# DWS Invest Multi Strategy
DWS INVEST MULTI STRATEGY

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class FC | LU0616844766 | -5.1% |
| Class FD | LU1264174118 | -5.1% |
| Class LC | LU0616843958 | -5.3% |
| Class LD | LU0616844170 | -5.3% |
| Class XC | LU1808979337 | -4.9% |

“BVI method” performance, i.e., excluding the initial sales charge. Past performance is no guide to future results.
As of: June 30, 2020
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Multi Strategy
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 1 460 961.66 | 2.96 |
| Telecommunication Services | 1 408 460.06 | 2.86 |
| Consumer Discretionaries | 2 142 468.31 | 4.35 |
| Energy | 305 822.61 | 0.62 |
| Consumer Staples | 990 489.43 | 2.03 |
| Financials | 1 496 363.25 | 3.03 |
| Basic Materials | 1 209 029.68 | 2.44 |
| Industrials | 830 647.51 | 1.68 |
| Utilities | 248 855.86 | 0.51 |
| Total equities | 10 093 098.37 | 20.48 |
| 2. Bonds (issuers) Companies | 13 037 094.39 | 26.42 |
| Central governments | 16 367 596.43 | 33.17 |
| Total bonds | 29 404 690.82 | 59.59 |
| 3. Investment fund units Bond funds | 3 961 381.60 | 8.03 |
| Other funds | 4 521 862.74 | 9.17 |
| Total investment fund units | 8 483 244.34 | 17.20 |
| 4. Derivativess | 722 710.72 | 1.47 |
| 5. Cash at bank | 780 241.26 | 1.57 |
| 6. Other assets | 254 161.67 | 0.52 |
| II. Liabilities |  |  |
| 1. Other liabilities | -409 233.49 | - 0.83 |
| III. Net assets | 49 328 913.69 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 38 198 689.58 | 77.44 |
| Equities Algonquin Power & Utilities Corp.......................  | Count | 3 275 | 3 275 |  | CAD | 17.55 | 37 511.44 | 0.08 |
| Canadian National Railway Co. ........................  | Count | 639 | 639 |  | CAD | 118.87 | 49 573.36 | 0.10 |
| Royal Bank of Canada ...............................  | Count | 538 | 26 | 46 | CAD | 91.42 | 32 099.54 | 0.07 |
| Suncor Energy, Inc. .................................  | Count | 2 570 | 901 | 686 | CAD | 22.53 | 37 789.36 | 0.08 |
| Toronto-Dominion Bank/The ..........................       | Count | 1 451 | 850 |  | CAD | 59.83 | 56 658.06 | 0.11 |
| Adecco Group AG ..................................  | Count | 1 338 | 1 338 |  | CHF | 43.94 | 55 215.52 | 0.11 |
| Geberit AG........................................  | Count | 77 | 77 | 76 | CHF | 472.8 | 34 191.11 | 0.07 |
| Nestle SA ........................................  | Count | 349 |  | 96 | CHF | 105.06 | 34 435.61 | 0.07 |
| Novartis AG .......................................  | Count | 761 | 1 240 | 862 | CHF | 81.91 | 58 541.86 | 0.12 |
| Roche Holding AG ..................................  | Count | 161 | 161 | 198 | CHF | 327.65 | 49 542.85 | 0.10 |
| Sonova Holding AG .................................  | Count | 217 | 254 | 36 | CHF | 188.45 | 38 406.16 | 0.08 |
| SwissCom AG .....................................  | Count | 54 | 54 |  | CHF | 497 | 25 205.49 | 0.05 |
| Carlsberg A/S......................................  | Count | 420 | 420 |  | DKK | 879.2 | 49 547.65 | 0.10 |
| Novo Nordisk A/S ..................................  | Count | 1 005 | 1 165 | 160 | DKK | 429.95 | 57 978.92 | 0.12 |
| adidas AG ........................................  | Count | 139 | 152 | 13 | EUR | 231.6 | 32 192.40 | 0.07 |
| Allianz SE.........................................  | Count | 340 | 276 |  | EUR | 180.22 | 61 274.80 | 0.12 |
| Aroundtown SA ....................................  | Count | 4 553 | 4 553 |  | EUR | 5.104 | 23 238.51 | 0.05 |
| ASML Holding NV ..................................  | Count | 197 | 197 |  | EUR | 324.7 | 63 965.90 | 0.13 |
| AXA SA ..........................................  | Count | 3 390 | 3 390 |  | EUR | 18.418 | 62 437.02 | 0.13 |
| Continental AG ....................................  | Count | 635 | 558 |  | EUR | 86.26 | 54 775.10 | 0.11 |
| Danone SA .......................................  | Count | 404 | 22 | 79 | EUR | 61.82 | 24 975.28 | 0.05 |
| Deutsche Post AG..................................  | Count | 1 706 | 1 706 |  | EUR | 32.55 | 55 530.30 | 0.11 |
| E.ON SE .........................................  | Count | 5 201 | 5 488 | 287 | EUR | 10.04 | 52 218.04 | 0.11 |
| Enel SpA .........................................  | Count | 4 649 | 1 489 | 424 | EUR | 7.735 | 35 960.02 | 0.07 |
| Heineken NV ......................................  | Count | 397 | 731 | 334 | EUR | 81.9 | 32 514.30 | 0.07 |
| Iliad SA ..........................................  | Count | 151 | 151 |  | EUR | 173.85 | 26 251.35 | 0.05 |
| Inditex SA ........................................  | Count | 2 273 | 2 273 |  | EUR | 23.22 | 52 779.06 | 0.11 |
| Kering SA.........................................  | Count | 69 | 117 | 48 | EUR | 479.55 | 33 088.95 | 0.07 |
| Koninklijke Ahold Delhaize NV.........................  | Count | 2 543 |  | 1 496 | EUR | 24.35 | 61 922.05 | 0.13 |
| Koninklijke DSM NV ................................  | Count | 215 | 712 | 497 | EUR | 122.55 | 26 348.25 | 0.05 |
| Koninklijke Vopak NV................................  | Count | 869 | 869 |  | EUR | 47.21 | 41 025.49 | 0.08 |
| L‘Oreal SA ........................................  | Count | 256 | 256 |  | EUR | 285.3 | 73 036.80 | 0.15 |
| LVMH Moet Hennessy Louis Vuitton SE ................  | Count | 152 | 77 | 16 | EUR | 388 | 58 976.00 | 0.12 |
| Neste Oyj ........................................  | Count | 713 | 713 |  | EUR | 34.47 | 24 577.11 | 0.05 |
| Nordex SE ........................................  | Count | 5 471 | 5 471 |  | EUR | 8.725 | 47 734.48 | 0.10 |
| Prosus NV ........................................  | Count | 371 | 371 |  | EUR | 81.66 | 30 295.86 | 0.06 |
| Terna Rete Elettrica Nazionale SpA.....................  | Count | 9 395 | 9 593 | 198 | EUR | 6.164 | 57 910.78 | 0.12 |
| Total SA ..........................................  | Count | 1 411 | 1 000 | 284 | EUR | 33.81 | 47 705.91 | 0.10 |
| UPM-Kymmene Oyj ................................  | Count | 951 |  | 808 | EUR | 25.67 | 24 412.17 | 0.05 |
| Volkswagen AG -Pref- ...............................  | Count | 358 | 358 |  | EUR | 133.56 | 47 814.48 | 0.10 |
| Vonovia SE .......................................  | Count | 1 110 | 1 110 |  | EUR | 54.8 | 60 828.00 | 0.12 |
| Antofagasta PLC ...................................  | Count | 4 928 | 4 928 | 1 231 | GBP | 9.256 | 50 059.98 | 0.10 |
| British American Tobacco PLC ........................  | Count | 1 162 | 827 | 207 | GBP | 31.085 | 39 641.82 | 0.08 |
| HSBC Holdings PLC ................................  | Count | 5 802 | 4 763 | 991 | GBP | 3.768 | 23 993.04 | 0.05 |
| Persimmon PLC ...................................  | Count | 943 | 943 | 1 120 | GBP | 22.77 | 23 565.21 | 0.05 |
| Rentokil Initial PLC .................................  | Count | 7 491 | 7 491 |  | GBP | 5.058 | 41 582.95 | 0.08 |
| Rio Tinto PLC......................................  | Count | 1 005 | 1 005 | 2 097 | GBP | 45.135 | 49 782.44 | 0.10 |
| Royal Dutch Shell PLC ..............................  | Count | 2 788 | 2 788 |  | GBP | 12.82 | 39 226.30 | 0.08 |
| Segro PLC ........................................  | Count | 9 477 | 17 922 | 8 445 | GBP | 8.938 | 92 962.51 | 0.19 |
| Smith & Nephew PLC ...............................  | Count | 1 348 | 1 348 |  | GBP | 15.02 | 22 220.63 | 0.05 |
| SSE PLC .........................................  | Count | 1 741 | 1 741 | 1 712 | GBP | 13.755 | 26 281.86 | 0.05 |
| AIA Group Ltd .....................................  | Count | 4 400 | 4 800 | 400 | HKD | 72.3 | 36 623.60 | 0.07 |
| Alibaba Health Information Technology Ltd ..............  | Count | 18 000 | 18 000 |  | HKD | 22.6 | 46 832.90 | 0.09 |
| ANTA Sports Products Ltd ...........................  | Count | 6 000 | 6 000 |  | HKD | 68.4 | 47 247.35 | 0.10 |
| China Life Insurance Co., Ltd .........................  | Count | 21 000 | 21 000 |  | HKD | 15.6 | 37 714.99 | 0.08 |
| China Resources Land Ltd ...........................  | Count | 12 000 | 12 000 |  | HKD | 29.35 | 40 547.07 | 0.08 |
| CSPC Pharmaceutical Group Ltd.......................  | Count | 14 400 | 14 400 |  | HKD | 14.64 | 24 270.22 | 0.05 |
| Hong Kong Exchanges and Clearing Ltd.................  | Count | 800 | 900 | 100 | HKD | 330 | 30 393.03 | 0.06 |
| Kingdee International Software Group Co., Ltd ...........  | Count | 21 000 | 21 000 |  | HKD | 18.02 | 43 565.65 | 0.09 |
| PICC Property & Casualty Co., Ltd .....................  | Count | 32 000 | 32 000 |  | HKD | 6.39 | 23 540.79 | 0.05 |
| Ping An Healthcare and Technology Co., Ltd .............  | Count | 10 900 | 10 900 |  | HKD | 117.9 | 147 948.45 | 0.30 |
| Sands China Ltd ...................................  | Count | 5 600 | 5 600 |  | HKD | 30.4 | 19 598.90 | 0.04 |
| Sino Land Co., Ltd..................................  | Count | 30 000 | 30 000 |  | HKD | 9.75 | 33 674.10 | 0.07 |
| Sunny Optical Technology Group Co., Ltd ...............  | Count | 3 100 | 3 100 |  | HKD | 124 | 44 254.10 | 0.09 |
| Tencent Holdings Ltd ...............................  | Count | 2 300 | 2 300 |  | HKD | 498.6 | 132 023.19 | 0.27 |
| WuXi AppTec Co., Ltd...............................  | Count | 2 800 | 2 800 |  | HKD | 100.7 | 32 460.68 | 0.07 |
| Wynn Macau Ltd ...................................  | Count | 12 800 | 12 800 |  | HKD | 13.34 | 19 657.85 | 0.04 |
| Daito Trust Construction Co., Ltd ......................  | Count | 400 | 400 |  | JPY | 9 909 | 32 835.63 | 0.07 |
| Inpex Corp. .......................................  | Count | 4 000 | 4 000 |  | JPY | 666.9 | 22 099.19 | 0.04 |
| Keyence Corp. .....................................  | Count | 100 | 100 |  | JPY | 45 030 | 37 304.18 | 0.08 |
| Nidec Corp. .......................................  | Count | 700 | 700 |  | JPY | 7 196 | 41 729.65 | 0.08 |
| Nikon Corp. .......................................  | Count | 3 100 | 3 100 |  | JPY | 902 | 23 164.55 | 0.05 |
| Nintendo Co., Ltd ..................................  | Count | 100 | 100 |  | JPY | 48 010 | 39 772.90 | 0.08 |
| Nippon Telegraph & Telephone Corp. ...................  | Count | 2 500 | 2 500 |  | JPY | 2 515.5 | 52 097.86 | 0.11 |

