# DWS Invest Qi LowVol World
DWS INVEST QI LOWVOL WORLD

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU1230072479 | -4.5% |
| Class FC | LU1230072396 | -4.2% |
| Class FC EB | LU1236797764 | -4.1% |
| Class FCH (P) EB | LU1236813124 | -4.2% |
| Class FD | LU1342482624 | -4.2% |
| Class LD | LU1230072552 | -4.5% |
| Class ND | LU1230072636 | -4.8% |
| Class TFC | LU1663932306 | -4.2% |
| Class TFD | LU1663932488 | -4.2% |
| Class USD LC 1 | LU1230072719 | -4.5% |

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”.
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 10 157 250.57 | 9.66 |
| Telecommunication Services | 13 592 465.23 | 12.92 |
| Consumer Discretionaries | 30 838 744.55 | 29.31 |
| Energy | 321 191.46 | 0.31 |
| Consumer Staples | 9 190 505.67 | 8.74 |
| Financials | 14 863 450.74 | 14.11 |
| Basic Materials | 8 191 969.09 | 7.78 |
| Industrials | 7 092 992.93 | 6.74 |
| Utilities | 8 703 779.40 | 8.27 |
| Total equities | 102 952 349.64 | 97.84 |
| 2. Derivativess | -8 543.73 | - 0.01 |
| 3. Cash at bank | 2 241 781.05 | 2.13 |
| 4. Other assets | 148 403.01 | 0.14 |
| 5. Receivables from share certificate transactions | 174 580.09 | 0.17 |
| II. Liabilities |  |  |
| 1. Other liabilities | -188 017.45 | - 0.18 |
| 2. Liabilities from share certificate transactions | -94 573.38 | - 0.09 |
|  |  |  |
| III. Net assets | 105 225 979.23 | 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 |  |  |  |  |  |  | 102 723 076.61 | 97.62 |
| Equities Goodman Group ...................................  | Count | 43 158 | 43 158 |  | AUD | 14.85 | 392 686.74 | 0.37 |
| Agnico Eagle Mines Ltd .............................  | Count | 14 781 |  | 9 932 | CAD | 85.1 | 820 934.74 | 0.78 |
| BCE, Inc. .........................................  | Count | 22 470 |  | 2 535 | CAD | 56.62 | 830 325.15 | 0.79 |
| Franco-Nevada Corp. ................................  | Count | 9 416 |  | 11 616 | CAD | 188.86 | 1 160 597.66 | 1.10 |
| Intact Financial Corp. ................................  | Count | 3 099 |  | 170 | CAD | 128.33 | 259 552.39 | 0.25 |
| Kirkland Lake Gold Ltd ..............................  | Count | 8 893 | 8 893 |  | CAD | 53.38 | 309 814.77 | 0.29 |
| Rogers Communications, Inc. .........................  | Count | 8 560 |  | 470 | CAD | 54.85 | 306 426.03 | 0.29 |
| Wheaton Precious Metals Corp. .......................  | Count | 17 470 |  | 15 511 | CAD | 57.98 | 661 068.36 | 0.63 |
| Chocoladefabriken Lindt & Spruengli AG ................  | Count | 12 |  | 2 | CHF | 80 800 | 910 620.81 | 0.87 |
| Geberit AG........................................  | Count | 1 427 |  | 844 | CHF | 472.8 | 633 645.57 | 0.60 |
| Givaudan SA ......................................  | Count | 353 | 392 | 39 | CHF | 3 525 | 1 168 634.73 | 1.11 |
| Nestle SA ........................................  | Count | 8 397 |  | 9 446 | CHF | 105.06 | 828 526.71 | 0.79 |
| Partners Group Holding AG...........................  | Count | 700 |  | 78 | CHF | 854.8 | 561 962.73 | 0.53 |
| Roche Holding AG ..................................  | Count | 4 361 | 4 853 | 492 | CHF | 327.65 | 1 341 965.10 | 1.28 |
| SGS SA ..........................................  | Count | 182 |  | 20 | CHF | 2 303 | 393 650.03 | 0.37 |
| SwissCom AG .....................................  | Count | 1 504 |  | 170 | CHF | 497 | 702 019.52 | 0.67 |
| Coloplast A/S ......................................  | Count | 7 199 | 2 483 | 532 | DKK | 1 029.5 | 994 453.84 | 0.94 |
| Novo Nordisk A/S ..................................  | Count | 11 519 |  | 1 299 | DKK | 429.95 | 664 536.50 | 0.63 |
| Aena SME SA .....................................  | Count | 7 018 | 1 928 | 790 | EUR | 119.2 | 836 545.60 | 0.79 |
| Aroundtown SA ....................................  | Count | 90 788 |  | 10 246 | EUR | 5.104 | 463 381.95 | 0.44 |
| Bankinter SA ......................................  | Count | 66 909 |  | 3 675 | EUR | 4.17 | 279 010.53 | 0.26 |
| Beiersdorf AG .....................................  | Count | 4 755 |  | 536 | EUR | 101.45 | 482 394.75 | 0.46 |
| Colruyt SA ........................................  | Count | 13 740 |  | 1 549 | EUR | 49.18 | 675 733.20 | 0.64 |
| Deutsche Telekom AG ..............................  | Count | 61 486 |  | 6 938 | EUR | 14.93 | 917 985.98 | 0.87 |
| Deutsche Wohnen AG ..............................  | Count | 17 049 | 18 971 | 1 922 | EUR | 39.88 | 679 914.12 | 0.65 |
| Elisa Oyj..........................................  | Count | 21 476 | 7 491 | 1 577 | EUR | 54.28 | 1 165 717.28 | 1.11 |
| Erste Group Bank AG ...............................  | Count | 14 517 |  | 1 637 | EUR | 20.55 | 298 324.35 | 0.28 |
| Ferrari NV ........................................  | Count | 3 559 | 3 559 |  | EUR | 150.4 | 535 273.60 | 0.51 |
| Hermes International................................  | Count | 1 856 |  | 708 | EUR | 740.2 | 1 373 811.20 | 1.31 |
| Iberdrola SA.......................................  | Count | 34 573 |  | 1 899 | EUR | 10.37 | 358 522.01 | 0.34 |
| KBC Groep NV.....................................  | Count | 5 847 |  | 321 | EUR | 50.26 | 293 870.22 | 0.28 |
| Neste Oyj ........................................  | Count | 9 318 |  | 512 | EUR | 34.47 | 321 191.46 | 0.31 |
| Orange SA ........................................  | Count | 44 031 |  | 4 969 | EUR | 10.64 | 468 489.84 | 0.45 |
| Proximus NV ......................................  | Count | 30 161 |  | 3 402 | EUR | 18.17 | 548 025.37 | 0.52 |
| SAP SE ..........................................  | Count | 1 909 |  | 4 191 | EUR | 123.04 | 234 883.36 | 0.22 |
| Snam SpA ........................................  | Count | 181 122 |  | 23 805 | EUR | 4.379 | 793 133.24 | 0.75 |
| Telenet Group Holding NV ...........................  | Count | 13 860 |  | 1 563 | EUR | 36.44 | 505 058.40 | 0.48 |
| Terna Rete Elettrica Nazionale SpA.....................  | Count | 136 293 | 41 944 | 15 382 | EUR | 6.164 | 840 110.05 | 0.80 |
| Unilever NV .......................................  | Count | 9 831 | 10 940 | 1 109 | EUR | 47.43 | 466 284.33 | 0.44 |
| Admiral Group PLC .................................  | Count | 19 498 |  | 2 576 | GBP | 23.07 | 493 667.19 | 0.47 |
| Auto Trader Group PLC ..............................  | Count | 99 247 | 61 874 | 2 053 | GBP | 5.248 | 571 620.54 | 0.54 |
| Barrick Gold Corp. ..................................  | Count | 78 594 |  | 8 870 | GBP | 21.006 | 1 811 879.69 | 1.72 |
| Berkeley Group Holdings PLC.........................  | Count | 4 712 |  | 259 | GBP | 41.37 | 213 937.74 | 0.20 |
