# DWS Invest Enhanced Commodity Strategy
DWS INVEST ENHANCED COMMODITY STRATEGY

### Performance of share classes vs. benchmark (in USD)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class USD TFC | LU1881477555 | -13.9% |
| Class USD IC | LU1881477399 | -13.9% |
| Class USD LC | LU1881477472 | -14.1% |
| Class CHF IC 1 | LU1881476581 | -15.6% |
| Class CHF LC 1 | LU1881476664 | -15.8% |
| Class IC 2 | LU1881476821 | -13.9% |
| Class LC 2 | LU1881477043 | -14.1% |
| Class LCH 2 | LU1956017716 | -14.9% |
| Class TFCH 2 | LU1956017807 | -14.7% |
| Class JPY JC 3 | LU1877301470 | -14.8% |
| Class JPY JCH (P) 3 | LU1877301553 | -14.3% |
| Class SGD LC 4 | LU1881477126 | -11.0% |


##### Bloomberg-Commodity-Index Total Return	-19.9%
1 
in CHF
2 
in EUR
3 
in JPY
4 
in SGD
“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 Enhanced Commodity Strategy
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in USD | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 26 041 312.76 | 39.48 |
| Central governments | 29 299 620.10 | 44.40 |
| Regional governments | 7 107 325.00 | 10.78 |
| Total bonds | 62 448 257.86 | 94.66 |
| 2. Derivatives | 423 258.07 | 0.64 |
| 3. Cash at bank | 3 123 714.95 | 4.73 |
| 4. Other assets | 488 284.09 | 0.74 |
| 5. Receivables from share certificate transactions | 4 504.83 | 0.01 |
| II. Liabilities |  |  |
| 1. Other liabilities | -123 520.62 | - 0.19 |
| 2. Liabilities from share certificate transactions | -392 452.91 | - 0.59 |
| III. Net assets | 65 972 046.27 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ |  | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in USD | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 50 386 940.44 | 76.38 |
| Interest-bearing securities 2.50 % Abu Dhabi Government International Bond -Reg- (MTN) 2020/2025 ..........................  | USD | 630 000 | 630 000 |  | % | 105.28 | 663 267.15 | 1.00 |
| 3.95  % AerCap Ireland Capital DAC Via AerCap Global Aviation Trust (MTN) 2016/2022 ...............  | USD | 400 000 |  |  | % | 99.974 | 399 894.00 | 0.61 |
| 1.25  % African Development Bank (MTN) 2016/2021 ....  | USD | 1 000 000 | 1 000 000 |  | % | 101.048 | 1 010 480.00 | 1.53 |
| 2.625 % African Development Bank 2018/2021 ..........  2.75 % Agence Française de Developpement (MTN) 2018/2021 ................................  | USD USD | 2 000 000 2 000 000 | 2 000 000 |  | % % | 101.705 101.708 | 2 034 100.00 2 034 150.00 | 3.08 3.08 |
| 3.49  % Altria Group, Inc. 2019/2022 ..................  | USD | 300 000 |  |  | % | 104.403 | 313 209.00 | 0.47 |
| 3.125 % Banco Santander SA (MTN) 2017/2023 .........  | USD | 400 000 |  |  | % | 104.192 | 416 768.00 | 0.63 |
| 3.00  % Bancolombia SA (MTN) 2020/2025 .............  | USD | 245 000 | 245 000 |  | % | 98.21 | 240 614.50 | 0.36 |
| 1.70  % Barclays Bank PLC 2020/2022 ................  | USD | 1 000 000 | 1 000 000 |  | % | 101.834 | 1 018 340.00 | 1.54 |
| 4.61  % Barclays PLC (MTN) 2018/2023 * ..............  3.50 % Black Sea Trade & Development Bank -Reg- (MTN) 2019/2024 ................................  | USD USD | 500 000 500 000 |  |  | % % | 105.335 102.978 | 526 675.00 514 892.50 | 0.80 0.78 |
| 2.125 % BNG Bank NV -Reg- 2017/2020 ...............  | USD | 2 000 000 | 2 000 000 |  | % | 100.828 | 2 016 560.00 | 3.06 |
| 3.90  % Capital One Financial Corp. (MTN) 2019/2024 ....  | USD | 400 000 |  |  | % | 108.832 | 435 326.00 | 0.66 |
| 3.50  % Celanese US Holdings LLC (MTN) 2019/2024 ....  | USD | 400 000 |  |  | % | 105.986 | 423 946.00 | 0.64 |
| 3.60  % CenterPoint Energy, Inc. 2018/2021 ............  | USD | 500 000 |  |  | % | 103.839 | 519 195.00 | 0.79 |
| 2.35  % Citigroup, Inc. (MTN) 2016/2021 ...............  | USD | 400 000 |  |  | % | 102.025 | 408 100.00 | 0.62 |
| 4.50  % Citigroup, Inc. 2011/2022 ....................  | USD | 1 000 000 | 1 000 000 |  | % | 105.915 | 1 059 150.00 | 1.61 |
