# DWS Invest Multi Opportunities
DWS INVEST MULTI OPPORTUNITIES

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU1054321358 | -8.6% |
| Class FC | LU1054322166 | -8.4% |
| Class FD | LU1254146480 | -8.4% |
| Class LD | LU1254146563 | -8.6% |
| Class LDQ | LU1054321515 | -8.6% |
| Class NC | LU1054321606 | -8.9% |
| Class NDQ | LU1054321861 | -8.9% |
| Class PFC | LU1054321945 | -8.5% |
| Class PFDQ | LU1054322083 | -8.5% |
| Class TFC | LU1663932728 | -8.4% |
| Class TFD | LU1663932991 | -8.4% |
| Class AUD LCH 1 | LU1196385774 | -8.7% |
| Class AUD LDMH 1 | LU1254146217 | -8.6% |
| Class RMB LDMH 2 | LU1289539220 | -7.4% |
| Class GBP CH RD 3 | LU1220887316 | -8.4% |
| Class HKD LDMH 4 | LU1230072123 | -7.6% |
| Class SEK LCH 5 | LU1289020312 | -8.8% |
| Class SGD LDMH 6 | LU1196386152 | -8.2% |
| Class USD FCH 7 | LU1224427564 | -7.6% |
| Class USD LCH 7 | LU1196394099 | -7.7% |
| Class USD LDMH 7 | LU1254146647 | -7.7% |
| Class USD RDMH 7 | LU1433454672 | -7.4% |
| Class USD TFCH 7 | LU1663933882 | -7.4% |
| 1  in AUD |  |  |

2 
in CNY
3 
in GBP
4 
in HKD
5 
in SEK
6 
in SGD
7 
in USD
“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 Opportunities
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 22 973 738.63 | 2.97 |
| Telecommunication Services | 43 043 142.48 | 5.56 |
| Consumer Discretionaries | 52 136 368.07 | 6.73 |
| Consumer Staples | 12 802 019.64 | 1.66 |
| Financials | 38 493 830.89 | 4.97 |
| Basic Materials | 14 011 938.77 | 1.81 |
| Industrials | 14 435 488.67 | 1.86 |
| Utilities | 16 422 424.88 | 2.12 |
| Total equities | 214 318 952.03 | 27.68 |
| 2. Bonds (issuers) Companies | 35 944 396.78 | 4.65 |
| Central governments | 13 481 353.70 | 1.73 |
| Total bonds | 49 425 750.48 | 6.38 |
| 3. Investment fund units Bond funds | 172 647 543.25 | 22.29 |
| Equity funds | 78 448 853.24 | 10.13 |
| Other funds | 221 661 968.38 | 28.63 |
| Total investment fund units | 472 758 364.87 | 61.05 |
| 4. Derivativess | 581 241.84 | 0.07 |
| 5. Cash at bank | 40 213 439.04 | 5.19 |
| 6. Other assets | 944 869.95 | 0.12 |
| 7. Receivables from share certificate transactions | 46 686.62 | 0.01 |
| II. Liabilities |  |  |
| 1. Loan liabilities | -45.74 | 0.00 |
| 2. Other liabilities | -2 423 070.87 | - 0.31 |
| 3. Liabilities from share certificate transactions | -1 461 719.67 | - 0.19 |
| III. Net assets | 774 404 468.55 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

