# DWS Invest Global Infrastructure
DWS INVEST GLOBAL INFRASTRUCTURE

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0329760770 | -8.7% |
| Class FC | LU0329760937 | -8.4% |
| Class FCH (P) | LU0813335303 | -7.9% |
| Class FD | LU1222730084 | -8.4% |
| Class FDH (P) | LU1222730241 | -7.9% |
| Class IC | LU1466055321 | -8.3% |
| Class ID | LU1466055594 | -8.3% |
| Class IDH (P) | LU1217772315 | -7.9% |
| Class LCH (P) | LU1560646298 | -8.3% |
| Class LD | LU0363470237 | -8.7% |
| Class LDH (P) | LU1277647191 | -8.2% |
| Class NC | LU0329760853 | -9.0% |
| Class ND | LU1973715284 | -11.4% |
| Class PFC | LU1648271861 | -9.4% |
| Class TFC | LU1663931324 | -8.4% |
| Class TFCH (P) | LU1663931597 | -7.9% |
| Class TFD | LU1663931670 | -8.4% |
| Class CHF FDH (P) 2 | LU1277646979 | -8.3% |
| Class CHF LCH 2 | LU0616865175 | -9.1% |
| Class GBP D RD 3 | LU1054338162 | -2.1% |
| Class GBP DH (P) RD 3 | LU1222731132 | -8.4% |
| Class SEK FCH (P) 4 | LU1278214884 | -8.8% |
| Class SEK FDH (P) 4 | LU1557078950 | -8.6% |
| Class SEK LCH (P) 4 | LU1278222390 | -8.9% |
| Class SGD LDMH (P) 5 | LU1054338089 | -7.9% |
| Class USD FC 6 | LU0329761745 | -8.4% |
| Class USD FDM 6 | LU1277647274 | -8.4% |
| Class USD IC250 6 | LU2046587650 | -8.2% |
| Class USD ICH (P)100 6 | LU2140577607 | 1.6% 1) |
| Class USD ID 6 | LU1277647357 | -8.3% |
| Class USD ID250 6 | LU2046587734 | -8.9% |
| Class USD IDQ 6 | LU1982201169 | -10.8% |
| Class USD LC 6 | LU0329761661 | -8.7% |
| Class USD LCH (P) 6 | LU1222731306 | -7.2% |
| Class USD LD 6 | LU1277647431 | -8.7% |
| Class USD LDMH (P) 6 | LU1225178372 | -7.2% |

1 
Launched on April 15, 2020
2 
in CHF
3 
in GBP
4 
in SEK
5 
in SGD
6 
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 Global Infrastructure
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Telecommunication Services | 45 991 374.83 | 4.18 |
| Consumer Discretionaries | 53 027 816.51 | 4.82 |
| Energy | 227 434 951.34 | 20.69 |
| Financials | 230 129 795.34 | 20.93 |
| Industrials | 144 862 796.98 | 13.17 |
| Utilities | 377 263 791.17 | 34.31 |
| Total equities | 1 078 710 526.17 | 98.10 |
| 2. Derivativess | -86 488.90 | - 0.01 |
| 3. Cash at bank | 22 316 044.82 | 2.02 |
| 4. Other assets | 3 734 664.07 | 0.34 |
| 5. Receivables from share certificate transactions | 2 587 940.90 | 0.24 |
| II. Liabilities |  |  |
| 1. Other liabilities | -3 989 755.57 | - 0.36 |
| 2. Liabilities from share certificate transactions | -3 661 493.70 | - 0.33 |
| III. Net assets | 1 099 611 437.79 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 1 078 710 526.17 | 98.10 |
| Equities Transurban Group ..................................  | Count | 6 124 958 | 2 949 209 | 805 340 | AUD | 14.13 | 53 027 816.51 | 4.82 |
| Enbridge, Inc. .....................................  | Count | 1 328 576 | 149 282 | 649 486 | CAD | 41.02 | 35 567 825.63 | 3.23 |
| Hydro One Ltd.....................................  | Count | 640 209 | 692 642 | 52 433 | CAD | 25.21 | 10 533 431.57 | 0.96 |
| Pembina Pipeline Corp. ..............................  | Count | 369 640 | 405 040 | 453 684 | CAD | 32.86 | 7 927 235.82 | 0.72 |
| TC Energy Corp. ...................................  | Count | 1 492 472 | 464 912 | 175 192 | CAD | 57.32 | 55 832 571.55 | 5.08 |
| Orsted A/S........................................  | Count | 145 116 | 28 635 | 15 658 | DKK | 766.8 | 14 930 814.81 | 1.36 |
| Aena SME SA .....................................  | Count | 90 659 | 90 869 | 210 | EUR | 119.2 | 10 806 552.80 | 0.98 |
| Cellnex Telecom SA ................................  | Count | 777 489 | 107 213 | 214 600 | EUR | 54.46 | 42 342 050.94 | 3.85 |
| Ferrovial SA .......................................  | Count | 1 947 473 | 398 238 | 560 580 | EUR | 23.62 | 45 999 312.26 | 4.18 |
| Getlink SE ........................................  | Count | 1 236 010 | 682 907 | 116 742 | EUR | 12.95 | 16 006 329.50 | 1.46 |
| Koninklijke Vopak NV................................  | Count | 234 441 | 113 354 | 348 847 | EUR | 47.21 | 11 067 959.61 | 1.01 |
| SES SA ..........................................  | Count | 611 892 | 76 132 | 71 893 | EUR | 5.964 | 3 649 323.89 | 0.33 |
| Terna Rete Elettrica Nazionale SpA.....................  | Count | 2 542 565 | 315 986 | 298 552 | EUR | 6.164 | 15 672 370.66 | 1.42 |
| Vinci SA ..........................................  | Count | 321 513 | 36 871 | 107 440 | EUR | 81.56 | 26 222 600.28 | 2.38 |
| National Grid PLC ..................................  | Count | 5 750 382 | 1 403 479 | 1 034 477 | GBP | 9.864 | 62 251 004.62 | 5.66 |
| Severn Trent PLC ..................................  | Count | 949 982 | 99 118 | 478 107 | GBP | 25.01 | 26 075 081.42 | 2.37 |
| China Tower Corp., Ltd ..............................  | Count | 117 534 000 | 44 618 000 | 12 356 000 | HKD | 1.37 | 18 537 629.27 | 1.69 |
| ENN Energy Holdings Ltd ............................  | Count | 2 487 541 | 339 924 | 648 033 | HKD | 87.2 | 24 972 202.11 | 2.27 |
| Tokyo Gas Co., Ltd .................................  | Count | 441 100 | 54 600 | 51 900 | JPY | 2 580 | 9 427 842.59 | 0.86 |
| Auckland International Airport Ltd......................  | Count | 2 592 016 | 884 132 | 230 556 | NZD | 6.57 | 9 735 296.05 | 0.89 |
| American Tower Corp. ..............................  | Count | 381 924 | 56 661 | 150 364 | USD | 255.09 | 86 928 424.42 | 7.91 |
| American Water Works Co., Inc........................  | Count | 177 683 | 29 752 | 19 919 | USD | 126.13 | 19 996 578.76 | 1.82 |
