# DWS Invest ESG Euro Corporate Bonds
DWS INVEST ESG EURO CORPORATE BONDS

### Performance of share classes vs. benchmark (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LC | LU2001241897 | -2.9% |
| Class FC | LU2001241384 | -2.7% |
| Class TFC | LU2001242275 | -2.7% |
| Class XC | LU2001182430 | -2.5% |
| iBoxx € Corporate |  | -1.2% |

“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 Euro Corporate Bonds
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Bonds (issuers) Companies | 11 658 290.82 | 93.72 |
| Total bonds | 11 658 290.82 | 93.72 |
| 2. Derivatives | 6 060.00 | 0.05 |
| 3. Cash at bank | 677 459.39 | 5.44 |
| 4. Other assets | 279 924.27 | 2.25 |
| II. Liabilities |  |  |
| 1. Other liabilities | -182 217.87 | - 1.46 |
| III. Net assets | 12 439 516.61 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ |  | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 11 325 336.09 | 91.04 |
| Interest-bearing securities 3.625 % A2A SpA (MTN) 2013/2022...................  | EUR | 100 000 | 100 000 |  | % | 105.161 | 105 161.00 | 0.85 |
| 4.25  % Aareal Bank AG 2014/2026 * .................  | EUR | 50 000 |  |  | % | 93.676 | 46 838.25 | 0.38 |
| 0.875 % Abbott Ireland Financing DAC (MTN) 2018/2023 ..  | EUR | 100 000 |  |  | % | 102.402 | 102 402.00 | 0.82 |
| 0.625 % Abertis Infraestructuras SA (MTN) 2019/2025 ....  | EUR | 100 000 |  |  | % | 94.592 | 94 592.00 | 0.76 |
| 0.625 % ABN AMRO Bank NV (MTN) 2016/2022 .........  | EUR | 100 000 | 100 000 |  | % | 101.36 | 101 360.50 | 0.81 |
| 1.25  % Accor SA (MTN) 2017/2024 ..................  | EUR | 100 000 | 100 000 |  | % | 96.084 | 96 083.50 | 0.77 |
| 3.875 % Aeroports de Paris (MTN) 2011/2022 ...........  | EUR | 100 000 | 100 000 |  | % | 105.904 | 105 903.50 | 0.85 |
| 1.25  % AIB Group PLC (MTN) 2019/2024 ..............  | EUR | 100 000 |  |  | % | 100.088 | 100 088.50 | 0.80 |
| 1.50  % Akelius Residential Property AB (MTN) 2016/2022 | EUR | 100 000 | 100 000 |  | % | 101.369 | 101 369.00 | 0.81 |
| 5.75  % Allianz Finance II BV (MTN) 2011/2041 * ........  | EUR | 100 000 | 100 000 |  | % | 104.678 | 104 678.50 | 0.84 |
| 0.55  % American Honda Finance Corp. (MTN) 2018/2023 . | EUR | 100 000 |  |  | % | 100.132 | 100 132.00 | 0.80 |
| 2.00  % Anheuser-Busch InBev SA/NV (MTN) 2018/2035 ..  1.125 % Argentum Netherlands BV for Givaudan SA (MTN) 2018/2025 ................................  | EUR EUR | 100 000 100 000 |  |  | % % | 103.227 104.334 | 103 227.00 104 334.00 | 0.83 0.84 |
| 1.45  % AT&T, Inc. (MTN) 2014/2022 .................  | EUR | 100 000 | 100 000 |  | % | 101.818 | 101 817.50 | 0.82 |
| 3.55  % AT&T, Inc. 2012/2032 .......................  | EUR | 100 000 | 100 000 |  | % | 120.54 | 120 540.50 | 0.97 |
| 3.375 % AT&T, Inc. 2014/2034 .......................  0.75 % Banco Bilbao Vizcaya Argentaria SA (MTN) 2017/2022 ................................  | EUR EUR | 100 000 100 000 | 100 000 |  | % % | 119.515 100.462 | 119 515.00 100 462.00 | 0.96 0.81 |
| 3.871 % Banco Comercial Portugues SA (MTN) 2019/2030 * | EUR | 100 000 |  |  | % | 93.045 | 93 045.00 | 0.75 |
| 0.75  % Bankia SA (MTN) 2019/2026 ..................  1.25 % Banque Federative du Credit Mutuel SA (MTN) 2017/2027 ................................  | EUR EUR | 100 000 100 000 |  |  | % % | 97.02 107.178 | 97 019.50 107 178.50 | 0.78 0.86 |
| 0.125 % Banque Federative du Credit Mutuel SA (MTN) |  |  |  |  |  |  |  |  |
| 2018/2021 ................................  | EUR | 100 000 | 100 000 | % | 100.121 | 100 121.00 | 0.80 |
| 1.75  % Banque Federative du Credit Mutuel SA (MTN) |  |  |  |  |  |  |  |  |
| 2019/2029 ................................  | EUR | 100 000 |  | % | 108.976 | 108 975.50 | 0.88 |
| 1.50  % Barclays PLC (MTN) 2014/2022 ...............  | EUR | 100 000 | 100 000 | % | 101.387 | 101 387.00 | 0.81 |
| 0.75  % Barclays PLC (MTN) 2019/2025 ...............  | EUR | 100 000 |  | % | 97.912 | 97 911.50 | 0.79 |
| 1.401 % Becton Dickinson and Co. (MTN) 2018/2023 .....  | EUR | 100 000 |  | % | 101.652 | 101 652.50 | 0.82 |
| 1.125 % BPCE SA (MTN) 2017/2023 ..................  | EUR | 100 000 | 100 000 | % | 101.444 | 101 443.50 | 0.82 |
| 2.00  % Brisa Concessao Rodoviaria SA (MTN) 2016/2023 . | EUR | 100 000 | 100 000 | % | 102.81 | 102 810.00 | 0.83 |
| 0.625 % British Telecommunications PLC (MTN) 2016/2021 | EUR | 100 000 | 100 000 | % | 100.272 | 100 272.00 | 0.81 |
| 1.125 % CaixaBank SA (MTN) 2017/2023 ...............  | EUR | 100 000 | 100 000 | % | 100.324 | 100 323.50 | 0.81 |