| Panasonic Corp.....................................  | Count | 3 200 | 3 200 | JPY | 939.6 | 24 908.56 | 0.05 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Seven & I Holdings Co., Ltd ..........................  | Count | 800 | 800	600 | JPY | 3 520 | 23 328.57 | 0.05 |
| Shin-Etsu Chemical Co., Ltd ..........................  | Count | 200 | 200 | JPY | 12 595 | 20 868.14 | 0.04 |
| Shionogi & Co., Ltd .................................  | Count | 700 | 1 100	400 | JPY | 6 750 | 39 143.29 | 0.08 |
| Sony Corp.........................................  | Count | 1 100 | 1 100 | JPY | 7 384 | 67 288.36 | 0.14 |
| Toyota Motor Corp. .................................  | Count | 1 500 | 1 100	300 | JPY | 6 762 | 84 027.60 | 0.17 |
| Telenor ASA ......................................  | Count | 2 971 | 2 971 | NOK | 139.95 | 38 214.31 | 0.08 |
| Hexagon AB ......................................  | Count | 664 | 1 164	500 | SEK | 540.4 | 34 251.30 | 0.07 |
| Sandvik AB .......................................  | Count | 2 181 | 2 181	3 939 | SEK | 172.15 | 35 839.04 | 0.07 |
| Abbott Laboratories.................................  | Count | 404 | 404 | USD | 88.77 | 31 999.19 | 0.06 |
| AbbVie, Inc. .......................................  | Count | 1 232 | 88	144 | USD | 96.07 | 105 606.32 | 0.21 |
| Activision Blizzard, Inc. ..............................  | Count | 384 | 384 | USD | 76.23 | 26 118.52 | 0.05 |
| Adobe Systems, Inc. ................................  | Count | 72 | 72 | USD | 429.77 | 27 609.59 | 0.06 |
| Agilent Technologies, Inc. ............................  | Count | 311 | 311 | USD | 87.35 | 24 239.00 | 0.05 |
| Agnico-Eagle Mines Ltd .............................  | Count | 3 038 | 4 725	1 687 | USD | 62.31 | 168 902.84 | 0.34 |
| Air Products & Chemicals, Inc. ........................  | Count | 114 | 114 | USD | 237.39 | 24 146.75 | 0.05 |
| Akamai Technologies, Inc.............................  | Count | 266 | 266 | USD | 106.15 | 25 193.76 | 0.05 |
| Alexion Pharmaceuticals, Inc. .........................  | Count | 321 | 506	185 | USD | 111.8 | 32 021.25 | 0.06 |
| Alibaba Group Holding Ltd -ADR- ......................  | Count | 622 | 622 | USD | 215.99 | 119 871.37 | 0.24 |
| Alphabet, Inc. .....................................  | Count | 181 | 114	7 | USD | 1 392.14 | 224 829.30 | 0.46 |
| Amazon.com, Inc. ..................................  | Count | 76 | 42	16 | USD | 2 710.32 | 183 791.57 | 0.37 |
| American Express Co. ...............................  | Count | 377 | 223 | USD | 93.66 | 31 505.54 | 0.06 |
| American Tower Corp. ..............................  | Count | 106 | 106 | USD | 255.09 | 24 126.30 | 0.05 |
| Amgen, Inc. .......................................  | Count | 125 | 125	153 | USD | 232.42 | 25 922.38 | 0.05 |
| Aon PLC .........................................  | Count | 144 | 167	23 | USD | 189.69 | 24 372.40 | 0.05 |
| Apple, Inc. ........................................  | Count | 1 185 | 922	382 | USD | 364.08 | 384 952.01 | 0.78 |
| Arista Networks, Inc.................................  | Count | 122 | 150	28 | USD | 210.72 | 22 938.08 | 0.05 |
| Autodesk, Inc. .....................................  | Count | 299 | 537	238 | USD | 232.76 | 62 097.05 | 0.13 |
| Bank of America Corp. ..............................  | Count | 2 633 | 822	217 | USD | 23.41 | 54 997.59 | 0.11 |
| Barrick Gold Corp. ..................................  | Count | 9 933 | 15 669	5 736 | USD | 26.065 | 231 009.37 | 0.47 |
| Berkshire Hathaway, Inc. ............................  | Count | 201 | 201	216 | USD | 176.84 | 31 715.24 | 0.06 |
| Best Buy Co., Inc. ..................................  | Count | 464 | 7	751 | USD | 86.77 | 35 923.53 | 0.07 |
| BioMarin Pharmaceutical, Inc..........................  | Count | 431 | 469	38 | USD | 122.75 | 47 205.24 | 0.10 |
| BlackRock, Inc. ....................................  | Count | 67 | 37	2 | USD | 538.21 | 32 174.96 | 0.07 |
| Boeing Co./The ....................................  | Count | 305 | 61	130 | USD | 181.4 | 49 366.07 | 0.10 |
| Booking Holdings, Inc................................  | Count | 45 | 31 | USD | 1 572.57 | 63 141.36 | 0.13 |
| Cadence Design Systems, Inc. ........................  | Count | 607 | 641	34 | USD | 95.3 | 51 614.65 | 0.10 |
| Caterpillar, Inc......................................  | Count | 455 | 336	224 | USD | 124.36 | 50 487.46 | 0.10 |
| Charles Schwab Corp./The ...........................  | Count | 755 | 755 | USD | 32.85 | 22 129.61 | 0.04 |
| Chipotle Mexican Grill, Inc. ...........................  | Count | 26 | 26 | USD | 1 048 | 24 312.30 | 0.05 |
| Chubb Ltd ........................................  | Count | 221 | 228	7 | USD | 125.71 | 24 788.69 | 0.05 |
| Church & Dwight Co., Inc. ...........................  | Count | 369 | 416	47 | USD | 76.91 | 25 322.15 | 0.05 |
| Cisco Systems, Inc..................................  | Count | 996 | 244	2 344 | USD | 46.69 | 41 492.98 | 0.08 |
| Citigroup, Inc. .....................................  | Count | 919 | 196 | USD | 50.215 | 41 175.65 | 0.08 |
| Coca-Cola Co./The ..................................  | Count | 1 993 | 1 243 | USD | 44.29 | 78 759.76 | 0.16 |
| Cognizant Technology Solutions Corp. ..................  | Count | 877 | 418	177 | USD | 57.24 | 44 790.99 | 0.09 |
| Colgate-Palmolive Co. ...............................  | Count | 1 032 | 1 230	198 | USD | 72.73 | 66 970.68 | 0.14 |
| Comcast Corp......................................  | Count | 3 208 | 483	880 | USD | 38.15 | 109 199.42 | 0.22 |
| ConocoPhillips .....................................  | Count | 1 269 | 846 | USD | 40.33 | 45 664.77 | 0.09 |
| Dominion Resources, Inc. ............................  | Count | 542 | 542 | USD | 80.59 | 38 973.72 | 0.08 |
| Eaton Corp., PLC ...................................  | Count | 1 091 | 176	41 | USD | 86.17 | 83 882.67 | 0.17 |
| Eli Lilly & Co. ......................................  | Count | 486 | 536	50 | USD | 162.92 | 70 648.36 | 0.14 |
| Emerson Electric Co.................................  | Count | 1 070 | 1 070 | USD | 61.05 | 58 285.55 | 0.12 |
| Facebook, Inc. .....................................  | Count | 723 | 412	34 | USD | 220.1 | 141 987.39 | 0.29 |
| Garmin Ltd........................................  | Count | 303 | 303 | USD | 96.29 | 26 032.46 | 0.05 |
| Gilead Sciences, Inc. ................................  | Count | 1 148 | 903 | USD | 75.61 | 77 448.42 | 0.16 |
| Goldman Sachs Group, Inc............................  | Count | 320 | 147	30 | USD | 194.47 | 55 525.70 | 0.11 |
| Humana, Inc. ......................................         | Count | 115 | 240 | USD | 379.46 | 38 936.35 | 0.08 |
| Intel Corp. ........................................  | Count | 903 | 139	96 | USD | 59.615 | 48 032.45 | 0.10 |
| Intercontinental Exchange, Inc. ........................  | Count | 291 | 378	87 | USD | 90.59 | 23 521.48 | 0.05 |
| JD.com, Inc. -ADR- .................................  | Count | 1 256 | 1 256 | USD | 60.23 | 67 498.47 | 0.14 |
| Johnson & Johnson.................................  | Count | 693 | 312 | USD | 138.34 | 85 540.63 | 0.17 |
| JPMorgan Chase & Co...............................  | Count | 945 | 275	12 | USD | 93.49 | 78 829.43 | 0.16 |
| Lam Research Corp. ................................  | Count | 241 | 196 | USD | 322.86 | 69 426.09 | 0.14 |
| Linde PLC ........................................  | Count | 181 | 181	255 | USD | 209.88 | 33 895.42 | 0.07 |
| LyondellBasell Industries NV..........................  | Count | 820 | 301	219 | USD | 63.82 | 46 694.11 | 0.09 |
| Marsh & McLennan Cos, Inc. .........................  | Count | 260 | 328	68 | USD | 105.82 | 24 548.93 | 0.05 |
| Marvell Technology Group Ltd ........................  | Count | 1 080 | 1 533	453 | USD | 34.68 | 33 419.06 | 0.07 |
| MasterCard, Inc. ...................................  | Count | 462 | 110	312 | USD | 292.91 | 120 744.57 | 0.24 |
| McDonald‘s Corp. ..................................  | Count | 299 | 151	108 | USD | 182.915 | 48 799.12 | 0.10 |
| Merck & Co., Inc. ..................................  | Count | 809 | 386	98 | USD | 76.39 | 55 141.23 | 0.11 |
| Micron Technology, Inc. .............................  | Count | 1 397 | 1 096	1 458 | USD | 51.59 | 64 306.28 | 0.13 |
| Microsoft Corp. ....................................  | Count | 2 274 | 434	594 | USD | 199.69 | 405 170.86 | 0.82 |
| Netflix, Inc. .......................................  | Count | 66 | 66 | USD | 452.97 | 26 675.02 | 0.05 |
| New Oriental Education & Technology Group, Inc. -ADR- ...  | Count | 378 | 378 | USD | 133.51 | 45 029.49 | 0.09 |
| Newmont Mining Corp...............................  | Count | 7 664 | 10 971	3 307 | USD | 59.81 | 408 997.57 | 0.83 |
| Norfolk Southern Corp. ..............................  | Count | 355 | 365 | USD | 172.72 | 54 709.46 | 0.11 |
| NVIDIA Corp. ......................................  | Count | 106 | 106 | USD | 379.26 | 35 870.24 | 0.07 |
| OneConnect Financial Technology Co., Ltd -ADR- .........  | Count | 1 272 | 1 272 | USD | 17.9 | 20 315.69 | 0.04 |
| PACCAR, Inc. .....................................  | Count | 382 | 382 | USD | 73.5 | 25 051.98 | 0.05 |