| 3.25  % Corp. Andina de Fomento 2019/2022 ...........  | USD | 1 000 000 | 1 000 000 |  | % | 102.842 | 1 028 425.00 | 1.56 |
| 2.375 % Corp. Andina de Fomento 2020/2023 ...........  | USD | 500 000 | 500 000 |  | % | 102.438 | 512 190.00 | 0.78 |
| 3.00  % Credit Suisse AG/New York NY (MTN) 2014/2021 . | USD | 1 000 000 | 1 000 000 |  | % | 103.325 | 1 033 250.00 | 1.57 |
| 3.50  % CVS Health Corp. (MTN) 2015/2022 ............  | USD | 300 000 |  |  | % | 105.372 | 316 117.50 | 0.48 |
| 5.20  % Energy Transfer LP (MTN) 2012/2022 ..........  | USD | 300 000 |  |  | % | 105.11 | 315 330.00 | 0.48 |
| 1.75  % Export Development Canada (MTN) 2015/2020 ...  1.50 % Finland Government International Bond -Reg- 2017/2020 ................................  | USD USD | 1 000 000 1 400 000 | 1 000 000 4 400 000 | 3 000 000 | % % | 100.082 100.273 | 1 000 825.00 1 403 822.00 | 1.52 2.13 |
| 1.875 % Finnvera Oyj -Reg- 2017/2020.................  | USD | 1 000 000 | 1 000 000 |  | % | 100.392 | 1 003 925.00 | 1.52 |
| 5.25  % Goldman Sachs Group, Inc. (MTN) 2011/2021 ....  | USD | 1 500 000 | 1 100 000 |  | % | 104.988 | 1 574 827.50 | 2.39 |
| 2.95  % HSBC Holdings PLC (MTN) 2016/2021 ..........  | USD | 500 000 |  |  | % | 102.132 | 510 662.50 | 0.77 |
| 3.15  % ING Groep NV (MTN) 2017/2022 ..............  | USD | 500 000 | 500 000 |  | % | 104.162 | 520 810.00 | 0.79 |
| 3.55  % ING Groep NV (MTN) 2019/2024 ..............  1.125 % International Bank for Reconstruction & Development 2016/2020 ......  | USD USD | 500 000 1 693 000 | 1 693 000 |  | % % | 109.026 100.093 | 545 130.00 1 694 574.49 | 0.83 2.57 |
| 2.00  % Japan Finance Organization for Municipalities -Reg- 2017/2020 ................................  | USD | 3 000 000 |  |  | % | 100.266 | 3 007 965.00 | 4.56 |
| 2.55  % JPMorgan Chase & Co. (MTN) 2016/2021 .......  | USD | 500 000 | 500 000 |  | % | 101.3 | 506 500.00 | 0.77 |
| 2.75  % Ontario Teachers‘ Finance Trust -Reg- 2018/2021 . | USD | 2 000 000 | 2 000 000 |  | % | 101.842 | 2 036 850.00 | 3.09 |
| 2.375 % Province of Quebec Canada (MTN) 2017/2022....  0.125 % United States Treasury Inflation Indexed Bonds (MTN) 2013/2023 ..........................  | USD USD | 2 000 000 2 222 020 | 2 000 000 2 239 060 | 17 040 | % % | 103.126 102.531 | 2 062 510.00 2 278 264.88 | 3.13 3.45 |
| 0.375 % United States Treasury Inflation Indexed Bonds (MTN) 2013/2023 ..........................  | USD | 2 203 920 | 2 222 900 | 18 980 | % | 104.234 | 2 297 242.24 | 3.48 |
| 0.125 % United States Treasury Inflation Indexed Bonds (MTN) 2014/2024 ..........................  | USD | 1 080 020 | 1 089 320 | 9 300 | % | 104.582 | 1 129 506.85 | 1.71 |
| 0.125 % United States Treasury Inflation Indexed Bonds (MTN) 2017/2022 ..........................  | USD | 1 581 735 | 1 588 470 | 6 735 | % | 101.559 | 1 606 387.83 | 2.43 |
| 0.625 % United States Treasury Inflation Indexed Bonds (MTN) 2018/2023 ..........................  | USD | 2 064 860 | 2 073 660 | 8 800 | % | 104.078 | 2 149 067.57 | 3.26 |
| 1.25  % United States Treasury Note/Bond (MTN) 2016/2021 | USD | 2 000 000 |  | 1 000 000 | % | 100.836 | 2 016 718.76 | 3.06 |
| 1.75  % United States Treasury Note/Bond (MTN) 2016/2021 | USD | 1 000 000 | 2 000 000 | 2 500 000 | % | 102.26 | 1 022 597.66 | 1.55 |
| 2.375 % United States Treasury Note/Bond (MTN) 2018/2023 | USD | 1 500 000 |  |  | % | 105.707 | 1 585 605.47 | 2.40 |
| 1.125 % United States Treasury Note/Bond 2020/2022 ....  | USD | 2 000 000 | 2 000 000 |  | % | 101.617 | 2 032 343.76 | 3.08 |
| 2.375 % UnitedHealth Group, Inc. (MTN) 2017/2022 ......  | USD | 500 000 | 500 000 |  | % | 104.293 | 521 465.00 | 0.79 |
| 2.50  % Wells Fargo & Co. (MTN) 2016/2021 ...........  | USD | 500 000 | 500 000 |  | % | 101.366 | 506 830.00 | 0.77 |
| 2.00  % Westpac Banking Corp. 2020/2023.............  | USD | 128 000 | 128 000 |  | % | 103.538 | 132 529.28 | 0.20 |
