# DWS Invest CROCI Intellectual Capital
DWS INVEST CROCI INTELLECTUAL CAPITAL

### Performance of share classes vs. benchmark (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU1968687985 | 0.9% |
| Class IC EB | LU1968687803 | 1.3% |
| Class TFC | LU1968688017 | 1.2% |
| Class XC | LU1968688447 | 1.3% |
| Class USD LC 1 | LU1968688108 | 0.9% |
| Class USD TFC 1 | LU1968688280 | 1.2% |
| Class USD XC 1 | LU1968688363 | 1.3% |
| MSCI World |  | -5.8% |

1 
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 CROCI Intellectual Capital
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 6 342 797.41 | 29.97 |
| Telecommunication Services | 3 109 798.24 | 14.70 |
| Consumer Discretionaries | 7 444 544.64 | 35.17 |
| Consumer Staples | 1 917 853.70 | 9.06 |
| Financials | 618 828.80 | 2.92 |
| Basic Materials | 324 186.27 | 1.53 |
| Industrials | 1 345 407.19 | 6.35 |
| Total equities | 21 103 416.25 | 99.70 |
| 2. Cash at bank | 24 404.73 | 0.11 |
| 3. Other assets | 142 868.59 | 0.67 |
| II. Liabilities |  |  |
| 1. Loan liabilities | -42 942.97 | - 0.20 |
| 2. Other liabilities | -60 124.20 | - 0.28 |
| III. Net assets | 21 167 622.40 | 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 |  |  |  |  |  |  | 21 103 416.25 | 99.70 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equities |  |  |  |  |  |  |  |  |
| CSL Ltd ..........................................  | Count | 863 | 145 | 73 | AUD | 287 | 151 757.85 | 0.72 |
| Cie Financiere Richemont SA .........................  | Count | 2 757 | 947 |  | CHF | 59.92 | 155 150.63 | 0.73 |
| Lonza Group AG ...................................  | Count | 329 | 329 |  | CHF | 498.1 | 153 906.66 | 0.73 |
| Roche Holding AG ..................................  | Count | 1 114 | 244 | 13 | CHF | 327.65 | 342 799.61 | 1.62 |
| Carlsberg A/S......................................  | Count | 1 996 | 1 996 |  | DKK | 879.2 | 235 469.32 | 1.11 |
| Novo Nordisk A/S ..................................  | Count | 3 630 | 608 | 352 | DKK | 429.95 | 209 416.40 | 0.99 |
| adidas AG ........................................  | Count | 500 | 118 |  | EUR | 231.6 | 115 800.00 | 0.55 |
| ASML Holding NV ..................................  | Count | 685 | 153 | 158 | EUR | 324.7 | 222 419.50 | 1.05 |
| Essilor International Cie Générale d‘Optique SA...........  | Count | 1 154 | 266 |  | EUR | 113.8 | 131 325.20 | 0.62 |
| Henkel AG & Co., KgaA -Pref-.........................  | Count | 2 138 | 764 |  | EUR | 83.14 | 177 753.32 | 0.84 |
| Kering SA.........................................  | Count | 258 | 40 | 32 | EUR | 479.55 | 123 723.90 | 0.59 |
| Koninklijke Philips NV ...............................  | Count | 3 518 | 300 |  | EUR | 41.225 | 145 029.55 | 0.69 |
| Legrand SA .......................................  | Count | 3 174 | 3 174 |  | EUR | 67.42 | 213 991.08 | 1.01 |
| L‘Oreal SA ........................................  | Count | 829 | 103 | 118 | EUR | 285.3 | 236 513.70 | 1.12 |
| LVMH Moet Hennessy Louis Vuitton SE ................  | Count | 565 | 114 | 3 | EUR | 388 | 219 220.00 | 1.04 |
| Merck KGaA ......................................  | Count | 1 626 | 1 626 |  | EUR | 102.75 | 167 071.50 | 0.79 |
| Sanofi............................................  | Count | 2 458 | 425 | 11 | EUR | 90.36 | 222 104.88 | 1.05 |
| SAP SE ..........................................  | Count | 1 866 | 400 |  | EUR | 123.04 | 229 592.64 | 1.09 |
| Schneider Electric SE ...............................  | Count | 2 085 | 370 | 151 | EUR | 98.06 | 204 455.10 | 0.97 |
| Unilever NV .......................................  | Count | 4 254 | 1 057 |  | EUR | 47.43 | 201 767.22 | 0.95 |
| AstraZeneca PLC...................................  | Count | 1 849 | 295 | 101 | GBP | 84.22 | 170 902.63 | 0.81 |
| Diageo PLC .......................................  | Count | 5 795 | 981 |  | GBP | 26.775 | 170 286.23 | 0.80 |
| Reckitt Benckiser Group PLC .........................  | Count | 1 868 | 564 | 230 | GBP | 74.92 | 153 592.94 | 0.73 |
| Tencent Holdings Ltd ...............................  | Count | 11 845 | 12 598 | 753 | HKD | 498.6 | 679 919.42 | 3.21 |
| ZTE Corp. -H- ......................................  | Count | 29 072 | 29 072 |  | HKD | 23.7 | 79 321.95 | 0.38 |
