# DWS Invest Global Bonds
DWS INVEST GLOBAL BONDS

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU0616844923 | -2.9% |
| Class FC | LU0616846035 | -2.7% |
| Class FD | LU1054334179 | -2.7% |
| Class IC | LU1054333791 | -2.6% |
| Class LD | LU0616845144 | -3.0% |
| Class NC | LU0616845490 | -3.2% |
| Class NDQ | LU1576724360 | -3.2% |
| Class PFC | LU1054334252 | -2.7% |
| Class PFDQ | LU1054334336 | -2.5% |
| Class TFC | LU1663911300 | -2.7% |
| Class TFD | LU1663913009 | -2.7% |
| Class CHF FCH 1 | LU1054335655 | -3.0% |
| Class CHF LCH 1 | LU1054335812 | -3.2% |
| Class GBP CH RD 2 | LU1249493864 | -2.3% |
| Class GBP DH RD 2 | LU1054335226 | -2.4% |
| Class GBP IDH 2 | LU1054335069 | -2.3% |
| Class SEK LCH 3 | LU1281067741 | -2.8% |
| Class USD FCH 4 | LU1054334682 | -1.7% |
| Class USD LCH 4 | LU1054334849 | -1.9% |
| Class USD TFCH 4 | LU1663914742 | -1.7% |

1 
in CHF
2 
in GBP
3 
in SEK
4 
in USD
“BVI method” performance, i.e., excluding the initial sales charge.
Past performance is no guide to future results.	As of: June 30, 2020
The format used for complete dates
in security names in the investment
portfolio is “day/month/year”.
DWS Invest Global Bonds
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 116 713 430.35 | 52.96 |
| Institutions | 1 649 593.67 | 0.75 |
| Central governments | 58 749 851.94 | 26.68 |
| Total bonds | 177 112 875.96 | 80.39 |
| 2. Derivatives | -194 901.49 | - 0.09 |
| 3. Cash at bank | 43 535 757.64 | 19.76 |
| 4. Other assets | 3 399 649.90 | 1.54 |
| 5. Receivables from share certificate transactions | 5 379.78 | 0.00 |
| II. Liabilities |  |  |
| 1. Other liabilities | -3 505 930.79 | - 1.59 |
| 2. Liabilities from share certificate transactions | -25 180.92 | - 0.01 |
| III. Net assets | 220 327 650.08 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