| Direct Line Insurance Group PLC ......................  | Count | 54 361 |  | 2 986 | GBP | 2.704 | 161 320.93 | 0.15 |
| GlaxoSmithKline PLC................................  | Count | 45 936 |  | 5 184 | GBP | 16.304 | 821 947.25 | 0.78 |
| Legal & General Group PLC ..........................  | Count | 64 012 |  | 3 516 | GBP | 2.192 | 153 992.13 | 0.15 |
| HKT Trust & HKT Ltd................................  | Count | 267 000 |  | 15 000 | HKD | 11.34 | 348 573.55 | 0.33 |
| MTR Corp., Ltd ....................................  | Count | 100 |  | 110 500 | HKD | 40.15 | 462.23 | 0.00 |
| Chugai Pharmaceutical Co., Ltd .......................  | Count | 9 900 | 9 900 |  | JPY | 5 765 | 472 813.71 | 0.45 |
| ITOCHU Corp. .....................................  | Count | 24 500 | 27 200 | 2 700 | JPY | 2 321.5 | 471 183.78 | 0.45 |
| MS&AD Insurance Group Holdings, Inc..................  | Count | 16 400 |  | 1 800 | JPY | 2 961 | 402 288.68 | 0.38 |
| NEC Corp. ........................................  | Count | 10 000 | 10 000 |  | JPY | 5 170 | 428 298.05 | 0.41 |
| NTT DOCOMO, Inc. ................................  | Count | 55 200 |  | 6 200 | JPY | 2 882 | 1 317 918.68 | 1.25 |
| Obayashi Corp. ....................................  | Count | 46 100 | 46 100 |  | JPY | 1 008 | 384 961.25 | 0.37 |
| Oracle Corp. Japan .................................  | Count | 10 000 | 10 600 | 600 | JPY | 12 720 | 1 053 762.33 | 1.00 |
| Oriental Land Co., Ltd/Japan..........................  | Count | 3 900 |  | 3 700 | JPY | 14 240 | 460 076.61 | 0.44 |
| Osaka Gas Co., Ltd .................................  | Count | 26 700 |  | 1 500 | JPY | 2 128 | 470 693.76 | 0.45 |
| Otsuka Corp. ......................................  | Count | 12 300 | 12 300 |  | JPY | 5 680 | 578 773.99 | 0.55 |
| Secom Co., Ltd ....................................  | Count | 6 000 | 6 000 |  | JPY | 9 423 | 468 377.47 | 0.44 |
| Shimano, Inc.......................................  | Count | 3 600 | 2 200 | 100 | JPY | 20 750 | 618 836.84 | 0.59 |
| Toho Co., Ltd/Tokyo ................................  | Count | 12 400 | 13 100 | 700 | JPY | 3 895 | 400 114.88 | 0.38 |
| Toyo Suisan Kaisha Ltd ..............................  | Count | 19 200 |  | 2 200 | JPY | 6 030 | 959 122.55 | 0.91 |
| Orkla ASA ........................................  | Count | 56 889 |  | 6 421 | NOK | 84.18 | 440 136.81 | 0.42 |
| Telenor ASA ......................................  | Count | 27 490 |  | 1 510 | NOK | 139.95 | 353 588.49 | 0.34 |
| Auckland International Airport Ltd......................  | Count | 80 638 |  | 4 429 | NZD | 6.57 | 302 866.50 | 0.29 |
| Spark New Zealand Ltd ..............................  | Count | 162 830 |  | 18 376 | NZD | 4.56 | 424 468.42 | 0.40 |
| Assa-Abloy AB.....................................  | Count | 24 328 | 17 796 |  | SEK | 189.05 | 439 012.33 | 0.42 |
| Singapore Exchange Ltd .............................  | Count | 120 600 |  | 13 600 | SGD | 8.34 | 642 772.29 | 0.61 |
| Accenture PLC ....................................  | Count | 5 000 | 5 000 |  | USD | 212.8 | 949 364.64 | 0.90 |
| Adobe Systems, Inc. ................................  | Count | 2 000 | 2 000 |  | USD | 429.77 | 766 933.16 | 0.73 |
| Aflac, Inc..........................................  | Count | 5 339 |  | 293 | USD | 35.44 | 168 828.23 | 0.16 |
| Altria Group, Inc. ...................................  | Count | 15 276 |  | 1 723 | USD | 39.01 | 531 712.69 | 0.51 |
| Ameren Corp. .....................................  | Count | 5 692 |  | 643 | USD | 69.75 | 354 242.39 | 0.34 |
| American Tower Corp. ..............................  | Count | 5 131 |  | 674 | USD | 255.09 | 1 167 849.48 | 1.11 |
| American Water Works Co., Inc........................  | Count | 6 077 |  | 685 | USD | 126.13 | 683 910.16 | 0.65 |
| Amgen, Inc. .......................................  | Count | 1 839 | 1 839 |  | USD | 232.42 | 381 370.11 | 0.36 |

| Anthem, Inc. ......................................  | Count | 2 784 | 1 282 | 82 | USD | 257.29 | 639 121.70 | 0.61 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Aon PLC .........................................  | Count | 2 735 | 2 735 |  | USD | 189.69 | 462 906.41 | 0.44 |
| Apple, Inc. ........................................  | Count | 1 967 |  | 221 | USD | 364.08 | 638 987.86 | 0.61 |
| Atmos Energy Corp. ................................  | Count | 2 883 |  | 158 | USD | 98.74 | 253 997.35 | 0.24 |
| Automatic Data Processing, Inc. .......................  | Count | 3 479 |  | 393 | USD | 147.12 | 456 685.86 | 0.43 |
| AvalonBay Communities, Inc. .........................  | Count | 2 078 | 2 078 |  | USD | 152.23 | 282 252.12 | 0.27 |
| Bank of America Corp. ..............................  | Count | 24 040 |  | 3 203 | USD | 23.41 | 502 142.87 | 0.48 |
| Baxter International, Inc. .............................       | Count | 12 581 |  | 1 419 | USD | 84.33 | 946 648.36 | 0.90 |
| Berkshire Hathaway, Inc. ............................  | Count | 3 899 |  | 439 | USD | 176.84 | 615 212.52 | 0.58 |
| Biogen Idec, Inc. ...................................  | Count | 993 | 993 |  | USD | 260.97 | 231 223.12 | 0.22 |
| Booz Allen Hamilton Holding Corp. .....................  | Count | 15 109 | 15 939 | 830 | USD | 76.14 | 1 026 455.24 | 0.98 |
| Brown & Brown, Inc.................................  | Count | 8 000 | 8 000 |  | USD | 40.3 | 287 664.62 | 0.27 |
| Brown-Forman Corp. ................................  | Count | 4 370 |  | 240 | USD | 64.01 | 249 586.27 | 0.24 |
| Cadence Design Systems, Inc. ........................  | Count | 6 503 | 6 503 |  | USD | 95.3 | 552 965.55 | 0.53 |
| Camden Property Trust ..............................  | Count | 3 650 |  | 6 413 | USD | 90.3 | 294 084.43 | 0.28 |
| CBRE Group, Inc. ..................................  | Count | 9 139 | 10 170 | 1 031 | USD | 44.34 | 361 564.51 | 0.34 |
| CDW Corp./DE ....................................  | Count | 3 126 | 3 126 |  | USD | 113.46 | 316 463.17 | 0.30 |
| Church & Dwight Co., Inc. ...........................  | Count | 11 350 |  | 1 279 | USD | 76.91 | 778 879.18 | 0.74 |
| Cisco Systems, Inc..................................  | Count | 16 539 | 9 765 | 372 | USD | 46.69 | 689 008.45 | 0.65 |
| Citrix Systems, Inc. .................................  | Count | 10 726 |  | 1 210 | USD | 147.13 | 1 408 090.12 | 1.34 |
| Clorox Co./The.....................................  | Count | 5 681 | 5 681 |  | USD | 219.06 | 1 110 399.60 | 1.06 |
