# DWS Invest Conservative Opportunities
DWS INVEST CONSERVATIVE OPPORTUNITIES

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU2034326152 | 3.8% |
| Class FD | LU2034326079 | 4.1% |
| Class LD | LU2034326236 | 3.8% |
| Class NC | LU2161839753 | 0.6% 1 |
| Class ND | LU2034326319 | 3.8% |

1 
Class NC launched on May 29, 2020
“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 Conservative Opportunities
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Basic Materials | 689 170.72 | 0.70 |
| Total equities | 689 170.72 | 0.70 |
| 2. Bonds (issuers) Companies | 1 758 183.05 | 1.79 |
| Total bonds | 1 758 183.05 | 1.79 |
| 3. Investment fund units Bond funds | 24 903 462.60 | 25.37 |
| Equity funds | 25 120 060.79 | 25.60 |
| Other funds | 35 651 651.36 | 36.33 |
| Total investment fund units | 85 675 174.75 | 87.30 |
| 4. Derivate | 290 952.01 | 0.30 |
| 5. Cash at bank | 9 281 804.06 | 9.46 |
| 6. Other assets | 83 978.19 | 0.08 |
| 7. Receivables from share certificate transactions | 2 930 247.94 | 2.99 |
| II. Liabilities |  |  |
| 1. Other liabilities | -2 557 871.05 | - 2.61 |
| 2. Liabilities from share certificate transactions | -13 644.40 | - 0.01 |
| III. Net assets | 98 137 995.27 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 1 977 389.72 | 2.01 |
| Equities Agnico-Eagle Mines Ltd .............................  | Count | 1 660 | 1 660 |  | USD | 62.31 | 92 290.56 | 0.10 |
| Barrick Gold Corp. ..................................  | Count | 6 747 | 6 747 |  | USD | 26.065 | 156 913.34 | 0.16 |
| Franco-Nevada Corp. ................................  | Count | 1 303 | 1 303 |  | USD | 138.15 | 160 615.23 | 0.16 |
| Kinross Gold Corp...................................  | Count | 6 550 | 6 550 |  | USD | 6.99 | 40 851.68 | 0.04 |
| Newmont Mining Corp...............................  | Count | 4 037 | 4 037 |  | USD | 59.81 | 215 438.83 | 0.22 |
| Wheaton Precious Metals Corp. .......................  | Count | 610 | 610 |  | USD | 42.37 | 23 061.08 | 0.02 |
| Interest-bearing securities 1.875 % ADLER Real Estate AG (MTN) 2018/2023 .......  | EUR | 100 000 | 100 000 |  | % | 97.216 | 97 215.50 | 0.10 |
| 4.75 % Avantor, Inc. -Reg- (MTN) 2017/2024 ...........  4.25 % Axalta Coating Systems LLC -Reg- (MTN) 2016/2024 ................................  | EUR EUR | 100 000 100 000 | 100 000 100 000 |  | % % | 103.32 99.522 | 103 319.50 99 522.00 | 0.11 0.10 |
| 4.625 % Cemex Finance LLC -Reg- (MTN) 2016/2024 .....  3.375 % ContourGlobal Power Holdings SA -Reg- (MTN) 2018/2023 ................................  | EUR EUR | 100 000 100 000 | 100 000 100 000 |  | % % | 99.275 101.446 | 99 275.00 101 446.50 | 0.10 0.10 |
| 5.50  % Cott Corp. -Reg- (MTN) 2016/2024 .............  1.875 % DEMIRE Deutsche Mittelstand Real Estate AG (MTN) 2019/2024 ..........................  | EUR EUR | 100 000 100 000 | 100 000 100 000 |  | % % | 100.966 95.272 | 100 966.00 95 271.50 | 0.10 0.10 |
| 4.35  % Fortune Star BVI Ltd 2019/2023 ...............  4.875 % Inter Media and Communication SpA -Reg- (MTN) 2017/2022 ..........................  | EUR EUR | 100 000 95 733 | 100 000 96 833 | 1 100 | % % | 97.091 96 | 97 091.00 91 904.00 | 0.10 0.09 |
| 3.50 % IQVIA, Inc. -Reg- (MTN) 2016/2024 ............  | EUR | 100 000 | 100 000 |  | % | 101.884 | 101 884.00 | 0.10 |