Investment portfolio – June 30, 2020
| Securities traded on an exchange |  |  |  |  |  |  | 144 319 232.15 | 65.50 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Interest-bearing securities |  |  |  |  |  |  |  |  |
| 1.25  % AIB Group PLC (MTN) 2019/2024 ..............  | EUR | 810 000 |  |  | % | 100.088 | 810 716.85 | 0.37 |
| 4.125 % Allied Irish Banks PLC (MTN) 2015/2025 *.......  | EUR | 800 000 |  |  | % | 100.379 | 803 032.00 | 0.36 |
| 1.50  % Arkema SA 2020/perpetual * .................  | EUR | 1 500 000 | 3 000 000 | 1 500 000 | % | 94.396 | 1 415 940.00 | 0.64 |
| 2.875 % AT&T, Inc. 2020/perpetual * ..................  | EUR | 2 000 000 | 2 000 000 |  | % | 95.16 | 1 903 210.00 | 0.86 |
| 3.125 % Bayer Ag 2019/2079 *.......................  | EUR | 2 000 000 |  |  | % | 99.53 | 1 990 590.00 | 0.90 |
| 3.00 % Bertelsmann SE & Co., KGaA 2015/2075 * ......  | EUR | 2 000 000 |  | 1 000 000 | % | 98.768 | 1 975 350.00 | 0.90 |
| 1.25  % BMW Finance NV (MTN) 2014/2022 ...........  | EUR | 1 560 000 |  |  | % | 102.298 | 1 595 848.80 | 0.72 |
| 3.625 % BP Capital Markets PLC 2020/perpetual * .......  | EUR | 1 170 000 | 1 170 000 |  | % | 100.539 | 1 176 306.30 | 0.53 |
| 1.375 % Bright Food Singapore Holdings Pte Ltd (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ................................  | EUR | 1 000 000 |  |  | % | 97.938 | 979 375.00 | 0.44 |
| 1.125 % Bright Food Singapore Holdings Pte Ltd 2017/2020 | EUR | 2 500 000 |  |  | % | 99.948 | 2 498 687.50 | 1.13 |
| 2.25  % Bundesrepublik Deutschland (MTN) 2010/2020 ...  | EUR | 10 308 058 |  |  | % | 100.496 | 10 359 185.97 | 4.70 |
| 3.00  % Bundesrepublik Deutschland (MTN) 2010/2020 ...  | EUR | 5 818 696 |  |  | % | 100.02 | 5 819 830.65 | 2.64 |
| 1.00  % Bundesrepublik Deutschland (MTN) 2014/2024 ...  | EUR | 100 000 | 200 000 | 100 000 | % | 107.263 | 107 263.00 | 0.05 |
| 0.25  % Bundesrepublik Deutschland (MTN) 2015/2020 ...  | EUR | 100 000 | 200 000 | 100 000 | % | 100.246 | 100 246.00 | 0.05 |
| 0.00  % Bundesrepublik Deutschland (MTN) 2016/2021 ...  | EUR | 100 000 | 200 000 | 100 000 | % | 100.855 | 100 855.00 | 0.05 |
| 0.50  % Bundesrepublik Deutschland (MTN) 2017/2027 ...  | EUR | 100 000 | 200 000 | 100 000 | % | 108.496 | 108 496.50 | 0.05 |
| 0.50  % Bundesrepublik Deutschland Bundesanleihe (MTN) |  |  |  |  |  |  |  |  |
| 2018/2028 ................................  | EUR | 100 000 | 200 000 | 100 000 | % | 108.92 | 108 920.50 | 0.05 |
| 0.10  % Bundesrepublik Deutschland Inflation Linked Bond |  |  |  |  |  |  |  |  |
| 2012/2023 ................................  | EUR | 217 128 | 219 684 | 2 556 | % | 101.945 | 221 351.14 | 0.10 |
| 0.35  % Buoni Poliennali Del Tes (MTN) 2019/2025 ......  | EUR | 5 000 000 | 17 000 000 | 12 000 000 | % | 98.92 | 4 946 000.00 | 2.25 |
| 0.625 % Capgemini SE (MTN) 2020/2025...............  | EUR | 700 000 | 700 000 |  | % | 100.054 | 700 381.50 | 0.32 |
| 1.75  % Carrefour SA (MTN) 2014/2022 ** .............  | EUR | 1 538 000 |  |  | % | 102.604 | 1 578 057.21 | 0.72 |
| 1.25  % Celanese US Holdings LLC (MTN) 2017/2025 ....  | EUR | 500 000 | 500 000 |  | % | 98.106 | 490 532.50 | 0.22 |
| 1.25  % Celanese US Holdings LLC (MTN) 2017/2025 ....  | EUR | 1 000 000 |  |  | % | 98.106 | 981 065.00 | 0.45 |
| 4.625 % Cemex Finance LLC -Reg- (MTN) 2016/2024 .....  | EUR | 1 000 000 | 500 000 |  | % | 99.275 | 992 750.00 | 0.45 |
| 1.125 % Conti-Gummi Finance BV 2020/2024 ...........  | EUR | 1 370 000 | 1 370 000 |  | % | 99.844 | 1 367 862.80 | 0.62 |
| 0.875 % Covestro AG (MTN) 2020/2026................  | EUR | 500 000 | 500 000 |  | % | 99.866 | 499 330.00 | 0.23 |
| 0.375 % Deutsche Bank AG (MTN) 2018/2021...........  | EUR | 1 500 000 |  |  | % | 99.728 | 1 495 927.50 | 0.68 |
| 0.835 % Exxon Mobil Corp. 2020/2032.................  | EUR | 4 000 000 | 4 000 000 |  | % | 98.746 | 3 949 820.00 | 1.79 |
| 1.514 % Ford Motor Credit Co. LLC 2019/2023 ..........  | EUR | 920 000 |  |  | % | 94.12 | 865 899.40 | 0.39 |
| 0.025 % Ford Motor Credit Co., LLC (MTN) 2018/2022 * ..  | EUR | 1 000 000 |  |  | % | 91.262 | 912 625.00 | 0.41 |
| 0.20  % General Motors Financial Co., Inc. (MTN) 2019/2022 | EUR | 1 000 000 | 1 000 000 |  | % | 96.242 | 962 415.00 | 0.44 |
| 1.125 % Hannover Rueck SE 2019/2039 * ..............  | EUR | 2 000 000 |  |  | % | 95.914 | 1 918 270.00 | 0.87 |
| 1.45  % Indonesia Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2019/2026 ................................  | EUR | 2 500 000 | 500 000 |  | % | 99.399 | 2 484 975.00 | 1.13 |
| 0.90  % Indonesia Government International Bond (MTN) 2 |  |  |  |  |  |  |  |  |
| 020/2027 .................................  | EUR | 840 000 | 840 000 |  | % | 95.246 | 800 062.20 | 0.36 |
| 0.75  % Infineon Technologies AG (MTN) 2020/2023 .....  | EUR | 1 500 000 | 1 500 000 |  | % | 100.498 | 1 507 462.50 | 0.68 |
| 3.625 % Infineon Technologies AG 2019/perpetual *......  | EUR | 2 500 000 | 200 000 |  | % | 99.75 | 2 493 750.00 | 1.13 |
| 0.85  % Italy Buoni Poliennali Del Tesoro (MTN) 2019/2027 | EUR | 2 000 000 | 2 000 000 |  | % | 99.694 | 1 993 890.00 | 0.91 |
| 1.00  % Italy Buoni Poliennali Del Tesoro 2019/2022......  | EUR | 7 000 000 | 7 000 000 | 2 000 000 | % | 101.884 | 7 131 880.00 | 3.24 |
| 0.60  % Italy Buoni Poliennali Del Tesoro 2020/2023......  | EUR | 6 000 000 | 8 000 000 | 2 000 000 | % | 101.048 | 6 062 910.00 | 2.75 |
| 0.60  % Kazakhstan Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| (MTN) 2019/2026 ..........................  | EUR | 500 000 |  |  | % | 94.377 | 471 885.00 | 0.21 |
| 0.50  % McDonald‘s Corp. (MTN) 2016/2021 ...........  | EUR | 500 000 |  |  | % | 100.128 | 500 637.50 | 0.23 |
| 4.00  % Mexico Government International Bond 2015/2115 | EUR | 1 500 000 |  |  | % | 94.25 | 1 413 742.50 | 0.64 |
| 0.127 % Mitsubishi UFJ Financial Group, Inc. (MTN) |  |  |  |  |  |  |  |  |
| 2018/2023 * ..............................  | EUR | 1 000 000 |  |  | % | 99.276 | 992 760.00 | 0.45 |
| 0.301 % Morgan Stanley (MTN) 2017/2022 *............  | EUR | 6 310 000 |  |  | % | 99.906 | 6 304 068.60 | 2.86 |
| 1.125 % Norsk Hydro ASA (MTN) 2019/2025 ............  | EUR | 800 000 |  |  | % | 96.68 | 773 444.00 | 0.35 |
| 2.50  % Petroleos Mexicanos (MTN) 2017/2021 .........  | EUR | 1 000 000 | 1 000 000 |  | % | 97.056 | 970 560.00 | 0.44 |
| 2.00  % Romanian Government International Bond -Reg- |  |  |  |  |  |  |  |  |
| 2020/2032 ................................  | EUR | 500 000 | 1 000 000 | 500 000 | % | 93.621 | 468 105.00 | 0.21 |
| 2.624 % Samhallsbyggnadsbolaget i Norden AB 2020/ |  |  |  |  |  |  |  |  |
| perpetual * ...............................  | EUR | 2 000 000 | 2 000 000 |  | % | 92.329 | 1 846 580.00 | 0.84 |
| 0.875 % SES SA (MTN) 2019/2027 ....................  | EUR | 4 000 000 | 4 000 000 |  | % | 93.02 | 3 720 800.00 | 1.69 |
| 4.625 % SES SA 2016/2049 * ........................  | EUR | 2 000 000 | 1 000 000 |  | % | 101.531 | 2 030 620.00 | 0.92 |
| 3.75  % Stena International SA -Reg- (MTN) 2020/2025 ...  | EUR | 1 000 000 | 1 000 000 |  | % | 93.329 | 933 290.00 | 0.42 |
| 0.75  % Takeda Pharmaceutical Co., Ltd (MTN) 2020/2027. | EUR | 3 190 000 | 3 190 000 |  | % | 100.463 | 3 204 769.70 | 1.45 |
| 4.35  % Turkey Government International Bond (MTN) |  |  |  |  |  |  |  |  |
| 2013/2021 ................................  | EUR | 1 400 000 |  |  | % | 102.092 | 1 429 295.00 | 0.65 |
| 2.375 % Turkiye Vakiflar Bankasi TAO (MTN) 2016/2021 ...  | EUR | 1 500 000 | 1 000 000 |  | % | 99.35 | 1 490 242.50 | 0.68 |
| 2.75  % WMG Acquisition Corp. -Reg- (MTN) 2020/2028 ..  | EUR | 430 000 | 430 000 |  | % | 101.672 | 437 187.45 | 0.20 |
| 4.625 % AerCap Ireland Capital DAC Via AerCap Global |  |  |  |  |  |  |  |  |
| Aviation Trust (MTN) 2015/2020 ...............  | USD | 1 550 000 |  |  | % | 100.472 | 1 389 523.86 | 0.63 |
| 5.50  % Allianz SE (MTN) 2012/2049 ** ...............  | USD | 600 000 | 600 000 | 2 000 000 | % | 100.635 | 538 755.51 | 0.24 |
| 1.70  % American Honda Finance Corp. (MTN) 2016/2021 . | USD | 1 000 000 |  |  | % | 101.108 | 902 146.24 | 0.41 |
| 3.50  % Black Sea Trade & Development Bank -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2019/2024 ................................  | USD | 1 920 000 |  |  | % | 102.978 | 1 764 165.05 | 0.80 |
| 4.375 % BP Capital Markets PLC 2020/perpetual * .......  | USD | 3 450 000 | 3 450 000 |  | % | 101.625 | 3 128 319.33 | 1.42 |
| 2.616 % Cardinal Health, Inc. (MTN) 2017/2022 ..........  | USD | 1 850 000 |  |  | % | 103.408 | 1 706 927.96 | 0.78 |
| 1.931 % Caterpillar Financial Services Corp. 2017/2021 ....  | USD | 666 000 |  |  | % | 101.81 | 604 998.03 | 0.28 |
| 2.65  % Constellation Brands, Inc. (MTN) 2017/2022 .....  | USD | 500 000 |  |  | % | 104.33 | 465 449.66 | 0.21 |
| 4.95  % Gazprom OAO Via Gaz Capital SA -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2012/2022 ................................  | USD | 2 170 000 |  |  | % | 105.617 | 2 044 960.79 | 0.93 |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period |  |  | EUR |  |
| 4.875 % Heathrow Funding Ltd -144A- (MTN) 2011/2021 ..  | USD | 1 925 000 |  | % | 102.78 | 1 765 349.79 | 0.80 |
| 3.50  % Hewlett Packard Enterprise Co. 2018/2021 ......  4.40 % KazMunayGas National Co. JSC -Reg- (MTN) 2013/2023 ................................  | USD USD | 1 770 000 3 000 000 |  | % % | 103.26 104.28 | 1 630 785.39 2 791 346.18 | 0.74 1.27 |
| 3.875 % KazMunayGas National Co., JSC -Reg- (MTN) 2017/2022 ................................  | USD | 5 000 000 |  |  | % | 102.399 | 4 568 326.59 | 2.07 |
| 2.75  % Moody‘s Corp. 2017/2021....................  5.25 % Namibia International Bonds -Reg- (MTN) 2015/2025 ................................  | USD USD | 1 500 000 200 000 |  |  | % % | 102.888 101.814 | 1 377 036.01 181 689.12 | 0.63 0.08 |
| 2.75  % Novartis Capital Corp. 2020/2050 ..............  3.625 % Oman Government International Bond -Reg- (MTN) 2016/2021 ................................  | USD USD | 800 000 2 000 000 | 3 500 000 2 000 000 | 2 700 000 | % % | 105.322 99.482 | 751 793.29 1 775 267.26 | 0.34 0.81 |
| 3.875 % Oman Government International Bond -Reg- (MTN) 2017/2022 ................................  | USD | 3 000 000 | 3 000 000 |  | % | 98.96 | 2 648 954.87 | 1.20 |
| 3.00  % Qualcomm, Inc. (MTN) 2015/2022 .............  | USD | 1 840 000 |  |  | % | 104.708 | 1 719 052.39 | 0.78 |
| 2.90  % Southern California Edison Co. 2018/2021 .......  6.25 % Sri Lanka Government International Bond -Reg- (MTN) 2011/2021 ..........................  | USD USD | 1 800 000 500 000 | 500 000 |  | % % | 101.618 86.388 | 1 632 046.15 385 405.02 | 0.74 0.18 |
| 1.50  % United States Treasury Note/Bond (MTN) 2016/2026 ................................  | USD | 1 000 000 | 5 000 000 | 4 000 000 | % | 106.695 | 951 999.60 | 0.43 |
| 2.125 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2017/2024 ** .............................  | USD | 1 000 000 | % | 107.195 | 956 460.90 | 0.43 |
| 1.625 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ................................  | USD | 1 000 000 | 1 000 000 | % | 109.359 | 975 769.96 | 0.44 |
| 0.625 % United States Treasury Note/Bond (MTN) 2020/2030 ................................  | USD | 3 000 000 | 3 000 000 |  | % | 99.977 | 2 676 152.64 | 1.22 |
| 1.50 % United States Treasury Note/Bond 2017/2020 .... 6.902 % Vnesheconombank Via VEB Finance PLC (MTN) 2010/2020 ................................  | USD USD | 1 000 000 1 000 000 |  | 9 000 000 | % % | 100.057 100.276 | 892 765.39 894 727.10 | 0.41 0.41 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 32 793 643.81 | 14.89 |
| Verzinsliche Wertpapiere 2.005 % RESIMAC Premier Series 2017-2 2017/2049 * ...  | AUD | 0 |  | 2 981 867 | % | 99.681 | 0.05 | 0.00 |
| 1.00  % Frosn-2018 Dac (MTN) 2018/2028 *............  | EUR | 1 750 232 |  | 844 941 | % | 94.25 | 1 649 593.62 | 0.75 |
| 3.375 % Glencore Finance Europe SA (MTN) 2013/2020 ...  | EUR | 4 140 000 |  |  | % | 100.499 | 4 160 658.60 | 1.89 |
| 6.25  % ADT Corp./The (MTN) 2014/2021 ..............  | USD | 450 000 |  |  | % | 103.286 | 414 712.86 | 0.19 |
| 2.70  % Amgen, Inc. (MTN) 2015/2022 ................  | USD | 1 000 000 |  |  | % | 103.481 | 923 319.57 | 0.42 |
| 2.369 % Bank of America Corp. 2017/2021 * ............  3.25 % BAT International Finance PLC -144A- (MTN) 2012/2022 ................................  | USD USD | 7 595 000 1 815 000 |  |  | % % | 100.1 104.548 | 6 783 457.54 1 693 104.57 | 3.08 0.77 |
| 2.00  % Daimler Finance North America LLC -Reg- (MTN) |  |  |  |  |  |  |  |  |
| 2016/2021 ** .............................  | USD | 2 050 000 | % | 100.864 | 1 844 927.56 | 0.84 |
| 2.95  % EMD Finance LLC -144A- (MTN) 2015/2022......  4.767 % Eurasian Development Bank -Reg- (MTN) 2012/2022 ................................  | USD USD | 1 850 000 2 010 000 | % % | 103.158 104.186 | 1 702 801.25 1 868 516.11 | 0.77 0.85 |
| 5.25  % Park Aerospace Holdings Ltd -144A- (MTN) |  |  |  |  |  |  |  |  |
| 2017/2022 ................................  3.36  % Sprint Spectrum Co. LLC Via Sprint Spectrum Co. II LLC Via Sprint Spectrum Co. III LLC -144A- (MTN) 2016/2023 ..........................  | USD USD | 530 000 388 750 | 155 500 | % % | 94.232 101.488 | 445 621.06 352 029.17 | 0.20 0.16 |
| 3.375 % UBS Group Funding Switzerland AG -144A- (MTN) 2015/2020 * ..............................  | USD | 1 310 000 |  | % | 100.32 | 1 172 606.80 | 0.53 |
| 1.625 % United States Treasury Note/Bond (MTN) 2016/2026 ................................  | USD | 1 000 000 |  |  | % | 107.297 | 957 367.10 | 0.44 |
| 0.375 % United States Treasury Note/Bond 2020/2022 ** . | USD | 8 000 000 | 8 000 000 |  | % | 100.379 | 7 165 126.62 | 3.25 |
| 2.40  % Xcel Energy, Inc. (MTN) 2016/2021 ............  | USD | 1 840 000 |  |  | % | 101.099 | 1 659 801.33 | 0.75 |
| Total securities portfolio |  |  |  |  |  |  | 177 112 875.96 | 80.39 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | -10 170.46 | 0.00 |
| Interest rate futures Euro BTP Futures 09/2020 (DB) .......................  | Count | -20 |  | 20 |  |  | -4 315.00 | 0.00 |
| Option contracts |  |  |  |  |  |  |  |  |
| Options on interest rate futures Call US Treasury Bond Futures 07/2020 175 USD (DB) .....  | Count | -20 000 |  | 20 000 |  |  | -5 855.46 | 0.00 |
| Currency derivatives Receivables/payables |  |  |  |  |  |  | -251 156.93 | -0.11 |
| Forward currency transactions |  |  |  |  |  |  |  |  |