| CMS Energy Corp...................................  | Count | 16 120 |  | 1 818 | USD | 57.67 | 829 480.94 | 0.79 |
| Coca-Cola Co./The ..................................  | Count | 29 225 |  | 3 295 | USD | 44.29 | 1 154 919.26 | 1.10 |
| Colgate-Palmolive Co. ...............................  | Count | 10 964 |  | 1 236 | USD | 72.73 | 711 498.58 | 0.68 |
| Comcast Corp......................................  | Count | 24 895 |  | 2 806 | USD | 38.15 | 847 418.80 | 0.81 |
| Consolidated Edison, Inc. ............................  | Count | 14 489 |  | 1 634 | USD | 72.14 | 932 622.68 | 0.89 |
| Dollar General Corp. ................................  | Count | 5 015 |  | 565 | USD | 189.77 | 849 160.76 | 0.81 |
| Dominion Resources, Inc. ............................  | Count | 11 713 |  | 5 816 | USD | 80.59 | 842 249.43 | 0.80 |
| DTE Energy Co. ....................................  | Count | 6 581 |  | 743 | USD | 106.36 | 624 541.99 | 0.59 |
| Eli Lilly & Co. ......................................  | Count | 4 785 | 4 785 |  | USD | 162.92 | 695 581.09 | 0.66 |
| Estee Lauder Cos, Inc./The ...........................  | Count | 3 263 | 1 000 | 254 | USD | 186.45 | 542 838.80 | 0.52 |
| Expeditors International of Washington, Inc. .............  | Count | 10 485 |  | 1 378 | USD | 75.12 | 702 773.60 | 0.67 |
| Fiserv, Inc. ........................................  | Count | 5 151 | 3 421 | 8 270 | USD | 96.44 | 443 241.25 | 0.42 |
| Garmin Ltd........................................  | Count | 4 946 | 4 946 |  | USD | 96.29 | 424 939.13 | 0.40 |
| General Mills, Inc. ..................................  | Count | 6 000 | 6 000 |  | USD | 60.35 | 323 087.35 | 0.31 |
| Hershey Co./The ...................................  | Count | 11 041 |  | 1 245 | USD | 128.34 | 1 264 334.15 | 1.20 |
| Home Depot, Inc./The ...............................  | Count | 3 490 |  | 394 | USD | 247.06 | 769 341.73 | 0.73 |
| Humana, Inc. ......................................         | Count | 1 998 | 1 998 |  | USD | 379.46 | 676 476.81 | 0.64 |
| Intuit, Inc. ........................................  | Count | 2 958 | 2 958 |  | USD | 290.21 | 765 952.73 | 0.73 |
| Jack Henry & Associates, Inc..........................  | Count | 2 690 | 2 690 |  | USD | 182.73 | 438 584.78 | 0.42 |
| Johnson & Johnson.................................  | Count | 11 449 |  | 1 291 | USD | 138.34 | 1 413 210.16 | 1.34 |
| JPMorgan Chase & Co...............................  | Count | 5 411 | 3 469 | 107 | USD | 93.49 | 451 371.48 | 0.43 |
| L3Harris Technologies, Inc. ...........................  | Count | 3 067 |  | 347 | USD | 172.76 | 472 768.35 | 0.45 |
| Marsh & McLennan Cos, Inc. .........................  | Count | 10 125 |  | 1 142 | USD | 105.82 | 955 991.90 | 0.91 |
| MasterCard, Inc. ...................................  | Count | 3 355 |  | 378 | USD | 292.91 | 876 835.55 | 0.83 |
| McCormick & Co., Inc. ..............................  | Count | 3 868 |  | 436 | USD | 179.93 | 620 985.51 | 0.59 |
| McDonald‘s Corp. ..................................  | Count | 8 088 |  | 912 | USD | 182.915 | 1 320 024.18 | 1.25 |
| Merck & Co., Inc. ..................................  | Count | 16 061 | 16 943 | 882 | USD | 76.39 | 1 094 713.61 | 1.04 |
| Microsoft Corp. ....................................  | Count | 4 565 |  | 515 | USD | 199.69 | 813 370.70 | 0.77 |
| Motorola Solutions, Inc. .............................  | Count | 5 703 |  | 643 | USD | 138.84 | 706 495.50 | 0.67 |
| Newmont Mining Corp...............................  | Count | 42 331 |  | 21 652 | USD | 59.81 | 2 259 039.14 | 2.15 |
| NextEra Energy, Inc. ................................  | Count | 2 744 |  | 3 309 | USD | 238.62 | 584 228.01 | 0.55 |
| NVR, Inc. .........................................  | Count | 76 | 80 | 4 | USD | 3 211.01 | 217 744.24 | 0.21 |
| PepsiCo, Inc. ......................................  | Count | 12 581 |  | 1 419 | USD | 131.74 | 1 478 850.41 | 1.41 |
| Procter & Gamble Co. ...............................  | Count | 10 076 |  | 1 137 | USD | 118.78 | 1 067 881.11 | 1.01 |
| Progressive Corp./The ...............................  | Count | 11 000 | 11 000 |  | USD | 79.26 | 777 925.80 | 0.74 |
| Public Storage .....................................  | Count | 6 764 | 1 361 | 763 | USD | 191.91 | 1 158 224.18 | 1.10 |
| Regeneron Pharmaceuticals, Inc. ......................  | Count | 1 000 | 1 000 |  | USD | 616.92 | 550 453.04 | 0.52 |
| Republic Services, Inc. ..............................  | Count | 18 143 | 15 197 | 997 | USD | 80.8 | 1 308 012.47 | 1.24 |
| ResMed, Inc. ......................................  | Count | 4 910 |  | 646 | USD | 189.51 | 830 242.67 | 0.79 |
| Seagate Technology PLC ............................  | Count | 12 000 | 12 000 |  | USD | 48.23 | 516 404.40 | 0.49 |
| Starbucks Corp. ....................................  | Count | 10 650 | 11 851 | 1 201 | USD | 73.26 | 696 158.21 | 0.66 |
| SVB Financial Group ................................  | Count | 1 576 | 1 576 |  | USD | 209.94 | 295 218.00 | 0.28 |
| SYSCO Corp. ......................................  | Count | 12 500 |  | 1 410 | USD | 53.79 | 599 933.32 | 0.57 |
| Texas Instruments, Inc...............................  | Count | 2 986 | 2 986 |  | USD | 127 | 338 364.62 | 0.32 |
| VeriSign, Inc. ......................................         | Count | 3 783 | 3 783 |  | USD | 204.73 | 691 049.65 | 0.66 |
| Verizon Communications, Inc..........................  | Count | 38 762 | 7 426 | 3 534 | USD | 54.41 | 1 881 812.41 | 1.79 |
| Vertex Pharmaceuticals, Inc. ..........................  | Count | 6 017 | 6 017 |  | USD | 287.05 | 1 541 093.49 | 1.46 |
| Visa, Inc. .........................................  | Count | 6 575 |  | 741 | USD | 191.36 | 1 122 634.39 | 1.07 |
| Wal-Mart Stores, Inc. ...............................  | Count | 4 276 | 4 276 |  | USD | 119.45 | 455 738.03 | 0.43 |
| Waste Management, Inc. ............................  | Count | 17 076 | 6 387 | 1 926 | USD | 104.16 | 1 587 005.90 | 1.51 |
| WEC Energy Group, Inc. .............................  | Count | 14 623 |  | 1 648 | USD | 87.07 | 1 136 047.39 | 1.08 |
| Yum! Brands, Inc. ..................................  | Count | 10 510 | 10 510 | 12 800 | USD | 86.28 | 809 103.87 | 0.77 |

| Unlisted securities |  |  |  |  |  |  | 229 273.03 | 0.22 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equities Telus Corp. .......................................  | Count | 15 558 | 15 985 | 427 | CAD | 22.58 | 229 273.03 | 0.22 |
