# DWS Invest Global Real Estate Securities
DWS INVEST GLOBAL REAL ESTATE SECURITIES

### Performance of share classes (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class USD FC | LU0507268943 | -18.2% |
| Class USD ID | LU1445759035 | -18.1% |
| Class USD LC | LU0507268869 | -18.5% |
| Class USD LDMH (P) | LU1316036653 | -17.7% |
| Class USD TFC | LU1663931753 | -18.2% |
| Class CHF ICH (P)100 2 | LU2138677336 | 3.4% 1 |
| Class CHF LDH (P) 2 | LU1212621004 | -19.2% |
| Class FC 3 | LU0507268786 | -18.2% |
| Class FD 3 | LU1445758904 | -18.2% |
| Class FDH (P) 3 | LU1316036224 | -18.5% |
| Class LD 3 | LU0507268513 | -18.5% |
| Class GBP DH (P) RD 4 | LU1316036497 | -19.4% |

1 
Launched on April 15, 2020
2 
in CHF
3 
in EUR
4 
in GBP
“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 Global Real Estate Securities
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Consumer Staples | 574 185.88 | 0.42 |
| Financials | 133 756 486.57 | 97.47 |
| Other | 821.68 | 0.00 |
| Total equities: | 134 331 494.13 | 97.89 |
| 2. Derivativess | 16 748.35 | 0.01 |
| 3. Cash at bank | 2 993 215.51 | 2.18 |
| 4. Other assets | 11 937 511.86 | 8.70 |
| 5. Receivables from share certificate transactions | 88 409.59 | 0.06 |
| II. Liabilities |  |  |
| 1. Other liabilities | -4 489 877.47 | - 3.27 |
| 2. Liabilities from share certificate transactions | -7 645 428.76 | - 5.57 |
| III. Net assets | 137 232 073.21 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ | principal | additions | disposals |  |  | value in | net assets |
|  | currency | amount | in the | reporting period |  |  | USD |  |
| Securities traded on an exchange |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 134 324 345.80 | 97.88 |
| Equities |  |  |  |  |  |  |  |  |
| Goodman Group ...................................  | Count | 40 185 | 41 947 | 123 899 | AUD | 14.85 | 409 786.33 | 0.30 |
| GPT Group/The ....................................  | Count | 543 801 | 252 221 | 154 793 | AUD | 4.17 | 1 557 195.36 | 1.13 |
| Growthpoint Properties Australia Ltd ...................  | Count | 178 688 | 196 925 | 18 237 | AUD | 3.2 | 392 656.16 | 0.29 |
| Mirvac Group......................................  | Count | 679 734 | 342 836 | 288 556 | AUD | 2.17 | 1 012 898.13 | 0.74 |
| Scentre Group .....................................  | Count | 338 245 | 338 245 |  | AUD | 2.17 | 504 032.06 | 0.37 |
| Shopping Centres Australasia Property Group ............  | Count | 345 181 | 486 180 | 140 999 | AUD | 2.18 | 516 738.02 | 0.38 |
| Stockland .........................................  | Count | 89 732 | 89 732 |  | AUD | 3.31 | 203 958.77 | 0.15 |
| Waypoint REIT.....................................  | Count | 163 105 | 168 774 | 5 669 | AUD | 2.6 | 291 210.93 | 0.21 |
| Canadian Apartment Properties Reit....................  | Count | 33 751 | 23 017 | 29 491 | CAD | 48.6 | 1 199 794.17 | 0.87 |
| Granite Real Estate Investment Trust ...................  | Count | 37 642 | 16 218 | 8 805 | CAD | 69.31 | 1 908 325.36 | 1.39 |
| InterRent Real Estate Investment Trust .................  | Count | 68 348 | 42 166 | 33 395 | CAD | 14.24 | 711 901.05 | 0.52 |
| RioCan Real Estate Investment Trust ...................  | Count | 78 265 | 87 410 | 9 145 | CAD | 14.95 | 855 840.07 | 0.62 |
| Aedifica SA .......................................  | Count | 5 386 | 2 660 | 1 011 | EUR | 96.7 | 583 715.73 | 0.43 |
| Alstria Office REIT-AG ...............................  | Count | 45 087 | 28 830 | 21 773 | EUR | 13.21 | 667 517.62 | 0.49 |
| Arima Real Estate SOCIMI SA ........................  | Count | 46 395 | 19 891 | 6 170 | EUR | 8.8 | 457 575.15 | 0.33 |
| Deutsche Wohnen AG ..............................  | Count | 58 541 | 44 235 | 15 039 | EUR | 39.88 | 2 616 518.82 | 1.91 |
| Gecina SA ........................................  | Count | 11 997 | 6 628 | 1 778 | EUR | 109.7 | 1 474 985.88 | 1.07 |
| Inmobiliaria Colonial Socimi SA ........................  | Count | 88 771 | 89 687 | 916 | EUR | 7.775 | 773 535.21 | 0.56 |
| Tritax EuroBox PLC .................................  | Count | 238 481 | 96 782 | 34 182 | EUR | 1.055 | 281 977.74 | 0.21 |
| Unibail-Rodamco-Westfield ...........................  | Count | 34 524 | 34 862 | 338 | EUR | 49.42 | 1 912 196.09 | 1.39 |
| VGP NV ..........................................  | Count | 2 495 | 698 | 163 | EUR | 113.2 | 316 537.78 | 0.23 |
| Vonovia SE .......................................  | Count | 79 591 | 41 078 | 20 444 | EUR | 54.8 | 4 888 246.48 | 3.56 |
| Warehouses De Pauw CVA ..........................  | Count | 17 970 | 18 919 | 949 | EUR | 24.125 | 485 874.35 | 0.35 |
| Assura PLC .......................................  | Count | 693 050 | 321 696 | 119 684 | GBP | 0.791 | 674 289.24 | 0.49 |
| Big Yellow Group PLC...............................  | Count | 48 878 | 23 096 | 8 303 | GBP | 10.01 | 601 800.70 | 0.44 |
| British Land Co., PLC/The ............................  | Count | 162 238 | 99 405 | 68 014 | GBP | 3.83 | 764 287.12 | 0.56 |
| Derwent London PLC ...............................  | Count | 23 059 | 14 154 | 2 962 | GBP | 27.98 | 793 584.84 | 0.58 |
| Grainger PLC ......................................  | Count | 237 469 | 112 834 | 72 897 | GBP | 2.834 | 827 774.33 | 0.60 |
| Great Portland Estates PLC...........................  | Count | 27 360 | 26 106 | 70 341 | GBP | 6.314 | 212 483.81 | 0.16 |
| PRS Reit PLC/The ..................................  | Count | 418 568 | 131 761 | 15 636 | GBP | 0.75 | 385 964.30 | 0.28 |