| Atmos Energy Corp. ................................  | Count | 180 685 | 52 506 | 17 228 | USD | 98.74 | 15 918 665.14 | 1.45 |
| Cheniere Energy, Inc. ...............................  | Count | 1 022 326 | 341 393 | 50 200 | USD | 45.93 | 41 896 454.82 | 3.81 |
| Consolidated Edison, Inc. ............................  | Count | 43 637 | 223 500 | 179 863 | USD | 72.14 | 2 808 810.55 | 0.26 |
| Crown Castle International Corp. ......................  | Count | 656 565 | 256 212 | 252 419 | USD | 163.96 | 96 052 143.61 | 8.73 |
| CSX Corp. ........................................  | Count | 177 410 | 329 640 | 465 770 | USD | 68.36 | 10 821 104.08 | 0.98 |
| Edison International.................................  | Count | 532 976 | 55 577 | 146 897 | USD | 55.46 | 26 374 178.58 | 2.40 |
| Eversource Energy .................................  | Count | 653 113 | 193 604 | 72 223 | USD | 83.05 | 48 397 105.59 | 4.40 |
| FirstEnergy Corp....................................  | Count | 903 162 | 626 299 | 332 337 | USD | 37.94 | 30 574 151.08 | 2.78 |
| Grupo Aeroportuario del Pacifico SAB de CV -ADR- ........  | Count | 106 718 | 106 968 | 250 | USD | 70.72 | 6 733 972.74 | 0.61 |
| NiSource, Inc. .....................................  | Count | 927 554 | 164 682 | 646 305 | USD | 22.71 | 18 795 235.04 | 1.71 |
| ONEOK, Inc. ......................................  | Count | 660 845 | 660 845 |  | USD | 31.66 | 18 668 178.43 | 1.70 |
| SBA Communications Corp. ..........................  | Count | 179 773 | 183 618 | 3 845 | USD | 293.94 | 47 149 227.31 | 4.29 |
| Sempra Energy ....................................  | Count | 587 350 | 87 556 | 78 013 | USD | 116.53 | 61 069 750.22 | 5.55 |
| Williams Cos, Inc./The...............................  | Count | 2 835 280 | 1 749 909 | 821 849 | USD | 18.16 | 45 941 293.91 | 4.18 |
| Total securities portfolio |  |  |  |  |  |  | 1 078 710 526.17 | 98.10 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -86 488.90 | -0.01 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |  |
| Open positions CHF/AUD 0.1 million ................................  |  |  |  |  |  |  | 23.78 | 0.00 |
| CHF/EUR 2.4 million ................................  |  |  |  |  |  |  | 11 795.03 | 0.00 |
| CHF/GBP 0.1 million ................................  |  |  |  |  |  |  | 116.45 | 0.00 |
| CHF/JPY 0.1 million.................................  |  |  |  |  |  |  | 5.85 | 0.00 |
| CHF/USD 0.1 million ................................  |  |  |  |  |  |  | -158.39 | 0.00 |
| SEK/AUD 1.9 million ................................  |  |  |  |  |  |  | 462.50 | 0.00 |
| SEK/CAD 4 million ..................................  |  |  |  |  |  |  | 1 342.61 | 0.00 |
| SEK/EUR 6.2 million ................................  |  |  |  |  |  |  | 995.01 | 0.00 |
| SEK/GBP 3.2 million ................................  |  |  |  |  |  |  | 3 494.69 | 0.00 |
| SEK/JPY 0.4 million .................................  |  |  |  |  |  |  | 151.22 | 0.00 |
| SEK/USD 20.8 million ...............................  |  |  |  |  |  |  | -8 379.73 | 0.00 |
| SGD/AUD 0.1 million ................................  |  |  |  |  |  |  | 118.87 | 0.00 |
| SGD/CAD 0.2 million ................................  |  |  |  |  |  |  | 443.86 | 0.00 |
| SGD/EUR 0.3 million ................................  |  |  |  |  |  |  | 220.66 | 0.00 |
| SGD/GBP 0.2 million ................................  |  |  |  |  |  |  | 1 251.45 | 0.00 |
| SGD/HKD 0.1 million ................................  |  |  |  |  |  |  | -304.00 | 0.00 |
| SGD/JPY 0.1 million ................................  |  |  |  |  |  |  | 53.02 | 0.00 |
| SGD/USD 1.1 million ................................  |  |  |  |  |  |  | -3 763.76 | 0.00 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Closed positions CHF/EUR 0.1 million ................................  |  |  |  | 1.77 | 0.00 |
| CHF/USD 0.1 million ................................  |  |  |  | -1.76 | 0.00 |
| SEK/CAD 0.1 million ................................  |  |  |  | 37.04 | 0.00 |
| SEK/USD 0.9 million ................................  |  |  |  | -180.77 | 0.00 |
| SGD/USD 0.1 million ................................  |  |  |  | -66.07 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions CHF/CAD 0.1 million ................................  |  |  |  | 61.29 | 0.00 |
| CHF/DKK 0.1 million ................................  |  |  |  | 5.21 | 0.00 |
| CHF/HKD 0.1 million ................................  |  |  |  | -13.47 | 0.00 |
| CHF/MXN 0.1 million................................  |  |  |  | 17.64 | 0.00 |
| CHF/NZD 0.1 million ................................  |  |  |  | 2.48 | 0.00 |
| EUR/AUD 6.3 million ................................  |  |  |  | -99.68 | 0.00 |
| EUR/CAD 12.4 million ...............................  |  |  |  | 18 706.00 | 0.00 |
| EUR/DKK 7.8 million ................................  |  |  |  | -900.52 | 0.00 |
| EUR/GBP 5.7 million ................................  |  |  |  | 60 788.21 | 0.01 |
| EUR/HKD 25.6 million ...............................  |  |  |  | -24 852.60 | 0.00 |
| EUR/JPY 83.1 million................................  |  |  |  | 1 776.12 | 0.00 |
| EUR/MXN 11.5 million...............................  |  |  |  | 11 703.74 | 0.00 |
| EUR/NZD 1.3 million ................................  |  |  |  | -1 538.60 | 0.00 |
| EUR/USD 41 million ................................  |  |  |  | -155 881.38 | -0.02 |
| GBP/AUD 0.1 million ................................  |  |  |  | -4.53 | 0.00 |
| GBP/CAD 0.1 million ................................  |  |  |  | -8.39 | 0.00 |