| Total securities portfolio |  |  |  |  |  |  | 102 952 349.64 | 97.84 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  |  |  | -8 504.02 | -0.01 |
| Equity index futures DJ Euro Stoxx 50 09/2020 (DB) .......................  | Count | 13 | 13 |  |  |  | -4 355.00 | -0.01 |
| S & P MINI 500 Futures 09/2020 (DB) ..................  | Count | 6 | 6 |  |  |  | -4 149.02 | 0.00 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -39.71 | 0.00 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/AUD 0.1 million ................................  |  |  |  |  |  |  | 0.04 | 0.00 |
| EUR/CAD 0.1 million ................................  |  |  |  |  |  |  | 1.54 | 0.00 |
| EUR/CHF 0.1 million ................................  |  |  |  |  |  |  | -2.63 | 0.00 |
| EUR/DKK 0.1 million ................................  |  |  |  |  |  |  | -0.02 | 0.00 |
| EUR/GBP 0.1 million ................................  |  |  |  |  |  |  | 2.99 | 0.00 |
| EUR/HKD 0.1 million ................................  |  |  |  |  |  |  | -0.27 | 0.00 |
| EUR/JPY 0.1 million.................................  |  |  |  |  |  |  | 3.11 | 0.00 |
| EUR/NOK 0.1 million ................................  |  |  |  |  |  |  | 1.12 | 0.00 |
| EUR/NZD 0.1 million ................................  |  |  |  |  |  |  | -0.05 | 0.00 |
| EUR/SEK 0.1 million ................................  |  |  |  |  |  |  | -0.10 | 0.00 |
| EUR/SGD 0.1 million ................................  |  |  |  |  |  |  | -0.07 | 0.00 |
| EUR/USD 0.1 million ................................  |  |  |  |  |  |  | -45.37 | 0.00 |
| Cash at bank |  |  |  |  |  |  | 2 241 781.05 | 2.13 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 1 758 977.72 | 1.66 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 28 000 |  |  |  |  | 30 728.91 | 0.03 |
| Danish krone ......................................  | DKK | 80 709 |  |  |  |  | 10 829.50 | 0.01 |
| Norwegian krone ...................................  | NOK | 341 931 |  |  |  |  | 31 425.98 | 0.03 |
| Swedish krona.....................................  | SEK | 320 924 |  |  |  |  | 30 633.44 | 0.03 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 3 514 |  |  |  |  | 2 153.10 | 0.00 |
| Hong Kong dollar ..................................  | HKD | 208 170 |  |  |  |  | 23 965.64 | 0.02 |
| Japanese yen .....................................  | JPY | 7 067 796 |  |  |  |  | 58 551.71 | 0.06 |
| Canadian dollar ....................................  | CAD | 24 392 |  |  |  |  | 15 919.07 | 0.02 |
| New Zealand dollar .................................  | NZD | 25 794 |  |  |  |  | 14 745.70 | 0.01 |
| Swiss franc .......................................  | CHF | 7 193 |  |  |  |  | 6 755.71 | 0.01 |
| Singapore dollar ...................................  | SGD | 25 254 |  |  |  |  | 16 138.99 | 0.02 |
| U.S. dollar ........................................  | USD | 270 051 |  |  |  |  | 240 955.58 | 0.23 |
| Other assets |  |  |  |  |  |  | 148 403.01 | 0.14 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 141 536.55 | 0.13 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 6 866.46 | 0.01 |
| Receivables from share certificate transactions |  |  |  |  |  |  | 174 580.09 | 0.17 |
| Total assets * |  |  |  |  |  |  | 105 517 122.59 | 100.28 |
| Other liabilities |  |  |  |  |  |  | -188 017.45 | -0.18 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -188 017.45 | -0.18 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -94 573.38 | -0.09 |
| Total liabilities |  |  |  |  |  |  | -291 143.36 | -0.28 |
| Net assets |  |  |  |  |  |  | 105 225 979.23 | 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 | 131.15 |
| Class FC EB.......................................  | EUR | 133.69 |
| Class FCH (P) EB...................................  | EUR | 127.26 |
| Class FD .........................................  | EUR | 127.53 |
| Class LC .........................................  | EUR | 126.86 |
| Class LD .........................................  | EUR | 123.07 |
| Class ND .........................................  | EUR | 121.32 |
| Class TFC ........................................  | EUR | 115.40 |
| Class TFD ........................................  | EUR | 112.10 |
| Class USD LC .....................................  | USD | 129.38 |
| Number of shares outstanding Class FC .........................................  | Count | 109 534.369 |
| Class FC EB.......................................  | Count | 4 971.000 |
| Class FCH (P) EB...................................  | Count | 100.000 |
| Class FD .........................................  | Count | 980.000 |
| Class LC .........................................  | Count | 19 778.095 |
| Class LD .........................................  | Count | 665 218.207 |
| Class ND .........................................  | Count | 39.156 |
| Class TFC ........................................  | Count | 49 028.932 |
| Class TFD ........................................  | Count | 21.000 |
| Class USD LC .....................................  | Count | 150.937 |

Composition of the reference portfolio (according to CSSF circular 11/512) MSCI World Index in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 63.713 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 89.478 |
| Average market risk exposure ........................  | % | 73.931 |

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 1 259 591.23 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
Barclays Bank Ireland PLC, Bofa Securities Europe, Citigroup Global Markets Limited, Credit Suisse London Branch (GFX), Goldman Sachs International, JP Morgan, Royal Bank of Canada (UK) and State Street Bank London
 Exchange rates (indirect quotes)	
As of June 30, 2020
| Australian dollar ................. . | AUD | 1.632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Canadian dollar ................. . | CAD | 1.532233 | = | EUR | 1 |
| Swiss franc .................... . | CHF | 1.064768 | = | EUR | 1 |
| Danish krone ................... . | DKK | 7.452704 | = | EUR | 1 |
| British pound .................. . | GBP | 0.911178 | = | EUR | 1 |
| Hong Kong dollar ............... . | HKD | 8.686201 | = | EUR | 1 |
| Japanese yen .................. . | JPY | 120.710331 | = | EUR | 1 |
| Norwegian krone ................ . | NOK | 10.880517 | = | EUR | 1 |
| New Zealand dollar .............. . | NZD | 1.749258 | = | EUR | 1 |
| Swedish krona.................. . | SEK | 10.476263 | = | EUR | 1 |