| 6.375 % Schoeller Packaging BV -Reg- (MTN) 2019/2024 ..  | EUR | 100 000 | 100 000 |  | % | 97.002 | 97 002.50 | 0.10 |
| 4.00  % Telecom Italia SpA/Milano (MTN) 2019/2024 .....  | EUR | 100 000 | 100 000 |  | % | 104.87 | 104 870.00 | 0.11 |
| 2.125 % Volvo Car AB (MTN) 2019/2024 ...............  | EUR | 100 000 | 100 000 |  | % | 98.452 | 98 451.50 | 0.10 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 469 964.05 | 0.48 |
| Interest-bearing securities |  |  |  |  |  |  |  |  |
| 3.125 % Broadcom, Inc. -Reg- 2019/2022	USD | 100 000 | 100 000 |  | % | 104.2 | 92 973.49 | 0.10 |
| 2016/2021	USD | 100 000 | 100 000 |  | % | 102.872 | 91 788.57 | 0.09 |
| 8.375 % Time Warner Entertainment Co. LP 1993/2023 ...  | USD | 100 000 | 100 000 |  | % | 118.197 | 105 462.46 | 0.11 |
| 6.00  % T-Mobile USA, Inc. (MTN) 2014/2023 ...........  | USD | 100 000 | 100 000 |  | % | 100.763 | 89 906.79 | 0.09 |
| 4.625 % VeriSign, Inc. (MTN) 2013/2023 ...............  | USD | 100 000 | 100 000 |  | % | 100.68 | 89 832.74 | 0.09 |
| Investment fund units |  |  |  |  |  |  | 85 675 174.75 | 87.30 |
| In-group fund units db x-trackers - MSCI World Health Care Index UCITS ETF (DR) -1C- EUR - (0.450%) ............................  | Units | 64 688 | 122 316 | 57 628 | EUR | 33.86 | 2 190 335.68 | 2.23 |
| db x-trackers - MSCI World Information Technology Index UCITS ETF (DR) -1C- USD - (0.150%) ...................  | Units | 160 392 | 236 921 | 102 509 | EUR | 36.545 | 5 861 525.64 | 5.97 |
| db Physical Gold ETC EUR - (0.250%) ..................  | Units | 46 865 | 54 460 | 11 510 | EUR | 153.4 | 7 189 091.00 | 7.33 |
| Deutsche AM Dynamic Opportunities -SC- EUR - (0.400%). . DWS Concept - DWS Concept Kaldemorgen -IC100- EUR - (0.350%) .........................................  | Units Units | 372 736 181 779 | 334 141 181 779 |  | EUR EUR | 47.66 98.4 | 17 764 597.76 17 887 053.60 | 18.10 18.23 |
| DWS Invest SICAV - DWS Invest Euro High Yield Corporates -RC- EUR - (0.350%) ................................  | Units | 105 984 | 101 056 | 10 942 | EUR | 110.21 | 11 680 496.64 | 11.90 |
| Xtrackers (IE) plc - Xtrackers MSCI World Communication Services UCITS ETF -1C- EUR - (0.150%)................  | Units | 161 368 | 240 627 | 79 259 | EUR | 12.554 | 2 025 813.87 | 2.06 |
| Xtrackers (IE) plc - Xtrackers MSCI World Consumer Staples UCITS ETF -1C- USD - (0.150%) .......................  | Units | 80 462 | 116 494 | 36 032 | EUR | 31.915 | 2 567 944.73 | 2.62 |
| Xtrackers (IE) plc - Xtrackers MSCI World Consummer Discretionary Index UCITS ETF -1C- EUR - (0.300%) .......  | Units | 64 890 | 81 413 | 16 523 | EUR | 32.73 | 2 123 849.70 | 2.16 |
| Xtrackers (IE) plc - Xtrackers MSCI World Industrials UCITS ETF -1C- EUR - (0.150%).............................  | Units | 44 004 | 44 004 |  | EUR | 29.98 | 1 319 239.92 | 1.35 |
| Xtrackers (IE) plc - Xtrackers MSCI World Utilities UCITS ETF -1C- USD - (0.150%) ................................  | Units | 79 237 | 148 141 | 68 904 | EUR | 23.25 | 1 842 260.25 | 1.88 |
| Xtrackers II - USD Emerging Markets Bond UCITS ETF -1C- EUR - (0.250%) ....................................  | Units | 131 120 | 131 120 |  | EUR | 12.896 | 1 690 923.52 | 1.72 |
| DWS Invest SICAV - Asian Bonds -RC- USD - (0.180%) ....  | Units | 48 458 | 56 949 | 8 491 | USD | 114.8 | 4 963 623.11 | 5.06 |
