# DWS Invest Global Commodities Blend
DWS INVEST GLOBAL COMMODITIES BLEND

### Performance of share classes vs. benchmark (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0982743675 | -22.3% |
| Class FC | LU0982743832 | -21.9% |
| Class NC | LU0982743758 | -22.4% |
| Class USD FC 1 | LU1205724070 | -21.9% |
| Class USD LC 1 | LU1205730390 | -22.3% |


##### Bloomberg Commodity Index	-20.0% Total Return
1 
in USD
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2020
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Global Commodities Blend
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Consumer Discretionaries | 177 233.65 | 2.66 |
| Energy | 798 704.61 | 12.09 |
| Financials | 51 051.99 | 0.77 |
| Basic Materials | 1 392 679.20 | 21.05 |
| Industrials | 84 299.45 | 1.28 |
| Total equities | 2 503 968.90 | 37.85 |
| 2. Bonds (issuers) Central governments | 2 060 618.21 | 31.15 |
| Total bonds | 2 060 618.21 | 31.15 |
| 3. Derivatives | 38 644.32 | 0.58 |
| 4. Cash at bank | 1 960 871.54 | 29.66 |
| 5. Other assets | 126 538.10 | 1.91 |
| 6. Receivables from share certificate transactions | 4 424.86 | 0.07 |
| II. Liabilities |  |  |
| 1. Other liabilities | -66 307.93 | - 1.00 |
| 2. Liabilities from share certificate transactions | -14 787.11 | - 0.22 |
| III. Net assets | 6 613 970.89 | 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 |  |  |  |  |  |  | 2 503 968.90 | 37.86 |
| Equities BHP Billiton Ltd ....................................  | Count | 6 565 | 2 283 | 5 340 | AUD | 35.82 | 144 085.00 | 2.18 |
| Fortescue Metals Group Ltd ..........................  | Count | 7 950 | 7 547 | 3 517 | AUD | 13.85 | 67 464.51 | 1.02 |
| Rio Tinto Ltd ......................................  | Count | 1 034 | 591 | 468 | AUD | 97.96 | 62 062.29 | 0.94 |
| Agnico Eagle Mines Ltd .............................  | Count | 633 | 1 281 | 1 394 | CAD | 85.1 | 35 156.73 | 0.53 |
| Barrick Gold Corp. ..................................  | Count | 3 278 | 3 011 | 1 892 | CAD | 35.67 | 76 311.03 | 1.15 |
| Canadian Natural Resources Ltd .......................  | Count | 1 943 | 2 079 | 1 876 | CAD | 23.29 | 29 533.68 | 0.45 |
| Franco-Nevada Corp. ................................  | Count | 349 | 144 | 628 | CAD | 188.86 | 43 017.05 | 0.65 |
| Kirkland Lake Gold Ltd ..............................  | Count | 1 546 | 1 758 | 212 | CAD | 53.38 | 53 859.62 | 0.81 |
| Nutrien Ltd .......................................  | Count | 3 776 | 1 108 | 1 564 | CAD | 44.17 | 108 851.56 | 1.65 |
| Suncor Energy, Inc. .................................  | Count | 1 288 | 581 | 162 | CAD | 22.53 | 18 938.79 | 0.29 |
| Wheaton Precious Metals Corp. .......................  | Count | 811 | 976 | 165 | CAD | 57.98 | 30 688.41 | 0.46 |
| ArcelorMittal ......................................  | Count | 2 410 | 2 217 | 1 488 | EUR | 9.157 | 22 068.37 | 0.33 |
| Neste Oyj ........................................  | Count | 640 | 750 | 110 | EUR | 34.47 | 22 060.80 | 0.33 |
| OCI NV ..........................................  | Count | 775 | 533 | 955 | EUR | 9.195 | 7 126.13 | 0.11 |
| Smurfit Kappa Group PLC ............................  | Count | 1 369 | 533 | 188 | EUR | 29.08 | 39 810.52 | 0.60 |
| Stora Enso Oyj -R- ..................................  | Count | 1 220 | 27 | 236 | EUR | 10.48 | 12 785.60 | 0.19 |
| Total SA ..........................................  | Count | 4 085 | 2 531 | 557 | EUR | 33.81 | 138 113.85 | 2.09 |
| UPM-Kymmene Oyj ................................  | Count | 2 716 | 52 | 379 | EUR | 25.67 | 69 719.72 | 1.05 |
| Anglo American PLC ................................  | Count | 1 517 | 166 | 2 770 | GBP | 18.522 | 30 836.85 | 0.47 |
| BP PLC ..........................................  | Count | 26 287 | 17 681 | 7 206 | GBP | 3.057 | 88 198.56 | 1.33 |
| DS Smith PLC .....................................  | Count | 6 303 | 122 | 4 586 | GBP | 3.325 | 23 000.41 | 0.35 |
| Glencore International PLC ...........................  | Count | 15 666 | 1 370 | 6 002 | GBP | 1.684 | 28 960.09 | 0.44 |
| Mondi PLC........................................  | Count | 3 624 | 67 | 615 | GBP | 15.015 | 59 718.67 | 0.90 |
| Royal Dutch Shell PLC ..............................  | Count | 2 995 | 4 458 | 7 660 | GBP | 12.82 | 42 138.73 | 0.64 |
