# DWS Invest Artificial Intelligence
DWS INVEST ARTIFICIAL INTELLIGENCE

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LD | LU1863263429 | 17.7% |
| Class FC | LU1863263262 | 18.2% |
| Class LC | LU1863263346 | 17.7% |
| Class MFC | LU2154580323 | 5.3% 1 |
| Class NC | LU1914383960 | 17.4% |
| Class PFC | LU2082315453 | 33.1% 1 |
| Class TFC | LU1863263858 | 18.1% |
| Class TFCH (P) | LU1982200518 | 17.5% |
| Class XC | LU1863263932 | 18.4% |
| Class USD FC 2 | LU1885668126 | 18.2% |
| Class USD LC 2 | LU1885668399 | 17.8% |

1 
Class PFC launched on March 27, 2020 / Class MFC launched on May 25, 2020
2 
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 Artificial Intelligence
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 213 499 793.36 | 43.31 |
| Telecommunication Services | 196 505 688.52 | 39.89 |
| Consumer Discretionaries | 40 547 548.22 | 8.23 |
| Consumer Staples | 3 902 741.68 | 0.79 |
| Financials | 12 668 325.33 | 2.57 |
| Industrials | 13 309 362.28 | 2.69 |
| Total equities | 480 433 459.39 | 97.48 |
| 2. Derivatives | -75.24 | 0.00 |
| 3. Cash at bank | 13 455 636.93 | 2.73 |
| 4. Other assets | 1 742 182.71 | 0.35 |
| 5. Receivables from share certificate transactions | 947 691.70 | 0.19 |
| II. Liabilities |  |  |
| 1. Loan liabilities | -2 874 491.14 | - 0.58 |
| 2. Other liabilities | -640 373.47 | - 0.13 |
| 3. Liabilities from share certificate transactions | -187 604.11 | - 0.04 |
|  |  |  |
| III. Net assets | 492 876 426.77 | 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 |  |  |  |  |  |  | 480 433 459.39 | 97.48 |
| Equities Hundsun Technologies, Inc. ..........................  | Count | 289 927 | 289 927 |  | CNY | 107.7 | 3 938 443.27 | 0.80 |
| Adyen NV ........................................  | Count | 3 500 | 2 767 |  | EUR | 1 286.5 | 4 502 750.00 | 0.91 |
| ASML Holding NV ..................................  | Count | 17 000 | 13 895 |  | EUR | 324.7 | 5 519 900.00 | 1.12 |
| Koninklijke Philips NV ...............................  | Count | 104 000 | 92 013 |  | EUR | 41.225 | 4 287 400.00 | 0.87 |
| SAP SE ..........................................  | Count | 41 600 | 35 883 |  | EUR | 123.04 | 5 118 464.00 | 1.04 |
| Scout24 AG .......................................  | Count | 57 000 | 46 070 |  | EUR | 69.05 | 3 935 850.00 | 0.80 |
| Alibaba Health Information Technology Ltd ..............  | Count | 1 500 000 | 1 500 000 |  | HKD | 22.6 | 3 902 741.68 | 0.79 |
| Meituan Dianping ..................................  | Count | 400 000 | 356 000 |  | HKD | 171.9 | 7 916 003.48 | 1.61 |
| Sunny Optical Technology Group Co., Ltd ...............  | Count | 260 490 | 227 500 |  | HKD | 124 | 3 718 628.98 | 0.75 |
| Tencent Holdings Ltd ...............................  | Count | 466 000 | 407 800 | 27 700 | HKD | 498.6 | 26 749 046.12 | 5.43 |
| Keyence Corp. .....................................  | Count | 10 598 | 10 600 | 2 300 | JPY | 45 030 | 3 953 497.07 | 0.80 |
| SoftBank Group Corp. ...............................  | Count | 62 604 | 46 600 | 2 900 | JPY | 5 450 | 2 826 533.55 | 0.57 |
| Alchip Technologies Ltd .............................  | Count | 260 000 | 271 000 | 59 000 | TWD | 500 | 3 931 393.52 | 0.80 |
| 58.com, Inc. -ADR- .................................  | Count | 62 500 | 51 617 |  | USD | 53.88 | 3 004 685.55 | 0.61 |
| ACM Research, Inc. ................................  | Count | 67 000 | 70 480 | 3 480 | USD | 62.39 | 3 729 762.79 | 0.76 |
| Adobe Systems, Inc. ................................  | Count | 18 700 | 15 854 | 2 601 | USD | 429.77 | 7 170 825.05 | 1.45 |
| Alibaba Group Holding Ltd -ADR- ......................  | Count | 118 500 | 96 859 |  | USD | 215.99 | 22 837 229.64 | 4.63 |
| Alphabet, Inc. .....................................  | Count | 19 000 | 16 691 | 1 462 | USD | 1 392.14 | 23 600 865.90 | 4.79 |
| Alteryx, Inc. .......................................  | Count | 47 000 | 42 518 | 4 561 | USD | 160.9 | 6 747 537.80 | 1.37 |
