# DWS Invest Gold and Precious Metals Equities
DWS INVEST GOLD AND PRECIOUS METALS EQUITIES

### Performance of share classes (in USD)

#### Share class	ISIN	6 months

##### Class USD LC	LU0273165570	20.0%

##### Class USD TFC	LU1663932215	20.6%

##### Class FC1	LU0273148212	20.3%

##### Class LC1	LU0273159177	20.0%

##### Class LD1	LU0363470401	20.0%

##### Class NC1	LU0273148055	19.6%

##### Class TFC1	LU1663932132	20.5%
1 
in EUR
“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 Gold and Precious Metals Equities
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Basic Materials | 309 741 060.64 | 97.24 |
| Total equities | 309 741 060.64 | 97.24 |
| 2. Cash at bank | 8 850 129.79 | 2.78 |
| 3. Other assets | 7 212 408.03 | 2.26 |
| 4. Receivables from share certificate transactions | 907 528.67 | 0.28 |
| II. Liabilities |  |  |
| 1. Other liabilities | -7 510 153.49 | - 2.35 |
| 2. Liabilities from share certificate transactions | -658 512.62 | - 0.21 |
| III. Net assets | 318 542 461.02 | 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 USD | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 309 741 060.64 | 97.24 |
| Equities Bellevue Gold Ltd ..................................  | Count | 15 851 | 16 811 | 960 | AUD | 1.06 | 11 537.97 | 0.00 |
| Evolution Mining Ltd ................................  | Count | 2 043 737 | 1 414 265 | 1 370 057 | AUD | 5.67 | 7 957 471.84 | 2.50 |
| Gold Road Resources Ltd ............................  | Count | 26 401 | 27 999 | 1 598 | AUD | 1.67 | 30 276.38 | 0.01 |
| Newcrest Mining Ltd................................  | Count | 412 428 | 159 156 | 127 843 | AUD | 31.53 | 8 929 747.05 | 2.80 |
| Northern Star Resources Ltd .........................  | Count | 1 134 077 | 347 780 | 165 480 | AUD | 13.36 | 10 404 376.15 | 3.27 |
| Perseus Mining Ltd .................................  | Count | 36 348 | 38 548 | 2 200 | AUD | 1.31 | 32 697.82 | 0.01 |
| Ramelius Resources Ltd .............................  | Count | 20 053 | 21 267 | 1 683 731 | AUD | 1.99 | 27 403.09 | 0.01 |
| Regis Resources Ltd ................................  | Count | 443 394 | 490 804 | 47 412 | AUD | 5.22 | 1 589 378.59 | 0.50 |
| Resolute Mining Ltd ................................  | Count | 30 950 | 32 823 | 1 873 | AUD | 1.135 | 24 122.57 | 0.01 |
| Saracen Mineral Holdings Ltd .........................  | Count | 3 359 006 | 3 902 164 | 689 101 | AUD | 5.42 | 12 501 931.36 | 3.93 |
| Silver Lake Resources Ltd............................  | Count | 27 077 | 28 714 | 1 637 | AUD | 2.13 | 39 604.74 | 0.01 |
| St Barbara Ltd .....................................  | Count | 21 107 | 22 384 | 1 277 | AUD | 3.15 | 45 656.66 | 0.01 |
| Westgold Resources Ltd.............................  | Count | 760 076 | 86 969 | 98 690 | AUD | 2.09 | 1 090 863.35 | 0.34 |
| Agnico Eagle Mines Ltd .............................  | Count | 261 362 | 169 104 | 182 121 | CAD | 85.1 | 16 268 811.91 | 5.11 |
| Alacer Gold Corp. ..................................  | Count | 1 198 065 | 678 415 | 415 251 | CAD | 8.85 | 7 755 458.62 | 2.43 |
| Alamos Gold, Inc. ..................................  | Count | 169 159 | 597 957 | 428 798 | CAD | 12.41 | 1 535 503.19 | 0.48 |
| Argonaut Gold, Inc. .................................  | Count | 5 422 | 611 350 | 2 565 324 | CAD | 2.58 | 10 232.06 | 0.00 |
| B2Gold Corp. ......................................  | Count | 2 040 352 | 1 063 158 | 620 469 | CAD | 7.47 | 11 148 322.74 | 3.50 |