| Count/ Security name	units/ | Quantity/ principal | Purchases/ additions | Sales/ disposals | Currency | Market price | Total market value in | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | currency | amount | in the reporting period | EUR |  |
| Forward currency transactions (long) |  |  |  |  |  |
| Open positions CHF/EUR 0.3 million ................................  |  |  |  | 1 323.70 | 0.00 |
| GBP/EUR 0.2 million ................................  |  |  |  | -3 037.74 | 0.00 |
| SEK/EUR 0.1 million ................................  |  |  |  | 37.66 | 0.00 |
| USD/EUR 1.9 million ................................  |  |  |  | 10 134.77 | 0.00 |
| Forward currency transactions (short) |  |  |  |  |  |
| Open positions EUR/USD 79.5 million ...............................  |  |  |  | -259 615.32 | -0.11 |
| Swaps Receivables/payables |  |  |  | 66 425.90 | 0.02 |
| Credit default swaps |  |  |  |  |  |
| Protection seller Deutsche Bank AG / 1% / 20/12/2022 (OTC) (CIT) .........  | Count | 9 650 000 |  | 184 258.21 | 0.08 |
| TITIM / 1% / 20/12/2022 (OTC) (GS) ....................     | Count | 1 500 000 |  | -17 856.90 | -0.01 |
| Republic of Italy / 1% / 20/06/2022 (OTC) (JP) ............  | Count | 5 000 000 |  | 2 306.85 | 0.00 |
| Republic of Turkey / 1% / 20/06/2022 (OTC) (JP) ..........  | Count | 2 000 000 |  | -110 795.71 | -0.05 |
| United Mexican States / 1% / 20/06/2022 (OTC) (JP).......  | Count | 3 000 000 |  | 8 513.45 | 0.00 |
| Cash at bank |  |  |  | 43 535 757.64 | 19.77 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 42 450 679.41 | 19.28 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 215 178 |  | 236 153.46 | 0.11 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Australian dollar ....................................         | AUD | 27 114 |  | 16 613.29 | 0.01 |
| Japanese yen .....................................  | JPY | 79 139 |  | 655.61 | 0.00 |
| Canadian dollar ....................................  | CAD | 73 072 |  | 47 689.96 | 0.02 |
| Mexican peso .....................................  | MXN | 216 466 |  | 8 336.68 | 0.00 |
| New Zealand dollar .................................  | NZD | 1 836 |  | 1 049.35 | 0.00 |
| U.S. dollar ........................................  | USD | 868 110 |  | 774 579.88 | 0.35 |
| Other assets |  |  |  | 3 399 649.90 | 1.54 |
| Interest receivable .................................  |  |  |  | 1 541 396.62 | 0.70 |
| Receivables from exceeding the expense cap ............  |  |  |  | 179 970.00 | 0.08 |
| Other receivables ..................................  |  |  |  | 1 678 283.28 | 0.76 |
| Receivables from share certificate transactions |  |  |  | 5 379.78 | 0.00 |
| Total assets *** |  |  |  | 224 260 237.92 | 101.78 |
| Other liabilities |  |  |  | -3 505 930.79 | -1.59 |
| Additional other liabilities.............................  |  |  |  | -3 505 930.79 | -1.59 |
| Liabilities from share certificate transactions |  |  |  | -25 180.92 | -0.01 |
| Total liabilities |  |  |  | -3 932 587.84 | -1.78 |
| Net assets |  |  |  | 220 327 650.08 | 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 CHF FCH ....................................  | CHF | 93.13 |
| Class CHF LCH ....................................  | CHF | 91.48 |
| Class FC .........................................  | EUR | 110.55 |
| Class FD .........................................  | EUR | 87.09 |
| Class IC ..........................................  | EUR | 97.30 |
| Class LC .........................................  | EUR | 96.08 |
| Class LD .........................................  | EUR | 87.49 |
| Class NC .........................................  | EUR | 93.10 |
| Class NDQ........................................  | EUR | 89.86 |
| Class PFC ........................................  | EUR | 94.13 |
| Class PFDQ .......................................  | EUR | 90.00 |
| Class TFC ........................................  | EUR | 95.19 |
| Class TFD ........................................  | EUR | 90.67 |
| Class GBP CH RD ..................................  | GBP | 101.23 |
| Class GBP DH RD ..................................  | GBP | 91.57 |
| Class GBP IDH ....................................  | GBP | 91.57 |
| Class SEK LCH ....................................  | SEK | 954.45 |
| Class TFCH .......................................  | USD | 101.99 |
| Class USD FCH ....................................  | USD | 107.19 |
| Class USD LCH ....................................  | USD | 105.06 |
| Number of shares outstanding Class CHF FCH ....................................  | Count | 220.000 |
| Class CHF LCH ....................................  | Count | 2 736.000 |
| Class FC .........................................  | Count | 110 906.935 |
| Class FD .........................................  | Count | 11 092.000 |
| Class IC ..........................................  | Count | 1 702 425.000 |
| Class LC .........................................  | Count | 86 900.861 |
| Class LD .........................................  | Count | 182 665.924 |
| Class NC .........................................  | Count | 100 294.708 |
| Class NDQ........................................  | Count | 41 318.000 |
| Class PFC ........................................  | Count | 12 375.000 |
| Class PFDQ .......................................  | Count | 8 068.000 |
| Class TFC ........................................  | Count | 75.279 |
| Class TFD ........................................  | Count | 20.000 |
| Class GBP CH RD ..................................  | Count | 1 268.657 |
| Class GBP DH RD ..................................  | Count | 371.000 |
| Class GBP IDH ....................................  | Count | 90.000 |
| Class SEK LCH ....................................  | Count | 96.000 |
| Class TFCH .......................................  | Count | 24.000 |
| Class USD FCH ....................................  | Count | 4 425.000 |
| Class USD LCH ....................................  | Count | 13 826.296 |