Investment portfolio – June 30, 2020
| Securities traded on an exchange |  |  |  |  |  |  | 263 744 702.51 | 34.06 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equities Novartis AG .......................................  | Count | 61 440 | 56 517 | 77 773 | CHF | 81.91 | 4 726 428.52 | 0.61 |
| Roche Holding AG ..................................  | Count | 21 114 | 21 114 | 23 348 | CHF | 327.65 | 6 497 191.26 | 0.84 |
| Airbus SE.........................................  | Count | 40 766 | 85 997 | 45 231 | EUR | 63.02 | 2 569 073.32 | 0.33 |
| Allianz SE.........................................  | Count | 36 513 | 36 513 |  | EUR | 180.22 | 6 580 372.86 | 0.85 |
| Bayer AG .........................................  | Count | 136 037 | 86 764 | 74 912 | EUR | 65.79 | 8 949 874.23 | 1.16 |
| Danone SA .......................................  | Count | 76 222 | 136 713 | 60 491 | EUR | 61.82 | 4 712 044.04 | 0.61 |
| Deutsche Post AG..................................  | Count | 172 073 | 172 073 |  | EUR | 32.55 | 5 600 976.15 | 0.72 |
| Deutsche Telekom AG ..............................  | Count | 720 209 | 750 320 | 945 264 | EUR | 14.93 | 10 752 720.37 | 1.39 |
| E.ON SE .........................................  | Count | 964 738 | 964 738 |  | EUR | 10.04 | 9 685 969.52 | 1.25 |
| JDE Peet‘s BV .....................................  | Count | 69 076 | 69 076 |  | EUR | 36.1 | 2 493 643.60 | 0.32 |
| Koninklijke Philips NV ...............................  | Count | 119 073 | 119 073 |  | EUR | 41.225 | 4 908 784.43 | 0.63 |
| LVMH Moet Hennessy Louis Vuitton SE ................  | Count | 19 149 | 19 149 |  | EUR | 388 | 7 429 812.00 | 0.96 |
| Merck KGaA ......................................  | Count | 26 465 | 38 809 | 12 344 | EUR | 102.75 | 2 719 278.75 | 0.35 |
| SAP SE ..........................................  | Count | 82 112 | 80 442 | 32 568 | EUR | 123.04 | 10 103 060.48 | 1.31 |
| Veolia Environnement SA ............................  | Count | 335 648 | 335 648 |  | EUR | 20.07 | 6 736 455.36 | 0.87 |
| Vinci SA ..........................................  | Count | 76 820 | 76 820 |  | EUR | 81.56 | 6 265 439.20 | 0.81 |
| Volkswagen AG -Pref- ...............................  | Count | 28 792 | 35 122 | 6 330 | EUR | 133.56 | 3 845 459.52 | 0.50 |
| Vonovia SE .......................................  | Count | 336 911 | 19 889 |  | EUR | 54.8 | 18 462 722.80 | 2.38 |
| Compass Group PLC ................................  | Count | 125 952 |  | 225 707 | GBP | 11.045 | 1 526 748.12 | 0.20 |
| Reckitt Benckiser Group PLC .........................  | Count | 89 428 | 89 428 |  | GBP | 74.92 | 7 353 056.31 | 0.95 |
| Alibaba Group Holding Ltd -ADR- ......................  | Count | 10 948 |  | 20 405 | USD | 215.99 | 2 109 890.21 | 0.27 |
| Alphabet, Inc. .....................................  | Count | 14 217 | 8 697 |  | USD | 1 389.35 | 17 624 266.57 | 2.28 |
| Amgen, Inc. .......................................  | Count | 9 744 | 57 567 | 47 823 | USD | 232.42 | 2 020 701.65 | 0.26 |
| Cisco Systems, Inc..................................  | Count | 95 797 | 39 354 | 191 602 | USD | 46.69 | 3 990 866.56 | 0.52 |
| MasterCard, Inc. ...................................  | Count | 14 449 | 14 449 |  | USD | 292.91 | 3 776 273.27 | 0.49 |
| Microsoft Corp. ....................................  | Count | 72 236 | 72 236 |  | USD | 199.69 | 12 870 678.15 | 1.66 |
| Newmont Mining Corp...............................  | Count | 112 226 |  | 643 199 | USD | 59.81 | 5 989 060.64 | 0.77 |
| Pfizer, Inc. ........................................  | Count | 269 180 | 283 682 | 603 288 | USD | 32.29 | 7 755 365.28 | 1.00 |
| Pinterest, Inc. .....................................  | Count | 110 299 | 227 842 | 117 543 | USD | 21.5 | 2 115 930.79 | 0.27 |
| Visa, Inc. .........................................  | Count | 56 661 | 56 661 |  | USD | 191.36 | 9 674 461.96 | 1.25 |
| Walt Disney Co./The ................................  | Count | 65 131 | 39 399 | 23 059 | USD | 110.98 | 6 449 467.98 | 0.83 |
| Yamana Gold, Inc. ..................................  | Count | 1 706 193 |  | 2 291 658 | USD | 5.27 | 8 022 878.13 | 1.04 |
| Interest-bearing securities 4.00  % Coty, Inc. -Reg- (MTN) 2018/2023 .............  | EUR | 5 000 000 |  |  | % | 89.514 | 4 475 725.00 | 0.58 |
| 4.75  % Coty, Inc. -Reg- (MTN) 2018/2026 .............  | EUR | 9 475 000 | 1 500 000 |  | % | 88.046 | 8 342 405.88 | 1.08 |
| 3.25  % Eurofins Scientific Se 2017/perpetual * ** .......  | EUR | 12 490 000 |  |  | % | 95.626 | 11 943 687.40 | 1.54 |
| 0.75  % Stryker Corp. (MTN) 2019/2029 ...............  4.35 % Turkey Government International Bond (MTN) 2013/2021 ................................  | EUR EUR | 3 030 000 7 000 000 |  | 1 700 000 | % % | 98.724 102.092 | 2 991 322.05 7 146 475.00 | 0.39 0.92 |
| 2.50  % VZ Vendor Financing BV (MTN) 2019/2024 ** ....  | EUR | 2 600 000 | 2 600 000 |  | % | 98.198 | 2 553 148.00 | 0.33 |
| 1.00 % Kreditanstalt fuer Wiederaufbau (MTN) 2016/2021 . 4.75  % Oman Government International Bond -Reg- (MTN) 2016/2026 ..........................  | NOK USD | 60 830 000 5 000 000 | 210 000 000 5 000 000 | 149 170 000 | % % | 100.848 92.79 | 5 638 108.45 4 139 617.96 | 0.73 0.53 |
| 4.125 % Oman Government International Bond -Reg- (MTN) 2018/2023 ..........................  | USD | 2 500 000 | 2 500 000 |  | % | 98.414 | 2 195 260.74 | 0.28 |
| Investment fund units |  |  |  |  |  |  | 472 758 364.87 | 61.05 |
| In-group fund units db x-trackers - MSCI World Health Care Index UCITS ETF (DR) -1C- EUR - (0.450%) ............................  | Units | 329 937 | 329 937 |  | EUR | 33.86 | 11 171 666.82 | 1.44 |
| db x-trackers - MSCI World Information Technology Index UCITS ETF (DR) -1C- USD - (0.150%) ...................  | Units | 215 476 | 215 476 |  | EUR | 36.545 | 7 874 570.42 | 1.02 |
| db Physical Gold ETC EUR - (0.250%) ..................  | Units | 387 240 | 387 240 |  | EUR | 153.4 | 59 402 616.00 | 7.67 |
| Deutsche AM Dynamic Opportunities -SC- EUR - (0.400%). . DWS Concept - DWS Concept Kaldemorgen -IC100- EUR - (0.350%) ....................................  | Units Units | 2 342 573 1 118 038 | 2 342 573 1 118 038 |  | EUR EUR | 47.66 98.4 | 111 647 029.18 110 014 939.20 | 14.42 14.21 |
| DWS Invest SICAV - Corporate Hybrid Bonds -XD- EUR - (0.290%) ....................................  | Units | 197 234 |  |  | EUR | 107.55 | 21 212 516.70 | 2.74 |
| DWS Invest SICAV - DWS Invest Macro Bonds I -FC- EUR - (0.740%) ....................................  | Units | 175 000 |  |  | EUR | 100 | 17 500 000.00 | 2.26 |
| DWS Invest SICAV - Euro Corporate Bonds -IC- EUR - (0.440%) ....................................  | Units | 244 492 | 230 124 | 222 197 | EUR | 116.94 | 28 590 894.48 | 3.69 |
| DWS Invest SICAV - Global Bonds High Conviction -FC- EUR - (0.550%) ....................................  | Units | 53 224 |  |  | EUR | 94.46 | 5 027 539.04 | 0.65 |
| DWS Invest SICAV - Global Bonds -IC- EUR - (0.390%) .....  DWS Invest SICAV - Invest Euro High Yield Corporates -FC- EUR - (0.750%) ....................................  | Units Units | 260 961 193 583 | 168 883 | 12 257 95 268 | EUR EUR | 97.26 156.93 | 25 381 066.86 30 378 980.19 | 3.28 3.92 |
| DWS Invest SICAV - Asian Bonds -FC- USD - (0.600%) .....  | Units | 176 039 | 148 544 | 225 374 | USD | 147.59 | 23 182 338.86 | 2.99 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| currency	amount	in the reporting period	EUR |
| Non-group fund units iShares III PLC - iShares Emerging Markets Local Government Bond UCITS ETF EUR - (0.500%) ...........  | Units | 120 704 | 130 651 | 198 845 | EUR | 49.655 | 5 993 557.12 | 0.77 |
| iShares III PLC - iShares Emerging Markets Local Government Bond UCITS ETF EUR - (0.500%) ...........  | Units | 310 000 |  |  | EUR | 49.615 | 15 380 650.00 | 1.99 |
| Total securities portfolio |  |  |  |  |  |  | 736 503 067.38 | 95.11 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  |  |  | -57 184.18 | -0.01 |
| Equity index futures E-mini Nasdaq 100 Futures 09/2020 (DB)................  | Count | -30 |  | 30 |  |  | -125 899.06 | -0.02 |