| Barrick Gold Corp. ..................................  | Count | 926 117 | 173 932 | 629 333 | CAD | 35.67 | 24 163 108.21 | 7.59 |
| Belo Sun Mining Corp. ..............................  | Count | 2 926 936 | 339 808 | 428 684 | CAD | 0.79 | 1 691 313.64 | 0.53 |
| Centerra Gold, Inc. .................................  | Count | 103 501 | 113 547 | 10 046 | CAD | 14.98 | 1 134 070.86 | 0.36 |
| Dundee Precious Metals, Inc. .........................  | Count | 4 340 | 4 602 | 262 | CAD | 8.5 | 26 983.14 | 0.01 |
| Endeavour Mining Corp. .............................  | Count | 263 394 | 232 550 | 398 490 | CAD | 32.45 | 6 251 790.44 | 1.96 |
| Endeavour Silver Corp. ..............................  | Count | 4 230 | 4 487 | 257 | CAD | 2.98 | 9 220.20 | 0.00 |
| First Majestic Silver Corp. ............................  | Count | 5 405 | 5 731 | 326 | CAD | 12.81 | 50 644.08 | 0.02 |
| Fortuna Silver Mines, Inc. ............................  | Count | 4 899 | 5 195 | 296 | CAD | 6.5 | 23 291.88 | 0.01 |
| Franco-Nevada Corp. ................................  | Count | 192 084 | 49 119 | 71 913 | CAD | 188.86 | 26 534 750.57 | 8.33 |
| Gran Colombia Gold Corp.............................  | Count | 1 292 | 1 370 | 78 | CAD | 6.63 | 6 265.56 | 0.00 |
| Guyana Goldfields, Inc. ..............................  | Count | 4 880 | 5 175 | 295 | CAD | 1.73 | 6 175.18 | 0.00 |
| Kinross Gold Corp...................................  | Count | 1 710 330 | 1 350 331 | 761 018 | CAD | 9.56 | 11 959 737.26 | 3.75 |
| Kirkland Lake Gold Ltd ..............................  | Count | 375 783 | 317 487 | 164 874 | CAD | 53.38 | 14 672 345.05 | 4.61 |
| MAG Silver Corp ...................................  | Count | 240 356 | 34 069 | 174 836 | CAD | 18.37 | 3 229 594.21 | 1.01 |
| New Gold, Inc......................................  | Count | 20 726 | 21 979 | 1 253 | CAD | 1.82 | 27 591.21 | 0.01 |
| Newmont Gold Corp. ...............................  | Count | 100 154 |  |  | CAD | 81.98 | 6 005 650.38 | 1.89 |
| Novagold Resources, Inc. ............................  | Count | 7 271 | 7 711 | 440 | CAD | 11.91 | 63 341.70 | 0.02 |
| OceanaGold Corp. ..................................  | Count | 561 299 | 786 233 | 2 042 597 | CAD | 2.96 | 1 215 261.71 | 0.38 |
| Osisko Gold Royalties Ltd ............................  | Count | 4 339 | 4 601 | 262 | CAD | 13.21 | 41 925.31 | 0.01 |
| Osisko Mining, Inc. .................................  | Count | 5 803 | 6 154 | 351 | CAD | 3.55 | 15 068.32 | 0.00 |
| Pan American Silver Corp.............................  | Count | 270 527 | 55 090 | 91 167 | CAD | 38.79 | 7 675 633.49 | 2.41 |
| Premier Gold Mines Ltd .............................  | Count | 6 177 | 6 551 | 374 | CAD | 2.19 | 9 894.77 | 0.00 |
| Pretium Resources, Inc. .............................  | Count | 5 676 | 6 019 | 343 | CAD | 11.15 | 46 291.48 | 0.01 |
| Roxgold, Inc. ......................................  | Count | 1 160 551 | 133 646 | 159 156 | CAD | 1.56 | 1 324 258.17 | 0.42 |
| Sandstorm Gold Ltd ................................  | Count | 5 372 | 5 698 | 326 | CAD | 12.51 | 49 156.07 | 0.02 |
| Seabridge Gold, Inc. ................................  | Count | 1 531 | 1 623 | 92 | CAD | 22.61 | 25 319.76 | 0.01 |
| SEMAFO, Inc. .....................................  | Count | 301 569 | 334 131 | 32 562 | CAD | 4.59 | 1 012 472.45 | 0.32 |