| CNOOC Ltd .......................................  | Count | 21 908 | 26 057 | 4 149 | HKD | 8.62 | 21 741.03 | 0.33 |
| Nine Dragons Paper Holdings Ltd ......................  | Count | 10 016 | 16 | 1 000 | HKD | 7.01 | 8 083.18 | 0.12 |
| Maruichi Steel Tube Ltd .............................  | Count | 100 |  |  | JPY | 2 679 | 2 219.36 | 0.03 |
| OJI Paper Co., Ltd..................................  | Count | 5 965 | 110 | 800 | JPY | 501 | 24 757.33 | 0.37 |
| Korea Zinc Co., Ltd .................................  | Count | 48 | 4 | 79 | KRW | 335 000 | 11 927.96 | 0.18 |
| Equinor ASA ......................................  | Count | 1 835 | 879 | 678 | NOK | 136.5 | 23 020.74 | 0.35 |
| Yara International ASA...............................        | Count | 1 186 | 1 492 | 635 | NOK | 333.6 | 36 363.13 | 0.55 |
| Svenska Cellulosa AB SCA ...........................  | Count | 3 593 | 67 | 379 | SEK | 109.95 | 37 709.09 | 0.57 |
| Wilmar International Ltd .............................  | Count | 12 201 | 4 808 | 3 907 | SGD | 4.09 | 31 890.59 | 0.48 |
| Amcor PLC .......................................  | Count | 4 373 | 339 | 434 | USD | 9.91 | 38 667.36 | 0.58 |
| Archer-Daniels-Midland Co............................  | Count | 1 318 | 1 102 | 761 | USD | 39.51 | 46 463.71 | 0.70 |
| Avery Dennison Corp. ...............................  | Count | 167 | 16 |  | USD | 112.73 | 16 797.61 | 0.25 |
| Baker Hughes Co. ..................................  | Count | 907 | 907 | 982 | USD | 14.73 | 11 920.69 | 0.18 |
| Ball Corp. .........................................  | Count | 83 | 85 | 2 | USD | 68.64 | 5 083.31 | 0.08 |
| Bunge Ltd ........................................  | Count | 716 | 347 | 519 | USD | 40.46 | 25 848.20 | 0.39 |
| CF Industries Holdings, Inc. ..........................  | Count | 863 | 858 | 383 | USD | 27.16 | 20 913.75 | 0.32 |
| Chevron Corp. .....................................  | Count | 1 121 | 772 | 375 | USD | 86.68 | 86 699.37 | 1.31 |
| ConocoPhillips .....................................  | Count | 528 | 552 | 1 285 | USD | 40.33 | 19 000.00 | 0.29 |
| Corteva, Inc. ......................................  | Count | 1 982 | 275 | 739 | USD | 26.4 | 46 687.33 | 0.71 |
| Crown Holdings, Inc. ................................  | Count | 97 | 97 |  | USD | 65.08 | 5 632.62 | 0.09 |
| Exxon Mobil Corp. ..................................  | Count | 2 374 | 2 439 | 707 | USD | 43.38 | 91 888.61 | 1.39 |
| FMC Corp. ........................................  | Count | 399 | 423 | 24 | USD | 97.51 | 34 714.70 | 0.52 |
| Freeport-McMoRan, Inc. .............................  | Count | 4 109 | 4 437 | 3 065 | USD | 11.175 | 40 970.87 | 0.62 |
| Gazprom PJSC -ADR- ...............................  | Count | 8 538 | 6 579 | 8 620 | USD | 5.42 | 41 290.19 | 0.62 |
| Halliburton Co......................................  | Count | 320 | 320 |  | USD | 12.26 | 3 500.51 | 0.05 |
| Ingredion, Inc. .....................................         | Count | 241 | 207 | 251 | USD | 81.69 | 17 566.18 | 0.27 |
| International Paper Co. ..............................  | Count | 1 179 | 90 | 323 | USD | 34.52 | 36 314.16 | 0.55 |
| Lukoil PJSC -ADR- ..................................  | Count | 846 | 344 | 492 | USD | 75.07 | 56 666.74 | 0.86 |
| Marathon Petroleum Corp. ...........................  | Count | 527 | 799 | 802 | USD | 34.95 | 16 434.22 | 0.25 |
| MMC Norilsk Nickel PJSC -ADR- ......................  | Count | 2 221 | 693 | 998 | USD | 26.41 | 52 336.95 | 0.79 |
| MMC Norilsk Nickel PJSC -ADR- ......................  | Count | 127 | 127 |  | USD | 26.38 | 2 989.30 | 0.05 |
| Newmont Mining Corp...............................  | Count | 1 668 | 567 | 2 220 | USD | 59.81 | 89 014.61 | 1.35 |
| Novatek PJSC -GDR- ................................  | Count | 76 | 32 | 3 | USD | 142.8 | 9 683.52 | 0.15 |
| Novolipetsk Steel PJSC -GDR- ........................  | Count | 685 | 313 | 230 | USD | 19.88 | 12 150.62 | 0.18 |
| Occidental Petroleum Corp. ..........................  | Count | 471 | 763 | 292 | USD | 17.45 | 7 333.44 | 0.11 |
| Packaging Corporation of America .....................  | Count | 311 | 22 | 109 | USD | 97.26 | 26 988.96 | 0.41 |
| Petroleo Brasileiro SA -ADR- ..........................  | Count | 1 995 | 2 698 | 2 032 | USD | 8.03 | 14 293.87 | 0.22 |
