SAA (EUR) Plus
-
#### DB Balanced SAA (USD)
-
#### DB Balanced SAA (USD) Plus
-
#### DB Conservative SAA (EUR)
-
#### DB Conservative SAA (EUR) Plus
-
#### DB Conservative SAA (USD)
-
#### DB Conservative SAA (USD) Plus
-
#### D... | 2021-12-31 | ENDE | # DWS Strategic
Annual Report 2021
-
#### DB Balanced SAA (EUR)
-
#### DB Balanced SAA (EUR) Plus
-
#### DB Balanced SAA (USD)
-
#### DB Balanced SAA (USD) Plus
-
#### DB Conservative SAA (EUR)
-
#### DB Conservative SAA (EUR) Plus
-
#### DB Conservative SAA (USD)
-
#### DB Conservative SAA (USD) Plus
-
#### D... | 108,288 | null | [
"# DWS Strategic",
"Annual Report 2021",
"#### DB Balanced SAA (EUR)",
"#### DB Balanced SAA (EUR) Plus",
"#### DB Balanced SAA (USD)",
"#### DB Balanced SAA (USD) Plus",
"#### DB Conservative SAA (EUR)",
"#### DB Conservative SAA (EUR) Plus",
"#### DB Conservative SAA (USD)",
"#### DB Conservativ... | [
"# DWS Strategic",
"Annual Report 2021",
"#### DB Balanced SAA (EUR)",
"#### DB Balanced SAA (EUR) Plus",
"#### DB Balanced SAA (USD)",
"#### DB Balanced SAA (USD) Plus",
"#### DB Conservative SAA (EUR)",
"#### DB Conservative SAA (EUR) Plus",
"#### DB Conservative SAA (USD)",
"#### DB Conservativ... | null |
AR | # Jahresbericht
und Jahresabschluss
Anlageziel und Anlage ergebnis im Berichtszeitraum
Das Anlageziel des Teilfonds besteht darin, einen mittel bis langfristigen Kapitalzuwachs zu erzielen. Um das Anlageziel zu erreichen, strebt er Investments in Portfolios aus drei Haupt anlageklassen an, die unterein ander und i... | 2021-12-31 | ENDE | # Annual report
and annual financial statements
##### Investment objective and performance in the reporting period
The investment objective of the sub-fund is to achieve medium- to long-term capital appre- ciation. In order to achieve
the investment objective, the sub-fund seeks to invest in portfolios of three main a... | 108,289 | null | [
"# Annual report",
"and annual financial statements",
"##### Investment objective and performance in the reporting period",
"The investment objective of the sub-fund is to achieve medium- to long-term capital appre- ciation.",
"In order to achieve",
"the investment objective, the sub-fund seeks to invest ... | [
"# Annual report",
"and annual financial statements",
"##### Investment objective and performance in the reporting period",
"The investment objective of the sub-fund is to achieve medium- to long-term capital appre- ciation.",
"In order to achieve",
"the investment objective, the sub-fund seeks to invest ... | null |
AR | Umbenennungen von Teilfonds
Die nachfolgenden Teilfonds der DWS Strategic, SICAV wurden mit Wirkung zum 31. Januar 2021 wie folgt umbenannt: Alter Teilfondsname Neuer Teilfondsname
DB Wealth Management Balanced SAA (EUR) DB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD) DB Balanced SAA (USD)
DB Wealth Manag... | 2021-12-31 | ENDE | Renaming of sub-funds
The following sub-funds of DWS Strategic, SICAV, were renamed as follows effective January 31, 2021: Old sub-fund name New sub-fund name
DB Wealth Management Balanced SAA (EUR) DB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD) DB Balanced SAA (USD)
DB Wealth Management Balanced SAA (EU... | 108,290 | null | [
"Renaming of sub-funds",
"The following sub-funds of DWS Strategic, SICAV, were renamed as follows effective January 31, 2021: Old sub-fund name\tNew sub-fund name",
"DB Wealth Management Balanced SAA (EUR)\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\tDB Balanced SAA (USD)",
"DB Wealth Mana... | [
"Renaming of sub-funds",
"The following sub-funds of DWS Strategic, SICAV, were renamed as follows effective January 31, 2021: Old sub-fund name\tNew sub-fund name",
"DB Wealth Management Balanced SAA (EUR)\tDB Balanced SAA (EUR) DB Wealth Management Balanced SAA (USD)\tDB Balanced SAA (USD)",
"DB Wealth Mana... | null |
