DWS Deutschland Semiannual Report 2020/2021
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DWS Investment GmbH DWS Deutschland Semiannual Report 2020/2021
DWS Deutschland
Contents
Semiannual report 2020/2021
for the period from October 1, 2020, through March 31, 2021
(in accordance with article 103 of the German Investment Code (KAGB))
General information ..................................................................................................... 2
Semiannual report
DWS Deutschland ....................................................................................................... 6
1General information
Performance The corresponding benchmarks – Information about
The investment return, or per- if available – are also presented the all-in fee
formance, of a mutual fund in the report. All financial data The all-in fee does not include
investment is measured by the in this publication is as of the following expenses:
change in value of the fund’s March 31, 2021 (unless a) any costs that may arise in
units. The net asset values per otherwise stated). connection with the acquisi-
unit (= redemption prices) with tion and disposal of assets;
the addition of intervening dis- Sales prospectuses b) any taxes that may arise in
tributions, which are, for exam- The sole binding basis for a connection with administra-
ple, reinvested free of charge purchase are the current ver- tive and custodial costs;
within the scope of investment sion of the sales prospectus, c) the costs of asserting and
accounts at DWS Investment including the Terms and Condi- enforcing the legal claims of
GmbH, are used as the basis for tions of Investment, and the key the investment fund.
calculating the value; in the investor information document,
case of domestic reinvesting which are available from DWS The details of the fee structure
funds, the domestic investment Investment GmbH or any are set out in the current sales
income tax – following any branch of Deutsche Bank AG prospectus.
deduction of foreign with- as well as from other paying
holding tax – plus solidarity agents. Issue and redemption prices
surcharge charged to the fund Each exchange trading day on
are added. Performance is the Internet:
calculated in accordance with www.dws.de
the “BVI method”. Past perfor-
mance is not a guide to future
results.
2Coronavirus crisis
The coronavirus has spread since January 2020 and has subsequently led to a serious economic crisis. The rapid
proliferation of the virus was reflected in, among other things, significant price market distortions and substantially
increased volatility at the same time. Restrictions on freedom of movement, repeated lockdown measures, produc-
tion stoppages, as well as disrupted supply chains, are exerting major pressure on downstream economic processes,
which caused global economic prospects to deteriorate considerably. Even though gradual recovery was to be
observed again in the markets in the interim – due, among other things, to assistance programs in the context of
monetary and fiscal policy as well as the introduction of vaccination campaigns – the actual or possible mid- to long-
term effects of the crisis on the economy, individual markets and sectors, as well as the social implications, cannot
be reliably evaluated or adequately forecast at the time of preparing this report in light of the pace of the global
spread of the virus and the associated high degree of uncertainty. Consequently, there may still be a material impact
on the respective investment fund’s assets. A high level of uncertainty exists in relation to the financial implications
of the pandemic, as these are dependent on external factors such as the spread of the virus and the measures taken
by individual governments and central banks, the successful stemming of the development of infection rates and the
speedy and sustainable restart of the economy.
The Asset Management Company of the investment fund is therefore continuing its efforts, within the framework of
its risk management strategy, to assess these uncertainties and their possible impact on the activities, liquidity and
performance of the investment fund. The Asset Management Company is taking all measures deemed appropriate to
protect investor interests to the greatest possible extent. In coordination with the service providers, the Asset Man-
agement Company observed the consequences of the coronavirus crisis and adequately included its impact on the
investment fund and the markets in which the investment fund invests into its decision-making processes. As of the
date of this report, no significant redemption requests had been made in respect of the investment fund; the effects
on the investment fund’s unit certificate transactions are continuously monitored by the Asset Management Com-
pany; the performance capability of the most important service providers did not experience any significant impair-
ment. In this context, the Asset Management Company of the investment fund satisfied itself in line with numerous
national guidelines and following discussions with the most important service providers (especially the Depositary,
the portfolio management and the fund administration) that the measures taken and the business continuity plans
put in place (including extensive hygiene measures on the premises, restrictions on business travel and events, pre-
cautions to ensure the reliable and smooth running of business processes in the event of a suspected case of corona
virus infection, expansion of the technical options for mobile working) will curb the currently foreseeable or ongoing
operational risks and will ensure that the investment fund’s activities will not be disrupted.
At the time of preparing this report, the Asset Management Company is of the opinion that there are no signs indi-
cating any doubt on the ability of the respective investment fund to continue as a going concern, nor were there any
liquidity problems for the investment fund.
