# DWS Invest ESG European Small/Mid Cap
DWS INVEST ESG EUROPEAN SMALL/MID CAP

### Performance of share classes (in euro)
| Share class | ISIN | 6 months |
| --- | --- | --- |
| Class LD | LU1863262371 | -6.2% |
| Class FC | LU1863262025 | -5.8% |
| Class LC | LU1863262298 | -6.2% |
| Class TFC | LU1932939488 | -5.8% |
| Class TFD | LU1932939645 | -5.8% |
| Class XC | LU1863262454 | -5.6% |

“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 European Small/Mid Cap
| Statement of net assets as of June 30, 2020 |  |
| --- | --- |
|  | Amount in EUR | % of net assets |
| I. Assets |  |  |
| 1. Equities (sectors): Information Technology | 14 142 752.22 | 11.93 |
| Telecommunication Services | 4 438 103.10 | 3.74 |
| Consumer Discretionaries | 28 311 200.72 | 23.87 |
| Energy | 4 574 151.46 | 3.86 |
| Consumer Staples | 21 185 979.40 | 17.88 |
| Financials | 13 730 497.24 | 11.58 |
| Basic Materials | 6 628 567.33 | 5.59 |
| Industrials | 15 549 237.72 | 13.11 |
| Utilities | 3 223 338.12 | 2.72 |
| Total equities | 111 783 827.31 | 94.28 |
| 2. Derivatives | -90 224.35 | - 0.08 |
| 3. Cash at bank | 11 524 977.00 | 9.72 |
| 4. Other assets | 589 162.30 | 0.50 |
| II. Liabilities |  |  |
| 1. Other liabilities | -5 240 545.51 | - 4.42 |
| III. Net assets | 118 567 196.75 | 100.00 |
| Negligible rounding errors may have arisen due to the rounding of calculated percentages. |  |  |

| Investment portfolio – June 30, 2020 |  |
| --- | --- |
|  | Count/ | Quantity/ | Purchases/ | Sales/ | Currency | Market price | Total market | % of |
| Security name | units/ currency | principal amount | additions in the | disposals reporting period |  |  | value in EUR | net assets |
| Securities traded on an exchange |  |  |  |  |  |  | 108 642 830.99 | 91.63 |
| Equities Aryzta AG ........................................  | Count | 2 892 322 | 3 564 947 | 672 625 | CHF | 0.418 | 1 134 906.38 | 0.96 |
| Landis+Gyr Group AG ...............................  | Count | 23 404 | 8 364 | 7 305 | CHF | 60.95 | 1 339 703.71 | 1.13 |
| Logitech International SA ............................  | Count | 36 495 | 8 195 | 45 877 | CHF | 61.4 | 2 104 489.20 | 1.77 |
| Siegfried Holding AG ................................  | Count | 4 700 | 4 793 | 2 931 | CHF | 428 | 1 889 237.64 | 1.59 |
| SIG Combibloc Group ...............................  | Count | 157 873 | 104 743 | 24 012 | CHF | 15.17 | 2 249 253.50 | 1.90 |
| Chr Hansen Holding A/S .............................  | Count | 22 521 | 26 824 | 4 303 | DKK | 682.8 | 2 063 323.33 | 1.74 |
| Demant A/S .......................................  | Count | 62 094 | 46 206 | 12 161 | DKK | 175.45 | 1 461 803.90 | 1.23 |
| SimCorp A/S ......................................  | Count | 15 566 | 16 306 | 740 | DKK | 710.5 | 1 483 977.15 | 1.25 |
| Vestas Wind Systems A/S ...........................  | Count | 26 746 | 20 481 | 15 077 | DKK | 676 | 2 426 004.72 | 2.05 |
| Amplifon SpA .....................................  | Count | 100 780 | 81 644 | 24 261 | EUR | 23.66 | 2 384 454.80 | 2.01 |
| APERAM .........................................  | Count | 43 516 | 23 945 | 107 468 | EUR | 24.52 | 1 067 012.32 | 0.90 |
| Banca Popolare dell‘Emilia Romagna SC ................  | Count | 826 703 | 613 308 | 235 442 | EUR | 2.201 | 1 819 573.30 | 1.53 |
| Bankinter SA ......................................  | Count | 659 769 | 369 923 | 10 511 | EUR | 4.17 | 2 751 236.73 | 2.32 |
| BioMerieux .......................................  | Count | 6 601 | 2 880 | 39 430 | EUR | 122 | 805 322.00 | 0.68 |