| Silvercorp Metals, Inc................................  | Count | 5 276 | 5 595 | 319 | CAD | 6.85 | 26 434.99 | 0.01 |
| SSR Mining, Inc. ...................................  | Count | 239 929 | 95 562 | 127 899 | CAD | 27.42 | 4 812 093.17 | 1.51 |
| Teranga Gold Corp. .................................  | Count | 786 757 | 90 950 | 111 356 | CAD | 12.03 | 6 922 932.17 | 2.17 |
| TMAC Resources, Inc. ..............................  | Count | 1 268 | 1 345 | 77 | CAD | 1.62 | 1 502.51 | 0.00 |
| Torex Gold Resources, Inc. ...........................  | Count | 2 678 | 107 053 | 271 274 | CAD | 20.78 | 40 704.27 | 0.01 |
| Wesdome Gold Mines Ltd ...........................  | Count | 224 237 | 252 260 | 28 023 | CAD | 11.38 | 1 866 523.10 | 0.59 |
| Wheaton Precious Metals Corp. .......................  | Count | 346 251 | 106 902 | 184 900 | CAD | 57.98 | 14 684 294.32 | 4.61 |
| Yamana Gold, Inc. ..................................  | Count | 1 301 740 | 1 455 805 | 154 065 | CAD | 7.2 | 6 855 522.80 | 2.15 |
| Centamin PLC .....................................  | Count | 2 491 577 | 3 021 750 | 3 172 056 | GBP | 1.784 | 5 468 850.44 | 1.72 |
| Fresnillo PLC ......................................  | Count | 5 679 | 6 023 | 344 | GBP | 8.268 | 57 753.39 | 0.02 |
| Hochschild Mining PLC ..............................  | Count | 7 725 | 8 193 | 468 | GBP | 1.885 | 17 910.81 | 0.01 |
| Petra Diamonds Ltd.................................  | Count | 26 551 | 28 157 | 1 606 | GBP | 0.02 | 653.15 | 0.00 |
| Petropavlovsk PLC .................................  | Count | 79 366 | 84 168 | 4 802 | GBP | 0.266 | 25 966.98 | 0.01 |
| Polymetal International PLC ..........................  | Count | 327 686 | 364 482 | 36 796 | GBP | 16.005 | 6 450 876.78 | 2.03 |
| SolGold PLC ......................................  | Count | 26 697 | 28 314 | 1 617 | GBP | 0.21 | 6 888.62 | 0.00 |
| China Silver Group Ltd ..............................  | Count | 50 000 | 54 000 | 4 000 | HKD | 0.57 | 3 677.25 | 0.00 |
| Shandong Gold Mining Co., Ltd .......................  | Count | 873 600 | 965 350 | 91 750 | HKD | 16.46 | 1 855 329.89 | 0.58 |
| Zhaojin Mining Industry Co., Ltd -H- ....................  | Count | 32 500 | 34 000 | 1 500 | HKD | 9.05 | 37 949.90 | 0.01 |
| Zijin Mining Group Co., Ltd ...........................  | Count | 15 116 000 | 17 226 000 | 2 110 000 | HKD | 3.61 | 7 040 812.35 | 2.21 |
| Cia de Minas Buenaventura SAA -ADR- .................  | Count | 6 937 | 7 357 | 420 | USD | 8.845 | 61 357.77 | 0.02 |
| Coeur Mining, Inc. ..................................  | Count | 7 403 | 7 851 | 448 | USD | 4.76 | 35 238.28 | 0.01 |
| Gold Resource Corp. ................................  | Count | 2 004 | 2 125 | 121 | USD | 3.89 | 7 795.56 | 0.00 |
| Golden Star Resources Ltd ...........................  | Count | 2 318 | 2 458 | 140 | USD | 2.8 | 6 490.40 | 0.00 |
| Hecla Mining Co. ...................................  | Count | 16 093 | 17 066 | 973 | USD | 3.06 | 49 244.58 | 0.02 |
| McEwen Mining, Inc. ...............................  | Count | 9 597 | 10 178 | 581 | USD | 0.999 | 9 586.44 | 0.00 |
| Newmont Mining Corp...............................  | Count | 409 392 | 112 672 | 198 781 | USD | 59.81 | 24 485 735.52 | 7.69 |
| Polyus PJSC ......................................  | Count | 61 | 109 371 | 109 310 | USD | 83.85 | 5 114.85 | 0.00 |
| Polyus PJSC -GDR- .................................  | Count | 100 168 | 103 920 | 3 752 | USD | 83.85 | 8 399 086.80 | 2.64 |