| Securities admitted to or included in organized markets |  |  |  |  |  | 12 061 317.42 | 18.28 |
| Interest-bearing securities 3.125 % Alibaba Group Holding Ltd (MTN) 2015/2021	USD | 1 000 000 | 1 000 000 |  | % | 102.514 | 1 025 135.00 | 1.55 |
| 2.70  % Australia & New Zealand Banking Group Ltd/ New York (MTN) 2015/2020 ..................  | USD | 500 000 |  |  | % | 100.867 | 504 335.00 | 0.76 |
| 2.70  % Banco Santander Chile -Reg- (MTN) 2020/2025 ...  2.25 % Canadian Imperial Bank of Commerce (MTN) 2020/2025 ................................  | USD USD | 236 000 384 000 | 236 000 384 000 |  | % % | 103.066 104.65 | 243 235.76 401 856.00 | 0.37 0.61 |
| 3.25  % Citizens Bank NA/Providence RI 2019/2022 ......  | USD | 500 000 |  |  | % | 103.706 | 518 530.00 | 0.79 |
| 3.666 % Fox Corp. 2020/2022 * ......................  | USD | 300 000 | 300 000 |  | % | 104.667 | 314 001.00 | 0.48 |
| 2.62  % Hewlett Packard Enterprise Co. 2018/2021 *.....  3.30 % Jackson National Life Global Funding -Reg- 2019/2022 ................................  | USD USD | 500 000 275 000 |  |  | % % | 99.835 103.964 | 499 175.00 285 899.63 | 0.76 0.43 |
| 2.438 % Lloyds Banking Group PLC (MTN) 2020/2026 * ...  | USD | 240 000 | 240 000 |  | % | 103.202 | 247 683.60 | 0.38 |
| 2.279 % Morgan Stanley (MTN) 2020/2023 *............  | USD | 500 000 | 500 000 |  | % | 99.672 | 498 360.00 | 0.75 |
| 3.25  % Mosaic Co./The (MTN) 2017/2022 .............  | USD | 400 000 |  |  | % | 102.547 | 410 188.00 | 0.62 |
| 3.525 % SunTrust Bank/Atlanta GA 2018/2021 * .........  | USD | 500 000 |  |  | % | 100.92 | 504 602.50 | 0.76 |
| 2.375 % Temasek Financial I Ltd-Reg- (MTN) 2012/2023 ...  | USD | 500 000 |  |  | % | 104.346 | 521 730.00 | 0.79 |

DWS Invest Enhanced Commodity Strategy
| 3.25 % Toronto-Dominion Bank/The (MTN) 2018/2021 ...  | USD | 1 000 000 | 1 000 000 | % | 102.725 | 1 027 250.00 | 1.56 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2.50  % United States Treasury Note/Bond 2019/2021 ....  | USD | 3 000 000 | 2 000 000 | % | 101.363 | 3 040 898.43 | 4.61 |
| 0.50  % United States Treasury Note/Bond 2020/2023 ....  | USD | 2 000 000 | 2 000 000 | % | 100.922 | 2 018 437.50 | 3.06 |
| Total securities portfolio |  |  |  |  |  | 62 448 257.86 | 94.66 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  |  |  | -93 283.47 | -0.14 |
| Forward currency transactions |  |  |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |  |  |
| Open positions EUR/USD 0.1 million ................................  |  |  |  |  |  | -123.53 | 0.00 |
| JPY/USD 1104.3 million .............................  |  |  |  |  |  | -93 159.94 | -0.14 |
| Swaps Receivables/payables |  |  |  |  |  | 516 541.54 | 0.78 |
| Commodity swaps Bloomberg Commodity Index / 0% 23/07/2020 (OTC) (GS) ..  | Count | 694 914 |  |  |  | 592 761.88 | 0.89 |
| Bloomberg Commodity Index 3 Month Forward / 0% 23/07/2020 (OTC) (GS) ..............................        | Count | 89 598 |  |  |  | 182 207.42 | 0.28 |
| Bloomberg Commodity Index 6 Month Forward / 0% 23/07/2020 (OTC) (GS) ..............................        | Count | 82 284 |  |  |  | 135 587.49 | 0.21 |
| Goldman Sachs Overweight Brent Index / 0% 23/07/2020 (OTC) (GS) ........................................           | Count | 134 638 |  |  |  | 147 347.75 | 0.22 |
| Goldman Sachs Overweight Heating Oil Index / 0% 23/07/2020 (OTC) (GS) ..............................        | Count | 17 205 |  |  |  | 16 428.06 | 0.02 |
| Goldman Sachs Overweight Gasoline Index / 0% 23/07/2020 (OTC) (GS) ..............................        | Count | 125 100 |  |  |  | 148 556.16 | 0.23 |
| DJ ex-Agriculture and Livestock / 0% 23/07/2020 (OTC) (GS) Goldman Sachs Overweight Gold Index / 0.005% 23/07/2020 (OTC) (GS) ........................................  | Count Count | 16 690 000 26 420 000 |  |  |  | -492 103.55 -185 214.10 | -0.75 -0.28 |
| Goldman Sachs Overweight Zinc Index / 0.005% 23/07/2020 (OTC) (GS) ........................................           | Count | 3 000 000 |  |  |  | -29 029.57 | -0.04 |