| Non-group fund units iShares PLC - iShares Euro High Yield Corp Bond UCITS ETF -EUR- EUR - (0.500%) ...............................  | Units | 50 171 | 51 340 | 1 169 | EUR | 96.97 | 4 865 081.87 | 4.96 |
| iShares PLC - iShares Euro High Yield Corp Bond UCITS ETF -EUR- EUR - (0.500%) ...............................  | Units | 5 693 | 7 024 | 1 331 | EUR | 97.13 | 552 961.09 | 0.56 |
| iShares PLC - iShares $ Corporate Bond UCITS ETF USD - (0.200%) .........................................  | Units | 1 061 | 1 061 |  | USD | 128.59 | 121 734.59 | 0.12 |
| iShares V plc - iShares JP Morgan USD EM Corp Bond UCITS ETF - USD - (0.500%) ...............................  | Units | 11 486 | 11 976 | 490 | USD | 100.37 | 1 028 641.78 | 1.05 |
| Total securities portfolio |  |  |  |  |  |  | 88 122 528.52 | 89.79 |

4.42  % Dell International LLC Via EMC Corp. -Reg- (MTN)
DWS Invest Conservative Opportunities
| Security name | Count/ units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  | 349 441.12 | 0.36 |
| Equity index futures MSCI World Index 09/2020 (DB).......................  | Count | -559 | 559 | 349 441.12 | 0.36 |
| Interest rate derivatives Receivables/payables |  |  |  | 59 655.95 | 0.06 |
| Interest rate futures US Treasury Notes 30 year Futures 09/2020 (DB) .........  | Count | 34 | 34 | 59 655.95 | 0.06 |
| Currency derivatives Receivables/payables |  |  |  | -118 145.06 | -0.12 |
| Forward currency transactions |  |  |  |  |  |
| Forward currency transactions (long) |  |  |  |  |  |
| Open positions AUD/EUR 2 million .................................  |  |  |  | -1 438.20 | 0.00 |
| CAD/EUR 1.1 million ................................  |  |  |  | -570.83 | 0.00 |
| JPY/EUR 585.4 million...............................  |  |  |  | -18 741.75 | -0.02 |
| KRW/EUR 935.2 million..............................  |  |  |  | 2 093.22 | 0.00 |
| MXN/EUR 25.1 million...............................  |  |  |  | -18 839.93 | -0.02 |
| NOK/EUR 15.6 million ...............................  |  |  |  | -5 001.84 | -0.01 |
| RUB/EUR 158.5 million ..............................  |  |  |  | -49 350.22 | -0.05 |
| SGD/EUR 1.1 million ................................  |  |  |  | -1 879.77 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions EUR/USD 19.3 million ...............................  |  |  |  | -24 415.74 | -0.02 |
| Cash at bank |  |  |  | 9 281 804.06 | 9.46 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 8 991 780.38 | 9.16 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| U.S. dollar ........................................  | USD | 325 044 |  | 290 023.68 | 0.30 |
| Other assets |  |  |  | 83 978.19 | 0.08 |
| Dividends/Distributions receivable .....................  |  |  |  | 63 346.27 | 0.06 |
| Interest receivable .................................  |  |  |  | 20 631.92 | 0.02 |
| Receivables from share certificate transactions |  |  |  | 2 930 247.94 | 2.99 |
| Total assets * |  |  |  | 100 829 749.00 | 102.74 |
| Other liabilities |  |  |  | -2 557 871.05 | -2.61 |
| Additional other liabilities.............................  |  |  |  | -2 557 871.05 | -2.61 |
| Liabilities from share certificate transactions |  |  |  | -13 644.40 | -0.01 |
| Total liabilities |  |  |  | -2 691 753.73 | -2.74 |
| Net assets |  |  |  | 98 137 995.27 | 100.00 |

Negligible rounding errors may have arisen due to the rounding of calculated percentages.