| Coface SA ........................................  | Count | 85 857 | 85 857 |  | EUR | 5.79 | 497 112.03 | 0.42 |
| Corestate Capital Holding ............................  | Count | 32 251 | 32 251 |  | EUR | 18.07 | 582 775.57 | 0.49 |
| Delivery Hero AG...................................  | Count | 30 262 | 31 518 | 10 277 | EUR | 90.96 | 2 752 631.52 | 2.32 |
| Deutz AG .........................................  | Count | 209 228 | 17 299 | 162 308 | EUR | 4.192 | 877 083.78 | 0.74 |
| Dialog Semiconductor PLC ...........................  | Count | 65 172 | 68 150 | 2 978 | EUR | 40.31 | 2 627 083.32 | 2.22 |
| EDP Renovaveis SA ................................  | Count | 132 360 | 105 860 | 81 645 | EUR | 12.18 | 1 612 144.80 | 1.36 |
| Fielmann AG ......................................  | Count | 17 941 | 32 829 | 15 649 | EUR | 60.15 | 1 079 151.15 | 0.91 |
| Fraport AG Frankfurt Airport Services Worldwide. . . . . . . . . . | Count | 13 794 | 3 361 | 33 015 | EUR | 38.18 | 526 654.92 | 0.44 |
| Grifols SA ........................................  | Count | 62 342 | 32 030 | 5 977 | EUR | 27.18 | 1 694 455.56 | 1.43 |
| Hella GmbH & Co. KGaA.............................  | Count | 30 832 | 24 528 | 16 114 | EUR | 35.78 | 1 103 168.96 | 0.93 |
| Ingenico Group SA .................................  | Count | 25 862 | 7 312 | 16 731 | EUR | 141.15 | 3 650 421.30 | 3.08 |
| Instone Real Estate Group AG ........................  | Count | 31 547 | 21 203 | 39 380 | EUR | 19.14 | 603 809.58 | 0.51 |
| Jeronimo Martins SGPS SA ..........................  | Count | 183 415 | 68 208 | 118 307 | EUR | 15.675 | 2 875 030.13 | 2.42 |
| New Work SE .....................................  | Count | 4 410 | 4 808 | 398 | EUR | 272 | 1 199 520.00 | 1.01 |
| Nexans SA........................................  | Count | 57 406 | 41 031 | 12 341 | EUR | 41.72 | 2 394 978.32 | 2.02 |
| Nexi SpA .........................................  | Count | 157 215 | 139 451 | 78 246 | EUR | 15.425 | 2 425 041.38 | 2.05 |
| Scout24 AG .......................................  | Count | 46 902 | 32 648 | 6 229 | EUR | 69.05 | 3 238 583.10 | 2.73 |
| Smurfit Kappa Group PLC ............................  | Count | 69 604 | 10 485 | 57 696 | EUR | 29.08 | 2 024 084.32 | 1.71 |
| Solaria Energia y Medio Ambiente SA ..................  | Count | 71 607 | 10 572 | 30 114 | EUR | 11.29 | 808 443.03 | 0.68 |
| Takeaway.com NV..................................  | Count | 19 253 | 24 564 | 5 311 | EUR | 92.9 | 1 788 603.70 | 1.51 |
| TeamViewer AG ...................................  | Count | 49 085 | 39 818 | 29 351 | EUR | 48.51 | 2 381 113.35 | 2.01 |
| Teleperformance ...................................  | Count | 5 874 | 1 250 | 4 153 | EUR | 222.8 | 1 308 727.20 | 1.10 |
| ThyssenKrupp AG ..................................  | Count | 238 458 | 327 132 | 88 674 | EUR | 6.182 | 1 474 147.36 | 1.24 |
| Valmet Oyj........................................  | Count | 13 374 | 11 128 | 167 307 | EUR | 22.97 | 307 200.78 | 0.26 |
| Verbund AG .......................................  | Count | 40 914 | 5 434 | 43 992 | EUR | 39.38 | 1 611 193.32 | 1.36 |
| Zalando SE........................................  | Count | 36 597 | 62 661 | 26 064 | EUR | 63.18 | 2 312 198.46 | 1.95 |
| Abcam PLC .......................................  | Count | 127 758 | 81 046 | 93 618 | GBP | 13.23 | 1 855 002.73 | 1.56 |
| B&M European Value Retail SA .......................  | Count | 678 298 | 440 050 | 21 901 | GBP | 3.974 | 2 958 319.01 | 2.50 |
| Bellway PLC ......................................  | Count | 39 495 | 22 263 | 10 915 | GBP | 25.35 | 1 098 795.03 | 0.93 |
