# DWS Invest ESG Multi Asset Defensive
DWS INVEST ESG MULTI ASSET DEFENSIVE

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LD | LU1935133790 | -3.5% |
| Class LC | LU2098861896 | -4.8% 1 |
| Class NC | LU2098862191 | -4.8% 1 |
| Class ND | LU1935133956 | -3.6% |
| Class PFD | LU1935134335 | -3.8% |

1 
Classes LC and NC launched on February 11, 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 ESG Multi Asset Defensive
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 1 024 599.01 | 2.06 |
| Telecommunication Services | 1 350 283.89 | 2.68 |
| Consumer Discretionaries | 3 744 891.90 | 7.51 |
| Energy | 197 774.87 | 0.39 |
| Consumer Staples | 626 647.23 | 1.24 |
| Financials | 1 577 568.94 | 3.17 |
| Basic Materials | 409 278.92 | 0.82 |
| Industrials | 1 262 095.00 | 2.54 |
| Utilities | 622 713.10 | 1.25 |
| Total equities | 10 815 852.86 | 21.66 |
| 2. Bonds (issuers) Companies | 28 362 928.51 | 56.67 |
| Central governments | 5 918 985.34 | 11.82 |
| Regional governments | 109 369.50 | 0.22 |
| Total bonds | 34 391 283.35 | 68.71 |
| 3. Investment fund units Bond funds | 2 090 400.00 | 4.18 |
| Total investment fund units | 2 090 400.00 | 4.18 |
| 4. Derivate | -25 148.37 | - 0.06 |
| 5. Cash at bank | 1 914 720.41 | 3.83 |
| 6. Other assets | 1 168 830.91 | 2.34 |
| II. Liabilities |  |  |
| 1. Other liabilities | -320 230.68 | - 0.64 |
| 2. Liabilities from share certificate transactions | -12 054.00 | - 0.02 |
| III. Net assets | 50 023 654.48 | 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/ | principal | additions | disposals |  |  | value in | net assets |
|  | currency | amount | in the reporting period |  | EUR |
| Securities traded on an exchange |  |  |  |  | 41 152 185.81	82.26 |
| Equities Amcor Ltd/Australia.................................  | Count | 7 000 | 3 000 | AUD | 14.48	62 104.79	0.12 |
| Coles Group Ltd ...................................  | Count | 1 945 | 1 945 | AUD | 17.17	20 462.01	0.04 |
| Downer EDI Ltd....................................  | Count | 10 000 |  | AUD | 4.38	26 836.91	0.05 |
| Sonic Healthcare Ltd ................................  | Count | 3 000 | 3 000 | AUD | 30.43	55 934.75	0.11 |
| BCE, Inc. .........................................  | Count | 4 000 | 2 500 | CAD | 56.62	147 810.44	0.30 |

|  |  |
| --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |
|  |  |

| Canadian Imperial Bank of Commerce/Canada ............  | Count | 2 000 | 700 |  | CAD | 89.9 | 117 345.10 | 0.23 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Enbridge, Inc. .....................................  | Count | 4 000 | 2 000 |  | CAD | 41.02 | 107 085.56 | 0.21 |
| Manulife Financial Corp. .............................  | Count | 7 000 | 7 000 |  | CAD | 18.18 | 83 055.27 | 0.17 |
| Nutrien Ltd .......................................  | Count | 2 000 | 1 000 |  | CAD | 44.17 | 57 654.43 | 0.12 |
| Power Corp. of Canada ..............................  | Count | 3 000 | 3 000 |  | CAD | 23.4 | 45 815.49 | 0.09 |
| ABB Ltd ..........................................  | Count | 4 000 |  |  | CHF | 21.2 | 79 641.75 | 0.16 |
| Adecco Group AG ..................................  | Count | 2 000 | 1 000 |  | CHF | 43.94 | 82 534.40 | 0.17 |
| Kuehne + Nagel International AG ......................  | Count | 1 000 | 1 000 |  | CHF | 157.2 | 147 637.78 | 0.30 |
| Roche Holding AG ..................................  | Count | 667 | 167 |  | CHF | 327.65 | 205 248.96 | 0.41 |
| SIG Combibloc Group ...............................  | Count | 5 000 |  |  | CHF | 15.17 | 71 236.17 | 0.14 |
| Swiss Life Holding AG ..............................  | Count | 32 | 32 |  | CHF | 348.1 | 10 461.62 | 0.02 |
| Zurich Insurance Group AG ...........................  | Count | 388 | 88 |  | CHF | 332.7 | 121 235.41 | 0.24 |
| Allianz SE.........................................  | Count | 1 000 | 600 |  | EUR | 180.22 | 180 220.00 | 0.36 |
| Aroundtown SA ....................................  | Count | 26 479 | 26 479 |  | EUR | 5.104 | 135 148.82 | 0.27 |
| Assicurazioni Generali SpA ...........................  | Count | 4 000 | 4 000 |  | EUR | 13.37 | 53 480.00 | 0.11 |
| AXA SA ..........................................  | Count | 14 000 | 7 000 |  | EUR | 18.418 | 257 852.00 | 0.52 |
| BASF SE .........................................  | Count | 2 000 | 1 400 |  | EUR | 49.485 | 98 970.00 | 0.20 |
| Bayerische Motoren Werke AG .......................  | Count | 3 000 | 2 000 |  | EUR | 55.99 | 167 970.00 | 0.34 |
| BNP Paribas SA ....................................  | Count | 2 000 | 1 000 |  | EUR | 34.795 | 69 590.00 | 0.14 |
| Covestro AG ......................................  | Count | 3 000 | 2 000 |  | EUR | 33.81 | 101 430.00 | 0.20 |
| Danone SA .......................................  | Count | 5 000 | 3 000 |  | EUR | 61.82 | 309 100.00 | 0.62 |
| Deutsche Post AG..................................  | Count | 3 000 | 4 000 | 4 000 | EUR | 32.55 | 97 650.00 | 0.20 |
| Deutsche Telekom AG ..............................  | Count | 12 000 | 9 000 |  | EUR | 14.93 | 179 160.00 | 0.36 |
| EDP - Energias de Portugal SA ........................  | Count | 20 000 | 20 000 |  | EUR | 4.249 | 84 980.00 | 0.17 |
| EDP Renovaveis SA ................................  | Count | 6 000 |  |  | EUR | 12.18 | 73 080.00 | 0.15 |
| Evonik Industries AG ................................  | Count | 4 000 |  |  | EUR | 22.45 | 89 800.00 | 0.18 |
| Henkel AG & Co., KgaA -Pref-.........................  | Count | 1 200 |  |  | EUR | 83.14 | 99 768.00 | 0.20 |
| Iberdrola SA.......................................  | Count | 16 690 | 6 690 |  | EUR | 10.37 | 173 075.30 | 0.35 |
| ING Groep NV .....................................  | Count | 10 000 |  |  | EUR | 6.12 | 61 200.00 | 0.12 |
| Koninklijke Ahold Delhaize NV.........................  | Count | 3 000 | 3 000 |  | EUR | 24.35 | 73 050.00 | 0.15 |
| Koninklijke Philips NV ...............................  | Count | 3 000 | 3 000 |  | EUR | 41.225 | 123 675.00 | 0.25 |
| Metso Oyj ........................................  | Count | 2 000 |  |  | EUR | 28.76 | 57 520.00 | 0.12 |
| Nokia Oyj .........................................  | Count | 20 000 | 10 000 |  | EUR | 3.852 | 77 050.00 | 0.15 |
| NOS SGPS SA .....................................  | Count | 30 000 | 30 000 |  | EUR | 3.856 | 115 680.00 | 0.23 |
| Orange SA ........................................  | Count | 10 000 | 2 500 |  | EUR | 10.64 | 106 400.00 | 0.21 |
| Peugeot SA .......................................  | Count | 1 133 | 1 133 |  | EUR | 14.23 | 16 122.59 | 0.03 |
| ProSiebenSat.1 Media AG............................  | Count | 12 000 | 6 000 |  | EUR | 10.44 | 125 280.00 | 0.25 |
| Red Electrica Corp., SA ..............................  | Count | 3 999 | 999 | 2 000 | EUR | 16.71 | 66 823.29 | 0.13 |
| Sanofi............................................  | Count | 2 000 | 1 500 | 1 000 | EUR | 90.36 | 180 720.00 | 0.36 |
| Société Générale SA ................................  | Count | 3 000 |  |  | EUR | 14.542 | 43 626.00 | 0.09 |
| Unibail-Rodamco-Westfield ...........................  | Count | 600 |  |  | EUR | 49.42 | 29 652.00 | 0.06 |
| Unilever NV .......................................  | Count | 2 758 | 758 |  | EUR | 47.43 | 130 811.94 | 0.26 |
| Veolia Environnement SA ............................  | Count | 7 000 | 4 000 |  | EUR | 20.07 | 140 490.00 | 0.28 |
| AstraZeneca PLC...................................  | Count | 1 178 | 178 | 1 000 | GBP | 84.22 | 108 882.26 | 0.22 |
| Aviva PLC ........................................  | Count | 20 000 | 10 000 |  | GBP | 2.722 | 59 746.81 | 0.12 |
| Centrica PLC ......................................  | Count | 200 000 | 200 000 |  | GBP | 0.384 | 84 264.51 | 0.17 |
| GlaxoSmithKline PLC................................  | Count | 8 000 | 8 391 | 391 | GBP | 16.304 | 143 146.51 | 0.29 |
| ITV PLC ..........................................  | Count | 7 103 | 7 103 |  | GBP | 0.742 | 5 781.06 | 0.01 |
| M&G PLC ........................................  | Count | 30 000 | 30 000 |  | GBP | 1.656 | 54 539.27 | 0.11 |
| Mondi PLC........................................  | Count | 698 | 698 |  | GBP | 15.015 | 11 502.11 | 0.02 |
| Prudential PLC.....................................  | Count | 611 | 611 |  | GBP | 12.065 | 8 090.32 | 0.02 |
| Vodafone Group PLC................................  | Count | 72 000 |  |  | GBP | 1.292 | 102 060.37 | 0.20 |
| i-CABLE Communications Ltd .........................  | Count | 979 | 979 |  | HKD | 0.068 | 7.66 | 0.00 |
| Astellas Pharma, Inc.................................  | Count | 2 200 | 2 200 |  | JPY | 1 799.5 | 32 796.70 | 0.07 |
| Bridgestone Corp. ..................................  | Count | 3 500 | 3 500 |  | JPY | 3 469 | 100 583.77 | 0.20 |
| Canon, Inc. .......................................  | Count | 3 000 |  |  | JPY | 2 134.5 | 53 048.48 | 0.11 |
| Central Japan Railway Co.............................  | Count | 500 |  |  | JPY | 16 690 | 69 132.44 | 0.14 |
| Daiwa House Industry Co., Ltd ........................  | Count | 1 300 | 1 300 |  | JPY | 2 542 | 27 376.28 | 0.05 |
| Fujitsu Ltd ........................................  | Count | 200 | 200 |  | JPY | 12 620 | 20 909.56 | 0.04 |
| ITOCHU Corp. .....................................  | Count | 6 300 | 2 300 |  | JPY | 2 321.5 | 121 161.54 | 0.24 |
| Nippon Telegraph & Telephone Corp. ...................  | Count | 2 000 | 2 000 |  | JPY | 2 515.5 | 41 678.29 | 0.08 |
| NTT DOCOMO, Inc. ................................  | Count | 1 900 | 1 900 |  | JPY | 2 882 | 45 363.14 | 0.09 |
| Tokio Marine Holdings, Inc............................  | Count | 100 | 100 |  | JPY | 4 698 | 3 891.96 | 0.01 |
| Tokyo Electron Ltd .................................  | Count | 500 |  |  | JPY | 26 440 | 109 518.38 | 0.22 |
| Boliden AB........................................  | Count | 2 500 | 2 500 |  | SEK | 209.2 | 49 922.38 | 0.10 |
| 3M Co............................................  | Count | 1 000 | 1 000 |  | USD | 155.23 | 138 505.52 | 0.28 |
| AbbVie, Inc. .......................................  | Count | 3 049 | 1 049 |  | USD | 96.07 | 261 358.51 | 0.52 |
| AT&T, Inc. ........................................  | Count | 7 000 | 4 000 |  | USD | 29.74 | 185 750.69 | 0.37 |
| Atlantica Yield PLC .................................  | Count | 9 000 | 5 000 |  | USD | 28.92 | 232 237.43 | 0.46 |
| Bristol-Myers Squibb Co..............................  | Count | 1 100 | 1 100 |  | USD | 57.68 | 56 612.11 | 0.11 |
| Broadcom, Inc. ....................................  | Count | 600 | 600 |  | USD | 313.16 | 167 652.09 | 0.34 |
| Cisco Systems, Inc..................................  | Count | 2 898 | 898 |  | USD | 46.69 | 120 729.58 | 0.24 |
| Citigroup, Inc. .....................................  | Count | 2 000 |  |  | USD | 50.215 | 89 609.67 | 0.18 |