| Segro PLC ........................................  | Count | 164 942 | 94 014 | 46 582 | GBP | 8.938 | 1 813 329.76 | 1.32 |
| UNITE Group PLC/The...............................  | Count | 90 753 | 51 392 | 11 529 | GBP | 9.29 | 1 037 007.47 | 0.76 |
| Urban & Civic PLC..................................  | Count | 99 001 | 37 657 | 8 843 | GBP | 2.265 | 275 824.06 | 0.20 |
| ESR Cayman Ltd ...................................  | Count | 95 600 | 95 600 |  | HKD | 18.32 | 225 975.86 | 0.16 |
| Link REIT .........................................  | Count | 243 320 | 135 500 | 66 000 | HKD | 63.35 | 1 988 854.95 | 1.45 |
| New World Development Co., Ltd .....................  | Count | 635 239 | 635 239 |  | HKD | 36.8 | 3 016 224.45 | 2.20 |
| Sun Hung Kai Properties Ltd ..........................  | Count | 71 000 | 91 000 | 20 000 | HKD | 98.95 | 906 468.74 | 0.66 |
| Swire Properties Ltd ................................  | Count | 581 400 | 336 200 | 303 600 | HKD | 19.68 | 1 476 314.23 | 1.08 |
| Activia Properties, Inc................................  | Count | 430 | 193 | 195 | JPY | 371 500 | 1 483 171.63 | 1.08 |
| Daibiru Corp. ......................................  | Count | 70 500 | 38 000 | 6 400 | JPY | 985 | 644 747.23 | 0.47 |
| Global One Real Estate Investment Corp. ...............  | Count | 1 312 | 964 | 168 | JPY | 99 800 | 1 215 705.86 | 0.89 |
| Hulic Reit, Inc. .....................................  | Count | 1 130 | 825 | 200 | JPY | 134 000 | 1 405 877.16 | 1.02 |
| Japan Real Estate Investment Corp.....................  | Count | 42 | 21 | 56 | JPY | 553 000 | 215 644.58 | 0.16 |
| Japan Rental Housing Investments, Inc..................  | Count | 1 307 | 634 | 156 | JPY | 100 400 | 1 218 353.84 | 0.89 |
| Kenedix Retail REIT Corp. ............................  | Count | 569 | 569 |  | JPY | 200 600 | 1 059 759.53 | 0.77 |
| Mitsubishi Estate Co., Ltd............................  | Count | 157 800 | 104 000 | 29 200 | JPY | 1 602.5 | 2 347 843.65 | 1.71 |
| Mitsui Fudosan Co., Ltd .............................  | Count | 86 900 | 41 200 | 56 000 | JPY | 1 909.5 | 1 540 648.53 | 1.12 |
| Mori Trust Hotel Reit, Inc.............................  | Count | 857 | 703 | 68 | JPY | 98 300 | 782 165.17 | 0.57 |
| Mori Trust Sogo Reit, Inc. ............................  | Count | 627 | 381 | 177 | JPY | 132 700 | 772 507.31 | 0.56 |
| Nomura Real Estate Master Fund, Inc...................  | Count | 792 | 792 |  | JPY | 129 400 | 951 532.43 | 0.69 |
| Sumitomo Realty & Development Co., Ltd...............  | Count | 71 300 | 38 400 | 6 500 | JPY | 2 963 | 1 961 486.47 | 1.43 |
| XYMAX Reit Investment Corp. ........................  | Count | 327 | 139 | 105 | JPY | 91 200 | 276 889.65 | 0.20 |
| Castellum AB......................................  | Count | 54 934 | 26 173 | 17 647 | SEK | 173.4 | 1 019 043.02 | 0.74 |
| Fabege AB........................................  | Count | 104 681 | 49 991 | 26 661 | SEK | 108.55 | 1 215 625.76 | 0.89 |
| Fastighets AB Balder................................  | Count | 21 119 | 10 391 | 6 277 | SEK | 356.7 | 805 895.37 | 0.59 |
| Ascendas India Trust ................................  | Count | 240 300 | 240 300 |  | SGD | 1.34 | 230 627.42 | 0.17 |
| CapitaLand Ltd ....................................  | Count | 687 900 | 491 400 | 283 200 | SGD | 2.92 | 1 438 667.81 | 1.05 |
| CapitaLand Mall Trust ...............................  | Count | 826 200 | 1 197 700 | 371 500 | SGD | 1.96 | 1 159 828.10 | 0.85 |
| Mapletree Industrial Trust ............................  | Count | 669 700 | 706 200 | 36 500 | SGD | 2.87 | 1 376 621.54 | 1.00 |
| Mapletree Logistics Trust ............................  | Count | 458 300 | 578 500 | 1 582 800 | SGD | 1.94 | 636 801.32 | 0.46 |
| Agree Realty Corp. .................................  | Count | 29 433 | 18 954 | 11 181 | USD | 65.32 | 1 922 563.56 | 1.40 |
| Alexandria Real Estate Equities, Inc.....................  | Count | 21 394 | 17 145 | 12 733 | USD | 161.45 | 3 454 061.30 | 2.52 |
| American Homes 4 Rent.............................  | Count | 48 523 | 82 437 | 33 914 | USD | 26.72 | 1 296 534.56 | 0.94 |
| American Tower Corp. ..............................  | Count | 5 366 | 6 642 | 7 289 | USD | 255.09 | 1 368 812.94 | 1.00 |
| Apple Hospitality Reit, Inc. ...........................  | Count | 106 310 | 123 834 | 17 524 | USD | 9.63 | 1 023 765.30 | 0.75 |
| Cousins Properties, Inc. .............................  | Count | 66 544 | 56 251 | 25 465 | USD | 29.69 | 1 975 691.36 | 1.44 |
| CyrusOne, Inc......................................  | Count | 13 919 | 19 940 | 29 175 | USD | 72.28 | 1 006 065.32 | 0.73 |
| Digital Realty Trust, Inc. .............................  | Count | 17 492 | 38 400 | 20 908 | USD | 140.13 | 2 451 153.96 | 1.79 |
| EastGroup Properties, Inc. ...........................  | Count | 25 583 | 46 926 | 31 042 | USD | 117.17 | 2 997 560.11 | 2.18 |
| Equinix, Inc. .......................................          | Count | 2 231 | 2 795 | 1 808 | USD | 693.88 | 1 548 046.28 | 1.13 |
| Equity Lifestyle Properties, Inc. .......................  | Count | 37 755 | 23 647 | 27 050 | USD | 62.09 | 2 344 207.95 | 1.71 |
| Essential Properties Realty Trust, Inc. ..................  | Count | 106 910 | 87 891 | 33 016 | USD | 14.73 | 1 574 784.30 | 1.15 |
| Essex Property Trust, Inc. ............................  | Count | 10 089 | 10 264 | 5 983 | USD | 227.11 | 2 291 312.79 | 1.67 |
| Extra Space Storage, Inc. ............................  | Count | 21 052 | 17 425 | 18 067 | USD | 92.5 | 1 947 310.00 | 1.42 |