| boohoo Group PLC .................................  | Count | 784 575 | 566 927 | 353 457 | GBP | 4.082 | 3 514 827.95 | 2.96 |
| Cineworld Group PLC ...............................  | Count | 1 143 436 | 1 074 501 | 406 994 | GBP | 0.584 | 732 860.49 | 0.62 |
| Computacenter PLC ................................  | Count | 32 891 | 32 891 |  | GBP | 16.26 | 586 940.70 | 0.50 |
| CVS Group PLC ....................................  | Count | 45 235 | 45 235 |  | GBP | 10.22 | 507 366.86 | 0.43 |
| Electrocomponents PLC .............................  | Count | 477 264 | 312 282 | 13 466 | GBP | 6.615 | 3 464 855.52 | 2.92 |
| Greencore Group PLC ...............................  | Count | 907 392 | 667 501 | 139 497 | GBP | 1.251 | 1 245 801.53 | 1.05 |
| Howden Joinery Group PLC ..........................  | Count | 407 185 | 396 761 | 140 528 | GBP | 5.532 | 2 472 125.69 | 2.09 |
| IG Group Holdings PLC ..............................  | Count | 263 593 | 66 310 |  | GBP | 8.095 | 2 341 786.68 | 1.98 |
| Intermediate Capital Group PLC .......................  | Count | 163 351 | 68 095 | 103 242 | GBP | 12.74 | 2 283 956.51 | 1.93 |
| JD Sports Fashion PLC ..............................  | Count | 335 817 | 249 674 | 36 004 | GBP | 6.184 | 2 279 128.25 | 1.92 |
| Quilter PLC .......................................  | Count | 1 133 524 | 1 202 262 | 68 738 | GBP | 1.381 | 1 717 991.47 | 1.45 |
| Redrow PLC ......................................  | Count | 186 459 | 39 344 | 210 115 | GBP | 4.321 | 884 213.60 | 0.75 |
| SSP Group Plc .....................................  | Count | 565 638 | 330 383 | 15 491 | GBP | 2.506 | 1 555 665.61 | 1.31 |
| Weir Group PLC ...................................  | Count | 181 650 | 137 442 | 22 955 | GBP | 10.465 | 2 086 273.49 | 1.76 |
| Skandiabanken ASA ................................  | Count | 199 023 | 29 537 | 118 834 | NOK | 61.9 | 1 132 255.37 | 0.95 |
| Alfa Laval AB ......................................  | Count | 84 186 | 12 134 | 14 117 | SEK | 202.7 | 1 628 873.10 | 1.37 |
| Autoliv, Inc. .......................................  | Count | 18 886 | 16 473 | 12 631 | SEK | 592.4 | 1 067 944.45 | 0.90 |
| JM AB ...........................................  | Count | 101 053 | 40 051 | 14 710 | SEK | 208.8 | 2 014 064.31 | 1.70 |
| Karnov Group AB...................................  | Count | 231 926 | 159 037 | 138 954 | SEK | 55.8 | 1 235 313.72 | 1.04 |
| Thule Group AB ....................................  | Count | 55 928 | 55 928 |  | SEK | 232.8 | 1 242 813.30 | 1.05 |
| Securities admitted to or included in organized markets |  |  |  |  |  |  | 3 140 996.32 | 2.65 |
| Equities Hellofresh AG .....................................  | Count | 65 492 | 72 135 | 117 804 | EUR | 47.96 | 3 140 996.32 | 2.65 |
| Total securities portfolio |  |  |  |  |  |  | 111 783 827.31 | 94.28 |

DWS Invest ESG European Small/Mid Cap
| 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 |  |
| Derivatives (Minus signs denote short positions) |  |  |  |  |  |
| Equity index derivatives Receivables/payables |  |  |  | -90 224.35 | -0.08 |
| Equity index futures Stoxx Europe Mid 200 Index 09/2020 (DB) ..............  | Count | 116 | 116 | -8 983.15 | -0.01 |
| Stoxx Europe Small 200 Index 09/2020 (DB).............  | Count | 180 | 180 | -81 241.20 | -0.07 |
| Cash at bank |  |  |  | 11 524 977.00 | 9.72 |
| Demand deposits at Depositary EUR deposits......................................  | EUR |  |  | 8 931 929.45 | 7.53 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |
| British pound .....................................  | GBP | 1 585 987 |  | 1 740 588.81 | 1.47 |
| Danish krone ......................................  | DKK | 74 547 |  | 10 002.69 | 0.01 |
| Norwegian krone ...................................  | NOK | 105 100 |  | 9 659.51 | 0.01 |
| Swedish krona.....................................  | SEK | 8 594 954 |  | 820 421.76 | 0.69 |
| Deposits in non-EU/EEA currencies |  |  |  |  |  |
| Swiss franc .......................................  | CHF | 10 636 |  | 9 989.42 | 0.01 |
| U.S. dollar ........................................  | USD | 2 673 |  | 2 385.36 | 0.00 |
| Other assets |  |  |  | 589 162.30 | 0.50 |
| Dividends/Distributions receivable .....................  |  |  |  | 126 371.73 | 0.11 |
| Receivables from exceeding the expense cap ............  |  |  |  | 49 021.62 | 0.04 |
| Other receivables ..................................  |  |  |  | 413 768.95 | 0.35 |
| Total assets * |  |  |  | 123 897 966.61 | 104.50 |
| Other liabilities |  |  |  | -5 240 545.51 | -4.42 |
| Additional other liabilities.............................  |  |  |  | -5 240 545.51 | -4.42 |
| Total liabilities |  |  |  | -5 330 769.86 | -4.50 |
| Net assets |  |  |  | 118 567 196.75 | 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 | 108.71 |
| Class LC .........................................  | EUR | 107.24 |
| Class LD .........................................  | EUR | 106.05 |
| Class TFC ........................................  | EUR | 119.05 |
| Class TFD ........................................  | EUR | 117.38 |
| Class XC .........................................  | EUR | 109.55 |
| Number of shares outstanding Class FC .........................................  | Count | 130 407.000 |
| Class LC .........................................  | Count | 402.336 |
| Class LD .........................................  | Count | 650.000 |
| Class TFC ........................................  | Count | 5 000.000 |
| Class TFD ........................................  | Count | 200.000 |
| Class XC .........................................  | Count | 946 226.000 |

Composition of the reference portfolio (according to CSSF circular 11/512) 50% STOXX Europe Mid 200, 50% STOXX Europe Small 200 (Net Return)
Market risk exposure (value-at-risk) (according to CSSF circular 11/512)
| Lowest market risk exposure .........................  | % | 87.501 |
| --- | --- | --- |
| Highest market risk exposure .........................  | % | 105.351 |
| Average market risk exposure ........................  | % | 96.402 |

The values-at-risk were calculated for the period from January 1, 2020, through June 30, 2020, using historical simulation with a 99% confidence level, a 10-day holding period and an effective historical observation period of one year. The risk in a reference portfolio that does not contain derivatives is used as the measurement benchmark. Market risk is the risk to the fund’s assets arising from an unfavorable change in market prices. The Company determines the potential market risk by means of the relative value-at-risk approachas defined in CSSF circular 11/512.
In the reporting period, the average leverage effect from the use of derivatives was 0.0, whereby the total of the nominal amounts of the derivatives in relation to the fund’s assets was used for the calculation (sum-of-notional approach).
The gross exposure generated via derivatives pursuant to point 40 a) of the “Guidelines on ETFs and other UCITS issues” of the European Securities and Markets Authority (ESMA) totaled EUR 4 956 919.87 as of the reporting date.