| Coca-Cola Co./The ..................................  | Count | 1 951 | 951 |  | USD | 44.29 | 77 100.00 | 0.15 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Colgate-Palmolive Co. ...............................  | Count | 2 000 |  |  | USD | 72.73 | 129 788.14 | 0.26 |
| CVS Health Corp....................................  | Count | 4 000 | 3 000 |  | USD | 64.21 | 229 168.06 | 0.46 |
| Eaton Corp., PLC ...................................  | Count | 1 605 | 605 |  | USD | 86.17 | 123 402.10 | 0.25 |
| Gap, Inc./The ......................................         | Count | 8 000 |  |  | USD | 12.22 | 87 227.34 | 0.17 |
| Gilead Sciences, Inc. ................................  | Count | 1 083 | 1 083 | 2 000 | USD | 75.61 | 73 063.27 | 0.15 |
| HCA, Inc. .........................................  | Count | 1 000 | 1 000 |  | USD | 94.38 | 84 211.50 | 0.17 |
| HP, Inc. ..........................................  | Count | 4 000 |  | 2 000 | USD | 17.05 | 60 852.13 | 0.12 |
| International Business Machines Corp...................  | Count | 729 | 129 |  | USD | 119.51 | 77 736.18 | 0.16 |
| Invesco Ltd .......................................  | Count | 9 000 | 4 000 |  | USD | 10.51 | 84 398.87 | 0.17 |
| Kimberly-Clark Corp. ................................  | Count | 1 500 | 1 400 | 500 | USD | 140.17 | 187 602.13 | 0.38 |
| Lam Research Corp. ................................  | Count | 143 | 143 |  | USD | 322.86 | 41 194.73 | 0.08 |
| Medtronic PLC ....................................  | Count | 2 000 | 2 000 |  | USD | 89.43 | 159 589.62 | 0.32 |
| Merck & Co., Inc. ..................................  | Count | 3 000 | 1 578 | 578 | USD | 76.39 | 204 479.22 | 0.41 |
| Mondelez International, Inc. ..........................  | Count | 3 000 | 2 000 |  | USD | 50.69 | 135 685.98 | 0.27 |
| NextEra Energy Partners LP ..........................  | Count | 2 000 | 2 000 |  | USD | 50.82 | 90 689.31 | 0.18 |
| Owens Corning ....................................  | Count | 3 000 | 4 000 | 1 000 | USD | 54.4 | 145 616.83 | 0.29 |
| PepsiCo, Inc. ......................................  | Count | 1 000 | 1 000 |  | USD | 131.74 | 117 546.33 | 0.23 |
| Pfizer, Inc. ........................................  | Count | 6 000 | 4 500 |  | USD | 32.29 | 172 866.45 | 0.35 |
| Procter & Gamble Co. ...............................  | Count | 1 500 | 1 500 |  | USD | 118.78 | 158 973.96 | 0.32 |
| Prudential Financial, Inc. .............................  | Count | 1 300 |  |  | USD | 59.15 | 68 610.33 | 0.14 |
| QUALCOMM, Inc...................................  | Count | 2 000 | 3 000 | 1 000 | USD | 91.46 | 163 212.20 | 0.33 |
| Samsung Electronics Co., Ltd -GDR- ...................  | Count | 100 |  |  | USD | 1 101 | 98 237.83 | 0.20 |
| Target Corp........................................  | Count | 1 000 |  |  | USD | 119.03 | 106 205.71 | 0.21 |
| United Parcel Service, Inc. ...........................  | Count | 1 000 | 2 000 | 2 000 | USD | 109.35 | 97 568.63 | 0.20 |
| United Rentals, Inc. .................................  | Count | 1 000 | 1 000 |  | USD | 146.5 | 130 716.09 | 0.26 |
| Verizon Communications, Inc..........................  | Count | 2 009 | 1 009 | 1 000 | USD | 54.41 | 97 532.66 | 0.19 |
| Westrock Co.......................................  | Count | 6 000 | 4 000 |  | USD | 27.13 | 145 242.08 | 0.29 |
| Interest-bearing securities 0.60  % ABN AMRO Bank NV (MTN) 2020/2027 .........  | EUR | 200 000 | 200 000 |  | % | 98.796 | 197 591.00 | 0.40 |
| 2.625 % Accor SA 2019/perpetual * ...................  | EUR | 500 000 | 500 000 |  | % | 82.142 | 410 712.50 | 0.82 |
| 1.301 % Allianz SE 2019/2049 * ......................  | EUR | 300 000 | 300 000 |  | % | 96.788 | 290 364.00 | 0.58 |
| 0.50  % alstria office Reit-AG (MTN) 2019/2025 .........  | EUR | 200 000 |  |  | % | 96.493 | 192 986.00 | 0.39 |
| 0.625 % Aroundtown SA (MTN) 2019/2025 .............  | EUR | 500 000 | 500 000 |  | % | 97.869 | 489 345.00 | 0.98 |
| 3.75  % ATF Netherlands BV 2016/2049 *..............  1.571 % Autonomous Community of Madrid Spain (MTN) 2019/2029 ................................  | EUR EUR | 200 000 100 000 | 200 000 |  | % % | 99.424 109.37 | 198 848.00 109 369.50 | 0.40 0.22 |
| 2.00  % Banco de Sabadell SA (MTN) 2020/2030 *.......  | EUR | 200 000 | 200 000 |  | % | 84.406 | 168 812.00 | 0.34 |
| 0.625 % Bankinter SA (MTN) 2020/2027 ...............  0.375 % BAWAG PSK Bank fuer Arbeit and Wirtschaft and | EUR | 200 000 | 200 000 |  | % | 94.695 | 189 390.00 | 0.38 |
| Oesterreichische Postsparkasse AG (MTN) 2019/2027 EUR | 500 000 | 500 000 | % | 91.884 | 459 417.50 | 0.92 |
| 3.50 % Bertelsmann SE & Co., KGaA (MTN) 2015/2075 * . | EUR | 200 000 | 200 000 |  | % | 99.724 | 199 447.00 | 0.40 |
| 0.50  % BNP Paribas SA (MTN) 2020/2028 *............  | EUR | 700 000 | 700 000 |  | % | 97.485 | 682 395.00 | 1.36 |
| 1.125 % Brenntag Finance BV (MTN) 2017/2025 .........  | EUR | 500 000 | 500 000 |  | % | 99.924 | 499 622.50 | 1.00 |
| 0.35  % Buoni Poliennali Del Tes (MTN) 2019/2025 ......  | EUR | 300 000 | 400 000 | 500 000 | % | 98.92 | 296 760.00 | 0.59 |
| 0.625 % CaixaBank SA (MTN) 2019/2024 ...............  | EUR | 300 000 |  |  | % | 97.38 | 292 141.50 | 0.58 |
| 2.00  % Capgemini SE (MTN) 2020/2029...............  | EUR | 400 000 | 400 000 |  | % | 107.76 | 431 042.00 | 0.86 |
| 2.875 % Cellnex Telecom SA (MTN) 2020/2025 ..........  | EUR | 100 000 | 100 000 |  | % | 106.746 | 106 745.50 | 0.21 |
| 1.625 % CNH Industrial Finance Europe SA (MTN) 2019/2029 | EUR | 400 000 | 400 000 |  | % | 95.172 | 380 686.00 | 0.76 |
| 4.75  % CNP Assurances 2018/perpetual * .............  | EUR | 300 000 |  |  | % | 104.392 | 313 174.50 | 0.63 |
| 2.00  % CNP Assurances 2019/2050 * ................  | EUR | 400 000 | 400 000 |  | % | 97.029 | 388 116.00 | 0.78 |
| 0.375 % Credit Mutuel Arkea SA (MTN) 2019/2028 .......  1.45 % CyrusOne LP Via CyrusOne Finance Corp. (MTN) 2020/2027 ................................  | EUR EUR | 200 000 500 000 | 500 000 | 300 000 | % % | 98.551 96.506 | 197 102.00 482 530.00 | 0.39 0.96 |
| 2.125 % Eurofins Scientific SE (MTN) 2017/2024 .........  | EUR | 600 000 | 600 000 |  | % | 100.216 | 601 296.00 | 1.20 |
| 1.25  % Fastighets AB Balder (MTN) 2020/2028 .........  | EUR | 500 000 | 500 000 |  | % | 93.494 | 467 470.00 | 0.93 |
| 2.124 % Ferrovial Netherlands BV 2017/perpetual *. . . . . . . | EUR | 400 000 | 200 000 |  | % | 94.086 | 376 346.00 | 0.75 |
| 3.25 % Grupo-Antolin Irausa SA -Reg- (MTN) 2017/2024 ..  | EUR | 200 000 |  |  | % | 88.382 | 176 765.00 | 0.35 |
| 1.125 % Heimstaden Bostad AB (MTN) 2020/2026 .......  1.75 % Indonesia Government International Bond (MTN) 2018/2025 ................................  | EUR EUR | 200 000 200 000 | 200 000 |  | % % | 97.477 101.27 | 194 954.00 202 540.00 | 0.39 0.40 |
| 2.125 % Intesa Sanpaolo SpA (MTN) 2018/2023 .........  | EUR | 200 000 |  |  | % | 103.944 | 207 887.00 | 0.42 |
| 1.00  % Intesa Sanpaolo SpA (MTN) 2019/2026 .........  | EUR | 350 000 |  |  | % | 98.007 | 343 024.50 | 0.69 |
| 3.50  % Intrum AB -Reg- (MTN) 2019/2026 .............  | EUR | 180 000 |  |  | % | 88.002 | 158 404.50 | 0.32 |
| 3.00  % Intrum AB -Reg- (MTN) 2019/2027 .............  | EUR | 490 000 | 200 000 |  | % | 84.115 | 412 163.50 | 0.82 |
| 2.75  % Intrum Justitia AB -Reg- (MTN) 2017/2022 .......  | EUR | 50 000 |  |  | % | 95.329 | 47 664.50 | 0.10 |
| 1.10  % Ireland Government Bond (MTN) 2019/2029 .....  | EUR | 200 000 |  |  | % | 110.942 | 221 885.00 | 0.44 |
| 0.875 % ISS Global A/S (MTN) 2019/2026 ..............  | EUR | 600 000 | 400 000 |  | % | 96.984 | 581 907.00 | 1.16 |
| 4.50  % LANXESS AG 2016/2076 * ...................  1.375 % Mexico Government International Bond (MTN) 2016/2025 ................................  | EUR EUR | 500 000 200 000 | 500 000 |  | % % | 104.372 98.802 | 521 860.00 197 605.00 | 1.04 0.40 |
| 1.75  % Mexico Government International Bond (MTN) 2018/2028 ................................  | EUR | 500 000 | 500 000 |  | % | 96.801 | 484 005.00 | 0.97 |
| 1.625 % Mexico Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ................................  | EUR | 200 000 |  | % | 97.731 | 195 462.00 | 0.39 |
| 1.25  % Molson Coors Brewing Co. (MTN) 2016/2024 ....  | EUR | 100 000 |  | % | 96.892 | 96 892.50 | 0.19 |
| 1.625 % Mondi Finance PLC (MTN) 2018/2026 ..........  | EUR | 500 000 | 500 000 | % | 104.544 | 522 722.50 | 1.04 |
| 3.75  % Nexans SA (MTN) 2018/2023 .................  | EUR | 200 000 |  | % | 103.456 | 206 912.00 | 0.41 |
| 2.25  % Orsted A/S 2017/3017 * .....................  1.95 % Portugal Obrigacoes do Tesouro OT (MTN) 2019/2029 ................................  | EUR EUR | 200 000 100 000 |  | % % | 102.269 113.965 | 204 538.00 113 965.00 | 0.41 0.23 |
| 0.475 % Portugal Obrigacoes do Tesouro OT (MTN) |  |  |  |  |  |  |  |  |
| 2020/2030 ................................  | EUR | 600 000 | 600 000 | % | 100.093 | 600 558.00 | 1.20 |