| GBP/DKK 0.1 million ................................  |  |  |  | -1.62 | 0.00 |
| GBP/HKD 0.1 million ................................  |  |  |  | -7.24 | 0.00 |
| GBP/JPY 0.1 million.................................  |  |  |  | -0.72 | 0.00 |
| GBP/MXN 0.1 million................................  |  |  |  | 0.84 | 0.00 |
| GBP/NZD 0.1 million ................................  |  |  |  | -1.14 | 0.00 |
| SEK/DKK 0.4 million ................................  |  |  |  | 59.15 | 0.00 |
| SEK/HKD 1.4 million ................................  |  |  |  | -670.64 | 0.00 |
| SEK/MXN 0.6 million ................................  |  |  |  | 555.00 | 0.00 |
| SEK/NZD 0.1 million ................................  |  |  |  | 13.48 | 0.00 |
| SGD/DKK 0.2 million ................................  |  |  |  | 25.44 | 0.00 |
| SGD/MXN 0.2 million ...............................  |  |  |  | 203.13 | 0.00 |
| SGD/NZD 0.1 million ................................  |  |  |  | 0.35 | 0.00 |
| USD/AUD 0.1 million ................................  |  |  |  | 561.34 | 0.00 |
| USD/CAD 0.3 million ................................  |  |  |  | 1 370.63 | 0.00 |
| USD/DKK 0.2 million ................................  |  |  |  | 150.84 | 0.00 |
| USD/GBP 0.1 million ................................  |  |  |  | 2 070.05 | 0.00 |
| USD/HKD 0.6 million ................................  |  |  |  | 1.28 | 0.00 |
| USD/JPY 1.7 million ................................  |  |  |  | 130.33 | 0.00 |
| USD/MXN 0.3 million ...............................  |  |  |  | 303.44 | 0.00 |
| USD/NZD 0.1 million ................................  |  |  |  | 84.94 | 0.00 |
| Closed positions CHF/HKD 0.1 million ................................  |  |  |  | -0.37 | 0.00 |
| EUR/AUD 0.1 million ................................  |  |  |  | 5.68 | 0.00 |
| EUR/CAD 0.7 million ................................  |  |  |  | 1 477.58 | 0.00 |
| EUR/GBP 0.1 million ................................  |  |  |  | 226.48 | 0.00 |
| EUR/HKD 0.3 million ................................  |  |  |  | -66.22 | 0.00 |
| EUR/USD 3 million .................................  |  |  |  | -10 460.45 | 0.00 |
| GBP/CAD 0.1 million ................................  |  |  |  | -0.31 | 0.00 |
| GBP/HKD 0.1 million ................................  |  |  |  | -0.33 | 0.00 |
| SEK/HKD 0.1 million ................................  |  |  |  | 12.64 | 0.00 |
| USD/CAD 0.1 million ................................  |  |  |  | 47.86 | 0.00 |
| USD/GBP 0.1 million ................................  |  |  |  | -1.27 | 0.00 |
| USD/HKD 0.1 million ................................  |  |  |  | 0.08 | 0.00 |
| Cash at bank |  |  |  | 22 316 044.82 | 2.02 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 10 015 778.39 | 0.92 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 20 026 |  | 21 978.65 | 0.00 |
| Danish krone ......................................  | DKK | 420 196 |  | 56 381.71 | 0.01 |
| Swedish krona.....................................  | SEK | 467 832 |  | 44 656.40 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 36 250 |  | 22 210.71 | 0.00 |
| Hong Kong dollar ..................................  | HKD | 193 755 |  | 22 306.08 | 0.00 |
| Japanese yen .....................................  | JPY | 2 656 733 |  | 22 009.16 | 0.00 |
| Canadian dollar ....................................  | CAD | 33 923 |  | 22 139.44 | 0.00 |
| Mexican peso .....................................  | MXN | 51 846 |  | 1 996.73 | 0.00 |
| New Zealand dollar .................................  | NZD | 77 972 |  | 44 574.53 | 0.00 |
| Swiss franc .......................................  | CHF | 53 369 |  | 50 122.75 | 0.00 |
| Singapore dollar ...................................  | SGD | 62 993 |  | 40 256.36 | 0.00 |
| U.S. dollar ........................................  | USD | 13 394 794 |  | 11 951 633.91 | 1.09 |

| Other assets | 3 734 664.07 | 0.34 |
| --- | --- | --- |
| Dividends/Distributions receivable .....................  | 3 652 766.26 | 0.33 |
| Prepaid placement fee * .............................  | 57 712.24 | 0.01 |
| Other receivables ..................................  | 24 185.57 | 0.00 |
| Receivables from share certificate transactions | 2 587 940.90 | 0.24 |
| Total assets ** | 1 107 470 051.02 | 100.71 |
| Other liabilities | -3 989 755.57 | -0.36 |
| Liabilities from cost items ............................  | -1 989 343.95 | -0.18 |
| Additional other liabilities.............................  | -2 000 411.62 | -0.18 |
| Liabilities from share certificate transactions | -3 661 493.70 | -0.33 |
| Total liabilities | -7 858 613.23 | -0.71 |
| Net assets | 1 099 611 437.79 | 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 FDH (P) .................................  | CHF | 104.72 |
| Class CHF LCH ....................................  | CHF | 153.45 |
| Class FC .........................................  | EUR | 171.91 |
| Class FCH (P)......................................  | EUR | 114.18 |
| Class FD .........................................  | EUR | 95.55 |
| Class FDH (P) .....................................  | EUR | 91.34 |
| Class IC ..........................................  | EUR | 117.43 |
| Class ID ..........................................  | EUR | 102.91 |
| Class IDH (P) ......................................  | EUR | 94.92 |
| Class LC .........................................  | EUR | 155.99 |
| Class LCH (P)......................................  | EUR | 109.66 |
| Class LD .........................................  | EUR | 142.80 |
| Class LDH (P) .....................................  | EUR | 100.99 |