| Gaming And Leisure Propertie ........................  | Count | 58 043 | 80 068 | 22 025 | USD | 34.48 | 2 001 322.64 | 1.46 |
| Healthcare Trust of America, Inc. ......................  | Count | 35 344 | 39 498 | 4 154 | USD | 26.22 | 926 719.68 | 0.68 |
| Highwoods Properties, Inc. ...........................  | Count | 53 521 | 66 928 | 16 990 | USD | 36.96 | 1 978 136.16 | 1.44 |

| Hyatt Hotels Corp...................................  | Count | 11 567 | 20 965 | 9 398 | USD | 49.64 | 574 185.88 | 0.42 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Invitation Homes, Inc. ...............................  | Count | 110 439 | 76 888 | 63 316 | USD | 27.25 | 3 009 462.75 | 2.19 |
| Kimco Realty Corp. .................................  | Count | 163 565 | 202 364 | 148 433 | USD | 12.76 | 2 087 089.40 | 1.52 |
| Life Storage, Inc. ...................................  | Count | 18 401 | 12 716 | 12 708 | USD | 93.79 | 1 725 829.79 | 1.26 |
| Medical Properties Trust, Inc. .........................  | Count | 51 602 | 52 934 | 117 980 | USD | 18.59 | 959 281.18 | 0.70 |
| Mid-America Apartment Communities, Inc. ..............  | Count | 30 307 | 21 265 | 11 919 | USD | 111.69 | 3 384 988.83 | 2.47 |
| Omega Healthcare Investors, Inc.......................  | Count | 67 238 | 85 472 | 55 647 | USD | 29.825 | 2 005 373.35 | 1.46 |
| Pebblebrook Hotel Trust .............................  | Count | 23 085 | 27 677 | 4 592 | USD | 13.68 | 315 802.80 | 0.23 |
| Prologis, Inc. ......................................  | Count | 76 642 | 51 248 | 33 465 | USD | 92.1 | 7 058 728.20 | 5.14 |
| Realty Income Corp. ................................  | Count | 34 405 | 50 276 | 47 578 | USD | 59.57 | 2 049 505.85 | 1.49 |
| Regency Centers Corp. ..............................  | Count | 44 584 | 52 459 | 7 875 | USD | 45.27 | 2 018 317.68 | 1.47 |
| Rexford Industrial Realty, Inc. .........................  | Count | 45 039 | 29 678 | 40 758 | USD | 41.27 | 1 858 759.53 | 1.35 |
| Sabra Health Care REIT, Inc. ..........................  | Count | 65 895 | 71 842 | 5 947 | USD | 14.16 | 933 073.20 | 0.68 |
| SBA Communications Corp. ..........................  | Count | 3 932 | 4 835 | 903 | USD | 293.94 | 1 155 772.08 | 0.84 |
| Simon Property Group, Inc............................  | Count | 30 362 | 43 482 | 26 343 | USD | 68.51 | 2 080 100.62 | 1.52 |
| Sun Communities, Inc. ..............................  | Count | 14 857 | 26 159 | 11 302 | USD | 135.22 | 2 008 963.54 | 1.46 |
| UDR, Inc. .........................................  | Count | 52 563 | 58 704 | 6 141 | USD | 36.91 | 1 940 100.33 | 1.41 |
| Welltower, Inc. ....................................  | Count | 83 824 | 118 320 | 54 640 | USD | 50.92 | 4 268 318.08 | 3.11 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 7 148.33 | 0.01 |
| Equities AZ. BGP Holdings ..................................  | Count | 1 462 440 |  |  | EUR | 0.004 | 6 326.65 | 0.01 |
| Ayala Land, Inc. ....................................  | Count | 409 400 |  |  | PHP | 0.1 | 821.68 | 0.00 |
| Total securities portfolio |  |  |  |  |  |  | 134 331 494.13 | 97.89 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 16 748.35 | 0.01 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions CHF/AUD 0.1 million ................................  |  |  |  |  |  |  | 114.53 | 0.00 |
| CHF/EUR 0.2 million ................................  |  |  |  |  |  |  | 594.50 | 0.00 |
| CHF/GBP 0.1 million ................................  |  |  |  |  |  |  | 755.30 | 0.00 |
| CHF/JPY 0.2 million.................................  |  |  |  |  |  |  | 958.03 | 0.00 |
| CHF/USD 0.8 million ................................  |  |  |  |  |  |  | -2 186.39 | 0.00 |
| GBP/EUR 0.1 million ................................  |  |  |  |  |  |  | -8.46 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions AUD/USD 0.7 million ................................  |  |  |  |  |  |  | 6 067.58 | 0.00 |
| CHF/CAD 1.8 million ................................  |  |  |  |  |  |  | 11 482.39 | 0.02 |
| CHF/HKD 0.4 million ................................  |  |  |  |  |  |  | -136.79 | 0.00 |
| CHF/SEK 0.2 million ................................  |  |  |  |  |  |  | 45.89 | 0.00 |
| CHF/SGD 0.1 million ................................  |  |  |  |  |  |  | 63.75 | 0.00 |
| EUR/AUD 0.1 million ................................  |  |  |  |  |  |  | 0.10 | 0.00 |
| EUR/CAD 0.1 million ................................  |  |  |  |  |  |  | 0.90 | 0.00 |
| EUR/HKD 0.1 million ................................  |  |  |  |  |  |  | -1.70 | 0.00 |
| EUR/JPY 0.1 million.................................  |  |  |  |  |  |  | 2.68 | 0.00 |
| EUR/SEK 0.1 million ................................  |  |  |  |  |  |  | -0.22 | 0.00 |
| EUR/SGD 0.1 million ................................  |  |  |  |  |  |  | -0.16 | 0.00 |
| GBP/AUD 0.1 million ................................  |  |  |  |  |  |  | -1.99 | 0.00 |
| GBP/CAD 0.1 million ................................  |  |  |  |  |  |  | -3.91 | 0.00 |
| GBP/HKD 0.1 million ................................  |  |  |  |  |  |  | -4.90 | 0.00 |
| GBP/JPY 0.1 million.................................  |  |  |  |  |  |  | -7.12 | 0.00 |
| GBP/SEK 0.1 million ................................  |  |  |  |  |  |  | -1.69 | 0.00 |
| GBP/SGD 0.1 million ................................  |  |  |  |  |  |  | -2.18 | 0.00 |
| USD/AUD 0.1 million ................................  |  |  |  |  |  |  | 132.54 | 0.00 |
| USD/CAD 0.1 million ................................  |  |  |  |  |  |  | 435.77 | 0.00 |