| 0.625 % PostNL NV (MTN) 2019/2026 .................  | EUR | 200 000 | 200 000 | % | 98.222 | 196 443.00 | 0.39 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 0.375 % Prologis Euro Finance LLC (MTN) 2020/2028 .....  | EUR | 140 000 | 140 000 | % | 98.439 | 137 814.60 | 0.28 |
| 3.625 % PVH Corp. -Reg- (MTN) 2016/2024 .............  | EUR | 200 000 | 200 000 | % | 102.266 | 204 531.00 | 0.41 |
| 3.125 % PVH Corp. -Reg- (MTN) 2017/2027 .............  | EUR | 800 000 | 800 000 | % | 96.658 | 773 268.00 | 1.55 |
| 0.375 % Raiffeisen Bank International AG (MTN) 2019/2026 | EUR | 300 000 |  | % | 99.448 | 298 345.50 | 0.60 |
| 0.50  % RELX Finance BV (MTN) 2020/2028 ............  | EUR | 200 000 | 200 000 | % | 98.253 | 196 506.00 | 0.39 |
| 1.25  % Renault SA (MTN) 2019/2025 .................  2.375 % Romanian Government International Bond -Reg- (MTN) 2017/2027 ..........................  | EUR EUR | 100 000 500 000 | 100 000 400 000 | % % | 91.532 102.138 | 91 532.50 510 687.50 | 0.18 1.02 |
| 1.00  % Samhallsbyggnadsbolaget i Norden AB (MTN) 2020/2027 ................................  | EUR | 500 000 | 500 000 | % | 92.724 | 463 617.50 | 0.93 |
| 4.625 % Samhallsbyggnadsbolaget i Norden AB 2019/ perpetual * ...............................  | EUR | 400 000 | 200 000 | % | 101.102 | 404 410.00 | 0.81 |
| 3.125 % Sappi Papier Holding GmbH -Reg- (MTN) 2019/2026 ................................  | EUR | 200 000 |  | % | 85.896 | 171 791.00 | 0.34 |
| 4.75  % Senegal Government International Bond -Reg- (MTN) 2018/2028 ..........................  | EUR | 200 000 |  | % | 96.866 | 193 733.00 | 0.39 |
| 0.25  % Siemens Financieringsmaatschappij NV (MTN) |  |  |  |  |  |  |  |
| 2020/2024 ................................  | EUR | 200 000 | 200 000 |  | % | 100.618 | 201 237.00 | 0.40 |
| 2.375 % Signify NV (MTN) 2020/2027..................  | EUR | 230 000 | 230 000 |  | % | 102.754 | 236 333.05 | 0.47 |
| 0.275 % Slovenia Government Bond (MTN) 2020/2030 ....  | EUR | 200 000 | 200 000 |  | % | 100.367 | 200 734.00 | 0.40 |
| 0.60  % Spain Government Bond (MTN) 2019/2029 ......  | EUR | 500 000 |  |  | % | 102.438 | 512 190.00 | 1.02 |
| 0.50  % Spain Government Bond (MTN) 2020/2030 ......  | EUR | 1 000 000 | 1 000 000 |  | % | 101.091 | 1 010 910.00 | 2.02 |
| 3.00  % Telefonica Europe BV 2018/perpetual * .........  0.125 % Terna Rete Elettrica Nazionale SpA (MTN) 2019/2025 ................................  | EUR EUR | 600 000 100 000 | 600 000 |  | % % | 97.89 99.124 | 587 340.00 99 123.50 | 1.17 0.20 |
| 0.375 % TLG Immobilien AG 2019/2022................  | EUR | 500 000 | 500 000 |  | % | 98.399 | 491 995.00 | 0.98 |
| 3.00  % Transurban Finance Co., Pty Ltd (MTN) 2020/2030 | EUR | 530 000 | 530 000 |  | % | 110.348 | 584 844.40 | 1.17 |
| 2.731 % UniCredit SpA 2020/2032 *...................  | EUR | 210 000 | 210 000 |  | % | 90.784 | 190 645.35 | 0.38 |
| 1.125 % Vicinity Centres Trust (MTN) 2019/2029 .........  | EUR | 260 000 |  |  | % | 92.854 | 241 421.70 | 0.48 |
| 1.125 % Vonovia Finance BV 2019/2034................  | EUR | 100 000 |  |  | % | 97.708 | 97 707.50 | 0.20 |
| 2.125 % Walgreens Boots Alliance, Inc. 2014/2026 .......  | EUR | 360 000 | 360 000 |  | % | 103.058 | 371 007.00 | 0.74 |
| 2.75  % ZF North America Capital, Inc. (MTN) 2015/2023 ..  | EUR | 200 000 |  |  | % | 99.696 | 199 393.00 | 0.40 |
| 3.375 % Ziggo Bond Co. BV -Reg- (MTN) 2020/2030 ......  | EUR | 500 000 | 500 000 |  | % | 94.538 | 472 690.00 | 0.94 |
| 5.125 % Aviva PLC (MTN) 2015/2050 * ................  | GBP | 400 000 | 400 000 |  | % | 113.112 | 496 552.62 | 0.99 |
| 5.25  % Centrica PLC 2015/2075 * ...................  | GBP | 300 000 | 200 000 |  | % | 99.84 | 328 718.85 | 0.66 |
| 4.625 % Cie de Saint-Gobain (MTN) 2012/2029 ..........  | GBP | 300 000 |  |  | % | 123.896 | 407 920.14 | 0.82 |
| 1.25  % Cooperatieve Rabobank UA (MTN) 2020/2025 ....  | GBP | 100 000 | 100 000 |  | % | 101.016 | 110 863.04 | 0.22 |
| 2.50  % Intesa Sanpaolo SpA (MTN) 2020/2030 .........  1.00 % LVMH Moet Hennessy Louis Vuitton SE (MTN) 2020/2023 ................................  | GBP GBP | 150 000 300 000 | 150 000 300 000 |  | % % | 96.956 101 | 159 610.08 332 538.08 | 0.32 0.66 |
| 4.75  % Marks & Spencer PLC (MTN) 2012/2025 ........  | GBP | 200 000 | 200 000 |  | % | 107.544 | 236 053.68 | 0.47 |
| 2.125 % Orsted A/S (MTN) 2019/2027 .................  | GBP | 300 000 |  |  | % | 107.109 | 352 649.95 | 0.70 |
| 6.25  % RWE Finance BV (MTN) 2002/2030 ............  | GBP | 300 000 | 300 000 |  | % | 142.126 | 467 941.32 | 0.94 |
| 1.00  % Kreditanstalt fuer Wiederaufbau (MTN) 2016/2021 | NOK | 6 000 000 | 4 000 000 |  | % | 100.848 | 556 117.88 | 1.11 |
| 1.25  % Kreditanstalt fuer Wiederaufbau (MTN) 2019/2023 | NOK | 2 000 000 |  |  | % | 102.498 | 188 406.49 | 0.38 |
| 3.75  % Norway Government Bond 2010/2021 ..........  | NOK | 3 000 000 |  |  | % | 103.283 | 284 774.15 | 0.57 |
| 3.875 % Allianz SE (MTN) 2016/2049 ..................  | USD | 200 000 |  |  | % | 94.982 | 169 497.28 | 0.34 |
| 5.25  % AT Securities BV 2017/perpetual * .............  1.50 % European Bank for Reconstruction & Development (MTN) 2020/2025 ..........................  | USD USD | 250 000 410 000 | 250 000 410 000 |  | % % | 100.227 104.949 | 223 571.36 383 931.36 | 0.45 0.77 |
| 1.375 % European Investment Bank 2020/2023..........  4.75 % Indonesia Government International Bond -Reg- 2015/2026 ................................  | USD USD | 290 000 200 000 | 290 000 |  | % % | 103.22 112.85 | 267 087.32 201 382.19 | 0.53 0.40 |
| 1.50  % Kreditanstalt fuer Wiederaufbau (MTN) 2016/2021 | USD | 500 000 | 500 000 |  | % | 101.214 | 451 548.25 | 0.90 |
| 4.15  % Manulife Financial Corp. (MTN) 2016/2026.......  | USD | 300 000 | 300 000 |  | % | 118.518 | 317 246.61 | 0.63 |
| 7.125 % Marks & Spencer PLC -Reg- 2007/2037 .........  4.15 % Mexico Government International Bond (MTN) 2017/2027 ................................  | USD USD | 100 000 200 000 | 100 000 |  | % % | 98.944 107.47 | 88 284.22 191 782.36 | 0.18 0.38 |
| 3.40  % Owens Corning (MTN) 2016/2026 .............  4.70 % Paraguay Government International Bond -Reg- (MTN) 2017/2027 ..........................  | USD USD | 200 000 400 000 | 200 000 400 000 |  | % % | 104.797 109.79 | 187 012.34 391 844.90 | 0.37 0.78 |
| 3.00  % RELX Capital, Inc. (MTN) 2020/2030............  4.00 % United Rentals North America, Inc. (MTN) 2020/2030 ................................  | USD USD | 145 000 170 000 | 145 000 170 000 |  | % % | 108.431 96.936 | 140 285.53 147 037.35 | 0.28 0.29 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 4 054 950.40 | 8.11 |
| Interest-bearing securities 1.60  % Spain Government Bond (MTN) 2015/2025 ......  | EUR | 200 000 |  |  | % | 108.456 | 216 912.00 | 0.43 |
| 3.10  % Vodafone Group PLC 2018/2079 * .............  | EUR | 400 000 | 400 000 |  | % | 100.309 | 401 236.00 | 0.80 |
| 3.60  % Walgreens Boots Alliance, Inc. 2014/2025 .......  | GBP | 300 000 | 300 000 |  | % | 103.854 | 341 933.06 | 0.68 |
| 4.80  % Welltower, Inc. 2013/2028 ...................  | GBP | 300 000 |  |  | % | 114.566 | 377 203.32 | 0.75 |
| 2.597 % Bank of America Corp. (MTN) 2018/2022 * ......  | USD | 200 000 |  |  | % | 100.177 | 178 767.86 | 0.36 |
| 2.85  % BMW Finance NV -144A- (MTN) 2019/2029 ......  | USD | 300 000 |  |  | % | 106.246 | 284 397.17 | 0.57 |
| 2.95 % BMW US Capital LLC -144A- 2019/2022 ........  | USD | 200 000 |  |  | % | 103.697 | 185 049.37 | 0.37 |
| 2.375 % BPCE SA -144A- (MTN) 2020/2025 .............  | USD | 300 000 | 700 000 | 400 000 | % | 103.504 | 277 056.10 | 0.55 |
| 4.00  % Colombia Government International Bond 2013/2024 | USD | 200 000 |  |  | % | 105.359 | 188 015.24 | 0.38 |
| 3.625 % EDP Finance BV -144A- (MTN) 2017/2024 .......  | USD | 200 000 |  |  | % | 107.878 | 192 510.45 | 0.38 |
| 2.625 % PepsiCo, Inc. (MTN) 2019/2029 ...............  | USD | 220 000 |  |  | % | 111.125 | 218 135.26 | 0.44 |
| 3.70  % Santander Holdings USA, Inc. 2018/2022 ........  2.00 % Siemens Financieringsmaatschappij NV -Reg- (MTN) 2016/2023 ................................  | USD USD | 200 000 500 000 | 500 000 |  | % % | 103.255 104.168 | 184 260.61 464 726.93 | 0.37 0.93 |