| Phillips 66 ........................................  | Count | 415 | 503 | 257 | USD | 67.8 | 25 105.52 | 0.38 |
| Pioneer Natural Resources Co. ........................  | Count | 370 | 350 | 210 | USD | 94.33 | 31 141.75 | 0.47 |
| Southern Copper Corp. ..............................  | Count | 243 | 129 | 119 | USD | 38.55 | 8 358.38 | 0.13 |
| Vale SA -ADR- .....................................  | Count | 4 103 | 1 081 | 4 908 | USD | 10.07 | 36 865.69 | 0.56 |
| Westrock Co.......................................  | Count | 883 | 61 | 284 | USD | 27.13 | 21 374.79 | 0.32 |
| Weyerhaeuser Co...................................  | Count | 2 575 | 174 |  | USD | 22.22 | 51 051.99 | 0.77 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 2 060 618.21 | 31.15 |
| Interest-bearing securities 0.00  % United States Treasury Bill 2019/2020 ..........  | USD | 334 000 | 313 800 | 30 700 | % | 99.996 | 298 003.91 | 4.51 |
| 0.00  % United States Treasury Bill 2019/2020 ..........  | USD | 90 700 | 90 700 |  | % | 99.986 | 80 916.61 | 1.22 |
| 0.00  % United States Treasury Bill 2019/2020 ..........  | USD | 14 100 | 7 800 | 3 900 | % | 99.934 | 12 572.62 | 0.19 |
| 0.00  % United States Treasury Bill 2020/2020 ..........  | USD | 89 900 | 89 900 |  | % | 99.97 | 80 189.74 | 1.21 |
| 0.00  % United States Treasury Bill 2020/2020 ..........  | USD | 45 800 | 45 800 |  | % | 99.96 | 40 848.96 | 0.62 |

| 0.00  % United States Treasury Bill 2020/2020 ..........  | USD | 478 300 | 540 200 | 61 900 | % | 100 | 426 765.94 | 6.45 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1.625 % United States Treasury Note/Bond 2019/2021 ....  | USD | 1 238 600 |  | 1 670 900 | % | 101.463 | 1 121 320.43 | 16.95 |
| Total securities portfolio |  |  |  |  |  |  | 4 564 587.11 | 69.01 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Swaps Receivables/payables |  |  |  |  |  |  | 38 644.32 | 0.58 |
| Commodity swaps Bloomberg Commodity Index / 0% 27/07/2020 (OTC) (GS) ..  | Count | 69 157 |  |  |  |  | 38 059.95 | 0.59 |
| DJ Aluminium Cap / 0.05% 27/07/2020 (OTC) (GS) ........  | Count | 24 000 |  |  |  |  | -239.51 | 0.00 |
| DJ BCOM Index / 0% 27/07/2020 (OTC) (GS) ............  | Count | 7 280 |  |  |  |  | 2 826.16 | 0.04 |
| DJ Coffee / 0.07% 27/07/2020 (OTC) (GS) ...............  | Count | 77 000 |  |  |  |  | -1 683.01 | -0.03 |
| DJ Copper / 0% 27/07/2020 (OTC) (GS) .................  | Count | 787 |  |  |  |  | 2 061.00 | 0.03 |
| DJ Corn Cap / 0% 27/07/2020 (OTC) (GS) ...............  | Count | 1 788 |  |  |  |  | 296.01 | 0.00 |
| DJ Gold / 0% 27/07/2020 (OTC) (GS) ...................  | Count | 1 758 |  |  |  |  | 2 519.37 | 0.04 |
| DJ Gold / 0.08% 27/07/2020 (OTC) (GS).................  | Count | 68 000 |  |  |  |  | -524.61 | -0.01 |
| DJ Heating Oil / 0% 27/07/2020 (OTC) (GS) ..............  | Count | 32 000 |  |  |  |  | -59.21 | 0.00 |
| DJ Kan Wheat / 0.18% 27/07/2020 (OTC) (GS) ...........  | Count | 3 642 |  |  |  |  | 178.41 | 0.00 |
| DJ Lean Hogs Cap / 0% 27/07/2020 (OTC) (GS) ..........  | Count | 151 |  |  |  |  | -111.78 | 0.00 |
| DJ Live Cat. Cap / 0% 27/07/2020 (OTC) (GS) ............  | Count | 581 |  |  |  |  | 256.45 | 0.00 |
| DJ Natural Gas / 0.1% 27/07/2020 (OTC) (GS) ............  | Count | 567 |  |  |  |  | -148.20 | 0.00 |
| DJ Natural Gas / 0.04% 27/07/2020 (OTC) (GS) ...........  | Count | 93 000 |  |  |  |  | -1 287.70 | -0.02 |
| DJ Nickel / 0% 27/07/2020 (OTC) (GS) ..................  | Count | 592 |  |  |  |  | 52.38 | 0.00 |
| DJ Silver / 0.06% 27/07/2020 (OTC) (GS) ................  | Count | 61 000 |  |  |  |  | -759.15 | -0.01 |
| DJ Soybeans / 0% 27/07/2020 (OTC) (GS) ...............  | Count | 1 714 |  |  |  |  | 975.24 | 0.01 |
| DJ Soybeans / 0% 27/07/2020 (OTC) (GS) ...............  | Count | 82 000 |  |  |  |  | -264.67 | 0.00 |
| DJ Soybeans / 0% 27/07/2020 (OTC) (UBS) ..............  | Count | 2 879 |  |  |  |  | 206.62 | 0.00 |
| DJ Sugar / 0% 27/07/2020 (OTC) (GS) ..................  | Count | 26 000 |  |  |  |  | 84.33 | 0.00 |
| DJ Wheat / 0.07% 27/07/2020 (OTC) (GS) ...............  | Count | 324 000 |  |  |  |  | -19.53 | 0.00 |
| DJ WTI Crude Oil / 0.04% 27/07/2020 (OTC) (GS) .........  | Count | 204 000 |  |  |  |  | -2 101.14 | -0.03 |