| Paypal Holdings, Inc. ................................  | Count | 356 | 356 |  | USD | 171.76 | 54 558.63 | 0.11 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Pfizer, Inc. ........................................  | Count | 3 101 |  | 963 | USD | 32.29 | 89 343.14 | 0.18 |
| Philip Morris International, Inc. ........................  | Count | 507 | 661 | 154 | USD | 69.9 | 31 621.07 | 0.06 |
| PNC Financial Services Group, Inc./The .................  | Count | 244 | 29 | 9 | USD | 103.67 | 22 570.14 | 0.05 |
| Progressive Corp./The ...............................  | Count | 355 | 355 |  | USD | 79.26 | 25 105.79 | 0.05 |
| QUALCOMM, Inc...................................  | Count | 668 | 668 | 360 | USD | 91.46 | 54 512.87 | 0.11 |
| Raytheon Technologies Corp. .........................  | Count | 1 032 | 1 032 | 275 | USD | 60.25 | 55 478.94 | 0.11 |
| Robert Half International, Inc. .........................  | Count | 527 | 527 |  | USD | 51.77 | 24 343.34 | 0.05 |
| S+P Global, Inc.....................................  | Count | 200 | 200 |  | USD | 323.54 | 57 736.36 | 0.12 |
| Starbucks Corp. ....................................  | Count | 841 | 977 | 136 | USD | 73.26 | 54 973.62 | 0.11 |
| Target Corp........................................  | Count | 393 |  | 941 | USD | 119.03 | 41 738.84 | 0.08 |
| Tencent Music Entertainment Group -ADR- ..............  | Count | 2 492 | 2 492 |  | USD | 13.745 | 30 562.17 | 0.06 |
| TJX Cos, Inc./The ..................................  | Count | 1 168 | 1 207 | 39 | USD | 49.95 | 52 055.88 | 0.11 |
| Union Pacific Corp. .................................  | Count | 492 | 100 | 127 | USD | 164.76 | 72 328.31 | 0.15 |
| UnitedHealth Group, Inc..............................  | Count | 458 |  | 186 | USD | 288.98 | 118 093.15 | 0.24 |
| US Bancorp .......................................  | Count | 766 | 447 |  | USD | 36.325 | 24 827.09 | 0.05 |
| Verizon Communications, Inc..........................  | Count | 1 491 | 1 491 |  | USD | 54.41 | 72 384.87 | 0.15 |
| Vertex Pharmaceuticals, Inc. ..........................  | Count | 164 | 177 | 13 | USD | 287.05 | 42 004.21 | 0.09 |
| Vici Properties, Inc. .................................  | Count | 1 370 | 1 370 |  | USD | 19.93 | 24 362.36 | 0.05 |
| Visa, Inc. .........................................  | Count | 714 |  | 350 | USD | 191.36 | 121 910.41 | 0.25 |
| Wells Fargo & Co. ..................................  | Count | 1 705 | 927 |  | USD | 25.38 | 38 610.68 | 0.08 |
| WW Grainger, Inc...................................  | Count | 119 | 134 | 15 | USD | 306.11 | 32 502.44 | 0.07 |
| Yamana Gold, Inc. ..................................  | Count | 26 352 | 37 228 | 10 876 | USD | 5.27 | 123 912.64 | 0.25 |
| Zoetis, Inc.........................................  | Count | 264 | 264 | 618 | USD | 133.74 | 31 503.35 | 0.06 |
| Interest-bearing securities 1.50 % 3M Co. 2016/2031 .........................  | EUR | 178 000 |  |  | % | 111.56 | 198 577.69 | 0.40 |
| 0.55  % Adif Alta Velocidad (MTN) 2020/2030 ...........  | EUR | 300 000 | 300 000 |  | % | 99.303 | 297 909.00 | 0.60 |
| 1.375 % Airbus SE (MTN) 2020/2026 ..................  | EUR | 200 000 | 200 000 |  | % | 101.474 | 202 948.00 | 0.41 |
| 1.125 % Amcor UK Finance PLC (MTN) 2020/2027 .......  | EUR | 140 000 | 140 000 |  | % | 101.09 | 141 526.00 | 0.29 |
| 2.125 % Anheuser Busch Inbev SA (MTN) 2020/2027 ..... 0.827 % Autonomous Community of Madrid Spain (MTN) 2020/2027 ................................  | EUR EUR | 100 000 240 000 | 100 000 240 000 |  | % % | 108.547 103.616 | 108 547.00 248 678.40 | 0.22 0.50 |
| 1.00  % Banco Bilbao Vizcaya Argentaria SA (MTN) |  |  |  |  |  |  |  |  |
| 2020/2030 * ..............................  | EUR | 200 000 | 200 000 | % | 94.08 | 188 160.00 | 0.38 |
| 5.625 % Banque Centrale de Tunisie International Bond |  |  |  |  |  |  |  |  |
| (MTN) 2017/2024 ..........................  | EUR | 198 000 | % | 92.122 | 182 402.55 | 0.37 |
| 1.25  % Banque Federative du Credit Mutuel SA (MTN) 2020/2030 ................................  | EUR | 200 000 | 200 000 |  | % | 103.01 | 206 021.00 | 0.42 |
| 0.25  % BASF SE (MTN) 2020/2027...................  | EUR | 300 000 | 300 000 |  | % | 100.628 | 301 885.50 | 0.61 |
| 1.125 % BNP Paribas SA (MTN) 2020/2032 *............  | EUR | 700 000 | 700 000 |  | % | 96.599 | 676 193.00 | 1.37 |
| 3.25  % BP Capital Markets PLC 2020/perpetual * .......  | EUR | 290 000 | 290 000 |  | % | 100.5 | 291 451.45 | 0.59 |
| 0.625 % BPCE SA (MTN) 2020/2025 ..................  4.00  % British American Tobacco Holdings The Netherlands BV (MTN) 2010/2020 ..........  | EUR EUR | 300 000 267 000 | 300 000 |  | % % | 101.643 100.064 | 304 929.00 267 169.55 | 0.62 0.54 |
| 1.625 % Capgemini SE (MTN) 2020/2026...............  | EUR | 100 000 | 100 000 |  | % | 105.054 | 105 054.00 | 0.21 |
| 2.625 % Carrefour SA (MTN) 2020/2027................  | EUR | 100 000 | 100 000 |  | % | 112.164 | 112 164.50 | 0.23 |
| 1.25  % Citigroup, Inc. (MTN) 2020/2026 * .............  | EUR | 200 000 | 200 000 |  | % | 102.292 | 204 583.00 | 0.41 |
| 0.625 % Corp Andina de Fomento (MTN) 2019/2026 ......  | EUR | 300 000 | 300 000 |  | % | 96.118 | 288 355.50 | 0.58 |
| 1.00  % Credit Agricole SA (MTN) 2020/2026 *..........  | EUR | 200 000 | 200 000 |  | % | 101.022 | 202 043.00 | 0.41 |
| 1.625 % Credit Agricole SA (MTN) 2020/2030 *..........  | EUR | 200 000 | 200 000 |  | % | 100.597 | 201 194.00 | 0.41 |
| 1.25  % CRH SMW Finance DAC (MTN) 2020/2026 ......  | EUR | 110 000 | 110 000 |  | % | 103.584 | 113 942.95 | 0.23 |
| 0.95  % Deutsche Bahn Finance GMBH 2019/perpetual * . 0.50 % Deutsche Bundesrepublik Inflation Linked Bond 2014/2030 ................................  | EUR EUR | 600 000 1 732 213 | 400 000 1 732 555 | 341 | % % | 96.585 117.469 | 579 510.00 2 034 813.83 | 1.17 4.13 |
| 0.625 % Digital Dutch Finco BV (MTN) 2020/2025 ........  | EUR | 180 000 | 180 000 |  | % | 98.926 | 178 066.80 | 0.36 |
| 1.00  % E.ON SE (MTN) 2020/2025 ...................  | EUR | 155 000 | 155 000 |  | % | 103.68 | 160 704.00 | 0.33 |
| 1.625 % EDP - Energias de Portugal SA (MTN) 2020/2027 . | EUR | 100 000 | 100 000 |  | % | 106.297 | 106 297.00 | 0.22 |
| 1.70  % Eli Lilly & Co. 2019/2049 .....................  1.625 % EnBW Energie Baden-Wuerttemberg AG 2019/2079 * ..............................  | EUR EUR | 300 000 300 000 | 300 000 300 000 |  | % % | 105.08 97.433 | 315 240.00 292 299.00 | 0.64 0.59 |
| 0.10  % French Republic Government Bond OAT |  |  |  |  |  |  |  |  |
| 2016/2047 ................................  | EUR | 763 901 | 763 901 | % | 124.038 | 947 527.77 | 1.92 |
| 2.50  % Gazprom OAO Via Gaz Capital SA (MTN) |  |  |  |  |  |  |  |  |
| 2018/2026 ................................  | EUR | 235 000 |  | % | 102.834 | 241 661.08 | 0.49 |
| 2.375 % Holcim Finance Luxembourg SA (MTN) 2020/2025 2.15 % Indonesia Government International Bond -Reg- (MTN) 2017/2024 ..........................  | EUR EUR | 140 000 250 000 | 140 000 250 000 | % % | 107.574 103.376 | 150 603.60 258 441.25 | 0.31 0.52 |
| 1.50  % Israel Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ................................  | EUR | 550 000 | 550 000 | % | 107.248 | 589 864.00 | 1.20 |
| 5.00  % Italy Buoni Poliennali Del Tesoro 2009/2040......  | EUR | 700 000 | 700 000 | % | 150.234 | 1 051 641.50 | 2.13 |
| 3.45  % Italy Buoni Poliennali Del Tesoro 2017/2048......  5.125 % Ivory Coast Government International Bond -Reg- (MTN) 2017/2025 ..........................  | EUR EUR | 650 000 166 000 | 650 000 | % % | 126.432 100.994 | 821 811.25 167 650.04 | 1.67 0.34 |
| 2.50  % JAB Holdings BV (MTN) 2020/2027 ............  0.375 % LVMH Moet Hennessy Louis Vuitton SE 2020/2031 ................................  | EUR EUR | 200 000 200 000 | 200 000 200 000 | % % | 106.704 98.429 | 213 408.00 196 858.00 | 0.43 0.40 |
| 2.875 % Merck KGaA 2019/2079 * ....................  | EUR | 300 000 | 300 000 | % | 104.518 | 313 554.00 | 0.64 |
| 1.25  % Naturgy Finance BV (MTN) 2020/2026 ..........  | EUR | 200 000 | 200 000 | % | 104.143 | 208 286.00 | 0.42 |
| 1.125 % Nestle Finance International Ltd (MTN) 2020/2026 . | EUR | 200 000 | 200 000 | % | 105.845 | 211 690.00 | 0.43 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1.50 | % OMV AG (MTN) 2020/2024...................  | EUR | 230 000 | 230 000 |  | % | 104.75 | 240 925.00 | 0.49 |
| 0.50 | % RELX Finance BV (MTN) 2020/2028 ............  | EUR | 100 000 | 100 000 |  | % | 98.253 | 98 253.00 | 0.20 |
| 2.624 | % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * ...........................  | EUR | 300 000 | 300 000 |  | % | 92.329 | 276 987.00 | 0.56 |
| 1.375 | % Schlumberger Finance BV (MTN) 2020/2026 .....  | EUR | 170 000 | 170 000 |  | % | 102.424 | 174 121.65 | 0.35 |
| 4.75 | % Senegal Government International Bond -Reg- (MTN) 2018/2028 ..........................  | EUR | 190 000 |  |  | % | 96.866 | 184 046.35 | 0.37 |
| 2.70 | % Spain Government Bond 2018/2048 ............  | EUR | 500 000 | 500 000 |  | % | 135.616 | 678 080.00 | 1.37 |
| 2.50 | % Standard Chartered PLC (MTN) 2020/2030 * .....  | EUR | 150 000 | 150 000 |  | % | 101.617 | 152 425.50 | 0.31 |
| 1.25 | % State Grid Overseas Investment 2016 Ltd -Reg- (MTN) 2016/2022 ..........................  | EUR | 253 000 |  | 230 000 | % | 101.114 | 255 818.42 | 0.52 |
| 0.75 | % Takeda Pharmaceutical Co., Ltd (MTN) 2020/2027 . | EUR | 320 000 | 320 000 |  | % | 100.463 | 321 481.60 | 0.65 |
| 3.50 | % Telekom Finanzmanagement GmbH (MTN) 2013/2023 ................................  | EUR | 100 000 |  |  | % | 110.062 | 110 062.00 | 0.22 |
| 1.75 | % Thermo Fisher Scientific, Inc. (MTN) 2020/2027 ..  | EUR | 110 000 | 110 000 |  | % | 106.841 | 117 525.10 | 0.24 |
| 2.28 | % Toyota Finance Australia Ltd (MTN) 2020/2027 ...  | EUR | 100 000 | 100 000 |  | % | 111.596 | 111 596.00 | 0.23 |
| 6.75 | % Ukraine Government International Bond -Reg- (MTN) 2019/2026 ..........................  | EUR | 158 000 |  |  | % | 101.85 | 160 923.79 | 0.33 |
| 2.731 | % UniCredit SpA 2020/2032 *...................  | EUR | 360 000 | 360 000 |  | % | 90.784 | 326 820.60 | 0.66 |
| 1.25 | % Veolia Environnement SA (MTN) 2020/2028. . . . . . | EUR | 100 000 | 100 000 |  | % | 105.347 | 105 347.00 | 0.21 |
| 3.00 | % Volkswagen Financial Services AG (MTN) 2020/2025 ................................  | EUR | 150 000 | 150 000 |  | % | 107.066 | 160 598.25 | 0.33 |
| 1.125 | % Volkswagen International Finance NV (MTN) |  |  |  |  |  |  |  |  |
| 2017/2023 ................................  | EUR | 200 000 | 200 000 | % | 100.116 | 200 233.00 | 0.41 |
| 3.50 | % Volkswagen International Finance NV |  |  |  |  |  |  |  |  |
|  | 2020/perpetual * ...........................  | EUR | 400 000 | 400 000 | % | 98.812 | 395 250.00 | 0.80 |
| 1.625 | % Vonovia Finance BV (MTN) 2020/2024 ..........  | EUR | 100 000 | 100 000 | % | 104.372 | 104 372.50 | 0.21 |
| 1.00 | % Kreditanstalt fuer Wiederaufbau (MTN) 2016/2021 . | NOK | 10 530 000 |  | % | 100.848 | 975 986.88 | 1.98 |
| 6.125 | % Bahrain Government International Bond -Reg- (MTN) 2013/2023 ..........................  | USD | 200 000 |  | % | 106.045 | 189 239.42 | 0.38 |
| 3.875 | % Bank of America Corp. (MTN) 2015/2025 ........  | USD | 127 000 |  | % | 113.3 | 128 388.75 | 0.26 |
| 4.875 | % Eastern & Southern African Trade & Development Bank (MTN) 2019/2024...........  | USD | 350 000 | 350 000 | % | 100.41 | 313 572.95 | 0.64 |
| 4.10 | % EOG Resources, Inc. 2010/2021...............  | USD | 98 000 |  | % | 102.118 | 89 293.49 | 0.18 |
| 6.35 | % Eskom Holdings SOC Ltd -Reg- (MTN) 2018/2028 . | USD | 200 000 | 200 000 | % | 100.358 | 179 090.86 | 0.36 |
| 3.50 | % Home Depot, Inc./The 2016/2056..............  | USD | 88 000 |  | % | 116.94 | 91 819.98 | 0.19 |
| 6.40 | % JPMorgan Chase & Co. 2008/2038.............  | USD | 76 000 |  | % | 155.233 | 105 266.23 | 0.21 |
| 5.25 | % Namibia International Bonds -Reg- (MTN) 2015/2025 ................................  | USD | 263 000 |  | % | 101.814 | 238 921.19 | 0.48 |
| 4.75 | % Oman Government International Bond -Reg- (MTN) 2016/2026 ..........................  | USD | 200 000 |  | % | 92.79 | 165 584.72 | 0.34 |
| 5.75 | % Sri Lanka Government International Bond -Reg- (MTN) 2018/2023 ..........................  | USD | 280 000 |  | % | 71.125 | 177 693.58 | 0.36 |
| 0.875 | % United States Treasury Inflation Indexed Bonds |  |  |  |  |  |  |  |  |
| (MTN) 2019/2029 ..........................  | USD | 4 737 867 | 1 712 967 | 47 475 | % | 114.379 | 4 835 264.72 | 9.80 |
| 1.00 | % United States Treasury Inflation Indexed Bonds |  |  |  |  |  |  |  |  |
| 2019/2049 ................................  | USD | 2 142 802 | 527 413 | 432 350 | % | 134.918 | 2 579 545.57 | 5.23 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 1 299 099.61 | 2.63 |
| Equities Taylor Wimpey PLC.................................  | Count | 14 645 | 14 645 |  | GBP | 1.406 | 22 606.10 | 0.05 |
| Interest-bearing securities 3.375 % Glencore Finance Europe SA (MTN) 2013/2020 ...  | EUR | 272 000 |  |  | % | 100.499 | 273 357.28 | 0.55 |
| 5.15  % Spain Government Bond 2013/2044 ............  | EUR | 300 000 | 300 000 |  | % | 185.852 | 557 557.50 | 1.13 |
| 2.85  % Citibank NA 2018/2021 ......................  3.36  % Sprint Spectrum Co. LLC Via Sprint Spectrum Co. II LLC Via Sprint Spectrum Co. III LLC -144A- (MTN) 2016/2023 ..........................  | USD USD | 340 000 62 500 |  | 25 000 | % % | 101.428 101.488 | 307 700.50 56 596.33 | 0.62 0.11 |
| 3.85  % Starbucks Corp. (MTN) 2013/2023 .............  | USD | 83 000 |  |  | % | 109.755 | 81 281.90 | 0.17 |
| Investment fund units |  |  |  |  |  |  | 8 483 244.34 | 17.20 |
| In-group fund units DWS Invest SICAV - Emerging Markets Opportunities -IC- EUR - (0.470%) .................................        | Units | 10 024 |  |  | EUR | 99.49 | 997 287.76 | 2.02 |
| DWS Invest SICAV - Invest Euro High Yield Corporates -FC- EUR - (0.750%) ................................  | Units | 18 888 |  |  | EUR | 156.93 | 2 964 093.84 | 6.01 |
| Non-group fund units Invesco Physical Gold P-ETC - (0.490%).................  | Units | 29 509 | 20 425 | 14 964 | USD | 171.74 | 4 521 862.74 | 9.17 |
| Total securities portfolio |  |  |  |  |  |  | 47 981 033.53 | 97.27 |

| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting | period | EUR |  |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  | -31 896.77 | -0.06 |
| Equity index futures Dax Index 09/2020 (DB) .............................  | Count | 17 | 17 |  | 1 445.00 | 0.00 |
| Nikkei 225 Futures 09/2020 (DB) ......................  | Count | 4 | 4 |  | -26 923.96 | -0.05 |
| S & P MINI 500 Futures 09/2020 (DB) ..................  | Count | -8 |  | 8 | 5 497.19 | 0.01 |
| STOXX® Europe Small 200 Index 09/2020 (DB) ..........  | Count | -51 |  | 51 | 5 100.00 | 0.01 |
| STOXX® Europe 600 Automobiles & Parts 09/2020 (DB) ...  | Count | 41 | 41 |  | -17 015.00 | -0.03 |
| Interest rate derivatives Receivables/payables |  |  |  |  | -127 043.77 | -0.26 |
| Interest rate futures Australia Treasury Bonds 3 year Futures 09/2020 (DB) .....  | Count | 33 | 33 |  | 36 319.85 | 0.07 |
| Euro Buxl Futures 09/2020 (DB) .......................  | Count | -31 |  | 31 | -182 300.00 | -0.37 |
| Germany Federal Republic Notes 10 year 09/2020 (DB) ....  | Count | -9 |  | 9 | -19 620.00 | -0.04 |
| US Treasury Notes 10 year Futures 09/2020 (DB) .........  | Count | -25 |  | 25 | -13 593.03 | -0.03 |
| US Ultra Bond 09/2020 (DB) ..........................  | Count | 6 | 6 |  | 52 149.41 | 0.11 |
| Currency derivatives Receivables/payables |  |  |  |  | 881 651.26 | 1.79 |
| Forward currency transactions |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |
| Open positions JPY/EUR 151.6 million...............................  |  |  |  |  | 20 097.94 | 0.04 |
| Forward currency transactions (short) |  |  |  |  |  |  |
| Open positions EUR/CHF 0.2 million ................................  |  |  |  |  | 1 879.29 | 0.00 |
| EUR/GBP 0.4 million ................................  |  |  |  |  | 16 333.14 | 0.03 |
| EUR/USD 20.7 million ...............................  |  |  |  |  | 663 416.90 | 1.35 |
| Closed positions EUR/JPY 114.4 million...............................  |  |  |  |  | 44 062.74 | 0.09 |
| EUR/USD 5.6 million ................................  |  |  |  |  | 135 861.25 | 0.28 |
| Cash at bank |  |  |  |  | 780 241.26 | 1.58 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  | 260 740.60 | 0.53 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |
| British pound .....................................  | GBP | 19 150 |  |  | 21 016.95 | 0.04 |
| Danish krone ......................................  | DKK | 305 796 |  |  | 41 031.58 | 0.08 |
| Norwegian krone ...................................  | NOK | 256 621 |  |  | 23 585.39 | 0.05 |
| Swedish krona.....................................  | SEK | 390 215 |  |  | 37 247.53 | 0.08 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 92 871 |  |  | 56 903.17 | 0.12 |
| Hong Kong dollar ..................................  | HKD | 221 063 |  |  | 25 449.91 | 0.05 |
| Israeli shekel ......................................  | ILS | 25 050 |  |  | 6 442.52 | 0.01 |
| Japanese yen .....................................  | JPY | 10 686 958 |  |  | 88 533.91 | 0.18 |
| Canadian dollar ....................................  | CAD | 100 319 |  |  | 65 472.74 | 0.13 |
| Mexican peso .....................................  | MXN | 13 097 |  |  | 504.38 | 0.00 |
| New Zealand dollar .................................  | NZD | 1 849 |  |  | 1 056.76 | 0.00 |
| Swiss franc .......................................  | CHF | 26 356 |  |  | 24 752.96 | 0.05 |
| Singapore dollar ...................................  | SGD | 15 606 |  |  | 9 973.00 | 0.02 |
| U.S. dollar ........................................  | USD | 131 722 |  |  | 117 529.86 | 0.24 |
| Other assets |  |  |  |  | 254 161.67 | 0.52 |
| Dividends/Distributions receivable .....................  |  |  |  |  | 8 402.32 | 0.02 |
| Interest receivable .................................  |  |  |  |  | 183 533.58 | 0.37 |
| Receivables from exceeding the expense cap ............  |  |  |  |  | 62 196.76 | 0.13 |
| Other receivables ..................................  |  |  |  |  | 29.01 | 0.00 |
| Total assets ** |  |  |  |  | 49 997 599.17 | 101.36 |

| Other liabilities | -409 233.49 | -0.83 |
| --- | --- | --- |
| Liabilities from cost items ............................  | -89 297.49 | -0.18 |
| Additional other liabilities.............................  | -319 936.00 | -0.65 |
| Total liabilities | -668 685.48 | -1.36 |
| Net assets | 49 328 913.69 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class FC .........................................  | EUR | 128.37 |
| Class FD .........................................  | EUR | 95.79 |
| Class LC .........................................  | EUR | 99.67 |
| Class LD .........................................  | EUR | 95.06 |
| Class XC .........................................  | EUR | 101.36 |
| Number of shares outstanding Class FC .........................................  | Count | 383 802.000 |
| Class FD .........................................  | Count | 100.000 |
| Class LC .........................................  | Count | 296.000 |
| Class LD .........................................  | Count | 102.000 |
| Class XC .........................................  | Count | 100.000 |