AR | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -
Anteilwert am Ende des Geschäftsjahres
Klasse LC50 ............................. EUR -
Klasse PFC ............................. EUR -
Klasse SC .............................. EUR - | 2021-12-31 | ENDE | 2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -
Net asset value per share at the end of the fiscal year
Class LC50 .............................. EUR -
Class PFC ............................... EUR -
Class SC ................................ EUR - | 108,291 | null | [
"2019.",
". . . .",
"<XML tool=\"custom\" phenom=\"reordering\" from=2 to=1>. . . .</XML>",
"<XML tool=\"custom\" phenom=\"reordering\" from=3 to=1>. . . .</XML>",
"<XML tool=\"custom\" phenom=\"reordering\" from=4 to=1>. . . .</XML>",
"<XML tool=\"custom\" phenom=\"reordering\" from=5 to=1>. . . .</XML>"... | [
"2019.",
". . . .",
". . . .",
". . . .",
". . . .",
". . . .",
". . . .",
". . . .",
". . . .",
". . . .",
". . . .",
". . . EUR\t-",
"Net asset value per share at the end of the fiscal year",
"Class LC50 EUR\t-",
"Class PFC EUR\t-",
"Class SC EUR\t-"
] | null |
AR | - Verwaltungsvergütung .......................... EUR -849 270,33 davon:Kostenpauschale ............ EUR -849 270,33
- Rechts- und Veröffentlichungskosten .............. EUR -1 300,80
- Taxe d‘Abonnement ............................ EUR -85 365,75
- Sonstige Aufwendungen ........................ EUR -56,36 davon:Erfo... | 2021-12-31 | ENDE | - Management fee ............................... EUR -849 270.33thereof:All-in fee................... EUR -849 270.33
- Legal and publication costs ....................... EUR -1 300.80
- Taxe d‘abonnement............................. EUR -85 365.75
- Other expenses ................................ EUR -56.36thereof... | 108,292 | null | [
"- Management fee EUR\t-849 270.33thereof:All-in fee EUR\t-849 270.33",
"- Legal and publication costs EUR\t-1 300.80",
"- Taxe d‘abonnement EUR\t-85 365.75",
"- Other expenses EUR\t-56.36thereof:Performance-based fee fromsecurities lending income EUR\t-56.36"
] | [
"- Management fee EUR\t-849 270.33thereof:All-in fee EUR\t-849 270.33",
"- Legal and publication costs EUR\t-1 300.80",
"- Taxe d‘abonnement EUR\t-85 365.75",
"- Other expenses EUR\t-56.36thereof:Performance-based fee fromsecurities lending income EUR\t-56.36"
] | null |
AR | ###### Sonstige Informationen
Der Verwaltungsrat des Fonds ist verantwortlich für die sonstigen Informationen. Die sonstigen Informatio- nen beinhalten die Informationen, welche im Jahresbericht enthalten sind, jedoch beinhalten sie nicht den Jahresabschluss oder unseren Bericht des „réviseur d’entreprises agréé“ zu di... | 2021-12-31 | ENDE | ###### Other information
The Board of Directors of the fund is responsible for the other information. The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual financial statem... | 108,293 | null | [
"###### Other information",
"The Board of Directors of the fund is responsible for the other information.",
"The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual f... | [
"###### Other information",
"The Board of Directors of the fund is responsible for the other information.",
"The other information comprises the information that is contained in the annual report but excluding the annual financial statements and our Report of the “réviseur d’entreprises agréé” on these annual f... | null |
AR | # Jahresbericht
und Jahresabschluss
Anlageziel und Anlage- ergebnis im Berichtszeitraum
DWS ESG Multi Asset Dynamic kann je nach Börsensituation flexibel an den internationalen Aktien- und Rentenmärkten in- vestieren. Ziel der Anlagepolitik ist es, einen nachhaltigen Wertzuwachs zu erzielen. Um dies zu erreichen inves... | 2021-12-31 | ENDE | # Annual report
and annual financial statements