| 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 |
| 5.30 % Tesla, Inc. -144A- (MTN) 2017/2025 ............  | USD | 200 000 |  | % | 99.623	177 779.24	0.36 |
| 2.625 % Verizon Communications, Inc. (MTN) 2016/2026 ..  | USD | 200 000 |  | % | 108.846	194 236.97	0.39 |
| 3.50  % WEA Finance LLC -144A- (MTN) 2019/2029......  | USD | 200 000 |  | % | 96.794	172 730.82	0.35 |
| Investment fund units |  |  |  |  | 2 090 400.00	4.18 |
| In-group fund units |  |  |  |  |  |
| DWS ESG Convertibles -FC- EUR - (0.600%) .............  | Units | 15 000 | 15 000 |  | EUR | 139.36 | 2 090 400.00 | 4.18 |
| Total securities portfolio |  |  |  |  |  |  | 47 297 536.21 | 94.55 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  |  |  |  | 16 972.74 | 0.03 |
| Equity index futures DJ Euro Stoxx 50 09/2020 (DB) .......................  | Count | -30 |  | 30 |  |  | 14 263.61 | 0.02 |
| S & P MINI 500 Futures 09/2020 (DB) | Count | -10 |  | 10 |  |  | 2 709.13 | 0.01 |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | -50 150.33 | -0.10 |
| Interest rate futures Euro BTP Futures 09/2020 (DB) .......................  | Count | -5 |  | 5 |  |  | -19 055.35 | -0.04 |
| Germany Federal Republic Notes 10 year 09/2020 (DB) ....  | Count | -14 |  | 14 |  |  | -31 094.98 | -0.06 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | 8 029.22 | 0.01 |
| Forward currency transactions |  |  |  |  |  |  |  |  |
| Forward currency transactions (short) |  |  |  |  |  |  |  |  |
| Open positions EUR/GBP 1.3 million ................................  |  |  |  |  |  |  | 11 601.27 | 0.02 |
| EUR/USD 9.1 million ................................  |  |  |  |  |  |  | -3 572.05 | -0.01 |
| Cash at bank |  |  |  |  |  |  | 1 914 720.41 | 3.83 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 414 079.73 | 0.83 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |  |
| British pound .....................................  | GBP | 120 602 |  |  |  |  | 132 358.24 | 0.26 |
| Danish krone ......................................  | DKK | 404 346 |  |  |  |  | 54 254.95 | 0.11 |
| Norwegian krone ...................................  | NOK | 162 717 |  |  |  |  | 14 954.86 | 0.03 |
| Swedish krona.....................................  | SEK | 140 556 |  |  |  |  | 13 416.60 | 0.03 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 48 580 |  |  |  |  | 29 765.84 | 0.06 |
| Hong Kong dollar ..................................  | HKD | 97 982 |  |  |  |  | 11 280.16 | 0.02 |
| Japanese yen .....................................  | JPY | 28 911 654 |  |  |  |  | 239 512.67 | 0.48 |
| Canadian dollar ....................................  | CAD | 56 795 |  |  |  |  | 37 066.90 | 0.07 |
| Swiss franc .......................................  | CHF | 8 839 |  |  |  |  | 8 301.08 | 0.02 |
| U.S. dollar ........................................  | USD | 1 075 616 |  |  |  |  | 959 729.38 | 1.92 |
| Other assets |  |  |  |  |  |  | 1 168 830.91 | 2.34 |
| Dividends/Distributions receivable .....................  |  |  |  |  |  |  | 26 262.19 | 0.05 |
| Prepaid placement fee ** ............................  |  |  |  |  |  |  | 460 127.42 | 0.92 |
| Interest receivable .................................  |  |  |  |  |  |  | 277 774.11 | 0.56 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 95 486.94 | 0.19 |
| Other receivables ..................................  |  |  |  |  |  |  | 309 180.25 | 0.62 |
| Total assets *** |  |  |  |  |  |  | 50 409 661.54 | 100.77 |
| Other liabilities |  |  |  |  |  |  | -320 230.68 | -0.64 |
| Liabilities from cost items ............................  |  |  |  |  |  |  | -123 819.10 | -0.25 |
| Additional other liabilities.............................  |  |  |  |  |  |  | -196 411.58 | -0.39 |
| Liabilities from share certificate transactions |  |  |  |  |  |  | -12 054.00 | -0.02 |
| Total liabilities |  |  |  |  |  |  | -386 007.06 | -0.77 |
| Net assets |  |  |  |  |  |  | 50 023 654.48 | 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 LC .........................................  | EUR | 95.24 |
| Class LD .........................................  | EUR | 100.69 |
| Class NC .........................................  | EUR | 95.16 |
| Class ND .........................................  | EUR | 100.58 |
| Class PFD ........................................  | EUR | 100.39 |
| Number of shares outstanding Class LC .........................................  | Count | 112 287.305 |
| Class LD .........................................  | Count | 22 777.454 |
| Class NC .........................................  | Count | 45 069.838 |
| Class ND .........................................  | Count | 18 698.000 |
| Class PFD ........................................  | Count | 307 484.207 |

Composition of the reference portfolio (according to CSSF circular 11/512) 65% iBoxx Euro Overall Index, 35% MSCI World High Dividend Yield
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 65.518 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 130.018 |
| Average market risk exposure ........................  | % | 88.969 |

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 0.3, 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 13 893 940.38 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG
Contracting parties for forward currency transactions
Deutsche Bank 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 |
| 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 |
| Swedish krona.................. . | SEK | 10.476263 | = | 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.
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.
 Footnotes	
* Floating interest rate.
** The prepaid placement fee is amortized over a period of three years (as specified in article 12 (d) of the general section of the fund’s management regulations).
*** Does not include positions with a negative balance, if such exist.