3Semiannual report
DWS Deutschland
DWS Deutschland
Performance of unit classes vs. benchmark (in EUR)
Unit class ISIN 6 months
Class LC DE0008490962 21.1%
Class FC DE000DWS2F23 21.5%
Class GLC DE000DWS2S28 21.5%
Class GTFC DE000DWS2S36 21.8%
Class IC DE000DWS2GT0 21.6%
Class LD DE000DWS2F15 21.1%
Class TFC DE000DWS2R94 21.5%
Class TFD DE000DWS2SA5 21.5%
CDAX 16.9%
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results. As of: March 31, 2021
DWS Deutschland
Overview of the unit classes
ISIN LC DE0008490962
FC DE000DWS2F23
LD DE000DWS2F15
IC DE000DWS2GT0
GLC DE000DWS2S28
GTFC DE000DWS2S36
TFC DE000DWS2R94
TFD DE000DWS2SA5
Security code (WKN) LC 849096
FC DWS2F2
LD DWS2F1
IC DWS2GT
GLC DWS2S2
GTFC DWS2S3
TFC DWS2R9
TFD DWS2SA
Fund currency EUR
Unit class currency LC EUR
FC EUR
LD EUR
IC EUR
GLC EUR
GTFC EUR
TFC EUR
TFD EUR
Date of inception and LC October 20, 1993
initial subscription (from January 19, 2016,
as LC unit class)
FC January 29, 2016
LD June 30, 2017
IC August 1, 2016
GLC January 2, 2018
GTFC January 2, 2018
TFC January 2, 2018
TFD January 2, 2018
6DWS Deutschland
Overview of the unit classes (continued)
Initial sales charge LC 5%
FC None
LD 5%
IC None
GLC 5%
GTFC None
TFC None
TFD None
Distribution policy LC Reinvestment
FC Reinvestment
LD Distribution
IC Reinvestment
GLC Reinvestment
GTFC Reinvestment
TFC Reinvestment
TFD Distribution
All-in fee LC 1.4% p.a.
FC 0.8% p.a.
LD 1.4% p.a.
IC 0.6% p.a.
GLC 1.4% p.a.
GTFC 0.8% p.a.
TFC 0.8% p.a.
TFD 0.8% p.a.
Minimum investment LC None
FC EUR 2,000,000
LD None
IC EUR 25,000,000
GLC None
GTFC None
TFC None
TFD None
Initial issue price LC DEM 80 (incl. initial sales charge)
FC Net asset value per unit of the
DWS Deutschland LC unit class on
the inception date of the FC unit
class
LD Net asset value per unit of the
DWS Deutschland LC unit class on
the inception date of the LD unit
class (plus initial sales charge)
IC Net asset value per unit of the
DWS Deutschland LC unit class on
the inception date of the IC unit
class
GLC Net asset value per unit of the
DWS Deutschland LC unit class on
the inception date of the GLC unit
class (plus initial sales charge)
GTFC EUR 100
TFC EUR 100
TFD EUR 100
7dates
fo r c o mplete ent
d
mat use s in the investm
The for n a me r”.
in secu
r it y nth/yea
li o is “ day/mo
portfo
DWS Deutschland
Statement of net assets as of March 31, 2021
Amount in EUR % of net assets
I. Assets
1. Equities (sectors):
Consumer Discretionaries 1 011 124 866.11 22.49
Industrials 957 507 694.14 21.29
Information Technology 697 654 630.98 15.51
Financials 592 622 003.64 13.18
Health Care 487 533 682.43 10.84
Basic Materials 322 275 187.77 7.17
Utilities 83 278 382.40 1.85
Other 346 789 081.32 7.71
Total equities: 4 498 785 528.79 100.04
2. Derivatives 11 379 677.25 0.26
3. Cash at bank 9 770.76 0.00
4. Other assets 219 907.09 0.00
II. Liabilities
1. Loan liabilities -8 488 741.67 -0.19
2. Other liabilities -4 916 968.31 -0.11
III. Net assets 4 496 989 173.91 100.00
Negligible rounding errors may have arisen due to the rounding of calculated percentages.