| Cash at bank |  |  |  |  |  | 3 123 714.95 | 4.73 |
| Demand deposits at Depositary EUR deposits......................................  | EUR | 6 622 |  |  |  | 7 421.79 | 0.01 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |
| Japanese yen .....................................  | JPY | 12 209 529 |  |  |  | 113 360.84 | 0.17 |
| Swiss franc .......................................  | CHF | 177 |  |  |  | 186.20 | 0.00 |
| U.S. dollar ........................................  | USD |  |  |  |  | 3 002 746.12 | 4.55 |
| Other assets |  |  |  |  |  | 488 284.09 | 0.74 |
| Interest receivable .................................  |  |  |  |  |  | 383 634.37 | 0.58 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  | 104 649.72 | 0.16 |
| Receivables from share certificate transactions |  |  |  |  |  | 4 504.83 | 0.01 |
| Total assets ** |  |  |  |  |  | 67 287 650.49 | 101.99 |
| Other liabilities |  |  |  |  |  | -123 520.62 | -0.19 |
| Liabilities from cost items ............................  |  |  |  |  |  | -123 265.77 | -0.19 |
| Additional other liabilities.............................  |  |  |  |  |  | -254.85 | 0.00 |
| Liabilities from share certificate transactions |  |  |  |  |  | -392 452.91 | -0.59 |
| Total liabilities |  |  |  |  |  | -1 315 604.22 | -1.99 |
| Net assets |  |  |  |  |  | 65 972 046.27 | 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 IC ......................................  | CHF | 81.35 |
| Class CHF LC .....................................  | CHF | 80.71 |
| Class IC ..........................................  | EUR | 86.89 |
| Class LC .........................................  | EUR | 86.30 |
| Class LCH ........................................  | EUR | 81.06 |
| Class TFCH .......................................  | EUR | 81.46 |
| Class JPY JC ......................................  | JPY | 7 740.00 |
| Class JPY JCH (P) ..................................  | JPY | 7 764.00 |
| Class SGD LC .....................................  | SGD | 8.88 |
| Class USD IC ......................................  | USD | 82.36 |
| Class USD LC .....................................  | USD | 86.47 |
| Class USD TFC ....................................  | USD | 80.60 |
| Number of shares outstanding Class CHF IC ......................................  | Count | 1 142.648 |
| Class CHF LC .....................................  | Count | 13 849.552 |
| Class IC ..........................................  | Count | 8 150.589 |
| Class LC .........................................  | Count | 341 721.827 |
| Class LCH ........................................  | Count | 131.000 |
| Class TFCH .......................................  | Count | 100.000 |
| Class JPY JC ......................................  | Count | 131 472.000 |
| Class JPY JCH (P) ..................................  | Count | 145 050.000 |
| Class SGD LC .....................................  | Count | 1 462.424 |
| Class USD IC ......................................  | Count | 214.159 |
| Class USD LC .....................................  | Count | 33 146.792 |
| Class USD TFC ....................................  | Count | 99 700.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) Bloomberg Commodity Index Total Return
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 27.150 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 105.673 |
| Average market risk exposure ........................  | % | 76.495 |

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 2.2, 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 152 070 319.46 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 derivatives (with the exception of forward currency transactions)
GS = Goldman Sachs International
Contracting parties for forward currency transactions
BNP Paribas SA and State Street Bank London.