Presentation of the maximum limit (according to CSSF circular 11/512) 10% of portfolio value (January 1, 2020 - May 14, 2020)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 0.180 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 4.865 |
| Average market risk exposure ........................  | % | 1.987 |

The values-at-risk were calculated for the period from January 1, 2020, through May 14, 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 absolute value-at-risk approachas defined in CSSF circular 11/512.
Presentation of the maximum limit (according to CSSF circular 11/512) 14.14% of portfolio value (May 15, 2020 - June 30, 2020)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 2.103 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 3.429 |
| Average market risk exposure ........................  | % | 2.635 |

The values-at-risk were calculated for the period from May 15, 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 absolute 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 94 615 192.19 as of the reporting date. Does not include any forward currency transactions entered into for currency hedging purposes at the level of the share classes.
Market abbreviations
Futures exchanges
DB = Deutsche Bank AG Frankfurt
Contracting parties for derivatives (with the exception of forward currency transactions)
CIT = Citigroup Global Markets Limited GS = Goldman Sachs International
JP = JPMorgan Securities Plc
Contracting parties for forward currency transactions
Goldman Sachs International and State Street Bank London
Securities lending
The following securities were transferred under securities loans at the reporting date:
| Security | name	Currency/ quantity/ principal amount | Quantity/ principal amount | Securities loans Total market value in EUR No fixed maturity | Total |
| --- | --- | --- | --- | --- |
| 1.75 | % Carrefour SA (MTN) 2014/2022	EUR | 1 000 000 | 1 026 045.00 |  |
| 5.5 | % Allianz SE (MTN) 2012/2049	USD | 600 000 | 538 755.51 |  |
| 2 | % Daimler Finance North America LLC -Reg- (MTN) 2016/2021	USD | 2 000 000 | 1 799 929.34 |  |
| 2.125 % United States Treasury Note/Bond (MTN) 2017/2024	USD | 1 000 000 | 956 460.90 |
| 0.375 % United States Treasury Note/Bond 2020/2022	USD | 8 000 000 | 7 165 126.64 |

Total receivables from securities loans ................	11 486 317.39	11 486 317.39
Contracting parties for securities loans
Barclays Capital Securities Limited, Deutsche Bank AG FI, J.P. Morgan Sec Ltd., UBS AG London Branch, Zuercher Kantonalbank
Total collateral pledged by third parties for securities loans	EUR	11 966 975.44
thereof:
Bonds	EUR	4 571 925.43
Equities	EUR	7 395 050.01
Exchange rates (indirect quotes)
As of June 30, 2020
| Australian dollar	AUD | 1.632080 | = EUR | 1 |
| --- | --- | --- | --- |
| Canadian dollar	CAD | 1.532233 | = EUR | 1 |
| British pound	GBP | 0.911178 | = EUR | 1 |
| Japanese yen	JPY | 120.710331 | = EUR | 1 |
| Mexican peso	MXN | 25.965526 | = EUR | 1 |
| New Zealand dollar	NZD | 1.749258 | = EUR | 1 |
| U.S. dollar	USD | 1.120750 | = EUR | 1 |
| Notes on valuation |  |  |  |

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

Translation (ENDE, 2020-06-30):
# DWS Invest Global Bonds
DWS INVEST GLOBAL BONDS