Composition of the reference portfolio (according to CSSF circular 11/512)
45% BBG Barc Global Aggregate Corporate EUR Index, 35% MSCI World Net TR Index in EUR, 15% BBG Barc Global High Yield Index, 5% JPM Morgan GBI-EM Index in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 45.666 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 87.427 |
| Average market risk exposure ........................  | % | 71.332 |

The values-at-risk were calculated for the period from January 1, 2020, through June 30, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 1.3, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 49 171 512.51 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
Bofa Securities Europe, Goldman Sachs International, JP Morgan, Société Générale and UBS AG
 Exchange rates (indirect quotes)	
As of June 30, 2020
| Australian dollar ................. . | AUD | 1.632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ................. . | CAD | 1.532233 | = | EUR | 1 |
| Swiss franc .................... . | CHF | 1.064768 | = | EUR | 1 |
| Danish krone ................... . | DKK | 7.452704 | = | EUR | 1 |
| British pound .................. . | GBP | 0.911178 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 8.686201 | = | EUR | 1 |
| Israeli shekel ................... . | ILS | 3.888160 | = | EUR | 1 |
| Japanese yen .................. . | JPY | 120.710331 | = | EUR | 1 |
| Mexican peso .................. . | MXN | 25.965526 | = | EUR | 1 |
| Norwegian krone ................ . | NOK | 10.880517 | = | EUR | 1 |
| New Zealand dollar .............. . | NZD | 1.749258 | = | EUR | 1 |
| Swedish krona.................. . | SEK | 10.476263 | = | EUR | 1 |
| Singapore dollar ................ . | SGD | 1.564791 | = | EUR | 1 |
| U.S. dollar ..................... . | USD | 1.120750 | = | EUR | 1 |

 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.
 Footnotes	
* Floating interest rate.
** Does not include positions with a negative balance, if such exist.
DWS Invest Nomura Japan Growth
DWS INVEST NOMURA JAPAN GROWTH

### Performance of share classes (in euro)

#### Share class	ISIN	6 months

##### Class MFCH	LU1218760608	-3.8%

##### Class JPY FC1	LU1342482384	-3.4%
1 
in JPY
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2020
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Nomura Japan Growth
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in JPY | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 880 873 700.00 | 10.96 |
| Telecommunication Services | 892 977 800.00 | 11.12 |
| Consumer Discretionaries | 1 513 116 400.00 | 18.83 |
| Energy | 147 261 000.00 | 1.83 |
| Consumer Staples | 1 542 195 700.00 | 19.19 |
| Financials | 435 263 700.00 | 5.42 |
| Basic Materials | 430 545 500.00 | 5.36 |
| Industrials | 1 985 311 200.00 | 24.72 |
| Total equities | 7 827 545 000.00 | 97.43 |
| 2. Derivativess | 1 430 701.00 | 0.02 |
| 3. Cash at bank | 194 367 822.00 | 2.42 |
| 4. Other assets | 24 634 466.00 | 0.30 |
| II. Liabilities |  |  |
| 1. Other liabilities | -13 841 602.00 | - 0.17 |
| III. Net assets | 8 034 136 387.00 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in JPY | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 7 827 545 000.00 | 97.43 |
| Equities Asahi Intecc Co., Ltd ................................  | Count | 12 500 | 13 100 | 600 | JPY | 3 065 | 38 312 500.00 | 0.48 |
| Bandai Namco Holdings, Inc. .........................  | Count | 17 600 | 18 700 | 1 100 | JPY | 5 667 | 99 739 200.00 | 1.24 |
| Bridgestone Corp. ..................................  | Count | 7 900 | 300 | 6 700 | JPY | 3 469 | 27 405 100.00 | 0.34 |
| Chugai Pharmaceutical Co., Ltd .......................  | Count | 25 200 | 16 900 | 1 000 | JPY | 5 765 | 145 278 000.00 | 1.81 |
| Daifuku Co., Ltd....................................  | Count | 23 600 | 700 | 7 100 | JPY | 9 420 | 222 312 000.00 | 2.77 |
| Dai-ichi Life Insurance Co., Ltd ........................  | Count | 101 800 | 1 100 | 3 500 | JPY | 1 283 | 130 609 400.00 | 1.63 |
| Daikin Industries Ltd ................................  | Count | 14 900 | 1 600 | 800 | JPY | 17 335 | 258 291 500.00 | 3.21 |
| Daiwa House Industry Co., Ltd ........................  | Count | 70 800 | 13 100 | 3 500 | JPY | 2 542 | 179 973 600.00 | 2.24 |
| Disco Corp. .......................................  | Count | 4 100 | 100 | 2 000 | JPY | 26 090 | 106 969 000.00 | 1.33 |
| Fancl Corp. .......................................  | Count | 36 100 | 1 100 | 14 100 | JPY | 3 195 | 115 339 500.00 | 1.44 |
| FANUC Corp.......................................  | Count | 3 100 | 100 | 100 | JPY | 19 260 | 59 706 000.00 | 0.74 |
| Fast Retailing Co., Ltd ...............................  | Count | 3 000 | 1 400 |  | JPY | 61 700 | 185 100 000.00 | 2.30 |
| Hitachi Metals Ltd ..................................  | Count | 64 900 | 2 500 | 6 600 | JPY | 1 283 | 83 266 700.00 | 1.04 |
| Hoya Corp.........................................  | Count | 11 600 | 200 | 5 700 | JPY | 10 260 | 119 016 000.00 | 1.48 |
| IHI Corp. .........................................  | Count | 113 400 | 32 400 | 2 300 | JPY | 1 558 | 176 677 200.00 | 2.20 |
| Isuzu Motors Ltd ...................................  | Count | 124 500 | 34 500 | 4 300 | JPY | 973.3 | 121 175 850.00 | 1.51 |
| ITOCHU Corp. .....................................  | Count | 65 300 | 28 300 | 2 400 | JPY | 2 321.5 | 151 593 950.00 | 1.89 |
| JX Holdings, Inc. ...................................  | Count | 385 500 | 78 400 | 14 300 | JPY | 382 | 147 261 000.00 | 1.83 |
| Kao Corp..........................................  | Count | 10 000 | 500 | 500 | JPY | 8 540 | 85 400 000.00 | 1.06 |
| KDDI Corp. .......................................  | Count | 52 200 | 4 400 | 9 800 | JPY | 3 234 | 168 814 800.00 | 2.10 |
| Keyence Corp. .....................................  | Count | 3 500 |  | 1 000 | JPY | 45 030 | 157 605 000.00 | 1.96 |
| Komatsu Ltd ......................................  | Count | 57 200 | 400 | 23 500 | JPY | 2 203.5 | 126 040 200.00 | 1.57 |
| Kose Corp.........................................  | Count | 4 100 | 100 | 300 | JPY | 12 960 | 53 136 000.00 | 0.66 |
| M3, Inc. ..........................................  | Count | 12 400 | 700 | 12 200 | JPY | 4 585 | 56 854 000.00 | 0.71 |
| Mitsui Chemicals, Inc. ...............................  | Count | 49 300 | 11 100 | 1 800 | JPY | 2 247 | 110 777 100.00 | 1.38 |
| Murata Manufacturing Co., Ltd ........................  | Count | 47 300 | 800 | 4 300 | JPY | 6 316 | 298 746 800.00 | 3.72 |
| NEC Corp. ........................................  | Count | 44 600 | 46 300 | 1 700 | JPY | 5 170 | 230 582 000.00 | 2.87 |
| Nidec Corp. .......................................  | Count | 12 900 | 7 000 | 2 600 | JPY | 7 196 | 92 828 400.00 | 1.16 |
| Nippon Telegraph & Telephone Corp. ...................  | Count | 96 000 | 7 900 | 11 300 | JPY | 2 515.5 | 241 488 000.00 | 3.01 |
| Nissan Chemical Corp. ..............................  | Count | 12 700 | 12 700 |  | JPY | 5 520 | 70 104 000.00 | 0.87 |
| Nitori Holdings Co., Ltd ..............................  | Count | 10 600 | 2 000 | 5 100 | JPY | 21 125 | 223 925 000.00 | 2.79 |
| Obic Co., Ltd ......................................  | Count | 5 800 | 100 | 400 | JPY | 18 870 | 109 446 000.00 | 1.36 |
| Oriental Land Co., Ltd/Japan..........................  | Count | 2 000 | 100 | 2 500 | JPY | 14 240 | 28 480 000.00 | 0.35 |
| Pan Pacific International Holdings Corp. .................  | Count | 22 000 | 1 300 | 2 100 | JPY | 2 369 | 52 118 000.00 | 0.65 |
| Penta-Ocean Construction Co., Ltd.....................  | Count | 158 900 | 23 400 | 9 800 | JPY | 579 | 92 003 100.00 | 1.15 |
| Pigeon Corp. ......................................  | Count | 18 200 | 500 | 1 300 | JPY | 4 170 | 75 894 000.00 | 0.94 |
| Recruit Holdings Co., Ltd ............................  | Count | 52 200 | 1 200 | 5 900 | JPY | 3 682 | 192 200 400.00 | 2.39 |
| Santen Pharmaceutical Co., Ltd .......................  | Count | 62 000 | 3 700 | 3 800 | JPY | 1 983 | 122 946 000.00 | 1.53 |
| SG Holdings Co., Ltd................................  | Count | 37 400 | 45 300 | 7 900 | JPY | 3 520 | 131 648 000.00 | 1.64 |
| Shimano, Inc.......................................  | Count | 2 900 | 600 | 1 500 | JPY | 20 750 | 60 175 000.00 | 0.75 |
| Shionogi & Co., Ltd .................................  | Count | 29 000 | 8 300 | 1 200 | JPY | 6 750 | 195 750 000.00 | 2.44 |
| SMC Corp./Japan ..................................  | Count | 2 600 | 100 | 200 | JPY | 55 180 | 143 468 000.00 | 1.79 |
| SoftBank Group Corp. ...............................  | Count | 53 500 | 16 000 | 2 700 | JPY | 5 450 | 291 575 000.00 | 3.63 |
| Sony Corp.........................................  | Count | 41 800 | 1 500 | 3 300 | JPY | 7 384 | 308 651 200.00 | 3.84 |
| Square Enix Holdings Co., Ltd.........................  | Count | 14 900 | 7 000 | 6 000 | JPY | 5 440 | 81 056 000.00 | 1.01 |
| SUMCO Corp. .....................................  | Count | 123 300 | 9 200 | 7 000 | JPY | 1 649 | 203 321 700.00 | 2.53 |
| Sumitomo Metal Mining Co., Ltd ......................  | Count | 55 300 | 700 | 2 800 | JPY | 3 009 | 166 397 700.00 | 2.07 |
| Sumitomo Mitsui Financial Group, Inc. ..................  | Count | 57 400 | 1 900 | 9 800 | JPY | 3 032 | 174 036 800.00 | 2.17 |
| Sumitomo Realty & Development Co., Ltd...............  | Count | 19 900 | 19 200 | 15 900 | JPY | 2 963 | 58 963 700.00 | 0.73 |
| Suzuki Motor Corp. .................................  | Count | 28 400 | 25 200 | 9 400 | JPY | 3 657 | 103 858 800.00 | 1.29 |
| Sysmex Corp. .....................................  | Count | 6 200 | 800 | 400 | JPY | 8 230 | 51 026 000.00 | 0.63 |
| T&D Holdings, Inc. .................................  | Count | 77 800 | 1 900 | 4 200 | JPY | 921 | 71 653 800.00 | 0.89 |
| Terumo Corp. .....................................  | Count | 41 000 | 7 200 | 2 400 | JPY | 4 081 | 167 321 000.00 | 2.08 |
| Tokyo Electron Ltd .................................  | Count | 9 700 | 300 | 2 300 | JPY | 26 440 | 256 468 000.00 | 3.19 |
| Trend Micro, Inc./Japan..............................  | Count | 22 300 | 400 | 900 | JPY | 6 020 | 134 246 000.00 | 1.67 |
| Unicharm Corp. ....................................  | Count | 32 900 | 1 000 | 24 600 | JPY | 4 420 | 145 418 000.00 | 1.81 |
| Yakult Honsha Co., Ltd ..............................  | Count | 19 700 | 21 000 | 1 300 | JPY | 6 350 | 125 095 000.00 | 1.56 |
| Total securities portfolio |  |  |  |  |  |  | 7 827 545 000.00 | 97.43 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 1 430 701.00 | 0.02 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions EUR/JPY 65.2 million................................  |  |  |  |  |  |  | 1 430 701.00 | 0.02 |

DWS Invest Nomura Japan Growth
| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | JPY |  |
| Cash at bank |  |  |  | 194 367 822.00 | 2.42 |
| Demand deposits at Depositary EUR deposits......................................  |  | EUR | 103 | 12 436.00 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Japanese yen .....................................  | JPY |  |  | 194 355 386.00 | 2.42 |
| Other assets |  |  |  | 24 634 466.00 | 0.30 |
| Dividends/Distributions receivable .....................  |  |  |  | 4 981 595.00 | 0.06 |
| Receivables from exceeding the expense cap ............  |  |  |  | 19 652 871.00 | 0.24 |
| Total assets |  |  |  | 8 047 977 989.00 | 100.17 |
| Other liabilities |  |  |  | -13 841 602.00 | -0.17 |
| Liabilities from cost items ............................  |  |  |  | -13 841 602.00 | -0.17 |
| Total liabilities |  |  |  | -13 841 602.00 | -0.17 |
| Net assets |  |  |  | 8 034 136 387.00 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class MFCH ......................................  | EUR | 107.90 |
| Class JPY FC ......................................  | JPY | 12 916.00 |
| Number of shares outstanding Class MFCH ......................................  | Count | 616 500.000 |
| Class JPY FC ......................................  | Count | 128.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) Tokyo Stock Price (TOPIX) Index - BRS only
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 94.646 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 110.099 |
| Average market risk exposure ........................  | % | 100.385 |

The values-at-risk were calculated for the period from January 1, 2020, through June 30, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled JPY 0.00 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Market abbreviations	 Contracting parties for forward currency transactions
State Street Bank and Trust Company
 Exchange rates (indirect quotes)	
As of June 30, 2020 Euro ......................... . EUR	0.008281	= JPY	1
 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.