| Amazon.com, Inc. ..................................  | Count | 10 100 | 9 038 | 394 | USD | 2 710.32 | 24 424 932.25 | 4.96 |
| Apple, Inc. ........................................  | Count | 28 000 | 101 201 | 77 976 | USD | 364.08 | 9 095 912.58 | 1.85 |
| Applied Materials, Inc................................  | Count | 100 000 | 83 766 |  | USD | 60.21 | 5 372 297.46 | 1.09 |
| Autohome, Inc. -ADR- ...............................  | Count | 60 000 | 51 537 |  | USD | 76.01 | 4 069 240.96 | 0.83 |
| Baidu, Inc. -ADR- ...................................  | Count | 33 500 | 28 473 |  | USD | 121.7 | 3 637 699.41 | 0.74 |
| Booking Holdings, Inc................................  | Count | 4 200 | 3 517 |  | USD | 1 572.57 | 5 893 193.50 | 1.20 |
| Broadcom, Inc. ....................................  | Count | 18 500 | 33 800 | 18 862 | USD | 313.16 | 5 169 272.62 | 1.05 |
| Chegg, Inc. .......................................  | Count | 118 000 | 147 819 | 29 819 | USD | 67.72 | 7 130 013.97 | 1.45 |
| Ciena Corp. .......................................  | Count | 155 000 | 182 672 | 27 672 | USD | 53.97 | 7 464 067.19 | 1.51 |
| Citrix Systems, Inc. .................................  | Count | 31 000 | 34 811 | 8 733 | USD | 147.13 | 4 069 624.63 | 0.83 |
| Dynatrace, Inc. ....................................  | Count | 273 000 | 244 636 |  | USD | 40.07 | 9 760 530.29 | 1.98 |
| EPAM Systems, Inc. ................................  | Count | 11 000 | 11 000 |  | USD | 248.58 | 2 439 777.90 | 0.50 |
| Equinix, Inc. .......................................          | Count | 7 500 | 6 317 |  | USD | 693.88 | 4 643 410.27 | 0.94 |
| Facebook, Inc. .....................................  | Count | 111 000 | 121 968 | 22 891 | USD | 220.1 | 21 798 893.29 | 4.42 |
| Fortinet, Inc. ......................................  | Count | 24 500 | 31 160 | 6 660 | USD | 135.99 | 2 972 791.72 | 0.60 |
| Global Payments, Inc. ...............................  | Count | 72 500 | 63 494 |  | USD | 165.73 | 10 720 883.11 | 2.18 |
| GoDaddy, Inc. .....................................  | Count | 57 000 | 63 087 | 15 910 | USD | 72.23 | 3 673 532.57 | 0.75 |
| II-VI, Inc. .........................................  | Count | 78 500 | 158 225 | 79 725 | USD | 47.48 | 3 325 613.63 | 0.67 |
| Illumina, Inc. ......................................         | Count | 9 000 | 6 919 |  | USD | 362.215 | 2 908 709.60 | 0.59 |
| JD.com, Inc. -ADR- .................................  | Count | 140 000 | 117 276 |  | USD | 60.23 | 7 523 714.77 | 1.53 |
| KLA-Tencor Corp. ..................................  | Count | 14 000 | 14 000 |  | USD | 194.53 | 2 429 998.73 | 0.49 |
| LivePerson, Inc.....................................  | Count | 145 000 | 211 216 | 66 216 | USD | 40.51 | 5 241 090.63 | 1.06 |
| Marvell Technology Group Ltd ........................  | Count | 127 500 | 154 474 | 46 973 | USD | 34.68 | 3 945 306.04 | 0.80 |
| Microchip Technology, Inc. ...........................  | Count | 41 000 | 49 073 | 15 765 | USD | 104.33 | 3 816 668.92 | 0.77 |
| Microsoft Corp. ....................................  | Count | 143 000 | 190 760 | 76 279 | USD | 199.69 | 25 479 082.12 | 5.17 |
| Monolithic Power Systems, Inc. .......................  | Count | 21 300 | 17 531 |  | USD | 234.3 | 4 452 903.83 | 0.90 |
| Motorola Solutions, Inc. .............................  | Count | 69 000 | 69 726 | 7 536 | USD | 138.84 | 8 547 815.11 | 1.73 |
| NetEase, Inc. -ADR-.................................  | Count | 15 000 | 12 931 |  | USD | 436.61 | 5 843 544.58 | 1.19 |
| NVIDIA Corp. ......................................  | Count | 26 700 | 38 766 | 16 983 | USD | 379.26 | 9 035 240.69 | 1.83 |
| ON Semiconductor Corp. ............................  | Count | 190 000 | 163 055 |  | USD | 19.73 | 3 344 815.06 | 0.68 |