| 2.375 % Capgemini SE 2020/2032 ....................  | EUR | 100 000 | 100 000 | % | 110.592 | 110 592.00 | 0.89 |
| 0.875 % Chorus Ltd (MTN) 2019/2026 .................  | EUR | 100 000 |  | % | 100.71 | 100 710.50 | 0.81 |
| 0.875 % Cie de Saint-Gobain (MTN) 2018/2023 ..........  | EUR | 100 000 |  | % | 101.803 | 101 803.00 | 0.82 |
| 4.00  % Commerzbank AG (MTN) 2017/2027 ...........  | EUR | 100 000 |  | % | 103.998 | 103 998.50 | 0.84 |
| 2.125 % Conti-Gummi Finance BV (MTN) 2020/2023 ......  | EUR | 40 000 | 40 000 | % | 103.253 | 41 301.20 | 0.33 |
| 0.875 % Covestro AG (MTN) 2020/2026................  | EUR | 20 000 | 20 000 | % | 99.866 | 19 973.20 | 0.16 |
| 1.375 % Covestro AG (MTN) 2020/2030................  | EUR | 30 000 | 30 000 | % | 99.818 | 29 945.40 | 0.24 |
| 4.50 % Credit Agricole Assurances SA 2014/2049 * .....  | EUR | 100 000 |  | % | 109.598 | 109 597.50 | 0.88 |
| 4.25 % Credit Agricole Assurances SA 2015/2049 * .....  | EUR | 100 000 | 100 000 | % | 107.586 | 107 586.00 | 0.86 |
| 0.75  % Credit Agricole SA/London (MTN) 2018/2023 .....  | EUR | 100 000 | 100 000 | % | 102.469 | 102 469.00 | 0.82 |
| 1.375 % Credit Agricole SA/London (MTN) 2018/2025 .....  | EUR | 100 000 |  | % | 103.754 | 103 753.50 | 0.83 |
| 1.00  % Crédit Suisse Group AG (MTN) 2019/2027 * .....  1.25 % Crédit Suisse Group Funding Guernsey Ltd (MTN) 2015/2022 ................................  | EUR EUR | 100 000 100 000 | 100 000 | % % | 100.185 101.762 | 100 185.00 101 762.50 | 0.81 0.82 |
| 2.625 % Daimler AG (MTN) 2020/2025.................  | EUR | 54 000 | 54 000 | % | 106.596 | 57 561.84 | 0.46 |
| 1.00  % Daimler International Finance BV (MTN) 2018/2025 | EUR | 100 000 |  | % | 99.262 | 99 261.50 | 0.80 |
| 0.25  % Daimler International Finance BV (MTN) 2019/2023 | EUR | 60 000 |  | % | 97.59 | 58 554.00 | 0.47 |
| 1.375 % Deutsche Bahn Finance GmbH (MTN) 2020/2040 . | EUR | 20 000 | 20 000 | % | 106.728 | 21 345.50 | 0.17 |
| 2.625 % Deutsche Bank AG (MTN) 2019/2026...........  | EUR | 100 000 |  | % | 105.046 | 105 046.00 | 0.84 |
| 5.625 % Deutsche Bank AG (MTN) 2020/2031 * .........  | EUR | 100 000 | 100 000 | % | 104.816 | 104 816.00 | 0.84 |
| 0.375 % Deutsche Post AG (MTN) 2020/2026 ...........  | EUR | 80 000 | 80 000 | % | 100.836 | 80 668.40 | 0.65 |
| 0.75  % Deutsche Post AG (MTN) 2020/2029 ...........  | EUR | 90 000 | 90 000 | % | 102.749 | 92 474.10 | 0.74 |
| 0.75  % DH Europe Finance II Sarl 2019/2031 ...........  | EUR | 100 000 |  | % | 96.688 | 96 688.00 | 0.78 |
| 1.70  % DH Europe Finance Sarl (MTN) 2015/2022 .......  | EUR | 100 000 | 100 000 | % | 102.02 | 102 019.50 | 0.82 |
| 1.75  % DXC Technology Co. (MTN) 2018/2026 .........  | EUR | 100 000 |  | % | 98.646 | 98 645.50 | 0.79 |
| 0.875 % E.ON SE (MTN) 2020/2031 ...................  | EUR | 40 000 | 40 000 | % | 101.176 | 40 470.20 | 0.33 |
| 1.875 % EDP Finance BV (MTN) 2018/2025 .............  2.75 % Emirates Telecommunications Group Co. PJSC (MTN) 2014/2026 ..........................  | EUR EUR | 100 000 100 000 | 100 000 | % % | 107.52 111.226 | 107 519.50 111 226.00 | 0.86 0.89 |
| 1.50  % Eurogrid GmbH (MTN) 2016/2028 .............  | EUR | 100 000 |  | % | 108.314 | 108 313.50 | 0.87 |
| 1.375 % Experian Finance PLC (MTN) 2017/2026 ........  | EUR | 100 000 |  | % | 102.741 | 102 741.00 | 0.83 |
| 1.408 % Exxon Mobil Corp. 2020/2039.................  | EUR | 120 000 | 120 000 | % | 99.328 | 119 193.60 | 0.96 |
| 1.125 % Fastighets AB Balder (MTN) 2019/2027 .........  1.50 % Fidelity National Information Services, Inc. (MTN) 2019/2027 ................................  | EUR EUR | 100 000 100 000 | 100 000 | % % | 94.232 103.496 | 94 232.00 103 495.50 | 0.76 0.83 |
| 0.125 % Fidelity National Information Services, Inc. |  |  |  |  |  |  |  |  |
| 2019/2021 ................................  2.625 % GE Capital European Funding Unlimited Co. (MTN) 2013/2023 ................................  | EUR EUR | 100 000 100 000 | 100 000 100 000 | % % | 99.71 104.778 | 99 709.50 104 777.50 | 0.80 0.84 |
| 0.20 % General Motors Financial Co., Inc. (MTN) 2019/2022 | EUR | 100 000 |  | % | 96.242 | 96 241.50 | 0.77 |
| 3.375 % Goldman Sachs Group, Inc./The (MTN) 2020/2025 1.375 % Goodman Australia Finance Pty Ltd -Reg- (MTN) 2017/2025 ................................  | EUR EUR | 120 000 100 000 | 120 000 | % % | 111.62 100.108 | 133 944.00 100 108.00 | 1.08 0.80 |
| 1.75  % Great-West Lifeco, Inc. (MTN) 2016/2026 .......  | EUR | 100 000 |  | % | 105.628 | 105 628.00 | 0.85 |