| USD/EUR 0.1 million ................................  |  |  |  |  |  |  | 773.70 | 0.00 |
| USD/GBP 0.1 million ................................  |  |  |  |  |  |  | 600.00 | 0.00 |
| USD/HKD 1.4 million ................................  |  |  |  |  |  |  | 2 669.64 | 0.00 |
| USD/JPY 16.5 million ...............................  |  |  |  |  |  |  | 44 555.65 | 0.03 |
| USD/SEK 0.6 million ................................  |  |  |  |  |  |  | 1 734.67 | 0.00 |
| USD/SGD 0.9 million ................................  |  |  |  |  |  |  | 2 686.62 |  |
| Closed positions EUR/CHF 0.1 million ................................  |  |  |  |  |  |  | 79.48 | 0.00 |
| EUR/GBP 0.1 million ................................  |  |  |  |  |  |  | -0.21 | 0.00 |
| GBP/CHF 0.1 million ................................  |  |  |  |  |  |  | 0.03 | 0.00 |
| USD/CHF 1.6 million ................................  |  |  |  |  |  |  | -124 629.30 | -0.09 |
| USD/EUR 5.0 million ................................  |  |  |  |  |  |  | 44 946.43 | 0.03 |
| USD/GBP 1.5 million ................................  |  |  |  |  |  |  | 25 033.19 | 0.02 |

| 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 | USD |  |
| Cash at bank |  |  |  | 2 993 215.51 | 2.19 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 21 728 |  | 24 352.20 | 0.02 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 20 153 |  | 24 788.42 | 0.02 |
| Norwegian krone ...................................  | NOK | 4 441 |  | 457.47 | 0.00 |
| Swedish krona.....................................  | SEK | 233 648 |  | 24 995.65 | 0.02 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 36 446 |  | 25 027.74 | 0.02 |
| Chinese yuan renminbi ..............................  | CNY | 24 |  | 3.32 | 0.00 |
| Hong Kong dollar ..................................  | HKD | 193 772 |  | 25 001.75 | 0.02 |
| Japanese yen .....................................  | JPY | 2 679 029 |  | 24 873.77 | 0.02 |
| Canadian dollar ....................................  | CAD | 34 284 |  | 25 077.31 | 0.02 |
| Philippine peso ....................................  | PHP | 9 524 |  | 191.16 | 0.00 |
| Swiss franc .......................................  | CHF | 23 724 |  | 24 971.15 | 0.02 |
| Singapore dollar ...................................  | SGD | 34 834 |  | 24 949.45 | 0.02 |
| U.S. dollar ........................................  | USD |  |  | 2 768 526.12 | 2.01 |
| Other assets |  |  |  | 11 937 511.86 | 8.70 |
| Dividends/Distributions receivable .....................  |  |  |  | 333 176.16 | 0.24 |
| Receivables from exceeding the expense cap ............  |  |  |  | 38 497.14 | 0.03 |
| Other receivables ..................................  |  |  |  | 11 565 838.56 | 8.43 |
| Receivables from share certificate transactions |  |  |  | 88 409.59 | 0.06 |
| Total assets * |  |  |  | 149 494 364.46 | 108.94 |
| Other liabilities |  |  |  | -4 489 877.47 | -3.27 |
| Additional other liabilities.............................  |  |  |  | -4 489 877.47 | -3.27 |
| Liabilities from share certificate transactions |  |  |  | -7 645 428.76 | -5.57 |
| Total liabilities |  |  |  | -12 262 291.25 | -8.94 |
| Net assets |  |  |  | 137 232 073.21 | 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 CHF ICH(P)100................................  | CHF | 103.43 |
| Class CHF LDH (P) .................................  | CHF | 76.25 |
| Class FC .........................................  | EUR | 96.11 |
| Class FD .........................................  | EUR | 83.89 |
| Class FDH (P) .....................................  | EUR | 87.89 |
| Class LD .........................................  | EUR | 140.03 |
| Class GBP DH (P) RD ...............................  | GBP | 90.49 |
| Class USD FC .....................................  | USD | 166.65 |
| Class USD ID......................................  | USD | 84.99 |
| Class USD LC .....................................  | USD | 119.88 |
| Class USD LDMH (P) ...............................  | USD | 81.56 |
| Class USD TFC ....................................  | USD | 98.45 |
| Number of shares outstanding Class CHF ICH(P)100................................  | Count | 332 457.000 |
| Class CHF LDH (P) .................................  | Count | 19 677.000 |
| Class FC .........................................  | Count | 107.000 |
| Class FD .........................................  | Count | 138 413.000 |
| Class FDH (P) .....................................  | Count | 100.000 |
| Class LD .........................................  | Count | 123 888.167 |
| Class GBP DH (P) RD ...............................  | Count | 97.000 |
| Class USD FC .....................................  | Count | 157 589.211 |
| Class USD ID......................................  | Count | 440 488.000 |
| Class USD LC .....................................  | Count | 11 538.784 |
| Class USD LDMH (P) ...............................  | Count | 14 820.794 |
| Class USD TFC ....................................  | Count | 6 923.686 |

Composition of the reference portfolio (according to CSSF circular 11/512) FTSE EPRA/NAREIT Developed Index in USD
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 83.635 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 106.305 |
| Average market risk exposure ........................  | % | 97.141 |

The values-at-risk were calculated for the period from January 1, 2020, through June 30, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled USD 0.00 as of the reporting date.