| Class NC .........................................  | EUR | 142.41 |
| Class PFC ........................................  | EUR | 108.29 |
| Class TFC ........................................  | EUR | 113.93 |
| Class TFCH (P).....................................  | EUR | 105.95 |
| Class TFD ........................................  | EUR | 104.59 |
| Class GBP D RD ...................................  | GBP | 131.78 |
| Class GBP DH (P) RD ...............................  | GBP | 96.55 |
| Class SEK FCH (P)..................................  | SEK | 1 242.91 |
| Class SEK FDH (P)..................................  | SEK | 984.65 |
| Class SEK LCH (P)..................................  | SEK | 1 199.69 |
| Class SGD LDMH (P) ...............................  | SGD | 8.03 |
| Class USD FC .....................................  | USD | 127.96 |
| Class USD FDM ...................................  | USD | 110.04 |
| Class USD ID......................................  | USD | 112.52 |
| Class USD LC .....................................  | USD | 138.51 |
| Class USD LCH (P) .................................  | USD | 119.43 |
| Class USD LD .....................................  | USD | 107.80 |
| Class USD LDMH (P) ...............................  | USD | 112.77 |

| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Number of shares outstanding |  |  |
| Class CHF FDH (P) .................................  | Count | 1 110.000 |
| Class CHF LCH ....................................  | Count | 15 430.777 |
| Class FC .........................................  | Count | 398 358.865 |
| Class FCH (P)......................................  | Count | 10 317.000 |
| Class FD .........................................  | Count | 376 940.000 |
| Class FDH (P) .....................................  | Count | 124 542.000 |
| Class IC ..........................................  | Count | 281 398.000 |
| Class ID ..........................................  | Count | 29 362.000 |
| Class IDH (P) ......................................  | Count | 563 086.000 |
| Class LC .........................................  | Count | 1 123 847.055 |
| Class LCH (P)......................................  | Count | 2 630.000 |
| Class LD .........................................  | Count | 2 132 913.182 |
| Class LDH (P) .....................................  | Count | 1 625.086 |
| Class NC .........................................  | Count | 122 730.487 |
| Class PFC ........................................  | Count | 30 373.000 |
| Class TFC ........................................  | Count | 181 708.466 |
| Class TFCH (P).....................................  | Count | 19 869.820 |
| Class TFD ........................................  | Count | 27 036.000 |
| Class GBP D RD ...................................  | Count | 28 118.000 |
| Class GBP DH (P) RD ...............................  | Count | 99.000 |
| Class SEK FCH (P)..................................  | Count | 6 487.000 |
| Class SEK FDH (P)..................................  | Count | 24 800.000 |
| Class SEK LCH (P)..................................  | Count | 5 390.000 |
| Class SGD LDMH (P) ...............................  | Count | 268 680.000 |
| Class USD FC .....................................  | Count | 322 691.320 |
| Class USD FDM ...................................  | Count | 924 145.442 |
| Class USD ID......................................  | Count | 29 867.000 |
| Class USD LC .....................................  | Count | 267 818.897 |
| Class USD LCH (P) .................................  | Count | 9 496.000 |
| Class USD LD .....................................  | Count | 77 394.843 |
| Class USD LDMH (P) ...............................  | Count | 6 442.901 |

Composition of the reference portfolio (according to CSSF circular 11/512) Dow Jones Brookfield Global Infrastructure Index
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 91.523 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 104.500 |
| Average market risk exposure ........................  | % | 97.569 |

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. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
 Market abbreviations	 Contracting parties for forward currency transactions
Barclays Bank Ireland PLC, BNP Paribas SA, Bofa Securities Europe, Citigroup Global Markets Limited, Credit Suisse London Branch (GFX), Goldman Sachs International, JP Morgan, Royal Bank of Canada (UK), State Street Bank London and UBS AG.
 Exchange rates (indirect quotes)	
As of June 30, 2020
| Australian dollar ................. . | AUD | 1.632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ................. . | CAD | 1.532233 | = | EUR | 1 |
| Swiss franc .................... . | CHF | 1.064768 | = | EUR | 1 |
| Danish krone ................... . | DKK | 7.452704 | = | EUR | 1 |
| British pound .................. . | GBP | 0.911178 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 8.686201 | = | EUR | 1 |
| Japanese yen .................. . | JPY | 120.710331 | = | EUR | 1 |
| Mexican peso .................. . | MXN | 25.965526 | = | EUR | 1 |
| New Zealand dollar .............. . | NZD | 1.749258 | = | EUR | 1 |
| Swedish krona.................. . | SEK | 10.476263 | = | EUR | 1 |
| Singapore dollar ................ . | SGD | 1.564791 | = | EUR | 1 |
| U.S. dollar ..................... . | USD | 1.120750 | = | EUR | 1 |

 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
 Footnotes	
* The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).
** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2020-06-30):
# DWS Invest Global Infrastructure
DWS INVEST GLOBAL INFRASTRUCTURE

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0329760770 | -8,7% |
| Klasse FC | LU0329760937 | -8,4% |
| Klasse FCH (P) | LU0813335303 | -7,9% |
| Klasse FD | LU1222730084 | -8,4% |
| Klasse FDH (P) | LU1222730241 | -7,9% |
| Klasse IC | LU1466055321 | -8,3% |
| Klasse ID | LU1466055594 | -8,3% |
| Klasse IDH (P) | LU1217772315 | -7,9% |
| Klasse LCH (P) | LU1560646298 | -8,3% |
| Klasse LD | LU0363470237 | -8,7% |
| Klasse LDH (P) | LU1277647191 | -8,2% |
| Klasse NC | LU0329760853 | -9,0% |
| Klasse ND | LU1973715284 | -11,4% |
| Klasse PFC | LU1648271861 | -9,4% |
| Klasse TFC | LU1663931324 | -8,4% |
| Klasse TFCH (P) | LU1663931597 | -7,9% |
| Klasse TFD | LU1663931670 | -8,4% |
| Klasse CHF FDH (P) 2) | LU1277646979 | -8,3% |
| Klasse CHF LCH 2) | LU0616865175 | -9,1% |
| Klasse GBP D RD 3) | LU1054338162 | -2,1% |
| Klasse GBP DH (P) RD 3) | LU1222731132 | -8,4% |
| Klasse SEK FCH (P) 4) | LU1278214884 | -8,8% |
| Klasse SEK FDH (P) 4) | LU1557078950 | -8,6% |
| Klasse SEK LCH (P) 4) | LU1278222390 | -8,9% |
| Klasse SGD LDMH (P) 5) | LU1054338089 | -7,9% |
| Klasse USD FC 6) | LU0329761745 | -8,4% |
| Klasse USD FDM 6) | LU1277647274 | -8,4% |
| Klasse USD IC250 6) | LU2046587650 | -8,2% |
| Klasse USD ICH (P)100 6) | LU2140577607 | 1,6% 1) |
| Klasse USD ID 6) | LU1277647357 | -8,3% |
| Klasse USD ID250 6) | LU2046587734 | -8,9% |
| Klasse USD IDQ 6) | LU1982201169 | -10,8% |
| Klasse USD LC 6) | LU0329761661 | -8,7% |
| Klasse USD LCH (P) 6) | LU1222731306 | -7,2% |
| Klasse USD LD 6) | LU1277647431 | -8,7% |
| Klasse USD LDMH (P) 6) | LU1225178372 | -7,2% |

1) 
aufgelegt am 15.4.2020
2) 
in CHF
3) 
in GBP
4) 
in SEK
5) 
in SGD
6) 
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 Global Infrastructure
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Telekommunikationsdienste | 45 991 374,83 | 4,18 |
| Dauerhafte Konsumgüter | 53 027 816,51 | 4,82 |
| Energie | 227 434 951,34 | 20,69 |
| Finanzsektor | 230 129 795,34 | 20,93 |
| Industrien | 144 862 796,98 | 13,17 |
| Versorger | 377 263 791,17 | 34,31 |
| Summe Aktien | 1 078 710 526,17 | 98,10 |
| 2. Derivate | -86 488,90 | - 0,01 |
| 3. Bankguthaben | 22 316 044,82 | 2,02 |
| 4. Sonstige Vermögensgegenstände | 3 734 664,07 | 0,34 |
| 5. Forderungen aus Anteilscheingeschäften | 2 587 940,90 | 0,24 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -3 989 755,57 | - 0,36 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -3 661 493,70 | - 0,33 |
|  |  |  |
| III. Fondsvermögen | 1 099 611 437,79 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Währung | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  | 1 078 710 526,17 | 98,10 |
| Aktien Transurban Group ..................................  | Stück | 6 124 958 | 2 949 209 | 805 340 | AUD | 14,13 | 53 027 816,51 | 4,82 |
| Enbridge, Inc. .....................................  | Stück | 1 328 576 | 149 282 | 649 486 | CAD | 41,02 | 35 567 825,63 | 3,23 |
| Hydro One Ltd ....................................  | Stück | 640 209 | 692 642 | 52 433 | CAD | 25,21 | 10 533 431,57 | 0,96 |
| Pembina Pipeline Corp. .............................  | Stück | 369 640 | 405 040 | 453 684 | CAD | 32,86 | 7 927 235,82 | 0,72 |
| TC Energy Corp. ..................................  | Stück | 1 492 472 | 464 912 | 175 192 | CAD | 57,32 | 55 832 571,55 | 5,08 |
| Orsted A/S .......................................  | Stück | 145 116 | 28 635 | 15 658 | DKK | 766,8 | 14 930 814,81 | 1,36 |
| Aena SME SA .....................................  | Stück | 90 659 | 90 869 | 210 | EUR | 119,2 | 10 806 552,80 | 0,98 |
| Cellnex Telecom SA ................................  | Stück | 777 489 | 107 213 | 214 600 | EUR | 54,46 | 42 342 050,94 | 3,85 |
| Ferrovial SA ......................................  | Stück | 1 947 473 | 398 238 | 560 580 | EUR | 23,62 | 45 999 312,26 | 4,18 |
| Getlink SE ........................................  | Stück | 1 236 010 | 682 907 | 116 742 | EUR | 12,95 | 16 006 329,50 | 1,46 |
| Koninklijke Vopak NV ...............................  | Stück | 234 441 | 113 354 | 348 847 | EUR | 47,21 | 11 067 959,61 | 1,01 |
| SES SA ..........................................  | Stück | 611 892 | 76 132 | 71 893 | EUR | 5,964 | 3 649 323,89 | 0,33 |
| Terna Rete Elettrica Nazionale SpA ....................  | Stück | 2 542 565 | 315 986 | 298 552 | EUR | 6,164 | 15 672 370,66 | 1,42 |
| Vinci SA .........................................  | Stück | 321 513 | 36 871 | 107 440 | EUR | 81,56 | 26 222 600,28 | 2,38 |
| National Grid PLC ..................................  | Stück | 5 750 382 | 1 403 479 | 1 034 477 | GBP | 9,864 | 62 251 004,62 | 5,66 |
| Severn Trent PLC ..................................  | Stück | 949 982 | 99 118 | 478 107 | GBP | 25,01 | 26 075 081,42 | 2,37 |
| China Tower Corp., Ltd .............................  | Stück | 117 534 000 | 44 618 000 | 12 356 000 | HKD | 1,37 | 18 537 629,27 | 1,69 |
| ENN Energy Holdings Ltd ...........................  | Stück | 2 487 541 | 339 924 | 648 033 | HKD | 87,2 | 24 972 202,11 | 2,27 |
| Tokyo Gas Co., Ltd .................................  | Stück | 441 100 | 54 600 | 51 900 | JPY | 2 580 | 9 427 842,59 | 0,86 |
| Auckland International Airport Ltd .....................  | Stück | 2 592 016 | 884 132 | 230 556 | NZD | 6,57 | 9 735 296,05 | 0,89 |