DWS Invest Gold and Precious Metals Equities
| Royal Gold, Inc. ....................................  | Count | 35 438 | 34 865 | 27 746 | USD | 119.68 | 4 241 219.84 | 1.33 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Anglo American Platinum Ltd .........................  | Count | 19 | 17 065 | 86 929 | ZAR | 1 236.94 | 1 352.24 | 0.00 |
| AngloGold Ashanti Ltd...............................  | Count | 488 126 | 179 605 | 243 037 | ZAR | 494.77 | 13 895 863.12 | 4.36 |
| DRDGOLD Ltd.....................................  | Count | 13 723 | 14 553 | 830 | ZAR | 26.27 | 20 742.42 | 0.01 |
| Gold Fields Ltd ....................................  | Count | 540 507 | 960 925 | 1 189 625 | ZAR | 160.48 | 4 990 826.43 | 1.57 |
| Impala Platinum Holdings Ltd .........................  | Count | 595 421 | 243 932 | 682 943 | ZAR | 115.56 | 3 958 967.25 | 1.24 |
| Northam Platinum Ltd ...............................  | Count | 175 477 | 529 840 | 1 446 930 | ZAR | 115.28 | 1 163 923.39 | 0.37 |
| Royal Bafokeng Platinum Ltd .........................  | Count | 5 045 | 5 351 | 306 | ZAR | 35.1 | 10 188.69 | 0.00 |
| Sibanye Stillwater Ltd ...............................  | Count | 2 625 506 | 3 771 354 | 1 145 848 | ZAR | 36.72 | 5 547 098.98 | 1.74 |
| Total securities portfolio |  |  |  |  |  |  | 309 741 060.64 | 97.24 |
| Cash at bank ......................................  |  |  |  |  |  |  | 8 850 129.79 | 2.78 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 23 604 |  |  |  |  | 26 453.77 | 0.01 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound | GBP | 19 895 |  |  |  |  | 24 470.98 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 36 465 |  |  |  |  | 25 040.69 | 0.01 |
| Hong Kong dollar ..................................  | HKD | 195 089 |  |  |  |  | 25 171.67 | 0.01 |
| Canadian dollar ....................................  | CAD | 102 088 |  |  |  |  | 74 672.39 | 0.02 |
| South African rand..................................  | ZAR | 431 248 |  |  |  |  | 24 812.91 | 0.01 |
| South Korean won..................................  | KRW | 131 612 |  |  |  |  | 109.42 | 0.00 |
| U.S. dollar ........................................  | USD |  |  |  |  |  | 8 649 397.96 | 2.71 |
| Other assets |  |  |  |  |  |  | 7 212 408.03 | 2.26 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 389 026.00 | 0.12 |
| Other receivables ..................................  |  |  |  |  |  |  | 6 823 382.03 | 2.14 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 907 528.67 | 0.28 |
| Total assets |  |  |  |  |  |  | 326 711 127.13 | 102.56 |
| Other liabilities |  |  |  |  |  |  | -7 510 153.49 | -2.35 |
| Additional other liabilities.............................  |  |  |  |  |  |  | -7 510 153.49 | -2.35 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -658 512.62 | -0.21 |
| Total liabilities |  |  |  |  |  |  | -8 168 666.11 | -2.56 |
| Net assets |  |  |  |  |  |  | 318 542 461.02 | 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 | 120.91 |
| Class LC .........................................  | EUR | 111.40 |
| Class LD .........................................  | EUR | 101.53 |
| Class NC .........................................  | EUR | 99.02 |
| Class TFC ........................................  | EUR | 180.09 |
| Class USD LC .....................................  | USD | 97.52 |
| Class USD TFC ....................................  | USD | 171.68 |
| Number of shares outstanding Class FC .........................................  | Count | 19 515.511 |
| Class LC .........................................  | Count | 583 066.344 |
| Class LD .........................................  | Count | 1 316 337.658 |
| Class NC .........................................  | Count | 560 066.790 |
| Class TFC ........................................  | Count | 47 020.497 |
| Class USD LC .....................................  | Count | 220 950.605 |
| Class USD TFC ....................................  | Count | 706.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) S&P BMI Gold and Precious Metals Price Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 94.825 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 107.907 |
| Average market risk exposure ........................  | % | 100.961 |