| Radware Ltd ......................................  | Count | 109 000 | 132 148 | 23 148 | USD | 23.43 | 2 278 716.05 | 0.46 |
| Raytheon Technologies Corp. .........................  | Count | 43 000 | 43 001 | 1 | USD | 60.25 | 2 311 622.60 | 0.47 |
| RealPage, Inc. .....................................  | Count | 95 000 | 95 479 | 16 127 | USD | 64.48 | 5 465 627.86 | 1.11 |
| S+P Global, Inc.....................................  | Count | 18 000 | 14 702 |  | USD | 323.54 | 5 196 272.41 | 1.05 |
| SailPoint Technologies Holding, Inc. ....................  | Count | 153 000 | 174 630 | 51 341 | USD | 26.19 | 3 575 348.28 | 0.73 |
| Salesforce.com, Inc. ................................  | Count | 30 000 | 33 333 | 12 801 | USD | 184.68 | 4 943 477.31 | 1.00 |
| Samsung Electronics Co., Ltd -GDR- ...................  | Count | 9 500 | 8 168 |  | USD | 1 101 | 9 332 593.47 | 1.89 |
| Synopsys, Inc. .....................................  | Count | 56 500 | 55 382 | 8 485 | USD | 191.62 | 9 660 079.66 | 1.96 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- ......  | Count | 445 000 | 371 465 |  | USD | 56.82 | 22 560 704.88 | 4.58 |
| Talend SA -ADR- ...................................  | Count | 74 000 | 84 376 | 26 500 | USD | 34.49 | 2 277 279.51 | 0.46 |
| Tencent Music Entertainment Group -ADR- ..............  | Count | 645 000 | 548 401 |  | USD | 13.745 | 7 910 353.34 | 1.61 |
| Trade Desk, Inc./The ................................        | Count | 29 000 | 24 129 |  | USD | 413.21 | 10 692 031.89 | 2.17 |
| Twilio, Inc. ........................................  | Count | 31 000 | 29 497 | 9 474 | USD | 214.64 | 5 936 955.28 | 1.20 |
| UnitedHealth Group, Inc..............................  | Count | 22 500 | 19 734 |  | USD | 288.98 | 5 801 519.13 | 1.18 |
| Veeva Systems, Inc. ................................  | Count | 22 000 | 22 000 |  | USD | 233.97 | 4 592 765.59 | 0.93 |
| Visa, Inc. .........................................  | Count | 47 000 | 43 061 | 6 540 | USD | 191.36 | 8 024 915.06 | 1.63 |
| VMware, Inc. ......................................  | Count | 31 500 | 43 273 | 16 190 | USD | 151.25 | 4 251 061.24 | 0.86 |
| Total securities portfolio |  |  |  |  |  |  | 480 433 459.39 | 97.48 |

| 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 |  |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |
| Currency derivatives Receivables/payables |  |  |  | -75.24 | 0.00 |
| Forward currency transactions |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions EUR/CNH 0.1 million ................................  |  |  |  | -1.56 | 0.00 |
| EUR/HKD 0.1 million ................................  |  |  |  | -13.61 | 0.00 |
| EUR/JPY 0.1 million.................................  |  |  |  | 0.58 | 0.00 |
| EUR/SGD 0.1 million ................................  |  |  |  | -0.66 | 0.00 |
| EUR/USD 0.1 million ................................  |  |  |  | -59.91 | 0.00 |
| Closed positions EUR/HKD 0.1 million ................................  |  |  |  | -0.04 | 0.00 |
| EUR/JPY 0.1 million.................................  |  |  |  | -0.04 | 0.00 |
| Cash at bank |  |  |  | 13 455 636.93 | 2.73 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 993 215.67 | 0.20 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 7 665 |  | 8 411.71 | 0.00 |
| Danish krone ......................................  | DKK | 66 290 |  | 8 894.80 | 0.00 |
| Norwegian krone ...................................  | NOK | 104 034 |  | 9 561.52 | 0.00 |
| Swedish krona.....................................  | SEK | 873 |  | 83.32 | 0.00 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 14 015 |  | 8 587.12 | 0.00 |
| Chinese offshore yuan renminbi .......................  | CNH | 25 202 667 |  | 3 179 949.61 | 0.65 |
| Hong Kong dollar ..................................  | HKD | 860 022 |  | 99 010.14 | 0.02 |
| Japanese yen .....................................  | JPY | 11 752 015 |  | 97 357.16 | 0.02 |