 Market abbreviations	 Contracting parties for forward currency transactions
Barclays Bank Ireland PLC, BNP Paribas SA, Bofa Securities Europe, Citigroup Global Markets Limited, Credit Suisse London Branch (GFX), Goldman Sachs International, State Street Bank London and UBS AG
 Exchange rates (indirect quotes)	
As of June 30, 2020
| Australian dollar ................. . | AUD | 1.456240 | = | USD | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ................. . | CAD | 1.367150 | = | USD | 1 |
| Swiss franc .................... . | CHF | 0.950050 | = | USD | 1 |
| Chinese yuan renminbi ........... . | CNY | 7.074100 | = | USD | 1 |
| Euro ......................... . | EUR | 0.892260 | = | USD | 1 |
| British pound .................. . | GBP | 0.813008 | = | USD | 1 |
| Hong Kong dollar ............... . | HKD | 7.750350 | = | USD | 1 |
| Japanese yen .................. . | JPY | 107.705000 | = | USD | 1 |
| Norwegian krone ................ . | NOK | 9.708250 | = | USD | 1 |
| Philippine peso ................. . | PHP | 49.825000 | = | USD | 1 |
| Swedish krona.................. . | SEK | 9.347550 | = | USD | 1 |
| Singapore dollar ................ . | SGD | 1.396200 | = | USD | 1 |

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

Translation (ENDE, 2020-06-30):
# DWS Invest Global Real Estate Securities
DWS INVEST GLOBAL REAL ESTATE SECURITIES

### Wertentwicklung der Anteilklassen (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD FC | LU0507268943 | -18,2% |
| Klasse USD ID | LU1445759035 | -18,1% |
| Klasse USD LC | LU0507268869 | -18,5% |
| Klasse USD LDMH (P) | LU1316036653 | -17,7% |
| Klasse USD TFC | LU1663931753 | -18,2% |
| Klasse CHF ICH (P)100 2) | LU2138677336 | 3,4% 1) |
| Klasse CHF LDH (P) 2) | LU1212621004 | -19,2% |
| Klasse FC 3) | LU0507268786 | -18,2% |
| Klasse FD 3) | LU1445758904 | -18,2% |
| Klasse FDH (P) 3) | LU1316036224 | -18,5% |
| Klasse LD 3) | LU0507268513 | -18,5% |
| Klasse GBP DH (P) RD 4) | LU1316036497 | -19,4% |

1) 
aufgelegt am 15.4.2020
2) 
in CHF
3) 
in EUR
4) 
in GBP
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 Global Real Estate Securities
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Hauptverbrauchsgüter | 574 185,88 | 0,42 |
| Finanzsektor | 133 756 486,57 | 97,47 |
| Sonstige | 821,68 | 0,00 |
| Summe Aktien: | 134 331 494,13 | 97,89 |
| 2. Derivate | 16 748,35 | 0,01 |
| 3. Bankguthaben | 2 993 215,51 | 2,18 |
| 4. Sonstige Vermögensgegenstände | 11 937 511,86 | 8,70 |
| 5. Forderungen aus Anteilscheingeschäften | 88 409,59 | 0,06 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -4 489 877,47 | - 3,27 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -7 645 428,76 | - 5,57 |
| III. Fondsvermögen | 137 232 073,21 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 134 324 345,80 | 97,88 |
| Aktien |  |  |  |  |  |  |  |  |
| Goodman Group ...................................  | Stück | 40 185 | 41 947 | 123 899 | AUD | 14,85 | 409 786,33 | 0,30 |
| GPT Group/The ....................................  | Stück | 543 801 | 252 221 | 154 793 | AUD | 4,17 | 1 557 195,36 | 1,13 |
| Growthpoint Properties Australia Ltd ..................  | Stück | 178 688 | 196 925 | 18 237 | AUD | 3,2 | 392 656,16 | 0,29 |
| Mirvac Group .....................................  | Stück | 679 734 | 342 836 | 288 556 | AUD | 2,17 | 1 012 898,13 | 0,74 |
| Scentre Group ....................................  | Stück | 338 245 | 338 245 |  | AUD | 2,17 | 504 032,06 | 0,37 |
| Shopping Centres Australasia Property Group ............  | Stück | 345 181 | 486 180 | 140 999 | AUD | 2,18 | 516 738,02 | 0,38 |
| Stockland ........................................  | Stück | 89 732 | 89 732 |  | AUD | 3,31 | 203 958,77 | 0,15 |
| Waypoint REIT ....................................  | Stück | 163 105 | 168 774 | 5 669 | AUD | 2,6 | 291 210,93 | 0,21 |
| Canadian Apartment Properties Reit ...................  | Stück | 33 751 | 23 017 | 29 491 | CAD | 48,6 | 1 199 794,17 | 0,87 |
| Granite Real Estate Investment Trust ..................  | Stück | 37 642 | 16 218 | 8 805 | CAD | 69,31 | 1 908 325,36 | 1,39 |
| InterRent Real Estate Investment Trust ................  | Stück | 68 348 | 42 166 | 33 395 | CAD | 14,24 | 711 901,05 | 0,52 |
| RioCan Real Estate Investment Trust ..................  | Stück | 78 265 | 87 410 | 9 145 | CAD | 14,95 | 855 840,07 | 0,62 |
| Aedifica SA  ......................................  | Stück | 5 386 | 2 660 | 1 011 | EUR | 96,7 | 583 715,73 | 0,43 |
| Alstria Office REIT-AG ..............................  | Stück | 45 087 | 28 830 | 21 773 | EUR | 13,21 | 667 517,62 | 0,49 |
| Arima Real Estate SOCIMI SA  .......................  | Stück | 46 395 | 19 891 | 6 170 | EUR | 8,8 | 457 575,15 | 0,33 |
| Deutsche Wohnen AG ..............................  | Stück | 58 541 | 44 235 | 15 039 | EUR | 39,88 | 2 616 518,82 | 1,91 |
| Gecina SA ........................................  | Stück | 11 997 | 6 628 | 1 778 | EUR | 109,7 | 1 474 985,88 | 1,07 |
| Inmobiliaria Colonial Socimi SA .......................  | Stück | 88 771 | 89 687 | 916 | EUR | 7,775 | 773 535,21 | 0,56 |
| Tritax EuroBox PLC ................................  | Stück | 238 481 | 96 782 | 34 182 | EUR | 1,055 | 281 977,74 | 0,21 |
| Unibail-Rodamco-Westfield ..........................  | Stück | 34 524 | 34 862 | 338 | EUR | 49,42 | 1 912 196,09 | 1,39 |
| VGP NV ..........................................  | Stück | 2 495 | 698 | 163 | EUR | 113,2 | 316 537,78 | 0,23 |
| Vonovia SE .......................................  | Stück | 79 591 | 41 078 | 20 444 | EUR | 54,8 | 4 888 246,48 | 3,56 |
| Warehouses De Pauw CVA  .........................  | Stück | 17 970 | 18 919 | 949 | EUR | 24,125 | 485 874,35 | 0,35 |
| Assura PLC .......................................  | Stück | 693 050 | 321 696 | 119 684 | GBP | 0,791 | 674 289,24 | 0,49 |
| Big Yellow Group PLC ..............................  | Stück | 48 878 | 23 096 | 8 303 | GBP | 10,01 | 601 800,70 | 0,44 |