8DWS Deutschland
Investment portfolio – March 31, 2021
Count/ Quantity/ Purchases/ Sales/ Total market
% of
Security name currency principal additions disposals Market price value in
net assets
(– / ’000) amount in the reporting period EUR
Securities traded on an exchange 4 498 785 528.79 100.04
Equities
1&1 Drillisch (DE0005545503) . . . . . . . . . . . . . . . . . . . . . Count 455 830 455 830 EUR 24.0500 10 962 711.50 0.24
adidas Reg. (DE000A1EWWW0). . . . . . . . . . . . . . . . . . . . Count 599 535 109 564 EUR 264.0000 158 277 240.00 3.52
Allianz (DE0008404005) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 478 506 110 746 289 240 EUR 217.3000 321 279 353.80 7.14
Amadeus Fire (DE0005093108) . . . . . . . . . . . . . . . . . . . . Count 435 828 EUR 125.0000 54 478 500.00 1.21
AUTO1 Group (DE000A2LQ884). . . . . . . . . . . . . . . . . . . . Count 549 837 549 837 EUR 49.0800 26 985 999.96 0.60
BASF Reg. (DE000BASF111) . . . . . . . . . . . . . . . . . . . . . . Count 1 360 983 18 914 EUR 71.3900 97 160 576.37 2.16
Bayer (DE000BAY0017) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 3 416 674 847 739 129 982 EUR 53.5400 182 928 725.96 4.07
Bechtle (DE0005158703) . . . . . . . . . . . . . . . . . . . . . . . . . Count 764 147 60 691 282 635 EUR 159.1000 121 575 787.70 2.70
BMW Ord. (DE0005190003). . . . . . . . . . . . . . . . . . . . . . . Count 1 087 086 1 095 153 8 067 EUR 88.6700 96 391 915.62 2.14
Brenntag (DE000A1DAHH0). . . . . . . . . . . . . . . . . . . . . . . Count 327 778 327 778 EUR 73.4200 24 065 460.76 0.54
CompuGroup Medical SE & Co.KGaA (DE000A288904) . Count 713 718 EUR 72.7500 51 922 984.50 1.15
Continental (DE0005439004) . . . . . . . . . . . . . . . . . . . . . . Count 621 628 781 959 EUR 113.1500 70 337 208.20 1.56
Covestro (DE0006062144) . . . . . . . . . . . . . . . . . . . . . . . . Count 634 454 641 639 7 185 EUR 58.0000 36 798 332.00 0.82
Daimler Reg. (DE0007100000). . . . . . . . . . . . . . . . . . . . . Count 2 878 588 1 463 400 438 198 EUR 76.1100 219 089 332.68 4.87
Delivery Hero Reg. (DE000A2E4K43). . . . . . . . . . . . . . . . Count 383 491 194 556 213 689 EUR 110.8000 42 490 802.80 0.94
Deutsche Bank Reg. (DE0005140008). . . . . . . . . . . . . . . Count 2 124 916 2 124 916 EUR 10.2940 21 873 885.30 0.49
Deutsche Börse Reg. (DE0005810055) . . . . . . . . . . . . . . Count 403 632 194 586 EUR 140.1500 56 569 024.80 1.26
Deutsche Post Reg. (DE0005552004) . . . . . . . . . . . . . . . Count 4 667 653 383 830 EUR 46.7200 218 072 748.16 4.85
Deutsche Telekom Reg. (DE0005557508). . . . . . . . . . . . Count 8 249 879 1 451 481 EUR 17.1950 141 856 669.41 3.15
Deutsche Wohnen (DE000A0HN5C6). . . . . . . . . . . . . . . . Count 948 909 13 042 EUR 39.9100 37 870 958.19 0.84
Evotec (DE0005664809). . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 049 227 833 389 EUR 30.7500 63 013 730.25 1.40
Fresenius (DE0005785604). . . . . . . . . . . . . . . . . . . . . . . . Count 1 366 380 723 225 EUR 37.9900 51 908 776.20 1.15
Gerresheimer (DE000A0LD6E6). . . . . . . . . . . . . . . . . . . . Count 248 476 77 024 EUR 85.3500 21 207 426.60 0.47
Hannover Rück Reg. (DE0008402215). . . . . . . . . . . . . . . Count 295 367 EUR 156.9000 46 343 082.30 1.03
HeidelbergCement (DE0006047004) . . . . . . . . . . . . . . . . Count 804 260 312 862 140 086 EUR 78.1800 62 877 046.80 1.40
HELLA GmbH & Co. (DE000A13SX22). . . . . . . . . . . . . . . Count 159 573 159 573 EUR 48.4000 7 723 333.20 0.17
HelloFresh (DE000A161408). . . . . . . . . . . . . . . . . . . . . . . Count 1 338 534 488 259 1 306 725 EUR 64.2500 86 000 809.50 1.91
Infineon Technologies Reg. (DE0006231004). . . . . . . . . . Count 6 255 298 2 399 650 EUR 35.7500 223 626 903.50 4.97
Instone Real Estate Group (DE000A2NBX80). . . . . . . . . . Count 1 101 202 1 101 202 EUR 23.8000 26 208 607.60 0.58
JENOPTIK (DE000A2NB601) . . . . . . . . . . . . . . . . . . . . . . Count 1 786 066 EUR 25.8200 46 116 224.12 1.03
Kion Group (DE000KGX8881). . . . . . . . . . . . . . . . . . . . . . Count 1 486 094 1 456 637 EUR 84.2800 125 248 002.32 2.79
Lanxess (DE0005470405). . . . . . . . . . . . . . . . . . . . . . . . . Count 1 125 915 153 256 EUR 63.5400 71 540 639.10 1.59