Translation (ENDE, 2020-06-30):
# DWS Invest ESG Multi Asset Defensive
DWS INVEST ESG MULTI ASSET DEFENSIVE

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LD | LU1935133790 | -3,5% |
| Klasse LC | LU2098861896 | -4,8% 1) |
| Klasse NC | LU2098862191 | -4,8% 1) |
| Klasse ND | LU1935133956 | -3,6% |
| Klasse PFD | LU1935134335 | -3,8% |

1) 
Klassen LC und NC aufgelegt am 11.2.2020
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 ESG Multi Asset Defensive
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 1 024 599,01 | 2,06 |
| Telekommunikationsdienste | 1 350 283,89 | 2,68 |
| Dauerhafte Konsumgüter | 3 744 891,90 | 7,51 |
| Energie | 197 774,87 | 0,39 |
| Hauptverbrauchsgüter | 626 647,23 | 1,24 |
| Finanzsektor | 1 577 568,94 | 3,17 |
| Grundstoffe | 409 278,92 | 0,82 |
| Industrien | 1 262 095,00 | 2,54 |
| Versorger | 622 713,10 | 1,25 |
| Summe Aktien | 10 815 852,86 | 21,66 |
| 2. Anleihen (Emittenten) Unternehmen | 28 362 928,51 | 56,67 |
| Zentralregierungen | 5 918 985,34 | 11,82 |
| Regionalregierungen | 109 369,50 | 0,22 |
| Summe Anleihen | 34 391 283,35 | 68,71 |
| 3. Investmentanteile Rentenfonds | 2 090 400,00 | 4,18 |
| Summe Investmentanteile | 2 090 400,00 | 4,18 |
| 4. Derivate | -25 148,37 | - 0,06 |
| 5. Bankguthaben | 1 914 720,41 | 3,83 |
| 6. Sonstige Vermögensgegenstände | 1 168 830,91 | 2,34 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -320 230,68 | - 0,64 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -12 054,00 | - 0,02 |
| III. Fondsvermögen | 50 023 654,48 | 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 |  |  |  |  | 41 152 185,81	82,26 |
| Aktien Amcor Ltd/Australia ................................  | Stück | 7 000 | 3 000 | AUD | 14,48	62 104,79	0,12 |
| Coles Group Ltd  ..................................  | Stück | 1 945 | 1 945 | AUD | 17,17	20 462,01	0,04 |
| Downer EDI Ltd  ..................................  | Stück | 10 000 |  | AUD | 4,38	26 836,91	0,05 |
| Sonic Healthcare Ltd ...............................  | Stück | 3 000 | 3 000 | AUD | 30,43	55 934,75	0,11 |
| BCE, Inc. .........................................  | Stück | 4 000 | 2 500 | CAD | 56,62	147 810,44	0,30 |