| DJ Zinc / 0% 27/07/2020 (OTC) (GS) ...................  Goldman Sachs Overweight Equal Weight Index / 0% 27/07/2020 (OTC) (GS) ..............................  | Count Count | 106 000 62 100 |  |  |  |  | -1 679.71 -279.98 | -0.03 0.00 |
| Goldman Sachs Overweight Gasoil Index / 0% 27/07/2020 (OTC) (GS) ........................................  | Count | 681 |  |  |  |  | 286.60 | 0.00 |
| Cash at bank |  |  |  |  |  |  | 1 960 871.54 | 29.66 |
| Demand deposits at Depositary EUR deposits......................................  |  | EUR |  |  |  |  | 169 641.01 | 2.57 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 4 305 |  |  |  |  | 4 724.88 | 0.07 |
| Norwegian krone ...................................  | NOK | 344 395 |  |  |  |  | 31 652.48 | 0.48 |
| Swedish krona.....................................  | SEK | 20 465 |  |  |  |  | 1 953.47 | 0.03 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 107 569 |  |  |  |  | 65 909.29 | 1.00 |
| Hong Kong dollar ..................................  | HKD | 43 603 |  |  |  |  | 5 019.82 | 0.08 |
| Israeli shekel ......................................  | ILS | 115 262 |  |  |  |  | 29 644.28 | 0.45 |
| Japanese yen .....................................  | JPY | 327 574 |  |  |  |  | 2 713.72 | 0.04 |
| Canadian dollar ....................................  | CAD | 4 268 |  |  |  |  | 2 785.61 | 0.04 |
| Swiss franc .......................................  | CHF | 1 167 |  |  |  |  | 1 095.62 | 0.02 |
| Singapore dollar ...................................  | SGD | 2 800 |  |  |  |  | 1 789.43 | 0.03 |
| South African rand..................................  | ZAR | 45 505 |  |  |  |  | 2 336.17 | 0.04 |
| South Korean won..................................  | KRW | 6 660 371 |  |  |  |  | 4 940.58 | 0.07 |
| U.S. dollar ........................................  | USD | 134 409 |  |  |  |  | 119 927.66 | 1.82 |
| Time deposits USD deposits (Citigroup Global Markets Europe AG, Zurich) . | USD |  |  |  |  |  | 178 447.90 | 2.70 |
| USD deposits (UBS AG, Zurich) .......................  | USD |  |  |  |  |  | 446 105.46 | 6.74 |
| USD deposits (UBS AG, Zurich) .......................  | USD |  |  |  |  |  | 446 097.43 | 6.74 |
| USD deposits (UBS AG, Zurich) .......................  | USD |  |  |  |  |  | 446 086.73 | 6.74 |
| Other assets |  |  |  |  |  |  | 126 538.10 | 1.91 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 8 791.02 | 0.13 |
| Interest receivable .................................  |  |  |  |  |  |  | 48.80 | 0.00 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 117 698.28 | 1.78 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 4 424.86 | 0.07 |
| Total assets * |  |  |  |  |  |  | 6 704 224.13 | 101.36 |
| Other liabilities |  |  |  |  |  |  | -66 307.93 | -1.00 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -66 307.93 | -1.00 |

| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period | Currency | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Liabilities from share certificate transactions | -14 787.11 | -0.22 |
| Total liabilities | -90 253.24 | -1.36 |
| Net assets Negligible rounding errors may have arisen due to the rounding of calculated percentages. | 6 613 970.89 | 100.00 |

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 | 64.79 |
| Class LC .........................................  | EUR | 61.87 |
| Class NC .........................................  | EUR | 60.64 |
| Class USD FC .....................................  | USD | 64.71 |
| Class USD LC .....................................  | USD | 61.97 |
| Number of shares outstanding Class FC .........................................  | Count | 1 936.086 |
| Class LC .........................................  | Count | 75 743.871 |
| Class NC .........................................  | Count | 28 662.527 |
| Class USD FC .....................................  | Count | 30.973 |
| Class USD LC .....................................  | Count | 1 123.283 |

Composition of the reference portfolio (according to CSSF circular 11/512) Bloomberg Commodity Index Total Return in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 97.943 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 163.463 |
| Average market risk exposure ........................  | % | 125.065 |

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 1.0, 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 6 423 691.11 as of the reporting date.