| Singapore dollar ................ . | SGD | 1.564791 | = | EUR | 1 |
| U.S. dollar ..................... . | USD | 1.120750 | = | EUR | 1 |

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

Translation (ENDE, 2020-06-30):
# DWS Invest Qi LowVol World
DWS INVEST QI LOWVOL WORLD

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU1230072479 | -4,5% |
| Klasse FC | LU1230072396 | -4,2% |
| Klasse FC EB | LU1236797764 | -4,1% |
| Klasse FCH (P) EB | LU1236813124 | -4,2% |
| Klasse FD | LU1342482624 | -4,2% |
| Klasse LD | LU1230072552 | -4,5% |
| Klasse ND | LU1230072636 | -4,8% |
| Klasse TFC | LU1663932306 | -4,2% |
| Klasse TFD | LU1663932488 | -4,2% |
| Klasse USD LC 1) | LU1230072719 | -4,5% |

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
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 10 157 250,57 | 9,66 |
| Telekommunikationsdienste | 13 592 465,23 | 12,92 |
| Dauerhafte Konsumgüter | 30 838 744,55 | 29,31 |
| Energie | 321 191,46 | 0,31 |
| Hauptverbrauchsgüter | 9 190 505,67 | 8,74 |
| Finanzsektor | 14 863 450,74 | 14,11 |
| Grundstoffe | 8 191 969,09 | 7,78 |
| Industrien | 7 092 992,93 | 6,74 |
| Versorger | 8 703 779,40 | 8,27 |
| Summe Aktien | 102 952 349,64 | 97,84 |
| 2. Derivate | -8 543,73 | - 0,01 |
| 3. Bankguthaben | 2 241 781,05 | 2,13 |
| 4. Sonstige Vermögensgegenstände | 148 403,01 | 0,14 |
| 5. Forderungen aus Anteilscheingeschäften | 174 580,09 | 0,17 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -188 017,45 | - 0,18 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -94 573,38 | - 0,09 |
| III. Fondsvermögen | 105 225 979,23 | 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 |  |  |  |  |  |  | 102 723 076,61 | 97,62 |
| Aktien Goodman Group ...................................  | Stück | 43 158 | 43 158 |  | AUD | 14,85 | 392 686,74 | 0,37 |
| Agnico Eagle Mines Ltd .............................  | Stück | 14 781 |  | 9 932 | CAD | 85,1 | 820 934,74 | 0,78 |
| BCE, Inc. .........................................  | Stück | 22 470 |  | 2 535 | CAD | 56,62 | 830 325,15 | 0,79 |
| Franco-Nevada Corp. ...............................  | Stück | 9 416 |  | 11 616 | CAD | 188,86 | 1 160 597,66 | 1,10 |
| Intact Financial Corp. ...............................  | Stück | 3 099 |  | 170 | CAD | 128,33 | 259 552,39 | 0,25 |
| Kirkland Lake Gold Ltd ..............................  | Stück | 8 893 | 8 893 |  | CAD | 53,38 | 309 814,77 | 0,29 |
| Rogers Communications, Inc. ........................  | Stück | 8 560 |  | 470 | CAD | 54,85 | 306 426,03 | 0,29 |
| Wheaton Precious Metals Corp. ......................  | Stück | 17 470 |  | 15 511 | CAD | 57,98 | 661 068,36 | 0,63 |
| Chocoladefabriken Lindt & Spruengli AG ................  | Stück | 12 |  | 2 | CHF | 80 800 | 910 620,81 | 0,87 |
| Geberit AG .......................................  | Stück | 1 427 |  | 844 | CHF | 472,8 | 633 645,57 | 0,60 |
| Givaudan SA ......................................  | Stück | 353 | 392 | 39 | CHF | 3 525 | 1 168 634,73 | 1,11 |
| Nestle SA ........................................  | Stück | 8 397 |  | 9 446 | CHF | 105,06 | 828 526,71 | 0,79 |
| Partners Group Holding AG ..........................  | Stück | 700 |  | 78 | CHF | 854,8 | 561 962,73 | 0,53 |
| Roche Holding AG .................................  | Stück | 4 361 | 4 853 | 492 | CHF | 327,65 | 1 341 965,10 | 1,28 |
| SGS SA ..........................................  | Stück | 182 |  | 20 | CHF | 2 303 | 393 650,03 | 0,37 |
| SwissCom AG ....................................  | Stück | 1 504 |  | 170 | CHF | 497 | 702 019,52 | 0,67 |
| Coloplast A/S .....................................  | Stück | 7 199 | 2 483 | 532 | DKK | 1 029,5 | 994 453,84 | 0,94 |
| Novo Nordisk A/S ..................................  | Stück | 11 519 |  | 1 299 | DKK | 429,95 | 664 536,50 | 0,63 |
| Aena SME SA .....................................  | Stück | 7 018 | 1 928 | 790 | EUR | 119,2 | 836 545,60 | 0,79 |
| Aroundtown SA ...................................  | Stück | 90 788 |  | 10 246 | EUR | 5,104 | 463 381,95 | 0,44 |
| Bankinter SA ......................................  | Stück | 66 909 |  | 3 675 | EUR | 4,17 | 279 010,53 | 0,26 |
| Beiersdorf AG .....................................  | Stück | 4 755 |  | 536 | EUR | 101,45 | 482 394,75 | 0,46 |
| Colruyt SA .......................................  | Stück | 13 740 |  | 1 549 | EUR | 49,18 | 675 733,20 | 0,64 |
| Deutsche Telekom AG ..............................  | Stück | 61 486 |  | 6 938 | EUR | 14,93 | 917 985,98 | 0,87 |
| Deutsche Wohnen AG ..............................  | Stück | 17 049 | 18 971 | 1 922 | EUR | 39,88 | 679 914,12 | 0,65 |
| Elisa Oyj .........................................  | Stück | 21 476 | 7 491 | 1 577 | EUR | 54,28 | 1 165 717,28 | 1,11 |
| Erste Group Bank AG ...............................  | Stück | 14 517 |  | 1 637 | EUR | 20,55 | 298 324,35 | 0,28 |
| Ferrari NV ........................................  | Stück | 3 559 | 3 559 |  | EUR | 150,4 | 535 273,60 | 0,51 |
| Hermes International ...............................  | Stück | 1 856 |  | 708 | EUR | 740,2 | 1 373 811,20 | 1,31 |
| Iberdrola SA ......................................  | Stück | 34 573 |  | 1 899 | EUR | 10,37 | 358 522,01 | 0,34 |
| KBC Groep NV ....................................  | Stück | 5 847 |  | 321 | EUR | 50,26 | 293 870,22 | 0,28 |
| Neste Oyj ........................................  | Stück | 9 318 |  | 512 | EUR | 34,47 | 321 191,46 | 0,31 |
| Orange SA .......................................  | Stück | 44 031 |  | 4 969 | EUR | 10,64 | 468 489,84 | 0,45 |
| Proximus NV ......................................  | Stück | 30 161 |  | 3 402 | EUR | 18,17 | 548 025,37 | 0,52 |
| SAP SE ..........................................  | Stück | 1 909 |  | 4 191 | EUR | 123,04 | 234 883,36 | 0,22 |
| Snam SpA ........................................  | Stück | 181 122 |  | 23 805 | EUR | 4,379 | 793 133,24 | 0,75 |
| Telenet Group Holding NV ...........................  | Stück | 13 860 |  | 1 563 | EUR | 36,44 | 505 058,40 | 0,48 |
| Terna Rete Elettrica Nazionale SpA ....................  | Stück | 136 293 | 41 944 | 15 382 | EUR | 6,164 | 840 110,05 | 0,80 |
| Unilever NV ......................................  | Stück | 9 831 | 10 940 | 1 109 | EUR | 47,43 | 466 284,33 | 0,44 |
| Admiral Group PLC .................................  | Stück | 19 498 |  | 2 576 | GBP | 23,07 | 493 667,19 | 0,47 |
| Auto Trader Group PLC .............................  | Stück | 99 247 | 61 874 | 2 053 | GBP | 5,248 | 571 620,54 | 0,54 |