DWS Invest ESG Euro Corporate Bonds
| Security name | Count/ units/ currency | Quantity/ principal amount | Purchases/ additions in the | Sales/ disposals reporting period |  | Market price | Total market value in EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 6.375 % Groupama SA 2014/2049 * ...................  | EUR | 100 000 |  |  | % | 110.448 | 110 448.00 | 0.89 |
| 3.875 % Harley-Davidson Financial Services, Inc. 2020/2023 3.25 % HeidelbergCement Finance Luxembourg SA (MTN) 2013/2021 ................................  | EUR EUR | 100 000 100 000 | 100 000 100 000 |  | % % | 104.598 103.358 | 104 598.50 103 358.00 | 0.84 0.83 |
| 1.375 % HSBC France SA (MTN) 2018/2028 ............  | EUR | 100 000 |  |  | % | 109.008 | 109 008.00 | 0.88 |
| 5.125 % Huntsman International LLC (MTN) 2014/2021 ...  | EUR | 100 000 | 100 000 |  | % | 101.454 | 101 454.00 | 0.82 |
| 1.20  % International Business Machines Corp. 2020/2040 | EUR | 100 000 | 100 000 |  | % | 96.316 | 96 316.00 | 0.77 |
| 0.50  % International Flavors & Fragrances, Inc. 2018/2021 | EUR | 100 000 | 100 000 |  | % | 99.869 | 99 869.00 | 0.80 |
| 1.00  % Iren SpA (MTN) 2020/2030 ...................  | EUR | 120 000 | 120 000 |  | % | 98.448 | 118 137.00 | 0.95 |
| 2.125 % ISS Global A/S (MTN) 2014/2024 ..............  | EUR | 100 000 | 100 000 |  | % | 104.103 | 104 103.00 | 0.84 |
| 1.125 % ISS Global A/S (MTN) 2015/2021 ..............  | EUR | 100 000 | 100 000 |  | % | 100.229 | 100 229.00 | 0.81 |
| 1.00 % Johnson Controls International plc (MTN) 2017/2023 | EUR | 100 000 |  |  | % | 101.193 | 101 193.00 | 0.81 |
| 0.75  % KBC Group NV (MTN) 2017/2022 ..............  | EUR | 100 000 | 100 000 |  | % | 100.972 | 100 972.00 | 0.81 |
| 1.50  % Mondi Finance PLC (MTN) 2016/2024 ..........  | EUR | 100 000 |  |  | % | 102.808 | 102 808.50 | 0.83 |
| 1.375 % Morgan Stanley (MTN) 2016/2026 .............  3.25  % Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 2018/2049 * ...................  | EUR EUR | 100 000 100 000 |  |  | % % | 104.746 114.494 | 104 746.00 114 494.00 | 0.84 0.92 |
| 2.125 % Mylan, Inc. (MTN) 2018/2025 .................  | EUR | 100 000 |  |  | % | 104.197 | 104 197.00 | 0.84 |
| 1.00  % National Grid North America, Inc. (MTN) 2017/2024 | EUR | 100 000 |  |  | % | 102.95 | 102 950.00 | 0.83 |
| 1.125 % Natwest Markets PLC (MTN) 2018/2023 ........  | EUR | 100 000 |  |  | % | 100.595 | 100 595.00 | 0.81 |
| 0.625 % Nykredit Realkredit A/S (MTN) 2019/2025 .......  | EUR | 100 000 |  |  | % | 98.006 | 98 005.50 | 0.79 |
| 2.375 % OMV AG (MTN) 2020/2032...................  | EUR | 50 000 | 60 000 | 10 000 | % | 115.088 | 57 544.00 | 0.46 |
| 1.00  % Optus Finance Pty Ltd (MTN) 2019/2029 ........  | EUR | 100 000 |  |  | % | 101.57 | 101 570.00 | 0.82 |
| 2.375 % Orange SA (MTN) 2019/perpetual * ............  | EUR | 100 000 |  |  | % | 101.472 | 101 472.50 | 0.82 |
| 0.50  % PepsiCo, Inc. (MTN) 2020/2028 ...............  | EUR | 100 000 | 100 000 |  | % | 100.988 | 100 987.50 | 0.81 |
| 1.00  % Renault SA (MTN) 2018/2024 .................  | EUR | 100 000 | 100 000 |  | % | 93.258 | 93 258.00 | 0.75 |
| 3.25  % Rentokil Initial PLC (MTN) 2013/2021 ...........  | EUR | 100 000 | 100 000 |  | % | 102.394 | 102 393.50 | 0.82 |
| 0.875 % Rentokil Initial PLC (MTN) 2019/2026 ...........  0.75 % Royal Bank of Scotland Group PLC (MTN) 2019/2025 * ..............................  | EUR EUR | 100 000 100 000 |  |  | % % | 99.622 98.145 | 99 622.00 98 145.00 | 0.80 0.79 |
| 2.00  % Royal Schiphol Group NV (MTN) 2015/2026 ......  | EUR | 100 000 |  |  | % | 108.8 | 108 799.50 | 0.87 |
| 0.125 % Santander Consumer Bank AS (MTN) 2020/2025..  | EUR | 100 000 | 100 000 |  | % | 96.178 | 96 178.50 | 0.77 |
| 1.125 % Santander Consumer Finance SA (MTN) 2018/2023 | EUR | 100 000 |  |  | % | 101.838 | 101 838.50 | 0.82 |
| 1.625 % SAP SE 2018/2031 .........................  1.375 % Scentre Group Trust 1 Via Scentre Group Trust 2 (MTN) 2016/2023 ..........................  | EUR EUR | 100 000 100 000 |  |  | % % | 112.478 100.276 | 112 478.50 100 276.00 | 0.90 0.81 |
| 1.25  % Securitas AB (MTN) 2016/2022................  | EUR | 100 000 | 100 000 |  | % | 101.356 | 101 356.50 | 0.81 |
| 1.875 % Sky Ltd (MTN) 2014/2023 ....................  | EUR | 100 000 | 100 000 |  | % | 105.384 | 105 383.50 | 0.85 |
| 1.25  % Société Générale SA (MTN) 2019/2024 .........  | EUR | 100 000 |  |  | % | 101.407 | 101 407.00 | 0.81 |
| 0.125 % Societe Generale SA (MTN) 2020/2026 .........  | EUR | 100 000 | 100 000 |  | % | 98.958 | 98 957.50 | 0.80 |
| 1.75  % SSE PLC (MTN) 2020/2030 ...................  | EUR | 100 000 | 100 000 |  | % | 104.954 | 104 953.50 | 0.84 |
| 2.125 % Tele2 AB (MTN) 2018/2028...................  | EUR | 100 000 |  |  | % | 109.022 | 109 022.50 | 0.88 |
| 2.875 % Telefonica Europe BV 2019/perpetual * .........  | EUR | 100 000 |  |  | % | 95.435 | 95 435.00 | 0.77 |
| 1.50  % TenneT Holding BV (MTN) 2019/2039 ..........  | EUR | 100 000 |  |  | % | 108.996 | 108 996.00 | 0.88 |
| 2.995 % TenneT Holding BV 2017/perpetual * ...........  | EUR | 120 000 | 120 000 |  | % | 103.577 | 124 292.40 | 1.00 |
| 1.00 % Terna Rete Elettrica Nazionale SpA (MTN) 2016/2028 | EUR | 100 000 |  |  | % | 103.565 | 103 565.00 | 0.83 |
| 0.25  % Toyota Finance Australia Ltd (MTN) 2019/2024 ...  | EUR | 100 000 |  |  | % | 99.924 | 99 924.50 | 0.80 |
| 1.875 % Transurban Finance Co., Pty Ltd (MTN) 2014/2024 | EUR | 100 000 |  |  | % | 103.97 | 103 970.00 | 0.84 |
| 1.50  % Unilever PLC 2019/2039 .....................  | EUR | 100 000 | 100 000 |  | % | 114.002 | 114 002.00 | 0.92 |
| 1.125 % Vicinity Centres Trust (MTN) 2019/2029 .........  | EUR | 100 000 |  |  | % | 92.854 | 92 854.50 | 0.75 |
| 2.50  % Vodafone Group PLC (MTN) 2019/2039 .........  | EUR | 100 000 | 100 000 |  | % | 111.101 | 111 101.00 | 0.89 |
| 0.625 % Vonovia Finance BV (MTN) 2019/2027 ..........  | EUR | 100 000 |  |  | % | 99.068 | 99 068.50 | 0.80 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 332 954.73 | 2.68 |
| Interest-bearing securities 0.625 % Illinois Tool Works, Inc. (MTN) 2019/2027 .......  | EUR | 100 000 |  |  | % | 100.846 | 100 846.50 | 0.81 |
| 3.20  % AbbVie, Inc. -144A- (MTN) 2019/2029 ..........  | USD | 40 000 |  |  | % | 109.638 | 39 130.24 | 0.32 |
| 3.80  % BNP Paribas SA -Reg- (MTN) 2017/2024 ........  | USD | 200 000 | 200 000 |  | % | 108.14 | 192 977.99 | 1.55 |
| Total securities portfolio |  |  |  |  |  |  | 11 658 290.82 | 93.72 |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |  |  |  |
| Interest rate derivatives Receivables/payables |  |  |  |  |  |  | 6 060.00 | 0.05 |
| Interest rate futures Germany Federal Republic Notes 10 year 09/2020 (MS) ....  | Count | 3 | 3 |  |  |  | 6 060.00 | 0.05 |
| Cash at bank |  |  |  |  |  |  | 677 459.39 | 5.44 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  |  |  |  | 667 196.07 | 5.36 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |  |  |  |
| U.S. dollar ........................................  | USD | 11 503 |  |  |  |  | 10 263.32 | 0.08 |
| Other assets |  |  |  |  |  |  | 279 924.27 | 2.25 |
| Interest receivable .................................  |  |  |  |  |  |  | 73 742.60 | 0.59 |
| Receivables from exceeding the expense cap ............  |  |  |  |  |  |  | 103 771.22 | 0.84 |
| Other receivables ..................................  |  |  |  |  |  |  | 102 410.45 | 0.82 |