Merck (DE0006599905) . . . . . . . . . . . . . . . . . . . . . . . . . . Count 447 724 70 024 EUR 146.9500 65 793 041.80 1.46
MTU Aero Engines Reg. (DE000A0D9PT0) . . . . . . . . . . . Count 110 936 23 453 EUR 202.9000 22 508 914.40 0.50
Münchener Rückversicherungs-Gesellschaft Vink.Reg.
(DE0008430026). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 465 473 81 527 EUR 263.5000 122 652 135.50 2.73
Qiagen (NL0012169213). . . . . . . . . . . . . . . . . . . . . . . . . . Count 493 872 EUR 40.9600 20 228 997.12 0.45
RWE Ord. (DE0007037129) . . . . . . . . . . . . . . . . . . . . . . . Count 2 529 720 572 352 EUR 32.9200 83 278 382.40 1.85
SAP (DE0007164600). . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 2 805 048 600 455 778 163 EUR 103.7800 291 107 881.44 6.47
Sartorius Pref. (DE0007165631). . . . . . . . . . . . . . . . . . . . Count 71 000 EUR 430.0000 30 530 000.00 0.68
Siemens Energy (DE000ENER6Y0). . . . . . . . . . . . . . . . . . Count 1 120 000 EUR 30.7900 34 484 800.00 0.77
Siemens Reg. (DE0007236101) . . . . . . . . . . . . . . . . . . . . Count 2 487 319 282 906 35 587 EUR 140.9000 350 463 247.10 7.79
Sixt (DE0007231326). . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 125 426 26 934 EUR 113.9000 128 186 021.40 2.85
Ströer (DE0007493991). . . . . . . . . . . . . . . . . . . . . . . . . . . Count 790 638 952 069 EUR 69.1500 54 672 617.70 1.22
Symrise (DE000SYM9999). . . . . . . . . . . . . . . . . . . . . . . . Count 519 755 44 305 EUR 103.7000 53 898 593.50 1.20
Talanx Reg. (DE000TLX1005). . . . . . . . . . . . . . . . . . . . . . Count 656 357 EUR 36.4200 23 904 521.94 0.53
Teamviewer (DE000A2YN900). . . . . . . . . . . . . . . . . . . . . Count 425 121 1 050 922 625 801 EUR 35.8200 15 227 834.22 0.34
Volkswagen Pref. (DE0007664039). . . . . . . . . . . . . . . . . . Count 861 953 871 514 9 561 EUR 239.3500 206 308 450.55 4.59
Vonovia (DE000A1ML7J1) . . . . . . . . . . . . . . . . . . . . . . . . Count 1 353 807 19 322 EUR 55.5600 75 217 516.92 1.67
Zalando (DE000ZAL1111). . . . . . . . . . . . . . . . . . . . . . . . . Count 1 152 716 252 681 52 965 EUR 84.6000 97 519 773.60 2.17
Total securities portfolio 4 498 785 528.79 100.04
9DWS Deutschland
Count/ Quantity/ Purchases/ Sales/ Total market
% of
Security name currency principal additions disposals Market price value in
net assets
(– / ’000) amount in the reporting period EUR
Derivatives
Minus signs denote short positions
Derivatives on individual securities 3 005 996.00 0.07
Securities futures
Equity futures
BASF SE SEP 21 (EURX) EUR . . . . . . . . . . . . . . . . . . . . . Count 1 700 000 -482 460.00 -0.01
HENKEL AG & CO KGAA SEP 21 (EURX) EUR . . . . . . . . Count 460 000 3 488 456.00 0.08
Equity index derivatives 8 373 681.25 0.19
(Receivables/payables)
Equity index futures
DAX INDEX JUN 21 (EURX) EUR. . . . . . . . . . . . . . . . . . . Count 19 450 8 373 681.25 0.19
Cash and non-securitized money market instruments 9 770.76 0.00
Cash at bank 9 770.76 0.00
Demand deposits at Depositary
Deposits in non-EU/EEA currencies
Swiss franc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CHF 5 197.29 % 100 4 697.27 0.00
British pound . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GBP 16.53 % 100 19.39 0.00
U.S. dollar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . USD 5 936.54 % 100 5 054.10 0.00
Other assets 219 907.09 0.00
Withholding tax claims . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 219 907.09 % 100 219 907.09 0.00
Loan liabilities -8 488 741.67 -0.19
EUR loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR -8 488 741.67 % 100 -8 488 741.67 -0.19
Other liabilities -4 916 968.31 -0.11
Liabilities from cost items. . . . . . . . . . . . . . . . . . . . . . . . . EUR -4 901 698.26 % 100 -4 901 698.26 -0.11
Additional other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . EUR -15 270.05 % 100 -15 270.05 0.00
Net assets 4 496 989 173.91 100.00
Net asset value per unit and Count/ Net asset value per unit
number of units outstanding currency in the respective currency
Net asset value per unit
Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 263.03
Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 270.82
Class IC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 273.87
Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 259.82
Class TFC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 109.37
Class TFD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 105.20
Class GLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 253.83
Class GTFC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EUR 110.10
Number of units outstanding
Class LC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 14 963 691.995
Class FC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 237 650.420
Class IC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 490 876.000
Class LD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 53 531.245
Class TFC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 233 590.042
Class TFD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 1 682.474
Class GLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 163 675.000
Class GTFC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Count 65 143.000
Negligible rounding errors may have arisen due to the rounding of calculated percentages.
10DWS Deutschland
Market abbreviations
Futures exchanges
EURX = Eurex (Eurex Frankfurt/Eurex Zurich)
Exchange rates (indirect quotes)
As of: March 31, 2021
Swiss franc. . . . . . . . . . . . . . . . . . . . . CHF 1.106450 = EUR 1
British pound . . . . . . . . . . . . . . . . . . . GBP 0.852300 = EUR 1
U.S. dollar . . . . . . . . . . . . . . . . . . . . . . USD 1.174600 = EUR 1
Transactions completed during the reporting period that no longer appear in the investment portfolio
Purchases and sales of securities, investment fund units and promissory note Derivatives (option premiums realized in opening transactions, or total options
loans (Schuldscheindarlehen); market classifications are as of the reporting date transactions; in the case of warrants, purchases and sales are shown)
Count/
Purchases/ Sales/
Security name currency
additions disposals Value (’000)
(– / ’000)
Futures contracts
Securities traded on an exchange
Securities futures
Equities
Kion Group Ag Bzr (DE000A3H22F2) . . . . . . . . . . . . Count 1 895 835 1 895 835 Equity futures
Linde (IE00BZ12WP82). . . . . . . . . . . . . . . . . . . . . . . Count 358 489
Siemens Healthineers (DE000SHL1006). . . . . . . . . . Count 1 028 153 Contracts purchased: EUR 309 157
(Underlyings: BASF Reg., Daimler Reg., Henkel Pref.)
Equity index futures
Contracts purchased: EUR 2 718 650
(Underlyings: DAX (performance index))
Securities loans (total transactions, at the value agreed at the closing of the loan
contract)
Value (’000)
No fixed maturity EUR 7 680
Security description: Infineon Technologies Reg. (DE0006231004)
11DWS Deutschland
Notes to the financial statements (in accordance with article 7, no. 9, KARBV
(Accounting and Valuation Regulation issued under the KAGB))
Other disclosures
Net asset value per unit, Class LC: EUR 263.03
Net asset value per unit, Class FC: EUR 270.82
Net asset value per unit, Class IC: EUR 273.87
Net asset value per unit, Class LD: EUR 259.82
Net asset value per unit, Class TFC: EUR 109.37
Net asset value per unit, Class TFD: EUR 105.20
Net asset value per unit, Class GLC: EUR 253.83
Net asset value per unit, Class GTFC: EUR 110.10
Number of units outstanding, Class LC: 14 963 691.995
Number of units outstanding, Class FC: 237 650.420
Number of units outstanding, Class IC: 1 490 876.000
Number of units outstanding, Class LD: 53 531.245
Number of units outstanding, Class TFC: 233 590.042
Number of units outstanding, Class TFD: 1 682.474
Number of units outstanding, Class GLC: 163 675.000
Number of units outstanding, Class GTFC: 65 143.000
Disclosure regarding asset valuation procedures:
The Depositary shall determine the value with the participation of the asset management company. The Depositary generally bases its valuation on external sources.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between the Depositary and the asset management
company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties
is checked through other pricing sources, model calculations or other suitable procedure.