| British Land Co., PLC/The ...........................  | Stück | 162 238 | 99 405 | 68 014 | GBP | 3,83 | 764 287,12 | 0,56 |
| Derwent London PLC ...............................  | Stück | 23 059 | 14 154 | 2 962 | GBP | 27,98 | 793 584,84 | 0,58 |
| Grainger PLC .....................................  | Stück | 237 469 | 112 834 | 72 897 | GBP | 2,834 | 827 774,33 | 0,60 |
| Great Portland Estates PLC  .........................  | Stück | 27 360 | 26 106 | 70 341 | GBP | 6,314 | 212 483,81 | 0,16 |
| PRS Reit PLC/The .................................  | Stück | 418 568 | 131 761 | 15 636 | GBP | 0,75 | 385 964,30 | 0,28 |
| Segro PLC .......................................  | Stück | 164 942 | 94 014 | 46 582 | GBP | 8,938 | 1 813 329,76 | 1,32 |
| UNITE Group PLC/The ..............................  | Stück | 90 753 | 51 392 | 11 529 | GBP | 9,29 | 1 037 007,47 | 0,76 |
| Urban & Civic PLC .................................  | Stück | 99 001 | 37 657 | 8 843 | GBP | 2,265 | 275 824,06 | 0,20 |
| ESR Cayman Ltd ..................................  | Stück | 95 600 | 95 600 |  | HKD | 18,32 | 225 975,86 | 0,16 |
| Link REIT ........................................  | Stück | 243 320 | 135 500 | 66 000 | HKD | 63,35 | 1 988 854,95 | 1,45 |
| New World Development Co., Ltd ....................  | Stück | 635 239 | 635 239 |  | HKD | 36,8 | 3 016 224,45 | 2,20 |
| Sun Hung Kai Properties Ltd .........................  | Stück | 71 000 | 91 000 | 20 000 | HKD | 98,95 | 906 468,74 | 0,66 |
| Swire Properties Ltd ...............................  | Stück | 581 400 | 336 200 | 303 600 | HKD | 19,68 | 1 476 314,23 | 1,08 |
| Activia Properties, Inc. ..............................  | Stück | 430 | 193 | 195 | JPY | 371 500 | 1 483 171,63 | 1,08 |
| Daibiru Corp. ......................................  | Stück | 70 500 | 38 000 | 6 400 | JPY | 985 | 644 747,23 | 0,47 |
| Global One Real Estate Investment Corp. ...............  | Stück | 1 312 | 964 | 168 | JPY | 99 800 | 1 215 705,86 | 0,89 |
| Hulic Reit, Inc. ....................................  | Stück | 1 130 | 825 | 200 | JPY | 134 000 | 1 405 877,16 | 1,02 |
| Japan Real Estate Investment Corp. ...................  | Stück | 42 | 21 | 56 | JPY | 553 000 | 215 644,58 | 0,16 |
| Japan Rental Housing Investments, Inc. ................  | Stück | 1 307 | 634 | 156 | JPY | 100 400 | 1 218 353,84 | 0,89 |
| Kenedix Retail REIT Corp. ...........................  | Stück | 569 | 569 |  | JPY | 200 600 | 1 059 759,53 | 0,77 |
| Mitsubishi Estate Co., Ltd ...........................  | Stück | 157 800 | 104 000 | 29 200 | JPY | 1 602,5 | 2 347 843,65 | 1,71 |
| Mitsui Fudosan Co., Ltd .............................  | Stück | 86 900 | 41 200 | 56 000 | JPY | 1 909,5 | 1 540 648,53 | 1,12 |
| Mori Trust Hotel Reit, Inc. ...........................  | Stück | 857 | 703 | 68 | JPY | 98 300 | 782 165,17 | 0,57 |
| Mori Trust Sogo Reit, Inc. ...........................  | Stück | 627 | 381 | 177 | JPY | 132 700 | 772 507,31 | 0,56 |
| Nomura Real Estate Master Fund, Inc. .................  | Stück | 792 | 792 |  | JPY | 129 400 | 951 532,43 | 0,69 |
| Sumitomo Realty & Development Co., Ltd ..............  | Stück | 71 300 | 38 400 | 6 500 | JPY | 2 963 | 1 961 486,47 | 1,43 |
| XYMAX Reit Investment Corp. .......................  | Stück | 327 | 139 | 105 | JPY | 91 200 | 276 889,65 | 0,20 |
| Castellum AB .....................................  | Stück | 54 934 | 26 173 | 17 647 | SEK | 173,4 | 1 019 043,02 | 0,74 |
| Fabege AB .......................................  | Stück | 104 681 | 49 991 | 26 661 | SEK | 108,55 | 1 215 625,76 | 0,89 |
| Fastighets AB Balder ...............................  | Stück | 21 119 | 10 391 | 6 277 | SEK | 356,7 | 805 895,37 | 0,59 |
| Ascendas India Trust ...............................  | Stück | 240 300 | 240 300 |  | SGD | 1,34 | 230 627,42 | 0,17 |
| CapitaLand Ltd ....................................  | Stück | 687 900 | 491 400 | 283 200 | SGD | 2,92 | 1 438 667,81 | 1,05 |
| CapitaLand Mall Trust ..............................  | Stück | 826 200 | 1 197 700 | 371 500 | SGD | 1,96 | 1 159 828,10 | 0,85 |
| Mapletree Industrial Trust ...........................  | Stück | 669 700 | 706 200 | 36 500 | SGD | 2,87 | 1 376 621,54 | 1,00 |
| Mapletree Logistics Trust ...........................  | Stück | 458 300 | 578 500 | 1 582 800 | SGD | 1,94 | 636 801,32 | 0,46 |
| Agree Realty Corp. .................................  | Stück | 29 433 | 18 954 | 11 181 | USD | 65,32 | 1 922 563,56 | 1,40 |
| Alexandria Real Estate Equities, Inc. ...................  | Stück | 21 394 | 17 145 | 12 733 | USD | 161,45 | 3 454 061,30 | 2,52 |
| American Homes 4 Rent ............................  | Stück | 48 523 | 82 437 | 33 914 | USD | 26,72 | 1 296 534,56 | 0,94 |
| American Tower Corp. ..............................  | Stück | 5 366 | 6 642 | 7 289 | USD | 255,09 | 1 368 812,94 | 1,00 |
| Apple Hospitality Reit, Inc. ..........................  | Stück | 106 310 | 123 834 | 17 524 | USD | 9,63 | 1 023 765,30 | 0,75 |
| Cousins Properties, Inc.  ............................  | Stück | 66 544 | 56 251 | 25 465 | USD | 29,69 | 1 975 691,36 | 1,44 |
| CyrusOne, Inc.  ...................................  | Stück | 13 919 | 19 940 | 29 175 | USD | 72,28 | 1 006 065,32 | 0,73 |
| Digital Realty Trust, Inc. ............................  | Stück | 17 492 | 38 400 | 20 908 | USD | 140,13 | 2 451 153,96 | 1,79 |
| EastGroup Properties, Inc. ...........................  | Stück | 25 583 | 46 926 | 31 042 | USD | 117,17 | 2 997 560,11 | 2,18 |
| Equinix, Inc. ......................................  | Stück | 2 231 | 2 795 | 1 808 | USD | 693,88 | 1 548 046,28 | 1,13 |
| Equity Lifestyle Properties, Inc. .......................  | Stück | 37 755 | 23 647 | 27 050 | USD | 62,09 | 2 344 207,95 | 1,71 |
| Essential Properties Realty Trust, Inc. ..................  | Stück | 106 910 | 87 891 | 33 016 | USD | 14,73 | 1 574 784,30 | 1,15 |