 Market abbreviations	 Contracting parties for derivatives (with the exception of forward currency transactions)
GS = Goldman Sachs International UBS = 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 |
| British pound ...................  | GBP | 0.911178 | = | EUR | 1 |
| Hong Kong dollar ................  | HKD | 8.686201 | = | EUR | 1 |
| Israeli shekel ....................  | ILS | 3.888160 | = | 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 |
| U.S. dollar ......................  | USD | 1.120750 | = | EUR | 1 |
| South African rand................  | ZAR | 19.478627 | = | 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.
 Footnote	
* Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2020-06-30):
# DWS Invest Global Commodities Blend
DWS INVEST GLOBAL COMMODITIES BLEND

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0982743675 | -22,3% |
| Klasse FC | LU0982743832 | -21,9% |
| Klasse NC | LU0982743758 | -22,4% |
| Klasse USD FC 1) | LU1205724070 | -21,9% |
| Klasse USD LC 1) | LU1205730390 | -22,3% |


##### Bloomberg Commodity Index	-20,0% Total Return
1) 
in USD
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2020
DWS Invest Global Commodities Blend
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Dauerhafte Konsumgüter | 177 233,65 | 2,66 |
| Energie | 798 704,61 | 12,09 |
| Finanzsektor | 51 051,99 | 0,77 |
| Grundstoffe | 1 392 679,20 | 21,05 |
| Industrien | 84 299,45 | 1,28 |
| Summe Aktien | 2 503 968,90 | 37,85 |
| 2. Anleihen (Emittenten) Zentralregierungen | 2 060 618,21 | 31,15 |
| Summe Anleihen | 2 060 618,21 | 31,15 |
| 3. Derivate | 38 644,32 | 0,58 |
| 4. Bankguthaben | 1 960 871,54 | 29,66 |
| 5. Sonstige Vermögensgegenstände | 126 538,10 | 1,91 |
| 6. Forderungen aus Anteilscheingeschäften | 4 424,86 | 0,07 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -66 307,93 | - 1,00 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -14 787,11 | - 0,22 |
|  |  |  |
| III. Fondsvermögen | 6 613 970,89 | 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 |  |  |  |  |  |  | 2 503 968,90 | 37,86 |
| Aktien BHP Billiton Ltd ...................................  | Stück | 6 565 | 2 283 | 5 340 | AUD | 35,82 | 144 085,00 | 2,18 |
| Fortescue Metals Group Ltd .........................  | Stück | 7 950 | 7 547 | 3 517 | AUD | 13,85 | 67 464,51 | 1,02 |
| Rio Tinto Ltd ......................................  | Stück | 1 034 | 591 | 468 | AUD | 97,96 | 62 062,29 | 0,94 |
| Agnico Eagle Mines Ltd .............................  | Stück | 633 | 1 281 | 1 394 | CAD | 85,1 | 35 156,73 | 0,53 |
| Barrick Gold Corp. .................................  | Stück | 3 278 | 3 011 | 1 892 | CAD | 35,67 | 76 311,03 | 1,15 |
| Canadian Natural Resources Ltd ......................  | Stück | 1 943 | 2 079 | 1 876 | CAD | 23,29 | 29 533,68 | 0,45 |
| Franco-Nevada Corp. ...............................  | Stück | 349 | 144 | 628 | CAD | 188,86 | 43 017,05 | 0,65 |
| Kirkland Lake Gold Ltd ..............................  | Stück | 1 546 | 1 758 | 212 | CAD | 53,38 | 53 859,62 | 0,81 |
| Nutrien Ltd  ......................................  | Stück | 3 776 | 1 108 | 1 564 | CAD | 44,17 | 108 851,56 | 1,65 |
| Suncor Energy, Inc. ................................  | Stück | 1 288 | 581 | 162 | CAD | 22,53 | 18 938,79 | 0,29 |
| Wheaton Precious Metals Corp. ......................  | Stück | 811 | 976 | 165 | CAD | 57,98 | 30 688,41 | 0,46 |
| ArcelorMittal ......................................  | Stück | 2 410 | 2 217 | 1 488 | EUR | 9,157 | 22 068,37 | 0,33 |
| Neste Oyj ........................................  | Stück | 640 | 750 | 110 | EUR | 34,47 | 22 060,80 | 0,33 |
| OCI NV ..........................................  | Stück | 775 | 533 | 955 | EUR | 9,195 | 7 126,13 | 0,11 |
| Smurfit Kappa Group PLC ...........................  | Stück | 1 369 | 533 | 188 | EUR | 29,08 | 39 810,52 | 0,60 |
| Stora Enso Oyj -R- .................................  | Stück | 1 220 | 27 | 236 | EUR | 10,48 | 12 785,60 | 0,19 |
| Total SA .........................................  | Stück | 4 085 | 2 531 | 557 | EUR | 33,81 | 138 113,85 | 2,09 |
| UPM-Kymmene Oyj ................................  | Stück | 2 716 | 52 | 379 | EUR | 25,67 | 69 719,72 | 1,05 |
| Anglo American PLC ...............................  | Stück | 1 517 | 166 | 2 770 | GBP | 18,522 | 30 836,85 | 0,47 |