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 USD 0.00 as of the reporting date.
 Exchange rates (indirect quotes)	
As of June 30, 2020
| Australian dollar	AUD | 1.456240 | = USD | 1 |
| --- | --- | --- | --- |
| Canadian dollar	CAD | 1.367150 | = USD | 1 |
| Euro	EUR | 0.892260 | = USD | 1 |
| British pound	GBP | 0.813008 | = USD | 1 |
| Hong Kong dollar	HKD | 7.750350 | = USD | 1 |
| South Korean won	KRW | 1 202.850000 | = USD | 1 |
| South African rand	ZAR | 17.380000 | = USD | 1 |

 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.

Translation (ENDE, 2020-06-30):
# DWS Invest Gold and Precious Metals Equities
| DWS INVEST GOLD AND PRECIOUS METALS | EQUITIES |
| --- | --- |
| Wertentwicklung der Anteilklassen (in USD) Anteilklasse	ISIN | 6 Monate |
| Klasse USD LC	LU0273165570 | 20,0% |
| Klasse USD TFC	LU1663932215 | 20,6% |
| Klasse FC 1)	 LU0273148212 | 20,3% |
| Klasse LC 1)	 LU0273159177 | 20,0% |
| Klasse LD 1)	 LU0363470401 | 20,0% |
| Klasse NC 1)	 LU0273148055 | 19,6% |
| Klasse TFC 1)	 LU1663932132 | 20,5% |