| S & P MINI 500 Futures 09/2020 (DB) ..................  | Count | -100 |  | 100 |  |  | 68 714.88 | 0.01 |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | 419 501.62 | 0.05 |
| Interest rate futures US Treasury Notes 30 year Futures 09/2020 (DB) .........  | Count | 240 | 240 |  |  |  | 419 501.62 | 0.05 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 218 924.40 | 0.03 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions AUD/EUR 3.2 million ................................  |  |  |  |  |  |  | -1 629.59 | 0.00 |
| CNH/EUR 0.1 million ................................  |  |  |  |  |  |  | 68.61 | 0.00 |
| JPY/EUR 4994.7 million..............................  |  |  |  |  |  |  | -217 979.03 | -0.03 |
| RUB/EUR 914.4 million ..............................  |  |  |  |  |  |  | -305 467.71 | -0.04 |
| SEK/EUR 0.8 million ................................  |  |  |  |  |  |  | 316.38 | 0.00 |
| SGD/EUR 8.1 million ................................  |  |  |  |  |  |  | 16 581.86 | 0.00 |
| USD/EUR 67.5 million ...............................  |  |  |  |  |  |  | 357 088.27 | 0.05 |
| Closed positions GBP/EUR 0.1 million ................................  |  |  |  |  |  |  | -68.08 | 0.00 |
| USD/EUR 76.3 million ...............................  |  |  |  |  |  |  | 280 541.71 | 0.04 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/CHF 12.7 million ...............................  |  |  |  |  |  |  | 11 571.33 | 0.00 |
| EUR/GBP 9.5 million ................................  |  |  |  |  |  |  | 75 906.10 | 0.01 |
| EUR/HKD 157.6 million ..............................  |  |  |  |  |  |  | -31 587.84 | 0.00 |
| EUR/NOK 58.2 million ...............................  |  |  |  |  |  |  | 16 918.93 | 0.00 |
| Closed positions EUR/HKD 39 million ................................  |  |  |  |  |  |  | 15 930.95 | 0.00 |
| EUR/SEK 0.1 million ................................  |  |  |  |  |  |  | 0.47 | 0.00 |
| EUR/SGD 0.3 million ................................  |  |  |  |  |  |  | 732.04 | 0.00 |
| Cash at bank |  |  |  |  |  |  | 40 213 439.04 | 5.19 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 37 655 129.26 | 4.87 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 354 003 |  |  |  |  | 388 511.11 | 0.05 |
| Norwegian krone ...................................  | NOK | 1 900 000 |  |  |  |  | 174 624.09 | 0.02 |
| Swedish krona.....................................  | SEK | 1 726 710 |  |  |  |  | 164 821.22 | 0.02 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 11 052 |  |  |  |  | 6 771.49 | 0.00 |
| Brazilian real ......................................  | BRL | 523 760 |  |  |  |  | 85 269.83 | 0.01 |
| Hong Kong dollar ..................................  | HKD | 1 199 685 |  |  |  |  | 138 113.86 | 0.02 |
| Japanese yen .....................................  | JPY | 72 472 186 |  |  |  |  | 600 380.97 | 0.08 |
| Mexican peso .....................................  | MXN | 296 404 |  |  |  |  | 11 415.28 | 0.00 |
| Russian rouble.....................................  | RUB | 1 493 325 |  |  |  |  | 18 724.48 | 0.00 |
| Swiss franc .......................................  | CHF | 421 873 |  |  |  |  | 396 210.68 | 0.05 |
| Singapore dollar ...................................  | SGD | 170 739 |  |  |  |  | 109 113.20 | 0.01 |
| South African rand..................................  | ZAR | 10 883 |  |  |  |  | 558.71 | 0.00 |
| U.S. dollar ........................................  | USD | 519 798 |  |  |  |  | 463 794.86 | 0.06 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Other assets |  |  |  | 944 869.95 | 0.12 |
| Dividends/Distributions receivable .....................  |  |  |  | 238 484.02 | 0.03 |
| Interest receivable .................................  |  |  |  | 704 797.41 | 0.09 |
| Other receivables ..................................  |  |  |  | 1 588.52 | 0.00 |
| Receivables from share certificate transactions |  |  |  | 46 686.62 | 0.01 |
| Total assets *** |  |  |  | 778 971 936.14 | 100.59 |
| Short-term liabilities |  |  |  | -45.74 | 0.00 |
| Loans in non-EU/EEA currencies |  |  |  |  |  |
| Chinese offshore yuan renminbi .......................  | CNH | -363 |  | -45.74 | 0.00 |
| Other liabilities |  |  |  | -2 423 070.87 | -0.31 |
| Liabilities from cost items ............................  |  |  |  | -1 327 471.31 | -0.17 |
| Additional other liabilities.............................  |  |  |  | -1 095 599.56 | -0.14 |
| Liabilities from share certificate transactions |  |  |  | -1 461 719.67 | -0.19 |
| Total liabilities |  |  |  | -4 567 467.59 | -0.59 |
| Net assets |  |  |  | 774 404 468.55 | 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 AUD LCH ....................................  | AUD | 103.20 |
| Class AUD LDMH ..................................  | AUD | 78.14 |
| Class RMB LDMH ..................................  | CNY | 93.24 |
| Class FC .........................................  | EUR | 106.29 |
| Class FD .........................................  | EUR | 94.85 |
| Class LC .........................................  | EUR | 108.47 |
| Class LD .........................................  | EUR | 94.69 |
| Class LDQ ........................................  | EUR | 87.30 |
| Class NC .........................................  | EUR | 105.22 |
| Class NDQ........................................  | EUR | 84.71 |
| Class PFC ........................................  | EUR | 105.26 |
| Class PFDQ .......................................  | EUR | 84.38 |
| Class TFC ........................................  | EUR | 97.87 |
| Class TFD ........................................  | EUR | 95.36 |
| Class GBP CH RD ..................................  | GBP | 99.87 |
| Class HKD LDMH ..................................  | HKD | 68.73 |
| Class SEK LCH ....................................  | SEK | 999.35 |
| Class SGD LDMH ..................................  | SGD | 7.11 |
| Class USD FCH ....................................  | USD | 105.22 |
| Class USD LCH ....................................  | USD | 102.73 |
| Class USD LDMH ..................................  | USD | 78.22 |
| Class USD RDMH ..................................  | USD | 87.73 |
| Class USD TFCH ...................................  | USD | 104.67 |
| Number of shares outstanding Class AUD LCH ....................................  | Count | 12 107.000 |
| Class AUD LDMH ..................................  | Count | 24 414.000 |
| Class RMB LDMH ..................................  | Count | 725.000 |
| Class FC .........................................  | Count | 206 623.000 |
| Class FD .........................................  | Count | 105.000 |
| Class LC .........................................  | Count | 1 461 513.516 |
| Class LD .........................................  | Count | 3 589.000 |
| Class LDQ ........................................  | Count | 1 115 817.767 |
| Class NC .........................................  | Count | 1 407 472.731 |
| Class NDQ........................................  | Count | 2 128 225.563 |
| Class PFC ........................................  | Count | 77 945.000 |
| Class PFDQ .......................................  | Count | 229 656.000 |
| Class TFC ........................................  | Count | 1 363.000 |
| Class TFD ........................................  | Count | 20.000 |
| Class GBP CH RD ..................................  | Count | 72.000 |
| Class HKD LDMH ..................................  | Count | 494 460.047 |
| Class SEK LCH ....................................  | Count | 780.000 |
| Class SGD LDMH ..................................  | Count | 1 130 194.000 |
| Class USD FCH ....................................  | Count | 107.000 |
| Class USD LCH ....................................  | Count | 153 646.417 |
| Class USD LDMH ..................................  | Count | 269 916.920 |
| Class USD RDMH ..................................  | Count | 1 227 056.000 |
| Class USD TFCH ...................................  | Count | 24.000 |