 Market abbreviations	 Futures exchanges
DB = Deutsche Bank AG Frankfurt
 Exchange rates (indirect quotes)	
As of June 30, 2020
| Swiss franc .................... . | CHF | 1.064768 | = EUR | 1 |
| --- | --- | --- | --- | --- |
| Danish krone ................... . | DKK | 7.452704 | = EUR | 1 |
| British pound .................. . | GBP | 0.911178 | = EUR | 1 |
| Norwegian krone ................ . | NOK | 10.880517 | = EUR | 1 |
| Swedish krona.................. . | SEK | 10.476263 | = EUR | 1 |
| U.S. dollar ..................... . | USD | 1.120750 | = EUR | 1 |

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

Translation (ENDE, 2020-06-30):
# DWS Invest ESG European Small/Mid Cap
DWS INVEST ESG EUROPEAN SMALL/MID CAP

### Wertentwicklung der Anteilklassen (in EUR)
| Anteilklasse | ISIN | 6 Monate |
| --- | --- | --- |
| Klasse LD | LU1863262371 | -6,2% |
| Klasse FC | LU1863262025 | -5,8% |
| Klasse LC | LU1863262298 | -6,2% |
| Klasse TFC | LU1932939488 | -5,8% |
| Klasse TFD | LU1932939645 | -5,8% |
| Klasse XC | LU1863262454 | -5,6% |

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 European Small/Mid Cap
| Vermögensübersicht zum 30.6.2020 |  |
| --- | --- |
|  | Bestand in EUR | %-Anteil am Fondsvermögen |
| I. Vermögensgegenstände |  |  |
| 1. Aktien (Branchen) Informationstechnologie | 14 142 752,22 | 11,93 |
| Telekommunikationsdienste | 4 438 103,10 | 3,74 |
| Dauerhafte Konsumgüter | 28 311 200,72 | 23,87 |
| Energie | 4 574 151,46 | 3,86 |
| Hauptverbrauchsgüter | 21 185 979,40 | 17,88 |
| Finanzsektor | 13 730 497,24 | 11,58 |
| Grundstoffe | 6 628 567,33 | 5,59 |
| Industrien | 15 549 237,72 | 13,11 |
| Versorger | 3 223 338,12 | 2,72 |
| Summe Aktien | 111 783 827,31 | 94,28 |
| 2. Derivate | -90 224,35 | - 0,08 |
| 3. Bankguthaben | 11 524 977,00 | 9,72 |
| 4. Sonstige Vermögensgegenstände | 589 162,30 | 0,50 |
| II. Verbindlichkeiten |  |  |
| 1. Sonstige Verbindlichkeiten | -5 240 545,51 | - 4,42 |
| III. Fondsvermögen | 118 567 196,75 | 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	108 642 830,99	91,63
Aktien
| Aryzta AG ........................................  | Stück | 2 892 322 | 3 564 947 | 672 625 | CHF | 0,418 | 1 134 906,38 | 0,96 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Landis+Gyr Group AG ..............................  | Stück | 23 404 | 8 364 | 7 305 | CHF | 60,95 | 1 339 703,71 | 1,13 |
| Logitech International SA ............................  | Stück | 36 495 | 8 195 | 45 877 | CHF | 61,4 | 2 104 489,20 | 1,77 |
| Siegfried Holding AG ...............................  | Stück | 4 700 | 4 793 | 2 931 | CHF | 428 | 1 889 237,64 | 1,59 |
| SIG Combibloc Group ...............................  | Stück | 157 873 | 104 743 | 24 012 | CHF | 15,17 | 2 249 253,50 | 1,90 |
| Chr Hansen Holding A/S .............................  | Stück | 22 521 | 26 824 | 4 303 | DKK | 682,8 | 2 063 323,33 | 1,74 |
| Demant A/S ......................................  | Stück | 62 094 | 46 206 | 12 161 | DKK | 175,45 | 1 461 803,90 | 1,23 |
| SimCorp A/S .....................................  | Stück | 15 566 | 16 306 | 740 | DKK | 710,5 | 1 483 977,15 | 1,25 |
| Vestas Wind Systems A/S ...........................  | Stück | 26 746 | 20 481 | 15 077 | DKK | 676 | 2 426 004,72 | 2,05 |
| Amplifon SpA .....................................  | Stück | 100 780 | 81 644 | 24 261 | EUR | 23,66 | 2 384 454,80 | 2,01 |
| APERAM  ........................................  | Stück | 43 516 | 23 945 | 107 468 | EUR | 24,52 | 1 067 012,32 | 0,90 |
| Banca Popolare dell‘Emilia Romagna SC ................  | Stück | 826 703 | 613 308 | 235 442 | EUR | 2,201 | 1 819 573,30 | 1,53 |
| Bankinter SA ......................................  | Stück | 659 769 | 369 923 | 10 511 | EUR | 4,17 | 2 751 236,73 | 2,32 |
| BioMerieux  ......................................  | Stück | 6 601 | 2 880 | 39 430 | EUR | 122 | 805 322,00 | 0,68 |