1) 
in EUR
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 Gold and Precious Metals Equities
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Grundstoffe | 309 741 060,64 | 97,24 |
| Summe Aktien | 309 741 060,64 | 97,24 |
| 2. Bankguthaben | 8 850 129,79 | 2,78 |
| 3. Sonstige Vermögensgegenstände | 7 212 408,03 | 2,26 |
| 4. Forderungen aus Anteilscheingeschäften | 907 528,67 | 0,28 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -7 510 153,49 | - 2,35 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -658 512,62 | - 0,21 |
| III. Fondsvermögen | 318 542 461,02 | 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	USD	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 309 741 060,64 | 97,24 |
| Aktien Bellevue Gold Ltd .................................  | Stück | 15 851 | 16 811 | 960 | AUD | 1,06 | 11 537,97 | 0,00 |
| Evolution Mining Ltd ...............................  | Stück | 2 043 737 | 1 414 265 | 1 370 057 | AUD | 5,67 | 7 957 471,84 | 2,50 |
| Gold Road Resources Ltd ...........................  | Stück | 26 401 | 27 999 | 1 598 | AUD | 1,67 | 30 276,38 | 0,01 |
| Newcrest Mining Ltd ...............................  | Stück | 412 428 | 159 156 | 127 843 | AUD | 31,53 | 8 929 747,05 | 2,80 |
| Northern Star Resources Ltd .........................  | Stück | 1 134 077 | 347 780 | 165 480 | AUD | 13,36 | 10 404 376,15 | 3,27 |
| Perseus Mining Ltd ................................  | Stück | 36 348 | 38 548 | 2 200 | AUD | 1,31 | 32 697,82 | 0,01 |
| Ramelius Resources Ltd ............................  | Stück | 20 053 | 21 267 | 1 683 731 | AUD | 1,99 | 27 403,09 | 0,01 |
| Regis Resources Ltd ...............................  | Stück | 443 394 | 490 804 | 47 412 | AUD | 5,22 | 1 589 378,59 | 0,50 |
| Resolute Mining Ltd  ...............................  | Stück | 30 950 | 32 823 | 1 873 | AUD | 1,135 | 24 122,57 | 0,01 |
| Saracen Mineral Holdings Ltd ........................  | Stück | 3 359 006 | 3 902 164 | 689 101 | AUD | 5,42 | 12 501 931,36 | 3,93 |
| Silver Lake Resources Ltd  ..........................  | Stück | 27 077 | 28 714 | 1 637 | AUD | 2,13 | 39 604,74 | 0,01 |
| St Barbara Ltd ....................................  | Stück | 21 107 | 22 384 | 1 277 | AUD | 3,15 | 45 656,66 | 0,01 |
| Westgold Resources Ltd ............................  | Stück | 760 076 | 86 969 | 98 690 | AUD | 2,09 | 1 090 863,35 | 0,34 |
| Agnico Eagle Mines Ltd .............................  | Stück | 261 362 | 169 104 | 182 121 | CAD | 85,1 | 16 268 811,91 | 5,11 |
| Alacer Gold Corp.  .................................  | Stück | 1 198 065 | 678 415 | 415 251 | CAD | 8,85 | 7 755 458,62 | 2,43 |
| Alamos Gold, Inc. ..................................  | Stück | 169 159 | 597 957 | 428 798 | CAD | 12,41 | 1 535 503,19 | 0,48 |
| Argonaut Gold, Inc. ................................  | Stück | 5 422 | 611 350 | 2 565 324 | CAD | 2,58 | 10 232,06 | 0,00 |
| B2Gold Corp. .....................................  | Stück | 2 040 352 | 1 063 158 | 620 469 | CAD | 7,47 | 11 148 322,74 | 3,50 |
| Barrick Gold Corp. .................................  | Stück | 926 117 | 173 932 | 629 333 | CAD | 35,67 | 24 163 108,21 | 7,59 |
| Belo Sun Mining Corp. ..............................  | Stück | 2 926 936 | 339 808 | 428 684 | CAD | 0,79 | 1 691 313,64 | 0,53 |
| Centerra Gold, Inc. ................................  | Stück | 103 501 | 113 547 | 10 046 | CAD | 14,98 | 1 134 070,86 | 0,36 |
| Dundee Precious Metals, Inc. ........................  | Stück | 4 340 | 4 602 | 262 | CAD | 8,5 | 26 983,14 | 0,01 |
| Endeavour Mining Corp. .............................  | Stück | 263 394 | 232 550 | 398 490 | CAD | 32,45 | 6 251 790,44 | 1,96 |
| Endeavour Silver Corp. .............................  | Stück | 4 230 | 4 487 | 257 | CAD | 2,98 | 9 220,20 | 0,00 |
| First Majestic Silver Corp. ...........................  | Stück | 5 405 | 5 731 | 326 | CAD | 12,81 | 50 644,08 | 0,02 |
| Fortuna Silver Mines, Inc. ...........................  | Stück | 4 899 | 5 195 | 296 | CAD | 6,5 | 23 291,88 | 0,01 |
| Franco-Nevada Corp. ...............................  | Stück | 192 084 | 49 119 | 71 913 | CAD | 188,86 | 26 534 750,57 | 8,33 |
| Gran Colombia Gold Corp.  ..........................  | Stück | 1 292 | 1 370 | 78 | CAD | 6,63 | 6 265,56 | 0,00 |
| Guyana Goldfields, Inc. .............................  | Stück | 4 880 | 5 175 | 295 | CAD | 1,73 | 6 175,18 | 0,00 |
| Kinross Gold Corp. .................................  | Stück | 1 710 330 | 1 350 331 | 761 018 | CAD | 9,56 | 11 959 737,26 | 3,75 |
| Kirkland Lake Gold Ltd ..............................  | Stück | 375 783 | 317 487 | 164 874 | CAD | 53,38 | 14 672 345,05 | 4,61 |
| MAG Silver Corp ..................................  | Stück | 240 356 | 34 069 | 174 836 | CAD | 18,37 | 3 229 594,21 | 1,01 |
| New Gold, Inc.  ...................................  | Stück | 20 726 | 21 979 | 1 253 | CAD | 1,82 | 27 591,21 | 0,01 |