## DWS INVEST QI GLOBAL EQUITY

### Performance of share classes (in euro)
| Share class | ISIN | Since inception 1 |
| --- | --- | --- |
| Class LC | LU2178858259 | 0.0% |
| Class FC | LU2178858093 | 0.0% |
| Class IC | LU2178858176 | 0.0% |
| Class XC | LU2178858333 | 0.0% |
| MSCI World TR Net EUR |  | 0.0% |
| 1  Launched on June 30, 2020 |  |  |

“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2020

Translation (ENDE, 2020-06-30):
# DWS Invest Multi Strategy
DWS INVEST MULTI STRATEGY

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse FC | LU0616844766 | -5,1% |
| Klasse FD | LU1264174118 | -5,1% |
| Klasse LC | LU0616843958 | -5,3% |
| Klasse LD | LU0616844170 | -5,3% |
| Klasse XC | LU1808979337 | -4,9% |

Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages. Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.
Stand: 30.6.2020
DWS Invest Multi Strategy
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 1 460 961,66 | 2,96 |
| Telekommunikationsdienste | 1 408 460,06 | 2,86 |
| Dauerhafte Konsumgüter | 2 142 468,31 | 4,35 |
| Energie | 305 822,61 | 0,62 |
| Hauptverbrauchsgüter | 990 489,43 | 2,03 |
| Finanzsektor | 1 496 363,25 | 3,03 |
| Grundstoffe | 1 209 029,68 | 2,44 |
| Industrien | 830 647,51 | 1,68 |
| Versorger | 248 855,86 | 0,51 |
| Summe Aktien | 10 093 098,37 | 20,48 |
| 2. Anleihen (Emittenten) Unternehmen | 13 037 094,39 | 26,42 |
| Zentralregierungen | 16 367 596,43 | 33,17 |
| Summe Anleihen | 29 404 690,82 | 59,59 |
| 3. Investmentanteile Rentenfonds | 3 961 381,60 | 8,03 |
| Sonstige Fonds | 4 521 862,74 | 9,17 |
| Summe Investmentanteile | 8 483 244,34 | 17,20 |
| 4. Derivate | 722 710,72 | 1,47 |
| 5. Bankguthaben | 780 241,26 | 1,57 |
| 6. Sonstige Vermögensgegenstände | 254 161,67 | 0,52 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -409 233,49 | - 0,83 |
| III. Fondsvermögen | 49 328 913,69 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 38 198 689,58 | 77,44 |
| Aktien Algonquin Power & Utilities Corp. .....................  | Stück | 3 275 | 3 275 |  | CAD | 17,55 | 37 511,44 | 0,08 |
| Canadian National Railway Co. ........................  | Stück | 639 | 639 |  | CAD | 118,87 | 49 573,36 | 0,10 |
| Royal Bank of Canada ..............................  | Stück | 538 | 26 | 46 | CAD | 91,42 | 32 099,54 | 0,07 |
| Suncor Energy, Inc. ................................  | Stück | 2 570 | 901 | 686 | CAD | 22,53 | 37 789,36 | 0,08 |
| Toronto-Dominion Bank/The ..........................       | Stück | 1 451 | 850 |  | CAD | 59,83 | 56 658,06 | 0,11 |
| Adecco Group AG .................................  | Stück | 1 338 | 1 338 |  | CHF | 43,94 | 55 215,52 | 0,11 |
| Geberit AG .......................................  | Stück | 77 | 77 | 76 | CHF | 472,8 | 34 191,11 | 0,07 |
| Nestle SA ........................................  | Stück | 349 |  | 96 | CHF | 105,06 | 34 435,61 | 0,07 |
| Novartis AG ......................................  | Stück | 761 | 1 240 | 862 | CHF | 81,91 | 58 541,86 | 0,12 |
| Roche Holding AG .................................  | Stück | 161 | 161 | 198 | CHF | 327,65 | 49 542,85 | 0,10 |
| Sonova Holding AG ................................  | Stück | 217 | 254 | 36 | CHF | 188,45 | 38 406,16 | 0,08 |
| SwissCom AG ....................................  | Stück | 54 | 54 |  | CHF | 497 | 25 205,49 | 0,05 |
| Carlsberg A/S  ....................................  | Stück | 420 | 420 |  | DKK | 879,2 | 49 547,65 | 0,10 |
| Novo Nordisk A/S ..................................  | Stück | 1 005 | 1 165 | 160 | DKK | 429,95 | 57 978,92 | 0,12 |
| adidas AG ........................................  | Stück | 139 | 152 | 13 | EUR | 231,6 | 32 192,40 | 0,07 |
| Allianz SE ........................................  | Stück | 340 | 276 |  | EUR | 180,22 | 61 274,80 | 0,12 |
| Aroundtown SA ...................................  | Stück | 4 553 | 4 553 |  | EUR | 5,104 | 23 238,51 | 0,05 |
| ASML Holding NV .................................  | Stück | 197 | 197 |  | EUR | 324,7 | 63 965,90 | 0,13 |
| AXA SA  ........................................  | Stück | 3 390 | 3 390 |  | EUR | 18,418 | 62 437,02 | 0,13 |
| Continental AG ....................................  | Stück | 635 | 558 |  | EUR | 86,26 | 54 775,10 | 0,11 |
| Danone SA .......................................  | Stück | 404 | 22 | 79 | EUR | 61,82 | 24 975,28 | 0,05 |
| Deutsche Post AG .................................  | Stück | 1 706 | 1 706 |  | EUR | 32,55 | 55 530,30 | 0,11 |
| E.ON SE  ........................................  | Stück | 5 201 | 5 488 | 287 | EUR | 10,04 | 52 218,04 | 0,11 |
| Enel SpA ........................................  | Stück | 4 649 | 1 489 | 424 | EUR | 7,735 | 35 960,02 | 0,07 |
| Heineken NV .....................................  | Stück | 397 | 731 | 334 | EUR | 81,9 | 32 514,30 | 0,07 |
| Iliad SA  ........................................  | Stück | 151 | 151 |  | EUR | 173,85 | 26 251,35 | 0,05 |
| Inditex SA ........................................  | Stück | 2 273 | 2 273 |  | EUR | 23,22 | 52 779,06 | 0,11 |
| Kering SA ........................................  | Stück | 69 | 117 | 48 | EUR | 479,55 | 33 088,95 | 0,07 |
| Koninklijke Ahold Delhaize NV ........................  | Stück | 2 543 |  | 1 496 | EUR | 24,35 | 61 922,05 | 0,13 |
| Koninklijke DSM NV ................................  | Stück | 215 | 712 | 497 | EUR | 122,55 | 26 348,25 | 0,05 |
| Koninklijke Vopak NV ...............................  | Stück | 869 | 869 |  | EUR | 47,21 | 41 025,49 | 0,08 |
| L‘Oreal SA .......................................  | Stück | 256 | 256 |  | EUR | 285,3 | 73 036,80 | 0,15 |
| LVMH Moet Hennessy Louis Vuitton SE ................  | Stück | 152 | 77 | 16 | EUR | 388 | 58 976,00 | 0,12 |
| Neste Oyj ........................................  | Stück | 713 | 713 |  | EUR | 34,47 | 24 577,11 | 0,05 |
| Nordex SE .......................................  | Stück | 5 471 | 5 471 |  | EUR | 8,725 | 47 734,48 | 0,10 |
| Prosus NV .......................................  | Stück | 371 | 371 |  | EUR | 81,66 | 30 295,86 | 0,06 |
| Terna Rete Elettrica Nazionale SpA ....................  | Stück | 9 395 | 9 593 | 198 | EUR | 6,164 | 57 910,78 | 0,12 |
| Total SA  ........................................  | Stück | 1 411 | 1 000 | 284 | EUR | 33,81 | 47 705,91 | 0,10 |
| UPM-Kymmene Oyj ................................  | Stück | 951 |  | 808 | EUR | 25,67 | 24 412,17 | 0,05 |
| Volkswagen AG -Pref- ..............................  | Stück | 358 | 358 |  | EUR | 133,56 | 47 814,48 | 0,10 |
| Vonovia SE .......................................  | Stück | 1 110 | 1 110 |  | EUR | 54,8 | 60 828,00 | 0,12 |
| Antofagasta PLC ...................................  | Stück | 4 928 | 4 928 | 1 231 | GBP | 9,256 | 50 059,98 | 0,10 |
| British American Tobacco PLC ........................  | Stück | 1 162 | 827 | 207 | GBP | 31,085 | 39 641,82 | 0,08 |
| HSBC Holdings PLC ................................  | Stück | 5 802 | 4 763 | 991 | GBP | 3,768 | 23 993,04 | 0,05 |
| Persimmon PLC ...................................  | Stück | 943 | 943 | 1 120 | GBP | 22,77 | 23 565,21 | 0,05 |
| Rentokil Initial PLC .................................  | Stück | 7 491 | 7 491 |  | GBP | 5,058 | 41 582,95 | 0,08 |
| Rio Tinto PLC .....................................  | Stück | 1 005 | 1 005 | 2 097 | GBP | 45,135 | 49 782,44 | 0,10 |
| Royal Dutch Shell PLC ..............................  | Stück | 2 788 | 2 788 |  | GBP | 12,82 | 39 226,30 | 0,08 |
| Segro PLC .......................................  | Stück | 9 477 | 17 922 | 8 445 | GBP | 8,938 | 92 962,51 | 0,19 |
| Smith & Nephew PLC ..............................  | Stück | 1 348 | 1 348 |  | GBP | 15,02 | 22 220,63 | 0,05 |
| SSE PLC  ........................................  | Stück | 1 741 | 1 741 | 1 712 | GBP | 13,755 | 26 281,86 | 0,05 |
| AIA Group Ltd ....................................  | Stück | 4 400 | 4 800 | 400 | HKD | 72,3 | 36 623,60 | 0,07 |
| Alibaba Health Information Technology Ltd ..............  | Stück | 18 000 | 18 000 |  | HKD | 22,6 | 46 832,90 | 0,09 |
| ANTA Sports Products Ltd ...........................  | Stück | 6 000 | 6 000 |  | HKD | 68,4 | 47 247,35 | 0,10 |
| China Life Insurance Co., Ltd .........................  | Stück | 21 000 | 21 000 |  | HKD | 15,6 | 37 714,99 | 0,08 |
| China Resources Land Ltd ...........................  | Stück | 12 000 | 12 000 |  | HKD | 29,35 | 40 547,07 | 0,08 |
| CSPC Pharmaceutical Group Ltd ......................  | Stück | 14 400 | 14 400 |  | HKD | 14,64 | 24 270,22 | 0,05 |
| Hong Kong Exchanges and Clearing Ltd ................  | Stück | 800 | 900 | 100 | HKD | 330 | 30 393,03 | 0,06 |
| Kingdee International Software Group Co., Ltd ..........  | Stück | 21 000 | 21 000 |  | HKD | 18,02 | 43 565,65 | 0,09 |
| PICC Property & Casualty Co., Ltd .....................  | Stück | 32 000 | 32 000 |  | HKD | 6,39 | 23 540,79 | 0,05 |
| Ping An Healthcare and Technology Co., Ltd ............  | Stück | 10 900 | 10 900 |  | HKD | 117,9 | 147 948,45 | 0,30 |
| Sands China Ltd ...................................  | Stück | 5 600 | 5 600 |  | HKD | 30,4 | 19 598,90 | 0,04 |
| Sino Land Co., Ltd .................................  | Stück | 30 000 | 30 000 |  | HKD | 9,75 | 33 674,10 | 0,07 |
| Sunny Optical Technology Group Co., Ltd ...............  | Stück | 3 100 | 3 100 |  | HKD | 124 | 44 254,10 | 0,09 |
| Tencent Holdings Ltd ...............................  | Stück | 2 300 | 2 300 |  | HKD | 498,6 | 132 023,19 | 0,27 |
| WuXi AppTec Co., Ltd ..............................  | Stück | 2 800 | 2 800 |  | HKD | 100,7 | 32 460,68 | 0,07 |
| Wynn Macau Ltd ..................................  | Stück | 12 800 | 12 800 |  | HKD | 13,34 | 19 657,85 | 0,04 |
| Daito Trust Construction Co., Ltd .....................  | Stück | 400 | 400 |  | JPY | 9 909 | 32 835,63 | 0,07 |
| Inpex Corp. .......................................  | Stück | 4 000 | 4 000 |  | JPY | 666,9 | 22 099,19 | 0,04 |
| Keyence Corp. ....................................  | Stück | 100 | 100 |  | JPY | 45 030 | 37 304,18 | 0,08 |
| Nidec Corp. .......................................  | Stück | 700 | 700 |  | JPY | 7 196 | 41 729,65 | 0,08 |
| Nikon Corp. .......................................  | Stück | 3 100 | 3 100 |  | JPY | 902 | 23 164,55 | 0,05 |
| Nintendo Co., Ltd ..................................  | Stück | 100 | 100 |  | JPY | 48 010 | 39 772,90 | 0,08 |
| Nippon Telegraph & Telephone Corp. ..................  | Stück | 2 500 | 2 500 |  | JPY | 2 515,5 | 52 097,86 | 0,11 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Panasonic Corp. ...................................  | Stück | 3 200 | 3 200 |  | JPY | 939,6 | 24 908,56 | 0,05 |
| Seven & I Holdings Co., Ltd ..........................  | Stück | 800 | 800 | 600 | JPY | 3 520 | 23 328,57 | 0,05 |
| Shin-Etsu Chemical Co., Ltd ..........................  | Stück | 200 | 200 |  | JPY | 12 595 | 20 868,14 | 0,04 |
| Shionogi & Co., Ltd ................................  | Stück | 700 | 1 100 | 400 | JPY | 6 750 | 39 143,29 | 0,08 |
| Sony Corp. .......................................  | Stück | 1 100 | 1 100 |  | JPY | 7 384 | 67 288,36 | 0,14 |
| Toyota Motor Corp. ................................  | Stück | 1 500 | 1 100 | 300 | JPY | 6 762 | 84 027,60 | 0,17 |
| Telenor ASA ......................................  | Stück | 2 971 | 2 971 |  | NOK | 139,95 | 38 214,31 | 0,08 |
| Hexagon AB  .....................................  | Stück | 664 | 1 164 | 500 | SEK | 540,4 | 34 251,30 | 0,07 |
| Sandvik AB .......................................  | Stück | 2 181 | 2 181 | 3 939 | SEK | 172,15 | 35 839,04 | 0,07 |
| Abbott Laboratories ................................  | Stück | 404 | 404 |  | USD | 88,77 | 31 999,19 | 0,06 |
| AbbVie, Inc. ......................................  | Stück | 1 232 | 88 | 144 | USD | 96,07 | 105 606,32 | 0,21 |
| Activision Blizzard, Inc. ..............................  | Stück | 384 | 384 |  | USD | 76,23 | 26 118,52 | 0,05 |
| Adobe Systems, Inc. ...............................  | Stück | 72 | 72 |  | USD | 429,77 | 27 609,59 | 0,06 |
| Agilent Technologies, Inc. ...........................  | Stück | 311 | 311 |  | USD | 87,35 | 24 239,00 | 0,05 |
| Agnico-Eagle Mines Ltd .............................  | Stück | 3 038 | 4 725 | 1 687 | USD | 62,31 | 168 902,84 | 0,34 |
| Air Products & Chemicals, Inc. .......................  | Stück | 114 | 114 |  | USD | 237,39 | 24 146,75 | 0,05 |
| Akamai Technologies, Inc. ...........................  | Stück | 266 | 266 |  | USD | 106,15 | 25 193,76 | 0,05 |
| Alexion Pharmaceuticals, Inc. ........................  | Stück | 321 | 506 | 185 | USD | 111,8 | 32 021,25 | 0,06 |
| Alibaba Group Holding Ltd -ADR- ......................  | Stück | 622 | 622 |  | USD | 215,99 | 119 871,37 | 0,24 |
| Alphabet, Inc. .....................................  | Stück | 181 | 114 | 7 | USD | 1 392,14 | 224 829,30 | 0,46 |
| Amazon.com, Inc. ..................................  | Stück | 76 | 42 | 16 | USD | 2 710,32 | 183 791,57 | 0,37 |
| American Express Co. ..............................  | Stück | 377 | 223 |  | USD | 93,66 | 31 505,54 | 0,06 |
| American Tower Corp. ..............................  | Stück | 106 | 106 |  | USD | 255,09 | 24 126,30 | 0,05 |
| Amgen, Inc. ......................................  | Stück | 125 | 125 | 153 | USD | 232,42 | 25 922,38 | 0,05 |
| Aon PLC  ........................................  | Stück | 144 | 167 | 23 | USD | 189,69 | 24 372,40 | 0,05 |
| Apple, Inc. .......................................  | Stück | 1 185 | 922 | 382 | USD | 364,08 | 384 952,01 | 0,78 |
| Arista Networks, Inc. ...............................  | Stück | 122 | 150 | 28 | USD | 210,72 | 22 938,08 | 0,05 |
| Autodesk, Inc. ....................................  | Stück | 299 | 537 | 238 | USD | 232,76 | 62 097,05 | 0,13 |
| Bank of America Corp. ..............................  | Stück | 2 633 | 822 | 217 | USD | 23,41 | 54 997,59 | 0,11 |
| Barrick Gold Corp. .................................  | Stück | 9 933 | 15 669 | 5 736 | USD | 26,065 | 231 009,37 | 0,47 |
| Berkshire Hathaway, Inc. ............................  | Stück | 201 | 201 | 216 | USD | 176,84 | 31 715,24 | 0,06 |
| Best Buy Co., Inc. .................................  | Stück | 464 | 7 | 751 | USD | 86,77 | 35 923,53 | 0,07 |
| BioMarin Pharmaceutical, Inc. ........................  | Stück | 431 | 469 | 38 | USD | 122,75 | 47 205,24 | 0,10 |
| BlackRock, Inc. ....................................  | Stück | 67 | 37 | 2 | USD | 538,21 | 32 174,96 | 0,07 |
| Boeing Co./The ....................................  | Stück | 305 | 61 | 130 | USD | 181,4 | 49 366,07 | 0,10 |
| Booking Holdings, Inc. .............................  | Stück | 45 | 31 |  | USD | 1 572,57 | 63 141,36 | 0,13 |
| Cadence Design Systems, Inc. .......................  | Stück | 607 | 641 | 34 | USD | 95,3 | 51 614,65 | 0,10 |
| Caterpillar, Inc. ....................................  | Stück | 455 | 336 | 224 | USD | 124,36 | 50 487,46 | 0,10 |
| Charles Schwab Corp./The ...........................  | Stück | 755 | 755 |  | USD | 32,85 | 22 129,61 | 0,04 |
| Chipotle Mexican Grill, Inc. ..........................  | Stück | 26 | 26 |  | USD | 1 048 | 24 312,30 | 0,05 |
| Chubb Ltd ........................................  | Stück | 221 | 228 | 7 | USD | 125,71 | 24 788,69 | 0,05 |
| Church & Dwight Co., Inc. ...........................  | Stück | 369 | 416 | 47 | USD | 76,91 | 25 322,15 | 0,05 |
| Cisco Systems, Inc. ................................  | Stück | 996 | 244 | 2 344 | USD | 46,69 | 41 492,98 | 0,08 |
| Citigroup, Inc. .....................................  | Stück | 919 | 196 |  | USD | 50,215 | 41 175,65 | 0,08 |
| Coca-Cola Co./The .................................  | Stück | 1 993 | 1 243 |  | USD | 44,29 | 78 759,76 | 0,16 |
| Cognizant Technology Solutions Corp. ..................  | Stück | 877 | 418 | 177 | USD | 57,24 | 44 790,99 | 0,09 |
| Colgate-Palmolive Co. ..............................  | Stück | 1 032 | 1 230 | 198 | USD | 72,73 | 66 970,68 | 0,14 |
| Comcast Corp. ....................................  | Stück | 3 208 | 483 | 880 | USD | 38,15 | 109 199,42 | 0,22 |
| ConocoPhillips ....................................  | Stück | 1 269 | 846 |  | USD | 40,33 | 45 664,77 | 0,09 |
| Dominion Resources, Inc. ...........................  | Stück | 542 | 542 |  | USD | 80,59 | 38 973,72 | 0,08 |
| Eaton Corp., PLC ..................................  | Stück | 1 091 | 176 | 41 | USD | 86,17 | 83 882,67 | 0,17 |
| Eli Lilly & Co. .....................................  | Stück | 486 | 536 | 50 | USD | 162,92 | 70 648,36 | 0,14 |
| Emerson Electric Co. ...............................  | Stück | 1 070 | 1 070 |  | USD | 61,05 | 58 285,55 | 0,12 |
| Facebook, Inc. ....................................  | Stück | 723 | 412 | 34 | USD | 220,1 | 141 987,39 | 0,29 |
| Garmin Ltd .......................................  | Stück | 303 | 303 |  | USD | 96,29 | 26 032,46 | 0,05 |
| Gilead Sciences, Inc. ...............................  | Stück | 1 148 | 903 |  | USD | 75,61 | 77 448,42 | 0,16 |
| Goldman Sachs Group, Inc. ..........................  | Stück | 320 | 147 | 30 | USD | 194,47 | 55 525,70 | 0,11 |
| Humana, Inc. .....................................  | Stück | 115 |  | 240 | USD | 379,46 | 38 936,35 | 0,08 |
| Intel Corp. ........................................  | Stück | 903 | 139 | 96 | USD | 59,615 | 48 032,45 | 0,10 |
| Intercontinental Exchange, Inc. .......................  | Stück | 291 | 378 | 87 | USD | 90,59 | 23 521,48 | 0,05 |
| JD.com, Inc. -ADR- .................................  | Stück | 1 256 | 1 256 |  | USD | 60,23 | 67 498,47 | 0,14 |
| Johnson & Johnson ................................  | Stück | 693 | 312 |  | USD | 138,34 | 85 540,63 | 0,17 |
| JPMorgan Chase & Co. .............................  | Stück | 945 | 275 | 12 | USD | 93,49 | 78 829,43 | 0,16 |
| Lam Research Corp. ................................  | Stück | 241 |  | 196 | USD | 322,86 | 69 426,09 | 0,14 |
| Linde PLC  .......................................  | Stück | 181 | 181 | 255 | USD | 209,88 | 33 895,42 | 0,07 |
| LyondellBasell Industries NV .........................  | Stück | 820 | 301 | 219 | USD | 63,82 | 46 694,11 | 0,09 |
| Marsh & McLennan Cos, Inc. ........................  | Stück | 260 | 328 | 68 | USD | 105,82 | 24 548,93 | 0,05 |
| Marvell Technology Group Ltd ........................  | Stück | 1 080 | 1 533 | 453 | USD | 34,68 | 33 419,06 | 0,07 |
| MasterCard, Inc. ...................................  | Stück | 462 | 110 | 312 | USD | 292,91 | 120 744,57 | 0,24 |
| McDonald‘s Corp. ..................................  | Stück | 299 | 151 | 108 | USD | 182,915 | 48 799,12 | 0,10 |
| Merck & Co., Inc. ..................................  | Stück | 809 | 386 | 98 | USD | 76,39 | 55 141,23 | 0,11 |
| Micron Technology, Inc. .............................  | Stück | 1 397 | 1 096 | 1 458 | USD | 51,59 | 64 306,28 | 0,13 |
| Microsoft Corp. ...................................  | Stück | 2 274 | 434 | 594 | USD | 199,69 | 405 170,86 | 0,82 |
| Netflix, Inc. ......................................  | Stück | 66 | 66 |  | USD | 452,97 | 26 675,02 | 0,05 |
| New Oriental Education & Technology Group, Inc. -ADR- ...  | Stück | 378 | 378 |  | USD | 133,51 | 45 029,49 | 0,09 |
| Newmont Mining Corp. .............................  | Stück | 7 664 | 10 971 | 3 307 | USD | 59,81 | 408 997,57 | 0,83 |
| Norfolk Southern Corp. .............................  | Stück | 355 |  | 365 | USD | 172,72 | 54 709,46 | 0,11 |
| NVIDIA Corp. .....................................  | Stück | 106 | 106 |  | USD | 379,26 | 35 870,24 | 0,07 |
| OneConnect Financial Technology Co., Ltd -ADR- ........  | Stück | 1 272 | 1 272 |  | USD | 17,9 | 20 315,69 | 0,04 |
| PACCAR, Inc. .....................................  | Stück | 382 | 382 |  | USD | 73,5 | 25 051,98 | 0,05 |