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU0616844923 | -2,9% |
| Klasse FC | LU0616846035 | -2,7% |
| Klasse FD | LU1054334179 | -2,7% |
| Klasse IC | LU1054333791 | -2,6% |
| Klasse LD | LU0616845144 | -3,0% |
| Klasse NC | LU0616845490 | -3,2% |
| Klasse NDQ | LU1576724360 | -3,2% |
| Klasse PFC | LU1054334252 | -2,7% |
| Klasse PFDQ | LU1054334336 | -2,5% |
| Klasse TFC | LU1663911300 | -2,7% |
| Klasse TFD | LU1663913009 | -2,7% |
| Klasse CHF FCH 1) | LU1054335655 | -3,0% |
| Klasse CHF LCH 1) | LU1054335812 | -3,2% |
| Klasse GBP CH RD 2) | LU1249493864 | -2,3% |
| Klasse GBP DH RD 2) | LU1054335226 | -2,4% |
| Klasse GBP IDH 2) | LU1054335069 | -2,3% |
| Klasse SEK LCH 3) | LU1281067741 | -2,8% |
| Klasse USD FCH 4) | LU1054334682 | -1,7% |
| Klasse USD LCH 4) | LU1054334849 | -1,9% |
| Klasse USD TFCH 4) | LU1663914742 | -1,7% |