A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class FD .........................................  | EUR | 105.12 |
| Class LC .........................................  | EUR | 104.76 |
| Class LD .........................................  | EUR | 104.68 |
| Class NC .........................................  | EUR | 100.61 |
| Class ND .........................................  | EUR | 104.56 |
| Number of shares outstanding Class FD .........................................  | Count | 99 700.000 |
| Class LC .........................................  | Count | 4 300.969 |
| Class LD .........................................  | Count | 832 878.564 |
| Class NC .........................................  | Count | 100.000 |
| Class ND .........................................  | Count | 100.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) 70% iBoxx Euro Overall Index, 30% MSCI All Country World Index, in EUR
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 35.896 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 115.696 |
| Average market risk exposure ........................  | % | 76.106 |

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 0.5, 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 51 008 948.87 as of the reporting date.
Market abbreviations
Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for forward currency transactions
Bofa Securities Europe, Deutsche Bank AG, Goldman Sachs International, JP Morgan, Royal Bank of Canada (UK) and State Street Bank London
| Exchange rates (indirect quotes) |  |
| --- | --- |
| U.S. dollar	USD | 1.120750 | As of June 30, 2020 = 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.
The management fee / all-in fee rates in effect as of the reporting date for the investment fund units held in the securities portfolio are shown in parentheses. A plus sign means that a performance-based fee may also be charged. As the investment fund held units of other investment funds (target funds) in the reporting period, further costs, charges and fees may have been incurred at the level of these individual target funds.
Footnote
* Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2020-06-30):
# DWS Invest Conservative Opportunities
DWS INVEST CONSERVATIVE OPPORTUNITIES

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU2034326152 | 3,8% |
| Klasse FD | LU2034326079 | 4,1% |
| Klasse LD | LU2034326236 | 3,8% |
| Klasse NC | LU2161839753 | 0,6% 1) |
| Klasse ND | LU2034326319 | 3,8% |

1) 
Klasse NC aufgelegt am 29.5.2020
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 Conservative Opportunities
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Grundstoffe | 689 170,72 | 0,70 |
| Summe Aktien | 689 170,72 | 0,70 |
| 2. Anleihen (Emittenten) Unternehmen | 1 758 183,05 | 1,79 |
| Summe Anleihen | 1 758 183,05 | 1,79 |
| 3. Investmentanteile Rentenfonds | 24 903 462,60 | 25,37 |
| Aktienfonds | 25 120 060,79 | 25,60 |
| Sonstige Fonds | 35 651 651,36 | 36,33 |
| Summe Investmentanteile | 85 675 174,75 | 87,30 |
| 4. Derivate | 290 952,01 | 0,30 |
| 5. Bankguthaben | 9 281 804,06 | 9,46 |
| 6. Sonstige Vermögensgegenstände | 83 978,19 | 0,08 |
| 7. Forderungen aus Anteilscheingeschäften | 2 930 247,94 | 2,99 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -2 557 871,05 | - 2,61 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -13 644,40 | - 0,01 |