Presentation of the maximum limit (according to CSSF circular 11/512) 12% of portfolio value (January 1, 2020 - May 14, 2020)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 1.839 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 14.083 |
| Average market risk exposure ........................  | % | 6.536 |

The values-at-risk were calculated for the period from January 1, 2020, through May 14, 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 absolute value-at-risk approachas defined in CSSF circular 11/512.
Presentation of the maximum limit (according to CSSF circular 11/512) 14.14% of portfolio value (May 15, 2020 - June 30, 2020)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 10.577 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 11.881 |
| Average market risk exposure ........................  | % | 11.080 |

The values-at-risk were calculated for the period from May 15, 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 absolute value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.3, 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 221 643 298.87 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	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
Bofa Securities Europe, Credit Suisse London Branch (GFX), Deutsche Bank AG, Goldman Sachs International, HSBC France, JP Morgan, Royal Bank of Canada (UK), State Street Bank London and UBS AG

####  Securities lending	
The following securities were transferred under securities loans at the reporting date:
| Security name | Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |
| --- | --- | --- | --- | --- |
| 3.25	% Eurofins Scientific Se 2017/perpetual * ................. | EUR | 10 500 000 | 10 040 730.00 |  |
| 2.5	% VZ Vendor Financing BV (MTN) 2019/2024 ........... | EUR | 2 000 000 | 1 963 960.00 |  |
| Total receivables from securities loans |  |  | 12 004 690.00 | 12 004 690.00 |
| Contracting parties for securities loans Barclays Capital Securities Limited, Crédit Suisse Securities (Europe) Ltd. FI, Deutsche Bank AG FI |  |  |
| Total collateral pledged by third parties for securities loans thereof: Bonds | EUR EUR | 12 892 076.38 5 874 104.89 |
| Equities | EUR | 7 017 971.49 |

 Exchange rates (indirect quotes)	
As of June 30, 2020
| Australian dollar ................. . | AUD | 1.632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Brazilian real ................... . | BRL | 6.142380 | = | EUR | 1 |
| Swiss franc .................... . | CHF | 1.064768 | = | EUR | 1 |
| Chinese offshore yuan renminbi .... . | CNH | 7.925493 | = | EUR | 1 |
| British pound .................. . | GBP | 0.911178 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 8.686201 | = | EUR | 1 |
| Japanese yen .................. . | JPY | 120.710331 | = | EUR | 1 |
| Mexican peso .................. . | MXN | 25.965526 | = | EUR | 1 |
| Norwegian krone ................ . | NOK | 10.880517 | = | EUR | 1 |
| Russian rouble.................. . | RUB | 79.752538 | = | EUR | 1 |
| Swedish krona.................. . | SEK | 10.476263 | = | EUR | 1 |
| Singapore dollar ................ . | SGD | 1.564791 | = | EUR | 1 |
| U.S. dollar ..................... . | USD | 1.120750 | = | EUR | 1 |
| South African rand............... . | ZAR | 19.478627 | = | 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.
** Some or all of these securities are lent.
*** Does not include positions with a negative balance, if such exist.