| Paypal Holdings, Inc. ...............................  | Stück | 356 | 356 |  | USD | 171,76 | 54 558,63 | 0,11 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Pfizer, Inc. ........................................  | Stück | 3 101 |  | 963 | USD | 32,29 | 89 343,14 | 0,18 |
| Philip Morris International, Inc. ........................  | Stück | 507 | 661 | 154 | USD | 69,9 | 31 621,07 | 0,06 |
| PNC Financial Services Group, Inc./The .................  | Stück | 244 | 29 | 9 | USD | 103,67 | 22 570,14 | 0,05 |
| Progressive Corp./The ..............................  | Stück | 355 | 355 |  | USD | 79,26 | 25 105,79 | 0,05 |
| QUALCOMM, Inc. .................................  | Stück | 668 | 668 | 360 | USD | 91,46 | 54 512,87 | 0,11 |
| Raytheon Technologies Corp. ........................  | Stück | 1 032 | 1 032 | 275 | USD | 60,25 | 55 478,94 | 0,11 |
| Robert Half International, Inc. ........................  | Stück | 527 | 527 |  | USD | 51,77 | 24 343,34 | 0,05 |
| S+P Global, Inc. ...................................  | Stück | 200 | 200 |  | USD | 323,54 | 57 736,36 | 0,12 |
| Starbucks Corp. ...................................  | Stück | 841 | 977 | 136 | USD | 73,26 | 54 973,62 | 0,11 |
| Target Corp. ......................................  | Stück | 393 |  | 941 | USD | 119,03 | 41 738,84 | 0,08 |
| Tencent Music Entertainment Group -ADR- .............  | Stück | 2 492 | 2 492 |  | USD | 13,745 | 30 562,17 | 0,06 |
| TJX Cos, Inc./The ..................................  | Stück | 1 168 | 1 207 | 39 | USD | 49,95 | 52 055,88 | 0,11 |
| Union Pacific Corp. .................................  | Stück | 492 | 100 | 127 | USD | 164,76 | 72 328,31 | 0,15 |
| UnitedHealth Group, Inc. ............................  | Stück | 458 |  | 186 | USD | 288,98 | 118 093,15 | 0,24 |
| US Bancorp ......................................  | Stück | 766 | 447 |  | USD | 36,325 | 24 827,09 | 0,05 |
| Verizon Communications, Inc. ........................  | Stück | 1 491 | 1 491 |  | USD | 54,41 | 72 384,87 | 0,15 |
| Vertex Pharmaceuticals, Inc. .........................  | Stück | 164 | 177 | 13 | USD | 287,05 | 42 004,21 | 0,09 |
| Vici Properties, Inc. ................................  | Stück | 1 370 | 1 370 |  | USD | 19,93 | 24 362,36 | 0,05 |
| Visa, Inc. ........................................  | Stück | 714 |  | 350 | USD | 191,36 | 121 910,41 | 0,25 |
| Wells Fargo & Co. .................................  | Stück | 1 705 | 927 |  | USD | 25,38 | 38 610,68 | 0,08 |
| WW Grainger, Inc. .................................  | Stück | 119 | 134 | 15 | USD | 306,11 | 32 502,44 | 0,07 |
| Yamana Gold, Inc. .................................  | Stück | 26 352 | 37 228 | 10 876 | USD | 5,27 | 123 912,64 | 0,25 |
| Zoetis, Inc. .......................................  | Stück | 264 | 264 | 618 | USD | 133,74 | 31 503,35 | 0,06 |
| Verzinsliche Wertpapiere |  |  |  |  |  |  |  |  |
| 1,50 | % 3M Co. 2016/2031 ........................  | EUR | 178 000 |  |  | % | 111,56 | 198 577,69 | 0,40 |
| 0,55 | % Adif Alta Velocidad (MTN) 2020/2030 .........  | EUR | 300 000 | 300 000 |  | % | 99,303 | 297 909,00 | 0,60 |
| 1,375 | % Airbus SE (MTN) 2020/2026 ................  | EUR | 200 000 | 200 000 |  | % | 101,474 | 202 948,00 | 0,41 |
| 1,125 | % Amcor UK Finance PLC (MTN) 2020/2027 .....  | EUR | 140 000 | 140 000 |  | % | 101,09 | 141 526,00 | 0,29 |
| 2,125 | % Anheuser Busch Inbev SA (MTN) 2020/2027 ...  | EUR | 100 000 | 100 000 |  | % | 108,547 | 108 547,00 | 0,22 |
| 0,827 | % Autonomous Community of Madrid Spain (MTN) 2020/2027 ..............................  | EUR | 240 000 | 240 000 |  | % | 103,616 | 248 678,40 | 0,50 |
| 1,00 | % Banco Bilbao Vizcaya Argentaria SA (MTN) 2020/2030 * .............................  | EUR | 200 000 | 200 000 |  | % | 94,08 | 188 160,00 | 0,38 |
| 5,625 | % Banque Centrale de Tunisie International Bond (MTN) 2017/2024 .........................  | EUR | 198 000 |  |  | % | 92,122 | 182 402,55 | 0,37 |
| 1,25 | % Banque Federative du Credit Mutuel SA (MTN) 2020/2030 ..............................  | EUR | 200 000 | 200 000 |  | % | 103,01 | 206 021,00 | 0,42 |
| 0,25 | % BASF SE (MTN) 2020/2027 .................  | EUR | 300 000 | 300 000 |  | % | 100,628 | 301 885,50 | 0,61 |
| 1,125 | % BNP Paribas SA (MTN) 2020/2032 * ..........  | EUR | 700 000 | 700 000 |  | % | 96,599 | 676 193,00 | 1,37 |
| 3,25 | % BP Capital Markets PLC 2020/perpetual * . . . . . . | EUR | 290 000 | 290 000 |  | % | 100,5 | 291 451,45 | 0,59 |
| 0,625 | % BPCE SA (MTN) 2020/2025 .................  | EUR | 300 000 | 300 000 |  | % | 101,643 | 304 929,00 | 0,62 |
| 4,00 | % British American Tobacco Holdings The Netherlands BV (MTN) 2010/2020 ........  | EUR | 267 000 |  |  | % | 100,064 | 267 169,55 | 0,54 |
| 1,625 | % Capgemini SE (MTN) 2020/2026 .............  | EUR | 100 000 | 100 000 |  | % | 105,054 | 105 054,00 | 0,21 |
| 2,625 | % Carrefour SA (MTN) 2020/2027 ..............  | EUR | 100 000 | 100 000 |  | % | 112,164 | 112 164,50 | 0,23 |
| 1,25 | % Citigroup, Inc. (MTN) 2020/2026 * ............  | EUR | 200 000 | 200 000 |  | % | 102,292 | 204 583,00 | 0,41 |
| 0,625 | % Corp Andina de Fomento (MTN) 2019/2026 ....  | EUR | 300 000 | 300 000 |  | % | 96,118 | 288 355,50 | 0,58 |
| 1,00 | % Credit Agricole SA (MTN) 2020/2026 * ........  | EUR | 200 000 | 200 000 |  | % | 101,022 | 202 043,00 | 0,41 |
| 1,625 | % Credit Agricole SA (MTN) 2020/2030 * ........  | EUR | 200 000 | 200 000 |  | % | 100,597 | 201 194,00 | 0,41 |
| 1,25 | % CRH SMW Finance DAC (MTN) 2020/2026 ....  | EUR | 110 000 | 110 000 |  | % | 103,584 | 113 942,95 | 0,23 |
| 0,95 | % Deutsche Bahn Finance GMBH 2019/perpetual * | EUR | 600 000 | 400 000 |  | % | 96,585 | 579 510,00 | 1,17 |
| 0,50 | % Deutsche Bundesrepublik Inflation Linked Bond 2014/2030 ..............................  | EUR | 1 732 213 | 1 732 555 | 341 | % | 117,469 | 2 034 813,83 | 4,13 |
| 0,625 | % Digital Dutch Finco BV (MTN) 2020/2025 ......  | EUR | 180 000 | 180 000 |  | % | 98,926 | 178 066,80 | 0,36 |
| 1,00 | % E.ON SE (MTN) 2020/2025 .................  | EUR | 155 000 | 155 000 |  | % | 103,68 | 160 704,00 | 0,33 |
| 1,625 | % EDP - Energias de Portugal SA (MTN) 2020/2027 | EUR | 100 000 | 100 000 |  | % | 106,297 | 106 297,00 | 0,22 |
| 1,70 | % Eli Lilly & Co. 2019/2049 ...................  | EUR | 300 000 | 300 000 |  | % | 105,08 | 315 240,00 | 0,64 |
| 1,625 | % EnBW Energie Baden-Wuerttemberg AG 2019/2079 * .............................  | EUR | 300 000 | 300 000 |  | % | 97,433 | 292 299,00 | 0,59 |
| 0,10 | % French Republic Government Bond OAT 2016/2047 ..............................  | EUR | 763 901 | 763 901 |  | % | 124,038 | 947 527,77 | 1,92 |
| 2,50 | % Gazprom OAO Via Gaz Capital SA (MTN) 2018/2026 ..............................  | EUR | 235 000 |  |  | % | 102,834 | 241 661,08 | 0,49 |
| 2,375 | % Holcim Finance Luxembourg SA (MTN) 2020/2025 | EUR | 140 000 | 140 000 |  | % | 107,574 | 150 603,60 | 0,31 |
| 2,15 | % Indonesia Government International Bond -Reg- (MTN) 2017/2024 .........................  | EUR | 250 000 | 250 000 |  | % | 103,376 | 258 441,25 | 0,52 |
| 1,50 | % Israel Government International Bond (MTN) 2019/2029 ..............................  | EUR | 550 000 | 550 000 |  | % | 107,248 | 589 864,00 | 1,20 |
| 5,00 | % Italy Buoni Poliennali Del Tesoro 2009/2040 ....  | EUR | 700 000 | 700 000 |  | % | 150,234 | 1 051 641,50 | 2,13 |
| 3,45 | % Italy Buoni Poliennali Del Tesoro 2017/2048 ....  | EUR | 650 000 | 650 000 |  | % | 126,432 | 821 811,25 | 1,67 |
| 5,125 | % Ivory Coast Government International Bond -Reg- (MTN) 2017/2025 .........................  | EUR | 166 000 |  |  | % | 100,994 | 167 650,04 | 0,34 |
| 2,50 | % JAB Holdings BV (MTN) 2020/2027 ...........  | EUR | 200 000 | 200 000 |  | % | 106,704 | 213 408,00 | 0,43 |
| 0,375 | % LVMH Moet Hennessy Louis Vuitton SE 2020/2031 ..............................  | EUR | 200 000 | 200 000 |  | % | 98,429 | 196 858,00 | 0,40 |
| 2,875 | % Merck KGaA 2019/2079 * ..................  | EUR | 300 000 | 300 000 |  | % | 104,518 | 313 554,00 | 0,64 |
| 1,25 | % Naturgy Finance BV (MTN) 2020/2026 ........  | EUR | 200 000 | 200 000 |  | % | 104,143 | 208 286,00 | 0,42 |
| 1,125 | % Nestle Finance International Ltd (MTN) 2020/2026 | EUR | 200 000 | 200 000 |  | % | 105,845 | 211 690,00 | 0,43 |