| Astellas Pharma, Inc.................................  | Count | 9 232 | 1 232 | 1 400 | JPY | 1 799.5 | 137 626.86 | 0.65 |
| Bridgestone Corp. ..................................  | Count | 6 684 | 1 597 | 38 | JPY | 3 469 | 192 086.26 | 0.91 |
| Canon, Inc. .......................................  | Count | 6 677 | 6 677 |  | JPY | 2 134.5 | 118 068.24 | 0.56 |
| Chugai Pharmaceutical Co., Ltd .......................  | Count | 3 102 | 3 134 | 32 | JPY | 5 765 | 148 148.30 | 0.70 |
| FUJIFILM Holdings Corp. ............................  | Count | 2 729 | 2 729 |  | JPY | 4 610 | 104 222.15 | 0.49 |
| Hitachi Ltd ........................................  | Count | 5 338 | 1 744 | 300 | JPY | 3 403 | 150 485.99 | 0.71 |
| Kyocera Corp. .....................................  | Count | 3 057 | 3 096 | 39 | JPY | 5 865 | 148 531.65 | 0.70 |
| Murata Manufacturing Co., Ltd ........................  | Count | 2 445 | 415 |  | JPY | 6 316 | 127 931.22 | 0.60 |
| Nintendo Co., Ltd ..................................  | Count | 601 | 117 | 100 | JPY | 48 010 | 239 035.13 | 1.13 |
| Sony Corp.........................................  | Count | 2 359 | 259 | 300 | JPY | 7 384 | 144 302.94 | 0.68 |
| Sumitomo Electric Industries Ltd ......................  | Count | 17 601 | 5 801 | 2 900 | JPY | 1 239.5 | 180 733.82 | 0.85 |
| Tokyo Electron Ltd .................................  | Count | 671 | 671 |  | JPY | 26 440 | 146 973.67 | 0.69 |
| Toyota Motor Corp. .................................  | Count | 4 284 | 4 429 | 145 | JPY | 6 762 | 239 982.84 | 1.13 |
| Hyundai Mobis Co., Ltd..............................  | Count | 923 | 353 |  | KRW | 192 000 | 131 456.75 | 0.62 |
| Samsung Electronics Co., Ltd .........................  | Count | 10 328 | 3 774 |  | KRW | 52 800 | 404 510.78 | 1.91 |
| Telefonaktiebolaget LM Ericsson ......................  | Count | 15 448 | 15 448 |  | SEK | 85.4 | 125 928.42 | 0.60 |
| Asustek Computer, Inc...............................  | Count | 20 555 | 20 555 |  | TWD | 216 | 134 268.58 | 0.63 |
| Hon Hai Precision Industry Co., Ltd ....................  | Count | 42 358 | 66 358 | 25 000 | TWD | 86.3 | 110 547.62 | 0.52 |
| MediaTek, Inc......................................  | Count | 11 526 | 11 756 | 230 | TWD | 579 | 201 818.21 | 0.95 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Count | 33 461 | 35 726 | 2 265 | TWD | 313 | 316 727.97 | 1.50 |
| Abbott Laboratories.................................  | Count | 2 574 | 490 | 465 | USD | 88.77 | 203 876.04 | 0.96 |
| AbbVie, Inc. .......................................  | Count | 2 771 | 1 244 | 694 | USD | 96.07 | 237 528.51 | 1.12 |
| Activision Blizzard, Inc. ..............................  | Count | 2 768 | 501 | 469 | USD | 76.23 | 188 271.00 | 0.89 |
| Adobe Systems, Inc. ................................  | Count | 618 | 57 | 44 | USD | 429.77 | 236 982.35 | 1.12 |
| Alexion Pharmaceuticals, Inc. .........................  | Count | 1 362 | 318 |  | USD | 111.8 | 135 865.86 | 0.64 |
| Alphabet, Inc. .....................................  | Count | 658 | 84 | 3 | USD | 1 392.14 | 817 335.25 | 3.86 |
| Amazon.com, Inc. ..................................  | Count | 79 | 12 | 73 | USD | 2 710.32 | 191 046.50 | 0.90 |
| Amdocs Ltd .......................................  | Count | 2 485 | 2 485 |  | USD | 60.45 | 134 033.74 | 0.63 |
| Amgen, Inc. .......................................  | Count | 893 | 138 |  | USD | 232.42 | 185 189.51 | 0.88 |
| Analog Devices, Inc. ................................  | Count | 1 806 | 530 |  | USD | 121.61 | 195 964.98 | 0.93 |
| Apple, Inc. ........................................  | Count | 2 030 | 365 | 173 | USD | 364.08 | 659 453.66 | 3.12 |
| Applied Materials, Inc................................  | Count | 3 693 | 783 | 24 | USD | 60.21 | 198 398.95 | 0.94 |
| Automatic Data Processing, Inc. .......................  | Count | 1 396 | 315 |  | USD | 147.12 | 183 251.93 | 0.87 |
| Becton Dickinson & Co. .............................  | Count | 670 | 719 | 49 | USD | 231.06 | 138 130.95 | 0.65 |
| Biogen Idec, Inc. ...................................  | Count | 548 | 74 | 206 | USD | 260.97 | 127 603.49 | 0.60 |
| Booking Holdings, Inc................................  | Count | 99 | 30 |  | USD | 1 572.57 | 138 910.99 | 0.66 |