|  |  |
| --- | --- |
|  |  |
|  |  |
|  |  |
|  |  |
|  |  |

| Canadian Imperial Bank of Commerce/Canada ...........  | Stück | 2 000 | 700 |  | CAD | 89,9 | 117 345,10 | 0,23 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Enbridge, Inc. .....................................  | Stück | 4 000 | 2 000 |  | CAD | 41,02 | 107 085,56 | 0,21 |
| Manulife Financial Corp. .............................  | Stück | 7 000 | 7 000 |  | CAD | 18,18 | 83 055,27 | 0,17 |
| Nutrien Ltd  ......................................  | Stück | 2 000 | 1 000 |  | CAD | 44,17 | 57 654,43 | 0,12 |
| Power Corp. of Canada .............................  | Stück | 3 000 | 3 000 |  | CAD | 23,4 | 45 815,49 | 0,09 |
| ABB Ltd .........................................  | Stück | 4 000 |  |  | CHF | 21,2 | 79 641,75 | 0,16 |
| Adecco Group AG .................................  | Stück | 2 000 | 1 000 |  | CHF | 43,94 | 82 534,40 | 0,17 |
| Kuehne + Nagel International AG . . . . . . . . . . . . . . . . . . . . . . | Stück | 1 000 | 1 000 |  | CHF | 157,2 | 147 637,78 | 0,30 |
| Roche Holding AG .................................  | Stück | 667 | 167 |  | CHF | 327,65 | 205 248,96 | 0,41 |
| SIG Combibloc Group ...............................  | Stück | 5 000 |  |  | CHF | 15,17 | 71 236,17 | 0,14 |
| Swiss Life Holding AG ..............................  | Stück | 32 | 32 |  | CHF | 348,1 | 10 461,62 | 0,02 |
| Zurich Insurance Group AG ..........................  | Stück | 388 | 88 |  | CHF | 332,7 | 121 235,41 | 0,24 |
| Allianz SE ........................................  | Stück | 1 000 | 600 |  | EUR | 180,22 | 180 220,00 | 0,36 |
| Aroundtown SA ...................................  | Stück | 26 479 | 26 479 |  | EUR | 5,104 | 135 148,82 | 0,27 |
| Assicurazioni Generali SpA ...........................  | Stück | 4 000 | 4 000 |  | EUR | 13,37 | 53 480,00 | 0,11 |
| AXA SA ..........................................  | Stück | 14 000 | 7 000 |  | EUR | 18,418 | 257 852,00 | 0,52 |
| BASF SE .........................................  | Stück | 2 000 | 1 400 |  | EUR | 49,485 | 98 970,00 | 0,20 |
| Bayerische Motoren Werke AG .......................  | Stück | 3 000 | 2 000 |  | EUR | 55,99 | 167 970,00 | 0,34 |
| BNP Paribas SA ...................................  | Stück | 2 000 | 1 000 |  | EUR | 34,795 | 69 590,00 | 0,14 |
| Covestro AG ......................................  | Stück | 3 000 | 2 000 |  | EUR | 33,81 | 101 430,00 | 0,20 |
| Danone SA .......................................  | Stück | 5 000 | 3 000 |  | EUR | 61,82 | 309 100,00 | 0,62 |
| Deutsche Post AG .................................  | Stück | 3 000 | 4 000 | 4 000 | EUR | 32,55 | 97 650,00 | 0,20 |
| Deutsche Telekom AG ..............................  | Stück | 12 000 | 9 000 |  | EUR | 14,93 | 179 160,00 | 0,36 |
| EDP - Energias de Portugal SA .......................  | Stück | 20 000 | 20 000 |  | EUR | 4,249 | 84 980,00 | 0,17 |
| EDP Renovaveis SA  ...............................  | Stück | 6 000 |  |  | EUR | 12,18 | 73 080,00 | 0,15 |
| Evonik Industries AG ...............................  | Stück | 4 000 |  |  | EUR | 22,45 | 89 800,00 | 0,18 |
| Henkel AG & Co., KgaA -Pref- ........................  | Stück | 1 200 |  |  | EUR | 83,14 | 99 768,00 | 0,20 |
| Iberdrola SA ......................................  | Stück | 16 690 | 6 690 |  | EUR | 10,37 | 173 075,30 | 0,35 |
| ING Groep NV ....................................  | Stück | 10 000 |  |  | EUR | 6,12 | 61 200,00 | 0,12 |
| Koninklijke Ahold Delhaize NV ........................  | Stück | 3 000 | 3 000 |  | EUR | 24,35 | 73 050,00 | 0,15 |
| Koninklijke Philips NV ...............................  | Stück | 3 000 | 3 000 |  | EUR | 41,225 | 123 675,00 | 0,25 |
| Metso Oyj ........................................  | Stück | 2 000 |  |  | EUR | 28,76 | 57 520,00 | 0,12 |
| Nokia Oyj ........................................  | Stück | 20 000 | 10 000 |  | EUR | 3,852 | 77 050,00 | 0,15 |
| NOS SGPS SA ....................................  | Stück | 30 000 | 30 000 |  | EUR | 3,856 | 115 680,00 | 0,23 |
| Orange SA .......................................  | Stück | 10 000 | 2 500 |  | EUR | 10,64 | 106 400,00 | 0,21 |
| Peugeot SA ......................................  | Stück | 1 133 | 1 133 |  | EUR | 14,23 | 16 122,59 | 0,03 |
| ProSiebenSat.1 Media AG ...........................  | Stück | 12 000 | 6 000 |  | EUR | 10,44 | 125 280,00 | 0,25 |
| Red Electrica Corp., SA .............................  | Stück | 3 999 | 999 | 2 000 | EUR | 16,71 | 66 823,29 | 0,13 |
| Sanofi ...........................................  | Stück | 2 000 | 1 500 | 1 000 | EUR | 90,36 | 180 720,00 | 0,36 |
| Société Générale SA ...............................  | Stück | 3 000 |  |  | EUR | 14,542 | 43 626,00 | 0,09 |
| Unibail-Rodamco-Westfield ..........................  | Stück | 600 |  |  | EUR | 49,42 | 29 652,00 | 0,06 |
| Unilever NV ......................................  | Stück | 2 758 | 758 |  | EUR | 47,43 | 130 811,94 | 0,26 |
| Veolia Environnement SA ............................  | Stück | 7 000 | 4 000 |  | EUR | 20,07 | 140 490,00 | 0,28 |
| AstraZeneca PLC ..................................  | Stück | 1 178 | 178 | 1 000 | GBP | 84,22 | 108 882,26 | 0,22 |
| Aviva PLC ........................................  | Stück | 20 000 | 10 000 |  | GBP | 2,722 | 59 746,81 | 0,12 |
| Centrica PLC ......................................  | Stück | 200 000 | 200 000 |  | GBP | 0,384 | 84 264,51 | 0,17 |
| GlaxoSmithKline PLC ...............................  | Stück | 8 000 | 8 391 | 391 | GBP | 16,304 | 143 146,51 | 0,29 |
| ITV PLC ..........................................  | Stück | 7 103 | 7 103 |  | GBP | 0,742 | 5 781,06 | 0,01 |
| M&G PLC  .......................................  | Stück | 30 000 | 30 000 |  | GBP | 1,656 | 54 539,27 | 0,11 |
| Mondi PLC .......................................  | Stück | 698 | 698 |  | GBP | 15,015 | 11 502,11 | 0,02 |
| Prudential PLC ....................................  | Stück | 611 | 611 |  | GBP | 12,065 | 8 090,32 | 0,02 |
| Vodafone Group PLC ...............................  | Stück | 72 000 |  |  | GBP | 1,292 | 102 060,37 | 0,20 |
| i-CABLE Communications Ltd ........................  | Stück | 979 | 979 |  | HKD | 0,068 | 7,66 | 0,00 |
| Astellas Pharma, Inc. ...............................  | Stück | 2 200 | 2 200 |  | JPY | 1 799,5 | 32 796,70 | 0,07 |
| Bridgestone Corp. .................................  | Stück | 3 500 | 3 500 |  | JPY | 3 469 | 100 583,77 | 0,20 |
| Canon, Inc. .......................................  | Stück | 3 000 |  |  | JPY | 2 134,5 | 53 048,48 | 0,11 |
| Central Japan Railway Co. ...........................  | Stück | 500 |  |  | JPY | 16 690 | 69 132,44 | 0,14 |
| Daiwa House Industry Co., Ltd .......................  | Stück | 1 300 | 1 300 |  | JPY | 2 542 | 27 376,28 | 0,05 |
| Fujitsu Ltd ........................................  | Stück | 200 | 200 |  | JPY | 12 620 | 20 909,56 | 0,04 |
| ITOCHU Corp. ....................................  | Stück | 6 300 | 2 300 |  | JPY | 2 321,5 | 121 161,54 | 0,24 |
| Nippon Telegraph & Telephone Corp. ..................  | Stück | 2 000 | 2 000 |  | JPY | 2 515,5 | 41 678,29 | 0,08 |
| NTT DOCOMO, Inc. ................................  | Stück | 1 900 | 1 900 |  | JPY | 2 882 | 45 363,14 | 0,09 |
| Tokio Marine Holdings, Inc. ..........................  | Stück | 100 | 100 |  | JPY | 4 698 | 3 891,96 | 0,01 |
| Tokyo Electron Ltd .................................  | Stück | 500 |  |  | JPY | 26 440 | 109 518,38 | 0,22 |
| Boliden AB  ......................................  | Stück | 2 500 | 2 500 |  | SEK | 209,2 | 49 922,38 | 0,10 |
| 3M Co. ..........................................  | Stück | 1 000 | 1 000 |  | USD | 155,23 | 138 505,52 | 0,28 |
| AbbVie, Inc. ......................................  | Stück | 3 049 | 1 049 |  | USD | 96,07 | 261 358,51 | 0,52 |
| AT&T, Inc. ........................................  | Stück | 7 000 | 4 000 |  | USD | 29,74 | 185 750,69 | 0,37 |
| Atlantica Yield PLC .................................  | Stück | 9 000 | 5 000 |  | USD | 28,92 | 232 237,43 | 0,46 |
| Bristol-Myers Squibb Co. ............................  | Stück | 1 100 | 1 100 |  | USD | 57,68 | 56 612,11 | 0,11 |
| Broadcom, Inc. ...................................  | Stück | 600 | 600 |  | USD | 313,16 | 167 652,09 | 0,34 |
| Cisco Systems, Inc. ................................  | Stück | 2 898 | 898 |  | USD | 46,69 | 120 729,58 | 0,24 |
| Citigroup, Inc. .....................................  | Stück | 2 000 |  |  | USD | 50,215 | 89 609,67 | 0,18 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Coca-Cola Co./The .................................  | Stück | 1 951 | 951 |  | USD | 44,29 | 77 100,00 | 0,15 |