| Coface SA ........................................  | Stück | 85 857 | 85 857 |  | EUR | 5,79 | 497 112,03 | 0,42 |
| Corestate Capital Holding ............................  | Stück | 32 251 | 32 251 |  | EUR | 18,07 | 582 775,57 | 0,49 |
| Delivery Hero AG ..................................  | Stück | 30 262 | 31 518 | 10 277 | EUR | 90,96 | 2 752 631,52 | 2,32 |
| Deutz AG ........................................  | Stück | 209 228 | 17 299 | 162 308 | EUR | 4,192 | 877 083,78 | 0,74 |
| Dialog Semiconductor PLC ..........................  | Stück | 65 172 | 68 150 | 2 978 | EUR | 40,31 | 2 627 083,32 | 2,22 |
| EDP Renovaveis SA  ...............................  | Stück | 132 360 | 105 860 | 81 645 | EUR | 12,18 | 1 612 144,80 | 1,36 |
| Fielmann AG ......................................  | Stück | 17 941 | 32 829 | 15 649 | EUR | 60,15 | 1 079 151,15 | 0,91 |
| Fraport AG Frankfurt Airport Services Worldwide .........  | Stück | 13 794 | 3 361 | 33 015 | EUR | 38,18 | 526 654,92 | 0,44 |
| Grifols SA ........................................  | Stück | 62 342 | 32 030 | 5 977 | EUR | 27,18 | 1 694 455,56 | 1,43 |
| Hella GmbH & Co. KGaA ............................  | Stück | 30 832 | 24 528 | 16 114 | EUR | 35,78 | 1 103 168,96 | 0,93 |
| Ingenico Group SA .................................  | Stück | 25 862 | 7 312 | 16 731 | EUR | 141,15 | 3 650 421,30 | 3,08 |
| Instone Real Estate Group AG ........................  | Stück | 31 547 | 21 203 | 39 380 | EUR | 19,14 | 603 809,58 | 0,51 |
| Jeronimo Martins SGPS SA ..........................  | Stück | 183 415 | 68 208 | 118 307 | EUR | 15,675 | 2 875 030,13 | 2,42 |
| New Work SE .....................................  | Stück | 4 410 | 4 808 | 398 | EUR | 272 | 1 199 520,00 | 1,01 |
| Nexans SA .......................................  | Stück | 57 406 | 41 031 | 12 341 | EUR | 41,72 | 2 394 978,32 | 2,02 |
| Nexi SpA ........................................  | Stück | 157 215 | 139 451 | 78 246 | EUR | 15,425 | 2 425 041,38 | 2,05 |
| Scout24 AG ......................................  | Stück | 46 902 | 32 648 | 6 229 | EUR | 69,05 | 3 238 583,10 | 2,73 |
| Smurfit Kappa Group PLC ...........................  | Stück | 69 604 | 10 485 | 57 696 | EUR | 29,08 | 2 024 084,32 | 1,71 |
| Solaria Energia y Medio Ambiente SA  .................  | Stück | 71 607 | 10 572 | 30 114 | EUR | 11,29 | 808 443,03 | 0,68 |
| Takeaway.com NV .................................  | Stück | 19 253 | 24 564 | 5 311 | EUR | 92,9 | 1 788 603,70 | 1,51 |
| TeamViewer AG  ..................................  | Stück | 49 085 | 39 818 | 29 351 | EUR | 48,51 | 2 381 113,35 | 2,01 |
| Teleperformance ..................................  | Stück | 5 874 | 1 250 | 4 153 | EUR | 222,8 | 1 308 727,20 | 1,10 |
| ThyssenKrupp AG ..................................  | Stück | 238 458 | 327 132 | 88 674 | EUR | 6,182 | 1 474 147,36 | 1,24 |
| Valmet Oyj .......................................  | Stück | 13 374 | 11 128 | 167 307 | EUR | 22,97 | 307 200,78 | 0,26 |
| Verbund AG ......................................  | Stück | 40 914 | 5 434 | 43 992 | EUR | 39,38 | 1 611 193,32 | 1,36 |
| Zalando SE .......................................  | Stück | 36 597 | 62 661 | 26 064 | EUR | 63,18 | 2 312 198,46 | 1,95 |
| Abcam PLC ......................................  | Stück | 127 758 | 81 046 | 93 618 | GBP | 13,23 | 1 855 002,73 | 1,56 |
| B&M European Value Retail SA .......................  | Stück | 678 298 | 440 050 | 21 901 | GBP | 3,974 | 2 958 319,01 | 2,50 |
| Bellway PLC ......................................  | Stück | 39 495 | 22 263 | 10 915 | GBP | 25,35 | 1 098 795,03 | 0,93 |
| boohoo Group PLC ................................  | Stück | 784 575 | 566 927 | 353 457 | GBP | 4,082 | 3 514 827,95 | 2,96 |