| Total assets | 12 621 734.48 | 101.46 |
| --- | --- | --- |
| Other liabilities | -182 217.87 | -1.46 |
| Liabilities from cost items ............................  | -64 445.07 | -0.51 |
| Additional other liabilities.............................  | -117 772.80 | -0.95 |
| Total liabilities | -182 217.87 | -1.46 |
| Net assets | 12 439 516.61 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

A list of the transactions completed during the reporting period that no longer appear in the investment portfolio is available free of charge from the Management Company upon request.
| Net asset value per share and number of shares outstanding | Count/ currency | Net asset value per share in the respective currency |
| --- | --- | --- |
| Net asset value per share Class FC .........................................  | EUR | 98.12 |
| Class LC .........................................  | EUR | 97.80 |
| Class TFC ........................................  | EUR | 98.11 |
| Class XC .........................................  | EUR | 98.56 |
| Number of shares outstanding Class FC .........................................  | Count | 100.000 |
| Class LC .........................................  | Count | 100.000 |
| Class TFC ........................................  | Count | 100.000 |
| Class XC .........................................  | Count | 125 920.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) iBoxx EUR Corporates
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 92.670 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 154.036 |
| Average market risk exposure ........................  | % | 111.763 |

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 0.1, 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 315 147.00 as of the reporting date.
 Market abbreviations	 Futures exchanges
MS = Morgan Stanley Bank AG
 Exchange rates (indirect quotes)	
As of June 30, 2020
U.S. dollar ..................... .  USD	1.120750	= EUR	1
 Notes on valuation	
Under the responsibility of the Board of Directors of the SICAV, the Management Company determines the net asset values per share and performs the valuation of the assets of the fund. The basic provision of price data and price validation are performed in accordance with the method introduced by the Board of Directors of the SICAV on the basis of the legal and regulatory requirements or the principles for valuation methods defined in the SICAV’s prospectus.
If no trading prices are available, prices are determined with the aid of valuation models (derived market values) which are agreed between State Street Bank International GmbH, Luxembourg branch, as external price service provider and the Management Company and which are based as far as possible on market parameters. This procedure is subject to an ongoing monitoring process. The plausibility of price information from third parties is checked through other pricing sources, model calculations or other suitable procedure.
Assets reported in this report are not valued at derived market values.
 Footnote	
* Floating interest rate.

Translation (ENDE, 2020-06-30):
# DWS Invest ESG Euro Corporate Bonds
DWS INVEST ESG EURO CORPORATE BONDS

### Wertentwicklung der Anteilklassen vs. Vergleichsindex (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LC | LU2001241897 | -2,9% |
| Klasse FC | LU2001241384 | -2,7% |
| Klasse TFC | LU2001242275 | -2,7% |
| Klasse XC | LU2001182430 | -2,5% |
| iBoxx € Corporate |  | -1,2% |

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 Euro Corporate Bonds
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Anleihen (Emittenten) Unternehmen | 11 658 290,82 | 93,72 |
| Summe Anleihen | 11 658 290,82 | 93,72 |
| 2. Derivate | 6 060,00 | 0,05 |
| 3. Bankguthaben | 677 459,39 | 5,44 |
| 4. Sonstige Vermögensgegenstände | 279 924,27 | 2,25 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -182 217,87 | - 1,46 |
| III. Fondsvermögen | 12 439 516,61 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

| Vermögensaufstellung zum 30.6.2020 |  |
| --- | --- |
|  | Stück bzw. | Nominalbetrag | Käufe/ | Verkäufe/ | Kurs | Kurswert | %-Anteil am |
| Wertpapierbezeichnung | Anteile bzw. | bzw. | Zugänge | Abgänge |  | in | Fonds- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |

Börsengehandelte Wertpapiere	11 325 336,09	91,04
Verzinsliche Wertpapiere
| 3,625 | % A2A SpA (MTN) 2013/2022 .................  | EUR | 100 000 | 100 000 | % | 105,161 | 105 161,00 | 0,85 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 4,25 | % Aareal Bank AG 2014/2026 * ................  | EUR | 50 000 |  | % | 93,676 | 46 838,25 | 0,38 |
| 0,875 | % Abbott Ireland Financing DAC (MTN) 2018/2023 | EUR | 100 000 |  | % | 102,402 | 102 402,00 | 0,82 |
| 0,625 | % Abertis Infraestructuras SA (MTN) 2019/2025 ...  | EUR | 100 000 |  | % | 94,592 | 94 592,00 | 0,76 |
| 0,625 | % ABN AMRO Bank NV (MTN) 2016/2022 .......  | EUR | 100 000 | 100 000 | % | 101,36 | 101 360,50 | 0,81 |
| 1,25 | % Accor SA (MTN) 2017/2024 .................  | EUR | 100 000 | 100 000 | % | 96,084 | 96 083,50 | 0,77 |
| 3,875 | % Aeroports de Paris (MTN) 2011/2022 .........  | EUR | 100 000 | 100 000 | % | 105,904 | 105 903,50 | 0,85 |
| 1,25 | % AIB Group PLC (MTN) 2019/2024 ............  | EUR | 100 000 |  | % | 100,088 | 100 088,50 | 0,80 |
| 1,50 | % Akelius Residential Property AB (MTN) 2016/2022 | EUR | 100 000 | 100 000 | % | 101,369 | 101 369,00 | 0,81 |
| 5,75 | % Allianz Finance II BV (MTN) 2011/2041 * ......  | EUR | 100 000 | 100 000 | % | 104,678 | 104 678,50 | 0,84 |
| 0,55 | % American Honda Finance Corp. (MTN) 2018/2023 | EUR | 100 000 |  | % | 100,132 | 100 132,00 | 0,80 |
| 2,00 | % Anheuser-Busch InBev SA/NV (MTN) 2018/2035 | EUR | 100 000 |  | % | 103,227 | 103 227,00 | 0,83 |
| 1,125 | % Argentum Netherlands BV for Givaudan SA (MTN) |  |  |  |  |  |  |  |
|  | 2018/2025 ..............................  | EUR | 100 000 |  | % | 104,334 | 104 334,00 | 0,84 |
| 1,45 | % AT&T, Inc. (MTN) 2014/2022 ................  | EUR | 100 000 | 100 000 | % | 101,818 | 101 817,50 | 0,82 |
| 3,55 | % AT&T, Inc. 2012/2032 .....................  | EUR | 100 000 | 100 000 | % | 120,54 | 120 540,50 | 0,97 |
| 3,375 | % AT&T, Inc. 2014/2034 .....................  | EUR | 100 000 |  | % | 119,515 | 119 515,00 | 0,96 |
| 0,75 | % Banco Bilbao Vizcaya Argentaria SA (MTN) |  |  |  |  |  |  |  |
|  | 2017/2022 ..............................  | EUR | 100 000 | 100 000 | % | 100,462 | 100 462,00 | 0,81 |
| 3,871 | % Banco Comercial Portugues SA (MTN) 2019/2030 * | EUR | 100 000 |  | % | 93,045 | 93 045,00 | 0,75 |
| 0,75 | % Bankia SA (MTN) 2019/2026 ................  | EUR | 100 000 |  | % | 97,02 | 97 019,50 | 0,78 |
| 1,25 | % Banque Federative du Credit Mutuel SA (MTN) |  |  |  |  |  |  |  |
|  | 2017/2027 ..............................  | EUR | 100 000 |  | % | 107,178 | 107 178,50 | 0,86 |
| 0,125 | % Banque Federative du Credit Mutuel SA (MTN) |  |  |  |  |  |  |  |
|  | 2018/2021 ..............................  | EUR | 100 000 | 100 000 | % | 100,121 | 100 121,00 | 0,80 |
| 1,75 | % Banque Federative du Credit Mutuel SA (MTN) |  |  |  |  |  |  |  |
|  | 2019/2029 ..............................  | EUR | 100 000 |  | % | 108,976 | 108 975,50 | 0,88 |
| 1,50 | % Barclays PLC (MTN) 2014/2022 ..............  | EUR | 100 000 | 100 000 | % | 101,387 | 101 387,00 | 0,81 |
| 0,75 | % Barclays PLC (MTN) 2019/2025 ..............  | EUR | 100 000 |  | % | 97,912 | 97 911,50 | 0,79 |
| 1,401 | % Becton Dickinson and Co. (MTN) 2018/2023 ...  | EUR | 100 000 |  | % | 101,652 | 101 652,50 | 0,82 |
| 1,125 | % BPCE SA (MTN) 2017/2023 .................  | EUR | 100 000 | 100 000 | % | 101,444 | 101 443,50 | 0,82 |
| 2,00 | % Brisa Concessao Rodoviaria SA (MTN) 2016/2023 | EUR | 100 000 | 100 000 | % | 102,81 | 102 810,00 | 0,83 |
| 0,625 | % British Telecommunications PLC (MTN) 2016/2021 | EUR | 100 000 | 100 000 | % | 100,272 | 100 272,00 | 0,81 |
| 1,125 | % CaixaBank SA (MTN) 2017/2023 .............  | EUR | 100 000 | 100 000 | % | 100,324 | 100 323,50 | 0,81 |
| 2,375 | % Capgemini SE 2020/2032 ...................  | EUR | 100 000 | 100 000 | % | 110,592 | 110 592,00 | 0,89 |
| 0,875 | % Chorus Ltd (MTN) 2019/2026 ...............  | EUR | 100 000 |  | % | 100,71 | 100 710,50 | 0,81 |
| 0,875 | % Cie de Saint-Gobain (MTN) 2018/2023 ........  | EUR | 100 000 |  | % | 101,803 | 101 803,00 | 0,82 |
| 4,00 | % Commerzbank AG (MTN) 2017/2027 ..........  | EUR | 100 000 |  | % | 103,998 | 103 998,50 | 0,84 |