| III. Fondsvermögen | 98 137 995,27 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

Vermögensaufstellung zum 30.6.2020
Börsengehandelte Wertpapiere	1 977 389,72	2,01
Aktien
Agnico-Eagle Mines Ltd .............................	Stück	1 660	1 660	USD	62,31	92 290,56	0,10
Barrick Gold Corp. .................................	Stück	6 747	6 747	USD	26,065	156 913,34	0,16
Franco-Nevada Corp. ...............................	Stück	1 303	1 303	USD	138,15	160 615,23	0,16
Kinross Gold Corp.  ................................	Stück	6 550	6 550	USD	6,99	40 851,68	0,04
Newmont Mining Corp. .............................	Stück	4 037	4 037	USD	59,81	215 438,83	0,22
Wheaton Precious Metals Corp. ......................	Stück	610	610	USD	42,37	23 061,08	0,02
Verzinsliche Wertpapiere
1,875 % ADLER Real Estate AG (MTN) 2018/2023 .......	EUR	100 000	100 000	%	97,216	97 215,50	0,10
4,75 % Avantor, Inc. -Reg- (MTN) 2017/2024 ..........	EUR	100 000	100 000	%	103,32	103 319,50	0,11
4,25  % Axalta Coating Systems LLC -Reg- (MTN)
2016/2024 ...............................	EUR	100 000	100 000	%	99,522	99 522,00	0,10
4,625 % Cemex Finance LLC -Reg- (MTN) 2016/2024 ....	EUR	100 000	100 000	%	99,275	99 275,00	0,10
3,375 % ContourGlobal Power Holdings SA -Reg- (MTN)
2018/2023 ...............................	EUR	100 000	100 000	%	101,446	101 446,50	0,10
5,50  % Cott Corp. -Reg- (MTN) 2016/2024 ............	EUR	100 000	100 000	%	100,966	100 966,00	0,10
1,875 % DEMIRE Deutsche Mittelstand Real Estate AG
(MTN) 2019/2024 ..........................	EUR	100 000	100 000	%	95,272	95 271,50	0,10
4,35  % Fortune Star BVI Ltd 2019/2023 ..............	EUR	100 000	100 000	%	97,091	97 091,00	0,10
4,875 % Inter Media and Communication SpA -Reg-
(MTN) 2017/2022 ..........................	EUR	95 733	96 833	1 100	%	96	91 904,00	0,09
3,50 % IQVIA, Inc. -Reg- (MTN) 2016/2024 ............	EUR	100 000	100 000	%	101,884	101 884,00	0,10
6,375 % Schoeller Packaging BV -Reg- (MTN) 2019/2024 ..	EUR	100 000	100 000	%	97,002	97 002,50	0,10
4,00  % Telecom Italia SpA/Milano (MTN) 2019/2024 ....	EUR	100 000	100 000	%	104,87	104 870,00	0,11
2,125 % Volvo Car AB (MTN) 2019/2024 ...............	EUR	100 000	100 000	%	98,452	98 451,50	0,10
An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	469 964,05	0,48 Verzinsliche Wertpapiere
3,125 % Broadcom, Inc. -Reg- 2019/2022 ..............	USD	100 000	100 000	%	104,2	92 973,49	0,10
4,42  % Dell International LLC Via EMC Corp. -Reg- (MTN)
2016/2021 ...............................	USD	100 000	100 000	%	102,872	91 788,57	0,09
8,375 % Time Warner Entertainment Co. LP 1993/2023 ...	USD	100 000	100 000	%	118,197	105 462,46	0,11
6,00  % T-Mobile USA, Inc. (MTN) 2014/2023 ..........	USD	100 000	100 000	%	100,763	89 906,79	0,09
4,625 % VeriSign, Inc. (MTN) 2013/2023 ...............	USD	100 000	100 000	%	100,68	89 832,74	0,09
Investmentanteile	85 675 174,75	87,30
Gruppeneigene Investmentanteile
db x-trackers - MSCI World Health Care Index UCITS ETF
(DR) -1C- EUR - (0,450%) ............................	Anteile	64 688	122 316	57 628	EUR	33,86	2 190 335,68	2,23
db x-trackers - MSCI World Information Technology Index
UCITS ETF (DR) -1C- USD - (0,150%) ..................	Anteile	160 392	236 921	102 509	EUR	36,545	5 861 525,64	5,97
db Physical Gold ETC EUR - (0,250%) .................	Anteile	46 865	54 460	11 510	EUR	153,4	7 189 091,00	7,33