| 1,50 | % OMV AG (MTN) 2020/2024 .................  | EUR | 230 000 | 230 000 |  | % | 104,75 | 240 925,00 | 0,49 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0,50 | % RELX Finance BV (MTN) 2020/2028 ..........  | EUR | 100 000 | 100 000 |  | % | 98,253 | 98 253,00 | 0,20 |
| 2,624 | % Samhallsbyggnadsbolaget i Norden AB 2020/perpetual * .........................  | EUR | 300 000 | 300 000 |  | % | 92,329 | 276 987,00 | 0,56 |
| 1,375 | % Schlumberger Finance BV (MTN) 2020/2026 ...  | EUR | 170 000 | 170 000 |  | % | 102,424 | 174 121,65 | 0,35 |
| 4,75 | % Senegal Government International Bond -Reg- (MTN) 2018/2028 .........................  | EUR | 190 000 |  |  | % | 96,866 | 184 046,35 | 0,37 |
| 2,70 | % Spain Government Bond 2018/2048 ..........  | EUR | 500 000 | 500 000 |  | % | 135,616 | 678 080,00 | 1,37 |
| 2,50 | % Standard Chartered PLC (MTN) 2020/2030 * ...  | EUR | 150 000 | 150 000 |  | % | 101,617 | 152 425,50 | 0,31 |
| 1,25 | % State Grid Overseas Investment 2016 Ltd -Reg- (MTN) 2016/2022 .........................  | EUR | 253 000 |  | 230 000 | % | 101,114 | 255 818,42 | 0,52 |
| 0,75 | % Takeda Pharmaceutical Co., Ltd (MTN) 2020/2027 | EUR | 320 000 | 320 000 |  | % | 100,463 | 321 481,60 | 0,65 |
| 3,50 | % Telekom Finanzmanagement GmbH (MTN) 2013/2023 ..............................  | EUR | 100 000 |  |  | % | 110,062 | 110 062,00 | 0,22 |
| 1,75 | % Thermo Fisher Scientific, Inc. (MTN) 2020/2027 . | EUR | 110 000 | 110 000 |  | % | 106,841 | 117 525,10 | 0,24 |
| 2,28 | % Toyota Finance Australia Ltd (MTN) 2020/2027 . | EUR | 100 000 | 100 000 |  | % | 111,596 | 111 596,00 | 0,23 |
| 6,75 | % Ukraine Government International Bond -Reg- (MTN) 2019/2026 .........................  | EUR | 158 000 |  |  | % | 101,85 | 160 923,79 | 0,33 |
| 2,731 | % UniCredit SpA 2020/2032 * .................  | EUR | 360 000 | 360 000 |  | % | 90,784 | 326 820,60 | 0,66 |
| 1,25 | % Veolia Environnement SA (MTN) 2020/2028 ....  | EUR | 100 000 | 100 000 |  | % | 105,347 | 105 347,00 | 0,21 |
| 3,00 | % Volkswagen Financial Services AG (MTN) 2020/2025 ..............................  | EUR | 150 000 | 150 000 |  | % | 107,066 | 160 598,25 | 0,33 |
| 1,125 | % Volkswagen International Finance NV (MTN) 2017/2023 ..............................  | EUR | 200 000 | 200 000 |  | % | 100,116 | 200 233,00 | 0,41 |
| 3,50 | % Volkswagen International Finance NV 2020/perpetual * .........................  | EUR | 400 000 | 400 000 |  | % | 98,812 | 395 250,00 | 0,80 |
| 1,625 | % Vonovia Finance BV (MTN) 2020/2024 ........  | EUR | 100 000 | 100 000 |  | % | 104,372 | 104 372,50 | 0,21 |
| 1,00 | % Kreditanstalt fuer Wiederaufbau (MTN) 2016/2021 | NOK | 10 530 000 |  |  | % | 100,848 | 975 986,88 | 1,98 |
| 6,125 | % Bahrain Government International Bond -Reg- (MTN) 2013/2023 .........................  | USD | 200 000 |  |  | % | 106,045 | 189 239,42 | 0,38 |
| 3,875 | % Bank of America Corp. (MTN) 2015/2025 ......  | USD | 127 000 |  |  | % | 113,3 | 128 388,75 | 0,26 |
| 4,875 | % Eastern & Southern African Trade & Development Bank (MTN) 2019/2024 .........  | USD | 350 000 | 350 000 |  | % | 100,41 | 313 572,95 | 0,64 |
| 4,10 | % EOG Resources, Inc. 2010/2021 .............  | USD | 98 000 |  |  | % | 102,118 | 89 293,49 | 0,18 |
| 6,35 | % Eskom Holdings SOC Ltd -Reg- (MTN) 2018/2028 | USD | 200 000 | 200 000 |  | % | 100,358 | 179 090,86 | 0,36 |
| 3,50 | % Home Depot, Inc./The 2016/2056 ............  | USD | 88 000 |  |  | % | 116,94 | 91 819,98 | 0,19 |
| 6,40 | % JPMorgan Chase & Co. 2008/2038 ...........  | USD | 76 000 |  |  | % | 155,233 | 105 266,23 | 0,21 |
| 5,25 | % Namibia International Bonds -Reg- (MTN) 2015/2025 ..............................  | USD | 263 000 |  |  | % | 101,814 | 238 921,19 | 0,48 |
| 4,75 | % Oman Government International Bond -Reg- (MTN) 2016/2026 .........................  | USD | 200 000 |  |  | % | 92,79 | 165 584,72 | 0,34 |
| 5,75 | % Sri Lanka Government International Bond -Reg- (MTN) 2018/2023 .........................  | USD | 280 000 |  |  | % | 71,125 | 177 693,58 | 0,36 |
| 0,875 | % United States Treasury Inflation Indexed Bonds (MTN) 2019/2029 .........................  | USD | 4 737 867 | 1 712 967 | 47 475 | % | 114,379 | 4 835 264,72 | 9,80 |
| 1,00 | % United States Treasury Inflation Indexed Bonds 2019/2049 ..............................  | USD | 2 142 802 | 527 413 | 432 350 | % | 134,918 | 2 579 545,57 | 5,23 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	1 299 099,61	2,63 Aktien |
| Taylor Wimpey PLC ................................	Stück	14 645 | 14 645 |  | GBP | 1,406 | 22 606,10 | 0,05 |
| Verzinsliche Wertpapiere 3,375  % Glencore Finance Europe SA (MTN) 2013/2020 . EUR	272 000 |  |  | % | 100,499 | 273 357,28 | 0,55 |
| 5,15	% Spain Government Bond 2013/2044 .......... EUR	300 000 | 300 000 |  | % | 185,852 | 557 557,50 | 1,13 |
| 2,85	% Citibank NA 2018/2021 .................... USD	340 000 3,36	% Sprint Spectrum Co. LLC Via Sprint Spectrum Co. |  |  | % | 101,428 | 307 700,50 | 0,62 |
| II LLC Via Sprint Spectrum Co. III LLC -144A- (MTN) 2016/2023 ......................... USD	62 500 |  | 25 000 | % | 101,488 | 56 596,33 | 0,11 |
| 3,85	% Starbucks Corp. (MTN) 2013/2023 ........... USD	83 000 |  |  | % | 109,755 | 81 281,90 | 0,17 |
| Investmentanteile |  |  |  |  | 8 483 244,34 | 17,20 |
| DWS Invest SICAV - Emerging Markets Opportunities -IC- EUR - (0,470%) ................................ Anteile	10 024 |  |  | EUR | 99,49 | 997 287,76 | 2,02 |
| -FC- EUR - (0,750%) ................................ Anteile	18 888 |  |  | EUR | 156,93 | 2 964 093,84 | 6,01 |
| Gruppenfremde Investmentanteile Invesco Physical Gold P-ETC - (0,490%) ................ Anteile	29 509 | 20 425 | 14 964 | USD | 171,74 | 4 521 862,74 | 9,17 |
| Summe Wertpapiervermögen |  |  |  |  | 47 981 033,53 | 97,27 |

Gruppeneigene Investmentanteile
DWS Invest SICAV - Invest Euro High Yield Corporates
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  |  | -31 896,77 | -0,06 |
| Aktienindex-Terminkontrakte Dax Index 09/2020 (DB) .............................	Stück	17 | 17 |  | 1 445,00 | 0,00 |
| Nikkei 225 Futures 09/2020 (DB) ......................	Stück	4 | 4 |  | -26 923,96 | -0,05 |
| S & P MINI 500 Futures 09/2020 (DB) ..................	Stück	-8 |  | 8 | 5 497,19 | 0,01 |
| STOXX® Europe Small 200 Index 09/2020 (DB) . . . . . . . . . .	Stück	-51 |  | 51 | 5 100,00 | 0,01 |
| STOXX® Europe 600 Automobiles & Parts 09/2020 (DB) ...	Stück	41 | 41 |  | -17 015,00 | -0,03 |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  | -127 043,77 | -0,26 |
| Zinsterminkontrakte Australia Treasury Bonds 3 year Futures 09/2020 (DB) .....	Stück	33 | 33 |  | 36 319,85 | 0,07 |
| Euro Buxl Futures 09/2020 (DB) ......................	Stück	-31 |  | 31 | -182 300,00 | -0,37 |
| Germany Federal Republic Notes 10 year 09/2020 (DB) ....	Stück	-9 |  | 9 | -19 620,00 | -0,04 |
| US Treasury Notes 10 year Futures 09/2020 (DB) .........	Stück	-25 |  | 25 | -13 593,03 | -0,03 |
| US Ultra Bond 09/2020 (DB) .........................	Stück	6 | 6 |  | 52 149,41 | 0,11 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | 881 651,26 | 1,79 |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |
| Offene Positionen JPY/EUR 151,6 Mio. ...............................  |  |  | 20 097,94 | 0,04 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen EUR/CHF 0,2 Mio. .................................  |  |  | 1 879,29 | 0,00 |
| EUR/GBP 0,4 Mio. .................................  |  |  | 16 333,14 | 0,03 |
| EUR/USD 20,7 Mio.  ...............................  |  |  | 663 416,90 | 1,35 |
| Geschlossene Positionen EUR/JPY 114,4 Mio. ...............................  |  |  | 44 062,74 | 0,09 |
| EUR/USD 5,6 Mio.  ................................  |  |  | 135 861,25 | 0,28 |
| Bankguthaben |  |  | 780 241,26 | 1,58 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  |  | 260 740,60 | 0,53 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |
| Britisches Pfund ...................................	GBP	19 150 |  |  | 21 016,95 | 0,04 |
| Dänische Kronen ..................................	DKK	305 796 |  |  | 41 031,58 | 0,08 |
| Norwegische Kronen ...............................	NOK	256 621 |  |  | 23 585,39 | 0,05 |
| Schwedische Kronen ...............................	SEK	390 215 |  |  | 37 247,53 | 0,08 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| Australischer Dollar ................................	AUD	92 871 |  |  | 56 903,17 | 0,12 |
| Hongkong Dollar ...................................	HKD	221 063 |  |  | 25 449,91 | 0,05 |
| Israelischer Schekel ................................	ILS	25 050 |  |  | 6 442,52 | 0,01 |
| Japanischer Yen ...................................	JPY	10 686 958 |  |  | 88 533,91 | 0,18 |
| Kanadischer Dollar .................................	CAD	100 319 |  |  | 65 472,74 | 0,13 |
| Mexikanischer Peso ................................	MXN	13 097 |  |  | 504,38 | 0,00 |
| Neuseeländischer Dollar .............................	NZD	1 849 |  |  | 1 056,76 | 0,00 |
| Schweizer Franken .................................	CHF	26 356 |  |  | 24 752,96 | 0,05 |
| Singapur Dollar ....................................	SGD	15 606 |  |  | 9 973,00 | 0,02 |
| US-Dollar ........................................	USD	131 722 |  |  | 117 529,86 | 0,24 |
| Sonstige Vermögensgegenstände |  |  | 254 161,67 | 0,52 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  | 8 402,32 | 0,02 |
| Zinsansprüche ....................................  |  |  | 183 533,58 | 0,37 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  | 62 196,76 | 0,13 |
| Sonstige Ansprüche ................................  |  |  | 29,01 | 0,00 |
| Summe der Vermögensgegenstände ** |  |  | 49 997 599,17 | 101,36 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Sonstige Verbindlichkeiten | -409 233,49 | -0,83 |
| Verbindlichkeiten aus Kostenpositionen ................  | -89 297,49 | -0,18 |
| Andere sonstige Verbindlichkeiten .....................  | -319 936,00 | -0,65 |
| Summe der Verbindlichkeiten | -668 685,48 | -1,36 |
| Fondsvermögen | 49 328 913,69 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FC ........................................  | EUR | 128,37 |
| Klasse FD ........................................  | EUR | 95,79 |
| Klasse LC ........................................  | EUR | 99,67 |
| Klasse LD ........................................  | EUR | 95,06 |
| Klasse XC ........................................  | EUR | 101,36 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 383 802,000 |
| Klasse FD ........................................  | Stück | 100,000 |
| Klasse LC ........................................  | Stück | 296,000 |
| Klasse LD ........................................  | Stück | 102,000 |
| Klasse XC ........................................  | Stück | 100,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)
45% BBG Barc Global Aggregate Corporate EUR Index, 35% MSCI World Net TR Index in EUR, 15% BBG Barc Global High Yield Index, 5% JPM Morgan GBI-EM Index in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 45,666 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 87,427 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 71,332 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 30.6.2020 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 1,3, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 49 171 512,51.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
Bofa Securities Europe, Goldman Sachs International, JP Morgan, Société Générale und UBS AG
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Australischer Dollar ..............  | AUD | 1,632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Kanadischer Dollar ...............  | CAD | 1,532233 | = | EUR | 1 |
| Schweizer Franken ...............  | CHF | 1,064768 | = | EUR | 1 |
| Dänische Kronen ................  | DKK | 7,452704 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,911178 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,686201 | = | EUR | 1 |
| Israelischer Schekel ..............  | ILS | 3,888160 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 120,710331 | = | EUR | 1 |
| Mexikanischer Peso ..............  | MXN | 25,965526 | = | EUR | 1 |
| Norwegische Kronen .............  | NOK | 10,880517 | = | EUR | 1 |
| Neuseeländischer Dollar ...........  | NZD | 1,749258 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,476263 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,564791 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,120750 | = | EUR | 1 |