Investments reported in this report are not valued at derived market values.
12DWS Deutschland
Information pursuant to Regulation (EU) 2015/2365 on transparency of securities financing
transactions (SFTs) and of reuse and amending Regulation (EU) No. 648/2012 –
Statement in accordance with Section A
Securities lending Repurchase agreements Total return swaps
Stated in fund currency
1. Assets used
Absolute - - -
In % of the fund’s net assets - - -
2. The 10 largest counterparties
1. Name
Gross volume
of open transactions
Country of registration
2. Name
Gross volume
of open transactions
Country of registration
3. Name
Gross volume
of open transactions
Country of registration
4. Name
Gross volume
of open transactions
Country of registration
5. Name
Gross volume
of open transactions
Country of registration
6. Name
Gross volume
of open transactions
Country of registration
7. Name
Gross volume
of open transactions
Country of registration
8. Name
Gross volume
of open transactions
Country of registration
9. Name
Gross volume
of open transactions
Country of registration
13DWS Deutschland
10. Name
Gross volume
of open transactions
Country of registration
3. Type(s) of settlement and clearing
(e.g., bilateral, tri-party,
- - -
central counterparty)
4. Transactions classified by term to maturity (absolute amounts)
Less than 1 day - - -
1 day to 1 week - - -
1 week to 1 month - - -
1 to 3 months - - -
3 months to 1 year - - -
More than 1 year - - -
No fixed maturity - - -
5. Type(s) and quality/qualities of collateral received
Type(s):
Bank balances - - -
Bonds - - -
Equities - - -
Other - - -
Quality/Qualities:
Insofar as securities lending transactions, reverse repurchase agreements or transactions with OTC derivatives (except forward
currency transactions) are concluded, collateral in one of the following forms is provided to the fund:
– Liquid assets such as cash, short-term bank deposits, money market instruments according to the definition in Directive 2007/16/EC
of March 19, 2007, letters of credit and first-demand guarantees that are issued by top-rated credit institutions not affiliated with the
counterparty, or bonds issued by an OECD member country or its local authorities or by supranational institutions and authorities at
local, regional or international level, regardless of their term to maturity
– Units of a collective investment undertaking (hereinafter “UCI”) investing in money market instruments that calculates a net asset
value daily and has a rating of AAA or an equivalent rating
– Units of a UCITS that invests predominantly in the bonds and equities listed under the next two indents
– Bonds, regardless of their term to maturity, that have a minimum rating of low investment-grade
– Equities admitted to or traded in a regulated market in a member state of the European Union or on an exchange in an OECD
member country, provided that these equities are included in a major index
The Management Company reserves the right to restrict the permissibility of the aforementioned collateral.
Furthermore, the Management Company reserves the right to deviate from the aforementioned criteria in exceptional cases.
Additional information on collateral requirements can be found in the sales prospectus for the fund/sub-fund.