| 2,125 | % Conti-Gummi Finance BV (MTN) 2020/2023 ....  | EUR | 40 000 | 40 000 | % | 103,253 | 41 301,20 | 0,33 |
| 0,875 | % Covestro AG (MTN) 2020/2026 ..............  | EUR | 20 000 | 20 000 | % | 99,866 | 19 973,20 | 0,16 |
| 1,375 | % Covestro AG (MTN) 2020/2030 ..............  | EUR | 30 000 | 30 000 | % | 99,818 | 29 945,40 | 0,24 |
| 4,50 | % Credit Agricole Assurances SA 2014/2049 * ....  | EUR | 100 000 |  | % | 109,598 | 109 597,50 | 0,88 |
| 4,25 | % Credit Agricole Assurances SA 2015/2049 * ....  | EUR | 100 000 | 100 000 | % | 107,586 | 107 586,00 | 0,86 |
| 0,75 | % Credit Agricole SA/London (MTN) 2018/2023 ...  | EUR | 100 000 | 100 000 | % | 102,469 | 102 469,00 | 0,82 |
| 1,375 | % Credit Agricole SA/London (MTN) 2018/2025 ...  | EUR | 100 000 |  | % | 103,754 | 103 753,50 | 0,83 |
| 1,00 | % Crédit Suisse Group AG (MTN) 2019/2027 * ....  | EUR | 100 000 |  | % | 100,185 | 100 185,00 | 0,81 |
| 1,25 | % Crédit Suisse Group Funding Guernsey Ltd (MTN) |  |  |  |  |  |  |  |
|  | 2015/2022 ..............................  | EUR | 100 000 | 100 000 | % | 101,762 | 101 762,50 | 0,82 |
| 2,625 | % Daimler AG (MTN) 2020/2025 ...............  | EUR | 54 000 | 54 000 | % | 106,596 | 57 561,84 | 0,46 |
| 1,00 | % Daimler International Finance BV (MTN) 2018/2025 | EUR | 100 000 |  | % | 99,262 | 99 261,50 | 0,80 |
| 0,25 | % Daimler International Finance BV (MTN) 2019/2023 | EUR | 60 000 |  | % | 97,59 | 58 554,00 | 0,47 |
| 1,375 | % Deutsche Bahn Finance GmbH (MTN) 2020/2040 | EUR | 20 000 | 20 000 | % | 106,728 | 21 345,50 | 0,17 |
| 2,625 | % Deutsche Bank AG (MTN) 2019/2026 .........  | EUR | 100 000 |  | % | 105,046 | 105 046,00 | 0,84 |
| 5,625 | % Deutsche Bank AG (MTN) 2020/2031 * .......  | EUR | 100 000 | 100 000 | % | 104,816 | 104 816,00 | 0,84 |
| 0,375 | % Deutsche Post AG (MTN) 2020/2026 .........  | EUR | 80 000 | 80 000 | % | 100,836 | 80 668,40 | 0,65 |
| 0,75 | % Deutsche Post AG (MTN) 2020/2029 .........  | EUR | 90 000 | 90 000 | % | 102,749 | 92 474,10 | 0,74 |
| 0,75 | % DH Europe Finance II Sarl 2019/2031 .........  | EUR | 100 000 |  | % | 96,688 | 96 688,00 | 0,78 |
| 1,70 | % DH Europe Finance Sarl (MTN) 2015/2022 .....  | EUR | 100 000 | 100 000 | % | 102,02 | 102 019,50 | 0,82 |
| 1,75 | % DXC Technology Co. (MTN) 2018/2026 ........  | EUR | 100 000 |  | % | 98,646 | 98 645,50 | 0,79 |
| 0,875 | % E.ON SE (MTN) 2020/2031 .................  | EUR | 40 000 | 40 000 | % | 101,176 | 40 470,20 | 0,33 |
| 1,875 | % EDP Finance BV (MTN) 2018/2025 ...........  | EUR | 100 000 |  | % | 107,52 | 107 519,50 | 0,86 |
| 2,75 | % Emirates Telecommunications Group Co. PJSC |  |  |  |  |  |  |  |
|  | (MTN) 2014/2026 .........................  | EUR | 100 000 | 100 000 | % | 111,226 | 111 226,00 | 0,89 |
| 1,50 | % Eurogrid GmbH (MTN) 2016/2028 ............  | EUR | 100 000 |  | % | 108,314 | 108 313,50 | 0,87 |
| 1,375 | % Experian Finance PLC (MTN) 2017/2026 .......  | EUR | 100 000 |  | % | 102,741 | 102 741,00 | 0,83 |
| 1,408 | % Exxon Mobil Corp. 2020/2039 ...............  | EUR | 120 000 | 120 000 | % | 99,328 | 119 193,60 | 0,96 |
| 1,125 | % Fastighets AB Balder (MTN) 2019/2027 .......  | EUR | 100 000 |  | % | 94,232 | 94 232,00 | 0,76 |
| 1,50 | % Fidelity National Information Services, Inc. (MTN) |  |  |  |  |  |  |  |
|  | 2019/2027 ..............................  | EUR | 100 000 | 100 000 | % | 103,496 | 103 495,50 | 0,83 |
| 0,125 | % Fidelity National Information Services, Inc. |  |  |  |  |  |  |  |
|  | 2019/2021 ..............................  | EUR | 100 000 | 100 000 | % | 99,71 | 99 709,50 | 0,80 |
| 2,625 | % GE Capital European Funding Unlimited Co. (MTN) |  |  |  |  |  |  |  |
|  | 2013/2023 ..............................  | EUR | 100 000 | 100 000 | % | 104,778 | 104 777,50 | 0,84 |
| 0,20 | % General Motors Financial Co., Inc. (MTN) 2019/2022 | EUR | 100 000 |  | % | 96,242 | 96 241,50 | 0,77 |
| 3,375 | % Goldman Sachs Group, Inc./The (MTN) 2020/2025 | EUR | 120 000 | 120 000 | % | 111,62 | 133 944,00 | 1,08 |
| 1,375 | % Goodman Australia Finance Pty Ltd -Reg- (MTN) |  |  |  |  |  |  |  |
|  | 2017/2025 ..............................  | EUR | 100 000 |  | % | 100,108 | 100 108,00 | 0,80 |
| 1,75 | % Great-West Lifeco, Inc. (MTN) 2016/2026 ......  | EUR | 100 000 |  | % | 105,628 | 105 628,00 | 0,85 |