 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.
In Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.
 Fußnoten	
* Variabler Zinssatz.
** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.
DWS Invest Nomura Japan Growth
DWS INVEST NOMURA JAPAN GROWTH

### Wertentwicklung der Anteilklassen (in EUR)

#### Anteilklasse	ISIN	6 Monate

##### Klasse MFCH	LU1218760608	-3,8%

##### Klasse JPY FC1)	LU1342482384	-3,4%
1) 
in JPY
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2020
DWS Invest Nomura Japan Growth
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in JPY | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 880 873 700,00 | 10,96 |
| Telekommunikationsdienste | 892 977 800,00 | 11,12 |
| Dauerhafte Konsumgüter | 1 513 116 400,00 | 18,83 |
| Energie | 147 261 000,00 | 1,83 |
| Hauptverbrauchsgüter | 1 542 195 700,00 | 19,19 |
| Finanzsektor | 435 263 700,00 | 5,42 |
| Grundstoffe | 430 545 500,00 | 5,36 |
| Industrien | 1 985 311 200,00 | 24,72 |
| Summe Aktien | 7 827 545 000,00 | 97,43 |
| 2. Derivate | 1 430 701,00 | 0,02 |
| 3. Bankguthaben | 194 367 822,00 | 2,42 |
| 4. Sonstige Vermögensgegenstände | 24 634 466,00 | 0,30 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -13 841 602,00 | - 0,17 |
| III. Fondsvermögen | 8 034 136 387,00 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	JPY	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 7 827 545 000,00 | 97,43 |
| Aktien Asahi Intecc Co., Ltd ...............................  | Stück | 12 500 | 13 100 | 600 | JPY | 3 065 | 38 312 500,00 | 0,48 |
| Bandai Namco Holdings, Inc. ........................  | Stück | 17 600 | 18 700 | 1 100 | JPY | 5 667 | 99 739 200,00 | 1,24 |
| Bridgestone Corp. .................................  | Stück | 7 900 | 300 | 6 700 | JPY | 3 469 | 27 405 100,00 | 0,34 |
| Chugai Pharmaceutical Co., Ltd .......................  | Stück | 25 200 | 16 900 | 1 000 | JPY | 5 765 | 145 278 000,00 | 1,81 |
| Daifuku Co., Ltd ...................................  | Stück | 23 600 | 700 | 7 100 | JPY | 9 420 | 222 312 000,00 | 2,77 |
| Dai-ichi Life Insurance Co., Ltd .......................  | Stück | 101 800 | 1 100 | 3 500 | JPY | 1 283 | 130 609 400,00 | 1,63 |
| Daikin Industries Ltd ...............................  | Stück | 14 900 | 1 600 | 800 | JPY | 17 335 | 258 291 500,00 | 3,21 |
| Daiwa House Industry Co., Ltd .......................  | Stück | 70 800 | 13 100 | 3 500 | JPY | 2 542 | 179 973 600,00 | 2,24 |
| Disco Corp. .......................................  | Stück | 4 100 | 100 | 2 000 | JPY | 26 090 | 106 969 000,00 | 1,33 |
| Fancl Corp. ......................................  | Stück | 36 100 | 1 100 | 14 100 | JPY | 3 195 | 115 339 500,00 | 1,44 |
| FANUC Corp. .....................................  | Stück | 3 100 | 100 | 100 | JPY | 19 260 | 59 706 000,00 | 0,74 |
| Fast Retailing Co., Ltd ..............................  | Stück | 3 000 | 1 400 |  | JPY | 61 700 | 185 100 000,00 | 2,30 |
| Hitachi Metals Ltd .................................  | Stück | 64 900 | 2 500 | 6 600 | JPY | 1 283 | 83 266 700,00 | 1,04 |
| Hoya Corp. .......................................  | Stück | 11 600 | 200 | 5 700 | JPY | 10 260 | 119 016 000,00 | 1,48 |
| IHI Corp. ........................................  | Stück | 113 400 | 32 400 | 2 300 | JPY | 1 558 | 176 677 200,00 | 2,20 |
| Isuzu Motors Ltd ..................................  | Stück | 124 500 | 34 500 | 4 300 | JPY | 973,3 | 121 175 850,00 | 1,51 |
| ITOCHU Corp. ....................................  | Stück | 65 300 | 28 300 | 2 400 | JPY | 2 321,5 | 151 593 950,00 | 1,89 |
| JX Holdings, Inc. ..................................  | Stück | 385 500 | 78 400 | 14 300 | JPY | 382 | 147 261 000,00 | 1,83 |
| Kao Corp. ........................................  | Stück | 10 000 | 500 | 500 | JPY | 8 540 | 85 400 000,00 | 1,06 |
| KDDI Corp. .......................................  | Stück | 52 200 | 4 400 | 9 800 | JPY | 3 234 | 168 814 800,00 | 2,10 |
| Keyence Corp. ....................................  | Stück | 3 500 |  | 1 000 | JPY | 45 030 | 157 605 000,00 | 1,96 |
| Komatsu Ltd ......................................  | Stück | 57 200 | 400 | 23 500 | JPY | 2 203,5 | 126 040 200,00 | 1,57 |
| Kose Corp. .......................................  | Stück | 4 100 | 100 | 300 | JPY | 12 960 | 53 136 000,00 | 0,66 |
| M3, Inc. .........................................  | Stück | 12 400 | 700 | 12 200 | JPY | 4 585 | 56 854 000,00 | 0,71 |
| Mitsui Chemicals, Inc. ..............................  | Stück | 49 300 | 11 100 | 1 800 | JPY | 2 247 | 110 777 100,00 | 1,38 |
| Murata Manufacturing Co., Ltd .......................  | Stück | 47 300 | 800 | 4 300 | JPY | 6 316 | 298 746 800,00 | 3,72 |
| NEC Corp. ........................................  | Stück | 44 600 | 46 300 | 1 700 | JPY | 5 170 | 230 582 000,00 | 2,87 |
| Nidec Corp. .......................................  | Stück | 12 900 | 7 000 | 2 600 | JPY | 7 196 | 92 828 400,00 | 1,16 |
| Nippon Telegraph & Telephone Corp. ..................  | Stück | 96 000 | 7 900 | 11 300 | JPY | 2 515,5 | 241 488 000,00 | 3,01 |
| Nissan Chemical Corp. ..............................  | Stück | 12 700 | 12 700 |  | JPY | 5 520 | 70 104 000,00 | 0,87 |
| Nitori Holdings Co., Ltd .............................  | Stück | 10 600 | 2 000 | 5 100 | JPY | 21 125 | 223 925 000,00 | 2,79 |
| Obic Co., Ltd .....................................  | Stück | 5 800 | 100 | 400 | JPY | 18 870 | 109 446 000,00 | 1,36 |
| Oriental Land Co., Ltd/Japan .........................  | Stück | 2 000 | 100 | 2 500 | JPY | 14 240 | 28 480 000,00 | 0,35 |
| Pan Pacific International Holdings Corp. ................  | Stück | 22 000 | 1 300 | 2 100 | JPY | 2 369 | 52 118 000,00 | 0,65 |
| Penta-Ocean Construction Co., Ltd  ...................  | Stück | 158 900 | 23 400 | 9 800 | JPY | 579 | 92 003 100,00 | 1,15 |
| Pigeon Corp. .....................................  | Stück | 18 200 | 500 | 1 300 | JPY | 4 170 | 75 894 000,00 | 0,94 |
| Recruit Holdings Co., Ltd ............................  | Stück | 52 200 | 1 200 | 5 900 | JPY | 3 682 | 192 200 400,00 | 2,39 |
| Santen Pharmaceutical Co., Ltd .......................  | Stück | 62 000 | 3 700 | 3 800 | JPY | 1 983 | 122 946 000,00 | 1,53 |
| SG Holdings Co., Ltd ...............................  | Stück | 37 400 | 45 300 | 7 900 | JPY | 3 520 | 131 648 000,00 | 1,64 |
| Shimano, Inc. .....................................  | Stück | 2 900 | 600 | 1 500 | JPY | 20 750 | 60 175 000,00 | 0,75 |
| Shionogi & Co., Ltd ................................  | Stück | 29 000 | 8 300 | 1 200 | JPY | 6 750 | 195 750 000,00 | 2,44 |
| SMC Corp./Japan ..................................  | Stück | 2 600 | 100 | 200 | JPY | 55 180 | 143 468 000,00 | 1,79 |
| SoftBank Group Corp. ..............................  | Stück | 53 500 | 16 000 | 2 700 | JPY | 5 450 | 291 575 000,00 | 3,63 |
| Sony Corp. .......................................  | Stück | 41 800 | 1 500 | 3 300 | JPY | 7 384 | 308 651 200,00 | 3,84 |
| Square Enix Holdings Co., Ltd  .......................  | Stück | 14 900 | 7 000 | 6 000 | JPY | 5 440 | 81 056 000,00 | 1,01 |
| SUMCO Corp.  ....................................  | Stück | 123 300 | 9 200 | 7 000 | JPY | 1 649 | 203 321 700,00 | 2,53 |
| Sumitomo Metal Mining Co., Ltd ......................  | Stück | 55 300 | 700 | 2 800 | JPY | 3 009 | 166 397 700,00 | 2,07 |
| Sumitomo Mitsui Financial Group, Inc. .................  | Stück | 57 400 | 1 900 | 9 800 | JPY | 3 032 | 174 036 800,00 | 2,17 |
| Sumitomo Realty & Development Co., Ltd ..............  | Stück | 19 900 | 19 200 | 15 900 | JPY | 2 963 | 58 963 700,00 | 0,73 |
| Suzuki Motor Corp. ................................  | Stück | 28 400 | 25 200 | 9 400 | JPY | 3 657 | 103 858 800,00 | 1,29 |
| Sysmex Corp. .....................................  | Stück | 6 200 | 800 | 400 | JPY | 8 230 | 51 026 000,00 | 0,63 |
| T&D Holdings, Inc. .................................  | Stück | 77 800 | 1 900 | 4 200 | JPY | 921 | 71 653 800,00 | 0,89 |
| Terumo Corp. .....................................  | Stück | 41 000 | 7 200 | 2 400 | JPY | 4 081 | 167 321 000,00 | 2,08 |
| Tokyo Electron Ltd .................................  | Stück | 9 700 | 300 | 2 300 | JPY | 26 440 | 256 468 000,00 | 3,19 |
| Trend Micro, Inc./Japan .............................  | Stück | 22 300 | 400 | 900 | JPY | 6 020 | 134 246 000,00 | 1,67 |
| Unicharm Corp. ...................................  | Stück | 32 900 | 1 000 | 24 600 | JPY | 4 420 | 145 418 000,00 | 1,81 |
| Yakult Honsha Co., Ltd .............................  | Stück | 19 700 | 21 000 | 1 300 | JPY | 6 350 | 125 095 000,00 | 1,56 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 7 827 545 000,00 | 97,43 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |
| Devisen-Derivate Forderungen/Verbindlichkeiten | 1 430 701,00 | 0,02 |
| Devisentermingeschäfte |  |  |
| Devisentermingeschäfte (Kauf) |  |  |
| Offene Positionen EUR/JPY 65,2 Mio. ................................  | 1 430 701,00 | 0,02 |

DWS Invest Nomura Japan Growth
| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | JPY | vermögen |
| Bankguthaben |  |  |  | 194 367 822,00 | 2,42 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  |  | EUR | 103 | 12 436,00 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Japanischer Yen ...................................  | JPY |  |  | 194 355 386,00 | 2,42 |
| Sonstige Vermögensgegenstände |  |  |  | 24 634 466,00 | 0,30 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 4 981 595,00 | 0,06 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 19 652 871,00 | 0,24 |
| Summe der Vermögensgegenstände |  |  |  | 8 047 977 989,00 | 100,17 |
| Sonstige Verbindlichkeiten |  |  |  | -13 841 602,00 | -0,17 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -13 841 602,00 | -0,17 |
| Summe der Verbindlichkeiten | -13 841 602,00 | -0,17 |
| Fondsvermögen | 8 034 136 387,00 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse MFCH .....................................  | EUR | 107,90 |
| Klasse JPY FC ....................................  | JPY | 12 916,00 |
| Umlaufende Anteile Klasse MFCH .....................................  | Stück | 616 500,000 |
| Klasse JPY FC ....................................  | Stück | 128,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Tokyo Stock Price (TOPIX) Index - BRS only
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 94,646 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 110,099 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 100,385 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 30.6.2020 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf JPY 0,00. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
State Street Bank and Trust Company
 Devisenkurse (in Mengennotiz)	
per 30.6.2020 Euro .......................... EUR	0,008281	= JPY	1
 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.

## DWS INVEST QI GLOBAL EQUITY

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | seit Auflegung 1) |
| --- | --- | --- |
| Klasse LC | LU2178858259 | 0,0% |
| Klasse FC | LU2178858093 | 0,0% |
| Klasse IC | LU2178858176 | 0,0% |
| Klasse XC | LU2178858333 | 0,0% |
| MSCI World TR Net EUR |  | 0,0% |

1) 
aufgelegt am 30.6.2020
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2020