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

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU1054321358 | -8,6% |
| Klasse FC | LU1054322166 | -8,4% |
| Klasse FD | LU1254146480 | -8,4% |
| Klasse LD | LU1254146563 | -8,6% |
| Klasse LDQ | LU1054321515 | -8,6% |
| Klasse NC | LU1054321606 | -8,9% |
| Klasse NDQ | LU1054321861 | -8,9% |
| Klasse PFC | LU1054321945 | -8,5% |
| Klasse PFDQ | LU1054322083 | -8,5% |
| Klasse TFC | LU1663932728 | -8,4% |
| Klasse TFD | LU1663932991 | -8,4% |
| Klasse AUD LCH 1) | LU1196385774 | -8,7% |
| Klasse AUD LDMH 1) | LU1254146217 | -8,6% |
| Klasse RMB LDMH 2) | LU1289539220 | -7,4% |
| Klasse GBP CH RD 3) | LU1220887316 | -8,4% |
| Klasse HKD LDMH 4) | LU1230072123 | -7,6% |
| Klasse SEK LCH 5) | LU1289020312 | -8,8% |
| Klasse SGD LDMH 6) | LU1196386152 | -8,2% |
| Klasse USD FCH 7) | LU1224427564 | -7,6% |
| Klasse USD LCH 7) | LU1196394099 | -7,7% |
| Klasse USD LDMH 7) | LU1254146647 | -7,7% |
| Klasse USD RDMH 7) | LU1433454672 | -7,4% |
| Klasse USD TFCH 7) | LU1663933882 | -7,4% |