#### Investment objective and performance in the reporting period
DWS ESG Multi Asset Dynamic can, depending on the stock market situation, invest flexibly in the international equity and bond markets. The objective
of the investment policy is to achieve sustained apprec... | 108,294 | null | [
"# Annual report",
"and annual financial statements",
"#### Investment objective and performance in the reporting period",
"DWS ESG Multi Asset Dynamic can, depending on the stock market situation, invest flexibly in the international equity and bond markets.",
"The objective",
"of the investment policy i... | [
"# Annual report",
"and annual financial statements",
"#### Investment objective and performance in the reporting period",
"DWS ESG Multi Asset Dynamic can, depending on the stock market situation, invest flexibly in the international equity and bond markets.",
"The objective",
"of the investment policy i... | null |
AR | # Ergänzende Angaben
## Angaben zur Mitarbeitervergütung
###### Angaben zur Mitarbeitervergütung
Die DWS Investment S.A. („die Gesellschaft“) ist eine Tochtergesellschaft der DWS Group GmbH & Co. KGaA („DWS KGaA“), Frankfurt am Main, einem der weltweit führenden Vermögens- verwalter mit einer breiten Palette an Invest... | 2021-12-31 | ENDE | # Supplementary information
## Remuneration Disclosure
###### Remuneration Disclosure
DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/ Main, one of the world’s leading asset managers providing a broad range of investment products and services across all major as... | 108,295 | null | [
"# Supplementary information",
"## Remuneration Disclosure",
"###### Remuneration Disclosure",
"DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/ Main, one of the world’s leading asset managers providing a broad range of investment products and services ... | [
"# Supplementary information",
"## Remuneration Disclosure",
"###### Remuneration Disclosure",
"DWS Investment S.A. (the “Company”) is a subsidiary in DWS Group GmbH & Co. KGaA (“DWS KGaA”), Frankfurt/ Main, one of the world’s leading asset managers providing a broad range of investment products and services ... | null |
AR | Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen (auf Basis wesentlicher Beteiligungen des Deutsche Bank-Konzerns)
Der Anteil der Transaktionen, die im Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden, die eng verbundene Unternehmen und Personen ... | 2021-12-31 | ENDE | Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)
The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5% and abov... | 108,296 | null | [
"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)",
"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5... | [
"Transactions processed for the account of the fund’s assets via closely related companies (based on major holdings of the Deutsche Bank Group)",
"The share of transactions conducted in the reporting period for the account of the fund’s assets via brokers that are closely related companies and persons (share of 5... | Abwicklung von Transaktionen für Rechnung des Fondsvermögens über eng verbundene Unternehmen ( auf Basis wesentlicher Beteiligungen des Deutsche Bank - Konzerns ) Der Anteil der Transaktionen , die in dem Berichtszeitraum für Rechnung des Fondsvermögens über Broker ausgeführt wurden , die eng verbundene Unternehmen und... |
AR | # Tätigkeitsbericht
Sehr geehrte Damen und Herren,
die Geschäftsführung der DWS Grundbesitz GmbH informiert Sie in diesem Jahresbericht über die Entwicklung des Immobilien- Sondervermögens grundbesitz global im Zeitraum vom
1. April 2019 bis 31. März 2020.
## Wichtige Ereignisse im Berichtszeitraum
grundbesitz global ... | 2020-03-31 | ENDE | # Activity report
Ladies and Gentlemen,
in this annual report, the management of DWS Grundbesitz GmbH is pleased to inform you of the development of the real estate investment fund grundbesitz global in the period from April 1, 2019, through March 31, 2020.