| Canadian dollar ....................................  | CAD | 13 326 |  | 8 696.99 | 0.00 |
| New Taiwan dollar..................................  | TWD | 10 124 008 |  | 306 165.07 | 0.06 |
| Swiss franc .......................................  | CHF | 9 992 |  | 9 384.48 | 0.00 |
| Singapore dollar ...................................  | SGD | 1 351 |  | 863.39 | 0.00 |
| South Korean won..................................  | KRW | 440 |  | 0.33 | 0.00 |
| U.S. dollar ........................................  | USD | 9 779 051 |  | 8 725 455.62 | 1.78 |
| Other assets |  |  |  | 1 742 182.71 | 0.35 |
| Dividends/Distributions receivable .....................  |  |  |  | 255 475.95 | 0.05 |
| Prepaid placement fee * .............................  |  |  |  | 509 638.33 | 0.10 |
| Receivables from exceeding the expense cap ............  |  |  |  | 42 119.70 | 0.01 |
| Other receivables ..................................  |  |  |  | 934 948.73 | 0.19 |
| Receivables from share certificate transactions |  |  |  | 947 691.70 | 0.19 |
| Total assets ** |  |  |  | 496 578 971.31 | 100.75 |
| Short-term liabilities |  |  |  | -2 874 491.14 | -0.58 |
| Loans in non-EU/EEA currencies |  |  |  |  |  |
| Chinese yuan renminbi ..............................  | CNY | -22 789 812 |  | -2 874 491.14 | -0.58 |
| Other liabilities |  |  |  | -640 373.47 | -0.13 |
| Liabilities from cost items ............................  |  |  |  | -367 678.66 | -0.07 |
| Additional other liabilities.............................  |  |  |  | -272 694.81 | -0.06 |
| Liabilities from share certificate transactions |  |  |  | -187 604.11 | -0.04 |
| Total liabilities |  |  |  | -3 702 544.54 | -0.75 |
| Net assets |  |  |  | 492 876 426.77 | 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 FC .........................................  | EUR | 136.65 |
| Class LC .........................................  | EUR | 134.66 |
| Class LD .........................................  | EUR | 134.08 |
| Class MFC ........................................  | EUR | 105.30 |
| Class NC .........................................  | EUR | 150.94 |
| Class PFC ........................................  | EUR | 133.07 |
| Class TFC ........................................  | EUR | 136.61 |
| Class TFCH (P).....................................  | EUR | 129.62 |
| Class XC .........................................  | EUR | 137.71 |
| Class USD FC .....................................  | USD | 129.18 |
| Class USD LC .....................................  | USD | 127.96 |
| Number of shares outstanding Class FC .........................................  | Count | 318 494.116 |
| Class LC .........................................  | Count | 267 779.448 |
| Class LD .........................................  | Count | 315 427.444 |
| Class MFC ........................................  | Count | 2 940 000.000 |
| Class NC .........................................  | Count | 57 728.670 |
| Class PFC ........................................  | Count | 150 483.000 |
| Class TFC ........................................  | Count | 16 190.562 |
| Class TFCH (P).....................................  | Count | 110.000 |
| Class XC .........................................  | Count | 168 017.000 |
| Class USD FC .....................................  | Count | 5 805.334 |
| Class USD LC .....................................  | Count | 58 303.225 |

Composition of the reference portfolio (according to CSSF circular 11/512)
50% MSCI World Information Tech Index Net Return in EUR, 35% MSCI All Country World Index, in EUR, 15% MSCI China 50 Capped Index in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure ..................... . | % | 56.091 |
| --- | --- | --- |
| Highest market risk exposure ..................... . | % | 111.901 |
| Average market risk exposure .................... . | % | 96.260 |

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.