| Cineworld Group PLC ...............................  | Stück | 1 143 436 | 1 074 501 | 406 994 | GBP | 0,584 | 732 860,49 | 0,62 |
| Computacenter PLC  ...............................  | Stück | 32 891 | 32 891 |  | GBP | 16,26 | 586 940,70 | 0,50 |
| CVS Group PLC ...................................  | Stück | 45 235 | 45 235 |  | GBP | 10,22 | 507 366,86 | 0,43 |
| Electrocomponents PLC  ............................  | Stück | 477 264 | 312 282 | 13 466 | GBP | 6,615 | 3 464 855,52 | 2,92 |
| Greencore Group PLC ..............................  | Stück | 907 392 | 667 501 | 139 497 | GBP | 1,251 | 1 245 801,53 | 1,05 |
| Howden Joinery Group PLC ..........................  | Stück | 407 185 | 396 761 | 140 528 | GBP | 5,532 | 2 472 125,69 | 2,09 |
| IG Group Holdings PLC .............................  | Stück | 263 593 | 66 310 |  | GBP | 8,095 | 2 341 786,68 | 1,98 |
| Intermediate Capital Group PLC .......................  | Stück | 163 351 | 68 095 | 103 242 | GBP | 12,74 | 2 283 956,51 | 1,93 |
| JD Sports Fashion PLC .............................  | Stück | 335 817 | 249 674 | 36 004 | GBP | 6,184 | 2 279 128,25 | 1,92 |
| Quilter PLC ......................................  | Stück | 1 133 524 | 1 202 262 | 68 738 | GBP | 1,381 | 1 717 991,47 | 1,45 |
| Redrow PLC  .....................................  | Stück | 186 459 | 39 344 | 210 115 | GBP | 4,321 | 884 213,60 | 0,75 |
| SSP Group Plc ....................................  | Stück | 565 638 | 330 383 | 15 491 | GBP | 2,506 | 1 555 665,61 | 1,31 |
| Weir Group PLC ...................................  | Stück | 181 650 | 137 442 | 22 955 | GBP | 10,465 | 2 086 273,49 | 1,76 |
| Skandiabanken ASA ................................  | Stück | 199 023 | 29 537 | 118 834 | NOK | 61,9 | 1 132 255,37 | 0,95 |
| Alfa Laval AB .....................................  | Stück | 84 186 | 12 134 | 14 117 | SEK | 202,7 | 1 628 873,10 | 1,37 |
| Autoliv, Inc. ......................................  | Stück | 18 886 | 16 473 | 12 631 | SEK | 592,4 | 1 067 944,45 | 0,90 |
| JM AB ..........................................  | Stück | 101 053 | 40 051 | 14 710 | SEK | 208,8 | 2 014 064,31 | 1,70 |
| Karnov Group AB ..................................  | Stück | 231 926 | 159 037 | 138 954 | SEK | 55,8 | 1 235 313,72 | 1,04 |
| Thule Group AB ...................................  | Stück | 55 928 | 55 928 |  | SEK | 232,8 | 1 242 813,30 | 1,05 |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	3 140 996,32	2,65 Aktien
Hellofresh AG  ....................................	Stück	65 492	72 135	117 804	EUR	47,96	3 140 996,32	2,65
Summe Wertpapiervermögen	111 783 827,31	94,28
DWS Invest ESG European Small/Mid Cap
| Wertpapierbezeichnung | Stück bzw. Anteile bzw. | Nominalbetrag bzw. | Käufe/ Zugänge | Verkäufe/ Abgänge | Währung | Kurs | Kurswert in | %-Anteil am Fonds- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	Bestand	im Berichtszeitraum	EUR	vermögen |
| Derivate (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |  |  |  |
| Aktienindex-Derivate Forderungen/Verbindlichkeiten |  | -90 224,35 | -0,08 |
| Aktienindex-Terminkontrakte Stoxx Europe Mid 200 Index 09/2020 (DB) .............	Stück	116 | 116 | -8 983,15 | -0,01 |
| Stoxx Europe Small 200 Index 09/2020 (DB) ............	Stück	180 | 180 | -81 241,20 | -0,07 |
| Bankguthaben |  | 11 524 977,00 | 9,72 |
| Verwahrstelle (täglich fällig) EUR-Guthaben	EUR |  | 8 931 929,45 | 7,53 |
| Guthaben in sonstigen EU/EWR-Währungen |  |  |  |
| Britisches Pfund ...................................	GBP	1 585 987 |  | 1 740 588,81 | 1,47 |
| Dänische Kronen ..................................	DKK	74 547 |  | 10 002,69 | 0,01 |
| Norwegische Kronen ...............................	NOK	105 100 |  | 9 659,51 | 0,01 |
| Schwedische Kronen ...............................	SEK	8 594 954 |  | 820 421,76 | 0,69 |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |
| Schweizer Franken .................................	CHF	10 636 |  | 9 989,42 | 0,01 |
| US-Dollar ........................................	USD	2 673 |  | 2 385,36 | 0,00 |
| Sonstige Vermögensgegenstände |  | 589 162,30 | 0,50 |
| Dividenden- / Ausschüttungsansprüche .................  |  | 126 371,73 | 0,11 |
| Forderungen aus der Überschreitung des „Expense Cap“ ..  |  | 49 021,62 | 0,04 |
| Sonstige Ansprüche ................................  |  | 413 768,95 | 0,35 |
| Summe der Vermögensgegenstände * |  | 123 897 966,61 | 104,50 |
| Sonstige Verbindlichkeiten |  | -5 240 545,51 | -4,42 |
| Andere sonstige Verbindlichkeiten .....................  |  | -5 240 545,51 | -4,42 |
| Summe der Verbindlichkeiten |  | -5 330 769,86 | -4,50 |
| Fondsvermögen |  | 118 567 196,75 | 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 | 108,71 |
| Klasse LC ........................................  | EUR | 107,24 |
| Klasse LD ........................................  | EUR | 106,05 |
| Klasse TFC .......................................  | EUR | 119,05 |
| Klasse TFD .......................................  | EUR | 117,38 |
| Klasse XC ........................................  | EUR | 109,55 |
| Umlaufende Anteile Klasse FC ........................................  | Stück | 130 407,000 |
| Klasse LC ........................................  | Stück | 402,336 |
| Klasse LD ........................................  | Stück | 650,000 |
| Klasse TFC .......................................  | Stück | 5 000,000 |
| Klasse TFD .......................................  | Stück | 200,000 |
| Klasse XC ........................................  | Stück | 946 226,000 |

Zusammensetzung des Referenzportfolios (gem. CSSF-Rundschreiben 11/512) 50% STOXX Europe Mid 200, 50% STOXX Europe Small 200 (Net Return)
Potenzieller Risikobetrag für das Marktrisiko (gem. CSSF-Rundschreiben 11/512)
| kleinster potenzieller Risikobetrag .....................  | % | 87,501 |
| --- | --- | --- |
| größter potenzieller Risikobetrag ......................  | % | 105,351 |
| durchschnittlicher potenzieller Risikobetrag ..............  | % | 96,402 |

Die Risikokennzahlen wurden für den Zeitraum vom 1.1.2020 bis 30.6.2020 auf Basis der Methode der historischen Simulation mit den Parametern 99% Konfidenzniveau, 10 Tage Haltedauer unter Verwendung eines effektiven, historischen Beobachtungszeitraumes von einem Jahr berechnet. Als Bewertungsmaßstab wird das Risiko eines derivatefreien Vergleichsvermögens herangezogen. Unter dem Marktrisiko versteht man das Risiko, das sich aus der ungünstigsten Entwicklung von Marktpreisen für das Fondsvermögen ergibt. Bei der Ermittlung des Marktrisikopotenzials wendet die Gesellschaft den relativen Value at Risk-Ansatzim Sinne des CSSF-Rundschreibens 11/512 an.
Die durchschnittliche Hebelwirkung aus der Nutzung von Derivaten betrug im Berichtszeitraum 0,0, wobei zur Berechnung die Summe der Nominalbeträge der Derivate in Relation zum Fondsvermögen gesetzt wurde (Nominalwertmethode).
Das durch Derivate erzielte zugrundeliegende Exposure gem. Punkt 40 a) der „Leitlinien zu börsengehandelten Indexfonds und anderen OGAW-Themen“ der European Securities and Markets Authority (ESMA) belief sich zum Berichtsstichtag unter Zugrundelegung einer Bruttobetrachtung auf EUR 4 956 919,87.
 Marktschlüssel	 Terminbörsen
DB = Deutsche Bank AG Frankfurt
 Devisenkurse (in Mengennotiz)	
per 30.6.2020
| Schweizer Franken	CHF | 1,064768 | = EUR | 1 |
| --- | --- | --- | --- |
| Dänische Kronen	DKK | 7,452704 | = EUR | 1 |
| Britisches Pfund	GBP | 0,911178 | = EUR | 1 |
| Norwegische Kronen	NOK | 10,880517 | = EUR | 1 |
| Schwedische Kronen	SEK | 10,476263 | = EUR | 1 |
| US-Dollar	USD | 1,120750 | = EUR | 1 |

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