Deutsche AM Dynamic Opportunities -SC- EUR - (0,400%) .	Anteile	372 736	334 141	EUR	47,66	17 764 597,76	18,10 DWS Concept - DWS Concept Kaldemorgen -IC100- EUR -
(0,350%) .........................................	Anteile	181 779	181 779	EUR	98,4	17 887 053,60	18,23
DWS Invest SICAV - DWS Invest Euro High Yield Corporates
-RC- EUR - (0,350%) ................................	Anteile	105 984	101 056	10 942	EUR	110,21	11 680 496,64	11,90
Xtrackers (IE) plc - Xtrackers MSCI World Communication
Services UCITS ETF -1C- EUR - (0,150%) ...............	Anteile	161 368	240 627	79 259	EUR	12,554	2 025 813,87	2,06
Xtrackers (IE) plc - Xtrackers MSCI World Consumer Staples
UCITS ETF -1C- USD - (0,150%) ......................	Anteile	80 462	116 494	36 032	EUR	31,915	2 567 944,73	2,62
Xtrackers (IE) plc - Xtrackers MSCI World Consummer
Discretionary Index UCITS ETF -1C- EUR - (0,300%) ......	Anteile	64 890	81 413	16 523	EUR	32,73	2 123 849,70	2,16
Xtrackers (IE) plc - Xtrackers MSCI World Industrials UCITS
ETF -1C- EUR - (0,150%) ............................	Anteile	44 004	44 004	EUR	29,98	1 319 239,92	1,35
Xtrackers (IE) plc - Xtrackers MSCI World Utilities UCITS ETF
-1C- USD - (0,150%) ................................	Anteile	79 237	148 141	68 904	EUR	23,25	1 842 260,25	1,88
Xtrackers II - USD Emerging Markets Bond UCITS ETF -1C-
EUR - (0,250%) ...................................	Anteile	131 120	131 120	EUR	12,896	1 690 923,52	1,72
DWS Invest SICAV - Asian Bonds -RC- USD - (0,180%) ....	Anteile	48 458	56 949	8 491	USD	114,8	4 963 623,11	5,06
Gruppenfremde Investmentanteile
iShares PLC - iShares Euro High Yield Corp Bond UCITS ETF
-EUR- EUR - (0,500%) ..............................	Anteile	50 171	51 340	1 169	EUR	96,97	4 865 081,87	4,96
iShares PLC - iShares Euro High Yield Corp Bond UCITS ETF
-EUR- EUR - (0,500%) ..............................	Anteile	5 693	7 024	1 331	EUR	97,13	552 961,09	0,56
iShares PLC - iShares $ Corporate Bond UCITS ETF USD -
(0,200%) .........................................	Anteile	1 061	1 061	USD	128,59	121 734,59	0,12
iShares V plc - iShares JP Morgan USD EM Corp Bond UCITS
ETF - USD - (0,500%) ...............................	Anteile	11 486	11 976	490	USD	100,37	1 028 641,78	1,05
Summe Wertpapiervermögen	88 122 528,52	89,79
DWS Invest Conservative Opportunities
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |
| --- | --- |
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  |  | 349 441,12 | 0,36 |
| Aktienindex-Terminkontrakte MSCI World Index 09/2020 (DB) ......................	Stück	-559 |  | 559 | 349 441,12 | 0,36 |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  | 59 655,95 | 0,06 |
| Zinsterminkontrakte US Treasury Notes 30 year Futures 09/2020 (DB) .........	Stück	34 | 34 |  | 59 655,95 | 0,06 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | -118 145,06 | -0,12 |
| Devisentermingeschäfte |  |  |  |  |
| Devisentermingeschäfte (Kauf) |  |  |  |  |
| Offene Positionen AUD/EUR 2 Mio. ..................................  |  |  | -1 438,20 | 0,00 |
| CAD/EUR 1,1 Mio.  ................................  |  |  | -570,83 | 0,00 |
| JPY/EUR 585,4 Mio. ...............................  |  |  | -18 741,75 | -0,02 |
| KRW/EUR 935,2 Mio. ..............................  |  |  | 2 093,22 | 0,00 |
| MXN/EUR 25,1 Mio.  ...............................  |  |  | -18 839,93 | -0,02 |
| NOK/EUR 15,6 Mio.  ...............................  |  |  | -5 001,84 | -0,01 |