| Boston Scientific Corp. ..............................  | Count | 4 371 | 656 | 404 | USD | 34.33 | 133 889.35 | 0.63 |
| Bristol-Myers Squibb Co..............................  | Count | 4 524 | 1 269 |  | USD | 57.68 | 232 830.18 | 1.10 |
| Broadcom, Inc. ....................................  | Count | 880 | 880 | 583 | USD | 313.16 | 245 889.72 | 1.16 |
| Cerner Corp. ......................................  | Count | 1 887 | 1 887 |  | USD | 67.77 | 114 103.98 | 0.54 |
| Cisco Systems, Inc..................................  | Count | 6 683 | 1 615 |  | USD | 46.69 | 278 411.24 | 1.32 |
| Electronic Arts, Inc. .................................  | Count | 1 491 | 161 | 112 | USD | 131.72 | 175 234.97 | 0.83 |
| Eli Lilly & Co. ......................................  | Count | 1 448 | 192 | 293 | USD | 162.92 | 210 491.41 | 0.99 |
| Estee Lauder Cos, Inc./The ...........................  | Count | 779 | 779 |  | USD | 186.45 | 129 595.90 | 0.61 |
| Facebook, Inc. .....................................  | Count | 3 484 | 535 | 312 | USD | 220.1 | 684 210.31 | 3.23 |
| Fidelity National Information Services, Inc. ...............  | Count | 1 726 | 1 745 | 19 | USD | 131.47 | 202 469.16 | 0.96 |
| Gilead Sciences, Inc. ................................  | Count | 2 702 | 1 093 | 996 | USD | 75.61 | 182 287.13 | 0.86 |
| Hershey Co./The ...................................  | Count | 1 399 | 1 399 |  | USD | 128.34 | 160 203.20 | 0.76 |
| HP, Inc. ..........................................  | Count | 9 449 | 9 449 |  | USD | 17.05 | 143 747.95 | 0.68 |
| Illinois Tool Works, Inc. ..............................  | Count | 1 284 | 1 301 | 17 | USD | 171.05 | 195 965.46 | 0.93 |
| Intel Corp. ........................................  | Count | 5 366 | 1 297 | 349 | USD | 59.615 | 285 428.70 | 1.35 |

DWS Invest CROCI Intellectual Capital
| Johnson & Johnson.................................  | Count | 1 135 | 224 | 1 204 | USD | 138.34 | 140 099.01 | 0.66 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Lam Research Corp. ................................  | Count | 627 | 54 | 68 | USD | 322.86 | 180 623.06 | 0.85 |
| MasterCard, Inc. ...................................  | Count | 1 054 | 230 |  | USD | 292.91 | 275 464.88 | 1.30 |
| Medtronic PLC ....................................  | Count | 2 417 | 589 | 29 | USD | 89.43 | 192 864.06 | 0.91 |
| Merck & Co., Inc. ..................................  | Count | 3 564 | 829 |  | USD | 76.39 | 242 921.32 | 1.15 |
| Microsoft Corp. ....................................  | Count | 3 375 | 609 | 369 | USD | 199.69 | 601 341.97 | 2.84 |
| Motorola Solutions, Inc. .............................  | Count | 926 | 926 |  | USD | 138.84 | 114 714.16 | 0.54 |
| NIKE, Inc..........................................  | Count | 2 060 | 2 060 | 1 768 | USD | 95.95 | 176 361.43 | 0.83 |
| NVIDIA Corp. ......................................  | Count | 675 | 85 | 94 | USD | 379.26 | 228 419.01 | 1.08 |
| Oracle Corp. ......................................  | Count | 5 392 | 1 519 | 64 | USD | 55.07 | 264 945.40 | 1.25 |
| Paypal Holdings, Inc. ................................  | Count | 1 642 | 272 |  | USD | 171.76 | 251 644.02 | 1.19 |
| PepsiCo, Inc. ......................................  | Count | 2 074 | 637 | 10 | USD | 131.74 | 243 791.09 | 1.15 |
| Pfizer, Inc. ........................................  | Count | 7 632 | 2 061 | 56 | USD | 32.29 | 219 886.13 | 1.04 |
| PPG Industries, Inc..................................  | Count | 1 821 | 360 |  | USD | 104.8 | 170 279.61 | 0.80 |
| Procter & Gamble Co. ...............................  | Count | 2 163 | 430 | 149 | USD | 118.78 | 229 240.46 | 1.08 |
| QUALCOMM, Inc...................................  | Count | 2 200 | 671 | 39 | USD | 91.46 | 179 533.42 | 0.85 |
| Regeneron Pharmaceuticals, Inc. ......................  | Count | 296 | 71 | 191 | USD | 616.92 | 162 934.10 | 0.77 |
| Stryker Corp. ......................................  | Count | 1 122 | 243 | 17 | USD | 176.69 | 176 887.14 | 0.84 |
| TE Connectivity Ltd .................................  | Count | 2 700 | 913 |  | USD | 80.32 | 193 499.07 | 0.91 |
| Texas Instruments, Inc...............................  | Count | 2 024 | 647 | 21 | USD | 127 | 229 353.65 | 1.08 |