| American Tower Corp. ..............................  | Stück | 381 924 | 56 661 | 150 364 | USD | 255,09 | 86 928 424,42 | 7,91 |
| American Water Works Co., Inc. ......................  | Stück | 177 683 | 29 752 | 19 919 | USD | 126,13 | 19 996 578,76 | 1,82 |
| Atmos Energy Corp. ................................  | Stück | 180 685 | 52 506 | 17 228 | USD | 98,74 | 15 918 665,14 | 1,45 |
| Cheniere Energy, Inc. ...............................  | Stück | 1 022 326 | 341 393 | 50 200 | USD | 45,93 | 41 896 454,82 | 3,81 |
| Consolidated Edison, Inc. ............................  | Stück | 43 637 | 223 500 | 179 863 | USD | 72,14 | 2 808 810,55 | 0,26 |
| Crown Castle International Corp. ......................  | Stück | 656 565 | 256 212 | 252 419 | USD | 163,96 | 96 052 143,61 | 8,73 |
| CSX Corp. ........................................  | Stück | 177 410 | 329 640 | 465 770 | USD | 68,36 | 10 821 104,08 | 0,98 |
| Edison International ................................  | Stück | 532 976 | 55 577 | 146 897 | USD | 55,46 | 26 374 178,58 | 2,40 |
| Eversource Energy .................................  | Stück | 653 113 | 193 604 | 72 223 | USD | 83,05 | 48 397 105,59 | 4,40 |
| FirstEnergy Corp. ..................................  | Stück | 903 162 | 626 299 | 332 337 | USD | 37,94 | 30 574 151,08 | 2,78 |
| Grupo Aeroportuario del Pacifico SAB de CV -ADR- .......  | Stück | 106 718 | 106 968 | 250 | USD | 70,72 | 6 733 972,74 | 0,61 |
| NiSource, Inc. .....................................  | Stück | 927 554 | 164 682 | 646 305 | USD | 22,71 | 18 795 235,04 | 1,71 |
| ONEOK, Inc. .....................................  | Stück | 660 845 | 660 845 |  | USD | 31,66 | 18 668 178,43 | 1,70 |
| SBA Communications Corp. ..........................  | Stück | 179 773 | 183 618 | 3 845 | USD | 293,94 | 47 149 227,31 | 4,29 |
| Sempra Energy ....................................  | Stück | 587 350 | 87 556 | 78 013 | USD | 116,53 | 61 069 750,22 | 5,55 |
| Williams Cos, Inc./The ..............................  | Stück | 2 835 280 | 1 749 909 | 821 849 | USD | 18,16 | 45 941 293,91 | 4,18 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 1 078 710 526,17 | 98,10 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |
| Devisen-Derivate Forderungen/Verbindlichkeiten | -86 488,90 | -0,01 |
| Devisentermingeschäfte |  |  |
| Devisentermingeschäfte (Kauf) |  |  |
| Offene Positionen CHF/AUD 0,1 Mio.  ................................  | 23,78 | 0,00 |
| CHF/EUR 2,4 Mio. .................................  | 11 795,03 | 0,00 |
| CHF/GBP 0,1 Mio. .................................  | 116,45 | 0,00 |
| CHF/JPY 0,1 Mio.  .................................  | 5,85 | 0,00 |
| CHF/USD 0,1 Mio. .................................  | -158,39 | 0,00 |
| SEK/AUD 1,9 Mio. .................................  | 462,50 | 0,00 |
| SEK/CAD 4 Mio.  ..................................  | 1 342,61 | 0,00 |
| SEK/EUR 6,2 Mio. .................................  | 995,01 | 0,00 |
| SEK/GBP 3,2 Mio. .................................  | 3 494,69 | 0,00 |
| SEK/JPY 0,4 Mio.  .................................  | 151,22 | 0,00 |
| SEK/USD 20,8 Mio. ................................  | -8 379,73 | 0,00 |
| SGD/AUD 0,1 Mio.  ................................  | 118,87 | 0,00 |
| SGD/CAD 0,2 Mio.  ................................  | 443,86 | 0,00 |
| SGD/EUR 0,3 Mio.  ................................  | 220,66 | 0,00 |
| SGD/GBP 0,2 Mio.  ................................  | 1 251,45 | 0,00 |
| SGD/HKD 0,1 Mio.  ................................  | -304,00 | 0,00 |
| SGD/JPY 0,1 Mio. .................................  | 53,02 | 0,00 |
| SGD/USD 1,1 Mio.  ................................  | -3 763,76 | 0,00 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Geschlossene Positionen CHF/EUR 0,1 Mio. .................................  |  |  |  | 1,77 | 0,00 |
| CHF/USD 0,1 Mio. .................................  |  |  |  | -1,76 | 0,00 |
| SEK/CAD 0,1 Mio. .................................  |  |  |  | 37,04 | 0,00 |
| SEK/USD 0,9 Mio. .................................  |  |  |  | -180,77 | 0,00 |
| SGD/USD 0,1 Mio.  ................................  |  |  |  | -66,07 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |
| Offene Positionen CHF/CAD 0,1 Mio. .................................  |  |  |  | 61,29 | 0,00 |
| CHF/DKK 0,1 Mio. .................................  |  |  |  | 5,21 | 0,00 |
| CHF/HKD 0,1 Mio. .................................  |  |  |  | -13,47 | 0,00 |
| CHF/MXN 0,1 Mio.  ................................  |  |  |  | 17,64 | 0,00 |
| CHF/NZD 0,1 Mio. .................................  |  |  |  | 2,48 | 0,00 |
| EUR/AUD 6,3 Mio.  ................................  |  |  |  | -99,68 | 0,00 |
| EUR/CAD 12,4 Mio.  ...............................  |  |  |  | 18 706,00 | 0,00 |
| EUR/DKK 7,8 Mio. .................................  |  |  |  | -900,52 | 0,00 |
| EUR/GBP 5,7 Mio. .................................  |  |  |  | 60 788,21 | 0,01 |
| EUR/HKD 25,6 Mio.  ...............................  |  |  |  | -24 852,60 | 0,00 |
| EUR/JPY 83,1 Mio. ................................  |  |  |  | 1 776,12 | 0,00 |
| EUR/MXN 11,5 Mio.  ...............................  |  |  |  | 11 703,74 | 0,00 |
| EUR/NZD 1,3 Mio. .................................  |  |  |  | -1 538,60 | 0,00 |
| EUR/USD 41 Mio. .................................  |  |  |  | -155 881,38 | -0,02 |
| GBP/AUD 0,1 Mio.  ................................  |  |  |  | -4,53 | 0,00 |
| GBP/CAD 0,1 Mio.  ................................  |  |  |  | -8,39 | 0,00 |