| Newmont Gold Corp.  ..............................  | Stück | 100 154 |  |  | CAD | 81,98 | 6 005 650,38 | 1,89 |
| Novagold Resources, Inc. ...........................  | Stück | 7 271 | 7 711 | 440 | CAD | 11,91 | 63 341,70 | 0,02 |
| OceanaGold Corp. .................................  | Stück | 561 299 | 786 233 | 2 042 597 | CAD | 2,96 | 1 215 261,71 | 0,38 |
| Osisko Gold Royalties Ltd ...........................  | Stück | 4 339 | 4 601 | 262 | CAD | 13,21 | 41 925,31 | 0,01 |
| Osisko Mining, Inc. ................................  | Stück | 5 803 | 6 154 | 351 | CAD | 3,55 | 15 068,32 | 0,00 |
| Pan American Silver Corp. ...........................  | Stück | 270 527 | 55 090 | 91 167 | CAD | 38,79 | 7 675 633,49 | 2,41 |
| Premier Gold Mines Ltd  ............................  | Stück | 6 177 | 6 551 | 374 | CAD | 2,19 | 9 894,77 | 0,00 |
| Pretium Resources, Inc. ............................  | Stück | 5 676 | 6 019 | 343 | CAD | 11,15 | 46 291,48 | 0,01 |
| Roxgold, Inc. ......................................  | Stück | 1 160 551 | 133 646 | 159 156 | CAD | 1,56 | 1 324 258,17 | 0,42 |
| Sandstorm Gold Ltd  ...............................  | Stück | 5 372 | 5 698 | 326 | CAD | 12,51 | 49 156,07 | 0,02 |
| Seabridge Gold, Inc. ...............................  | Stück | 1 531 | 1 623 | 92 | CAD | 22,61 | 25 319,76 | 0,01 |
| SEMAFO, Inc. .....................................  | Stück | 301 569 | 334 131 | 32 562 | CAD | 4,59 | 1 012 472,45 | 0,32 |
| Silvercorp Metals, Inc. ..............................  | Stück | 5 276 | 5 595 | 319 | CAD | 6,85 | 26 434,99 | 0,01 |
| SSR Mining, Inc. ...................................  | Stück | 239 929 | 95 562 | 127 899 | CAD | 27,42 | 4 812 093,17 | 1,51 |
| Teranga Gold Corp. ................................  | Stück | 786 757 | 90 950 | 111 356 | CAD | 12,03 | 6 922 932,17 | 2,17 |
| TMAC Resources, Inc.  .............................  | Stück | 1 268 | 1 345 | 77 | CAD | 1,62 | 1 502,51 | 0,00 |
| Torex Gold Resources, Inc. ..........................  | Stück | 2 678 | 107 053 | 271 274 | CAD | 20,78 | 40 704,27 | 0,01 |
| Wesdome Gold Mines Ltd  ..........................  | Stück | 224 237 | 252 260 | 28 023 | CAD | 11,38 | 1 866 523,10 | 0,59 |
| Wheaton Precious Metals Corp. ......................  | Stück | 346 251 | 106 902 | 184 900 | CAD | 57,98 | 14 684 294,32 | 4,61 |
| Yamana Gold, Inc. .................................  | Stück | 1 301 740 | 1 455 805 | 154 065 | CAD | 7,2 | 6 855 522,80 | 2,15 |
| Centamin PLC ....................................  | Stück | 2 491 577 | 3 021 750 | 3 172 056 | GBP | 1,784 | 5 468 850,44 | 1,72 |
| Fresnillo PLC .....................................  | Stück | 5 679 | 6 023 | 344 | GBP | 8,268 | 57 753,39 | 0,02 |
| Hochschild Mining PLC .............................  | Stück | 7 725 | 8 193 | 468 | GBP | 1,885 | 17 910,81 | 0,01 |
| Petra Diamonds Ltd  ...............................  | Stück | 26 551 | 28 157 | 1 606 | GBP | 0,02 | 653,15 | 0,00 |
| Petropavlovsk PLC  ................................  | Stück | 79 366 | 84 168 | 4 802 | GBP | 0,266 | 25 966,98 | 0,01 |
| Polymetal International PLC .........................  | Stück | 327 686 | 364 482 | 36 796 | GBP | 16,005 | 6 450 876,78 | 2,03 |
| SolGold PLC  .....................................  | Stück | 26 697 | 28 314 | 1 617 | GBP | 0,21 | 6 888,62 | 0,00 |
| China Silver Group Ltd  .............................  | Stück | 50 000 | 54 000 | 4 000 | HKD | 0,57 | 3 677,25 | 0,00 |
| Shandong Gold Mining Co., Ltd ......................  | Stück | 873 600 | 965 350 | 91 750 | HKD | 16,46 | 1 855 329,89 | 0,58 |
| Zhaojin Mining Industry Co., Ltd -H- ...................  | Stück | 32 500 | 34 000 | 1 500 | HKD | 9,05 | 37 949,90 | 0,01 |
| Zijin Mining Group Co., Ltd ..........................  | Stück | 15 116 000 | 17 226 000 | 2 110 000 | HKD | 3,61 | 7 040 812,35 | 2,21 |
| Cia de Minas Buenaventura SAA -ADR- .................  | Stück | 6 937 | 7 357 | 420 | USD | 8,845 | 61 357,77 | 0,02 |
| Coeur Mining, Inc. .................................  | Stück | 7 403 | 7 851 | 448 | USD | 4,76 | 35 238,28 | 0,01 |
| Gold Resource Corp. ...............................  | Stück | 2 004 | 2 125 | 121 | USD | 3,89 | 7 795,56 | 0,00 |
| Golden Star Resources Ltd ..........................  | Stück | 2 318 | 2 458 | 140 | USD | 2,8 | 6 490,40 | 0,00 |
| Hecla Mining Co. ..................................  | Stück | 16 093 | 17 066 | 973 | USD | 3,06 | 49 244,58 | 0,02 |
| McEwen Mining, Inc.  ..............................  | Stück | 9 597 | 10 178 | 581 | USD | 0,999 | 9 586,44 | 0,00 |
| Newmont Mining Corp. .............................  | Stück | 409 392 | 112 672 | 198 781 | USD | 59,81 | 24 485 735,52 | 7,69 |
| Polyus PJSC ......................................  | Stück | 61 | 109 371 | 109 310 | USD | 83,85 | 5 114,85 | 0,00 |
| Polyus PJSC -GDR- ................................  | Stück | 100 168 | 103 920 | 3 752 | USD | 83,85 | 8 399 086,80 | 2,64 |