| Thermo Fisher Scientific, Inc. .........................  | Count | 559 | 49 | 108 | USD | 352.68 | 175 907.38 | 0.83 |
| Visa, Inc. .........................................  | Count | 2 011 | 374 |  | USD | 191.36 | 343 363.92 | 1.62 |
| Zoetis, Inc.........................................  | Count | 1 224 | 114 |  | USD | 133.74 | 146 060.96 | 0.69 |
| Total securities portfolio |  |  |  |  |  |  | 21 103 416.25 | 99.70 |
| Cash at bank |  |  |  |  |  |  | 24 404.73 | 0.12 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 67 |  |  |  |  | 73.92 | 0.00 |
| Danish krone ......................................  | DKK | 95 |  |  |  |  | 12.69 | 0.00 |
| Swedish krona.....................................  | SEK | 33 |  |  |  |  | 3.20 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 6 |  |  |  |  | 3.78 | 0.00 |
| Brazilian real ......................................  | BRL | 20 983 |  |  |  |  | 3 416.16 | 0.02 |
| Hong Kong dollar ..................................  | HKD | 703 |  |  |  |  | 80.92 | 0.00 |
| Japanese yen .....................................  | JPY | 120 215 |  |  |  |  | 995.90 | 0.00 |
| New Taiwan dollar..................................  | TWD | 15 993 |  |  |  |  | 483.65 | 0.00 |
| Swiss franc .......................................  | CHF | 70 |  |  |  |  | 65.74 | 0.00 |
| South Korean won..................................  | KRW | 17 959 148 |  |  |  |  | 13 321.89 | 0.07 |
| U.S. dollar ........................................  | USD | 6 665 |  |  |  |  | 5 946.88 | 0.03 |
| Other assets |  |  |  |  |  |  | 142 868.59 | 0.67 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 29 573.29 | 0.14 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 113 295.30 | 0.53 |
| Total assets |  |  |  |  |  |  | 21 270 689.57 | 100.49 |
| Short-term liabilities |  |  |  |  |  |  | -42 942.97 | -0.20 |
| EUR loans ........................................  | EUR |  |  |  |  |  | -42 942.97 | -0.20 |
| Other liabilities |  |  |  |  |  |  | -60 124.20 | -0.28 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -60 124.20 | -0.28 |
| Total liabilities |  |  |  |  |  |  | -103 067.17 | -0.49 |
| Net assets |  |  |  |  |  |  | 21 167 622.40 | 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 IC EB .......................................  | EUR | 117.12 |
| Class LC .........................................  | EUR | 116.15 |
| Class TFC ........................................  | EUR | 116.89 |
| Class XC .........................................  | EUR | 117.07 |
| Class USD LC .....................................  | USD | 115.01 |
| Class USD TFC ....................................  | USD | 115.76 |
| Class USD XC .....................................  | USD | 115.92 |
| Number of shares outstanding Class IC EB .......................................  | Count | 100.000 |
| Class LC .........................................  | Count | 1 113.994 |
| Class TFC ........................................  | Count | 1 342.000 |
| Class XC .........................................  | Count | 170 200.000 |
| Class USD LC .....................................  | Count | 113.000 |
| Class USD TFC ....................................  | Count | 113.000 |
| Class USD XC .....................................  | Count | 8 913.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI World Index in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 78.657 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 106.469 |
| Average market risk exposure ........................  | % | 89.463 |

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 EUR 0.00 as of the reporting date.
 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 |
| Danish krone ................... . | DKK | 7.452704 | = | EUR | 1 |
| British pound .................. . | GBP | 0.911178 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 8.686201 | = | EUR | 1 |
| Japanese yen .................. . | JPY | 120.710331 | = | EUR | 1 |
| South Korean won............... . | KRW | 1 348.093605 | = | EUR | 1 |
| Swedish krona.................. . | SEK | 10.476263 | = | EUR | 1 |
| New Taiwan dollar............... . | TWD | 33.067155 | = | 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.