| Essex Property Trust, Inc. ...........................  | Stück | 10 089 | 10 264 | 5 983 | USD | 227,11 | 2 291 312,79 | 1,67 |
| Extra Space Storage, Inc. ............................  | Stück | 21 052 | 17 425 | 18 067 | USD | 92,5 | 1 947 310,00 | 1,42 |
| Gaming And Leisure Propertie .......................  | Stück | 58 043 | 80 068 | 22 025 | USD | 34,48 | 2 001 322,64 | 1,46 |
| Healthcare Trust of America, Inc. .....................  | Stück | 35 344 | 39 498 | 4 154 | USD | 26,22 | 926 719,68 | 0,68 |
| Highwoods Properties, Inc. ..........................  | Stück | 53 521 | 66 928 | 16 990 | USD | 36,96 | 1 978 136,16 | 1,44 |

| Hyatt Hotels Corp. .................................  | Stück | 11 567 | 20 965 | 9 398 | USD | 49,64 | 574 185,88 | 0,42 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Invitation Homes, Inc. ..............................  | Stück | 110 439 | 76 888 | 63 316 | USD | 27,25 | 3 009 462,75 | 2,19 |
| Kimco Realty Corp. .................................  | Stück | 163 565 | 202 364 | 148 433 | USD | 12,76 | 2 087 089,40 | 1,52 |
| Life Storage, Inc. ..................................  | Stück | 18 401 | 12 716 | 12 708 | USD | 93,79 | 1 725 829,79 | 1,26 |
| Medical Properties Trust, Inc. ........................  | Stück | 51 602 | 52 934 | 117 980 | USD | 18,59 | 959 281,18 | 0,70 |
| Mid-America Apartment Communities, Inc. ..............  | Stück | 30 307 | 21 265 | 11 919 | USD | 111,69 | 3 384 988,83 | 2,47 |
| Omega Healthcare Investors, Inc.  ....................  | Stück | 67 238 | 85 472 | 55 647 | USD | 29,825 | 2 005 373,35 | 1,46 |
| Pebblebrook Hotel Trust ............................  | Stück | 23 085 | 27 677 | 4 592 | USD | 13,68 | 315 802,80 | 0,23 |
| Prologis, Inc. ......................................  | Stück | 76 642 | 51 248 | 33 465 | USD | 92,1 | 7 058 728,20 | 5,14 |
| Realty Income Corp. ................................  | Stück | 34 405 | 50 276 | 47 578 | USD | 59,57 | 2 049 505,85 | 1,49 |
| Regency Centers Corp. .............................  | Stück | 44 584 | 52 459 | 7 875 | USD | 45,27 | 2 018 317,68 | 1,47 |
| Rexford Industrial Realty, Inc. ........................  | Stück | 45 039 | 29 678 | 40 758 | USD | 41,27 | 1 858 759,53 | 1,35 |
| Sabra Health Care REIT, Inc. .........................  | Stück | 65 895 | 71 842 | 5 947 | USD | 14,16 | 933 073,20 | 0,68 |
| SBA Communications Corp. ..........................  | Stück | 3 932 | 4 835 | 903 | USD | 293,94 | 1 155 772,08 | 0,84 |
| Simon Property Group, Inc. ..........................  | Stück | 30 362 | 43 482 | 26 343 | USD | 68,51 | 2 080 100,62 | 1,52 |
| Sun Communities, Inc. ..............................  | Stück | 14 857 | 26 159 | 11 302 | USD | 135,22 | 2 008 963,54 | 1,46 |
| UDR, Inc. ........................................  | Stück | 52 563 | 58 704 | 6 141 | USD | 36,91 | 1 940 100,33 | 1,41 |
| Welltower, Inc. ....................................  | Stück | 83 824 | 118 320 | 54 640 | USD | 50,92 | 4 268 318,08 | 3,11 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	7 148,33	0,01
| Aktien AZ. BGP Holdings ..................................  | Stück | 1 462 440 | EUR | 0,004 | 6 326,65 | 0,01 |
| --- | --- | --- | --- | --- | --- | --- |
| Ayala Land, Inc. ...................................  | Stück | 409 400 | PHP | 0,1 | 821,68 | 0,00 |
| Summe Wertpapiervermögen |  |  |  |  | 134 331 494,13 | 97,89 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |
| Devisen-Derivate Forderungen/Verbindlichkeiten | 16 748,35 | 0,01 |
| Devisentermingeschäfte |  |  |
| Devisentermingeschäfte (Kauf) |  |  |
| Offene Positionen CHF/AUD 0,1 Mio.  ................................  | 114,53 | 0,00 |
| CHF/EUR 0,2 Mio. .................................  | 594,50 | 0,00 |
| CHF/GBP 0,1 Mio. .................................  | 755,30 | 0,00 |
| CHF/JPY 0,2 Mio.  .................................  | 958,03 | 0,00 |
| CHF/USD 0,8 Mio. .................................  | -2 186,39 | 0,00 |
| GBP/EUR 0,1 Mio. .................................  | -8,46 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |
| Offene Positionen AUD/USD 0,7 Mio.  ................................  | 6 067,58 | 0,00 |
| CHF/CAD 1,8 Mio. .................................  | 11 482,39 | 0,02 |
| CHF/HKD 0,4 Mio. .................................  | -136,79 | 0,00 |
| CHF/SEK 0,2 Mio. .................................  | 45,89 | 0,00 |
| CHF/SGD 0,1 Mio. .................................  | 63,75 | 0,00 |
| EUR/AUD 0,1 Mio.  ................................  | 0,10 | 0,00 |
| EUR/CAD 0,1 Mio.  ................................  | 0,90 | 0,00 |
| EUR/HKD 0,1 Mio.  ................................  | -1,70 | 0,00 |
| EUR/JPY 0,1 Mio. .................................  | 2,68 | 0,00 |
| EUR/SEK 0,1 Mio. .................................  | -0,22 | 0,00 |
| EUR/SGD 0,1 Mio.  ................................  | -0,16 | 0,00 |
| GBP/AUD 0,1 Mio.  ................................  | -1,99 | 0,00 |
| GBP/CAD 0,1 Mio.  ................................  | -3,91 | 0,00 |
| GBP/HKD 0,1 Mio.  ................................  | -4,90 | 0,00 |
| GBP/JPY 0,1 Mio. .................................  | -7,12 | 0,00 |
| GBP/SEK 0,1 Mio. .................................  | -1,69 | 0,00 |
| GBP/SGD 0,1 Mio.  ................................  | -2,18 | 0,00 |
| USD/AUD 0,1 Mio.  ................................  | 132,54 | 0,00 |
| USD/CAD 0,1 Mio.  ................................  | 435,77 | 0,00 |
| USD/EUR 0,1 Mio.  ................................  | 773,70 | 0,00 |
| USD/GBP 0,1 Mio.  ................................  | 600,00 | 0,00 |
| USD/HKD 1,4 Mio.  ................................  | 2 669,64 | 0,00 |
| USD/JPY 16,5 Mio. ................................  | 44 555,65 | 0,03 |
| USD/SEK 0,6 Mio. .................................  | 1 734,67 | 0,00 |
| USD/SGD 0,9 Mio.  ................................  | 2 686,62 |  |
| Geschlossene Positionen EUR/CHF 0,1 Mio. .................................  | 79,48 | 0,00 |
| EUR/GBP 0,1 Mio. .................................  | -0,21 | 0,00 |