1) 
in CHF
2) 
in GBP
3) 
in SEK
4) 
in USD
Wertentwicklung nach BVI-Methode, d. h. ohne Berücksichtigung des Ausgabeaufschlages.
Wertentwicklungen der Vergangenheit ermöglichen keine Prognose für die Zukunft.	Stand: 30.6.2020
DWS Invest Global Bonds
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 116 713 430,35 | 52,96 |
| Institute | 1 649 593,67 | 0,75 |
| Zentralregierungen | 58 749 851,94 | 26,68 |
| Summe Anleihen | 177 112 875,96 | 80,39 |
| 2. Derivate | -194 901,49 | - 0,09 |
| 3. Bankguthaben | 43 535 757,64 | 19,76 |
| 4. Sonstige Vermögensgegenstände | 3 399 649,90 | 1,54 |
| 5. Forderungen aus Anteilscheingeschäften | 5 379,78 | 0,00 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -3 505 930,79 | - 1,59 |
| 2. Verbindlichkeiten aus Anteilscheingeschäften | -25 180,92 | - 0,01 |
| III. Fondsvermögen | 220 327 650,08 | 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 |  |  |  |  |  |  | 144 319 232,15 | 65,50 |
| Verzinsliche Wertpapiere 1,25  % AIB Group PLC (MTN) 2019/2024 .............  | EUR | 810 000 |  |  | % | 100,088 | 810 716,85 | 0,37 |
| 4,125 % Allied Irish Banks PLC (MTN) 2015/2025 * ......  | EUR | 800 000 |  |  | % | 100,379 | 803 032,00 | 0,36 |
| 1,50  % Arkema SA 2020/perpetual * .................  | EUR | 1 500 000 | 3 000 000 | 1 500 000 | % | 94,396 | 1 415 940,00 | 0,64 |
| 2,875 % AT&T, Inc. 2020/perpetual * .................  | EUR | 2 000 000 | 2 000 000 |  | % | 95,16 | 1 903 210,00 | 0,86 |
| 3,125 % Bayer Ag 2019/2079 * ......................  | EUR | 2 000 000 |  |  | % | 99,53 | 1 990 590,00 | 0,90 |
| 3,00 % Bertelsmann SE & Co., KGaA 2015/2075 * ......  | EUR | 2 000 000 |  | 1 000 000 | % | 98,768 | 1 975 350,00 | 0,90 |
| 1,25  % BMW Finance NV (MTN) 2014/2022 ...........  | EUR | 1 560 000 |  |  | % | 102,298 | 1 595 848,80 | 0,72 |
| 3,625 % BP Capital Markets PLC 2020/perpetual * ....... 1,375 % Bright Food Singapore Holdings Pte Ltd (MTN) 2019/2024 ...............................  | EUR EUR | 1 170 000 1 000 000 | 1 170 000 |  | % % | 100,539 97,938 | 1 176 306,30 979 375,00 | 0,53 0,44 |
| 1,125 % Bright Food Singapore Holdings Pte Ltd 2017/2020 | EUR | 2 500 000 |  |  | % | 99,948 | 2 498 687,50 | 1,13 |
| 2,25  % Bundesrepublik Deutschland (MTN) 2010/2020 ..  | EUR | 10 308 058 |  |  | % | 100,496 | 10 359 185,97 | 4,70 |
| 3,00  % Bundesrepublik Deutschland (MTN) 2010/2020 ..  | EUR | 5 818 696 |  |  | % | 100,02 | 5 819 830,65 | 2,64 |
| 1,00  % Bundesrepublik Deutschland (MTN) 2014/2024 ..  | EUR | 100 000 | 200 000 | 100 000 | % | 107,263 | 107 263,00 | 0,05 |
| 0,25  % Bundesrepublik Deutschland (MTN) 2015/2020 ..  | EUR | 100 000 | 200 000 | 100 000 | % | 100,246 | 100 246,00 | 0,05 |
| 0,00  % Bundesrepublik Deutschland (MTN) 2016/2021 ..  | EUR | 100 000 | 200 000 | 100 000 | % | 100,855 | 100 855,00 | 0,05 |
| 0,50  % Bundesrepublik Deutschland (MTN) 2017/2027 ..  | EUR | 100 000 | 200 000 | 100 000 | % | 108,496 | 108 496,50 | 0,05 |
| 0,50  % Bundesrepublik Deutschland Bundesanleihe (MTN) 2018/2028 ...............................  | EUR | 100 000 | 200 000 | 100 000 | % | 108,92 | 108 920,50 | 0,05 |
| 0,10  % Bundesrepublik Deutschland Inflation Linked Bond 2012/2023 ...............................  | EUR | 217 128 | 219 684 | 2 556 | % | 101,945 | 221 351,14 | 0,10 |
| 0,35  % Buoni Poliennali Del Tes (MTN) 2019/2025 ......  | EUR | 5 000 000 | 17 000 000 | 12 000 000 | % | 98,92 | 4 946 000,00 | 2,25 |
| 0,625 % Capgemini SE (MTN) 2020/2025 ..............  | EUR | 700 000 | 700 000 |  | % | 100,054 | 700 381,50 | 0,32 |
| 1,75  % Carrefour SA (MTN) 2014/2022 ** ............  | EUR | 1 538 000 |  |  | % | 102,604 | 1 578 057,21 | 0,72 |
| 1,25  % Celanese US Holdings LLC (MTN) 2017/2025 ....  | EUR | 500 000 | 500 000 |  | % | 98,106 | 490 532,50 | 0,22 |
| 1,25  % Celanese US Holdings LLC (MTN) 2017/2025 ....  | EUR | 1 000 000 |  |  | % | 98,106 | 981 065,00 | 0,45 |
| 4,625 % Cemex Finance LLC -Reg- (MTN) 2016/2024 ....  | EUR | 1 000 000 | 500 000 |  | % | 99,275 | 992 750,00 | 0,45 |
| 1,125 % Conti-Gummi Finance BV 2020/2024 ...........  | EUR | 1 370 000 | 1 370 000 |  | % | 99,844 | 1 367 862,80 | 0,62 |
| 0,875 % Covestro AG (MTN) 2020/2026 ...............  | EUR | 500 000 | 500 000 |  | % | 99,866 | 499 330,00 | 0,23 |
| 0,375 % Deutsche Bank AG (MTN) 2018/2021 ..........  | EUR | 1 500 000 |  |  | % | 99,728 | 1 495 927,50 | 0,68 |
| 0,835 % Exxon Mobil Corp. 2020/2032 ................  | EUR | 4 000 000 | 4 000 000 |  | % | 98,746 | 3 949 820,00 | 1,79 |
| 1,514 % Ford Motor Credit Co. LLC 2019/2023 .........  | EUR | 920 000 |  |  | % | 94,12 | 865 899,40 | 0,39 |
| 0,025 % Ford Motor Credit Co., LLC (MTN) 2018/2022 * ..  | EUR | 1 000 000 |  |  | % | 91,262 | 912 625,00 | 0,41 |
| 0,20  % General Motors Financial Co., Inc. (MTN) 2019/2022 | EUR | 1 000 000 | 1 000 000 |  | % | 96,242 | 962 415,00 | 0,44 |
| 1,125 % Hannover Rueck SE 2019/2039 * .............  1,45 % Indonesia Government International Bond (MTN) 2019/2026 ...............................  | EUR EUR | 2 000 000 2 500 000 | 500 000 |  | % % | 95,914 99,399 | 1 918 270,00 2 484 975,00 | 0,87 1,13 |
| 0,90  % Indonesia Government International Bond (MTN) 2 020/2027 ................................  | EUR | 840 000 | 840 000 |  | % | 95,246 | 800 062,20 | 0,36 |
| 0,75  % Infineon Technologies AG (MTN) 2020/2023 .....  | EUR | 1 500 000 | 1 500 000 |  | % | 100,498 | 1 507 462,50 | 0,68 |
| 3,625 % Infineon Technologies AG 2019/perpetual * .....  | EUR | 2 500 000 | 200 000 |  | % | 99,75 | 2 493 750,00 | 1,13 |
| 0,85  % Italy Buoni Poliennali Del Tesoro (MTN) 2019/2027 | EUR | 2 000 000 | 2 000 000 |  | % | 99,694 | 1 993 890,00 | 0,91 |
| 1,00  % Italy Buoni Poliennali Del Tesoro 2019/2022 .....  | EUR | 7 000 000 | 7 000 000 | 2 000 000 | % | 101,884 | 7 131 880,00 | 3,24 |
| 0,60 % Italy Buoni Poliennali Del Tesoro 2020/2023 ..... 0,60 % Kazakhstan Government International Bond -Reg- (MTN) 2019/2026 ..........................  | EUR EUR | 6 000 000 500 000 | 8 000 000 | 2 000 000 | % % | 101,048 94,377 | 6 062 910,00 471 885,00 | 2,75 0,21 |
| 0,50  % McDonald‘s Corp. (MTN) 2016/2021 ...........  | EUR | 500 000 |  |  | % | 100,128 | 500 637,50 | 0,23 |
| 4,00 % Mexico Government International Bond 2015/2115 0,127 % Mitsubishi UFJ Financial Group, Inc. (MTN) 2018/2023 * ..............................  | EUR EUR | 1 500 000 1 000 000 |  |  | % % | 94,25 99,276 | 1 413 742,50 992 760,00 | 0,64 0,45 |
| 0,301 % Morgan Stanley (MTN) 2017/2022 * ...........  | EUR | 6 310 000 |  |  | % | 99,906 | 6 304 068,60 | 2,86 |
| 1,125 % Norsk Hydro ASA (MTN) 2019/2025 ...........  | EUR | 800 000 |  |  | % | 96,68 | 773 444,00 | 0,35 |
| 2,50 % Petroleos Mexicanos (MTN) 2017/2021 . . . . . . . . . 2,00 % Romanian Government International Bond -Reg- 2020/2032 ...............................  | EUR EUR | 1 000 000 500 000 | 1 000 000 1 000 000 | 500 000 | % % | 97,056 93,621 | 970 560,00 468 105,00 | 0,44 0,21 |
| 2,624 % Samhallsbyggnadsbolaget i Norden AB 2020/ perpetual * ...............................  | EUR | 2 000 000 | 2 000 000 |  | % | 92,329 | 1 846 580,00 | 0,84 |
| 0,875 % SES SA (MTN) 2019/2027 ...................  | EUR | 4 000 000 | 4 000 000 |  | % | 93,02 | 3 720 800,00 | 1,69 |
| 4,625 % SES SA 2016/2049 * .......................  | EUR | 2 000 000 | 1 000 000 |  | % | 101,531 | 2 030 620,00 | 0,92 |
| 3,75  % Stena International SA -Reg- (MTN) 2020/2025 ...  | EUR | 1 000 000 | 1 000 000 |  | % | 93,329 | 933 290,00 | 0,42 |
| 0,75 % Takeda Pharmaceutical Co., Ltd (MTN) 2020/2027 4,35 % Turkey Government International Bond (MTN) 2013/2021 ...............................  | EUR EUR | 3 190 000 1 400 000 | 3 190 000 |  | % % | 100,463 102,092 | 3 204 769,70 1 429 295,00 | 1,45 0,65 |
| 2,375 % Turkiye Vakiflar Bankasi TAO (MTN) 2016/2021 ..  | EUR | 1 500 000 | 1 000 000 |  | % | 99,35 | 1 490 242,50 | 0,68 |
| 2,75 % WMG Acquisition Corp. -Reg- (MTN) 2020/2028 .. 4,625 % AerCap Ireland Capital DAC Via AerCap Global Aviation Trust (MTN) 2015/2020 ..............  | EUR USD | 430 000 1 550 000 | 430 000 |  | % % | 101,672 100,472 | 437 187,45 1 389 523,86 | 0,20 0,63 |
| 5,50  % Allianz SE (MTN) 2012/2049 ** ...............  | USD | 600 000 | 600 000 | 2 000 000 | % | 100,635 | 538 755,51 | 0,24 |
| 1,70 % American Honda Finance Corp. (MTN) 2016/2021 3,50  % Black Sea Trade & Development Bank -Reg- (MTN) 2019/2024 ...............................  | USD USD | 1 000 000 1 920 000 |  |  | % % | 101,108 102,978 | 902 146,24 1 764 165,05 | 0,41 0,80 |
| 4,375 % BP Capital Markets PLC 2020/perpetual * .......  | USD | 3 450 000 | 3 450 000 |  | % | 101,625 | 3 128 319,33 | 1,42 |
| 2,616 % Cardinal Health, Inc. (MTN) 2017/2022 .........  | USD | 1 850 000 |  |  | % | 103,408 | 1 706 927,96 | 0,78 |
| 1,931 % Caterpillar Financial Services Corp. 2017/2021 ...  | USD | 666 000 |  |  | % | 101,81 | 604 998,03 | 0,28 |
| 2,65 % Constellation Brands, Inc. (MTN) 2017/2022 ..... 4,95 % Gazprom OAO Via Gaz Capital SA -Reg- (MTN) 2012/2022 ...............................  | USD USD | 500 000 2 170 000 |  |  | % % | 104,33 105,617 | 465 449,66 2 044 960,79 | 0,21 0,93 |