Translation (ENDE, 2020-06-30):
# DWS Invest CROCI Intellectual Capital
DWS INVEST CROCI INTELLECTUAL CAPITAL

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU1968687985 | 0,9% |
| Klasse IC EB | LU1968687803 | 1,3% |
| Klasse TFC | LU1968688017 | 1,2% |
| Klasse XC | LU1968688447 | 1,3% |
| Klasse USD LC 1) | LU1968688108 | 0,9% |
| Klasse USD TFC 1) | LU1968688280 | 1,2% |
| Klasse USD XC 1) | LU1968688363 | 1,3% |
| MSCI World |  | -5,8% |

1) 
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 CROCI Intellectual Capital
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 6 342 797,41 | 29,97 |
| Telekommunikationsdienste | 3 109 798,24 | 14,70 |
| Dauerhafte Konsumgüter | 7 444 544,64 | 35,17 |
| Hauptverbrauchsgüter | 1 917 853,70 | 9,06 |
| Finanzsektor | 618 828,80 | 2,92 |
| Grundstoffe | 324 186,27 | 1,53 |
| Industrien | 1 345 407,19 | 6,35 |
| Summe Aktien | 21 103 416,25 | 99,70 |
| 2. Bankguthaben | 24 404,73 | 0,11 |
| 3. Sonstige Vermögensgegenstände | 142 868,59 | 0,67 |
| II. Verbindlichkeiten |  |  |
| 1. Verbindlichkeiten aus Kreditaufnahme | -42 942,97 | - 0,20 |
| 2. Sonstige Verbindlichkeiten | -60 124,20 | - 0,28 |
|  |  |  |
| III. Fondsvermögen | 21 167 622,40 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
Vermögensaufstellung zum 30.6.2020
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 21 103 416,25 | 99,70 |
| Aktien CSL Ltd .........................................  | Stück | 863 | 145 | 73 | AUD | 287 | 151 757,85 | 0,72 |
| Cie Financiere Richemont SA ........................  | Stück | 2 757 | 947 |  | CHF | 59,92 | 155 150,63 | 0,73 |
| Lonza Group AG ...................................  | Stück | 329 | 329 |  | CHF | 498,1 | 153 906,66 | 0,73 |
| Roche Holding AG .................................  | Stück | 1 114 | 244 | 13 | CHF | 327,65 | 342 799,61 | 1,62 |
| Carlsberg A/S  ....................................  | Stück | 1 996 | 1 996 |  | DKK | 879,2 | 235 469,32 | 1,11 |
| Novo Nordisk A/S ..................................  | Stück | 3 630 | 608 | 352 | DKK | 429,95 | 209 416,40 | 0,99 |
| adidas AG ........................................  | Stück | 500 | 118 |  | EUR | 231,6 | 115 800,00 | 0,55 |
| ASML Holding NV .................................  | Stück | 685 | 153 | 158 | EUR | 324,7 | 222 419,50 | 1,05 |
| Essilor International Cie Générale d‘Optique SA ..........  | Stück | 1 154 | 266 |  | EUR | 113,8 | 131 325,20 | 0,62 |
| Henkel AG & Co., KgaA -Pref- ........................  | Stück | 2 138 | 764 |  | EUR | 83,14 | 177 753,32 | 0,84 |
| Kering SA ........................................  | Stück | 258 | 40 | 32 | EUR | 479,55 | 123 723,90 | 0,59 |
| Koninklijke Philips NV ...............................  | Stück | 3 518 | 300 |  | EUR | 41,225 | 145 029,55 | 0,69 |
| Legrand SA ......................................  | Stück | 3 174 | 3 174 |  | EUR | 67,42 | 213 991,08 | 1,01 |
| L‘Oreal SA .......................................  | Stück | 829 | 103 | 118 | EUR | 285,3 | 236 513,70 | 1,12 |
| LVMH Moet Hennessy Louis Vuitton SE ................  | Stück | 565 | 114 | 3 | EUR | 388 | 219 220,00 | 1,04 |
| Merck KGaA ......................................  | Stück | 1 626 | 1 626 |  | EUR | 102,75 | 167 071,50 | 0,79 |
| Sanofi ...........................................  | Stück | 2 458 | 425 | 11 | EUR | 90,36 | 222 104,88 | 1,05 |
| SAP SE ..........................................  | Stück | 1 866 | 400 |  | EUR | 123,04 | 229 592,64 | 1,09 |
| Schneider Electric SE ...............................  | Stück | 2 085 | 370 | 151 | EUR | 98,06 | 204 455,10 | 0,97 |
| Unilever NV ......................................  | Stück | 4 254 | 1 057 |  | EUR | 47,43 | 201 767,22 | 0,95 |
| AstraZeneca PLC ..................................  | Stück | 1 849 | 295 | 101 | GBP | 84,22 | 170 902,63 | 0,81 |
| Diageo PLC ......................................  | Stück | 5 795 | 981 |  | GBP | 26,775 | 170 286,23 | 0,80 |
| Reckitt Benckiser Group PLC .........................  | Stück | 1 868 | 564 | 230 | GBP | 74,92 | 153 592,94 | 0,73 |
| Tencent Holdings Ltd ...............................  | Stück | 11 845 | 12 598 | 753 | HKD | 498,6 | 679 919,42 | 3,21 |
| ZTE Corp. -H- .....................................  | Stück | 29 072 | 29 072 |  | HKD | 23,7 | 79 321,95 | 0,38 |