| GBP/CHF 0,1 Mio. .................................  | 0,03 | 0,00 |
| USD/CHF 1,6 Mio. .................................  | -124 629,30 | -0,09 |
| USD/EUR 5,0 Mio.  ................................  | 44 946,43 | 0,03 |
| USD/GBP 1,5 Mio.  ................................  | 25 033,19 | 0,02 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | USD | vermögen |
| Bankguthaben |  |  |  | 2 993 215,51 | 2,19 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR | 21 728 |  | 24 352,20 | 0,02 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 20 153 |  | 24 788,42 | 0,02 |
| Norwegische Kronen ...............................  | NOK | 4 441 |  | 457,47 | 0,00 |
| Schwedische Kronen ...............................  | SEK | 233 648 |  | 24 995,65 | 0,02 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 36 446 |  | 25 027,74 | 0,02 |
| Chinesischer Renminbi ..............................  | CNY | 24 |  | 3,32 | 0,00 |
| Hongkong Dollar ...................................  | HKD | 193 772 |  | 25 001,75 | 0,02 |
| Japanischer Yen ...................................  | JPY | 2 679 029 |  | 24 873,77 | 0,02 |
| Kanadischer Dollar .................................  | CAD | 34 284 |  | 25 077,31 | 0,02 |
| Philippinischer Peso ................................  | PHP | 9 524 |  | 191,16 | 0,00 |
| Schweizer Franken .................................  | CHF | 23 724 |  | 24 971,15 | 0,02 |
| Singapur Dollar ....................................  | SGD | 34 834 |  | 24 949,45 | 0,02 |
| US-Dollar .........................................  | USD |  |  | 2 768 526,12 | 2,01 |
| Sonstige Vermögensgegenstände |  |  |  | 11 937 511,86 | 8,70 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  |  | 333 176,16 | 0,24 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 38 497,14 | 0,03 |
| Sonstige Ansprüche ................................  |  |  |  | 11 565 838,56 | 8,43 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 88 409,59 | 0,06 |
| Summe der Vermögensgegenstände * |  |  |  | 149 494 364,46 | 108,94 |
| Sonstige Verbindlichkeiten |  |  |  | -4 489 877,47 | -3,27 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -4 489 877,47 | -3,27 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -7 645 428,76 | -5,57 |
| Summe der Verbindlichkeiten |  |  |  | -12 262 291,25 | -8,94 |
| Fondsvermögen |  |  |  | 137 232 073,21 | 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 CHF ICH(P)100 ..............................  | CHF | 103,43 |
| Klasse CHF LDH (P) ................................  | CHF | 76,25 |
| Klasse FC ........................................  | EUR | 96,11 |
| Klasse FD ........................................  | EUR | 83,89 |
| Klasse FDH (P) ....................................  | EUR | 87,89 |
| Klasse LD ........................................  | EUR | 140,03 |
| Klasse GBP DH (P) RD ..............................  | GBP | 90,49 |
| Klasse USD FC ....................................  | USD | 166,65 |
| Klasse USD ID ....................................  | USD | 84,99 |
| Klasse USD LC ....................................  | USD | 119,88 |
| Klasse USD LDMH (P) ..............................  | USD | 81,56 |
| Klasse USD TFC ...................................  | USD | 98,45 |
| Umlaufende Anteile Klasse CHF ICH(P)100 ..............................  | Stück | 332 457,000 |
| Klasse CHF LDH (P) ................................  | Stück | 19 677,000 |
| Klasse FC ........................................  | Stück | 107,000 |
| Klasse FD ........................................  | Stück | 138 413,000 |
| Klasse FDH (P) ....................................  | Stück | 100,000 |
| Klasse LD ........................................  | Stück | 123 888,167 |
| Klasse GBP DH (P) RD ..............................  | Stück | 97,000 |
| Klasse USD FC ....................................  | Stück | 157 589,211 |
| Klasse USD ID ....................................  | Stück | 440 488,000 |
| Klasse USD LC ....................................  | Stück | 11 538,784 |
| Klasse USD LDMH (P) ..............................  | Stück | 14 820,794 |
| Klasse USD TFC ...................................  | Stück | 6 923,686 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) FTSE EPRA/NAREIT Developed Index in USD
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 83,635 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 106,305 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 97,141 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 30.6.2020 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf USD 0,00.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
Barclays Bank Ireland PLC, BNP Paribas SA, Bofa Securities Europe, Citigroup Global Markets Limited, Credit Suisse London Branch (GFX), Goldman Sachs International, State Street Bank London und UBS AG
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Australischer Dollar ..............  | AUD | 1,456240 | = | USD | 1 |
| --- | --- | --- | --- | --- | --- |
| Kanadischer Dollar ...............  | CAD | 1,367150 | = | USD | 1 |
| Schweizer Franken ...............  | CHF | 0,950050 | = | USD | 1 |
| Chinesischer Renminbi ............  | CNY | 7,074100 | = | USD | 1 |
| Euro ..........................  | EUR | 0,892260 | = | USD | 1 |
| Britisches Pfund .................  | GBP | 0,813008 | = | USD | 1 |
| Hongkong Dollar .................  | HKD | 7,750350 | = | USD | 1 |
| Japanischer Yen .................  | JPY | 107,705000 | = | USD | 1 |
| Norwegische Kronen .............  | NOK | 9,708250 | = | USD | 1 |
| Philippinischer Peso ..............  | PHP | 49,825000 | = | USD | 1 |
| Schwedische Kronen .............  | SEK | 9,347550 | = | USD | 1 |
| Singapur Dollar ..................  | SGD | 1,396200 | = | USD | 1 |

 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden in geringfügigem Umfang zu abgeleiteten Verkehrswerten bewertet.
 Fußnote	
* Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.