14DWS Deutschland
6. Currency/Currencies of collateral received
Currency/Currencies: - - -
7. Collateral classified by term to maturity (absolute amounts)
Less than 1 day - - -
1 day to 1 week - - -
1 week to 1 month - - -
1 to 3 months - - -
3 months to 1 year - - -
More than 1 year - - -
No fixed maturity - - -
8. Income and cost portions (before income adjustment)
Income portion of the fund
Absolute 1 014.20 - -
In % of gross income 67.00 - -
Cost portion of the fund - - -
Income portion of the Management Company
Absolute 499.50 - -
In % of gross income 33.00 - -
Cost portion of the
- - -
Management Company
Income portion of third parties
Absolute - - -
In % of gross income - - -
Cost portion of third parties - - -
9. Income for the fund from reinvestment of cash collateral, based on all SFTs
and total return swaps
Absolute -
10. Lent securities in % of all lendable assets of the fund
Total -
Share -
11. The 10 largest issuers, based on all SFTs and total return swaps
1. Name
Volume of collateral received
(absolute)
2. Name
Volume of collateral received
(absolute)
15DWS Deutschland
3. Name
Volume of collateral received
(absolute)
4. Name
Volume of collateral received
(absolute)
5. Name
Volume of collateral received
(absolute)
6. Name
Volume of collateral received
(absolute)
7. Name
Volume of collateral received
(absolute)
8. Name
Volume of collateral received
(absolute)
9. Name
Volume of collateral received
(absolute)
10. Name
Volume of collateral received
(absolute)
12. R
einvested collateral in % of collateral received, based on all SFTs and
total return swaps
Share -
13. C
ustody type of provided collateral from SFTs and total return swaps
(In % of all provided collateral from SFTs and total return swaps)
Segregated cash/custody accounts - -
Pooled cash/custody accounts - -
Other cash/custody accounts - -
Recipient determines custody type - -
16DWS Deutschland
14. Depositaries/Account holders of received collateral from SFTs and total return swaps
Total number of depositaries/
- - -
account holders
1. Name
Amount held in custody (absolute)
17Asset Management Company Management Depositary
DWS Investment GmbH Manfred Bauer State Street Bank International GmbH
60612 Frankfurt/Main, Germany Speaker of the Management Brienner Straße 59
Own funds on 80333 München, Germany
December 31, 2020: EUR 398.4 million Member of the Management of Own funds on December 31, 2019:
Subscribed and paid-in capital DWS Management GmbH EUR 2,207.5 million
on December 31, 2020: EUR 115 million (personally liable partner of DWS Group (as defined in article 72 of Regulation (EU)
GmbH & Co. KGaA), No. 575/2013 (CRR))
Supervisory Board Frankfurt/Main Subscribed and paid-in capital on
Member of the Management of December 31, 2019: EUR 109.4 million
Dr. Asoka Wöhrmann DWS Beteiligungs GmbH,
Chairman Frankfurt/Main Shareholder of
DWS Management GmbH Member of the Supervisory Board of DWS Investment GmbH
(personally liable partner of DWS Investment S.A.,
DWS Group GmbH & Co. KGaA), Luxembourg DWS Beteiligungs GmbH,
Frankfurt/Main Frankfurt/Main
Dirk Görgen
Christof von Dryander
Vice-Chairman Member of the Management of
Cleary Gottlieb Steen & Hamilton LLP, DWS Management GmbH
Frankfurt/Main (personally liable partner of
DWS Group GmbH & Co. KGaA),
Hans-Theo Franken Frankfurt/Main
Deutsche Vermögensberatung AG, Member of the Management of
Frankfurt/Main DWS Beteiligungs GmbH,
Frankfurt/Main
Dr. Alexander Ilgen
Deutsche Bank AG, Stefan Kreuzkamp
Frankfurt/Main
Member of the Management of
Britta Lehfeldt DWS Management GmbH
Deutsche Bank AG, (personally liable partner of DWS Group
Frankfurt/Main GmbH & Co. KGaA),
Frankfurt/Main
Dr. Stefan Marcinowski Member of the Management of
Ludwigshafen DWS Beteiligungs GmbH,
Frankfurt/Main
Prof. Christian Strenger Member of the Supervisory Board of
The Germany Funds, DWS Investment S.A.,
New York Luxembourg
Gerhard Wiesheu Dr. Matthias Liermann
Partner of Bankhaus
B. Metzler seel. Sohn & Co. KGaA, Member of the Management of
Frankfurt/Main DWS International GmbH,
Frankfurt/Main
Susanne Zeidler Member of the Management of
Deutsche Beteiligungs AG, DWS Beteiligungs GmbH,
Frankfurt/Main Frankfurt/Main
Member of the Supervisory Board of
DWS Investment S.A.,
Luxembourg
Member of the Supervisory Board of
Deutsche Treuinvest Stiftung,
Frankfurt/Main
Petra Pflaum
Member of the Management of
DWS Beteiligungs GmbH,
Frankfurt/Main
As of: April 30, 2021DWS Investment GmbH 60612 Frankfurt/Main, Germany Tel.: +49 (0) 69-910-12371 Fax: +49 (0) 69-910-19090 www.dws.com
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