| Barrick Gold Corp. .................................  | Stück | 78 594 |  | 8 870 | GBP | 21,006 | 1 811 879,69 | 1,72 |
| Berkeley Group Holdings PLC ........................  | Stück | 4 712 |  | 259 | GBP | 41,37 | 213 937,74 | 0,20 |
| Direct Line Insurance Group PLC ......................  | Stück | 54 361 |  | 2 986 | GBP | 2,704 | 161 320,93 | 0,15 |
| GlaxoSmithKline PLC ...............................  | Stück | 45 936 |  | 5 184 | GBP | 16,304 | 821 947,25 | 0,78 |
| Legal & General Group PLC ..........................  | Stück | 64 012 |  | 3 516 | GBP | 2,192 | 153 992,13 | 0,15 |
| HKT Trust & HKT Ltd ...............................  | Stück | 267 000 |  | 15 000 | HKD | 11,34 | 348 573,55 | 0,33 |
| MTR Corp., Ltd ....................................  | Stück | 100 |  | 110 500 | HKD | 40,15 | 462,23 | 0,00 |
| Chugai Pharmaceutical Co., Ltd .......................  | Stück | 9 900 | 9 900 |  | JPY | 5 765 | 472 813,71 | 0,45 |
| ITOCHU Corp. ....................................  | Stück | 24 500 | 27 200 | 2 700 | JPY | 2 321,5 | 471 183,78 | 0,45 |
| MS&AD Insurance Group Holdings, Inc. ................  | Stück | 16 400 |  | 1 800 | JPY | 2 961 | 402 288,68 | 0,38 |
| NEC Corp. ........................................  | Stück | 10 000 | 10 000 |  | JPY | 5 170 | 428 298,05 | 0,41 |
| NTT DOCOMO, Inc. ................................  | Stück | 55 200 |  | 6 200 | JPY | 2 882 | 1 317 918,68 | 1,25 |
| Obayashi Corp. ....................................  | Stück | 46 100 | 46 100 |  | JPY | 1 008 | 384 961,25 | 0,37 |
| Oracle Corp. Japan .................................  | Stück | 10 000 | 10 600 | 600 | JPY | 12 720 | 1 053 762,33 | 1,00 |
| Oriental Land Co., Ltd/Japan .........................  | Stück | 3 900 |  | 3 700 | JPY | 14 240 | 460 076,61 | 0,44 |
| Osaka Gas Co., Ltd ................................  | Stück | 26 700 |  | 1 500 | JPY | 2 128 | 470 693,76 | 0,45 |
| Otsuka Corp. .....................................  | Stück | 12 300 | 12 300 |  | JPY | 5 680 | 578 773,99 | 0,55 |
| Secom Co., Ltd ...................................  | Stück | 6 000 | 6 000 |  | JPY | 9 423 | 468 377,47 | 0,44 |
| Shimano, Inc. .....................................  | Stück | 3 600 | 2 200 | 100 | JPY | 20 750 | 618 836,84 | 0,59 |
| Toho Co., Ltd/Tokyo ................................  | Stück | 12 400 | 13 100 | 700 | JPY | 3 895 | 400 114,88 | 0,38 |
| Toyo Suisan Kaisha Ltd .............................  | Stück | 19 200 |  | 2 200 | JPY | 6 030 | 959 122,55 | 0,91 |
| Orkla ASA ........................................  | Stück | 56 889 |  | 6 421 | NOK | 84,18 | 440 136,81 | 0,42 |
| Telenor ASA ......................................  | Stück | 27 490 |  | 1 510 | NOK | 139,95 | 353 588,49 | 0,34 |
| Auckland International Airport Ltd .....................  | Stück | 80 638 |  | 4 429 | NZD | 6,57 | 302 866,50 | 0,29 |
| Spark New Zealand Ltd .............................  | Stück | 162 830 |  | 18 376 | NZD | 4,56 | 424 468,42 | 0,40 |
| Assa-Abloy AB ....................................  | Stück | 24 328 | 17 796 |  | SEK | 189,05 | 439 012,33 | 0,42 |
| Singapore Exchange Ltd ............................  | Stück | 120 600 |  | 13 600 | SGD | 8,34 | 642 772,29 | 0,61 |
| Accenture PLC ....................................  | Stück | 5 000 | 5 000 |  | USD | 212,8 | 949 364,64 | 0,90 |
| Adobe Systems, Inc. ...............................  | Stück | 2 000 | 2 000 |  | USD | 429,77 | 766 933,16 | 0,73 |
| Aflac, Inc. ........................................  | Stück | 5 339 |  | 293 | USD | 35,44 | 168 828,23 | 0,16 |
| Altria Group, Inc. ..................................  | Stück | 15 276 |  | 1 723 | USD | 39,01 | 531 712,69 | 0,51 |
| Ameren Corp. .....................................  | Stück | 5 692 |  | 643 | USD | 69,75 | 354 242,39 | 0,34 |
| American Tower Corp. ..............................  | Stück | 5 131 |  | 674 | USD | 255,09 | 1 167 849,48 | 1,11 |
| American Water Works Co., Inc. ......................  | Stück | 6 077 |  | 685 | USD | 126,13 | 683 910,16 | 0,65 |
| Amgen, Inc. ......................................  | Stück | 1 839 | 1 839 |  | USD | 232,42 | 381 370,11 | 0,36 |

| Anthem, Inc. ......................................  | Stück | 2 784 | 1 282 | 82 | USD | 257,29 | 639 121,70 | 0,61 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Aon PLC  ........................................  | Stück | 2 735 | 2 735 |  | USD | 189,69 | 462 906,41 | 0,44 |
| Apple, Inc. .......................................  | Stück | 1 967 |  | 221 | USD | 364,08 | 638 987,86 | 0,61 |
| Atmos Energy Corp. ................................  | Stück | 2 883 |  | 158 | USD | 98,74 | 253 997,35 | 0,24 |
| Automatic Data Processing, Inc. ......................  | Stück | 3 479 |  | 393 | USD | 147,12 | 456 685,86 | 0,43 |
| AvalonBay Communities, Inc. ........................  | Stück | 2 078 | 2 078 |  | USD | 152,23 | 282 252,12 | 0,27 |
| Bank of America Corp. ..............................  | Stück | 24 040 |  | 3 203 | USD | 23,41 | 502 142,87 | 0,48 |
| Baxter International, Inc. ............................  | Stück | 12 581 |  | 1 419 | USD | 84,33 | 946 648,36 | 0,90 |
| Berkshire Hathaway, Inc. ............................  | Stück | 3 899 |  | 439 | USD | 176,84 | 615 212,52 | 0,58 |
| Biogen Idec, Inc. ..................................  | Stück | 993 | 993 |  | USD | 260,97 | 231 223,12 | 0,22 |
| Booz Allen Hamilton Holding Corp. ....................  | Stück | 15 109 | 15 939 | 830 | USD | 76,14 | 1 026 455,24 | 0,98 |
| Brown & Brown, Inc.  ..............................  | Stück | 8 000 | 8 000 |  | USD | 40,3 | 287 664,62 | 0,27 |
| Brown-Forman Corp. ...............................  | Stück | 4 370 |  | 240 | USD | 64,01 | 249 586,27 | 0,24 |
| Cadence Design Systems, Inc. .......................  | Stück | 6 503 | 6 503 |  | USD | 95,3 | 552 965,55 | 0,53 |
| Camden Property Trust .............................  | Stück | 3 650 |  | 6 413 | USD | 90,3 | 294 084,43 | 0,28 |
| CBRE Group, Inc. ..................................  | Stück | 9 139 | 10 170 | 1 031 | USD | 44,34 | 361 564,51 | 0,34 |
| CDW Corp./DE  ...................................  | Stück | 3 126 | 3 126 |  | USD | 113,46 | 316 463,17 | 0,30 |
| Church & Dwight Co., Inc. ...........................  | Stück | 11 350 |  | 1 279 | USD | 76,91 | 778 879,18 | 0,74 |
| Cisco Systems, Inc. ................................  | Stück | 16 539 | 9 765 | 372 | USD | 46,69 | 689 008,45 | 0,65 |