| Astellas Pharma, Inc. ...............................  | Stück | 9 232 | 1 232 | 1 400 | JPY | 1 799,5 | 137 626,86 | 0,65 |
| Bridgestone Corp. .................................  | Stück | 6 684 | 1 597 | 38 | JPY | 3 469 | 192 086,26 | 0,91 |
| Canon, Inc. .......................................  | Stück | 6 677 | 6 677 |  | JPY | 2 134,5 | 118 068,24 | 0,56 |
| Chugai Pharmaceutical Co., Ltd .......................  | Stück | 3 102 | 3 134 | 32 | JPY | 5 765 | 148 148,30 | 0,70 |
| FUJIFILM Holdings Corp. ............................  | Stück | 2 729 | 2 729 |  | JPY | 4 610 | 104 222,15 | 0,49 |
| Hitachi Ltd .......................................  | Stück | 5 338 | 1 744 | 300 | JPY | 3 403 | 150 485,99 | 0,71 |
| Kyocera Corp. ....................................  | Stück | 3 057 | 3 096 | 39 | JPY | 5 865 | 148 531,65 | 0,70 |
| Murata Manufacturing Co., Ltd .......................  | Stück | 2 445 | 415 |  | JPY | 6 316 | 127 931,22 | 0,60 |
| Nintendo Co., Ltd ..................................  | Stück | 601 | 117 | 100 | JPY | 48 010 | 239 035,13 | 1,13 |
| Sony Corp. .......................................  | Stück | 2 359 | 259 | 300 | JPY | 7 384 | 144 302,94 | 0,68 |
| Sumitomo Electric Industries Ltd ......................  | Stück | 17 601 | 5 801 | 2 900 | JPY | 1 239,5 | 180 733,82 | 0,85 |
| Tokyo Electron Ltd .................................  | Stück | 671 | 671 |  | JPY | 26 440 | 146 973,67 | 0,69 |
| Toyota Motor Corp. ................................  | Stück | 4 284 | 4 429 | 145 | JPY | 6 762 | 239 982,84 | 1,13 |
| Hyundai Mobis Co., Ltd .............................  | Stück | 923 | 353 |  | KRW | 192 000 | 131 456,75 | 0,62 |
| Samsung Electronics Co., Ltd ........................  | Stück | 10 328 | 3 774 |  | KRW | 52 800 | 404 510,78 | 1,91 |
| Telefonaktiebolaget LM Ericsson ......................  | Stück | 15 448 | 15 448 |  | SEK | 85,4 | 125 928,42 | 0,60 |
| Asustek Computer, Inc. .............................  | Stück | 20 555 | 20 555 |  | TWD | 216 | 134 268,58 | 0,63 |
| Hon Hai Precision Industry Co., Ltd ....................  | Stück | 42 358 | 66 358 | 25 000 | TWD | 86,3 | 110 547,62 | 0,52 |
| MediaTek, Inc. ....................................  | Stück | 11 526 | 11 756 | 230 | TWD | 579 | 201 818,21 | 0,95 |
| Taiwan Semiconductor Manufacturing Co., Ltd ...........  | Stück | 33 461 | 35 726 | 2 265 | TWD | 313 | 316 727,97 | 1,50 |
| Abbott Laboratories ................................  | Stück | 2 574 | 490 | 465 | USD | 88,77 | 203 876,04 | 0,96 |
| AbbVie, Inc. ......................................  | Stück | 2 771 | 1 244 | 694 | USD | 96,07 | 237 528,51 | 1,12 |
| Activision Blizzard, Inc. ..............................  | Stück | 2 768 | 501 | 469 | USD | 76,23 | 188 271,00 | 0,89 |
| Adobe Systems, Inc. ...............................  | Stück | 618 | 57 | 44 | USD | 429,77 | 236 982,35 | 1,12 |
| Alexion Pharmaceuticals, Inc. ........................  | Stück | 1 362 | 318 |  | USD | 111,8 | 135 865,86 | 0,64 |
| Alphabet, Inc. .....................................  | Stück | 658 | 84 | 3 | USD | 1 392,14 | 817 335,25 | 3,86 |
| Amazon.com, Inc. ..................................  | Stück | 79 | 12 | 73 | USD | 2 710,32 | 191 046,50 | 0,90 |
| Amdocs Ltd ......................................  | Stück | 2 485 | 2 485 |  | USD | 60,45 | 134 033,74 | 0,63 |
| Amgen, Inc. ......................................  | Stück | 893 | 138 |  | USD | 232,42 | 185 189,51 | 0,88 |
| Analog Devices, Inc. ...............................  | Stück | 1 806 | 530 |  | USD | 121,61 | 195 964,98 | 0,93 |
| Apple, Inc. .......................................  | Stück | 2 030 | 365 | 173 | USD | 364,08 | 659 453,66 | 3,12 |
| Applied Materials, Inc. ..............................  | Stück | 3 693 | 783 | 24 | USD | 60,21 | 198 398,95 | 0,94 |
| Automatic Data Processing, Inc. ......................  | Stück | 1 396 | 315 |  | USD | 147,12 | 183 251,93 | 0,87 |
| Becton Dickinson & Co. .............................  | Stück | 670 | 719 | 49 | USD | 231,06 | 138 130,95 | 0,65 |
| Biogen Idec, Inc. ..................................  | Stück | 548 | 74 | 206 | USD | 260,97 | 127 603,49 | 0,60 |