| GBP/DKK 0,1 Mio. .................................  |  |  |  | -1,62 | 0,00 |
| GBP/HKD 0,1 Mio.  ................................  |  |  |  | -7,24 | 0,00 |
| GBP/JPY 0,1 Mio. .................................  |  |  |  | -0,72 | 0,00 |
| GBP/MXN 0,1 Mio.  ................................  |  |  |  | 0,84 | 0,00 |
| GBP/NZD 0,1 Mio. .................................  |  |  |  | -1,14 | 0,00 |
| SEK/DKK 0,4 Mio. .................................  |  |  |  | 59,15 | 0,00 |
| SEK/HKD 1,4 Mio. .................................  |  |  |  | -670,64 | 0,00 |
| SEK/MXN 0,6 Mio.  ................................  |  |  |  | 555,00 | 0,00 |
| SEK/NZD 0,1 Mio. .................................  |  |  |  | 13,48 | 0,00 |
| SGD/DKK 0,2 Mio. .................................  |  |  |  | 25,44 | 0,00 |
| SGD/MXN 0,2 Mio. ................................  |  |  |  | 203,13 | 0,00 |
| SGD/NZD 0,1 Mio.  ................................  |  |  |  | 0,35 | 0,00 |
| USD/AUD 0,1 Mio.  ................................  |  |  |  | 561,34 | 0,00 |
| USD/CAD 0,3 Mio.  ................................  |  |  |  | 1 370,63 | 0,00 |
| USD/DKK 0,2 Mio. .................................  |  |  |  | 150,84 | 0,00 |
| USD/GBP 0,1 Mio.  ................................  |  |  |  | 2 070,05 | 0,00 |
| USD/HKD 0,6 Mio.  ................................  |  |  |  | 1,28 | 0,00 |
| USD/JPY 1,7 Mio. .................................  |  |  |  | 130,33 | 0,00 |
| USD/MXN 0,3 Mio. ................................  |  |  |  | 303,44 | 0,00 |
| USD/NZD 0,1 Mio.  ................................  |  |  |  | 84,94 | 0,00 |
| Geschlossene Positionen CHF/HKD 0,1 Mio. .................................  |  |  |  | -0,37 | 0,00 |
| EUR/AUD 0,1 Mio.  ................................  |  |  |  | 5,68 | 0,00 |
| EUR/CAD 0,7 Mio.  ................................  |  |  |  | 1 477,58 | 0,00 |
| EUR/GBP 0,1 Mio. .................................  |  |  |  | 226,48 | 0,00 |
| EUR/HKD 0,3 Mio.  ................................  |  |  |  | -66,22 | 0,00 |
| EUR/USD 3 Mio. ..................................  |  |  |  | -10 460,45 | 0,00 |
| GBP/CAD 0,1 Mio.  ................................  |  |  |  | -0,31 | 0,00 |
| GBP/HKD 0,1 Mio.  ................................  |  |  |  | -0,33 | 0,00 |
| SEK/HKD 0,1 Mio. .................................  |  |  |  | 12,64 | 0,00 |
| USD/CAD 0,1 Mio.  ................................  |  |  |  | 47,86 | 0,00 |
| USD/GBP 0,1 Mio.  ................................  |  |  |  | -1,27 | 0,00 |
| USD/HKD 0,1 Mio.  ................................  |  |  |  | 0,08 | 0,00 |
| Bankguthaben |  |  |  | 22 316 044,82 | 2,02 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  | 10 015 778,39 | 0,92 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 20 026 |  | 21 978,65 | 0,00 |
| Dänische Kronen ..................................  | DKK | 420 196 |  | 56 381,71 | 0,01 |
| Schwedische Kronen ...............................  | SEK | 467 832 |  | 44 656,40 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 36 250 |  | 22 210,71 | 0,00 |
| Hongkong Dollar ...................................  | HKD | 193 755 |  | 22 306,08 | 0,00 |
| Japanischer Yen ...................................  | JPY | 2 656 733 |  | 22 009,16 | 0,00 |
| Kanadischer Dollar .................................  | CAD | 33 923 |  | 22 139,44 | 0,00 |
| Mexikanischer Peso ................................  | MXN | 51 846 |  | 1 996,73 | 0,00 |
| Neuseeländischer Dollar .............................  | NZD | 77 972 |  | 44 574,53 | 0,00 |
| Schweizer Franken .................................  | CHF | 53 369 |  | 50 122,75 | 0,00 |
| Singapur Dollar ....................................  | SGD | 62 993 |  | 40 256,36 | 0,00 |
| US-Dollar ........................................  | USD | 13 394 794 |  | 11 951 633,91 | 1,09 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Sonstige Vermögensgegenstände | 3 734 664,07 | 0,34 |
| Dividenden- / Ausschüttungsansprüche .................  | 3 652 766,26 | 0,33 |
| Abgegrenzte Platzierungsgebühr * .....................  | 57 712,24 | 0,01 |
| Sonstige Ansprüche ................................  | 24 185,57 | 0,00 |
| Forderungen aus Anteilscheingeschäften | 2 587 940,90 | 0,24 |
| Summe der Vermögensgegenstände ** | 1 107 470 051,02 | 100,71 |
| Sonstige Verbindlichkeiten | -3 989 755,57 | -0,36 |
| Verbindlichkeiten aus Kostenpositionen ................  | -1 989 343,95 | -0,18 |
| Andere sonstige Verbindlichkeiten .....................  | -2 000 411,62 | -0,18 |
| Verbindlichkeiten aus Anteilscheingeschäften | -3 661 493,70 | -0,33 |
| Summe der Verbindlichkeiten | -7 858 613,23 | -0,71 |
| Fondsvermögen | 1 099 611 437,79 | 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 FDH (P) ................................  | CHF | 104,72 |
| Klasse CHF LCH ...................................  | CHF | 153,45 |
| Klasse FC ........................................  | EUR | 171,91 |
| Klasse FCH (P) ....................................  | EUR | 114,18 |
| Klasse FD ........................................  | EUR | 95,55 |
| Klasse FDH (P) ....................................  | EUR | 91,34 |
| Klasse IC .........................................  | EUR | 117,43 |
| Klasse ID ........................................  | EUR | 102,91 |
| Klasse IDH (P) ....................................  | EUR | 94,92 |
| Klasse LC ........................................  | EUR | 155,99 |
| Klasse LCH (P) ....................................  | EUR | 109,66 |