 Exchange rates (indirect quotes)	
As of June 30, 2020
| Swiss franc	CHF | 0.950050 | = USD | 1 |
| --- | --- | --- | --- |
| Euro	EUR | 0.892260 | = USD | 1 |
| Japanese yen	JPY | 107.705000 | = USD | 1 |

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

Translation (ENDE, 2020-06-30):
# DWS Invest Enhanced Commodity Strategy
DWS INVEST ENHANCED COMMODITY STRATEGY

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in USD)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse USD TFC | LU1881477555 | -13,9% |
| Klasse USD IC | LU1881477399 | -13,9% |
| Klasse USD LC | LU1881477472 | -14,1% |
| Klasse CHF IC 1) | LU1881476581 | -15,6% |
| Klasse CHF LC 1) | LU1881476664 | -15,8% |
| Klasse IC 2) | LU1881476821 | -13,9% |
| Klasse LC 2) | LU1881477043 | -14,1% |
| Klasse LCH 2) | LU1956017716 | -14,9% |
| Klasse TFCH 2) | LU1956017807 | -14,7% |
| Klasse JPY JC 3) | LU1877301470 | -14,8% |
| Klasse JPY JCH (P) 3) | LU1877301553 | -14,3% |
| Klasse SGD LC 4) | LU1881477126 | -11,0% |


##### Bloomberg-Commodity-Index Total Return	-19,9%
1) 
in CHF
2) 
in EUR
3) 
in JPY
4) 
in SGD
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 Enhanced Commodity Strategy
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in USD | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 26 041 312,76 | 39,48 |
| Zentralregierungen | 29 299 620,10 | 44,40 |
| Regionalregierungen | 7 107 325,00 | 10,78 |
| Summe Anleihen | 62 448 257,86 | 94,66 |
| 2. Derivate | 423 258,07 | 0,64 |
| 3. Bankguthaben | 3 123 714,95 | 4,73 |
| 4. Sonstige Vermögensgegenstände | 488 284,09 | 0,74 |
| 5. Forderungen aus Anteilscheingeschäften | 4 504,83 | 0,01 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -123 520,62 | - 0,19 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -392 452,91 | - 0,59 |
| III. Fondsvermögen | 65 972 046,27 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	USD	vermögen |
| Börsengehandelte Wertpapiere	50 386 940,44	76,38 |
| Verzinsliche Wertpapiere 2,50 % Abu Dhabi Government International Bond -Reg- (MTN) 2020/2025 ..........................  | USD | 630 000 | 630 000 | % | 105,28 | 663 267,15 | 1,00 |
| 3,95  % AerCap Ireland Capital DAC Via AerCap Global |  |  |  |  |  |  |  |
| Aviation Trust (MTN) 2016/2022 ..............  | USD | 400 000 |  |  | % | 99,974 | 399 894,00 | 0,61 |
| 1,25  % African Development Bank (MTN) 2016/2021 ....  | USD | 1 000 000 | 1 000 000 |  | % | 101,048 | 1 010 480,00 | 1,53 |
| 2,625 % African Development Bank 2018/2021 ......... 2,75 % Agence Française de Developpement (MTN) 2018/2021 ...............................  | USD USD | 2 000 000 2 000 000 | 2 000 000 |  | % % | 101,705 101,708 | 2 034 100,00 2 034 150,00 | 3,08 3,08 |
| 3,49  % Altria Group, Inc. 2019/2022 .................  | USD | 300 000 |  |  | % | 104,403 | 313 209,00 | 0,47 |
| 3,125 % Banco Santander SA (MTN) 2017/2023 .........  | USD | 400 000 |  |  | % | 104,192 | 416 768,00 | 0,63 |
| 3,00  % Bancolombia SA (MTN) 2020/2025 ............  | USD | 245 000 | 245 000 |  | % | 98,21 | 240 614,50 | 0,36 |
| 1,70  % Barclays Bank PLC 2020/2022 ................  | USD | 1 000 000 | 1 000 000 |  | % | 101,834 | 1 018 340,00 | 1,54 |
| 4,61  % Barclays PLC (MTN) 2018/2023 * .............  3,50 % Black Sea Trade & Development Bank -Reg- (MTN) 2019/2024 ...............................  | USD USD | 500 000 500 000 |  |  | % % | 105,335 102,978 | 526 675,00 514 892,50 | 0,80 0,78 |
| 2,125 % BNG Bank NV -Reg- 2017/2020 ...............  | USD | 2 000 000 | 2 000 000 |  | % | 100,828 | 2 016 560,00 | 3,06 |
| 3,90  % Capital One Financial Corp. (MTN) 2019/2024 ....  | USD | 400 000 |  |  | % | 108,832 | 435 326,00 | 0,66 |
| 3,50  % Celanese US Holdings LLC (MTN) 2019/2024 ....  | USD | 400 000 |  |  | % | 105,986 | 423 946,00 | 0,64 |
| 3,60  % CenterPoint Energy, Inc. 2018/2021 ...........  | USD | 500 000 |  |  | % | 103,839 | 519 195,00 | 0,79 |