1) 
in AUD
2) 
in CNY
3) 
in GBP
4) 
in HKD
5) 
in SEK
6) 
in SGD
7) 
in USD
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 Opportunities
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 22 973 738,63 | 2,97 |
| Telekommunikationsdienste | 43 043 142,48 | 5,56 |
| Dauerhafte Konsumgüter | 52 136 368,07 | 6,73 |
| Hauptverbrauchsgüter | 12 802 019,64 | 1,66 |
| Finanzsektor | 38 493 830,89 | 4,97 |
| Grundstoffe | 14 011 938,77 | 1,81 |
| Industrien | 14 435 488,67 | 1,86 |
| Versorger | 16 422 424,88 | 2,12 |
| Summe Aktien | 214 318 952,03 | 27,68 |
| 2. Anleihen (Emittenten) Unternehmen | 35 944 396,78 | 4,65 |
| Zentralregierungen | 13 481 353,70 | 1,73 |
| Summe Anleihen | 49 425 750,48 | 6,38 |
| 3. Investmentanteile Rentenfonds | 172 647 543,25 | 22,29 |
| Aktienfonds | 78 448 853,24 | 10,13 |
| Sonstige Fonds | 221 661 968,38 | 28,63 |
| Summe Investmentanteile | 472 758 364,87 | 61,05 |
| 4. Derivate | 581 241,84 | 0,07 |
| 5. Bankguthaben | 40 213 439,04 | 5,19 |
| 6. Sonstige Vermögensgegenstände | 944 869,95 | 0,12 |
| 7. Forderungen aus Anteilscheingeschäften | 46 686,62 | 0,01 |
| II. Verbindlichkeiten |  |  |
| 1. Verbindlichkeiten aus Kreditaufnahme | -45,74 | 0,00 |
| 2. Sonstige Verbindlichkeiten | -2 423 070,87 | - 0,31 |
| 3. Verbindlichkeiten aus Anteilscheingeschäften | -1 461 719,67 | - 0,19 |
| III. Fondsvermögen | 774 404 468,55 | 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 |  |  |  |  |  |  | 263 744 702,51 | 34,06 |
| Aktien Novartis AG ......................................  | Stück | 61 440 | 56 517 | 77 773 | CHF | 81,91 | 4 726 428,52 | 0,61 |
| Roche Holding AG .................................  | Stück | 21 114 | 21 114 | 23 348 | CHF | 327,65 | 6 497 191,26 | 0,84 |
| Airbus SE ........................................  | Stück | 40 766 | 85 997 | 45 231 | EUR | 63,02 | 2 569 073,32 | 0,33 |
| Allianz SE ........................................  | Stück | 36 513 | 36 513 |  | EUR | 180,22 | 6 580 372,86 | 0,85 |
| Bayer AG ........................................  | Stück | 136 037 | 86 764 | 74 912 | EUR | 65,79 | 8 949 874,23 | 1,16 |
| Danone SA .......................................  | Stück | 76 222 | 136 713 | 60 491 | EUR | 61,82 | 4 712 044,04 | 0,61 |
| Deutsche Post AG .................................  | Stück | 172 073 | 172 073 |  | EUR | 32,55 | 5 600 976,15 | 0,72 |
| Deutsche Telekom AG ..............................  | Stück | 720 209 | 750 320 | 945 264 | EUR | 14,93 | 10 752 720,37 | 1,39 |
| E.ON SE .........................................  | Stück | 964 738 | 964 738 |  | EUR | 10,04 | 9 685 969,52 | 1,25 |
| JDE Peet‘s BV ....................................  | Stück | 69 076 | 69 076 |  | EUR | 36,1 | 2 493 643,60 | 0,32 |
| Koninklijke Philips NV ...............................  | Stück | 119 073 | 119 073 |  | EUR | 41,225 | 4 908 784,43 | 0,63 |
| LVMH Moet Hennessy Louis Vuitton SE ................  | Stück | 19 149 | 19 149 |  | EUR | 388 | 7 429 812,00 | 0,96 |
| Merck KGaA ......................................  | Stück | 26 465 | 38 809 | 12 344 | EUR | 102,75 | 2 719 278,75 | 0,35 |
| SAP SE ..........................................  | Stück | 82 112 | 80 442 | 32 568 | EUR | 123,04 | 10 103 060,48 | 1,31 |
| Veolia Environnement SA ............................  | Stück | 335 648 | 335 648 |  | EUR | 20,07 | 6 736 455,36 | 0,87 |
| Vinci SA .........................................  | Stück | 76 820 | 76 820 |  | EUR | 81,56 | 6 265 439,20 | 0,81 |
| Volkswagen AG -Pref- ..............................  | Stück | 28 792 | 35 122 | 6 330 | EUR | 133,56 | 3 845 459,52 | 0,50 |
| Vonovia SE .......................................  | Stück | 336 911 | 19 889 |  | EUR | 54,8 | 18 462 722,80 | 2,38 |
| Compass Group PLC ...............................  | Stück | 125 952 |  | 225 707 | GBP | 11,045 | 1 526 748,12 | 0,20 |
| Reckitt Benckiser Group PLC .........................  | Stück | 89 428 | 89 428 |  | GBP | 74,92 | 7 353 056,31 | 0,95 |
| Alibaba Group Holding Ltd -ADR- ......................  | Stück | 10 948 |  | 20 405 | USD | 215,99 | 2 109 890,21 | 0,27 |
| Alphabet, Inc. .....................................  | Stück | 14 217 | 8 697 |  | USD | 1 389,35 | 17 624 266,57 | 2,28 |
| Amgen, Inc. ......................................  | Stück | 9 744 | 57 567 | 47 823 | USD | 232,42 | 2 020 701,65 | 0,26 |
| Cisco Systems, Inc. ................................  | Stück | 95 797 | 39 354 | 191 602 | USD | 46,69 | 3 990 866,56 | 0,52 |
| MasterCard, Inc. ...................................  | Stück | 14 449 | 14 449 |  | USD | 292,91 | 3 776 273,27 | 0,49 |
| Microsoft Corp. ...................................  | Stück | 72 236 | 72 236 |  | USD | 199,69 | 12 870 678,15 | 1,66 |
| Newmont Mining Corp. .............................  | Stück | 112 226 |  | 643 199 | USD | 59,81 | 5 989 060,64 | 0,77 |
| Pfizer, Inc. ........................................  | Stück | 269 180 | 283 682 | 603 288 | USD | 32,29 | 7 755 365,28 | 1,00 |
| Pinterest, Inc. ....................................  | Stück | 110 299 | 227 842 | 117 543 | USD | 21,5 | 2 115 930,79 | 0,27 |
| Visa, Inc. .........................................  | Stück | 56 661 | 56 661 |  | USD | 191,36 | 9 674 461,96 | 1,25 |
| Walt Disney Co./The ...............................  | Stück | 65 131 | 39 399 | 23 059 | USD | 110,98 | 6 449 467,98 | 0,83 |
| Yamana Gold, Inc. .................................  | Stück | 1 706 193 |  | 2 291 658 | USD | 5,27 | 8 022 878,13 | 1,04 |
| Verzinsliche Wertpapiere 4,00	% Coty, Inc. -Reg- (MTN) 2018/2023 ............  | EUR | 5 000 000 |  |  | % | 89,514 | 4 475 725,00 | 0,58 |
| 4,75 | % Coty, Inc. -Reg- (MTN) 2018/2026 ............  | EUR | 9 475 000 | 1 500 000 |  | % | 88,046 | 8 342 405,88 | 1,08 |
| 3,25 | % Eurofins Scientific Se 2017/perpetual * ** .....  | EUR | 12 490 000 |  |  | % | 95,626 | 11 943 687,40 | 1,54 |
| 0,75 | % Stryker Corp. (MTN) 2019/2029 ..............  | EUR | 3 030 000 |  | 1 700 000 | % | 98,724 | 2 991 322,05 | 0,39 |
| 4,35 | % Turkey Government International Bond (MTN) 2013/2021 ..............................  | EUR | 7 000 000 |  |  | % | 102,092 | 7 146 475,00 | 0,92 |
| 2,50 | % VZ Vendor Financing BV (MTN) 2019/2024 ** ..  | EUR | 2 600 000 | 2 600 000 |  | % | 98,198 | 2 553 148,00 | 0,33 |
| 1,00 | % Kreditanstalt fuer Wiederaufbau (MTN) 2016/2021 | NOK | 60 830 000 | 210 000 000 | 149 170 000 | % | 100,848 | 5 638 108,45 | 0,73 |
| 4,75 | % Oman Government International Bond -Reg- (MTN) 2016/2026 .........................  | USD | 5 000 000 | 5 000 000 |  | % | 92,79 | 4 139 617,96 | 0,53 |
| 4,125 | % Oman Government International Bond -Reg- (MTN) 2018/2023 .........................  | USD | 2 500 000 | 2 500 000 |  | % | 98,414 | 2 195 260,74 | 0,28 |
| Investmentanteile |  |  |  |  |  |  | 472 758 364,87 | 61,05 |
| Gruppeneigene Investmentanteile db x-trackers - MSCI World Health Care Index UCITS ETF (DR) -1C- EUR - (0,450%) ............................  | Anteile | 329 937 | 329 937 |  | EUR | 33,86 | 11 171 666,82 | 1,44 |
| db x-trackers - MSCI World Information Technology Index UCITS ETF (DR) -1C- USD - (0,150%) ..................  | Anteile | 215 476 | 215 476 |  | EUR | 36,545 | 7 874 570,42 | 1,02 |
| db Physical Gold ETC EUR - (0,250%) .................  | Anteile | 387 240 | 387 240 |  | EUR | 153,4 | 59 402 616,00 | 7,67 |
| Deutsche AM Dynamic Opportunities -SC- EUR - (0,400%) . DWS Concept - DWS Concept Kaldemorgen -IC100- EUR - (0,350%) ...................................  | Anteile Anteile | 2 342 573 1 118 038 | 2 342 573 1 118 038 |  | EUR EUR | 47,66 98,4 | 111 647 029,18 110 014 939,20 | 14,42 14,21 |
| DWS Invest SICAV - Corporate Hybrid Bonds -XD- EUR - (0,290%) ...................................  | Anteile | 197 234 |  |  | EUR | 107,55 | 21 212 516,70 | 2,74 |
| DWS Invest SICAV - DWS Invest Macro Bonds I -FC- EUR - (0,740%) ...................................  | Anteile | 175 000 |  |  | EUR | 100 | 17 500 000,00 | 2,26 |
| DWS Invest SICAV - Euro Corporate Bonds -IC- EUR - (0,440%) ...................................  | Anteile | 244 492 | 230 124 | 222 197 | EUR | 116,94 | 28 590 894,48 | 3,69 |
| DWS Invest SICAV - Global Bonds High Conviction -FC- EUR - (0,550%) ...................................  | Anteile | 53 224 |  |  | EUR | 94,46 | 5 027 539,04 | 0,65 |
| DWS Invest SICAV - Global Bonds -IC- EUR - (0,390%) .... DWS Invest SICAV - Invest Euro High Yield Corporates -FC- EUR - (0,750%) ...................................  | Anteile Anteile | 260 961 193 583 | 168 883 | 12 257 95 268 | EUR EUR | 97,26 156,93 | 25 381 066,86 30 378 980,19 | 3,28 3,92 |
| DWS Invest SICAV - Asian Bonds -FC- USD - (0,600%) ....  | Anteile | 176 039 | 148 544 | 225 374 | USD | 147,59 | 23 182 338,86 | 2,99 |