| BP PLC ..........................................  | Stück | 26 287 | 17 681 | 7 206 | GBP | 3,057 | 88 198,56 | 1,33 |
| DS Smith PLC ....................................  | Stück | 6 303 | 122 | 4 586 | GBP | 3,325 | 23 000,41 | 0,35 |
| Glencore International PLC ..........................  | Stück | 15 666 | 1 370 | 6 002 | GBP | 1,684 | 28 960,09 | 0,44 |
| Mondi PLC .......................................  | Stück | 3 624 | 67 | 615 | GBP | 15,015 | 59 718,67 | 0,90 |
| Royal Dutch Shell PLC ..............................  | Stück | 2 995 | 4 458 | 7 660 | GBP | 12,82 | 42 138,73 | 0,64 |
| CNOOC Ltd ......................................  | Stück | 21 908 | 26 057 | 4 149 | HKD | 8,62 | 21 741,03 | 0,33 |
| Nine Dragons Paper Holdings Ltd .....................  | Stück | 10 016 | 16 | 1 000 | HKD | 7,01 | 8 083,18 | 0,12 |
| Maruichi Steel Tube Ltd ............................  | Stück | 100 |  |  | JPY | 2 679 | 2 219,36 | 0,03 |
| OJI Paper Co., Ltd .................................  | Stück | 5 965 | 110 | 800 | JPY | 501 | 24 757,33 | 0,37 |
| Korea Zinc Co., Ltd .................................  | Stück | 48 | 4 | 79 | KRW | 335 000 | 11 927,96 | 0,18 |
| Equinor ASA ......................................  | Stück | 1 835 | 879 | 678 | NOK | 136,5 | 23 020,74 | 0,35 |
| Yara International ASA ..............................  | Stück | 1 186 | 1 492 | 635 | NOK | 333,6 | 36 363,13 | 0,55 |
| Svenska Cellulosa AB SCA ...........................  | Stück | 3 593 | 67 | 379 | SEK | 109,95 | 37 709,09 | 0,57 |
| Wilmar International Ltd .............................  | Stück | 12 201 | 4 808 | 3 907 | SGD | 4,09 | 31 890,59 | 0,48 |
| Amcor PLC  ......................................  | Stück | 4 373 | 339 | 434 | USD | 9,91 | 38 667,36 | 0,58 |
| Archer-Daniels-Midland Co. ..........................  | Stück | 1 318 | 1 102 | 761 | USD | 39,51 | 46 463,71 | 0,70 |
| Avery Dennison Corp. ..............................  | Stück | 167 | 16 |  | USD | 112,73 | 16 797,61 | 0,25 |
| Baker Hughes Co. .................................  | Stück | 907 | 907 | 982 | USD | 14,73 | 11 920,69 | 0,18 |
| Ball Corp. ........................................  | Stück | 83 | 85 | 2 | USD | 68,64 | 5 083,31 | 0,08 |
| Bunge Ltd ........................................  | Stück | 716 | 347 | 519 | USD | 40,46 | 25 848,20 | 0,39 |
| CF Industries Holdings, Inc. ..........................  | Stück | 863 | 858 | 383 | USD | 27,16 | 20 913,75 | 0,32 |
| Chevron Corp. ....................................  | Stück | 1 121 | 772 | 375 | USD | 86,68 | 86 699,37 | 1,31 |
| ConocoPhillips ....................................  | Stück | 528 | 552 | 1 285 | USD | 40,33 | 19 000,00 | 0,29 |
| Corteva, Inc. .....................................  | Stück | 1 982 | 275 | 739 | USD | 26,4 | 46 687,33 | 0,71 |
| Crown Holdings, Inc. ...............................  | Stück | 97 | 97 |  | USD | 65,08 | 5 632,62 | 0,09 |
| Exxon Mobil Corp. .................................  | Stück | 2 374 | 2 439 | 707 | USD | 43,38 | 91 888,61 | 1,39 |
| FMC Corp. .......................................  | Stück | 399 | 423 | 24 | USD | 97,51 | 34 714,70 | 0,52 |
| Freeport-McMoRan, Inc. ............................  | Stück | 4 109 | 4 437 | 3 065 | USD | 11,175 | 40 970,87 | 0,62 |
| Gazprom PJSC -ADR- ...............................  | Stück | 8 538 | 6 579 | 8 620 | USD | 5,42 | 41 290,19 | 0,62 |
| Halliburton Co. ....................................  | Stück | 320 | 320 |  | USD | 12,26 | 3 500,51 | 0,05 |
| Ingredion, Inc. .....................................         | Stück | 241 | 207 | 251 | USD | 81,69 | 17 566,18 | 0,27 |
| International Paper Co. ..............................  | Stück | 1 179 | 90 | 323 | USD | 34,52 | 36 314,16 | 0,55 |
| Lukoil PJSC -ADR- .................................  | Stück | 846 | 344 | 492 | USD | 75,07 | 56 666,74 | 0,86 |
| Marathon Petroleum Corp. ...........................  | Stück | 527 | 799 | 802 | USD | 34,95 | 16 434,22 | 0,25 |
| MMC Norilsk Nickel PJSC -ADR- ......................  | Stück | 2 221 | 693 | 998 | USD | 26,41 | 52 336,95 | 0,79 |
| MMC Norilsk Nickel PJSC -ADR-  .....................  | Stück | 127 | 127 |  | USD | 26,38 | 2 989,30 | 0,05 |
| Newmont Mining Corp. .............................  | Stück | 1 668 | 567 | 2 220 | USD | 59,81 | 89 014,61 | 1,35 |
| Novatek PJSC -GDR- ...............................  | Stück | 76 | 32 | 3 | USD | 142,8 | 9 683,52 | 0,15 |