| Citrix Systems, Inc. ................................  | Stück | 10 726 |  | 1 210 | USD | 147,13 | 1 408 090,12 | 1,34 |
| Clorox Co./The ....................................  | Stück | 5 681 | 5 681 |  | USD | 219,06 | 1 110 399,60 | 1,06 |
| CMS Energy Corp. .................................  | Stück | 16 120 |  | 1 818 | USD | 57,67 | 829 480,94 | 0,79 |
| Coca-Cola Co./The .................................  | Stück | 29 225 |  | 3 295 | USD | 44,29 | 1 154 919,26 | 1,10 |
| Colgate-Palmolive Co. ..............................  | Stück | 10 964 |  | 1 236 | USD | 72,73 | 711 498,58 | 0,68 |
| Comcast Corp. ....................................  | Stück | 24 895 |  | 2 806 | USD | 38,15 | 847 418,80 | 0,81 |
| Consolidated Edison, Inc. ............................  | Stück | 14 489 |  | 1 634 | USD | 72,14 | 932 622,68 | 0,89 |
| Dollar General Corp. ................................  | Stück | 5 015 |  | 565 | USD | 189,77 | 849 160,76 | 0,81 |
| Dominion Resources, Inc. ...........................  | Stück | 11 713 |  | 5 816 | USD | 80,59 | 842 249,43 | 0,80 |
| DTE Energy Co. ...................................  | Stück | 6 581 |  | 743 | USD | 106,36 | 624 541,99 | 0,59 |
| Eli Lilly & Co. .....................................  | Stück | 4 785 | 4 785 |  | USD | 162,92 | 695 581,09 | 0,66 |
| Estee Lauder Cos, Inc./The ..........................  | Stück | 3 263 | 1 000 | 254 | USD | 186,45 | 542 838,80 | 0,52 |
| Expeditors International of Washington, Inc. .............  | Stück | 10 485 |  | 1 378 | USD | 75,12 | 702 773,60 | 0,67 |
| Fiserv, Inc. .......................................  | Stück | 5 151 | 3 421 | 8 270 | USD | 96,44 | 443 241,25 | 0,42 |
| Garmin Ltd .......................................  | Stück | 4 946 | 4 946 |  | USD | 96,29 | 424 939,13 | 0,40 |
| General Mills, Inc. .................................  | Stück | 6 000 | 6 000 |  | USD | 60,35 | 323 087,35 | 0,31 |
| Hershey Co./The ...................................  | Stück | 11 041 |  | 1 245 | USD | 128,34 | 1 264 334,15 | 1,20 |
| Home Depot, Inc./The ..............................  | Stück | 3 490 |  | 394 | USD | 247,06 | 769 341,73 | 0,73 |
| Humana, Inc. .....................................  | Stück | 1 998 | 1 998 |  | USD | 379,46 | 676 476,81 | 0,64 |
| Intuit, Inc. .......................................  | Stück | 2 958 | 2 958 |  | USD | 290,21 | 765 952,73 | 0,73 |
| Jack Henry & Associates, Inc.  .......................  | Stück | 2 690 | 2 690 |  | USD | 182,73 | 438 584,78 | 0,42 |
| Johnson & Johnson ................................  | Stück | 11 449 |  | 1 291 | USD | 138,34 | 1 413 210,16 | 1,34 |
| JPMorgan Chase & Co. .............................  | Stück | 5 411 | 3 469 | 107 | USD | 93,49 | 451 371,48 | 0,43 |
| L3Harris Technologies, Inc. ..........................  | Stück | 3 067 |  | 347 | USD | 172,76 | 472 768,35 | 0,45 |
| Marsh & McLennan Cos, Inc. ........................  | Stück | 10 125 |  | 1 142 | USD | 105,82 | 955 991,90 | 0,91 |
| MasterCard, Inc. ...................................  | Stück | 3 355 |  | 378 | USD | 292,91 | 876 835,55 | 0,83 |
| McCormick & Co., Inc. ..............................  | Stück | 3 868 |  | 436 | USD | 179,93 | 620 985,51 | 0,59 |
| McDonald‘s Corp. ..................................  | Stück | 8 088 |  | 912 | USD | 182,915 | 1 320 024,18 | 1,25 |
| Merck & Co., Inc. ..................................  | Stück | 16 061 | 16 943 | 882 | USD | 76,39 | 1 094 713,61 | 1,04 |
| Microsoft Corp. ...................................  | Stück | 4 565 |  | 515 | USD | 199,69 | 813 370,70 | 0,77 |
| Motorola Solutions, Inc. .............................  | Stück | 5 703 |  | 643 | USD | 138,84 | 706 495,50 | 0,67 |
| Newmont Mining Corp. .............................  | Stück | 42 331 |  | 21 652 | USD | 59,81 | 2 259 039,14 | 2,15 |
| NextEra Energy, Inc. ...............................  | Stück | 2 744 |  | 3 309 | USD | 238,62 | 584 228,01 | 0,55 |
| NVR, Inc. ........................................  | Stück | 76 | 80 | 4 | USD | 3 211,01 | 217 744,24 | 0,21 |
| PepsiCo, Inc. .....................................  | Stück | 12 581 |  | 1 419 | USD | 131,74 | 1 478 850,41 | 1,41 |
| Procter & Gamble Co. ..............................  | Stück | 10 076 |  | 1 137 | USD | 118,78 | 1 067 881,11 | 1,01 |
| Progressive Corp./The ..............................  | Stück | 11 000 | 11 000 |  | USD | 79,26 | 777 925,80 | 0,74 |
| Public Storage ....................................  | Stück | 6 764 | 1 361 | 763 | USD | 191,91 | 1 158 224,18 | 1,10 |
| Regeneron Pharmaceuticals, Inc. ......................  | Stück | 1 000 | 1 000 |  | USD | 616,92 | 550 453,04 | 0,52 |
| Republic Services, Inc. ..............................  | Stück | 18 143 | 15 197 | 997 | USD | 80,8 | 1 308 012,47 | 1,24 |
| ResMed, Inc. .....................................  | Stück | 4 910 |  | 646 | USD | 189,51 | 830 242,67 | 0,79 |
| Seagate Technology PLC ............................  | Stück | 12 000 | 12 000 |  | USD | 48,23 | 516 404,40 | 0,49 |
| Starbucks Corp. ...................................  | Stück | 10 650 | 11 851 | 1 201 | USD | 73,26 | 696 158,21 | 0,66 |
| SVB Financial Group ...............................  | Stück | 1 576 | 1 576 |  | USD | 209,94 | 295 218,00 | 0,28 |
| SYSCO Corp. .....................................  | Stück | 12 500 |  | 1 410 | USD | 53,79 | 599 933,32 | 0,57 |
| Texas Instruments, Inc. .............................  | Stück | 2 986 | 2 986 |  | USD | 127 | 338 364,62 | 0,32 |
| VeriSign, Inc. .....................................  | Stück | 3 783 | 3 783 |  | USD | 204,73 | 691 049,65 | 0,66 |
| Verizon Communications, Inc. ........................  | Stück | 38 762 | 7 426 | 3 534 | USD | 54,41 | 1 881 812,41 | 1,79 |
| Vertex Pharmaceuticals, Inc. .........................  | Stück | 6 017 | 6 017 |  | USD | 287,05 | 1 541 093,49 | 1,46 |
| Visa, Inc. .........................................  | Stück | 6 575 |  | 741 | USD | 191,36 | 1 122 634,39 | 1,07 |
| Wal-Mart Stores, Inc. ...............................  | Stück | 4 276 | 4 276 |  | USD | 119,45 | 455 738,03 | 0,43 |
| Waste Management, Inc. ............................  | Stück | 17 076 | 6 387 | 1 926 | USD | 104,16 | 1 587 005,90 | 1,51 |
| WEC Energy Group, Inc. ............................  | Stück | 14 623 |  | 1 648 | USD | 87,07 | 1 136 047,39 | 1,08 |
| Yum! Brands, Inc. .................................  | Stück | 10 510 | 10 510 | 12 800 | USD | 86,28 | 809 103,87 | 0,77 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Nichtnotierte Wertpapiere |  |  |  |  |  |  | 229 273,03 | 0,22 |