| Gruppenfremde Investmentanteile iShares III PLC - iShares Emerging Markets Local Government Bond UCITS ETF EUR - (0,500%) ...........  | Anteile | 120 704 | 130 651 | 198 845 | EUR | 49,655 | 5 993 557,12 | 0,77 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| iShares III PLC - iShares Emerging Markets Local Government Bond UCITS ETF EUR - (0,500%) ...........  | Anteile | 310 000 |  |  | EUR | 49,615 | 15 380 650,00 | 1,99 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 736 503 067,38 | 95,11 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  |  | -57 184,18 | -0,01 |
| Aktienindex-Terminkontrakte E-mini Nasdaq 100 Futures 09/2020 (DB) ...............	Stück	-30 |  | 30 | -125 899,06 | -0,02 |
| S & P MINI 500 Futures 09/2020 (DB) ..................	Stück	-100 |  | 100 | 68 714,88 | 0,01 |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  | 419 501,62 | 0,05 |
| Zinsterminkontrakte US Treasury Notes 30 year Futures 09/2020 (DB) .........	Stück	240 | 240 |  | 419 501,62 | 0,05 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | 218 924,40 | 0,03 |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |
| Offene Positionen AUD/EUR 3,2 Mio.  ................................  |  |  | -1 629,59 | 0,00 |
| CNH/EUR 0,1 Mio.  ................................  |  |  | 68,61 | 0,00 |
| JPY/EUR 4994,7 Mio. ..............................  |  |  | -217 979,03 | -0,03 |
| RUB/EUR 914,4 Mio.  ..............................  |  |  | -305 467,71 | -0,04 |
| SEK/EUR 0,8 Mio. .................................  |  |  | 316,38 | 0,00 |
| SGD/EUR 8,1 Mio.  ................................  |  |  | 16 581,86 | 0,00 |
| USD/EUR 67,5 Mio.  ...............................  |  |  | 357 088,27 | 0,05 |
| Geschlossene Positionen GBP/EUR 0,1 Mio. .................................  |  |  | -68,08 | 0,00 |
| USD/EUR 76,3 Mio.  ...............................  |  |  | 280 541,71 | 0,04 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen EUR/CHF 12,7 Mio. ................................  |  |  | 11 571,33 | 0,00 |
| EUR/GBP 9,5 Mio. .................................  |  |  | 75 906,10 | 0,01 |
| EUR/HKD 157,6 Mio.  ..............................  |  |  | -31 587,84 | 0,00 |
| EUR/NOK 58,2 Mio.  ...............................  |  |  | 16 918,93 | 0,00 |
| Geschlossene Positionen EUR/HKD 39 Mio. .................................  |  |  | 15 930,95 | 0,00 |
| EUR/SEK 0,1 Mio. .................................  |  |  | 0,47 | 0,00 |
| EUR/SGD 0,3 Mio.  ................................  |  |  | 732,04 | 0,00 |
| Bankguthaben |  |  | 40 213 439,04 | 5,19 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  |  | 37 655 129,26 | 4,87 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |
| Britisches Pfund ...................................	GBP	354 003 |  |  | 388 511,11 | 0,05 |
| Norwegische Kronen ...............................	NOK	1 900 000 |  |  | 174 624,09 | 0,02 |
| Schwedische Kronen ...............................	SEK	1 726 710 |  |  | 164 821,22 | 0,02 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| Australischer Dollar ................................	AUD	11 052 |  |  | 6 771,49 | 0,00 |
| Brasilianischer Real ................................	BRL	523 760 |  |  | 85 269,83 | 0,01 |
| Hongkong Dollar ...................................	HKD	1 199 685 |  |  | 138 113,86 | 0,02 |
| Japanischer Yen ...................................	JPY	72 472 186 |  |  | 600 380,97 | 0,08 |
| Mexikanischer Peso ................................	MXN	296 404 |  |  | 11 415,28 | 0,00 |
| Russischer Rubel ..................................	RUB	1 493 325 |  |  | 18 724,48 | 0,00 |
| Schweizer Franken .................................	CHF	421 873 |  |  | 396 210,68 | 0,05 |
| Singapur Dollar ....................................	SGD	170 739 |  |  | 109 113,20 | 0,01 |
| Südafrikanischer Rand ..............................	ZAR	10 883 |  |  | 558,71 | 0,00 |
| US-Dollar ........................................	USD	519 798 |  |  | 463 794,86 | 0,06 |