| Novolipetsk Steel PJSC -GDR-  .......................  | Stück | 685 | 313 | 230 | USD | 19,88 | 12 150,62 | 0,18 |
| Occidental Petroleum Corp. ..........................  | Stück | 471 | 763 | 292 | USD | 17,45 | 7 333,44 | 0,11 |
| Packaging Corporation of America .....................  | Stück | 311 | 22 | 109 | USD | 97,26 | 26 988,96 | 0,41 |
| Petroleo Brasileiro SA -ADR- .........................  | Stück | 1 995 | 2 698 | 2 032 | USD | 8,03 | 14 293,87 | 0,22 |
| Phillips 66 ........................................  | Stück | 415 | 503 | 257 | USD | 67,8 | 25 105,52 | 0,38 |
| Pioneer Natural Resources Co. .......................  | Stück | 370 | 350 | 210 | USD | 94,33 | 31 141,75 | 0,47 |
| Southern Copper Corp. .............................  | Stück | 243 | 129 | 119 | USD | 38,55 | 8 358,38 | 0,13 |
| Vale SA -ADR- ....................................  | Stück | 4 103 | 1 081 | 4 908 | USD | 10,07 | 36 865,69 | 0,56 |
| Westrock Co. .....................................  | Stück | 883 | 61 | 284 | USD | 27,13 | 21 374,79 | 0,32 |
| Weyerhaeuser Co. .................................  | Stück | 2 575 | 174 |  | USD | 22,22 | 51 051,99 | 0,77 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	2 060 618,21	31,15
| Verzinsliche Wertpapiere |  |
| --- | --- |
| 0,00  % United States Treasury Bill 2019/2020	USD | 334 000 | 313 800 | 30 700 | % | 99,996 | 298 003,91 | 4,51 |
| 0,00  % United States Treasury Bill 2019/2020	USD | 90 700 | 90 700 |  | % | 99,986 | 80 916,61 | 1,22 |
| 0,00  % United States Treasury Bill 2019/2020	USD | 14 100 | 7 800 | 3 900 | % | 99,934 | 12 572,62 | 0,19 |
| 0,00  % United States Treasury Bill 2020/2020	USD | 89 900 | 89 900 |  | % | 99,97 | 80 189,74 | 1,21 |
| 0,00  % United States Treasury Bill 2020/2020	USD | 45 800 | 45 800 |  | % | 99,96 | 40 848,96 | 0,62 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 0,00  % United States Treasury Bill 2020/2020	USD | 478 300 | 540 200 | 61 900 | % | 100 | 426 765,94 | 6,45 |
| 1,625 % United States Treasury Note/Bond 2019/2021 ...	USD | 1 238 600 |  | 1 670 900 | % | 101,463 | 1 121 320,43 | 16,95 |
| Summe Wertpapiervermögen |  |  |  |  |  | 4 564 587,11 | 69,01 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |
| Swaps Forderungen/Verbindlichkeiten | 38 644,32 | 0,58 |
| Commodity Swaps Bloomberg Commodity Index / 0% 27/07/2020 (OTC) (GS) .	Stück	69 157 | 38 059,95 | 0,59 |
| DJ Aluminium Cap / 0.05% 27/07/2020 (OTC) (GS) .......	Stück	24 000 | -239,51 | 0,00 |
| DJ BCOM Index / 0% 27/07/2020 (OTC) (GS) ............	Stück	7 280 | 2 826,16 | 0,04 |
| DJ Coffee / 0.07% 27/07/2020 (OTC) (GS) ..............	Stück	77 000 | -1 683,01 | -0,03 |
| DJ Copper / 0% 27/07/2020 (OTC) (GS) ................	Stück	787 | 2 061,00 | 0,03 |
| DJ Corn Cap / 0% 27/07/2020 (OTC) (GS) ...............	Stück	1 788 | 296,01 | 0,00 |
| DJ Gold / 0% 27/07/2020 (OTC) (GS) ..................	Stück	1 758 | 2 519,37 | 0,04 |
| DJ Gold / 0.08% 27/07/2020 (OTC) (GS) ................	Stück	68 000 | -524,61 | -0,01 |
| DJ Heating Oil / 0% 27/07/2020 (OTC) (GS) .............	Stück	32 000 | -59,21 | 0,00 |
| DJ Kan Wheat / 0.18% 27/07/2020 (OTC) (GS) ...........	Stück	3 642 | 178,41 | 0,00 |
| DJ Lean Hogs Cap / 0% 27/07/2020 (OTC) (GS) ..........	Stück	151 | -111,78 | 0,00 |
| DJ Live Cat. Cap / 0% 27/07/2020 (OTC) (GS) ...........	Stück	581 | 256,45 | 0,00 |
| DJ Natural Gas / 0.1% 27/07/2020 (OTC) (GS) ...........	Stück	567 | -148,20 | 0,00 |
| DJ Natural Gas / 0.04% 27/07/2020 (OTC) (GS) ..........	Stück	93 000 | -1 287,70 | -0,02 |
| DJ Nickel / 0% 27/07/2020 (OTC) (GS) .................	Stück	592 | 52,38 | 0,00 |
| DJ Silver / 0.06% 27/07/2020 (OTC) (GS) ...............	Stück	61 000 | -759,15 | -0,01 |
| DJ Soybeans / 0% 27/07/2020 (OTC) (GS) ..............	Stück	1 714 | 975,24 | 0,01 |
| DJ Soybeans / 0% 27/07/2020 (OTC) (GS) ..............	Stück	82 000 | -264,67 | 0,00 |
| DJ Soybeans / 0% 27/07/2020 (OTC) (UBS) .............	Stück	2 879 | 206,62 | 0,00 |
| DJ Sugar / 0% 27/07/2020 (OTC) (GS) ..................	Stück	26 000 | 84,33 | 0,00 |
| DJ Wheat / 0.07% 27/07/2020 (OTC) (GS) ..............	Stück	324 000 | -19,53 | 0,00 |
| DJ WTI Crude Oil / 0.04% 27/07/2020 (OTC) (GS) ........	Stück	204 000 | -2 101,14 | -0,03 |
| DJ Zinc / 0% 27/07/2020 (OTC) (GS) ...................	Stück	106 000 Goldman Sachs Overweight Equal Weight Index / 0% 27/07/2020 (OTC) (GS) ..............................	Stück	62 100 | -1 679,71 -279,98 | -0,03 0,00 |