DWS Invest ESG Euro Corporate Bonds
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| 6,375 | % Groupama SA 2014/2049 * .................  | EUR | 100 000 |  |  | % | 110,448 | 110 448,00 | 0,89 |
| 3,875 | % Harley-Davidson Financial Services, Inc. 2020/2023 | EUR | 100 000 | 100 000 |  | % | 104,598 | 104 598,50 | 0,84 |
| 3,25 | % HeidelbergCement Finance Luxembourg SA (MTN) 2013/2021 ..............................  | EUR | 100 000 | 100 000 |  | % | 103,358 | 103 358,00 | 0,83 |
| 1,375 | % HSBC France SA (MTN) 2018/2028 ...........  | EUR | 100 000 |  |  | % | 109,008 | 109 008,00 | 0,88 |
| 5,125 | % Huntsman International LLC (MTN) 2014/2021 ..  | EUR | 100 000 | 100 000 |  | % | 101,454 | 101 454,00 | 0,82 |
| 1,20 | % International Business Machines Corp. 2020/2040 | EUR | 100 000 | 100 000 |  | % | 96,316 | 96 316,00 | 0,77 |
| 0,50 | % International Flavors & Fragrances, Inc. 2018/2021 | EUR | 100 000 | 100 000 |  | % | 99,869 | 99 869,00 | 0,80 |
| 1,00 | % Iren SpA (MTN) 2020/2030 .................  | EUR | 120 000 | 120 000 |  | % | 98,448 | 118 137,00 | 0,95 |
| 2,125 | % ISS Global A/S (MTN) 2014/2024 .............  | EUR | 100 000 | 100 000 |  | % | 104,103 | 104 103,00 | 0,84 |
| 1,125 | % ISS Global A/S (MTN) 2015/2021 .............  | EUR | 100 000 | 100 000 |  | % | 100,229 | 100 229,00 | 0,81 |
| 1,00 | % Johnson Controls International plc (MTN) 2017/2023 | EUR | 100 000 |  |  | % | 101,193 | 101 193,00 | 0,81 |
| 0,75 | % KBC Group NV (MTN) 2017/2022 ............  | EUR | 100 000 | 100 000 |  | % | 100,972 | 100 972,00 | 0,81 |
| 1,50 | % Mondi Finance PLC (MTN) 2016/2024 .........  | EUR | 100 000 |  |  | % | 102,808 | 102 808,50 | 0,83 |
| 1,375 | % Morgan Stanley (MTN) 2016/2026 ............  | EUR | 100 000 |  |  | % | 104,746 | 104 746,00 | 0,84 |
| 3,25 | % Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 2018/2049 * ..................  | EUR | 100 000 |  |  | % | 114,494 | 114 494,00 | 0,92 |
| 2,125 | % Mylan, Inc. (MTN) 2018/2025 ...............  | EUR | 100 000 |  |  | % | 104,197 | 104 197,00 | 0,84 |
| 1,00 | % National Grid North America, Inc. (MTN) 2017/2024 | EUR | 100 000 |  |  | % | 102,95 | 102 950,00 | 0,83 |
| 1,125 | % Natwest Markets PLC (MTN) 2018/2023 ......  | EUR | 100 000 |  |  | % | 100,595 | 100 595,00 | 0,81 |
| 0,625 | % Nykredit Realkredit A/S (MTN) 2019/2025 ......  | EUR | 100 000 |  |  | % | 98,006 | 98 005,50 | 0,79 |
| 2,375 | % OMV AG (MTN) 2020/2032 .................  | EUR | 50 000 | 60 000 | 10 000 | % | 115,088 | 57 544,00 | 0,46 |
| 1,00 | % Optus Finance Pty Ltd (MTN) 2019/2029 ......  | EUR | 100 000 |  |  | % | 101,57 | 101 570,00 | 0,82 |
| 2,375 | % Orange SA (MTN) 2019/perpetual * ..........  | EUR | 100 000 |  |  | % | 101,472 | 101 472,50 | 0,82 |
| 0,50 | % PepsiCo, Inc. (MTN) 2020/2028 ..............  | EUR | 100 000 | 100 000 |  | % | 100,988 | 100 987,50 | 0,81 |
| 1,00 | % Renault SA (MTN) 2018/2024 ...............  | EUR | 100 000 | 100 000 |  | % | 93,258 | 93 258,00 | 0,75 |
| 3,25 | % Rentokil Initial PLC (MTN) 2013/2021 .........  | EUR | 100 000 | 100 000 |  | % | 102,394 | 102 393,50 | 0,82 |
| 0,875 | % Rentokil Initial PLC (MTN) 2019/2026 .........  | EUR | 100 000 |  |  | % | 99,622 | 99 622,00 | 0,80 |
| 0,75 | % Royal Bank of Scotland Group PLC (MTN) 2019/2025 * .............................  | EUR | 100 000 |  |  | % | 98,145 | 98 145,00 | 0,79 |
| 2,00 | % Royal Schiphol Group NV (MTN) 2015/2026 ....  | EUR | 100 000 |  |  | % | 108,8 | 108 799,50 | 0,87 |
| 0,125 | % Santander Consumer Bank AS (MTN) 2020/2025 | EUR | 100 000 | 100 000 |  | % | 96,178 | 96 178,50 | 0,77 |
| 1,125 | % Santander Consumer Finance SA (MTN) 2018/2023 | EUR | 100 000 |  |  | % | 101,838 | 101 838,50 | 0,82 |
| 1,625 | % SAP SE 2018/2031 ........................  | EUR | 100 000 |  |  | % | 112,478 | 112 478,50 | 0,90 |
| 1,375 | % Scentre Group Trust 1 Via Scentre Group Trust 2 (MTN) 2016/2023 .........................  | EUR | 100 000 |  |  | % | 100,276 | 100 276,00 | 0,81 |
| 1,25 | % Securitas AB (MTN) 2016/2022 ..............  | EUR | 100 000 | 100 000 |  | % | 101,356 | 101 356,50 | 0,81 |
| 1,875 | % Sky Ltd (MTN) 2014/2023 ..................  | EUR | 100 000 | 100 000 |  | % | 105,384 | 105 383,50 | 0,85 |
| 1,25 | % Société Générale SA (MTN) 2019/2024 ........  | EUR | 100 000 |  |  | % | 101,407 | 101 407,00 | 0,81 |
| 0,125 | % Societe Generale SA (MTN) 2020/2026 ........  | EUR | 100 000 | 100 000 |  | % | 98,958 | 98 957,50 | 0,80 |
| 1,75 | % SSE PLC (MTN) 2020/2030 .................  | EUR | 100 000 | 100 000 |  | % | 104,954 | 104 953,50 | 0,84 |
| 2,125 | % Tele2 AB (MTN) 2018/2028 .................  | EUR | 100 000 |  |  | % | 109,022 | 109 022,50 | 0,88 |
| 2,875 | % Telefonica Europe BV 2019/perpetual * .......  | EUR | 100 000 |  |  | % | 95,435 | 95 435,00 | 0,77 |
| 1,50 | % TenneT Holding BV (MTN) 2019/2039 .........  | EUR | 100 000 |  |  | % | 108,996 | 108 996,00 | 0,88 |
| 2,995 | % TenneT Holding BV 2017/perpetual * .........  | EUR | 120 000 | 120 000 |  | % | 103,577 | 124 292,40 | 1,00 |
| 1,00 | % Terna Rete Elettrica Nazionale SpA (MTN) 2016/2028 | EUR | 100 000 |  |  | % | 103,565 | 103 565,00 | 0,83 |
| 0,25 | % Toyota Finance Australia Ltd (MTN) 2019/2024 . | EUR | 100 000 |  |  | % | 99,924 | 99 924,50 | 0,80 |
| 1,875 | % Transurban Finance Co., Pty Ltd (MTN) 2014/2024 | EUR | 100 000 |  |  | % | 103,97 | 103 970,00 | 0,84 |
| 1,50 | % Unilever PLC 2019/2039 ...................  | EUR | 100 000 | 100 000 |  | % | 114,002 | 114 002,00 | 0,92 |
| 1,125 | % Vicinity Centres Trust (MTN) 2019/2029 .......  | EUR | 100 000 |  |  | % | 92,854 | 92 854,50 | 0,75 |
| 2,50 | % Vodafone Group PLC (MTN) 2019/2039 .......  | EUR | 100 000 | 100 000 |  | % | 111,101 | 111 101,00 | 0,89 |
| 0,625 | % Vonovia Finance BV (MTN) 2019/2027 ........  | EUR | 100 000 |  |  | % | 99,068 | 99 068,50 | 0,80 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |  | 332 954,73 | 2,68 |
| Verzinsliche Wertpapiere 0,625  % Illinois Tool Works, Inc. (MTN) 2019/2027 ......	EUR	100 000 |  | % | 100,846 | 100 846,50 | 0,81 |
| 3,20	% AbbVie, Inc. -144A- (MTN) 2019/2029 .........	USD	40 000 |  | % | 109,638 | 39 130,24 | 0,32 |
| 3,80	% BNP Paribas SA -Reg- (MTN) 2017/2024 .......	USD	200 000 | 200 000 | % | 108,14 | 192 977,99 | 1,55 |
| Summe Wertpapiervermögen |  |  |  | 11 658 290,82 | 93,72 |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |  |  |
| Zins-Derivate Forderungen/Verbindlichkeiten |  |  |  | 6 060,00 | 0,05 |
| Zinsterminkontrakte Germany Federal Republic Notes 10 year 09/2020 (MS) ....	Stück	3 | 3 |  |  | 6 060,00 | 0,05 |
| Bankguthaben |  |  |  | 677 459,39 | 5,44 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  |  |  | 667 196,07 | 5,36 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |
| US-Dollar ........................................	USD	11 503 |  |  |  | 10 263,32 | 0,08 |
| Sonstige Vermögensgegenstände |  |  |  | 279 924,27 | 2,25 |
| Zinsansprüche ....................................  |  |  |  | 73 742,60 | 0,59 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  |  |  | 103 771,22 | 0,84 |
| Sonstige Ansprüche ................................  |  |  |  | 102 410,45 | 0,82 |

| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Summe der Vermögensgegenstände | 12 621 734,48 | 101,46 |
| Sonstige Verbindlichkeiten | -182 217,87 | -1,46 |
| Verbindlichkeiten aus Kostenpositionen ................  | -64 445,07 | -0,51 |
| Andere sonstige Verbindlichkeiten .....................  | -117 772,80 | -0,95 |
| Summe der Verbindlichkeiten | -182 217,87 | -1,46 |
| Fondsvermögen | 12 439 516,61 | 100,00 |
| Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. |  |  |

Eine Aufstellung über die während des Berichtszeitraums abgeschlossenen Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen, ist auf Anforderung kostenlos bei der Verwaltungsgesellschaft erhältlich.
| Anteilwert bzw. umlaufende Anteile | Stück bzw. Währung | Anteilwert in der jeweiligen Währung |
| --- | --- | --- |
| Anteilwert Klasse FC ........................................  | EUR | 98,12 |
| Klasse LC ........................................  | EUR | 97,80 |
| Klasse TFC .......................................  | EUR | 98,11 |
| Klasse XC ........................................  | EUR | 98,56 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 100,000 |
| Klasse LC ........................................  | Stück | 100,000 |
| Klasse TFC .......................................  | Stück | 100,000 |
| Klasse XC ........................................  | Stück | 125 920,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) iBoxx EUR Corporates
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 92,670 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 154,036 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 111,763 |

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 0,1, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrunde liegende 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 315 147,00.
 Marktschlüssel	 Terminbörsen
MS = Morgan Stanley Bank AG
 Devisenkurse (in Mengennotiz)	
per 30.6.2020 US-Dollar ..................... . USD	1,120750	= EUR	1
 Erläuterungen zur Bewertung	
Die Anteilwerte werden in Verantwortung des Verwaltungsrats der SICAV durch die Verwaltungsgesellschaft ermittelt sowie die Bewertung der Vermögenswerte des Fondsvermögens durchgeführt. Die grundsätzliche Kursversorgung sowie die Preisvalidierung erfolgen nach den vom Verwaltungsrat der SICAV auf der Grundlage der in den gesetzlichen Bestimmungen/ Verordnungen bzw. im Prospekt der SICAV definierten Grundsätze für Bewertungsmethoden eingeführten Verfahren.
Sofern keine handelbaren Kurse vorliegen, werden Bewertungsmodelle zur Preisermittlung (abgeleitete Verkehrswerte) genutzt, die zwischen State Street Bank International GmbH, Luxembourg Branch, als externem Price Service Provider und der Verwaltungsgesellschaft abgestimmt sind und sich so weit als möglich auf Marktparameter stützen. Diese Vorgehensweise unterliegt einem permanenten Kontrollprozess. Preisauskünfte Dritter werden durch andere Preisquellen, modellhafte Rechnungen oder durch andere geeignete Verfahren auf Plausibilität geprüft.
Die in diesem Bericht ausgewiesenen Vermögenswerte werden nicht zu abgeleiteten Verkehrswerten bewertet.
 Fußnote	
* Variabler Zinssatz.