| 2,35  % Citigroup, Inc. (MTN) 2016/2021 ..............  | USD | 400 000 |  |  | % | 102,025 | 408 100,00 | 0,62 |
| 4,50  % Citigroup, Inc. 2011/2022 ....................  | USD | 1 000 000 | 1 000 000 |  | % | 105,915 | 1 059 150,00 | 1,61 |
| 3,25  % Corp. Andina de Fomento 2019/2022 ..........  | USD | 1 000 000 | 1 000 000 |  | % | 102,842 | 1 028 425,00 | 1,56 |
| 2,375 % Corp. Andina de Fomento 2020/2023 ..........  | USD | 500 000 | 500 000 |  | % | 102,438 | 512 190,00 | 0,78 |
| 3,00  % Credit Suisse AG/New York NY (MTN) 2014/2021 | USD | 1 000 000 | 1 000 000 |  | % | 103,325 | 1 033 250,00 | 1,57 |
| 3,50  % CVS Health Corp. (MTN) 2015/2022 ...........  | USD | 300 000 |  |  | % | 105,372 | 316 117,50 | 0,48 |
| 5,20  % Energy Transfer LP (MTN) 2012/2022 ..........  | USD | 300 000 |  |  | % | 105,11 | 315 330,00 | 0,48 |
| 1,75 % Export Development Canada (MTN) 2015/2020 .. 1,50 % Finland Government International Bond -Reg- 2017/2020 ...............................  | USD USD | 1 000 000 1 400 000 | 1 000 000 4 400 000 | 3 000 000 | % % | 100,082 100,273 | 1 000 825,00 1 403 822,00 | 1,52 2,13 |
| 1,875 % Finnvera Oyj -Reg- 2017/2020 ................  | USD | 1 000 000 | 1 000 000 |  | % | 100,392 | 1 003 925,00 | 1,52 |
| 5,25  % Goldman Sachs Group, Inc. (MTN) 2011/2021 ...  | USD | 1 500 000 | 1 100 000 |  | % | 104,988 | 1 574 827,50 | 2,39 |
| 2,95  % HSBC Holdings PLC (MTN) 2016/2021 .........  | USD | 500 000 |  |  | % | 102,132 | 510 662,50 | 0,77 |
| 3,15  % ING Groep NV (MTN) 2017/2022 ..............  | USD | 500 000 | 500 000 |  | % | 104,162 | 520 810,00 | 0,79 |
| 3,55  % ING Groep NV (MTN) 2019/2024 ..............  1,125 % International Bank for | USD | 500 000 |  |  | % | 109,026 | 545 130,00 | 0,83 |
| Reconstruction & Development 2016/2020	USD | 1 693 000 | 1 693 000 |  | % | 100,093 | 1 694 574,49 | 2,57 |
| 2017/2020	USD | 3 000 000 |  |  | % | 100,266 | 3 007 965,00 | 4,56 |
| 2,55  % JPMorgan Chase & Co. (MTN) 2016/2021 ......  | USD | 500 000 | 500 000 |  | % | 101,3 | 506 500,00 | 0,77 |
| 2,75  % Ontario Teachers‘ Finance Trust -Reg- 2018/2021 | USD | 2 000 000 | 2 000 000 |  | % | 101,842 | 2 036 850,00 | 3,09 |
| 2,375 % Province of Quebec Canada (MTN) 2017/2022 ... 0,125 % United States Treasury Inflation Indexed Bonds (MTN) 2013/2023 ..........................  | USD USD | 2 000 000 2 222 020 | 2 000 000 2 239 060 | 17 040 | % % | 103,126 102,531 | 2 062 510,00 2 278 264,88 | 3,13 3,45 |
| 0,375 % United States Treasury Inflation Indexed Bonds (MTN) 2013/2023 ..........................  | USD | 2 203 920 | 2 222 900 | 18 980 | % | 104,234 | 2 297 242,24 | 3,48 |
| 0,125 % United States Treasury Inflation Indexed Bonds (MTN) 2014/2024 ..........................  | USD | 1 080 020 | 1 089 320 | 9 300 | % | 104,582 | 1 129 506,85 | 1,71 |
| 0,125 % United States Treasury Inflation Indexed Bonds (MTN) 2017/2022 ..........................  | USD | 1 581 735 | 1 588 470 | 6 735 | % | 101,559 | 1 606 387,83 | 2,43 |
| 0,625 % United States Treasury Inflation Indexed Bonds (MTN) 2018/2023 ..........................  | USD | 2 064 860 | 2 073 660 | 8 800 | % | 104,078 | 2 149 067,57 | 3,26 |
| 1,25  % United States Treasury Note/Bond (MTN) 2016/2021 | USD | 2 000 000 |  | 1 000 000 | % | 100,836 | 2 016 718,76 | 3,06 |
| 1,75  % United States Treasury Note/Bond (MTN) 2016/2021 | USD | 1 000 000 | 2 000 000 | 2 500 000 | % | 102,26 | 1 022 597,66 | 1,55 |
| 2,375 % United States Treasury Note/Bond (MTN) 2018/2023 | USD | 1 500 000 |  |  | % | 105,707 | 1 585 605,47 | 2,40 |
| 1,125 % United States Treasury Note/Bond 2020/2022 ...  | USD | 2 000 000 | 2 000 000 |  | % | 101,617 | 2 032 343,76 | 3,08 |
| 2,375 % UnitedHealth Group, Inc. (MTN) 2017/2022 .....  | USD | 500 000 | 500 000 |  | % | 104,293 | 521 465,00 | 0,79 |
| 2,50  % Wells Fargo & Co. (MTN) 2016/2021 ...........  | USD | 500 000 | 500 000 |  | % | 101,366 | 506 830,00 | 0,77 |
| 2,00  % Westpac Banking Corp. 2020/2023 ............  | USD | 128 000 | 128 000 |  | % | 103,538 | 132 529,28 | 0,20 |