| Aktien Telus Corp. .......................................  | Stück | 15 558 | 15 985 | 427 | CAD | 22,58 | 229 273,03 | 0,22 |
| Summe Wertpapiervermögen |  |  |  |  |  |  | 102 952 349,64 | 97,84 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  | -8 504,02 | -0,01 |
| Aktienindex-Terminkontrakte DJ Euro Stoxx 50 09/2020 (DB) .......................	Stück	13 | 13 | -4 355,00 | -0,01 |
| S & P MINI 500 Futures 09/2020 (DB) ..................	Stück	6 | 6 | -4 149,02 | 0,00 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  | -39,71 | 0,00 |
| Devisentermingeschäfte |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |
| Offene Positionen EUR/AUD 0,1 Mio.  ................................  |  | 0,04 | 0,00 |
| EUR/CAD 0,1 Mio.  ................................  |  | 1,54 | 0,00 |
| EUR/CHF 0,1 Mio. .................................  |  | -2,63 | 0,00 |
| EUR/DKK 0,1 Mio. .................................  |  | -0,02 | 0,00 |
| EUR/GBP 0,1 Mio. .................................  |  | 2,99 | 0,00 |
| EUR/HKD 0,1 Mio.  ................................  |  | -0,27 | 0,00 |
| EUR/JPY 0,1 Mio. .................................  |  | 3,11 | 0,00 |
| EUR/NOK 0,1 Mio.  ................................  |  | 1,12 | 0,00 |
| EUR/NZD 0,1 Mio. .................................  |  | -0,05 | 0,00 |
| EUR/SEK 0,1 Mio. .................................  |  | -0,10 | 0,00 |
| EUR/SGD 0,1 Mio.  ................................  |  | -0,07 | 0,00 |
| EUR/USD 0,1 Mio.  ................................  |  | -45,37 | 0,00 |
| Bankguthaben |  | 2 241 781,05 | 2,13 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  | 1 758 977,72 | 1,66 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |
| Britisches Pfund ...................................	GBP	28 000 |  | 30 728,91 | 0,03 |
| Dänische Kronen ..................................	DKK	80 709 |  | 10 829,50 | 0,01 |
| Norwegische Kronen ...............................	NOK	341 931 |  | 31 425,98 | 0,03 |
| Schwedische Kronen ...............................	SEK	320 924 |  | 30 633,44 | 0,03 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |
| Australischer Dollar ................................	AUD	3 514 |  | 2 153,10 | 0,00 |
| Hongkong Dollar ...................................	HKD	208 170 |  | 23 965,64 | 0,02 |
| Japanischer Yen ...................................	JPY	7 067 796 |  | 58 551,71 | 0,06 |
| Kanadischer Dollar .................................	CAD	24 392 |  | 15 919,07 | 0,02 |
| Neuseeländischer Dollar .............................	NZD	25 794 |  | 14 745,70 | 0,01 |
| Schweizer Franken .................................	CHF	7 193 |  | 6 755,71 | 0,01 |
| Singapur Dollar ....................................	SGD	25 254 |  | 16 138,99 | 0,02 |
| US-Dollar ........................................	USD	270 051 |  | 240 955,58 | 0,23 |
| Sonstige Vermögensgegenstände |  | 148 403,01 | 0,14 |
| Dividenden- / Ausschüttungsansprüche .................  |  | 141 536,55 | 0,13 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  | 6 866,46 | 0,01 |
| Forderungen aus Anteilscheingeschäften |  | 174 580,09 | 0,17 |
| Summe der Vermögensgegenstände * |  | 105 517 122,59 | 100,28 |
| Sonstige Verbindlichkeiten |  | -188 017,45 | -0,18 |
| Verbindlichkeiten aus Kostenpositionen ................  |  | -188 017,45 | -0,18 |
| Verbindlichkeiten aus Anteilscheingeschäften |  | -94 573,38 | -0,09 |
| Summe der Verbindlichkeiten |  | -291 143,36 | -0,28 |
| Fondsvermögen |  | 105 225 979,23 | 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 | 131,15 |
| Klasse FC EB .....................................  | EUR | 133,69 |
| Klasse FCH (P) EB .................................  | EUR | 127,26 |
| Klasse FD ........................................  | EUR | 127,53 |
| Klasse LC ........................................  | EUR | 126,86 |
| Klasse LD ........................................  | EUR | 123,07 |
| Klasse ND ........................................  | EUR | 121,32 |
| Klasse TFC .......................................  | EUR | 115,40 |
| Klasse TFD .......................................  | EUR | 112,10 |
| Klasse USD LC ....................................  | USD | 129,38 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 109 534,369 |
| Klasse FC EB .....................................  | Stück | 4 971,000 |
| Klasse FCH (P) EB .................................  | Stück | 100,000 |
| Klasse FD ........................................  | Stück | 980,000 |
| Klasse LC ........................................  | Stück | 19 778,095 |
| Klasse LD ........................................  | Stück | 665 218,207 |
| Klasse ND ........................................  | Stück | 39,156 |
| Klasse TFC .......................................  | Stück | 49 028,932 |
| Klasse TFD .......................................  | Stück | 21,000 |
| Klasse USD LC ....................................  | Stück | 150,937 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) MSCI World Index in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 63,713 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 89,478 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 73,931 |

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 1 259 591,23.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
Barclays Bank Ireland PLC, Bofa Securities Europe, Citigroup Global Markets Limited, Credit Suisse London Branch (GFX), Goldman Sachs International, JP Morgan, Royal Bank of Canada (UK) und State Street Bank London
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Australischer Dollar ..............  | AUD | 1,632080 | = | EUR | 1 |
| --- | --- | --- | --- | --- | --- |
| Kanadischer Dollar ...............  | CAD | 1,532233 | = | EUR | 1 |
| Schweizer Franken ...............  | CHF | 1,064768 | = | EUR | 1 |
| Dänische Kronen ................  | DKK | 7,452704 | = | EUR | 1 |
| Britisches Pfund .................  | GBP | 0,911178 | = | EUR | 1 |
| Hongkong Dollar .................  | HKD | 8,686201 | = | EUR | 1 |
| Japanischer Yen .................  | JPY | 120,710331 | = | EUR | 1 |
| Norwegische Kronen .............  | NOK | 10,880517 | = | EUR | 1 |
| Neuseeländischer Dollar ...........  | NZD | 1,749258 | = | EUR | 1 |
| Schwedische Kronen .............  | SEK | 10,476263 | = | EUR | 1 |
| Singapur Dollar ..................  | SGD | 1,564791 | = | EUR | 1 |
| US-Dollar ......................  | USD | 1,120750 | = | EUR | 1 |

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