| Goldman Sachs Overweight Gasoil Index / 0% 27/07/2020 (OTC) (GS) .......................................	Stück	681 | 286,60 | 0,00 |
| Bankguthaben | 1 960 871,54 | 29,66 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................	EUR | 169 641,01 | 2,57 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |
| Britisches Pfund ...................................	GBP	4 305 | 4 724,88 | 0,07 |
| Norwegische Kronen ...............................	NOK	344 395 | 31 652,48 | 0,48 |
| Schwedische Kronen ...............................	SEK	20 465 | 1 953,47 | 0,03 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |
| Australischer Dollar ................................	AUD	107 569 | 65 909,29 | 1,00 |
| Hongkong Dollar ...................................	HKD	43 603 | 5 019,82 | 0,08 |
| Israelischer Schekel ................................	ILS	115 262 | 29 644,28 | 0,45 |
| Japanischer Yen ...................................	JPY	327 574 | 2 713,72 | 0,04 |
| Kanadischer Dollar .................................	CAD	4 268 | 2 785,61 | 0,04 |
| Schweizer Franken .................................	CHF	1 167 | 1 095,62 | 0,02 |
| Singapur Dollar ....................................	SGD	2 800 | 1 789,43 | 0,03 |
| Südafrikanischer Rand ..............................	ZAR	45 505 | 2 336,17 | 0,04 |
| Südkoreanischer Won ..............................	KRW	6 660 371 | 4 940,58 | 0,07 |
| US-Dollar ........................................	USD	134 409 | 119 927,66 | 1,82 |
| Termingelder USD - Guthaben (Citigroup Global Markets Europe AG, Zürich)  USD | 178 447,90 | 2,70 |
| USD - Guthaben (UBS AG, Zürich)	USD | 446 105,46 | 6,74 |
| USD - Guthaben (UBS AG, Zürich)	USD | 446 097,43 | 6,74 |
| USD - Guthaben (UBS AG, Zürich)	USD | 446 086,73 | 6,74 |
| Sonstige Vermögensgegenstände | 126 538,10 | 1,91 |
| Dividenden- / Ausschüttungsansprüche .................  | 8 791,02 | 0,13 |
| Zinsansprüche ....................................  | 48,80 | 0,00 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  | 117 698,28 | 1,78 |
| Forderungen aus Anteilscheingeschäften | 4 424,86 | 0,07 |
| Summe der Vermögensgegenstände * | 6 704 224,13 | 101,36 |
| Sonstige Verbindlichkeiten | -66 307,93 | -1,00 |
| Verbindlichkeiten aus Kostenpositionen ................  | -66 307,93 | -1,00 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Verbindlichkeiten aus Anteilscheingeschäften | -14 787,11 | -0,22 |
| Summe der Verbindlichkeiten | -90 253,24 | -1,36 |
| Fondsvermögen Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | 6 613 970,89 | 100,00 |

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 | 64,79 |
| Klasse LC ........................................  | EUR | 61,87 |
| Klasse NC ........................................  | EUR | 60,64 |
| Klasse USD FC ....................................  | USD | 64,71 |
| Klasse USD LC ....................................  | USD | 61,97 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 1 936,086 |
| Klasse LC ........................................  | Stück | 75 743,871 |
| Klasse NC ........................................  | Stück | 28 662,527 |
| Klasse USD FC ....................................  | Stück | 30,973 |
| Klasse USD LC ....................................  | Stück | 1 123,283 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) Bloomberg Commodity Index Total Return in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 97,943 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 163,463 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 125,065 |

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 1,0, 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 6 423 691,11.
 Marktschlüssel	 Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
GS = Goldman Sachs International UBS = 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 |
| Britisches Pfund .................  | GBP | 0,911178 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,686201 | = | EUR | 1 |
| Israelischer Schekel ..............  | ILS | 3,888160 | = | 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 |
| US-Dollar ......................  | USD | 1,120750 | = | EUR | 1 |
| Südafrikanischer Rand ............  | ZAR | 19,478627 | = | 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.
 Fußnote	
* Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.