| Booking Holdings, Inc. .............................  | Stück | 99 | 30 |  | USD | 1 572,57 | 138 910,99 | 0,66 |
| Boston Scientific Corp. ..............................  | Stück | 4 371 | 656 | 404 | USD | 34,33 | 133 889,35 | 0,63 |
| Bristol-Myers Squibb Co. ............................  | Stück | 4 524 | 1 269 |  | USD | 57,68 | 232 830,18 | 1,10 |
| Broadcom, Inc. ...................................  | Stück | 880 | 880 | 583 | USD | 313,16 | 245 889,72 | 1,16 |
| Cerner Corp. .....................................  | Stück | 1 887 | 1 887 |  | USD | 67,77 | 114 103,98 | 0,54 |
| Cisco Systems, Inc. ................................  | Stück | 6 683 | 1 615 |  | USD | 46,69 | 278 411,24 | 1,32 |
| Electronic Arts, Inc. ................................  | Stück | 1 491 | 161 | 112 | USD | 131,72 | 175 234,97 | 0,83 |
| Eli Lilly & Co. .....................................  | Stück | 1 448 | 192 | 293 | USD | 162,92 | 210 491,41 | 0,99 |
| Estee Lauder Cos, Inc./The ..........................  | Stück | 779 | 779 |  | USD | 186,45 | 129 595,90 | 0,61 |
| Facebook, Inc. ....................................  | Stück | 3 484 | 535 | 312 | USD | 220,1 | 684 210,31 | 3,23 |
| Fidelity National Information Services, Inc. ..............  | Stück | 1 726 | 1 745 | 19 | USD | 131,47 | 202 469,16 | 0,96 |
| Gilead Sciences, Inc. ...............................  | Stück | 2 702 | 1 093 | 996 | USD | 75,61 | 182 287,13 | 0,86 |
| Hershey Co./The ...................................  | Stück | 1 399 | 1 399 |  | USD | 128,34 | 160 203,20 | 0,76 |
| HP, Inc. ..........................................  | Stück | 9 449 | 9 449 |  | USD | 17,05 | 143 747,95 | 0,68 |
| Illinois Tool Works, Inc. .............................  | Stück | 1 284 | 1 301 | 17 | USD | 171,05 | 195 965,46 | 0,93 |
| Intel Corp. ........................................  | Stück | 5 366 | 1 297 | 349 | USD | 59,615 | 285 428,70 | 1,35 |

DWS Invest CROCI Intellectual Capital
| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Johnson & Johnson ................................  | Stück | 1 135 | 224 | 1 204 | USD | 138,34 | 140 099,01 | 0,66 |
| Lam Research Corp. ................................  | Stück | 627 | 54 | 68 | USD | 322,86 | 180 623,06 | 0,85 |
| MasterCard, Inc. ...................................  | Stück | 1 054 | 230 |  | USD | 292,91 | 275 464,88 | 1,30 |
| Medtronic PLC ....................................  | Stück | 2 417 | 589 | 29 | USD | 89,43 | 192 864,06 | 0,91 |
| Merck & Co., Inc. ..................................  | Stück | 3 564 | 829 |  | USD | 76,39 | 242 921,32 | 1,15 |
| Microsoft Corp. ...................................  | Stück | 3 375 | 609 | 369 | USD | 199,69 | 601 341,97 | 2,84 |
| Motorola Solutions, Inc. .............................  | Stück | 926 | 926 |  | USD | 138,84 | 114 714,16 | 0,54 |
| NIKE, Inc. .......................................  | Stück | 2 060 | 2 060 | 1 768 | USD | 95,95 | 176 361,43 | 0,83 |
| NVIDIA Corp. .....................................  | Stück | 675 | 85 | 94 | USD | 379,26 | 228 419,01 | 1,08 |
| Oracle Corp. ......................................  | Stück | 5 392 | 1 519 | 64 | USD | 55,07 | 264 945,40 | 1,25 |
| Paypal Holdings, Inc. ...............................  | Stück | 1 642 | 272 |  | USD | 171,76 | 251 644,02 | 1,19 |
| PepsiCo, Inc. .....................................  | Stück | 2 074 | 637 | 10 | USD | 131,74 | 243 791,09 | 1,15 |
| Pfizer, Inc. ........................................  | Stück | 7 632 | 2 061 | 56 | USD | 32,29 | 219 886,13 | 1,04 |
| PPG Industries, Inc. ................................  | Stück | 1 821 | 360 |  | USD | 104,8 | 170 279,61 | 0,80 |
| Procter & Gamble Co. ..............................  | Stück | 2 163 | 430 | 149 | USD | 118,78 | 229 240,46 | 1,08 |
| QUALCOMM, Inc. .................................  | Stück | 2 200 | 671 | 39 | USD | 91,46 | 179 533,42 | 0,85 |
| Regeneron Pharmaceuticals, Inc. ......................  | Stück | 296 | 71 | 191 | USD | 616,92 | 162 934,10 | 0,77 |
| Stryker Corp. .....................................  | Stück | 1 122 | 243 | 17 | USD | 176,69 | 176 887,14 | 0,84 |
| TE Connectivity Ltd ................................  | Stück | 2 700 | 913 |  | USD | 80,32 | 193 499,07 | 0,91 |
| Texas Instruments, Inc. .............................  | Stück | 2 024 | 647 | 21 | USD | 127 | 229 353,65 | 1,08 |