DWS Invest Gold and Precious Metals Equities
| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |
| Royal Gold, Inc. ...................................  | Stück | 35 438 | 34 865 | 27 746 | USD | 119,68 | 4 241 219,84 | 1,33 |
| Anglo American Platinum Ltd .........................  | Stück | 19 | 17 065 | 86 929 | ZAR | 1 236,94 | 1 352,24 | 0,00 |
| AngloGold Ashanti Ltd ..............................  | Stück | 488 126 | 179 605 | 243 037 | ZAR | 494,77 | 13 895 863,12 | 4,36 |
| DRDGOLD Ltd  ...................................  | Stück | 13 723 | 14 553 | 830 | ZAR | 26,27 | 20 742,42 | 0,01 |
| Gold Fields Ltd ....................................  | Stück | 540 507 | 960 925 | 1 189 625 | ZAR | 160,48 | 4 990 826,43 | 1,57 |
| Impala Platinum Holdings Ltd ........................  | Stück | 595 421 | 243 932 | 682 943 | ZAR | 115,56 | 3 958 967,25 | 1,24 |
| Northam Platinum Ltd ..............................  | Stück | 175 477 | 529 840 | 1 446 930 | ZAR | 115,28 | 1 163 923,39 | 0,37 |
| Royal Bafokeng Platinum Ltd ........................  | Stück | 5 045 | 5 351 | 306 | ZAR | 35,1 | 10 188,69 | 0,00 |
| Sibanye Stillwater Ltd ..............................  | Stück | 2 625 506 | 3 771 354 | 1 145 848 | ZAR | 36,72 | 5 547 098,98 | 1,74 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 309 741 060,64 | 97,24 |
| Bankguthaben .....................................  |  |  |  |  |  |  | 8 850 129,79 | 2,78 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR | 23 604 |  |  |  |  | 26 453,77 | 0,01 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Britisches Pfund | GBP | 19 895 |  |  |  |  | 24 470,98 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 36 465 |  |  |  |  | 25 040,69 | 0,01 |
| Hongkong Dollar ...................................  | HKD | 195 089 |  |  |  |  | 25 171,67 | 0,01 |
| Kanadischer Dollar .................................  | CAD | 102 088 |  |  |  |  | 74 672,39 | 0,02 |
| Südafrikanischer Rand ..............................  | ZAR | 431 248 |  |  |  |  | 24 812,91 | 0,01 |
| Südkoreanischer Won ..............................  | KRW | 131 612 |  |  |  |  | 109,42 | 0,00 |
| US-Dollar .........................................  | USD |  |  |  |  |  | 8 649 397,96 | 2,71 |
| Sonstige Vermögensgegenstände |  |  |  |  |  |  | 7 212 408,03 | 2,26 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  |  |  |  | 389 026,00 | 0,12 |
| Sonstige Ansprüche ................................  |  |  |  |  |  |  | 6 823 382,03 | 2,14 |
| Forderungen aus Anteilscheingeschäften |  |  |  |  |  |  | 907 528,67 | 0,28 |
| Summe der Vermögensgegenstände |  |  |  |  |  |  | 326 711 127,13 | 102,56 |
| Sonstige Verbindlichkeiten |  |  |  |  |  |  | -7 510 153,49 | -2,35 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  |  |  |  | -7 510 153,49 | -2,35 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  |  |  |  | -658 512,62 | -0,21 |
| Summe der Verbindlichkeiten |  |  |  |  |  |  | -8 168 666,11 | -2,56 |
| Fondsvermögen |  |  |  |  |  |  | 318 542 461,02 | 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 | 120,91 |
| Klasse LC ........................................  | EUR | 111,40 |
| Klasse LD ........................................  | EUR | 101,53 |
| Klasse NC ........................................  | EUR | 99,02 |
| Klasse TFC .......................................  | EUR | 180,09 |
| Klasse USD LC ....................................  | USD | 97,52 |
| Klasse USD TFC ...................................  | USD | 171,68 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 19 515,511 |
| Klasse LC ........................................  | Stück | 583 066,344 |
| Klasse LD ........................................  | Stück | 1 316 337,658 |
| Klasse NC ........................................  | Stück | 560 066,790 |
| Klasse TFC .......................................  | Stück | 47 020,497 |
| Klasse USD LC ....................................  | Stück | 220 950,605 |
| Klasse USD TFC ...................................  | Stück | 706,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) S&P BMI Gold and Precious Metals Price Index
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 94,825 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 107,907 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 100,961 |

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 USD 0,00.
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Australischer Dollar ..............  AUD	1,456240 | = USD | 1 |
| --- | --- | --- |
| Kanadischer Dollar ...............  CAD	1,367150 | = USD | 1 |
| Euro .......................... EUR	0,892260 | = USD | 1 |
| Britisches Pfund .................  GBP	0,813008 | = USD | 1 |
| Hongkong Dollar .................  HKD	7,750350 | = USD | 1 |
| Südkoreanischer Won ............  KRW	1 202,850000 | = USD | 1 |
| Südafrikanischer Rand ............  ZAR	17,380000 | = USD | 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.