| Colgate-Palmolive Co. ..............................  | Stück | 2 000 |  |  | USD | 72,73 | 129 788,14 | 0,26 |
| CVS Health Corp. ..................................  | Stück | 4 000 | 3 000 |  | USD | 64,21 | 229 168,06 | 0,46 |
| Eaton Corp., PLC ..................................  | Stück | 1 605 | 605 |  | USD | 86,17 | 123 402,10 | 0,25 |
| Gap, Inc./The .....................................  | Stück | 8 000 |  |  | USD | 12,22 | 87 227,34 | 0,17 |
| Gilead Sciences, Inc. ...............................  | Stück | 1 083 | 1 083 | 2 000 | USD | 75,61 | 73 063,27 | 0,15 |
| HCA, Inc. ........................................  | Stück | 1 000 | 1 000 |  | USD | 94,38 | 84 211,50 | 0,17 |
| HP, Inc. ..........................................  | Stück | 4 000 |  | 2 000 | USD | 17,05 | 60 852,13 | 0,12 |
| International Business Machines Corp. .................  | Stück | 729 | 129 |  | USD | 119,51 | 77 736,18 | 0,16 |
| Invesco Ltd .......................................  | Stück | 9 000 | 4 000 |  | USD | 10,51 | 84 398,87 | 0,17 |
| Kimberly-Clark Corp. ................................  | Stück | 1 500 | 1 400 | 500 | USD | 140,17 | 187 602,13 | 0,38 |
| Lam Research Corp. ................................  | Stück | 143 | 143 |  | USD | 322,86 | 41 194,73 | 0,08 |
| Medtronic PLC ....................................  | Stück | 2 000 | 2 000 |  | USD | 89,43 | 159 589,62 | 0,32 |
| Merck & Co., Inc. ..................................  | Stück | 3 000 | 1 578 | 578 | USD | 76,39 | 204 479,22 | 0,41 |
| Mondelez International, Inc. ..........................  | Stück | 3 000 | 2 000 |  | USD | 50,69 | 135 685,98 | 0,27 |
| NextEra Energy Partners LP .........................  | Stück | 2 000 | 2 000 |  | USD | 50,82 | 90 689,31 | 0,18 |
| Owens Corning ...................................  | Stück | 3 000 | 4 000 | 1 000 | USD | 54,4 | 145 616,83 | 0,29 |
| PepsiCo, Inc. .....................................  | Stück | 1 000 | 1 000 |  | USD | 131,74 | 117 546,33 | 0,23 |
| Pfizer, Inc. ........................................  | Stück | 6 000 | 4 500 |  | USD | 32,29 | 172 866,45 | 0,35 |
| Procter & Gamble Co. ..............................  | Stück | 1 500 | 1 500 |  | USD | 118,78 | 158 973,96 | 0,32 |
| Prudential Financial, Inc. .............................  | Stück | 1 300 |  |  | USD | 59,15 | 68 610,33 | 0,14 |
| QUALCOMM, Inc. .................................  | Stück | 2 000 | 3 000 | 1 000 | USD | 91,46 | 163 212,20 | 0,33 |
| Samsung Electronics Co., Ltd -GDR- ...................  | Stück | 100 |  |  | USD | 1 101 | 98 237,83 | 0,20 |
| Target Corp. ......................................  | Stück | 1 000 |  |  | USD | 119,03 | 106 205,71 | 0,21 |
| United Parcel Service, Inc. ...........................  | Stück | 1 000 | 2 000 | 2 000 | USD | 109,35 | 97 568,63 | 0,20 |
| United Rentals, Inc. ................................  | Stück | 1 000 | 1 000 |  | USD | 146,5 | 130 716,09 | 0,26 |
| Verizon Communications, Inc. ........................  | Stück | 2 009 | 1 009 | 1 000 | USD | 54,41 | 97 532,66 | 0,19 |
| Westrock Co. .....................................  | Stück | 6 000 | 4 000 |  | USD | 27,13 | 145 242,08 | 0,29 |
| Verzinsliche Wertpapiere 0,60  % ABN AMRO Bank NV (MTN) 2020/2027 ........  | EUR | 200 000 | 200 000 |  | % | 98,796 | 197 591,00 | 0,40 |
| 2,625 % Accor SA 2019/perpetual * ..................  | EUR | 500 000 | 500 000 |  | % | 82,142 | 410 712,50 | 0,82 |
| 1,301 % Allianz SE 2019/2049 * .....................  | EUR | 300 000 | 300 000 |  | % | 96,788 | 290 364,00 | 0,58 |
| 0,50  % alstria office Reit-AG (MTN) 2019/2025 .........  | EUR | 200 000 |  |  | % | 96,493 | 192 986,00 | 0,39 |
| 0,625 % Aroundtown SA (MTN) 2019/2025 .............  | EUR | 500 000 | 500 000 |  | % | 97,869 | 489 345,00 | 0,98 |
| 3,75  % ATF Netherlands BV 2016/2049 * .............  1,571 % Autonomous Community of Madrid Spain (MTN) 2019/2029 ...............................  | EUR EUR | 200 000 100 000 | 200 000 |  | % % | 99,424 109,37 | 198 848,00 109 369,50 | 0,40 0,22 |
| 2,00  % Banco de Sabadell SA (MTN) 2020/2030 * ......  | EUR | 200 000 | 200 000 |  | % | 84,406 | 168 812,00 | 0,34 |
| 0,625 % Bankinter SA (MTN) 2020/2027 ...............  0,375 % BAWAG PSK Bank fuer Arbeit und Wirtschaft und | EUR | 200 000 | 200 000 |  | % | 94,695 | 189 390,00 | 0,38 |
| Oesterreichische Postsparkasse AG (MTN) 2019/2027 EUR | 500 000 | 500 000 | % | 91,884 | 459 417,50 | 0,92 |
| 3,50 % Bertelsmann SE & Co., KGaA (MTN) 2015/2075 * | EUR | 200 000 | 200 000 |  | % | 99,724 | 199 447,00 | 0,40 |
| 0,50  % BNP Paribas SA (MTN) 2020/2028 * ...........  | EUR | 700 000 | 700 000 |  | % | 97,485 | 682 395,00 | 1,36 |
| 1,125 % Brenntag Finance BV (MTN) 2017/2025 ........  | EUR | 500 000 | 500 000 |  | % | 99,924 | 499 622,50 | 1,00 |
| 0,35  % Buoni Poliennali Del Tes (MTN) 2019/2025 ......  | EUR | 300 000 | 400 000 | 500 000 | % | 98,92 | 296 760,00 | 0,59 |
| 0,625 % CaixaBank SA (MTN) 2019/2024 ..............  | EUR | 300 000 |  |  | % | 97,38 | 292 141,50 | 0,58 |
| 2,00  % Capgemini SE (MTN) 2020/2029 ..............  | EUR | 400 000 | 400 000 |  | % | 107,76 | 431 042,00 | 0,86 |
| 2,875 % Cellnex Telecom SA (MTN) 2020/2025 .........  | EUR | 100 000 | 100 000 |  | % | 106,746 | 106 745,50 | 0,21 |
| 1,625 % CNH Industrial Finance Europe SA (MTN) 2019/2029 | EUR | 400 000 | 400 000 |  | % | 95,172 | 380 686,00 | 0,76 |
| 4,75  % CNP Assurances 2018/perpetual * ............  | EUR | 300 000 |  |  | % | 104,392 | 313 174,50 | 0,63 |
| 2,00  % CNP Assurances 2019/2050 * ................  | EUR | 400 000 | 400 000 |  | % | 97,029 | 388 116,00 | 0,78 |
| 0,375 % Credit Mutuel Arkea SA (MTN) 2019/2028 ...... 1,45 % CyrusOne LP Via CyrusOne Finance Corp. (MTN) 2020/2027 ...............................  | EUR EUR | 200 000 500 000 | 500 000 | 300 000 | % % | 98,551 96,506 | 197 102,00 482 530,00 | 0,39 0,96 |
| 2,125 % Eurofins Scientific SE (MTN) 2017/2024 ........  | EUR | 600 000 | 600 000 |  | % | 100,216 | 601 296,00 | 1,20 |
| 1,25  % Fastighets AB Balder (MTN) 2020/2028 ........  | EUR | 500 000 | 500 000 |  | % | 93,494 | 467 470,00 | 0,93 |
| 2,124 % Ferrovial Netherlands BV 2017/perpetual * ......  | EUR | 400 000 | 200 000 |  | % | 94,086 | 376 346,00 | 0,75 |
| 3,25  % Grupo-Antolin Irausa SA -Reg- (MTN) 2017/2024 . | EUR | 200 000 |  |  | % | 88,382 | 176 765,00 | 0,35 |
| 1,125 % Heimstaden Bostad AB (MTN) 2020/2026 ....... 1,75 % Indonesia Government International Bond (MTN) 2018/2025 ...............................  | EUR EUR | 200 000 200 000 | 200 000 |  | % % | 97,477 101,27 | 194 954,00 202 540,00 | 0,39 0,40 |
| 2,125 % Intesa Sanpaolo SpA (MTN) 2018/2023 .........  | EUR | 200 000 |  |  | % | 103,944 | 207 887,00 | 0,42 |
| 1,00  % Intesa Sanpaolo SpA (MTN) 2019/2026 .........  | EUR | 350 000 |  |  | % | 98,007 | 343 024,50 | 0,69 |
| 3,50  % Intrum AB -Reg- (MTN) 2019/2026 ............  | EUR | 180 000 |  |  | % | 88,002 | 158 404,50 | 0,32 |
| 3,00  % Intrum AB -Reg- (MTN) 2019/2027 ............  | EUR | 490 000 | 200 000 |  | % | 84,115 | 412 163,50 | 0,82 |
| 2,75  % Intrum Justitia AB -Reg- (MTN) 2017/2022 ......  | EUR | 50 000 |  |  | % | 95,329 | 47 664,50 | 0,10 |
| 1,10  % Ireland Government Bond (MTN) 2019/2029 .....  | EUR | 200 000 |  |  | % | 110,942 | 221 885,00 | 0,44 |
| 0,875 % ISS Global A/S (MTN) 2019/2026 ..............  | EUR | 600 000 | 400 000 |  | % | 96,984 | 581 907,00 | 1,16 |
| 4,50  % LANXESS AG 2016/2076 * ..................  1,375 % Mexico Government International Bond (MTN) 2016/2025 ...............................  | EUR EUR | 500 000 200 000 | 500 000 |  | % % | 104,372 98,802 | 521 860,00 197 605,00 | 1,04 0,40 |
| 1,75  % Mexico Government International Bond (MTN) 2018/2028 ...............................  | EUR | 500 000 | 500 000 |  | % | 96,801 | 484 005,00 | 0,97 |
| 1,625 % Mexico Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ...............................  | EUR | 200 000 |  | % | 97,731 | 195 462,00 | 0,39 |
| 1,25  % Molson Coors Brewing Co. (MTN) 2016/2024 ....  | EUR | 100 000 |  | % | 96,892 | 96 892,50 | 0,19 |
| 1,625 % Mondi Finance PLC (MTN) 2018/2026 ..........  | EUR | 500 000 | 500 000 | % | 104,544 | 522 722,50 | 1,04 |
| 3,75  % Nexans SA (MTN) 2018/2023 ................  | EUR | 200 000 |  | % | 103,456 | 206 912,00 | 0,41 |
| 2,25  % Orsted A/S 2017/3017 * ....................  1,95 % Portugal Obrigacoes do Tesouro OT (MTN) 2019/2029 ...............................  | EUR EUR | 200 000 100 000 |  | % % | 102,269 113,965 | 204 538,00 113 965,00 | 0,41 0,23 |
| 0,475 % Portugal Obrigacoes do Tesouro OT (MTN) |  |  |  |  |  |  |  |  |
| 2020/2030 ...............................  | EUR | 600 000 | 600 000 | % | 100,093 | 600 558,00 | 1,20 |