2,00  % Japan Finance Organization for Municipalities -Reg-
An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	12 061 317,42	18,28
| Verzinsliche Wertpapiere |  |
| --- | --- |
| 3,125 % Alibaba Group Holding Ltd (MTN) 2015/2021 ....  | USD | 1 000 000 | 1 000 000 | % | 102,514 | 1 025 135,00 | 1,55 |
| 2,70  % Australia & New Zealand Banking Group Ltd/ |  |  |  |  |  |  |  |
| New York (MTN) 2015/2020 .................  | USD | 500 000 |  | % | 100,867 | 504 335,00 | 0,76 |
| 2,70  % Banco Santander Chile -Reg- (MTN) 2020/2025 ..  | USD | 236 000 | 236 000 | % | 103,066 | 243 235,76 | 0,37 |
| 2,25  % Canadian Imperial Bank of Commerce (MTN) |  |  |  |  |  |  |  |
| 2020/2025 ...............................  | USD | 384 000 | 384 000 | % | 104,65 | 401 856,00 | 0,61 |
| 3,25  % Citizens Bank NA/Providence RI 2019/2022 .....  | USD | 500 000 |  | % | 103,706 | 518 530,00 | 0,79 |
| 3,666 % Fox Corp. 2020/2022 * ......................  | USD | 300 000 | 300 000 | % | 104,667 | 314 001,00 | 0,48 |
| 2,62  % Hewlett Packard Enterprise Co. 2018/2021 * ....  | USD | 500 000 |  | % | 99,835 | 499 175,00 | 0,76 |
| 3,30  % Jackson National Life Global Funding -Reg- |  |  |  |  |  |  |  |
| 2019/2022 ...............................  | USD | 275 000 |  | % | 103,964 | 285 899,63 | 0,43 |
| 2,438 % Lloyds Banking Group PLC (MTN) 2020/2026 * ..  | USD | 240 000 | 240 000 | % | 103,202 | 247 683,60 | 0,38 |
| 2,279 % Morgan Stanley (MTN) 2020/2023 * ...........  | USD | 500 000 | 500 000 | % | 99,672 | 498 360,00 | 0,75 |
| 3,25  % Mosaic Co./The (MTN) 2017/2022 .............  | USD | 400 000 |  | % | 102,547 | 410 188,00 | 0,62 |
| 3,525 % SunTrust Bank/Atlanta GA 2018/2021 * ........  | USD | 500 000 |  | % | 100,92 | 504 602,50 | 0,76 |
| 2,375 % Temasek Financial I Ltd-Reg- (MTN) 2012/2023 ..  | USD | 500 000 |  | % | 104,346 | 521 730,00 | 0,79 |

DWS Invest Enhanced Commodity Strategy
| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- |
| Währung | Bestand | im Berichtszeitraum |  |  | USD | vermögen |
| 3,25 % Toronto-Dominion Bank/The (MTN) 2018/2021 ...	USD | 1 000 000 | 1 000 000 | % | 102,725 | 1 027 250,00 | 1,56 |
| 2,50  % United States Treasury Note/Bond 2019/2021 ...	USD | 3 000 000 | 2 000 000 | % | 101,363 | 3 040 898,43 | 4,61 |
| 0,50  % United States Treasury Note/Bond 2020/2023 ...	USD | 2 000 000 | 2 000 000 | % | 100,922 | 2 018 437,50 | 3,06 |
| Summe Wertpapiervermögen |  |  |  |  | 62 448 257,86 | 94,66 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |
| Devisen-Derivate Forderungen/Verbindlichkeiten | -93 283,47 | -0,14 |
| Devisentermingeschäfte |  |  |
| Devisentermingeschäfte (Kauf) |  |  |
| Offene Positionen EUR/USD 0,1 Mio.  ................................  | -123,53 | 0,00 |
| JPY/USD 1104,3 Mio. ..............................  | -93 159,94 | -0,14 |
| Swaps Forderungen/Verbindlichkeiten | 516 541,54 | 0,78 |
| Commodity Swaps Bloomberg Commodity Index / 0% 23/07/2020 (OTC) (GS) .	Stück	694 914 | 592 761,88 | 0,89 |
| Bloomberg Commodity Index 3 Month Forward / 0% 23/07/2020 (OTC) (GS) ..............................	Stück	89 598 | 182 207,42 | 0,28 |
| Bloomberg Commodity Index 6 Month Forward / 0% 23/07/2020 (OTC) (GS) ..............................	Stück	82 284 | 135 587,49 | 0,21 |
| Goldman Sachs Overweight Brent Index / 0% 23/07/2020 (OTC) (GS) .......................................	Stück	134 638 | 147 347,75 | 0,22 |
| Goldman Sachs Overweight Heating Oil Index / 0% 23/07/2020 (OTC) (GS) ..............................	Stück	17 205 | 16 428,06 | 0,02 |
| Goldman Sachs Overweight Gasoline Index / 0% 23/07/2020 (OTC) (GS) ..............................	Stück	125 100 | 148 556,16 | 0,23 |
| DJ ex-Agriculture and Livestock / 0% 23/07/2020 (OTC) (GS)	Stück	16 690 000 Goldman Sachs Overweight Gold Index / 0.005% 23/07/2020 (OTC) (GS) .......................................	Stück	26 420 000 | -492 103,55 -185 214,10 | -0,75 -0,28 |