## Key events in the reporting period
In the period from Apri... | 108,297 | null | [
"# Activity report",
"Ladies and Gentlemen,",
"in this annual report, the management of DWS Grundbesitz GmbH is pleased to inform you of the development of the real estate investment fund grundbesitz global in the period from April 1, 2019, through March 31, 2020.",
"## Key events in the reporting period",
... | [
"# Activity report",
"Ladies and Gentlemen,",
"in this annual report, the management of DWS Grundbesitz GmbH is pleased to inform <annotation tool=\"ctxpro\" rule=\"ACC.FORM+PLUR\" phenomenon=\"formality\">you</annotation> of the development of the real estate investment fund grundbesitz global in the period fr... | null |
AR | # Vermietungsinformationen zum 31. März 2020
| Land | Finnland | GB | Ungarn | Polen | Portugal | Japan | Südkorea | Australien | USA | Sonstiges Ausland | Gesamt |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Mietobjekte (Anzahl) | 2 | 11 | 3 | 6 | 3 | 4 | 4 | 4 | 9 | 9 | 55 |
| Mietobje... | 2020-03-31 | ENDE | # Letting information as of March 31, 2020
| Country | Finland | UK | Hungary | Poland | Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Rental properties (number) | 2 | 11 | 3 | 6 | 3 | 4 | 4 | 4 | 9 | 9 | 55 |
| Ren... | 108,298 | null | [
"# Letting information as of March 31, 2020",
"| Country | Finland | UK | Hungary | Poland | Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |",
"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |",
"| Rental properties (number) | 2 | 11 | 3 | 6 | 3 | 4 | 4 | 4 ... | [
"# Letting information as of March 31, 2020",
"| Country | Finland | UK | Hungary | Poland | Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |",
"| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |",
"| Rental properties (number) | 2 | 11 | 3 | 6 | 3 | 4 | 4 | 4 ... | null |
AR | # Übersicht: Renditen, Bewertung
| Renditekennzahlen 2019/2020 in % |
| --- |
| I. Immobilien |
| Bruttoertrag | 5,7% 1) |
| Bewirtschaftungsaufwand | -1,5% 1) |
| Nettoertrag | 4,1% 1) |
| Wertänderungen (Verkehrswertänderungen, Verkaufsergebnis) | 2,4% 1) |
| Immobilienergebnis vor ausländischen Steuern und AfA | 6,6... | 2020-03-31 | ENDE | # Overview: Yields, valuation
| Key yield figures in 2019/2020 in % |
| --- |
| I. Properties |
| Gross income | 5.7% 1 |
| Property management expenses | -1.5% 1 |
| Net income | 4.1% 1 |
| Changes in value (changes in market value, sales return) | 2.4% 1 |
| Real estate return before foreign taxes and depreciation | ... | 108,299 | null | [
"# Overview: Yields, valuation",
"| Key yield figures in 2019/2020 in % |",
"| --- |",
"| I. Properties |",
"| Gross income | 5.7% 1 |",
"| Property management expenses | -1.5% 1 |",
"| Net income | 4.1% 1 |",
"| Changes in value (changes in market value, sales return) | 2.4% 1 |",
"| Real estate re... | [
"# Overview: Yields, valuation",
"| Key yield figures in 2019/2020 in % |",
"| --- |",
"| I. Properties |",
"| Gross income | 5.7% 1 |",
"| Property management expenses | -1.5% 1 |",
"| Net income | 4.1% 1 |",
"| Changes in value (changes in market value, sales return) | 2.4% 1 |",
"| Real estate re... | null |
AR | # Vermögensaufstellung zum 31. März 2020 Teil I: Immobilienverzeichnis
| Lfd. Nr. | Lage des Grundstücks | Art des Grund- stücks6) | Projekt-/ Bestands- entwicklungs- maßnahmen | Art der Nutzung7) | Erwerbs- datum | Baujahr | Grund- stücks- größe in m² | Mit- eigentum/ Erbbaurecht | Nutzfläche Gewerbe8) in m² | Nutzflä... | 2020-03-31 | ENDE | # Statement of assets as of March 31, 2020 Part I: Index of properties
| No. | Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area (commer- cial)... | 108,300 | null | [
"# Statement of assets as of March 31, 2020 Part I: Index of properties",
"| No.",
"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area... | [
"# Statement of assets as of March 31, 2020 Part I: Index of properties",
"| No.",
"| Location of property | Type of prop- erty6 | Project/ Portfolio development measures | Type of use7 | Date of acquisition | Year of construction | Size of property in sqm | Co- ownership/ heritable building right | Rental area... | null |
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