 Market abbreviations	 Contracting parties for forward currency transactions
Bofa Securities Europe, Citigroup Global Markets Limited, JP Morgan and Royal Bank of Canada (UK)
 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 |
| Chinese offshore yuan renminbi .... . | CNH | 7.925493 | = | EUR | 1 |
| Chinese yuan renminbi ........... . | CNY | 7.928294 | = | EUR | 1 |
| Danish krone ................... . | DKK | 7.452704 | = | EUR | 1 |
| British pound .................. . | GBP | 0.911178 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 8.686201 | = | EUR | 1 |
| Japanese yen .................. . | JPY | 120.710331 | = | EUR | 1 |
| South Korean won............... . | KRW | 1 348.093605 | = | EUR | 1 |
| Norwegian krone ................ . | NOK | 10.880517 | = | EUR | 1 |
| Swedish krona.................. . | SEK | 10.476263 | = | EUR | 1 |
| Singapore dollar ................ . | SGD | 1.564791 | = | EUR | 1 |
| New Taiwan dollar............... . | TWD | 33.067155 | = | EUR | 1 |
| U.S. dollar ..................... . | USD | 1.120750 | = | EUR | 1 |

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

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LD | LU1863263429 | 17,7% |
| Klasse FC | LU1863263262 | 18,2% |
| Klasse LC | LU1863263346 | 17,7% |
| Klasse MFC | LU2154580323 | 5,3% 1) |
| Klasse NC | LU1914383960 | 17,4% |
| Klassse PFC | LU2082315453 | 33,1% 1) |
| Klasse TFC | LU1863263858 | 18,1% |
| Klasse TFCH (P) | LU1982200518 | 17,5% |
| Klasse XC | LU1863263932 | 18,4% |
| Klasse USD FC 2) | LU1885668126 | 18,2% |
| Klasse USD LC 2) | LU1885668399 | 17,8% |

1) 
Klasse PFC aufgelegt am 27.3.2020 / Klasse MFC aufgelegt am 25.5.2020
2) 
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 Artificial Intelligence
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 213 499 793,36 | 43,31 |
| Telekommunikationsdienste | 196 505 688,52 | 39,89 |
| Dauerhafte Konsumgüter | 40 547 548,22 | 8,23 |
| Hauptverbrauchsgüter | 3 902 741,68 | 0,79 |
| Finanzsektor | 12 668 325,33 | 2,57 |
| Industrien | 13 309 362,28 | 2,69 |
| Summe Aktien | 480 433 459,39 | 97,48 |
| 2. Derivate | -75,24 | 0,00 |
| 3. Bankguthaben | 13 455 636,93 | 2,73 |
| 4. Sonstige Vermögensgegenstände | 1 742 182,71 | 0,35 |
| 5. Forderungen aus Anteilscheingeschäften | 947 691,70 | 0,19 |
| II. Verbindlichkeiten |  |  |
| 1. Verbindlichkeiten aus Kreditaufnahme | -2 874 491,14 | - 0,58 |
| 2. Sonstige Verbindlichkeiten | -640 373,47 | - 0,13 |
| 3. Verbindlichkeiten aus Anteilscheingeschäften | -187 604,11 | - 0,04 |
|  |  |  |
| III. Fondsvermögen | 492 876 426,77 | 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 |  |  |  |  |  | 480 433 459,39 | 97,48 |
| Aktien Hundsun Technologies, Inc. .........................  | Stück | 289 927 | 289 927 | CNY | 107,7 | 3 938 443,27 | 0,80 |
| Adyen NV ........................................  | Stück | 3 500 | 2 767 | EUR | 1 286,5 | 4 502 750,00 | 0,91 |
| ASML Holding NV .................................  | Stück | 17 000 | 13 895 |  | EUR | 324,7 | 5 519 900,00 | 1,12 |
| Koninklijke Philips NV ...............................  | Stück | 104 000 | 92 013 |  | EUR | 41,225 | 4 287 400,00 | 0,87 |
| SAP SE ..........................................  | Stück | 41 600 | 35 883 |  | EUR | 123,04 | 5 118 464,00 | 1,04 |
| Scout24 AG ......................................  | Stück | 57 000 | 46 070 |  | EUR | 69,05 | 3 935 850,00 | 0,80 |
| Alibaba Health Information Technology Ltd ..............  | Stück | 1 500 000 | 1 500 000 |  | HKD | 22,6 | 3 902 741,68 | 0,79 |
| Meituan Dianping  .................................  | Stück | 400 000 | 356 000 |  | HKD | 171,9 | 7 916 003,48 | 1,61 |
| Sunny Optical Technology Group Co., Ltd ...............  | Stück | 260 490 | 227 500 |  | HKD | 124 | 3 718 628,98 | 0,75 |
| Tencent Holdings Ltd ...............................  | Stück | 466 000 | 407 800 | 27 700 | HKD | 498,6 | 26 749 046,12 | 5,43 |
| Keyence Corp. ....................................  | Stück | 10 598 | 10 600 | 2 300 | JPY | 45 030 | 3 953 497,07 | 0,80 |
| SoftBank Group Corp. ..............................  | Stück | 62 604 | 46 600 | 2 900 | JPY | 5 450 | 2 826 533,55 | 0,57 |
| Alchip Technologies Ltd  ............................  | Stück | 260 000 | 271 000 | 59 000 | TWD | 500 | 3 931 393,52 | 0,80 |
| 58.com, Inc. -ADR- .................................  | Stück | 62 500 | 51 617 |  | USD | 53,88 | 3 004 685,55 | 0,61 |