| 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 Vermögensgegenstände |  |  |  | 944 869,95 | 0,12 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 238 484,02 | 0,03 |
| Zinsansprüche ....................................  |  |  |  | 704 797,41 | 0,09 |
| Sonstige Ansprüche ................................  |  |  |  | 1 588,52 | 0,00 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 46 686,62 | 0,01 |
| Summe der Vermögensgegenstände *** |  |  |  | 778 971 936,14 | 100,59 |
| Kurzfristige Verbindlichkeiten |  |  |  | -45,74 | 0,00 |
| Kredite in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Chinesische Offshore Renminbi ......................  | CNH | -363 |  | -45,74 | 0,00 |
| Sonstige Verbindlichkeiten |  |  |  | -2 423 070,87 | -0,31 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  | -1 327 471,31 | -0,17 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -1 095 599,56 | -0,14 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -1 461 719,67 | -0,19 |
| Summe der Verbindlichkeiten |  |  |  | -4 567 467,59 | -0,59 |
| Fondsvermögen |  |  |  | 774 404 468,55 | 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 AUD LCH ..................................  | AUD | 103,20 |
| Klasse AUD LDMH .................................  | AUD | 78,14 |
| Klasse RMB LDMH ................................  | CNY | 93,24 |
| Klasse FC ........................................  | EUR | 106,29 |
| Klasse FD ........................................  | EUR | 94,85 |
| Klasse LC ........................................  | EUR | 108,47 |
| Klasse LD ........................................  | EUR | 94,69 |
| Klasse LDQ .......................................  | EUR | 87,30 |
| Klasse NC ........................................  | EUR | 105,22 |
| Klasse NDQ ......................................  | EUR | 84,71 |
| Klasse PFC .......................................  | EUR | 105,26 |
| Klasse PFDQ .....................................  | EUR | 84,38 |
| Klasse TFC .......................................  | EUR | 97,87 |
| Klasse TFD .......................................  | EUR | 95,36 |
| Klasse GBP CH RD .................................  | GBP | 99,87 |
| Klasse HKD LDMH .................................  | HKD | 68,73 |
| Klasse SEK LCH ...................................  | SEK | 999,35 |
| Klasse SGD LDMH .................................  | SGD | 7,11 |
| Klasse USD FCH ..................................  | USD | 105,22 |
| Klasse USD LCH ..................................  | USD | 102,73 |
| Klasse USD LDMH .................................  | USD | 78,22 |
| Klasse USD RDMH  ................................  | USD | 87,73 |
| Klasse USD TFCH .................................  | USD | 104,67 |
| Umlaufende Anteile Klasse AUD LCH ..................................  | Stück | 12 107,000 |
| Klasse AUD LDMH .................................  | Stück | 24 414,000 |
| Klasse RMB LDMH ................................  | Stück | 725,000 |
| Klasse FC ........................................  | Stück | 206 623,000 |
| Klasse FD ........................................  | Stück | 105,000 |
| Klasse LC ........................................  | Stück | 1 461 513,516 |
| Klasse LD ........................................  | Stück | 3 589,000 |
| Klasse LDQ .......................................  | Stück | 1 115 817,767 |
| Klasse NC ........................................  | Stück | 1 407 472,731 |
| Klasse NDQ ......................................  | Stück | 2 128 225,563 |
| Klasse PFC .......................................  | Stück | 77 945,000 |
| Klasse PFDQ .....................................  | Stück | 229 656,000 |
| Klasse TFC .......................................  | Stück | 1 363,000 |
| Klasse TFD .......................................  | Stück | 20,000 |
| Klasse GBP CH RD .................................  | Stück | 72,000 |
| Klasse HKD LDMH .................................  | Stück | 494 460,047 |
| Klasse SEK LCH ...................................  | Stück | 780,000 |
| Klasse SGD LDMH .................................  | Stück | 1 130 194,000 |
| Klasse USD FCH ..................................  | Stück | 107,000 |
| Klasse USD LCH ..................................  | Stück | 153 646,417 |
| Klasse USD LDMH .................................  | Stück | 269 916,920 |
| Klasse USD RDMH  ................................  | Stück | 1 227 056,000 |
| Klasse USD TFCH .................................  | Stück | 24,000 |

Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 12% vom Portfoliowert (1.1.2020 - 14.5.2020)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 1,839 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 14,083 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 6,536 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 14.5.2020 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 absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 14,14% vom Portfoliowert (15.5.2020 - 30.6.2020)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 10,577 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 11,881 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 11,080 |

Die Risikokennzahlen wurden für den Zeitraum vom 15.5.2020 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 absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,3, 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 221 643 298,87. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
Bofa Securities Europe, Credit Suisse London Branch (GFX), Deutsche Bank AG, Goldman Sachs International, HSBC France, JP Morgan, Royal Bank of Canada (UK), State Street Bank London und UBS AG

####  Erläuterungen zu den Wertpapier-Darlehen	
Folgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:
| Wertpapierbezeichnung | Währung bzw Nominal in Stück | Nominalbetrag bzw. Bestand | Wertpapier-Darlehen Kurswert in EUR unbefristet | gesamt |
| --- | --- | --- | --- | --- |
| 3,25	% Eurofins Scientific Se 2017/perpetual * ................ | EUR | 10 500 000 | 10 040 730,00 |  |
| 2,5	% VZ Vendor Financing BV (MTN) 2019/2024 .......... | EUR | 2 000 000 | 1 963 960,00 |  |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen | 12 004 690,00 | 12 004 690,00 |
| Vertragspartner der Wertpapier-Darlehen Barclays Capital Securities Limited, Crédit Suisse Securities (Europe) Ltd. FI, Deutsche Bank AG FI |  |  |
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Schuldverschreibungen | EUR EUR | 12 892 076,38 5 874 104,89 |
| Aktien | EUR | 7 017 971,49 |

 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Australischer Dollar ..............  | AUD | 1,632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Brasilianischer Real ..............  | BRL | 6,142380 | = | EUR | 1 |
| Schweizer Franken ...............  | CHF | 1,064768 | = | EUR | 1 |
| Chinesische Offshore Renminbi ....  | CNH | 7,925493 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,911178 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,686201 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 120,710331 | = | EUR | 1 |
| Mexikanischer Peso ..............  | MXN | 25,965526 | = | EUR | 1 |
| Norwegische Kronen .............  | NOK | 10,880517 | = | EUR | 1 |
| Russischer Rubel ................  | RUB | 79,752538 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,476263 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,564791 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,120750 | = | EUR | 1 |
| Südafrikanischer Rand ............  | ZAR | 19,478627 | = | 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.
** Diese Wertpapiere sind ganz oder teilweise verliehen.
*** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.