| Thermo Fisher Scientific, Inc. .........................  | Stück | 559 | 49 | 108 | USD | 352,68 | 175 907,38 | 0,83 |
| Visa, Inc. .........................................  | Stück | 2 011 | 374 |  | USD | 191,36 | 343 363,92 | 1,62 |
| Zoetis, Inc. .......................................  | Stück | 1 224 | 114 |  | USD | 133,74 | 146 060,96 | 0,69 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 21 103 416,25 | 99,70 |
| Bankguthaben |  |  |  |  |  |  | 24 404,73 | 0,12 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 67 |  |  |  |  | 73,92 | 0,00 |
| Dänische Kronen ..................................  | DKK | 95 |  |  |  |  | 12,69 | 0,00 |
| Schwedische Kronen ...............................  | SEK | 33 |  |  |  |  | 3,20 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 6 |  |  |  |  | 3,78 | 0,00 |
| Brasilianischer Real ................................  | BRL | 20 983 |  |  |  |  | 3 416,16 | 0,02 |
| Hongkong Dollar ...................................  | HKD | 703 |  |  |  |  | 80,92 | 0,00 |
| Japanischer Yen ...................................  | JPY | 120 215 |  |  |  |  | 995,90 | 0,00 |
| Neue Taiwan Dollar ................................  | TWD | 15 993 |  |  |  |  | 483,65 | 0,00 |
| Schweizer Franken .................................  | CHF | 70 |  |  |  |  | 65,74 | 0,00 |
| Südkoreanischer Won ..............................  | KRW | 17 959 148 |  |  |  |  | 13 321,89 | 0,07 |
| US-Dollar ........................................  | USD | 6 665 |  |  |  |  | 5 946,88 | 0,03 |
| Sonstige Vermögensgegenstände |  |  |  |  |  |  | 142 868,59 | 0,67 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  |  |  |  | 29 573,29 | 0,14 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  |  |  |  | 113 295,30 | 0,53 |
| Summe der Vermögensgegenstände |  |  |  |  |  |  | 21 270 689,57 | 100,49 |
| Kurzfristige Verbindlichkeiten |  |  |  |  |  |  | -42 942,97 | -0,20 |
| EUR-Kredite ......................................  | EUR |  |  |  |  |  | -42 942,97 | -0,20 |
| Sonstige Verbindlichkeiten |  |  |  |  |  |  | -60 124,20 | -0,28 |
| Verbindlichkeiten aus Kostenpositionen ................  |  |  |  |  |  |  | -60 124,20 | -0,28 |
| Summe der Verbindlichkeiten | -103 067,17 | -0,49 |
| Fondsvermögen | 21 167 622,40 | 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 IC EB ......................................  | EUR | 117,12 |
| Klasse LC ........................................  | EUR | 116,15 |
| Klasse TFC .......................................  | EUR | 116,89 |
| Klasse XC ........................................  | EUR | 117,07 |
| Klasse USD LC ....................................  | USD | 115,01 |
| Klasse USD TFC ...................................  | USD | 115,76 |
| Klasse USD XC ....................................  | USD | 115,92 |
| Umlaufende Anteile Klasse IC EB ......................................  | Stück | 100,000 |
| Klasse LC ........................................  | Stück | 1 113,994 |
| Klasse TFC .......................................  | Stück | 1 342,000 |
| Klasse XC ........................................  | Stück | 170 200,000 |
| Klasse USD LC ....................................  | Stück | 113,000 |
| Klasse USD TFC ...................................  | Stück | 113,000 |
| Klasse USD XC ....................................  | Stück | 8 913,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI World Index in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 78,657 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 106,469 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 89,463 |

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 EUR 0,00.
 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 |
| Dänische Kronen ................  | DKK | 7,452704 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,911178 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,686201 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 120,710331 | = | EUR | 1 |
| Südkoreanischer Won ............  | KRW | 1 348,093605 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,476263 | = | EUR | 1 |
| Neue Taiwan Dollar ..............  | TWD | 33,067155 | = | 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.