| ACM Research, Inc.  ...............................  | Stück | 67 000 | 70 480 | 3 480 | USD | 62,39 | 3 729 762,79 | 0,76 |
| Adobe Systems, Inc. ...............................  | Stück | 18 700 | 15 854 | 2 601 | USD | 429,77 | 7 170 825,05 | 1,45 |
| Alibaba Group Holding Ltd -ADR- ......................  | Stück | 118 500 | 96 859 |  | USD | 215,99 | 22 837 229,64 | 4,63 |
| Alphabet, Inc. .....................................  | Stück | 19 000 | 16 691 | 1 462 | USD | 1 392,14 | 23 600 865,90 | 4,79 |
| Alteryx, Inc. ......................................  | Stück | 47 000 | 42 518 | 4 561 | USD | 160,9 | 6 747 537,80 | 1,37 |
| Amazon.com, Inc. ..................................  | Stück | 10 100 | 9 038 | 394 | USD | 2 710,32 | 24 424 932,25 | 4,96 |
| Apple, Inc. .......................................  | Stück | 28 000 | 101 201 | 77 976 | USD | 364,08 | 9 095 912,58 | 1,85 |
| Applied Materials, Inc. ..............................  | Stück | 100 000 | 83 766 |  | USD | 60,21 | 5 372 297,46 | 1,09 |
| Autohome, Inc. -ADR- ..............................  | Stück | 60 000 | 51 537 |  | USD | 76,01 | 4 069 240,96 | 0,83 |
| Baidu, Inc. -ADR- ..................................  | Stück | 33 500 | 28 473 |  | USD | 121,7 | 3 637 699,41 | 0,74 |
| Booking Holdings, Inc. .............................  | Stück | 4 200 | 3 517 |  | USD | 1 572,57 | 5 893 193,50 | 1,20 |
| Broadcom, Inc. ...................................  | Stück | 18 500 | 33 800 | 18 862 | USD | 313,16 | 5 169 272,62 | 1,05 |
| Chegg, Inc. ......................................  | Stück | 118 000 | 147 819 | 29 819 | USD | 67,72 | 7 130 013,97 | 1,45 |
| Ciena Corp. ......................................  | Stück | 155 000 | 182 672 | 27 672 | USD | 53,97 | 7 464 067,19 | 1,51 |
| Citrix Systems, Inc. ................................  | Stück | 31 000 | 34 811 | 8 733 | USD | 147,13 | 4 069 624,63 | 0,83 |
| Dynatrace, Inc. ....................................  | Stück | 273 000 | 244 636 |  | USD | 40,07 | 9 760 530,29 | 1,98 |
| EPAM Systems, Inc. ...............................  | Stück | 11 000 | 11 000 |  | USD | 248,58 | 2 439 777,90 | 0,50 |
| Equinix, Inc. ......................................  | Stück | 7 500 | 6 317 |  | USD | 693,88 | 4 643 410,27 | 0,94 |
| Facebook, Inc. ....................................  | Stück | 111 000 | 121 968 | 22 891 | USD | 220,1 | 21 798 893,29 | 4,42 |
| Fortinet, Inc. ......................................  | Stück | 24 500 | 31 160 | 6 660 | USD | 135,99 | 2 972 791,72 | 0,60 |
| Global Payments, Inc. ..............................  | Stück | 72 500 | 63 494 |  | USD | 165,73 | 10 720 883,11 | 2,18 |
| GoDaddy, Inc. .....................................  | Stück | 57 000 | 63 087 | 15 910 | USD | 72,23 | 3 673 532,57 | 0,75 |
| II-VI, Inc. ........................................          | Stück | 78 500 | 158 225 | 79 725 | USD | 47,48 | 3 325 613,63 | 0,67 |
| Illumina, Inc. ......................................         | Stück | 9 000 | 6 919 |  | USD | 362,215 | 2 908 709,60 | 0,59 |
| JD.com, Inc. -ADR- .................................  | Stück | 140 000 | 117 276 |  | USD | 60,23 | 7 523 714,77 | 1,53 |
| KLA-Tencor Corp. ..................................  | Stück | 14 000 | 14 000 |  | USD | 194,53 | 2 429 998,73 | 0,49 |
| LivePerson, Inc. ...................................  | Stück | 145 000 | 211 216 | 66 216 | USD | 40,51 | 5 241 090,63 | 1,06 |
| Marvell Technology Group Ltd ........................  | Stück | 127 500 | 154 474 | 46 973 | USD | 34,68 | 3 945 306,04 | 0,80 |
| Microchip Technology, Inc. ..........................  | Stück | 41 000 | 49 073 | 15 765 | USD | 104,33 | 3 816 668,92 | 0,77 |
| Microsoft Corp. ...................................  | Stück | 143 000 | 190 760 | 76 279 | USD | 199,69 | 25 479 082,12 | 5,17 |
| Monolithic Power Systems, Inc. ......................  | Stück | 21 300 | 17 531 |  | USD | 234,3 | 4 452 903,83 | 0,90 |
| Motorola Solutions, Inc. .............................  | Stück | 69 000 | 69 726 | 7 536 | USD | 138,84 | 8 547 815,11 | 1,73 |
| NetEase, Inc. -ADR- ................................  | Stück | 15 000 | 12 931 |  | USD | 436,61 | 5 843 544,58 | 1,19 |
| NVIDIA Corp. .....................................  | Stück | 26 700 | 38 766 | 16 983 | USD | 379,26 | 9 035 240,69 | 1,83 |