| RUB/EUR 158,5 Mio.  ..............................  |  |  | -49 350,22 | -0,05 |
| SGD/EUR 1,1 Mio.  ................................  |  |  | -1 879,77 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |
| Offene Positionen EUR/USD 19,3 Mio.  ...............................  |  |  | -24 415,74 | -0,02 |
| Bankguthaben |  |  | 9 281 804,06 | 9,46 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  |  | 8 991 780,38 | 9,16 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |
| US-Dollar ........................................	USD	325 044 |  |  | 290 023,68 | 0,30 |
| Sonstige Vermögensgegenstände |  |  | 83 978,19 | 0,08 |
| Dividenden- / Ausschüttungsansprüche .................  |  |  | 63 346,27 | 0,06 |
| Zinsansprüche ....................................  |  |  | 20 631,92 | 0,02 |
| Forderungen aus Anteilscheingeschäften |  |  | 2 930 247,94 | 2,99 |
| Summe der Vermögensgegenstände * |  |  | 100 829 749,00 | 102,74 |
| Sonstige Verbindlichkeiten |  |  | -2 557 871,05 | -2,61 |
| Andere sonstige Verbindlichkeiten .....................  |  |  | -2 557 871,05 | -2,61 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  | -13 644,40 | -0,01 |
| Summe der Verbindlichkeiten |  |  | -2 691 753,73 | -2,74 |
| Fondsvermögen |  |  | 98 137 995,27 | 100,00 |

Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FD ........................................  | EUR | 105,12 |
| Klasse LC ........................................  | EUR | 104,76 |
| Klasse LD ........................................  | EUR | 104,68 |
| Klasse NC ........................................  | EUR | 100,61 |
| Klasse ND ........................................  | EUR | 104,56 |
| Umlaufende Anteile Klasse FD ........................................  | Stück | 99 700,000 |
| Klasse LC ........................................  | Stück | 4 300,969 |
| Klasse LD ........................................  | Stück | 832 878,564 |
| Klasse NC ........................................  | Stück | 100,000 |
| Klasse ND ........................................  | Stück | 100,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) 70% iBoxx Euro Overall Index, 30% MSCI All Country World Index, in EUR
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 35,896 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 115,696 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 76,106 |

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 0,5, 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 51 008 948,87.
Marktschlüssel
Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Devisentermingeschäfte
Bofa Securities Europe, Deutsche Bank AG, Goldman Sachs International, JP Morgan, Royal Bank of Canada (UK) und State Street Bank London
| Devisenkurse (in Mengennotiz) |  |
| --- | --- |
| US-Dollar	USD | 1,120750 | per 30.6.2020 = 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.
In Klammern sind die aktuellen Verwaltungsvergütungs-/Kostenpauschalsätze zum Berichtsstichtag für die im Wertpapiervermögen enthaltenen Investmentanteile aufgeführt. Das Zeichen + bedeutet, dass darüber hinaus ggf. eine erfolgsabhängige Vergütung berechnet werden kann. Da der Investmentfonds im Berichtszeitraum andere Investmentanteile („Zielfonds“) hielt, können weitere Kosten, Gebühren und Vergütungen auf Ebene des Zielfonds angefallen sein.
Fußnote
* Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.