| 0,625 % PostNL NV (MTN) 2019/2026 ................  | EUR | 200 000 | 200 000 | % | 98,222 | 196 443,00 | 0,39 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 0,375 % Prologis Euro Finance LLC (MTN) 2020/2028 ....  | EUR | 140 000 | 140 000 | % | 98,439 | 137 814,60 | 0,28 |
| 3,625 % PVH Corp. -Reg- (MTN) 2016/2024 ............  | EUR | 200 000 | 200 000 | % | 102,266 | 204 531,00 | 0,41 |
| 3,125 % PVH Corp. -Reg- (MTN) 2017/2027 ............  | EUR | 800 000 | 800 000 | % | 96,658 | 773 268,00 | 1,55 |
| 0,375 % Raiffeisen Bank International AG (MTN) 2019/2026 | EUR | 300 000 |  | % | 99,448 | 298 345,50 | 0,60 |
| 0,50  % RELX Finance BV (MTN) 2020/2028 ...........  | EUR | 200 000 | 200 000 | % | 98,253 | 196 506,00 | 0,39 |
| 1,25  % Renault SA (MTN) 2019/2025 ................  | EUR | 100 000 | 100 000 | % | 91,532 | 91 532,50 | 0,18 |
| 2,375 % Romanian Government International Bond -Reg- (MTN) 2017/2027 ..........................  | EUR | 500 000 | 400 000 | % | 102,138 | 510 687,50 | 1,02 |
| 1,00  % Samhallsbyggnadsbolaget i Norden AB (MTN) 2020/2027 ...............................  | EUR | 500 000 | 500 000 | % | 92,724 | 463 617,50 | 0,93 |
| 4,625 % Samhallsbyggnadsbolaget i Norden AB 2019/ perpetual * ...............................  | EUR | 400 000 | 200 000 | % | 101,102 | 404 410,00 | 0,81 |
| 3,125 % Sappi Papier Holding GmbH -Reg- (MTN) 2019/2026 ...............................  | EUR | 200 000 |  | % | 85,896 | 171 791,00 | 0,34 |
| 4,75  % Senegal Government International Bond -Reg- (MTN) 2018/2028 ..........................  | EUR | 200 000 |  | % | 96,866 | 193 733,00 | 0,39 |
| 0,25  % Siemens Financieringsmaatschappij NV (MTN) |  |  |  |  |  |  |  |
| 2020/2024 ...............................  | EUR | 200 000 | 200 000 | % | 100,618 | 201 237,00 | 0,40 |
| 2,375 % Signify NV (MTN) 2020/2027 .................  | EUR | 230 000 | 230 000 | % | 102,754 | 236 333,05 | 0,47 |
| 0,275 % Slovenia Government Bond (MTN) 2020/2030 ...  | EUR | 200 000 | 200 000 | % | 100,367 | 200 734,00 | 0,40 |
| 0,60  % Spain Government Bond (MTN) 2019/2029 ......  | EUR | 500 000 |  | % | 102,438 | 512 190,00 | 1,02 |
| 0,50  % Spain Government Bond (MTN) 2020/2030 ......  | EUR | 1 000 000 | 1 000 000 | % | 101,091 | 1 010 910,00 | 2,02 |
| 3,00 % Telefonica Europe BV 2018/perpetual * ......... 0,125 % Terna Rete Elettrica Nazionale SpA (MTN) 2019/2025 ...............................  | EUR EUR | 600 000 100 000 | 600 000 | % % | 97,89 99,124 | 587 340,00 99 123,50 | 1,17 0,20 |
| 0,375 % TLG Immobilien AG 2019/2022 ...............  | EUR | 500 000 | 500 000 | % | 98,399 | 491 995,00 | 0,98 |
| 3,00  % Transurban Finance Co., Pty Ltd (MTN) 2020/2030 | EUR | 530 000 | 530 000 | % | 110,348 | 584 844,40 | 1,17 |
| 2,731 % UniCredit SpA 2020/2032 * ..................  | EUR | 210 000 | 210 000 | % | 90,784 | 190 645,35 | 0,38 |
| 1,125 % Vicinity Centres Trust (MTN) 2019/2029 ........  | EUR | 260 000 |  | % | 92,854 | 241 421,70 | 0,48 |
| 1,125 % Vonovia Finance BV 2019/2034 ...............  | EUR | 100 000 |  | % | 97,708 | 97 707,50 | 0,20 |
| 2,125 % Walgreens Boots Alliance, Inc. 2014/2026 ......  | EUR | 360 000 | 360 000 | % | 103,058 | 371 007,00 | 0,74 |
| 2,75  % ZF North America Capital, Inc. (MTN) 2015/2023 . | EUR | 200 000 |  | % | 99,696 | 199 393,00 | 0,40 |
| 3,375 % Ziggo Bond Co. BV -Reg- (MTN) 2020/2030 .....  | EUR | 500 000 | 500 000 | % | 94,538 | 472 690,00 | 0,94 |
| 5,125 % Aviva PLC (MTN) 2015/2050 * ................  | GBP | 400 000 | 400 000 | % | 113,112 | 496 552,62 | 0,99 |
| 5,25  % Centrica PLC 2015/2075 * ...................  | GBP | 300 000 | 200 000 | % | 99,84 | 328 718,85 | 0,66 |
| 4,625 % Cie de Saint-Gobain (MTN) 2012/2029 ..........  | GBP | 300 000 |  | % | 123,896 | 407 920,14 | 0,82 |
| 1,25  % Cooperatieve Rabobank UA (MTN) 2020/2025 ...  | GBP | 100 000 | 100 000 | % | 101,016 | 110 863,04 | 0,22 |
| 2,50  % Intesa Sanpaolo SpA (MTN) 2020/2030 .........  | GBP | 150 000 | 150 000 | % | 96,956 | 159 610,08 | 0,32 |
| 1,00  % LVMH Moet Hennessy Louis Vuitton SE (MTN) 2020/2023 ...............................  | GBP | 300 000 | 300 000 | % | 101 | 332 538,08 | 0,66 |
| 4,75  % Marks & Spencer PLC (MTN) 2012/2025 . . . . . . . . | GBP | 200 000 | 200 000 | % | 107,544 | 236 053,68 | 0,47 |
| 2,125 % Orsted A/S (MTN) 2019/2027 ................  | GBP | 300 000 |  | % | 107,109 | 352 649,95 | 0,70 |
| 6,25  % RWE Finance BV (MTN) 2002/2030 ............  | GBP | 300 000 | 300 000 | % | 142,126 | 467 941,32 | 0,94 |
| 1,00  % Kreditanstalt fuer Wiederaufbau (MTN) 2016/2021 | NOK | 6 000 000 | 4 000 000 | % | 100,848 | 556 117,88 | 1,11 |
| 1,25  % Kreditanstalt fuer Wiederaufbau (MTN) 2019/2023 | NOK | 2 000 000 |  | % | 102,498 | 188 406,49 | 0,38 |
| 3,75  % Norway Government Bond 2010/2021 .........  | NOK | 3 000 000 |  | % | 103,283 | 284 774,15 | 0,57 |
| 3,875 % Allianz SE (MTN) 2016/2049 .................  | USD | 200 000 |  | % | 94,982 | 169 497,28 | 0,34 |
| 5,25  % AT Securities BV 2017/perpetual * ............  | USD | 250 000 | 250 000 | % | 100,227 | 223 571,36 | 0,45 |
| 1,50  % European Bank for Reconstruction & Development (MTN) 2020/2025 ..........................  | USD | 410 000 | 410 000 | % | 104,949 | 383 931,36 | 0,77 |
| 1,375 % European Investment Bank 2020/2023 ......... 4,75 % Indonesia Government International Bond -Reg- 2015/2026 ...............................  | USD USD | 290 000 200 000 | 290 000 | % % | 103,22 112,85 | 267 087,32 201 382,19 | 0,53 0,40 |
| 1,50  % Kreditanstalt fuer Wiederaufbau (MTN) 2016/2021 | USD | 500 000 | 500 000 | % | 101,214 | 451 548,25 | 0,90 |
| 4,15  % Manulife Financial Corp. (MTN) 2016/2026 ......  | USD | 300 000 | 300 000 | % | 118,518 | 317 246,61 | 0,63 |
| 7,125 % Marks & Spencer PLC -Reg- 2007/2037 ........ 4,15 % Mexico Government International Bond (MTN) 2017/2027 ...............................  | USD USD | 100 000 200 000 | 100 000 | % % | 98,944 107,47 | 88 284,22 191 782,36 | 0,18 0,38 |
| 3,40  % Owens Corning (MTN) 2016/2026 .............  | USD | 200 000 | 200 000 | % | 104,797 | 187 012,34 | 0,37 |
| 4,70  % Paraguay Government International Bond -Reg- (MTN) 2017/2027 ..........................  | USD | 400 000 | 400 000 | % | 109,79 | 391 844,90 | 0,78 |
| 3,00  % RELX Capital, Inc. (MTN) 2020/2030 ...........  | USD | 145 000 | 145 000 | % | 108,431 | 140 285,53 | 0,28 |
| 4,00  % United Rentals North America, Inc. (MTN) 2020/2030 ...............................  | USD | 170 000 | 170 000 | % | 96,936 | 147 037,35 | 0,29 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	4 054 950,40	8,11
| Verzinsliche Wertpapiere |  |
| --- | --- |
| 1,60  % Spain Government Bond (MTN) 2015/2025 ......  | EUR | 200 000 |  |  | % | 108,456 | 216 912,00 | 0,43 |
| 3,10  % Vodafone Group PLC 2018/2079 * ............  | EUR | 400 000 | 400 000 |  | % | 100,309 | 401 236,00 | 0,80 |
| 3,60  % Walgreens Boots Alliance, Inc. 2014/2025 ......  | GBP | 300 000 | 300 000 |  | % | 103,854 | 341 933,06 | 0,68 |
| 4,80  % Welltower, Inc. 2013/2028 ...................  | GBP | 300 000 |  |  | % | 114,566 | 377 203,32 | 0,75 |
| 2,597 % Bank of America Corp. (MTN) 2018/2022 * ......  | USD | 200 000 |  |  | % | 100,177 | 178 767,86 | 0,36 |
| 2,85  % BMW Finance NV -144A- (MTN) 2019/2029 .....  | USD | 300 000 |  |  | % | 106,246 | 284 397,17 | 0,57 |
| 2,95 % BMW US Capital LLC -144A- 2019/2022 ........  | USD | 200 000 |  |  | % | 103,697 | 185 049,37 | 0,37 |
| 2,375 % BPCE SA -144A- (MTN) 2020/2025 ............  | USD | 300 000 | 700 000 | 400 000 | % | 103,504 | 277 056,10 | 0,55 |
| 4,00  % Colombia Government International Bond 2013/2024 | USD | 200 000 |  |  | % | 105,359 | 188 015,24 | 0,38 |
| 3,625 % EDP Finance BV -144A- (MTN) 2017/2024 ......  | USD | 200 000 |  |  | % | 107,878 | 192 510,45 | 0,38 |
| 2,625 % PepsiCo, Inc. (MTN) 2019/2029 ...............  | USD | 220 000 |  |  | % | 111,125 | 218 135,26 | 0,44 |
| 3,70  % Santander Holdings USA, Inc. 2018/2022 .......  | USD | 200 000 |  |  | % | 103,255 | 184 260,61 | 0,37 |
| 2,00  % Siemens Financieringsmaatschappij NV -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2023 ...............................  | USD | 500 000 | 500 000 |  | % | 104,168 | 464 726,93 | 0,93 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| 5,30 % Tesla, Inc. -144A- (MTN) 2017/2025 ...........  | USD | 200 000 |  | % | 99,623 | 177 779,24 | 0,36 |
| 2,625 % Verizon Communications, Inc. (MTN) 2016/2026 . | USD | 200 000 |  | % | 108,846 | 194 236,97 | 0,39 |
| 3,50  % WEA Finance LLC -144A- (MTN) 2019/2029 .....  | USD | 200 000 |  | % | 96,794 | 172 730,82 | 0,35 |
| Investmentanteile |  |  |  |  |  | 2 090 400,00 | 4,18 |
| Gruppeneigene Investmentanteile DWS ESG Convertibles -FC- EUR - (0,600%) ............  | Anteile | 15 000 | 15 000 | EUR | 139,36 | 2 090 400,00 | 4,18 |
| Summe Wertpapiervermögen |  |  |  |  |  | 47 297 536,21 | 94,55 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  | 16 972,74 | 0,03 |
| Aktienindex-Terminkontrakte DJ Euro Stoxx 50 09/2020 (DB) .......................	Stück	-30 | 30 | 14 263,61 | 0,02 |
| S & P MINI 500 Futures 09/2020 (DB)	Stück	-10 | 10 | 2 709,13 | 0,01 |
| Zins-Derivate Forderungen/Verbindlichkeiten |  | -50 150,33 | -0,10 |
| Zinsterminkontrakte Euro BTP Futures 09/2020 (DB) .......................	Stück	-5 | 5 | -19 055,35 | -0,04 |
| Germany Federal Republic Notes 10 year 09/2020 (DB) ....	Stück	-14 | 14 | -31 094,98 | -0,06 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  | 8 029,22 | 0,01 |
| Devisentermingeschäfte |  |  |  |
| Devisentermingeschäfte (Verkauf) |  |  |  |
| Offene Positionen EUR/GBP 1,3 Mio. .................................  |  | 11 601,27 | 0,02 |
| EUR/USD 9,1 Mio.  ................................  |  | -3 572,05 | -0,01 |
| Bankguthaben |  | 1 914 720,41 | 3,83 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  | 414 079,73 | 0,83 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |
| Britisches Pfund ...................................	GBP	120 602 |  | 132 358,24 | 0,26 |
| Dänische Kronen ..................................	DKK	404 346 |  | 54 254,95 | 0,11 |
| Norwegische Kronen ...............................	NOK	162 717 |  | 14 954,86 | 0,03 |
| Schwedische Kronen ...............................	SEK	140 556 |  | 13 416,60 | 0,03 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |
| Australischer Dollar ................................	AUD	48 580 |  | 29 765,84 | 0,06 |
| Hongkong Dollar ...................................	HKD	97 982 |  | 11 280,16 | 0,02 |
| Japanischer Yen ...................................	JPY	28 911 654 |  | 239 512,67 | 0,48 |
| Kanadischer Dollar .................................	CAD	56 795 |  | 37 066,90 | 0,07 |
| Schweizer Franken .................................	CHF	8 839 |  | 8 301,08 | 0,02 |
| US-Dollar ........................................	USD	1 075 616 |  | 959 729,38 | 1,92 |
| Sonstige Vermögensgegenstände |  | 1 168 830,91 | 2,34 |
| Dividenden- / Ausschüttungsansprüche .................  |  | 26 262,19 | 0,05 |
| Abgegrenzte Platzierungsgebühr ** ....................  |  | 460 127,42 | 0,92 |
| Zinsansprüche ....................................  |  | 277 774,11 | 0,56 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  | 95 486,94 | 0,19 |
| Sonstige Ansprüche ................................  |  | 309 180,25 | 0,62 |
| Summe der Vermögensgegenstände *** |  | 50 409 661,54 | 100,77 |
| Sonstige Verbindlichkeiten |  | -320 230,68 | -0,64 |
| Verbindlichkeiten aus Kostenpositionen ................  |  | -123 819,10 | -0,25 |
| Andere sonstige Verbindlichkeiten .....................  |  | -196 411,58 | -0,39 |
| Verbindlichkeiten aus Anteilscheingeschäften |  | -12 054,00 | -0,02 |
| Summe der Verbindlichkeiten |  | -386 007,06 | -0,77 |
| Fondsvermögen |  | 50 023 654,48 | 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 LC ........................................  | EUR | 95,24 |
| Klasse LD ........................................  | EUR | 100,69 |
| Klasse NC ........................................  | EUR | 95,16 |
| Klasse ND ........................................  | EUR | 100,58 |
| Klasse PFD .......................................  | EUR | 100,39 |
| Umlaufende Anteile Klasse LC ........................................  | Stück | 112 287,305 |
| Klasse LD ........................................  | Stück | 22 777,454 |
| Klasse NC ........................................  | Stück | 45 069,838 |
| Klasse ND ........................................  | Stück | 18 698,000 |
| Klasse PFD .......................................  | Stück | 307 484,207 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) 65% iBoxx Euro Overall Index, 35% MSCI World High Dividend Yield
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 65,518 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 130,018 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 88,969 |

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 0,3, 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 13 893 940,38.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG
Vertragspartner der Devisentermingeschäfte
Deutsche Bank 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 |
| 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 |
| Schwedische Kronen .............  | SEK | 10,476263 | = | 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.
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.
 Fußnoten	
* Variabler Zinssatz.
** Die abgegrenzte Platzierungsgebühr wird über einen Zeitraum von drei Jahren abgeschrieben (entsprechend Artikel 12 d) des Verwaltungsreglements – Allgemeiner Teil des Fonds).
*** Beinhaltet, sofern vorhanden, keine Positionen mit negativem Bestand.