| ON Semiconductor Corp.  ...........................  | Stück | 190 000 | 163 055 |  | USD | 19,73 | 3 344 815,06 | 0,68 |
| Radware Ltd .....................................  | Stück | 109 000 | 132 148 | 23 148 | USD | 23,43 | 2 278 716,05 | 0,46 |
| Raytheon Technologies Corp. ........................  | Stück | 43 000 | 43 001 | 1 | USD | 60,25 | 2 311 622,60 | 0,47 |
| RealPage, Inc. ....................................  | Stück | 95 000 | 95 479 | 16 127 | USD | 64,48 | 5 465 627,86 | 1,11 |
| S+P Global, Inc. ...................................  | Stück | 18 000 | 14 702 |  | USD | 323,54 | 5 196 272,41 | 1,05 |
| SailPoint Technologies Holding, Inc. ...................  | Stück | 153 000 | 174 630 | 51 341 | USD | 26,19 | 3 575 348,28 | 0,73 |
| Salesforce.com, Inc. ................................  | Stück | 30 000 | 33 333 | 12 801 | USD | 184,68 | 4 943 477,31 | 1,00 |
| Samsung Electronics Co., Ltd -GDR- ...................  | Stück | 9 500 | 8 168 |  | USD | 1 101 | 9 332 593,47 | 1,89 |
| Synopsys, Inc. ....................................  | Stück | 56 500 | 55 382 | 8 485 | USD | 191,62 | 9 660 079,66 | 1,96 |
| Taiwan Semiconductor Manufacturing Co., Ltd -ADR- .....  | Stück | 445 000 | 371 465 |  | USD | 56,82 | 22 560 704,88 | 4,58 |
| Talend SA -ADR- ..................................  | Stück | 74 000 | 84 376 | 26 500 | USD | 34,49 | 2 277 279,51 | 0,46 |
| Tencent Music Entertainment Group -ADR- .............  | Stück | 645 000 | 548 401 |  | USD | 13,745 | 7 910 353,34 | 1,61 |
| Trade Desk, Inc./The ...............................  | Stück | 29 000 | 24 129 |  | USD | 413,21 | 10 692 031,89 | 2,17 |
| Twilio, Inc. .......................................  | Stück | 31 000 | 29 497 | 9 474 | USD | 214,64 | 5 936 955,28 | 1,20 |
| UnitedHealth Group, Inc. ............................  | Stück | 22 500 | 19 734 |  | USD | 288,98 | 5 801 519,13 | 1,18 |
| Veeva Systems, Inc. ...............................  | Stück | 22 000 | 22 000 |  | USD | 233,97 | 4 592 765,59 | 0,93 |
| Visa, Inc. .........................................  | Stück | 47 000 | 43 061 | 6 540 | USD | 191,36 | 8 024 915,06 | 1,63 |
| VMware, Inc. .....................................  | Stück | 31 500 | 43 273 | 16 190 | USD | 151,25 | 4 251 061,24 | 0,86 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 480 433 459,39 | 97,48 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |
| Devisen-Derivate Forderungen/Verbindlichkeiten | -75,24 | 0,00 |
| Devisentermingeschäfte |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |
| Offene Positionen EUR/CNH 0,1 Mio.  ................................  | -1,56 | 0,00 |
| EUR/HKD 0,1 Mio.  ................................  | -13,61 | 0,00 |
| EUR/JPY 0,1 Mio. .................................  | 0,58 | 0,00 |
| EUR/SGD 0,1 Mio.  ................................  | -0,66 | 0,00 |
| EUR/USD 0,1 Mio.  ................................  | -59,91 | 0,00 |
| Geschlossene Positionen EUR/HKD 0,1 Mio.  ................................  | -0,04 | 0,00 |
| EUR/JPY 0,1 Mio. .................................  | -0,04 | 0,00 |
| Bankguthaben | 13 455 636,93 | 2,73 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR | 993 215,67 | 0,20 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |
| Britisches Pfund ...................................	GBP	7 665 | 8 411,71 | 0,00 |
| Dänische Kronen ..................................	DKK	66 290 | 8 894,80 | 0,00 |
| Norwegische Kronen ...............................	NOK	104 034 | 9 561,52 | 0,00 |
| Schwedische Kronen ...............................	SEK	873 | 83,32 | 0,00 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |
| Australischer Dollar ................................	AUD	14 015 | 8 587,12 | 0,00 |
| Chinesische Offshore Renminbi ......................	CNH	25 202 667 | 3 179 949,61 | 0,65 |
| Hongkong Dollar ...................................	HKD	860 022 | 99 010,14 | 0,02 |
| Japanischer Yen ...................................	JPY	11 752 015 | 97 357,16 | 0,02 |
| Kanadischer Dollar .................................	CAD	13 326 | 8 696,99 | 0,00 |
| Neue Taiwan Dollar ................................	TWD	10 124 008 | 306 165,07 | 0,06 |
| Schweizer Franken .................................	CHF	9 992 | 9 384,48 | 0,00 |
| Singapur Dollar ....................................	SGD	1 351 | 863,39 | 0,00 |
| Südkoreanischer Won ..............................	KRW	440 | 0,33 | 0,00 |