| Klasse LD ........................................  | EUR | 142,80 |
| Klasse LDH (P) ....................................  | EUR | 100,99 |
| Klasse NC ........................................  | EUR | 142,41 |
| Klasse PFC .......................................  | EUR | 108,29 |
| Klasse TFC .......................................  | EUR | 113,93 |
| Klasse TFCH (P) ...................................  | EUR | 105,95 |
| Klasse TFD .......................................  | EUR | 104,59 |
| Klasse GBP D RD ..................................  | GBP | 131,78 |
| Klasse GBP DH (P) RD ..............................  | GBP | 96,55 |
| Klasse SEK FCH (P) ................................  | SEK | 1 242,91 |
| Klasse SEK FDH (P) ................................  | SEK | 984,65 |
| Klasse SEK LCH (P) ................................  | SEK | 1 199,69 |
| Klasse SGD LDMH (P) ..............................  | SGD | 8,03 |
| Klasse USD FC ....................................  | USD | 127,96 |
| Klasse USD FDM ..................................  | USD | 110,04 |
| Klasse USD ID ....................................  | USD | 112,52 |
| Klasse USD LC ....................................  | USD | 138,51 |
| Klasse USD LCH (P) ................................  | USD | 119,43 |
| Klasse USD LD ....................................  | USD | 107,80 |
| Klasse USD LDMH (P) ..............................  | USD | 112,77 |

| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Umlaufende Anteile |  |  |
| Klasse CHF FDH (P) ................................  | Stück | 1 110,000 |
| Klasse CHF LCH ...................................  | Stück | 15 430,777 |
| Klasse FC ........................................  | Stück | 398 358,865 |
| Klasse FCH (P) ....................................  | Stück | 10 317,000 |
| Klasse FD ........................................  | Stück | 376 940,000 |
| Klasse FDH (P) ....................................  | Stück | 124 542,000 |
| Klasse IC .........................................  | Stück | 281 398,000 |
| Klasse ID ........................................  | Stück | 29 362,000 |
| Klasse IDH (P) ....................................  | Stück | 563 086,000 |
| Klasse LC ........................................  | Stück | 1 123 847,055 |
| Klasse LCH (P) ....................................  | Stück | 2 630,000 |
| Klasse LD ........................................  | Stück | 2 132 913,182 |
| Klasse LDH (P) ....................................  | Stück | 1 625,086 |
| Klasse NC ........................................  | Stück | 122 730,487 |
| Klasse PFC .......................................  | Stück | 30 373,000 |
| Klasse TFC .......................................  | Stück | 181 708,466 |
| Klasse TFCH (P) ...................................  | Stück | 19 869,820 |
| Klasse TFD .......................................  | Stück | 27 036,000 |
| Klasse GBP D RD ..................................  | Stück | 28 118,000 |
| Klasse GBP DH (P) RD ..............................  | Stück | 99,000 |
| Klasse SEK FCH (P) ................................  | Stück | 6 487,000 |
| Klasse SEK FDH (P) ................................  | Stück | 24 800,000 |
| Klasse SEK LCH (P) ................................  | Stück | 5 390,000 |
| Klasse SGD LDMH (P) ..............................  | Stück | 268 680,000 |
| Klasse USD FC ....................................  | Stück | 322 691,320 |
| Klasse USD FDM ..................................  | Stück | 924 145,442 |
| Klasse USD ID ....................................  | Stück | 29 867,000 |
| Klasse USD LC ....................................  | Stück | 267 818,897 |
| Klasse USD LCH (P) ................................  | Stück | 9 496,000 |
| Klasse USD LD ....................................  | Stück | 77 394,843 |
| Klasse USD LDMH (P) ..............................  | Stück | 6 442,901 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Dow Jones Brookfield Global Infrastructure Index
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 91,523 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 104,500 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 97,569 |

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. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 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, JP Morgan, Royal Bank of Canada (UK), State Street Bank London und UBS AG.
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Australischer Dollar ..............  | AUD | 1,632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Kanadischer Dollar ...............  | CAD | 1,532233 | = | EUR | 1 |
| Schweizer Franken ...............  | CHF | 1,064768 | = | EUR | 1 |
| Dänische Kronen ................  | DKK | 7,452704 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,911178 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,686201 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 120,710331 | = | EUR | 1 |
| Mexikanischer Peso ..............  | MXN | 25,965526 | = | EUR | 1 |
| Neuseeländischer Dollar ...........  | NZD | 1,749258 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,476263 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,564791 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,120750 | = | EUR | 1 |

 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.
 Fußnoten	
* Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).
** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.