| Stück bzw. Wertpapierbezeichnung	Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum |  |  | EUR | vermögen |
| 4,875 % Heathrow Funding Ltd -144A- (MTN) 2011/2021 ..  | USD | 1 925 000 |  | % | 102,78 | 1 765 349,79 | 0,80 |
| 3,50 % Hewlett Packard Enterprise Co. 2018/2021 ...... 4,40 % KazMunayGas National Co. JSC -Reg- (MTN) 2013/2023 ...............................  | USD USD | 1 770 000 3 000 000 |  | % % | 103,26 104,28 | 1 630 785,39 2 791 346,18 | 0,74 1,27 |
| 3,875 % KazMunayGas National Co., JSC -Reg- (MTN) 2017/2022 ...............................  | USD | 5 000 000 |  |  | % | 102,399 | 4 568 326,59 | 2,07 |
| 2,75  % Moody‘s Corp. 2017/2021 ...................  5,25 % Namibia International Bonds -Reg- (MTN) 2015/2025 ...............................  | USD USD | 1 500 000 200 000 |  |  | % % | 102,888 101,814 | 1 377 036,01 181 689,12 | 0,63 0,08 |
| 2,75  % Novartis Capital Corp. 2020/2050 .............  3,625 % Oman Government International Bond -Reg- (MTN) 2016/2021 ...............................  | USD USD | 800 000 2 000 000 | 3 500 000 2 000 000 | 2 700 000 | % % | 105,322 99,482 | 751 793,29 1 775 267,26 | 0,34 0,81 |
| 3,875 % Oman Government International Bond -Reg- (MTN) 2017/2022 ...............................  | USD | 3 000 000 | 3 000 000 |  | % | 98,96 | 2 648 954,87 | 1,20 |
| 3,00  % Qualcomm, Inc. (MTN) 2015/2022 .............  | USD | 1 840 000 |  |  | % | 104,708 | 1 719 052,39 | 0,78 |
| 2,90 % Southern California Edison Co. 2018/2021 ...... 6,25 % Sri Lanka Government International Bond -Reg- (MTN) 2011/2021 ..........................  | USD USD | 1 800 000 500 000 | 500 000 |  | % % | 101,618 86,388 | 1 632 046,15 385 405,02 | 0,74 0,18 |
| 1,50  % United States Treasury Note/Bond (MTN) 2016/2026 ...............................  | USD | 1 000 000 | 5 000 000 | 4 000 000 | % | 106,695 | 951 999,60 | 0,43 |
| 2,125 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2017/2024 ** .............................  | USD | 1 000 000 | % | 107,195 | 956 460,90 | 0,43 |
| 1,625 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ...............................  | USD | 1 000 000 | 1 000 000 | % | 109,359 | 975 769,96 | 0,44 |
| 0,625 % United States Treasury Note/Bond (MTN) 2020/2030 ...............................  | USD | 3 000 000 | 3 000 000 |  | % | 99,977 | 2 676 152,64 | 1,22 |
| 1,50 % United States Treasury Note/Bond 2017/2020 ... 6,902 % Vnesheconombank Via VEB Finance PLC (MTN) 2010/2020 ...............................  | USD USD | 1 000 000 1 000 000 |  | 9 000 000 | % % | 100,057 100,276 | 892 765,39 894 727,10 | 0,41 0,41 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	32 793 643,81	14,89
| Verzinsliche Wertpapiere 2,005 % RESIMAC Premier Series 2017-2 2017/2049 * ...  | AUD | 0 | 2 981 867 | % | 99,681 | 0,05 | 0,00 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1,00  % Frosn-2018 Dac (MTN) 2018/2028 * ...........  | EUR | 1 750 232 | 844 941 | % | 94,25 | 1 649 593,62 | 0,75 |
| 3,375 % Glencore Finance Europe SA (MTN) 2013/2020 ..  | EUR | 4 140 000 |  | % | 100,499 | 4 160 658,60 | 1,89 |
| 6,25  % ADT Corp./The (MTN) 2014/2021 .............  | USD | 450 000 |  | % | 103,286 | 414 712,86 | 0,19 |
| 2,70  % Amgen, Inc. (MTN) 2015/2022 ................  | USD | 1 000 000 |  | % | 103,481 | 923 319,57 | 0,42 |
| 2,369 % Bank of America Corp. 2017/2021 * ........... 3,25 % BAT International Finance PLC -144A- (MTN) 2012/2022 ...............................  | USD USD | 7 595 000 1 815 000 |  | % % | 100,1 104,548 | 6 783 457,54 1 693 104,57 | 3,08 0,77 |
| 2,00  % Daimler Finance North America LLC -Reg- (MTN) |  |  |  |  |  |  |  |
| 2016/2021 ** .............................  | USD | 2 050 000 | % | 100,864 | 1 844 927,56 | 0,84 |
| 2,95  % EMD Finance LLC -144A- (MTN) 2015/2022 .....  4,767 % Eurasian Development Bank -Reg- (MTN) 2012/2022 ...............................  | USD USD | 1 850 000 2 010 000 | % % | 103,158 104,186 | 1 702 801,25 1 868 516,11 | 0,77 0,85 |
| 5,25  % Park Aerospace Holdings Ltd -144A- (MTN) 2017/2022 ...............................  | USD | 530 000 |  | % | 94,232 | 445 621,06 | 0,20 |
| 3,36 % Sprint Spectrum Co. LLC Via Sprint Spectrum Co. II LLC Via Sprint Spectrum Co. III LLC -144A- (MTN) 2016/2023 ..........................  | USD | 388 750 | 155 500 | % | 101,488 | 352 029,17 | 0,16 |
| 3,375 % UBS Group Funding Switzerland AG -144A- (MTN) 2015/2020 * ..............................  | USD | 1 310 000 |  | % | 100,32 | 1 172 606,80 | 0,53 |
| 1,625 % United States Treasury Note/Bond (MTN) |  |  |  |  |  |  |  |
| 2016/2026 ...............................  | USD | 1 000 000 |  | % | 107,297 | 957 367,10 | 0,44 |
| 0,375 % United States Treasury Note/Bond 2020/2022 ** . | USD | 8 000 000 | 8 000 000 | % | 100,379 | 7 165 126,62 | 3,25 |
| 2,40  % Xcel Energy, Inc. (MTN) 2016/2021 ............  | USD | 1 840 000 |  | % | 101,099 | 1 659 801,33 | 0,75 |
| Summe Wertpapiervermögen |  |  | 177 112 875,96 | 80,39 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte | Positionen) |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  | -10 170,46 | 0,00 |
| Zinsterminkontrakte Euro BTP Futures 09/2020 (DB)	Stück | -20 | 20 | -4 315,00 | 0,00 |
| Optionsrechte |  |  |  |  |
| Optionsrechte auf Zinsterminkontrakte Call US Treasury Bond Futures 07/2020 175 USD (DB)	Stück | -20 000 | 20 000 | -5 855,46 | 0,00 |
| Devisen-Derivate Forderungen/Verbindlichkeiten |  |  | -251 156,93 | -0,11 |
| Devisentermingeschäfte |  |  |  |  |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Währung | Bestand | im Berichtszeitraum | EUR | vermögen |
| Devisentermingeschäfte (Kauf) |  |  |  |  |  |
| Offene Positionen CHF/EUR 0,3 Mio. .................................  |  |  |  | 1 323,70 | 0,00 |
| GBP/EUR 0,2 Mio. .................................  |  |  |  | -3 037,74 | 0,00 |
| SEK/EUR 0,1 Mio. .................................  |  |  |  | 37,66 | 0,00 |
| USD/EUR 1,9 Mio.  ................................  |  |  |  | 10 134,77 | 0,00 |
| Devisentermingeschäfte (Verkauf) |  |  |  |  |  |
| Offene Positionen EUR/USD 79,5 Mio.  ...............................  |  |  |  | -259 615,32 | -0,11 |
| Swaps Forderungen/Verbindlichkeiten |  |  |  | 66 425,90 | 0,02 |
| Credit Default Swaps |  |  |  |  |  |
| Protection Seller Deutsche Bank AG / 1% / 20/12/2022 (OTC) (CIT) ........  | Stück | 9 650 000 |  | 184 258,21 | 0,08 |
| TITIM / 1% / 20/12/2022 (OTC) (GS) ...................  | Stück | 1 500 000 |  | -17 856,90 | -0,01 |
| Republic of Italy / 1% / 20/06/2022 (OTC) (JP) ...........  | Stück | 5 000 000 |  | 2 306,85 | 0,00 |
| Republic of Turkey / 1% / 20/06/2022 (OTC) (JP) .........  | Stück | 2 000 000 |  | -110 795,71 | -0,05 |
| United Mexican States / 1% / 20/06/2022 (OTC) (JP) ......  | Stück | 3 000 000 |  | 8 513,45 | 0,00 |
| Bankguthaben |  |  |  | 43 535 757,64 | 19,77 |
| Verwahrstelle (täglich fällig) EUR-Guthaben ....................................  | EUR |  |  | 42 450 679,41 | 19,28 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |  |  |
| Britisches Pfund ...................................  | GBP | 215 178 |  | 236 153,46 | 0,11 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| Australischer Dollar ................................  | AUD | 27 114 |  | 16 613,29 | 0,01 |
| Japanischer Yen ...................................  | JPY | 79 139 |  | 655,61 | 0,00 |
| Kanadischer Dollar .................................  | CAD | 73 072 |  | 47 689,96 | 0,02 |
| Mexikanischer Peso ................................  | MXN | 216 466 |  | 8 336,68 | 0,00 |
| Neuseeländischer Dollar .............................  | NZD | 1 836 |  | 1 049,35 | 0,00 |
| US-Dollar ........................................  | USD | 868 110 |  | 774 579,88 | 0,35 |
| Sonstige Vermögensgegenstände |  |  |  | 3 399 649,90 | 1,54 |
| Zinsansprüche ....................................  |  |  |  | 1 541 396,62 | 0,70 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 179 970,00 | 0,08 |
| Sonstige Ansprüche ................................  |  |  |  | 1 678 283,28 | 0,76 |
| Forderungen aus Anteilscheingeschäften |  |  |  | 5 379,78 | 0,00 |
| Summe der Vermögensgegenstände *** |  |  |  | 224 260 237,92 | 101,78 |
| Sonstige Verbindlichkeiten |  |  |  | -3 505 930,79 | -1,59 |
| Andere sonstige Verbindlichkeiten .....................  |  |  |  | -3 505 930,79 | -1,59 |
| Verbindlichkeiten aus Anteilscheingeschäften |  |  |  | -25 180,92 | -0,01 |
| Summe der Verbindlichkeiten |  |  |  | -3 932 587,84 | -1,78 |
| Fondsvermögen |  |  |  | 220 327 650,08 | 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 CHF FCH ...................................  | CHF | 93,13 |
| Klasse CHF LCH ...................................  | CHF | 91,48 |
| Klasse FC ........................................  | EUR | 110,55 |
| Klasse FD ........................................  | EUR | 87,09 |
| Klasse IC .........................................  | EUR | 97,30 |
| Klasse LC ........................................  | EUR | 96,08 |
| Klasse LD ........................................  | EUR | 87,49 |
| Klasse NC ........................................  | EUR | 93,10 |
| Klasse NDQ ......................................  | EUR | 89,86 |
| Klasse PFC .......................................  | EUR | 94,13 |
| Klasse PFDQ .....................................  | EUR | 90,00 |
| Klasse TFC .......................................  | EUR | 95,19 |
| Klasse TFD .......................................  | EUR | 90,67 |
| Klasse GBP CH RD .................................  | GBP | 101,23 |
| Klasse GBP DH RD ................................  | GBP | 91,57 |
| Klasse GBP IDH ...................................  | GBP | 91,57 |
| Klasse SEK LCH ...................................  | SEK | 954,45 |
| Klasse TFCH ......................................  | USD | 101,99 |
| Klasse USD FCH ..................................  | USD | 107,19 |
| Klasse USD LCH ..................................  | USD | 105,06 |
| Umlaufende Anteile Klasse CHF FCH ...................................  | Stück | 220,000 |
| Klasse CHF LCH ...................................  | Stück | 2 736,000 |
| Klasse FC ........................................  | Stück | 110 906,935 |
| Klasse FD ........................................  | Stück | 11 092,000 |
| Klasse IC .........................................  | Stück | 1 702 425,000 |
| Klasse LC ........................................  | Stück | 86 900,861 |
| Klasse LD ........................................  | Stück | 182 665,924 |
| Klasse NC ........................................  | Stück | 100 294,708 |
| Klasse NDQ ......................................  | Stück | 41 318,000 |
| Klasse PFC .......................................  | Stück | 12 375,000 |
| Klasse PFDQ .....................................  | Stück | 8 068,000 |
| Klasse TFC .......................................  | Stück | 75,279 |
| Klasse TFD .......................................  | Stück | 20,000 |
| Klasse GBP CH RD .................................  | Stück | 1 268,657 |
| Klasse GBP DH RD ................................  | Stück | 371,000 |
| Klasse GBP IDH ...................................  | Stück | 90,000 |
| Klasse SEK LCH ...................................  | Stück | 96,000 |
| Klasse TFCH ......................................  | Stück | 24,000 |
| Klasse USD FCH ..................................  | Stück | 4 425,000 |
| Klasse USD LCH ..................................  | Stück | 13 826,296 |

Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 10% vom Portfoliowert (1.1.2020 - 14.5.2020)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 0,180 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 4,865 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 1,987 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 14.5.2020 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 absoluten Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Darstellung der Maximalgrenze (gem. CSSF-Rundschreiben 11/512) 14,14% vom Portfoliowert (15.5.2020 - 30.6.2020)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 2,103 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 3,429 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 2,635 |

Die Risikokennzahlen wurden für den Zeitraum vom 15.5.2020 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 absoluten 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 94 615 192,19. Ohne Berücksichtigung gegebenenfalls auf Ebene von Anteilklassen zum Zwecke der Währungsabsicherung abgeschlossener Devisentermingeschäfte.
Marktschlüssel
Terminbörsen
DB = Deutsche Bank AG Frankfurt
Vertragspartner der Derivate (mit Ausnahme von Devisentermingeschäften)
CIT = Citigroup Global Markets Limited GS = Goldman Sachs International
JP = JPMorgan Securities Plc
Vertragspartner der Devisentermingeschäfte
Goldman Sachs International und State Street Bank London

####  Erläuterungen zu den Wertpapier-Darlehen	
Folgende Wertpapiere sind zum Berichtsstichtag als Wertpapier-Darlehen übertragen:
| Wertpapierbezeichnung | Währung bzw. Nominal in Stück | Nominalbetrag bzw. Bestand | Wertpapier-Darlehen	gesamt Kurswert in EUR unbefristet |
| --- | --- | --- | --- |
| 1,75  % Carrefour SA (MTN) 2014/2022 ...............  | EUR | 1 000 000 | 1 026 045,00 |
| 5,5	% Allianz SE (MTN) 2012/2049 .................  2	% Daimler Finance North America LLC -Reg- (MTN) 2016/2021 ..........................  | USD USD | 600 000 2 000 000 | 538 755,51 1 799 929,34 |
| 2,125 % United States Treasury Note/Bond (MTN) 2017/2024 ...............................  | USD | 1 000 000 | 956 460,90 |
| 0,375 % United States Treasury Note/Bond 2020/2022 ...  | USD | 8 000 000 | 7 165 126,64 |
| Gesamtbetrag der Rückerstattungsansprüche aus Wertpapier-Darlehen | 11 486 317,39 | 11 486 317,39 |
| Vertragspartner der Wertpapier-Darlehen Barclays Capital Securities Limited, Deutsche Bank AG FI, J.P. Morgan Sec Ltd., UBS AG London Branch, Zuercher Kantonalbank |  |  |
| Gesamtbetrag der bei Wertpapier-Darlehen von Dritten gewährten Sicherheiten davon: Schuldverschreibungen | EUR EUR | 11 966 975,44 4 571 925,43 |
| Aktien | EUR | 7 395 050,01 |

 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Australischer Dollar	AUD | 1,632080 | = EUR | 1 |
| --- | --- | --- | --- |
| Kanadischer Dollar	CAD | 1,532233 | = EUR | 1 |
| Britisches Pfund	GBP | 0,911178 | = EUR | 1 |
| Japanischer Yen	JPY | 120,710331 | = EUR | 1 |
| Mexikanischer Peso	MXN | 25,965526 | = EUR | 1 |
| Neuseeländischer Dollar	NZD | 1,749258 | = EUR | 1 |
| US-Dollar	USD | 1,120750 | = EUR | 1 |

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