| Goldman Sachs Overweight Zinc Index / 0.005% 23/07/2020 (OTC) (GS) .......................................	Stück	3 000 000 | -29 029,57 | -0,04 |
| Bankguthaben | 3 123 714,95 | 4,73 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................	EUR	6 622 | 7 421,79 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |
| Japanischer Yen ...................................	JPY	12 209 529 | 113 360,84 | 0,17 |
| Schweizer Franken .................................	CHF	177 | 186,20 | 0,00 |
| US-Dollar	USD | 3 002 746,12 | 4,55 |
| Sonstige Vermögensgegenstände | 488 284,09 | 0,74 |
| Zinsansprüche ....................................  | 383 634,37 | 0,58 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  | 104 649,72 | 0,16 |
| Forderungen aus Anteilscheingeschäften | 4 504,83 | 0,01 |
| Summe der Vermögensgegenstände ** | 67 287 650,49 | 101,99 |
| Sonstige Verbindlichkeiten | -123 520,62 | -0,19 |
| Verbindlichkeiten aus Kostenpositionen ................  | -123 265,77 | -0,19 |
| Andere sonstige Verbindlichkeiten .....................  | -254,85 | 0,00 |
| Verbindlichkeiten aus Anteilscheingeschäften | -392 452,91 | -0,59 |
| Summe der Verbindlichkeiten | -1 315 604,22 | -1,99 |
| Fondsvermögen | 65 972 046,27 | 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 IC ....................................  | CHF | 81,35 |
| Klasse CHF LC ....................................  | CHF | 80,71 |
| Klasse IC .........................................  | EUR | 86,89 |
| Klasse LC ........................................  | EUR | 86,30 |
| Klasse LCH .......................................  | EUR | 81,06 |
| Klasse TFCH ......................................  | EUR | 81,46 |
| Klasse JPY JC ....................................  | JPY | 7 740,00 |
| Klasse JPY JCH (P) .................................  | JPY | 7 764,00 |
| Klasse SGD LC ....................................  | SGD | 8,88 |
| Klasse USD IC ....................................  | USD | 82,36 |
| Klasse USD LC ....................................  | USD | 86,47 |
| Klasse USD TFC ...................................  | USD | 80,60 |
| Umlaufende Anteile Klasse CHF IC ....................................  | Stück | 1 142,648 |
| Klasse CHF LC ....................................  | Stück | 13 849,552 |
| Klasse IC .........................................  | Stück | 8 150,589 |
| Klasse LC ........................................  | Stück | 341 721,827 |
| Klasse LCH .......................................  | Stück | 131,000 |
| Klasse TFCH ......................................  | Stück | 100,000 |
| Klasse JPY JC ....................................  | Stück | 131 472,000 |
| Klasse JPY JCH (P) .................................  | Stück | 145 050,000 |
| Klasse SGD LC ....................................  | Stück | 1 462,424 |
| Klasse USD IC ....................................  | Stück | 214,159 |
| Klasse USD LC ....................................  | Stück | 33 146,792 |
| Klasse USD TFC ...................................  | Stück | 99 700,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Bloomberg Commodity Index Total Return
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 27,150 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 105,673 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 76,495 |

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 2,2, 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 152 070 319,46. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
 Marktschlüssel	 Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
GS = Goldman Sachs International
Vertragspartner der Devisentermingeschäfte
BNP Paribas SA und State Street Bank London.
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Schweizer Franken	CHF | 0,950050 | = USD | 1 |
| --- | --- | --- | --- |
| Euro	EUR | 0,892260 | = USD | 1 |
| Japanischer Yen	JPY | 107,705000 | = USD | 1 |

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