| US-Dollar ........................................	USD	9 779 051 | 8 725 455,62 | 1,78 |
| Sonstige Vermögensgegenstände | 1 742 182,71 | 0,35 |
| Dividenden- / Ausschüttungsansprüche .................  | 255 475,95 | 0,05 |
| Abgegrenzte Platzierungsgebühr * .....................  | 509 638,33 | 0,10 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  | 42 119,70 | 0,01 |
| Sonstige Ansprüche ................................  | 934 948,73 | 0,19 |
| Forderungen aus Anteilscheingeschäften | 947 691,70 | 0,19 |
| Summe der Vermögensgegenstände ** | 496 578 971,31 | 100,75 |
| Kurzfristige Verbindlichkeiten | -2 874 491,14 | -0,58 |
| Kredite in Nicht-EU/EWR-Währungen |  |  |
| Chinesischer Renminbi ..............................	CNY	-22 789 812 | -2 874 491,14 | -0,58 |
| Sonstige Verbindlichkeiten | -640 373,47 | -0,13 |
| Verbindlichkeiten aus Kostenpositionen ................  | -367 678,66 | -0,07 |
| Andere sonstige Verbindlichkeiten .....................  | -272 694,81 | -0,06 |
| Verbindlichkeiten aus Anteilscheingeschäften | -187 604,11 | -0,04 |
| Summe der Verbindlichkeiten | -3 702 544,54 | -0,75 |
| Fondsvermögen | 492 876 426,77 | 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 FC ........................................  | EUR | 136,65 |
| Klasse LC ........................................  | EUR | 134,66 |
| Klasse LD ........................................  | EUR | 134,08 |
| Klasse MFC ......................................  | EUR | 105,30 |
| Klasse NC ........................................  | EUR | 150,94 |
| Klasse PFC .......................................  | EUR | 133,07 |
| Klasse TFC .......................................  | EUR | 136,61 |
| Klasse TFCH (P) ...................................  | EUR | 129,62 |
| Klasse XC ........................................  | EUR | 137,71 |
| Klasse USD FC ....................................  | USD | 129,18 |
| Klasse USD LC ....................................  | USD | 127,96 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 318 494,116 |
| Klasse LC ........................................  | Stück | 267 779,448 |
| Klasse LD ........................................  | Stück | 315 427,444 |
| Klasse MFC ......................................  | Stück | 2 940 000,000 |
| Klasse NC ........................................  | Stück | 57 728,670 |
| Klasse PFC .......................................  | Stück | 150 483,000 |
| Klasse TFC .......................................  | Stück | 16 190,562 |
| Klasse TFCH (P) ...................................  | Stück | 110,000 |
| Klasse XC ........................................  | Stück | 168 017,000 |
| Klasse USD FC ....................................  | Stück | 5 805,334 |
| Klasse USD LC ....................................  | Stück | 58 303,225 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512)
50% MSCI World Information Tech Index Net Return in EUR, 35% MSCI All Country World Index, in EUR, 15% MSCI China 50 Capped Index in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag ..................  | % | 56,091 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ...................  | % | 111,901 |
| durchschnittlicher potenzieller Risikobetrag ...........  | % | 96,260 |

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.
 Marktschlüssel	 Vertragspartner der Devisentermingeschäfte
Bofa Securities Europe, Citigroup Global Markets Limited, JP Morgan und Royal Bank of Canada (UK)
 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 |
| Chinesische Offshore Renminbi ....  | CNH | 7,925493 | = | EUR | 1 |
| Chinesischer Renminbi ............  | CNY | 7,928294 | = | EUR | 1 |
| Dänische Kronen ................  | DKK | 7,452704 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,911178 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,686201 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 120,710331 | = | EUR | 1 |
| Südkoreanischer Won ............  | KRW | 1 348,093605 | = | EUR | 1 |
| Norwegische Kronen .............  | NOK | 10,880517 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,476263 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,564791 | = | EUR | 1 |
| Neue Taiwan Dollar ..............  | TWD | 33,067155 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,120750 | = | EUR | 1 |

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